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Keynes: Crackpot Economist of ZIRP

Written by Gary North on September 3, 2016

ZIRP

John Maynard Keynes was a crackpot. So are his followers. All of them. I can hear the shocked response. “But, Dr. North, you’re not supposed to say such things. It’s not polite. It shows a lack of etiquette. People who say such things are themselves dismissed as crackpots.” To which I respond: “Dismissed by whom?” […]

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Racial Quotas on the Federal Reserve — I Love It!

Written by Gary North on May 14, 2016

fed-board

America is a racial/gender quota society. It has been for half a century. Any organization — except for churches (so far) — whose leadership does not reflect the racial and gender distribution is suspect. In fact, it may be in violation of federal law. Well, it turns out that the Federal Reserve System does not […]

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When Money Fails

Written by Gary North on April 23, 2016

hyperinflation

Money seldom fails, but occasionally, it does. It failed in Germany and Austria 1921-23. It failed in Hungary after World War II. It failed in Zimbabwe in 2008-9, when the rest of the world was in a recession. Here is a famous case of the failure of money: And there was no bread in all […]

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Monetary Reform: Fiat vs. Market

Written by Gary North on April 16, 2016

free-market

What is fiat money? It comes from “fiat,” which means a formal authorization or proposition or a decree. Synonyms are these: edict, order, command, commandment, injunction, proclamation, mandate, dictum, diktat. It is an arbitrary order. The phrase “fiat lux” comes from Genesis 1:2: “Let there be light.” Fiat money is the money issued by a […]

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Economic Inequality Is Not Increasing. Propaganda Is.

Written by Gary North on April 9, 2016

ParetoPyramid

It never ends. We are besieged by articles on today’s increasing economic inequality. These articles have three things in common: 1. Each one has a favorite explanation/boogeyman. 2. Each one calls for political reforms to make things more equal. 3. Each one fails to mention Pareto’s 20/80 law. Here is the main problem with these […]

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Never Give a Keynesian an Even Break

Written by Gary North on February 6, 2016

david-stockman

David Stockman uses the most antagonistic rhetoric against Keynesians that I have ever read. He is merciless. He gives no quarter. That’s why I love to read his articles. Here is a good one. It is on the world’s central bankers, who have driven down interest rates to zero, and have thereby sacrificed the interests […]

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World Market Meltdown: How Big?

Written by Gary North on January 16, 2016

derivatives

Click the link to see graphics of the world’s markets, from the smallest (bitcoin) to the largest (derivatives). When you are finished, ask this: “How could the Federal Reserve System deal with a meltdown in either of the final two markets?”

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The Moral Issue of Honest Money

Written by Gary North on January 9, 2016

money

Because of the nature of the economics profession–“guild” might be a better word–it is necessary to put quotation marks around the words, “honest money.” Economists will go to almost any lengths to avoid the use of moral terms when they discuss economic issues. This has been true since the seventeenth century, when early mercantilistic pamphlet […]

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