WASHINGTON, THURSDAY JUNE 24, 2010 – President Barack Obama declared Thursday that he and Russian President Dmitry Medvedev have "succeeded in resetting" the relationship between the former Cold War adversaries that had dipped to a dangerous low in recent years.
Obama directly acknowledged differences in some areas, such as Moscow's tensions with neighboring Georgia, but said "we addressed those differences candidly." And he announced that the U.S. and Russia had agreed to expand cooperation on intelligence and the counterterror fight and worked on strengthening economic ties between the nations.
Obama gave Russia perhaps the biggest gift it could have wanted from the meetings: an unqualified, hearty plug for Moscow's ascension to the World Trade Organization. Russia has long wanted membership but U.S. support in the past has come with conditions.
"Russia belongs in the WTO," Obama said as the two leaders stood side-by-side in the East Room after several hours of meetings — including an impromptu trip to a nearby burger joint for lunch.
The leaders faced questions about the U.S.-led Afghanistan war, and Obama promised that the U.S. will "not miss a beat" because of the change in military command that he ordered on Wednesday. Obama accepted Gen. Stanley McChrystal's resignation and replaced him with his direct boss, Gen. David Petraeus.
Petraeus "understands the strategy because he helped shape it," Obama said.
Medvedev seemed reluctant to wade into the topic, recalling the ultimately disastrous Soviet invasion of Afghanistan in 1979.
"I try not to give pieces of advice that cannot be fulfilled," Medvedev said. "This is a very hard topic, a very difficult one."
Yet he said that Russia supports the U.S. effort if it can result in Afghanistan emerging from extreme poverty and dysfunction to have "an effective state and a modern economy."
"This is the path to guarantee that the gravest scenarios of the last time will not repeat," he said.
Obama said the two had also agreed to coordinate on humanitarian aid for Kyrgyzstan, wracked by deadly unrest in the wake of the president's ouster there. Kyrgyzstan's president was driven from power in April amid corruption allegations, sparking violence that has left about 2,000 people dead and 400,000 ethnic Uzbeks homeless.
Asked about a major flashpoint between the U.S. and China, Obama said Washington would judge the effect of Beijing's latest currency announcement over the course of the year, rather than overnight. Obama and Medvedev go this weekend to Canada for the G-20 summit, with China's leader also attending. Obama faces pressure from Congress and the U.S. business community to press Beijing more aggressively on its currency policy.
The U.S. argues that the weak Chinese yuan hurts American exports. On Saturday, China announced it would loosen its controls on the currency, but the move may not strengthen the yuan enough for U.S. tastes.
The agenda for Obama and Medvedev was modest, and mostly focused beyond security issues to expanding trade and economic cooperation. Russia has the world's eighth-largest economy but ranks 25th among U.S. trading partners.
Obama said the two countries had reached an agreement to lift restrictions that have hindered U.S. poultry exports to Russia, removing a major irritant in trade relations. Russia, a major poultry importer, banned all chlorine-treated poultry imports starting Jan. 1, outlawing the 600,000 tons of poultry allowed from the U.S. under revised quotas. U.S. farmers accounted for 20 percent of the 3.5 million tons of poultry Russia consumed last year.
Obama said the agreement "sends an important signal about Russia's seriousness about achieving membership in the WTO."
"The true significance of Medvedev's visit is that it brings us closer to a relationship that doesn't require Cold War-style summits to sustain itself," says Sam Charap, a Russia analyst at the Center for American Progress. "The lack of headlines is actually a sign of progress."
Medvedev arrived at the White House on a sweltering summer morning for a series of meetings with Obama and U.S. officials. It was their seventh meeting since Obama took office 17 month ago.
Leaving the formality of the White House, they sneaked away for an impromptu ride across the Potomac River to a popular hamburger joint — Ray's Hell Burger in Arlington, Va. Customers cheered when the two walked in.
Later, at the news conference, Medvedev called the burgers "probably ... not quite healthy but it's very tasty."
After their joint news conference, Obama and Medvedev were going together to the U.S. Chamber of Commerce.
Ahead of the talks, U.S. officials pointed to signs that Obama's much-heralded efforts to start fresh with Moscow have delivered results, from Russian support for new U.N. sanctions against Iran over its disputed nuclear program to the signing of a major treaty to reduce the two countries' stockpiles of nuclear weapons. They say the U.S. is standing its ground with Russia but shifting the tone away from conflict.
But conservative critics see Obama as too conciliatory and say he hasn't resolved disputes over issues such as Moscow's human rights record, missile defense and the legacy of the Russia-Georgia war of 2008. They charge that by speaking softly on those issues, the United States is compromising its influence among Russia's neighboring countries.
Medvedev began his U.S. visit in California, where he toured Silicon Valley high-tech firms as part of his push to establish a high-tech center in Russia.
Obama Fires McChrystal: Echoes of Truman-MacArthur?
SOURCE: HISTORY.COM
In the wake of General Stanley McChrystal’s dismissal, commentators and historians have made the inevitable comparisons to another high-profile ouster: President Harry S. Truman’s 1951 removal of General Douglas MacArthur as commander of U.S. forces in Korea.
Barack Obama’s recent dismissal of Stanley A. McChrystal is not the first high-profile confrontation between a military commander and his civilian commander-in-chief. The most famous one occurred nearly six decades before Rolling Stone published the general’s disparaging remarks about Obama and other top officials. On April 11, 1951, one year into the Korean War, President Harry S. Truman relieved General Douglas MacArthur of command of the U.S. forces in Korea. As commentators and historians draw the inevitable parallels between the two situations, it is worth revisiting this historic conflict and how it unfolded.
By the time Truman gave MacArthur his walking papers, tensions between the two men had been brewing for months. In the early days of the war in Korea, General MacArthur had devised some brilliant strategies and military maneuvers that helped save South Korea from falling to the invading forces of communist North Korea. As U.S. and United Nations forces turned the tide of battle in Korea, MacArthur argued for a policy of pushing into North Korea to completely defeat the communist forces.
