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Strategies & Market Trends : Waiting for the big Kahuna -- Ignore unavailable to you. Want to Upgrade?

To: Real Man who wrote (67408)	11/17/2003 5:08:25 PM
From: BubbaFred	Read Replies (2) \| Respond to of 94695

As far as taxes are concerned, it's almost that way in most Asian countries. The magic number is 10 to 15%. It also means 90/10 split of the well-to-do's and the poor. The rich put their money in USD denomination. I know several people in southeast asia and when I told them that USD could go down in value vs. Euro or Aussie dollar, but they couldn't care less. They are keeping their bank accounts and assets in USD. Some of them think I am a nutcase for the suggestion. If China were to allow their citizens to put their savings or assets in any currency, I would guess at least 50% will be in U$D and the rest in gold. They have much less faith on their own Chinese currency because it doesn't have historical record of stability. I think it's ingrained in their head and beliefs, as well as what they have become accustomed to. USD is stable and the only one to trust and keep. Either USD or gold, no other substitute.