Asset and Wealth Protection
Like many others, we keep watching the jittery European economic scene with a mixture of anxiety and fascination. From Greece and Ireland to Spain, Portugal and, most recently, Italy, the specter of sovereign debt default and its potentially horrific consequences continues to haunt Europe and the wider world beyond.
Gold prices recently reached a record high, in large part because of the sovereign debt crisis in Europe and the impending debt ceiling deadline in the United States.
H.R. 2411, the Reduce America’s Debt Now Act of 2011, states that every worker in America should be able to voluntarily have a portion of his or her wages automatically withheld and sent directly to the Treasury Department for the purposes of paying down the Federal debt.
On Wednesday, gold prices reached $1,580.70 an ounce, setting the stage for the eighth consecutive day of gains — a record unmatched since 2006. The price reflects worldwide financial fears, as the euro zone and United States debt crises rage on.
On June 28, Senators Jim DeMint (R-S.C.), Mike Lee (R-Utah) and Rand Paul (R-Ky.) introduced the Sound Money Promotion Act, which would allow legal tender gold and silver coins to be considered in the same manner as United States currency for taxation purposes.
Nominal dollars are the everyday paper dollars that we think of and call money. These dollars change every day (depreciate). The value of these dollars goes down constantly as the money printers continue to debase our currency.
With the U.S. and Europe looking less attractive, investors naturally need to start looking at some emerging markets. The Asian healthcare market has tremendous growth potential in the next decade (and most likely beyond that). However, few people are aware of the exciting opportunities there.
On Wednesday, lawmakers in Athens, Greece approved an austerity package for the country, bowing to the demands of international lenders. The 155-138 vote passed as riots and protests continued in the nation’s capital.
Bank of America Corp. may soon agree to pay an $8.5 billion settlement to investors who lost money in the housing collapse, which would be the largest such settlement by a financial-services firm to date. “A settlement would end a nine-month fight with a group of 22 investors who hold mortgage-backed securities originally valued at $105 billion, including the giant money manager BlackRock Inc., the insurer MetLife Inc. and the Federal Reserve Bank of New York,” The Wall Street Journal reported.
Blood is being spilled in Western democratic cities like Vancouver, Canada, and Athens, Greece. With America’s economy stuck in recession and with the dismal and arrogant leadership provided by President Barack Obama and Congress, it is not hard to imagine similar violence in American cities.