Tag Archive | "Germany"

Multi Currency Shifts


Multi currency shifts are bring great opportunity.

We live in such exciting times.  New waves of productivity are quickly eroding the establishment and creating opportunity for the small guy everywhere. Individuals can now be multi currency investors.  Multi currency businesses can now be started by a single person.

A recent message entitled Multi Currency Realities looked at  some of the fundamental ways the world is changing due to the internet.   We saw how Google, Napster,  Carig’s List, You Tube and many internet evolutions have rocked the establishment and their old ways.  This all helps us small guys be multi currency and multi nationally involved.

This destructive technology will bring more people to higher standards of life, but those who do not adapt will suffer as they try to hold onto old outmoded methodology.  A large chuck of society will be hurt.

Politicians will blame others for the pain. A favorite political trick to thwart anger is to use nationalism to blame other nations for negatives created by change. Yet the change is from technology and is global…no one’s (and everyone’s) fault and it is good!

Wise investors and businesses know this and look beyond these managed perceptions of the old guard.  They ignore the noise in the daily media and do not trust manipulation of information by governments.

We live in a global multi currency economy. We are global, multi currency spenders and those who prosper in the era ahead will have global views and business.

We can see this future in the present.

A great example of this new era was seen last week when broadband swept away old era of broadcast in the Olympics.

I am not much of a spectator but am keen on the Olympics this year because our daughter’s significant other, Ben Marsden is competing, a member of Great Britain’s field hockey team.  Go GB Go!

Here is our daughter Eleanor and Ben at our farm last summer enjoying more relaxing pursuits.

multi-currency-people

So I wanted to see the opening ceremonies as they opened!

NBC however decided (I am assuming for advertising purposes) to delay the show.

We, the market objected.  A New York Times article by Brian Stelter  entitled “Tape Delay by NBC Faces End Run by Online Fans” explains what happened:

“NBC, which owns the exclusive rights to broadcast the Olympics in the United States, spent most of Friday trying to keep it that way.

“NBC’s decision to delay broadcasting the opening ceremonies by 12 hours sent people across the country to their computers to poke holes in NBC’s technological wall — by finding newsfeeds on foreign broadcasters’ Web sites and by watching clips of the ceremonies on YouTube and other sites.

“In response, NBC sent frantic requests to Web sites, asking them to take down the illicit clips and restrict authorized video to host countries. As the four-hour ceremony progressed, a game of digital whack-a-mole took place. Network executives tried to regulate leaks on the Web and shut down unauthorized video, while viewers deftly traded new links on blogs and on the Twitter site, redirecting one another to coverage from, say, Germany, or a site with a grainy Spanish-language video stream.

“As the first Summer Games of the broadband age commenced in China, old network habits have never seemed so archaic — or so irrelevant.

“The Olympics to me is a benchmark for how fast we’ve gone with technology,” Brad Adgate, the senior vice president for research at Horizon Media, a media buying firm in New York, said. “Thirty months ago, no one was talking about YouTube. Now, it’s a verb.

This is probably the last time the Olympics can be controlled in this way.

TV (broadcast) still dominates the media. In another four years, by the Summer Games in 2012, “Olympic ad sales could be turned upside down.

All advertising and business will be different.  Broadband will become more important than broadcast.

This will become an era when small is big. Chris Anderson describes this in his book “The Long Tail: Why the Future of Business is Selling Less of More”.

The last marketing era was dominated by the big guys and broadcast. This was a distribution system where it was most efficient to send one message to millions of people.

The internet has introduced the era of broadband where it is most efficient to send millions of messages to one person each.  This favors us little guys.

Learn more about why at the Secret is Small

Count on this and adapt your multi currency business, investing and way of life now. Look for this incredible opportunity in businesses that are shifting from big to small, from local to global and from broadcast to broadband.

Until next message your  future encompass the world.

Gary

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Multi Currency Investing Value in Change


Multi currency investing in change creates opportunity if you stick to value as well.

We have a great rooster here at the farm.   Beautiful.

Blue-Ridge-rooster

So now we also have some new chicks!

Blue-ridge-chick

What fun!

Watching them started me thinking about multi currency investing cycles and evolution.

If we look, we can see mankind and our multi currency, global economy evolve in ways that make sense.

Yet the shift are often hard to see.

