Your Questions About Investing In Foreign Coins

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Robert asks…

true or false?

Andrew Jackson vowed that he would make the bank of the united states the single most important institution in the united states

I’m stumped on my history. Help please.

Justin answers:

It’s False, in fact quite the opposite. Jackson hated the bank of the united states.

Opposition to the National Bank
Main article: Second Bank of the United States

Democratic cartoon shows Jackson fighting the monster Bank. “The Bank,” Jackson told Martin Van Buren, “is trying to kill me, but I will kill it!”
The Second Bank of the United States was authorized for a twenty year period during James Madison’s tenure in 1816. As President, Jackson worked to rescind the bank’s federal charter. In Jackson’s veto message (written by George Bancroft), the bank needed to be abolished because:
It concentrated the nation’s financial strength in a single institution.
It exposed the government to control by foreign interests.
It served mainly to make the rich richer.
It exercised too much control over members of Congress.
It favored northeastern states over southern and western states.
Following Jefferson, Jackson supported an “agricultural republic” and felt, at the expense of farmers and laborers, the Bank improved the fortunes of an “elite circle” of commercial and industrial entrepreneurs. After a titanic struggle, Jackson succeeded in destroying the Bank by vetoing its 1832 re-charter by Congress and by withdrawing U.S. Funds in 1833.

1833 Democratic cartoon shows Jackson destroying the devil’s Bank
The bank’s money-lending functions were taken over by the legions of local and state banks that sprang up. This fed an expansion of credit and speculation. At first, as Jackson withdrew money from the Bank to invest it in other banks, land sales, canal construction, cotton production, and manufacturing boomed.[23] However, due to the practice of banks issuing paper banknotes that were not backed by gold or silver reserves, there was soon rapid inflation and mounting state debts.[24] Then, in 1836, Jackson issued the Specie Circular, which required buyers of government lands to pay in “specie” (gold or silver coins). The result was a great demand for specie, which many banks did not have enough of to exchange for their notes. These banks collapsed.[23] This was a direct cause of the Panic of 1837, which threw the national economy into a deep depression. It took years for the economy to recover from the damage.
The U.S. Senate censured Jackson on March 28, 1834, for his action in removing U.S. Funds from the Bank of the United States. When the Jacksonians had a majority in the Senate, the censure was expunged.

Richard asks…

Has anyone been to boracay?

did you travel by plane, ship, roll-on roll-off (RORO)? how much should be the budget?

Justin answers:

Pink, I live on Boracay and can tell you the standard travel arrangements.

RO-RO is not even close to standard, only the province ‘working girls/boys’ and seasonal others use that method when there’s nothing but time to waste….not tourists as its possibly the most unsanitary and nauseating experience one can imagine in commercial transport. – so we’ll not bother with that one other than to say its a day-long affair at best, sometimes 2 days. No kidding.

You didnt specify where you are coming from, but looking at another of your questions, I will assume you are not from within the Phils.

1st, traveling to Boracay is not easy. Its still easier than getting to Puerto Galera…but considering this is the crown jewel of the Philippines tourism industry – it’s still oddly difficult to get here.

Plane: There is no airport here on Boracay. The nearest is in Caticlan just across the channel to the south. 15 minute small ferry boat (15 to 40 people avg) and you’ll arrive at one of 2 main jetty ports here. NOTICE: a lot of flights actually land in Kalibo which is at least 2 hours away from Caticlan…they all say aircon vans/bus but usually are really poor and run down… I highly recommend flying directly into Caticlan.

A plane to Caticlan will be about 30 minutes to 1:30 hrs depending on the model and altitude. I prefer the smaller planes that bump around a lot but they take a long time to arrive.

Flight cost: I have no idea why people are paying 4000+ pesos for a 1-way tix here from Manila. Do yourself a favor and DO NOT purchase a tix online from Manila to here. Planes fly every 30/45 minutes from 0600 to around 1800 pm and they are almost never fully booked flights. I recently saw a tix for 9000 Php round trip online..lol!. Just walk up and get it for a quarter at most. I do it every month and just did it again a week ago. Phil Air has been cheap recently, Seair has been expensive (although they’re my fav). Cubu Pacific floats between and recently changed its promos. Every airline that flys here also has ticket sales at the airport—or u can also get the same cheap walkup fares by calling and buying over the phone with an e-ticket faxed to your hotel.

Anyway…expect 4000 or less round trip ticket for Manila to Caticlan and back. Another few hundred pesos for the BS enviro fees and port fees, and terminal fees, and we-like-foreign-tourists fees…lol. Oh, 50 php for trike to jetty port. Once on Boracay, 50 to 100 trike to your resort. Its only supposed to be 50 pesos from the port but they sometimes try getting indignant if they cant scam 100 pesos from people.

