Features
New thriller by Israeli-Canadian Herschy Katz combines love of hockey with intrigue behind the Iron Curtain in 1972
By BERNIE BELLAN In 2019 I wrote a review of a book titled “The Clarinetist”. It had been sent to me by an expatriate Canadian who had moved to Israel in 1984 by the name of Herschel Katz.
As I noted in that review, the book was quite good for a first-time author. In it we were introduced to a young Montreal high school student by the name of Danny Kahn who ends up enmeshed in an intriguing situation having to do with the Montreal father of his girlfriend.
The father, it turns out, is tied in with some very shady characters and, one thing leading to another, Danny becomes involved in some hair-raising adventures that take him from Montreal to New York, and then Israel.
Katz had become a writer, he noted on the book jacket, because “Several years ago, the author worked as a part time book reviewer, then decided to try writing his own story.”
Now, two years later, Katz has come up with another mystery novel, again featuring Daniel Khan (who, I guess, has graduated from being called “Danny”). By this time Daniel has progressed to becoming a 22-year old medical student at McGill, also a writer for the McGill student newspaper. The book is titled “The Ninth Terrorist” and, after reading it, I sent Katz a note saying he had the makings of another Daniel Silva, who is one of the world’s most popular mystery writers and who has also created a recurrent hero by the name of Gabriel Allon.
As good as “The Clarinetist” was for a first-time effort, “The Ninth Terrorist” shows terrific improvement on Katz’s part in terms of plot structuring and dialogue. The book actually blends three different plots into one overarching story, which has to do with nefarious activities involving East Bloc bad guys in the 1970s – when the Soviet Union was still very much a Communist dictatorship and closely aligned with Palestinian terrorist organizations .
The story begins with the legendary “Summit Series” between Canada and the USSR in 1972, in which a team composed of Canada’s best professional hockey players from the NHL faced off against the powerful Soviet team in an eight-game series.
I had forgotten though, that at the same time as that series was being played, the Munich Olympics were also being staged and, anyone who was around then will no doubt recall how horrified we all were at the tragic murder of 11 Israeli athletes by members of the terrorist group known as “Black September”.
Into that backdrop of high drama Katz inserts Daniel Khan, who continues to display the ability as a clever agent that he first demonstrated in “The Clarinetist”. This time, however, Daniel is enmeshed in a series of events in which he has to play multiple roles, all the time fully aware that one slip-up could lead to his arrest and imprisonment in the Soviet Union.
Katz is clearly a great hockey fan and his depictions of the action during games are quite vivid. You don’t have to be a sports fan at all in order to enjoy the book though, as hockey merely serves as the excuse for Daniel to be able to go to the Soviet Union as a reporter. Still, setting so much of the action in venues that would resonate with Canadian sports fans makes “The Ninth Terrorist” all the more appealing.
I would note, too, that in my review of “The Clarinetist” I was somewhat critical of the dialogue in that book, writing that Katz could have used help in creating some more authentic sounding conversations between characters. This time around, the dialogue is much improved and sparkles with often very clever exchanges.
Turning Khan into a reporter is an especially credible device, as reporters have often served as agents for various intelligence services. The fact that Khan is a Canadian Jewish reporter who can easily substantiate his wanting to go to the Soviet Union (and who also speaks German, it turns out) certainly adds plausibility to his becoming an agent for not just one intelligence agency, but several, all of which are aware just how useful he can be to them.
One aspect of “The Ninth Terrorist”, however, that seems drawn straight out of the 1960s “Mission Impossible” television series (and later, the movies as well), is the use of facial disguises. Having a number of different characters put on masks that are so lifelike they can get you through any number of checkpoints is something that still remains a largely fictitious plot device – even at a time when 3D print technology has certainly made it more feasible.
Still, the ruse that Daniel Khan must employ in going back to the Soviet Union a second time – four months after the first Canada-Soviet series, certainly adds to the complexity – and intrigue of what is already a terrific spy novel. In fact, not only must he adopt a disguise at various times, he has to help others disguise themselves. At times it all becomes a little dizzying trying to remember just who it is that not only Daniel is pretending to be, but others as well.
