Investing in precious metals 101

How to save in other currencies?

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  • Fri, May 16, 2008 - 03:37pm

    #1
    transient1000

    transient1000

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    How to save in other currencies?

I’ve been worried about hyperinflation since 2004.  I’ve been looking for a way to convert my savings into another, more stable currency while I wait for one of the following to happen:

1. The destruction of the USD.

2. The recovery or stabilization of the USD.

3. The time at which I would convert back to USD and immediately spend it on a major purchase like a house.

I’ve been looking for a way to open an interest bearing money market account in either Euros of the Canadian dollar that meats the following conditions:

1. Low to no fees for the exhange.  I.e., an exchange rate equal to the market rate rather than one with a "cut" to the banks.

2. Insured deposits or a good history of "low risk" similar to AAA investment ratings.

3. An interest rate at least close to the rate of inflation in the account’s currency.  After all, other fiat currencies inflate as well.  I’m only looking to perserve wealth.  I’m not looking for growth/risk.

4. Liquidity.  I’d like to be able to convert my savings back to USD quickly.

I’ve looked all over the Internet, but haven’t found any way a U.S. citizen can open a foriegn bank account and exchange currencies.  It seems that the banking system and/or US federal govenment is trying to prevent U.S. citizens from doing just this, but I haven’t found any law saying that we aren’t allowed to do that.

If anyone knows of a way for a U.S. citizen to open a European or Canadian bank account like described above, please post instructions/urls.

 

 

  • Sun, Jun 22, 2008 - 11:03pm

    #2
    jrsviking

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    destruction of the USD

transient1000: All other currencies have been more or less inflating along with the dollar. There is no other currency to go to, since the dollar is the “foundation” for them! You need to understand this. The only safe place to weather the coming storm and preserve wealth is with gold and silver. The good news is that as a U.S. citizen you are still allowed to exchange federal reserve notes for gold and silver bullion. But you’d better do it sooner rather than later.

  • Wed, Oct 15, 2008 - 06:02pm

    #3
    ds

    ds

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    Re: How to save in other currencies?

My thoughts:

  • currency ETFs
  • EverBank
  • maybe a little gold (maybe not)

Some currency ETFs include:

MERKX Hard Currency Fund
Rydex CurrencyShares.
FDPIX Falling U.S. Dollar ProFunds

Regarding gold and silver:

I think some people are way too pessimistic on this site. Yes, we will have a severe recession or a depression. We have deflation that could turn into hyperinflation. But my bet is that the outcome will be no worse than what Roubini (Dr. Doom) predicts, and as gloomy as he is, his worst case scenario is a walk in the park compared to some of the fears parading around here. I am not going to buy gold in a panic. I’ll do without gold unless gold prices come down. I’m confident I’ll be fine without any gold or silver.

Never, ever make important investment decisions when you are feeling fear or panic. Don’t take the advice of anyone who makes you feel fearful or encourages you to act in a panic.

The downfall of the US will take hundreds of years (assuming we don’t turn things around before its too late). The transitions will take a long time.

  • Thu, Aug 04, 2011 - 10:55am

    #4
    lisbon

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    gold and silver

Im on the same situation in which I really find it difficult to choose but I know a choice has to be made. Is loading up on silver and gold a good investment idea?

  • Mon, Mar 19, 2012 - 06:11pm

    #5
    Peak Prosperity Admin

    Peak Prosperity Admin

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    I agree with you Comment

 I will be adding more Rare Coins and Silver Bullion to my portfolio

  • Sat, Oct 26, 2013 - 10:27am

    #6
    sehtatekh

    sehtatekh

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on nuclear issues, nuclear security and energy as a whole,” he says.Analyzing
FukushimaWhen McCord was placed in an internship with the U.S. Nuclear Regulatory Commission (NRC) through MIT’s Washington internship program the summer after his sophomore year, he was looking forward to gaining some experience with nuclear policy. He got more than he was expecting.Two months before McCord began work at

the NRC, the March 2011 tsunami hit Japan, causing disastrous meltdowns at the nuclear plant in Fukushima. When McCord arrived, the office was still dealing with the aftermath.
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“There were employees working 24-hour shifts, and they were just doing anything they could.”McCord
worked on a task force under George Apostolakis, an NRC commissioner and an MIT professor emeritus of nuclear science and engineering.
Their goal was to come up with recommendations on how to avoid another Fukushima-like accident in the future.McCord
focused on computer simulations of how different reactors at a nuclear plant affect one another, as they had at Fukushima.
“A lot of the modeling is based on one reactor in one location, pretending it’s isolated.
But that’s not how it is in real life,” McCord explains.
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felt that I actually had an impact,” McCord says.World travelsInternational relationships also impact nuclear and military policy, as McCord saw firsthand in both Russia and South Korea.
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highly contested resource: Many neighboring nations, and several states in the United States, have fought decades-long battles to control

water supplies.
And that need for water only seems likely to increase. 
“Out in the world, there’s growing demand for fresh water, especially where there is urban development,” says Larry Susskind, the Ford Professor of Urban and Environmental Planning in MIT’s Department of Urban Studies and Planning. “At the same time, climate change is

