Posts Tagged ‘banks’

Seller Financing/ Owner Financing can provide benefits for both the seller and buyer of real estate, but the seller should be careful to structure the terms of the mortgage to maintain the value of the note. Here are 7 key tips for creating a mortgage note that will maximize the value of the mortgage should you decide to sell it at a later date..

Seller Financing/ Owner Financing can provide benefits for both the seller and buyer of real estate, but the seller should be careful to structure the terms of the note to maintain the value of the note.

For the seller, the best reason for offering seller financing is it allows a much larger pool of eligible buyers for the property. Today there are interested buyers, however many of them do not fit the narrow criteria that would allow them to attain traditional financing. Offering these potential buyers an opportunity to obtain financing privately will dramatically increase the chances of selling the property. Traditionally, seller financing allows the seller to obtain a higher price because of there willingness to extend financing terms to the buyer.

For the buyer, utilizing seller financing means they do not have to pay the points and fees and go through the “red tape” at the bank. Buyers will also consider this because a privately held mortgage does not show up on a credit report or a balance sheet. This allows the buyer to get additional loans that he/she would not be able to obtain through a bank or other lending institution. The bank considers debt to equity ratios and income necessary to repay the loans. Once that threshold is attained, the banks will not lend any further on any other properties.

A common mistake made by sellers when offering seller/owner financing is creating terms that facilitate the sale of the property but result in a mortgage note that does not hold its value should they attempt to sell it. Most people defer to their realtor to make the lending terms, which is great for the sale of the property and the realtor’s commission, but not great for the value of the mortgage.

Jerry D. Remien MBA & CMI, President of Mortgage Buyers Inc., a company specializing in buying seller financed/ owner financed mortgages since 1991, offers the following advice for maximizing the value of a privately held mortgage note, “There are 7 important keys to creating a note that will allow the seller retain as much of their equity as possible and I will go through them in order of importance. Many of these points are adversarial to making the sale, so the ‘art of creating the note’ is to strike a balance between creating terms that will sell the property and terms that will sell the note. The realization of the equity in the property consists of the selling price of the property and the retention of the value of the note in a future sale.”

Seven Keys to Creating a Seller Financed/ Owner Financed Mortgage Note

1/ CREDIT SCORE This is a very important point. You are about to lend a stranger a large sum of money and their credit score is a measure of their past financial performance on their other financial commitments. This is the best indication we have as to how they will pay our note. In addition, depending on the number of commitments, or the total dollar value of their debt, one may want to see a financial statement to see if they have the income and/or the equity necessary to pay the note and still meet their other financial obligations. It is a measure of the potential risk and the terms of the note should be adjusted accordingly to that risk. Common sense dictates that you should see a person’s financial track record prior to lending them money. The best advice is not to lend to anyone with a credit score under 600 with any of the three rating agencies.

2/ DOWN PAYMENT This is the most important point in creating a note. Get at least 10% down in cash, 20-25% is ideal. The equity in the down payment makes it much more difficult for the buyer to stop making payments and get the property taken from them in foreclosure. It is a measure of the buyers’ commitment to the property and the principal source of repayment for the loan. Be certain to document the down payment with the closing title company or attorney. Make a copy of the check whether you close at a title company or on your own. If you do close on your own, deposit the entire amount of the down payment in your bank account as a single deposit. Do not accept the down payment in cash and only record the balance in the Mortgage or Deed of Trust. Provide an auditable trail of the full amount paid including down payment and mortgage note. People attempt this to lower the taxes for the next owner, but it dramatically lowers the purchase price of the note. There is no credit given for a down payment that was actually paid at closing, but not properly documented.

3/ BALLOON DATE The balloon date is a date specified in the note where the balance of the loan is to be paid in full. Balloon payments are an effective means for shortening the duration of the loan and will raise the pricing for the loan as long as it is achievable. Many people create balloon payments based on their personal timeframe and need for the cash. The balloon payment should be set at a time when it is feasible that the loan could be refinanced by the outside lending community. A rule of thumb is to set the balloon date to one third of the amortization duration. For instance, if you have a 360-month amortization, set the balloon for 120 months from the inception of the loan. This will give the balance a chance to decrease and the property value to increase, which gives the lending community a realistic chance to make the loan to your payor. If you want a shorter balloon time period shorten the amortization accordingly.

4/ AMORTIZATION This is the time period it would take for the note to fully pay out and reach a zero balance. Generally, the shorter the amortization period the higher the price for the note. Avoid making an interest only loan. These loans never amortize and require an alternative source of financing to replace them or face foreclosure of the property to repay the equity in the note. In addition, it is best to make the pay periods on a monthly basis rather than quarterly, semi-annually, or annually. Monthly payments are much more widely accepted and easier for the servicing companies to track.

5/ INTEREST RATE A typical seller-financed note should have an interest rate that is 250-300 basis points higher than the banks are currently lending its best qualified customers. For example if the banks are lending at 5.00% to well qualified individuals, seller financed notes should be written at 7.50% to 8.00% or greater. After all, you are not in the lending business and if they do not like the rate, they are welcome to apply at their local bank to see if they can get a loan for less. Real estate sellers make this classic mistake and it can have an enormous impact on the pricing of the note.

6/ PAY HISTORY DOCUMENTATION An actual pay history that can accurately be tracked is very often the difference in getting the loan sold or not. Make photocopies of the checks when they arrive and deposit them in full as a single deposit in your bank account. This will give the buyer of the note the confidence necessary to buy the note. Do not accept cash under any circumstances have them go to the post office and get a postal money order if they do not have checks.

7/ PERSONAL GUARANTEE This is only necessary when the buyer of the property is an organization and not an individual. Have the head of the organization personally guarantee the transaction. This will immediately have a negative impact on the pricing if there is not a personal guarantee. Many buyers attempt to sign as an LLC, Corporation, or Limited Partnership specifically to avoid personally liability.

Remien concludes, “Do your own due diligence, do not rely on other opinions when it comes to your money. Create the terms of your own note. Many people allow their real estate agent or attorney to make the terms and conditions of the financing. Both of these individuals have a vested interest in having the deal closed so they can receive their fees. I hope that these tips will help you create the best note that you can and attain the best balance between selling the property and selling the note. If both are done correctly you will realize the most equity possible out of the transaction.”

