It's an open secret that the world's luxury property boom is being driven by crooked rich people in the former Soviet Union, Asia, and Sub-Saharan Africa who have looted their homelands and want to stash the money out of reach of any new dictators who might come along and change which oligarchs are favored and which are not. Read the rest
Five years ago, a fisherman in Deyang, China, buried his entire life savings. The amount he buried totaled about US$5,500. When Wu Chen, 67, and his family recently dug it up, they discovered that the plastic bag the bills were in had deteriorated. Worms and insects had eaten through much of his cash.
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1. Risk Diversification: Question: Suppose you have some money. Is it safer to put your money into one business or investment, or to put your money into multiple businesses or investments?
2. Inflation: Question: Suppose over the next 10 years the prices of the things you buy double. If your income ALSO doubles, will you be able to buy less than you can buy today, the same as you can buy today, OR more than you can buy today?
3. Numeracy and Comparison (Debt): Question: Suppose you need to borrow $100. Which is the lower amount to pay back: $105 or $100 plus three percent?
4. Interest Compounding (Saving): Question: Suppose you put money in the bank for two years and the bank agrees to add 15 percent per year to your account. Will the bank add MORE money to your account the second year than it did the first year, or will it add the same amount of money both years?
5. Interest Compounding (Saving and Numeracy): Question: Suppose you had $100 in a savings account and the bank adds 10 percent per year to the account. How much money would you have in the account after five years if you did not remove any money from the account?
An 85-year-old woman in Vienna shredded more than $1 million in cash before dying just to zing her relatives. Amazingly, the National Bank of Austria (OeNB) will replace all the cash.
"If the heirs can only find shreds of money and if the origin of the money is assured, then of course it can all be replaced," said Friedrich Hammerschmidt, deputy head of the OeNB. "If we didn't pay out the money then we would be punishing the wrong people."
It appears that someone put decals on this $10 bill to pass it off as a $50. I'm sure most marks wouldn't notice that Hamilton's face is on the bill when it should be Grant, especially in another country where the currency is less familiar. Read the rest
A yet-to-be-determined woman will replace Alexander Hamilton's mug on the US $10 bill, according to Treasury Secretary Jack Lew. Read the rest
Watch those fingers go!
Below, a classic video showing more cash counting techniques from around the world:
Robert Wechsler makes sculptures by notching and connecting coins to one another to great effect, thanks to the familiarity of the materials and the seeming impossibility of their arrangement. Read the rest
Barbara Bernát designed a series of fanciful Hungarian euro notes for her MA project at the University of West Hungary. Read the rest
Spurred by her own financial hardship experiences, photographer Brittany Powell embarked on "The Debt Project," a series of formal photo portraits of myriad Americans in debt accompanied by their handwritten debt stories and, eventually, audio interviews. Powell is hoping to complete the project with funding from a Kickstarter campaign. Read the rest
Paula writes, "TheSpace is the largest fund currently dedicated to commissioning and exhibiting digital art. This latest funding call is dedicated to work that considers or responds to the affordances of mobile networked devices - whether that is a phone, wearable, tablet or..." Read the rest
Nicholas writes, "Hacker School is a three-month, free-for-everyone programming retreat for experienced and new programmers alike, now offering need-based living expense grants to women, black people, Latino/as, and people from many other groups traditionally underrepresented in programming. Read the rest