On a recent trip Merri and I were stuck next to a TV (we do not have this at the farm) and the show was called Mad Men…about ad men in the 50s.  The smoking everywhere, three martini lunches, incredible sexual harassment, gender, religious and racial bias.

Wow, consider how much we have progressed!  Perfection now? No.  Better than before…I think so and we are making progress.

How can we spot, and position ourselves for change?

The economic doldrums of today will create the life styles of tomorrow. High rising costs of energy…food and essentials are creating a more spiritual world.

People are learning to look within for their fulfillment rather than relying on the shopping cart of the material market place to bring them joy.

They are more likely to spend more time in their church, mosque, synagogue or other place of religious worship than in Wal Mart.

Is this bad?

They may enjoy more friends, family and their social community.  Perhaps spend more time hiking and in nature or contemplating…slowing down to enjoy life more.

Think, if nothing, else of the environmental good.

How do we prepare our lives, our business, our finances for this new way?

During the 40 years I have been investing abroad, I have observed seven golden investing trends.

#1: 1970s Gold & Silver.

#2: Japan , Germany , Switzerland , England , Australia and Hong Kong .

#3: 1980s. The Tigers, Taiwan , Singapore Malaysia and South Korea , & Turkey .

#4: Early 1990s. South America (which led me to Ecuador).

#5: Late 1990s and 2000s. China , India and Eastern Europe .

#6: Invest in Real Estate Throughout.

#7: Bet Against the US Dollar Throughout

Now an eighth powerful green trend is in force.

How do we tap into this new economic wave?

Good value investments in water, alternate energy and environmental salvation offer incredible opportunity…if you maintain a good sense of value.

Like with all huge shifts, there will be scams and over priced investments.

An article by Alex Williams entitled, “That Buzz in Your Ear May Be Green Noise” touches on this when it says:

“DESPITE the expense and the occasional back strain, Mary Burnham, a public relations consultant in San Francisco, felt good about the decision she made a few years ago to buy milk — organic, of course — only in heavy, reusable glass bottles. For the sake of the environment, she dutifully lugged them back and forth from the grocery store every week. Cutting out disposable paper cartons, she reasoned, meant saving trees and reducing waste.

“Or not. A friend, also a committed environmentalist, recently started questioning her good deed. ‘His argument was that paper cartons are compostable and lightweight and use less energy and water than the heavy bottles, which must be transported back to a plant to be cleaned and reused,’ she said. “I have no idea which is better, or how to find out.”

“Ms. Burnham, 35, recycles religiously, orders weekly from a community-supported farm, buys eco-friendly cleaning products and carries groceries in a canvas bag. But she admits to information overload on the environment — from friends, advice columns, news media, even government-issued reports. Much of the advice is conflicting.

“To say that you are confused and a little fed up with the often contradictory messages out there on how to live lightly on the earth is definitely not cool,” she said in an e-mail message. “But, heck, I’ll come out and say it. I’m a little overwhelmed.”

“She is, in other words, a victim of ‘green noise’ — static caused by urgent, sometimes vexing or even contradictory information played at too high a volume for too long.”

Green is good but as mankind learns and evolves, there will be plenty of spin. There will be more than enough turmoil and confusion about what is best and what will succeed.

The true guide that can guide you through the noise that is created during new economic waves is value.

For example investments in wind power make sense. T.  Boone Pickens has just announced that he will make a huge investment in wind power.

An NPR article said: “After decades investing in oil, T. Boone Pickens is now pouring billions of dollars into what he calls America’s biggest wind farm. Pickens envisions putting up 2,500 turbines in Texas to generate 4,000 megawatts of energy — enough to power 1.3 million homes.

“Pickens says America is living with oil prices of more than $140 per barrel and gasoline topping $4 per gallon because it didn’t plan for its energy future.

“The mistake was made because we didn’t have the leadership that stepped up and said, ‘We cannot continue to import foreign oil,'” Pickens tells Steve Inskeep.

“Wind currently generates a relatively small percentage of the nation’s power, with most coming from coal, nuclear and natural gas.

“Pickens says he would like to use more wind for power generation and shift natural gas for use as a transportation fuel.

“We’ve got plenty of natural gas,” he says. “That’s the beauty of it. Natural gas is cleaner, it’s cheaper, it’s abundant and it’s domestic.”

