Investment club for San Mateo

January 8, 2007
6:30 pm, (sharp)
393 Vintage Park Dr.
Suite 220
Foster City, CA. 94404
Map: http://tinyurl.com/yesb95
We are starting a PennyJar Investment Club in San Mateo and we would be thrilled to have you join us to find out more about what PennyJar is all about! Our first meeting is January 8, 2007. The location has lots of free parking and is easy to get to; just off highway 92.

Why US $ is going down: Central Banks buying Euros

The US dollar is having a hard time lately as its value continues to decline. One of the reasons is that foreign central banks are starting to diversify their holdings away from the US $ and toward the Euro. Remember the US government finances the deficit buy selling debt (US BONDS) and that the majority of the US Bonds are bought by foreign governments. This is because the US is viewed as a safe investment. However oil producing countries that are not exactly happy with the US are pushing hard to make the Euro the standard and not the US $.

Below is excerpt from news today
Reports that the United Arab Emirates would diversify its foreign currency reserves by purchasing more euros provided the currency-moving catalyst. Traders viewed the move as symptomatic of a wider trend and quickly bid up the euro.

"By itself, the UAE's shift is small change in the foreign-exchange market," Tony Crescenzi, chief bond market strategist at Miller Tabak and a RealMoney.com contributor, wrote in a published article. But "the UAE's shift is another in a string of actions taken by the world's central banks" to diversify away from the dollar.

source: the street.com http://www.thestreet.com/_iwon/markets/metals/10329783.html?cf=WSIWON1111051500

Wall Street Meets Walt Disney

The man behind Minyanville

Someone tried to Scam me on Craigslist

I put an electric dryer for sale on Craigslist. Some guy offered me $140, which I accepted. He wanted to pay by certified check, which I also accepted (not too smart of me). I was thinking that a certified check is like cash.

Then I got this email, which smelled very bad to me:

Hi Paul,
How are you doing.Hope everything is going fine on your side, As a matter fact the deal is on and according to my secretary,he has already sent the check out to you.So the payment should arrive in a short while from now.And once you get it,i guess you know how to handle everything.And please dont bother about any other buyers.But there was a little problem which i guess we can handle with understanding.When i contacted my secretary to know maybe the payment as already been sent,i got to know that there was a misinterpretation while sending the payment.According to the instruction i gave him,he was suppose to have send you a check of $140.But instead,he sent a check of $1400. It was a terrible mistake and the check is already out for delivery to your location.But that should not disturb our own transaction.the deal is on and we will get through it.what will happen is that ,once you get the check you will take it to the bank and cash it immediately,then you deduct your $140, and a $25 dollars for your run around in cashing the check and also a $100 for sending the rest funds to my mover via western union money transfer that same day,my mover will be using the remaining funds for the pick up,i guess i can be assured in you that you can handle it with trust and have it sent to my mover.E-mail me back immediately to let me know that i can trust you to handle everything well.I will be expecting your e-mail asap.PLS AM PUTTING MY TRUST IN YOU.
Best Regards
and Stay Blessed.
Ken.

I went to internet crime complaint center and found a description on COUNTERFEIT CASHIER'S CHECK. Basically, they get victims to wire money overseas via Western Union, after they think the check has cleared, but it really hasn't.

Then I called Wells Fargo to get advice on how to proceed, or not. They told me that the scammers work outside the country and they are getting away with it. They referred me to the Internet Crime Complaint Center. Unfortunately, the ICCC only keeps track of victims and are not proactive. They don't actually investigate, only keep statistics. Great.

I cancelled the deal. From now on I deal in cash only.

I can't help but think that a lot of people are falling for this crap.

How the Dollar System works

Lately I have been trying to learn more about why the US dollar is declining and see if I can figure out a safe haven for my investments if the dollar continues to decline. While searching the web I came across this well written and SCARY article about how the dollar system works and how it might be at the end of its life. This is a very thought provoking article and it made me think beyond my current understanding of the US economy. I encourage you to read and provide comments.