From UVA’s Miller Center, Brian Domitrovic responds to Paul Krugman’s defense of the economic recovery.
Zerohedge highlights a James Grant interview on the Fed and the stock market. At NRO, Larry Kudlow argues Mitt Romney needs to widen his lead with the investor class. On The Kudlow Report, US Rep. Jeb Henserling (TX) debates tax policy:
TGSN recounts the history of William Jennings Bryan’s Cross of Gold. In The WSJ, Arthur Brooks suggests that generous social welfare programs demoralize workers.
From First Trust, Brian Wesbury predicts resurgent socialism in Europe will be short-lived.
Zerohedge features David Stockman discussing the Fed, debt and markets.
At Forbes, Jerry Bowyer explains how the economy is supposed to work.
In The Weekly Standard, Jeff Bell argues the President’s embrace of gay marriage will make it harder for him to win key swing states. At The American, James Pethokoukis applauds Arthur Brooks’ new book, The Road to Freedom. From Alhambra Partners, John Chapman analyzes Facebook’s economic impact.
From Bloomberg, Amity Shlaes defends the gold standard against critics.
In The FT (free registration required), US Rep. Ron Paul (TX) lambasts central bankers.
At Forbes, Louis Woodhill highlights declining business investment.
On The Kudlow Report, David Malpass analyzes Mitt Romney’s focus on issues other than growth:
On his show, Rush Limbaugh tutors a college student on supply-side economics.
At Forbes, Steve Forbes reviewsFreedom’s Forge: How American Business Produced Victory in World War II.
Market Watch reports China’s intention to accelerate yuan reform. In Commentary, Abe Greenwald notes the violent plans of some members of the Occupy crowd. On Kudlow, a newly bearish David Goldman discusses declining business investment and predicts lower job growth:
From Alhambra Partners, John Chapman analyzes the debate over Glenn Hubbard’s recent deficit and debt analysis. In The WSJ, Stephen Moore analyzes the Republican chances of losing the House. Undiscussed is the House GOP’s focus on budget balancing rather than strong growth measures.
At City Journal, Brian Domitrovic critiques Noam Scheiber’s claim that recent Keynesian spending stimuli failed because they were too small.
From Alhambra Partners, John Chapman responds to calls for a third round of quantitative easing from the Fed. At Forbes, Tim Worstall suggests the eurozone cannot work without fiscal transfers between rich and poor states. Bloomberg reports Ben Bernanke’s public rejection of Paul Krugman’s call for higher inflation. Neither mentions the impact of the dollar’s seesawing exchange rate on inflation/deflation pressures.
The WSJnotes the recovery’s slow pace. At The American, James Pethokoukis rebuts Paul Krugman’s attack on fiscal austerity. From Forbes, Jerry Bowyer argues the US is declining, but not as fast as doomsayers like Glenn Beck imagine. At The American, Joel Kotkin, Mark Schill and Ryan Streeter highlight positive economic trends in the Midwest. In Forbes, Peter Ferrara designates Wisconsin’s public employee unions an aristocracy. On The Kudlow Report, a panel discusses the weaker-than-expected GDP numbers:
At Philanthropy Daily, Scott Walter notes the downside of religions partnering with governments. From Fiscal Times, Bruce Bartlett critiques the President’s scapegoating of oil speculators.
From Forbes, Brian Domitrovic defends Mitt Romney’s supply-side rhetoric.
On NRO, Larry Kudlow pans the Fed’s sterilized bond purchase plan.
At Forbes, Nathan Lewis explains a gold/dollar link would match currency supply with demand.
From Alhambra Partners, John Chapman suggests a US consensus on progressive taxation.
On CNBC, James Grant discusses the global loose money binge:
In The WSJ, Allan Meltzer notes similar patterns of wealth accumulation among the top 1% in European social democracies as in the US. On US News, Bruce Yandle suggests bringing back the Misery Index. In The WSJ, Stephen Moore argues California learn economic lessons from North Dakota. From MarketWatch, Prof. Michael Bordo worries the Fed may be in danger of overshooting on inflation. In The WSJ, George Melloan reviews a book on escalating compliance costs in US companies. From The Manhattan Institute, Diana Furchgott-Roth refutes income inequality claims. On The Kudlow Report, James Pethokoukis debates the latest job creation numbers:
At American Breaking Point, Charles Goyette remembers Jude Wanniski. In Fiscal Times, Bruce Bartlett examines who is really rich today.
Klassa (Bulgaria) reports Robert Mundell advocating a common currency between the US and EU.
On Coffee and Markets, Brian Domitrovic discusses his Laffer Center paper on the Federal Reserve’s financing of the federal debt.
At The Freeman, John Chapman and John Allison argue for a return to gold-linked money.
On The Kudlow Report, Dan Mitchell discusses a US bailout of Europe:
On his website, Jon Huntsman advocates sound money:
Jon Huntsman supports a strong and stable dollar. As president, he will appoint Federal Reserve Board Governors and a Chairman who believe in sound money. The United States cannot devalue our way to prosperity and efforts to do so risk a “beggar thy neighbor” round of devaluations, which will ultimately harm American exporters and risk the dollar’s privileged position as the primary global reserve currency.
On NRO, Larry Kudlow doubts the Fed’s cheapening of dollars to Europe will change anything.
From Cato, Steve Hanke suggests Europe is suffering from monetary contraction.
At The WSJ, George Melloan notes Europe’s move toward fiscal consolidation:
The possible direction of the negotiations was tipped by a leaked German memo proposing a "European Monetary Fund" that would be the core of a "stability union" paving the way for "political union." As a quid pro quo for financial aid, this fund would demand policy reforms in distressed nations to facilitate a work-off of excessive debt. Ms. Merkel, French President Nicolas Sarkozy and the new Italian premier, Mario Monti, are promising that a plan for closer economic and political integration will be submitted at the Dec. 9 European Union summit. If approved, this could be a very big deal.
