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Written by Richard R. Oswald
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Thursday, 07 February 2008 |
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The United
Kingdom is experiencing a credit crunch via
globalization and their own credit markets. According to the Wall Street
Journal and also BBC
News, Bank of England, the British equivalent of our Federal Reserve, will
meet to discuss what if anything can be done to ease the burden on its credit
stressed citizens. Interest rate cuts could be the proposed course of action.
The trouble with that approach may be that lower interest
rates weaken currency values and tend to chase away foreign investment, something the UK is apparently dependent on. So by
globalizing banking systems, domestic banks are left at the mercy of foreign
investors, some of whom are foreign governments.
Why won’t China
help us?
Forget I asked.
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In the news
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Colorado CPA member Milt Heft has these thoughts on money, wealth and the economy. Heft is the owner of Petrogen, Inc in Colorado Springs.
A few thoughts about manufacturing:
There is a great misunderstanding of the relationship- between money and wealth. The beginning principles with which we can all agree are a few and simple noble truths:
1. Money is meaningless without wealth.
2. Wealth is difficult to distribute without money.
3. Wealth is the reality of the physical things we need to survive and thrive: food, clothing, shelter, ice cream & computers. It is the product of mining, industrial production, and agriculture.
4. Money is anything that make the wheels of production and distribution go ‘round.
5. Money is easy to manufacture and control.
6. Wealth takes a lot of blood, sweat, toil and tears.
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