From Globe Asia, Steve Hanke makes the important point
that despite generally loose government monetary policy, private sector
monetary creation is tight (and accounts for 85% of total money supply),
perhaps explaining how commodity inflation can coexist with deflationary
headwinds.
At The Financial Post, Terry Corcoran cites Hanke’s
analysis to critique the series of non-productive international summits.
NPR's Marketplace quotes Hanke in assessing Ben Bernanke’s policies.
On Fox News, Steve Forbes calls the idea of raising taxes
in the current climate preposterous:
At Forbes, Louis Woodhill cites Jude Wanniski’s political
model explain the Greek election’s outcome.
From earlier this month in The WSJ, James Grant reviews two books
defending capitalism but notes their lack of focus on the need for monetary
reform.
The WSJpans Bernanke’s extension of Operation Twist.
From First Trust, Brian Wesbury highlights the Fed’s
non-committal policy.
In The WSJ, Dan Henninger contrasts the presidential
candidates economic messages.
On AEI, James Pethokoukis reports Michael Darda’s view on
NGDP targeting.
In The WSJ, Matthew Slaughter argues the Employ American
Workers Act has weakened the economy.
At PJ Media, David Goldman analyzes Saudi Arabia’s role
in propping up Egypt’s military against the Muslim Brotherhood.
From The Financial Post (Canada), supply-side guru Robert Mundell sees a
bright future for the euro, but blames excessive spending and unstable exchange
rates for the Eurozone’s current troubles.
Also on The Financial Post, Terry Corcoran supports
Mundell’s analysis.
At Forbes, Nathan Lewis suggests a dual currency system
featuring gold for nations outside the major currency zones.
On The Kudlow Report, David Malpass discusses the
markets:
At The American, James Pethokoukis responds to Paul
Krugman’s claims that government spending led to the Reagan boom.
The WSJhighlights the President’s disastrous press
conference remarks on the economy.
At China Daily, Mundell applauds the People’s Bank of China
for lowering interest rates.
On CNBC, James Grant notes the Fed’s shrinking balance
sheet.
The WSJcriticizes Ben Bernanke for opposing spending
cuts, but applauds his rejection of tax increases.
From Forbes, Peter Ferrara compares the Obama economy to Argentina.
In The WSJ, Stephen Moore reports Democratic nervousness
about Taxmageddon.
At Newsmax, Steve Forbes advocates tax cuts rather than bailouts to revive Europe.
IBDnotes the President of Estonia’s response to Paul Krugman’s dismissal of its economic success.
From The Sun News Network, David Goldman doesn’t see a
way to keep the weak nations in the Eurozone:
On Fiscal Times, Bruce Bartlett notes the decline and
fall of organized labor.
From Market Watch, Harold Gold uses the Bush tax cuts to
declare supply-side economics false.
From the archive, here’s my assessment of the Bush tax
cuts.
On TGSN, Jon Decker reports the past use of vodka as a currency in Russia.
From Forbes, Louis Woodhill argues the proper gold price for
dollar relinking should be discovered by markets using transparent rules. On TGSN, Ralph Benko prefers a market mechanism to find the proper gold
price.
At RCM, John Tamny disputes myths about the long-term
unemployed.
On The Kudlow Report, David Goldman argues deflationary
risk is high:
The NY Sunrecounts the last time the Republican platform
supported a dollar convertible to gold.
On TGSN, Benko recounts the story of The Gold Bug. At Seeking Alpha, Jeffrey Rosen discusses the Laffer
Curve. On The Circle Bastiat, Joseph Salerno offers an
alternative explanation of the 19th century financial panics. The NYTreports China’s falling yuan (h/t: James
Pethokoukis). The Koch Foundation makes the case for economic freedom
in 60 seconds:
At The FT, Martin Wolf suggests low tax rates don’t align
with productivity and growth.
From Business Insider, Max Nisen suggests Robert Mundell’s “A Theory of Optimum Currency Areas” predicted the eurozone’s troubles.
