America’s banks are missing hundreds of billions of dollars

It is easy to understand how money gets destroyed in a traditional bank run. Picture the men in top hats yelling at clerks in “Mary Poppins”. The crowds want their cash and bank tellers are trying to provide it. But when customers flee, staff cannot satisfy all comers before the institution topples. The remaining debts […]

Yes, Twelve Dollars Is a Good Price for Two Batteries–Under the…

After looking around a bit, I asked the cashier at a nearby convenience store if he had any nine-volt batteries because I didn’t see any on the shelf. To my good fortune, he did. I asked for two of them and pulled a $5 bill out of my wallet as he rang them up. “$12,” […]