Economics and Investing:

Debra P. sent a link to a news clip where a CNN reporter catches on: Hedge fund manager hoards nickels. (Although she muddies the waters by talking about numismatic value and base metal value in the same breath.)

And speaking of nickel, this piece comes from Canada: Steel yourself for new non-nickel loonies, (Thanks to C.L. for the link.)

A Colorado television station interviewed a “one man think tank”: Melting Gold Coins To Reduce National Debt–Man Says America’s Debt Would Be Erased If Government Would Melt Gold Coins Into Bars, Sell Them To Other Countries. Not only is he severely out of touch with the spot price of gold, but he apparently thinks that the gold being minted into 1-ounce American Eagles is coming from long-established government stockpiles. It is actually bought on the open market. Both this man’s disconnect from reality and the television reporter’s choice of stock footage (showing $1 Sacagawea “gold” dollar coins) leave me speechless. Reporters need to learn : Don’t interview the Village Idiot as a subject matter expert.

Desperation measures: BofA told Fed it could sell branches in emergency. [JWR’s Comment: Haven’t Americans caught on to the fact that the nascent global credit collapse could trigger a cascade of margin calls and bank runs?]

Items from The Economatrix:

France Loses AAA- Rating In Blow To Eurozone

Hedge Funds Blamed As Greek Debt Deal Falters

EU Threatens Hungary Over Refusal To Implement Austerity Policies

Further Debt, Dimming Prospects