From The Council on Foreign Relations, Benn Steil explains the ECB is restrained, unlike the US Fed, because it lacks the backing of a national treasury.
From Forbes, Louis Woodhill offers Greece a compelling alternative to austerity.
At Forbes, Brian Domitrovic analyzes the economic panics during the classical gold standard.
On The Kudlow Report, Art Laffer sounds optimistic about Italy’s new leader:
From Alhambra Investments, John Chapman explains the US is far more guilty of currency manipulation than China.
In Canada's Financial Post, Peter Foster reports from a Keynesian debate on the parallels between Japan’s deflationary recession and the current US situation. Unmentioned is the yen’s sharp appreciation versus gold and the dollar since the mid-1980s, and the dollar’s sharp appreciation versus the euro and gold in summer 2008.
At NRO, Larry Kudlow highlights positive economic news.
Caffeinated Thoughts notes the gold standard’s popularity with Iowa Republicans.
In The WSJ, Walter Russell Mead sees France and Germany in a struggle over the eurozone’s economic culture:
France is basically a Club Med country with some northern features (historically often found among the Huguenots and Jews, out of which communities many of its most successful business leaders have come). It wants a "political" economic system for Europe, one in which political pressures can ensure the kind of steady devaluation of the euro that Italy, Spain, France, Greece and Portugal used to enjoy with their national currencies in the good old pre-euro days. The only problem with this old system was that it gave too many advantages to the Germans, Dutch and others (in the form of lower interest rates). France wants to stick the Germans with a Latin currency and Latin rules for running it.
Germany, on the other hand, wants the Latin countries to live by northern rules: Keep the currency sound, the budgets balanced and let the chips fall where they may. There is zero, repeat, zero consensus in Germany to go Latin and give the euro into the hands of slick French and Italian politicians. Technocrats bound by rules, the Germans can accept: That is why an Italian technocrat is following a Frenchman at the head of the ECB. But that is also why the Germans are being such sticklers about ECB rules against bailouts and unlimited ECB purchases of sovereign bonds.
At RCM, Alan Viard and Chad Hill propose an interesting tax reform idea.
Instead, House Speaker John Boehner plans to offer a vanilla amendment that merely calls for a balanced budget, with no spending limitation or supermajority tax requirements. The Speaker seems to believe, or at least hope, that this might attract enough Democratic votes to pass the amendment (which requires a two-thirds vote in both houses of Congress, plus approval in 38 state legislatures).
On Bloomberg, James Grant predicts the European Central Bank will continue to loosen (h/t: TGSN):
In The WSJ, Jason Riley notes Sen. Marco Rubio’s (FL) pro-immigration rhetoric.
In Forbes, Rich Danker reviews Lew Lehrman’s gold standard transition plan.
On NRO, Larry Kudlow analyzes the European debt deal.
The WSJworries about the World Bank’s new “Doing Business” report:
In 2007, the U.S. ranked third in the "ease of starting a business" category. This year it ranks 13th. On the "paying taxes" front we've dropped to 72nd place from 63rd. The cost of starting a business, measured as a percentage of per capita income, has doubled to 1.4% from 0.7% in 2007. On "ease of registering property" the U.S. has dropped to 16th from tenth. In the "trading across borders" category, we've dropped nine spots to 20th. In 2007, the "cost to import," as measured in dollars per container, was $625. Today it's more than doubled to $1,315.
PBS features Richard Epstein discussing inequality, tax rates, and transfer payments (h/t: Randy Barnett):
From Bloomberg, Amity Shlaes argues a capital gains tax cut would spur jobs.
Steve Forbes suggests Occupy Wall Street focus its anger on the Fed.
In The Washington Times, Heritage President Ed Feulner advocates a debate on monetary policy.
At The WSJ, David Malpass argues for European reform:
The euro zone's path forward is clear but politically difficult. As nations, they need to cut government spending, sell assets and allow private-sector competitiveness. As a part of a union, the euro zone has to divide up the losses from past deficits, restore confidence in sovereign bonds, and create a system that won't let politicians borrow as much as they did.
In a speech at Heritage, US Rep. Paul Ryan (WI) rejects class warfare.
On The Kudlow Report, James Pethokoukis debates income inequality data:
From Forbes, Brian Domitrovic explains that the President’s jobs proposal repeats JFK’s early mistakes.
At Cato, Alan Reynolds explains the President’s plan would mean a $447 billion in tax increases. Also from Cato, Reynolds analyzes the flaw in the President’s home refinancing plan.
At NRO, Larry Kudlow notes the GOP front runners support for a stable dollar.
On The Kudlow Report, David Goldman discusses a possible Greek default:
From IBD, Alan Reynolds rebuts Warren Buffett’s call for higher taxes.
In The Washington Times, Richard Rahn notes regulations that damage the economy.
David Goldman has launched a financial analysis company.
From Alhambra Partners, John L. Chapman notes that New Keynesian Romney advisor Greg Mankiw tellingly omits the dollar from his analysis of weak US fixed investment.
In The Financial Post (Canada), Steve Hanke analyzes the damage done by Basel III’s increased bank capital-asset requirements.
At TGSN, Daniel M. Ryan explains the danger of fiat money (more here).
On Kudlow, James Pethokoukis discusses Rick Perry’s debate performance and Social Security position:
At Forbes, Ken Rapoza quotes Bretton Woods Research’s Vlad Signorelli defending the euro.
On NRO, Josh Hendrickson of University of Mississippi argues the Fed should target nominal growth.
From Bloomberg, NRO’s Ramesh Ponnuru criticizes Rick Perry for bashing Social Security.
