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How are your knees doing lately?
You have common knee pain that seems to never end?
Introduction: If you suffer pain knee problems, then you are not alone.Painful knee problems can result from many different internal, degenerative complaints •devices no degenerative is a knee problem may be the result of physical incident, the may or not contact from another object or individual hoping will discuss some common knee problems, and we will also discuss ways in which you can help reduce pain, improve stability and your knees provide meaningful protection with you.
(1) Knee problems
Meniscus tears ACL, MCL injury are all too often! it seems that not difficult our knees hurt it, is especially as we get older. It takes no physical incident with another person or thing whatsoever to really your knee injured. All it really takes is to bend it in an unusual way for you or turn your knees with your feet planted firmly on the ground, and "Poof!" can a major knee injury on your hands!
(2) Treatment options - rest, ice, elevation, surgery and well designed knee supports
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Are you sick of having sore knees?
Perhaps they are, and begin to look for answers.
Question: Who are the people prone to sore knees, from turn have?
Let's say that on farm eight hours a day, five days a week, in the field as a strawberry picker work. (If you only blonde with us for a second, isn't this an important example.)Go every day on the field and turn four hours spend your knees every time that a Erdbeere.Auch can your reach to pick while this four hour in a crouched position with the knees bent be select while hundreds of strawberries from a single plant.
Four hours in your shift, you get half an hour lunch break and are able to stretch you your legs and knees. However, half an hour later you right back in the box for another four hours go through the same routine of bend your knees for a longer period.
You can find you that works in this kind of setting or any type of setting, where your knees are in such positions set and used in a is repeating way could cause lifelong problems, pains and wounds bend knees from you will be surprised! (Whats the answer?)Working in strawberry fields go?(Ha.Nein, keep reading because later we will discuss how sore knees prevent)
Knee problems of turn in the future can become so intense that you just get out of bed or on foot could have problems steps up and down.Can-beziehen already to it?-We are not talking about either in your age! we are talking about within a few months in job conditions as above, no matter what age described work!
Why does sore knees turn cause?
Simply put, your knees are not designed to stay in a bent position for long periods of time.You may meniscal ligament or problems as well as.-Their knees were old fashioned in a way, to successfully move your body and ease and grace to properly.as you keep in with a bent position, or constantly exercise your knees can lead to pain.
I might already knew all of this, but knew how to prevent that these problems? hold to read for a response...
What can I do to prevent long-term problems with my knees?
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Section 1: The Current Landscape (Battlefield)
- Out of control lawsuits
- Bloated government with an ever-increasing appetite.
- Advancing Socialism
- Insane over-regulation
Section 2: Economic Slavery
- The Middle Class Treadmill
- Hidden inflation guarantees failure
- "Debt is good" - another lie
- Anesthetized Society
Section 3: Solutions
- Asset Protection for Current and Future Wealth
- Why a Bank may be the Worst Place For Your Money
- Set Up Your Own Virtual Bank Account
- Take Action
Introduction
We live in a dangerous world. What you do not know can hurt you. The purpose of this report is to help you to better understand and protect yourself from the many dangers that threaten your economic survival.
Section 1
The Current Landscape (Battlefield)
"America has degenerated into the most litigious society in the history of the World."
There are now well over one million attorneys in our country - that's 70% of the world's attorney population, and Americans only comprise 5% of the world's people! Our law schools are presently graduating over 40,000 attorneys a year.
For every 20 engineers, Japan only has one attorney. For every 2.5 attorneys, we have just one engineer. Is it any wonder we can't find justice?
In 1993, the American Bar Association estimated there to be a 37% probability of the average American becoming involved in some form of legal action in any given year. This, of course, is very good news to the trial attorney who will charge you an average of $100/hr and up: and whether he wins or loses your case, he still gets paid!
What would you do if you were to be sued today?
Hire an attorney?
In many cases, having an attorney is worse than not having an attorney at all!
At an American Bar Association dinner in New York in 1978, U.S. Supreme Court Chief Justice Warren Burger, as the guest speaker, stated:
"Ninety percent of all trial attorneys in this country are incompetent."
If you believe that an attorney can always better represent you than you can represent yourself, you have bought the attorney's lie that, "The man that represents himself has a fool for a client."
Did you believe that an attorney will always represent your best interests first?
"The Attorney is an Officer of the Court. His first duty is to the courts and the public, not to his client" 7 Corpus Juris Secundum, ?4, pg. 802
Source: Economic Solutions, by Peter Kershaw, 1997
The American landscape today is filled with many dangers - any of which can spell financial disaster for you. Here are just a few of them:
a. Out of control lawsuits
b. Bloated government with an ever-increasing appetite
c. Advancing Socialism
d. Insane "over-regulation"
Out of Control Lawsuits
As noted in the opening quotation, lawsuits have now become so prevalent that you can no longer believe that you will not be affected. It is now a matter of "when" not "if" a lawsuit enters your life.
Bloated Government
Bloated governments are expanding at an incredible pace and they never seem to have enough money. Their growing appetite and inefficiency causes them to need more and more tax revenue.
When they can't tax any more, they begin "licensing" and "permitting" those things that are supposed to be our "rights" and they tack on another fee. When they get desperate they resort to outright confiscation of the people's private property!
Advancing Socialist Philosophy
Another dangerous trend is the Advancing Socialist Philosophy. This is the philosophy of "government knows best". This Advancing Socialist Philosophy punishes innovation and industry and rewards
laziness and non-productivity.
In 1848, Karl Heinrich Marx wrote the Communist Manifesto, which has since become the most widely read political pamphlet in the history of the world.
These are Nine Planks of the Manifesto [author's comments in
brackets]:
1. Abolition of property in land and application of all rents of land to public purposes. [Property taxes are "rent".]
2. A heavy progressive or graduating income tax. [Internal Revenue Code]
3. Abolition of all right of inheritance. [Estate and inheritance taxes]
4. Confiscation of the property of all emigrants and rebels. [Ashcroft's Patriot Act: If you are designated a rebel "Enemy Combatant" you lose all constitutional rights.]
5. Centralization of credit in the hands of the State, by means of a national bank with State capital and an exclusive monopoly. [Federal Reserve]
6. Centralization of the means of communication and transport in the hands of the State. [FCC, TSA, controlled media]
7. Extension of factories and instruments of production owned by the State, the bringing into cultivation of waste lands, and the improvement of the soil generally in accordance with a common plan.
8. Equal liability of all to labor. Establishment of industrial armies, especially for agriculture.
9. Free education for all children in public schools. [Our public schools no longer teach the Constitution and have virtually eliminated God from the classrooms.]
Source: Economic Solutions, Peter Kershaw, 1997
Many people will argue that most of these Planks are already in place!
What do you think?
Insane "Over-Regulation"
Do you believe we live in a "free" country? Try and do something without a permit, license, or Social Security Number (read: Socialist Security Number).
