One Million Reader Mark In 6 Months....Thank You Loyal Readers!

Very happy and proud to see this blog cross the first 1 million readers from around the world within 6 months!

Aiming to give the financial media and bank research analysts a run for their money while sharing knowledge and advising all concerned about the future rather than the past.

Warning: Currencies Will Keep Plunging & Hundreds Of Online FX Brokers Are Being Shut Around The World

All currencies around the world are just going down every year for the last several years against the USD.

This one way decline is not good for majority of the clients who cannot make profits unless they short but most clients as well advisers have a bias for long and always believe that currencies (or stocks) will bounce back.

However, as we have been advising our clients that investing in other currencies is not profitable any longer until the USD collapses.

5 year performance of select currencies (ascending losses):

2 Out of Top 4 Saudi Banks To Merge Amid Thousands of Banking Job Cuts In GCC, 4 Banks Out of 12 Saudi Banks Shall Merge

We have warned multiple times over the last few years and especially over the last 6 months that banking sector across the Gulf region is in turmoil and in an internal implosion mode.

There are many major catalysts (take your pick) such as oil price plunge, ongoing wars, bans on trade with neighboring nations, global trade slowdown, massive decline in domestic consumption in the Gulf, mass deportations/departures for millions of foreign expats from across the Gulf region, bans on hiring for several nationalities, terror threats in the region, thousands of businessmen who have run or are in jail and tens of thousands of businesses that have closed, currency declines across Africa, Europe, Russia etc that has created a perfect storm whereby banks are paying a heavy price since they had been the engine of growth for decades.

We had blogged in early Oct 2018 that 19 banks are merging across the Gulf region of 6 GCC countries which is a major negative sign.

Warmest Greetings Of The Season, Merry Christmas & Best Wishes For A Happy & Prosperous 2019

Sending Season's Greetings to all our loyal readers, your families and to all our well wishers:

May the New Year Bring Lasting Peace, Abundant Joy & Loads of Happiness For Us All!

Luxury Global Real Estate Prices In Free Fall Throughout 2018 Except Philippines and China

We have advised all our multi million dollar clients since late 2014 (when oil first started it's precipitous decline) to exit whatever property investments they have as much as they can, anywhere in the world. 

Almost all have listened to us wisely. 

Because we have been 100% correct!

We continue to remain negative on global real estate investments in top cities like London and NY and others like across Canada and Australia or in UAE and India.

We had even issued a warning alert on our blog on 2 Aug 2018.

First Ever Bank In The UAE & Middle East Receives A Bail Out!

On a quiet Friday evening when everyone in the Middle East is enjoying their weekend the first ever UAE bank reached the point of a collapse (as we have been expecting and have warned everyone for years).

Invest Bank of Sharjah had reached a critical point of collapse with lack of liquidity, capital, profits and massive loan losses and needed to be bailed out surreptitiously on a Friday afternoon today, 14 Dec 2018!

Hundreds of bankers will be fired as the clean up begins and expect more bank mergers over the next several months.

Unemployed Emiratis May See 100% Cut To Their Monthly Welfare Payments; UK Universities Boycott UAE, Rising Tolls & Closing Schools In Dubai

In what seems like a striking move in the UAE, the UAE Govt is going to cut the welfare payments for the most vulnerable Emiratis who are unemployed.

Idea is to push them all to go to work. 

This surely will have massive repercussions but UAE is running out of cash so they do not have much choice.

UAE nationals are brought up in a system which is defined as "cradle to grave" handouts by the state.

Emiratis get free housing, free medicare including around the world, free education, among other benefits like lower hours of work until a few years ago with high salaries (double and triple that of expats) and hefty bonuses.

Airlines, Contractors, Banks, Supermarkets, Small Businesses, Many Are Collapsing Across GCC

Spearheading the collapse of GCC are their airlines.

Several tiny private airlines have shut in UAE since 2006.

A big one that collapsed in Jan 2014 was RAK Airways.

Bahrain Air collapsed in 2013.

Emirates had a decline of 86% in it's profits during the first half of 2018.

Etihad has had $3b loss in 2016 and 2017 combined. A bond guaranteed by Abu Dhabi is at $56 as on today on which they have skipped the interest payment because Abu Dhabi has run out of money.

Now a Kuwaiti airline part owned by KIPCO and part owned by Sheikh Hamad Al Sabah, of the ruling family, has collapsed. 

KIPCO has $34b in projects and is a significant national player.

