FRANCE, GERMANY FEND OFF RECESSION

MODEST GROWTH IS LATEST SIGN
OF GLOBAL COMEBACK

Brussel - Fresh signs of a nascent economic recovery came from hard-hit Europe on Thursday, with Germany and France unexpectedly becoming the first major industrialized nations to officially pull out of the global recession. Though their recoveries were modest by virtually any standard and may yet stall in the months ahead, the surprising bounce back to growth in Europe's largest economies comes on the heels of steadily rising economic optimism across the globe. In Germany, economic activity jumped 0.3 percent from April to June compared with the previous three months. Though detailed economic data have yet to be released, the rebound in the second quarter there, analysts said, came partly from consumer spending related to government-sponsored programs, such as a cash for clunkers plan, that are set to expire soon. In addition, the German government so far has cushioned job losses through state-sponsored corporate incentives that are also due to run out, leading many analysts to predict a further surge in the unemployment rate there in months ahead.

Economists also do not discount a fresh wave of bank rescues in Europe, where financial officials are still under pressure to do more to force the cleanup of balance sheets at ailing institutions. Recent signs of recovery will also be tested if, as many observers predict, unemployment rates across Europe continue to edge higher. Though Germany and France may have exited their yearlong recessions, Europe as a whole is still struggling. Economic activity across the 16 member nations that use the euro fell by 0.1 percent in the second quarter, the European statistical office reported Thursday. The drop was less than predicted by most economists, but it signals that the deep recession that started in Europe in the first half of 2008 continues.

WHAT DO THE VEDIC TEACHINGS TELL US?

Wealth derives from mother Laksmī, or the goddess of fortune. As the Vedic literatures explain, the goddess of fortune is meant to serve Lord Nārāyana, the source of all the naras, or living beings. The naras are also meant to serve Nārāyana, the Supreme Lord, under the guidance of the goddess of fortune. The living being cannot enjoy the goddess of fortune without serving Nārāyana, or Krishna, and therefore whoever desires to enjoy her wrongly will be punished by the laws of nature, and the money itself will become the cause of destruction instead of being the cause of peace and prosperity.

Srila A.C. BV Swami Prabhupada:
"The Journey of Self-Discovery - Chapter VI - Material Problems, Spiritual Solutions"