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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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Never Give a Keynesian an Even Break

Written by Gary North on February 6, 2016

david-stockman

David Stockman uses the most antagonistic rhetoric against Keynesians that I have ever read. He is merciless. He gives no quarter. That’s why I love to read his articles. Here is a good one. It is on the world’s central bankers, who have driven down interest rates to zero, and have thereby sacrificed the interests […]

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Davos: The Intensive Care Unit of the New World Order

Written by Gary North on January 30, 2016

davos

Every January, the richest people in the world get together to meet at Davos, Switzerland, at the world economic forum. Also present are the best and the brightest in the Keynesian community, whose plane fares and hotel rooms are taken care of. These are the hired hands. Every year, everyone hopes he is going to […]

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Keynesians Are Economic Imbeciles

Written by Gary North on January 9, 2016

keynesians

I have never had a lot of patience. I suppose this is one of my character flaws. I do not suffer fools lightly. I suppose this is another one of my character flaws. I use strong rhetoric to deal with economic imbeciles. I do not regard this as one of my character flaws. I regard […]

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China Syndrome: The Great Unwind

Posted on January 2, 2016

ghost-city

By David Stockman The giant credit fueled boom of the last 20 years has deformed the global economy in ways that are both visible and less visible. As to the former, it only needs be pointed out that an economy based on actual savings from real production and income and a modicum of financial market […]

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