There is no Financial Crisis in China

February 13, 2011

Posted by in Financial crisis with 4 comments

 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 »

What Does Mexico Know About The Financial Crisis That We Don’t?

February 8, 2011

Posted by in Financial crisis with 6 comments

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 Financial Crisis Inquiry Commission issued it conclusions last week.

February 8, 2011

Posted by in Financial crisis with 5 comments

 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 »

Is Our Financial Crisis Bigger Than Military Challenges?

February 7, 2011

Posted by in Financial crisis with no comments

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 »

Financial Crisis: Welcome to Hitler’s Bank

February 4, 2011

Posted by in Financial crisis with 6 comments

The economic holocaust in what is surely the most pejorative acronym in economic history, the PIIGS – Portugal, Ireland, Italy, Greece and Spain – has taken a media back seat to the political wildfire that has engulfed Egypt, and other countries in the Middle East. Read more »

Financial Crisis Inquiry Commission Report Misses the Mark

January 28, 2011

Posted by in Financial crisis with one comment

The US government established a commission to find out what caused the financial crisis. Riiight. Notorious for finding wrong reasons for catastrophes, government commissions are yet magnificent at then proposing  solutions to fix wrong causes, which themselves become  problems. Read more »

Financial Crisis: John Truman Wolfe on WGN TV Chicago

January 17, 2011

Posted by in Financial crisis with 7 comments

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

The Financial Crisis Gives Rise to a New Global Currency

January 17, 2011

Posted by in Financial crisis with 2 comments

 

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

Financial Crisis Gets Very Close to Home

January 5, 2011

Posted by in Financial crisis with 6 comments

A jet airplane is screaming across the sky at the speed of sound (about 750 miles per hour). A stream of green paper begins reeling out behind it.At the speed of sound, it would take 14 years before it reeled out one trillion dollar bills. Seven hundred and fifty miles and hour – fourteen years. Read more »

The Bull Market for Both Gold and Silver is Not Over

January 3, 2011

Posted by in Financial crisis with no comments

Crystal balls are made of glass, not an enduring substance in the world of international finance and investing.  

And mine has accumulated its share of cracks over the years. But I was scrolling through my older newsletters, recently and, modesty aside, some of them are rather prophetic. The following is a clip from July, 2004.  Read more »

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