How do you become successful at network marketing? That's a question a lot of people ask and often they find it very hard to find someone who will give them an answer that is both honest and competent.
Let's start with what not to do. You don't want to depend on your warm list, weekly local meetings, living room parties, sizzle cards, putting up flyers at the grocery store or laundry, running overly expensive newspaper ads and you certainly don't want to buy those crappy internet leads. THEY DON'T WORK.
What you need are twenty-first century techniques that are necessary to make money online. There are many powerful tools available for making your home based business opportunity a success through internet marketing while continuing to work at home. One way is through video marketing or video blogging ("vlogging") of the kind you see on this blog. Another way is through mass emailing towards targeted demographic groups. You can do that through a company called Veretekk. Check out any of my Veretekk-related websites in the links column on the right hand side of this blog. Veretekk offers many powerful tools for internet marketing. The function of these is to increase your google ranking and search engine optimization.
Of course, in network marketing it doesn't matter how good your marketing system is if you don't work through a reliable, financially solid company with a good compensation plan and honest, professional, competent leadership at the top. My primary MLM is Ameriplan USA, sponsors of the largest discount dental and medical plan in the United States, and a company that has without a doubt one of the best compensation plans around. This is a company that actually has products you can be proud to sell.
If you want to know more about how you can be successful in network marketing, call me. My name is Troy K Preston. My office number is 804-355-7161 or you can call my toll free number at 888-504-0717.
Wednesday, August 13, 2008
Tuesday, August 12, 2008
Live It Up, the Dollar is Dead?
http://www.lewrockwell.com/murphy/murphy134.html
by Bob Murphy
In a recent LRC blog post, it was suggested that in the midst of our current credit crisis – where the Fed is trying all sorts of tricks to prevent Wall Street traders from looking down and realizing they ran off the cliff months ago – the prudent thing to do is become debt-free. Pay off your credit cards, and don’t even take out a mortgage, if you can avoid it. This will not only help you personally to weather the upcoming storm, but it will also annoy the ruling elites, which is itself something most LRC readers would value at least at $20,000.
I generally endorse this analysis; it is certainly more sensible than the Hank Paulson recommendation, which – as best I can tell – runs something like this: "Hey everyone, go buy some stuff at the mall, stop trying to sell your house, and stop shorting US stocks!"
In particular, in the bust phase of a Fed-induced business cycle, the best thing people can do to alleviate the crisis is to save more. This will render the low rates during the boom phase less fictitious than if people continue with their original saving rate. (Of course, you shouldn’t save more just to "ease the recession." The purpose of the economy is to deploy resources in the way that best satisfies consumer preferences. If you don’t want to save more, then don’t do it out of some sense of duty.) Notice that this analysis is the exact opposite of the Paulson doctrine, especially when discussing the "stimulus" checks.
Having said all this, it does not follow that you should pay down your dollar-denominated debts. I personally just moved some of my credit card debt (partly a remnant from grad school days) onto a card that is giving me 0% through August 2009, with a 3% transfer fee. I have a pretty high income – the vast right-wing propaganda machine pays well, my friends, you should look into it – and so they gave me a large line of credit.
Now let’s say next month my wife and I are responsible and come up with $5,000 with which to pay down credit card balances. As long as I can move my balances to cards rolling over at low rates (like, zero!), even counting the transfer fee I would do much better using that $5,000 to buy some Krugerrands. I personally think it is entirely possible that any of the following will happen within the next twelve months:
Israel and/or the US will bomb Iran, in which case oil shoots to at least $175/barrel and gold shoots to at least $1200/oz.
Year-over-year consumer price inflation (even by the official measures) exceeds 10 percent. Gold rises at least 15 percent during this period.
The Federal Reserve runs of out Treasurys and so can’t "sterilize" the massive loans it has been making to banks (see chart below). Bernanke has to decide whether to discontinue the life support, or start expanding the money supply like crazy. He opts for the latter, and the dollar gets pummeled in the foreign exchanges. Gold soars.
In light of these possibilities, building up a decent position in hard money (i.e. gold) seems pretty smart, especially if the Fed will debase the currency. That’s the beauty of it: Yes, in nominal terms your credit card balances will rise by a certain amount (depending on your credit rating and the deal you can get), but in real terms your debt can actually shrink. Your salary will go up due to the printing press (albeit not as much as milk prices, perhaps) so that it will be easier for you to pay the (slightly higher) balances a year from now, versus paying them down today with your current salary.
For those wishing to read about even more exotic moves, like taking out the equity in your US-based house, and then using the freed up dollars to buy foreign assets, I highly recommend Peter Schiff’s book.
Final warning: Naturally credit cards are the work of a top demon, if not the devil himself. I wish I never started using them. But the point is, if you have strong willpower, it might actually make sense for you to divert your savings to other areas, rather than paying down dollar-denominated debts.
August 12, 2008
Bob Murphy has a Ph.D. in economics from New York University, and is the author of The Politically Incorrect Guide to Capitalism. He has a personal website at ConsultingByRPM.com
Copyright © 2008 LewRockwell.com
by Bob Murphy
In a recent LRC blog post, it was suggested that in the midst of our current credit crisis – where the Fed is trying all sorts of tricks to prevent Wall Street traders from looking down and realizing they ran off the cliff months ago – the prudent thing to do is become debt-free. Pay off your credit cards, and don’t even take out a mortgage, if you can avoid it. This will not only help you personally to weather the upcoming storm, but it will also annoy the ruling elites, which is itself something most LRC readers would value at least at $20,000.
I generally endorse this analysis; it is certainly more sensible than the Hank Paulson recommendation, which – as best I can tell – runs something like this: "Hey everyone, go buy some stuff at the mall, stop trying to sell your house, and stop shorting US stocks!"
