I'm nuts about money - or how about this - I'm nuts about currency. I like money as everyone does, and as a capitalist and serial entrepreneur I strive daily to increase growth, my human network and profits, but it's good to know the cold hard facts behind a buck, and what it entails....

How many tonnes of ink does the US Bureau of Engraving use per day?
What are US paper bills made of?
What was the largest bill ever printed worth?
What's the prison sentence for counterfeiting currency?




Mining.com:

If you haven't had enough, here are some more facts:

- U.S. produces 26 million notes a day with a face value of around $907 million.
- Federal Reserve notes account for over 90% of U.S. currency.
- Federal Reserve: the central bank of the U.S. It was created to provide a safer, monetary system in 1913. Their duties include regulating banks and financial institutions, maintaining national financial security, provide services to U.S. government, and influencing money and credit conditions.
- It would take 14.5 million notes to make a mile high stack
- 1782 saw the introduction of the first dollar coin.
- A $100,000 gold certificate was the largest bill ever printed by the U.S.
- The Secret Service was created during the Civil War initially to combat counterfeiting.
- "In God We Trust" did not appear on paper currency until 1963
- The Bureau of Engraving and Printing uses approximately 9.7 tons of ink per day.
- A bill weighs one gram. 454 bills to a pound.
- The $100 bill is the largest produced currently.
- To produce a note of U.S. currency it costs 6.4 cents.
- The average note will require 4,000 double folds before it will tear.
- The average life spans of currency notes are as follows
- $100 – 7.5 years
- $50 – 4.5 years
- $20 – 2 years
- $10 – 18 months
- $5 – 16 months
- $1 – 21 months
- Currency made in any year will at least hold its face value.
- Oldest bills in circulation could be anywhere from 20 to 30 years on cash and 50 to 60 years on coin. However older currency very likely is out there.
- U.S. mint is responsible for producing coin and also military medals.
- Until 1804, no coin had their value on them. The size was the determination of the value.
- The first batch of coins was in March 1793 and included 11,178 copper cents.
- Abraham Lincoln was first on a regular coin in 1909.
- A coin's lifespan is thirty years.
- Nearly half of the bills produced are $1 and 95% of the bills produced are to replace circulated bills.
- A million dollars of $100 bills weighs around 22 pounds. $1 bills it is about a ton.
- A penny costs 1.23 cents to make and the nickel 5.73 cents.
- As of April 24, 2013, there was approximately $1.18 trillion in circulation and $1.14 trillion was in Federal Reserve notes.

Image compliments of MBA in Finance Degrees
Also credit to Mining.com - Article Link

Cold, hard facts about the US dollar. Chaganomics.com - monetary economics, monetary information, money supply, infographic, monetary infographic 

If anything, what does this tell you? I don't see another spike - or a higher spike. Let's suppose there will be a drop, and when I propose "drop" I mean a price drop to $5,00 an ounce for silver. Those were 2002 prices. Everyone should have bought silver and gold in 2002. 

- Chad Hagan @ Chaganomics.com

What is a Corporation Sole? This article pertains to business law, business economics and business structure.

You know my thoughts...These lessons should be taught in public schools! WP by Hervé Lebret.

Serial Entrepreneurs White Paper from chaganomics

Highlights of Colorado's new marijuana laws | Local News | The Seattle Times
Interesting stuff. I'd like to see how you can limit investors dollars, but all in all the proposals and statues seem manageable and well regulated. 
Colorado Marijuana Laws - Chaganomics.com 

Connect with Chad on Google+

Duchy of Lancaster Act 1920 from chaganomics

Here is the transcribed text - not too fun to read - but a great example of a corporation sole - and we'll be publishing a more in depth ebooklet on what a corporation sole is soon. This may help answer some questions about Parliaments recent inquiries into the Duchy of Cornwall. Prince Charles is just an office holder - a title holder - until it passes to the next holder. A corporation sole in a nutshell.