Truman went along with this plan, but worried that the communist government of the People's Republic of China might take the invasion as a hostile act and intervene in the conflict. In October 1950, MacArthur met with Truman and assured him that the chances of a Chinese intervention were slim. Then, in November and December 1950, hundreds of thousands of Chinese troops crossed into North Korea and flung themselves against the American lines, driving the U.S. troops back into South Korea. MacArthur then asked for permission to bomb communist China and use Nationalist Chinese forces from Taiwan against the People's Republic of China. Truman, determined to pursue a policy of “limited war” in Korea, flatly refused these requests, and a very public argument began to develop between the two men, ultimately leading to MacArthur's dismissal.
After firing MacArthur, Truman gave a speech explaining his actions to the American public. He began by defending his overall policy in Korea, declaring, "It is right for us to be in Korea." He excoriated the "communists in the Kremlin [who] are engaged in a monstrous conspiracy to stamp out freedom all over the world." Nevertheless, he explained, it "would be wrong-tragically wrong-for us to take the initiative in extending the war. ...Our aim is to avoid the spread of the conflict." The president continued, "I believe that we must try to limit the war to Korea for these vital reasons: To make sure that the precious lives of our fighting men are not wasted; to see that the security of our country and the free world is not needlessly jeopardized; and to prevent a third world war." General MacArthur had been relieved, he continued, "so that there would be no doubt or confusion as to the real purpose and aim of our policy."
MacArthur’s dismissal set off a brief uproar in the United States as well as in Japan, where he had overseen economic and health reforms while serving as the supreme commander of the Allied occupation after World War II. The general returned to the United States to a hero's welcome. Parades were held in his honor, and he was asked to give a farewell address to the U.S. Congress. At the end of his now-famous speech, he said, “I still remember the refrain of one of the most popular barracks ballads of that day which proclaimed most proudly that old soldiers never die; they just fade away. And like the old soldier of that ballad, I now close my military career and just fade away, an old soldier who tried to do his duty as God gave him the light to see that duty.”
MacArthur and McChrystal are not the only generals in American history who came into conflict with the commander-in-chief. In the so-called “Conway Cabal” affair during the American Revolution, Brigadier General Thomas Conway wrote a series of letters criticizing George Washington. One of them, in which he called the commander “weak,” was forwarded to Washington, who wrote a reply that expressed his displeasure. A week later, Conway submitted his letter of resignation to the Continental Congress. During the Civil War, General George McClellan drew Abraham Lincoln’s ire when he refused to go on the offensive against the Confederate Army. Their disagreement inspired one of Lincoln’s best-known quotes: “If General McClellan does not want to use the army, I would like to borrow it for a time.” McClellan, for his part, made little effort to hide his disdain for the president, referring to him as “nothing more than a well-meaning baboon” and pretending to be in bed when Lincoln visited his home. In November 1886, Lincoln removed him from command, a decision that prompted a number of loyal officers to resign in protest.
In the wake of General Stanley McChrystal’s dismissal, commentators and historians have made the inevitable comparisons to another high-profile ouster: President Harry S. Truman’s 1951 removal of General Douglas MacArthur as commander of U.S. forces in Korea.
Barack Obama’s recent dismissal of Stanley A. McChrystal is not the first high-profile confrontation between a military commander and his civilian commander-in-chief. The most famous one occurred nearly six decades before Rolling Stone published the general’s disparaging remarks about Obama and other top officials. On April 11, 1951, one year into the Korean War, President Harry S. Truman relieved General Douglas MacArthur of command of the U.S. forces in Korea. As commentators and historians draw the inevitable parallels between the two situations, it is worth revisiting this historic conflict and how it unfolded.
By the time Truman gave MacArthur his walking papers, tensions between the two men had been brewing for months. In the early days of the war in Korea, General MacArthur had devised some brilliant strategies and military maneuvers that helped save South Korea from falling to the invading forces of communist North Korea. As U.S. and United Nations forces turned the tide of battle in Korea, MacArthur argued for a policy of pushing into North Korea to completely defeat the communist forces.
Truman went along with this plan, but worried that the communist government of the People's Republic of China might take the invasion as a hostile act and intervene in the conflict. In October 1950, MacArthur met with Truman and assured him that the chances of a Chinese intervention were slim. Then, in November and December 1950, hundreds of thousands of Chinese troops crossed into North Korea and flung themselves against the American lines, driving the U.S. troops back into South Korea. MacArthur then asked for permission to bomb communist China and use Nationalist Chinese forces from Taiwan against the People's Republic of China. Truman, determined to pursue a policy of “limited war” in Korea, flatly refused these requests, and a very public argument began to develop between the two men, ultimately leading to MacArthur's dismissal.
After firing MacArthur, Truman gave a speech explaining his actions to the American public. He began by defending his overall policy in Korea, declaring, "It is right for us to be in Korea." He excoriated the "communists in the Kremlin [who] are engaged in a monstrous conspiracy to stamp out freedom all over the world." Nevertheless, he explained, it "would be wrong-tragically wrong-for us to take the initiative in extending the war. ...Our aim is to avoid the spread of the conflict." The president continued, "I believe that we must try to limit the war to Korea for these vital reasons: To make sure that the precious lives of our fighting men are not wasted; to see that the security of our country and the free world is not needlessly jeopardized; and to prevent a third world war." General MacArthur had been relieved, he continued, "so that there would be no doubt or confusion as to the real purpose and aim of our policy."
MacArthur’s dismissal set off a brief uproar in the United States as well as in Japan, where he had overseen economic and health reforms while serving as the supreme commander of the Allied occupation after World War II. The general returned to the United States to a hero's welcome. Parades were held in his honor, and he was asked to give a farewell address to the U.S. Congress. At the end of his now-famous speech, he said, “I still remember the refrain of one of the most popular barracks ballads of that day which proclaimed most proudly that old soldiers never die; they just fade away. And like the old soldier of that ballad, I now close my military career and just fade away, an old soldier who tried to do his duty as God gave him the light to see that duty.”
