I came across an interesting report that said the IRS was going to have a pilot program for issuing pre-paid debit cards for tax refunds. In the report the IRS plans to issue about 600,00 cards to low and moderate income people? Is this a way to directly take cash out of the hands of these people? Is it a way to reduce the value of the dollar to a plastic card?
What's another perspective on the dollar?
In a recent Youtube clip George Soros stated the US dollar was under going a "controlled de-valuation." Soros is a successful currency trader! It appears that Jim Rogers has the same opinion about the US dollar. The two men were one time business partners.
Fundamentally Rogers believes that China is a growing economy. China manufactures and exports more than the US does. Their low currency gives them a trade advantage to easily export their products. Their currency is called the yuan, or the renminbi, and it's reported that China has a 3 trillion dollar surplus.
Rogers sold his Manhattan apartment in 2010 and moved to Singapore. He also believes that Mandarin will be the language of the future. His young child speaks fluent Mandarin.
Last week when the Chinese President Hu Jintao visited Chicago he stopped by the Confucius Institute, a program along with the Chicago public schools teaches 12,000 area students Mandarin.
According to an NPR report, 300 Chicago firms have a presence in China, and 30 Chinese firms have a presence in Chicago.
Why is Chigaco investing in the Mandarin language, what do they see that the rest of the United States education system doesn't see?
You might even think about converting your US currency to yuan. There are two banks in the country that will allow you to make up to $4,000 in deposits, not to exceed $20,000 a year.
Google the word "inflation calculator" and see what the dollar was worth the year you were born. You will see why Soros used the term de-valued dollar.
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