El Residente 2011-01

Editorial Note: Welcome to a new year, a new decade in fact, and a new issue of El Residente. We hope this coming year is filled with good things for all of you.

A new year is always a time to make a change, and try new things. So this year we will try to help you along by bringing some local flavour into your life.

As you may have noted on the cover, this year we will be focusing on some of the tropical fruits you will bump into around the country. Along with the photos to help you identify them, we will be accompanying them with some local recipes so that you can try them out at home, and share them with your friends.

We hope you give them a try, and of course enjoy them as well.

Have a Healthy and Happy 2011.

- Ryan Piercy

Be Alert for potential tax changes, don’t be caught unaware!

This magazine has been published every two months for 15 years as the official communications media of the ARCR. Our organization provides service to thousands of foreigners who have chosen Costa Rica to reside for short periods or for permanent residence.

Since 1984 the ARCR has been offering reliable SERVICES, INFORMATION and ADVOCACY to Costa Rica’s foreign residents.

We have the experience and ability to help you with your residency application, immigration, business and financial management, real estate purchases and rentals, property management, insurance, pet importation and much more.

If you wish to place an ad in El Residente, please contact the ARCR main office. Goods & services offered are paid advertisments.

Neither ARCR Administracion nor El Residente research the companies and take no responsibility for the quality of such goods or services.

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Presidents Re epo ort

by The BoARD Happy New Year Members, Welcome to a New Year, and also to a new Board of Directors who began office in December. For notice to all, the new board as elected in October is as follows; Mel Goldberg, President Terry Wise, Vice President Carolyn Riley, Secretary Earl Tomlinson, Treasurer Ray Hagist, Vocal 1 Terry Renfer, Vocal 2 Jose Carter, Vocal 3 Ana Hernandez, Fiscal

Federal Benefits Unit will be closed on Thursday December 30th. In the future it will be closed on the last Thursday of every month.

One thing I have never seen mentioned here in Costa Rica is information that driving at 80 miles per hour uses 15-20% more gas per mile than driving at 55 mph.

You do get there faster – but sometimes not at all.

You should also be aware that5 from now on, all food additives – including vitamins – will not be passed by Costa Rican Customs!

I recently spoke with TriCare in the USA and was reassured that military retirees or TriCare for Life are covered under TriCare Standard with no rule changes. You can see your own doctor, pay the bill, and send Tricare Overseas the copy of the bill with all the information on it, along with a DD form 2642 (which does not require a code, available at the ARCR I was quite honored when I was elected president of the soon) to get your 75% refund. Come and see me in person ARCR. It will be a hard job to fill Terry Renfer’s shoes, but I will or call me at the office for information. try my best. I hope to be able to help both current members Mel Goldberg and those who would like to become members.

---------------------------------------There are many advantages of being a member; one of these Association of Residents of Costa Rica is something I just learned about in late November. If you call Saicy or Karla at the office, 2233-8068, for an appointment, FIRST FRIDAY LUNCH they will be able to help you register with the US Embassy so The first Friday of each month finds a group of ARCR members that you do not have to go to the Embassy and pay $50 to get and staff sharing lunch and good conversation at Beso’s Restauthe letter you need to renew your residency in Costa Rica. rant in Sabana Sur. Beginning around 1:00 PM members gather in the restaurant. You will find it about 3 blocks West of McDonald’s As a member you can use our ARCR Aerocassillas service near the ARCR office. All are welcome! Please order seperately as you arrive.

with a Miami address and pay by weight only for the mail; you receive and pick up here.

MONTHLY NEWCOMERS SEMINAR Join us on the LAST THURSDAY / FRIDAY of ANY MONTH (except I want to mention just a few of the other advantages I see of December) to find out more about what it is like to live in Costa Rica, and how to go about getting things done here. We invite profesbelonging to ARCR. sionals from each field to share their knowledge and expertise with you. Hear what they have to say and ask them the questions you You can get a 15% discount for cash at all CV pharmacies if have not found the answer to. Email seminar@casacanada.org you show your card and ask for the discount. They will even for more details.

give you a bill form, not just a cash register receipt – with all HAPPY HOUR the information on it so that you can bill your private insurance The Happy Hour will now be held each month following the company.

Seminar, set to be at Fogo Brasil located in Sabana Este. This is specifically 4 blocks North of the ARCR offices. All are welcome!

You can join the CAJA – required to renew your residency – at Bocas provided for by the ARCR will be available for everyone... (cash bar). a low rate through the ARCR. While I was at the US Embassy recently I noticed that the

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Cover Shot Pejibaye is a tropical fruit that you will see in markets throughout the country. They are related to the coconut, and have a distinct and interesting flavour, similar to chestnut or pumpkin. They need to be cooked, and are often served with a dab of mayonnaise. Look for some delicious recipes in this issue.

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Legal Update

by Allan Garro N.

Popurri of Legal Advice Over the last few years, the word Popurri has become quite popular among Costa Ricans. With French origin, it was initially used it to describe a mix of flowers petals and spices, later on music albums containing different songs and finally to refer to a mix of different objects. The equivalent in English language for popurri is medley. Well, there are some legal topics that would not make up an article, but can be helpful to Expats living in the country, so here is a Popurri of legal advice. Hopefully, it will be useful to all readers.

Marchamos and Vehicle Title Transfer. All persons/ corporations owning a vehicle such as automobiles, pickups, sport utility vehicles, trucks, motorcycles and all terrain vehicles with Costa Rican license plates are required to pay the MARCHAMO before the end of December to operate the vehicle legally in the country. To pay this document it is necessary to have a current approved RTV – Vehicle Technical Inspection -. The biggest charge on the Marchamo is the Property Tax, a calculated value according to an estimate approved by the Costa Rican Tax Ministry. If one can prove the current fiscal value is higher –and it usually isthan the real value, a claim can be submitted to the Vehicle Department at the Tax Ministry containing: a. Letter of claim, b. Copy of proprietor’s I.D., title and previous Marchamo paid and c. Documents showing similar cars have a lower market value. Prices from the Internet or valuations by car dealers will work. This office functions fairly efficiently, responding to claims within a few days. The author of this article received a document lowering the fiscal value of a personal car by USD $6.000 in only 48 hours. Take into consideration that when buying a used car the same procedure applies in order to save money on the transfer tax.

El Residente

Car Insurance.

