Shrink the State. End the Fed. Balance the budget. Make a profit. Leave an inheritance.
Gary North
A Bloomberg story reports on the unwillingness of major central banks to make clear what their policies are, what their targets are, and what their timing is. Bond rates are rising in the United States and Japan. In Europe, the head of the central bank, Mario Draghi, has reversed himself. He promised “we will do [...]
Continue reading →In 2007, bank lending across borders peaked. Since then, it has declined by 40%. This is a vote of “reduced confidence” by bankers on the international banking system. Cross-border lending fell by 1.9% in 2012, reports the Bank for International Settlements, the central bankers’ central bank. The main reason was a decline of 5.2% into [...]
Continue reading →Bitcoin has been promoted as digital money, an alternative to fiat money. The company’s owner’s will now get to test their theory. Their fiat money just got frozen by the federal government. The Feds seized Bitcoin’s bank account. Everyone with any understanding of the U.S. government knew that something like this would happen. Maybe the [...]
Continue reading →My site, www.GaryNorth.com, has two dozen forums. This was posted yesterday on one of them. “Approximately five weeks ago, I was notified by my bank in Geneva that they would no longer be providing private banking services to clients in the United States and Canada. After looking at the options for the liquidation of a [...]
Continue reading →The man is rich. He wanted delivery of his gold. The bank refused. It said it was not authorized to give him more than 200,000 euros worth of gold. It said it would deposit euros in his account. The gold was in a segregated account in his name. So sorry. He had been promised delivery [...]
Continue reading →The big banks in the eurozone started pulling money out of Cyprus’ banks a year before the ultimatum. They made sure they got paid. Then the European Central Bank announced the ultimatum. At first, all depositors were to take the loss, but the parliament refused. So, they got the big depositors. These were private depositors. [...]
Continue reading →The plight of savers in America is hopeless. We know that price inflation is over 2% per year. What do investors get in a money market fund? A pathetic 0.26%. Then they pay income taxes on this 0.26%. What if they do not want to tie up their money for a year? Then they get [...]
Continue reading →The Bank of Cyprus in 2011 was one of the highest-rated banks in the world. This year, it had to be bailed out by the taxpayers of the European Union, who had no say in the matter. Otherwise, it would have gone bankrupt. Yet in 2011, it was the biggest bank in Cyprus. What could [...]
Continue reading →The Bank of Japan has announced a quantitative easing (mass inflation) QE program that matches Bernanke’s: $75 billion a month in purchases of Japanese government bonds. This is just under $1 trillion a year. But Japan’s GDP is only $6 trillion — 40% the United States’ GDP. This is way beyond Bernanke. For the Bank [...]
Continue reading →Bureaucrats are paid well to lie. They are paid well to tell the voters not to worry, that everything is fine. This lets politicians say the same. The banks in Cyprus remain closed. There is a $130 limit on daily withdrawals of currency out of an ATM. Capital controls keep depositors from wiring euros outside [...]
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