Tuesday, May 24, 2011

An important book...

(Especially if you want to know where you -- and your money -- are going...)

Stating the obvious: the nation's economy -- read: the world's economy -- is in a real mess right now. The little secret, however, is that a number of people are doing well because they saw what was coming and took a better path.

Even if you're not one of those comfortable few, hope is not lost. Economics is about trends, signposts and cycles. And if you have a better understanding of how it all it works and what to look for (good and bad), you're more likely to weather the storms.

A good guide can be helpful when it comes to charting these things out, so it is with great pleasure that I highly recommend a new (guide) book by an old friend: "50 Economic Indicators That Really Matter: From Big Macs to 'Zombie Banks,' the Indicators Smart Investors Watch to Beat the Market," is by Simon Constable (columnist and host of the Wall Street Journal's web program, "The News Hub") and Robert E. Wright. It's a look at those things, great and small, that let us know where the money is going.

Constable has been a radio colleague (the John Batchelor Show) and a friend for several years, and I never cease to be impressed by his work on News Hub, his writing or his off-the-cuff (wry) observations. He's smart, witty and plain-spoken...and that all comes across in his writings. (He appears in the ABC News interview clip below.)

As the publisher points out, the book "offer[s] investors powerful new tools to guide them through the markets. Whether it's the VIX index (which tracks the level of anxiety among investors) or the Vixen index (which tracks the number of attractive waitresses in your hometown), this essential guide includes in-depth analyses of 50 valuable economic indicators, as well as what to watch for, what to do when movement happens, and the risk level involved in taking action. This must-have guide entertains and enlightens while offering essential advice on navigating the global economic climate."

If you want to gain a better understanding of how money moves the world (as well as around it), I wholeheartedly recommend you grab a copy of "50 Economic Indicators That Really Matter."

You and your wallet will thank me (and Simon)...

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