What Does China’s Devaluation Mean for American Stocks, 401k’s and Retirement Accounts?
DATELINE (BALTIMORE) — In a shocking move, the People’s Bank of China devalued their tightly-controlled currency, the yuan, by multiple percentage points over the past three days against the dollar.
Investors were surprised to wake up to the new exchange rates and chaos in global markets…
The fact is, this marks the largest multi-day decline of the Chinese currency in decades.
It’s the latest volley in the ongoing “currency war.” And not surprisingly, markets have been rocked… After all, China’s the world’s second-largest economy.
Their latest move affects you as an American, even if you don’t own a single Chinese stock or a company that does business in China …
In fact, If you are an American or own any assets priced in U.S. dollars, then you absolutely must pay attention to what China is doing.
To help us understand what this means, we reached out to New York Times best-selling author and Financial Warfare Expert to the CIA, NSA, and other government agencies, Jim Rickards.
As the author of Currency Wars: The Making of the Next Global Crisis, Jim literally wrote the book on the topic …
Since China’s announcement overnight Monday, he’s been flat-out, with requests for TV interviews from Fox to CBC to Bloomberg. He’s had to turn many of them down, in fact, because he’s just too busy.
But we’ve been in contact with Jim Rickard’s publisher and discovered that Jim Rickards has a new book describing how these ongoing currency wars may play a big role in the next economic collapse here in America.
In short, with the economy still recovering — this could spell disaster for America …
The total China devaluation is almost 5%, the biggest yuan devaluation in over twenty years.
(Bear in mind that normal daily volatility in foreign exchange markets is measured in five decimal places. 0.05% is a choppy day. 5.0% is an earthquake.)
U.S. stocks were down over 300 Dow points in the past two days. Gold broke out of its slumber and moved higher. Even treasuries were affected …
Hard working Americans are rightly concerned about what this means for their portfolios, 401(k)s, and retirement savings.
What does the world’s foremost expert on the interplay of world currencies recommend for Americans to protect themselves?
What will this mean for millions of Americans?
How far will the stock market fall, and what should you do if it crashes?
How can you protect yourself?
And how are a small group of Americans (who prepare now) going to build once-in-a-lifetime wealth during this new age of currency wars?
Those are all topics that Jim Rickards covers in his newest book, The Big Drop: How to Grow Your Wealth During the Coming Collapse…
As part of a nationwide push to warn as many Americans as possible, for a limited time only, this two-time New York Times best-selling author is making his latest book available for free to any U.S. resident with a valid mailing address.