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2010-Nov-11
Buying Pearl Jewelry Without Being Ripped Off
Buying pearl jewelry  can be fun, exciting and confusing. Whether you're considering a gift of pearl jewelry for someone special or as a treat for yourself, take some time to learn the terms used in the industry. Here's some information to help you get the best quality pearl jewelry for your money, whether you're shopping in a traditional brick and mortar store or online.

Pearls

Natural or real pearls are made by oysters and other mollusks. Cultured pearls  also are grown by mollusks, but with human intervention; that is, an irritant introduced into the shells causes a pearl to grow. Imitation pearls are man-made with glass, plastic, or organic materials.

Because natural pearls  are very rare, most pearls used in jewelry are either cultured or imitation pearls. Cultured pearls, because they are made by oysters or mollusks, usually are more expensive than imitation pears. A cultured pearl's value is largely based on its size, usually stated in millimeters, and the quality of its nacre coating, which give it luster. Jewelers should tell your if the pearls are cultured or imitation. Some black, bronze, gold, purple, blue and orange pearls, whether natural or cultured, occur that way in nature; some, however, are dyed through various processes. Jewelers should tell you whether the colored pearls are naturally colored, dyed or irradiated.

Clams, oysters, mussels and many other mollusks with limy shells are known to produce pearls. But very few kinds yield gem pearls of jeweler's quality. The pearl is an abnormal growth of mother-of-pearl, or nacre, imbedded in the soft bodies of these shellfish. It is built up, layer upon layer, in the same way as nacre is added to the lining of the growing shell and always has the same color and luster. For example, over the country, hundreds of good-sized pearls are found each year in the oysters we eat. Unfortunately these have no commercial value regardless of whether they have been cooked or not because they are dull opaque white or purple like the shell of the parent oyster. In recent times almost all pearls of gem quality come from the oriental pearl oyster which has a bright shimmering translucent nacre.

A pearl starts growing when some irritating foreign substance such as a sand grain, bit of mud, parasite or other object becomes lodged in the shell-producing gland called the mantle. Pearls formed in the soft flesh where nacre can be added on all sides are most likely to be spherical and the most highly prized. By far the great majority are flattened or variously distorted and have little value. Size, color, luster and freedom from flaws are other essential qualities. Unlike other gems, such as diamonds, pearls have an average life of only about 50 years. In time the small amount of water in a pearl's make-up is lost and its surface cracks. Because they are mostly lime, necklaces which are worn often are injured by the acid secretions of the human skin.
posted by wholesale53 at 09:16 | in:
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2009-Sep-29
silver pearl sets

The food is one of the highlights of silver pearl sets a wedding reception. To help showcase the special dishes that you have selected, consider designing menu cards for the reception tables. Placed at each setting, and artfully displayed, the menu cards can help your guests to enjoy their dinner even more.

A menu card should give guests an idea of what to expect as the meal proceeds. It also helps to let the guests know how many courses to expect (as in, a five course dinner - better not fill up on the early courses, or you won't have room left for cake!). Keep the language fairly simple; if your entire menu is in French, it might look pretty, but it won't do your guests much good if they cannot read it.

Some guests with dietary restrictions can also use the details of the menu to help them know which courses are best for them. For instance, a vegetarian guest who sees that beef is to be served as the main course will be forewarned to fill up on soup and salad. In addition, if you are serving dishes with any common allergens, it would be nice to put that information in the title of the dish, when possible. In other words, "couscous with pinenuts" instead of just "couscous".

The design of coral jewelry your menu cards should complement the rest of your wedding. If you are having a very fancy evening wedding, with the bride in a cathedral length veil and dazzling crystal bridal jewelry, your menu cards should also be incredibly glamorous. A very stylish look would be to have crystal embellished menu card stands to echo the elegance of the bridal gown and jewelry.