"Smartest" Hedge Funds Collapse & Lose Client Money Across All Sectors

We continue to reiterate that it's impossible for even the best of the best fund managers to make money for their clients.

Whether they are bankers with fancy degrees in smart suits, or CFA degree holders romanticizing as advisers or past bond market gurus or hedge fund legends.

All of them will keep failing.

We continue to remain steadfast in our views since late 2015.

We all know how superbly Abraaj Group in Dubai blew up and lost money for Bill Gates and many other similar clients totaling over USD 15 billion!

Option Related Hedge Fund Loses ALL Money For ALL His Clients, Now He Is A Laughing Stock On Wall Street

An Adviser who lost ALL The Money of ALL His Clients

We have advised investors since late 2015 when interest rates started rising for the first time in over 40 years that markets will remain volatile to the downside and it will not at all be easy to make money by investing whether in currencies, bonds, stocks (except select day trading or select top notch stocks) or any sort of commodity investments or structured products etc.

So far, we have been right.

This year when interest rates actually started rising and more rises are still ahead in US/Canada etc and the so called Quantitative Easing (fake money printing) has stopped almost worldwide (sucking out liquidity from global markets), we have seen hundreds of bankruptcies worldwide causing demand of almost every single product to decline.

Another Giant Contractor Collapses in Saudi/Qatar; Largest Western Companies Exit From The Middle East

One after another some of the largest contractors have simply collapsed, defaulted and shut down across the Gulf region.

Over 16,350 people lost their jobs in Qatar and Saudi in the last few weeks.

20 Nov 2018: Collapse of building contractor leaves thousands of workers without pay

In May 2017, Murray and Roberts from South Africa left from Middle East after building some of the most iconic projects in the Gulf.

Ominous Dark Clouds Encircle Dubai: 4 Major Negative Global Media Articles In 6 Days

What we have predicted about Dubai/UAE economy since mid 2015, is now turning factual and major media from WSJ to Bloomberg to Reuters and Economist are reporting on it.

However, they are still not able to predict accurately and continue discussing the past and are not permitted to discuss the future.

Besides, they do not even have an understanding, despite having some multiple degree holders writing articles, that majority of GCC crisis is related to currencies around the region who used to trade with UAE (plus some impact of internet) and all of it is being created by the good ol' USA due to a strong dollar and sanctions on various countries.

UAE Economic Situation Deteriorates Further: 3 Abu Dhabi Banks To Merge & Create 2 Banks, Emaar To Sell Prestigious 5 Star Hotels, Trump Shuts Iran Trade From Dubai, Property Prices Keep Plunging

We had warned in our major warning blog post on 5th October 2018 that GCC banks especially in UAE are crumbling.

Entire GCC Crumbles Like A Pack of Cards: 19 Banks Merge, Etihad Can't Pay Back Debt, Saudi Contractor Can't Pay Salaries, UAE/Saudi Halt 3 Projects of $243 Billion, $11 Billion Bail Out For Bahrain & Jordan

Some folks argued that consolidation is a good thing. However, we completely disagree in the case of current GCC scenario especially in Saudi and UAE when there is no growth or liquidity.

In this instance, it's a sign of a major forthcoming crisis.

When money is leaving in billions, money velocity is extremely weak, real estate and trade has dropped to a fraction of what it used to be a few years ago, taxes, fees and fines are sky high along with business/visa costs, dollar peg has made UAE/Saudi the most expensive places on planet Earth (because they are unable to diffuse the situation a bit by weakening their currencies), several nationalities are banned, cash reserves have depleted to non liquid assets only, active wars are being fought while only lower end workers are coming for jobs in the Gulf instead of top end ones, these factors (all at the same time) can cause the very best of economies to crumble.

Why Dubai Real Estate Has No Buyers: All Indians (and Pakistanis) Who Own Property In Dubai Are Being Served Tax Investigation Notices

We have warned our clients and investors over the last several years that all countries will investigate their citizens who have kept their hidden illegal undeclared assets in Dubai.

Once Dubai signed the EXPO 2020 agreement in 2012, it was like a death wish for it's real estate sector.

They agreed to issue multiple entry visas (which they approved sometime in 2016), they agreed for international accounting practices (mandated under VAT laws), they agreed to implement VAT and other indirect taxes, they also agreed to share information on banking assets, real estate, visa entries etc (visa entries have been shared with Canada a few years ago) with any Govt under OECD data sharing agreement. All of this was agreed in order to get the EXPO 2020.

