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norte
Super Nomad
Posts: 1163
Registered: 10-8-2008
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| Quote: | Originally posted by Cajones
Have you ever purchased a Mexican computer? A Mexican TV? A Mexican car? Mexican software? Even the tonterias they sell in tourist towns are mostly
imported from somewhere else and paid for in dollars. The old food staple, corn tortillas, has a large US component, as Mexico is not self-sufficient
in producing corn. |
"Trade with Mexico grew by 16 percent per year, from about $100 billion in 1994 to $248 billion in 2000. (Mexico became our second largest trading
partner, surpassing Japan in 1999.) The growth in trade with Mexico occurred despite the decline in exports to Mexico in 1995 due to the peso crisis
and the related economic recession. U.S. exports to Mexico recovered quickly after the Mexican economy began to stabilize and grow"
And to see what we import check it out http://www.census.gov/foreign-trade/statistics/product/endus...
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Hook
Elite Nomad
Posts: 9010
Registered: 3-13-2004
Location: Sonora
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Mood: Inquisitive
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Wooosh, tell us about this dollar account in Mexico. What kind of institution do you have it at? What charges are associated with having it?
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Bruce R Leech
Elite Nomad
Posts: 6796
Registered: 9-20-2004
Location: Ensenada formerly Mulege
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Mood: A lot cooler than Mulege
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Identifying a Collapsing Economy
Before you can survive a collapsing economy, you must first identify the collapsing economy. It is not always obvious, but there are a few key signs
you can look for.
1. Stock prices going down.
Over the years many people have found that the economy of the United States is not only very weak, but always on the very brink of disaster. One way
of determining if the economy is going down is if your favorite stock prices are going down. For example, stock prices for retail stores go up a
certain amount for each customer that enters the store each day. If you see the stock price of a retail store go down, then you can be sure that they
are losing customers left and right because people are buying less. If people are buying less, that means they have less money, if people have less
money then that means the retail stores have less money to buy stock, less stock means even fewer customers will go to a store; eventually the stores
will be unable to buy any more stock and will be forced to go out of business. The same is true for every business, oil prices go up based on the
amount of oil obtained each day, gold goes up based on the amount of gold dug up, etc. etc. etc; you get the idea. If you ever see a stock going down,
then that means the business is going into a death spiral that it can not escape from, and it will take the economy with it.
2. People withdrawing large amounts of money from banks.
Despite claims to the contrary, no news service has ever suggested anybody should remove their money from a failing bank. Not only does it make no
sense, the FDIC will insure your money up to $100,000. Ergo, anybody taking money out of an account with less than $100,000 is fearful that the bank
will fail. Banks failing are a sure sign of an economic collapse.
3. Items selling for less than what they were being sold for at an earlier time.
Not to long ago I was in an electronics store looking for a music player. As I perused the selection I took note of the price; $150 for one model,
$100 for another. I decided that I did not have enough money and would need to wait. Well, 6 months later I came back and boy was I surprised! The
$150 model had it's price cut to $100, a sure sign that nobody else had enough money to afford the high price. What really kicked my butt was that the
$100 model was nowhere to be seen! I asked a worker what happened to it and he said the company had discontinued the music player. Right then it hit
me, the company was leaking money like a sponge. Why did this occur? Because the economy was on the brink of destruction and everybody knew it. Nobody
wanted to buy the music players, so the companies only hope was to sell the expensive model cheaper to get a higher profit margin.
4. You see a commercial telling you to invest in gold through a certain company.
First things first, if you see a commercial telling you to invest in gold you should do it. Gold is considered an inelastic commodity, this means
there is a limited amount of gold on the planet and the price will only go down during times of large discoveries of gold. Next up, all investment
companies have their finger on the pulse of the economy, and if they are telling you to buy gold, they know something bad is about to go down. Of
course, they won't tell you this, they just want to keep all the money to their selves. Luckily for you there is a law requiring them to release these
commercials during a time of economic upheaval. Listen to them, they know what they are talking about.
How to Survive a Collapsing Economy
Finally, we get to the meat and butter of this article, how to survive in an economy that is collapsing. Luckily for you, you do not need to wait for
the economy to start collapsing to take action; if you follow the above guide you'll know when you need to act. If you follow this guide you will find
that while your neighbors are starving you'll be sitting pretty on a pile of money.
1. Get all your money out of the bank.
This goes for everybody! Tell your friends, put out ads, and gets the media to start spreading the news. Once you get wind of a collapsing economy,
you need to pull all of your money out of a bank as fast as possible; banks are the first thing to go and you will lose every penny if the bank fails.