“He notes that the United States, with just 4 percent of the world’s population, uses 25 percent of the world’s oil supply — most of it imported.

“Pickens says he wants the government to extend a production tax credit for wind power for a period long enough to encourage investment in the technology.

“The federal government recently issued a report forecasting that 20 percent of U.S. power generation could come from wind energy by the year 2030. Pickens says that’s too long from now — he’ll be 102 years old.

“This has to happen quicker than that,” he says. “We’ll be broke if you wait for this to all take place by 2030.”

Wind investments may be good, but not all wind investments all the time. Yet not all wind investments may be good.

Jyske Bank recently placed a sell recommendation on one of the most successful recent shares we have tracked, Vestas, the wind and turbine maker. See why here.

Green is good now. Paying too much for an investment, regardless of its color is never good.   Even when you ride the wave always keep your eye on value.

Learn more about how to spot good value investments at

Until next message may all you values always be good.

Gary

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America Leads the Way


America Leads the way…sadly often in the wrong direction.

Though my name is Scott, I like so many Americans am also Irish, thanks to my Grandma McGee.  In fact though she lived in Oregon for more than sixty years, she never became a US citizen.

Yet I have done nothing about this and remain only a US citizen…nor do I intend to.  First, it’s a lot of work registering that Irish citizenship…getting all the documents together and such.  Yet there are other reasons…we’ll see in a moment.

In a recent discussion with a friend, who was also a dual national,  I learned that he gave up his American citizenship.

His reasons were good but for many this does not make sense.  The second reason I remain in the US…this is one of the countries I know my way around best.  I have friends and family and a terrific support system developed here.

The number one rule for good investing and business is to do what you love. Rule #2 is to do or invest in what you know.

I love the US, this magnificent country and the wonderful people so the US is a good place for me to be.

Too few people who leave the US think of this personal aspect.  They become so caught up in high taxation or the bad parts of this nation’s evolution and want to leave. I do not blame them but recommend that they are sure they know where they are going before they irrevocably leave the US.

While recently visiting friends in Seattle, I was talking with their cleaning lady and her daughter from the Czech Republic.  They told me how they had moved to America to be in the land of the free and to live the American dream.  Now they are going back for better opportunity in Eastern Europe.  Plus they feel they will have more freedom there.

For the Czech couple, this may make sense.  They know the Czech Republic and have more friends, family and support back in their original home.

This is a pretty bad commentary on America where opportunity used to be so good that to was worth giving up the old for the new.

Now maybe it’s not.  So many freedoms have been lost in America.   So many new regulations have been been born.  Life is now so complicated.  America is  burdened with an overworked tort system, a failing health and insurance system and monumental federal debt that has and continues to destroy the dollar.

Many Americans feel stifled.  Many fear things will get even worse.

There can be tax benefits to moving abroad (though new tax laws tax those who leave and any gifts they give to Americans before they leave).  It is certainly easier to open a bank account abroad if you are not a US citizen, plus if one has immigrated, a citizenship elsewhere can make life in one’s new country easier and better as well.

Plus I know from living abroad for decades how one feels out from under the eye “Big Brother”, once you live in another country.

Despite these facts, (this may seem strange for me, as one of the first proponents of being a one man multi national), I have no plans to abandon my US citizenship….nor my residence in the US.

This is a well informed choice.  I have lived for many years in Asia, Europe and Latin America as well as the US….so my choice is based on experience.

This global lifestyle has confirmed one important fact….every country has its great good points and its flaws.

If I know and like the US, have children and grandchildren here…why move?
Why spend the time and resources to make a switch?

I see nothing wrong with changing citizenships, especially for those who earn and live abroad, but except in certain cases, I wonder if the benefits are worth the effort?

Instead I devote my efforts to maintaining flexibility and utilizing options.

To me flexibility in earning and asset allocation are more important than citizenship because change is taking place everywhere.  I would rather be a US citizen and have one or two other places to go if everything goes south here, than abandon one of the places I know best, for somewhere new that could have negative changes as well.

America has problems but regrettably as the world’s biggest economy leads the way for other nations to follow.

Take federal deficit spending as an example. For many years it was easy to invest out of the US dollar. The American government was a spendthrift going deeper and deeper into a more of debt.  Other industrial, nations, especially Germany and Japan were much more fiscally prudent.  The the Japanese and German’s learned from the US how to borrow massively every time the economy slowed.