Jetty port…there are porters that will try pulling your bags from your hands. If they’re on the boat or gangplank..they’re OK (staff). If they’re on the dock/concrete/beach – they’re freelance porters and expect money. If you let them, then be sure to give them coins for tips. You will never ever get change back from a paper bill. Figure a 5 peso coin per person since it only lasts 15 seconds at most getting from the boat to shore/dock (depending on weather). I travel light and keep my stuff with me. No one should be charging you to put your bags on top of the boat (although ive seen it attempted, just a friendly fyi..;-))

Thats a general budget for traveling here to Boracay…as far as accommodation goes…wow, thats highly varied from 20 USD/day to 500/day. The big thing about Boracay is there’s no ‘truth in advertising’ laws in the Philippines so a great many ‘resorts’ are extremely poor by western or 1st world standards while they advertise greatness. If you already know this (as my friend did last year) then you will love the heck out of those places while saving a lot of money at the same time!

I’ll open up myself for PM or mail so feel free to drop me a line if you’re serious about visiting and want some tips from one of the few people here thats not invested with any business interests here. Now is low season so prices are much cheaper.

George asks…

budget 2012-13 of india?

Justin answers:

According to http://www.eximguru.com/budget_2011_12-highlights.aspx , the high lights of the budget are :-

Basic customs duty on agricultural machinery reduced to 4.5 per cent from 5 per cent.
Ship-owners can now make duty-free spare parts import.
Export duty withdrawn on iron ore pellets.
Export duty rates on iron ore at 20 per cent ad valorem.
Service tax raised on air travel.
Import duty on gypsum and coal increased frm 5% to 2.5%.
Customs duty on raw silk reduced from 30 to 5 per cent.
Legal services to be expanded to business entities.
Cut in excise duty of hybrid fuel, yarn, steel
Base rate on excise duty raised to 5%.
1% Excise duty on 130 new items
No new tax exemption limit for women.
Custom duty on Pet Coke and Gypsum to minimized to 2.5%.
20% export duty for iron ore.
Foreign dividend tax rate cut to 15% for Indian cos.
Mandatory levy of 10 pct on branded garments.
Standard rate of excise duty at 10 pct.
Service tax unchanged at 10 per cent.
Exemption for investment in infra debt funds for another year.
Budget estimates for 2011-12 projects- Rs 9,32,440 crore.
No change in Central excise duty rate.
Qualifying age of # senior citizensreduces from 65 to 60 years.
Tax Exemptiom limit raised from Rs1.6 lakh to Rs 1.8 lakh.
Surcharge reduced on corporate tax to 5%.
Exemption limit for general tax payers raised to Rs 1,80,000.
New series of coins with new rupee symbol to be introduced.
Health benefits workers in hazardous industries, such as mining and slate.
Rs 5,000 crore provided to National Skill Dev Council.
Rs 200 cr as one-time grant to IIT-KGP.
Rs 10-crore grant for Delhi School of Economics; Rs 200 cr for Maulana Azad Education
Fiscal deficit 4.6 % in FY12
Rs. 54 cr each to Aligarh Muslim Uniiversity centres.
MAT increased to 18.5 %.
New category for 80 yrs and above, limit is Rs 5 lakh.
MAT to be levied on developers of SEZs.
Relaxtion in e-filing norms for small tax payers.
Expenditure estimates up 13.4%.
Rs. 8000 cr assigned for J&K for development projects.
Award to be introduced in the name of Rabindranath Tagore with cash prize of 1 cr, to promote international botherhood.
Rs 150 cr allocated to Jammu for implementation of projects identified by taskforce.
Rs 25 cr and 30 cr for naxal affected areas.
50 More Mega Food Parks to be set up.
Rs 9 lakh compensation to be given to men of defence and Central paramilitary forces for permanent disability and discharged from service.
Rs. 300 crore to modernise stamp and registration in states.
Xpect 10 lakh nos to be generated per day from 1st Oct 2011 under UID.
Defence sector gets more than 1.64 trln rupees.
RS 1000 crore to build Judicial Infrastructure and develop project ethos.
Inflation stands approximately at 1.5 % .
Agricultural sector registers a growth rate of 5.4 % in 2011-12 .
Growth rate of 8.6 % in 2011-12 in Indian Economy.
Exports up by 29.4%
Economic growth at 9 percent, plus or minus 0.25 pct in 2012
Agriculture sector to grow at 5.4 %, industry at 8.1 % and services 9.3 %
NRI’s can invest in mutual funds from now.
1% interest subvention on home loans upto 15 lakh
Home Loan Limit Hiked to 25 lakh for priority sector lending.
Interest subvention on housing loans eligibility to be relaxed.
Indian economy records high growth path by 8.9 per cent in the first half of the current fiscal.

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