My Interview with James Wolfensohn on Handling The Current Economic Climate

Wondering how best to handle this changing economic climate? Financial expert, James Wolfensohn, former president of the World Bank, offers a simple response to this complex question: Unless you’re quite rich and have all that you need, hold on to your money.

I asked him, specifically, whether “green” stocks and funds might be a smart investment right now. “I think as a social matter, it’s a very good thing to do,” he answered, but in the same sentence, he pointed out that prices may still continue to drop. “I would personally prefer to miss a little on the way up than I would to lose additional funds,” he laughed. In other words, wait until prices start climbing again.

He reiterated that people who are “much richer” can afford to take a risk of maybe 15-20% (of their income on these types of investments) right now. “But for the everyday individual,” he advises, “it’s time to be protective.” Bottom line: Save if you can.

To hear the rest of my Change Nation interview with James Wolfensohn, click here.

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