Monday, September 28, 2015

Glamour and gangsters Set in Canada, about a stylish Punjabi Sikh gang and its turf wars, Deepa Mehta's Beeba Boys veers between fierce and farce Indira Kannan


Beeba Boys

If outfits could kill, Jeet Johar and his gang would be the kings of the underworld. They care more about their shoes, color-coordinated turbans and sharp ankle-length pants than about the law or human life. They are the Beeba Boys of Canadian director Deepa Mehta's latest film of the same name, which had its world premiere on September 13 at the Toronto International Film Festival, or TIFF.

Introducing the film at the festival, Piers Handling, director and CEO of TIFF, told the audience that Beeba Boys is a rare Canadian gangster film. This may not be the distinction the million-strong Indo-Canadian community would covet, but Mehta's film is a fictional account inspired by the reality of Indian - mainly Punjabi Sikh - gangs in the Vancouver area.

Indian actor Randeep Hooda is the gang leader Jeet Johar, surrounded by several sidekicks, the most memorable of whom is the court jester Manny, played by New York-based actor and designer Waris Ahluwalia. Canadian actor Ali Momen is Nep, who plays a dangerous double game with Jeet and his rival, an older gangster Robbie Grewal, played by Gulshan Grover. The film gets its name from the Punjabi word for good, beeba, which was how many Punjabi mothers described their sons to Mehta.

The first thing you notice about the Beeba Boys is their wardrobe. Mehta, who also wrote the screenplay, said in an interview that she didn't set out to glamourise the gangsters, but that it was also impossible to divorce crime from glamour. "I think anybody who says that crime is not glamorous is very naïve. Crime has always been glamorous, whether it's Italian gangsters or Irish gangsters or the Yakuza or the Triads, wherever power and money are focused on macho male behaviour - sadly, and I'm not saying this is a good thing, it becomes very glamorous. So I had no concerns, I'm just depicting reality,"she says.
Randeep Hooda
The suits in bright colours and matching turbans and shoes came from the need to give the gangsters a unique look that would mesh with their background. "I think colour is a big thing for Indians, so it became about the colours. But they are also Canadians, so it would be Western clothes," Mehta explains.

While the older don Grewal prefers to keep a low profile, describing his underworld operations as pure business, Jeet aspires to be seen, heard and feared. It's almost as if being recognised as a gangster is more important than actually being one. He gives television interviews about his take on how to win respect from rivals and racists, sometimes both, in a language that would amount to nothing more than a series of bleeps during telecast. But despite his swagger and big talk, Jeet finds that dislodging Grewal is going to be harder than it looks.

With a stylish gang and their fancy toys and turf wars, the film veers between fierce and farce; despite the shocking body count, there is little sense of real menace, as with the scene in The Godfather when a Hollywood producer finds the head of his favourite stallion in his blood-soaked bed. The Beeba Boys often look like they are playing at being gangsters, and their casual violence, part of that play-acting.

Deepa Mehta
Deepa Mehta
Some context for their motivation is provided in a scene where Jeet's perpetually drunk father, played by Kulbhushan Kharbanda, recalls his experience as a new immigrant to Canada, when he worked in freezing cranberry bogs without any bathroom breaks so that he had no choice but to wet his pants everyday. The next generation, raised in relative prosperity, doesn't want to stay quiet or invisible. "The film is about identity, it's about immigration, it's about assimilation and the use of crime to be seen in a white society," explains Mehta.

The director zeroed in on Hooda for the lead role after having watched him in Once Upon a Time in Mumbaai. "He has a very short role, but I didn't remember anything about the film except him," Mehta says. Hooda, essaying another gangster role, is the bright spot in the film, effortlessly switching between the roles of a steely boss, debonair lover, devoted single dad and resigned to kowtowing to his mother who doesn't hesitate to squash his swagger in front of his goons while demanding he hand over his dirty underwear for washing. You may quibble with the mother's decision to admonish, but also ignore, her son's criminal activity, but Balinder Johal brings a delightful insouciance to her role.

Mehta, who met with two gangsters and two mothers while writing the film, says the mothers often are unable to dissuade their sons from joining gangs. "They aren't deliberately trying to ignore it. They just can't do much about it," Mehta says. Ahluwalia looks his part, even if the device of his deliberately poor jokes sometimes falls flat, while Canadian actor Sarah Allen plays a juror who falls so deeply for Jeet during a trial where he's acquitted, she seems out of her depth as an Indian gangster's moll.