Another way to display a wedding menu with panache is to put it in a frame. A beautiful picture frame can be chosen that fits in with the rest of the wedding design, anything from classic silver to beachy rattan would be great. The frame can then double as the wedding favors. A really fun idea would be to have a photographer on hand who can take and print photos that the guests can put into the frames as a memento from your wedding.

One of the most classic ways to turquoise jewelry display wedding menus is to lay them on the place settings. A heavy ivory card stock with a gold border would be ideal for a formal wedding when engraved in black ink. For a spring afternoon wedding, choose a more lighthearted stationary in a pastel color with an organza bow on the top. If your wedding will take place by the ocean, anchor each menu card with a seashell. There are infinite variations to fit with any wedding theme.

Flowers are a beautiful part of any wedding, and they can also be used with your menu cards. Rather than setting the napkins to the left of the plates, they can be placed directly onto the plates with a fold in the bottom third. The menu card gets slipped into the fold, and a single flower is set on top of the card to make it even lovelier. This is a simple idea that always looks wonderful.

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2009-Sep-29
freshwater pearl necklace

Cheap hip hop jewelry may seem like a contradiction in terms but it should come as no surprise that in their zeal to follow the freshwater pearl necklace hip hop style, regular people with down home budgets spend big money on cheap hip hop jewelry. By cheap I mean inexpensive materials and workmanship used to make the larger than life hip hop jewelry pieces that won't break the bank. You could call them reproductions in a manner of speaking but this market is so large that there are many unique hip hop jewelry items with novel style that are created in non-precious materials using glue as a setting material instead of metal prongs. Although technically not real hip hop jewelry the pieces are still hip hop jewelry that is wearable and made to look and feel quite similar to the real thing. The choice of metal is the first step in creating hip hop jewelry on the cheap.

The most popular inexpensive metal used for cheap hip hop jewelry is sterling silver with a rhodium plate of a couple of microns to give it the pearl earrings pure white look. White gold goes through a similar process to turn it from a dingy yellow to gleaming white so rhodium plated silver looks just like white gold all things considered. The only thing that silver lacks is the heft of it's precious brethren karat white gold and platinum. Sterling silver may also be plated with yellow gold to make it look like gold. This metal is called vermeil and even though the gold layer is not more than 5 microns thick it still has that lustrous buttery yellow look like real yellow gold. Other metals used to make cheap hip hop jewelry include stainless steel, pewter, and other base metals. These alloys take well to polishing and buffing with a finished look very close to white and yellow gold. The other element that gives cheap iced out jewelry its visceral look is in the choice of stones used to mimic the "blinginess" of diamonds.

The most common material used to give the look of diamond is cubic zirconia. Cubic zirconia has been in commercial production since 1976. Because of its low cost, durability, and likeness to diamond it remains the crystal of choice when jewelry calls for a diamond look without the diamond price. It is also much harder than most minerals. Current commercial production yields crystals that are pure white in color and virtually flawless making cubic zirconia a very good substitute for diamonds in cheap iced out jewelry. At commercial wholesale costs ranging from a dollar to several dollars a carat it is simply a matter of choosing the quality needed as there are varying qualities available depending on the manufacturer. The way these stones are set also matters to the overall look of the piece.

Of course it would not make sense to freshwater pearl strand pay lots of money to master diamond pave setters to set a dollar a carat cubic zirconias into silver or some other base metal. It makes far more sense to have this manufacturing done in Thailand, China or India where this work can be done at a fraction of the price in the US. Also, this type of setting work does not involve meticulous reworking of the stone seats and the manual bending of each prong over a stone. More often glue is used to hold the stones in and prongs are given a cursory once over just to get them in position. Painstaking labor cannot be used to fashion a piece that will sell for from twenty dollars to a couple hundred dollars.