After decades of having an insurance monopoly held

by INS, competition was finally allowed into the Costa Rican market in 2010. INS is still the #1 company in the county selling insurance, especially car insurance. However, foreigners need to pay special attention to the existence of a possible catch 22 on their cars’ insurance. As we mentioned in a previous article, the new Traffic Law now states that all foreigners staying in the country for more than 3 months are required to get a Costa Rican driving license, otherwise a ticket with a severe fine could be issued. Nevertheless, many foreigners decide to “take a chance” by driving with their original country driver’s license thinking in case they get caught they will just pay the fine. It is a good idea to read the new insurance conditions approved by INS, especially article 17.f, which states that in case the car is involved in an accident while being driven by a foreigner who stayed in the country for more than 3 months without getting a Costa Rican license, the claim will be declined. Also, INS now declines any compensation for damages caused to a car while towing a trailer, since it has become a popular hobby to tow jet skies, ATV’s and small boats. To top things off, claims for damages suffered by a vehicle while crossing rivers or streams, estuaries or lake edges will be declined. Costa Rica is full of roads where river crossing are necessary, but INS doesn’t want to pay these claims. Before I forget: if you have more than one car and a person related to you drives one of them, you should look for the Family Car Policy that could save as much as 50% on insurance premiums.

Golfito & Internet Shopping. You possibly know there is a Free Duty Commercial Center located at Golfito in the south of the country, near the Panama border, where big bucks can be saved by purchasing items such as LCDs, Plasma TVs,

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Refrigerators, Air Conditioned systems and so on. Personally I like to buy Blue Label whisky there for $90 a bottle instead of in San Jose where the same bottle costs up to $220. The question is: Can foreigners purchase merchandise there?

The answer is YES. Article 16 of Law #7012 that created the Free Duty center establishes who can purchase in Golfito, and it includes Costa Rican citizens and foreigners carrying legal identity documents, including passports. The limit for purchases per person was USD $500 but on May 6th, 2010 an amendment contained on Law #8813 increased the amount to USD $1,000.

Now let’s focus on Internet purchasing: Can any money be saved on this? Answer is YES again. An International Agreement named CAUCA establishes in article 93 that Costa Ricans and legal Residents can make purchases of less than USD $500 –including freight- every 6 months tax free. Once the purchase is completed you need to contact the company providing the freight service in Costa Rica (Jetbox, Aerocasillas‌). They will tell you what to do in order to apply for the exemption.

and private companies. They put the data together and offered online credit reports that allowed subscribers to check any person’s credit history and references. Over the years the number of these companies increased as well as the quality/quantity of their services, which include data such as personal address, phone numbers, salary history, criminal records, court collections and recent pictures, to name a few.

It has been a valuable tool for credit businesses to identify people who are reluctant to honor their credit obligations.

On the other hand, it has caused some people to become a kind of “civil deceased person�, causing credit or employment doors to remain closed to them for years because of this data. In order to create a balance and grant people the right to redeem their lives, the Constitutional Court has made decrees such as number 2004- 4626 where it created the “right to be forgotten�. Criminal records can now appear for only 10 years and other negative data can only remain “on line� for 4 years. It must be deleted after that or the Credit Reporting Company could be held responsible for damages.

Anyone affected can request help from Constitutional Court if credit companies still show reports containing old information.

The Right to be Forgotten. In the mid nineties, a couple of companies started offering credit report services similar to Allan Garro N., Attorney at Law those provided in the United States by collecting data from law@licgarro.com many different sources, such as the courts, public institutions

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EL RESIDENTE 2011

January- February, 2011

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Learning The Language

by Christopher Howard

Restaurant Phrases One of the most necessary sets of vocabulary you will need to live here are Restaurant phrases. At some point you will want to have a meal out, and it can be vital to know some simple Spanish to help you order a meal.

La propina – tip Salonero – waiter Yo pedí – I ordered…

Es para llevar – It’s to go Un pedazo de… – A piece of…

Poco cocido – underdone, too rare La cuenta, por favor – The bill please Soy vegetariano/a – I am a vegetarian Quédese con el vuelto – Keep the change Nada más. Gracias. – Nothing more. Thanks.

La cuenta tiene un error – The bill is incorrect.

La comida está muy fría – The food is too cold.

Debe haber un error – There must be a mistake Demasiado cocido – too well done, overcooked El plato del día – The daily special in Costa Rica Eso no es lo que pedí – That’s not what I ordered.

Yo quisiera un poco más de… – I’d like a little more…

Yo quisiera ver la lista de vinos – I’d like to see the wine list Gracias por el excelente servicio – Thanks for the good service.

Me puede empacar las sobras – Can you put the leftovers in a box?

No puedo comer alimentos que tengan – I cannot eat food that contains…

Una porción pequeña, mediana, grande – A small, medium or large portion Yo quisiera hablar con el gerente or encargado – I’d like to speak with the manager.

Yo quisiera or me gustaría… – I would like. Don’t say "yo quiero" because it doesn’t sound as polite. ¿Tiene…? – Do you have? ¿Puedo ver el menú? – May I see the menu ¿Qué clase de… tiene? – What kind of …do you have? ¿Cuál es la especialidad de la casa? – What’s the special? ¿Podría traerme…sin…? – Could you bring me…without…? ¿Cuáles acompañamientos tiene? – What side dishes do you have? ¿Podría traerme un plato limpio? - Could you bring me a clean plate? ¿Podría traerme…en vez de…? – Could you bring me…instead of …? ¿Con qué viene acompañado? or ¿Con qué viene? - What comes with it? ¿Tiene porciones pequeñas para niños? – Do you have children’s portions? ¿Puede recomendarme algunos platos? – Can you recommend some dishes?

Here is your Costa Rican expression (tiquismo) for this week: Maicero – a country person or a hick. Polo is another way to say the same thing in Costa Rica.

These two words can be offensive if used in the wrong context.

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January- February, 2011

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The colours of this group tend to be darker, like blacks, grays and brownish, though one of the newly discovered species has a strong red stripe down its back. These two new species were discovered by botanist Alex Munro of the London Natural History Museum, and have yet to be named,

by Ryan Piercy the honor of which will fall to scientists at the University of Costa Rica. The discovery took place in La Amistad National Bunch of Bolitoglossas Park on the Costa Rica/Panama border, the largest forest reserve (and one of the least explored areas) in Central It is not every day that new species are discovered. It is America. thought however that of unknown species, amphibians are the most likely to produce new discoveries. Such was the Females tend to be larger than the males, with bolitoglossa case just in 2008, when 3 new species of Salamander were nigricens being the largest known species in the country, with discovered in Costa Rica, two being of the bolitoglossa females up to 169 mm in length, males only about half that family. size. These are black in colour, as recognized in their name, known to be in the Central Valley.

Wild Side LIX

The smallest in the country, and the genus, is the bolitoglossa diminuta. Found also in the Valley, possibly only Cartago, this rare form grows only to about 66 mm, with 31 mm being the average length. They have a very short tail and are a light brownish colour and moderate webbing of the digits.

