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December 16, 2014 Castries, Saint Lucia Last night, the Russian central bank announced a shock decision to hike up its key interest rate from 10.5% to 17%, effective immediately. Incredible. On Monday alone the ruble declined more than 9% against the dollar, and almost 50% in 2014. It looks like a massacre. If
December 16, 2014 Sydney, Australia [Editor’s note: This letter was penned by Sovereign Man’s Chief Investment Strategist, Tim Staermose] As I was preparing to go and meet a friend who runs a nascent fund management business in Sydney yesterday, I noticed there was a lot of unusual activity going on a block or
December 15, 2014 London, England [Editor’s note: Tim Price, London-based wealth manager, is filling in for Simon today.] “[W]e want to use our reserves more constructively by investing in development projects around the world rather than just reflexively buying US Treasuries. In any case, we usually lose money on Treasuries, so we need
December 12, 2014 Santiago, Chile Long ago I sold almost all my possessions and left the Land of the Free. It was a decision of optimism and adventure—I realized that there were much richer and more rewarding opportunities to do business, invest, and spend time abroad. The only asset I keep there is
December 12, 2014 Santiago, Chile In the Grand Bazaar in Istanbul during the Ottoman Empire it was a familiar site to see a muhtesib or “market inspector” making his way through the stalls. They were in charge of making sure that everything in the marketplace adhered to state regulations. Accompanied by some members
December 11, 2014 Santiago, Chile Exactly 199 years ago, in 1815, a “temporary” committee was established in the US Senate called the Committee on Finance and Uniform National Currency. It was set up to address economic issues and the debt accrued by the US government after the War of 1812. Of course, because
December 10, 2014 Santiago, Chile As the holiday season approaches you might have mistletoe on your mind for cheery, romantic reasons. What you might not have known however is that the festive flora and its relatives are all actually parasites. Unable to photosynthesize to feed itself, mistletoe latches on to a host plant
December 10, 2014 Santiago, Chile When Karl Marx wrote about the bourgeoisie as the “unproductive class” he was writing from personal experience. The foremost champion of the proletariat, Marx never actually belonged to the working class himself. Born into a well-off middle-class family, Marx ascended up the social hierarchy by marrying into Prussian
December 9, 2014 Santiago, Chile When Gregor MacGregor returned to London he was a real celebrity. He had just come back from the New World, where he had a number of successful exploits fighting in the South American struggle for independence and was made the Major-General of the Venezuelan republican army by Simon
December 8, 2014 London, England [Editor’s note: Tim Price, London-based wealth manager, is filling in for Simon today.] You can be for gold, or you can be for paper, but you cannot possibly be for both. It may soon be time to take a stand. The arguments in favour of gold are well
December 5, 2014 Santiago, Chile It seems rather appropriate that just seven days after the US government hit a whopping $18 trillion in debt, mainstream financial media has picked up the IMF’s recent World Economic Outlook report, which puts the US economy as #2 in the world. There’s no shortage of ostriches out
December 5, 2014 Santiago, Chile Making up the highest stratosphere in Japanese society, the samurai had quite a reputation to uphold. Beyond honor and loyalty, they had to keep up appearances by wearing only the highest quality clothing and by being seen in only the best establishments. The samurai image did not come
December 3, 2014 Santiago, Chile When Francisco Pizarro returned to Spain from the New World in 1528, he told King Charles I of the vast material riches that were found in abundance on Peru’s shores. He petitioned for permission to conquer the new lands in the name of the crown, and was granted
December 2, 2014 Santiago, Chile On October 22, 1981, the government of the United States of America accumulated an astounding $1 TRILLION in debt. At that point, it had taken the country 74,984 days (more than 205 years) to accumulate its first trillion in debt. It would take less than five years to
December 1, 2014 Santiago, Chile Over four centuries ago, the Dutch East India Company made history as the world’s first IPO. Known as VOC in the Netherlands, the company was one of the most successful ventures in the last several hundred years. When adjusted for inflation, its highest market capitalization would be worth