So this is how hip hop jewelry can be made for your everyman at a selling price that is easy on the budget but with a look that can be quite close to the freshwater pearl beads real thing. Materials and workmanship are the two main contributors to hip hop jewelry costs. By using materials such as sterling silver and cubic zirconia in lieu of precious metals and stones, low priced blinged out jewelry becomes not only possible but can be quite fabulous looking in its own right. The use of inexpensive Asian labor and inexpensive fabrication, setting, and finishing processes allow jewelers to sell amazing looking hip hop jewelry at a bargain price. Cheap hip hop jewelry allows for everyone to have the rap star look of triumph without the deep sacrifice of thousands of dollars.

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2009-Sep-29
freshwater perl jewelry

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The wedding cake is truly the showpiece of the reception. Cakes have become more creative, and also follow trends in design and fashion like never before. These are some of the hottest trends for wedding cakes in 2009.

Clean lines are king right now. The smooth-as-glass finish of fondant icing is still all the rage at most weddings, and one stand-out design feature is more popular than a busy cake with a pattern all over it. One interesting trend in wedding cakes has to do with the opera or rope necklace layers. The basic look of three stacked round layers is still the most common, but you are also seeing a lot more of cakes that are square, octagonal, hexagonal, or a combination of round and shaped layers. Offset layers, which are stacked slightly off-kilter are also a hot look for wedding cakes right now.

When it comes to cake decorations, truly you can have anything that your heart desires. There is nothing that a skilled baker cannot create out of sugar, gum paste, or royal icing. That said, there are some definite trends for decorations for 2009 wedding cakes. Most lean towards being mod or minimalist.

The most minimalist cakes consist of three to five round layers covered in smooth white fondant. The only decoration is a colored ribbon around the base of each layer and perhaps a monogrammed medallion on the side of the center layer. These cakes are kept very simple, with no cake topper. They are very urban chic, though they may be too simple for some brides.

Mod design is also something that is being seen in wedding cakes these days. Round circles layered over fondant is one cool effect. Simplistic sugar flowers are another big trend. They are often scattered over the cake in varying density, such as many flowers clustered near the top of the cake, gradually thinning out to just a few blossoms scattered at the base of the cake.

Another very popular trend is to have a vine of sugar flowers set diagonally down one side of the cake. The flowers can be large or small, subtle or colorful, but they are usually done in only one branch, leaving the rest of the cake plain. Although fresh flowers will never be out of style for wedding cake decorations, they are not being seen as much this season.

Brides are still interested in having cakes designed that complement their bridal ensemble in some way. For a very unique look, cover a cake in large white sugar "pearls" which are dusted with an opalescent powder. This is a fun and modern reference to classic pearl bridal jewelry. If crystal bridal jewelry is more your style, you can adorn your cake with clear molded sugar "crystals" arranged in a geometric design. Note that the sugar crystals are intended to mimic clear crystals, not silvery rhinestones. It is a more subtle style than the ornate cake jewelry that has been seen in recent years.

The great thing about a wedding cake is that you can have whatever you want. So, take some pointers from the latest trends, or choose to go in another direction; the choice is entirely yours. In the end, all that matters is that you love the way your wedding cake looks, and that your guests love how it tastes.

Look to Bridget for advice on planning your wedding. Check out how we can help with your bridesmaids jewelry at SilverlandJewelry.com. Bridal jewelry is a freshwater pearl earrings great way to express your personal style.

Article Source: http://EzineArticles.com/?expert=Bridget_Mora
 
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    * MLA Style Citation:
      Mora, Bridget "Wedding Cake Trends For 2009." Wedding Cake Trends For 2009. 29 May. 2009. EzineArticles.com. 24 Jun 2009 .

    * APA Style Citation:
      Mora, B. (2009, May 29). Wedding Cake Trends For 2009. Retrieved June 24, 2009, from http://ezinearticles.com/?Wedding-Cake-Trends-For-2009&id=2409678

    * Chicago Style Citation:
      Mora, Bridget "Wedding Cake Trends For 2009." Wedding Cake Trends For 2009 EzineArticles.com. http://ezinearticles.com/?Wedding-Cake-Trends-For-2009&id=2409678

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posted by wholesale53 at 11:33 | in:
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2009-Sep-29
gemstone jewelry

One of the more pleasurable tasks you will need to gemstone jewelry take care of when you are planning your wedding is choosing the jewelry to enhance the bridesmaid's outfits. You can work with the girls of your bridal party to find just the right jewelry to bring out the beauty of each of your wedding attendants.

