Offshore Accounts - anyone else looking into this?

[holboz]

I have a sinking feeling about the US dollar and I don't think I'm the only one. I'm no economic guru by any means but there seems to be some growing rumblings out there that the US economy is about to take a serious nose dive. A REALLY serious nose dive the likes of which haven't been seen in this country in a long time...maybe even worse than 1929.

My husband and I are moving back to the UK in 2007 anyway, but we've decided to take our savings and put it into another currency a/s/a/p. We're trying to decide if we should go with Pounds or Euros.

[msongs]

1. china is buying all our debt, the only thing that will keep them from

destroying us is that we are sending them the rest of our money in purchase of cheap junk products made by subvervient wage workers.

that is probably the biggest disaster facing the USA and all this is because of the Bush budget deficits.

Msongs
www.msongs.com

[billbuckhead]

2. You better look at gold, yen, swiss francs and other assets as well.

These are scary times.

[unblock]

3. i've done quite well while the u.s. market has gone sideways

the stock market is STILL below the clinton peak. but i've done quite well just by shifting my limited funds to global, developing, latin american, and russian funds.

the dollar may not drop for a while, but the key is, it's hard to imagine long term strength in the dollar. short term, it may benefit from the continued rise in rates, but long term, there are so many other countries out there that hold more investment promise than the u.s.

as for gbp vs. eur, i'm a fan of diversification. but having said that, i would simply observe that britain had a REASON for keeping the GBP....

[eallen]

4. You don't need an offshore account to diversify currency holdings.

There are US banks that will do that as well. Of course, if you'll be living abroad, it might be convenient to bank abroad. But that's a different issue from diversification.

[enid602]

5. international funds

There are several foreign equity and stock mutual funds out there. My favorite is T. Rowe Price's international bond fund. I purchased it and other international funds through Vanguard (where I have my IRA) when I started to 'Bush-proof' my portfolio on 11/3/05. Nice thing is, you're not withdrawing funds from your IRA, so there are no penalties.

[bemildred]

6. Reply:

http://www.nationwideinternational.com/accounts/accounts_euro_glance.htm

Consider the Looney too.