There is a great erosion of freedom in other countries also not just the US.

Let’s look at some specifics.

A July 2 USA Today article entitled “IRS gets OK to request UBS information” says:

“A federal judge in Miami authorized the Internal Revenue Service to request information from UBS about U.S. taxpayers who may be using Swiss bank accounts to evade federal income taxes,” the Justice Department said Tuesday.

“The so-called John Doe summons is used to obtain information about possible tax fraud by people whose identities are unknown. The judge granted the government’s request for a court order a day after it made what a Justice Department spokesman called an unprecedented request for the records. The order ‘directs UBS to produce records identifying U.S. taxpayers with accounts at UBS in Switzerland who elected to have their accounts remain hidden from the IRS,’ the Justice Department said in a statement.”

To me this is a horrible breach of law. How can UBS know if a taxpayer has their account hidden from the IRS?

Yet the US is not alone. Take the UK as an example. I love England was resident there for a decade in this nation and was resident there for many years…but the wonderful freedoms of the Common Law have been eroding just ike in the US.

A recent article at Telegraph.com entitled “Safety deposit box raids yield £1bn of drugs, cash and guns” by Richard Edwards, says:

“Police have seized a potential £1 billion ‘treasure trove’ of cash, drugs and guns in an unprecedented raid on concrete vaults holding 7,000 safety deposit boxes.
Police officers close Park Street in Mayfair before raiding Park Lane Safe Deposit in connection with suspected money laundering operations.”

“Members of the public who have innocently and legally stored their valuables were ‘inevitably’ going to get swept up in the disruption, it was predicted. Police said they could use a freephone number – 0800 030 4613 – to claim back their goods.”

In both cases, innocent parties who have done nothing illegal nor even irregular are going to be inconvenienced at the least.

Let’s look at Canada in another example. Many Canadians are in a fuss over the proposed C-51 laws.  WWW.stop c51 warns Canadians that Bill C-51 will allow government agents to:

* Enter private property without a warrant                    Section 23 (4)
* Confiscate your property at their discretion, at your cost     Section 23.3 a
* Dispose of your property at their discretion, at your cost     Section 23.3 c
* Seize your bank accounts without a warrant                     Section 23 (2)
* Levy fines of up to $5,000,000.00 / 2 years in jail per offense. Section 31.1
* Allow laws to be created in Canada, behind closed doors, with the assistance of foreign governments, industrial and trade organizations     Section 30.7
* Allow ‘Crack house style’ of enforcement on natural health providers
Section 23.1″
Plus the site warns more losses of freedom.

There is a government site that says this law will not create these problems but one wonders.  When income tax was first introduced in the US, it was promised it would never rise beyond 2%!

America has enormous tort problems. Every US business worries about lawsuits,
but before you move to France to escape this problem read this article:

“A French court on Monday ordered the online auction giant eBay to pay 38.6 million euros, or $61 million, in damages to the French luxury goods company LVMH, in the latest round in a long-running legal battle over the sale of counterfeit goods on the Internet.

“LVMH, a maker of high-end leather goods, perfumes and other fashion and luxury products, successfully challenged eBay for a second time in the French court, arguing that 90 percent of the Louis Vuitton bags and Dior perfumes sold on eBay are fakes.

“The court ruled that eBay, which earns a commission on the sales, was not doing enough to stamp out counterfeit sales.”

Change is everywhere.  We should always look for a balance in our living, earning and investing, that fits our lifestyle and circumstances.  We should seek flexibility and options…but remember that problems are everywhere.

Thank God for problems.  Problems are a sign of evolution and problems create opportunity.  Who wants to live in a land without opportunity?

The problems we see from eroding freedoms are not dilemmas unique to the USA.
They are problems of increased populations all trying to do and have more.  Life seems more complicated today because it is more complicated in some ways.

The more moving parts a machine has…the more likely it will break.   Our social systems have more and more people moving faster and governments working to do just that-govern. One definition of govern is: “manipulate b: to control the speed of (as a machine) especially by automatic means.”

Wherever you live…work…earn look for the problems and figure out the opportunity. If part of that opportunity comes in the form of a new residence or citizenship…that’s great. Go for it…yet realize that this is not the best solution for everyone.