The jewelry you choose for the bridesmaids is an important decision. There are a few things to keep in mind when you and the girls are out shopping for the akoya pearl earrings accessories that will complete each outfit. The style of wedding you are having is an aspect you will need to consider. If your wedding is a classic, formal event, you will want clean and crisp jewelry to add to the sophisticated air you are trying to impart. A chunky crystal or diamond encrusted choker may look ideal. For a simpler wedding you may want to shop for jewelry that has a little more pizzazz and excitement in your selection. A necklace that is drop style with earrings to match may be the way to go for a wedding that is not as formal.

Another factor to take into consideration is the theme of your wedding. You can find many beautiful and inexpensive selections for accessorizing to match your theme. You will also want to take into account the colors the bridesmaids will be wearing. You may want hairpieces and hair embellishments to match the jewelry selection as well.

If you are having a casual wedding on the freshwater pearl pendant beach, using shell necklaces along with pearl earrings would be a perfect choice. Decide if you want your ladies in attendance to wear bracelets. If you do, you may want to do comparison shopping so that your girl's don't end up spending an exorbitant amount of money on wedding jewelry.

Another example as an idea for wedding day gems for the lovely ladies in your wedding party is having your wedding at a winery. You may want to use the purple grapes as an inspiration for the theme of your wedding. You can find beautiful crystal jewelry in purple tones that will coordinate perfectly with your wedding theme.

Using creativity and being open to the ideas of the others in the wedding party will enable you to find just the right pieces to suit the tone and theme of your wedding. The guests will talk for years about how unusual and unique your bridesmaids looked on your wedding day.

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2009-Sep-23
Walk, don't run

FIXING finance is easier if you have a clear idea what it is for. What matters most is setting up a financial sector that can serve the competitive sectors of an economy. In many poorer countries, that means focusing on activities dominated by small-scale manufacturing, farming and services firms. The size and sophistication of shell pearl jewelry financial institutions and markets in the developed world are not appropriate in low-income markets. Small local banks are the best entities for providing financial services to the enterprises and households that are most important in terms of comparative advantage—be they asparagus farmers in Peru, cut-flower companies in Kenya or garment factories in Bangladesh.

The experiences of countries such as Japan, South Korea and China are telling. Those countries managed to avoid financial crises for long stretches of their development as they evolved from low-income to shell jewelry middle- and high-income countries. It helped greatly that they adhered to simple banking systems (rather than rushing to develop their stockmarkets and integrate into international financial networks) and did not liberalise their capital accounts until they became more advanced. The experience of the United States is also instructive. Hulking national banks and equity markets become important only when a country becomes more advanced and when large capital-intensive firms dominate the economy. The rise of the New York Stock Exchange occurred only after the creation of large-scale industrial firms at the close of the 19th century. For the early labour-intensive phase of America’s economic development, local banks were dominant.

Governments and the international financial institutions that help them should resist the temptation to strive for “modern” stockmarkets in the early stages of a country’s development. Efforts to create African stockmarkets, for example, have not yet borne much fruit. There are relatively few listed shares in the stockmarkets of sub-Saharan countries. Excluding South Africa, the annual value of traded shares relative to GDP in Africa is below 5% (see chart). In Latin America and the Caribbean the figure is less than 10%; in the former communist countries of Europe and Central Asia it is less than 15%. The comparable figure in 2007 was 79% in Denmark, 207% in Spain and 378% in Britain.

Stockmarkets are unlikely to coral jewelry be a major force in poor countries in the near future. Microfinance companies and other non-bank financial institutions will play a more important role in financing poor households. And stockmarkets are not the best conduit for providing finance to the small- and medium-sized businesses that characterise the early stages of countries’ economic development. Instead, the banks will be much more critical when it comes to financing companies.

