American Lawyers Hope to Cash In on LIBOR Rate-Rigging

Written by Gary North on October 18, 2012

As reported widely, a dozen big banks shared information with each other on the LIBOR rate, which is set by banks in London (actually, in the City, a separate legal jurisdiction in the middle of London, where the banks operate). The rigging was illegal. Barclays Bank has paid fines of almost $500 million. The other […]

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China’s Imminent Recession Will Spread

Written by Gary North on June 21, 2012

There is little doubt that China is entering into a recession. The government of China’s statistics do not indicate this, but another key indicator does: the purchasing manager’s index. When it falls below 50, this indicates contraction. The PMI for China’s manufacturing sector is headed for 48.1. When China’s manufacturing sector is contracting, the urban […]

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Debt Ceiling Smash-Up Will Hit Early

Written by Gary North on February 27, 2012

The battle over the debt ceiling last year was prime-time news last summer. Congress finally consented to a huge increase. This increase was expected to last until well into 2013. It won’t. The next President’s inauguration will take place in the middle of another debate over what gets cut (nothing) and who pays higher taxes […]

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