That brings up another fact, there is a myth that the FDIC will insure $100,000 of your money; this is false. Think about it, how can they insure
$100,000 of every bodies money? They can't! The FDIC only has a fraction of the money they would need to pay off every single account in America. Do
the smart thing and don't take chances, remove all of your money.
2. Put all your money into precious commodities.
Gold, oil, silver, and pig bellies. These are just a few things you should put all of your money into. Once the economy fails, money will be nothing
but worthless paper. If you are able to invest in precious commodities you will be investing in very stable and and easy to predict investment. Over
the years, all precious commodities have risen a very stable 1% per year; much higher than any bank account you can find. This also gives us quite a
bit of insight on the future, since all precious commodities have risen in price of 1% per year, you'll know exactly how much of each you will have.
Don't forget to cash out your commodities before the economy collapses, otherwise there will be no trucks to get your commodities to your house. Once
the economy collapses, so will our entire transportation infrastructure.
3. Sell all stocks and bonds as quickly as possible.
When the economy is about to collapse you won't know the exact day it occurs, so if you have money in stocks and bonds you need to get rid of them as
fast as possible. The only way to do this is to sell your stocks and bonds at a very low prices, most economists recommend at most 20% of the stocks
value. You may think you're losing money, but really, you're saving money. Sure, you lose $500 today, but tommorow that stock could be worthless, and
then you'll be sitting pretty.
4. Buy and horde as much food and other retail items as possible.
Once the economy collapses there will be no more stores, and your money won't be worth the paper it is printed on. This means you will have to buy
everything you'll need before the economy collapses. Make sure you tell your neighbors to go out and buy as much as they can, you don't want them
trying to break into your house and steal the last piece of bread on the block. Don't be picky when going through the store, just dump as much into
your cart as possible. Even if you have to empty out every store in town, do it. While it may be expensive now, it will be a live saver in the future.
Bruce R Leech
Ensenada
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woody with a view
PITA Nomad
Posts: 15939
Registered: 11-8-2004
Location: Looking at the Coronado Islands
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Mood: Everchangin'
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too many errors to point out....WTF?
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Woooosh
Banned
Posts: 5240
Registered: 1-28-2007
Location: Rosarito Beach
Member Is Offline
Mood: Luminescent Waves at Rosarito Beach
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| Quote: | Originally posted by Hook
Wooosh, tell us about this dollar account in Mexico. What kind of institution do you have it at? What charges are associated with having it?
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BVA Bancomer. I have a US dollar checking (that accepts US dollar wire transfers) account and a Peso savings account that is linked to an ATM card.
When I need pesos to pay bills I transfer dollars fromt he checking account into pesos and they go into that savaings account to recharge the ATM. I
thought this is the way everyone does it.
\"The only thing necessary for the triumph of evil is for good men to do nothing\"
1961- JFK to Canadian parliament (Edmund Burke)
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Woooosh
Banned
Posts: 5240
Registered: 1-28-2007
Location: Rosarito Beach
Member Is Offline
Mood: Luminescent Waves at Rosarito Beach
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| Quote: | Originally posted by Cajones
| Quote: | Originally posted by Woooosh
I am able to wire dollars from the USA into a Dollar account in Mexico. Most people use other public wire services though, and it is my understanding
that these are converted into pesos at the prevailing rate unpon arrival Not true? |
Without going into detail, if dollars are earned in the US and wired to Mexico, the dollars have to migrate to Mexico. It
matters not whether the person on the other end takes the money as pesos or dollars. Somebody in Mexico ends up with those dollars. Think about how
your bank transfers work and you'll understand. |
I don't agree that it doesn't matter, because people just don't send full remittances when the exchange rate is bad. If the place they go to recieve
the funds in Mexico pays them in pesos at the prevailing rate why not wait until the rate is better? I think that is why remittance were low. Not
everyone has dollar accounts to wire funds into and I'll bet most Mexicans don't have bank accounts at all.
\"The only thing necessary for the triumph of evil is for good men to do nothing\"
1961- JFK to Canadian parliament (Edmund Burke)
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Hook
Elite Nomad
Posts: 9010
Registered: 3-13-2004
Location: Sonora
Member Is Offline
Mood: Inquisitive
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| Quote: | Originally posted by Woooosh
| Quote: | Originally posted by Hook
Wooosh, tell us about this dollar account in Mexico. What kind of institution do you have it at? What charges are associated with having it?
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BVA Bancomer. I have a US dollar checking (that accepts US dollar wire transfers) account and a Peso savings account that is linked to an ATM card.