For further questions about structuring a mortgage note or service in purchasing or selling your note after it is created, contact Mortgage Buyers, Inc. toll free 800-949-0888. Mortgage Buyers, Inc. has over 20 years of experience as a mortgage note buyer and will be happy to answer any questions you may have.

first direct interviews financial expert Jasmine Birtles for its ‘Colourful Lives’ report
Video Rating: 0 / 5

Related Finance Advice Articles

Supposedly in 2011 this was meant to be the year where new rules and regulations would see a huge influx of discounted properties and bank repossessions hit the Spanish property market. However the reality on the ground is somewhat completely different according to Spanish Hot Properties Managing Director Nick Stuart

“It seems that some Spanish banks are going to be taken dragging and screaming to actually sell their properties for less than the debt outstanding on them and only severe pressure from the Bank of Spain will really make these Banks do what they don’t want to do. I recently went and had a look at a few bank repossession from Cam Bank and I have to say only one was a real deal and the rest were a total waste of time. Los Arqueros Golf would be a prime example where we could help a client buy a brand new and better home for 50,000 less than the bank repossession that was on offer” explained Nick.

Some banks who have no choice but to comply with the stringent new rules are refusing to budge on the debt price to individual property buyer but are prepared to sell their debt to Investor groups but this won.t necessarily help the individual property buyer according to Nick. His view is that an investment company may try and buy 100 Million worth of debt for 40 Million but that saving wont be passed onto the clients directly as they will then hold on to the asset and look to sell for a profit.

So what advice would Nick give to Spanish property buyers at this time looking at Spanish bank repossessions. “My advice would be to look at the really good ones but not limit yourself to just bank repossessions because there is real value to be had out there is resales and more importantly key ready property with big discounts direct from the developer with up to 100% mortgages” advised Nick.

Find More Banking Advice Articles

It can be very easy to get into debt. Trying to get out of financial difficulty is much more complicated and can seem like a never ending struggle. If this is a situation you are all too familiar with, there are options available and one solution could be a debt consolidation loan.

A debt consolidation loan is when you obtain a large loan to cover and pay off your smaller multiple loans, and consolidate them into one monthly payment, rather than several. Obtaining a debt consolidation loan isn’t always a simple process and isn’t ideal for everyone, it can solve people’s financial problems, however it can also create more problems. If you are considering a consolidation loan as an option, it would be wise to gain some knowledge on the topic.

Debt consolidation loans are in general large loans that are usually taken out over a long term. The lender would usually give the borrower a better rate, however because the loan is paid over an extended period the increase in interest rate is hardly sufficient.

Debt consolidation loans are ideal for people who have had reccuring debt problems and have found it a real struggle to keep on top of their finances. One monthly payment can help people to manage their payments properly. When obtaining a consolidation loan the borrower can negotiate rates and payment schedules with the lender to work around the borrowers income.

There are banks and loan companies that are willing to help people who have a bad credit score. Some companies deal only with debt consolidation loans. If you are looking to take out a consolidation loan it is essential to read through the agreement thoroughly, making sure you fully understand everything before you sign a contract.

If you are looking to obtain a loan you must be on your guard, make sure you watch out for predatory lenders. This is when lenders seek to make as much money out of you as the can by cleverly hiding unfair charges, huge interest rates and unreasonable fees in the contract. Seek help and advice from a family member or a professional who has knowledge of the topic if you do not fully understand all of the terms of agreement.

Closing Comments

Debt consolidation loans can help improve people’s quality of life, it can take away the stresses and worry of paying off multiple loans, however it is important to remember it is not a cure for your debt, you are simply paying off a smaller amount over a longer period of time.

Are you depressed due to the harassing calls of your creditors? If this is so then you can easily get rid of all your existing debts with the help of secured debt consolidation loans. Secured debt consolidation loans helps you merge all your existing debts into a single manageable debt.

Secured debt consolidation loans, as the name suggests are secured in nature. It means you need to place one of your properties as collateral with the lender. This can be any of your property like car, home, jewelry, important document etc. With the help of secured debt consolidation loans you can merge all existing debts into one debt with lower interest rate. This way you will have to pay interest rate on only one loan. Also you have to pay only one monthly installment instead of many. Your lender also negotiates with your previous creditors to lower the interest rate of your debts on your behalf. Financial experts on behalf of lender will advice your regarding how to manage debts, savings and expenditure, which loan to opt for etc. Secured debt consolidation loans can also be availed by people suffering from bad credit status. Lenders ignore the bad credit status of the borrower because they have the security for their money in the form of collateral.

With secured debt consolidation loans you can avail an amount ranging from £ 5000 – £ 75000. The loan amount depends upon the value of collateral placed as security. In case you want to avail an amount grater than £ 75000, you can do so by placing collateral of high equity. The repayment duration of secured debt consolidation loans is very flexible and ranges from 5 – 25 years. Secured debt consolidation loans carry very low interest arte because they are secured in nature.

Always look for experience financial instructions, banks and lenders while applying for secured debt consolidation loans. The fastest and the easiest way to avail secured debt consolidation loans are by applying online. With few clicks you can search for companies that provide secured debt consolidation loans and download free loan quotes from their website. You can them compare between the offer of various lenders to choose the one that suits your needs the best. Also read all the terms and conditions carefully to avoid any future harassments.

With secured debt consolidation loans you can easily get rid of all your existing debts easily and economically

More Debt And Loans Advice Articles

Um Maravilhoso fim de semana (Have a wonderful weekend)


Image by introspectivo – Muito ocupado / Very busy
UM MINUTO APENAS

Lúcia era uma mulher feliz. Como poucas, acreditava.

Casada com o homem por quem se apaixonara nos verdes anos da adolescência, vivia o sonho da mulher realizada. Um filho lhe viera coroar a felicidade.

Que mais ela poderia desejar?

Acordava pela manhã e saudava o dia cantarolando. Com alegria realizava as tarefas do lar, cuidava do filho, aguardava o marido.

Tudo ía muito bem. Até o dia em que descobriu que o homem que tanto amava, a traía. E não era de agora. O problema vinha tomando corpo de algum tempo.

Magoada, se dirigiu ao marido. Exigiu-lhe e falou-lhe de respeito.

A resposta foi brutal, violenta. O homem encantador tornou-se raivoso, briguento. Chegou a lhe bater.

Foi nesse dia que Lúcia teve a certeza de que seu casamento acabara. Era o cúmulo.

Não poderia prosseguir a viver com alguém que chegara à agressão física.