MacArthur and McChrystal are not the only generals in American history who came into conflict with the commander-in-chief. In the so-called “Conway Cabal” affair during the American Revolution, Brigadier General Thomas Conway wrote a series of letters criticizing George Washington. One of them, in which he called the commander “weak,” was forwarded to Washington, who wrote a reply that expressed his displeasure. A week later, Conway submitted his letter of resignation to the Continental Congress. During the Civil War, General George McClellan drew Abraham Lincoln’s ire when he refused to go on the offensive against the Confederate Army. Their disagreement inspired one of Lincoln’s best-known quotes: “If General McClellan does not want to use the army, I would like to borrow it for a time.” McClellan, for his part, made little effort to hide his disdain for the president, referring to him as “nothing more than a well-meaning baboon” and pretending to be in bed when Lincoln visited his home. In November 1886, Lincoln removed him from command, a decision that prompted a number of loyal officers to resign in protest.
Investing in currencies can be tempting but risky by Gail MarksJarvis - CHICAGO TRIBUNE
Falling euro may entice investors seeking to buy low, but some experts say it may continue to decline
With the sharp decline in the euro recently, a colleague wondered if now is the right time to invest in the currency.
Given the rule of thumb in investing to "buy low and sell high," it's an interesting question.
A few months ago, it took more than $1.50 to buy one euro, and it fell below $1.20 recently. But finding the right time to "buy low" can be more difficult than it seems. Although the euro has fallen dramatically, many analysts say it will continue to be dragged down by debt problems in countries such as Spain and Greece. Some are predicting that by year-end, the euro will be worth $1.
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If that happens, you would lose about 16 percent on a euro purchased at $1.20. Of course, forecasts vary. But Jack Ablin, chief investment officer for Harris Private Bank, said he would discourage people from taking a chance.
"Currency markets are dominated by sophisticated players who can change their minds on a moment's notice," he said. That means you could lose money quickly on an economic or political event.
"All it takes, for example, would be for the Chinese to change a strategy on something you never heard about," Ablin said.
In addition, despite the plunge in the euro, it's still not cheap based on its purchasing power, Ablin said. If the dollar and euro were equal, something purchased in Europe would cost about 5 to 10 percent more than an identical item in the U.S.
But here are some considerations for people interested in currency speculation:
Buying exchange-traded funds
The CurrencyShares Euro Trust exchange-traded fund, identified with the ticker symbol FXE, is designed to track the price of the euro and is easy to buy through a stockbroker. But because investors would lose money if the downward trend continues, Tom Lydon, editor of ETF Trends (etftrends.com), suggests the opposite bet: He'd select the PowerShares DB U.S. Dollar Index Bullish (UUP), a bet that the dollar will keep rising for the time being.
Neither fund is for the buy-and-hold investor, because momentum can turn quickly in currencies. Lydon suggests a tool on his site that tracks the 200-day moving average of an ETF. When the price goes above the 200-day moving average, that's a sign to buy, and when it falls below the average, it's time to sell. But that still doesn't necessarily protect you from losing money.
Buying euros or a foreign currency CD
You can purchase euros from large banks, and an investor can buy FDIC-insured CDs based in foreign currencies for as little as $10,000 from EverBank. These CDs pay interest, and, at the same time, you receive the benefit or disadvantage of currency fluctuations.
If you had bought a CD in euros at the beginning of this year, you would have lost about 16 percent of your money through mid-June, while gaining about an eighth of a percent in interest, said Chris Gaffney, vice president of world markets for EverBank. In addition, there are fees: 0.75 percent of the CD when you buy it, and another 0.75 percent when you remove your money.
CDs tie up your money for a set period, and what appears to be a no-brainer can change fast. Late last year, many people bought Australian and Brazilian CDs and bonds because they were worried about the weakening dollar. Then, when Europe's debt crisis surfaced, nervous investors around the world wanted the safety of dollars, and that popularity pushed the dollar's value higher. People who invested in Australian or Brazilian currencies have lost money.
Buying stocks
A less complicated way to obtain currency exposure is to buy stocks of companies throughout the world. Currently, U.S. investors can miss out on gains when they buy European stocks, because the money they make abroad in euros is then converted back into stronger dollars. But Ablin said that given the pressures of the continent's debt crisis, European stocks will become inexpensive and an attractive buy.
He said that's at least a couple of quarters away, however. For now, he favors putting money into stocks from the U.S., which is stronger economically and has the advantage of the dollar. When Europe is worth buying, Ablin said, investors could invest in the SPDR STOXX Europe 50 exchange-traded fund (FEU) or the MSCI EAFE fund (EFA).
Keep in mind when buying a European fund that BP PLC, which is embroiled in the Gulf of Mexico oil spill, is often a top holding, along with European banks that might lose money in the debt crisis.
SOURCE: CHICAGO TRIBUNE (ORIGINAL ARTICLE)
With the sharp decline in the euro recently, a colleague wondered if now is the right time to invest in the currency.
Given the rule of thumb in investing to "buy low and sell high," it's an interesting question.
A few months ago, it took more than $1.50 to buy one euro, and it fell below $1.20 recently. But finding the right time to "buy low" can be more difficult than it seems. Although the euro has fallen dramatically, many analysts say it will continue to be dragged down by debt problems in countries such as Spain and Greece. Some are predicting that by year-end, the euro will be worth $1.
Get the Chicago Tribune delivered to your home for only $1 a week >>
If that happens, you would lose about 16 percent on a euro purchased at $1.20. Of course, forecasts vary. But Jack Ablin, chief investment officer for Harris Private Bank, said he would discourage people from taking a chance.
"Currency markets are dominated by sophisticated players who can change their minds on a moment's notice," he said. That means you could lose money quickly on an economic or political event.
"All it takes, for example, would be for the Chinese to change a strategy on something you never heard about," Ablin said.
