What actually constitutes the Long Depression has been debatable, for at first it was called the Great Depression, and then that title was transferred to the 1930s. Consequently, some limit the term Long Depression to the worldwide price recession beginning in 1873 and running through the spring of 1879. Six years is not exactly a “long” depression, that in […]

When the Great Depression began, over 8,000 commercial banks belonged to the Federal Reserve System, but nearly 16,000 did not. There were still state banks that were not members. Those non-member banks operated in an environment similar to what existed before the Federal Reserve was first, established back in 1914. People criticize the Federal Reserve […]

Herbert Hoover’s memoirs (1951) documents the fact that Franklin D. Roosevelt (FDR) played a very dirty game of politics. There were rumors that FDR would confiscate gold. These rumors spread and people ran to banks to withdraw their funds. The night before the election in 1932, FDR denied that he would do such a thing. […]

QUESTION: Mr. Armstrong; Will you be going over the Sixth Wave this year at the WEC? What you just posted about the  Maunder Minimum is very interesting to say the least. ANSWER: Yes. This is the primary driving force behind the 309.6-year cycle. At this level, what becomes the major influence has been the Solar […]

La Liberté Speech Speech: delivered by Karl Marx on September 8, 1872, in Amsterdam; Source: K. Marx and F. Engels, On Britain, Foreign Languages Press, Moscow, 1962; Printed: September 15, 1872, in La Liberte. Also printed in Dutch, Belgian and German papers. In the 18th century, the kings and the potentates were in the habit […]

British politicians have just made the same stupid mistake as the American Democrats who created the S&L Crisis of the 1980s. In the U.S., they were greedy and changed the tax status on real estate to increase taxes. They created a one-way market of all sellers. British Conservatives have just done the same thing, sending […]

The obsession with austerity stems from Germany’s experience with hyperinflation. This is akin to the USA’s obsession with the deflation of the Great Depression. Both political groups and nations fail to understand the real causes of what they experienced so we end up with rising authoritarianism that will not end nicely. Austerity cannot continue when government continues […]

On Monday, Puerto Rico is set to release a key report on its financial stability. Governor Alejandro Garcia Padilla told The New York Times that the island would probably seek significant concessions from many of its creditors because “the debt is not payable.” Puerto Rico is the next Greece where the “vulture” investors bought their bonds back in […]

There is probably no other decision that could stir the fires in the Republican Party to further the SPLIT than this decision, despite the fact that it is legally correct. You cannot deny gays equal rights without surrendering your own, for that is how the law really works. If you say a black cannot vote, then that […]

In a speech, the New York Federal Reserve Board President William Dudley addressed the outrageous misconduct that has been going on within the financial industry. Indeed, it has really just been a few bad apples. Nevertheless, Dudley doesn’t pinpoint any one firm rather he states: “The problems originate from the culture of the firms, and this culture is largely shaped […]