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Ebay is offering a well-thumbed volume of “Dying of Money: Lessons of the Great German and American Inflations” at a starting bid of $699 (shipping free.. thanks a lot).

The crucial passage comes in Chapter 17 entitled “Velocity”. Each big inflation — whether the early 1920s in Germany, or the Korean and Vietnam wars in the US — starts with a passive expansion of the quantity money. This sits inert for a surprisingly long time. Asset prices may go up, but latent price inflation is disguised. The effect is much like lighter fuel on a camp fire before the match is struck.

People’s willingness to hold money can change suddenly for a “psychological and spontaneous reason” , causing a spike in the velocity of money. It can occur at lightning speed, over a few weeks. The shift invariably catches economists by surprise. They wait too long to drain the excess money.

Then, guns drawn, four officers fanned out across Rawesome Foods in Venice. Skirting past the arugula and peering under crates of zucchini, they found the raid’s target inside a walk-in refrigerator: unmarked jugs of raw milk.

“I still can’t believe they took our yogurt,” said Rawesome volunteer Sea J. Jones, a few days after the raid. “There’s a medical marijuana shop a couple miles away, and they’re raiding us because we’re selling raw dairy products?”

The Biolock fingerprint reader illuminates a blue LED when a fingerprint is authenticated. If the reader fails, a key can be inserted in a key port hidden behind a flip door in the handle.

“It’s a very neatly designed container,” says Tobias. “But the problem with this lock design is so elementary, frankly it defies belief.”

The lock can be programmed with one or more “master” fingerprints, which can be used to authorise other users. To open the lock, a user touches the fingerprint pad, and a blue LED light illuminates to indicate the person is authorised, allowing the door handle to turn. The lock can also be unlocked with a remote-control.

If the fingerprint reader fails, a mechanical key can be used instead. The key entry is concealed beneath a flip door on the lever handle. And therein lies the security problem, Tobias says.

A paperclip inserted in the Biolock’s key chamber (hidden behind a flip door) is used to push an internal pin and unlock the door, making the fingerprint reader superfluous.

The mechanical lock, which uses a bypass cylinder, can be easily thwarted with a paperclip inserted in the keyway to depress a pin that engages the latch. In two seconds, the researchers were able to open the lock.

The lack of a coherent set of policies and regulations for the DoD’s intellectual property has eroded the U.S. military competitive advantage, leading to compromised missions and lost lives. Improvised explosive device countermeasure systems can’t be upgraded rapidly without replacing entire systems; personnel position systems can’t update in real time; billions are wasted on software radios that don’t interoperate.

According to a DEA report on the DC9 sent to Luis Correa, the Director of Venezuela’s National Anti-Drug Office, Frederic Geffon was investigated by US Customs in Tampa, Florida in 1995, after being identified as an aircraft-broker-dealer working with drug traffickers.

“Frederic J. GEFFON DOB: 08.02.1948, home address 10316 Paradise Blvd, Treasure Island, Florida, was the subject of an investigation by US Customs in Tampa, Florida in 1995,” stated a DEA report on the highly-publicized DC9 incident in the Yucatan to Luis Correa, the Director of Venezuela’s National Anti-Drug Office. “GEFFON was identified in 1995 as an aircraft-broker-dealer working with drug traffickers.”

Yet despite being no stranger to Federal law enforcement officials, Frederic Geffon, the owner of record of the DC9, was never charged with any crime.

Similar government action—or inaction—was occuring in Mexico with respect to a second figure in the ill-fated DC9 drug move.

The pilot of the DC9, Carmelo Vasquez Guerra, was—inexplicably and with no explanation—released by Mexican authorities sometime after being taken into custody.

That’s thanks to their demand, according to European authorities, for high-denomination euro bank notes, in particular the €200 and €500 bills. The European Central Bank issues these notes for a hefty profit that is welcome at a time when its response to the financial crisis has called its financial strength into question.

The high-value bills are increasingly “making the euro the currency of choice for underground and black economies, and for all those who value anonymity in their financial transactions and investments,” wrote Willem Buiter, chief economist at Citigroup, in a recent research report. The business of issuing euro notes, produced at almost zero cost, is “wildly profitable” for the ECB, Mr. Buiter wrote.

…

The ECB and its member governments are beneficiaries of the demand.

The profit a central bank gains from issuing currency—as well as from other privileges of a central bank, such as being able to demand no-cost or low-cost deposits from banks—is known as seigniorage. It normally accrues to national treasuries once the central banks account for their own costs.

The ECB’s gains from seigniorage are becoming increasingly important this year.

The ECB has taken hundreds of billions of euros of assets of unknown quality on to its balance sheet as it has reacted to the global financial crisis.

It holds more than €600 billion in collateral from banks to which it has made loans, and more than €400 billion in securities it holds outright, including government bonds.

Overall, the ECB’s balance sheet has grown to almost €2 trillion. It has a capital base of €78 billion. That creates leverage that makes it look like a “hedge fund on steroids,” Mr. Buiter wrote. It wouldn’t need to lose much on these assets to wipe out its thin cushion of capital.

That’s where seigniorage comes in.

In recent years, the profits on its issue of new paper currency have been running at €50 billion. In 2008, the year of the Lehman Brothers crisis, it was €80 billion.

Even with conservative assumptions about future growth of currency in circulation—at, say, 4% a year, which is in line with the ECB’s 2% inflation target plus a margin for economic growth—Mr. Buiter estimates future seigniorage profits for the central bank between €2 trillion and €6.9 trillion.

Tumor cells fed both glucose and fructose used the two sugars in two different ways, the team at the University of California Los Angeles found.

They said their finding, published in the journal Cancer Research, may help explain other studies that have linked fructose intake with pancreatic cancer, one of the deadliest cancer types.

“These findings show that cancer cells can readily metabolize fructose to increase proliferation,” Dr. Anthony Heaney of UCLA’s Jonsson Cancer Center and colleagues wrote.

“They have major significance for cancer patients given dietary refined fructose consumption, and indicate that efforts to reduce refined fructose intake or inhibit fructose-mediated actions may disrupt cancer growth.”