In addition, despite the plunge in the euro, it's still not cheap based on its purchasing power, Ablin said. If the dollar and euro were equal, something purchased in Europe would cost about 5 to 10 percent more than an identical item in the U.S.
But here are some considerations for people interested in currency speculation:
Buying exchange-traded funds
The CurrencyShares Euro Trust exchange-traded fund, identified with the ticker symbol FXE, is designed to track the price of the euro and is easy to buy through a stockbroker. But because investors would lose money if the downward trend continues, Tom Lydon, editor of ETF Trends (etftrends.com), suggests the opposite bet: He'd select the PowerShares DB U.S. Dollar Index Bullish (UUP), a bet that the dollar will keep rising for the time being.
Neither fund is for the buy-and-hold investor, because momentum can turn quickly in currencies. Lydon suggests a tool on his site that tracks the 200-day moving average of an ETF. When the price goes above the 200-day moving average, that's a sign to buy, and when it falls below the average, it's time to sell. But that still doesn't necessarily protect you from losing money.
Buying euros or a foreign currency CD
You can purchase euros from large banks, and an investor can buy FDIC-insured CDs based in foreign currencies for as little as $10,000 from EverBank. These CDs pay interest, and, at the same time, you receive the benefit or disadvantage of currency fluctuations.
If you had bought a CD in euros at the beginning of this year, you would have lost about 16 percent of your money through mid-June, while gaining about an eighth of a percent in interest, said Chris Gaffney, vice president of world markets for EverBank. In addition, there are fees: 0.75 percent of the CD when you buy it, and another 0.75 percent when you remove your money.
CDs tie up your money for a set period, and what appears to be a no-brainer can change fast. Late last year, many people bought Australian and Brazilian CDs and bonds because they were worried about the weakening dollar. Then, when Europe's debt crisis surfaced, nervous investors around the world wanted the safety of dollars, and that popularity pushed the dollar's value higher. People who invested in Australian or Brazilian currencies have lost money.
Buying stocks
A less complicated way to obtain currency exposure is to buy stocks of companies throughout the world. Currently, U.S. investors can miss out on gains when they buy European stocks, because the money they make abroad in euros is then converted back into stronger dollars. But Ablin said that given the pressures of the continent's debt crisis, European stocks will become inexpensive and an attractive buy.
He said that's at least a couple of quarters away, however. For now, he favors putting money into stocks from the U.S., which is stronger economically and has the advantage of the dollar. When Europe is worth buying, Ablin said, investors could invest in the SPDR STOXX Europe 50 exchange-traded fund (FEU) or the MSCI EAFE fund (EFA).
Keep in mind when buying a European fund that BP PLC, which is embroiled in the Gulf of Mexico oil spill, is often a top holding, along with European banks that might lose money in the debt crisis.
SOURCE: CHICAGO TRIBUNE (ORIGINAL ARTICLE)
A Word In Favor Of MBA Degrees
As more people are beginning to further their education in order to land a job in the field of their choice, having an MBA is becoming increasingly important in order to be viewed as an expert in one's sector.
More employment experts are suggesting that it's important for individuals to get an MBA degree, according to CNN. While some analysts believe that this degree could be the ticket to automatic employment, others believe that although this might not be the case, it is still a good degree to have.
Some experts believe that MBAs have the opportunity to hold out for higher paychecks as their expertise can help them enter into higher positions because of their qualifications.
"A category of jobs that begins to show up more in a recession is one that says MBA desired or preferred versus MBA required," Dennis Grindle, an MBA director, told the news provider. "This allows an MBA to get into what they want to do by taking a step back to hopefully go forward later when economic times get better."
According to the Bureau of Labor Statistics, individuals who have MBAs earn an average of $1,257 a week.
SOURCE: MYMBACAREER.COM (ORIGINAL ARTICLE)
More employment experts are suggesting that it's important for individuals to get an MBA degree, according to CNN. While some analysts believe that this degree could be the ticket to automatic employment, others believe that although this might not be the case, it is still a good degree to have.
Some experts believe that MBAs have the opportunity to hold out for higher paychecks as their expertise can help them enter into higher positions because of their qualifications.
"A category of jobs that begins to show up more in a recession is one that says MBA desired or preferred versus MBA required," Dennis Grindle, an MBA director, told the news provider. "This allows an MBA to get into what they want to do by taking a step back to hopefully go forward later when economic times get better."
According to the Bureau of Labor Statistics, individuals who have MBAs earn an average of $1,257 a week.
SOURCE: MYMBACAREER.COM (ORIGINAL ARTICLE)
Precious metals: excellent ways to invest
Gold has been the universal symbol of wealth for civilizations throughout the ages. Ancient cultures created gold jewelry early forms of money were crafted from gold. Though thousands of years have passed, but the fascination with gold remains as strong as ever. (Want to learn more? Check out 8 Reasons To Own Gold.)
Investing in gold and other precious metals has been attracting a lot of attention lately. You've probably heard the ads proclaiming "gold has never been worth zero." The metal has, according to the ads, retained intrinsic value regardless of economic conditions. The gold bugs would have you believe that at some point in the future, your money won't be worth the paper it's printed on. Based on what has happened to the world economies over the past couple of years, their argument is gaining credibility and popularity in many investment circles. (Find out the history behind gold and paper currency in The Gold Standard Revisited.)
Types of Metals
Gold is a popular metal and attracts most of the press, but it isn't the only metal out there to invest in. The three other major investment metals are platinum, palladium and silver. All have risen in price over the past several years as demand has increased around the globe. While many people associate precious metals with jewelry and coins, these metals are also used in industry. The emergence of China and India as significant players in world commerce has contributed to the higher demand for industrial purposes. (Just getting started? Check out A Beginner's Guide To Precious Metals.)
Gold is a critical element in the electronics industry as an integral part of many high technology components. It's an excellent electrical conductor, corrosion-resistant, chemically stable and a superior heat shield.
