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21. Okt 2015
Slaying the Dragons Debt: A bit of history first
The 1971 Termination of Gold/Dollar Convertibility
Richard Nixon's August 1971 decision to suspend the convertibility of dollars into gold was one of the most important chapters in modern economic history. Nixon's move, which was precipitated by rising U.S. balance of payments deficits, ended the system of fixed exchange rates that had been established at the Bretton Woods conference of 1944 and ushered in a regime of floating rates.
The 1974 Congressional Budget and Impoundment Act created a set of institutional changes designed to help Congress regain power over the budget process. The Act was inspired by Richard Nixon's refusal to disburse nearly $12 billion of congressionally-appropriated funds in 1973-74 through the executive power of impoundment, as well as more generalized fears about the budget deficit. Nixon claimed that the deficit was causing high inflation and that as a result he needed to curb government spending. To this effect, in the 1972 presidential election he called on Congress to grant the President authority to cut federal spending so as to keep the budget under control. Congress opposed Nixon's proposal and instead sought to reform Congress' budgetary role. In 1972 Congress created a Joint Study Committee on Budget Control which called for procedural reforms to enable Congress to examine the federal budget from an "overall point of view, together with a congressional system of deciding priorities." Following Nixon's impoundment Congress acted on these recommendations and in 1974 passed the Act over the President's veto.
Under the Bretton Woods agreement of 1944 the U.S. dollar was the only national currency directly backed by gold. Other currencies were valued against the dollar, which could be exchanged through the U.S. government's "gold window" for a fixed amount of gold. Over the course of the 1960s, however, this system came under strain. Spending on the Vietnam War and Great Society as well as the revival of Western Europe and Japan led to a decline in the U.S. balance of payments. This, in turn, placed significant pressure on the dollar: U.S. gold holdings could not keep pace with the expanded money supply required by domestic and international economic growth. Fearful that other governments would rush to convert their dollars into gold and thereby precipitate a run on the dollar, on August 15, 1971 Richard Nixon unilaterally suspended dollar-gold convertibility. This action, which Nixon presented as part of a plan to combat inflation, effectively ended the Bretton Woods monetary regime and brought about a system of floating exchange rates within a few years. The implications of the "Nixon shock" for domestic and international affairs were numerous. Since the dollar no longer had to be backed by gold, the end of the Bretton Woods fixed exchange rate system increased the freedom of the U.S. Federal Reserve to engage in counter-cyclical monetary policy. The advent of floating exchange rates in 1973, after efforts to revive the fixed exchange rate regime failed, also facilitated global capital flows.
Now, at the time when I am writing this review, October 21, 2015, the US National Debt has escalated to about 19 TRILLION DOLLARS! The gold prices before the convertibility, gold was about $35 an ounce. Now, it hovers around $1,110, with constant fluctuations. That is because the dollar became nothing more than a Fiat currency. In other words, a piece of paper that by law is assigned a value, be it $1, $5, $20, $100, etc. Nonetheless, it is just a piece of paper, and soon-not that I want to appear to be a pessimist-may be worth nothing. However, I find the 2015 Gold American Eagle (GAE) 1/4oz (Quarter Ounce) $10 BU a good way to start saving my hard-earned money with this tangible asset. I like quarters over whole ounce-coins, even though they cost slightly more than the full ounce coins, I can sell them individually, when I need the cash. To my surprise, every time I get more money than what I paid for it!
08. Dez 2015
The Manual for Leadership
1 von 1 finden das hilfreich Extreme Ownership is written by two former Navy SEALs, Jocko Willink and Leif Babin, who now head a leadership training company. Both men are pretty hardcore, I must admit. The experiences they share in this book are intense and eye-opening--not to mention unique. There aren't many books out there that give such detailed glimpses into the lives of SEALs in action.
The book is structured in a very basic and clear way. The authors convey one main point per chapter by sharing a story from their battlefield experiences, then highlighting the main principle of that story, and finally giving a concrete example of how this principle applies in business settings.
Their main points can be summarized as follows:
(*) The leader is always responsible. (This is what they call "extreme ownership." Basically, leaders must always "own" the mistakes and shortcomings of their teams.)
(*) Everyone on the team must believe in the mission.
(*) Work with other teams to achieve mutually beneficial outcomes.
(*) Keep plans simple, clear, and concise.
(*) Check your ego.
(*) Figure out your priorities, and then act on them one at a time.
(*) Clarify your mission (i.e., your plan).
(*) Engage with your higher-ups; keep them in the loop--especially when they frustrate you.
(*) Act decisively, even when things are chaotic.
(*) And the last chapter is a summary of the seemingly contradictory qualities of a leader.
In my opinion, the simplicity, clarity, and structure of this book are it's greatest strengths. I knew exactly where the authors were going with their points, and I understood exactly the message they were trying to communicate. The book is incredibly easy to follow.
I appreciated what Willink and Babin had to share. Their lessons are insightful and thought-provoking, and I can definitely see how their experiences will help guide leaders in the business world. Extreme Ownership is a worthwhile read, yes--but also a somewhat muted one. Take it for what it is. After I read the book, I gave to my son's best friend, who just joined the US Army Infantry, and for many years now had waited to serve his country defend democracy and the American way of life.
22. Okt 2015
2015 One Ounce Silver American Eagle: A sure winner…You Bet Ya!
The 2015 American Eagle One-Ounce coins are more than a silver dollar; they’re a piece of American history sure to be treasured by coin collectors as well as smart investors, who are aware of the risks posed by the Fiat money, now in circulation and being printed with no tangible backing.
Made from one ounce of .999 fine silver, the American Eagle Silver Dollar is the official U.S. Mint American Eagle Silver Bullion Coin. More importantly, it continues to be valued more with the passage of time. In today’s globalization of the economy, with other international currencies competing for control of the markets, it makes sense to own a portion of your volatile assets with this sure prize winning silver coin.
When I had the opportunity to buy them ten years ago at about $3 per ounce, I only regret not having bought enough. Don’t make the same mistake I did, and mark my words, what lies ahead (aside the uncertainty and the fact that life is not a guarantee) is an increased valuation of the silver trade with substantial and appreciable security, more so than paper money.