Businessweek reports the European Central Bank’s rate hike.
On The Kudlow Report, Don Luskin critiques the ECB:
At TGSN, Ralph Benko defends the classical gold standard.
On Forbes, Richard Salsman recounts gold’s history in the 20th century.
In The Financial Times, Martin Wolf excludes the dollar standard from a discussion of global imbalances.
At The WSJ, Allan Meltzer debunks some monetary policy myths but repeats others.
Furthermore, the Fed treats gasoline and oil price increases as a transitory blip. That's almost certainly correct about the effect of Arab unrest or the Japanese tsunami. But much of the rise in oil prices came before these events and was in response to the strengthening world economy. Prices will likely continue to rise as the world economy grows. Meanwhile, world grain prices have been driven up by the foolish U.S. ethanol program. When ethanol raises corn prices, prices for substitutes like wheat and rice rise also. There is no sign that Congress will repeal the ethanol program.
On New Economic Perspectives, Bill Black critiques Stephen Moore’s recent article on makers versus takers.
At NRO’s Corner, Steven Hayward notes that rolling back the Bush tax cuts will hit the middle class most.
On Fox News, Dan Gainor reports George Soros is funding efforts to reform the international currency system starting with a meeting in Bretton Woods, NH.
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