[ 10 &11 GEo. 5.] Duchy of Lancaster Act, 1920. [CH. 51.] vPP1.1,x FOR THE LIC SF- CHAPTER, 51. An Act to make provision with respect to the administra- A.D. 1920. tion of the estates of the Duchy of Lancaster, and with respect to the solicitor for the affairs of the said Duchy. [16th August 1920.] BE it enacted by the King's most Excellent Majesty, by and with the advice and consent of the Lords Spiritual and Temporal, and Commons, in this present Parliament assembled, and by the authority of the same, as follows : 1. Any funds for the time being belonging to the Duchy Extension of of Lancaster may, notwithstanding anything in the Duchy of powers rsof Lancaster (Lands) Act, 1855, whether in a state of investment of funds of or not, be invested in any of the investments specified in Duchy of paragraph (a) of section one of the Trustee Act, 1893, and. any Lancaster. 'enactment amending or extending that Paragraph and an. 18 & 19 Vlct. Y 0.58. investments made in pursuance of this section shall be made ss & 57 Viet. in the names of at least three persons to be nominated by the c. 53. chancellor and council of the said Duchy upon such trusts and in such manner as may be directed by the said chancellor and council. 2.--(1) The chancellor and council. of the Duchy of Lan- Mining caster shall, notwithstanding anything in the Crown Lands Act, leases. 1702, or in any other enactment, have power to grant mining 1 Anne, c. 1. leases for a terni of years not exceeding ninety-nine years. (2) The powers conferred by this section shall be in addition to and not in derogation of any other powers of the said chancellor and council. (3) In this section the expression " mining lease " means a lease for any purpose connected with mining, and includes a grant or licence for any such mining purpose. 3<(1) The person for the time being holding the office of provisions as solicitor for the affairs of the Duchy of Lancaster (in this Act to the Duchy referred to as " the Duchy solicitor ") shall be a corporation solicitor. sole by the name of " The solicitor for the affairs of the Duchy of Lancaster," and by that name shall have perpetual succession 1
[CH. 51.] Duchy of Lancaster Act, 1920. [10 & 11 GEO. 5.] A.D. 1920. with a capacity to acquire and hold in that name real and personal property of every description, to execute deeds, using an official seal, to enter into engagements binding on himself and his successors in office, and to do all other acts necessary or expedient to be done in the execution of the duties of his office. (2) Any document purporting to be sealed with the said official seal shall be receivable in evidence of the particulars stated in that document. - (3) Where, by reason of His Majesty having become entitled in right of the Duchy of Lancaster to the personal estate of an intestate or otherwise, any court has power to grant adminis- tration of the personal estate of any deceased person to a nominee of His Majesty, sections two, six and seven of the 39 & 40 vict. Treasury Solicitor Act, 1876, shall apply as if herein re-enacted e' 18. and in terms made applicable to this Act, and to the Duchy solicitor, and to property to which His Majesty is entitled in right of the Duchy of Lancaster. (4) An assistant solicitor for the affairs of the Duchy of Lancaster may, on behalf of the Duchy solicitor, do all such things as an assistant solicitor for the affairs of His Majesty's Treasury is authorised by section three of the Act aforesaid to do on behalf of the Treasury solicitor, and that section, with the necessary adaptations, shall apply accordingly. Short title, 4.-(1) This Act may be cited as the Duchy of Lancaster construction, Act, 1920, and shall be construed as one with the Duchy of and repeals. Lancaster Lands Act, 1855. (2) The enactments specified in the Schedule to this Act are hereby repealed to the extent mentioned in the third column of that Schedule. 2
[10 & 11 GEO. 5.] Duchy of Lancaster Act , 1924). [CH. 51.] SCHEDULE. A.D. 1920. Section 4. ENACTMENTS REPEALED. Session and Chapter, 15 & 16 Viet. c. 3. 39 & 40 Viet. c. 18. Title. An Act to provide for the ad- ministration of the personal estate of intestates and others,to which Her Majesty may he entitled in right of Her prerogative or in right of Her Duchy of Lancaster. The Treasury Solicitor Act, 1876. Extent of Repeal. So much of the Act as is re-enacted by proviso(1) to section nine of the Treasury Solicitor Act, 1876. Proviso (1) of section nine. Printed by EYRE and SPOTTISWOODE, LTD., FOR WILLIAM RICHARD CODLING, Esq., C.B.E., M.V.O., the King's Printer of Acts of Parliament.
House of Windsor, Prince Charles of Wales. 