In particular, in the bust phase of a Fed-induced business cycle, the best thing people can do to alleviate the crisis is to save more. This will render the low rates during the boom phase less fictitious than if people continue with their original saving rate. (Of course, you shouldn’t save more just to "ease the recession." The purpose of the economy is to deploy resources in the way that best satisfies consumer preferences. If you don’t want to save more, then don’t do it out of some sense of duty.) Notice that this analysis is the exact opposite of the Paulson doctrine, especially when discussing the "stimulus" checks.
Having said all this, it does not follow that you should pay down your dollar-denominated debts. I personally just moved some of my credit card debt (partly a remnant from grad school days) onto a card that is giving me 0% through August 2009, with a 3% transfer fee. I have a pretty high income – the vast right-wing propaganda machine pays well, my friends, you should look into it – and so they gave me a large line of credit.
Now let’s say next month my wife and I are responsible and come up with $5,000 with which to pay down credit card balances. As long as I can move my balances to cards rolling over at low rates (like, zero!), even counting the transfer fee I would do much better using that $5,000 to buy some Krugerrands. I personally think it is entirely possible that any of the following will happen within the next twelve months:
Israel and/or the US will bomb Iran, in which case oil shoots to at least $175/barrel and gold shoots to at least $1200/oz.
Year-over-year consumer price inflation (even by the official measures) exceeds 10 percent. Gold rises at least 15 percent during this period.
The Federal Reserve runs of out Treasurys and so can’t "sterilize" the massive loans it has been making to banks (see chart below). Bernanke has to decide whether to discontinue the life support, or start expanding the money supply like crazy. He opts for the latter, and the dollar gets pummeled in the foreign exchanges. Gold soars.
In light of these possibilities, building up a decent position in hard money (i.e. gold) seems pretty smart, especially if the Fed will debase the currency. That’s the beauty of it: Yes, in nominal terms your credit card balances will rise by a certain amount (depending on your credit rating and the deal you can get), but in real terms your debt can actually shrink. Your salary will go up due to the printing press (albeit not as much as milk prices, perhaps) so that it will be easier for you to pay the (slightly higher) balances a year from now, versus paying them down today with your current salary.
For those wishing to read about even more exotic moves, like taking out the equity in your US-based house, and then using the freed up dollars to buy foreign assets, I highly recommend Peter Schiff’s book.
Final warning: Naturally credit cards are the work of a top demon, if not the devil himself. I wish I never started using them. But the point is, if you have strong willpower, it might actually make sense for you to divert your savings to other areas, rather than paying down dollar-denominated debts.
August 12, 2008
Bob Murphy has a Ph.D. in economics from New York University, and is the author of The Politically Incorrect Guide to Capitalism. He has a personal website at ConsultingByRPM.com
Copyright © 2008 LewRockwell.com
Sunday, August 10, 2008
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Saturday, August 9, 2008
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Friday, August 8, 2008
What Caused the Credit Crisis?
http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2008/08/08/ccrisis108.xml
By Ambrose Evans-Pritchard
State error led banks to ignore the lessons of history and overdose on too-cheap money, writes Ambrose Evans-Pritchard
Three years ago, the world's top watchdog warned that the global economy was veering out of control. Defending orthodoxy against the easy debt policies of the Greenspan era, the Bank for International Settlements said interest rates were being held too low for safety in most of the mature economies.
Credit crisis: Swept away by a tide of debt
America had embarked on an unprecedented experiment. The US savings rate had fallen to near zero for the first time since the Slump. The current account deficit had reached levels that were incompatible with the dollar's role as the anchor of the global system.
The rising powers of Asia were preventing adjustment by holding down their currencies, and flooding the world with cheap credit in the process. Incipient bubbles were ubiquitous. "Most industrial countries are showing symptoms of over-heating in the housing market," it said.
New-fangled securities were allowing banks to take "highly leveraged positions". It was unclear how these untested inventions would "handle a string of credit blow-ups".
"One simply cannot ignore the number of indicators that are now simultaneously exhibiting marked deviations," concluded the BIS. That was in June 2005.
Regrettably, governments did exactly that. They ignored manifest risks. Real interest rates were held near or below zero in the US and a large arc of Europe until well into 2006.
By then, the damage was done. US housing had succumbed to full-fledged mania. Variants were emerging - later in the cycle - across the Anglo-Saxon world, the Baltic, Club Med, and Eastern Europe.
What occurred was a fatal cocktail, a mix of too much and too little government intervention at the same time. Bureaucrats (central banks) held down the price of credit: other bureaucrats (regulators) turned a blind eye to the excesses that cheap money caused in mortgages and the "shadow banking system" - that $3 trillion nexus of structured credit. Northern Rock continued to offer 125pc mortgages. Honey-trap "teaser" loans continued to ensnare Americans.
Former Federal Reserve chief Alan Greenspan now says the world faces a "once or twice in a century event". Faith in the financial system has been called into question. Taxpayers will have to rescue more banks. Missing is any hint of apology for his role in incubating this crisis as monetary overlord for 20 years.
Where did it all go wrong? One could start by looking at the trajectory of total US debt, up from 130pc to 350pc of GDP since 1982. "We've had a 30-year leveraging up of America, ending in an unchecked orgy," said Charles Dumas, from Lombard Street Research.
"The final straw was the Fed's hopelessly slow tightening from 2004 onwards. There was no excuse for the interest rates of 1pc, and then they went through this ludicrous metronome dance of quarter-point hikes," he said.
Mr Dumas said the fuel for the third-stage blast of the US debt rocket came from Asia's "savings glut". China, Taiwan, Vietnam and other exporters have built up huge surpluses by holding down their currencies through dollar pegs or "dirty floats".
Together with Russia and the Mid-East petro-powers, they have accumulated a war chest of some $6 trillion in reserves. This must be recycled into foreign assets. Most went into US and European bonds, pushing down the cost of long-term capital for the entire global system.
On top of this, roughly $250bn a year fled zero-interest rates in Japan to chase better returns abroad through the "carry trade". Japan's emergency stimulus leaked everywhere.