"And that no man might buy or sell, save he that had the mark, or the name of the beast, or the number of his name." Revelation 13:17
The immense explosion of laws, codes, ordinances, and regulations have created one the greatest threats to one's assets and private property. The following quote from Ayn Rand's novel says it well:
"Did you really think that we want those laws to be observed?" said Dr. Ferris. "We WANT them broken. You'd better get it straight that it's not a bunch of boy scouts you're up against - then you'll know that this is not the age of beautiful gestures. We're after power and we mean it. You fellows were piker's, but we know the real trick, and you'd better get wise to it. There's no way to rule innocent men. The only power any government has is the power to crack down on criminals. Well, when there aren't enough criminals, one 'makes' them. One declares so many things to be a crime that it becomes impossible for men to live without breaking laws. Who wants a nation of law-abiding citizens?
But just pass the kind of laws that can neither be observed nor enforced nor objectively interpreted - and you create a nation of law-breakers - and then you cash in on guilt. Now that's the system,
Mr. Rearden, that's the game, and once you understand it, you'll be much easier to deal with."
(Page 406 of Atlas Shrugged, Ayn Rand).
Consider another quote concerning the voluminous 6000 plus pages of the Internal Revenue Code that no one understands:
"Is it possible to ever learn the truth about income taxes, especially in light of all the confusion, if not blatant misinformation? Yes, you can, but not by trusting attorneys and accountants. These, after all, are highly compromised individuals - taxes are their very livelihood! Higher taxation and more tax
laws with ever-increasing complexity are to their advantage. Yet, even these tax "professionals" seldom have a clue as to how to properly interpret the tax laws. The results of a 1989 Money Magazine survey of 50 top "Professional Tax Preparers," unequivocally demonstrates the utter ncomprehensibility of the income tax laws.
The fifty preparers were given the assignment of preparing tax returns for a fictitious American family. None of them arrived at even close to the same bottom line figure. In fact, discrepancies ranged anywhere from $12,539 to $35,813! Imagine the absurdity of trying to figure your own taxes correctly,
when even the "professionals" are incapable of doing so!" - Economic Solutions, Peter Kershaw, 1997
In fact a survey in 2003 showed that the IRS "help line" gave wrong answers to taxpayers questions 47% of the time!
In summary, we live in a dangerous world and the American landscape is fraught with land mines that are direct threats to your financial well being.
Section 2
Economic Slavery
Americans, living in what is called the richest nation on earth, seem always to be short of money. Wives are working in unprecedented numbers, husbands hope for overtime hours to earn more, or take part-time jobs evenings and weekends, children look for odd jobs for spending money, the family debt climbs higher, and psychologists say one of the biggest causes of family quarrels and breakups is "arguments over money." - Billions for the Bankers, Debt for the People, Pastor Sheldon Emry
What they don't tell you is that, after inflation, taxes and debt payments...most people are worse off than when they started! They are simply taking one step forward and two steps back and they wonder why they never get ahead!
Consider this statistic from a recent government report:
At age 65, ninety-five out of one hundred people will be dependent in some way upon their family, their church, or the government. Four of them will be comfortable and only one will be rich.
Society has been so "anesthetized" by television and recreation that we don't see our money being taken from us from right under our noses. Most people in America can tell you what episode of "Survivor" they saw last night but they can't tell you the last time they read the united states Constitution or the Declaration of Independence! Did you know that our Founding Fathers revolted
over a 5% tax by the King of England? Yet today Americans pay as much as 50% in local, state and federal taxes!
"If the American people ever allow private banks to control the issue of their money, first by inflation and then by deflation, the banks and corporations that will grow up around them (around the banks), will deprive the people of their property until their children will wake up homeless on the continent their
fathers conquered." Thomas Jefferson
Because the Federal Reserve is privately owned by international banking families, and 'creates' our money by loaning it to our nation, it is mathematically impossible to ever repay the national debt. We are slowly and methodically progressing towards the day our nation goes bankrupt.
When this happens we will see the rapid drop in the value of the dollar. This will shatter our current economic condition and create the "mother of all depressions".
For a sneak peak into our future do an Internet search on Argentina's recent default on their national debt in 2002. When this happened the Argentine Peso lost over 60% of its value in less than six months! Unemployment soared to over 25% percent and the country went from being a thriving economy to a third world country.
"No currency has suffered a smaller loss from inflation since World War II than the German Mark. Yet even so, 71 percent of it's value vanished between January 1, 1949, and the end of June 1995. The world reserve currency during this period, the U.S. Dollar, lost 84 percent of its value. This is a measure of the wealth that governments expropriated by exploiting their territorial monopolies
on legal tender." From The Sovereign Individual, by James Dale Davidson and Lord William Rees-Mogg
The Federal Reserve, by attempting to regulate the economy with the expansion and contraction of credit, has created an economic environment that greatly magnifies our boom and bust cycle. The "boom" times are signified by greatly exaggerated prices like the stock market "bubble" of the nineties and the housing bubble of the years 2003 - 2005.
Combine these two major forces and it doesn't take much to recognize that we are in for some very rough seas over the next 10 to 15 years. The place to be during these tumultuous times will be in precious metals. In times of economic uncertainty people will flock to gold and silver.
Gold and Silver have been real money since biblical times - long before "paper" money was created - and they will be here long after "paper money" returns to its intrinsic value which is nothing.
Here are some interesting quotes on gold:
"For more than two thousand years gold's natural qualities made it man's universal medium of exchange. In contrast to political money, gold is honest money that survived the ages and will live on long after the political fiats of today have gone the way of all paper." Hans F. Sennholz
"If you don't trust gold, do you trust the logic of taking a beautiful pine tree, worth about $4,000 - $5,000, cutting it up, turning it into pulp and then paper, putting some ink on it and then calling it one billion dollars?" Kenneth J. Gerbino
"Gold is not less but more rational than paper money. Money holds value so long as it is in limited supply; gold will always be in limited supply, and would require real resources to produce even from the sea; paper and printing ink are not in limited supply. The gold system is much closer to a modern automatic scientific control system than the crude and relatively unstable system of paper." William Rees-Mogg
"Of all the contrivances for cheating the laboring classes of mankind, none has been more effective than that which deludes them with paper money." Daniel Webster
"Betting against gold is the same as betting on governments. He who bets on governments and government money bets against 6,000 years of recorded human history." Gary North
"Gold is worshiped in all climates, without a single temple, and by all classes, without a single hypocrite.
Caleb C. Colton
Section 3
Solutions
How do you protect yourself and your assets in these treacherous times?
We believe that there are two critical steps that you must take to protect your financial future.
The first thing you must do is protect your current assets so they are insulated from these financial threats.
The second thing you must do is create additional sources of income that will help you weather the storms that comes your way.
Asset Protection for Current and Future Wealth Asset Protection is the act of positioning your assets in such a way that they are out of reach of predators, lawsuits and even government agencies. The key is to "control" your assets without actually "owning" them.
A good Asset Protection Plan is designed to make your assets difficult to discover or too expensive to pursue.
A good Asset Protection Plan is put into place before it is needed. In a sense, it is a type of insurance that will enable you to sleep well at night knowing that you are protected.
How do you "control" your assets without actually "owning" them?
First, let us define "asset". An asset is anything of value that you want to preserve or protect against hostile third parties.
