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America’s Oligarchy and the Federal Reserve

Written by Gary North on November 7, 2015


Mexico is an oligarchy. Look at photos of every President who was not a military dictator. He looks like a European by ancestry. That’s because he was. Mexico pretends to be a democracy. The photos say otherwise. No one who looks like a Mexican is ever elected President by Mexicans. Americans who are aware of […]

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David Stockman’s Burden

Written by Gary North on September 5, 2015


David Stockman has written the finest piece of financial journalism of our generation: The Great Deformation: The Corruption of American Capitalism. It shows how we got into the mess we are in. Blame the government. Then blame us. It is our government. We must not parrot Flip Wilson’s Geraldine: “The devil made me do it!” […]

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Helicopter Money and the MSM

Posted on June 6, 2015


by David Stockman It is hard to believe that in these allegedly enlightened times this question even needs to be asked. Are there really educated adults who believe that by dropping helicopter money conjured from thin air, the central bank can actually make society wealthier? Well, yes there are. They spread this lunacy from the […]

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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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Muni Bonds as AAA Bank Capital

Written by Gary North on April 25, 2015


The Federal Reserve System is planning to issue new rules that will allow banks to buy municipal bonds as credit reserves for banks. Follow the logic: banks will supply capital to cities, which will serve as credit for banks. This is modern banking 101. This new arrangement will help provide a floor for cities’ debt. […]

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Why the Bubble Will Pop

Written by Gary North on March 19, 2015


by David Stockman Janet’s Yellen’s pettifogging about her patient lack of impatience was downright pathetic. Her verbal hair-splitting is starting to make medieval ritual incantations sound coherent by comparison. But unlike the financial media’s dopey dithering about “dot plots”, Yellen at least has something to hide behind all the gibberish. Namely, she and her merry […]

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A Letter to David Stockman

Written by Gary North on March 14, 2015


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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Dollar: The Cleanest Dirty Shirt

Posted on March 14, 2015


by David Stockman I am constantly braced with questions about the US dollar and its impending demise. The reasoning seems to be that if America is a debt addicted dystopia—-and it surely is—- won’t the US dollar sooner or later go down in flames as the day of reckoning materializes? Won’t you make money shorting […]

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FED: “Recessions R Us”

Posted on March 12, 2015


By David Stockman So now the third immense financial bubble of this century has been fully inflated. And there are abundant signs that what we really have is a Great Immoderation—–a baleful, not beneficent, development that can be laid exactly at the door step of the central bank. Specifically, yesterday’s abysmal data on the soaring wholesale sales/inventory ratio (I/S ratio) is not […]

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