With a mixture of violence and humour, the film builds up to the final confrontation. While there was a lot of buzz about a director known for her dramas doing a gangster film, Mehta said she never really felt she was in unfamiliar territory. "I thought I was doing a dramatic film, and I still feel I did a dramatic film, that the story is a dramatic story about the rise and fall of a brotherhood of gangsters."

The film is scheduled to hit theaters in Canada on October 16, but Mehta said she was indifferent to its release in India. ""I absolutely make no money in India, everything gets pirated, I get into people writing strange things about it, it makes no difference to me," she says.

Sunday, September 27, 2015

sans threat over cyber theftction


san

s threat over cyber theftction


Skeptical of Chinese assurances on cyberspying, President Barack Obama on Friday laid out a fresh threat of sanctions for economic espionage emanating from China, even as he and President Xi Jinping pledged their countries would not conduct or support such hacking.
"The question now is: Are words followed by action?" Obama said, standing alongside Xi at a White House news conference.
Obama's wariness underscored deep U.S. concerns about what officials say is China's massive cyber campaign to steal trade secrets and intellectual property from American companies. While China has publicly denied being behind such activities, U.S. officials say their counterparts in Beijing have begun to take the matter more seriously, as well as the potential impact on ties with Washington.
"Confrontation and friction are not the right choice for both sides," Xi said, speaking through an interpreter.


The spying tensions cast a shadow over Xi's state visit to Washington, a grand affair complete with a formal welcome ceremony and a black-tie dinner. Obama faced criticism from some Republicans for honoring China with a state visit given the cyber concerns, as well as U.S. worries about Beijing's human rights abuses and assertive posture in territorial disputes in the East and South China Seas.
While the latter issues were discussed during Obama and Xi's lengthy talks, no discernable progress was made.
Xi said the Chinese have "the right to uphold our own sovereignty" in the South China Sea, where Beijing has alarmed its neighbors with a major campaign of artificial island-building. China has reclaimed about 3,000 acres of land in the past year-and-a-half by dredging sand from the ocean bed.


On human rights, long a divisive issue between the U.S. and China, Xi made no commitments, saying only that countries must have the right "to choose their own development independently."
Obama and Xi did herald progress on climate change, one of the few areas of bilateral cooperation that has proceeded smoothly in recent months, largely because Beijing has struggled to contain heavy air, water and soil pollution that has destroyed farmland, sent cancer rates soaring and left its cities cloaked in dense smog.
In conjunction with the state visit, Xi announced a blueprint for a nationwide cap-and-trade system beginning in 2017 that would cover highly polluting sectors ranging from power generation to papermaking. China also said it will commit $3.1 billion to help developing countries reduce carbon emissions.
At the same time, Obama has warned that progress on climate change and other issues could be threatened by China's continued cybertheft of intellectual property.


U.S. officials say that while they regularly hack Chinese networks for espionage purposes, they don't steal corporate secrets and hand them to American companies. Chinese officials traditionally have viewed that distinction as meaningless, saying that national security and economic security are inextricably linked.
Ahead of Xi's visit to Washington, the U.S. administration had been preparing economic sanctions in retaliation for Chinese cybertheft. However, officials decided to hold off on the penalties in hopes that an accord like the one announced Friday could be reached.
Still, Obama said the possibility of sanctions against individuals or entities remains on the table.
"We will apply those, and whatever other tools we have in our tool kit, to go after cybercriminals either retrospectively or prospectively," he said.
The agreement to clamp down on the theft of trade secrets doesn't address the theft of national security information, such as the tens of millions of U.S. federal personnel records that American lawmakers and some U.S. officials have said was engineered by Beijing. Obama has declined to publicly assign blame to China for that breach.
American officials have said the U.S. data was a legitimate intelligence objective — and the type of thing that Washington itself might target in other countries.
U.S. businesses welcomed the cyber agreement, though some were cautious about the prospects of China following through.
"While a diplomatic agreement is an important first step, retailers will measure the success of these efforts by China's actions moving forward," said Nicholas Ahrens, vice president of privacy and cybersecurity for the Retail Industry Leaders Association, a trade group that includes such members as Best Buy, Sears and Wal-Mart.
Jeremie Waterman, executive director for China at the U.S. Chamber of Commerce, said he hoped the agreement "marks a new chapter" and leads to real progress. Like the president and others, he said the key will be how well the agreement is implemented.
RTSRE 