On PJ Media, David Goldman explains the startling disjunction between Germany and the weaker eurozone nations. In The WSJ, George Melloan analyzes the Fed’s current commitment to openness. On The Kudlow Report, Larry discusses whether the Fed will pump dollars into Europe:
At The WSJ, Stephen Moore reports the signing of the largest tax cut in Kansas history. Also in The Journal, Moore notes Oklahoma Republicans blocking the state’s tax cut. At The Washington Times, Richard Rahn links economic weakness and higher spending. From Bloomberg, Ramesh Ponnuru suggests the US lower its trade barriers unilaterally.
From Forbes, Ralph Benko and Charles Kadlec applaud Herman Cain’s new book for its focus on the gold standard.
In The WSJ, Edward Lazear argues the supply-side view of austerity – cut spending, keep taxes low -- is correct. At Cato, Alan Reynolds explains that today’s higher executive pay is due mainly to past tax reforms thatreduce penalties for declaring income. On The Kudlow Report, Stephen Moore discusses austerity vs. stimulus:
In Forbes, John Tamny opposes the estate tax. The NY Sunrecounts the history of the Federal Reserve's founding. On The Daily Beast, David Frum highlights Charles Kadlec debating the gold standard. In The WSJ, Stephen Moore notes strong poll numbers for Gov. Scott Walker (WI). At PJ Media, David Goldman applauds Germany for insisting upon Greek budget cuts. In The WSJ, Matthew Sinclair outlines ideas for British tax reform. From Heritage, Rob Bluey summarizes the 2013 tax increases.
From Forbes, Steve Forbes wonders if the US can save Europe and Japan.
On Bloomberg, Amity Shlaes defends supply-side calls for fiscal austerity. The Washington Postreports the dollar’s rise against the euro. On The Kudlow Report, David Goldman discusses the rising dollar and the possibility of deflation:
From NRO, Larry Kudlow advocates extending the Bush tax rates. On Calafia Beach Pundit, Scott Grannis links Fed policy to economic growth. At IBD, Greg Hayes suggests the US would be more competitive with a territorial tax system. The WSJ’s Notable & Quotable quotes actor Will Smith discussing tax rates on French TV:
Smith: I have no issue with paying taxes and whatever needs to be done for my country to grow. I believe very firmly that my ability to sit here—I'm a black man who didn't go to college, yet I get to travel around the world and sell my movies, and I believe very firmly that America is the only place on Earth that I could exist. So I will pay anything that I need to pay to keep my country growing. . . .
Interviewer: Do you know how much in France you would have to pay on earnings above one million euros [under new French President Francois Hollande's proposal]? Not 30%. 75%.
Smith: 75?! Yeah, that's different, that's different. Yeah, 75. Well, you know, God bless America.
In The WSJ, Allan Meltzer argues financial firms must be free to take risks, not regulated more.
From The WSJ, Herman Cain argues for a dollar as good as gold.
In The WSJ, John Snow highlights the danger of Taxmaggedon. On The Kudlow Report, David Goldman discusses the rising dollar and market slump:
The China Timesreports Robert Mundell advocating a world currency. From Forbes, John Tamny applauds a Facebook founder for renouncing his US citizenship. Stephen Moore notes the Obama Administration’s opposition to coal. At The WSJ, James Freeman suggests JP Morgan’s investment losses didn’t violate any rules.
In The NY Sun, Ira Stoll reports support for Mitt Romney from smaller financial firms.
From Forbes, Nathan Lewis outlines how to transition to a gold standard.
At PJ Media, David Goldman explains that a trade deficit nation like Greece is different from a trade surplus nation like Argentina. In a speech, John Tamny compares the Great Depression to the current era. On The Kudlow Report, Stephen Moore opposes sugar taxes:
At Forbes, Peter Ferrara defends US Rep. Paul Ryan (WI) from Catholic claims his budget proposal violates Church teaching. In The WSJ, Stephen Moore reports on the Texas GOP primary. From Project Syndicate, Barry Eichengreen suggests the eurozone will survive if it has the will to devalue. On Fiscal Times, Bruce Bartlett applauds the rich as earlier adopters of technology.
From Forbes, Ralph Benko reports congressional sound money legislation.
