Shrink the State. End the Fed. Balance the budget. Make a profit. Leave an inheritance.
Gary North
Written by Gary North on October 14, 2013
The head of the International Monetary Fund has warned of a worldwide recession if the United States government defaults on its debt. The head of the World Bank has said much the same. Christine Legard, the IMF head, made this statement: “If there is that degree of disruption, that lack of certainty, that lack of […]
Continue reading →Written by Gary North on October 10, 2013
The stock market’s reaction to the announcement that Janet Yellen is, as expected, Obama’s nominee to be Chairman of the Board of Governors sent stocks higher. Then they fell back. Then they rose. They closed higher. Yellen is a dove. She is more of a dove than Bernanke. This means that QE3 is likely to […]
Continue reading →Written by Gary North on October 9, 2013
The news that President Obama will nominate Janet Yellen as Chairman of the Board of Governors of the Federal Reserve System should remind us of the disaster that the Federal Reserve is and has been. It was not quite 100 years ago that the Federal Reserve Act was signed into law by President Wilson. This […]
Continue reading →Written by Gary North on September 30, 2013
The poor, dumb saps who believed each other’s predictions that the Federal Reserve would reduce bond purchases in September got their heads handed to them on September 18. The FED did not taper. I kept saying that it wouldn’t. It was clear by the FED’s use of the targeted unemployment figure of 6.5% that it […]
Continue reading →Written by Gary North on September 27, 2013
It is important that analysts who say that something huge is coming provide coherent evidence for such an event. Let me offer a recent example of an analyst who failed to do this. In an article by Jim Willie, whose subscription-based newsletter is the improbably titled Golden Jackass, we learn that the Treasury bond market […]
Continue reading →Written by Gary North on September 27, 2013
For almost 50 years, I have been doing research on the peculiar left-wing movement called the Greenback movement. Beginning in the 1870s, the Greenback movement began agitating for the extension of fiat paper money by the federal government. It opposed the return to the gold standard. When the federal government returned to the gold standard […]
Continue reading →Written by Gary North on September 26, 2013
The Federal Reserve System’s policy known widely as QE3 is a massive subsidy of the rich at the expense of the middle class. This is the conclusion of Stephen Roach, who for years was chief economist for Morgan Stanley. He calls this policy destabilizing. He says this: the FED “is courting an increasingly treacherous endgame […]
Continue reading →Written by Gary North on September 25, 2013
There are people who say that Abraham Lincoln opposed central banking. The opposite is true. Lincoln ran for the legislature in 1832 as a supporter of Henry Clay and what Clay called the American system: high tariffs, federal money to build public works projects, and a central bank. Clay was the main supporter in Congress […]
Continue reading →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. […]
Continue reading →Written by Gary North on September 23, 2013
In an article describing the Federal Reserve System, the author comes to this conclusion: Oh, you want power rankings? I’d put the Fed chair at the second most powerful person in the United States. The president comes first. But consider the alternatives for the No. 2 slot: The vice president’s only formal power is to […]
Continue reading →