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David Stockman’s Burden

Written by Gary North on September 5, 2015


David Stockman has written the finest piece of financial journalism of our generation: The Great Deformation: The Corruption of American Capitalism. It shows how we got into the mess we are in. Blame the government. Then blame us. It is our government. We must not parrot Flip Wilson’s Geraldine: “The devil made me do it!” […]

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Taxes: Bad News, Good News

Written by Gary North on April 25, 2015


Federal tax receipts are approaching 17.5% of GDP. Whenever the percentage gets this high, a recession follows. That’s the bad news. What’s the good news? The percentage rarely gets above this, and when it does, there is a recession. Receipts fall. This means that the federal government cannot get above 20%. It can borrow to […]

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Yellow Alert! Worldwide Stock Market Sell-Off

Written by Gary North on April 18, 2015


Pay attention. In recent months, the U.S. stock market has gone nowhere: up, down, up, down. No pattern. Yesterday, the world’s stock markets tanked. No warning. Wham! No single central bank is responsible. No single central bank can goose the world’s stock markets. No coordinated policy is likely . . . yet. There is no […]

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Healthcare Stocks: Feverish

Posted on April 1, 2015


By Wolf Richter The healthcare merger binge on Monday came in the nick of time. While the overall US economy is struggling to grow at anything faster than the puny pace of 2.3% per year, healthcare spending has been on a tear, rapidly grabbing an ever larger part of the economy. If it hadn’t been for […]

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FED: “Recessions R Us”

Posted on March 12, 2015


By David Stockman So now the third immense financial bubble of this century has been fully inflated. And there are abundant signs that what we really have is a Great Immoderation—–a baleful, not beneficent, development that can be laid exactly at the door step of the central bank. Specifically, yesterday’s abysmal data on the soaring wholesale sales/inventory ratio (I/S ratio) is not […]

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Nasdaq 5000: Dead End

Posted on March 5, 2015


by David Stockman The robo-traders and Wall Street punters were busy painting the tape yesterday, and did bump the Nasdaq composite across the magic 5,000 threshold for the first time since March 2000. But even as Wall Street urged home-gamers to “return with us to the thrilling days of yesteryear”, the caveats about “this time […]

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A Large Order of Carnage. Hold the Mao.

Posted on March 3, 2015


By David Stockman It is almost certain now that we are at the threshold of crossing the Rubicon which will result in a crackup of the EU and the euro.  There are just too many centrifugal forces blowing apart this experiment, which was misbegotten from the very beginning. That will then catalyze a thundering global […]

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S&P 500 Breaks Even After 14 Years, 11 Months

Written by Gary North on February 18, 2015


The suckers who did not sell the S&P 500 on March 24, 2000 broke even yesterday: February 17. It closed at 2100. On March 24, 2000, the S&P 500 peaked in terms of purchasing power. It closed at 1527. Go to the inflation calculator of the Bureau of Labor Statistics.  It is here. Type in […]

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Shiller’s Warning: Crash Ahead

Written by Gary North on February 16, 2015


The news on the investment front is not good. Nobel Prize-winning economist Robert Shiller has a grim message for investors: Save up, because in the years ahead, assets aren’t going to give you the type of returns that you’ve become accustomed to. In his third edition of “Irrational Exuberance,” which will drop later this month, […]

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