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
For the CBGA (Central Bank Gold Agreement) year to end September 30, central bank gold sales are estimated to be 6.2 tones, down 96% from their high of 497 tons for the CBGA year ended September 30, 2005, the year for the highest sales under the CBGA. Over the last ten years, central banks sold
The move to repeal 1099 reporting that was buried in Obama’s health care bill suffered a setback with the defeat of S.3578, which would have repealed the law. However, H.R. 5141 is still alive in the House and has gained more cosponsors. The battle goes on.
In the September 11 interview with Eric King of King World News, I mentioned that a number of credible analysts were saying that gold and silver looked like they were about the have a technical breakout to the upside. Gold’s and silver’s price action since have confirmed those predictions. In the interview, I warned long-term
President Obama just announced another stimulus program, the previous spending having fallen far short of turning the economy around. Polls show that many Americans are opposed to deficit spending in efforts to get the economy moving again. After all, it was the Fed’s loose-money policies that caused the housing bubble. While Establishment economists blame