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Happy Birthday, Web

Written by Gary North on March 12, 2014


Today is the 25th anniversary of the most important invention that any individual ever came up with: the World Wide Web. Not even Gutenberg matched it. Korea had moveable type two centuries before he invented it. Tim Berners-Lee invented the Web, all by himself, on March 12, 1989. Then he implemented it over the next […]

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Inflation: The Economics of Addiction

Written by Gary North on January 4, 2014

Inflation: of all the dangers to the free market economy, historically and theoretically, the greatest is this one, yet it is one of those subjects that remain wrapped in mystery for the average citizen. This elusive concept must be understood if we are to return to the free market, for without a thorough comprehension of […]

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Federal Reserve Goes on the Defensive

Posted on December 17, 2013

In April 2011, two years shy of its 100th birthday, the Fed held its first press conference in history in response to mounting criticism of its lack of transparency. In other words, the Fed felt that it had to walk out into the sunshine and defend itself. And,no doubt as part of the same public […]

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Digital Tulips: The Bitcoin Mania

Written by Gary North on December 3, 2013

In 1637, the tulip bulb investment mania peaked in Holland. It had made some people rich. Now it was about to make others poor. Bulb prices rose steadily throughout the 1630s, as ever more speculators wedged into the market. Weavers and farmers mortgaged whatever they could to raise cash to begin trading. In 1633, a […]

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Bitcoins: The Road to Investment Hell

Written by Gary North on December 3, 2013

Recently, the Economic Policy Journal ran an article, “Is Bitcoin Money: What Economists Have to Say.” The editor asked a dozen economists. Two said “yes, Bitcoins are money.” Here is the answer of one of the “yes” economists. Yes. Bitcoin is money because it is limited in amount by internal characteristics enforced by the laws […]

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The Economics of Thanksgiving

Written by Gary North on November 28, 2013

O give thanks unto the LORD; for he is good: for his mercy endureth for ever. O give thanks unto the God of gods: for his mercy endureth for ever. O give thanks to the Lord of lords: for his mercy endureth for ever (Psalm 136:1-3) This phrase appears in many of the Psalms, but […]

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No Debt Ceiling = Balanced Budget

Posted on October 15, 2013

By Richard Ebeling The mainstream media and the Washington, D.C.-obsessed news pundits are in hysterics that the United States government is potentially facing default if the Congress does not increase the legal debt limit, so the U.S. Treasury can continue to borrow more and more hundreds of billions of dollars in the fiscal year 2014 […]

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Inflationary Boom in China Creates a Bubble Real Estate Market

Posted on August 14, 2013

China’s phenomenal construction bubble, driven by local governments that must keep their economies growing, no matter what the costs, and funded largely by state-owned megabanks, has led to an equally phenomenal misallocation of capital, overbuilding, waste, ghost cities, empty shopping malls, and recently: an epidemic of shuttered luxury department stores. The ghost cities and dead […]

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Mises: “Customers Are in Charge, not Corporations.”

Written by Gary North on May 23, 2013

In his little 1944 masterpiece, Bureaucracy, Ludwig von Mises identified the supreme agent in the free market economy: the consumer. The capitalists, the enterprisers, and the farmers are instrumental in the conduct of economic affairs. They are at the helm and steer the ship. But they are not free to shape its course. They are […]

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