China is usually regarded as the country responsible for producing more counterfeit products than any other, and counterfeit memorabilia from the Beijing Olympics will likely be circulating for months to come. News reports suggest the Chinese government took a strong stance against such items, but they're still circulating in countries around the world.

Where will consumers find these fake items? They're likely going to be sold primarily by street vendors and on eBay. Buyers will be offered pins, T-shirts, hats, and other clothing that is not officially licensed, meaning they aren't "authentic" Olympics items.

Some buyers might not care whether their new t-shirt is an official one or not. But advocates of licensing rights say that selling knock-offs is wrong because products with the Olympic logo should only be sold by those who have paid the licensing fees entitling them to do so.

Probably the best way to spot a fake is by its price. If the price is far below the price of the authentic goods, you can be almost certain that you're buying a fake. Consumers might want to shop only at sites that are known to be authorized to sell Olympics goods. (Think major brand names.) Stay away from eBay, which is likely to have many fakes, as well as other fly-by-night sites. Don't invest a lot of money in items suspected of being fakes, as they won't have much value in the years to come.

Tracy L. Coenen, CPA, MBA, CFE performs fraud examinations and financial investigations for her company Sequence Inc. Forensic Accounting, and is the author of Essentials of Corporate Fraud.

Also read: Brand piracy bites China

What's the value of the eight gold medals swimmer Michael Phelps just won at the Beijing Olympics? According to his agent, about $100 million over his lifetime. His agent says he's been fielding about 50 phone calls a day from people wanting to court Phelps and ultimately get him to endorse their products. Book deals and movie deals are being pitched as well, and it's clear that Michael's life (and his wallet) will never be the same.

Phelps is being offered all sorts of free things like pizza and dental work. (Does he need free stuff if he's instantly become a multi-millionaire?) And there are those pitching bobbleheads and other novelties with his name on them.

He currently has an endorsement gig with Speedo, who offered him $1 million if he won seven gold medals. Michael's endorsements prior to this Olympics were bringing in $3 to $5 million a year, but that amount will surely skyrocket. A sports management expert seems to think that Nike would pony up $40 or $50 million to get Phelps on their team.

Let's hope that Michael has good representation that can help him get the best deals possible. Then let's hope that he lives up to his iconic status and is a good role model for children. He's an amazing athlete who has accomplished so much, and it would be wonderful for him to be a positive inspiration to Americans for years to come (while also getting filthy rich).

Tracy L. Coenen, CPA, MBA, CFE performs fraud examinations and financial investigations for her company Sequence Inc. Forensic Accounting, and is the author of Essentials of Corporate Fraud.

Every so often, I find my natural impulses at odds with each other. On the one hand, I am a self-confessed cheapskate; my favorite price is free, and I pride myself on my ability to find bargains. I still remember how much I paid for almost every article of clothing in my closet, and my vacation albums are liberally littered with pictures of stores and street vendors who gave me great deals. Saving a dollar gives me an almost physical thrill.

That having been said, I am also somewhat obsessive about my food. I read labels, shy away from corn syrup and hydrogenated oils, and generally cross to the other side of the street when I find myself within range of a fast food joint. I buy organic produce (when I can afford it), and cook a lot.

Generally speaking, these two personality traits don't come into conflict all that often; I prepare most of my meals, and am generally able to beat fast-food prices. Every so often, however, I find myself torn between my love of money and my quest for good health. This is one of those times.

As part of its Olympic Face the Glory promotion, McDonald's is offering a free "Southern Style" chicken biscuit or sandwich with the purchase of a medium or large beverage. Basically a takeoff on the Chick-Fil-A chicken sandwich, this is sure to be a calorie-busting exercise in the joys of fried, breaded meat products.

Still, it's free. I'm so conflicted!

Bruce Watson is a freelance writer, blogger, and all-around cheapskate. He once drank a free sample of red chili wine. He couldn't taste anything for three days.

China has ordered the 112 official Olympic restaurants not to serve dog meat during the Beijing Olympics in August so as not to gross out Westerners. They also strongly suggest that all the other eateries in town stop selling dog meat for the month, too. The move is like their orders to shut factories to clear pollution for the month: purely cosmetic. If anything it shows how deeply entrenched dog-eating is. Animal groups say the practice is actually growing into a big business worth about $4 billion a year.

Even the government's Xinhua News Agency announcement shows how dog-eating is almost revered: "Gourmets with a special predilection for dog meat will be disappointed if they come to the Chinese capital in the coming two months." The Beijing Catering Trade Association (BETA) will "blacklist" those who don't cooperate, but they'll make an exception for dog meat "for medicinal purposes." Many Chinese think eating canines lowers blood pressure, the agency says.

According to the Asian Animal Protection Network, eating dog used to be a "cottage industry" where the rural poor would raise puppies to take to market. Now it's become fashionable -- especially in southern China and among Koreans. Dog meat is more expensive than pork. Factory farms with horrific conditions raise the dogs. The Asia Animal Protection Network says the farms are now importing big, docile breeds, especially St. Bernards, known locally as "Big Dumb Dog," as dog livestock. The Filipino organization Dog Meat Trade also reports that the dog meat industry is expanding and is now about $3.8 billion.