Então, acordou na manhã de tristeza, depois de uma noite de angústia e tomou uma séria decisão.

Iria se matar. Acabar com a própria vida. Mais do que isto. Ela desejava vingança.

Por isto, tomou o filho de 4 anos pela mão e decidiu que o mataria. Queria que o marido ficasse com drama de consciência.

Seu destino era o Farol da Barra, na cidade de Salvador, na Bahia, onde residia. Ela sabia que era um local onde o mar batia com violência no penhasco.

A rua por onde transitava era movimentada. Muitos carros. Enquanto aguardava para atravessar a rua, a criança lhe escapou das mãos e correu, entre os carros. Ela se desesperou.

Estranho paradoxo. Conduzia a criança pela mão e tencionava jogá-la do penhasco ao mar para que morresse.

Mas, quando a vê correr perigo, esquecida de si mesma, vai-lhe ao encontro, agarra-a, até um pouco raivosa. Puxa-­a pela mão.

Neste momento, a criança se abaixa, alheia a tudo que se passava, e recolhe do chão um papel.

Lúcia o arranca das mãos do pequeno e um título, em letras grandes, lhe chama a atenção: Um minuto apenas.

Ela lê: Num minuto apenas, a tormenta acalma, a dor passa, o ausente chega. O dinheiro muda de mão, o amor parte, a vida muda.

Vai andando, puxando a criança e lendo a página. Era uma página mediúnica que vinha assinada por um Espírito.

Ela terminou de ler. Passou o ímpeto. Em um minuto. Parou, olhou ao redor e verificou que tinha chegado ao seu destino. O penhasco estava próximo. Sentou-se e teve uma crise de choro.

O impulso de se matar havia desaparecido. Tornou a ler a mensagem. Ela se recordou de um senhor que era espírita e trabalhava no Banco, no mesmo onde seu marido trabalhava.

Foi para casa. Lembrou que um dia, jantando em casa dele, ele falara algo sobre Espiritismo. Algo que ela e o marido, por terem outra formação religiosa, rechaçaram de imediato.

Ela lhe telefonou, pediu-lhe orientação e ele a encaminhou a um Centro Espírita.

Atendida por companheiro dedicado, que lhe ouviu os gritos da alma aflita, passou a buscar na oração sincera, na leitura nobre, no passe reconfortante, as necessárias forças para superar a crise.

O marido, notando-lhe a mudança, a calma, no transcorrer dos dias, a seguiu em uma das suas saídas do lar. Desconfiado, adentrou ele também à Casa Espírita. Para descobrir uma fonte de consolo e esclarecimento.

Hoje, ambos trabalham na Seara Espírita. Reconstituíram sua vida, refizeram-se. Os anos rolaram. O garoto é um adolescente e mais dois filhos se somaram a ele.

* * *

Mudança de rumo. A vida muda. Em um minuto apenas. Em um minuto apenas Deus providencia o socorro.

Pode ser um coração atento, uma mão amiga ou um pedaço de papel impresso caído na calçada. Papel que o vento não levou para longe.

Um minuto apenas e o amor volta. A esperança renasce. Um minuto apenas e o sol rompe as nuvens, clareando tudo.

Não se desespere. Espere. Um minuto apenas. O socorro chega. O panorama se modifica. A vida refloresce.

Tenha paciência. Não se entregue à desesperança. Aguarde. Enquanto você sofre, Deus providencia o auxílio.

Aguarde. Um minuto apenas. Sessenta segundos. Uma vida.

Um minuto a mais…

* * *

Em um minuto apenas, a Misericórdia Divina se derrama, cheia de bênçãos, nas vielas escuras dos passos humanos. Corrige, saneia, repara, transformando-as em estradas luminosas no rumo da vida maior.

Text in English

JUST ONE MINUTE

Not many women were as happy as Lucia, or so she believed.

She was married to the man she had fallen for when she was still a teenager, and a son was given to them to crown their happiness.

What else could she want?

In the mornings, she woke up singing happy songs. She took care of the house and looked after her son, and at the end of the day, she waited for her husband, full of joy.

Everything was fine, until she found out that the man she loved so much was unfaithful to her. It had been happening for a good while.

She felt hurt, talked to her husband, and told him she expected more respect from him.

The answer was brutal, violent. The sweet man she knew suddenly became aggressive and raging.

That was the day she realized her marriage had come to an end.

She would not live with somebody that could be physically aggressive.

The next the morning, after a night of anguish, she woke up very sad, and made a serious decision.

She would kill herself. She would end her own life. She wanted revenge.

She took her son by the hand and decided she would kill him first. She wanted her husband to have a guilty conscience.

Her destination was the Barra Lighthouse in Salvador, Bahia, where she lived. She knew about a cliff where the sea hit the rocks violently.

The street they walked was very busy. While they were waiting to cross it, the child escaped and ran amongst the cars. She became desperate.

A strange paradox. She was taking the child to be thrown into the sea but when he actually put himself in danger, she forgot about herself and ran after him, getting him by the hand nervously.

At this point, the child bent down, unconscious of all that was going on around him, and picked up a piece of paper from the floor.

Lucia took it from him and the title, in big letters, caught her attention: Just one minute

And then she read: In only one minute, the torment calms down, the pain vanishes, the absentee arrives. Money changes hands, love goes away, life changes.

She walked down the road, pulling the boy by the hand and reading the page. It was a psychographic page dictated by a Spirit.

She finished reading. The impetus was gone. In just one minute. She stopped, looked around and realized she had arrived. The cliff was not far. She sat down and cried.

The impulse to die was gone. She read the message again. She thought about a man that was a spiritist, who worked at the same Bank where her husband worked.

She went home and remembered that evening when they had dinner at this man’s house and he mentioned something about Spiritism. A remark that her and her husband, who followed a different religion, rejected immediately.

She decided to call the man, asking him for advice. He suggested she should join a Spiritist Centre.

Being attended by a dedicated fellow who listened to her afflicted soul, she started searching through the sincere prayer, the noble reading, the comforting laying on of hands, for the necessary strength for that moment of crisis.

Her husband, realizing that something had changed, followed her one night. Even with distrust, he joined her in the Spiritist Centre, and he also found there a source of comfort and clarification.

Today, both work in a Spiritist Centre. They have rebuilt their lives. The years went by, the boy is now a teenager and they have two more sons.

* * *

Change of direction. Life changes, in just one minute.In one minute, God sends us help.