Platinum is found in medical equipment, computers and automotive parts. Softer than platinum, palladium is a key element in catalytic converters due to its ability to withstand oxidation and high temperatures. It is highly conductive and is sometimes used instead of gold in electronics. Palladium has a variety of other applications including raw material processing, photo processing, water purification, fuel cells, and the refining and purification of oil and natural gas.
Why Buy Precious Metals?
The U. S. government has taken dramatic action to combat a very severe recession. The results so far have been mixed, but the effect on the national debt is obvious. The Federal Reserve has been rapidly inflating the money supply, but at some point the record low interest rates will have to increase to stave off retail inflation. How successful this strategy will be, and how it will affect future economic growth, are open questions.
Concern for future inflation is one factor pushing commodity prices higher. Holding metals is a way of spreading portfolio risk during times of economic upheaval and war, and when inflation threatens currency values. To many people in this uncertain environment, buying metals represents a safe-haven approach to diversification and a partial hedge against equities.
Price History
Gold recently reached an all-time high of $1,252 per ounce, but is still well below the $873 reached in 1980 when adjusted for inflation ($2,287 based on U. S. Department of Labor statistics). It's up about 300% in the past five years and has displayed a fairly consistent uptrend during that period.
Platinum reached a high of $2,252 in 2008, but has backed off to the $1,500 area. When automobile manufacturers went on a buying binge in 2000 and 2001, the supply squeeze pushed the price of palladium to almost $1,100. It is now selling for less than half that amount. Silver is currently within striking distance of its 2008 high of $20.
Ways to Buy
* Stocks and mutual funds holding shares in mining companies
* Exchange Traded Funds (ETF) that hold bullion:
o Gold SPDR (GLD)
o Platinum (PPLT)
o Palladium (PALL)
o Silver (SLV)
* Antique coins (many have collector value that exceeds the meltdown value)
* Newly minted coins:
Gold: American Eagle, Canadian Maple Leaf, South African Krugerrand, British Sovereign, Vienna Philharmonic, Mexican Gold 50 Pesos, U.S. Mint 24K Gold Buffalo
Platinum: American Eagle, Australian Koala, Canadian Maple Leaf
Palladium: Palladium Canadian Maple Leaf
Silver: Canadian Silver Maple Leaf, Silver American Eagle, Austrian Vienna Philharmonic
* Bullion - Bars are produced by some government mints, as well as private companies such as Johnson Matthey, Wall Street Mint, Credit Suisse, Engelhard, Produits Artistiques de Métaux Précieux (PAMP), Sunshine Minting and Pan American Silver
Outlook
There's no doubt that the demand for metals is on the rise. This doesn't necessarily translate into immediate price increases since the supply is constantly changing due to active mining and sales by large holders.
Before buying precious metals, do your own research. If you decide to buy coins or bullion, you will need a safe place to store them. Be prepared for volatility in the price, and unless you are an experienced trader, it's important to keep a long-term perspective. (For a comprehensive guide to precious metals, check out .)
Catch up on the latest financial news in Water Cooler Finance: The iPhone Launch, Buffett's Lunch And BP's Lashing.
Original story - Investing In Precious Metals>>>
Investing in gold and other precious metals has been attracting a lot of attention lately. You've probably heard the ads proclaiming "gold has never been worth zero." The metal has, according to the ads, retained intrinsic value regardless of economic conditions. The gold bugs would have you believe that at some point in the future, your money won't be worth the paper it's printed on. Based on what has happened to the world economies over the past couple of years, their argument is gaining credibility and popularity in many investment circles. (Find out the history behind gold and paper currency in The Gold Standard Revisited.)
Types of Metals
Gold is a popular metal and attracts most of the press, but it isn't the only metal out there to invest in. The three other major investment metals are platinum, palladium and silver. All have risen in price over the past several years as demand has increased around the globe. While many people associate precious metals with jewelry and coins, these metals are also used in industry. The emergence of China and India as significant players in world commerce has contributed to the higher demand for industrial purposes. (Just getting started? Check out A Beginner's Guide To Precious Metals.)
Gold is a critical element in the electronics industry as an integral part of many high technology components. It's an excellent electrical conductor, corrosion-resistant, chemically stable and a superior heat shield.
Platinum is found in medical equipment, computers and automotive parts. Softer than platinum, palladium is a key element in catalytic converters due to its ability to withstand oxidation and high temperatures. It is highly conductive and is sometimes used instead of gold in electronics. Palladium has a variety of other applications including raw material processing, photo processing, water purification, fuel cells, and the refining and purification of oil and natural gas.
Why Buy Precious Metals?
The U. S. government has taken dramatic action to combat a very severe recession. The results so far have been mixed, but the effect on the national debt is obvious. The Federal Reserve has been rapidly inflating the money supply, but at some point the record low interest rates will have to increase to stave off retail inflation. How successful this strategy will be, and how it will affect future economic growth, are open questions.
Concern for future inflation is one factor pushing commodity prices higher. Holding metals is a way of spreading portfolio risk during times of economic upheaval and war, and when inflation threatens currency values. To many people in this uncertain environment, buying metals represents a safe-haven approach to diversification and a partial hedge against equities.
Price History
Gold recently reached an all-time high of $1,252 per ounce, but is still well below the $873 reached in 1980 when adjusted for inflation ($2,287 based on U. S. Department of Labor statistics). It's up about 300% in the past five years and has displayed a fairly consistent uptrend during that period.
Platinum reached a high of $2,252 in 2008, but has backed off to the $1,500 area. When automobile manufacturers went on a buying binge in 2000 and 2001, the supply squeeze pushed the price of palladium to almost $1,100. It is now selling for less than half that amount. Silver is currently within striking distance of its 2008 high of $20.