But gigantic banks are not the way to go. In Africa and other parts of the developing world, relatively large foreign banks that were set up in the colonial era have long played a role. But these institutions tend to serve relatively wealthy customers. Smaller domestic banks are much better suited to providing finance to the small businesses that dominate the manufacturing, farming and services sectors in developing countries. There is evidence to suggest that growth is faster in countries where these kinds of banks have larger market shares, in part because of improved financing for just these kind of enterprises.

It is true that bigger banks can exploit economies of scope and scale that make them more diversified, thus enhancing systemic stability. But local banks are stable in a different way. In America the country’s 7,630 community banks have so far been only mildly affected by the financial crisis as they have continued to deal with the same small, local clients that they have had for years.

Governments in low-income countries should recognise the strategic importance of small, private domestic banks. They should also carry out some fundamental reforms. On the demand side of the equation, entrepreneurs in developing economies need to be able to signal more easily that they are creditworthy. Sustained efforts to improve credit and collateral registries offer large pay-offs. Credit registries enable first-time entrepreneurs to document their personal credit histories and share them with lenders. Collateral registries enable lenders to verify that assets such as property and vehicles have not already been pledged by the borrower to turquoise jewelry secure past loans. Transparent and efficient court procedures allow lenders to seize collateral in the event of loan defaults.
Step changes

On the supply side, underachieving banks, be they large or small, should be rooted out through merger or liquidation. In many developing countries, supervisory authorities find it difficult to intervene and dispose of troubled banks’ assets quickly. Supervisors in some countries face legal challenges from the owners of such banks, sometimes long after they have left office. All this impedes the efficient exit and entry of institutions that make for a vibrant local banking sector. Failing local banks should be acquired by stronger local banks or liquidated if no such purchaser can be found. After liquidations well-capitalised new banks should be allowed to silver pearl jewelry enter the sector.

Facilitating the creation of new local banks and improving the methods for intervening to deal with troubled banks will encourage competition and provide healthier incentives. That will help banks promote the private-sector-led growth that will be crucial to recovery from the current financial crisis. Leave the developed markets to worry about how to reform their highly evolved financial systems. To make sustained progress in lifting the weight of the extreme poverty that will remain after the crisis has subsided, low-income countries need to make their financial institutions small and simple.

posted by wholesale53 at 01:14 | in:
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2009-Sep-23
A partial marvel (two)
The pervasiveness of these self-selection issues has led researchers to pearl necklace devise experiments that allow them to ensure that participation in a programme is determined essentially by chance. Two new papers* apply this idea to measure the effect of access to microcredit. Researchers from the Poverty Action Lab at the Massachusetts Institute of Technology (MIT) worked with an Indian microfinance firm to ensure that 52 randomly chosen slums in the city of Hyderabad were given access to microfinance, while 52 other slums, which were equally suitable and where the lender was also keen to expand, were denied it. This allowed the researchers to pearl jewelry wholesale see clearly the effect of microcredit on an entire community. Dean Karlan of Yale University and Jonathan Zinman of Dartmouth College carried out a similar exercise in the Philippines, this time at the level of the individual borrower. They tweaked the credit-scoring software of a microfinance firm so that only a random subset of people with marginal credit histories were accepted as clients. These clients could then be compared with those who sought credit but were denied it.

Broadly speaking, neither study found that microcredit reduced poverty. There was no effect on average household consumption, at least within a year to wholesale pearl jewlery 18 months of the experiment. The study in the Philippines also measured the probability of being under the poverty line and the quality of food that people ate, and again found no effects. Microcredit may not even be the most useful financial service for the majority of poor people. Only one in five loans in the Hyderabad study actually led to the creation of a new business. Providing people with safe places to store their (small) savings may help them more in the long run.
Small and perfectly formed?