Monday, July 01, 2013 12:46 PM GMT

"PARIS (AP) — French President Francois Hollande is demanding that the United States immediately stop its alleged eavesdropping of the European Union.

According to weekend reports, U.S. intelligence agencies have bugged EU offices in three cities.

Hollande said on Monday during a trip to western France that "We cannot accept this kind of behavior."

He says, "We demand that this cease immediately." He asked for an immediate explanation.

U.S. Secretary of State John Kerry says he doesn't know the details of the allegations, but maintains that many nations undertake lots of different kinds of activities to protect their national interests."

Interesting these two events are happening. 

Lovely Riga, Queen of the Baltics

"At the beginning of this era the territory known today as Latvia became famous as a trading crossroads. The famous "route from the Vikings to the Greeks" mentioned in ancient chronicles stretched from Scandinavia through Latvian territory via the Daugava River to the ancient Rus and Byzantine Empire." - http://en.wikipedia.org/wiki/History_of_Latvia

I've begun this thing that when we have a large number of visitors from far flung countries - or to what the editors see as far flung - we cover the land in some way, shape or form and showcase it a bit, in whatever way you can showcase without being a travel stiff. 

From the CIA factbook: The name "Latvia" originates from the ancient Latgalians, one of four eastern Baltic tribes that formed the ethnic core of the Latvian people (ca. 8th-12th centuries A.D.). The region subsequently came under the control of Germans, Poles, Swedes, and finally, Russians. A Latvian republic emerged following World War I, but it was annexed by the USSR in 1940 - an action never recognized by the US and many other countries. Latvia reestablished its independence in 1991 following the breakup of the Soviet Union. Although the last Russian troops left in 1994, the status of the Russian minority (some 28% of the population) remains of concern to Moscow. Latvia joined both NATO and the EU in the spring of 2004.

Latvia is a small, open economy with exports contributing nearly a third of GDP. Due to its geographical location, transit services are highly-developed, along with timber and wood-processing, agriculture and food products, and manufacturing of machinery and electronics industries. Corruption continues to be an impediment to attracting foreign direct investment and Latvia's low birth rate and decreasing population are major challenges to its long-term economic vitality. Latvia's economy experienced GDP growth of more than 10% per year during 2006-07, but entered a severe recession in 2008 as a result of an unsustainable current account deficit and large debt exposure amid the softening world economy. Triggered by the collapse of the second largest bank, GDP plunged 18% in 2009. The economy has not returned to pre-crisis levels despite strong growth, especially in the export sector in 2011-12. The IMF, EU, and other international donors provided substantial financial assistance to Latvia as part of an agreement to defend the currency's peg to the euro in exchange for the government's commitment to stringent austerity measures. The IMF/EU program successfully concluded in December 2011. The government of Prime Minister Valdis DOMBROVSKIS remained committed to fiscal prudence and reducing the fiscal deficit from 7.7% of GDP in 2010, to 2.7% of GDP in 2012. The majority of companies, banks, and real estate have been privatized, although the state still holds sizable stakes in a few large enterprises, including 99.8% ownership of the Latvian national airline. Latvia officially joined the World Trade Organization in February, 1999 and the EU in May 2004. Latvia intends to join the euro zone in 2014.

