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  1. [verwijderd] 24 juli 2008 16:05
    Last Plane Account James Turk GoldMoney Jul24

    I lived in South East Asia for most of the 1970's, working in the branch offices there for one of the large New York City banks. I was a 'line' officer. This meant that I was not in the back-office, but instead, I dealt with the bank's customers, which principally were large corporations and the wealthy individuals who owned them.

    As a line officer I was responsible for developing the bank's business relationships, and one of the ways I did this was by making sure the bank's customers were aware of all of the bank's capabilities through its myriad of products and services. One of these products was called a 'last plane account'. That was the name we used internally, and not with customers. But it captures exactly the essence of what the bank offered with this product. To explain what it was, think for a moment about the environment in South East Asia back in the early 1970s. The Vietnam War was in high gear. Mao Tse-tung's (Mao Zedong) so-called 'Cultural Revolution' had concluded only a few years before. Just before that Hong Kong had endured vicious riots, which caused some American companies and banks to pack-up and close their operations in that Crown Colony, and everyone pondered the fate of the New Territories when Britain's concession there ended in 1997. These disruptions were a threat to one's wealth and one's standard of living. The communist "threat" was everywhere, and the so-called "domino theory" represented mainstream thought. Namely, it contended that if one country was overrun by communists, those on its border would in turn 'fall like dominos' and also become communist, spreading rapidly throughout South East Asia like a contagion.

    In short, there was a lot to worry about if you were a wealthy South East Asian because everyone recognized that no one would want to live in a communist country. Not only would you and your family not be able to live in the manner in which you had become accustomed, but as a person of wealth, you became a target - a criminal even - in the eyes of the communist State. So if the communists were about to invade the country in which you lived, you wanted to make sure that when they came across the border you and your family were on the last plane out of there, which is where the 'last plane account' comes in. Once you left, where would you go and more importantly, how would you live if you had to leave behind your company and source of wealth and many of your assets?

    The 'last plane account' addressed these issues. The account was designed so that you had a monetary nest-egg legally structured in a financial safe haven outside the reach of the government where you lived. So even if you lost those assets in the country invaded by communists, with this nest-egg you and your family could live comfortably somewhere else, with the hope that someday you would eventually be able to return to your country of birth after the communists were ousted and traditional law and order were re-established.

    I was reminded of all this recently when reading a new book by Barton Biggs entitled "Wealth, War & Wisdom". For four decades, Biggs has been one of the top investment strategists on Wall Street, having spent most of that time with Morgan Stanley. As the book's title suggests, much of the content is directly related to those matters we had in mind when putting together a last plane account for wealthy South East Asian businessman. As Biggs explains: "At least once in every century there has been an episode of great wealth destruction when the Four Horsemen of the Apocalypse... have ridden rough-shod... How do you preserve wealth in times when the Four Horsemen are on the loose?"

    Biggs goes on to answer his own question: "Asset diversification helped. Real assets such as land, property, gold, or a business were somewhat better than stocks but far from perfect. A working farm protected both your wealth and your life. The other solution was having money outside the country in a safe haven."

    He then explains: "Anyone with wealth has to care about all this. There is no use working yourself to death to accumulate wealth if it can't be preserved and enhanced." And just to open up the essentially unlimited scope of possible threats, he observes: "The next apocalypse may be different from the previous one."

    Biggs' parting comments are also worth pondering: "History suggests that the rich almost always are too complacent, because they cherish the illusion that when things start to go bad, they will have time to extricate themselves and their wealth. It never works that way. Events move much faster than anyone expects, and the barbarians are on top of you before you can escape." Obviously these few quotes only capture the essence of Biggs' book, which I highly recommend. It provides much food for thought, and Biggs is to be commended for a book that is easy to read but also informative and useful.

    Though his book focuses principally on stock markets and how they responded at "major inflexion points and in the longterm ebb and flow of events", it also addresses this basic question posed by Biggs: "How well in real-inflation adjusted, purchasing power terms, do public equities perform?" By answering this question Biggs inevitably delves into 'last plane account' thinking.

