Continuing Gold Coin Shortage

Production of United States Mint American Eagle Gold Coins has been suspended because of unprecedented demand. Currently, all available 22-karat gold blanks are being allocated to the American Eagle Gold Bullion Coin Program, as the United States Mint is required by Public Law 99-185 to produce [...]

Legal Tender?

Many people believe that any United States currency is legal tender for all debts. As we have moved headlong into a cashless economy, many businesses and some governmental agencies have adopted policies declaring that they will no longer accept cash as a payment. They will only accept checks, money [...]

IN GOD WE TRUST – History Of The Coins Motto

The motto IN GOD WE TRUST was placed on United States coins largely because of the carnage experienced during the Civil War. They say there are no atheists in a foxhole and certainly faith in God was at a premium following this conflict. Secretary of the Treasury Salmon P. Chase received countless [...]


Prior to 1980, home mortgages were easy to understand. Banks made mortgage loans on local property to people they knew and held them until they were repaid. Bank deposits provided the money. This resulted in a local mortgage market funded by local deposits. The bank issuing the mortgage was the [...]

Does the Fed buy or own Municipal Bonds?

Here’s the official line from the Federal Reserve, and I’ll quote it: “The Federal Reserve does not buy or sell gold.” That’s technically true, I guess. The Federal Reserve system may not buy anything, but the Federal Reserve Bank of New York surely buys and sells [...]

Whom do the underwriters sell the bonds to?

To institutional investors. In this case, the banks themselves. The Federal Reserve. If an underwriter has a project that no one wants to buy and that everyone figures is a failure, that bond’s value is going to erode. There’s a danger that it’s going to default, and institutions [...]


There has been a lot of chatter about accountability in the wake of the financial crisis. President Obama signed the Fraud Enforcement and Recovery Act in May of 2009, which created the Financial Crisis Inquiry Commission to “examine the causes, domestic and global, of the current financial [...]
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