The ensuing bond bubble depressed yields for pension funds and insurers obliged to buy "AAA" assets, leaving them struggling to match their long-term liabilities. They were easy prey when the sharks came along with sub-prime debt "sliced and diced" into irresistible blocks of "AAA" securities, promising high yields.
Rules made matters worse. Professor Peter Spencer, from York University, said the Basle code on capital adequacy ratios caused a perverse side-effect. "By making banks raise capital against their balance sheets, it gave them a strong incentive to move off balance sheets," he said.
The Fed could have done a great deal to offset the tsunami of Asian money by squeezing liquidity at home. It chose not to do so. Mr Greenspan and his protégé, Ben Bernanke, saw no need to act because inflation was tamed.
Cheap Asian goods flooded the world, keeping a lid on inflation in the West. It lulled the central banking fraternity into a false sense of security. As they slept, the excess money found its way into asset booms. This was the "Great Error".
Read Part Two
http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2008/08/08
/ccrisis108.xml&page=2
Read Part Three
http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2008/08/08/ccrisis108.xml&page=3
By Ambrose Evans-Pritchard
State error led banks to ignore the lessons of history and overdose on too-cheap money, writes Ambrose Evans-Pritchard
Three years ago, the world's top watchdog warned that the global economy was veering out of control. Defending orthodoxy against the easy debt policies of the Greenspan era, the Bank for International Settlements said interest rates were being held too low for safety in most of the mature economies.
Credit crisis: Swept away by a tide of debt
America had embarked on an unprecedented experiment. The US savings rate had fallen to near zero for the first time since the Slump. The current account deficit had reached levels that were incompatible with the dollar's role as the anchor of the global system.
The rising powers of Asia were preventing adjustment by holding down their currencies, and flooding the world with cheap credit in the process. Incipient bubbles were ubiquitous. "Most industrial countries are showing symptoms of over-heating in the housing market," it said.
New-fangled securities were allowing banks to take "highly leveraged positions". It was unclear how these untested inventions would "handle a string of credit blow-ups".
"One simply cannot ignore the number of indicators that are now simultaneously exhibiting marked deviations," concluded the BIS. That was in June 2005.
Regrettably, governments did exactly that. They ignored manifest risks. Real interest rates were held near or below zero in the US and a large arc of Europe until well into 2006.
By then, the damage was done. US housing had succumbed to full-fledged mania. Variants were emerging - later in the cycle - across the Anglo-Saxon world, the Baltic, Club Med, and Eastern Europe.
What occurred was a fatal cocktail, a mix of too much and too little government intervention at the same time. Bureaucrats (central banks) held down the price of credit: other bureaucrats (regulators) turned a blind eye to the excesses that cheap money caused in mortgages and the "shadow banking system" - that $3 trillion nexus of structured credit. Northern Rock continued to offer 125pc mortgages. Honey-trap "teaser" loans continued to ensnare Americans.
Former Federal Reserve chief Alan Greenspan now says the world faces a "once or twice in a century event". Faith in the financial system has been called into question. Taxpayers will have to rescue more banks. Missing is any hint of apology for his role in incubating this crisis as monetary overlord for 20 years.
Where did it all go wrong? One could start by looking at the trajectory of total US debt, up from 130pc to 350pc of GDP since 1982. "We've had a 30-year leveraging up of America, ending in an unchecked orgy," said Charles Dumas, from Lombard Street Research.
"The final straw was the Fed's hopelessly slow tightening from 2004 onwards. There was no excuse for the interest rates of 1pc, and then they went through this ludicrous metronome dance of quarter-point hikes," he said.
Mr Dumas said the fuel for the third-stage blast of the US debt rocket came from Asia's "savings glut". China, Taiwan, Vietnam and other exporters have built up huge surpluses by holding down their currencies through dollar pegs or "dirty floats".
Together with Russia and the Mid-East petro-powers, they have accumulated a war chest of some $6 trillion in reserves. This must be recycled into foreign assets. Most went into US and European bonds, pushing down the cost of long-term capital for the entire global system.
On top of this, roughly $250bn a year fled zero-interest rates in Japan to chase better returns abroad through the "carry trade". Japan's emergency stimulus leaked everywhere.
The ensuing bond bubble depressed yields for pension funds and insurers obliged to buy "AAA" assets, leaving them struggling to match their long-term liabilities. They were easy prey when the sharks came along with sub-prime debt "sliced and diced" into irresistible blocks of "AAA" securities, promising high yields.
Rules made matters worse. Professor Peter Spencer, from York University, said the Basle code on capital adequacy ratios caused a perverse side-effect. "By making banks raise capital against their balance sheets, it gave them a strong incentive to move off balance sheets," he said.
The Fed could have done a great deal to offset the tsunami of Asian money by squeezing liquidity at home. It chose not to do so. Mr Greenspan and his protégé, Ben Bernanke, saw no need to act because inflation was tamed.
Cheap Asian goods flooded the world, keeping a lid on inflation in the West. It lulled the central banking fraternity into a false sense of security. As they slept, the excess money found its way into asset booms. This was the "Great Error".
Read Part Two
http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2008/08/08
/ccrisis108.xml&page=2
Read Part Three
http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2008/08/08/ccrisis108.xml&page=3
Arm Yourself with the Tools You Need for Internet Marketing in the 21st Century
Troy K. Preston, Certified Regional Trainer, shows you how to make money online
using Veretekk, Video Blogging, and Internet Video Marketing to increase Google rank.
Troy K Preston
804-355-7161
using Veretekk, Video Blogging, and Internet Video Marketing to increase Google rank.
Troy K Preston
804-355-7161
Thursday, August 7, 2008
Dental Discount Plan for Texas
Ameriplan is a Texas-based company offering a dental discount plan. Over 1.8 million members nationwide. Available throughout most of the U.S. Call Troy K Preston at 804-355-7161.
Wednesday, August 6, 2008
What Will You Do If A Depression Comes?