Ways to Buy
* Stocks and mutual funds holding shares in mining companies
* Exchange Traded Funds (ETF) that hold bullion:
o Gold SPDR (GLD)
o Platinum (PPLT)
o Palladium (PALL)
o Silver (SLV)
* Antique coins (many have collector value that exceeds the meltdown value)
* Newly minted coins:
Gold: American Eagle, Canadian Maple Leaf, South African Krugerrand, British Sovereign, Vienna Philharmonic, Mexican Gold 50 Pesos, U.S. Mint 24K Gold Buffalo
Platinum: American Eagle, Australian Koala, Canadian Maple Leaf
Palladium: Palladium Canadian Maple Leaf
Silver: Canadian Silver Maple Leaf, Silver American Eagle, Austrian Vienna Philharmonic
* Bullion - Bars are produced by some government mints, as well as private companies such as Johnson Matthey, Wall Street Mint, Credit Suisse, Engelhard, Produits Artistiques de Métaux Précieux (PAMP), Sunshine Minting and Pan American Silver
Outlook
There's no doubt that the demand for metals is on the rise. This doesn't necessarily translate into immediate price increases since the supply is constantly changing due to active mining and sales by large holders.
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Foreign MBA degree helps you fetch a good job
SOURCE: THE ECONOMIC TIMES
Due to globalisation, liberalisation and privatisation, it has become feasible to pursue an MBA course from foreign universities especially in UK, Australia, USA and Canada.
Distance learning MBAs and online MBAs from foreign universities still have the same attraction. A foreign degree guarantees more exposure since students need to interact with fellow classmates and faculty to learn and evolve.
In a foreign MBA, students come with work experience in a variety of fields like finance, high-tech, marketing, poetry, films and other such artistic fields. The diversity in student body helps them develop a strong network across all countries.
So does a foreign MBA still have the same attraction as in the past decade? “A foreign MBA degree is still attractive for a large pool of people in India, though only few globally renowned institutes are great to get in, which include Asian Institute of Management, Philippines, London Business School, United Kingdom, Kellogg School of Management, USA, Harvard Business School, USA, and Wharton University of Pennsylvania, USA. One of the good points of a foreign MBA degree is its admission criteria which include 3-4years of corporate experience and case studies which are based on real time experience for students to learn the art of management,” notes Sunil Goel, Director, GlobalHunt, an executive search firm.
Says Jayaram K Iyer, Professor, Marketing, Loyola Institute of Business Administration, “Unfortunately yes and in fact gullible students are falling prey to glitzy advertisements and five-star-hotel fairs from foreign universities that seem to promise more and deliver a lot less; it is as usual the 'country of origin' effect: craze for anything foreign. Most of these foreign universities are here because they can’t find students in their own countries; it is business for them and no education can swerve from altruistic goals. Good foreign MBA degrees are restricted to a few top 30-40 b-schools in the world and the ranks are public information. However, one good aspect of all these foreign MBAs is that, the students get lot more culturally diverse exposure that moulds them to be more global in perspective. Of course, they also become more patriotic realising the worth of India.”
Does a foreign MBA give a better pay, position etc? “A foreign MBA degree from a renowned institute certainly gives better pay and position as it provides exposure, builds up strategic thinking, leadership ability and foremost, it teaches how to get culturally fit in an organisation.
Holding a foreign MBA degree from a renowned institute develops very high aspiration in a candidate as far as compensation is concerned, this might not be feasible in today's economic scenario,” adds Goel.
So the question is, Is a foreign MBA essential to fetch a good job? “Finally, one needs to decide what he/she plans to do after an MBA. This is probably the most defining factor to take a decision. If one is planning to take up a job abroad, one can opt for a foreign MBA. If one plans to return to India on completion, one should think through. Compared to foreign B-schools, Indian institutions offer cost advantage, making them more attractive if one is planning to build one’s career in India,” feels Ajay Oberoi, director general & trustee, AICAR Business
The quality of education at top-ranked Indian business schools is at par with some of the best in the world. But that applies to only a handful of business schools across the country.
In India, most of the MBA students are fresh out of college and have no work experience. This is not the case with the foreign MBA institutions.
Students come with work experience in a variety of areas and this helps them broaden their perspective. Whatever the route, a foreign MBA degree from a renowned institute certainly enhances one’s chances of fetching a good job and gives one an edge over other candidates.
SOURCE: THE ECONOMIC TIMES
Due to globalisation, liberalisation and privatisation, it has become feasible to pursue an MBA course from foreign universities especially in UK, Australia, USA and Canada.
Distance learning MBAs and online MBAs from foreign universities still have the same attraction. A foreign degree guarantees more exposure since students need to interact with fellow classmates and faculty to learn and evolve.
In a foreign MBA, students come with work experience in a variety of fields like finance, high-tech, marketing, poetry, films and other such artistic fields. The diversity in student body helps them develop a strong network across all countries.
So does a foreign MBA still have the same attraction as in the past decade? “A foreign MBA degree is still attractive for a large pool of people in India, though only few globally renowned institutes are great to get in, which include Asian Institute of Management, Philippines, London Business School, United Kingdom, Kellogg School of Management, USA, Harvard Business School, USA, and Wharton University of Pennsylvania, USA. One of the good points of a foreign MBA degree is its admission criteria which include 3-4years of corporate experience and case studies which are based on real time experience for students to learn the art of management,” notes Sunil Goel, Director, GlobalHunt, an executive search firm.
Says Jayaram K Iyer, Professor, Marketing, Loyola Institute of Business Administration, “Unfortunately yes and in fact gullible students are falling prey to glitzy advertisements and five-star-hotel fairs from foreign universities that seem to promise more and deliver a lot less; it is as usual the 'country of origin' effect: craze for anything foreign. Most of these foreign universities are here because they can’t find students in their own countries; it is business for them and no education can swerve from altruistic goals. Good foreign MBA degrees are restricted to a few top 30-40 b-schools in the world and the ranks are public information. However, one good aspect of all these foreign MBAs is that, the students get lot more culturally diverse exposure that moulds them to be more global in perspective. Of course, they also become more patriotic realising the worth of India.”