That said, microcredit did have discernible effects. In India, people in the slums that had access to microcredit were more likely to cut down on things like tobacco and alcohol in favour of gemstone jewelry durable goods (particularly items such as pushcarts or cooking pans that are used heavily by traders and food-stall owners). One reason average consumption failed to increase may therefore be that more people were diverting some of their own income into starting or expanding their businesses. Microcredit clearly allowed more people to overcome the barrier posed by start-up costs. The MIT researchers found that as many as one-third more businesses had opened in slums which had a microcredit branch. This may mean that even though there was no measurable impact on poverty during the study period, there may well be some over a longer time-frame as these businesses prosper.

Tiny loans are unlikely to be enough to pearl jewelry allow these businesses to grow to an efficient scale, of course. But the role of microcredit in allowing people to signal their creditworthiness is valuable, especially if their success makes banks more willing to lend them larger sums and leads to even more economic activity. By being willing to take a risk on entrepreneurial sorts who lack any other way to start a business, microcredit may help reduce poverty in the long run, even if its short-run effects are negligible.
posted by wholesale53 at 01:10 | in:
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2009-Sep-23
A partial marvel (one)
MICROCREDIT looks like a miracle. It involves providing unsecured small loans to pearl earrings poor people in developing countries whom most banks would turn away. Yet these small borrowers almost always repay their loans (and the fairly steep interest charges) on time, which suggests that they find productive uses for the money. The industry’s backers make some big claims as a result: Mohammad Yunus, the founder of Grameen Bank in Bangladesh and the father of microfinance, reckons that 5% of Grameen Bank’s clients exit poverty each year. Yet economists point out that there are surprisingly few credible estimates of the extent to which microcredit actually reduces poverty.

This would not matter too much if all microfinance funding were raised via the market (as an increasing proportion is). As long as investors were satisfied with their returns, there would be no cause for concern. Yet despite growing interest from private investors, 53% of the $11.7 billion that was committed to freshwater pearl jewelry the microfinance industry in 2008 still came at below-market rates from aid agencies, multilateral banks and other donors. Given that there are other things that aid money could be spent on, and that the rationale for subsidising microcredit is its effectiveness as an anti-poverty tool, it is important for donors to pearl jewelry wholesale know whether it has the advertised effects.

Measuring the impact of microcredit is complicated by the fact that the counterfactual—what would have happened to a person who borrowed from a microlender if he had not done so—cannot easily be tested. Many early studies compared borrowers with non-borrowers. But if borrowers are in any case more entrepreneurial than those who do not borrow, such comparisons are likely to overstate hugely the effect of cultured pearl microcredit.

Worries of this nature are not mere nitpicking. One study surveyed 1,800 families in rural Bangladesh and found that an impressive 62% of school-age sons of those who borrowed from Grameen Bank were in school, compared with 34% of the sons of non-borrowers. Advocates argued that this showed that microcredit helped increase school enrolment. But a comparison with people of similar backgrounds in villages without access to microcredit showed that the difference was because people who were already more likely to freshwater pearl have children in school were also those who signed up for microcredit. Even comparisons between areas with and without microcredit may be misleading, because microlenders naturally choose to work in areas where their prospects of success are the greatest.
posted by wholesale53 at 01:06 | in:
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2009-Sep-23
Great barrier grief (two)
The ensuing rush to protect home markets served only to depress commerce further. By 1933 the volume of world trade was down by one-quarter from its 1929 level. Many of pearl jewelry wholesale Britain’s trading partners responded quickly to sterling’s devaluation by coming off gold too. Two groups of countries held out for longer. The first, including Germany and Austria, was haunted by memories of hyperinflation and fearful of the consequences for financial stability of de-linking from gold. A second group, which included France and Switzerland and is labelled the “gold bloc” by the authors, held fast to gold to preserve their status as financial centres.

