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Free at Last! Detroit Stiffs the Municipal Unions.

Written by Gary North on December 4, 2013

A judge has upheld the bankruptcy of Detroit. In one fell swoop, the taxpayers of Detroit have freed themselves from the economic burden of the retirement and health programs that had been promised to municipal union members. For decades, the liberal political establishment had bought votes from the unions. They had signed agreements guaranteed to […]

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Why College Debt Is Lower Class

Written by Gary North on November 22, 2013

A student who goes to college to earn a degree is future-oriented. But a student who uses extensive debt to finance this project is unbelievably present-oriented. He has not counted the cost of years of debt in the early stage of his career. Instead of building capital in his early years, and letting it compound, […]

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ObamaLoans Up by Almost 3 to 1

Written by Gary North on November 6, 2013

We all know about ObamaCare. But not many people know that there was a second section of ObamaCare. I like to call this ObamaLoans. There are two laws that constitute ObamaCare. The first one is incarnated by the failed www.Healthcare.gov website: the Affordable Health Care for Americans Act. But that was only half of the […]

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The Obvious Facts About the Debt Ceiling Showdown

Written by Robert Murphy on October 25, 2013

Big “showdowns” in Washington are always hype, with both sides distorting the facts so that the hapless citizen–whether he watches Fox or CNN–focuses on irrelevant details and misses the big picture. When it comes to the recurring conflict over raising the debt ceiling, here are two obvious facts that explode just about everything that the […]

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Debt Ceiling Freeze: Investors Knew It Was Fake

Written by Gary North on October 21, 2013

The best indicator of concern over the threatened refusal of the House of Representatives to refuse to raise the debt ceiling was the Treasury bill interest rate. We can see what happened in the days preceding the collapse of resistance. The rate for 3-month T-bills peaked at 14 one-hundredths of of a percent. This is […]

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Cooked Books for 150 Days: $16,699,396,000,000

Written by Gary North on October 17, 2013

The Republicans capitulated this week. This comes as no surprise. Resisting the increase in the debt ceiling was a charade. The debt ceiling was breached in the week of May 17, but that was officially ignored by all. Treasury Secretary Lew set the rules, and Congress played his game. The House for 150 days accepted […]

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A Constitutional Debt Default

Written by Robert Murphy on October 17, 2013

Nope. Or at least, I have as much authority in saying that, as the bloggers and pundits who claim otherwise. Here’s what the relevant section from the Fourteenth Amendment says: Section 4. The validity of the public debt of the United States, authorized by law, including debts incurred for payment of pensions and bounties for […]

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“Gravity” in Washington — Not Gravitas

Written by Gary North on October 16, 2013

I went to see “Gravity.” It is one of the great cinematic experiences ever. It is to this generation what “Destination Moon” was in 1950 — and with one of the same scenes: the use of compressed gas to propel a person in space. (See it at 54 minutes.) The movie hinges on a catastrophe: […]

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