Tuesday round up: Ranson argues gold has downgraded the dollar; Forbes and Reynolds critique S&P; Woodhill explains why tax increases don't work.

From Forbes, David Ranson argues gold, which closed above $1,750 today, confirms S&P’s downgrade.

On BBC, Steve Forbes calls the S&P downgrade a travesty.

From The Cato Institute, Alan Reynolds critiques S&P’s budget analysis.

At NRO, Larry Kudlow suggests Fed Chairman Ben Bernanke’s rate statement is QE3-lite and sparked today’s market rally, but notes dissension among Fed governors.

On The Kudlow Report, Wayne Angell notes the market turned down immediately after Bernanke’s statement:




The WSJ links the President’s call for higher taxes and more demand-side stimulus to the Dow’s recent fall.

From RCM, Louis Woodhill explains that taxing the rich doesn’t work.

At Alhambra Investments, Joe Calhoun says markets and politicians need to excise the idea that the Fed can rescue the economy and call for a stable gold price.

From yesterday on his blog, Scott Grannis argues the market may have reached bottom.

On Squawk Box, Steve Forbes blames the economy’s malaise on the weak dollar:




At TNR, Jonathan Chait reports Republican opposition to extending the payroll tax cut.

Also from TNR, James Galbraith argues there is no long-term deficit problem.

On Nothing But Truth, John Tamny explains how government action retards economic recovery: