Yet, when we recommend a financial and asset protection plan that includes a year’s supply of food, our non-LDS clients immediately get it. However our LDS clients are often much slower to act, if at all. Once most of our clients understand all the ways they need to safeguard their families, food storage is a no-brainer.
St. George, UT (Vocus) February 13, 2010
Hank Brock, president of Brock and Associates, a St. George, Utah, fee-based financial consultant and asset protection firm, recently returned from a global economic executive summit held at the Harvard Business School. The consensus of the 43-participants—consisting of CEOs of multinational companies, money managers, and professors of economic history—was there would be more global economic trouble ahead, not less.
“The bottom-line for the U.S. is that it can’t tax enough, and can’t borrow enough, and so all it can do is to print money to delay the upcoming economic calamity that will result from the unprecedented debt and the magnitude of bad financial deals,” noted Brock. “Several more economic dominos have yet to fall and they’ll be very painful for the unprepared, and the end result will be very high inflation and unemployment. This will impact those living off fixed incomes and financial assets the most.”
Economic History Lessons
The group of executives from the around the world met in an intense, four-day setting to discuss a dozen economic case studies ranging from the 1837 Banking Panic to The Great Depression of 1933, the hyper-inflation of 1923 Germany, the Carter and Nixon years to the Japanese liquidity crisis that started in 1989 and continues today. Overall, the group of leaders was looking for similarities to our current world economic conditions. They found plenty.
“Just like Japan, the Fed has no magic interest-bullets left to shoot down economic woes. The FDIC is essentially bankrupt. The dollar has fallen 18 percent in value since March, 2009 and a large portion of the U.S. debt of over $14 Trillion is held by creditors such as China and the Middle East,” said Brock. “How long do you think a creditor like China will think getting 3 percent return on US Treasury Bonds is acceptable when they lose five times that on the falling dollar? This has tragedy written all over it.”
What to do?
The purpose of the Harvard Global Economic Crisis summit was to better understand economic history while identifying similarities to worldwide issues than to find cures for current economic woes. However, Brock, a financial advisor at heart, identified a few basic ways the average family can be better prepared to insulate against any economic storm:
- Get out of debt
- Save more
- Store a year’s supply of food – commodity prices will soar
- Save 6-months’ worth of cash
- Become an invaluable employee
- Exercise extreme caution in the volatile markets where capital can be lost
“It's interesting to note that we live in a predominantly LDS area, but 60 percent of our clients are not Mormons,” said Brock. “Yet, when we recommend a financial and asset protection plan that includes a year’s supply of food, our non-LDS clients immediately get it. However our LDS clients are often much slower to act, if at all. Once most of our clients understand all the ways they need to safeguard their families, food storage is a no-brainer.”
About Brock and Associates:
Brock International (formerly Brock and Associates) is a fee-based retirement, tax, estate and asset protection advisor located in St. George, Utah. The key differences in Brock and other financial advisors are the deep set of credentials the firms associates are required to have, the level of education and knowledge transfer to clients, and 30-years of unique, proven financial strategies, intellectual property and support materials. Mutual Benefit International Group is the parent company of Brock International. Hank Brock is the author of “The Complete Guide to Money Happiness” and the upcoming “The Last Dominos” due in stores in June.