There are many dangers–not to mention moral issues–of money created out of “thin air.” One of the dangers is that it distorts the markets and results in bad investments during “booms,” which inevitably turn to “busts.” During the busts, the bad investments wash out. Another is that it is easy to use. The economy slows,
Is there any wonder our national debt is pushing $20 trillion? An Inspector General’s report just revealed that the Pentagon spent an extra $28 million over the last decade in providing the Afghan Army special uniforms with a “forest color pattern,” instead of camouflage schemes. The pattern was chosen from a website by the Afghan
Early last Monday morning, burglars broke into Berlin’s Bode Museum and stole a 100-kilogram [221-pound (avoirdupois)] .99999 fine Gold Maple Leaf with a face value of C$1,000,000. However, the C$1 million face value was nominal. The coin’s gold value was right at $4 million.
Financial analysts continue to be enthusiastic about the Dow topping 20,000, so much so that if you watch TV enough you might think that it is given that it will happen. But, will it?
There is a movement underway to convince Republican members of the Electoral College to switch their votes away from Donald Trump to get someone else installed as president. The preferred “other person” that would most please the backers of this movement would be Hillary Clinton. Still, the Trump detractors would be satisfied with just about
A telemarketing firm recently began promoting 1-1/2 oz Snow Falcon silver coins, minted by the Royal Canadian Mint. We advise our clients to stay away from any silver bullion coins larger than one ounce. Not only would 1-1/2 oz silver coins not be practical if the need ever came to use them as money, but
According to Symantec, North Korea probably is responsible for the $81 million theft from Bangladesh’s central bank. Researchers at the digital security firm uncovered “a rare piece of code” that had been seen in previous hacking cases by North Korea. The theft is believed to be the first by a nation for purely financial gain.
In what is being reported as an effort to impede criminal activity and terrorism, the European Central Bank announced that it will discontinue issuing €500 notes around the end of 2018. However, the ECB was quick to affirm that the €500 notes already in circulation “will remain legal tender and . . . always retain
A former head of the UK’s Standard Charter bank proposes that the war on cash be ratcheted up. ln a paper published Sunday, Peter Sands demonized large banknotes, saying they are “king among terrorists, drug lords and tax cheats.” According to him, Illicit money flows are estimated to run up to $2 trillion a year.
Belatedly, Zimbabwe recently declared its currency, the Zimbabwe dollar, worthless. The marketplace recognized the worthlessness of the Z$ in 2009, when the Zimbabwe government adopted the US dollar as its main currency. Account holders with Z$ balances of zero to Z$175 quadrillion will be paid a flat US$5. A “quadrillion” has fifteen zeros.