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Mises: “Customers Are in Charge, not Corporations.”

Written by Gary North on May 23, 2013

In his little 1944 masterpiece, Bureaucracy, Ludwig von Mises identified the supreme agent in the free market economy: the consumer. The capitalists, the enterprisers, and the farmers are instrumental in the conduct of economic affairs. They are at the helm and steer the ship. But they are not free to shape its course. They are […]

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Keynesianism Fails in Europe.

Written by Gary North on May 17, 2013

Europe is in a recession. France is in recession. Greece has been in recession for six years. Cyprus has been in recession for three years. Germany just barely pulled out this month. Spain has 27% unemployment. It’s getting worse in Europe. Yet this is where Keynesianism is supposed to work best. There are welfare states. […]

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Bad News on the Employment Front: Initial Jobless Claims Jump

Written by Gary North on May 17, 2013

The figure for first-time jobless claims — unemployment insurance claims — jumped to 360,000 last week. Anything above 350,000 is considered poor job growth. The figure had been below 330,000 the week before. The trend had been down. There were lots of stories on “happy days are here again.” Then, without warning, the figure wiped […]

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Keynesian Europe Will Not Muddle Through, Says German Economist

Written by Gary North on May 3, 2013

Europe is the poster child of Keynesianism. The southern countries ran huge government deficits for a decade. There was a boom. But that boom has ended. Mediterranean nations are in depressions. These depressions are getting worse. Hans-Werner Sinn is a German economist. He is known as one of the most pessimistic economists in Europe. But, […]

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Recession Spreads in Europe, Threatens the USA

Written by Gary North on April 29, 2013

The recession in Europe has spread into every large nation. Still, price are rising. The European Central Bank is powerless. It has officially set lending rates at 0.75%. Still, the economies are crashing. Greece has a 27% unemployment rate. So does Spain. Now there is talk of a rate cut by the ECB. To which […]

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Scared Americans Close Their Wallets on Durable Goods.

Written by Gary North on April 25, 2013

Orders for durable goods that are expected to last three years or longer fell 5.7% on March. This was a substantial decline. For the year, durable goods orders are unchanged from a year ago. Durable goods purchases indicate the willingness of Americans to buy goods that are not the normal day-by-day goods, which tend to […]

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Despite Excel Error, This Time, It’s Still Not Different

Written by Gary North on April 17, 2013

The best-selling book, This Time It’s Different (2010) , which warned against a high government debt-to-GDP ratio, relied on an Excel spreadsheet. Problem: one of the cells was wrong. An article exposing this error has gotten a lot of coverage in the media. Liberals have cheered. At last, relief! They can still remain in the […]

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Keynesian Leaders Demand More Deficits to Avoid Recession.

Written by Gary North on April 10, 2013

George Soros has said that Europe will go into recession this year if governments adopt austerity, i.e., do not run huge deficits. Our new Secretary of the Treasury has demanded the same thing. Keynesians love two things: national government deficits and central bank counterfeiting to fund these deficits. Their mantra is this: “Deficits and digits.” […]

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Keynesians Are in Panic Mode: Another Desperation Move

Written by Gary North on March 28, 2013

The latest country to invoke panic spending is South Korea. Its economy is faltering. What is needed? A bigger deficit, of course. Then what? More central bank inflation. The central bank is expected to cut interest rates on short-term government bonds next month. All over the world, East and West, the politicians are desperate. So […]

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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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