Gary North, at the age of 25, was the youngest elected member of the Economists' National Committee on Monetary Policy. He has served as a senior staff member of the Foundation for Economic Education and as a research assistant to U.S. Congressman Ron Paul.
In every economic boom and bust, there are winners and losers. Never before in American history, or any other history, have the winners won so much. The big winners were in the financial industry. They profited enormously from the expansion of the money supply from August 1982 until March 2000. They rose in the corporate ranks during this period.
We were all misled by the assurances of ‘experts’ over this crisis, says Gary North in The Daily Reckoning. The $700 billion Paulson plan will not be the last bailout. And the ever-growing national debt will never be paid off with the US dollar at its present value. Gary says it is time to name and shame those who tried to deceive us…
On August 11, the price of gold collapsed: down over $30. So did the price of silver, platinum, and palladium. A lot of people are asking why.
I monitor a chart on a website that almost no economic forecaster pays any attention to. The chart has indicated a remarkable shift toward economic optimism. It has indicated that the American economy will not fall into recession this year. This shift has taken place in the last three weeks.
Siegfried & Roy were one of Las Vegas’s most popular acts until 2003, when Roy Horn, the trainer of big cats, was attacked by a tiger. He has still not recovered. Siegfried was an illusionist. We call these people magicians, but the magic they employ is illusion.
The tax rebate of 2008, which is scheduled to begin this week when the first checks go into the mail, is the latest example of American mercantilism in action.
You and I are riding China’s economic tiger. The whole Western world is. It has been a pleasant rise so far. We have the electronic gadgets and cheap toys to prove it. “Made in China” is everywhere. But this tiger is a paper tiger - paper money.
The new law was the Monetary Control Act of 1980. Why did Congress pass it? Because the banks were hemorrhaging money. Why? Because Federal Reserve policy had changed.
In my recent article, “The FED’S End Run,” I wrote this: Beginning late Friday evening, March 29, we have been in the midst of an end run by the Federal Reserve System around Congress. The FED is about to be given authority to regulate the nation’s largest non-commercial financial institutions, including stocks and commodities.