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What Will Be Your Share of Europe’s Bailout?

Written by Gary North on December 13, 2011

This joke has it right. Question: A Greek, an Italian and a Spaniard walk into a bar. Who picks up the tab? Answer: The Americans. The author understands how the financial markets work. The Europeans will pay for their bankers’ stupidity. So will we. MF Global was just the beginning. And then there is the […]

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The Lollipop Guild: Stock Market Bulls

Written by Gary North on December 12, 2011

In The Wizard of Oz, three Munchkins represented the Lollipop Guild.   Economist and fund manager John Hussman has taken that phrase and has elaborated on it. We represent the Lollipop Guild Frankly, I am concerned that Wall Street is becoming little more than a glorified crack house. Day after day, the sole focus of […]

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Bank Runs Are Beginning

Written by Gary North on December 8, 2011

The banks of Italy and Spin escalated their borrowing from the European Central Bank in November. Italian banks had to borrow 153.2 billion euros in emergency liquidity from the ECB in November, up from 111.3 billion euros at the end of October, Bank of Italy data showed, another big leap in reliance on the central […]

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A Return to Gold Is Inevitable — Peter Schiff

Written by Gary North on December 7, 2011

The West’s economy is interlinked by currencies, banks, and debt. There is no island of safety. Peter Schiff has written a provocative report on how close we are to what he calls the crack-up. It’s a good thing, he says. Up until very recently, political centralization was the norm. Today, the centralized Eurozone is about […]

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“Shell Game”: Pretending to Cut the Federal Deficit

Written by Gary North on December 5, 2011

That is the description given by a first-term Republican Congressman, Allen West. The latest battle is over the extension of the payroll tax cut. Obama favors it. Republicans do not want to run this year on a platform of having let a tax rise. So, the Congress will vote to extend it. Then where will […]

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FED Inflation Will Fail, Say Two FED Presidents

Written by Gary North on December 5, 2011

What’s  this? Creeping sanity at the FED? Well, at least at the Dallas FED. The U.S. Federal Reserve and other central banks must not succumb to calls for additional help from monetary authorities in the face of high budget deficits, two top Fed officials said on Friday. Using the Fed as a printing press to […]

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How the FED Buys the Economists’ Support

Written by Gary North on December 3, 2011

To buy the support of the nation’s academic economists, the FED pays millions of dollars in contracts. It hires economists to write papers that few people in the FED ever read. The FED hires thousands of economists for part-time projects. The FED understands this principle: “He who pays the piper calls the tune.” And: “If […]

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French Fried Banks

Written by Gary North on December 2, 2011

If Italy defaults in the next few weeks, or even suspends interest payments, French banks will need a massive bailout. Where will they get the money? From the French government? But where will it get the money? At what price? The dominoes could fall. Other nations’ banks could fail. The world faces French fried banks. […]

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FED Intervenes: Dollar Falls, Gold Rises

Written by Gary North on December 1, 2011

By now, you know that the Federal Reserve and other central banks promised to supply dollars to help bail out the Eurozone. The FED is going to be the lender of last resort for Europe. The dollar fell. Gold rose. There will be lots more headlines like this over the next decade. This is not […]

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