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.
As European Central Bank President Mario Draghi has been promising (threatening?) for more than a year, the ECB finally is about to begin a quantitative easing program. The program most likely will run for two years.
Recent posts here noted central bankers’ acceptance of inflation as the panacea for the world’s economic malaise. Yesterday’s New York Times joins me in this thought.
Remember Savings Bonds? A buyer recently cashed in years of Savings Bonds to invest in gold and silver. His conversion of the bonds was trying, to say the least. His experience is reported below.
In July 2012, Mario Draghi, president of the European Central Bank, steadied European money markets simply by saying, “. . . the ECB is ready to do whatever it takes to preserve the euro. And believe me, it will be enough.” Apparently, simply promising to do whatever it takes was enough because the ECB had
The demand for gold is largely driven by people’s desire for jewelry and artistic creations from the pure, soft metal. This is particularly important in Asian countries such as India where it plays a strong role in the culture and religion. But as we also know, from the reports by Vietnamese “boat people” who escaped
In the 1960s, I attended the University of Chicago and spent many hours with Milton Friedman and graduate students in his economics department. They called themselves “the Chicago school,” and they stood apart from the professors of economics at Harvard, MIT, Stanford, et al. Those were the days of High Keynesian economics. The Chicago school
Ron Paul recently interviewed Bill Haynes, CMI Gold & Silver Inc. president, for the RonPaulChannel.com. Ron and Bill discussed the gold industry, the right forms of gold to buy and developments that affect the precious metals market.
A long-time client, who is a financial advisor, sent this: I thought it was interesting that the Christie’s Art Auction brought in a record 745 Million yesterday. A Francis Bacon piece sold for 80.8 Million and keep in mind that same piece sold for 15 Million 10 years ago. Looks like the uber wealthy wants
In his 5 myths debunked about the Federal Reserve, Mark Hamrick of Bankrate, asserts that the Fed does not print money. He is correct, but he obfuscates the issue. The Bureau of Printing and Engraving prints the paper dollars that we use for money, but paper dollars (and coins) account for only about three percent