Over the last several years, as the Fed and other central banks around the world have printed money like drunken sailors, devalued their currencies and set up their economies for bouts of inflation like none they’ve ever seen before, there have understandably been many doomsayers who have warned about the vulnerabilities of the equity and bond markets.
But now we’re hearing a new level of alarm unlike in the past. Now, a prominent banker is actually encouraging you to lock up your physical cash – somewhere out of the reach of the Feds.
Writing for the Telegraph, Andrew Oxlade says, “The manager of one of Britain’s biggest bond funds has urged investors to keep cash under the mattress. Ian Spreadbury, who invests more than £4bn of investors’ money across a handful of bond funds for Fidelity, including the flagship Moneybuilder Income fund, is concerned that a ‘systemic event’ could rock markets, possibly similar in magnitude to the financial crisis of 2008, which began in Britain with a run on Northern Rock.
“‘Systemic risk is in the system and as an investor you have to be aware of that,’ he told Telegraph Money. The best strategy to deal with this, he said, was for investors to spread their money widely into different assets, including gold and silver, as well as cash in savings accounts. But he went further, suggesting it was wise to hold some ‘physical cash’, an unusual suggestion from a mainstream fund manager.”
We’ve all heard that we’ll soon see capital controls in Greece and other financial trouble spots around the world. Last year in Cyprus, the government forced depositors to bear much of the losses in their banking crisis.
Jerod Morris and Jon Nastor begin this episode with a quick discussion about how Jon balances being a husband and father with the demands of being a successful serial entrepreneur and running several successful shows.
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This answers some of the crazy questions I've heard and thought about concerning the railroad work in so many locations. -Chad
Fewer than a third of America’s commuter railroads will meet a looming deadline to install safety equipment that could prevent derailments, it has emerged during a hearing into the deaths of eight passengers outside Philadelphia last month.
The deadly Amtrak crash, apparently caused when the train hit a bend at more than twice the 50mph speed limit, has refocused attention on automated control technology designed to override drivers in such situations.
But amid wider wrangling in Washington over who should pay for updating creaking US transport infrastructure, Congress is instead now considering extending the December 2015 deadline for implementing the technology by up to five years.
During a hearing on Wednesday, the Federal Railroad Administration also refused to specify what sanctions it would take against operators who failed to comply with the existing deadline – reticence that angered some members of the Senate commerce committee.
“There is nothing new or novel about these accidents ... there is nothing new or novel about this [safety] technology. What we are seeing here is a failure of will.”
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