Nobody likes to be a doomsayer, but some economists are predicting a depression may be on the horizon so far as the U.S. economy goes. What will you do if fuel costs, food costs, housing costs and healthcare costs continue to go through the roof? At times, it's hard to imagine things getting much worse. But they can. Just ask your parents or grandparents or great-grandparents who lived through the Great Depression of the 1930s.
In such horrible economic conditions, you will need to find creative ways of making a living, paying your bills and financing your healthcare. Unemployment rates will be high, so you will need to be able to work for yourself if you can't find a job. You'll need something with a low overhead and low start-up costs. A home based internet or network marketing business is the key. Learn how to make money online. You'll need a business with products, like health and dental discount plans, that will fill a huge consumer demand. And the consumer demand for healthcare related services will grow dramatically in the event of serious economic failure. You'll need to be affiliated with a company with a good history, solid reputation, solid financial condition and a good compensation plan. You can find all of these things in Ameriplan, one of the best network marketing businesses out there and one that offers that largest discount dental plan in the United States.
You'll also need to be able to attract professional people into your downline and organization. People with education, skills, talent, experience, motivation, and the ability to communicate. People with some level of resources to get started with. To attract people of this caliber, you will need to offer them not only a product line, compensation plan and opportunity that meets their standards, but you will also need to offer them a professional, effective, results-oriented method of doing the business. That's where our team comes in. We don't waste your time and money with outdated 1970s era network marketing methods like living room meetings, door to door, newspaper ads that are costly and don't produce or sizzle cards. We don't ask you to call your warm list. We don't even try to talk you into purchasing those crummy internet leads with their disconnected phone numbers. Who needs that hassle?
We use up to date, 21st century methods like video blogging, highly sophisticated internet marketing techniques that are on the cutting edge of the industry and contemporary technological resources like automated dialing services. That's what we're about. If you want to know more, call me.
Troy K Preston
Ameriplan Certified Regional Trainer
Veretekk distributor
804-355-7161
Richmond, Virginia
With Veretekk, you can generate a huge volume of traffic to your website, generate free leads for your network marketing, MLM or home based business. Veretekk provides a huge variety of tools including sequential email, massive free lead generation, blasting out thousands of web and internet ads daily, conference call services, blogging, etracking, web design and hosting and much, much else. Veretekk is also an opportunity to make money online in its own right where the system you use to build your primary MLM also makes you money and pays for itself. Call Troy K Preston at 804-355-7161 or visit my website at http://povertyisnofun.veretekk.com
Make Money Online Internet Marketing While Working at Home!
Poverty is no fun! Make Money Online using Google, Veretekk, Blastomatic, Leadsomatic and Free FFAS! Obtain Fantastic Health and Dental Plan at http://healthanddentalplan.org or Call Troy K Preston at 804-355-7161
Work at Home Part-Time for 2-4 Years and Start Earning $100,000 a Year. Ameriplan
is the home business network marketing internet based MLM opportunity you can trust!
Call Troy K Preston at 804-355-7161
In such horrible economic conditions, you will need to find creative ways of making a living, paying your bills and financing your healthcare. Unemployment rates will be high, so you will need to be able to work for yourself if you can't find a job. You'll need something with a low overhead and low start-up costs. A home based internet or network marketing business is the key. Learn how to make money online. You'll need a business with products, like health and dental discount plans, that will fill a huge consumer demand. And the consumer demand for healthcare related services will grow dramatically in the event of serious economic failure. You'll need to be affiliated with a company with a good history, solid reputation, solid financial condition and a good compensation plan. You can find all of these things in Ameriplan, one of the best network marketing businesses out there and one that offers that largest discount dental plan in the United States.
You'll also need to be able to attract professional people into your downline and organization. People with education, skills, talent, experience, motivation, and the ability to communicate. People with some level of resources to get started with. To attract people of this caliber, you will need to offer them not only a product line, compensation plan and opportunity that meets their standards, but you will also need to offer them a professional, effective, results-oriented method of doing the business. That's where our team comes in. We don't waste your time and money with outdated 1970s era network marketing methods like living room meetings, door to door, newspaper ads that are costly and don't produce or sizzle cards. We don't ask you to call your warm list. We don't even try to talk you into purchasing those crummy internet leads with their disconnected phone numbers. Who needs that hassle?
We use up to date, 21st century methods like video blogging, highly sophisticated internet marketing techniques that are on the cutting edge of the industry and contemporary technological resources like automated dialing services. That's what we're about. If you want to know more, call me.
Troy K Preston
Ameriplan Certified Regional Trainer
Veretekk distributor
804-355-7161
Richmond, Virginia
With Veretekk, you can generate a huge volume of traffic to your website, generate free leads for your network marketing, MLM or home based business. Veretekk provides a huge variety of tools including sequential email, massive free lead generation, blasting out thousands of web and internet ads daily, conference call services, blogging, etracking, web design and hosting and much, much else. Veretekk is also an opportunity to make money online in its own right where the system you use to build your primary MLM also makes you money and pays for itself. Call Troy K Preston at 804-355-7161 or visit my website at http://povertyisnofun.veretekk.com
Make Money Online Internet Marketing While Working at Home!
Poverty is no fun! Make Money Online using Google, Veretekk, Blastomatic, Leadsomatic and Free FFAS! Obtain Fantastic Health and Dental Plan at http://healthanddentalplan.org or Call Troy K Preston at 804-355-7161
Work at Home Part-Time for 2-4 Years and Start Earning $100,000 a Year. Ameriplan
is the home business network marketing internet based MLM opportunity you can trust!
Call Troy K Preston at 804-355-7161
Tuesday, August 5, 2008
Make Enough Money Online To Retire Early
Today I was visiting one of the fellows who does the maintenance work on my PC and he mentioned that he is constantly amazed at the number of his customers who make money online. I told him I know folks with six figure corporate incomes who still want to break into the world of internet marketing. Why? Because the opportunity is so great! Who needs a boss when you can make a living that is just as good or better with a home business?