The bolitoglossa are commonly known as Tropical climbing salamanders or Web-footed Salamanders, mainly found on the ground or in trees. There are now known to be 21 species of this family in the country, making it the largest group. In all 43 salamanders are confirmed locally, counting the three newly discovered species. It is also the largest genus of Salamanders in general. They are notorious for These, and all the other salamanders known in Costa their webbed feet, which is noted in their name, although only Rica, belong to the family Plethodontidae, or the Lungless about half of the species have webbed feet.

Salamanders. They have no lungs, and breathe through their skins and tissues in their mouths. They must keep moist General distribution of this species is lowlands to mountain in order to breathe, so live in damp environments such as zones in humid conditions, and tends to appear throughout logs and under rocks, and only come out when the weather the country, except perhaps the drier areas like Guanacaste. is humid or wet. The majority of this family is native to the The species varies in size from small specimens of 31 mm Western hemisphere, from Canada down to Brazil, and is by up to a larger 260 mm in length. They are robust with longer far the largest group of salamanders. tails (about ½ the body length) and well developed limbs, hands and feet. Digits are often fully or partially webbed.

Adult Lungless Salamanders will normally have four toes on the front limbs, and five on the back limbs. Many species lay their eggs on land, and hatch in their adult form, They have long projectile tongues with which to catch their prey, and can feed on even the smallest of creatures due to their size and low metabolism.

So if you are visiting humid areas in the country, and maybe it is too wet to go out far, then hunt around logs, trees, and under rocks to find a large number of these small creatures.

In many cases they will even be found clinging to the side of a building, or just under the edge of the porch.

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ARCR Update

This sort of annual tax is not unusual, and a study of the region shows that Costa Rica may be the only country that dos not levy an annual amopunt over the corporations registered here. Most countries sem to charge less than the $200 however, with about $100 being the norm.

by Ryan Piercy

This revamped proposal was submitted by a unanimous vote at the Tax Ministry (Hacienda), who hopes to collect from some 550,000 registered companies, and possibly even Discount Directory 2011 clean up the registry by eliminating any defunct corporations For this year we are currently working on big changes for still on the books. It is also thought some others will be the ARCR discount program for members. The idea is that dissolved in the face of the new tax. in addition to the regular discounts available through various establishments, we hope to also bring you higher short-term The plan will still needs to go through themotions at the discounts at other locations, such as restaurants, hotels, and Asamblea. Hopefully the aqmount will be modified, and in time it should be clearer exactly who will have to pay this other services. tax.

These new discounts will be offered through the website at http://discounts.arcrmembers.net, and programming of the In addition the government has announced plans for other new tax reforms to meet the needs of the new budget. site is currently underway.

Although this proposal has not even reached the assamblea, Keep an eye out, as the site should be operational soon, and it already has stout opposition there, esoecially in relation in the meantime, here are some additional discount providers to the idea of increasing the Value Added tax, and including coming to you for 2011... services in this regimen along with goods. If this plan were to go through, it will affect everyone who lives here on a daily Clinica Refractiva Navex (Ophtamology/Surgery) basis, both citizens and residents alike, in regards to their 400 W 50 S of the Controloria, beside Aresep cost of living. Any opposition would be welcome by most of Tel: 2290-3942 or 2290-3950 us.

Disc. 15% in consultations and some surgeries.

OftamalCima (Ophtamology) Torre 3, CIMA Hospital Tel: 2208-8118 10% consultations, 15% frames, 50% Optometry

Notice from the British Embassy Changes to Hours of British Embassy Consular Section The British Embassy advises that as of Monday November 8, the public opening hours at the Consular Section will change as follows: Monday, Tuesday and Thursday: open from 10 a.m. - 12 p.m.

Wednesday and Friday: Closed

Proposed Corporate Tax The Costa Rican government has revived a tax proposal for corporations, and it is one that all members should be aware of in the case that they are affected.

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This proposal, origainally presented in 2006, calls for a $200 dollar annual tax to be paid by corporations through the Registro Nacional. Although some small and medium companies will be exempt, many other companies will have to pay.

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January- February, 2011

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January- February, 2011

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A Day In The Life e

by Allen Dickinson

Bring on the Future!

Well, here it is, another New Year. It’s the future, for sure, but some times I long for just a little more of the "tomorrow" we’ve been promised will arrive "soon." I recently read a book about some of the innovations in technology where the author predicted that, not very far in the future, persons could have a computer chip implanted in their heads that was connected directly to their brains.

Then, not only could they "phone" others and access the Internet mentally, without any external equipment, but it would be useful for other things. The one "app" that was of greatest interest to me was that those chips would also be capable of translating languages; the speech of another person would "heard" by the chip and the wearer would know the translation in their native language in their head. What boon that would be for me!

You see, I’m Espanol ‘disadvantaged’.

I have multiple language disabilities. My first is due to a disease I had as a child which makes it sometimes difficult for me to transfer things from short-term to long-term memory.

Remembering something new, like all of a telephone number I just looked up, often takes me several tries; I forget the second four numbers as I dial the first four. Medical science has no explanation for the phenomenon, they just know that people who had encephalitis at an early age often have that

problem. So, not being able to recall what the next move I had planned in a game of checkers was, or retaining a new word in Spanish I just heard, can be exasperating to say the least.

Next, I have a tin ear. I have a minor degree of hearing loss and, even when I can hear clearly, I often can’t discern the more subtle inflections of individual letters in the word.

Spanish pronounces every letter, I’m told, but my hearing them is a whole different thing.

Last, I have a spastic mouth. Even when I can remember the word, and know what letters there are to pronounce, I can’t always make my mouth do it; it’s like it has a will of its own. Even if my brain knows what to pronounce, the instructions from it to my lips and tongue is like talking over an ICE cell phone line, no matter how loud my brain shouts, it’s still garbled on the other end.

And don’t even think I might roll an ‘R’.

When I came to Costa Rica a few years ago, the extent of my Spanish was about five words: ‘Cinco de Mayo’, and ‘Taco Bell.’ I had a lot to learn and in record time I added ‘Cerveza’ to my vocabulary. Then things slowed a little. Until I met my future wife.

You may recall that I have written about my falling in love and marrying a Tica. When we met her command of English was only slightly better than my comprehension of Spanish.

Our language differences, however, were not a huge road block because, luckily, I had a pocket, electronic translator. I bought it with the theory that if I could learn one, new Spanish word a day, in a year I’d know 365 words. After two years, it would be 670, and so on. The translator tremendously aided my learning and it served she and I well; many of our early conversations consisted of passing that little device back and forth. Technology. I love it!