altering in unexpected ways how much water there is.
So you have increasing pressures on water supplies and thus battles over how water will be allocated.”
Many of these disputes seem extremely difficult to solve. How, for example, can Israel and its neighbors share scarce water supplies? How can there be enough water to supply both populous Southern California and fast-growing Arizona? Such problems are virtually intractable, right? Wrong, according to Susskind.“Water
is not most usefully thought of as a scarce resource,” Susskind says. “It’s a flexible resource. It’s not that there’s not enough water.
It’s that we waste it and don’t invest in the technologies that would allow us to make more efficient uses of it.
If you keep thinking water is a scarce resource, you will be locked into battles you don’t need to be locked into.”That
notion is central to what Susskind calls “a new approach to

water management” in a new book on the subject, Water Diplomacy, co-authored with civil engineering professor Shafiqul Islam of Tufts University and published this month by Resources For the Future, in affiliation with Routledge. In the book, Susskind and Islam argue that nations and their leaders need more pragmatic and flexible ways of solving water-supply problems, and offer a new paradigm for approaching these issues, which they call the Water Diplomacy Framework (WDF). Their aim, Susskind asserts, is nothing less than to “completely

change the nature of the conversation among people using the same water resources.”‘If you think in zero-sum terms, you will only produce zero-sum solutions’How? For one thing, the authors assert, water supply is not just a technical or engineering problem, but must be addressed with an eye to political realities.
Indeed, both of the

book’s authors have deep backgrounds in diplomacy and negotiating: Susskind is a vice chair of the Program for Negotiation at Harvard Law School, while Islam is the Bernard M.
Gordon Senior Faculty Fellow in Engineering, and professor of water diplomacy at the Tufts’ Fletcher School of Law and Diplomacy.  Water Diplomacy digs into a series of water-resource disputes, in chapters co-written with several graduate students, and lays out the specific principles that Susskind and Islam believe must be interjected into the future of water management. Thinking of water as a “flexible resource,” for instance, encourages officials, citizens and other stakeholders to think of ways to conserve or reuse water so the same supply can address greater demand. Similarly, Susskind says, “water management means dealing with open systems, or water networks, rather than closed systems.”
By that, he means that too often water

management consists of “drawing a line around a watershed, a river, some body of water,” and then divvying up that supply, rather than thinking of all the factors that can affect regional supply and demand. In practice, taking a new approach means finding technologies that allow different political entities to use share water more effectively. In the Southwest, where the Colorado River is the essential source of water, New Mexico and Arizona have helped pay for conservation measures in California that allow for more water to be diverted to those smaller states. In the Middle East, Israel and Jordan have a long-running

agreement about managing the Jordan River: Israel stores water in wet seasons, and both countries look for new ways to manage the supply and demand.
Israel, Susskind notes, is also looking for ways to increase its use of desalination plants that could expand the regional supply of water.
“That agreement has stood

the test of time, even though relationships in the region are tough,” Susskind says.
Such programs underscore a third principle that Susskind and Islam emphasize. “If you think in zero-sum terms, you will only produce zero-sum solutions,” Susskind says.
“We think there are value-creating opportunities, non-zero-sum outcomes.”Talking it throughThat is why politics, not just engineering, is such an important part of water management, the authors believe.“Given
the scientific complexity, getting a decision with lots of parties means engaging people in something other than shouting matches at public hearings,” Susskind says.
“It means facilitating a problem-solving-oriented dialogue with a lot of people at the table.
We

know how to do that in other arenas, but

we haven’t been committed to doing that in the water arena until relatively recently.”A
success story in this vein, Susskind and Islam believe, is California’s CALFED program, which over many years has worked out arrangements for sharing water

from Northern California’s Sacramento River delta with cities and the agricultural Central Valley.
CALFED links dozens of government agencies with scientists, engineers and water consumers to map out policy. “It was the engagement of all those parties that made it possible to produce not only an ingenious agreement that reflected a deep understanding of the water systems involved, but also political credibility to the negotiated outcome, because all the people who would have to have a say about it were involved in producing a decision,” Susskind adds.
Other scholars in the field agree that new perspectives on water use are badly needed.
“What’s innovative about this approach is that it explicitly attempts to include scientific input [along with] a good political process of decision making, which is just as important as any particular decision being made,” says William Moomaw, a professor of international environmental policy at Tufts University’s Fletcher School of Law and Diplomacy who has

taught classes with Susskind and Islam. As for why countries would be willing to try new approaches, Moomaw says, “we’re stuck.
We can’t go any further with the approach that we’ve had.”
For their part, Susskind and Islam are attempting to convey the importance of those principles to interested parties worldwide. The book grew out of annual water-diplomacy workshops they host at MIT each summer, funded by the National Science Foundation, which so far have attracted

officials from 22 countries.
The workshops are part of the MIT Science Impact Collaborative, a part of the Department of Urban Studies and Planning.
Moreover, making water available to everyone in the future, they emphasize, will require input from scholars in

all disciplines, from science and engineering to the social sciences and humanities. “A great many problems in the world that MIT students and faculty want to work on exist at the junction of science, policy and politics,” Susskind says. Scholars, he adds, should be “willing to learn how their colleagues in other fields work and think.
You cannot succeed in solving the problems in the world unless and until you can put these collaborative efforts together.”
Recently reviewed books of particular

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