You can do it, but you need the right opportunity with a solid company and a good compensation. And you need to be on a good team with a good upline, a solidly productive manner of doing business and a good trainer. Fortunately, I've found what I need. Ameriplan has not only one of the best product lines of any network marketing company, but also one of the very best compensation plans. Our team uses the Veretekk internet marketing system, by far the most sophisticated and technologically advanced marketing system available, and our team leader is Mr. Lowell Farmer, a highly successful veteran of numerous network marketing companies who consistently earns a six-figure income while working from home.
If any of this sounds like something you might like to look into, then give me a call.
Troy K. Preston
Certified Regional Trainer
Network Marketing Professional
804-355-7161
You can do it, but you need the right opportunity with a solid company and a good compensation. And you need to be on a good team with a good upline, a solidly productive manner of doing business and a good trainer. Fortunately, I've found what I need. Ameriplan has not only one of the best product lines of any network marketing company, but also one of the very best compensation plans. Our team uses the Veretekk internet marketing system, by far the most sophisticated and technologically advanced marketing system available, and our team leader is Mr. Lowell Farmer, a highly successful veteran of numerous network marketing companies who consistently earns a six-figure income while working from home.
If any of this sounds like something you might like to look into, then give me a call.
Troy K. Preston
Certified Regional Trainer
Network Marketing Professional
804-355-7161
Monday, August 4, 2008
Know Your MLM's Compensation Plan
The first two things you need to consider when sizing up an MLM opportunity are the compensation plan and your upline's ability to teach you how to do the business. Call Troy K Preston at 804-355-7161
Find Dental Assistance in Dallas
If you are in the Dallas area and need immediate dental assistance, or if you are anywhere in the USA and need a dental plan, call Troy K Preston at 804-355-7161
Sunday, August 3, 2008
Why Are Oil Prices So High?
http://www.lewrockwell.com/orig6/karlsson9.html
by Stefan M.I. Karlsson
Since August 2007, the price of oil has nearly doubled from under $70 per barrel to more than $135 per barrel. This is of course a big problem for the world economy. Not only will it cause massive redistribution of resources from consumers to producers, but by making transportation and production that uses petroleum products as an input, it will slow economic growth. And many consumers, particularly in America, are shocked and angered by the high prices. And since it is election year in America, this means the politicians all say they will try to fix the problem.
But as we will see, it is politicians which have caused the problems in the first place, and as no prominent politician except for Ron Paul recognize this and wants to abolish these policies, they instead create false scapegoats. The most popular scapegoats right now are speculators. Investing in commodities has in recent years been increasingly popular and certainly a very successful investment strategy, the case for which libertarian investment superstar Jim Rogers laid out in his book Hot Commodities that I reviewed on the Ludwig von Mises Institute web page. The politicians and their collaborators now charge Jim Rogers and others who have followed his strategy of causing the commodity price boom they predicted and profited from.
Yet this accusation is based on a complete misunderstanding of how commodity markets function, whether intentional or not. Considering how complex the functioning of these markets in fact is, it cannot be ruled out that it is unintentional. And even if it isn’t, people need to learn this in order to be able to see through the deception.
Starting with the basics, commodity markets can be divided into spot markets and futures markets. Spot markets are the markets for immediate delivery, futures markets are the markets for delivery at some future point in time, usually not more than a year or so in advance. As futures contracts are constantly traded, it should be noted that someone who buys a commodity with a futures contracts need not necessarily be the one that buys it at the expiration date. But this is not dissimilar to how someone who bought a commodity with a spot contract can sell the commodity to someone else.
And just as there is always both a buyer and a seller in a spot contract, there is always a buyer and a seller in a futures contract. Usually though, the buyer is referred to as having a long position while the seller is referred to as having a short position, but that is basically just semantics. People with long positions are in effect buyers while people with short position are in effect sellers.
What should further be realized is that first of all most commodity speculators invest in futures while what matters for the price of petroleum actually used in the economy is primarily the spot price. Note further that commodity speculators can take both long position and short positions. This implies that commodity speculators may not in fact be contributing to higher prices. If speculators as a group have equally large long and short positions then they will have no effect on futures prices, and if they as a group have larger short positions than long positions then their speculations will in fact lower futures prices.
Moreover, even if speculators as a group have a net long position, the speculators that pushed up the futures price in the first place will, once the futures contract approaches expiration date, face two choices. Choice number one is to sell the contract or sell the underlying commodity to some consumer once the contract expires. Choice number two is to put the commodity in some physical inventory and keep it there.
If the speculators choose the first alternative, then this will push down the price back to the level where it would have been in the absence of the original purchase. In this case, speculation will thus have no effect on the spot price.
If on the other hand the second alternative is chosen, then speculation will indeed contribute to higher prices, at least temporarily. But while that is a possible theoretical scenario, that does not mean it is applicable to the current situation. The fact is that there is no evidence of increased inventories. Indeed, according the Energy Information Administration, U.S. crude oil inventories were 14 % lower in the week ending June 20 than a year ago.
Some have replied to this argument by saying stock building for speculative purposes need not be above ground, it could also come in the form of producers choosing not to pump oil from the ground. But first of all, oil-producing governments is not what is typically meant by speculators. And the issue being discussed was the role of professional speculators acting on the futures markets, not what the governments of Saudi Arabia or Kuwait choose to do, so this argument is basically a case of changing the subject. And secondly, as it happens, no evidence exist that oil producers are choosing to reduce production for speculative purposes. Spare capacity among oil producers is relatively low, especially if you exclude spare capacity caused by, for example terrorist attacks against oil facilities in Nigeria.
