Dairy Farmer Suspected Of Money Laundering Loses $63,000

You may not think the IRS is out to get you, but consider this recent story from the Washington Post. Richard Severson – a 61-year-old farmer from Maryland – earned his living selling milk and eggs at farmers’ markets throughout Fredericks County. The business left him with lots of cash. And naturally, he decided to […]

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.

There Will Be No 25-Year Depression

Today, we have bad news and good news. The good news is that there will be no 25-year recession. Nor will there be a depression that will last the rest of our lifetimes. The bad news: It will be much worse than that. Recently, the Dow rose another 43 points. Gold seems to be working […]

What it would take to return to a “healthy” economy

Yesterday’s good news was that there will be no 25-year recession. “We should be so lucky,” is the way a New Yorker might react. Because the bad news is much worse. The logic of the “long depression” is simple. Aging populations, debt, zombification – all of which slow growth. How many old people and zombies […]