To protect your valued assets against these predators you must own your assets in an entity other than in your own name. There are many types of entities that you can choose from and here are just a few:
Corporations
Partnerships
Trusts
Limited Liability Companies (LLCs)
When you "control" the company you also control the checkbook. As the President or Manager of your company you make all the decisions on behalf of the company and benefit from all the assets of the company.
Corporations work well but are often difficult to maintain and, If you do not keep proper records, you can lose your personal liability protection.
General Partnerships are generally not effective in asset protection although Limited Partnerships offer some liability protection.
Limited Liability Companies are quickly replacing Limited Partnerships as Asset Protection vehicles.
Limited Liability Companies have become the premiere Asset Protection vehicle because of their superior asset protection features, their ease of operation, their low maintenance, and their relatively low cost.
A Trust is an effective Asset Protection vehicle but only if it is an irrevocable trust. This simply means that you give up control of the trust to an independent trustee.
An Unicorporated Business Trust Organization takes the limited liability features of a corporation and combines them with the "pass through" tax benefits of a partnership. It is literally the best of both worlds.
U.B.T.O.'s are flexible and simple to form and are much easier to maintain than other entities.
Internationally, the U.B.T.O. is the most common form of business entity in use.
The Unincorporated Business Trust Organization is now the entity of choice for individuals and businesses seeking the ultimate in privacy and asset protection.
You also have a much lower profile.
The Unicorporated Business Trust Organization is one of the ultimate asset protection and privacy tools!
With an Unincorporated Business Trust Organization Protecting Real Estate, Rental Property, Business Assets, and Financial Accounts with Multiple U.B.T.O.'s
The basic idea when using U.B.T.O.'s as an Asset Protection Strategy is to separate High Risk Assets (cars, businesses, rentals) from Low Risk Assets (bank accounts, stocks, bonds, mutual funds).
You can buy just about any kind of personal and real property in separate U.B.T.O. to maintain maximum privacy and asset protection.
You can also have your business assets, real estate, and equipment owned by a separate M.T. (or multiple U.B.T.O.'s) and then lease them back to your business.
Owning a Vehicle With An U.B.T.O.:
U.B.T.O.'s are a great privacy tool and are great for owning cars, heavy equipment, and recreational vehicles.
Imagine you are in an auto accident and you are sued. When the hostile party discovers that the owner of the vehicle is an U.B.T.O. (which has no other assets) and that you don't own anything either (your assets are owned by other U.B.T.O.s) they give up or settle at a greatly reduced amount.
The more assets you have, the more U.B.T.O.s you may want to set up.
Why a Bank may be the worst place for Your Money:
Did you know that banks may be the worst place to keep your money?
Try this little experiment:
Pick up your Account Holder Agreement (if you don't have one go pick one up from the bank) and read it. Here is what one from Wells Fargo states:
"The Bank may accept and act on any legal process that it believes is valid, whether served in person, by mail or by facsimile transmission, at any Bank location. Legal process includes, without limitation,
a levy, garnishment or attachment, tax levy or withholding order, injunction, restraining order, subpoena, search warrant, government agency request for information or forfeiture relating to your account."
Does that make you sleep well at night? With the new, so-called "Patriot Laws" if you "look" suspicious you are at risk! (What does a suspicious person look like?)
It gets worse. You must first understand the monster called "fractional reserve banking" (which is the way our banks operate). *Fractional Reserve Banking means what it says. The banks only keep a fraction of the deposits on hand as reserves to cover any withdrawals.
Sounds innocent enough but let's examine it further:
Banks only keep about $1 in reserves for every $10 in deposits. This means that if more than one out of every ten account holders were to appear at the same time at the bank to make a withdrawal,
THE MONEY WOULDN'T BE THERE!
Another way of looking at this is the fact that the banks have the ability to loan out $10 for every $1 they take in!
If you think Enron and WorldCom had crooked books, this makes them pale in comparison! Banks have the ability to create money out of thin air. If we tried that we would be thrown in prison for
counterfeiting!
What about the FDIC?
The Federal Deposit Insurance Corporation only has about 1/2 of 1% in reserves to cover insurance claims. The FDIC is nothing more than a "confidence" game.
What's the solution?
One solution is to keep as little money as possible in your bank. Only use banks to cash your checks.
Take Action
Never before in history has there been such a threat to your personal financial security than right now. Like the story of Noah's Ark in the Old Testament, you must build your financial lifeboat before you need it. When the rains come it will already be too late.
Contact us for a Complimentary Consultation 312-298-9075 or by e-mail at fa2z@aol.com!
Evident, LLC
Chicago,
Illinois Republic
20+ years in the fields of Mortgage Financing.....Real Estate Acquisition.....and Asset Protection for Business as well as Personal
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Modern historiography specialists have long argued that an essential segment in the study of human evolution is inextricably tied to the basic understanding that societies generally emerge, progress and fall cyclically. Such frequency in social evolution is not just a consequence of endogenous factors, it also results from the impact of the external environment, be it close - neighboring constituencies vying for the same resources - or far - as part of a larger geographical area.
History teaches us another fundamental truth, predominantly unveiled in social sciences: humans are inherently prone to believing in the danger of the unknown, the fear that uncertainty - when present in life - brings an intolerable level of complexity in handling daily activities. Economists, in tandem with the larger group of social scientists, ascribe the word "risk" to this angst.
Risk lies in everyday life. From birth to death and in between the terrestrial episode called life, humans experience a sophisticated relationship with risk and utilize it as a powerful catalyst to furthering their interests. We fear the unknown not just in temporal terms - e.g.: what will tomorrow be? - but also in more practical, present-day terms, that is, what will happen today?
In assessing the rectitude of our daily decisions, the analysis of the environment we live in becomes of critical importance. There emerges then the need to know, understand and act on a variety of variables that make up our ecosystemic reality. Neighbors are a major part of that reality.
The indubitable observation that humans are 'sociable animals' implies a life in community, which in turns posits the sharing of interests, destinies and geography. We share our lives with neighbors, other humans whom we don't fundamentally know and whom we believe are different from us. Neighbors, in continental philosophy, are the 'constitutive other' as opposed to 'same'. Neighbors are different, and because of that, they must be hazardous to our very existence, hence "hell is other people" (Jean-Paul Sartre).
Consequently, our desire to know the 'other' and what they're undertaking forces us to constantly be in a question mode: ergo, we resort to spying. Espionage is ingrained in basic human instincts from cradle to grave. First, we ape our relatives, then our acquaintances and later our neighbors. In that quest for knowledge, humans recklessly spy on each other in a bid for power. Once they determine with a reasonable degree of comfort the neighbor's strengths, the overwhelming tendency is to match it, surpass it, annihilate it, keep it at a politically acceptable level, or use a combination of all these options if the socio-historical continuum of events demands it.
Doubtless, the need to control the military and economic standing of neighbors is the quintessential, albeit hidden, dogma of modern geopolitics. Doctrinal differences may abound, but a studious analysis of contemporary events demonstrates clearly that wars and other man-engineered crises have historically proven to be good ways to rebalance powers among neighbors, or more precisely, within geographical zones. Crises, facts have shown, drive innovation and quality of life.
