Shrink the State. End the Fed. Balance the budget. Make a profit. Leave an inheritance.
Gary North
Written by Gary North on February 17, 2014
A GaryNorth.com site member asked this question: Why has Keynesianism prevailed? Dr. North, In the 1950’s Henry Hazlett wrote The Failure of the New Economics which demolished The General Theory line by line with clear, irrefutable arguments. I can’t imagine another field of study in which a theory can be dominant after such complete debunking. […]
Continue reading →Written by Gary North on February 11, 2014
So says a Washington Post liberal. Oh, how I wish it were true. But it’s nice to get credit even when credit isn’t due. (It’s like the federal government.) To a remarkable degree, our politics are haunted by the principles of Austrian economics and their sweeping hostility to any actions by government to keep downturns […]
Continue reading →Written by Gary North on February 11, 2014
Mark Perry is a free market economist. He has a blog on the site of the American Enterprise Institute. Recently, he cited a pair of editorials in the New York Times. They were on minimum wage laws. One was published in 1987. It called for a minimum wage law of 0. The other is recent. […]
Continue reading →Written by Gary North on November 4, 2013
Bill Gross is a very rich man. He manages Pimco, the world’s largest bond fund. As is true of most American multi-billionaires, he is a Keynesian. He believes in the economically creative power of the state. He has understood how the state affects the markets through raw power, and he has profited enormously. In November, […]
Continue reading →Written by Gary North on October 17, 2013
The Republicans capitulated this week. This comes as no surprise. Resisting the increase in the debt ceiling was a charade. The debt ceiling was breached in the week of May 17, but that was officially ignored by all. Treasury Secretary Lew set the rules, and Congress played his game. The House for 150 days accepted […]
Continue reading →Written by Gary North on October 10, 2013
The stock market’s reaction to the announcement that Janet Yellen is, as expected, Obama’s nominee to be Chairman of the Board of Governors sent stocks higher. Then they fell back. Then they rose. They closed higher. Yellen is a dove. She is more of a dove than Bernanke. This means that QE3 is likely to […]
Continue reading →Written by Gary North on October 4, 2013
The head of the International Monetary Fund has warned that a default on the debt of the United States government would create an international economic crisis. The Secretary of the Treasury says the same. Indeed, the entire establishment of international debt warns that the ever-growing debt of the U.S. government is central to the prosperity […]
Continue reading →Written by Gary North on September 30, 2013
The poor, dumb saps who believed each other’s predictions that the Federal Reserve would reduce bond purchases in September got their heads handed to them on September 18. The FED did not taper. I kept saying that it wouldn’t. It was clear by the FED’s use of the targeted unemployment figure of 6.5% that it […]
Continue reading →Written by Robert Murphy on September 26, 2013
Home Depot joins the list of employers cutting back on medical coverage for their workers as ObamaCare looms. This should not be surprising. It is a logical consequence of the incentives set up by the scheme, just as surely as colleges are now cutting back on the courses they offer, in order to keep more […]
Continue reading →Written by Gary North on September 25, 2013
Americans are told the following from their youth. “What goes up must come down.” “You can’t get something for nothing.” “There are no free lunches.” “What goes around comes around.” “The bigger they are, the harder they fall.” This is Austrian School economic theory. When they are old enough to vote, they are told this. […]
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