Economics and Investing:

12 frugal lessons from the Great Depression

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Goldman-Sachs fined $5 billion. But, since they took $10 billion in bailout money from tax payer dollars, they still profited $5 billion plus what they initially stole prior to the crash. – DMS

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Items from Professor Preponomics:

US News

What Harry Potter Can Teach the Federal Reserve (Mises) Excerpt: “Given the monetary dark arts being practiced around the world, I would much prefer my money in the hands of a Gringotts goblin, than at the mercy of our Federal Reserve Chairman Who-Must-Not-Be-Named. “

US Readies Bank Rule on Shell Companies Amid “Panama Papers” Fury (Reuters) Excerpt: “The U.S. Treasury Department intends to soon issue a long-delayed rule forcing banks to seek the identities of people behind shell-company account holders….”

International News

The Panama Papers: 7 Things to Know (CNN) What are they? Why are they called the Panama Papers? Who is mentioned in the documents? How have the accused responded to the Panama Papers? What is Mossack Fonseca saying? How did ICIJ get the documents? What are the consequences of this leak?

Relatives of China’s Top Leaders are Identified in Panama Papers (New York Times) Excerpt: “Chinese government censors have moved aggressively since the first release of leaked documents on Sunday to purge any media’s mention of them in China, going so far as to block Internet searches and online discussions that involve the words “Panama Papers.”

Panama Papers: Iceland PM Sigmundur Gunnlaugsson Steps Down (BBC) Excerpt: “The leaks, from Panama-based law firm Mossack Fonseca, showed Sigmundur Gunnlaugsson owned an offshore company with his wife but had not declared it when he entered parliament.”

Personal Economics and Household Finance

That Time We Bought a Homestead (Frugalwoods) Excerpt: “In our opinion, the culturally dominant idea of continually upgrading our home, car, possessions–in other words, hopping on the carousel of lifestyle inflation–was an empty, meaningless way to spend our existence. Propelled by the desire to truly live, instead of merely survive, we charted a path to financial independence….”

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