Data sharing by Dubai began in Jan 2017 after many years of warnings.

Russians, Britishers, Iranians, Qataris, Yemenis, Europeans, Americans, Syrians, Libyans, Bangladeshis, Canadians, Australians etc who all were big investors in Dubai have all mostly departed.

GCC Disintegrates Further: Kuwait Seeks Military Support From Turkey

This comes completely out of the blue!😲

In the middle of the world’s worst geo political crisis between Saudi-America-Turkey, Kuwait has bailed out of GCC straight into the arms of Turkey.

Everyone needs to survive as a nation because what’s coming is going to be lethal.

Things are happening faster than any one can imagine this weekend.

It’s going exactly as we have predicted that there will be no GCC by Dec 2018, Qatar has gone, now Kuwait is gone. But it’s happening in a much worse manner than even what we have predicted.

Venezuela Becomes The Second Country In The World To Dump The US Dollar

We have been warning for several years that all the countries will need to move away from the US Dollar. 

Thanks to Donald Trump, this trend has majorly accelerated this year who is bent on destroying his own country and the reason it is No 1 which is due to the global usage of the US dollar.

Just on 12 Aug 2018, Iran dumped the US dollar in it's global trade transactions.

Iran: The First Country In The World To Dump The “Mighty” US Dollar

3 Airlines Have Shut So Far in Oct 2018 Across Europe

As business conditions continue to deteriorate globally, 3 airlines (4 if you include a subsidiary in Latvia) have shut in the month of October 2018 alone.

Primera Air was the first shut on 2 Oct 2018 in Denmark along with a subsidiary in Latvia. They had a fleet of 7 planes serving 41 destinations operating since 2003.

Primera Air Shuts Down, Ceases Operations, Strands Customers and Employees

Second one to collapse was a small airline with 2 planes operating since 2009 in Birmingham, UK on 12 Oct 2018.

Abraaj: WSJ Breaks Major News On World's Largest Private Equity Insolvency - Arif Naqvi Took Hundreds of Millions of Dollars For Himself, His Son & His Beautiful Ex-Assistant!

We had warned in early Feb 2018 when WSJ broke the fraud story of Abraaj and then on June 5th 2018, we again warned that Abraaj will be liquidated which happened weeks thereafter.

Deloitte had warned prior to June 2018 that there are "discrepancies".

Regulators around the world are actively investigating the complex global fraud. US, UK, Singapore, Cayman Islands and DIFC regulators are all investigating Abraaj.

Here is our viewpoint from 5 June 2018:

Abraaj Capital of DIFC: How 16 years of success, collapsed in less than 5 months!

One of Africa's Top Billionaires Has Been Kidnapped Sending Shockwaves Across Tanzania

One of the biggest billionaires of Tanzania has been kidnapped and thus far he is missing.

There have been several high profile cases like this across Africa just in 2018 for kidnappings but many have been of gun shots and robberies across South Africa and other parts of Africa randomly.

The world is getting nastier out there. Be safe!👍

Gunmen snatch Africa's youngest billionaire from busy street in Tanzania

Mo Dewji becomes Africa’s sixth billionaire to be abducted in 2018

As on date, 15th October 2018, there is no trace yet of the billionaire from Dar es Salaam.

Saudi Standoff Could Lead To Pricing of Oil in Chinese Yuan Eroding US Dollar Superpower Status!

The current global standoff between Saudi Arabia and the western world due to the presumed death (disappearance?) or missing status of Jamal Khashoggi (Washington Post journalist, Saudi citizen, US Permanent Resident) has all the elements of intrigue and mystery. 

This standoff is linked to pricing of oil in USD versus Yuan, infighting of Saudi elites, 9/11 attack court cases seeking compensation from Saudis, US politics/superpower status, global military sales, multi billion dollar investments, skirmishes with regional powers like Iran/Turkey and many other top most global geo political concerns. 

Major US and UK corporations have pulled out of the Oct 23rd 2018 Saudi conference on the future vision of Saudi. Markets have tumbled, currencies and capital outflows are under pressure. 

A BIG Thank You To All Our Valued Readers & Supporters!

Last few days has been overwhelming due to support from all our valued readers and this is a special post to thank each one of you.

We have received so many comments - for which we thank everyone who did so.

We have received so many emails from strangers (who are now friends) - you know who you all are - asking for guidance, thanking us, discussing ideas and asking our opinion on variety of matters - for which we thank you all.