Obama Hosts China's President Xi Amid Simmering Tensions

 Five Facts About China's President (Including How to Say His Name) 0:59
President Barack Obama hosts Chinese President Xi Jinping for his first U.S. state visit on Friday, but the pomp and pageantry will not be enough to mask tensions over alleged Chinese cyber spying, Beijing's economic policies and territorial disputes with its neighbors.
U.S. and Chinese officials hope to launch the summit on a positive note by showcasing at least one area of cooperation — the global fight against climate change — when they announce a deal to build on a landmark emissions agreement struck last year.
But that achievement is all but certain to be overshadowed by major points of disagreement that underscore a growing rivalry between the world's two biggest economic powers.Xi's state visit formally began at 9 a.m. EST today with a welcome ceremony on the White House South Lawn, including a 21-gun salute, followed by Oval Office talks, a joint news conference and a black-tie state dinner.
Despite such ceremonial honors, the Chinese Communist leader — coming to Washington on the heels of Pope Francis — can expect nothing like the wall-to-wall U.S. news coverage given the popular pontiff who drew adoring crowds wherever he went.
In diplomatic terms as well, no major policy breakthroughs are expected on the big issues that divide the two countries.
But the summit will yield a significant announcement by Xi of a commitment by China, the world's biggest producer of greenhouse gases, to begin a national "cap-and-trade" program in 2017 to limit emissions, U.S. officials said. It is an effort to build momentum toward a global climate change pact in Paris later this year, something Obama sees as part of his legacy.
However, the announcement is expected to be one of the summit's few tangible policy achievements.
High on the agenda is cyber security, a growing source of strain after high-profile cyber attacks on U.S. business and government databases blamed on Chinese hackers. Washington is considering sanctions against Chinese companies and individuals.
Visiting Seattle on the first leg of his trip, Xi denied involvement by the Chinese government and pledged to work with the United States to fight cyber crime. While Obama's aides say no formal agreement is likely, Chinese officials have suggested the possibility of a basic deal against cyber warfare.
Obama is also expected to press Xi to follow through on economic reforms and refrain from discrimination against U.S. companies operating in China. Some analysts believe Obama has more leverage due to China's slowing economic growth, which has destabilized global markets.
At the same time, the Obama administration is still at a loss about how to curb China's assertiveness in the South China Sea, where Beijing has continued to reclaim land for potential military use despite conflicting claims with its neighbors.
The two leaders held a private dinner on Thursday after Xi's arrival to begin grappling with their differences.
Calls for Obama to take a harder line with China have echoed from Congress to the 2016 Republican presidential campaign. But his approach will be tempered because the world's two biggest economies are inextricably bound together.
For his part, Xi, with nationalistic sentiment rising at home, can ill afford the appearance of making concessions

Monday, September 21, 2015

7 Habits of the World's Richest People


BY JAYSON DEMERS | INC.