Until next message, may all your freedom come from within and all your problems be good.

Gary

Learn ways to increase your earnings options though international business.

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International Investing and Business Made EZ & Fun Part II


International investing and business have proven themselves over the past 40 years to be profitable. And even more than the profits are the broadened horizons, fulfillment and fun!

Yesterday’s message International Investing and Business Made EZ & Fun looked at why International investing and business should be a fun filled process…not a dull boring set of numbers.

One reason for this is that those who live a fulfilled, involved fun existence are likely to be healthier…with less need for expensive pharmaceuticals and medical treatment.

This makes life better plus can save huge amounts of cash.

This is likely to become even more important in the years ahead for those who live in much of the Western world.   Existing medical systems are already filled with problems.  Inflation and aging populations will make the problems even worse.

At the turn of the decade, The World Health Organization analyzed the world’s health systems. The WHO used five performance indicators to measure health systems in 191 member states.

The five performance indicators were:

* Fairness of financial contribution.  While private health expenses in industrial countries now average only some 25 percent because of universal health coverage (except in the United States, where it is 56%), in India, families typically pay 80 percent of their health care costs as “out-of- pocket” expenses when they receive health care.

* Overall Level of Health.

* Distribution of Health in the Populations:  the average level – goodness – and the smallest feasible differences among individuals and groups – fairness.

* Responsiveness: respect for persons including dignity, confidentiality and autonomy of individuals and families to decide about their own health as well as prompt attention and access to social support networks during care, quality of basic amenities and choice of provider.

* Distribution of Financing.

The study revealed that U. S. health system spends a higher portion of its gross domestic product than any other country but ranks 37 out of 191 countries.  The United Kingdom, which spends just six percent of gross domestic product (GDP) on health services, ranks 18th.  Several small countries – San Marino, Andorra, Malta and Singapore are rated close behind second- placed Italy.

Here is the WHO ranking.

1         France
2         Italy
3         San Marino
4         Andorra
5         Malta
6         Singapore
7         Spain
8         Oman
9         Austria
10       Japan
11       Norway
12       Portugal
13       Monaco
14       Greece
15       Iceland
16       Luxembourg
17       Netherlands
18       United  Kingdom
19       Ireland
20       Switzerland
21       Belgium
22       Colombia
23       Sweden
24       Cyprus
25       Germany
26       Saudi Arabia
27       United  Arab  Emirates
28       Israel
29       Morocco
30       Canada
31       Finland
32       Australia
33       Chile
34       Denmark
35       Dominica
36       Costa Rica
37       United  States  of  America
38       Slovenia
39       Cuba

Most of the readership of this site live in countries where the medical system is not even in the top 15 countries!

This means that many of us, (especially us boomers now in our 60s), may want to rely on a good lifestyle to keep our health…not the medical system.

The cost of this medical system is another reason we want to have independence
rather than reliance on government funded programs.  We’ll see why next message.

Until then, may your international investing and business be good…and fun!

Gary

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Multi Currency Problems & Solutions


Multi currency investing becomes increasingly harder as increasing numbers of banks abroad refuse to accept US customers. A recent message at this site shared how the large Dutch Bank, ABN Amro, stopped accepting US customers and gave existing US clients 30 days to liquidate their securities.  If you missed this see Multi Currency Investments Easier

multi-currency-meeting-in-autumn

See below how autumnal colors can help you solve multi currency problems.

Now another large Swiss bank has found it too much to deal with aggressive US regulatory tactics and shut down its US business. Here is what a recent Financial Times article entitled “UBS tells unit staff to avoid US visits” by Haig Simonian says:

“UBS has told members of its former private banking team responsible for rich US clients not to travel to America.  The Swiss bank has also made lawyers available to the more than 50 bankers involved, many of whom have left UBS since it decided last November to wind down its cross-border private banking business for US ­customers.  The move follows the recent indictment of one of the unit’s former senior executives, Bradley Birkenfeld, who US authorities have accused of helping a billionaire client evade taxes. Mr Birkenfeld has pleaded not guilty and his lawyers have made no public statement on the matter.”

I am very pleased that Jyske Bank, my banker for about 25 years has decided to stand by its American customers. The bank created a wholly owned subsidiary Jyske Global Asset Management (JGAM) that is registered with the SEC.

