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The FED’s Christmas Present to Big Banks

Posted on December 19, 2014

WASHINGTON — Christmas came early for Wall Street this year. The Federal Reserve on Thursday granted banks an extra year to comply with a key provision of the Volcker Rule, a move that gives financial lobbyists more time to kill the new regulation before it goes into effect. The Volcker Rule is a key element […]

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“Pay Us to Hold Your Money” — Swiss Central Bank

Written by Gary North on December 19, 2014

The Swiss National Bank has announced that if you buy Swiss francs, you must pay a rate of interest. This is a negative interest rate. Why did the SNB do this? To persuade foreigners not to buy Swiss francs. Why? To keep the value of the Swiss franc low. This is mercantilism, pure and simpleton. […]

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Russia: A Depression Draweth Nigh

Written by Gary North on December 16, 2014

The idiots who run the central bank of Russia just raised the interest rate to 17%. They are trying to save the international value of the ruble. If Putin were really in charge, he would shut down the central bank. But he is not in charge. Central bankers should not be allowed to “save the […]

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Government Buys Survivalist Packages for Bank Regulators

Posted on December 12, 2014

The Department of Treasury is seeking to order survival kits for all of its employees who oversee the federal banking system, according to a new solicitation. The emergency supplies would be for every employee at the Office of the Comptroller of the Currency (OCC), which conducts on-site reviews of banks throughout the country. The survival […]

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Japan Is in a Recession: Abenomics Is Not Working

Written by Gary North on November 17, 2014

Japan’s central bank is inflating on a massive scale. The policy is not working. The Japanese economy is in a second quarter of contraction. The Japanese stock market boomed in response to the flow of new money. It is now falling. The government hiked the national sales tax from 5% to 8%. It had planned […]

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Senior Banker’s Cancer: It’s Time to Retire

Written by Gary North on October 14, 2014

Jamie Dimon is the CEO of the largest U.S. bank, J. P. Morgan Chase.  He has cancer. After three months of absence, he has returned. If a bank can be run by a man getting cancer treatments, then it does not take much to run it. If a senior executive in a major outfit gets […]

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What’s RIGHT With the Euro

Written by Gary North on October 11, 2014

You read that right. Right. I think like an economist. The economist always thinks in terms of alternatives. The economist’s mindset was expressed clearly by the late comedian, Henny Youngman. “How’s your wife?” “Compared to what?” One of the most common complaints against the eurozone is this one: “The eurozone is a central currency, but […]

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76 Million Americans Hacked Through J. P. Morgan Chase

Written by Gary North on October 3, 2014

It was Matt Drudge’s lead story yesterday. It was the lead story on Google News this morning. Hackers got the records of 76 million Americans: names, addresses, phone numbers. Also stolen were the data on seven million businesses. The bank never admitted this to the public. It merely reported it in a mandatory filing with […]

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Keynes, Lenin, and Hyperinflation

Written by Gary North on September 25, 2014

In 1919, John Maynard Keynes became an international figure of considerable influence because of his book, The Economic Consequences of the Peace. It was a critique of the Versailles Treaty’s imposition of reparations payments on Germany in the aftermath of World War I. In that book, Keynes made the following observations. Lenin is said to […]

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