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Economics and Investing:

Debra P. sent a link to a news clip where a CNN reporter catches on: Hedge fund manager hoards nickels. [1] (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, [2] (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 [3]. 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 [4]. [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 [5]

Hedge Funds Blamed As Greek Debt Deal Falters [6]

EU Threatens Hungary Over Refusal To Implement Austerity Policies [7]

Further Debt, Dimming Prospects [8]