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Jim Willie Cries “Wolf!” Again

Written by Gary North on August 13, 2016


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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Let Americans Buy the Government’s Gold at $42.22 per Ounce

Written by Gary North on September 26, 2015


Everybody has a scheme for reducing the federal deficit. Here is my plan. Because the present value of the unfunded liabilities of Social Security and Medicare is now in excess of $200 trillion, there is nothing relevant that could be done by the federal government to increase revenues sufficient to avoid the great default. In […]

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On-Budget Debt: 3x Since 1/20/2001

Posted on August 22, 2015


A nice summary: We used the Treasury Department’s Debt to the Penny clock, which is a daily log of federal debt going back about 20 years. The debt held by the public and gross federal debt (which includes debt held by the public and intragovernmental holdings) are both considered appropriate measurements. But we only have […]

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IOU’s: China Buys Treasury Debt

Written by Gary North on May 16, 2015


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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Peak Debt and the Looming Crash

Written by Gary North on May 2, 2015


The phrase, “more bang for the buck,” is usually associated with the Vietnam War. It is associated with Defense Secretary Robert McNamara’s focus on statistics: military expenditures vs. enemy deaths. In fact, the phrase came from Eisenhower’s Secretary of Defense, Charles Wilson. He used it in 1954 to justify the Defense Department’s reliance on nuclear […]

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Video: Obama, Yellen, and Ray Stevens

Written by Gary North on January 26, 2015

Ray Stevens had it right until QE3 stopped. But now Dr. Yellen faces a problem. Who will fund the federal deficit, now that she and the FOMC have stopped buying debt with counterfeit money? At what price (interest rates)? For how long?

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Keynesianism + Central Bank Counterfeiting + Aging = Stagnation

Posted on December 26, 2014

Japanese drew down savings for the first time on record while wages adjusted for inflation dropped the most in almost five years, highlighting challenges for Prime Minister Shinzo Abe as he tries to revive the world’s third-largest economy. The savings rate in the year through March was minus 1.3 percent, the first negative reading in […]

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Afghanistan: $1 Trillion, or $1.7 Trillion, Not Counting Medical Care

Posted on December 15, 2014


The Afghanistan war, the longest overseas conflict in American history, has cost the US taxpayer nearly $1tn and will require spending several hundred billion dollars more after it officially ends this month, according to Financial Times calculations and independent researchers. Around 80 per cent of that spending on the Afghanistan conflict has taken place during […]

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