Economics and Investing:

SILVER OUTBREAK: Investment Demand Will Totally Overwhelm The Market

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North Milwaukee State Bank is closed, taken over by a North Carolina bank. – Sent in by G.G.

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Items from Professor Preponomics:

US News

The Incredible Story of How Hackers Stole $100M from the New York Fed (Zero Hedge) Excerpt: “…everything from casinos, to money laundering and ultimately a scheme to steal $1 billion from the Bangladeshi central bank.” Warning: Commentary following the article may include bad language and/or inappropriate avatar images.

$1B Plot to Rob Fed Accounts Leads to Manilla Casinos (Bloomberg) Excerpt: “…just some of the intriguing elements in a murky story shaping up to be one of the biggest documented cases of potential money laundering in the Philippines.”

How a Hacker’s Typo Helped Stop a Billion Dollar Bank Heist (Reuters) Spoiler Alert: It was a spelling error! But… Excerpt: “Unknown hackers still managed to get away with about $80 million, one of the largest known bank thefts in history.”

International News

China’s Communist Party is Looking for Answers in Reaganomics (Time) Excerpt: “The quality of assets held by banks is worse than it looks, analysts have said. To avoid stumping up capital and to protect their balance sheets, some banks have under-reported bad loans and under-recognized overdue debt.”

China’s Monumental Ponzi: Here’s How It Unravels (Contra Corner) Excerpt: “An entire nation of 1.3 billion has gone mad building, borrowing, speculating, scheming, cheating, lying and stealing. The source of this demented outbreak is not a flaw in Chinese culture or character—nor even the kind of raw greed and gluttony that afflicts all peoples in the late stages of a financial bubble. Instead, the cause is monetary madness….”

Are You Kidding Me? Chinese Exports Plunge 25.4% Compared to Last Year (The Economic Collapse Blog) Excerpt: “China accounts for more global trade than any other nation (including the United States), and so this is a major red flag.”

Personal Economics and Household Finance

Hackers May Have Access to Your Netflix Account, and Even Worse, Your Bank Account (Clark Howard) Excerpt: “Here’s how it works: by using fake websites and email scams, criminals are tricking users into entering their account information, including their username/email address, password and more.”

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