Forum Replies Created
-
AuthorPosts
-
Jazzman
Participant[quote=EconProf]What are some economic and real estate take-aways from the Sochi, Russia Winter Olympics? I’ll offer mine, but first, what we know about what Russia spent to hold the Olympics there. Reportedly $56 billion was spent on hotels, resorts, infrastructure, sports facilities, roads, and the personnel to run the actual event. All this for two weeks of full usage. Those wonderful facilities will now be underutilized for a few decades until Sochi can hold another winter olympics. I wonder what their hotel occupancy rates will be for the rest of this winter.
My take-aways:
1. While capitalist Vancouver spent $7.4 billion on their recent winter olympics, Putin spent seven times as much. The opportunity cost of that ego trip is all the Russian schools, roads, orphanages, rail lines, and apartments that did not get built in that largely poor country. He should be ashamed.
2. As any private sector investor will tell you, the cost of building for peak demand periods must be covered by revenues in the long run. So Sochi prices must be unduly high year-round to cover costs, including during the off-season. When the hotels are 20% occupied will their rates be super-high, or will the Russian taxpayer have to subsidize Sochi further?
3. Reportedly many of the hotel rooms remained unfinished, and massive corruption boosted costs. This is the inevitable result of government-directed allocation of resources rather than private sector actors who generally suffer from their mistakes.[/quote]
While there is more than a thread of truth to what you say, would the private sector have been any less corrupt in Russia I wonder. Were the Vancouver Games entirely private sector run? While comparing costs is useful, it should be remembered the Sochi games were explicitly targeted so it was never a matter of ‘if’. The cost of savings lives is a hard one to quantify. I’m not offering an apologia to Putin, but the games passed without incident and Russia won the most medals, with the US trailing fourth. What happens to Sochi now? I guess we’ll have to wait and see. Should more be spent on education, infrastructure? Always.Jazzman
ParticipantI’m not so sure those we think are so smart, are that smart. I seem to recall Timothy Geithner bought a home for $3.5 in 2006. Anyone who let’s their wife force them into financially unsound decisions is a wimp, and I think most women, whiners or not, would agree with that.
February 22, 2014 at 8:02 PM in reply to: Moving money to another country for better interest rates #771182Jazzman
Participant[quote=livinincali][quote=Jazzman][quote=livinincali]
The other potential problem is capitol controls. So you can get your money stuck over there. For example they just recently passed this capitol control.The limit on personal remittances has been cut to $75,000 per year, from $200,000 per year.
That would mean even if you saw things changing where it was a bad investment to be in India it would take you 3 years to get your money back out. A lot can happen in 3 years.[/quote]
Unless of course you had a dollar account in India.[/quote]
You earn no interest on a dollar account in India. So it completely defeats the purpose.
[quote]
The RBI said the Resident Foreign Currency (Domestic) Account can be opened with a licensed bank which is also an authorised dealer in foreign exchange. By this criteria, most of the banks would be able to offer the dollar account facility to their clients.
Since the account will be maintained in the form of a current account, there will, of course, be no interest earned on the balance, a foreign exchange dealer explained.
[/quote][/quote]
No interest on USD anyway, but I get interest on my foreign currency accounts. You saying in India you don’t?Jazzman
Participant[quote=scaredyclassic]Pizza is just beautiful. I recall walking home from franks pizza on Ave P in brooklyn in the 70s. A dark little Hole of a pizzeria. The box so hot my fingers felt burnt. Every one so happy when we walked in the door. So perfect.
I like everything about pizza.[/quote]
There is more nutritional value in the box, and with all the excess oil that seeps into it, it’s pretty yummy. Lots of fiber too.
Jazzman
Participant[quote=scaredyclassic]I do have low blood pressure 112/72. I feel like I should have high blood pressure. I get uptight. Nervous. But I dont. So in spite of the potential futility of it, I will eat my oatmeal and flax. Some herring from Costco and some salad. And the occasional protein shake at the gym.[/quote]
I think 90/60 is considered low, but if you have a naturally low blood pressure you are less at risk for a heart attack. I have a low blood pressure and have been diagnosed with bradychardia. I’m thinking of taking up free diving 🙂Pizza, ice cream, and fries are not food. One day they will have the same stigma attached to them as smoking. A major problem is people don’t know how to prepare, cook, and eat healthily. It isn’t helped by the food industry that has no interest in our health, and most doctors are not trained sufficiently in nutrition. Transitioning to a healthy diet is quite easy, the obstacle being more silly preconceived notions than anything else. If your digestive tract is telling to satiate by eating more of the bad stuff (salts, sugars), you will not be able to taste finer, healthy foods. Cut them out, and eventually you will see what you have been missing out on: a whole new range of new tastes and possibilities …and it is good for you. Wholefoods is a good place to start. Some vegetarian restaurants will also open up the palate. Don’t by a salad in a restaurant as most have no clue what a salad is. Healthy eating is fine eating.