Does a foreign MBA give a better pay, position etc? “A foreign MBA degree from a renowned institute certainly gives better pay and position as it provides exposure, builds up strategic thinking, leadership ability and foremost, it teaches how to get culturally fit in an organisation.
Holding a foreign MBA degree from a renowned institute develops very high aspiration in a candidate as far as compensation is concerned, this might not be feasible in today's economic scenario,” adds Goel.
So the question is, Is a foreign MBA essential to fetch a good job? “Finally, one needs to decide what he/she plans to do after an MBA. This is probably the most defining factor to take a decision. If one is planning to take up a job abroad, one can opt for a foreign MBA. If one plans to return to India on completion, one should think through. Compared to foreign B-schools, Indian institutions offer cost advantage, making them more attractive if one is planning to build one’s career in India,” feels Ajay Oberoi, director general & trustee, AICAR Business
The quality of education at top-ranked Indian business schools is at par with some of the best in the world. But that applies to only a handful of business schools across the country.
In India, most of the MBA students are fresh out of college and have no work experience. This is not the case with the foreign MBA institutions.
Students come with work experience in a variety of areas and this helps them broaden their perspective. Whatever the route, a foreign MBA degree from a renowned institute certainly enhances one’s chances of fetching a good job and gives one an edge over other candidates.
SOURCE: THE ECONOMIC TIMES
The MBA Marketing Machine By Francesca Di Meglio: Bloomberg Business Week
With jobs scarce, competition growing, and the MBA's reputation in tatters, selling B-school to prospective applicants has never been tougher
A quiet revolution is afoot at U.S. business schools. The way administrators are selling the MBA degree to applicants is completely shifting, as B-schools and the MBA degree itself face unprecedented challenges in the wake of the global economic crisis. "We're a stodgy group of academics, and at the end of the day we're slow to change," says Joseph Fox, associate dean for MBA programs at the Olin Business School (Olin Full-Time MBA Program) at Washington University in St. Louis. But change is indeed in the air: from the tools and techniques used to reach prospective students to the marketing themes and strategies employed to seal the deal.
It's no wonder that B-schools are casting about for new ways to sell the MBA. After coming off a period of record-breaking application volume and an explosion of new programs at existing B-schools, intensified competition is inevitable. As Generation X gave way to the Millennial Generation, schools have had to adapt to applicants with new goals, new skills, and new ways of doing things.And the degree itself—once a surefire path to riches and respect—is now something else entirely.Despite tuition costs that are in the stratosphere, many students even at top schools, who used to choose among multiple job offers, are now graduating unemployed, and those lucky enough to land a job are getting paid less.All of them are graduating into a world where their degrees, in some circles, constitute a negative brand: one that's associated with ethical lapses, business failures, and the causes of the financial crisis. In many ways, the selling of the MBA has never been tougher.
Fresh Outreach to Prospective Students
So business schools are starting fresh in ways large and small. Print ads and brochures sent via snail mail are antiquated, says Daniel Poston, assistant dean for master's programs at the University of Washington Foster School of Business (Foster Full-Time MBA Profile).Business school fairs are already less relevant than they used to be as applicants do their initial research online, says Fox, who thinks these events will come to a halt eventually.The McCombs School of Business (McCombs Full-Time MBA Profile) at the University of Texas at Austin doesn't even rely on paid advertising anymore, says Tina Mabley, director of the full-time MBA program at McCombs. Most programs focus on providing a wealth of information for potential applicants online through their own websites; social networks such as Facebook, Twitter, and LinkedIn; and with campus tours and information sessions around the world.
In attempting to understand prospective students, many business school administrators are planning for a future that looks very different from the past. Mabley admits that she and her peers have yet to figure out how to best use social networking sites to reach out to potential applicants, who these days are almost exclusively Millennials—and as such more or less live on such sites. But she imagines that one day career coaching will be part of her marketing strategy and will take place online on sites such as Facebook. In addition, the McCombs School already offers webinars about its program and is considering featuring online teaser courses by the faculty.
One way that B-schools are competing for the hearts and minds of prospective students is through diversity outreach. If grads are to compete in a global marketplace, they need to encounter it in the classroom, and that means recruiting students from a mix of industries, functions, countries, and genders—a mix that can be used as a selling point for the program. At Olin, Fox says his team might reach out to groups such as scientists and explain the merits of an MBA to those who want to go commercial with their inventions.
An Ethical Education
Since ethics is top of mind with the public, postcrisis, so it is with business schools. "One of the things we're selling more of is our track record of educating principled leaders," says Robert Carraway, associate dean for degree programs at University of Virginia's Darden School of Business (Darden Full-Time MBA Profile). He points to a regular ethics roundtable discussion that Darden hosts and its new Center for Business & Society. Program features such as those are mentioned on the school's website, in recruiting materials, and at information sessions, Carraway says.
Selling the MBA in this day and age almost requires a redefinition of the purpose of the degree. Until recently, most graduates entered careers in finance or consulting. Today, many students are pursuing their degrees to run nonprofits or solve pressing social problems. Positioning the degree that way appeals to the famously idealistic Millennials, and to anyone willing to entertain alternative career paths in an era when traditional MBA jobs are in short supply. "As a business school, we have to help alter the public's view of business," says Mabley. One of the many ways business schools are doing just that is by showing how an MBA program trains students—from those with public policy aspirations to engineers inventing products—to run any kind of organization, says Carraway.
To prove how malleable the MBA degree can be, some schools are posting online videos featuring stories of alumni in nontraditional careers, while others put applicants in touch with such graduates directly. Still others are transforming their programs to help students who aspire to such careers. McCombs, for example, is building a health-care concentration and offers clean energy courses because those are among the state's growing industries, says Mabley.
Justifying the Cost
With tuition costs at top schools that are upwards of $80,000, and total costs that can be well north of $300,000 including two years of forgone salary, the case for the MBA's return on investment is getting tougher to make. More than ever before, program representatives are fielding tough questions on ROI at information sessions and one-on-one applicant meetings, and addressing price sensitivity isn't easy, says Lynda Oliver, assistant dean of marketing and communications at the Southern Methodist University Cox School of Business (Cox Full-Time MBA Profile). Oliver admits that her job is more difficult because she must explain why it's worth it to invest in her school's more expensive program over more affordable, lesser-known options that were never considered competition before.
