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Money in the News: Government Money, Lies about Savings, Bank Transfer Day, Money Infographic

I apologize for less frequent posts as of late, I am dealing with my last ailing grandparent and some mundane distractions. But rest assured I am gun-ho about the site and plan to get a lot of posts scheduled over the holiday đŸ™‚

The Consumerist posts about how the government found $66 billion dollars that it thought it lost in Iraq.

According to CNN, the Special Inspector General for Iraq Reconstruction reports the funds were part of a $10 billion transfer of U.S. currency to Iraq, part of which was for relief and reconstruction in an account called the Development Fund for Iraq. The remaining money was not properly accounted for when Iraq’s Coalitional Provisional Authority dissolved in 2004 as the country’s new government was established.

Be Managed posts about 7 lies we tell ourselves about saving money.

I can only save a little bit, so it’s not worth it. Any savings adds up over time, just as spending does. For example, add up how much you have spent on little things like fast food, lattes, etc. on a system like Imagine if you saved half of that…it adds up when you take into account the compounding affects of a 401k. Even adding 1%-2% more in savings makes a big difference, especially if you have 15 years or more before you plan to retire.

Bank Inc. posts about how they don’t think “Bank Transfer Day” will help savers.

Depositors joining the Bank Transfer Day protest Saturday are hoping to send a message to the nation’s biggest banks that they’re tired of annoying fees and government bailouts. Many of them are moving to smaller community banks and credit unions.

But they’re not likely to get a higher return on their cash.

Since the financial panic that followed mortgage lending bust, interest rates have crashed to levels not seen in decades. And there appears to be no sign that trend will reverse anytime soon.

Canton Rep posts about how schools are putting more emphasis on finance.

A new emphasis on teaching children about finances is evident, from the financial literacy badge recently introduced by the Girl Scouts, to the newly mandated introduction to financial literacy class for Ohio freshmen.

At East Canton High School, Jason Hall teaches a leadership and wealth management class that launched last year, which he believes students need, in part, because the recession has changed our financial reality.

Popular Webcomic XKCD posted an infographic comparing money across various sectors, where it is, and what it can do. It’s actually QUITE impressive and gives you a great visualization on how money has worked through our economy.

About Crystal Groves, Google+

Crystal Groves is a farmer, web developer, musician, blogger, and personal finance enthusiast from the back hills of Maryland and Pennsylvania. She started Money Drain as a project to encourage people interested in fixing their financial situation to share their stories and learn from the stories of others. We all make mistakes, but in order to change we have to make changes.

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