Shrink the State. End the Fed. Balance the budget. Make a profit. Leave an inheritance.
Gary North
There will be a $13 billion bailout supplied by the European Union. Europe’s voters will not get to vote on this. The unnamed “Euro Group” of national finance ministers have agreed to the bailout. It answers to no one. The EU parliament has nothing to say about this. Banks on Cyprus will remain closed. Depositors [...]
Continue reading →When the officially unnamed EuroGroup of eurozone finance ministers cooked up a deal where all depositors in Cyprus would be taxed to bail out the nation’s banking system as a condition for the $13 billion bailout, they adopted a new rule for banking: depositors are lenders to the banks. Previously, depositors had first claim on [...]
Continue reading →The Cyprus central bank decided to keep the banks closed until next Tuesday. The panic is building. This will build it even more. The British media say the government is looking for Plan B. There is no Plan B. There will be no tax on bank accounts, says the parliament. Will there still be a [...]
Continue reading →The members of the Cypriot Parliament overwhelmingly told the EuroGroup to take a hike on March 19. The secret group with no official name and no official power thought it would force the government of Cyprus to impose a tax on all bank depositors . . . “just this once. We promise.” It was a [...]
Continue reading →Gary North’s Reality Check The conservative movement has always been filled with monetary cranks. This has been true for well over a century. These cranks have never read a book on economics. They have never taken a class in economics. They have zero practical experience in finance. They come before the conservative public and present [...]
Continue reading →Iceland, in 2009, let its banks default on foreign depositors. The nation suffered a brief recession. Now it is growing. Europe is in recession. Default pays off. The nation had six multi-billionaires in 2007. Now it has none. The lone survivor has left the country. He used to have $6 billion. He lost $5 billion. [...]
Continue reading →The Eurogroup held a teleconference this evening to take stock of the situation in Cyprus. The Eurozone’s decision-making institution on the euro is an informal committee of finance ministers. The committee has no official name. It has no official power. It is not voted into office. In the Lisbon Treaty, which went into effect on [...]
Continue reading →Gold rose on the news from Europe. Stock markets plunged around the world. So did the price of oil. Over the weekend, Eurozone bureaucrats at a closed meeting came up with a plan. The committee demanded that the government of Cyprus impose a tax of 6.7% on all bank accounts under $130,000, and close to [...]
Continue reading →Jamie Dimon, the most vocal, in-your-face banker on earth, has been accused in a government report for not being forthright about the losses at J. P. Morgan Chase. Then the Federal Reserve said that the bank’s capital plans are not quite right. Dimon, in response, said nothing. This is the first time I recall his [...]
Continue reading →U.S. taxpayers cough up $83 billion every year for the 10 largest U.S. banks. The top five get about $64 billion. This is equal to their total profits. The public does not know this. Congress does not know this. Top bankers know this, because the story of how banks do it was published by the [...]
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