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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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The Moral Legitimacy of Interest and Banking

Written by Gary North on February 13, 2016

interest

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

davos

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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World Market Meltdown: How Big?

Written by Gary North on January 16, 2016

derivatives

Click the link to see graphics of the world’s markets, from the smallest (bitcoin) to the largest (derivatives). When you are finished, ask this: “How could the Federal Reserve System deal with a meltdown in either of the final two markets?”

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The Moral Issue of Honest Money

Written by Gary North on January 9, 2016

money

Because of the nature of the economics profession–“guild” might be a better word–it is necessary to put quotation marks around the words, “honest money.” Economists will go to almost any lengths to avoid the use of moral terms when they discuss economic issues. This has been true since the seventeenth century, when early mercantilistic pamphlet […]

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