Are there habits wealthy people consistently practice that impact their success? Are there traits or strategies we can incorporate into our own day-to-day lives that can give us a better chance of financial success?
In his book, Rich Habits–The Daily Success Habits of Wealthy Individuals, Tom Corley suggests there are.  For five years he observed habits–which he defines as daily, unconscious practices– of 233 rich people and 128 people living in poverty. What he found were significant differences in the daily activities and attitudes of the two groups. Here are seven habits commonly practiced by the wealthy individuals he observed.
1. They’re persistent.
While we generally think of persistence as more of a personality trait, it’s certainly a habit that can be learned and practiced over time. When faced with adversity, wealthy individuals keep pushing through, knowing that success could be right around the corner.
They’re persistent in all areas of their lives, not just when it comes to money-generating activities. According to Corley, persistence is evident in everything that wealthy individuals do:
  • 67 percent were cognizant of and careful about how they spent their time; for instance, TV watching was limited to less than one hour per day.
  • 81 percent made a consistent effort to control their thoughts, feelings, and words.
  • 80 percent had pursued a single goal for at least one year.
  • 88% read at least 30 minutes every day in order to increase their knowledge.
2. They set attainable goals.
Whether we realize it or not, we’re constantly setting goals for ourselves. Anytime we look to the future and think about what we’d like to have or do, we’re essentially setting a goal for ourselves:
“I want to become a recognized leader in my field.”
“I need to bring in more money in order to meet my financial obligations.”
“I want to take an expensive vacation with my family every year.”
The problem with these goals, of course, is that they aren’t specific, and they aren’t necessarily realistic. For instance, if I’m working for minimum wage, going on an expensive holiday probably isn’t in the cards for me this year.
Corley found that wealthy individuals consistently set specific, attainable goals. These goals were realistic and had a specific set of actions that would need to be carried out in order to be met.
For instance, instead of saying, “I would like to earn $1 million this year,” a more realistic and specific goal might be: “I will bring in an additional $25,000 this year by increasing my production capacity.” Assuming it’s actually possible to increase production, this is a goal that can realistically be attained through careful planning and hard work.
Corley writes, “If you want your wish or dream to come true, you need to create goals around them, pursue those goals and achieve those goals. You need to break your wish or dream down into manageable tasks that you are able to perform. The accumulation, over time, of the completed goals will move you forward toward realizing your dream. You will still need outside help and outside influences, but luck has a way of finding the prepared and the persistent.” In other words, having a dream is great, but you need to set up smaller, more manageable goals to reach along the way. As you reach these smaller goals, you check them off your list and move ever closer to achieving your dream.
3. They find a career mentor.
This is a big one; in fact, 93 percent of wealthy individuals had a mentor who assisted them on their path to success. Finding a great mentor can be challenging, but the payoff can be huge. Condoleeza Rice stresses the importance of finding a mentor, but also gives a warning: “Search for role models you can look up to and people who take an interest in your career. But here’s an important warning: you don’t have to have mentors who look like you. Had I been waiting for a black, female Soviet specialist mentor, I would still be waiting. Most of my mentors have been old white men, because they were the ones who dominated my field.”
There are many reasons mentors are such an important support, but here are a few of the key ones:
  • They help you avoid mistakes they themselves have already made.
  • They inspire and motivate you to stay on task and keep working toward your goals.
  • They connect you with people who can help you along the way (“It’s all in who you know”).
To learn exactly what to look for in a mentor, see my article, 7 Key Qualities of an Effective Mentor.
4. They are positive.
According to Corley’s observations, the wealthy individuals he observed generally had a positive outlook on life, were upbeat and happy, and were grateful for what they had. Some more specific findings were as follows:
  • 94 percent avoided gossiping
  • 98 percent believed in limitless possibilities and opportunities
  • 94 percent enjoyed their chosen career
  • 87 percent were happily married
  • 92 percent were happy with their level of health
[Some may wonder here–myself included–if they were happy with their lives because they were wealthy, or they were wealthy because they were happy and positive. Chicken and the egg.]
He also found consistently negative attitudes and beliefs cropping up among the poor:
  • 85 percent were unhappy in their jobs or careers
  • 53 percent were unhappy in their marriage
  • 78 percent believed optimism wasn’t necessary in order to be successful
  • 77 percent believed lying was necessary to achieve success
Attitude matters, to be sure. While it seems a far stretch to say that simply being happy leads to wealth, maintaining a positive outlook and attitude certainly can’t hurt.
5. They educate themselves.
As mentioned above, 88 percent of wealthy individuals spent at least 30 minutes each day reading in order to expand their knowledge. In addition, 85 percent read two or more books per month on an ongoing basis.
Nonfiction books like biographies, self-help books, or materials related to their business or career were all popular choices. Wealthy individuals were able to translate what they learned into actionable information they could apply to their daily decisions. They made a habit of prioritizing self-education, and used what they learned to reach their goals and improve their lives.
6. They track their progress.
When you live off the cuff, without much thought as to what you’re doing, it’s nearly impossible to know what you need to change or do differently in order to succeed. For instance, if you don’t keep a monthly budget, it’s impossible to know how or where you can save money.
Corley found that wealthy individuals were almost obsessive about tracking and measuring in all areas of their lives:
  • 67 percent kept up-to-date to-do lists
  • 94 percent balanced their bank account each month
  • 57 percent counted the calories they consumed
  • 62 percent set goals and tracked whether or not they were on track to achieving them
Setting and attaining goals becomes far more difficult when you have no yardstick by which to measure your progress. To give yourself the best chance of success, keep yourself organized and track the progress you’re making toward your goals.
7. They surround themselves with success-oriented people.
Wealthy individuals seem to intuitively understand the importance of being around other goal- and success-oriented people. They are intentional about nurturing these positive relationships, and they invest the time and energy necessary to help these relationships grow.
Corley writes, “Wealthy, successful people are very particular about who they associate with. Their goal is to develop relationships with other success-minded individuals. When they stumble onto someone who fits the bill, they then devote an enormous amount of their time and energy into building a strong relationship. They grow the relationship from a sapling into a redwood. Relationships are the currency of the wealthy and successful.”
His suggestion is to dedicate 30 minutes each day to nurturing such a relationship. This could mean being a sounding board, giving advice, or just generally being a helpful companion. As you build and nurture this relationship, that person is likely to reciprocate and become a trusted and valuable supporter.https://smallbusiness.yahoo.com/advisor/post/111586837942/7-habits-of-the-worlds-richest-people


