from Gold Money:
The future of the US economy remains delicately in the balance on the last day of 2012. In just twenty-four short hours, unless a deal is negotiated and voted on by the US Congress – along with the support of the President Obama – the United States is set to go off the so-called “fiscal cliff” and possibly slump back into a recession. The term “fiscal cliff” has become the code-word for the automatic government programs that kick in on January 1st, which consists of massive cuts in government spending and large increases in taxes – approximately $600 billion worth.
And as the fiscal cliff has been approaching, US equity markets have been feeling the pain. Just a week ago, the Dow Jones Industrial Average, an index for 30 of the biggest companies in the world, touched 13,310 points. But since Congress has been unable to pass a deal, the DJIA is down to only 12,938. The same goes for the other US exchanges.