Economy - overview:
Latvia is a small, open economy with exports contributing nearly a third of GDP. Due to its geographical location, transit services are highly-developed, along with timber and wood-processing, agriculture and food products, and manufacturing of machinery and electronics industries. Corruption continues to be an impediment to attracting foreign direct investment and Latvia's low birth rate and decreasing population are major challenges to its long-term economic vitality. Latvia's economy experienced GDP growth of more than 10% per year during 2006-07, but entered a severe recession in 2008 as a result of an unsustainable current account deficit and large debt exposure amid the softening world economy. Triggered by the collapse of the second largest bank, GDP plunged 18% in 2009. The economy has not returned to pre-crisis levels despite strong growth, especially in the export sector in 2011-12. The IMF, EU, and other international donors provided substantial financial assistance to Latvia as part of an agreement to defend the currency's peg to the euro in exchange for the government's commitment to stringent austerity measures. The IMF/EU program successfully concluded in December 2011. The government of Prime Minister Valdis DOMBROVSKIS remained committed to fiscal prudence and reducing the fiscal deficit from 7.7% of GDP in 2010, to 2.7% of GDP in 2012. The majority of companies, banks, and real estate have been privatized, although the state still holds sizable stakes in a few large enterprises, including 99.8% ownership of the Latvian national airline. Latvia officially joined the World Trade Organization in February, 1999 and the EU in May 2004. Latvia intends to join the euro zone in 2014.

GDP (purchasing power parity):
$37.04 billion (2012 est.)country comparison to the world: 107
$35.46 billion (2011 est.)
$33.62 billion (2010 est.)
note: data are in 2012 US dollars

GDP (official exchange rate):

$27.19 billion (2012 est.)
GDP - real growth rate:
4.5% (2012 est.)country comparison to the world: 73
5.5% (2011 est.)
-0.3% (2010 est.)
GDP - per capita (PPP):
$18,100 (2012 est.)country comparison to the world: 75
$17,100 (2011 est.)
$15,000 (2010 est.)
note: data are in 2012 US dollars
GDP - composition by sector:
agriculture: 4.4%
industry: 26.3%
services: 69.3% (2012 est.)
Labor force:
1.139 million (2012 est.)country comparison to the world: 140
Labor force - by occupation:
agriculture: 8.8%
industry: 24%
services: 67.2% (2010 est.)
Unemployment rate:
14.3% (2012 est.)country comparison to the world: 141
12.8% (2011 est.)
Population below poverty line:
NA%
Household income or consumption by percentage share:
lowest 10%: 2.7%
highest 10%: 27.6% (2008)
Distribution of family income - Gini index:
35.2 (2010)country comparison to the world: 88
32 (1999)
Investment (gross fixed):
22.2% of GDP (2012 est.)country comparison to the world: 68
Budget:
revenues: $9.451 billion
expenditures: $10.18 billion (2012 est.)
Taxes and other revenues:
34.8% of GDP (2012 est.)country comparison to the world: 71
Budget surplus (+) or deficit (-):
-2.7% of GDP (2012 est.)country comparison to the world: 99
Public debt:
44% of GDP (2012 est.)country comparison to the world: 79
43.7% of GDP (2011 est.)
note: data cover general government debt, and includes debt instruments issued (or owned) by government entities, including sub-sectors of central government, state government, local government, and social security funds
Inflation rate (consumer prices):
2.5% (2012 est.)country comparison to the world: 55
4.4% (2011 est.)
Central bank discount rate:
3.5% (31 December 2011 est.)country comparison to the world: 98
3.5% (31 December 2010 est.)
Commercial bank prime lending rate:
6% (31 December 2012 est.)country comparison to the world: 136
6.39% (31 December 2011 est.)
Stock of narrow money:
$8.237 billion (31 December 2012 est.)country comparison to the world: 81
$8.174 billion (31 December 2011 est.)
Stock of broad money:
$12.09 billion (31 December 2012 est.)country comparison to the world: 101
$12.12 billion (31 December 2011 est.)
Stock of domestic credit:
$19.76 billion (31 December 2012 est.)country comparison to the world: 86
$21.08 billion (31 December 2011 est.)
Market value of publicly traded shares:
$1.076 billion (31 December 2011)country comparison to the world: 106
$1.252 billion (31 December 2010)
$1.824 billion (31 December 2009)
Agriculture - products:
grain, rapeseed, potatoes, vegetables; pork, poultry, milk, eggs; fish
Industries:
processed foods, processed wood products, textiles, processed metals, pharmaceuticals, railroad cars, synthetic fibers, electronics
Industrial production growth rate:
9% (2011 est.)country comparison to the world: 17
Current account balance:
$-462.9 million (2012 est.)country comparison to the world: 93
$-363 million (2011 est.)
Exports:
$12.49 billion (2012 est.)country comparison to the world: 85
$12.03 billion (2011 est.)
Exports - commodities:
food products, wood and wood products, metals, machinery and equipment, textiles
Exports - partners:
Russia 15.7%, Lithuania 14.9%, Estonia 11.2%, Germany 6.9%, Sweden 5.2%, Poland 4.9% (2011)
Imports:
$15.92 billion (2012 est.)country comparison to the world: 85
$14.83 billion (2011 est.)
Imports - commodities:
machinery and equipment, consumer goods, chemicals, fuels, vehicles
Imports - partners:
Lithuania 16.6%, Germany 11%, Russia 7.7%, Poland 7.2%, Estonia 6.8%, Italy 4.2%, Finland 4.1% (2011)
Reserves of foreign exchange and gold:
$6.925 billion (31 December 2012 est.)country comparison to the world: 81
$6.383 billion (31 December 2011 est.)
Debt - external:
$35.34 billion (31 December 2012 est.)country comparison to the world: 65
$37.49 billion (31 December 2011 est.)
Stock of direct foreign investment - at home:
$13.36 billion (31 December 2012 est.)country comparison to the world: 79
$12.11 billion (31 December 2011 est.)
Stock of direct foreign investment - abroad:
$1.037 billion (31 December 2012 est.)country comparison to the world: 76
$887 million (31 December 2011 est.)
Exchange rates:
lati (LVL) per US dollar -
0.55 (2012 est.)
0.5 (2011 est.)
0.53 (2010 est.)
0.51 (2009)
0.47 (2008) 

