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How Blind Is Paul Krugman? This Blind!

Written by Gary North on November 5, 2016

krugman

“The basic point is that the recession of 2001 wasn’t a typical postwar slump, brought on when an inflation-fighting Fed raises interest rates and easily ended by a snapback in housing and consumer spending when the Fed brings rates back down again. This was a prewar-style recession, a morning after brought on by irrational exuberance. […]

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The Looming Smash-Up of the World’s Economy

Written by Gary North on September 24, 2016

world-economy

Ambrose Evans-Pritchard has written an article on a United Nations report on debt and default. He is a Keynesian. He worries about deflation. Deflation is the ultimate negative sanction in his view. Like all Keynesians, he does not understand the healing effects of deflation. But I read him because he provides data on the fragility […]

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The Economy Is Rigged

Posted on September 24, 2016

economy

By John Mauldin Yes, the system is rigged, just not in the way that 99% of the people think it is and not by those they think are doing the rigging. Greed is not the reason for the rigging, nor are any of the other usual “follow the money” reasons. We cannot make a convenient […]

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Keynes: Crackpot Economist of ZIRP

Written by Gary North on September 3, 2016

ZIRP

John Maynard Keynes was a crackpot. So are his followers. All of them. I can hear the shocked response. “But, Dr. North, you’re not supposed to say such things. It’s not polite. It shows a lack of etiquette. People who say such things are themselves dismissed as crackpots.” To which I respond: “Dismissed by whom?” […]

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How Nixon Killed Keynes’ Phony Gold Standard

Written by Gary North on August 20, 2016

nixon

My generation says: “Each of us can remember where he was when he heard about Kennedy’s assassination. I can remember where I was when I heard about Nixon’s killing of the phony gold standard that John Maynard Keynes and the Soviet spy Harry Dexter White designed in 1944. It was a Sunday afternoon: August 15, […]

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Airbus: Carving Up a Keynesian Turkey

Posted on June 11, 2016

airbus

The Big White Elephant is on life support but not for much longer. Airbus Industries, its parent EADS and the governments who continue to subsidize its production can no longer justify its continuity at the expense of the European tax payer. A rapidly shrinking customer base and less than a hand full of customers who […]

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Unfunded Federal Liabilities: Snowpack and Avalanche

Written by Gary North on February 27, 2016

unfunded-liabilities

I begin with what I regard as the fundamental fact of modern economic life: the present value of the unfunded liabilities of the United States government. The economist who has been most vocal about this is Prof. Lawrence Kotlikoff of Boston University. He releases an estimate every year. His estimate is this: somewhere in the […]

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Bernie Sanders: Keynesian on Steroids

Written by Gary North on February 20, 2016

bernie-sanders

If Forrest Gump’s mother were around, she would remind us of this fundamental truth: “Socialism is as socialism does.” With all the hoopla surrounding Bernie Sanders’ campaign, let us apply this principle to his message. As far as I have read, he has not recommended that the federal government nationalize America’s industries. He has not […]

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Keynesianism’s Long March into History’s Dustbin

Written by Gary North on February 13, 2016

dustbin

We read on Wikipedia: The phrase “ash heap of history” (or “dustbin of history”) figuratively refers to the place to where persons, events, artifacts, ideologies, etc., are relegated upon losing currency and value as history. A notable usage was that of the Russian revolutionary Leon Trotsky referring to the Mensheviks: “You are pitiful, isolated individuals! […]

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