What then is the cause of high oil prices and what could be done about it? As I indicated in the aforementioned review, the boom is primarily driven by structural long- or medium-term factors. Demand is growing rapidly because of the rise of China and fast growth in other emerging economies. Meanwhile, while global oil production is actually growing, growth is inhibited in the short term both because of various political factors that stop drilling and because of the fact that even where such political obstacles does not exist, it takes several years to actually extract the oil. Brazil has recently found vast new oil reserves, and no political obstacles exist there to prevent drilling, yet it will be several more years before that oil reaches the world market.
These political factors differ somewhat in their form, but none of them seems likely to go away anytime soon. In Nigeria, as was previously stated, constant attacks against oil facilities are holding down production there, and these attacks looks unlikely to cease. In countries like Venezuela, Mexico and Russia, hostility against foreign investments combined with governments and bureaucrats starving government run oil companies of competence and cash, means that potential oil production is held back. And in the United States, opposition to drilling for environmentalist reasons, mainly by Democrats, prevents increases in oil production.
Another factor that in the short term has contributed to the sharp increase in the price of oil is the Fed’s inflationary monetary policies. Because the price of oil is much more flexible than most other prices and it is immediately affected by, for example, exchange rate effects, the short-term effect of an inflationary monetary policy is much greater than the short-term effect on the more sticky prices of regular goods in the supermarkets. That the oil price increased so much after the Fed started its aggressive interest rate cuts was not really a coincidence.
What then can be done about the high oil price? The long-term solution is to reduce or abolish taxation on oil production and to abolish all regulatory restrictions (whether motivated for environmentalist reasons as in the U.S. or nationalist reasons as in Mexico) on oil drilling. Opponents of drilling often reply to this that it won’t provide any short-term relief. But while that is true, but there won’t be any short-term relief without drilling either and the point of drilling is to provide long-term relief. Moreover, their preferred solution of having the government invest in research to invent more so-called renewable sources of energy is likely to take even longer to provide relief (if it ever provides relief).
To provide short-term relief, different solutions are needed. This means, for example, that the U.S. government should start releasing the oil held in the so-called Strategic Petroleum Reserve, while the Fed should stop its inflationary policies.
Unfortunately, I don’t think any of these solutions are likely to be implemented anytime soon, which is one of the reasons why I am not as optimistic as Don Armentano about the possibility of a significant price decline in the near future. However, while the oil price is unlikely to go down, we should always remember that it is governments and not speculators that are responsible for the all-too-high oil price we suffer from now.
June 28, 2008
Stefan M.I. Karlsson is an economist working in Sweden.
Copyright © 2008 LewRockwell.com
Troy K. Preston
Ameriplan Certified Regional Trainer
804-355-7161
With Veretekk, you can generate a huge volume of traffic to your website, generate free leads for your network marketing, MLM or home base business. Veretekk provides a huge variety of tools including sequential email, massive free lead generation, blasting out thousands of web and internet ads daily, conference call services, blogging, etracking, web design and hosting and much, much else. Veretekk is also an opportunity to make money online in its own right where the system you use to build your primary MLM also makes you money and pays for itself. Call Troy K Preston at 804-355-7161 or visit my website at http://povertyisnofun.veretekk.com
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by Stefan M.I. Karlsson
Since August 2007, the price of oil has nearly doubled from under $70 per barrel to more than $135 per barrel. This is of course a big problem for the world economy. Not only will it cause massive redistribution of resources from consumers to producers, but by making transportation and production that uses petroleum products as an input, it will slow economic growth. And many consumers, particularly in America, are shocked and angered by the high prices. And since it is election year in America, this means the politicians all say they will try to fix the problem.
But as we will see, it is politicians which have caused the problems in the first place, and as no prominent politician except for Ron Paul recognize this and wants to abolish these policies, they instead create false scapegoats. The most popular scapegoats right now are speculators. Investing in commodities has in recent years been increasingly popular and certainly a very successful investment strategy, the case for which libertarian investment superstar Jim Rogers laid out in his book Hot Commodities that I reviewed on the Ludwig von Mises Institute web page. The politicians and their collaborators now charge Jim Rogers and others who have followed his strategy of causing the commodity price boom they predicted and profited from.
Yet this accusation is based on a complete misunderstanding of how commodity markets function, whether intentional or not. Considering how complex the functioning of these markets in fact is, it cannot be ruled out that it is unintentional. And even if it isn’t, people need to learn this in order to be able to see through the deception.
Starting with the basics, commodity markets can be divided into spot markets and futures markets. Spot markets are the markets for immediate delivery, futures markets are the markets for delivery at some future point in time, usually not more than a year or so in advance. As futures contracts are constantly traded, it should be noted that someone who buys a commodity with a futures contracts need not necessarily be the one that buys it at the expiration date. But this is not dissimilar to how someone who bought a commodity with a spot contract can sell the commodity to someone else.
And just as there is always both a buyer and a seller in a spot contract, there is always a buyer and a seller in a futures contract. Usually though, the buyer is referred to as having a long position while the seller is referred to as having a short position, but that is basically just semantics. People with long positions are in effect buyers while people with short position are in effect sellers.
What should further be realized is that first of all most commodity speculators invest in futures while what matters for the price of petroleum actually used in the economy is primarily the spot price. Note further that commodity speculators can take both long position and short positions. This implies that commodity speculators may not in fact be contributing to higher prices. If speculators as a group have equally large long and short positions then they will have no effect on futures prices, and if they as a group have larger short positions than long positions then their speculations will in fact lower futures prices.
Moreover, even if speculators as a group have a net long position, the speculators that pushed up the futures price in the first place will, once the futures contract approaches expiration date, face two choices. Choice number one is to sell the contract or sell the underlying commodity to some consumer once the contract expires. Choice number two is to put the commodity in some physical inventory and keep it there.
If the speculators choose the first alternative, then this will push down the price back to the level where it would have been in the absence of the original purchase. In this case, speculation will thus have no effect on the spot price.
