The catastrophes in Japan and new pseudo-war in Libya have driven the European Financial Crisis off the front pages of the world press. But that crisis continues unabated. This is the first of a three part article on the expanding financial crisis in Europe.
Twenty thousand battle-hardened troops and cavalry stormed off 600 Persian war ships onto the Plains of Marathon 26 miles north of Athens. Read more »
For those people that want to stay connected we provide a premium Inner Circle membership which is available at www.crisisbydesign.net. Members of this Inner Circle receive audio blogs and written blogs from me about matters of finance, banking, the economy, and politics. Read more »
Government agents confiscating your retirement account sounds like something out of a George Orwell novel.
Don’t look now, but such a plan is in the early stages of development.
It will start voluntarily, but I predict that the time will come, when the government will do this to “protect” you from your own financial crisis.
In Crisis by Design, I raised the prospect that the government had a long-term strategy designed to take control of the retirement accounts of individuals. This would include IRAs and 401(k)s. Read more »
China’s President, Hu Jintao, came to Washington last month with his game face intact. While there was puffery from the likes of New York Senator Charles Schumer about the need for China to let their currency float on the free market, Hu smiled, attended the state dinner in his honor, and stopped by Chicago on his way out of town and signed a deal by which China’s largest bank (and by some measures the largest bank in the world), the Industrial & Commercial Bank of China Ltd. agreed to acquire buying the Bank of East Asia which has branch networks in California and New York. There is no Financial Crisis in China. Read more »
In a startling turn of events that the mainstream media has yet to touch due to its sizzling with economic import, a website called the People’s Voice (www.peoplesvoice.org) reports that the Mexican government passed a law in September, 2010 which restricts the use of dollars for almost all purchases made in Mexico. Read more »
The report covers what the Commission views as causes of the financial crisis. The report is 150 pages long and covers a great deal of material in a great detail. Some of the information is valuable perhaps much of it is valuable. The problem with the report is that it addresses only symptoms. It never truly gets to the actual cause of the financial crisis. Read more »
There is a Rasmussen poll out which notes that 82% of the American people believe that economic challenges to the United States are a bigger threat than military challenges. Whether or not the public understands all the intricacies the economy, financial crisis or international finance, they do know that something is very wrong – not the least of which is a $1.5 trillion US budget deficit this year alone. Read more »
Recent interview of John Truman Wolfe on WGN TV Chicago covering the problems with the dollar losing favor as the international currency along with investing tips during this financial crisis.
John Truman Wolfe Talks About His Book, Crisis by Design: The Untold Story of the Global Financial Coup and What You Can Do About It.
Watch it here: John Truman Wolfe on WGN TV Chicago
Fortune tellers have a good opportunity to choose from a short menu of life’s problems and desires and land on something the person is concerned about.
If it isn’t love, it’s money and visa versa.
Predicting the financial markets in the midst of an economic crisis (which, media spin and the DJIA* aside, is still with us) is less forgiving and is somewhat akin to walking a metaphorical tightrope without a net. A misstep could cause you to fall and break your reputation, which, truth be told, can be picked up and dusted off and put back in the game.
But too many falls and your audience quits coming to your show.
I don’t have a show, beyond a book to read, and being a financial prophet is best left to Warren Buffet and friends. But modesty aside, I have been encouraging the ownership of silver since it was $4 per oz and it is now battering at the door of $30 per (with, in my opinion, a lot more upside).
And while the success story is not yet as dramatic, I make clear in Crisis by Design that deploying one’s assets should include a modest diversification out of dollars and into the Chinese Yuan (AKA the Renminbi or RMB for short).
No surprise then that the Chinese government has just announced that it is permitting Yuan deposits at the state owned Bank of China for U.S customers. There are branches in New York and Los Angeles currently.
The Yuan has already started a modest appreciation against the dollar, but with the U.S. government continuing its annual party of trillion dollar budget deficits (this year’s is projected to be $1.5 trillion!) the dollar will likely see continued erosion on world currency markets. The other side of the coin is the fact that the Chinese economy grew about 10% last year and China contributed a staggering 50% of the planet’s economic growth in 2009.
China’s opening the gates to the relatively free trading of the RMB signals a paradigm shift in the global economy and, in our opinion, argues strongly for further appreciation of that nation’s currency.
RMB deposit accounts are also available at www.everbank.com.
All said, bear in mind the old adage and SEC mandated admonition, past performance is no indication of future results.
It is also important that you understand that buying a foreign currency is buying a commodity: the value can go up or down depending on currency markets, meaning there is risk involved.
Be well and Keep your powder dry.
* Dow Jones Industrial Average