The $120,000 price tag on that artwork involving a banana taped to a wall had almost zero to do with the amount of labor or materials that went into it. Its value was based on subjective valuations specific to certain buyers.
Why does gold still matter? Politicians, central bankers, and investors dismiss it as a relic, but the precious metal still plays a role in today's economy. Keith Weiner of Monetary Metals explains why.
The history of Latin America is filled with tragic stories of countries reaching great heights — Argentina and Venezuela come to mind — and then falling back to mediocrity. Chile could be next if the protesters get their way.