Establishing that these countries were more prone to protectionism is tricky. Comprehensive data on 1930s trade barriers are hard to find. One source, a League of Nations estimate of the share of imports covered by import quotas, supports the authors’ thesis: in a small sample of eight countries the gold bloc used more quotas than the others. To test whether that finding holds up in a bigger sample, the authors compared exchange-rate fluctuations of 40 countries between 1928 and 1935 with the increase in import barriers over the same period, using the share of customs revenue in the value of imports as a measure of pearl jewelry tariffs. They found barriers rose least where countries had devalued.
The British exception

Though the results look solid, they contain an awkward outlier: Britain. Its devaluation blew a hole in the global monetary system, causing America to raise interest rates in the midst of a slump and forcing others to scrabble for bullion to replace their sterling reserves. The Eichengreen-Irwin theory says Britain, with its cheaper currency, should have been among the freer traders. Yet it raised its import barriers almost immediately. The authors put this down to local politics: the financial crisis brought an avowedly protectionist party, the Conservatives, to power. Mr Eichengreen says the paper has provoked two contrasting responses from colleagues. “Half say we spend far too much time explaining why Britain is pearl jewelry wholesale a special case. The other half complain that we don’t fully explain why Britain is different.”

The tale underlines the importance of policy co-ordination. It would have been better if all countries had devalued against gold at the same time, allowing a looser global monetary policy much earlier. By 1936 even the gold-bloc countries had abandoned the link, but by then the damage to freshwater pearl jewelry world trade had been done. There is a similar need today for co-ordination, this time in fiscal policies. If countries feel that others are gaining from their own stimulus packages, they may be tempted to resort to trade barriers.

The broader message is a happier one. The risk of a 1930s-style outbreak of protectionism is much lower because countries are able to use fiscal and monetary policy more flexibly. However, within that big lesson is a smaller one, that devaluations cause trade tensions. In an echo of freshwater pearl the 1930s crisis Britain has again benefited from a weaker currency, upsetting its trading partners (notably Ireland). But Mr Eichengreen notes that the euro, by militating against more widespread beggar-thy-neighbour policies, may have helped preserve the European single market.
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2009-Sep-23
Great barrier grief (one)
ONE consequence of the worst economic crisis in 80 years is that dismal scientists everywhere have had to pearl jewelry gen up on the Depression in order to contribute to the policy debate. Most have by now picked up the stylised fact that a rigid adherence to the gold standard made a bad slump worse. Countries that cut the link to gold quickly and allowed their currencies to fluctuate endured shallower recessions and recovered more quickly than those that stuck with it. Freed from the need to uphold a gold-price parity, these countries could lower interest rates and so stimulate spending. By devaluing against gold, their money also became cheaper against currencies that kept their gold parity, giving domestic producers a cost advantage over many foreign firms.

A new paper* by Barry Eichengreen of the University of pearl pendant California, Berkeley, and Douglas Irwin of Dartmouth College adds a fresh dimension to this analysis. It examines how the decision to quit gold or to cleave to it affected trade policies. The picture painted by most accounts is of a rush to erect new barriers to trade, as each country tried to shield its businesses and workers from the deepening slump and responded in kind to the protectionism of others. In fact, say the authors, trade barriers were not imposed uniformly. Countries that stuck with gold were more protectionist than those that abandoned it. Tariffs were a poor substitute for policy stimulus, but in an era of balanced budgets they were all that gold-standard countries had.

In order to pearl necklace stand up that claim, the authors first show how the global monetary system broke down. In the decades leading up to the first world war, paper currencies were backed by gold at a fixed parity, in effect linking countries through a system of pegged exchange rates. Once war broke out, the system went into abeyance. When the gold standard was revived in the 1920s, it was a more fragile entity. Despite high inflation in the meantime, many countries restored their pre-war gold parities. With more money in circulation that led to a shortage of pearl earrings bullion. So the two main paper currencies, sterling and the dollar, were used as gold substitutes. Such a ruse relied on credible monetary policy in both Britain and America.

