Economics and Investing:

Items from Mr. Econocobas:

Larry Summers Launches The War On Paper Money: “It’s Time To Kill The $100 Bill” – This is going to keep being in the public sphere, because I believe it gets us used to the idea. With NIRP banning cash is almost a necessity even though it is not without many consequences.

Here’s Why (And How) The Government Will ‘Borrow’ Your Retirement Savings – This is not a new idea even for the U.S., but it is a Rubicon to still be crossed.

The Return Of Crisis – From Chris Martenson at Peak Prosperity, as always very detailed..

Items from Professor Preponomics:

US News

How to Reverse the Innovation Slow Down (Mises) Economies are “lumpy things”. Well said! Read on… Excerpt: “Economies aren’t smooth machines; they’re lumpy things, influenced by particular individuals with particular motivations and desires using particular resources.”

President Obama’s FY2017 Budget (Downsizing the Federal Government) Excerpt: “If you stacked $24 trillion in $100 bills in a pile, it would stretch 16,000 miles high, or about the height of 150,000 Washington Monuments. Government debt—driven by deficit spending—is by far Washington’s largest monument.”

US Blows $5.7B on Cyber Defense System That Doesn’t Work(Judicial Watch) Excerpt: “Reckless government spending is at full throttle with the example du jour a $5.7 billion cyber defense system created to protect computers at federal agencies against hackers. Despite its mind-boggling price tag the system is seriously flawed and uses features already available in much cheaper commercial-grade products, according to a federal probe made public recently.” …and the US Debt Clock keeps on ticking.

Rank Hipocrisy by Medicare and Medicaid (Government Waste Fraud and Abuse) Excerpt: “There is an appalling amount of brazen, easily detectable fraud, like “doctors” registering restaurants, convenience stores and airports as the sites of their medical clinics. But the real money is in accounting gray areas that are ruthlessly exploited by many big-name providers. And real money it is: roughly $60 billion a year, or $114,000 for every minute of every day of the entire year.”

International News

China’s Options to Try to Dodge a Currency Crisis (CNN Money) Excerpt: “The big fear is a sharp devaluation of the yuan that “could trigger significant financial market volatility, generating shock waves that would affect the wider global economy,” said Andrew Colquhoun, a senior director in Asia for the ratings agency Fitch. Chinese officials say they don’t plan to let that happen. Here are some of the options they have at their disposal to try to avoid such a crisis, although none of them are the silver bullet….” The Wall Street Journal has also posted this article: China Loses Control of the Economic Story Line Note: The Wall Street Journal requires sign-in and/or subscription for access to some of its content.

German “Bail-In” Plan for Government Bonds Risks Blowing Up the Euro (The Telegraph) Excerpt: “A new German plan to impose “haircuts” on holders of eurozone sovereign debt risks igniting an unstoppable European bond crisis and could force Italy and Spain to restore their own currencies….”

Is Venezuela Trying to Hide Oil Assets with this Bizarre Move? (OilPrice) This may also be a presidential pay-off in exchange for military support given the magnitude of the crisis in Venezuela. Excerpt: “Whatever the reason, this is a major red flag over the future of Venezuela’s resource sector. The military aren’t experts in oil or mining — and the move is likely to mean more bureaucracy, inefficiency, and squandered opportunities in Venezuela’s already-embattled industry.”

Personal Economics and Household Finance

SurvivalBlog’s Quick-Start Guide for Preparedness Newbies (SurvivalBlog) An important and frequent focus of the Personal Economics and Household Finance section of the SurvivalBlog is support for the development of individuals and families new to preparedness living. Most often we link to resources from other preparedness bloggers, news media coverage, and law enforcement press releases covering topics of interest. In today’s link, I’m encouraging readers to visit (or re-visit) JWR’s Quick Start Guide. If you’re new to preparedness, this is a well developed check-list. If you’re an experienced prepper, this is a most excellent review.

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