Then the translator died. Not all was lost, there was always my laptop computer with several web-based translation programs. It was a little awkward and not always handy, but in time of dire need we resorted to it.

Nothing, however, works better for me that forced learning. It’s called ‘immersion’ and with a Spanish (only) speaking novia, and no electronic translator, I was deeply immersed! Up to my ears, excuse the pun. So, I tried harder and sometimes learned more than two words a day. After a couple of years of pocket translator / Internet-based translator / immersion learning, I felt I was doing pretty well in developing my Spanish skills. Then one day, not too long after the pocket translator died, came my comeuppance.

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I was visiting my novia’s home when my future father-in-law and his brother sat down outside with two guitars and a bottle of Guaro. They were singing traditional Tico songs and I was invited to join them and share the music – and the Guaro. It was an opportunity I couldn’t pass up.

you began to recognize it’s meaning?

By necessity, as well as choice, my education hasn’t stopped, and hopefully never will. I’ve learned that words containing a double L, are pronounced ‘Yaa’ and that ‘Yo’ is said ‘Joe’, and so on. Recently I again began feeling that my language About half the bottle and a dozen songs later, the singing skills had developed pretty well – I can now go to the store stopped and my wife’s uncle started asking me questions. alone and (usually) get across what it is I want to buy. Once By that time I understood more Spanish than I could speak again, I had begun to give myself Kudos. and I comprehended what he was asking, so I responded to the best of my ability. The conversation went on for Ah, hubris. Humility was waiting just around the corner. a bit and because very few of my responses were being questioned or requests for clarification issued – they just led A few days ago one of my middle daughters’ Tica friends to another question – I began to mentally pat myself on the from school came over to work on some class project. In back over my newly acquired linguistic skills. It was then I the process she asked me for something they needed. I realized my novia was standing behind me and, each time I’d understood most of what she was asking for and tried to ask answer a question, she would translate my pidgin Spanish exactly how much she needed. After a few minutes of my into something the two men could actually understand. mangled Spanish and quizzical looks from her, one of my What a blow to my ego that was! (And a testament to her kids jumped in and translated what I was asking into REAL interpretation skills.)

Spanish. I’m guessing that I’m like a three-year-old – the family can understand the infants garbled talk, but those Now we’re married. To her great credit, my wife understands outside the group just hear babbling. most of my lousy Spanish and we have some rather long conversations. (It’s easier than it sounds; like many Now that my ego has been re-calibrated (and undoubtedly marriages, much of our conversations consist of her talking not for the last time) I realize I still have a long ways to go. and me listening, smiling, and nodding my head in agreement My learning has slowed some because most conversations at the appropriate times.) Though I usually understand most around the house are made up of words I already know. So, of what she tells me, there are those times when she says I’ve resorted to regularly looking in the dictionary for new things I interpret incorrectly; like when I think she’s said words. It helps (when I can remember them) and it’s even something like, "Please go to the hardware store and buy better if I can actually pronounce them. But boy, do I wish some butter for the ostrich." That’s when the computer both my wife and I had one of those embedded chips! Then makes another appearance. again, maybe not; it’s really difficult to have an argument when neither person understands the other. But, on the Still, my linguistic skills must be improving as our kids usually other hand, most of our disagreements are because of a have no problems understanding what I’m telling them. Then misunderstood communication. What’s the Spanish word for again, maybe it’s the expression on my face or a familiar a conundrum? phrase they ‘get’ – I mean, how many times does one need to hear things like, "Turn the light off when you leave the room!" P.S. To all those who wrote me in response to my lament or "Close the door behind you," even in bad Spanish, before on the lack of sweet pickles in Costa Rica in the last issue, THANK YOU! Some alerted me to a supply at a close-by Auto Mercado. Another gave me instructions on how to make a satisfactory substitute using a locally available product.

Someone else informed me of a person who makes bread and butter pickles and sells them to restaurants. Still others wrote to commiserate and tell me of their own addiction. I even learned of a source for fruitcake and pumpkin pie!

There were phone numbers and directions galore. Thanks to y’all, I will survive.

Allen Dickinson is a member of ARCR. After serving 23 years in the US Navy he settled in Pensacola, Florida, where he resided for 24 years. In 2006 he retired from operating his own licensed mortgage brokerage business and relocated to Costa Rica. He holds a Bachelors Degree from the University of New York and a Masters Degree from the University of West Florida. He can be reached via email at: humphree@bellsouth.net

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and farcical plays. The group’s monthly social meetings are held in the theatre on the first Monday of the month from 7p.m. to 9 p.m. and everyone is welcome. Membership: Student C2,500, Adult: C5000, Family: C8000. Also, earn your Wings, become an LTG Angel. For more information Call the LTG Box Office 8858-1446 or www.littletheatregroup.org Marine Corps League Meets the 2nd Saturday of the month, Int’l Baptist Church, in Guachipelen. Call Bill Enell at 8812-0126.

Alcoholics Anonymous Groups meet daily throughout the country; times and places change frequently. Call for up-to-date information.

San José 2222-1880 (Anchor club, also serves Narcotics Anonymous) Av 6 Calle 1, 2nd floor Maryland Building.

Heredia (Laura) 2267-7466, Puerto Viejo Limon 2750-0080, Zancudo 2776-0012, Tamarindo 2653-0897, Flamingo (Don) 26544902, Manuel Antonio (Jennifer) 2777-1548, Jacó (Nancy) 2637-8824, Zoo Group Escazu 2293-4322.

Al-Anon Meetings Al-Anon Family Group is for all family and friends of Alcoholics. Meetings are at the International Baptist Church, 2nd floor, Saturday morning 10:30, located on the pista toward Santa Ana between the Multiplaza and Guachepelin exits. For information in English, please call Ken 2288-0317 and Rosemary 8993-1762; For Spanish please call Christine 8840-4658 American Legion Post 10- Escazu Post 10, The oldest and largest American Legion Post in Costa Rica, meets at 12 noon on the first Wednesday of each month at the Bello Horizonte Country Club. For information and map, please call Mel Goldberg at 2288-0454 or 8870-6756, or John Moran at 2232-1680.

American Legion Post 12- Golfito Meetings are held 4 pm 1st Tuesday every month at Banana Bay Marina. The Golfito GOVETS have been helping Southern Costa Rica for over 20 years. Contact Pat at walkergold@yahoo.com or 2775-2809.

American Legion Post 16- Heredia All veterans are welcome. Meetings are the second Tuesday of the month at Hotel America in Heredia at 12 noon.

Contact Post Commander Jim Young or Post Adjutant Ken Johnson at 2591-1695.

