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India’s Anti-Cash Modi Liberates the Rest of Us

Written by Gary North on December 10, 2016

modi

India’s Prime Minister Narendra Modi is just another political hack. Like politicians in general, he does not understand economics. He does not understand the law of unanticipated consequences. He does not understand that government is dumb. On November 8, he unilaterally and without warning declared the two highest value paper currency units obsolete: the 500-rupee […]

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How Nixon Killed Keynes’ Phony Gold Standard

Written by Gary North on August 20, 2016

nixon

My generation says: “Each of us can remember where he was when he heard about Kennedy’s assassination. I can remember where I was when I heard about Nixon’s killing of the phony gold standard that John Maynard Keynes and the Soviet spy Harry Dexter White designed in 1944. It was a Sunday afternoon: August 15, […]

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Jim Willie Cries “Wolf!” Again

Written by Gary North on August 13, 2016

FRED-AMB2016

He keeps trying. He is always wrong. I begin with a chart of Federal Reserve monetary policy. Since October 2014, the FED has pursued the longest period of monetary stability in the last 30 years. Let’s look at this chart from October 2014 until today. This reveals deflation, not inflation. This is not what is […]

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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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American Capital: China-Bound

Written by Gary North on June 20, 2015

entrepreneurial-vision

I return to a theme that apparently only I ever talk about: the economic meaning of the phrase, “international capital flows.” You may think I’m exaggerating. You may think that what I am about to write is widely understood. You would be wrong. Either I’m dead wrong about what I’m saying, or virtually the entire […]

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IOU’s: China Buys Treasury Debt

Written by Gary North on May 16, 2015

treasury-bond

China, meaning China’s central bank — the People’s Bank of China — started buying Treasury IOU’s again in March. It purchased $36 billion worth. It now holds over $1.2 trillion in Treasury IOU’s. China has now leaped ahead of Japan as the #1 foreign holder of U.S. government debt. Add Hong Kong to this: another […]

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Russian Central Bank Surrenders: Inflates

Written by Gary North on January 30, 2015

russian-central-bank

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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Will China’s Yuan Replace the Dollar? Not a Chance.

Written by Gary North on January 28, 2015

yuan

In hard-money circles, we hear this story all the time: “China and Russia are creating a new world currency.” This is the dumbest story in hard-money circles. Really, it’s imbecilic. The people who argue this way are saying that a fiat currency run by Commie apparatchiks, when combined with a fiat currency run by ex-Commie […]

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