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Trump’s Revolution Has Ended

Written by Gary North on November 12, 2016

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“President Obama is a very good man. I will seek his counsel in the future.” — Donald Trump (November 10, 2016) The honeymoon with his supporters did not last long, did it? I begin with two statements. First, Donald Trump is not part of what is sometimes called “the conspiracy.” Second, he will be on […]

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JP Morgan’s Jamie Dimon: Secretary of the Treasury?

Written by Gary North on November 12, 2016

jamie-dimon

Goodbye, Goldman Sachs. Hello, JP Morgan? It never hurts to ask. A senior person on President-elect Donald Trump’s transition team contacted JPMorgan Chase & Co Chief Executive Jamie Dimon to see if he would be interested in being U.S. Treasury secretary, a person familiar with the matter said on Thursday. It is unclear how Dimon […]

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Franklin Roosevelt’s Big Bank Bailout: March 6, 1933

Written by Gary North on October 15, 2016

roosevelt

You grew up on this story: “Franklin Roosevelt saved capitalism from itself.” This is one of the major myths of American history. Here is how we should understand the New Deal: Franklin Roosevelt saved the big bankers from their depositors. To understand the truth, you must understand what is never mentioned in the textbooks. Roosevelt […]

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Germany’s Banking Crisis Accelerates

Written by Gary North on October 1, 2016

deutschebank

I think there will be a government bailout of Deutsche Bank this year. Commerzbank may be in equally bad shape. Its shares are sliding. If Germany’s government must intervene, then European depositors will ask themselves: Which banks are safe? They can deposit euros in banks in every nation in the eurozone. But which banks? Which […]

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When Money Fails

Written by Gary North on April 23, 2016

hyperinflation

Money seldom fails, but occasionally, it does. It failed in Germany and Austria 1921-23. It failed in Hungary after World War II. It failed in Zimbabwe in 2008-9, when the rest of the world was in a recession. Here is a famous case of the failure of money: And there was no bread in all […]

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Monetary Reform: Fiat vs. Market

Written by Gary North on April 16, 2016

free-market

What is fiat money? It comes from “fiat,” which means a formal authorization or proposition or a decree. Synonyms are these: edict, order, command, commandment, injunction, proclamation, mandate, dictum, diktat. It is an arbitrary order. The phrase “fiat lux” comes from Genesis 1:2: “Let there be light.” Fiat money is the money issued by a […]

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