Should You Be Concerned and Prepare?
When a country intentionally tries to devalue its own currency, the very money in one’s bank account loses purchasing power.
Couple this to the fact that new policies are in place to enforce banks’ ability to confiscate depositor’s assets and you, as a bank depositor, would be foolish to not withdraw your savings (leaving only the minimum required for bills) in banks…
Remember Cyprus and G-SIFI
Last week, Jan-2-2014, Japan’s yen hit a 15-year low of around 5.7360 yuan.
“You’ve got to understand what the threshold of pain for other Asian nations would be,” said David Greene, head of dealing at AFEX Australia.
“From a technical perspective, 112 [for dollar/yen] is possible this year.
Whether other Asian economies such as South Korea see that as negative for their own economies and start to play an intervention role or enter a currency war within the region remains to be seen,” he said. “It’s not something I would like to bet on as we don’t know what central banks are going to do.”
See report: http://www.cnbc.com/id/101307137
CIA Adviser Warns of ‘Financial Weapons of Mass Destruction’
By Christian Hill Wednesday, 08 Jan 2014
James Rickards, a top adviser for the Pentagon and CIA, is sounding the alarm that America is on the brink of a global “financial war.”
“Rival nations and terrorist organizations are developing capabilities in unconventional warfare,” Rickards commented in a Newsmax interview. “Things like cyber warfare, biological or chemical warfare, and now, financial weapons of mass destruction.”
And this “financial war” is a battle America isn’t prepared to win.
Rickards believes that as this conflict escalates, it will “cause oil to skyrocket above $190 a barrel, gold to surge to $3,000 an ounce, and, in its aftermath, it could completely decimate the wealth of millions.”
Read more: http://www.moneynews.com/MKTNews/Currency-Wars-James-Rickards/2013/01/25/id/473012