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While it is rare deposits in excess of $250,000 result in losses when banks get in trouble, a recent Arizona bank failure shows that it does happen. Last week regulators closed First Arizona Bank, which looks to result in losses of $5.8 million to the bank’s customers who had deposits in excess of the FDIC’s $250,000 insurance maximum.
The common, accepted view is that the printing of still more fiat money will pull the world’s economy out of its malaise. Austrian economic theory offers a contrary opinion. At Grand Canyon University last night, Tom Woods articulated a small portion of Austrian economic theory and why “quantitative easing” will not solve the problem but exacerbate it.
Although Woods’ talk is titled, “The Free Market and the Financial Crisis: Not Guilty as Charged,” I don’t see he can get around talking about nullification. With fedgov determined to ram Obamacare down our throats, nullification may be a major way to resist. By now, we’ve all learned that Obamacare isn’t just about health care, but massive government intrusion into our lives and the economy . . .
Mineweb.com, a South African-based website dedicated to the mining industry, is an excellent source of articles about precious metals. With contributors around the globe, mineweb.com offers wide perspectives. Today’s issue has four articles and a podcast, most of which should be of interest to investors with gold hitting all-time highs and silver hitting 30-year highs.
Many gold and silver investors openly confess concerns about the world’s financial structure, and many Americans express concerns about the banking system. Yet, few Americans fear losing money due to any bank failures.
In an unprecedented move, the US Mint this week raised premiums on its 1-oz Silver Eagles fifty cents per coin. It is not unprecedented that the Mint raised premiums on Silver Eagles. Since being introduced in 1986, Silver Eagle premiums have been increased many times. But, the size of the increase is unprecedented. Past increases