At RCM, Louis Woodhill explains the terrible employment data. In Forbes, John Tamny analyzes the problem of reliance on GDP. On The Kudlow Report, Benn Steil discusses the eurozone crisis:
At The WSJ, James Bovard highlights efforts to create a happiness index to replace weak GDP statistics. From PJ Media, David Goldman explains declining labor force participation. On RCM, Keynesian Paul Samuelson sides with Ben Bernanke over Paul Krugman on inflation. At RCM, Bill Frezza notes the negative economic consequences of restrictive immigration policy. The Mises Institute features Robert Wenzel’s NY Fed speech, in which he cites his warning of the dramatic monetary tightening of summer 2008:
After growing at near double digit rates for months, money growth has slowed dramatically. Annualized money growth over the last 3 months is only 5.2 percent. Over the last two months, there has been zero growth in the M2NSA money measure.
This is something that must be watched carefully. If such a dramatic slowdown continues, a severe recession is inevitable.
We have never seen such a dramatic change in money supply growth from a double digit climb to 5 percent growth. Does Bernanke have any clue as to what the hell he is doing?
The WSJsuggests the new French president follow German chancellor Gerhard Schroder’s example.
At The NYT, Paul Krugman advocates breaking up the euro.
In The WSJ, Jon Huntsman notes the Chinese government’s profound economic insecurity.
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.
From Forbes, Nathan Lewis suggests huge, permanent current account deficits are no problem.
IBDlinks the dollar’s foreign exchange value and the oil price.
At Forbes, Ike Brannon argues low taxes on capital gains and dividends are essential to productivity and wage growth.
On CNBC, former US Sen. Jim Talent (MO) discusses Mitt Romney’s ties to US Rep. Paul Ryan’s (WI) budget plan:
In The WSJ, Phil Gramm and Steve McMillin note the US has the most progressive tax system in the world.
At TGSN, Ralph Benko reports new data that suggests Milton Friedman drastically overestimated the gold standard’s cost.
From The Gatestone Institute, David Goldman links oil prices to the S&P.
At The American, James Pethokoukis highlights the weaken-than-expected March employment figures.
In Forbes, Peter Ferrara predicts the Supreme Court will strike down Obamacare.
The WSJquotes the great Henry Hazlitt on the dangers of even a mild inflation. In The WSJ, Ronald Coase and Nina Wang explain China’s success is due to liberalization not state control. On Forbes, Tim Worstall notes rumors of a currency union between Australia and New Zealand. In The WSJ, Antonis Samaras reports the dire effect on Greece of contraction plus austerity. In Forbes, Steve Forbes highlights the Chinese highway partnership between public and private sectors.
At Bloomberg, Forbes critiques the US Federal Reserve:
For at least three years, right-wing economists, pundits and politicians have been warning that runaway inflation is just around the corner, and they keep being wrong. Do you remember the tirades about “debasing the dollar” around this time last year? Do you remember the scorn heaped on Mr. Bernanke last spring when he argued that the bulge in inflation taking place at the time was just a temporary blip caused by gasoline prices and would soon recede? Well, he was right. At this point, inflation is once again running a bit below the Fed’s self-declared target of 2 percent.
At Fiscal Times, Bruce Bartlett suggests earmarks are less important than some conservatives suggest.
From TGSN, Lew Lehrman explains the debt consequences of the paper dollar standard.
Zerohedge features James Grant’s excellent speech to the NY Fed.
At PJMedia, David Goldman defends Mitt Romney’s focus on economic generalities.
On CNBC, Larry Kudlow rolls out his 10 Commandments for Growth:
At Forbes, Nathan Lewis argues the Great Depression was not caused by the gold standard.
On Seeking Alpha, Paul Nathan responds to Ben Bernanke on the gold standard.
In The WSJ, James Grant reviews "White House Burning: The Founding Fathers, Our National Debt, and Why It Matters to You."
At The American, James Pethokoukis interviews Mitt Romney.
In The WSJ, George Melloan worries about federal lending.
At COAL, Paul Krugman rebuts inflation claims, but overlooks the three-peak correlation between the personal consumption expenditures deflator and the euro/dollar exchange rate:
From The WSJ, Mary Anastasia O’Grady reports on Argentina’s political takeover of its national bank.