All Data From The (CIA) World Fact Book

Latvia, Europe Economic Data, GDP, Purchasing Power, Utilities, Government of Latvia, Economics of Latvia, Data on Latvia, Intelligence on Latvia

From The Economist:

Last year 12m people in the world had $1m or more in investible assets. That is 1m more “high-net-worth individuals” than in 2011. After falling in two of the previous five years, their combined wealth increased by 10% in 2012 to a record $46.2 trillion. America, home to 3.4m very rich folk, Japan (1.9m) and Germany (over 1m) account for more than half of the world’s wealthy. Of the 12 countries with the most super-rich people, only Brazil failed to swell its numbers last year, as its economy slowed. North America reclaimed its position from Asia-Pacific as home to more extremely wealthy people than any other region, but its lead is unlikely to last, as Asia has many of the fastest-growing economies.

Russia is located in northern Eurasia. I've never been to Eurasia, but I find it interesting. Being a proven Westerner, I often forget about Eurasia and Russia. I forget how Russia looms over a tremendous landmass and holds a staggering amount of natural resources, history and population. In fact Russia is so large that it eclipses all other land masses aside from Antarctica. The coastline alone encompasses a few oceans and countless seas, stretching for 22,991 m. 

Politics
Again, being an American, Russia has always been in the news. The US & Yeltsin relationship was interesting -  Putin is equally as interesting, and so are his supporters. 
To say the Khodorkovsky incident is interesting would be a gross understatement. Have you seen the documentary? He is still in prison. Per the documentary -  Russia had two options when they were privatizing their various state owned industries - sell to foreigners or give to Russians. Those in charge decided against the former and picked a group of Russians, thereby forming an elite and bourgeois class overnight. 

Natural resources & Numbers
Oil & reserves....population
What about this city and the importance of its port? Kaliningrad, Russia. 

Commerce
Let us not forget the corruption. 
There was a great 36 hours type piece about a visit to Moscow in Nat Geo a few years ago. At that time Russian's were lighting cigars with America's hundred dollar bills, but times could have since changed....
Magnit - a Russian retailer - is taking growth in Russia to a whole new level.  

VC & Startups
Recently, Russia’s leading online fashion site, Lamoda, announced a $130 million investment infusion, the biggest deal in the history of Russian online retailers.