When I need pesos to pay bills I transfer dollars from the checking account into pesos and they go into that savings account to recharge the ATM. I
thought this is the way everyone does it. |
Not the way we are doing it. We have a B of A account with two checking/ATM cards in the US. We use Santander ATMs to withdraw 500.00US per day per
card, when we see fit. With B of A owning a portion of Santander, there are NO fees associated with the ATM withdrawal. But we have no actual
Santander account.
We have our B of A account linked to our credit union account and we perform FREE EFTs on line to replenish the B of A account when necessary. It
generally takes about 24-48 hours to occur.
In this way, our cash remains in dollars until we use an ATM down here. And the bulk of our cash remains in the credit union and avoids the pitiful
interest rates that B of A gives on accounts.
[Edited on 10-10-2008 by Hook]
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Cajones
Banned
Posts: 81
Registered: 9-13-2008
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| Quote: | Originally posted by The Gull
| Quote: | Originally posted by Cajones
Have you ever purchased a Mexican computer?
A Mexican TV?
A Mexican car?
Mexican software?
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1. YES an IBM laptop
2. YES 97% of the TV's in the US come from TJ.
3. YES a PT Cruiser
4. Not knowingly |
All foreign owned items with a Mexican labor component in them. These items are designed by foreigners, the capital and technology to develop them is
from foreigners, the factories are owned by foreigners, and the title to the assets throughout the entire manufaturing process remains with
foreigners. In fact, from the raw materials to the finished product, no Mexican is at risk.
So, if you own a house in Los Angeles and hire a Mexican gardener, is your house now Mexican? But the most important aspect, Gull, is if a Mexican
wants to buy any of those items in Mexico, somebody has to first buy them with dollars and ship them to Mexico. Ergo, a devaluation of the peso is
inflationary.
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Cajones
Banned
Posts: 81
Registered: 9-13-2008
Member Is Offline
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Bank of Mexico sells another $3 billion to support the peso
Peso is still at 13.
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ViajeraGal
Junior Nomad
Posts: 45
Registered: 9-2-2006
Location: Los Barriles
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Exchange Rate
Yesterday (9thOct) when we took pesos out at an ATM here in Baja Sur, our bank account has shown we received at rate of 13! The day before, our
withdrawal was at the rate of 12.119.
Fortunately, we have managed not to have a Mexican bank account for the 14 yrs we have lived here fulltime, as we lost a chunk in the bank fiasco of
early '80's when 'dollar' accounts were suspended...........so buena suerte to all you who are relying on your dollar accounts to remain---I HOPE
SO!
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CaboRon
Ultra Nomad
Posts: 3401
Registered: 3-24-2007
Location: The Valley of the Moon
Member Is Offline
Mood: Peacefull
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| Quote: | Originally posted by ViajeraGal
Yesterday (9thOct) when we took pesos out at an ATM here in Baja Sur, our bank account has shown we received at rate of 13! The day before, our
withdrawal was at the rate of 12.119.
Fortunately, we have managed not to have a Mexican bank account for the 14 yrs we have lived here fulltime, as we lost a chunk in the bank fiasco of
early '80's when 'dollar' accounts were suspended...........so buena suerte to all you who are relying on your dollar accounts to remain---I HOPE
SO! |
You are so right on !!!
I have never opened an account in a mexican bank and never will.
CaboRon
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Bruce R Leech
Elite Nomad
Posts: 6796
Registered: 9-20-2004
Location: Ensenada formerly Mulege
Member Is Offline
Mood: A lot cooler than Mulege
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the Mexican economy is crashing hard and Mexico will never be the same as a result. this could be bad for a while but could be good in the long run.
you could say the same for the USA.
Bruce R Leech
Ensenada
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Woooosh
Banned
Posts: 5240
Registered: 1-28-2007
Location: Rosarito Beach
Member Is Offline
Mood: Luminescent Waves at Rosarito Beach
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| Quote: | Originally posted by morgaine7
| Quote: | Originally posted by Woooosh
BVA Bancomer. I have a US dollar checking (that accepts US dollar wire transfers) account and a Peso savings account that is linked to an ATM card.
When I need pesos to pay bills I transfer dollars fromt he checking account into pesos and they go into that savaings account to recharge the ATM. I
thought this is the way everyone does it. |
I have the same setup, except that both my dollar and peso accounts are checking accounts. I usually wire-transfer directly into the peso account and
hardly ever use the dollar account, but it's there if I need it.
Kate |
I can understand how the Bank of America/Santanders connection works well for some with only the ATM.
