If you haven't read anything else that I've recommended in previous postings, please read this article, The Greatest Wealth Transfer in the History of Mankind Starts Now! by Michael Maloney, NOW!!! It's not very long. It will take you less than 10 minutes to read it.
Maloney presents several charts that illustrate the enormity of what's going on right now. As he says, "Neither you, nor I, have the power to stop what is coming. But we do have the choice to either freeze in panic and be crushed under the wheels of the economic freight train that is bearing down upon us, or catch the ride of our lives on the road to immense wealth. "
At the end of the article Maloney lists steps that every investor should do. His first step is, "Get educated. Don't take my, or anyone else's, word on this. Read books and newsletters on the subject and decide for yourself. " That's all that I'm asking you to do.
From the very bottom of my heart I ask you -- Please don't ignore what's happening.
Saturday, December 20, 2008
Wednesday, December 17, 2008
Thomas Jefferson Quote
"A government big enough to give you everything you want, is strong enough to take everything you have." -- Thomas Jefferson
I like this quote and ran across it again this morning and decided to share it. It really doesn't require any commentary or explanation. Just take a moment to think about it and what our government is doing today. I'm always amazed at the wisdom of our founding fathers.
I like this quote and ran across it again this morning and decided to share it. It really doesn't require any commentary or explanation. Just take a moment to think about it and what our government is doing today. I'm always amazed at the wisdom of our founding fathers.
Tuesday, December 16, 2008
Euro Pacific Capital Website
A couple of weeks ago, I recommended a few books that provide a good understanding of what our current economic situation is, how we got here and what we as individuals can do to survive this crisis. I strongly encourage you to read at least one of these books. I really don't know how someone can make good, informed decisions going forward without this information.
The books provide a good foundation, but you also need some analysis and interpretation of the current events as they unfold. There are several good websites that Jim & I use for this purpose. I originally intended this post to be a list of these sites but as I was writng about the first site, I realized that it would take me forever to complete the task and the post would be way too long. So this post will be a recommendation of Peter Schiff's website, Euro Pacific Capital. Other websites will be recommended in future posts.
Peter Schiff is the author of Crash Proof one of the books that I recommended. His new book was released this fall, The Little Book of Bull Moves in Bear Markets. While my intention is to really just recommend Peter's site as a great source of information, I can't resist sharing this You Tube video called Peter Schiff was Right 2006 - 2007. It is a compilation of interviews with Peter. You'll be able to hear his predictions and the predictions of others during the past few years. I'll let you decide, who was right.
Euro Pacific Capital is Peter Schiff's website. Explore this site. It's packed with information. I'll just mention a few areas that you should check out. The home page has a section called Recent Economic & Market News which has links to news articles from a variety of sources. These links are updated each day, so this is a great one-stop place to see the economic headlines of the day and read an article or two.
Under the Resources menu, you'll see "Live Weekly Radio Broadcasts". Peter does a weekly broadcast that you can listen to online each Wedneday night at 8pm EST. Each week, Peter gives his thoughts on what's happened in the economy during the past week and then he answers questions from callers. But if you don't want to spend your Wednesday evenings listening live, there is also a link that you can go to to get prior broadcasts. The prior shows are also available via Podcast.
One other thing that I'd recommend are the Video Interviews which you can get to from the Resources menu. Peter Schiff is often interviewed on the cable news channels and his appearances are archived on his website.
What are you waiting for? Check it out & let me know what you think!
The books provide a good foundation, but you also need some analysis and interpretation of the current events as they unfold. There are several good websites that Jim & I use for this purpose. I originally intended this post to be a list of these sites but as I was writng about the first site, I realized that it would take me forever to complete the task and the post would be way too long. So this post will be a recommendation of Peter Schiff's website, Euro Pacific Capital. Other websites will be recommended in future posts.
Peter Schiff is the author of Crash Proof one of the books that I recommended. His new book was released this fall, The Little Book of Bull Moves in Bear Markets. While my intention is to really just recommend Peter's site as a great source of information, I can't resist sharing this You Tube video called Peter Schiff was Right 2006 - 2007. It is a compilation of interviews with Peter. You'll be able to hear his predictions and the predictions of others during the past few years. I'll let you decide, who was right.
Euro Pacific Capital is Peter Schiff's website. Explore this site. It's packed with information. I'll just mention a few areas that you should check out. The home page has a section called Recent Economic & Market News which has links to news articles from a variety of sources. These links are updated each day, so this is a great one-stop place to see the economic headlines of the day and read an article or two.
Under the Resources menu, you'll see "Live Weekly Radio Broadcasts". Peter does a weekly broadcast that you can listen to online each Wedneday night at 8pm EST. Each week, Peter gives his thoughts on what's happened in the economy during the past week and then he answers questions from callers. But if you don't want to spend your Wednesday evenings listening live, there is also a link that you can go to to get prior broadcasts. The prior shows are also available via Podcast.
One other thing that I'd recommend are the Video Interviews which you can get to from the Resources menu. Peter Schiff is often interviewed on the cable news channels and his appearances are archived on his website.
What are you waiting for? Check it out & let me know what you think!
Monday, December 8, 2008
Too Big to Fail?