Bird Watching Club The Birding Club of Costa Rica sponsors monthly trips to observe local and migrant birds in various areas of the country. For more information contact us at 2282-5365 or at costaricabirding@hotmail.com Canadian Club The Canadian Club of Costa Rica welcomes all to join us for our monthly luncheons, and at our special annual events. For information visit our website: www.canadianclubcr.com Democrats Abroad Democrats Abroad meets on the last Saturday of every month at the Aurola Holiday Inn, San Jose. Contact Nelleke Bruyn, 2279-3553, e-mail cr.democratsabroad@yahoo.com. Join Democrats Abroad at www.democratsabroad.org. Register to vote absentee at VoteFromAbroad.org!

Little Theatre Group LTG is the oldest continuously running English-language theatre in Central or South America. The group currently puts on a minimum of four productions a year offering a choice of modern, classic, serious,

January- February, 2011

Newcomer’s Club Newcomers Club of Costa Rica (for women) meets the first Tuesday of every month, September through May. September meeting will be an interest fair. Contact: 2416-1111 costaricaporo @yahoo.com or http://www.newcomersclubofcostarica.com PC Club of Costa Rica This computer Club meets on the third Saturday of each month at Pan American school, in Belen, 830 to 11:30 am 2 months Free Trial for newcomers. For information call Chuck Jennings.

Phone 2266-0123 www.pcclub.net Republican’s Abroad The Republicans Abroad of Costa Rica meets the second Tuesday of each month. Contact Francis 2203-6131, or fax 2282-2150.

Radio control Sailing Club Meets at Sabana Park Lake. For information contact Walter Bibb.

Wwbbsurf40@yahoo.com Wine Club of Costa Rica Please mark your calendars The wine club usually meets at 1 P.M. on the last Sunday of each month. Join us to tantalize your taste buds and expand your education.

For more information on upcoming events please contact us Phone 2279-8927, 2257-2223 Women’s Club of Costa Rica Mark Your Calendar! January 22nd, 10 am – 2 pm for the Book Sale Event Fundraiser of 2011 sponsored by the Women’s Club of Costa Rica (WCCR) at the Pan-American School (300 m south of El Rodeo Hotel & Restaurant) San Antonio de Belén. Also visit the Coffee and Baked Goods Sale Corner while browsing through the best selection in San Jose for gently-used books, DVD’s, CD’s, board games, puzzles and current magazines. This super book sale offers tremendous bargains for all book lovers, but no early birds please. Proceeds from this event will benefit the WCCR’s Educational Scholarship and Reading is Fun Projects.

Take Action! Weed through your shelves – for donation drop-off locations please call Kathi Garrison, Book Sale Event Coordinator at 2589-2037 or 2293-5118 or email kathigarrison@sbcglobal.net Visit the WCCR website at www.wccr.org Women’s International League for Peace and Freedom (open to men too) Bilingual group meets in Heredia on the first Wednesday of the month at 10 a.m. in the clinic of Mireya Gonzalez. We work on peace and human rights issues. Call Mitzi 2433-7078 or write peacewomen@gmail.com Young Expats of Costa Rica Some Expatriates under the age of 40, and currently living in Costa Rica, have formed a new social club to be coordinated through their website This club will help younger expatriates living in, or moving to, Costa Rica meet other expats in their age group for; friendship, romance, travel and activity partners, and professional networking. www.YoungExpatsOfCostaRica.org Veterans of Foreign Wars: Post 11207 Meetings are held at 12 noon, the first Tuesday of every month, at Club Colonial Casino on the second floor. All members are welcome and veterans who served overseas may join. For info please email the post at vfw112072003@yahoo.com.

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The Cuchara Ricca

So that you too can enjoy the flavour of pejibaye, here we offer you a few different recipes. Try them, you won’t regret it!

Cream of Pejibaye 1 cup of cooked pejibayes 1 cup of milk 1 tablespoon butter In The Fruit Bowl: Pejibaye 1 tablespoon of finely chopped onion Pejibaye is the fruit of a type of Palm that grows in Central 1 cup of evaporated milk or America & some countries in South America. In Costa Rica whipping cream it has been known since the Spanish arrived more than 500 Salt and pepper to taste years ago.

1 tablespoon chopped parsley This fruit grows in colourful bunches of various sizes, and some can have as many as 140 fruits. Colour varies from Liquefy the pejibayes with yellow-green to a strong orange. Its pulp has a floury and the cup of milk.

Pass fibery consistency, with a hard round seed that is black in through a coarse sieve if colour. A medium size pejibaye can weigh approximately there is still a lot of fiber. one ounce and provides about de 59 Calories, 12 grams of Carbohydrates, 1.32 grams de fat, 0.78 grams de proteins y Slowly melt the butter, and crystallize the onions.

67 micrograms de vitamin A. In addition it contains fiber and small quantities of calcium and phosphorus.

Add the pejibaye/milk mixture, and simmer over a medium heat. Now add the salt & pepper to your liking.

In the zone of Tucurrique in the province of Cartago a very good quality of pejibaye is produced and an annual fair is Finally incorporate the evaporated milk (or whipped cream) held to sell this fruit both raw and cooked, and also prepared and maintain the heat until it boils. in a large variety of methods using pejibaye as the base.

Serve accompanied by the parsley.

by Celina Carazo Garnier

To eat them, they need to be cooked in water and salt, and a fat, such as oil or grease, for approximately one hour.

Alter cooking they are peeled, and the pit is removed. Then they can be eaten either warm or cold. It is also possible to elaborate flour from the pejibaye, which is used to make baked goods.

Pejibaye Rice 1 ounce of butter ½ onion, finely chopped 2 garlic cloves, finely chopped 2 cups of rice 4 cooked pejibayes, diced Approximately 2 ½ cups of chicken broth Because it is an exotic fruit, little known and with a nice Salt to taste flavour, various restaurants and tourist locations use it in 1 roll of coriander chopped gourmet recipes, usually very appreciated by visitors to the ½ sweet chili chopped country.

Fry the onion and garlic in the butter until crystallized. Add the rice and diced pejibayes, and salt to taste. Stir well for a few minutes.

Pour the broth into the rice, cover the pot and lower the temperature to simmer slowly until cooked.

To finish, add the sweet chili and coriander before serving, mixing them in well with a fork.

--------------Celina Carazo Garnier is a Dietitian, graduated in Argentina, and with 30 years experience in the field. She worked in the Clinica Biblica, the University of Costa Rica, and was head of the Department of Nutrition for the Ministry of Health in Costa Rica.

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January- February, 2011

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Spanish and a willingness to drive to rural schools were assets.

Connection

HOW has the program been funded?

by the Women’s Club of CR

The majority of funds for the program have been solicited through private donors – many members of ARCR. Donors received annual reports on their student’s progress.