Saturday, September 19, 2015

Amazon Launches $49.00 KIndle Fire


He called the $50 tablet a "gateway drug" for Amazon to attract new customers to Prime, a $99-a year shopping program estimated to have around 40 million global members.

View galleryThe new Amazon Fire tablet six pack is displayed during …
The new Amazon Fire tablet six pack is displayed during a media event introducing new Amazon product …
The potential to draw more customers may appease investors but could prove costly if Amazon fails to sell large volumes, analysts said.

Amazon took a $170 million write down in the third quarter last year after it struggled to sell its inventory of $200 Fire smartphones. Amazon has said it does not plan to profit from devices but to drive more customers to services through the gadgets.

Amazon on Thursday also rolled out a line of new, 8-inch and 10-inch Fire HD tablets and revamped Fire TV gadgets.

The $99.99 Fire TV set-top box integrates its cloud-based virtual assistant Alexa, allowing viewers to check the weather, look up sports scores and play music.

Amazon said viewers will soon be able to control home appliances through Fire TV, a function available on Echo, the company's personal aide gadget that can control thermostats and lights.

(Corrects second paragraph to show screen is 7 inches diagonally, not wide)

(Reporting by Mari Saito; Editing by Miral Fahmy)

Tuesday, September 15, 2015

Obama Orders euro Conversion for October

Is Obama going for one government for the world? What is happening to the US voter? Are we living in a democracy or a dictorialship? I for one, am uncomfortable with one man making these
kind of decisions for all of us. Judi Singleton Starting October 2015, good bye US currency, hello euro. (image: Wizzard - Public Domain - Wikimedia Commons) Starting October, say hello to the euro. WASHINGTON, DC – Demonstrating another bold example of presidential authority, sources report Barack Obama has ordered the Federal Reserve to adopt the euro beginning October 15, 2015. The US will share the single monetary system used by 18 European Union member states, including Greece, France, Germany, and Slovakia. Sources reveal the surprise announcement resulted from overseas deals between foreign finance ministers and the Federal Reserve System. “This step forward,” announced Obama, “will make it easier for Americans and Wall Street to compare prices, help stabilize the economy, and ensure our position as number one leader on the world’s economic stage.” The changeover was revealed during the worldwide economic summit held in Beijing, where earlier, alongside Chinese premier Li Keqiang, Obama had secretly worked out a climate accord agreement. Criticism has been swift and severe. “Obama’s given up entirely on our US economy after single-handedly destroying it,” said Rep. Kevin Brady (R-TX 8th District), Chairman of the Congressional Joint International Economic Commerce Committee. “It’s like breaking all the founding father’s national piggybanks and then saying ‘I don’t want to play anymore because these banks are all broken,'” said 64-year-old former Alaska Governor Sarah Palin. “Obama needs to realize that the economy isn’t his personal rumpus room to press ’tilt’ on the financial pinball machine of the economy whenever that desire erratically strikes him. He should vastly consider staying over there in China while he’s over there in China. Please sir, may I have another?” she added. To help with the conversion to the euro, a new whitehouse.gov website will launch, complete with downloadable conversion calculators and apps. Printable vouchers will be provided for discounts toward government manufactured cash registers. A children’s mascot, featuring ‘Yuri the Happy Euro‘ will help guide youngsters through the new system. For the first 3 months of the conversion, euro notes and coins will circulate jointly with US currency, so as not to disrupt the holiday season. “We don’t want to add any extra stress,” said the President. “My economic team predicts everything will go smoothly.” Will vendors take advantage of the new system to gouge consumers? What about ATMs? Will small businesses who can’t afford to make the changeover right away close up shop and further weaken an increasingly unstable Obama economy? “I think it’s a good idea, said Washington D.C. shop owner Vonda Miller. “I spend too much time counting pennies all day long making change. They tell me my taxes will be easier to do, so I’m for whatever the President wants.” Updates will keep readers informed about the conversion, occurring during the last days of Obama’s increasingly emboldened administration. (image: Wizzard – Public Domain – Wikimedia Commons)