    Interestingly, one does not have to read too much between the lines to relate the historical precedents provided by Biggs to present day America. When he writes that people should "assume the possibility of a breakdown of the civilized infrastructure", he is addressing all readers in every country. He makes this point clear by the recommending that "... part of your diversification strategy should be to have a farm or ranch somewhere far off the beaten track but which you can get to reasonably quickly and easily. Think of it as an insurance policy... Your safe haven must be self-sufficient and capable of growing some kind of food. It should be well-stocked with seed, fertilizer, canned food, wine, medicine, clothes, etc. Think Swiss Family Robinson. Even in America and Europe there could be moments of riot and rebellion when law and order temporarily completely breaks down."

    Biggs recommends a strategy that is called survivalist by some. But he comes to his recommendations solely by studying historical precedent and reaching from it a logical conclusion. In short, what has happened elsewhere could happen anywhere. Clearly, the U.S. does not face any communist invasion, but today's monetary problems in my view pose a serious threat.

    From the early 1920s hyperinflationary episode of Weimar Germany Biggs concludes: "The message for wealth preservation is important. Hyperinflation occurs from time to time, and basically it is one of the Four Horsemen in drag. To survive much less prosper, the wealth holder needs to own... property, real estate, or a business."

    In my view hyperinflation is America's greatest threat. It is the natural consequence of what is called "big government" by some and "fascistic government" by others (including me). The federal government is out of control, spending money it does not have and has no prospect of ever obtaining. Through its subservient central bank, the Federal Reserve, it is creating money out of thin air, thereby putting all Americans at risk because politicians' thirst for money to meet their boundless spending aspirations is destroying the dollar.

    In hi
  2. [verwijderd] 24 juli 2008 16:06
    In his "Economic Consequences of the Peace" John Maynard Keynes wrote: "Lenin is said to have declared that the best way to destroy the capitalist system was to debauch the currency. By a continuing process of inflation governments can confiscate, secretly and unobserved, an important part of the wealth of their citizens. By this method they not only confiscate, but they confiscate arbitrarily and, while the process impoverishes many, it enriches some. The sight of this arbitrary arrangement of riches strikes not only at security, but at confidence in the equity of distribution of wealth. Lenin was certainly right. There is no subtler, no surer means of overthrowing the existing order of society than debauching the currency. The process engages all the hidden forces of economic law on the side of destruction, and does it in a manner which not one man in a million is able to diagnose."

    When I lived in South East Asia thirty-five years ago the farthest thing from my mind would be recommending that Americans create their own last plane account. However, I have seen in my six decades on this earth how things can change. I think having a last plane account is basic common sense.

    Addendum - I imagine that many readers are wondering how to go about creating a 'last plane account'. I cannot advise you on that. But clearly, while a US bank can create a last plane account for South East Asian businessmen, it is obviously not going to offer that service to US citizens. So you need to work with a non-US institution, but it is becoming increasingly difficult for US citizens to open an account at any financial institution outside the United States. That fact makes having a last plane account even more important.

    This article is the first in a "Last Plane Account" series. Future articles will cover specific ways of setting up such an account.

    Jul 22, 2008
    James Turk
    website: GoldMoney
    email: alert@goldmoney.com

  4. [verwijderd] 23 augustus 2008 19:43

    BERLIN, Aug 22 (Reuters) - Germany's Bundesbank on Friday rejected calls that it should sell some of its gold reserves to help boost the slowing German economy, telling Reuters financial and political uncertainty make the reserves even more important than before.

    "Gold sales are not a suitable way to sustainably consolidate the public accounts," the Bundesbank said after a query about trade union proposals that it sell gold to fund some of a 25 billion euro ($37 billion) economic stimulus package.

    "National gold reserves have a confidence and stability-building function for the single currency in a monetary union. This function has become even more important given the geopolitical situation and the risks present in financial market developments."

    The Bundesbank is the world's second-largest holder of gold after the U.S. Federal Reserve, and has sold just 20 tonnes out of total reserves of over 3,000 tonnes in the past five years.

