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From NPR’s Planet Money:
«Politicians in Washington hardly let a few minutes go by without mentioning how broke the government is. So, it’s a little surprising that they’ve created a stash of more than $1 billion that almost no one wants.
Unused dollar coins have been quietly piling up in Federal Reserve vaults in breathtaking numbers, thanks to a government program that has required their production since 2007.
And even though the neglected mountain of money recently grew past the $1 billion mark, the U.S. Mint will keep making more and more of the coins under a congressional mandate.»
What Can I Say, Ferguson’s Work Is Pretty Addictive! British History Is Essential To Understand The Spread Of Capitalism.
«Niall Ferguson takes us on a fascinating journey in both time and space to explore the impact of the British empire on the modern world. From the earliest British settlers in Virginia to the decline of the empire in the aftermath of the two World Wars, positive and negative aspects of the empire are illustrated through key events and players.»
Several Sources Claim That The Intervention In Libya Is Really About Blocking Muammar Gaddafi’s Plan To Implement The Gold Dinar.
«Some believe it is about protecting civilians, others say it is about oil, but some are convinced intervention in Libya is all about Gaddafi’s plan to introduce the gold dinar, a single African currency made from gold, a true sharing of the wealth.
It’s one of these things that you have to plan almost in secret, because as soon as you say you’re going to change over from the dollar to something else, you’re going to be targeted, says Ministry of Peace founder Dr James Thring. There were two conferences on this, in 1986 and 2000, organized by Gaddafi. Everybody was interested, most countries in Africa were keen.»
Key Data For The Week Ahead:
Monday: Personal Income And Outlays For May.
Tuesday: Case-Shiller House Prices For April.
Wednesday: Pending Home Sales Index for May.
Thursday: The Initial Weekly Unemployment Claims Report, Chicago Purchasing Managers Index for June.
Friday: ISM Manufacturing Index, Auto Sales.
The Rest Of The Busy Economic Schedule For Week Of June 26th.
Bill Taylor Suggests That There Is More To Long-Term Performance Than The Excellence Of Individual Players. Look To Sports – Or Wall Street:
«After examining the careers of more than 1,000 star analysts at Wall Street investment banks, and conducting more than two hundred frank interviews, Groysberg comes to a striking conclusion: star analysts who change firms suffer an immediate and lasting decline in performance. Their earlier excellence appears to have depended heavily on their former firms’ general and proprietary resources, organizational cultures, networks, and colleagues. There are a few exceptions, such as stars that move with their teams and stars that switch to better firms. Female stars also perform better after changing jobs than their male counterparts do. But most stars who switch firms turn out to be meteors, quickly losing luster in their new settings.»
Source: Groysberg, Boris (2010). Chasing Stars: The Myth of Talent and the Portability of Performance. Princeton University Press [via Bill Taylor, Great People Are Overrated]
«Since the Great Depression, presidents have frequently experimented with Keynesian economics to combat recessions. Three economists chronicle the history of government policy during past recessions and explain what worked and what didn’t.»
Transfer To The New York Times Interactive Feature.
A task force of public health experts analyzed privatization of alcohol sales in 7 states, 2 European countries, and 2 Canadian provinces. Their report found that privatization efforts increase alcohol consumption by an average of 48 percent. The executive director of the Keystone Research Center and MIT-trained economist, Stephen Herzenberg, wrote a policy brief:
On the other hand:
«A 2009 study by the Commonwealth Foundation, a Harrisburg, Pa. think tank, which examined the effects of deregulation in Iowa and West Virginia, found that per capita alcohol consumption decreased by as much as 5.9 percent. One explanation cited by the study’s authors, John Pulito and Antony Davies of Duquesne University, was that with more convenient hours and less restrictive purchasing guidelines, consumers bought less alcohol per trip.»
Vote And Read Details On The Findings Here.
The Key Economic Events Of The Week:
Tuesday: Existing Home Sales, And The Fed’s FOMC Hosts A 2 Day Meeting.
Wednesday: Ben Bernanke Holds A Press Conference Following The FOMC Announcement.
Thursday: New Home Sales.
Friday: Durable Goods, And The Final Estimate For Q1 GDP.