The good folks at Agora Financial in the 5 Minute Forecast on Monday released this information about termites eating banknotes. I find this amusing and you probably will too!
Here's a parable about the perils of paper money: Central bankers aren't the only ones who can destroy its value. From India, we learn of the danger posed by... termites.
Police in Barabanki, India, say a phalanx of termites invaded a steel box full of currency at a bank. Before anyone noticed, the insects had feasted on 10 million rupees in notes — about $222,000.
Detectives say the notes were stashed away in January, and the bank manager discovered the damage last Wednesday. Now police have registered a case of negligence against bank officials — a preliminary step taken in India before opening an investigation
Makes you wonder what would happen if Indian police had jurisdiction over the Federal Reserve...
Ha! I shake my head, I count my gold coins. I shake my head, I count my numismatic silver coins. Join us today at Lear Capital to count your physical gold and silver coins - what termites can't eat!