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The October 17 Deadline for a Default Is Fake.

Written by Gary North on October 9, 2013

Treasury Secretary Lew has used this date as a deadline for the end to his cooking of the books. He will run out of “extraordinary measures” to keep cooking the books. To deal with this, he must prioritize payments: who gets what. He says he will not prioritize. If he doesn’t, then he will have […]

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Chinese Government Official Warns Congress: Get This Settled.

Written by Gary North on October 8, 2013

The Vice Foreign Minister of China, Zhu Guangyao, held a press conference. He told reporters that the U.S. government has a responsibility to get the issue of the debt ceiling solved before the October 17 deadline. “We ask that the United States earnestly takes steps to resolve in a timely way the political issues around […]

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The Fake Threat: Government Default

Written by Gary North on October 4, 2013

The head of the International Monetary Fund has warned that a default on the debt of the United States government would create an international economic crisis. The Secretary of the Treasury says the same. Indeed, the entire establishment of international debt warns that the ever-growing debt of the U.S. government is central to the prosperity […]

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Closing National Parks: Chump Change

Written by Gary North on October 4, 2013

When we are told about the horrors of the furloughs of 800,000 federal workers, the standard example is the shutdown of national parks. It’s fall, folks. Summer is over. Almost nobody goes to the parks in fall. The kids are in school. Could the parks charge a market price? Of course. But the headlines indicate […]

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800,000 Federal Workers Get a Vacation.

Written by Gary North on October 1, 2013

Push has come to shove. We are told that the federal government will lay off 800,000 workers. These workers will not be paid. But is this figure right? Is it 800,000? Or 799,999? Or maybe 750,000? Or maybe 600,000? Let’s find out. This will be a good test. The laid-off workers hope that this is […]

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Government Shutdown: An Oxymoron for Real Morons

Written by Gary North on September 25, 2013

I did a Google search for this phrase: “government shutdown.” I got 5.6 million hits. The one at the top of the list was from The Washington Post. It began with this: If the House and Senate can’t agree on a government funding bill by Sept. 30, the federal government will shut down. And, right […]

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The Larger the Deficit, the Greater the Default

Written by Gary North on September 25, 2013

Americans are told the following from their youth. “What goes up must come down.” “You can’t get something for nothing.” “There are no free lunches.” “What goes around comes around.” “The bigger they are, the harder they fall.” This is Austrian School economic theory. When they are old enough to vote, they are told this. […]

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