February 21, 2014 at 9:53 AM in reply to: Moving money to another country for better interest rates #771146Jazzman
Participant[quote=livinincali]
The other potential problem is capitol controls. So you can get your money stuck over there. For example they just recently passed this capitol control.The limit on personal remittances has been cut to $75,000 per year, from $200,000 per year.
That would mean even if you saw things changing where it was a bad investment to be in India it would take you 3 years to get your money back out. A lot can happen in 3 years.[/quote]
Unless of course you had a dollar account in India.
February 21, 2014 at 9:50 AM in reply to: Moving money to another country for better interest rates #771145Jazzman
ParticipantKev, there’s probably a few of us who share some of your views, and yes, things are pretty frustrating. I’m waiting to see what 2015 brings, and have found RE to be about the best investment if you do your research, and are prepared for a few bumps along the learning curve.
February 20, 2014 at 6:20 PM in reply to: Moving money to another country for better interest rates #771127Jazzman
Participant[quote=UCGal]There are significant new reporting requirements for having bank accounts overseas. I frequent a few expat forums and the reporting requirements are challenging.
The FBAR form seems to be the one that draws the most ire based on what I read.
From what I read on one forum – it’s almost impossible for a US citizen to open a swiss bank account – even if they are legal residents and live in Switzerland… because of this new reporting.
You’ll have to decide if the extra interest is worth the extra paperwork.[/quote]
UBS has a US office in Zurich, and a big US presence, but you are right there is friction between the US and Switzerland at the moment. Their oldest bank closed due to pressure and fines. Offshore banks are usually more amenable.February 20, 2014 at 6:15 PM in reply to: Moving money to another country for better interest rates #771126Jazzman
Participant[quote=scaredyclassic]Www.everbank.com had accounts where u could hold in foreign currency. I still have Ann act there. Yup. Just checked. They’ll hold your rupees do all the work…[/quote]
Good one. I did notice this though: Note: the rupee is a non-deliverable currency, which means we’re unable to deliver the currency to you because of foreign government regulation.
February 20, 2014 at 3:39 PM in reply to: Moving money to another country for better interest rates #771119Jazzman
ParticipantThe only risk is exchange rates. If the bank will allow multiple currency accounts, you can switch back quickly if needs be. The problems I’ve run into is some foreign banks don’t allow US residents to open an account. As far are declaring interest, if the bank doesn’t provide US tax-filing docs, you can, in theory, use any exchange rate when converting back to USDs.
Jazzman
ParticipantWatch “Forks over Knives” on Netflix by Dr Esselstyn. This was Bill Clinton’s diet, or rather life style change. Called extreme by some, but not when compared to heart bypass surgery.
Jazzman
Participant^^^Yep, it doesn’t do to get overly obsessed with retirement planning. Making do with less is good for the soul. As long as you have a roof over your head and remain healthy, you can still live the dream.
Jazzman
ParticipantYou need a pension and/or assets that provide income to retire. The challenge for the latter has been so much volatility in stocks and bonds of recent, it has forced many into RE, or to hold onto rentals for the yield. That trend might reverse if the economy improves and baby boomers feel better about financial products, especially bonds. Income and capital preservation becomes more important in your later years. When asset prices get artificially inflated, it doesn’t necessarily inspire confidence. If you don’t have ties to a particular place, downsizing and moving is an option to release capital, but the problem of where to invest for income doesn’t disappear. I would imagine many boomers are also cash hording at the moment.
February 7, 2014 at 12:59 AM in reply to: WARPED, DISTORTED, MANIPULATED, FLIPPED HOUSING MARKET #770615Jazzman
ParticipantThe last thing anyone wants, including central banks, is low interest rates to go on for ever. It distorts markets and leads to volatility. There’s always going to be high-priced neighborhoods, but they are often driven by different factors. When the housing market gets over-heated it has a habit of spreading and becoming an epidemic. That effects us all.
-
AuthorPosts
