Wonder how the economy actually works? This nice is a nice nuts-and-bolts explanation, if you’ve got a half hour to spare. Who watches anything on YouTube for a half hour, sheesh! Well, in this case, do it: How The Economic Machine Works, by Ray Dalio. More here.
Over in North Dakota, the state-run bank has been an oddball, yet very successful, model of 1910s socialism. It’s the only state-run bank…well, although it looks like it’s getting a sibling in Vermont.
Banks do business by storing some peoples’ money, and lending it out to others, charging interest on the loan. Part of the 2008 economic meltdown was due to banks taking far too risky investments, losing not only the principal but harming their ability to pay interest to those whose money they were lending out. Lending stopped, borrowing stopped, savings were depleted, and everything went to hell for a time. That is, until the Federal government stepped in to bail out the messed-up banks.
The hope is that a state-owned bank, taking a more credit-uniony stance, will run its lending policies in the interest of building value, not simply turning a quick buck. The Bank of North Dakota does an enormous amount of business investment, handles college savings accounts for North Dakota children, and is more directly involved in the financial building of the State’s economy than some financial advisory board. As the Vermont study points out, states already do a lot of lending and financial investment without the benefit of acting in a bankly manner. Actually crossing that line into hanging a big “BANK” sign on the capital building makes one side worry about financial abuse, the other side cringe away from the evils of Socialism, but calling a bank a bank and doing business accordingly is the smartest step for a state that wants to control its own financial wellbeing.
Good luck, Vermont: the Bank of North Dakota turns a hundred years old in 2019; hopefully you’ll overcome any shortsighted opposition and come into being before then.
How many ways? If you want change for a hundred dollar bill, there are over nine trillion ways to do it. Just make sure to use the counterfeit pen on it first, otherwise the shift manager will write you up.
A group of…somebody? has decided to create the cryptocurrency Auroracoin and give some to everyone in Iceland out of the goodness of their hearts. It’s 50% pre-mined, and no exchanges are trading it at the moment, but it’s got a lot of “good” press at the moment. If you’d like to start mining it, to be ahead of the curve, pools are just starting to accept connections.
There’s lots of videos on YouTube of people making rings out of silver coins – here’s a particularly mesmerizing one of a Kennedy Half becoming jewelry.
We get fancy-colored, big-headed presidents on the $20 and $10, but what about lowly George on his dollar? Here’s why the dollar bill hasn’t changed in over eighty years.
A college student has been arrested for counterfeiting, after being caught with $13,000 in fake $100 bills. They were verified as counterfeit because each was signed by “Moe Money”, the “Proprietor of Counterfeiting”.
Writer Mayke Blok has a ten yuan banknote that he can’t spend. There’s an anti-Chinese government text stamped on it, making it poison to carry around with you.
This might look like a cardboard box full of thousands of dollars in cash, but it’s actually a work of art worth thousands of dollars. Fooled you! The artist’s website, more by him.