Gold Beats Dollar
By Haris Hashmi • Nov 13th, 2009 • Category: Politics • No ResponsesThe world has started moving away from the US currency. Though the US has come out of the recession, but the recovery is very weak and things are not taking up. Jobs, businesses and the production sectors are still very fragile and cautious, and the consumer spending in US is very discouraging.
In this scenario, it gives a shocker to the US economy when India buys out 200 ton of gold from the International Monetary Fund, sending a clear signal that Gold is powerful than the Dollar. Other countries like Phillipines, Russia, Brazil and China are also increasing their gold reserves, while steadily getting rid of the dollar.
Saudi Arabia and Middle Eastern sovereign wealth funds are also vying for the gold, IMF has put on sale. This will further put pressure on US economy, which is still the hub of financial activities throughout the world. Barack Obama should shed away his timidness and take some objective, bold and rational measures to boost the US economy. He needs to end the US wars and take that money to the American economy.
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I am a wanderer. Been to More than 30 countries and still in the quest of exotica. Whereever I go, I come back to Pakistan.
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