Obama Orders euro Conversion for October

Starting October 2015, good bye US currency, hello euro. (image: Wizzard - Public Domain - Wikimedia Commons) Starting October, say hello to the euro. WASHINGTON, DC – Demonstrating another bold example of presidential authority, sources report Barack Obama has ordered the Federal Reserve to adopt the euro beginning October 15, 2015. The US will share the single monetary system used by 18 European Union member states, including Greece, France, Germany, and Slovakia. Sources reveal the surprise announcement resulted from overseas deals between foreign finance ministers and the Federal Reserve System. “This step forward,” announced Obama, “will make it easier for Americans and Wall Street to compare prices, help stabilize the economy, and ensure our position as number one leader on the world’s economic stage.” The changeover was revealed during the worldwide economic summit held in Beijing, where earlier, alongside Chinese premier Li Keqiang, Obama had secretly worked out a climate accord agreement. Criticism has been swift and severe. “Obama’s given up entirely on our US economy after single-handedly destroying it,” said Rep. Kevin Brady (R-TX 8th District), Chairman of the Congressional Joint International Economic Commerce Committee. “It’s like breaking all the founding father’s national piggybanks and then saying ‘I don’t want to play anymore because these banks are all broken,'” said 64-year-old former Alaska Governor Sarah Palin. “Obama needs to realize that the economy isn’t his personal rumpus room to press ’tilt’ on the financial pinball machine of the economy whenever that desire erratically strikes him. He should vastly consider staying over there in China while he’s over there in China. Please sir, may I have another?” she added. To help with the conversion to the euro, a new whitehouse.gov website will launch, complete with downloadable conversion calculators and apps. Printable vouchers will be provided for discounts toward government manufactured cash registers. A children’s mascot, featuring ‘Yuri the Happy Euro‘ will help guide youngsters through the new system. For the first 3 months of the conversion, euro notes and coins will circulate jointly with US currency, so as not to disrupt the holiday season. “We don’t want to add any extra stress,” said the President. “My economic team predicts everything will go smoothly.” Will vendors take advantage of the new system to gouge consumers? What about ATMs? Will small businesses who can’t afford to make the changeover right away close up shop and further weaken an increasingly unstable Obama economy? “I think it’s a good idea, said Washington D.C. shop owner Vonda Miller. “I spend too much time counting pennies all day long making change. They tell me my taxes will be easier to do, so I’m for whatever the President wants.” Updates will keep readers informed about the conversion, occurring during the last days of Obama’s increasingly emboldened administration. We are having a big sale come over and see

Saturday, September 12, 2015

Is There a Viable Alternative to the Dollar?

