I don’t like name calling but then North goes and calls other people’s ideas “stupid” when he really hasn’t thought them through. Maybe he’s just not capable of thinking them through.
Some guy at the Wall Street Journal named Brett Arends has floated the universal debt repudiation idea. Frankly, it’s nowhere near as well thought out as this, but then Arends is just a writer for the WSJ, not a lawyer like me.
North in answer to this proposal cites some really fuzzy government statistics to support his claim that there is no debt distress in the US. This is odd, because elsewhere North claims that the government is never to be trusted because it “lies, cheats and steals”.
Gary North doesn’t understand what a gold standard is.
Gary North doesn’t understand that debt that can’t be repaid, won’t be. Things that are impossible do not happen, because they are impossible.
Gary North doesn’t understand that the misery he seeks to inflict on other human beings as punishment for their sins will make his own life intolerable in short order.
Gary North doesn’t understand the law in even its most basic respects.
Gary North does not understand the free market though he claims to be knowledgeable about economics, and the scary thing is that he is somewhat knowledgeable. This is not a knowledge problem, it’s a synapse problem.
Perhaps it is no wonder that North has a lot of followers and devotees. But this is not good news.