Tuesday, December 7, 2010

Tuesday summary.

On C-SPAN, a panel including Judy Shelton, U.S. Rep. Mike Pence (IN), Jack Kemp Jr., and U.S. Rep. Paul Ryan (WI) discusses the need for sound money.

At Forbes, historian and Econoclasts author Brian Domitrovic explains the Great Inflation’s role in Reagan’s fiscal deficits and Clinton’s surpluses.

On The Kudlow Report, Art Laffer and Brian Wesbury are optimistic about the President’s change of economic policy direction, while David Goldman is more skeptical:

At Alhambra Investments, Joseph Calhoun doubts the tax cut deal will be a major boost to markets.

Also from Alhambra Investments, Calhoun assesses the economy in light of quantitative easing, Europe’s troubles, and the budget commission’s proposal.

In The Washington Times, Richard Rahn critiques the Federal Reserve.

If you are skeptical about abolishing the Fed, just consider the following question: "Would those who voted for the Fed in 1913 have done so if they had known that:

1. After having a 125-year period of relatively stable money when the dollar was still close to its value in 1790, the dollar would be worth less than 5 cents at the end of the century?

2. The longest and severest depression the country had ever experienced would occur a mere 20 years after the creation of the Fed and that the Fed had a major responsibility for the disaster?

3. And the number of bank failures would increase and not decrease?"

The answer clearly would have been "no." Why are we keeping a failed institution?

On RCM, John Tamny sees the fiscal commission moving the debate in a positive direction.

At Forbes, Charles Kadlec bemoans excessive government spending.

On NPR, Alan Reynolds responds to the Fed's QE2 plan.

The DBS Research Group explains that Singapore’s currency management risks violating Robert Mundell’s impossible trinity.

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