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July 21, 2014 London, England [Editor’s note: This missive was penned by Tim Price, Director of Investment at PFP Wealth Management in the UK and frequent Sovereign Man contributor.] They call them ‘junk bonds’ for a reason. They now constitute an offence against linguistic decency: ‘high yield’ no longer even
July 17, 2014 Malaga, Spain Like a lot of kids who grew up in the 80s, my parents enrolled me in organized basketball when I was around 9 or 10 years old. We weren’t really any good… just a bunch of kids from the Nintendo generation who would have rather
July 16, 2014 Malaga, Spain If you ever find yourself vacationing in the western Pacific, I highly recommend swinging by Yap Island, home of one of the most bizarre forms of money in history. Over a thousand years ago, natives would mine enormous chunks of limestone and carve them into
July 15, 2014 Malaga, Spain Exactly 70 years ago to the day, hundreds of delegates from 44 nations were busy at work in Bretton Woods, New Hampshire creating a brand new financial system. World War II had just ended. Europe was in ruin. And since the US was simultaneously the
July 14, 2014 Istanbul, Turkey It’s been over a year since the banking system in Cyprus officially went bust. On Friday, March 15, 2013, practically everyone in the country went to bed thinking that everything was just fine. Many had probably gone to the bank that very day to do
July 10, 2014 En route to Batumi, Georgia Earlier this summer, IMF bureaucrats went to Sofia, Bulgaria to study the country’s economic progress. And roughly a month ago, they released an official report which stated, among other things, that Bulgarian banks are “stable and liquid.” Talk about epic timing. Because
July 10, 2014 En route to Batumi, Georgia The first recorded sovereign default was in the 4th century BC when ten Greek cities failed to honor loans from the temple of Delos. Most of the borrowers could not pay back what they owed and the temple took an 80% loss
July 9, 2014 Erbil, Iraq It’s been nearly 1,000 years since Iraq had some positive momentum. Back then, Europe had plunged into the Dark Ages where intellectual and economic progress all but halted. Baghdad, on the other hand, was the most exciting, cosmopolitan city in the world. It was the
July 8, 2014 Erbil, Iraq More than eleven years ago, I was among tens of thousands of troops baking in the hot sun of the Kuwaiti desert waiting for George W. Bush to make his ‘decision’. Of course it was total baloney. The decision to invade Iraq had already been
July 7, 2014 London, England [Editor’s Note: Tim Price, frequent Sovereign Man contributor and Director of Investment at PFP Wealth Management, is filling in today while Simon is traveling in Iraq.] Lord Overstone said it best. “No warning can save people determined to grow suddenly rich.” Case in point– CYNK
July 4, 2014 Kiev, Ukraine In one of the most ill-timed columns ever written, Fortune Magazine published an article entitled “10 stocks to last the decade” on August 14, 2000. The NASDAQ Composite Index was at 3849.69… and within days of the article being published, the index would begin a
July 3, 2014 Kiev, Ukraine In the fall of 1239 AD, Batu Khan and his Golden Horde were making great progress in their rapid advance into Europe. The Mongol Empire was in the midst of global conquest, and Batu’s army had been devastating cities across the Russian plain. He stopped
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