It can be a friendly heart, a helpful hand or a piece of printed-paper, lying on the floor. Paper that the wind hasn’t taken far.

Only one minute and love is back, hope is born again.Only one minute, and the sun comes through the clouds, clearing everything.

Do not torment yourself and wait. Only one minute. Help will come. The scene changes. Life is reborn.

Have patience. Do not give yourself up to despair. Wait. While you suffer, God provides assistance.

Wait. One minute only. Sixty seconds. A lifetime.

One minute more…

Risk is more than just a four-letter word, especially for India’s largest lender,State Bank of India (SBI). With an asset base of 2 billion (Rs16 trillion), accounting for a quarter of the assets in the Indian banking system, SBI has more than 13,000 branches. The IT infrastructure required to support such a bank is significant. Data on its 225 million customers resides in a 20-terabyte data warehouse. All of this data has to be routinely crunched to keep a tab on risk.

The Basel accords have only raised the stakes. Under Basel II, a set of risk-management best practices created by central bank governors of the Group of Ten nations, Indian banks need to maintain a tier I requirement of 6% of total capital and 9% of risk-weighted assets. Basel II was implemented in India in 2009 and defines three different types of risk—credit, operational and market.

Calculating the risk-weighted assets of a bank is not easy.

“Risks are different for every client a bank lends to, whether it is a large corporate, a consumer goods firm, a microfinance firm, small and medium enterprises, infrastructure firms, or public private partnerships,” said R. Raghuttama Rao, managing director of Icra Management Consulting Services Ltd (IMaCS), a firm that advices banks in building risk models. “As the client base changes, risk measurement gets very specialized.”

Another change imposed by Basel II is the need to rate risk internally, rather than use an external agency.

“The basic approach of rating risk is when an external agency like Icra, Crisil, CARE or Fitch will rate a bank’s portfolio and it can accordingly allocate capital. This was made mandatory about two-three years back. Now banks want to move to an advanced approach where they use internal rating methods,” said Rao.

These internal ratings methods include, for example, the advanced measurement approach for operational risk, and the advanced internal rating-based approach (AIRB) for credit risk. They are recommended under Basel II, and stipulate that banks use data going as far back as seven years. Not just that, this data has to be culled from several disparate databases that are typically not linked—collections, treasury, collateral management systems, etc. Only then can a bank arrive at a risk score which allows it to decide on the minimum capital needed under the new regulations.

“In order to include seven-year data, our warehouse will expand in size to about 45 terabytes,” said Rajesh Vaish, IT facilitator at SBI.

There are three participant in this compliance exercise— banks themselves, rating agencies that advice them to develop the models, and IT service providers such as Infosys Technologies Ltd, Wipro Infotech and Tata Consultancy Services Ltd (TCS), who translate all this into end-to-end IT solutions. Each of them has their task cut out.

“There are multiple problems in bringing together the data,” said Puneet Talwar, banking practice head at Wipro Infotech. “Data is not clean and often it is not linkable across systems. This meant that there is no standard key linking the same customer in two different databases.” Hotels in Manali

N.G. Subramaniam, president of TCS Financial Solutions, a division of TCS, concurs. “Our experience clearly pointed towards one fundamental challenge across most banks, and this was in the area of data management,” he said. “Data availability, integrity and accessibility varies across banks and geographies.”

To illustrate the amount of computation involved, Talwar shares an example. Consider a bank that has seven different products, and has to map its credit, market and operational risks. For credit risk alone, if it chooses to use the AIRB approach, it would have to use extensive data on its customers to calculate three different parameters—probability of default (PD), loss given default, and exposure at default.

This data, of course, would have to go back seven years. “This translates to about 21 calculations on multiple databases. The calculation for PD alone would need data on product origination, product management and default data,” he added.

Basel II has also necessitated that ratings be used for making future policy decisions. So banks are having to re-engineer and create new processes for risk prudence.

“Another problem that came up, therefore, was a number of data discrepancies,” Subramaniam said. “Let’s say, today, I define a loan default a certain way. This definition could change as a bank evolves its business rules. When this happens, another set of accounts would become defaulters.” As a result, there would be lack of consistency in data across time.

Any such IT implementation has to percolate to people who eventually do the appraisal, said Rao of IMaCS. “These systems have to tie pricing decisions with risk. You need information flow and you need debate that gets reflected in the core banking system, capturing the bank’s competitors and borrowers,” he added.

Given that Indian banks are less leveraged than those in the US and Europe, most of them don’t believe they will need to make any significant changes to comply with Basel III. Elsewhere, though, banks are in the early stages of analysing Basel III and its impact across the risk ecosystem.

“In terms of IT upgrades, banks will have to invest in sourcing granular data, improving infrastructure for reporting, stress testing, etc.,” Subramaniam said. “The existing solutions need to be upgraded for changes in guidelines around capital ratios, risk weights and also calculation of new measures like liquidity coverage ratio and net stable funding ratio.”

 

More Banking Advice Articles

Justin Owens


Image by Alex Mickla
The quality on this one is poo the other picture is more clear but this picture is better. Plus there’s things i should have done like putting the 430ex in front to lose that shadow from the SB24 but oh well! It was my first time and i will learn from my mistakes.

Toms River, NJ

This was my first attempt with this kind of shooting and I did not have a lot of time with this since it was 1 out of 3 shots.
So tell me what you like or don’t like about it (:
Comments and criticism are definitely important so i can improve or advice would be awesome!

Strobist:

430ex to the right at 1/8
sb24 in hand at 1/2

triggered via cybersyncs

In a world in which everything is defined by competition, the banking area is more competitive than ever. Luckily for us, if we need to resort to banking services, we have at our disposal a wide range of options. All we need to do is figure out which of these services fits best our financial needs. If you would like to receive advice from someone who is acquainted with your personal situation and requirements, someone who can advise you regarding your financial situation whenever you want, you should definitely consider preferred banking.

Preferred banking is dedicated to individuals who have a specific good monthly household income or a savings capital. A preferred bank is designed in order to meet all the needs of its customers or more exactly, all the needs which are permitted by regulation. Furthermore, preferred banks are encouraged to take a more pro-active form of direct selling and instead of selling the financial services one at a time, the bank agent tries to understand the needs of the consumer and to offer him services which fulfill those needs.