The dollar became the world's reserve currency when President Nixon abandoned the gold standard in the 1970s. The dollar is used for 43% of all cross-border transactions. The dollar's value is strong as measured by central bank reserves -- 61% of the these foreign currency reserves are in dollars. Ads Investing in Gold Coins www.learcapital.com Know the Facts Before You Buy. We'll Send You a Free Investor Kit! Gold Is Being Manipulated outsiderclub.com/Silver_Kitco Don’t Buy One Ounce Until You Read This Free Report From Our Experts The next most popular currency? The euro, which comprises less than 30% of reserves. The eurozone debt crisis has only weakened the euro as a viable alternative to the dollar as a global currency. China and others have argued for a new global currency. China's central banker argues that the yuan should replace the dollar to maintain China's economic growth. However, replacing the dollar would be a massive undertaking, would require great global resolve and not happen quickly. Some see Bitcoin as a new world currency. That's because it is not managed by any one country's central bank. Instead, it is created, managed and spent online, although it can be used at brick-and-mortar stores that accept it. What Event Could Trigger a Collapse? Altogether, foreign countries own more than $5 trillion in U.S. debt. If China, Japan or other major holders started dumping these holdings of Treasury notes on the secondary market, this could cause a panic leading to collapse. China owns more than $1 trillion in U.S. Treasuries. That's because China pegs its currency, the yuan, to the dollar. This keeps the prices of its exports to the U.S. relatively cheap. Japan owns more than $800 billion in Treasuries, also keeping its currency, the yen, low to stimulate exports to the U.S. Japan is trying to move out of a 15 year deflationary cycle, and the 2011 earthquake and nuclear disaster hasn't helped. China and Japan Can, But Won't, Trigger a Collapse Would China and Japan ever really do this? Only if they saw their holdings declining in value too fast AND they had another market to sell their products to. The economies of Japan and China are dependent on U.S. consumers. They know that if they sell their dollars, their products will cost more in the U.S., and their economies will suffer. Right now, it's still in their best interest to hold onto their dollar reserves. China and Japan are selling more to other Asian countries, who are gradually becoming wealthier. However, the U.S. is still the best market in the world. (See Demand in the U.S. Economy) If It Did Occur, What Would Happen Next? A sudden dollar collapse would create global economic turmoil as investors rush to other currencies, such as the euro, or other assets, such as gold or other commodities. Demand for Treasuries would plummet, driving up interest rates. U.S. import prices would skyrocket, causing inflation. U.S. exports would be dirt cheap, boosting the economy briefly. Unfortunately, uncertainty, inflation and high interest rates would strangle possible business growth. Unemployment would worsen, sending the U.S. back into recession or even creating a depression. How to Protect Yourself Protect yourself from a dollar collapse by first defending yourself from a gradual dollar decline. Keep your assets well-diversified by holding foreign mutual funds, gold and other commodities. A dollar collapse would create global economic turmoil. To respond to this kind of uncertainty, you must be mobile. Keep your assets liquid, so you can shift them as needed. Make sure your job skills are transferable. Update your passport, in case things get so bad for so long that you need to move quickly to another country. When Will It Happen? A dollar collapse is not imminent. In fact, it's highly unlikely that it will collapse at all. That's because any of the countries who have the power to make that happen (China, Japan and other foreign dollar holders) don't want it to occur. It's not in their best interest. Why bankrupt your best customer? Instead, the dollar will probably continue to decline gradually, as these countries slowly find other markets. For more, see Dollar Decline or Dollar Collapse?