Scholarship Comes Full Cycle Numerous bequeaths were received and for seven years all funds donated by Canadians through the Canadian Club For 35 years the Women’s Club of Costa Rica (WCCR) were matched by the Canadian Embassy. All funds collected has awarded scholarships. In the beginning the recipients go directly to the students. were 5 young women pursuing training to become nurses.

The program evolved to focus on needy secondary school Small projects by WCCR members have provided many students with promising ability. Now, the focus is aiming at scholarships over the years: the sale of hand-knit Teddy graduating high school students who are going on to higher Bears and contributions to Miss Piggy bank at meetings. education in university or trade schools.

WHO were the students; how were they selected?

School counselors nominated students for committee consideration based on three criteria: strong academic potential, good school citizenship, and financial need for continuing studies. As many as 158 students received scholarships each year in 43 rural colegios (grades 7–12) and liceos (grades 7-11) in all seven provinces.

HOW has the program been managed?

Banco Nacional de Costa Rica facilitates the program by depositing funds bi-monthly to the account of each student.

Ten years ago the scholarship award was $100. Not one of the hundreds of students in the program had a bank account prior to being awarded a scholarship. The process of opening an account, accessing funds, and managing the payments has been an opportunity for each student to learn about the banking system and budgeting funds.

WHAT is the secret to our success?

A well-defined mission and goal and women with both A scholarship committee of passionate women, most with passion and experience have contributed to the success of background in education systems, has been responsible the scholarship program. Communication with the schools for selection of students, communication with the schools, and donors has been the key. maintenance of records, payments to students, visitation of schools, and fund raising in various forms. A facility in WHAT were the problems or challenges?

Communicating with schools was also the greatest challenge: one telephone per school or perhaps one fax machine (often without paper), no answering service and frequent staff changes in high school counselors. The reality of visiting rural schools has been difficult; inclement weather, mudslides resulting in road closures, heavy traffic on mountainous routes, diligent policemen, and the short school day has made visiting an inefficient process. Students might even be absent on the day of arranged visits.

WHAT changes have been made in the last decade?

The amount awarded to students has increased from $100 to $250, remaining competitive with government scholarships and allowing for increases in cost of living. Grades 7-8 students were eliminated through attrition as it was obvious that selection based on elementary school academic standing was not the best indication of student performance in high school. Focus was changed to grades 9-12 and the number of schools reduced from 43 to 20 to make access more manageable. Communication with schools became Continued on page 21...

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easier through internet service and cellular telephones.

WCCR membership moved WHY change focus from high school to post-secondary quickly to form a new committee to determine criteria and scholarships? administrative process for the Quite simply, WCCR’s high school program is obsolete! To new post-secondary program. our delight, the government has initiated a new program Graduates of 2009 were offered a scholarship for first year of (IMAS) that is financially a better option for our students. studies at an institution of higher But, we’re still in business! Back in 2003/4 WCCR had learning. Of 40 graduates, 28 piloted a program to award a few high-school graduates have received awards of $900 scholarship for first year post-secondary studies. Funded by $1000 for the 2010 school year. a donation given in memory of Betty Dahlstrom, the results of the pilot indicated that such a program was much needed WE have made a difference! Letters of appreciation and and manageable. Scholarship focus now brings us full cycle, thanks from the students confirm the success of the back to the original plan involving post-secondary students scholarship program. One father expressed his feeling (remember the nursing students of 35 years ago). recently when he approached a visitor and asked, “Women’s Club? Thank you from my daughter and my family. Thanks HOW and when will the high school program finish? to God for the Women’s Club.”

The process of attrition will gently bring a close to the high Submitted by Roslyn Beswick, school program. Forty students will graduate in 2010 leaving member of WCCR since 1999 only 17 students for scholarship in 2011. The last high school For more information about the Women’s Club of Costa scholarship students will graduate in 2012.

Rica, please refer to the Club Corner of El Residente magazine or the WCCR website at www.wccr.org WHAT is the new program?

January- February, 2011

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Dollars & $en nse e

by Alan Weeks

Investing in Such Uncertain Times Against the backdrop of an exuberant Wall Street and a simmering stock market, Paul Volcker, the former and still well-respected FED Chairman, warned that “the U.S. is caught up in the most difficult economic circumstances of the post-World War II era and so is almost all the developed world.”

“The time has long gone when the U.S. could lay claim to be the world economic ... superpower. Instead, we are faced with broken financial markets, underperformance of the economy, and.........”

Paul also stated, “there is a growing question whether the exceptional role of the dollar can be maintained”.

Another indicator of declining growth momentum was in the latest HSBC Emerging Markets Index.(2) This showed the emerging market economic recovery had slowed for the second consecutive quarter. Other key points were that market output was weak and had even fallen below the 3 year average prior to the financial crisis.

These widespread economic indicators should raise a “Red Flag” about continuing to invest in the stock markets, particularly the in Asian & Emerging markets.

‘TIL GOVERNMENT DEBT DO US PART For more than a year, much of the focus has been on the European (EU) Sovereign debt crisis.

After the Greek crisis last year, followed by violent public reactions to austerity changes, there have been signs of contagion spreading across the debt markets of Europe, led by Ireland. The consensus is the “bailout” of Ireland may provide a temporary respite, but that the Euro & the EU are still “not out of the woods”.

Furthermore, the unpleasant truth coming from the latest Paul’s gloomy assessment provides a telling rebuke to the World Economic Forum is that the whole world would be shaken by an economic meltdown within the EU because, as giddy ‘Bulls’ and their media ‘Shills’. a block, it is the world’s largest economy.

GLOBAL ECONOMIC TRENDS A key issue is that companies can’t keep cutting staff and expenses to keep making more money. Of course, we are well aware that many non-financial companies are now ‘sitting on’ record amounts of cash, waiting for the opportunity to expand. However, among the biggest reasons for not doing so is that the majority of U.S. consumers are still not willing or able to spend as much. And ultimately, it is in a growing economic environment that the Multi-nationals can thrive and prosper.

In addition, the EU is the #1 importer of Chinese exports.

This has created some “jitters” around the world. One postulation is that these serious concerns may cause another “flight to safety and propel the value of Precious metals to record highs over the next period”.

At this point, Germany is strongly resisting more massive “bailouts” without a new structure and stability mechanism in place to control & maintain fiscal discipline. However, This then leads to the question of where the global German & French leaders have vowed to do ‘whatever it economy is heading. That was answered very recently takes’ to defend the Euro and the EU community. by the Organization for Economic Development and The IMF is also involved in the “bailouts” but says the EU Cooperation and others. response to date has been “piecemeal” and inadequate. The The OECD warned that the global economy is slowing IMF is calling for a ‘comprehensive solution’ to the crisis. down more sharply than expected. It also stated that, “in the months ahead consumer spending, the principal [economic] motor in many developed economies, could be constrained by chronic unemployment and falling housing prices.” The OECD also pointed out that “a weak economy and uncertainty in sovereign debt markets might also affect the financial system and private demand growth adversely.”

