Comments on: What is “Money” Afterall? http://www.kenyanentrepreneur.com/what-is-money-afterall "A black market is a free market operating against the wishes of the state." –Harry Browne. Fri, 30 Jul 2010 10:42:38 +0000 hourly 1 http://wordpress.org/?v=608 By: Nerimae http://www.kenyanentrepreneur.com/what-is-money-afterall#comment-90492 Nerimae Fri, 10 Oct 2008 01:49:51 +0000 http://www.kenyanentrepreneur.com/?p=1279#comment-90492 KE interesting article. Basically you are saying people should diversify, to be able to buy that land, you need money in the first place but at the same time dont leave that money in a savings account ( 0.2% interest) atleast put it in a CD ( around 3 %). I would say buy /build property, invest some money in the stock market, and put some in Bonds and T bills depending on your age and risk tolerance. Mzeiya, I think the reason US investors use offshore banking in Swiss banks is to avoid taxes. As for African ones, I would say corruption, to hide money.

KE interesting article. Basically you are saying people should diversify, to be able to buy that land, you need money in the first place but at the same time dont leave that money in a savings account ( 0.2% interest) atleast put it in a CD ( around 3 %). I would say buy /build property, invest some money in the stock market, and put some in Bonds and T bills depending on your age and risk tolerance.
Mzeiya, I think the reason US investors use offshore banking in Swiss banks is to avoid taxes. As for African ones, I would say corruption, to hide money.

]]> By: mzeiya http://www.kenyanentrepreneur.com/what-is-money-afterall#comment-90026 mzeiya Mon, 06 Oct 2008 13:51:03 +0000 http://www.kenyanentrepreneur.com/?p=1279#comment-90026 DEE, hhhmm wow, didn't know the NY FED is that kienyeji. Then does that mean most countries trust the NY FED with their gold bars as oppossed to the swiss banks? I thought the swiss banks is where most countries, especially African ones kept their gold bars or surplas ones ? or is it just the crooked dictatorsand looers who bank in swiss ? anyone who can elaborate further ?

DEE,

hhhmm wow, didn’t know the NY FED is that kienyeji. Then does that mean most countries trust the NY FED with their gold bars as oppossed to the swiss banks? I thought the swiss banks is where most countries, especially African ones kept their gold bars or surplas ones ?

or is it just the crooked dictatorsand looers who bank in swiss ?
anyone who can elaborate further ?

]]> By: Dee http://www.kenyanentrepreneur.com/what-is-money-afterall#comment-89938 Dee Sun, 05 Oct 2008 22:14:07 +0000 http://www.kenyanentrepreneur.com/?p=1279#comment-89938 KE, I don't have a link yet but was a show on tv. I think discovery channel relating to GOLD and its relation to world's economy.Contact them.In the meantime I will do research on it.Be back at ya!

KE,
I don’t have a link yet but was a show on tv. I think discovery channel relating to GOLD and its relation to world’s economy.Contact them.In the meantime I will do research on it.Be back at ya!

]]> By: Josh http://www.kenyanentrepreneur.com/what-is-money-afterall#comment-89887 Josh Sun, 05 Oct 2008 13:26:45 +0000 http://www.kenyanentrepreneur.com/?p=1279#comment-89887 Sorry to digress from the topic but I found this quite interesting. This entrepreneur needs to be supported. It is these kind of people who become the Bill Gates of this world: http://www.nation.co.ke/News/-/1056/477342/-/tkx94g/-/index.html

Sorry to digress from the topic but I found this quite interesting. This entrepreneur needs to be supported. It is these kind of people who become the Bill Gates of this world:

http://www.nation.co.ke/News/-.....index.html

]]> By: PKW http://www.kenyanentrepreneur.com/what-is-money-afterall#comment-89869 PKW Sun, 05 Oct 2008 09:47:08 +0000 http://www.kenyanentrepreneur.com/?p=1279#comment-89869 Allow me to generalize for a moment; how many average Africans have bank accounts, let alone cash reserves? The figure being thrown around sometime in the middle of this year was 19% 'banked' population in Kenya, and that's said to be among the highest on the continent. And that's since the end of the last century but one. Most of our populace is trapped in the struggle for survival, and the fight for land. If at least 70% of the population depends on agriculture, they have some sort of access to land. I think the thing to do now is to make finance work for agriculture.