Too big to fail. It’s a phrase that we hear often these days. We’ve been told that investment banks were too big to fail, AIG was too big to fail, and of course the automotive industry is definitely too big to fail. It has made me think a lot about failure and its consequences. Is failure really such a bad thing?
Failure is defined as a lack of success. And success is defined as a favorable or desired outcome. So failure is simply the lack of a favorable or desired outcome. Since we all want success, maybe failure is a bad thing. I’d rather think of failure as a step to success. We rarely get the desired outcome the fist time we attempt anything, so this implies we’ve failed. Now, if we quit here then yes we’ve failed. But it’s what we do with this failure that makes the difference. If we learn something from our first attempt, modify what we did the first time, and try then again, we might achieve success. It’s the failures that teach us what we need to know to achieve success. You know the old saying, “If at first you don’t succeed, try, try again.” It’s really saying, “If at first you fail, try, try again.”
Many people that we consider very successful had their share of failures before achieving the success that they are well known for. Did you know that Milton S. Hershey failed in the candy business three times? He didn't achieve success until his fourth attempt. Thomas Edison had thousands of failures before he was successful at finding the right filament for the light bulb. To Edison each failure meant that what he was trying to do couldn’t be done and that he had to try something else.
Thank goodness that these men and many, many others did not adhere to the “Failure is not an option” school of thought. They were willing to accept failures as steps to success. I think that they would tell us, “Quitting is not an option."
Thursday, December 4, 2008
Books
I’ve wanted to put together a resource list of the books and websites that I’d recommend if you wanted to begin to understand what we’re facing, how we got here, and what we can we do to survive and hopefully prosper. But for one reason or another I hadn’t really tackled the task. Well thanks to a good friend that asked for me to send her some recommendations, I’ve gotten started. For now I think that I will just make recommendations in blog entries. Then, at some point, if there is a need or an interest I’ll compile the recommendations into one document.
Here are three books that I’d recommend. If you’re like me, as you read the information in these books, you’ll be asking yourself, “Why wasn’t I taught this?” The principles and concepts are fairly fundamental, but we’ve been misled and trained to think differently.
How to Prosper During the Coming Bad Years in the 21st Century,
by Howard J. Ruff 2008
I recommended this book in my November 20th blog entry. Again, this is a good starter book. The first third of the book explains the problems with our monetary system, introduces you to the concept of purchasing power, and outlines the terrible effects of inflation. The second part of the book gives specific advice on surviving the coming economic crisis and the third part is Ruff's advice on how to prosper.
Guide to Investing in Gold and Silver,
by Michael Maloney 2008
Don’t let the title scare you off. Even if you have no interest in or intention of investing in gold and silver, you should still read this book. It is excellent. The first half of the book discusses the history of money and really illustrates the difference between money and currency. You will see how throughout history the economic cycles have been the same and that no fiat currency (which is what we have) has ever survived. It’s fascinating to see how the demise is always caused by the same factors. Believe me, you’ll begin to recognize where we’re headed. Michael Maloney gives a very good road map of where we are today and how this will play out. I really think that everyone should read at least the first portion of this book.
Crash Proof,
by Peter Schiff, 2007
I'm about half-way done with this book. This book is particularly interesting from the standpoint that it was written in 2006. So as you’re reading it you will see that Peter understood the fundamentals and was able to predict where we’d be today. And yet, all of the so called experts act as if they’re surprised by this crisis.
While these books all cover the same general topic, they each come at the information from different angles and emphasize different aspects. They don’t overlap as much they reinforce each other. Let me know what you think of these books as you read them.
Here are three books that I’d recommend. If you’re like me, as you read the information in these books, you’ll be asking yourself, “Why wasn’t I taught this?” The principles and concepts are fairly fundamental, but we’ve been misled and trained to think differently.
How to Prosper During the Coming Bad Years in the 21st Century,
by Howard J. Ruff 2008
I recommended this book in my November 20th blog entry. Again, this is a good starter book. The first third of the book explains the problems with our monetary system, introduces you to the concept of purchasing power, and outlines the terrible effects of inflation. The second part of the book gives specific advice on surviving the coming economic crisis and the third part is Ruff's advice on how to prosper.
Guide to Investing in Gold and Silver,
by Michael Maloney 2008
Don’t let the title scare you off. Even if you have no interest in or intention of investing in gold and silver, you should still read this book. It is excellent. The first half of the book discusses the history of money and really illustrates the difference between money and currency. You will see how throughout history the economic cycles have been the same and that no fiat currency (which is what we have) has ever survived. It’s fascinating to see how the demise is always caused by the same factors. Believe me, you’ll begin to recognize where we’re headed. Michael Maloney gives a very good road map of where we are today and how this will play out. I really think that everyone should read at least the first portion of this book.
Crash Proof,
by Peter Schiff, 2007
I'm about half-way done with this book. This book is particularly interesting from the standpoint that it was written in 2006. So as you’re reading it you will see that Peter understood the fundamentals and was able to predict where we’d be today. And yet, all of the so called experts act as if they’re surprised by this crisis.
While these books all cover the same general topic, they each come at the information from different angles and emphasize different aspects. They don’t overlap as much they reinforce each other. Let me know what you think of these books as you read them.
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