Zimbabwe introduces $50 billion note

According to CNN “Zimbabwe’s central bank will introduce a $50 billion note — enough to buy just two loaves of bread — as a way of fighting cash shortages amid spiraling inflation.” Inflation in Zimbabwe is officially running at 231,000,000%.  That’s not a typo, it’s 231 million%! Unfortunately, they got into this doing the same […]

Free Money – from helicopters, not trees

Helicopter Ben Bernanke is keeping his word that he’d “drop money from helicopters if necessary”.  And that’s not a good thing. The Fed today dropped the Fed funds rate to a target “between 0% and .25%” – in effect, they’re giving away free money.  A bank can take a 30 day loan and pay ZERO […]

Inflation? You aint seen nothing yet!

I ran across this in today’s Daily Reckoning.  It’s a snip from Bill Bonner’s article titled The Fall of Wall Street: Innocent Frauds and Armed Robberies It’s good stuff!  Please take a minute to read it because it explains a lot in just a few paragraphs. gk From the day of its founding in 1913, […]

IndyMac is gone

The Office of Thrift Supervision shuts down mortgage lender IndyMac and transfers the operations to the Federal Deposit Insurance Corporation. That’s the headline from a CNN story dated 7:30pm today.  The story goes on to say “This institution failed today due to a liquidity crisis,” OTS Director John Reich said. I just posted an article […]