Into this already fairly complicated plot Katz inserts a quite clever subplot having to do with someone who purportedly assisted the members of Black September when they went about kidnapping the 11 Israeli athletes in 1972. The individual, who is the “ninth terrorist” referred to in the title, turns out to be an extremely dangerous agent and Katz certainly makes this character come alive.
With action aplenty and very creative plotting, “The Ninth Terrorist” is an excellent thriller. When one considers that both “The Clarinetist” and “The Ninth Terrorist” have been self-published by Herschy Katz, one wonders how long it will be before he’s approached by a major publisher with a juicy offer to continue producing more in what could become a Daniel Khan series.
I asked Herschy how one could buy “The Ninth Terrorist”. (He had sent it to me as a pdf.) He replied that “My book is available directly from Pomeranz Booksellers in Jerusalem. www.Pomeranzbooks.com. My previous book, “The Clarinetist”, is also available through them.”
Both “The Clarinetist” and “The Ninth Terrorist” are now available on Amazon – Kindle for $9.99 CDN.
Then Herschy sent me another quite interesting tidbit of information after I told him that I was going to print an accompanying article, also about someone who entered into some subterfuge in the Soviet Union (in his case, smuggling tallisim and sidurim), during a hockey tournament. (See my story about Sherry Bassin on the opposite page.)
After I wrote Herschy about Sherry Bassin’s escapade, he sent me this note:
Dear Bernie,
A personal note about me you may want to add to your book review. My late father, Boris Katz, z”l, escaped Stalin in 1924 and came to Montreal as a young man. He and his nephew founded a business making men’s clothes, which became quite successful. During the 1950s, 60s and 70s, he would send packages of clothes to his family back in the USSR. Knowing how the Russian customs inspectors would steal the contents, he would pack extra jeans and put some American dollars inside the box, which, of course, were stolen. However, inside the cuffs and collars of the clothes that weren’t stolen, he sewed large amounts of cash, which his family ended up getting.
This tidbit I incorporated into my story, “The Ninth Terrorist”.
Herschy
I enjoy helping to publicize Jewish writers (in particular, writers from Israel) whose works might not otherwise receive much publicity because they’re self-published. In Herschy Katz’s case, providing a boost to a former Canadian who made aliyah 37 years ago, but who’s also remained a huge hockey fan, should be ample reason for some readers to want to proceed to buy “The Ninth Terrorist”. Herschy even sets some of the action in Winnipeg – in case you needed any more cajoling!
Features
Exchange Rate Factors: What Global Events Mean for Savvy Investors
When Russia invaded Ukraine in 2022, it created ripples in all financial markets, including currency markets. The Euro weakened while the dollar surged and emerging market currencies wobbled. Global factors can quickly affect financial markets and shake established trends. Apart from such rare events, currencies tend to change their price because of interest rates, inflation, and overall investor confidence. For investors managing money abroad, understanding these movements is critical to avoid losses and mitigate risks.
Below, we will break down how global political, economic, and cultural events influence exchange rates, with insights for savvy investors.
Economic factors
There are several key exchange rate factors with a consistent history of shaking financial markets. These factors include inflation, interest rates, trade balances, employment rates, and so on. Since economic factors are shaping markets almost daily, we start with those.
Inflation and interest rates
Inflation and interest rates are closely connected as one can easily affect the other. When inflation rises, central banks step in and raise interest rates to reduce inflation, and when inflation is lower, central banks can lower interest rates to make borrowing money cheaper. As a result, investors closely monitor these two metrics to anticipate changes in interest rates. Higher inflation makes currencies weaker, and whenever banks change the rates, the changes are immediately reflected in global currency rates. In the United States, the Federal Reserve is the central bank that sets interest rates in the country.