If on the other hand the second alternative is chosen, then speculation will indeed contribute to higher prices, at least temporarily. But while that is a possible theoretical scenario, that does not mean it is applicable to the current situation. The fact is that there is no evidence of increased inventories. Indeed, according the Energy Information Administration, U.S. crude oil inventories were 14 % lower in the week ending June 20 than a year ago.
Some have replied to this argument by saying stock building for speculative purposes need not be above ground, it could also come in the form of producers choosing not to pump oil from the ground. But first of all, oil-producing governments is not what is typically meant by speculators. And the issue being discussed was the role of professional speculators acting on the futures markets, not what the governments of Saudi Arabia or Kuwait choose to do, so this argument is basically a case of changing the subject. And secondly, as it happens, no evidence exist that oil producers are choosing to reduce production for speculative purposes. Spare capacity among oil producers is relatively low, especially if you exclude spare capacity caused by, for example terrorist attacks against oil facilities in Nigeria.
What then is the cause of high oil prices and what could be done about it? As I indicated in the aforementioned review, the boom is primarily driven by structural long- or medium-term factors. Demand is growing rapidly because of the rise of China and fast growth in other emerging economies. Meanwhile, while global oil production is actually growing, growth is inhibited in the short term both because of various political factors that stop drilling and because of the fact that even where such political obstacles does not exist, it takes several years to actually extract the oil. Brazil has recently found vast new oil reserves, and no political obstacles exist there to prevent drilling, yet it will be several more years before that oil reaches the world market.
These political factors differ somewhat in their form, but none of them seems likely to go away anytime soon. In Nigeria, as was previously stated, constant attacks against oil facilities are holding down production there, and these attacks looks unlikely to cease. In countries like Venezuela, Mexico and Russia, hostility against foreign investments combined with governments and bureaucrats starving government run oil companies of competence and cash, means that potential oil production is held back. And in the United States, opposition to drilling for environmentalist reasons, mainly by Democrats, prevents increases in oil production.
Another factor that in the short term has contributed to the sharp increase in the price of oil is the Fed’s inflationary monetary policies. Because the price of oil is much more flexible than most other prices and it is immediately affected by, for example, exchange rate effects, the short-term effect of an inflationary monetary policy is much greater than the short-term effect on the more sticky prices of regular goods in the supermarkets. That the oil price increased so much after the Fed started its aggressive interest rate cuts was not really a coincidence.
What then can be done about the high oil price? The long-term solution is to reduce or abolish taxation on oil production and to abolish all regulatory restrictions (whether motivated for environmentalist reasons as in the U.S. or nationalist reasons as in Mexico) on oil drilling. Opponents of drilling often reply to this that it won’t provide any short-term relief. But while that is true, but there won’t be any short-term relief without drilling either and the point of drilling is to provide long-term relief. Moreover, their preferred solution of having the government invest in research to invent more so-called renewable sources of energy is likely to take even longer to provide relief (if it ever provides relief).
To provide short-term relief, different solutions are needed. This means, for example, that the U.S. government should start releasing the oil held in the so-called Strategic Petroleum Reserve, while the Fed should stop its inflationary policies.
Unfortunately, I don’t think any of these solutions are likely to be implemented anytime soon, which is one of the reasons why I am not as optimistic as Don Armentano about the possibility of a significant price decline in the near future. However, while the oil price is unlikely to go down, we should always remember that it is governments and not speculators that are responsible for the all-too-high oil price we suffer from now.
June 28, 2008
Stefan M.I. Karlsson is an economist working in Sweden.
Copyright © 2008 LewRockwell.com
Troy K. Preston
Ameriplan Certified Regional Trainer
804-355-7161
With Veretekk, you can generate a huge volume of traffic to your website, generate free leads for your network marketing, MLM or home base business. Veretekk provides a huge variety of tools including sequential email, massive free lead generation, blasting out thousands of web and internet ads daily, conference call services, blogging, etracking, web design and hosting and much, much else. Veretekk is also an opportunity to make money online in its own right where the system you use to build your primary MLM also makes you money and pays for itself. Call Troy K Preston at 804-355-7161 or visit my website at http://povertyisnofun.veretekk.com
Make Money Online Internet Marketing While Working at Home!
Poverty is no fun! Make Money Online using Google, Veretekk, Blastomatic, Leadsomatic and Free FFAS! Obtain Fantastic Health and Dental Plan at http://healthanddentalplan.org or Call Troy K Preston at 804-355-7161
Work at Home Part-Time for 2-4 Years and Start Earning $100,000 a Year. Ameriplan
is the home business network marketing internet based MLM opportunity you can trust!
Call Troy K Preston at 804-355-7161
mlm lead mlm leads mlm lead generation best mlm leads buy mlm lead exclusive mlm lead exclusive mlm leads mlm lead generator opt in mlm leads targeted mlm leads buy mlm leads cheap mlm leads mlm lead generation company mlm leads list optin mlm leads pre qualified mlm leads pre qualified mlm leads qualified mlm leads quality mlm leads surveyed mlm leads uk mlm leads verified mlm leads canadian mlm leads fast mlm leads mlm lead lists mlm leads generator marketing leads network marketing lead internet marketing leads network marketing leads direct marketing leads email marketing leads
mortgage marketing leads leads business leads insurance leads lead generation email leads exclusive leads health insurance leads
health leads internet leads loan leads real estate leads telemarketing leads business opportunity leads buy leads buying leads cheap leads fresh leads generate leads generating leads lead generation telemarketing leads generation leads list mlm business leads new leads online leads opportunity leads opt in leads purchase leads qualified leads real time leads targeted leads autoresponder leads b2b leads
genealogy leads high quality leads how to generate leads leads for mlm leads generator
mlm email leads mlm genealogy leads mlm local leads mlm phone lead mlm phone leads
networking leads online business leads optin leads prospecting leads surveyed leads fresh email leads fresh survey leads generate leads online sfi leads usana leads mlm network marketing mlm network marketing lead
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Friday, August 1, 2008
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Dental Directory and Discount Benefits Plan for Dallas
If you are in the Dallas metro area and are in need of a dental discount benefits plan or a directory of dentists who will accept the plan, call Troy K. Preston at 804-355-7161
What are the benefits of having your own successful home business?