Espionage is not a recent discipline within political science. It has been a staple of human history for the past 2,000 years and even before. Throughout history, nations have risen or fallen based on their ability to collect data from rivals and use that body of knowledge to gain a competitive edge. History also suggests that societies that show a disinclination for 'outer research' of their environment, and consequently, a significantly lower number of exogenous interactions - be it cordial or belligerent - with others have been weakened over time. The high frequency of wars between nations in the 'Old Continent' explains the relative superiority that Europe had over, say, Amerindians and Africans for the past few centuries, first in slavery and then colonization.
Espionage is rooted in modern life
After two atrocious global wars, countless medium-size conflicts and a dogmatic cold-war between capitalism and communism, political and military leaders seem to have finally gauged the idiocy of lethal conflicts with planetary implications. The notion of 'd?tente', that is, the easing of strained relations in the political phraseology, gives nations the imaginary assurance that they may all coexist pacifically and a major conflict is preventable once greater cooperation between societies subdues the inherent quest for power that causes hostilities.
Acquiescing that there exists a permanent d?tente within the current geopolitical landscape is an optical illusion because it goes counter the very human urge to monitor the neighbor in order to know him or dominate him, if not annihilate him. This can be very easily illustrated in instances where spies are caught in so-called 'friendly' territories. Take the example of Israel's Mossad agents being arrested in the United States.
The nuts and bolts of modern state espionage lie in a sophisticated and complex apparatus that all nations, and peculiarly global superpowers, have invented to carry out data-collecting and monitoring activities in peace time. Embassies, with their massive bureaucracies, specialized technocrats and their diplomatic inviolability, are preeminent on that list. They are essential in monitoring the host country's social dynamics and report to their respective governments. Simply put, an embassy is, de jure, a stranger turned neighbor.
Next are supranational organizations that populate the global political, social and economic sphere. Their local representations and periodically published studies may also serve an intelligence purpose. Finally, aid agencies and so-called 'humanitarian' organizations are critical in gauging so-called 'underdeveloped' nations' economic ability and progress in their development. It is no coincidence that major countries in the developed sphere do not customarily accept 'aid programs' from their counterparts unless excruciating circumstances dictate that such refusal would be politically unacceptable.
Strategic studies and the modern economic literature are replete with topics referring to Japan's, and to a lesser extent, Asian dragons' ability to use economic espionage at the end of the Second World War to gain a competitive edge over erstwhile powers such as the United States and Great Britain. The necessity to monitor and direct the continent's economic reconstruction, and the panic of a potential dominance by communist Russia, also led the United States to implement the Marshall Plan in Europe from 1948 through 1952.
Businesses thrive from spying more than the military
A noteworthy myth in today's world is that espionage is principally the province of military strategists and national armies. Evidence from authoritative business intelligence magazines, leading governmental studies and a massive body of knowledge from academia have clearly explained the causal relationship between firm profitability and espionage. Differently stated, governments tend to always transfer intelligence data to their domestic industries, whether they are at war or at peace.
As a result, the military-industrial complex benefits considerably from intelligence and such prerogatives are then disseminated into other firms in the economic fabric. As an illustration, it would be fairly understandable that a firm like Boeing, which derives a substantial portion of its revenues from government's contracts and sale of military aircrafts, is more attuned to certain developments in US intelligence gathering than a financial services giant like Citibank.
Nevertheless, businesses have also parlayed their gargantuan economic clout into a very successful data-collection enterprise. The plethora of tools available to business executives nowadays is strikingly sophisticated and effective. Even if it is not exhaustive, a good analysis of such tools must look at their source and their degree of macro-economic interconnectedness.
On one hand, external mechanisms allow at the macro-level business enterprises to gather information from competitors and control how such information can be utilized to thwart rivals, increase their own market primacy, or do both. When they share a community of interests vis-?-vis a new market or are in an oligopolistic situation, companies are routinely willing to join hands provided, of course, that the risk-payoff ratio of a single venture is not immensely superior to that of a joint venture. Tacit collusion, that is, the market situation where two firms agree to play a certain strategy without explicitly saying so, is a fine illustration of business intelligence sharing.
In practice, firms engage in economic espionage via economic sections of embassies, chambers of commerce, lobbying groups, industry groups, specific studies from consultants, and monies granted for academic research in particular fields of interest. Concomitantly, they guard against intelligence threats by massively supporting intellectual property laws.
On the other hand, a sophisticated internal approach allows companies to stay abreast of latest developments within their industry. First and foremost, they hire to their corporate boards or for senior positions, experienced former government officials and high-rank military leaders who had been privy to high-value strategic insights during their public tenure.
This is immensely beneficial to the hiring side because a former cabinet member, a congressman or a four-star general, can possess a breadth and depth of experience and knowledge of past, present and future topics that is considerably worth more than countless external consulting reports. Second, economic intelligence departments and government relations departments also fulfill data gathering roles through research, lobbying and interacting with industry groups.
Cyber-warfare, the new cold war
As the planet becomes technologically more intertwined, novel tools and modus operandi are being made available to governments and private interests to collect specific intelligence. These tools and procedures are an intricate combination of old and new procedures which simultaneously penetrate nations' military, economic and social constructs to extirpate valuable bits of knowledge.
Defense experts are calling these emerging asymmetric conflict tools 'cyber-warfare'. Due to the plethoric ramifications they present and the simultaneous dual tasks they may serve to fulfill (attack and defend) when engineered in certain ways, I label this group Modern Cyber-warfare Gear ("MOCYG").
MOCYG, as it stands, involves the offensive use of various techniques to derail a nation's infrastructure, perturb the military and financial systems of a country with the aim of crippling its defense responsiveness and the integrity of economic data, or accomplish other destructive aims based on the attacker's incentives and strategy. Security specialists and military researchers have classified these techniques into 5 major groups: computer forensics, viral internet tactics, assault on computer networks or software, hacking and espionage.
The idiosyncratic power of cyber-crime lies in its 'stateless' nature, its capacity to be inexpensively controlled and deployed, and the vast damage it can exert. Given the judicial vacuum created by cyber-warfare techniques, nations are rushing to build up legislative safeguards to prosecute offenders even though criminologists argue such undertakings are largely inefficient at the moment.
A memorable cyber-criminal event occurred in Estonia in 2007 when more than 1 million computers, allegedly from Russian-based servers, were used to simultaneously cripple state, business and media websites in a modus operandi analogous to the "shock and awe" military tactic. That attack ended up costing Tallinn's authorities tens of millions of US dollars.
China, a cyber-giant in progress
Upward socioeconomic trends in the People's Republic of China are well known to international masses and covered profusely in western news media. So are Chinese authorities' singular understanding of democracy and human rights as well their overt wish to play a bigger geopolitical role in world affairs. However, the quiet revolution China is experiencing lies within the astronomical investment country authorities are making in top notch universities so as to catapult China into the top league of technological giants, along with the United States and Japan. Given the size of such educational outlays, Chinese authorities must believe that a major competitive edge can be gained in the technology field and such advantage can be converted or transferred into other sectors of their mushrooming economy.
