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A Letter to David Stockman

Written by Gary North on March 14, 2015

david-stockman

Dear David: I want to let you know just how glad I am I’m not in your shoes. Responsibility goes with the territory. You oversee a lot of territory. You obviously have a lot of spare time on your hands, and so you have started a website. It gets a lot of traffic. The site […]

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Subprime Auto Loans Take a Hit

Posted on March 5, 2015

auto-loans

by Wolf Richter Wells Fargo, which originated $30 billion in auto loans last year, has for the first time put a cap on subprime auto loans, limiting the dollar volume of subprime loan originations to 10% of its total auto loan originations. The New York Times reported that the bank, “according to people briefed on […]

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A Large Order of Carnage. Hold the Mao.

Posted on March 3, 2015

euro-breakup

By David Stockman It is almost certain now that we are at the threshold of crossing the Rubicon which will result in a crackup of the EU and the euro.  There are just too many centrifugal forces blowing apart this experiment, which was misbegotten from the very beginning. That will then catalyze a thundering global […]

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The FED’s Recovery: Tepid, at Best

Posted on February 28, 2015

federal-reserve

By David Stockman The most important number in today’s Q4 GDP update was 2.3%. That’s the year/year change in real final sales from Q4 2013. As an analytical matter it means that the Great Slog continues with no sign of acceleration whatsoever. Indeed, the statistical truth of the matter is that this year’s result amounted to a slight deceleration—since […]

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China’s Economy Is Slowing

Written by Gary North on February 2, 2015

chinese-economy

Around the world, economies are slowing. This includes China. Keynesians are terrified of price deflation. The idea that consumers should benefit from falling prices is anathema to them. They are horrified at what is happening. They want central banks to inflate even more. The risk of global deflation looms large for 2015 as surveys of […]

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India’s Economy Is Slowing

Written by Gary North on February 2, 2015

indian-economy

As always, the Keynesians want lower interest rates on short-term loans. Rates are lower than they have been since the 1930’s, but this is not low enough for Keynesians. They want more central bank inflation to force down rates. They think another fraction of a percentage point cut will get the world’s economy growing strongly […]

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America Is Losing Its Entrepreneurial Edge

Posted on January 21, 2015

tony-sagami

By Tony Sagami I’ve been self-employed since 1998, and let me tell you, the life of a business owner isn’t easy. It’s filled with long hours, a relentless amount of paperwork, and uncertainty over where your next paycheck will come from. If you’ve ever owned a business, you know exactly what I’m talking about. Difficult […]

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Oil Bust: “Sell North Dakota; Buy Cleveland.”

Posted on January 7, 2015

Brent crude oil prices fell below $50 a barrel for the first time since May 2009 on Wednesday as global business growth slowed to its weakest in a year, and analysts said a growing supply glut meant more falls were likely. The pace of global business growth eased to its weakest rate in over a […]

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Bubble Indicator: “Sell New York; Buy Cleveland.”

Posted on January 7, 2015

The average apartment price in Manhattan hit a record $1.72 million in 2014, as the New York wealthy and overseas rich continue to seek safety in the New York skyline. While sales volume is slowing, prices continue to rise in New York as strong demand competes for historically low supply. The average sale price for […]

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