Allow me to generalize for a moment; how many average Africans have bank accounts, let alone cash reserves? The figure being thrown around sometime in the middle of this year was 19% ‘banked’ population in Kenya, and that’s said to be among the highest on the continent. And that’s since the end of the last century but one. Most of our populace is trapped in the struggle for survival, and the fight for land. If at least 70% of the population depends on agriculture, they have some sort of access to land. I think the thing to do now is to make finance work for agriculture.

]]> By: KE http://www.kenyanentrepreneur.com/what-is-money-afterall#comment-89838 KE Sun, 05 Oct 2008 03:36:13 +0000 http://www.kenyanentrepreneur.com/?p=1279#comment-89838 Dee: What is the name of that documentary you saw and do you have a link to it? Dr. Ethiopia: I think Africans are perhaps better informed because they are more used to financial crisis and because they have absolutely no trust in their governments. So, they know those banks in their countries are too corrupt to be trusted. Americans have never had to confront this kind of corruption before (unless they were alive during the 1930's and the depression). Africans will buy land and cows and goats. I think they may actually be much more aware of the "value-less" nature of "paper".

Dee:

What is the name of that documentary you saw and do you have a link to it?

Dr. Ethiopia:

I think Africans are perhaps better informed because they are more used to financial crisis and because they have absolutely no trust in their governments. So, they know those banks in their countries are too corrupt to be trusted. Americans have never had to confront this kind of corruption before (unless they were alive during the 1930′s and the depression).

Africans will buy land and cows and goats. I think they may actually be much more aware of the “value-less” nature of “paper”.

]]> By: Dr. Ethiopia http://www.kenyanentrepreneur.com/what-is-money-afterall#comment-89799 Dr. Ethiopia Sat, 04 Oct 2008 22:20:48 +0000 http://www.kenyanentrepreneur.com/?p=1279#comment-89799 Interesting post. But in the end let's remember the fact that an African is more like to be less-informed, and probably the average African would think you are crazy if you were to tell him/her his/her bank might not be safe. Hey astute business men were caught off-guard with this crisis.

Interesting post. But in the end let’s remember the fact that an African is more like to be less-informed, and probably the average African would think you are crazy if you were to tell him/her his/her bank might not be safe.

Hey astute business men were caught off-guard with this crisis.

]]> By: Dee http://www.kenyanentrepreneur.com/what-is-money-afterall#comment-89787 Dee Sat, 04 Oct 2008 18:07:16 +0000 http://www.kenyanentrepreneur.com/?p=1279#comment-89787 MZEIYA, And if a central bank of a country requests some bars,or some gold needs to be transfered,they dump it in an armored truck like potatoes.I know this sounds far-fetched but when I saw the documentary it never made sense either.

MZEIYA,
And if a central bank of a country requests some bars,or some gold needs to be transfered,they dump it in an armored truck like potatoes.I know this sounds far-fetched but when I saw the documentary it never made sense either.

]]> By: Dee http://www.kenyanentrepreneur.com/what-is-money-afterall#comment-89786 Dee Sat, 04 Oct 2008 17:51:36 +0000 http://www.kenyanentrepreneur.com/?p=1279#comment-89786 MZEIYA, You are right.The US Dollar is NOT backed by Gold anymore just the face value.But interestingly,The FED RESERVE BANK of NY holds more gold bars than any other vault on the planet.And it all belongs to other Countries' Central banks (may be Kenya's too).I guess they trust that if it gets stolen,the US govt.has enough chapaa to cover for it.I wish you see how they handle it in the vault.Old school Kienyeji....including weighing it with 1700s weights and carrying it in wheelbarrows...I kid you not.Each bar is worth a couple $ millions.

MZEIYA,
You are right.The US Dollar is NOT backed by Gold anymore just the face value.But interestingly,The FED RESERVE BANK of NY holds more gold bars than any other vault on the planet.And it all belongs to other Countries’ Central banks (may be Kenya’s too).I guess they trust that if it gets stolen,the US govt.has enough chapaa to cover for it.I wish you see how they handle it in the vault.Old school Kienyeji….including weighing it with 1700s weights and carrying it in wheelbarrows…I kid you not.Each bar is worth a couple $ millions.

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