J. M. Keynes: An Anti-Semitic Economic Crackpot

Written by Gary North on July 22, 2013

John Maynard Keynes is universally regarded as the most influential economist of the twentieth century. This assessment is correct. His 1936 book, The General Theory of Employment, Interest, and Money, baptized the deficit spending programs that the Western governments had been following — without success — ever since 1930. His conclusion: more of the same. […]

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House Flipping Profits on Long Island: $40,000

Written by Gary North on July 22, 2013

Up!

Greenspan said that he could not see any bubbles. Bernanke said there was no bubble in 2006.  He said housing prices would not fall. Across America, people were flipping houses. Buy low, sell higher in six months: instant money. My next door neighbor told me in 2005 that she was thinking of flipping houses.  I […]

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“You’re Fired. Want to Work Part-Time?”

Written by Gary North on July 19, 2013

Three-quarters of all small business owners say this will be their response to ObamaCare. As Nancy Pelosi famously said: “Are you serious?” They are serious. They will fire people. They will make part-time workers out of full-time workers. They will do whatever it takes to get out from under ObamaCare. This was obvious from day […]

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Super Hot Real Estate Market Gets Ice Cold in June

Written by Gary North on July 19, 2013

The San Francisco area was hot. It was Evening News hot. In June, it turned cold. Sales dried up. Between May and June, sales in San Francisco fell 7.5% — in one month. What about year over year? Sales were down 9.4%. Real estate markets never turn cold in June. In June, the markets heat […]

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No More Communism! North Korea Capitulates: Farming.

Written by Gary North on July 19, 2013

NorthKoreaPhoto

The last bastion has fallen. The last hold-out is no longer holding out.  North Korea now allows collective farms to lease land to peasants. The peasants pay 30% of the crop to the collective. This is sharecropping.  This is what the USA had in the South after 1865. This is a move to capitalism. We […]

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Detroit’s City Pensioners Are Wiped Out.

Written by Gary North on July 19, 2013

It looked so easy. Go to work for the city. Get paid above-market wages. Get a pension. Get health care covered. It was Fat City. It’s Thin City today. The city has officially gone belly-up. It has filed for bankruptcy. The city was in debt to the pensioners for $3 billion.  What about health care […]

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Housing’s Mini-Bubble Has Popped.

Written by Gary North on July 18, 2013

Mortgage rates are up. Mortgage applications are down.  New home permits are down. New home construction is down. Not a little down. “Falling off the burning trestle” down. Mortgage applications. Zero Hedge comments: For the 9th week of the last 10 mortgage applications fell (led by refis – down 55% from their peak). Now down […]

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QE to Infinity? Highly Unlikely.

Written by Gary North on July 18, 2013

On February 16, 2013, Jim Sinclair wrote this. QE to Infinity, followed by Gold balancing the balance sheets of the sovereign balance sheet disasters. Just as there is no tool other than QE to feign financial solvency, there is no tool to balance the balance sheet of the offending entities other than Gold. It is […]

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