|
Today's comment is by Erika Nolan, Managing Director and Founding Publisher for The Sovereign Society.
Well it's time to get back on the road. This time we're off to Panama for what could be our most important event of the year. The Sovereign Society's Total Wealth Symposium. And, as it turns out, we couldn't have scheduled it at a better time.
What Else Can Go Wrong?
It seems like every day I open the Wall Street Journal or turn on the news it's more of the same. More bad news. And it keeps getting worse.
The credit crisis that erupted from last year's sub-prime bomb has begun to spread like a weed. First it was the financial sector. Investment banks writing down billions in debt gone bad. Erasing investor dollars from their books. Over US$240 billion worth so far. Mortgage companies going belly up. Just the other week, S&P cut Countrywide Financial's credit rating to junk!
Now the crisis has moved to the business sector. The news last Wednesday reported that over 5,100 businesses filed for bankruptcy protection in April alone! Expectations are for 1.1 million total filings by the end of 2008.
And next it will be the consumer. Defaults on auto loans are soaring and consumer debt just rose another US$15.3 billion in March to over US$2.5 trillion. Where does it end?
Of course the Fed has been doing its thing. Trying to avert disaster by sneaking billions into the system anyway they can. They've slashed rates. They've increased the number of their weekly auctions. They've broadened the range of collateral they'll accept for loans.
And that, obviously has poured gas on the inflation fire. Can you believe oil is sitting at over US$125 a barrel - and we're headed straight for the annual driving season!
All things considered, it's going to be tough going for the coming months...maybe even longer.
Just When You Thought It Couldn't
Get Worse for Investors...
And the problem isn't just all the bad news - it's the uncertainty that comes with it.
There's the small matter of the coming presidential election this November. We're all facing a regime change with all sorts of potentially frightening implications for investors.
What will our next president and Congress do to impact your wealth? Will there be changes to the tax code that drain even more from your investments? An expansion of the Patriot Act or some other legislation that will further infringe your personal rights? Punitive investment laws that will prohibit you from taking your wealth offshore?
The candidates are all paying lip service to voters. But it's anyone's guess what they'll really do once they're in office.
It's a complicated time to be an investor to say the least. So like I said before, it's probably the best time to be coming to Panama for our Total Wealth Symposium.
A Beacon of Light in This Financial Storm
Add all these things together and I'd have to say that this could be our most important conference this year. Possibly ever. And our attendance list is proving that out. We're completely sold out with over 280 attendees who will be flying in from all over the world to join us. Not only from the U.S. and Canada, but also from as far as Great Britain, Japan and Hong Kong!
All to see over 30 of The Sovereign Society's financial experts from around the globe confront the hard issues facing investors today. They'll be offering straight talk and actionable advice on topics including...
- The easiest ways to vote against - and even for - the dollar this year
- The impact of a revalued yuan and how to profit from China's rising currency
- How to avoid tax traps that can pop up with international investing
- The best ways to profit when everyone else is panicking
- Investments that can produce huge returns without risking a penny of your investment capital
and much, much more...
Topics on both growing and protecting your wealth during these troubled times. Topics that are vital to our members' financial interests around the world.
|