We have received various donations for the information/guidance received from our blog - for which we thank all those who donated. 

We wish to thank every single person who took the time to visit our blog.

Second Largest Mall of Canada Is A Ghost Town As Another Sign of Canadian Zombie Economy Emerges

Canadian economy is gradually falling apart.

The low prices of commodities are hurting Canada, Trump is reducing investments and encouraging car and other American factories to move back to USA, oil price was at it's lowest for over 4 years and even today around USD 80 is about 35%-40% below the highs of 2014, Canadian Loonie is at 0.77 cent, it peaked in 2012 around 1.02 and has been declining ever since.

Now the hottest news in Canada this weekend:

Second largest mall of Canada is a ghost town!

Entire GCC Crumbles Like A Pack of Cards: 19 Banks Merge, Etihad Can't Pay Back Debt, Saudi Contractor Can't Pay Salaries, UAE/Saudi Halt 3 Projects of $243 Billion, $11 Billion Bail Out For Bahrain & Jordan

We have been warning our clients and investors about the complete collapse of GCC since 2015.

Thousands of businessmen across GCC have gone into turmoil ever since, property prices have collapsed and thousands are in jail or have run away or are involved in multiple litigation while Govt's are not making payments leading to freezing of thousands of business.

Trump is openly humiliating and challenging Saudi, Etihad is at the verge of a slow death like collapse and bailouts of large corporations and entire countries are in full swing.

Last week, we elaborated how bad things were in the UAE.

Multi Billion Dollar Companies Continue Their Collapse In UAE: 3 More Banks To Merge

In all, at least 19 major banks have merged across GCC within the last 12 months approx.:

Trump Humiliates Saudi King In Fight Over US Dollar Hegemony; Issues Warning To Saudis Saying "Who Knows What Will Happen"

We have been warning since 2015 about Saudis to remain under tremendous pressure.

Trump has been calling for lower oil price without any impact on anybody over the last month.

Saudis have run out of money, are borrowing funds which is blasphemy, selling assets, ejecting expats, cutting subsidies, hiking tariffs by doubling or tripling on water and electricity, opening up their economy, trying to diversify, reducing religious barriers etc.

But more importantly, Saudis are meeting with Russians and the Chinese.

Russians are building nuclear plants in Saudi while Saudi handed USD 10b to Russians for investment last year. 

India Is Having a Lehman Moment!

IL&FS company in India is having debt of USD 12.6b and is about to collapse.

"Rescuing IL&FS group, which has total debt of $12.6 billion -- 61 percent in the form of loans from financial institutions -- is vital for authorities to stem the risk of default spreading to other lenders in the world’s fastest-growing major economy."

India Seizes Control of Indebted Lender in Surprise Move

This is one of a series of massive scams under PM Modi's guidance where tax payers money of India has been looted and stuffed into the pockets of crony billionaires.

The audit committee Chairman and the first independent director of this project in Gujarat himself has filed a public interest litigation to uncover the fraud.

Multi Billion Dollar Companies Continue Their Collapse In UAE: 3 More Banks To Merge

As one after another largest businesses (in the world) collapse in the UAE, as we have been predicting since 2015, five major banks have merged in the last 2 years and 3 more have announced just now that they shall merge.

NBAD
FGB
ADCB
Al Hilal
UNB

All the above banks have merged.

3 Sept 2018: 3 Major UAE Banks to Merge This Month: ADCB-UNB-Al Hilal Banks To Merge

Just now it has come out that 3 more banks in Sharjah, UAE are about to implode hence shall be merged.

Emirates-Etihad Sibling Rivalry Won’t Have a Happy Ending

A fantastic analysis on the merger of Emirates-Etihad, should it occur.

We have said for a while now that Etihad is in major trouble along with several other large entities in the UAE.

They have sold several planes this year, have had loss of USD 3 bn in 2 consecutive years, reduced routes, didn't pay Alitalia and Air Berlin causing legal troubles and bankruptcy, now Etihad won't pay any money to support Jet Airways which is owned 24% by Etihad.

Etihad guaranteed bond is at USD 53.50 today indicating severe distress. 

Trump’s Trade Tantrums Are Further Weakening An Already Declining America

This blog was the first to warn the world on June 25, 2018 that Trump's trade tariffs will hurt everyone around the world (except China)!

