Campaign to Debase U.S. Coins Alive and Well in Obama Budget

U.S. President Barack Obama’s recently submitted budget proposal for 2015 revisits against U.S. coinage, its composition and cost. The President has shown an interest in updating and streamlining U.S. currency by cutting costs to production or eliminating altogether the smallest denominations since at least 2010, “in order to efficiently promote commerce in the 21st Century.” Both pennies and nickels cost some twice their face value to produce, despite the fact that the amount of copper and nickel contained within has been dramatically reduced. Canada is now a year into the apparently seamless and successful elimination of its penny coin. But the real significance of debasing or eliminating coins is an implicit acknowledgement that the dollar continues to fall in value, as do all fiat currencies in the world, and that no one has any intention of restoring that lost value.

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Yellen Ain’t Yellin’ Whole Truth on Interest Rates

Janet Yellen, soon to be the head of the privately-owned Federal Reserve Bank (Fed), isn't revealing much on the truth about interest rates. But there was a thread to pull on.

This piece unravels multiple deceptions.

If you agree this information is stunning, and quite different than what is read commonly in the media, please share it with those you care for, and sign up for our weekly letter.

From Janet Yellen’s April 4 speech, 2013:

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Can Bitcoin Deemed ‘Real Money’ Offer Alternative to Fiat Currency?

A federal judge ruled this week that Bitcoins, a “digital crypto currency” that has been touted as a potential free market alternative to traditional, government-controlled currencies, is legally money.

The ruling came up in a U.S. Securities and Exchange Commission lawsuit against Texan Trendan Shavers, who is charged with committing fraud in a Bitcoin Ponzi scheme worth millions of dollars, according to an NBC News report. Shavers attempted to counter the SEC charges by claiming that Bitcoins are not money, therefore shares of his company, Bitcoin Savings & Trust (BTCST), are not securities, and therefore the SEC has no jurisdiction. The U.S. District judge put the kibosh on Shavers’ argument, stating:

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Repo Fails Force Taper

After we feature: Povery Repledged, Reused and Rehypothecated, Bloomberg touches on failures to deliver collateral in this short video

Dearth of Good Money Assets Signal End Is Near

The European Commission, a group self-tasked with herding cats, has proclaimed the end of “austerity” in the Eurozone for governments, granted citizens will surely continue to feel quite austere. But what does this mean for Europeans and their economy moving forward?

Before we dive into it, we would add that absolutely no austerity was obtained in any EZ national budget, except perhaps where it was forced by plummeting tax receipts as a result of all-out economic collapse (Greece). See: What Austerity Measures?

Here were the Commission’s proclamations on deficits:

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Miners High-Risk Despite Modern Gold Rush

Just east of Sacramento and right on the edge of the Sierra Nevada mountains lies a seemingly bucolic area that was, in the 1840s, the hub of the California Gold Rush. Today, more than 150 years later, this same region is beginning to experience a mining renaissance. Is it possible that California will experience a second Gold Rush and the economic boom period that accompanied it? Not likely, but there is enough renewed enthusiasm for mining in the state that miners are willing to take on even California’s notoriously onerous environmental hurdles in order to gain access to the “gold in them thar hills.”

In a recent news report for All Things Considered, NPR reporter Lauren Sommer visited the Lincoln Project Mine in Sutter Creek, California, where she saw first-hand the rebirth of mining in the “Mother Lode.” The Lincoln Project Mine is just one of several mines that mining companies either have opened or plan to open in the next few years. If you are wondering why these abandoned mines are re-opening after decades of disuse, the answer is simple: the steadily climbing price of gold.

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Switzerland to Vote on Swiss Gold Repatriation

The trend of national repatriation of foreign-held gold reserves continues to accelerate. The latest and greatest is an initiative before Swiss voters to transfer the nation’s gold from storage beneath the streets of New York City back to Swiss shores. If approved by voters, the Swiss move is likely to impact the amount of gold available as security for transactions, the available supply of investment-grade gold and, ultimately, the price of gold against the dollar.

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Food Fraud Conceals Rising Price Inflation

If inflation is not the first topic that comes to mind when you read about food fraud, you are not alone. There is no immediate, intuitive connection between recent sensational headlines about horsemeat being found in so-called beef lasagnas and the concept of price inflation.

But in fact, it is price inflation that is causing food fraud. Everyone has experienced shrinking package sizes where price is maintained (quantitative easing), offsetting higher input costs.

However as per this recent Zerohedge article, quality and ingredient substitutions are now the rage:

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Dictatorship of the Dollar Product of Past

America.

When the word is spoken, the United States of America comes to mind. Yet America titles an entire hemisphere, divided into both north and south, which is promptly forgotten by the legacy media. Not only are the lesser-debt-riddled western countries richer, they are many times more exciting. Then outgoing Chinese president Hu Jintao originally called “the present U.S. dollar-dominated currency system a product of the past,”and the “dictatorship” of the dollar swipe came from Venezuela’s Hugo Chavez.

Despite varying cultures and geographic locations, nations of all stripes are encouraging one another to move away from trade in dollars. Southern American nations in particular, just like families globally, have sought independence from the silent tax of the ubiquitous dollar, a tax which is currently set to increase alongside the rate of increasing supply.

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Food Price Inflation May Be Gold Rush Trigger

If there is one economic indicator that almost anyone can relate to, it is the price of food, and for the past several years food prices have been going up year over year.

In 2008, food prices globally rose to unprecedented levels. While there was a marked drop in the next year, prices spiked again in mid-2011, exceeding 2008 levels and remaining relatively high through the rest of year and all of 2012. Many factors influence food price volatility, including agriculture and energy policy, commodity prices and market speculation, extreme weather events, rising global demand, and falling surplus stocks.

One reason for the sustained price increases is the pervasive drought that has plagued the U.S. since 2010 and that has by now affected more than 65% of the country. The ramifications of these drought conditions are profound.

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