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Every year around this time the US federal government releases an annual financial report to the public. It would be hilarious if the numbers weren’t actually true. Just like Apple or Exxon, the government’s annual report contains several important financial statements and detailed commentary about their finances and operations. But unlike Apple, Exxon,
On April 12, 2009, the government of Zimbabwe officially abandoned its currency. You probably remember the stories; starting in the early 2000s, the Zimbabwe central bank began printing massive quantities of money in order for the government to make ends meet. This resulted in one of the worst episodes of hyperinflation in modern
In the year 440 BC, more than two decades into the reign of Pericles, an audit of treasury in Athens showed a massive surplus of more than 9700 “talents”. A talent was a common unit of measurement in the ancient world, especially for gold and silver. And, based on today’s precious metals prices
The numbers are pretty startling. Nearly 7 in 10 Americans have less than $1,000 in savings. 1 out of every 3 Americans has nothing set aside for retirement. And, according to Federal Reserve data, the median working-age couple has saved just $5,000 for retirement. How is this even possible? How could it be
Most of the world is in an uproar right now over the travel ban that Donald Trump hastily imposed late last week on citizens of seven predominantly Muslim countries. But there was another ban that was quietly proposed last week, and this one has far wider implications: a ban on cash. The European
In the mid-1800s at a time when the United Kingdom was still the dominant superpower in the world, an English scientist named Francis Galton wrote a series of papers arguing for the selective breeding of human beings. Galton’s ideas became known as eugenics. The concept was that genius and talent were hereditary traits
[Editor’s note: Tim Price, London-based wealth manager and co-manager of the VT Price Value Portfolio, is filling in for Simon today.] Here’s some food for thought. There’s been so much discussion over the past few years, and 2016 in particular, about the roaring US economy and stellar performance of US companies. As an
Not too long ago my step-dad had to spend a few days in intensive care. Pretty scary stuff. He had just about every nasty symptom imaginable, from constant vomiting to dizziness to ultra-high fever, but the doctors couldn’t figure out why. Fortunately his condition improved enough that he was released from the hospital,
The state of Michigan is not exactly known for its balmy weather this time of year. And residents reasonably do what they have to do to cope with often extreme winter temperatures. Last Thursday a man named Taylor Trupiano of Roseville, Michigan did what a lot of people do in cold climates. He
Yesterday on the drive back to Santiago from one of our blueberry farms, I stopped to visit some friends who lived in the area. About a year ago they bought some land in Chile’s incredibly fertile 7th region, which boasts a rare Mediterranean climate. It never gets too hot, and it never gets
I remember the first time I ever saw a $100 bill. It was back in the early 80s, I must have only been 5 or 6 years old. My parents took my sister and I to a fancy restaurant, and I distinctly remember a man dressed in a dark business suit a few
Steve Kroft has a problem with second passports. Specifically, the reporter and his team of producers slammed “Citizenship By Investment” programs in an editorial piece that aired on 60 Minutes this past Sunday night. As we’ve discussed before, many countries around the world, including Malta, Dominica, St. Kitts, and Antigua, have Citizenship By
According to the latest statement issued yesterday afternoon by the Department of Treasury, the US national debt has reached $19,976,826,951,047.80. That’s $19.976 trillion, as of the close of business on Friday December 30, 2016. (The government is typically a day or two behind when it sends out these reports.) That number itself is
It’s amazing what can happen in a week. Before this publication went on hiatus last week, one of the last letters I wrote to you in 2016 was about the National Defense Authorization Act and its treasure trove of freedom-killing provisions. Section 1287, for example, creates a new agency called the “Global Engagement
In the late 1400s, the city-states of Italy were among most dominant powers in the world. Most of the city-states had abandoned the feudal system that persisted across Europe. So Italy was one of the only places on the continent where anyone, including foreigners, could work hard, take risks, and become wealthy. People