Of the two America is often seen as the main culprit for the spread of protectionism. The infamous Smoot-Hawley act, which was passed in June 1930 and increased nearly 900 American import duties, is usually viewed as central to wholesale pearl jewelry the collapse in world trade that followed. But Messrs Eichengreen and Irwin argue that it was Britain’s ditching of gold in September 1931 that really started the “avalanche” of protectionism.
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2009-Sep-17
IBM Could Push Dow Upward
ARMONK, N.Y. (TheStreet) -- IBM's(IBM Quote) success in avoiding the worst of the recession is going to reap benefits for the broader stock market, according to analyst firm Auerbach Grayson.

The tech bellwether, which recently reconfirmed its 2009 and 2010 profit forecast, forced its margins up during the downturn, despite falling revenue and an uncertain spending climate. The amber necklace  company's stock has also risen more than 44% this year as investors warm to the company's aggressive control expenses and margin expansion.

Auerbach Grayson analyst Richard Ross says that IBM's shares, which currently trade around $121, will continue their upward trajectory.

"IBM is quietly in a very strong technical position which has the stock on the verge of a potentially explosive breakout," he wrote, in a note released Wednesday. "A move above $120.88 could propel the shares to a test of the old high around $131 at a minimum."

The Armonk, N.Y.-based firm's strong presence on the wish pearl jewelry  Dow could also impact the wider stock market, according to Ross. With its 9.3% weighting equal to that of GE(GE Quote), Pfizer(PFE Quote), Bank of America(BAC Quote), Intel(INTC Quote), Cisco(CSCO Quote) and Microsoft(MSFT Quote), IBM could drag the Dow up on its own.

"The math alone is enough to drive the market higher (not that it needs any help)," wrote Ross. "IBM is well positioned as the global economic recovery unfolds and the growth story resumes in earnest."

In its recent second-quarter results, IBM boosted its pre-tax margin by four points, its biggest margin improvement since it sold off its PC business to christmas gifts  Lenovo in 2005. Despite seeing revenue dip 3% year-over-year, the firm also expanded its gross margin by two points.

CEO Sam Palmisano has come under fire in some quarters for overseeing layoffs and shifting jobs to lower-cost parts of the world such as India. The executive, however, was rated the top "recession-busting" CEO in TheStreet.com's survey of its readers, clinching almost 40% of total votes.
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2009-Sep-17
Oak Fund Jumps 48% This Year: Five Spot
NEW YORK (TheStreet) -- Mark Oelschlager, manager of the Pin Oak Aggressive Stock Fund(POGSX Quote), says technology stocks are the most attractive investments as economic growth returns, and pearl jewelry consumer staples are among the worst.
The fund has soared 48% this year, about three times the rate of the S&P 500 Index, and an annual average of 2.4% over three years.
Welcome to TheStreet.com's Fund Manager Five Spot, where America's top mutual fund managers give their best stock picks in five fast and furious questions.
Are you bullish or bearish?
Oelschlager: While there are some troubling political trends, and the recent spike in general bullishness is always a danger sign for the short run, we are relatively bullish. Corporate profits have held up remarkably well through the pearl earrings economic downturn, and with the significant cuts companies have made, prospects for profit growth look good as GDP expansion resumes.
What is your top stock pick?
Oelschlager: Garmin(GRMN Quote) is attractive here. It's a leader in the personal-navigation device market, which has seen growth slow during the recession -- and the stock reflects that. Looking past this weakness, you have a company that consistently generates high returns on capital, trading at a low valuation, in a business with secular growth. And the Street hates it, which is good.
What is your best sleeper stock?
Oelschlager: Keep an eye on Ticketmaster(TKTM Quote). Earlier this year management agreed to sell the company at too low a price to Live Nation(LYV Quote). The pearl earrings stock is trading basically in line with the takeout terms, so if the deal goes through, you break even from here, depending on what Live Nation's stock does. But if the deal isn't approved, which is a real possibility, you own shares in the gorilla of the ticket-selling business when it's trading at four times free cash flow.
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