Trade balances and economic growth
A country that exports more than it imports has a stronger demand for its currency. More demand equals a stronger currency. However, the Japanese yen was always weaker against the dollar because the BOJ of Japan tends to have super low rates near 0 to support its exporters. Economic growth also increases demand for local currency as more investors try to invest in the country’s economy. Long-term investors often track this data to detect early signs of any changes in currency strength.
Political and geopolitical factors
Elections, sanctions, and overall political stability are also crucial factors. If the country gets under sanctions, its economy crumbles and its currency becomes inflationary, losing its value quickly. Elections are also crucial for a currency’s strength. Geopolitical events can have a serious impact on the currency as well. The most obvious example is the 2016 Brexit events that made GBP lose its value rapidly and violently. Global conflicts, such as wars, can seriously impact global financial assets, especially currency markets. When tensions are high, safe-haven currencies like USD and CHF (Swiss Franc) become very popular among investors as they seek a safe place to protect their capital.
Cultural and social factors
People like tourists, workers, and diaspora communities can shape currencies as well. Tourism usually drives seasonal demand, and countries that are popular destinations during certain seasons experience their currency appreciation as demand spikes. The perception matters as countries seen as safe and opportunity-rich tend to attract more investors, solidifying their currency strength.
Technology and innovation
Technology is seriously affecting everything, especially the financial sector. Digital payment systems, blockchain technology, and fintech startups have made it easy and swift to move money around. Cryptos and stablecoins enable investors to protect their capital using stablecoins during volatile times. The latest trend among banks is to work on CBDCs, which signals a new era where national currencies are blended with technology and blockchain. Despite this, currencies, even in their crypto form, will continue to be influenced by all major factors mentioned above, and knowing how these factors impact your currency is key to keeping your capital safe from risks.
Practical lessons for savvy investors
So, what do all these factors teach us about global currency rates and investing strategies? The key lies in proper preparations and anticipation. Monitoring macro trends, policy announcements, and major geopolitical and political developments is critical.
Diversify
The number one method which is used by professional investors is diversification. This simply means to spread your risks across a basket of assets. By not investing all your capital in one instrument, you can mitigate risks. If one asset experiences a loss, other ones will counter it with returns. Building a diversified portfolio is key to properly diversifying. For example: divide your capital to buy stocks, commodities, currencies, and cryptos so that if one fails to perform, others will counter it. This ensures a stable income without unnecessary losses in the long run.
Hedge
Forex options and ETFs are great hedging assets. Forex options let investors lock in an exchange rate for a future date, which is very useful if you expect volatility but want stability. Currency ETFs, on the other hand, track specific currencies or a basket of currencies and allow easy trading or protection without trading forex directly, but they are still risky.
Monitor the economic calendar
Economic calendar is a free online tool that aggregates important macroeconomic news data such as interest rate decisions, CPI, inflation, employment rates, central bank announcements and speeches, and other crucial information. By monitoring them, investors can always know when important news data will be released, and they can postpone their investment decisions to avoid volatile times and only invest after the main trend is determined.
Features
The Canadian Dollar is on a slow decline. Should you save in euros or US dollars instead?
The Canadian dollar has been losing its value against the dollar this year. For Canadians, this raises a simple question: if your CAD is losing ground, is it better to move savings into euros or U.S. dollars, especially bonds, stocks, or a carry-trade strategy? Carry-trade strategy in this context means to borrow in CAD and invest it in the USA or the EU zone. This is a complex matter, and to understand where the CAD is, how attractive other currencies might be, we need to analyze these currencies more deeply. Below, we will walk you through the data, practical costs, and risks so you can reach a usable conclusion after reading this guide.
Quick snapshot – What the markets say right now
Recently, the Canadian dollar has hit multi-month lows due to weaker oil prices and a post-Fed (U.S. Federal Reserve) market reaction (which raised the rates, making the CAD weaker against the dollar). Canada’s central bank has cut its policy rate to 2.25%, while the Fed’s fund rate remains notably higher at about 3.75-4%. The ECB (European Central Bank) main interest rates are lower than the Fed’s and near the low-to-mid 2% range. While the Euro currency to USD rates remain mostly predictable, due to higher US bond yield rates, the EUR remains stronger, still. The U.S. 10-year Treasuries are around 4.1%, Canada’s 10-year near 3.2%, and Germany’s 10-year around 2.7%, meaning that today the USD-denominated bonds have the highest nominal yield among the three. As a result, the dollar seems much more attractive when it comes to bond yields and stocks.