The essential advantages of preferred banking services are: a personal service from your own consultant, tailor-made advice, created specifically in order to suit your situation and personal requirements, optimum access to our services and clear statements which give you a good overview regarding your financial situation. Furthermore, the preferred bank agent will let you decide how you wish to invest, allowing you to choose from an extensive range of investment possibilities.

Nowadays, preferred bankers represent the role models for young people who want to make a career in banking. Moreover, preferred bank agents are quite devoted to their customers and each banker deals with a single client. Thus, clients benefit from the best services and no matter what they need, bankers will satisfy their requirements in a short period of time. Due to the preferred banking norms, bankers are responsible for providing their clients excellent customer service.

Furthermore, preferred bank agents have the tasks of relationship managers, product specialists, investment assistants and service managers. However, they have one objective, that of satisfying their clients. The preferred banking services are not meant only to understand and respond to the financial needs of their customers but also to offer them personalized services. Thus, they will offer you professional insights on local and international financial problems and pieces of advice regarding bank transactions, future investments and others.

The preferred bank agents’ deal with a lot of things on a daily basis: they process the transactions of the clients, they prepare and balance bank deposits, they maintain bank records, they talk to clients and they ensure the best potential products to the clients. As you can see, preferred banking services deal with a lot of things and banking has gone into a new, more efficient and competitive level. To conclude, it’s needless to say that at a preferred bank, you will enjoy the exclusive privileges which can be found only at such a bank.

Related Banking Advice Articles

Law over Lucre


Image by lokenrc
The Indian flag flutters over the Calcutta High Court in the background & visible between 2 wings of the enormous Head Office building of State Bank of India. Photographed from the roof of Floatel (floating hotel in the Ganga, near Milleneum Park, during Fifth Flocking of Bangla at the advice of Kanad Sanyal
Calcutta 3.8.08 / 17:23

At first, this seems too obvious a thing to say. However, the truth is that people often lose their cautious approach and become very relaxed when they deal with banks and financial institutions. The end result is that they accept any and every deal irrespective of whether it is beneficial for them or not. Warren Buffet once said that one should never ask the barber whether one needs a shave. The underlying logic is that one should not seek advice from a person who has an interest in the decision. Hence, do not to rely on the advice provided by banks and financial institutions as far as debt relief is concerned. Instead, check out independent and impartial sources of information.

This is not to say that banks and financial institutions are crooks. However, every cent of debt relief that you get is a loss for the institutions. In such a scenario, one cannot blame them for being more focused on profits instead of welfare. Their duty is to earn maximum profits. Your job is to save as much money as possible. You must always remember that both are working at opposite end of the spectrum. If you keep this in mind, you will always be in a position to analyze the pros and cons various debt relief options offered by the banks and lenders.

The World Wide Web offers the best possible source of impartial advising information. This is because the web helps you seek advice without disclosing any personal details. Hence, the person giving the advice will never know whether you are rich, poor, or whether dealing with a particular bank.

Secondly, the sheer volume of advice on the World Wide Web in debt settlement and networking forums help you check and recheck any and every advice you get. The chances of falling for wrong advise is very less as you can post the advice that you have been given and find what others have to say about it.

Hence, rather than relying on what your friendly bank executive has to say, you should make use of other resources as well to make sure you are perfectly safe when seeking debt relief.

If you are over ,000 in unsecured debt it would be wise to utilize a debt relief network instead of going directly to a debt settlement company. Using a debt relief network guarantees that the debt settlement company you choose has been certified and has established success in negotiating settlements. They are free to use and a good starting point to begin your debt relief process.

Debt Relief Network.

It is possible to not pay the bank now and get away with credit card bills in a legal manner. An important debt settlement advice is to select a legitimate company. You can get your credit card bills reduced if your relief organization can communicate with the money granting firm. Banks will not provide you high eliminations under all conditions. The important debt settlement advice involving relief options is dependent on the negative economic duration. Recession has affected the financial industry in the United States and credit card defaulters have increased.

Unsecured liability problems

The literal definition of an unsecured liability is very simple. For a credit card allotment, you do not provide any assurance to the bank. However in case of secured liabilities, an assurance has to be given. In case of non payment, the bank management has the right to own that guarantee. In the United States, people have used their credit cards and then they have not paid any bills. Banks have a standard process, when the customers do not make timely payments then the banks use these standard steps to claim these sums. However in the recession situation, these steps cannot be used as the count of people is very large.

People who have been unemployed have faced complications as they are not getting paid. As they are surviving on their savings, it is very hard to pay the credit card companies. Now you can communicate with the banks through the settlement companies and put an end to large credit card statements. The average percentage which you can get reduced is sixty. This means that you only need to pay forty percent to the bank. As more than half of the payable sum is eliminated, you can pay in a much easier manner.

A problem with this important debt settlement advice is that it is temporary. When the recession duration reaches an end, you will not be able to tell the bank management that you require a liability reduction. If you do not want to hire a settlement the also you can use other options to get rid of liabilities. One alternative available is to use self arbitration options. Through self arbitration, the account holders sign an agreement with the credit card companies. When this agreement is signed, the loan takers does not require the important debt settlement advice though relief companies.

An important debt settlement advice is to have a look at multiple organizations to get ample knowledge about settlements. It is very important to find legal organizations which are registered with the government.

Getting out of debt through a debt settlement process is currently very popular but you need to know where to locate the best performing programs in order to get the best deals. To compare debt settlement companies it would be wise to visit a free debt relief network which will locate the best performing companies in your area for free.

Free Debt Advice.

Find More Banking Advice Articles

The interest rate that the bank pays you for keeping a savings account is one of many things to explore before you open the account. If you are unsure of how banks compute savings account rates than our convenient guide will help you to better understand them.

While interest rates are only one of the things to check before opening a savings account, it is the most important of several variables between banks. Using the Internet makes rate comparing easy so that you choose the account that is best for you.

Savings Account Rates

There are two factors in comparing interest. First what is the rate of interest the bank will pay you.Second, and equally important is to look at the fees associated with each banks savings account. For example, you have $1,000 in a bank savings account that is paying 2 percent interest to you – that is $20 per year, not taking into account compounding of interest. Your bank has a $2 per month maintenance fee for the account. This comes to $24 dollars per year – or $4 less than your account earns. So, your savings account with this company actually cost you money. After one year you are down $4.00.

In general, the higher the interest the bank pays you the better off you will be. a 3.75 percent interest rate is better than an account that pays 2.0 percent. All savings accounts pay interest to you for your money in the savings account. A saver should scour the Internet to find the best rate. In addition, there are two kinds of interest rates available to account openers.

