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

Written by Gary North on October 15, 2016


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


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


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


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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The Moral Legitimacy of Interest and Banking

Written by Gary North on February 13, 2016


For [the kingdom of heaven] is as a man traveling into a far country, [who] called his own servants, and delivered unto them his goods. And unto one he gave five talents, to another two, and to another one; to every man he gave according to ability, and straightaway took his journey. Then he that […]

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Davos: The Intensive Care Unit of the New World Order

Written by Gary North on January 30, 2016


Every January, the richest people in the world get together to meet at Davos, Switzerland, at the world economic forum. Also present are the best and the brightest in the Keynesian community, whose plane fares and hotel rooms are taken care of. These are the hired hands. Every year, everyone hopes he is going to […]

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