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$1 Trillion Bailout: Student Loans

Written by Gary North on December 3, 2012

There is now a proposal before Congress for the government to pay off all the banks that have lent money to students. The government has already changed the bankruptcy law to make it almost impossible for students to escape this debt. But the banks still cannot collect the money. So, it’s Congress to the rescue! […]

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Betrayed by Keynesians

Written by Gary North on November 29, 2012

Gary North’s Reality Check In the fourth quarter of 2008, the whole world turned to the central banks for deliverance. The central banks responded with the largest monetary expansion in the post-World War II era. All but Austrian School economists either applauded — Keynesians and monetarists — or else remained mute. The politicians did the […]

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Kiss Your Local Bank Goodbye

Written by Gary North on November 1, 2012

Small banks will disappear over the next decade — maybe half of them. That is the estimate of several analysts. The big banks are already dominant. They will swallow up smaller banks. The problem is this. Will local employees of a New York bank have enough clout to give loans to local businesses? Centralization of […]

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Fiat Money Means Fiat Freedom: Greenback Dollars

Written by Gary North on October 23, 2012

Gary North’s Reality Check (Oct. 23, 2012) And I don’t give a damn about a greenback dollar. Spend it as fast as I can. — Hoyt Axton. That is where Hoyt and I part company. I care about greenback dollars, both in theory and practice. So should you. Whenever government is in control of money […]

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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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WalMart’s New Debit Card: Targeting the Poor

Written by Gary North on October 10, 2012

Walmart and American Express have teamed up to provide a debit card program for Walmart shoppers. The card will be called bluebird, as in “bluebird of happiness.” Their targeted market is poor people who do not have bank accounts. No one in the banking industry wants them. So, Walmart spotted an opportunity. A poor person […]

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$914 Billion Student Loan Bubble Will Get Bigger

Written by Gary North on October 1, 2012

Student loans are over $900 billion. Parents of college students cheer them on. “Go ahead. Load up. It’s for your own good. It will pay off. You’ll see.” The average college graduate leaves college $40,000 in debt. Parents beam. “We’re so proud.” The Department of Education has reported that 13.4% of the 2009 graduates are […]

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Government Mandate: Banking Bankruptcy Plan

Written by Gary North on August 13, 2012

Bank regulators for the United States government have been working secretly for two years with the five largest U.S. banks, It has required them to draw of “last wills and testaments” in case they go under. This is sensible. O\If one or more go bust in the next crisis, the government wants a fast transition. […]

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