The first is a temporary rate also known as a teaser or promotional rate. This rate is higher than the regular interest rate the bank gives and is good for the first six-months to a year and then drops to the standard rate.

Standard rates are the second type of interest rate and is lower than the temporary rate.

If this is the case, when the promotional rate has expired, moving your savings account to another bank offering a high promotional rate is a consideration. If you do close one account to open another, make sure that you understand the fees, if any, associated with account closure. A high savings account closing fee may make the switch too expensive to justify moving the account.

When opening a savings account check any fees associated with the account. Fees include ATM fees if you withdraw any money from your account using a cash machine. This fee can be a flat charge such as $3 per transaction or a percentage of your withdrawal, which varies between companies. Also, many financial institutions charge no fees at all.

Rate Comparison Is Important

Comparison shopping for a savings account is the best way to find an account that is right for you. Know that the highest rate is not always the best rate. Figure all costs associated with the saving account. You need to decide how much your savings goal is, when you will need to withdraw it and how your deposits will made (frequency, direct deposit and such).

It is best to get the highest rate with lowest fees. This means you may select an account that pays a little less interest to you but also has small or no fees.

How Saving Account Rates Are Calculated

Many savings accounts have tiered rates. This means that a company offers a higher interest for higher balances. For example:

Accounts with $999 or less earn 1.25 percent interest
Accounts with $2499, or less (but more than $999) earn 1.5 percent interest
Accounts with $2500 or more earn 1.75interest

Some banks have a cap on accounts. Given the example of tiered rates above, if you reach a $5,000 balance, your interest rate may lower to 1.5 percent. On the other hand, some banks give bonuses to account holders who have not made a withdrawal.

Expert financial advice


Image by Newtown grafitti
"Tag a bank next time, bone head."

People all across the world want to open an offshore account for various reasons. One is that they have a business running in that country and the second and the frequent reason for opening an offshore account is to avoid taxes. Before you take an offshore advice, you should do a research on internet to understand various countries giving this option and their rules and regulations. The most popular offshore advice is that in order to ensure that the privacy of your details and your offshore account is maintained you need to open an account in such a bank which does not get in to a lot of background check. Then, you can actually open a company in the targeted country with the same country’s citizen as a nominee.

This person will be the sole shareholder and the only director of this company. Hence, there is a possibility that the bank will provide an extra layer of privacy to this bank account and details of the nominee as that person is not a foreigner to that bank. For people who are looking for an option to open an offshore account, there is question, “Are you a US citizen? Or “Do you have a US correspondent bank?” If the answer to both of them is yes then there might be some difficulties waiting for you. US are very stringent about money laundering practices and in last few years the rules have become stricter.

As a US citizen if you have an offshore account and you have not reported it then on the discovery of such account huge fines can be implicated on you and apart from this, lawful actions can also be taken. As per recent changes in law, in case a US citizen has got an offshore account, and the details are asked by the government from the bank authorities, it is mandatory to provide these details. So another offshore advice is that do not indulge in it if you do not know how to handle it. Today, banks are required to get information under “Know your customer” and apart from that if there is any suspicious activity in the account then banks are required to report such accounts under anti – money laundering treaty. So, it has definitely become difficult for people to avoid taxes and be fool IRS now – a – days. Hence, opening an anonymous offshore bank account is no more a piece of cake for people around the world.

So, the only way left is that of opening a limited company in the other country with the nominee. It requires a lot of trust on the nominee as he is the signing authority for all the funds you have deposited in the bank account. So, the third offshore advice is that a person should not appoint any body as the sole shareholder of the company he or she plans to open in other country for the purpose of offshore accounts. So be very careful while choosing this person.

Click here to get an offshore advice and experience anonymous banking.

Related Banking Advice Articles

The judicial evaluation brought to banks by the Financial Services Authority in the High Court could result in over 10,000 mis-sold payment protection insurance problems being reopened. Carrying out a legal investigation, it is often reported more than £4 million of compensation could be paid out to customers who have been offered PPI on such basis as deceptive financial information.

The payment protection refunds status quo, which was happening for years, is still bringing in customers who’ve never complained about the sale of their loan or mortgage plan prior to. The banks believe that the standards the watchdogs are employing to pick ppi complaints is more burdensome than the rules which were in force during the time the insurance policies were sold- therefore stating, it is unfair to apply the rules on reflection.

But if the banks shed their case they will have to check again at a large number of policies and bank charges they have sold. Banks sold a large number of insurance policies in the ‘90s but exclusions in the small print meant consumers would not be eligible for a a pay-out should they be unable to make the repayments, and many actually did not know they had actually taken the policies out.

A huge number of issues are made every week, with all the protection of the interest of consumers the key focus. Beneath the new rules of sale, providers (such as brokers or bankers) must talk over the key features of the cover, pointing out any exemption. It must also be clarified to the client that cover is actually optional whenever obtaining a loan or credit card.

It’s been suggested the judicial review is a ‘cynical ploy’ by the banks to delay further pay-outs to clients. That is due to the fact that numerous banks have put the PPI complaint cases on hold while the review takes place, which could take as long as 6 months.

Bank Officers’ Union recruitment flyer


Image by Finsec
When you join the Bank…
It opens the door to the Bank Officers’ Union

The New Zealand Bank Officers’ Union is you. You and your fellow workers in your own democratically run organisation which looks after the interests of staff in the five Trading Banks and in Datasystems Ltd.
The union is led by a President, to Vice-Presidents and a National Council who all work in Banks and understand the needs on Bank employees.
The Union employees a small and dedicated staff. It has developed a reputation for trying hard for its members. It is building a solid foundation of research and bases its cases on fact and logic
If members need help from the Union they get it. Fast. No other union gives better service for money.
We look forward to your active interest, and we’re sure we can win your respect as a necessary part of your life at work.
This is what the Bank Officers’ Union does for you:-
•It helps you get reasonable pay rates.
•It helps to improve your allowances, holidays and work provisions
•It defends the benefits which you already have.
•It protects you against arbitrary dismissal or other unfair treatment.
•It will provide someone to speak for you to your employer
•It takes cases to the courts to ensure that the la is upheld.
•It helps to make sure that your workplace is not too crowded, too cold or too hot.
•It helps to ensure that your safety is protected.
•It helps to uphold equal prospects for all.
•It looks ahead to future developments.
•It gives you advice or information when you need it.

