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QE 3 Moves to Japan

Written by Gary North on April 4, 2013

The Bank of Japan has announced a quantitative easing (mass inflation) QE program that matches Bernanke’s: $75 billion a month in purchases of Japanese government bonds. This is just under $1 trillion a year. But Japan’s GDP is only $6 trillion — 40% the United States’ GDP. This is way beyond Bernanke. For the Bank […]

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The Cypriot Parliament Reversed the Bankers’ Coup

Written by Gary North on March 25, 2013

When the officially unnamed EuroGroup of eurozone finance ministers cooked up a deal where all depositors in Cyprus would be taxed to bail out the nation’s banking system as a condition for the $13 billion bailout, they adopted a new rule for banking: depositors are lenders to the banks. Previously, depositors had first claim on […]

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Cyprus Banks Remain Closed. Banking Panic Looms.

Written by Gary North on March 21, 2013

The Cyprus central bank decided to keep the banks closed until next Tuesday. The panic is building. This will build it even more. The British media say the government is looking for Plan B. There is no Plan B. There will be no tax on bank accounts, says the parliament. Will there still be a […]

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Cyprus Parliament: “Stuff It, Eurocreeps!”

Written by Gary North on March 20, 2013

The members of the Cypriot Parliament overwhelmingly told the EuroGroup to take a hike on March 19. The secret group with no official name and no official power thought it would force the government of Cyprus to impose a tax on all bank depositors . . . “just this once. We promise.” It was a […]

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Kilowatt Money: Zombie Economics for Naive Conservatives

Written by Gary North on March 20, 2013

Gary North’s Reality Check The conservative movement has always been filled with monetary cranks. This has been true for well over a century. These cranks have never read a book on economics. They have never taken a class in economics. They have zero practical experience in finance. They come before the conservative public and present […]

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Busted Billionaires: How Iceland Recovered by Defaulting

Written by Gary North on March 19, 2013

Iceland, in 2009, let its banks default on foreign depositors. The nation suffered a brief recession. Now it is growing. Europe is in recession. Default pays off. The nation had six multi-billionaires in 2007. Now it has none. The lone survivor has left the country. He used to have $6 billion. He lost $5 billion. […]

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Democracy in Europe: “You Dumb Clucks”

Written by Gary North on March 19, 2013

The Eurogroup held a teleconference this evening to take stock of the situation in Cyprus. The Eurozone’s decision-making institution on the euro is an informal committee of finance ministers. The committee has no official name. It has no official power. It is not voted into office. In the Lisbon Treaty, which went into effect on […]

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