    These sales were to allow the German finance ministry to mint gold coins, unlike the much more active sales programmes of other central banks which wanted to shift their portfolios from gold to a more diverse array of assets.

    To reduce volatility in the price of gold <XAU=>, 15 European central banks agreed in 2004 to limit gold sales to 500 tonnes a year over the next five years.

    The Bundesbank is expected to make a formal statement about any gold sale plans around September, when the final year of the Central Bank Gold Agreement starts.

    "The Bundesbank reaches decisions about the nature and size of reserves autonomously. The board of the Bundesbank decides every year afresh about changes in the level of its gold holdings," the central bank said.

    (Reporting by Rene Wagner, writing by David Milliken; Editing by Gerrard Raven) ($1=.6727 Euro) Keywords: GOLD BUNDESBANK/ tf.TFN-Europe_newsdesk@thomsonreuters.com jlw

    COPYRIGHT

    Copyright Thomson Financial News Limited 2008. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
    Central banks
    Macroeconomic stories, OECD reports
    Foreign exchange
    Gold and precious metals
  6. [verwijderd] 2 september 2008 14:16
    Got Gold Report – Firestorm Erupts Over U.S. Banks' Gold, Silver Shorting

    By Gene Arensberg
    01 Sep 2008 at 12:13 AM GMT-04:00

    A very few and very large banks seemed to have positioned very well ahead of the plunge in prices for gold and silver, but in the process they may have bought more than they bargained for – possible class-action lawsuits.
    HOUSTON (ResourceInvestor.com) -- An internet firestorm erupted over an August 5 report issued by the Commodities Futures Trading Commission (CFTC) which report revealed an unprecedented exponential one-month spike higher in short positions in gold and silver futures reported by two U.S. banks in silver and three U.S. banks in gold. Investors and bullion dealers may band together to seek legal recourse against the thus far unnamed banks.

    In that CFTC report it surfaced that those few banks took the huge net short positions in gold and silver futures just ahead of the largest and harshest fall in prices for gold and silver since the Great Gold Bull began in 2001 – 2002. The Got Gold Report covered it from the silver point of view earlier this week.

    www.resourceinvestor.com/pebble.asp?r...
  7. Joris Driepinter 3 september 2008 13:29
    quote:

    Kees777 schreef:

    Kan iemand mij adviseren in welk zilverfonds ik op dit moment het beste kan beleggen?
    gr. Kees777
    Het "beste"? Nee. ABN heeft een tracker, een zilvermijnencertificaat en turbo's.
    Mijn voorkeur gaat uit naar fysiek.
    ca. 400 EUR voor een kilootje (inclusief BTW!) of
    ca. 300 EUR bij GoldMoney.com op rekening
    (op dit moment)
  8. [verwijderd] 5 september 2008 19:59
    Jim Sinclair - www.failstodeliver.com

    Posted On: Thursday, September 04, 2008, 10:36:00 PM EST
    www.jsmineset.com/

    Dear Friends:

    The entire minerals sector is presently under attack by organized short sellers who depend on demoralizing investors to achieve their profit goals. These are ruthless zealots who flaunt the law to achieve their devious objectives.

    Go to
    www.failstodeliver.com

    and enter the symbol of any US-traded company to see the activity of naked shorting based on figures from the Securities Exchange Commission.

    As far as the gold market is concerned we are in the middle of ?Operation Keep the Hill? in which every stop has been pulled out to paint a picture of improving business conditions and permanent, declining inflation because of supposedly lower long term energy and food prices.

    The big six investment banks are forecasting a 3% improvement in consumer demand as sentiment improves due to the supposed drop in inflation. The improvement in share value of some financials - based on nothing but hype - is held up as proof that the credit problems are behind us regardless of Lehman being busted while Fannie and Freddie are hopeless hulks in dire need of camouflage.

    The Federal Deposit Insurance Corporation (FDIC) is getting to a point where they need recapitalization, with 199 banks on the troubled list and probably a lot more to come.