On Forbes, John Tamny opposes the Cato Institute’s takeover by the Koch brothers.
From NRO, Larry Kudlow sees Reagan emerging in Mitt Romney.
In USA Today, Romney says he would repeal Obamacare and outlines steps to reform the health system. At Forbes, Peter Ferrara applauds US Rep. Paul Ryan’s (WI) budget plan. On The Kudlow Report, a panel discusses the Ryan budget plan's cuts:
In an interesting analysis at PJ Media, David Goldman argues Rick Santorum is right to propose special help to manufacturers. In The WSJ, Stephen Moore reports on the five-way contest for Texas’s Republican Senate nomination. At RCM, Robert Tracinski underscores the Obama economy’s slow growth rate. The Beacon Center of Tennessee highlights Art Laffer’s new study on the state’s death tax. In The WSJ, Richard Katz suggests Japan has lost its edge in electronics. The National Interestremembers Robert Bartley’s legacy at The WSJ. The NYTnotes America’s declining reliance on exported oil. On Fox Business News, finance legend Robert Prechter argues the biggest risk to the economy is deflation:
Seeking Alpha advocates a demand-side revolution while mischaracterizing supply-side economics. At Fiscal Times, Bruce Bartlett critiques the Ryan budget plan.
From Forbes, Richard Salsman urges Mitt Romney to strengthen his supply-side rhetoric.
On NRO, Larry Kudlow suggests Romney won last week by focusing on tax cuts and spending restraint. In The WSJ, Stephen Moore reports that if Newt Gingrich bows out he may endorse Rick Santorum. The Weekly Standardhighlights a study by our friends at Evolving Strategies that suggests Romney is the strongest general election candidate. In an ad, Newt Gingrich advocates lower gas prices but leave a stronger dollar out of the equation:
At CityAM (UK), Austrian George Selgin blames England for the monetary mess that led to the Great Depression. On NWE, Nathan Lewis examines the falling commodity-1890s. From First Trust, Brian Wesbury argues the Fed can’t make the case for QE3. At Forbes, Jerry Bowyer links low interest rates to weak recoveries. CBS News notes alternative, higher inflation numbers. At Calafia Beach Pundit, Scott Grannis highlights Obamacare’s seven fatal flaws. The Atlanticnotes that Yale’s tuition is the same today in gold as in 1900. The WSJwarns against excess liquidity creation from the world’s central banks. At Forbes, Nathan Lewis explains the link between the dollar and oil. On the Kudlow Report, David Goldman suggests oil’s price increase is not driven primarily by the Fed:
Politicoreports Ben Bernanke saying gas prices won’t drive up inflation. On TGSN, Ralph Benko notes the Fed’s poor track record of predictions. At The American, James Pethokoukis highlights 13 charts that highlight the President’s poor economic record. US Newshighlights a poll showing Keynesian spending stimulus is unpopular. In The WSJ, Fred Barnes applauds US Rep. Paul Ryan’s (WI) ongoing Medicare leadership, but omits polls suggesting the GOP may lose the House in November. In The WSJ, Democratic Gov. Jack Markell (DE) notes the decline of American IPOs since the 1990s.
The U.S. has experienced a stunning decline in IPOs and stock listings while capital markets in Asia, Europe and South America have thrived. Data from the World Federation of Stock Exchanges show that the number of U.S. IPOs has dropped to only about 100 annually, compared to about 360 a decade ago. In just 15 years, listings on U.S. exchanges dropped from 8,800 companies to under 5,000. Meanwhile, listings on major overseas exchanges doubled. Fewer than 10% of all global IPOs list on U.S. exchanges today, compared with 48% in the late 1990s.
The NYTreports London, not New York, is the money capital of the world. In The WSJ, Treasury Secretary Tim Geithner misdiagnoses the financial crisis of late 2008 as rooted in regulatory lapses rather than currency instability. At The Atlantic, Matthew O’Brien argues a global currency war would be positive because it would increase liquidity. In Fiscal Times, Bruce Bartlett notes looming debt and tax rate cliffs later this year.
