Tuesday items: Domitrovic on the Fed's third mandate and tax reform; Goldman optimistic on the US economy; Boudreaux challenges Hubbard.

From The Laffer Center, the excellent Brian Domitrovic argues the Federal Reserve pursues a third policy mandate (beyond price stability and low unemployment), of accommodating the federal debt.

On Forbes, Domitrovic advises the President to pursue tax reform.

In The Washington Times, Richard Rahn challenges tax hike advocates.

On The Kudlow Report, David Goldman says the US economy is in good shape and northern Europe will fence off southern Europe to prevent financial contagion:



At Café Hayek, Don Boudreaux responds to Romney advisor Glenn Hubbard’s statement that, “Nobody who is taken seriously as an economist is going to say ‘cancel the Fed.’”

From Human Events, Burton Folsom, Jr sees parallels between today’s China currency pressure and Smoot-Hawley.

In The WSJ, Obama economist Austan Goolsbee argues the euro has damaged southern Europe:

Northern Europe has fueled its growth through exports. It has run huge trade imbalances, the most extreme of which with these same Southern European countries now in peril. Productivity rose dramatically compared to the South, but the currency did not. This explains at least part of the German export and manufacturing miracle of the last 12 years. In 1999, exports were 29% of German gross domestic product. By 2008, they were 47%—an increase vastly larger than in Italy, Spain and Greece, where the ratios increased modestly or even fell.

Germany's net export contribution to GDP (exports minus imports as a share of the economy) rose by nearly a factor of eight. Unlike almost every other high-income country, where manufacturing's share of the economy fell significantly, in Germany it actually rose as the price of German goods grew more and more attractive compared to those of other countries. In a key sense, Germany's currency has been to Southern Europe what China's has been to the U.S.

From Alhambra Investments, Joe Calhoun analyzes the European debt crisis.

At RCM, John Tamny suggests California will make a comeback when the dollar is stronger.

On Kudlow, David Malpass advocates for pro-growth policies in Europe:

 

On NRO, John Berlau reports Republican support for Sarbanes Oxley.

The Economist notes the Congo’s currency rising against the dollar.

Wednesday round up: The WSJ notes the 2013 tax cliff; Berlau opposes Sarbox; Zoellick discusses the global economy.

The WSJ notes the coming tax cliff in 2013.

At RCM, John Berlau advocates repeal of Sarbanes-Oxley.

The WSJ notes the rise in poverty under President Obama:

The lesson we draw is that politicians who support policies that make economic growth their top priority raise everybody's incomes even if some incomes rise more rapidly than others. Politicians who put income redistribution above overall economic growth do worse by everybody, especially the poor.

 On The Kudlow Report, World Bank President Robert Zoellick discusses the global economy:

 

In The WSJ, Peter Wallison cautions against a grand spending and tax hike bargain.

The [tax] confiscation idea raises in stark terms the trade-off between tax increases and economic growth. There are only two ways for the U.S. to address the debt and entitlement obligations it has already assumed—inflating the currency and increasing the rate of its economic growth.

RealDeal reports Robert Mundell suggesting Hungary join the EU earlier than planned.

On The Colbert Report, Paul Krugman discusses the economy.

The NY Sun suggests Ron Paul’s 9/11 views may marginalize him.

From the House Budget Committee, US Rep. Paul Ryan (WI) argues for corporate tax reform: 

 

On The Street, Alix Steel explains why smart people are taking gold seriously (h/t: TGSN).

At TGSN, Daniel M. Ryan continues his discussion of gold and trade.

On Fox Business News, Lew Lehrman makes the case for a return to the gold standard.

Weekend edition: Danker links the debt downgrade to fiat money; Pawlenty withdraws; Ferrara sees a crash coming.

From The Des Moines Register, Rich Danker suggests the S&P debt downgrade is the inevitable result of leaving the gold standard 40 years ago.

The LA Times reports growth advocate Tim Pawlenty’s withdrawal from the Republican presidential race.

At NRO, Larry Kudlow interviews Sen. Pat Toomey (PA) about a grand bargain on the debt and taxes.

On The Kudlow Report, James Pethokoukis analyzes the GOP debate:




At RCP, US Rep. Ron Paul (TX) advocates a gold standard at last week’s GOP debate.

On The Washington Monthly, Steve Benen expresses astonishment that the gold standard is being discussed by Republican candidates.

From Forbes, Peter Ferrara predicts the end of loose monetary policy, combined with new Obamacare taxes and the Bush tax rates’ expiration, will cause an economic collapse in 2013.

On Fox Business News, Steve Forbes suggests bond yields will rise due to higher borrowing and the low dollar:




In The WSJ, Glenn Hubbard advocates tax reform to get the economy moving.

On The American Spectator, John Berlau chides Europe for suspending short sales.

At New World Economics, Nathan Lewis ties tax and monetary error to the rise and fall of great nations.

On CNN, Paul Krugman wishes for an alien invasion that would justify increased government spending and expansionary monetary policy.




The Washington Post reports that after months of deficit obsession, the House Republican majority looks vulnerable.

At Forbes, Reuven Brenner suggests educational reform to get the US growing again.

Reason asks various experts how to fix the economy. Only Amity Schlaes zeroes in on monetary reform as the top priority. Notably, former supply-sider Bruce Bartlett argues the US is in a Keynesian liquidity trap requiring inflation and increased government spending.