Wednesday, September 9, 2015

A Brilliant Way To Pay Down Your Credit Card Balances

This article is about using a simple but powerful tool to help pay down credit card debt as quickly as possible while spending as little as possible on interest charges. The tool is readily available to anyone with good credit, and more and more Americans are learning about it, and using it to their advantage. First, a little context. Banks have become so competitive with one another in order to win new customers for their credit cards, that they have started offering better and better incentives in order to attract new customers to their cards. It began when a few banks started offering extremely low interest rates for a brief period in order to get new customers to transfer over their balances. Then other banks upped the ante, and dropped rates to 0% for 6 month periods. That grew to 8 months. Very competitive banks started offering a full 12 months uickly no interest. Now banks are offering such long 0% intro APR periods that using these offers have become a potent part of the personal finance toolbox. There is a card offering 0% for a full 15 months with no balance transfer fee. There is even a card offering an incredible 18 months of zero interest on transfers. One can really think of these offers as getting an interest-free "loan" during the long intro period. So how impactful can transferring a balance over to a card with an ultra-long 0% intro offer be? Lets take an example: If your current card charges 18% APR, you would save $2,522 over 15 months by transferring a $10,000 balance to the Slate, and $2,798 over 18 months using the BankAmericard* That's a lot of money. Now for the second part, paying off your balances more quickly. Take the same $10,000 example. If you're paying $250 per month on that balance, most of that payment goes toward just paying the interest, leaving very little to pay down the balance. It would take you 62 months (more than 4 1/2 years!) to pay that down at that rate. Now watch what happens when you stop the interest by transferring the balance, but continue paying the $250 every month. 100% of that money now pays off balance, and at the end of the 15 month period, your $10,000 balance would only be $6,250. The entire amount would be repaid in 47 months instead of the 62 months, saving you well over a year of payments. That's getting out of card debt a full 15 months earlier, while also saving thousands of dollars to boot. So here's the question. If it costs nothing to apply but a few minutes, and it costs nothing to transfer over the balance once you've been approved, why would anyone carrying a balance continue to pay interest every month? We hope we can help spread the word so that more Americans can use this incredible tool to cut out their card debt, and that if you are carrying a balance, that you can put these principles we've identified to work for you. Below are our top-rated balance transfer cards offering the longest 0% intro APR periods, or the best combination of 0% intro APR and other incentives (cash rewards, no fees etc): The No Transfer-Fee Card Chase Slate 15 Months of 0% Intro APR. No balance transfer fee. No annual fee. The Chase Slate is tied as our highest-rated balance transfer card, and for good reason. It charges no fee for transferring your balance to it in the first two months, no annual fee, and no interest on balances transferred for a full 15 month 0% intro APR period. This makes it a phenomenal tool to gain control of your credit card debt, as you can make a costless balance transfer, then use the 15-month interest grace period to pay down your balance. The Verdict: If you don't need the entire 18 months offered by the BankAmericard, this can be efficient since it doesn't have a balance transfer fee. No transfer fee and no annual fee, combined with the 0% intro APR means that this is really free money for the 15 month term, no catches. Most Appropriate For: Those who want a no-fee way to stop paying interest, and possibly pay off the cards during that breather. Those with good rather than excellent credit. Least Appropriate For: Those who pay off their balances every month would be better served getting a card paying high rewards. Credit Required: Good More Details > The Ultra-Long 0% Intro APR Card BankAmericard® Credit Card 18 billing cycles (months) of 0% Intro APR. No annual fees. The BankAmericard is tied as our highest rated balance transfer card, featuring an unbelievable 18-month 0% APR intro period. This means that if you were to roll your balance over onto the card today, you wouldn't have to pay interest until well into 2017. The card does charge a 3% balance transfer fee, but if you’re looking to avoid paying any interest on your credit card balances for as long as possible, the BankAmericard could be your card. The Verdict: Getting a loan this cheaply for this long is pretty amazing. If you're carrying a balance, and realistically you know you will have to carry that balance for a while, this card becomes a no-brainer. As an example, assume you have a $10,000 balance on your current cards at a 18% rate. Over the 18 month term, you would have paid $3,098 in interest.* Switching to this card would cost $300 in fees, but then nothing the rest of the way, for a net savings of $2,798. Not bad, you could do a lot with that extra cash. Most Appropriate For: Those who have large balances and and want as much interest-free time as possible to pay the principle down. Least Appropriate For: Those who pay off their balances every month or every few months. Credit Required: Excellent More Details > The Cards With Long 0% Intro APR AND Cash Rewards Programs. Chase Freedom Card 15 Months of 0% Intro APR, 1% Cash Back Rewards Program, $100 bonus. No annual fee. Pros: Chase is temporarily offering a fantastic deal on this card. If you charge $500 on it in the first 3 months, you'll earn a $100 bonus. Combine that with the 1% standard cash back feature, plus 5% cash back in certain rotating spending categories per quarter (at the time of this writing it includes restaurants) and this card really starts to pay. All this and you get 15 months of 0% intro APR, and it requires good, not excellent credit, making it easier to get in. Cons: Charges a 3% balance transfer fee. The Verdict: A great combination of 0% intro APR, solid cash-back rewards, an attractive limited-time bonus offer while only requiring good credit. Most Appropriate For: Those with good credit seeking a daily-use card offering great cash back rewards and 0% intro APR. Best for new charges. Least Appropriate For: Balance transfers, as it charges the 3% fee while offering no more free term than the Slate (which has no transfer fee) and not as much as the Simplicity (if you were to pay a fee, you might as well get the full 21 months of the Simplicity) Credit Required: Good More Details > Citi Double Cash Card 15 Months of 0% Intro APR, 2% Cash Back Rewards Program. No annual fee. Pros: Offers a really nice balance between a 15-month 0% intro APR term and a very solid cash-back rewards program. Even during the 0% intro period, you'll receive 1% cash back when you make a purchase, and another 1% on any balance you pay off. Cons: Does charge a 3% balance transfer fee. Requires excellent credit to get in. The Verdict: If you are looking to make some purchases, want to defer paying interest on them, AND earn cash rewards, this is a great option. Most Appropriate For: Anyone who might make some large purchases in the near future, or regularly charges a lot on their cards. Making the charges here would earn cash back but not require any interest during the 15 month intro. Least Appropriate For: Those looking to make balance transfers of current balances onto 0% intro APR cards. The Slate and Simplicity would be better for that use. Credit Required: Excellent More Details > Disclaimer: This content is not provided or commissioned by the credit card issuer. Opinions expressed here are author's alone, not those of the credit card issuer, and have not been reviewed, approved or otherwise endorsed by the credit card issuer. This content was accurate at the time of this post, but card terms and conditions may change at any time. This site may be compensated through the credit card issuer Affiliate Program. Shop at bjewelu.com where the smart woman over 50 shop