However, the most dramatic impact will be on the US economy and it’s global status itself leading to job cuts, billions lost in lower exports, several bankruptcies, slowdown in investing in projects, slow down in bank lending & incomes and overall slowdown in the real economy.

Trump’s eccentric tariff tantrums will hurt economies far and wide and cost millions of jobs of simple folks who have no clue on what’s happening.

It would be wise for Trump supporters to read this article in order to understand how he is hurting the American free trade led capitalism model that helped the world rise over the past 50 years and the major loser will be Americans themselves.

Here is our previous forecast.

June 25, 2018: Trump Tantrum: Leading The Entire World Into A Great Depression

The Turbulence In The Indian Private Sector Banks Is Gathering Speed

Majority of Indian banks are in the worst shape possible.

All 19 Public Sector Banks (majority owned by Govt and operated by Govt) have a smaller market cap than 1 single HDFC Bank.

At least 11 PSU banks have a total ban on lending.

Last year 5 SBI subsidiaries merged with the parent SBI. Last week, 3 major banks were merged. these are signs of stress an crisis.

Some CEO's and several top executives have been charged or arrested for fraud.

Bad loans at banks are at their highest in the HISTORY of India.

Pakistan Govt Wants ALL It's Money Back From UAE That Is Invested In UAE Properties

Most of the 2,700 top multi million dollar properties are about to be seized in Dubai.

This doesn’t include paper assets where properties are not yet completed that also are in thousands.

Hundreds of top Pakistanis should have sold but cannot sell anything now in Dubai.

Now some of them need to sell in Dubai and run or face court action in Pakistan.

All have to submit affidavits in court as well immediately.😲

Alibaba Chairman Jack Ma Talks Of Peace & Potential Loss Of 1 Million Jobs In US

That’s the ultimate of #deglobalization that we have been predicting since at least 2012!‬

Summer World Economic Forum being held in Tianjin, China!

And Jack Ma speaking in Mandarin!

Learn Mandarin, teach it to your children, buy Chinese currency, buy their stocks and enjoy the next several decades of growth!👍

Nigeria: Presidency Hits Back At HSBC - Return Our Stolen Assets in Your Custody

This is going to be fun! 

First time a country is asking HSBC to return money stashed in their cosy Swiss, American, Singaporean, UAE and British Private Bank offices.

Hope Nigerian President pursues it further.

How American Economy Has Been Destroyed, Million Souls At A Time

American economy, American real estate, so called "American dream" and the lives of most Americans have been and are being destroyed million souls at a time.

This is happening since the 2008 crisis and worse is yet to come.

Bridges in America are falling, boats are capsizing, mass shootings are rising rapidly, hurricanes are worst ever, climate change impact from Louisiana to Puerto Rico to Carolinas now is hurting the economy even further.

Hawaii has a volcano spewing and Yellowstone National Park could get hit by a bigger volcano.

Future Of Bankers/Finance Workers Is Going Downhill Every Passing Day

This is what we have suggested to everyone since 2012. However, many disagreed. 

Now the facts are there for all to see that banking careers and banking businesses have been destroyed almost globally (except in most of Asia).

Look what finance/banking people are doing and that’s the future for all finance graduates!

'I lost my dream job at Lehman and now make pasta'

'I earned more as a student than I do now'

Philippines & China Are The Only 2 Major Nations Receiving Major FDI

In almost every large country FDI has declined or plunged.

USA is down.

Foreign investment in the United States plunged 32% in 2017

India is dropping lower and lower every year.

Foreign direct investment in India hits 5-year low in 2017-18    

Bankers Are Losing Their Minds!

Until several years ago, bankers were the happiest people and jumped jobs, got salary hikes, handsome bonuses etc.

Over the last 8-10 years, hundreds of banks have shut, millions of bankers lost their jobs and bonuses have disappeared while bankers are begging clients for business.

Bankers have committed suicide across US and Europe and some had been killed by their clients. Many are involved in money laundering and were sent to jail and one German banker in Singapore even started sourcing under age girls to supplement his living!🙄

A British banker in HK killed 2 women and stuffed them in suitcases in his apartment in 2014.

Indonesia Is Headed Towards a Big Crisis

"THE financial crisis affecting developing countries arrived in full-scale fashion in our region last week when the Indonesian economy experienced shocks reminiscent of the Asian crisis 20 years ago."

Be ready – financial crisis is near 

"London: In a sign of the pressure on emerging currencies, the Indonesian rupiah fell 0.7 per cent to its lowest level since the Asian financial crisis in 1997-1998.


