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In 1999, as an arrogant 20-year old kid who thought he knew everything, I went flat broke. Actually, I was worse than broke. On top of losing all of my money, I was also in debt more than $22,000… so I had a negative net worth. That was an astronomical
Earlier this week the German government leaked a frightening 69-page memo entitled “Concept for Civil Defense.” Citing multiple terrorist attacks, cybercrime, and a host of other threats, the report states that Germans should prepare for an event that could “threaten our existence.” Yikes. The report proposes a number of mandatory
That was fast. Yesterday I told you how a consortium of 15 Japanese banks had just signed up to implement new financial technology to clear and settle international financial transactions. This is a huge step. Right now, most international financial transactions must pass through the US banking system’s network of
In July 1944, just weeks after the successful Allied invasion of Normandy, hundreds of delegates from around the world gathered in Bretton Woods, New Hampshire to determine the future of the global financial system. The vision was simple: America would be the center of the universe, and every other nation
[Editor’s note: This letter was co-written with Tim Price, London-based wealth manager and co-manager of the VT Price Value Portfolio.] On January 30, 2000, the 88+ million viewers of Superbowl XXXIV were treated to a commercial featuring a now infamous sock puppet. The advertisement was from a company called Pets.com,
Yesterday the Federal Reserve released the minutes from its July meeting a few weeks ago in which they decided to NOT raise interest rates. These minutes are the official archive of the meeting, providing details about the presentations, debates, and discussions that took place. They contain very formal sounding language,
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