Bonds – Which currency is the best for fixed income?
The short answer is: USD bonds. When it comes to nominal yield alone, US bonds beat almost all other competitors. U.S. government bond yields (10-year) are noticeably higher than Canadian and German/Eurozone bond yields right now. As a result, US bond buyers have more income potential than Canada and the EU. Euro-area core yields are lower, meaning they are paying less than the USA.
However, nominal yield does not mean it is guaranteed real return, and metrics like inflation, currency rates, and hedging costs can impact potential returns directly. If you buy USD bonds but the dollar falls against the CAD, currency losses will most likely wipe out the higher yield rate. If the Fed lowers its rates, it will make the dollar weaker against the CAD and EUR.
Another challenge is that, if you live and spend in Canada, you are using CAD, and when exchanging it for dollars, you get exposed to foreign currency rate risks, which must not be underestimated.
Stocks – Euro or dollar?
Both the EUR and USD have their advantages. USD has strong liquidity and strong long-term performance, while EUR equities offer valuation opportunities and recent relative strength.
Why USD?
The U.S. market remains the most liquid stock market with strong earnings for many tech and large companies. This makes USD stocks very attractive for long-term-oriented investors. S&P has been rising historically, and even after crashes, it often recovers its value relatively quickly.
Why EUR?
European indexes have performed well this year and in many cases cost less than their U.S. counterparts. While cheaper does not always mean better, these indexes still have some growth potential. Some major banks in the EU zone, together with industries, have recovered strongly with a recent focus on military manufacturing, making many EU stocks very attractive, together with local indexes.
However, here is a caveat: if you are using CAD daily and it loses its value against the euro, the returns from euro holdings might shrink, exposing you to greater currency risks.
Carry-trade analysis – Is it viable to borrow CAD and invest it in USD or EUR?
The basic promise of carry-trade is simple yet powerful: you borrow cheaper currency and invest it in currencies with higher yields. In our case, is it lucrative to borrow in CAD and invest in either EUR or USD? To answer this question, we need to look at numbers. BoC policy rate is 2.25%, Fed funds from 3.75%, U.S 10-yr is 4.1%, Canada 10-yr is 3.2%. If we deduct Canadian rates from the U.S. rates, we get around 1.8% positive before costs. So, in theory, it could be lucrative to invest CAD in USD assets using a carry trade. Since the ECB has around 2%, it is not profitable to use a carry-trade strategy for the euro.
The bottom line
While the CAD has been weakening lately, it is still not cheap enough to naively invest in USD or EUR. However, if you want a pure yield and can tolerate foreign exchange rate risks, USD bonds are more attractive today. When it comes to stocks, USD equities provide stable and liquid markets. If you want valuation potential and diversification, then euro equities have become more attractive this year. When it comes to carry-trade strategies, the USD remains more lucrative than the euro, but on paper, traders and investors should evaluate all the risks and costs before investing in any currency.
In the end, Canadians who have CAD for their daily costs should be careful when trying to get exposure to other markets. US bonds, US stocks, US carry-trade, and EU stocks remain attractive choices for experienced investors.
Features
Why Reading Online Reviews Matters Before Making a Purchase
People usually pause before purchasing to read reviews from other customers. It’s become part of everyday online life, a quick way to see how something really performs before making a decision. According to the Pew Research Center, most internet users read reviews to get a better idea of what they’re buying. The feedback from actual users becomes more reliable than marketing statements because it comes from everyday consumers instead of sales-oriented corporate messages.
Reading reviews also helps spot patterns. If the same comment, good or bad, appears again and again, it usually means there’s truth to it. People now use this collective feedback as their main method to evaluate online products and services for quality and reliability.