From other independent sources, such as Markit’s (1) latest Worldwide Survey, it was reported that worldwide export growth hit a 14 month low. In fact, the latest data from the two Asian “bell-weather” nations, South Korea & Taiwan, showed exports fell sharply. The survey also showed a lack of service sector growth in most developed countries.

Without detailing the many possibilities, we believe the crisis will get resolved and the Euro will ultimately sustain its value.

Meanwhile, with so much focus on the Euro, we expect the US dollar to be a safe investment for the next 6 to 12 months.

However, an advisor (3) to the Chinese Central Bank recently stated: “the U.S. fiscal health is worse than the EU’s”. He agreed that the attention should not shift to the United States for the next period, but further stated: “We should be clear in our minds that, once the European debt situation stabilizes, the attention of the financial Continued on page 23...

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markets will definitely shift to the U.S. At that time, U.S. Treasury Bonds and the dollar will experience considerable declines.” (He is assuming the U.S, does not make serious changes to keep this from happening.)

Moreover, the FED’s undertaking of QE, appears to be an attempt to deliberately debase the U.S. currency. However, the net result to date has been the inflation of commodity prices, particularly food & energy. And, not only is this affecting the already “stretched” American people, but with In order to give any credence to this statement, we need commodities priced in US$, it is spreading inflation around to examine how the U.S. debt compares with that of other the world. developed nations. A good way to make comparisons is on a per capita basis expressed in US$.

Furthermore, if it intended to make U.S. manufactured goods relatively cheaper in order to increase exports, someone Let’s start with the current big concern, the Republic of should tell the FED that, with the manufacturing sector at Ireland. With Ireland’s debt now at $102 billion, it calculates only 12% of total GDP, the U.S. no longer produces enough out to be $22,820 per capita. to improve the economy much this way or to create many jobs.

Unlike many other nations, the UK has faced up to its own debt crisis and the Brits have generally accepted the need Now, I would like to postulate on the primary role of Wall for significant austerity measures. After the recent election, Street Brokers & Investment Strategists (as well as the a Conservative government coalition was formed and it media & economist ‘shills’) supporting them. This also applies has proceeded to implement harsh cuts, (but not without to Brokers working for other Financial Institutions. some miscues, as it seems with the proposed university fee hike). The UK debt, which is being so seriously addressed, One must always remember it is the primary job of Brokers amounts to about $24,500 per capita. to make money for their firm. The incentives to do well at this are that they get to keep their jobs and are well By comparison, the U.S. has a per capita debt of $45,700. compensated. I thought a flippant quote about the “Wall This per capita debt is about 35% higher than that of Italy Street Fandango” might be appropriate here: “Wall Street and France. In addition, with the German per capita debt is doing nothing evil; it is merely separating fools from now at $18,200 & Canada at $17,400, it does show that their money. They do that largely by stoking the flames the U.S. is now in much worse fiscal shape. of current conventional wisdom and emotion.”

GETTING IN TUNE WITH THE TIMES Remember the words of the old song: ‘Another day older and deeper in debt’. It appears that “Main Street” is starting to wake up to the seriousness of this huge and growing debt problem, and the “grassroots” groundswell of unaligned Tea Partiers has been demonstrating their concern.

While the focus of past and present Congressional leaders and Administration has been focused on taxing the rich as a solution, anyone with a calculator can figure out that this would not even come close to closing the gap between tax revenue and spending. And, a chart(4) in the Wall Street Journal shows that government spending has continued to grow for years at a far faster rate than U.S, growth. It is far beyond my capability and the scope of this article to try to propose solutions to such serious and complex issues.

It is only the affect on investors that is going to be reviewed.

WALL STREET & WASHINGTON VS. MAIN STREET While the elites in Washington appear to have been doing everything they can to support their fellow elites on Wall Street, it is beyond my comprehension how maintaining zero interest rates and “printing” massive amounts of money will help either retirees or the vast majority of the American people on ‘Main Street’. And, it is considered absurd to be trying to solve an excessive credit/debt crisis by taking on much more debt.

Remember the metaphor about the so-called “Goldilocks” economy of the 1990s. This metaphor was concocted by a Goldman Sachs economist to create an image of conditions keeping the economy moving briskly enough but “not too hot or too cold”.

Another “Goldilocks” fairy tale will soon have to face the harsh reality on ‘Main Street’. This is because investors are “having to lap up some pretty thin gruel” of weak financial and economic data as the stock market continues its ‘Bull’ run in the middle of a ‘Secular Bear Market’. The fact is that the U.S Market is still down about 39% below its peak in 2000, net of inflation (5).

One tip-off it is time to sell is that pundits are just too loudly shrieking and screaming about the next leg up, even after the US market has advanced over 50% since January 2009. Thus, unless history really is ‘bunk’, when everyone is ‘bullish’, many successful investors used this as a clear signal it is time to take profits.

In the immortal words of wisdom from J. P. Morgan, “I made all my money by selling too soon.” Or, as Sir John Templeton advised, “Sell when others are greedily buying” (“and buy when they are most pessimistic”).

There are more good reasons than these words of advice, to stay out of markets for at least the next few years.

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According to industry experts, including RealtyTrac (6), a foreclosure and tracking service specialist, the U.S. housing market will remain depressed, with record high foreclosure levels, rising mortgage rates, and a glut of distressed properties dampening the market for years to come.

And, more ominously for American workers, as well as for the U.S. economy that is so dependent on consumer spending, the future jobs picture looks even more “ugly”.

Now to update the fairy tale: The reason ‘Goldilocks’ was able to get into the bears’ house now to test the porridge may be because Poppa Bear was down at the unemployment office trying to get his benefits extended, Momma Bear was at the lawyer’s office working on the foreclosure notice, and Baby Bear was down at the mall watching Santa promise all the other kids a Merry Christmas. Anyway, in the bears’ house, the bowls were empty.

CANADIAN HUBRIS Many Canadians have not yet felt the serious consequences of the ‘Great Recession’, as have many people in other developed Western nations. And, with a bias toward antiAmericanism, Canadians seem to be thinking: ‘We are not “Them”; we are different; more prudent; and our banks were much more responsible’.

However, the Canadian Federal Bank Governor, Mark Carney, has been warning for quite some time that Canadians are still spending money they do not have.

Some facts leap out in this regard. (7) 1. Canadian families, with debt totaling 146% of disposable income, are now as deeply in “hock” as American families are.