I pay my utilities directly and automatically from my peso account though- so If a bill blows off the door- I don't end up with my electricity off and
the meter gone- again. lol.
I didn't have my FM3 when I first set up my bank account during house construction- and they wouldn't give me a peso checking account at the time.
[Edited on 10-10-2008 by Woooosh]
\"The only thing necessary for the triumph of evil is for good men to do nothing\"
1961- JFK to Canadian parliament (Edmund Burke)
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tjBill
Senior Nomad
Posts: 516
Registered: 10-6-2007
Location: Tijuana
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I use my Bank of America ATM card to withdraw pesos from Santander Serfin for no fee.
I also use my B of A card to pay my Telnor bill. You have to go to a Telnor office once to have them "authorize" the card.
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Woooosh
Banned
Posts: 5240
Registered: 1-28-2007
Location: Rosarito Beach
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Mood: Luminescent Waves at Rosarito Beach
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| Quote: | Originally posted by tjBill
I use my Bank of America ATM card to withdraw pesos from Santander Serfin for no fee.
I also use my B of A card to pay my Telnor bill. You have to go to a Telnor office once to have them "authorize" the card. |
BofA converts your TelNor peso bill to dollars and then back again to Pesos to pay Telnor- and all for free??? sign me up!
\"The only thing necessary for the triumph of evil is for good men to do nothing\"
1961- JFK to Canadian parliament (Edmund Burke)
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vacaenbaja
Senior Nomad
Posts: 640
Registered: 4-4-2006
Member Is Offline
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Support the Mexican economy go to the Chicago Club, Mrs. Vickys and other
places where all SirVices are of 100% local origin. HARD Dollars only.
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The Gull
Super Nomad
Posts: 2223
Registered: 8-28-2003
Location: Rancho Descanso, BCN
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Mood: High
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No Mexican Bank Account?
I am intrigued by the posts from Nomads living in Baja who state that they have no Mexican bank account.
How does one sustain the FM requirement of money deposited in Mexico, if one does not have a Mexican bank account?
Undocumented residence in Baja?
�I won\'t insult your intelligence by suggesting that you really believe what you just said.� William F. Buckley, Jr.
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CaboRon
Ultra Nomad
Posts: 3401
Registered: 3-24-2007
Location: The Valley of the Moon
Member Is Offline
Mood: Peacefull
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| Quote: | Originally posted by The Gull
I am intrigued by the posts from Nomads living in Baja who state that they have no Mexican bank account.
How does one sustain the FM requirement of money deposited in Mexico, if one does not have a Mexican bank account?
Undocumented residence in Baja? |
They have never asked to see money deposited in Mexico ...
I have just shown my Pension determinations from Disney and SS and a downloaded copy of my BancomerUSA account statement.
BBVABancomerUSA is a US bank that is legally seperate from the mexican bancomer.
I am totally legal with immigration and carry an FM3 ..
I just have no trust in mexican banks.
CaboRon
[Edited on 10-11-2008 by CaboRon]
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oldlady
Banned
Posts: 1714
Registered: 10-31-2005
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Not sure that is a requirement, Gull. We have used our US bank satements to fullfill the requirement and never had any issue.
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The Gull
Super Nomad
Posts: 2223
Registered: 8-28-2003
Location: Rancho Descanso, BCN
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Mood: High
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| Quote: | Originally posted by Cajones
| Quote: | Originally posted by The Gull
| Quote: | Originally posted by Cajones
Have you ever purchased a Mexican computer?
A Mexican TV?
A Mexican car?
Mexican software?
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1. YES an IBM laptop
2. YES 97% of the TV's in the US come from TJ.
3. YES a PT Cruiser
4. Not knowingly |
All foreign owned items with a Mexican labor component in them. These items are designed by foreigners, the capital and technology to develop them is
from foreigners, the factories are owned by foreigners, and the title to the assets throughout the entire manufaturing process remains with
foreigners. In fact, from the raw materials to the finished product, no Mexican is at risk.
So, if you own a house in Los Angeles and hire a Mexican gardener, is your house now Mexican? But the most important aspect, Gull, is if a Mexican
wants to buy any of those items in Mexico, somebody has to first buy them with dollars and ship them to Mexico. Ergo, a devaluation of the peso is
inflationary. |
All I was doing was answering your questions. Each of those items which were purchased have an engraved or permanent notice affixed to them that
states Mexico as the country of origin. It's that simple.
I made no other representations in regard to global economic dynamics. I will leave that to experts like you.
�I won\'t insult your intelligence by suggesting that you really believe what you just said.� William F. Buckley, Jr.
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