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.
The NY Sunopposes Keynesian Paul Krugman’s call for increased inflation.
At Forbes, Ralph Benko repudiates Occupy Wall Street’s embrace of class warfare socialism. On Bloomberg TV, US Rep. Ron Paul debates Krugman:
In Forbes, John Tamny rues efforts to eliminate expensive healthcare. On his blog, Scott Grannis suggests slow growth is due to government spending offsetting productive investment. At City Journal, Herbert London reviews Jeff Bell’s The Case for Polarized Politics. The Economistexplains that global current account imbalances are largely due to oil exports. Free Market America goes viral with its environmental critique, “If I Wanted America to Fail”:
In The WSJ, Mary O’Grady reports on rising leftwing populism in Chile.
At RCM, Louis Woodhill critiques Ben Bernanke’s anti-gold speech, citing Barry Eichengreen’s Golden Fetters to argue for a gold-price rule rather than a full gold standard.
In Forbes, Brian Domitrovic rebuts Bernanke and disputes Eichengreen’s analysis.
The EPPC features an excellent FT article on global currency by Martin Wolf and a John Mueller response advocating the gold standard.
From Asia Times, Martin Hutchinson uses the Laffer Curve to assess optimum tax rates.
On The Kudlow Report, US Rep. Paul Ryan (WI) argues Obamacare will push employers out of offering health insurance and bankrupt the government:
In The NY Sun, Ira Stoll critiques US Rep. Paul Ryan’s (WI) budget plan.
At Calafia Beach Pundit, Scott Grannis suggests Ben Bernanke’s monetary policy is too cautious.
Bloomberg features a history of the dollar, gold and debt. (And here.)
In The NYT, Bruce Bartlett acknowledges that the British experiment with 50% top tax rates has failed.
From The WSJ, US Rep. Paul Ryan (WI) rolls out his budget and tax plan.
At The Washington Post, Chris Cillizza suggests the Ryan budget is bad politics for the GOP. In The WSJ, Stephen Moore calls the Ryan plan a gamble:
What is sure to be controversial in the plan are the cuts to sensitive entitlement programs. This budget saves on Medicare through "premium supports," which allow seniors to go out and purchase health insurance in the market, or stick with traditional Medicare, but at a lesser price. This is the plan co-authored by Democratic Sen. Ron Wyden of Oregon and Mr. Ryan. The House plan would also block grant all federal welfare entitlements to the states. And one of the biggest savings comes from repealing ObamaCare spending and mandates.
In The NYT, Bruce Bartlett recounts (ruefully) Jude Wanniski’s continued influence on Republican fiscal policy. At The WSJ, Mary Anastasia O’Grady suggests the President may be damaged by the Misery Index. On Forbes, Ralph Benko applauds the coalition pushing the National Debt Relief Amendment, to require a majority of states to endorse federal debt limit increases:
From TGSN, Benko highlights the debt bomb pending when interest rates rise. On The Kudlow Report, Sen. Jim DeMint (SC) discusses Republican efforts to help small business:
From Alhambra Partners, Joe Calhoun analyzes Greg Smith’s Goldman Sachs critique. On his blog, Scott Grannis suggests companies still have lots of cash on hand. At The Daily Beast, Zachary Karabell defends China’s trade practices.
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.
AP reports Mitt Romney’s support for regular minimum wage increases.
In The WSJ, Robert Reilly suggests Romney’s businessman style is insufficient.
At Forbes, Brian Domitrovic explains the deleterious economic effects of the President’s policies. On RCM, Louis Woodhill argues the unemployment rate is falling due to increased labor force participation. From Forbes, Ralph Benko urges Republicans to emphasize better economic growth.
On The Kudlow Report, a panel discusses Santorum’s surge against Romney:
In The WSJ, Stephen Moore counters the President’s fairness rhetoric. On NRO, Larry Kudlow applauds Ben Bernanke’s opposition to tax increases after 2012. From Cato, Mark Calabria notes the anti-stimulative effect of low interest rates. At RCM, John Tamny analyzes low interest rates’ impact on money market funds. On his blog, Scott Grannis suggests the great deleveraging is over. From First Trust, Brian Wesbury argues the economic recovery is real. At TGSN, Ralph Benko highlights the University of Chicago’s opposition to gold-linked money. From Bloomberg, Ben Bernanke’s defenders line up to bash inflation hawks. On Kudlow, a panel discusses the Bloomberg piece:
At Market Oracle, Jan Skoyles reports nations making international payments in gold rather than dollars. In The NYT, Bruce Bartlett notes House-passed legislation to require dynamic scoring of tax legislation.
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 WSJlinks 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:
