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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Bounty for Shooting Down a Drone

Written by Gary North on July 18, 2013

A small Colorado town has a good idea: a $100 bounty for shooting down a drone. It will charge a $25 hunting license to make the whole deal legal. There are restrictions. Shotguns only. No drones above 1,000 feet. Can you shoot down a drone with a shotgun? The odds are against it. But as […]

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Holder Says: “Don’t Stand Your Ground. Run.”

Written by Gary North on July 17, 2013

Attorney General Eric Holder stood his ground at a meeting of the NAACP. He said that “stand your ground” laws are bad. He thinks black people, like all other people, should not carry a gun. They should not stand their ground when threatened. He said this. Separate and apart from the case that has drawn […]

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Debt Ceiling Will Not Move Until After Labor Day

Written by Gary North on July 17, 2013

The official, on-budget debt of the United States government has hit a plateau. It remains $56 billion below the debt ceiling. It has not moved up for two months. It is locked at $16,699,396,000,000. But the spending continues. The government has spent about $500 billion more than it has received in revenues so far this […]

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