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Unemployment at 25% — Richard Russell

Written by Gary North on January 6, 2012

Richard Russell has been writing about the stock market since the 1950s. He thinks we will see something like the Great Depression’s level of unemployment. He is a master of Dow theory as a forecasting tool. He uses other indexes. Here is one. . . . Buying Power since last February has been in a […]

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Running Scared: Middle Class in California

Written by Gary North on December 13, 2011

I grew up in California. It was a middle-class place. Where I grew up, Manhattan Beach, is today an enclave for the rich. A home that my parents bought for $8,000 would sell for $1 million today. Meanwhile, the middle-class is fading. It is no longer in the majority in California. Three decades ago, 60 […]

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The End of the American Dream Came in 2008

Written by Gary North on December 5, 2011

What is the American dream? A good job at a decent wage. This matters even more than owning your own home. A pair of historical charts show that this dream ceased to be a reality in 2008. They show that total non-farm employment declined in 2001, then shot up in Greenspan’s bubble. But employment fell […]

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A New Attitude Toward Owning a Home

Written by Gary North on December 2, 2011

Historically, Americans have wanted to own their homes. This is true, even though, on average, Americans move every five years. The goal of home ownership was a social phenomenon. But because prices always seemed to rise, and because you could get leverage (mortgage), home ownership became the most popular capital investment. All this burst in […]

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China Moves Toward Recession, as Austrian Theory Predicts

Written by Gary North on November 23, 2011

The Austrian theory of the business cycle is clear: when a central bank inflates, it will produce a boom. When it slows the rate of monetary inflation, the result is economic recession. I have written about this here. China’s central bank has been the most inflationary of any industrial nation. Now it has slowed, because […]

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Niall Ferguson Has Some Fun: Europe, 2021

Written by Gary North on November 22, 2011

Historian Niall Ferguson has written a playful piece for the Wall Street Journal. It is written as an observer’s reminiscences of the transition to the United States of Europe. The euro survives. The independence of Western European nations does not. England is outside the system. The voters vetoed the idea of union. Israel attacked Iran. […]

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Housing Starts Remain Deep in the Tank — Falling

Written by Gary North on November 18, 2011

Housing starts in October were 628,000, down from September’s revised figure of 630,000. Let’s be clear here. These are annual figures, not monthly. In 2005, the rate was over two million per year. The 628,000 included apartment houses. Single-family dwellings were 430,000. This is what people with the credit to buy want to buy. There […]

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In Need of Repairs: Profits Collapse at Lowe’s

Written by Gary North on November 16, 2011

Profits at Lowe’s, one of the two major home repair suppliers, fell by 44% in the third quarter. Lowe’s sells to customers who are improving their lifestyle by upgrading their homes. This is necessary when selling a home. But homes are still not selling. Owners are out of money to make repairs. They sense that […]

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