When you own a business your choice of bank is a vital decision that needs careful deliberation. Fundamentally your bank should be more than just a place to store your finances; it should make your business operations easier and your financial situation simpler to manage. In addition, your bank should be able to offer essential information, guidance and advice on all manner of business problems.

To build a fruitful relationship with your bank there are two important factors that should be present at all times; these are the integrity and services on offer. While online services are now par for the course in modern business banking, the quality of these services can vary immensely. Ultimately the reason you pay your banking charges is to reduce the time spent on administrative financial responsibilities.

Essentially important when selecting a bank to care for your business finances is how secure the institution is. Ideally you want to see an institution that has a long history of financial security and management of businesses in a variety of industry sectors. If the bank has a history of terminating relationships and contracts unexpectedly it may be worth avoiding their services.

Fees and charges are naturally a vital consideration of any business when entrusting finances to a bank. Investigating how overdraft fees and loans are calculated is obviously important, but it is also worth looking into factors such as maximum withdrawal amounts and interest rates. In addition to these considerations it is important to take note of how easy it is to contact a bank; for instance asking how many branches there are as well as what are the hours of phone and internet banking are both essential questions that must be answered. Another important question concerns the security put in place for internet banking provisions.

It is normal that when striking up a relationship with a bank they will want to see a detailed business plan. At this stage it is important for the banking staff to understand and support your aspirations. If they have a true understanding of your vision, the support they can give will be that much greater; progress naturally comes hand in hand with cooperation, having the bank on side can augment your efforts and result in progression. This support usually comes in the form of a business advice team that is on hand to deal with any problems that may arise; if however your business operates in a specific industry sector, having a team that has knowledge of this sector can be extremely useful.

The issue of specialist knowledge is contentious in many banking circles. While some major banks have the provisions to devote resources to creating departments for all manner of industry sectors, smaller banks do not. For instance, one major bank has now opened a department that is purely there to cope with the needs of the wine making industry.

In many cases the bank will be lending money to help a business start up operations. As a lender the bank will want certain sureties that the business will do all it can to succeed. This where it is vital to build a good relationship with the account manager, if they have intimate knowledge of your operations and can put a face to a name, the fact they are lending huge sums of money is a smaller pill to swallow.

Hopefully this information will supply the small business owner with the knowledge they need to find a bank that supports their needs perfectly. Remembering to always keep the bank informed of changes and being cordial at all times is essential. A good relationship with the bank will create solid financial base for any business.

The startup costs hold many people who want to start their own business back. Many banks and other lending institutions have tightened the reigns in today’s economy. As a result they are less likely to take a risk and help you with the funding for such ventures. A possible solution though is the concept of vendor financing. Learning what it is and how it can help you will give you the information you need to decide if it is worth pursuing further or not.

Many traditional lenders turn away hundreds of applications for loans every month even some of them with great credit,. That can be frustrating and you may be tired of being denied. You may have put plenty of time and effort into your business plan and still you aren’t able to get results. With vendor financing though they are willing to look at what you can do instead of what you can’t do with a new business.

Vendor financing allows you to get the funds you need to start up your business from the provider of the supplier. For example if you want to start a vending machine business they can offer you financing for the soda machines, snack machines, or a combination of them. They may even be able to help you with securing great locations for placing them. With vendor finance you will agree to pay monthly payments for the equipment and supplies.

The number of payments and the dollar amount of them will depend on what you are purchasing. Most of the time you will get decent payments and interest rates with vendor financing. It is a good idea to compare the offers you can get from different companies before you decide to work with one of them. That way you can be sure you get the most value for the money you will spend.

You often have the ability to get 100% of what you need financed with a vendor finance options. This is very different from small business loans where you will have to have a large amount of it on your own to offer upfront. The difference means you can start moving forward with your ideas for a business now instead of waiting several years to save up enough to get your portion of it ready.

There are many different locations in the world that vendor financing options offered. They include the United States, Canada, Asia, Australia, Europe, and New Zealand. More opportunities seem to be added all the time too. Find out what your options are for vendor finance depending on where you reside. Chances are there is more to the big picture than you are currently aware of right now.

You will find plenty of types of businesses out there that can benefit from vendor financing options. They include healthcare, construction, offices, printing companies, food sales, transportation, and more. If you have an interest in taking part in such a business, then this method of financing may be exactly what you need. The lenders will look at many aspects of what you have to offer when considering your request. They have more flexibility too than traditional lenders.

Now that you have the basic information about vendor finance, you may have decided it is something for you to pursue. Take your time to find the right type of business to take part in. Carefully evaluate all of the options available to you. While there are many legitimate vendor finance programs, not all of them are. You definitely don’t want to find yourself involved in a situation where you have been taken advantage of.

If you are feeling overwhelmed by the sheer number of loans and credit cards that you have, and you find it hard to remember what day of the month each debt needs to be paid, then maybe a consolidating loan is for you.  Here are eight points you need to know before going down the path of credit consolidation loans.

1.  A debt consolidation loan usually offers lower interest rates.  The reason for this is that the bank is happy to combine all of your debts into one bundle and secure it against an asset such as your home.  In this way, the bank feels that the risk is lower and therefore will offer you a better deal.  Credit card providers also offer a deal where you can roll over your other credit cards to them and in return they will give you an interest free period of 6 months or so.

2.  When you setup this low interest consolidation, you will benefit from only having to deal with one bank or lender.  This simplifies your life significantly.  You won’t have to remember which credit card or loan is from which bank.  You just need to remember that you have one loan with one bank.

3.  The benefit of a debt consolidation loan is that you only have to remember one single payment per month.  No more worrying about whether your account is going to be debited into negative figures because your pay hasn’t gone in.  No worrying about taking cash out of your account and being unsure whether one of your repayments is coming out overnight.  You will know which day the money is coming out and it only happens once a month.

4.  Banks are chasing your business.  They want to sign you up and will offer a free debt consolidation to you.  This means that you won’t have to pay any fees to get in or ongoing fees – just your interest repayments.

5.  The repayments you make may be claimed as tax write-offs.  This means that you will be getting extra money back from the government that you can pay into your new credit consolidation loan, thereby paying it off sooner.

6.  When you organise a credit consolidation loan, make sure that you don’t get tempted to go even further into debt.  Once your new loan is setup you will find that you have better cash flow.  It will seem like you have more money to spend, but you must be strong and use that money to repay your debt.  Remember the sooner you pay off the debt the better you will feel.

