Shrink the State. End the Fed. Balance the budget. Make a profit. Leave an inheritance.
Gary North
The president of the “conservative” Federal Reserve Bank of St. Louis said on Friday the 22nd that FOMC policy will remain loose for a long time. There is no problem, he says. This policy of buying $1 trillion a year in Treasury bonds and Fannie/Freddie bonds is more powerful than expected. This will create U.S. [...]
Continue reading →Remnant Review The best description of the reversal of fortune is Mary’s Magnificat, recorded in the Gospel of Luke, chapter 1, verses 46-55. “He hath put down the mighty from their seats, and exalted them of low degree” (v. 52). This was a fundamental theme in the Old Testament. We are told that those who [...]
Continue reading →We have heard the good news. The housing new home market is booming. It is, indeed: for rental units. But what about single-family homes to sell to the middle class? Not so much. Home ownership is lower now than it was in 2007. This means that the construction boom is targeting renters. Why? Because the [...]
Continue reading →TARP was shoved down the throats of voters in 2008. They opposed the bailouts of corporations, but to no avail. They have forgotten. John Boehner, who was the the man who rammed the program through the House Republicans, is still Speaker of the House. The TARP bills still mount up. The government bought a stake [...]
Continue reading →Janet Yellin is the Vice Chairman of the Federal Reserve System’s Board of Governors, a government agency. She recently gave a speech on how bad the unemployment situation has been, is, and will remain. But she ended on a note of optimism. It was an optimism that was not supported anywhere in her speech. Let [...]
Continue reading →Americans are borrowing against home equity once again. These loans were up by almost 20% in 2012. Some of these ignorant people are converting their home mortgages into personal loans. If they live in states where mortgages are non-recourse loans, where the lender cannot come after them if they default, they lose this legal protection [...]
Continue reading →The German central bankers have been pressured by politicians to demand that half of the nation’s gold be sent back to the German central bank. Senior officials at the Federal Reserve persuaded the Germans to get their gold back over seven years. Does this sound as though the New York FED has assigned Germany’s gold [...]
Continue reading →If the FED must buy $1.1 trillion in bonds over the next 12 months, as now seems likely, why will it stop next year? It won’t. Forecasters are incredibly naive. They make a forecast about FED policy over the next 12 months, and then say nothing about 12 months after that. If the FED has [...]
Continue reading →Gary North’s Reality Check (Jan. 24, 2013) The governor of the bank of England is Mervyn King. He is about to be replaced by the man who is presently the governor of the Bank of Canada, Mark Carney. This replacement is unprecedented. A man who is not a British citizen is being brought in to [...]
Continue reading →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 [...]
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