The Foster School, says Poston, is blunt with candidates: "If they seem to want a career on Wall Street, we tell them to apply to New York University's Stern School of Business (Stern Full-Time MBA Profile) or Columbia Business School (Columbia Full-Time MBA Profile)." The truth is the best marketing tool, he adds. "This generation can see hype from a mile away," says Poston. "You have to cut through that and be straight with people."
Di Meglio is a reporter for Businessweek.com in Fort Lee, N.J.
A quiet revolution is afoot at U.S. business schools. The way administrators are selling the MBA degree to applicants is completely shifting, as B-schools and the MBA degree itself face unprecedented challenges in the wake of the global economic crisis. "We're a stodgy group of academics, and at the end of the day we're slow to change," says Joseph Fox, associate dean for MBA programs at the Olin Business School (Olin Full-Time MBA Program) at Washington University in St. Louis. But change is indeed in the air: from the tools and techniques used to reach prospective students to the marketing themes and strategies employed to seal the deal.
It's no wonder that B-schools are casting about for new ways to sell the MBA. After coming off a period of record-breaking application volume and an explosion of new programs at existing B-schools, intensified competition is inevitable. As Generation X gave way to the Millennial Generation, schools have had to adapt to applicants with new goals, new skills, and new ways of doing things.And the degree itself—once a surefire path to riches and respect—is now something else entirely.Despite tuition costs that are in the stratosphere, many students even at top schools, who used to choose among multiple job offers, are now graduating unemployed, and those lucky enough to land a job are getting paid less.All of them are graduating into a world where their degrees, in some circles, constitute a negative brand: one that's associated with ethical lapses, business failures, and the causes of the financial crisis. In many ways, the selling of the MBA has never been tougher.
Fresh Outreach to Prospective Students
So business schools are starting fresh in ways large and small. Print ads and brochures sent via snail mail are antiquated, says Daniel Poston, assistant dean for master's programs at the University of Washington Foster School of Business (Foster Full-Time MBA Profile).Business school fairs are already less relevant than they used to be as applicants do their initial research online, says Fox, who thinks these events will come to a halt eventually.The McCombs School of Business (McCombs Full-Time MBA Profile) at the University of Texas at Austin doesn't even rely on paid advertising anymore, says Tina Mabley, director of the full-time MBA program at McCombs. Most programs focus on providing a wealth of information for potential applicants online through their own websites; social networks such as Facebook, Twitter, and LinkedIn; and with campus tours and information sessions around the world.
In attempting to understand prospective students, many business school administrators are planning for a future that looks very different from the past. Mabley admits that she and her peers have yet to figure out how to best use social networking sites to reach out to potential applicants, who these days are almost exclusively Millennials—and as such more or less live on such sites. But she imagines that one day career coaching will be part of her marketing strategy and will take place online on sites such as Facebook. In addition, the McCombs School already offers webinars about its program and is considering featuring online teaser courses by the faculty.
One way that B-schools are competing for the hearts and minds of prospective students is through diversity outreach. If grads are to compete in a global marketplace, they need to encounter it in the classroom, and that means recruiting students from a mix of industries, functions, countries, and genders—a mix that can be used as a selling point for the program. At Olin, Fox says his team might reach out to groups such as scientists and explain the merits of an MBA to those who want to go commercial with their inventions.
An Ethical Education
Since ethics is top of mind with the public, postcrisis, so it is with business schools. "One of the things we're selling more of is our track record of educating principled leaders," says Robert Carraway, associate dean for degree programs at University of Virginia's Darden School of Business (Darden Full-Time MBA Profile). He points to a regular ethics roundtable discussion that Darden hosts and its new Center for Business & Society. Program features such as those are mentioned on the school's website, in recruiting materials, and at information sessions, Carraway says.
Selling the MBA in this day and age almost requires a redefinition of the purpose of the degree. Until recently, most graduates entered careers in finance or consulting. Today, many students are pursuing their degrees to run nonprofits or solve pressing social problems. Positioning the degree that way appeals to the famously idealistic Millennials, and to anyone willing to entertain alternative career paths in an era when traditional MBA jobs are in short supply. "As a business school, we have to help alter the public's view of business," says Mabley. One of the many ways business schools are doing just that is by showing how an MBA program trains students—from those with public policy aspirations to engineers inventing products—to run any kind of organization, says Carraway.
To prove how malleable the MBA degree can be, some schools are posting online videos featuring stories of alumni in nontraditional careers, while others put applicants in touch with such graduates directly. Still others are transforming their programs to help students who aspire to such careers. McCombs, for example, is building a health-care concentration and offers clean energy courses because those are among the state's growing industries, says Mabley.
Justifying the Cost
With tuition costs at top schools that are upwards of $80,000, and total costs that can be well north of $300,000 including two years of forgone salary, the case for the MBA's return on investment is getting tougher to make. More than ever before, program representatives are fielding tough questions on ROI at information sessions and one-on-one applicant meetings, and addressing price sensitivity isn't easy, says Lynda Oliver, assistant dean of marketing and communications at the Southern Methodist University Cox School of Business (Cox Full-Time MBA Profile). Oliver admits that her job is more difficult because she must explain why it's worth it to invest in her school's more expensive program over more affordable, lesser-known options that were never considered competition before.
The Foster School, says Poston, is blunt with candidates: "If they seem to want a career on Wall Street, we tell them to apply to New York University's Stern School of Business (Stern Full-Time MBA Profile) or Columbia Business School (Columbia Full-Time MBA Profile)." The truth is the best marketing tool, he adds. "This generation can see hype from a mile away," says Poston. "You have to cut through that and be straight with people."
Di Meglio is a reporter for Businessweek.com in Fort Lee, N.J.
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