    The Securities Investor Protection Corporation (SIPC) is a joke capitalized at $1.5 billion yet they are still quoted as the guarantor of all security values at all brokerage firms.

    Fundamental factors remain in a downward spiral while black boxes, spinners, the big six and all financial TV and radio stations blare out that all is well.?

    I have lived through these major manipulations before but this time it is happening in every market, with shareholders feeling the heat no matter what kind of equities they are in. In my opinion, when the dust finally settles the last people standing will be those in gold equities.

    In today's news the following items are particularly newsworthy:

    U.S. Must Buy Assets to Prevent `Tsunami,' Gross Says (Update3)

    By Jody Shenn

    Sept. 4 (Bloomberg) -- The U.S. government needs to start using more of its money to support markets to stem a burgeoning "financial tsunami,'' according to Bill Gross, manager of the world's biggest bond fund.

    Banks, securities firms and hedge funds are dumping assets, driving down prices of bonds, real estate, stocks and commodities, Gross, co-chief investment officer of Newport Beach, California-based Pacific Investment Management Co., said in commentary posted on the firm's Web site today.

    "Unchecked, it can turn a campfire into a forest fire, a mild asset bear market into a destructive financial tsunami,'' Mr. Gross said. "If we are to prevent a continuing asset and debt liquidation of near historic proportions, we will require policies that open up the balance sheet of the U.S. Treasury.''

    More...

    Lehman May Shift $32 Billion of Mortgage Assets to `Bad Bank'

    By Yalman Onaran
    Sept. 4 (Bloomberg) -- Lehman Brothers Holdings Inc. may shift about $32 billion of commercial mortgages and real estate to a new company that will be spun off in a move similar to the good-bank-bad-bank model used in the 1980s banking crisis, two people briefed on the discussions said.

    The bad bank, nicknamed Spinco for now, would have about $8 billion of equity coming from Lehman, the people said, speaking on condition of anonymity because the plan is one of several under consideration. Spinco would borrow the remaining $24 billion from Lehman or outside investors. The New York-based bank would replace capital put into Spinco, whose shares would be owned by current Lehman shareholders.

    More...

    Respectfully,

    Jim Sinclair
  9. DS 19 september 2008 22:46
    US Government to secure mortgage market with gold reserves

    Lee Jones | 19-Sep-2008

    The U.S. Treasury Department has promised “hundreds of billions” to save the US markets using its own gold reserves.

    President Bush approved the use of existing authorities by Treasury secretary Hank Paulson to make available as necessary the assets of the Exchange Stabilisation Fund for up to $50 billion to buy more illiquid mortgage assets.
    When the Government bailed out the the Government Sponsored Enterprises it promised to buy illiquid mortgage backed securities, but this announcement extends that pledge.

    The ESF was created after the Great Depression and uses the US gold reserve as collateral for financial stability.

    The plan will involve Fannie Mae and Freddie Mac increasing their purchases of mortgage assets. The Government will also expand its own purchase programme for mortgage backed assets, which was announced recently, to help increase the availability of capital for more mortgages.

    Paulson says he will also work with Congress to create new legislation that will allow all mortgage backed securities to be bought up by the GSEs and the Government, instead of just those that fit within existing legislation.

    This move is exactly what mortgage industry professionals have been calling for the UK Government to make. Earlier today, the Intermediary Mortgage Lenders Association urged the UK Government to take similar action. The Council of Mortgage Lenders also reiterated the call for help with illiquid assets.

    Paulson said a press conference in Washington: “We are talking hundreds of billions of dollars, This needs to be big enough to make a real difference and get to the heart of the problem.”

    “This morning we've taken a number of powerful tactical steps to increase confidence in the system.

    “The underlying weakness in our financial system today is the illiquid mortgage assets that have lost value as the housing correction has proceeded. These illiquid assets are choking off the flow of credit that is so vitally important to our economy.”

    Paulson says the Government will buy the illiquid assets but he urged that “this troubled asset relief program must be properly designed and sufficiently large to have maximum impact, while including features that protect the taxpayer to the maximum extent possible.”
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