Top western sinologists and other think tanks are closely monitoring these academic developments because they understand the basic notion that future geopolitical dynamics will inextricably be tied to how successful Chinese will be at leveraging technology to boost their future 'global penetration'.
The smart tactic is that, while future chief engineers are being trained at world-class institutions such as University of Science and Technology at Hefei, Harbin Institute of Technology, Beijing University and Tsinghua University, China is concurrently putting a veil of secrecy around its information systems and cyber-infrastructure. The country may be notorious today for its copyright infringement cases or intellectual property violations, but it is inconspicuously gearing up for tomorrow's technological primacy that its expansionist aspirations may dictate.
China also investigates currently available ways and means to unearth state-of-the art synergy tools that can be leveraged between its major government departments and state agencies as it prepares to enter the 'knowledge economy'. Authorities view this coordination effort as an indispensable step forward because it adds another layer of centralization to a government structure that is built around the canon of 'consolidated power'.
More specifically, country leadership has summoned top minds in technology and auxiliary fields to synergistically engineer the future cyber-infrastructure that will solidly mark China's imprint in the digital landscape. This task is colossal, and the vastness of it effects precludes obviously an analytical granularity. Several hundreds of thousands of Chinese computer engineers, regrouped under ad hoc commissions, think tanks and strategy centers are the backbone of this emerging 'digital army'.
They work under the aegis of brilliant specialists whose unquestioned patriotism and in-depth expertise are unparalleled at such high seniority levels; this group includes Liang Guanglie, Wan Gang and Li Yizhong. The first is the current minister of defense, who works in conjunction with the People's Liberation Army and the Central Military Commission to manage the largest military force in the world (ca. 3 million) and oversee its strategic evolvement.
The second is the head of the Ministry of Science Technology and is mechanical engineer and auto expert. The third is the Minister of Industry and Information Technology, a cabinet position pivotal for the country's information systems development.
Anemic US IT investments
Equipped with this super cyber-security gear, China seems to be winning, or is in a significant position within, the ongoing global cyber-war. In a sense, the country is not an 'emerging' superpower as western analysts and social science specialists would like to call it. It is already a superpower in the fullest sense of the concept.
The term 'emerging superpower' is presently preferred in academic and business literature as well as in media parlance because it is more politically palatable to the elite and other classes of citizens in traditionally influential economies (G8) who fear the psychological and social implications of welcoming new colossi in the select club of the powerful.
Security experts and top military minds in the United States are truly concerned that the Chinese massive IT investment dwarfs America's and do not hesitate to point to the geopolitical implications of such a chasm. They note that the countless cyber-attacks from China and Russia are just a start of the new cyber 'Cold War' of the 21st century.
It is a fact that many foreign-engineered digital attacks have targeted many industrialized countries' military systems, power grids, and financial infrastructure in the past few years. Yet governments and military forces at present have limited capacity to detect or infiltrate the attacker, counter the attack, and prevent future assaults.
US defense officials and business leaders understand the looming threat but believe its intensity and gravity constitute a hyperbole. However, authoritative statistics from the Government Accountability Office, US Congress reports, and academic studies indicate evidently that the world leader has not shown hitherto the political willpower to tackle the digital gap in its cyber-security infrastructure.
Truth be told, politicians in Washington, Pentagon strategists, and the intelligence community at large have long known of and understood the nature of the menace. Notwithstanding, a series of geopolitical events forced them to transfer certain topics into budgetary oblivion at the credit of more pressing, more 'visible' national security threats that are effortlessly noticed by constituents (e.g.: terrorist attacks).
A few factors explain Washington's inability, or budgetary lethargy, in addressing the cyber-warfare threat. First is the geostrategic complacency derived from the fall of communist Soviet Union and the ensuing inertia that global unipolarism usually creates.
Second, America's military apparatus is currently 'distracted' by two ongoing wars and engaged in a host of relatively minor security missions around the world. Adding to those involvements, there is the corollary 'war on terror' that has mobilized since 2001 colossal resources to thwart further domestic attacks.
'Domestic' in this sense refers to an incredibly enormous geographical area because it encompasses US conventional soil and the related territories, American overseas diplomatic missions, its military bases, transnational organizations where the US holds significant strategic interests (e.g.: NATO headquarters and military stations), and the countless aid, religious, and humanitarian outposts around the world.
Third, the diversity and criticality of issues at hand force the US government and congressional leaders to prioritize their budgetary efforts. The current economic despondency bodes ill for any serious endeavor in tackling underinvestment issues in information technology because the country is pecuniarily limited and cannot afford to continuously print money (risk of inflation and currency devaluation) or borrow from... China.
US budding cyber-security grid is solid
Despite the socio-economic gloom, the Obama administration has shown in the past 6 months a strong level of commitment in assuring the integrity of the nation's information assets. He appointed late December Howard Schmidt, a renowned computer security specialist and former Microsoft security executive, as White House cyber-security czar. Other high-profile nominations have followed in the army ranks and other key departments and government agencies such as Homeland Security, Treasury, the FBI and the CIA.
The efforts appear to be coordinated and effectively reaching their desired goals, from the Pentagon's launching of a giant "cyber-command" unit to the CIA's and FBI's massive 'hiring spree' of computer engineers and cyber-security specialists. International cooperation with other allies is also part of the undertaking; US intelligence agencies are thus partnering with foreign counterparts such as Britain' MI5 and MI6, Israel's Mossad, Germany's Bundesnachrichtendienst (Federal Intelligence Service, BND) and Milit?rischer Abschirmdienst (Military Counterintelligence Agency, MAD) to address emerging threats.
Private interests are equally gearing up. Businesses are investing massively in IT infrastructure and upgrading computer networks, and working jointly with government agencies. They are also granting rising subsidies to think tanks and academia to help in this effort.
The combination of efforts has to be successful because an absence of effectiveness in cyber-warfare measures can be 'lethal' to US global supremacy. Judging by the great havoc cyber attacks had catapulted onto Estonia in 2007, hyperbola ought not to be barred in this topic.
Based on the latest estimations, US nominal GDP is nearly 3 times that of China ($14.5 trillion vs. $4.5 trillion), but the latter's healthier growth rate is helping bridge that gap gradually. Thus, many forecasters - and the proverbial 'conventional wisdom' - assume that it will take Beijing many decades to attain America's economic clout and level.
That said, in the hypothetical scenario that a cyber-warfare erupts between both countries, a stronger China may only need to considerably crush US economic productivity and therefore its GDP to claim victory and financially surpass its rival. Absent effective security systems, China, or any other foe, may only need to assault vital arteries of the US military-industrial complex: power grids, financial transaction systems, Federal Reserve System, US Armed Forces' computer systems and networks, Congress' and White House's IT infrastructures, etc. It's easy to imagine the massive damage electricity failure can do to a country's transportation, financial, and military systems.
(Read original post at http://wp.me/pMqmW-2u)
by Marquis Codjia
To do with issues, Americans firmly believe amounts with something is lower better that $ is later worse. In the year since the new IRS acronym HSA emerged on the scene, many American companies employing search and a half trouble that have this common belief.
To refresh your memory, health savings accounts require (and the tax deductions and tax free refunds, go with you) as a condition one "high deductible health plan".Beachten who begins a HDHP with "High" and you may insight into the problem companies are facing.
