Shrink the State. End the Fed. Balance the budget. Make a profit. Leave an inheritance.
Gary North
Written by Gary North on January 22, 2013
Gary North’s Reality Check (Jan. 22, 2013) The largest banks are immune to reform or regulation. They control the Federal Reserve System, and have since the beginning in 1914, when it opened for business. The Congress defers to the FED. So, the banking system never changes much. There is never a significant reform. Today, the […]
Continue reading →Written by Gary North on January 17, 2013
Goldman Sachs’ profits are up. J. P. Morgan Chase’s profits are up. How are your profits? Not so good? That’s because you’re not an ex-CEO of Goldman Sachs. Therefore, you’re not the Secretary of the Treasury. You’re not Hank Paulson. You’re not Robert Rubin. You’re not even Jon Corzine. So, no U.S. Senate seat for […]
Continue reading →Written by Gary North on January 16, 2013
If the Federal Reserve Bank of New York has all of the gold in its vaults that is owed to Germany, there will be no problem. But what about other central banks? If they follow suit, the scene in Die Hard 3 will be repeated: gold flows out. Before this happens, there had better be […]
Continue reading →Written by Gary North on January 16, 2013
Some people think the Federal Reserve keeps all of the interest the government pays to it. This was true up until the early 1940s. It has not been true ever since. The law was changed during WW II. Every year, the FED repays most of the money to the government. For 2012, it was $88.9 […]
Continue reading →Written by Gary North on January 15, 2013
Gary North’s Reality Check Charles Evans is the president of the privately owned Federal Reserve Bank of Chicago. On January 14, he gave a speech in Hong Kong. As with all speeches by Federal Reserve Bank officers, except for Bernanke the Boring, he was careful to say that his views were only his own. “Before […]
Continue reading →Written by Gary North on January 14, 2013
The scheme that proposes the issuing of a trillion-dollar coin to be sold for digital money from the Federal Reserve System is dead. The Treasury won’t go along with it. That’s really a shame. I was a big fan of the scheme. It would have been legal. It would have short-circuited the debate over the […]
Continue reading →Written by Gary North on January 11, 2013
Gary North’s Reality Check Milton Friedman was very smart and a great debater. I knew him. I liked him. But he was no different from other very clever fellows. When he got something conceptually wrong, he was dangerous. My professor of apologetics at seminary was Cornelius Van Til. Apologetics is the philosophical defense of the […]
Continue reading →Written by Gary North on January 4, 2013
Gold was under $300 an ounce in 2001. It is now over $1650. Still, the vast majority of Americans have never even seen a gold coin, even though they are produced by the U.S. Mint, and have been for 30 years. I run a website, Gary North’s Specific Answers. This was posted on one of […]
Continue reading →Written by Gary North on December 5, 2012
People and institutions still lend money for 90 days to the U.S. government in order to earn a tenth of one percent per year interest. They trust the government. Yet the fiscal cliff charade goes on. The U.S. government cannot pay its bills without borrowing more money. The whole world knows this. But the “smart […]
Continue reading →Written by Gary North on November 26, 2012
Here is a letter I got over the weekend. From the Desk Of: Manager: Mr. Ben S. Bernanke Bank Federal Reserve Board Liberty Street, New York, NY 10038, USA This is to bring to your kind notice that your outstanding payment of $7,300,000.00 which has been with our central paying office from United Nations has […]
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