Chinese Stock Market Crash ?

No, I don't think it was a Chinese stock market crash, but yes, it was a big drop which did affect the economies of the whole world, especially those of the resources-based exporting countries like Australia and Canada.

China's economy is slowing down. It doesn't want to buy your coal and oil, so what you gonna do? Even with the slow down, China's economic growth is still 7% more or less, an envy of many countries.

How well has Canada been doing economically? Not very well, but not very bad either. Election is on, so if you ask the leaders running for the Prime Minister's office, you'll certainly get different political answers. Tom Mulcair of the New Democratic Party (NDP) and Justin Trudeau of the Liberal Party (LP) will tell you that Stephen Harper of the Conservative Party (CP) sucks, but of course Stephen Harper will tell you that he's been doing a great job and you should continue to let him be your prime minister. 

The world economy is a big monster. Nobody is able to manage it alone. We should rather focus on our own personal economy, our own finances, to maintain and improve our ' financial health '. 

Global Wealth

The 99% complaint about the 1% is becoming real.

According to a report of anti-poverty charity Oxfam International, by next year, 1% of the world population will own more than 50% of the wealth in the whole world. The combined wealth of the 99% will be less than the combined wealth of the 1%.

1% of the world population will own more wealth than the rest of 99%. Something is wrong about this reality. What do you think?

The American Dollar

The American Dollar is no longer as mighty as it was. The Almighty Dollar doesn't sound Almighty any more.On the latest trip of Stephen Harper to Beijing, Canada signed a currency deal with China. Business between the two countries can now be conducted in their own currencies of Canadian Dollar and Chinese Yuan.

Canada is not the first country which has signed such a currency deal with China. Many countries have already done so. This enables business between countries to be conducted directly in their own currencies, without having to take the extra step of converting them  to U.S. money.  

As many know, the American Dollar was backed by gold in the past. In 1971, president Nixon untied the American Dollar from gold. It then became the Petro Dollar. International trading of oil and other commodities was then conducted in U.S. currency. At the present, the American Dollar is just fiat money backed by nothing, except you may say that it is backed by bullets and bombs. In other words, Uncle Sam would get mad and force you to use the American Dollar, and if you refused to comply, he would make your life difficult, by using political pressure, economic sanction, and even military action.   

The game of creating American money from thin air will be over. It may not be completely replaced by another new game, but it will not be the only game, or the primary game.

Some economists, investors, financial people, or even conspiracy theorists predict that the American Dollar will collapse soon. I don't agree with them entirely. I don't think that it will be a sudden and quick collapse. I believe it will gradually lose its status as the international trading and reserved currency. It is already happening. All said, I could be wrong, so please don't point finger at me, if the American Dollar suddenly collapsed. I pray that it won't, because if it happens this way, the American people will suffer greatly beyond words.     

Uncle Sam is in heavy debt, owing trillions of dollars to China and other countries. It is a losing game, to keep borrowing and printing money, in order to maintain a false or exaggerated economy, and to finance the very expensive military adventures everywhere.

Will the Almighty Dollar, the American Greenback, give way to the Chinese Yuan (Dollar) or Reminbi (people's money) ? Just wait and see !!!       

Good Bye Jim

RIP Jim Flaherty ... a good Finance Minister of Canada !

Mistakes

A co-worker says it is "scary" that I never make mistakes.Of course this can't be true. Nobody is perfect. I think he rather means that I am a very good worker, usually very accurate in my work, especially when it comes to financial and legal matters. Mistake is not always a bad thing. It makes you grow and learn. After failure, there will be success.

Pope Resigned

In the news,"Pope Benedict resigned to avoid arrest and seizure of church wealth". Is it true ? I don't know all the facts yet, but this is more believable to me than other reasons like he is getting old, god made a mistake to appoint him in the first place, etc. etc. Had he not been a Pope, he would have been arrested and prosecuted long time ago for covering up the sex crimes committed by his bishops and priests, not to mention money laundering and other evils. Wake up !!!