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Penny Dreadful.(US cent)

The New Yorker

| March 31, 2008 | Owen, David | COPYRIGHT 2008 All rights reserved. Reproduced by permission of The Condé Nast Publications Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

Several years ago, Walter Luhrman, a metallurgist in southern Ohio, discovered a copper deposit of tantalizing richness. North America's largest copper mine--a vast open-pit complex in Arizona--usually has to process a ton of ore in order to produce ten pounds of pure copper; Luhrman's mine, by contrast, yielded the same ten pounds from just thirty or forty pounds of ore. Luhrman operated profitably until mid-December, 2006, when the federal government shut him down.

The copper deposit that Luhrman worked wasn't in the ground; it was in the storage vaults of Federal Reserve banks, and, indirectly, in the piggy banks, coffee cans, automobile ashtrays, and ...

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