Saturday, May 16, 2009

The Poor's Savings

The Economist reported this week (16 May 2009, p. 82) that the world's poor have such difficulty saving that they actually pay effective negative rates on the order of 30 to 40 percent per annum. I've known about this for some years now and already developed a business plan that would allow U.S. mutual funds to tap this latent market. Before you cry no way, check out the article "Reducing the Poor's Investment Risk: Introducing Bearer Money Market Mutual Shares" in the Journal of Financial Transformation, available free here.

The real question is not how to help the poor to save but why The Economist's reporters didn't find and report on my article.


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Fixed Index Annuity said...

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Diane said...

Dear Mr. Wright,

About five years ago, while helping my mom pack to move, we found 15 old letters dated 1816 – 1817 all addressed to Roswell L. (Lyman) Colt Esq. of Baltimore; (born 1779, died 1856). The letters all pertain to financial business with numerous individuals including John Campbell White, Mr. C. Carroll, Nicholas Biddle, Mr. O, Leroy Bayard, L. Ogden, W. Caton, Barring Brothers, and many more. Most are written by Mr. A. H. Lawrence, but a few are from Caton, Hughes (?) and Biddle. They mention The Bank of the U.S. and are letters folded then sealed with a red wax stamp from New York with just the month and day, not the year or envelope. They each mention banking transactions with one stating, “Thus set the branch at Baltimore draw on Phila for a Half a million of dollars. Phila draw on New York for the same amt. The thing is as we (unclear of handwriting) the bank pocket the difference of exchange.” I have found that Roswell Colt’s father was Peter Colt (1744-1824) the founder of Paterson, NJ and he had a brother named John who was born in 1786. My mom wanted to try to find out why Vera (Hanington) Darenberg (her aunt),came to have these letters. Her grandfather’s name was Southward. Since I know these letters deal with an area of interest of yours, I could send you some copies of the originals to review and let me know what you can make out of these.

Thank you,
Titusville, Fl

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