The changes, however, create many questions which I would like to answer at this site. Please send your questions.

As a financial publisher, I cannot give independent advice.  I cannot even give you a personal reply nor comment on your specific personal investments or portfolio.  I can, however, answer your questions here in a general way.

Here is the first question received.

JYSKE BANK QUESTION

“What is going on with Jyske Bank and their JGAM program which will make it more difficult to do multi currency sandwiches unless one has invested at least 1 million with the bank.  As I understand it, my portfolio will be managed without my input which does not make me feel comfortable.  What is your take on this?”

JYSKE BANK ANSWER

I have spent hours reviewing how JGAM will work with Thomas Fischer.

First, let me clarify several points…the first being that only Americans will use JGAM.  For non Americans it is business as usual at Jyske.  This will have a pretty big impact on my business since I have so many non US readers.  Our site ranks well for visits in Ecuador, Canada, China, Germany, New Zealand, Singapore, United Kingdom and Mexico as well as the USA.

This means I’ll have to write everything twice once for us Yanks and once for the rest of the world.

Second, minimums have not changed at all.  For some time the minimum has been $50,000 to open and account and $100,000 is minimum for a multi currency sandwich…not 1 million.

Though JGAM will manage each portfolio on a discretionary basis, the client still has a great deal of input on how they will manage each account.

Jyske has a number of portfolios ranging from low risk – medium risk – high risk and speculative.

These portfolios are then again split into portfolios with and without US securities.

Then the accounts are again split  based on assets under management.

For example, clients with less than $200,000 will have a different diversification than larger accounts.

Every portfolio is monitored and tracked on an individual basis.  There is no specific JGAM portfolio so all investors will have their own regular performance up-date.

The JGAM investment committee will meet once a month deciding on the tactical weight of the asset classes and the underlying investments.

When a client joins, the Jyske account manager will work first to help the client decide on a risk profile. Once this is decided, Jyske will be invested in one of the 16 options above.   Every investor’s portfolio will be designed and will change according to the time of entering the portfolio.

Here are the latest recommendations as of late May 2008 of the speculative NON US dollar portfolio.

Asset type                Recommendation       Tactical weight
Fixed Income                  Underweight                  20
Equities                           Neutral                          60
Alternatives                     Overweight                    20

Cash                                Neutral                            0
Investment                               %
Asset type

FIXED INCOME
USD       7.2% Porsche 01.02.2049                         3%
USD       7.875% Turanalem 02.06.2010                 2%
USD       8.5%  Titan Petrochemicals 18.03.2012    1%
EUR       Var% Bombardier 15.11.2013                     3%
GBP       8.7% Cable & Wireless 06.08.2012             1%
AUD       5.5% Rabobank 27.01.2010                       3%
BRL       12.5% Brazil 15.01.2016                              2%
HUF       6.75% Hungary 12.10.2010                        2%
TRY       15% Intl. Bank Recon 15.07.2009                2%
ISK         8.5% Rikisbref 12.06.2009                         1%
Subtotal                                                                  20%

EQUITIES
CHF                   Novartis                                      4.2%
EUR                   Siemens AG                                 4.2%
EUR                   Adidas AG                                   4.2%
DKK                   Carlsberg A/S                             4.2%
EUR                   EDF Energies Nouvelle                4.2%
DKK                   NKT Holding                               4.2%
DKK                   Neurosearch                               4.2%
EUR                   Bayer AG                                     4.2%
EUR                   L’Oreal                                        4.2%
SEK                    Hennes & Mauritz AB                  4.2%
Latin Equities Mutual Fund       4.0%
Chinese Equities Fund              4.0%
Indian Equities Fund                 4.0%
European Equities Fund             5.0%
Subtotal                                                              60.0%

ALTERNATIVES
USD                    ETFS Crude Oil – CRUD LN         10.0%
USD                    ETFS Aluminium l ALUM LN          5.0%
USD      ETFS Metal Secs Phys. Gold – PHAU LN       5.0%
Subtotal                                                                 20.0%

CASH                                                                       0
TOTAL                                                                 100.0%

This looks like an interesting portfolio, and in future messages we’ll be looking at
the equities in this portfolio.  Plus we will review the other three (high medium and low risk) portfolios.