The rupiah has weakened nearly 9 per cent against the dollar so far this year, one of the worst affected currencies in the emerging markets sell-off, despite repeated interventions from the central bank. Indonesia’s inflation picked up in August, but remained within the central bank’s target range."

Indonesia CRISIS: Rupiah SLUMPS to its weakest level in more than 20 YEARS

Have You Seriously Considered A Second Citizenship/Residency?

There are several advantages of having a second citizenship or just a residency.

We have advised our clients since 2011 to have a Plan B.

Reasons can be varied, from tax planning, or retirement, or having a new business opportunity, a bank account, priority access to invest in business/real estate, visa free travel, children's education, migration to a better country etc.

Whatever may be your reason, you must consider a second or third citizenship/residency option.

Trump’s Trade War Is Taking Entire America Backwards

As we had warned on 25 June 2018 that Trump’s tantrums against the entire world will hurt America more than anybody else. That is exactly how it has come about.

Trump Tantrum: Leading The Entire World Into A Great Depression

Millions of Americans are expected to be impacted and lose their jobs

11 million U.S. workers are in the trade war's crosshairs

On Friday, 7 Sept 2018, even Apple came out towards the end of the trading day to submit that they are being hurt and may slow down. That’s the No. 1 American company globally and one of the world's best known brands. 

Saudi & Dubai Continue Their Rapid Economic Declines

It's real action time in Saudi.

3...2...1...

Several shops ‘shutting down’ in Saudi as nationalisation deadline looms

Meanwhile, in Dubai.

Massive bad news for Dubai all in 1 article, as we have projected since 2015.

But the author missed the Yemen war, ISIS all around the region, massive currency depreciation for every nation  in the region and beyond, and things like interference by UAE in the Turkish coup and the insult of all Pakistanis, weekly shut down of hotels and restaurants, non delivery of major projects like Dubai Pearl, Universe, World, Palm Jebel Ali and many more and exits of mega corporations, default by absconding Schon Properties etc.

Luxury Real Estate Investment Opportunity In Rising Cebu

If you are looking to invest in luxury real estate, then look no more.

Invest here in Cebu, Philippines, in a luxury project being built by Jardines Group, HK (first time by a foreign developer such a large scale township city project is being built in Cebu).

Price is rising every other month and will be hiked tomorrow on Sept 7, 2018.

Demand is quite heavy and continues to rise.

In this luxury township of 21 towers, 4 towers are already under 24/7 construction and 3 have been sold out.

Here is the sales update as of Sept 6, 2018 for the sales in Tower 4.

More details here:

Investment Opportunity in Cebu: Mandani Bay - Top Luxury property

USDINR Continues It's Plunge Hurting All Leveraged Depositors

USDINR (Indian Rupee per 1 USD) has crossed 71 and touched 71.40 today.

May God bless those who bought leveraged INR deposits based on “superb” advice from their bankers.

While Indians in India can expect further inflation in the months ahead.

And large business with dollar loans can expect share price plunges and collapses.

Jindal Group valued at $6bn will either collapse or default or break up. This is just 1 multi billion dollar group. Many more to come in the weeks and months ahead.

3 Major UAE Banks to Merge This Month: ADCB-UNB-Al Hilal Banks To Merge

We have been hearing of merger between 4 UAE banks for about 2 years now since Nov 2016.

They were expected to be:

UNB with ADCB

Al Hilal Bank with ADIB

Rumors were so strong in Nov 2016 that shares of ADCB, UNB and ADIB were halted from trading due to the speculation.

Just now, on 3 Sept 2018, news has come out that ADIB has been left out.

3 major UAE banks will be merged within weeks (prior to Dec 2018 closing).

NRI’s (Non Resident Indian) Depositors To Lose Heavily Due to USDINR Plunge

Almost all Emerging Market currencies have plunged in recent months due to Trump’s tantrums.

However, no other country does as much aggressive marketing to collect deposits for it's insolvent banks from it’s overseas diaspora as does India.

Hence, the biggest losers in Asia’s worst performing currency for 2018 (USDINR) are obviously the NRI’s.

Bankers being bankers keep “advising” clients that USDINR will appreciate, despite the fact that for over 50 years, USDINR has been depreciating at a rate of 5-6% pa.

This time the plunge is deeper and has crossed the psychological/technical/fundamental level of 70 and closed above this level on Friday weekly chart as well as for the month end of Aug 2018.