Commentary



The Case for Outlawing Cash

September is here. As expected, market volatility is increasing. The Great Zombie War is intensifying. And investors are getting scared. Yesterday, the Dow lost 470 points – a nearly 3% drop.




Greece Is the Canary in the Coal Mine

“Greeks Line Up at Banks; ATMs Run Dry” was the headline over at the Drudge Report. Versions of it ran throughout the financial media. Greece is the canary in the coal mine for what could one day happen to your savings.


Literally, Your ATM Won’t Work…

What we use as money today is mostly credit. It exists as zeros and ones in electronic bank accounts. We never see it. Touch it. Feel it. Count it out. Or lose it behind seat cushions. Banks profit – handsomely – by creating this credit. And as long as banks have sufficient capital, they are happy to create as much credit as we are willing to pay for.