2. Canadian house prices are now 4.5 times disposable income. Historically, they’ve been between 3 and 3.5 times. (The same thing happened in the U.S. before their real-estate ‘bubble burst’).

3. Our responsible, prudent, sober, bankers have been “doling out credit lines, like Santa Claus doling out candy”. (Personal lines of credit have been growing about 16% a year for the last decade.)

It certainly appears that too many Canadians are being far too complacent about the excess of debt and expensive houses. They also seem to be failing to appreciate that another serious global slowdown seems to be happening; particularly in the U.S. upon which the country is so dependent; and that should have a detrimental effect on jobs.

Of course, not all credit booms end in crisis. However, the longer Canadian consumers ignore Mr. Carney’s warnings on debt, the greater the probability that they will experience

El Residente

a “hard landing”.

The best book on this subject is the Reinhart/Rogoff book, This Time Is Different. (8) In it, they provide a slew of historical examples that, “when housing booms are accompanied by sharp rises in debt, the risk of a crisis is significantly elevated”.

Thus, we hope that Canadians will soon wake up and get their own ‘houses in order’.

GREEN SHOOTS EMERGE FROM AN ECONOMIC TRAIN WRECK A Bloomberg columnist (9) recently provided an interesting opinion on a country to invest in that is both politically stable, and likely to grow a lot faster than the global average over the next 5 years. His postulated that: 1. Forget the emerging economies of Asia & South America, because they score on the 2nd point but not so well on the first.

2. You can rule out most of Europe [except Poland], because the Euro crisis will snuff out growth for years.

3. The U.S. won’t do much better with its budget and trade deficits [chronic unemployment, lost wealth, etc.].

This columnist also pointed out that something striking has happened this year in the UK. The UK economy has expanded at a decent rate and is expected to keep improving. The UK currency, the Pound, depreciated early relative to both the Euro & the US dollar. And, as a textbook would have predicted, manufacturing has been expanding, the Trade deficit is shrinking, and the UK has been exporting more products again.

WHAT ABOUT CHINA? In a previous article, BROKEN CHINA (10) a case was made that several ‘bubbles, including a huge real-estate ‘bubble’, has been growing in China for several years. And, the end result is expected to be a major banking crisis as the ‘glut’ of bad loans comes due.

It was also pointed out that China allowed itself to become far too dependent for too long on exports to drive its economy.

The fact is that its domestic economy is still far too small to support much widespread economic growth.

What has seemed so ‘out of kilter’ with China’s economic growth reports is that they have remained consistently high, at around 10%, even several years after its largest trading partners by far, the EU and the U.S., suffered significant economic slowdowns.

We are well aware that, in business as well as in government circles, there is always pressure to “make the forecast numbers”. Could it be that the reported economic growth Continued on page 25...

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numbers are being fabricated, just as Enron did in its ‘heyday’? Given the situation around the rest of the globe, it does not make sense that China is continuing to enjoy a “Goldilocks” economy and be able to sustain consistent 10% growth with only 3% inflation.

Only now, has China admitted to inflation “in excess of 4%”.

We believe that much higher inflation should have shown up earlier because China has for years continued to attract ‘hot money’ from foreign investors. A serious additional problem has been that commodity prices have been increasing significantly. Both of these are inflationary.

Therefore, when a story (11) was recently picked up that a member of a Chinese government think-tank accused the Statistics agency of under-reporting inflation by about 7%, it came as no surprise.

This provides a further reason investors should not rely on Chinese reports, and to be very leery about investing in Chinese firms at this time.

In fairness to China and its people, their great progress in getting 100s of millions out of abject poverty and the tremendous success the country has achieved to grow its export economy so quickly that it has become the world’s powerhouse producer.

In focusing on China’s weaknesses, however, I am only trying to keep investors reminded that it will also have to contend with huge problems that have arisen, the least of which is the production of credible data. In addition, one needs to appreciate that China is nowhere near strong enough to lift the global economy out of the ‘Great Recession’ alone.

Therefore, investors should appreciate there is no quick fix on the global economic horizon.

stronger than that of most developed nations.

Therefore, over the next period, holding reasonable quality, medium-term, Corporate bonds or bond funds should continue to yield gains.

5. Shorter-term Sovereign bonds of selected Asian & Emerging nations should also continue to pay off and especially if held in their undervalued currencies.

6. As another alternative asset holding to stocks and bonds, many big Institutions as well as individuals have been acquiring significant positions in commodity holdings, such as Oil. It is my understanding that the volume of key commodity holdings is now excessive. It is also believed there is real potential, with the economies around the globe slowing sharply, that consumption levels and prices are likely to drop.

7. However, given the rising non-confidence in the future value of the major ‘paper currencies’, more people as well as some nations, seem to be adopting the motto: ‘In Gold We Trust’. I am recommending a %age of future holdings be held in Gold Bullion funds or ETFs, not in stocks for much longer.

Please note that the opinions expressed in this article are solely those of the writer.

For more information and reference details please contact Alan Weeks At (507) 345 - 3714 or by E-mail: imccr2002@yahoo.com

POTENTIAL INVESTMENT OPPORTUNITIES 1. It is believed, for several reasons, the Chinese currency will have to be allowed to appreciate. This should apply as well as to the currencies of other financially sound Asian & Emerging nations.

There are ways to profit from this.

2. Because we are still in the middle of a ‘Secular Bear Market’, there is real potential for the stock markets (again significantly overleveraged) to start declining again soon. For this reason, I am recommending stocks and equity funds not be held for at least the next period. .

3. Some alternative investment Fund Managers have successfully utilized contrarian strategies as well as options to make good gains and limit loses through the difficult past years. A few, that have been reviewed again recently, appear to have good potential to perform well again and are being recommended for a portion of affluent investors’ holdings.

4. Many Corporate balance sheets now look far

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Holidays of Costa Rica January 1st‘New Year’s Day’ March 19th‘St. Joseph’s Day’ ******************** A Touch of Wisdom “All’s well that ends well.”

John Heywood (c.1497-1580) “Clean your finger before you point at my spots.”

Ben Franklin (1706-1790) “Every cloud has a silver lining.”

D.R. Locke (1863) ******************** A quick smile...

You can use this joke to explain that insulting someone is considered funny especially when that person is fishing for a compliment; Mary: John says I’m pretty.

Andy says I’m ugly. What do you think, Peter?

Peter: I think you’re pretty ugly.

Or to someone who is really high on themselves; “Do you know what really amazes me about you?”

“No.What?”

“Oops.Sorry. I was thinking about someone else!”

Just don’t try either of these on your boss...

Knock, Knock.

Employee: Who’s there?

Boss: Not you anymore.

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