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1. The prospect of earning a much higher income than you would with a typical salaried position.
2. No boss looking over your shoulder.
3. No rat race and daily grind.
4. No dealing with the high costs of gas getting back and forth to work.
5. Spending more time with the kids and the family.
6. Taking control of your own life.
And that's just the beginning. There's also:
7. Huge tax breaks on your rent, mortage, phone, electric and internet bill, and transportation costs.
8. The chance for a permanent residual income for your retirement.
9. With Ameriplan, fantastic dental and health benefits.
10. The opportunity to help others.
11. With Veretekk, very low overhead costs in operating your business.
And there's so much more.
If this sounds like what you're looking for, call me:
Troy K Preston
Ameriplan Certified Regional Trainer
Richmond, Virginia
804-355-7161
1. The prospect of earning a much higher income than you would with a typical salaried position.
2. No boss looking over your shoulder.
3. No rat race and daily grind.
4. No dealing with the high costs of gas getting back and forth to work.
5. Spending more time with the kids and the family.
6. Taking control of your own life.
And that's just the beginning. There's also:
7. Huge tax breaks on your rent, mortage, phone, electric and internet bill, and transportation costs.
8. The chance for a permanent residual income for your retirement.
9. With Ameriplan, fantastic dental and health benefits.
10. The opportunity to help others.
11. With Veretekk, very low overhead costs in operating your business.
And there's so much more.
If this sounds like what you're looking for, call me:
Troy K Preston
Ameriplan Certified Regional Trainer
Richmond, Virginia
804-355-7161
Central bank body warns of Great Depression
http://www.bankingtimes.co.uk/09062008-central-bank-body-warns-of-great-depression/
The Bank for International Settlements (BIS), the organisation that fosters cooperation between central banks, has warned that the credit crisis could lead world economies into a crash on a scale not seen since the 1930s.
In its latest quarterly report, the body points out that the Great Depression of the 1930s was not foreseen and that commentators on the financial turmoil, instigated by the US sub-prime mortgage crisis, may not have grasped the level of exposure that lies at its heart.
According to the BIS, complex credit instruments, a strong appetite for risk, rising levels of household debt and long-term imbalances in the world currency system, all form part of the loose monetarist policy that could result in another Great Depression.
The report points out that between March and May of this year, interbank lending continued to show signs of extreme stress and that this could be set to continue well into the future.
It also raises concerns about the Chinese economy and questions whether China may be repeating mistakes made by Japan, with its so called bubble economy of the late 1980s.
EDITORS NOTE: Quite a few comments have been made that there is no direct reference to the Great Depression in this month’s BIS report.
While this is strictly true, BIS warned in June 2007 - just before the Credit Crunch really hit - that the global economy was vulnerable to a major economic set-back because of extraordinary exposure to collateralized credit.
BIS directly made references to the 1930’s as an example of a similarly serious credit bubble, and this month’s BIS report describes the conditions of this being lived out.
So, to be pedantic, the warning “BIS warns of Great Depression” is actually a year old already. What BIS discusses now is the fragility of existing conditions of the fall-out from a massive credit bubble bursting - which has already been made clear across their reports historically can be similarly referenced to the 1930’s, though stated in a typically conservative and non-alarmist language.
Even what optimism BIS had about a weak recovery to the end of May 2008 have been dashed by extreme shorting of financial stocks across the US and UK - Lehman Brothers, HBOS, and property developers such as Barratts, have all taken extreme beatings in June 2008.
So back to the headline - BIS have indeed already warned of repeat of conditions that could be as extreme as the Great Depression, and are now describing that process as we move through it.
In the meantime, unemployment is already on the rise on both sides of the pond, and the analogy some people have concerns about I’m afraid is still salient.
The Bank for International Settlements (BIS), the organisation that fosters cooperation between central banks, has warned that the credit crisis could lead world economies into a crash on a scale not seen since the 1930s.
In its latest quarterly report, the body points out that the Great Depression of the 1930s was not foreseen and that commentators on the financial turmoil, instigated by the US sub-prime mortgage crisis, may not have grasped the level of exposure that lies at its heart.
According to the BIS, complex credit instruments, a strong appetite for risk, rising levels of household debt and long-term imbalances in the world currency system, all form part of the loose monetarist policy that could result in another Great Depression.
The report points out that between March and May of this year, interbank lending continued to show signs of extreme stress and that this could be set to continue well into the future.
It also raises concerns about the Chinese economy and questions whether China may be repeating mistakes made by Japan, with its so called bubble economy of the late 1980s.
EDITORS NOTE: Quite a few comments have been made that there is no direct reference to the Great Depression in this month’s BIS report.
While this is strictly true, BIS warned in June 2007 - just before the Credit Crunch really hit - that the global economy was vulnerable to a major economic set-back because of extraordinary exposure to collateralized credit.
BIS directly made references to the 1930’s as an example of a similarly serious credit bubble, and this month’s BIS report describes the conditions of this being lived out.
So, to be pedantic, the warning “BIS warns of Great Depression” is actually a year old already. What BIS discusses now is the fragility of existing conditions of the fall-out from a massive credit bubble bursting - which has already been made clear across their reports historically can be similarly referenced to the 1930’s, though stated in a typically conservative and non-alarmist language.
Even what optimism BIS had about a weak recovery to the end of May 2008 have been dashed by extreme shorting of financial stocks across the US and UK - Lehman Brothers, HBOS, and property developers such as Barratts, have all taken extreme beatings in June 2008.
So back to the headline - BIS have indeed already warned of repeat of conditions that could be as extreme as the Great Depression, and are now describing that process as we move through it.
In the meantime, unemployment is already on the rise on both sides of the pond, and the analogy some people have concerns about I’m afraid is still salient.
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