Not surprisingly, is one containing a high deductible, which means that you have a a HDHP higher amount to spend before overview IRS offers refund or insurance benefits a HDHP individuals the opportunity to tax deductible contributions to their HSA and take funds from your HSA health care cost refund tax free covered. In contrast to the most deferred taxes such as IRAs and retirement plans provides HSA go into withdrawal and tax free distributions, if it out.
Many individuals a significant that the number of which previously were not insured bought the HDHP type of insurance coverage. You have found that a higher deductible means the insurance company is less likely to have payments policy and thus the cost is often lower.In many cases, the costs are clearly niedriger.Wie we know, is less good. If in with rolled the HSA tax benefits, the individual often found, plan for even a few short years pays.Invested amount in the HSA, for long-term growth, medical expenses for retirement offers a nest egg when income is limited.
The HDHP can be ideal for someone who has to write a review; monthly for health insurancethe story is a little different if a company is a new HDHP individuals hear vorschlägt.Der but don't see the higher or particularly care about the lower premium Kosten.Die majority of premium savings of the employee bag not directly benefit from.
Employer read des together right now think the employees recognize that the savings of the employer do ability to pay the employee and even stay in business impact.Although you should and, probably realize, it is difficult to expect that you give up for what appears slightly in the short term at least, than nothing much.
Which approach should take an employer if reluctant employees offer a HDHP HSA plan?
Call it a high deductible plan! Perhaps something like "maximum benefit tax of optimized health plan".MBTAHP roll off the tongue exactly though.If you have a creative writer around, may be on some new words to work to communicate the value and savings rather than high deductible payments.
Selects how many companies have in the middle of the road option take insurance, when pressed, will offer - double coverage plan.The employee has the opportunity to pick the HDHP or the traditional lower deductible plan all within an overall plan with the insurance company. plans with as little as 4 or so employees can apply this option.Of course, all numbers have to choose the HDHP employees with the higher budget or a part of the higher costs or nobody.The employees can give a cash incentive plan and an opportunity to choose the lower budget join wish.
The staff provide an incentive to contribute to the HSA by companies related to single plan of the employee.Each employer's contribution should use an education program to help the best accompanied by the HSA.
Other, less financially attractive option is to plan, health reimbursement arrangement or HRA, offer the option of choosing which one hand HDHP but include employees the company reimbursement of part is the deductible bezeichnet.Die HSA must enter into force after the HDHP plan deductible is met or facilitate it may change or eliminate some staff ensure the ability of HSA could beizutragen.Es regarding the potential costs of the new plan especially during the first years of the plan.
None of these options are guaranteed to win the long-term benefits of HSA.gegeben employees rises in health, insurance, employers find it increasingly difficult, provide the cover you have in the past, HSA/HDHP combination gives the employee the letzten.Die an incentive on health care careful expenditure, plus a powerful long-term tax-free growth included investments help numbers can costs now and in the Ruhestand.Mit carefully invested can grow considerably the HSA, retired people offer valuable help with medical expenses on a tax free basis in the future.
HSA investment subject to the same rules as IRAs, including the ability even in non-traditional investments as geleitet.Ihr real estate entrust Office able will help you understand the investment options even HSA be directed.
Bill Humphrey, entrust new direction IRA, Inc., Boulder Colorado.
http://www.NewDirectionIRA.com
http://www.IRS.gov
http://www.ustreas.gov/Offices/Public-Affairs/HSA/
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Now, I know some of you reading this think that you have still no "fake" Waterford crystal in your display cabinet and I really don't want to alert but fill me on some of the facts.
Did you know that during the 80s and 90s years several companies in the United States and Europe were down by the FBI for making fake Waterford crystal pieces? Most copied designs were the popular patterns of Lismore, Colleen, Alana, Kathleen. I have seen other patterns to copied.This was usually glazed. for example, mug, flutes, hocks, white wine and aufgespriteten.
Bowls, vases, decanter and mostly individual beads were in production beteiligt.Jedes piece with a tribe was fair game for this Unternehmen.Es is counterfeiting nor how many pieces of wrong Waterford are undetermined in circulation in the United States, but it is said in the millions have run.
Do on a Google search: NY Times counterfeit fake of Irish Waterford and see a report.
Hardly these companies would be shut down if another under a different name würde.Dies was a very lucrative business and is still to a certain extent in the market today. Because of all the recent events in Waterford crystal appear it more often as time goes by more of these is fakes Waterford crystal.
A few years ago, I made a show in Virginia, a little old lady came to me and asked if I could fix a Waterford Bowl which was lined. Had this piece for several years, her daughter had bought it from a major department store, I'll mention name here.
When looking at the Bowl I told her I could repair it, but it wasn't Waterford crystal, and that it should return you to the store. Two months later I had a call from the Dept store manager explaining he had to buy Waterford fakes, which deceived been and was unknowingly resell.
The very first thing you should look at all Lismore designs is the Stem.stellen sure that the pages of stem be cut and not empty.Based on the stem should see, it with a sixteen point star, aka burst as a star cut.The end of the points should be about a quarter inch based, but sometimes these will vary because of the forms and blown up like you.
If these companies was the "fake" fake Waterford crystal were produced, and if you did had no way of flat section of the stem on cups, flutes, etc.?It was a bad effort, which left called waves and ridges and sometimes rough spots carborundum strips.So essentially trying to avoid them flat cutting the side of the stem überhaupt.Ich also you've seen, with no star bursts that tell you immediately that you are not Waterford.
Http://waterfordcrystalappraisal.info/ reach James Connolly, Waterford crystal appraiser on its website it offers the following unique Leistungen.Waterford crystal authentication to Identifikation.Waterford crystal reviews.(Insurance quotes) .Restauration and Repair Services.Ein special report, How to become a Waterford crystal fake
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America, land of opportunity. The most powerful and prosperous nation in the world.... is one of the most dangerous places in its history. How millions of baby boomers that willing to do the most for retirement not nearly enough! To make matters worse, rising costs for health care, long term care capacity overwhelmed under-funded retirement and social security could emerging crisis all converge at the most inopportune time and create a storm. Retirement, whether you are or plan to be sure this wake up call before it is upside to late.
Every year more and more Americans move savings towards retirement with insufficient and with this moves the country into dangerous territory. The American Institute of financial Gerontology notes that, although the average American lifetime 77.2 years a person is in the age of 65 reached can expect to live to age 83, while 26% of all 65 today, will live the age of 90.Up to the year 2030 is the percentage of people in the U.S. age 65 or older 20% erreichen.Wenn considering that older than 65 four times as much on health care as their younger colleagues and according to the AARP spend research, end of life care, can eat up 50% or more of the individual lifetime healthcare every American had people means better planning calculates your retirement strategy, regardless of whether you are already retired or planning.
Have enough to retire?