7.  Take care of your new free bill consolidation loan as it may be secured against your home.  If you don’t make the repayments then you will lose your home and face consolidation bankruptcy.

8.  Remember that a home equity consolidation [http://www.consolidatingloan.lifeandmoneyonline.com/cheapest-way-to-consolidate-debt.php] is a loan taken out over a longer term, so you will be paying it for many years.  The best way to treat this loan is to pay as much back as you can as soon as possible, as you will then shorten the life of the loan and be able to live debt free sooner.

I hope that you find the right co
For more informaiton on Debt Consolidation Shields.

You can check out Debt Consolidation Shields.

“The Ascent of Money” Niall Ferguson, Tisch Professor of History, Harvard University Conversations host Harry Kreisler welcomes Harvard historian Niall Ferguson for a discussion of his new book, “The Ascent of Money: A Financial History of the World.” In the conversation, drawing on insights from the biological sciences, Ferguson describes the rise and evolution of finance focusing on insurance, banks, and the bond market. Using the examples of housing and the US China economic relationship, Ferguson demonstrates the way history can inform our understanding of the current financial crisis. He also reflects on the implications of the financial crisis for American global hegemony. globetrotter.berkeley.edu globetrotter.berkeley.edu

Financial incapability, many a time, forces you to keep your dream on hold. No matter what dream you want to fulfill, but if it is related to purchase a vehicle, then cash crunch won’t create any hurdle in your way. Auto financing option is now very popular, which enables people to buy their vehicles.

Auto financing option can be taken in two different ways; secured and unsecured. If you put a security against the lending amount, it will make your lending option secured, or else you can go for the unsecured option, which requires no security.

Auto financing option is available for all kinds of vehicles. Even, getting a used vehicle financed is also possible. But in such cases, the age and condition of the vehicles are taken into account. The auto financing option will enable you to get 90%-100% finance for the automobile you want go for.

However, auto financing option is mainly available for 2-7 years and the lending amount usually determines the period. Down payment is not always necessary, but a little down payment will always help you to get a deal with better terms and conditions.

Auto financing option is available for all kinds of borrowers irrespective of their credit scores. Hence, if you have no credit or bad credit like CCJ, IVA, arrear, default or bankruptcy, you do not need to worry! You can also qualify for auto financing option.

A number of sources are there where you can enquiry about auto financing thing. Lending companies, financial institutions, banks etc. offer varieties of auto financing options. At the same time, online lending sites are also considered as a good way to get this option.

However, each borrower is advised to make some research before finalizing a deal. It will always give them a chance to avail auto financing option with better terms and condition.

One day we’re just kids playing in the street, and the next thing you know you’re all grown up and saddled with debt.  College loans, maxed out credit cards, personal loans – they all add up.  Instead of being sensible and paying down the debt, we tend to purchase the things that we need (and want) now and deal with the consequences later.

One way to take control of your debts is to perform a private loan consolidation.  I’ve discussed the advantages in some of my other articles, but here I’d like to point out the most common mistakes made by people when they do prepare loans for consolidation.

1 – If, for example, you’ve consolidated 3 credit cards into 1 loan, you must chop up 2 of those credit cards and leave just one.  If you keep all 3 cards then you’ll find it too tempting and you’ll max them out again, leaving you with 3 credit cards plus a loan to repay.

2 – When you consolidate debt loans, you will be given a lower interest rate by the bank, and you will be making lower repayments each month.  Don’t take seeing more in your bank account as a cue to spend more money.  You must use that spare cash to pay down your existing debts.

3 – Don’t think that the banks will let you consolidate over and over. They will see how many times you’ve applied for a private loan consolidation on your credit report and they will stop offering you additional credit.  You get one shot to sort out your finances, so make the most of this opportunity.

4 – When you organize to consolidate debt loans [http://www.consolidatingloan.lifeandmoneyonline.com/consolidate-federal-student-loans.php], make sure that you are doing it for the right reasons.  If you can lock in a lower interest rate than what you are paying now, or if you can renegotiate the loan term, reducing the loan repayments that way, then go ahead.  Don’t be manipulated by banks who will offer you ‘easy banking’ when in the end you might just be paying more out of your pocket.

5 – Don’t get extra cash out for a rainy day. If the bank says that you can have more money than the total of your consolidated debts – say ‘no’.  It will defeat the purpose of you performing a credit debt consolidation in order for you to pay them down faster.  You don’t need the spare cash.  You will feel in control of your finances once your credit consolidatio
For more informaiton on Debt Consolidation Hawthorn.

You can check out Debt Consolidation Hawthorn.

People most of the time think that they cannot get a used vehicle financed. But this is completely wrong. One can always go for used auto finance option. And for that, one has to keep some things in mind for making a deal pocket friendly.

The age of the vehicle is the most important factor for used auto finance. Must ensure that the vehicle, no matter whether it is a car, van, truck, bus or SUV, is not more than 5 year old. And condition of the vehicle also matters to decide the finance option.

Down payment is not necessary, but for lowering down the rate of interest of used auto finance, one can always make some down payment. It has been proved as a useful method to make a deal pocket soothing.

Security can also do some wonders when it comes to grab a better deal on used auto finance. Use any kind of security against your lending amount. It can be your home, the vehicle itself, jewelry or anything else. By putting a worthy security, one can always make the deal pocket soothing.

There is no dearth of sources for used auto finance. You can search at various banks, lending companies, financial organizations for used auto finance. Or else, opting for the online option is always a preferable choice. In this option, one can always avail a deal without maintaining the fixed schedule of time.

However, all borrowers, irrespective of their credit status, can go for used auto finance option. Thus, if you suffer from the problems like CCJ, IVA, arrear, default or bankruptcy, do not worry! You can always go for used auto finance option to get any vehicle financed. And the aforesaid methods will always help you to make the deal your pocket friendly.

Foreclosures JUMP! www.cnbc.com Retail Sales for 2009 finance.yahoo.com finance.yahoo.com 2009 Breaks records for foreclosures apnews.myway.com fed profit 247wallst.com option arms www.cnbc.com www.cnbc.com

Gerald Celente with Jason Burmas 2009-03-13 Gerald Celente Alex Jones Jason Burmas peter schiff economy collapse jim rogers max keiser marc faber alex jones barack obama TARP economics finance investments banks banking gold silver oil crisis energy food crash depression inflation…