Peter Schiff lays an iPod-sized bar valued at about $40,000 on the sun room floor of his Connecticut mansion, and calculates it would cost about $250,000 for each floor tile to pave the room with gold.
Bank of America Corp., sued by U.S. attorneys in August over an $850 million mortgage bond, faces three more Justice Department civil probes over mortgage-backed securities, according to two people with direct knowledge of the situation.
The Federal Reserve terminated an enforcement action against Bank of New York Mellon Corp. enacted last year after the world’s largest custody bank misstated collateral pledged to a government lending program.
From the moment it was introduced in Congress in 1866, the 14th Amendment has inspired intense political and judicial controversy. Most has centered on the first section, which declares that any person born in the U.S. is a citizen and prohibits states from depriving such citizens of life, liberty, property or the equal protection of the laws. The second and third sections -- a complicated formula related to determining states’ representation in Congress, and political disabilities imposed on former leaders of the Confederacy -- have fallen into abeyance.
The busiest subway stop in downtown Washington was until recently festooned with green banners and billboards warning of a terrible danger. One of America’s great national symbols is under attack: the dollar bill.
In 16th-century England, Thomas Gresham formulated what is now known as Gresham’s law, which stipulates that bad money drives out good. Paper money tends to circulate more freely than silver, and silver more freely than gold, because people hoard whatever type of money is seen as best. It’s why we spend those torn dollar bills first.
We’ve all grown so accustomed to using little round pieces of metal to buy things, it’s easy to forget that coins arrived quite late in the history of the world. For more than 2,000 years, states ran complex economies and international-trading networks without a coin to hand.
China Investment Corp. Vice Chairman Gao Xiqing said that central banks’ quantitative easing policies are hurting the value of money just one day after the Federal Reserve maintained plans to buy $600 billion of Treasuries.