The problem is that people not even remotely a provision appropriate for maintaining their pre-retirement benefits to make lifestyle. Studies found that U.S. savings rates (estimated that around 1.1% of net income) somewhere are required between 25% and 38%, to a total retirement; meet make 80% of income for the least prosperous 20% of pensioners; the social security approximately 48% of all households are on track to accumulate adequate retirement wealth (meaning, of course, the rest are not);and that the average under-funded budget to actual mortality, 19 years of uncovered Gesichter.Die response is clear; cost of living It is time that nest building egg we would appear always intended only on his own. Studies suggest that people age 50 and over immediately start 13% to 23% of your current gross income aside.
In the past, there were three sources of income for pensioners: (1) a benefit Plan;(2) social security;and (3) personal savings. Retired two outrun - the largest two - their was defined in the form of monthly Kontrollen.Arbeitnehmer retirement assets to the monthly income expected to receive social security and a company pension, whose total using quickly and easily could be translated into a pretty clear picture of their expected lifestyle.
In the past 20 years contribution arrangements have increasingly replaced the defined benefit leg of the stool.Instead of count on professionals manage your asset pool (as was the case with a defined benefit plan), workers are expected, your own long-term investment decisions to machen.Noch is important, workers are likely to do anything Actuaries once pension with sophisticated computer models on your own: figure out how the lump sum of your savings can nest egg are translated into a source of income in retirement, and the right to manage the source of income is dry, up about unpredictable cycles of market investment vehicles back.
Manage your own money is a daunting task. Make the overwhelming number of choices, accompanied with the fear of an error is debilitating and often leads to the wrong portfolio, many times keep what assets a purchased for the last bull market and not the next. This applies in particular with pensioners, how many investors a portfolio of "yesterday" investments and not one for tomorrow have. Get the highest returns with the lowest risk possible is vital.
The expert... or rent!
Personal finance and make a pension plan is a serious Angelegenheit.Sie need the basics to Pat, get a life spend to update the rules and regulations and learning in particular in the and outs of the calculations for retirement. For example, you knew that each year a person moves retired his or your need pensions by about 5%, reduced while social security benefits by 7%.Unfortunately, hardly a pre retiree takes the trouble figuring that he or she are almost certainly need to plan a good 20 to 30 years after retirement life.During this time, the price level will increase almost certainly dramatic, even on present low inflation.How are you so when most of us hardly can afford to have enough to on for the first years after the gold watch withdraw?
In addition, the investment management is exploring.You can not only read "the Wall Street Journal" for a few months and expect to get it.This is serious business and minor bugs today whether too aggressive or overly conservative morning can create a portfolio, enormous problems.
People think with you short cuts for some reason your retirement planning take the majority of people spend more time to buy research a fridge can do as you planning for retirement!The biggest mistake one can make is to educate yourself or hire a financial specialist to take care of. men and women, but especially men hate a cliché on the drive it is questions.that way and I don't know, if it is true or not, but it certainly is with personal finances.
It is the distribution and the succession not only accumulation
For those who correctly, careful consideration must be paid to not only save and invest the money, but on the proper mechanics as the assets must be held, to maximize your income by your retirement prepare to tun.Es is your life save and invest wisely, not good to give it all back to spend Uncle Sam! after all is what keep you and your love that counts.
Keith is a registered investment advisor and President of capital financial advisory services, providing wealth management and mortgage Consulting Services.Weitere information to create and maintain to a solid retirement plan please contact Keith Springer at 916-925-8900 http://capfas.com/
Keith is a registered investment advisor and President of capital financial advisory services, providing wealth management and mortgage Consulting Services.Weitere information to create and maintain to a solid retirement plan please contact Keith Springer at
Capital financial advisory services
Keith Springer
President
1383 Garden Hwy, Ste 200
Sacramento, CA 95833
916-925-8900
New IRS rules to help your retirement and estate plan http://www.capfas.com/article21.htm
Monthly Dallas Texas and southwestern U.S. magazine focusing on historical, local and celebrity articles.Price:
Special Report : The Bush Plan 12/09/07
(Or how politicians can scare us and the markets.)
Here is the first (hopefully of many) Special Report from the EconomyGuy. The topic this time is President Bush's Plan to maintain current interest rates on sub-prime mortgages. There is so much to say about this topic that this report could be too long. I will keep it shorter by making some simplifying assumptions, and drawing conclusions on what the plan means. One thing is way too obvious. It is very hard to find DETAILS on how this plan will be implemented. That omission in the news tells me that either people don't want to talk about it, or it hasn't been fully worked out yet.
The plan is very simple to understand. Some sub-prime mortgages (partial definition below) that adjust upwards after 1/1/08 will maintain its current interest rate instead.
The Bush Plan was voluntarily agreed between the banks and the government. Wow. This is a whole topic in itself.
The anticipated end result of the Bush Plan is to create a stable financial industry sector, and end the liquidity crisis for real.
Where is the Self Interest ????
First and foremost, please understand that the Bush Plan is political. Its thrust and its timing are political. This is a 5 year initiative. Why start in 2008? Well, 2008 is a presidential election year and the beneficial, social image of this initiative is meant to help the President's party. Why 5 years? In 4 years there will be another presidential election year, and the program will be continuing.
Not to be missed, there is the Bush legacy to be considered. There is undoubtedly a true desire to help some poor schmuck that got sold a lousy sub-prime mortgage.
Lastly and on the surface only, it appears that the banks are being saved from having to foreclose on these bum loans. So, on a shallow thinking economic basis, it could be concluded that Bush is trying to help his big business friends. I personally don't believe this last assertion.
Who is getting helped ????
The headlines say that 1,200,000 mortgages will be able to take advantage of the Bush Plan. The Center for Responsible Lending counters that only 145,000 mortgages will take advantage of it. Big numbers make better headlines.
To qualify you must have one of the rate adjusting sub-prime mortgages, have obtained you loan from 2005 through July 2007, have made all (or all but one) of your payments on time, be adjusting after the first of the year, not have a "no doc loan", and the mortgage can't be held by a speculator (non-home owner), have a credit score of less than 660, have the increased interest rate be at least 10%. That eliminates a lot of people, and can be viewed as "unfair." You will probably see a lot of news and TV stores coming out over the next month on the lack of fairness in the plan. Those pieces will be politically motivated and should be ignored. Think about it awhile. Any plan that any human could create to try to help the folks holding sub-prime mortgages would be "unfair" to someone. Taxes are unfair. Life is unfair. Get over it.
I believe that a large part of the sub-prime mortgage problem is held by speculators - big and small. During the big real estate run up, lots of people were caught up in the greater fool theory (a greater fool will come along and buy it from you), and were left holding the bag. To speculators, I say: "Pay the piper."
Equally, a large number of people bought a more expensive home because they could afford the monthly payments using the "teaser" interest rates. Most of these people knew their rates would go up in the future. Some of these people were "sold" a pig in a poke, and didn't fully understand the ramifications of the "teaser" rate. I have a lot of compassion for this latter group - and my classic answer would be to find a good lawyer (and there should be some big class action suits coming out of this.)
The REAL problem for all of these people - especially if their homes are in the quickly depreciating states (FL, CA, AZ, NV, MI and others) - is that they maximized the amount of their loan (like 100% Loan to Value), and their house is now worth less than they owe. Lots of these people are just walking away from their houses and loans. The Bush Plan won't fix the problem that someone owes more than the property is worth. That's another reason for the 5 years. The White House is HOPING that the real estate market will turn around by then, and make these loans whole again. The plan is also HOPING that people won't walk away as fast. (My years of experience tells me that HOPE is not a good basis for any plan.)
