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Free Market Money vs. FED and Greenbacks

Written by Robert Murphy on March 12, 2015


For more than a century, skeptics of government power have rightly focused on the damage caused by interventions in money. As the market’s classic commodity monies have been displaced by unbacked State-issued paper, libertarians — particularly those versed in Austrian economics — have disparaged fiat currencies and championed commodity-based money, especially gold and silver. Unfortunately, […]

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Subprime Auto Loans Take a Hit

Posted on March 5, 2015


by Wolf Richter Wells Fargo, which originated $30 billion in auto loans last year, has for the first time put a cap on subprime auto loans, limiting the dollar volume of subprime loan originations to 10% of its total auto loan originations. The New York Times reported that the bank, “according to people briefed on […]

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Russian Central Bank Surrenders: Inflates

Written by Gary North on January 30, 2015


Six weeks ago, I ran this headline: Russia: A Depression Draweth Nigh. The central bank of Russia had just hiked the interest rate to 17%. There was no question in my mind what would happen next. Now the economic blind men who make decisions at the Russian central bank have belatedly figured out that my […]

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Goodbye, Euro. Hello, National Sovereignty.

Written by Gary North on January 5, 2015

The leader of Greece’s far Left party says the party will pull the country out of the Eurozone if it comes to power in late January. It is expected to come to power. This will allow Greece to restore its national sovereignty over money. That will lead to more inflation. The Greek central bank will […]

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The FED’s Christmas Present to Big Banks

Posted on December 19, 2014


WASHINGTON — Christmas came early for Wall Street this year. The Federal Reserve on Thursday granted banks an extra year to comply with a key provision of the Volcker Rule, a move that gives financial lobbyists more time to kill the new regulation before it goes into effect. The Volcker Rule is a key element […]

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“Pay Us to Hold Your Money” — Swiss Central Bank

Written by Gary North on December 19, 2014


The Swiss National Bank has announced that if you buy Swiss francs, you must pay a rate of interest. This is a negative interest rate. Why did the SNB do this? To persuade foreigners not to buy Swiss francs. Why? To keep the value of the Swiss franc low. This is mercantilism, pure and simpleton. […]

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Russia: A Depression Draweth Nigh

Written by Gary North on December 16, 2014


The idiots who run the central bank of Russia just raised the interest rate to 17%. They are trying to save the international value of the ruble. If Putin were really in charge, he would shut down the central bank. But he is not in charge. Central bankers should not be allowed to “save the […]

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Government Buys Survivalist Packages for Bank Regulators

Posted on December 12, 2014


The Department of Treasury is seeking to order survival kits for all of its employees who oversee the federal banking system, according to a new solicitation. The emergency supplies would be for every employee at the Office of the Comptroller of the Currency (OCC), which conducts on-site reviews of banks throughout the country. The survival […]

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Japan Is in a Recession: Abenomics Is Not Working

Written by Gary North on November 17, 2014


Japan’s central bank is inflating on a massive scale. The policy is not working. The Japanese economy is in a second quarter of contraction. The Japanese stock market boomed in response to the flow of new money. It is now falling. The government hiked the national sales tax from 5% to 8%. It had planned […]

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