The Economist magazine is projecting Tanzania to have the world’s ninth fastest growing economy this year!
Tanzania will be in a position to grow rapidly as the world economy emerges from the current downturn," Mr. Hayes added.
The country is in fact projected to have the world’s ninth-fastest growing economy this year, ranking just behind China and ahead of India, according to a December 2008 report by the London-based Economist magazine.
Tanzania: Kikwete Takes Center Stage At UN And U.S. Meetings
Written by Kevin J. Kelley, The East African
Thursday, 01 October 2009 20:16
October 1,2009 (New York )— With the Obama administration having sent off Kenya for corruption and impunity, Tanzania has emerged as East Africa’s star player on the US pitch.
It was Tanzania’s President Jakaya Kikwete rather than Kenya’s Prime Minister Raila Odinga who commanded the spotlight in New York at last week’s opening sessions of the United Nations General Assembly.
The Tanzanian head of state was asked to initiate a discussion at a luncheon hosted by US President Barack Obama.
He outlined African agricultural issues at the two-hour meeting to which 24 African leaders had been invited. Mr Odinga was not among them.
Many writers warn about the confiscation of gold by the present or future administrations.
Can you please give me some guidance?
CIGA Big Tatanka
Dear Big Tatanka,
People need to understand why Roosevelt ordered the confiscation of gold, making it a controlled substance something akin to cannabis. The reason was his intention to increase and let the market thereafter increase the price of gold in order to create an effect equal to today’s increase in the supply of money, but more so to escape the gold bonds and money called gold certificates. It was a simple means to novate the contract between the holder of gold certificates and the US Treasury. As a side result, big business that had issued gold bonds were able to pay off those gold bonds in paper money, thereby buying them back not at the gold value, but at the par value redemption price.
Court cases on the bond issues went as high as the Supreme Court, but by a narrow margin these cases were decided in favor of the government.
The most interesting point was that exportation of gold was forbidden by law, affecting non US interests that had stored their gold in the USA.
It is that event which has made good business for new vault locations such as in China’s Hong Kong. See the article below.
So my test for any measures of confiscation would be a deluge of gold leaving the US to return to their home ports.
Since the motivation of novating the gold certificates and gold bonds does not exist now, I rate confiscation as low of the probability scale.
As always the Goldman’s of the world will end up the biggest winners long gold. You can bet on that.
All the best,
Hong Kong recalls gold reserves, touts high-security vault
In a challenge to London, Asian states invited to store bullion closer to home
Sept. 3, 2009, 6:22 a.m. EDT
By Chris Oliver, MarketWatch
HONG KONG (MarketWatch) — Hong Kong is pulling all its physical gold holdings from depositories in London, transferring them to a high-security depository newly built at the city’s airport, in a move that won praise from local traders Thursday.
The facility, industry professionals said, would support Hong Kong’s emergence as a Swiss-style trading hub for bullion and would lessen London’s status as a key settlement-and-storage center.
"Having a central government-sponsored vault would create a situation where you could conceivably look at Hong Kong as being a hub, where metal could be traded for the region," said Sunil Kashyap, managing director at Scotia Capital in Hong Kong, adding that the facility was the first with official government backing in the region.
The Hong Kong Monetary Authority, which functions as the territory’s unofficial central bank, will transfer its gold reserves stored in other vaults to the depository later this year, the Hong Kong government said in an earlier statement.
Jim Sinclair’s Commentary
Here is an Eastern view on the month of November for the infallible COT.
As Krishna related to Arjuna… he speaks to the community and has an ominous warning for COT.
"Krishna also added: I have come here to slay these men. Even if thou dost not fight, all the warriors facing thee shall die. Arise therefore! Win thy glory, conquer thy enemies, and enjoy thy kingdom. Through fate of their own karma I have doomed them to die!! Be thou merely the means of my work… tremble not. Thou shalt conquer thy enemies in battle."