When There Are Too Many Options, Reviews Narrow the Field
Shopping online can be overwhelming and a bit of an adventure. There are always more options than anyone needs, hundreds of gadgets, countless household tools, endless entertainment subscriptions. All listings present themselves as excellent value propositions with operational excellence, yet it remains a bit of a challenge when it comes to verifying which ones deliver actual results.
Reviews become useful at this point. Real users provide information about product details, which marketing content fails to show, by sharing their experiences about delivery speed and setup ease and product durability after several months of use. The product details show its operational behavior when used in regular business activities.
Users tend to begin with reviews. For instance, a tech product might have amazing packaging but fall short on battery life or integration. Maybe a new game or casino platform might sound promising, and reviews on trusted choices can confirm whether it includes flexible payment options, a wide content library, and responsive support. When feedback keeps mentioning strong points like clear instructions or helpful customer service, it shows consistency. The product or service delivers its expected results because customers have personally seen its performance.
Reviews Build Faith Through Shared Experience
Reviews gain their strength from the emotional bonds which readers find with each other. Reading about someone else’s experience feels familiar, even if you don’t know them. It’s basic word-of-mouth marketing, like receiving recommendations from a neighbor who has already purchased the item you are considering.
This shared experience has built an informal community of online voices. People rely less on what a brand claims and more on what other users notice. When different reviewers mention similar strengths or small frustrations, it adds authenticity. The story becomes more believable.
Reviews show what other users have experienced, but they do not offer any guidance about what to do. This type of his collective info turns into an important part of how people build trust online. It’s a small thing, but it makes a big difference in how confident we feel about the choices we make.
Balanced Feedback Feels More Honest
A perfect score does not prove that something lacks any imperfections. A combination of positive and less-than-perfect feedback creates a more authentic impression. Small complaints about packaging or delivery delays make glowing reviews sound real. A recent study showed that participants answered honestly instead of trying to make their responses attractive to others.
Most readers know that nothing works flawlessly all the time. People look for reviews which provide both positive and negative aspects because they want to find balanced opinions. Customers can establish realistic purchase expectations through combined information which they can apply before buying. Review systems maintain their value because reviewers maintain honesty in their assessments.
Why Recency and Volume Matter
The best reviews and product ratings are the ones written recently. They reflect how a product or service performs right now, not how it worked a year ago. Things change, materials, delivery services, and even the way companies handle support.
A steady flow of new reviews suggests consistency. When lots of people share their experiences over time, patterns appear. Those patterns tell readers what’s typical, not just what’s possible. It’s the difference between one person’s lucky experience and a reliable average that others can count on.
Quantity matters too. Ten balanced reviews from this month will usually tell more than a single five-star comment from last summer. Together, recency and volume create a clear picture of reliability and quality without relying on assumptions.
Recognising Genuine Reviews
Not every review online is authentic, real, and written by a consumer. Some are written by automated accounts or people hired to post positive comments. Real feedback tends to sound natural and personal. It might mention something specific like the texture of a fabric, how easy the setup was, or whether support staff replied quickly.
Authentic reviews vary in tone and detail. Some are short, others long, some are full of small observations. That mix of styles feels human. On the other hand, copied or fake reviews usually repeat the same phrases or sound overly polished.
Many websites now try to identify and label suspicious posts, but readers can also help by paying attention to repetition, timing, and tone. A quick scan across different platforms usually reveals what’s genuine and what’s not.
Reading Smarter in the Online Marketplace
Reviews have become a solid foundation for how people make decisions online. They give an honest view of how something performs beyond what’s written on the label. Every comment, short or long, adds another piece to the puzzle.
More than that, reviews show how businesses handle problems, how quickly they respond, and whether they follow through on promises. They offer accountability in a world where shoppers and sellers rarely meet face to face.
Reading a handful of reviews won’t guarantee a perfect experience, but it provides helpful context. It shows what’s typical and helps people make choices with more confidence. In an online world full of noise, reviews remain one of the easiest and most reliable ways to learn from others.