The financial industry estimates that half of those who qualify for the Bush Plan will "freeze" their interest rate, and half will refinance into a fixed rate mortgage. The latter half aren't being saved by the plan because they could refinance anyway.
Who would someone approach to keep their interest rate from rising? The only place they can go is the "collection agency, aka loan servicers" that takes their mortgage payment. I wonder how motivated those folks will be when the phone starts ringing. Herein lies the beginning of some bureaucracy. For an entrepreneur, there has got to be a big potential to make money in this service industry. For con artists, there is a windfall coming up.
Who are the winners ????
That's easy. The lawyers. There will be many different types of lawsuits coming out of this plan. Also, those people who actually take advantage of the frozen interest rates may become a winner, but that has yet to be seen. The details of their renegotiated, frozen mortgage have yet to be seen.
What about the Banks and Financial Institutions ????
This is where some of the real story resides. The headlines state that the government got the banks to volunteer to take this action. What banks? Yes, there are some banks (like Bank of America) that make and hold their own mortgages - and those banks have the business authority to negotiate a change in the terms of their loans.
However, many, many, many sub-prime loans were purposely funded and bundled and sliced/diced and sold on as bonds by our glorious Wall St. financial institutions. Who owns those mortgages? Does the bond holder own the mortgage? Who can agree for the owner (whoever the owner is) that the terms of the notes/mortgages they own can be changed? That is a fundamental question that lawyers will ponder and litigate. Lawsuits have the potential of stopping this initiative.
What is the impact on the markets ????
Well, the stock market loves it --- so far.
The bond market hates it --- period and forever. You see, the bond market only loves certainty. The bond market started a meltdown of its own last Wednesday, and accelerated on Thursday and Friday. All caused by the Bush Plan. Here is how the bond market thinks. A bond - any and all bonds - have a face value, interest rate, and period of payment. These "terms" are known. They are constant. The value of the bond is easily calculated (using some complicated equations) and taking into account prevailing interest rates (think US Treasuries) and the rating of the bond (think risk associated with paying back the principle and interest). Yes, there is a market for all these bonds, and the prices fluctuate around this calculated value - but the bond market doesn't have the "irrational exuberance" (overvaluation or undervaluation) of the stock market. That is fundamentally why bonds are considered boring.
So, the government comes along and convinces someone (who????) that the "terms" of these sub-prime mortgage bundles can change without the approval of the true owners. That introduces a LOT of uncertainty into an otherwise certain bond market.
The bond market is made up of people - from ordinary people like you and me all the way up to Central Bankers. Would you like to make an investment in the bond market only to find out that someone decided to change the game? No, of course not. That "uncertainty" has spooked the bond market, and fewer people are currently willing to purchase bonds, and some bond owners are selling.
Let's look at a foreign Central Bank US Treasury purchaser. You definitely would be saying to yourself: "If the US Government can change the terms of sub-prime mortgage securities, they could change the terms of US Treasuries." And you know, she's right in thinking that terribly negative thought. Governments are sovereign and can do whatever they want.
It's too early to understand the impact on the currency markets. Why would there be any impact? Well, if there is a meltdown (think higher interest rates leading to a certain recession) in bonds, the dollar would initially get stronger. Higher interest rates traditionally attracts money. However, these higher interest rates would also come with some "uncertainty", so that should lessen the dollar's attractiveness, but it would still increase in value. If there is no meltdown (the probable scenario), but just a little higher long-term interest rates, there should not be much of an impact. In an extreme lack of faith in US Treasuries, Central Banks would dump their US Treasuries and the dollar would collapse (also an unlikely scenario). Aren't currency exchange rates interesting --- pun intended??
The commodities market would be driven more by fundamentals. If we're driven into a recession, commodity prices will fall (demand falling). If the dollar falls, non-US produced commodities like oil would increase in price to maintain their value.
What can you conclude from all this ????
The Bush Plan is a bureaucratic mess in the making. A few people will take advantage of it (if they can find someone to talk to about it).
A bunch of people will walk away from their loan because their home is worth less than the mortgage.
The financial industry is praying that the securitized asset market stabilizes. If that happens, the lousy investments they made using sub-prime mortgages would stop going down, and they could create a real balance sheet. That would have positive ramifications for the financial industry as a whole, and more confidence would translate into greater availability of money for loans. This would be the beginning of an upward spiral for that industry. Meltdown would transform into a phoenix rising from the ashes.
Ownership of the sub-prime mortgages in question has yet to be determined, and lawyers will get rich answering it.
A lot of foreclosures will continue to happen. People will walk from their loans. Many people are excluded from the Bush Plan, and will be unable to make their payments. If only 200,000 people take up the offer, that will not make a dent in the foreclosure wave that is coming. The housing market will continue to crash in selected areas, and values will continue to decrease. Buying foreclosures will be a great way to make money in about a year or so.
What happens after 5 years. Let's assume the old loan terms come back into effect. The payments will ratchet up, and the foreclosures will happen then. So, under those circumstances, the Bush Plan only delays the inevitable. And for only a small number of houses.
I'm predicting that the "uncertainty" in the bond market will go away as more of the unknowns are known. This could take another month or two to play out. In the meantime, interest rates could get pushed up, and that would make the US economic slowdown worse. The Fed will be pushed into dropping the Fed Funds rate next week as they are trying to avoid that slowdown. You see, if a plan could have been pulled off without the "uncertainty" introduced by this initiative, the Fed might have had a reason to NOT lower the Fed Funds rate --- as a real plan to solve the liquidity crisis was in place. As it is, they're stuck. (Remember that only fools make predictions. Caveat Emptor.)
The real market to get hit will be the mortgage market. It is now a given that the terms of a mortgage can be overturned by the government. Why would anyone make a loan? Well, they would to the right person for the right house. Loan conditions will be strengthened, and many currently qualified folks will lose out. I wouldn't be surprised to see ARMs disappear, but I don't believe that will happen. The conservative inside me says that tightening up on loan qualifications is a good thing. After all, look what happened when anyone or their dog could get a mortgage --- assuming the dog has a social security number. Not as many people will "own their own home" - and the American dream will be slightly smaller.
Maybe in the end, all of this is a good thing. Only time will tell.
My last conclusion is that the Bush Plan will create a mess; could have the positive side benefit of better lending practices; and is dangerous because it introduced "uncertainty" in the securities market. This is like opening Pandora's Box - you really can't predict the true end result. Let's hope it's all a lot of hot air to the majority of Americans.
Now you can watch this news story on TV or in the newspapers, and have an inside understanding behind the various machinations as they occur.
Tom Harvey is the Economy Guy at http://economyguy.com A retired aerospace executive who now resides in Arizona and Hawaii, Tom's passion is educating people on what the TRUTH is behind all of the big media financial news most of us read or watch. His hobbies are commercial real estate and bond market investing. He is also a 3 time alumni of the Maui Mastermind conference.
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