I believe that Multi currency investing is a must in these times of inflation.   Using international investment managers still has main advantages.  First, this provides some excellent asset protection. This also provides access to more experienced multi currency managers with different points of economic and world view than anywhere in just North America.

This also provides some privacy.

May I add one more word on privacy?  If you are a law abiding citizen then an overseas account gives you as much privacy as you need.  If you break the law and have almost any government looking for your financial data, then no system or structure you use is enough.

I have not touched on this subject for years because this is such old news…but knowing we have many new readers…let me repeat what I shared with readers clear back in the 1990s.  “Bank privacy is dead”.

Here are just a few of my articles at this site in the archives  from the 1990s and early 2000s.  Please read them carefully.
https://www.garyascott.com/privacy/77/
https://www.garyascott.com/privacy/50/
https://www.garyascott.com/privacy/167/
https://www.garyascott.com/privacy/60/
https://www.garyascott.com/privacy/59/

Yet here is one more brand new story….about what is known as the most private place in the world…Liechtenstein.

Here is a direct quote from a February 22, 2008 BBC article entitled
“Liechtenstein fury at German tax snooping”  by Steven Rosenberg

“Liechtenstein also has the reputation of being one of the most secretive tax havens in the world.

“Just ask the Organisation for Economic Co-operation and Development.

“This financial watchdog says Liechtenstein is one of only three states left on its blacklist of ‘uncooperative tax havens’ (the others are not a million miles away – Monaco and Andorra).

“Liechtenstein this week attacked the authorities in Berlin for buying information on German businessmen clients that have bank accounts in the tiny Alpine principality.

“Germany has launched a tax evasion investigation using the data, which was supplied by an anonymous informant who was reportedly paid 5m euros (£3.75m; $7.3m). “

So I will say this again.  Please for your sake, don’t break the law anywhere…anytime.  This could come back to haunt you in unexpected ways.

Here is an example.  The data the German authorities obtained about accounts in Liechtenstein covered people from around the world…not just Germany…so the Germans began sharing it.

According to my European banking sources, only one European tax authority turned the data down…the Danes.   They believed that since this data had been illegally obtained it should not be used.

One reason I have banked for so many years with Jyske Bank is the same reason why I live half the year in Ecuador.

I like Jyske’s services, their very reasonable fees and their solid banking foundation…but in addition I like the Danes…feel an underlying honesty, sense of fair play and sound judgement.  The have never let me down which is why I am not surprised that they worked for several years setting up this structure so they can continue to serve Americans…when so many other banks have cut us Yanks loose and run.

I expect that the service JGAM will provide is still a work in progress and have noted the people there questioning, adapting and smoothing out a new system.

Everything I have seen to date suggests that I will be happy with this new program
because the people there like I have always seen seem focused on giving a service that is safe, wealth preserving, ground breaking and easy for the customer.

I’ll be adapting our multi currency course to reflect the changes and will keep you informed about new ways we can continue to learn about this mysterious, interesting and profitable world of multi currency investing.

I am not paid a penny for writing this about Jyske Bank and have always been able to write that I keep them as my bank simply because I like them the best of all banks I have used.

I can continue writing this and hope until next message that you find all these qualities with whomever advises you on your finances, savings and wealth.

Gary

You can join me with Thomas Fischer of JGAM at our October 2-5 lifestyle International Investing & Business Made EZ North Carolina

We have selected these dates for our next course because this is traditionally the weekend when the fall colors are best.  We’ll meet here for a meal multi-currency-meeting-place

at our house on the farm.

Here is Thomas Fischer talking with a group at a previous course.

multi-currency-meeting

You can still  make to our June 19-21 Ecuador Shaman Tour

See dates for our Autumn courses and tours:

Ecuador Coastal-Quito Real Estate Tour

Ecuador-beach-meeting

We’ll see properties in this developmet and stay at and walk that beach below.

Ecuador Super Thinking + Spanish Course

Ecuador Imbabura Real Estate Tour

See houses for sale in the San Miguel development
Cotacachi-real-estate-for-sale

like this.

cotacachi-house-for-sale
Learn about this Imbabura real estate for sale at Cotacachi Real Estate at San Miguel

Ecuador Ecuador Import Export Course

International Investing and Business Made EZ Ecuador

See discounts for attending more than one course.