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Talk about a difference between fantasy and reality. It was just a few weeks ago that the International Monetary Fund predicted that Saudi Arabia would likely be bankrupt within the next five years. Saudi Arabia’s financial position is deteriorating rapidly, and the government is burning through cash like a coked-up
They called it a “historic moment in international finance”. And so with great fanfare, the International Monetary Fund (IMF) announced yesterday that they would be including China’s renminbi in the basket of currencies that comprise their institutional monetary unit, the SDR. The IMF invented the SDR back in 1969 to
[Editor’s Note: This letter was written by Tim Price, London-based wealth manager and frequent Sovereign Man contributor.] On August 6, 1979, Paul Volcker as the new Chairman of the Federal Reserve was determined to eliminate the terribly high inflation that had taken hold of the system. And he succeeded. The
On August 12, 1961, Walter Ulbricht, the Chairman of the State Council in East Germany, signed an order to close the border and begin building a wall around East Berlin. It happened quickly. Soldiers began tearing up the roads leading into West Berlin almost immediately and actually stood with weapons
In astronomy, there’s an important concept known as ‘parallax’, which refers to how a star’s position appears to change based on the position and motion of the observer. The earth is constantly moving along its orbit around the sun. And as this happens, the position of a star in the
[Editor’s note: This letter was penned by Tim Price, London-based wealth manager and frequent Sovereign Man contributor.] Seven years on from the collapse of Lehman Brothers, everything has changed, and yet nothing has changed. There is no longer a perception of panic. $14 trillion of central bank stimulus has seen
Sometimes you just have to stand in awe at the level of corruption and incompetence in government. Case in point, the new highway bill in the Land of the Free. And, trust me, you’ll love this. The latest version of the highway bill is called the “Developing a Reliable and
Lately when I talk to my friends around the world, I get the distinct sense that there’s a dark cloud hanging in the air. I feel it particularly from those in North America and Europe. Terrorism is on everyone’s mind. All the headlines have to do with ISIS, who’s been
On April 5, 1793, decorated French military commander Charles Dumouriez caused a sensational panic in Paris when he fled the country and defected to Austria. It had been nearly four years since French peasants stormed the Bastille, the event that historians generally regard as the start of the French Revolution.
[Editor’s Note: This letter was written by Tim Price, London-based wealth manager and frequent Sovereign Man contributor.] Léon Walras is the patron saint of modern economics. In other words, he was a clueless failure who hijacked immutable principles from the world of physics and misapplied them to the economic realm.
In 1875, right around the time the United States overtook the UK as the largest economy in the world, the American Express Company established the very first private pension plan in the US. American Express had a simple goal: attract the best and brightest employees by giving them retirement security.
On September 25, 1794, US President George Washington issued a proclamation authorizing the use of military force against a group of defiant citizens. It had all started a few years before when a handful of politicians had succeeded in passing an excise tax on liquor, something that became known as
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