A Melman Minute By: Leonard Melman   NOTE: In order to complete Mr. Melman's forthcoming book on the essential fundamentals of the developing international financial crisis and its relationship to gold and silver, new "Melman Minutes" will be posted only three times per week, each Monday, Wednesday and Friday. Since the work has been expanded to include potential solutions to the growing list of seemingly insoluble dilemmas, the working title of the book has been revised to 'REVERSING THE WAY IN!"   February 12, 2010 - - - - - Regrettably, we are faced with two other publishing deadlines this morning, so this "Melman Minute" of necessity must be brief. By far the most important focus of the moment is the Eurocurrency mess which is growing rapidly and is beginning to cast a lengthening shadow over Europe and even the rest of the world as many people who were relieved at first to hear speeches about the rescue of Greece by the European Economic Community are now taking a deeper, longer look at the situation - and they are not liking what they see.  From our point of view, the most interesting - and promising - feature of the entire debacle is that many observers are finally beginning to ask the right question which is "can it truly be possible that the solution to real problems involving real lack of productive wealth be solved simply by creating more units of an artificial currency?"  That question is now being asked because every "rescue" proposed for Greece involves that "solution". An article in this morning's Wall Street Journal summed things up neatly when they noted, "...Markets reacted in mixed fashion.  The Euro fell sharply (see chart) on worries about the lack of a detailed rescue package...U.S. markets rose (yesterday) but U.S. relief may be short-lived as it sinks in that the EU summit didn't really solve the fundamental issue of how the Eurozone will support its troubled weaker members..."  (our emphasis) Markets this morning have given back most of their gains of yesterday and as of 8:45 AM PST, financial markets are sharply lower in the USA and Canada as are precious metals, most base metals, petroleum and virtually all currencies which trade against the U.S. Dollar.  Long term interest rates have fallen slightly while mining share indexes are sharply lower. - - - - - All quotes US$ unless otherwise noted. We plan to prepare a more normal "Melman Minute" for Monday, February 15, despite the fact that American markets will be closed for the President's Day holiday.        ◄  Previous Minute                                                                                                        Next Minute  ►
		DISCLAIMER The information presented above is based on data which we believe to be from reliable sources, but the accuracy of which cannot be guaranteed.  Any opinions or predictions contained herein are those of the editor and are likewise offered also for information purposes only. Any investment decisions should be made only following consultation with registered investment professionals.