On that - A message from Sloktech & MIT Ideas Lab: Skoltech and MIT Ideas Lab Sept 23-27 in Russia We are hosting an Innovation Ecosystem Ideas Lab, a workshop to identify new research
projects. The workshop will be held September 23-27, 2013 in Russia. We areasking: "How can an institution or government seed, grow, and maximize technological innovation and entrepreneurship?" The deadline to apply is July 5, 2013. To learn more and to apply, visit http://www.skoltech.ru/innovation/ideas-lab

Performance Persistence by Harvard Business School from chaganomics

I simply appreciate SlideShare.net for document delivery alone. Here is an informative and insightful article on serial entrepreneurs and their success - specifically why they tend to be more successful than single business owner types.

"Bitcoins are strings of numbers that can be electronically owned by and transferred among individuals and organizations. For now, the currency is primarily used for payments by fringe retailers or illegal transactions, but it is being accepted more and more widely (Coinbase was created to help that process). And organizations that exchange Bitcoins for standard currency are now being approved to operate as banks." - from Business Insider. 

I know a lot about Bitcoin. In fact, I even thought about mining for it but I pulled the plug. This past December - New Years actually - Bitcoin was at $15.00.  I again pulled the plug and moved on. I actually thought there was more activity and opportunity in the Egyptian Pound. Nevertheless, Bitcoin has seen major fluctuations and a hefty stream of market investment this year. Last I looked the price per coin was at $121.5 - a missed investment on my part.

Bitcoin is now in the news daily and scores of people around the world know about it and/or have bought some. A major aspect of reporting on Bitcoin has been the illegal activity that is said to take place around it. There has been chatter in the forefront from day one about crime syndicates using Bitcoin and the companies that service Bitcoin for illegal activities, and of course the massive amount of proven illicit purchasing that takes place around the clock on deep web portals like Silk Road - which allows purchases for anything from drugs to illegal contraband - has only agitated the situation.  

Does Bitcoin really attract crime syndicates that launder money?
With the recent takedown of Liberty Reserve it seems so. Officials are calling this the worlds largest money laundering case. Liberty has over 1 million users - 200K were from the US. The Justice Department says that since the founding of Liberty Reserve - 2006 - it has handled more than fifty-five million transactions,totaling more than six billion dollars.

Eastern European crime groups are big on this, it's the No.1 growth area of money laundering

So - what is the danger with Liberty Reserve?

It works like this, if you want to launder money - or send money - you would open an account with Liberty Reserve, give them any name, and an e-mail address. The key to the scheme was that users had to work through middlemen "exchangers.” Typically unregulated people in distant countries like Malaysia, Nigeria, and Vietnam, who would buy Liberty Reserves in bulk from Liberty Reserve. You would pay these guys dollars (or another currency) for Liberty Reserves. From that these reserves would be deposited into your account. When you wanted to make a withdraw, the process would be reversed - sometimes with an exchanger. Liberty Reserve itself took a one-per-cent fee and the exchangers charged five per cent or more. This way Liberty Reserve would have no identifying data for you. The deposits and withdrawals were done through exchangers.

Liberty Reserve dollars and euros - which were pegged to their respective currencies - were popular as forms of digital currency too. 

A bleak outlook for libertyreserve.com. The anonymity of payments and anonymous transfer-ability of money led to their breakdown. 

Away from that, it is important to note how obvious it is that the pressure is on those who accept and exchange Bitcoin. 
VC money is pouring into Bitcoin related companies, and governments will have a tough time limiting the peer-to-peer system. On that, I don't think Gov has the right to regulate Bitcoin - and maybe, just maybe Bitcoin will become tied to a more stable measurement eventually, leading to the adaption of Bitcoin as an official currency in some way, and opening the door to other mathematical based virtual currencies. If any of my readers have studied monetary policy before they will know how free flow currencies operate - freely floating in the worlds largest markets, and often manipulated. How is Bitcoin one of the bad guys? There is a need for alternative currencies.