Economics and Investing:

Senators Enzi & McCain Reintroduce The Coins Act

JWR’s Comment: After years of inaction—and more than seven years after I first warned SurvivalBlog readers—it looks like the composition of the Nickel coin will be changed. (For all except during World War II, the five cent piece has been 75% copper and 25% nickel.) This next few months will probably be your last chance to get the current composition nickels in bulk quantities at face value. One of three things is bound to happen: A.) The nickel’s composition will change, B.) The nickel will be dropped from circulation, or C.) Least likely, a zero will be knocked off the dollar, returning the penny and nickel to usefulness. But regardless of what happens, those holding large quantities of nickels will be the winners, and the “generally dumb public” (GDP) will be the losers. Special thanks to Reader Chris P. for alerting us to this news.

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IRS Wastes 22% Of Its Budget ($2.76 Billion) On Information Technology.

HJL’s Comment: The IRS spent nearly eight times as much on each individual employee as does private industry, and we still hear reports that the IRS uses outdated and vulnerable computers for sensitive work. Why do people still believe that the government can run anything better than private industry?

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The war on cash continues: Banks Secretly Report All Cash Transactions to the Police Excerpt: “… New Zealand banks are being ordered to provide police with customer details on each and EVERY cash transaction over $10,000…” – DSV

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Following Shale Oil is certainly a rollercoaster ride: MEDIA DELUDES AMERICANS: Shale Oil Production Suffers Massive Decline Rates

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