Thursday round up: Hanke on private sector money; Forbes on tax rates; Woodhill on Greece's election.

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 WSJ pans 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.

Weekend edition: Mundell on the euro; Lewis on gold; Malpass on the market.

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 WSJ highlights 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 WSJ criticizes 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.

IBD notes 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.

Wednesday items: Domitrovic on Krugman; Grant on the Fed; Kudlow on Romney.

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.

Weekend edition: Domitrovic on Friedman; Luskin on the 2013 tax cliff; Moore on Keynesianism.

From Liberty Law, Brian Domitrovic explains the damaging impact of Milton Friedman’s opposition to the gold standard and floating exchange rates.

In The WSJ, Don Luskin highlights the negative incentive effect of 2013’s tax rate increases.

On The Kudlow Report, Stephen Moore debates Keynesian economics:



The WSJ reports the decline in labor force participation to 1981’s level.

At The American, James Pethokoukis suggests the true unemployment rate is 11.1%.

IBD explains that unemployment is substantially higher than the official number.

In The WSJ, Holman Jenkins argues the best solution for the eurozone crisis is for Germany and other strong economies to withdraw and establish a new currency:

Can we admit now the simple lesson is against excessive debt? Don't be impressed by those who protest that Spain and Ireland were brought down by private-sector extravagance. If we've learned anything, in a debt crisis the distinction between public and private disappears. Too, a closer look shows the Irish state an intimate participant in Ireland's housing boom, collecting 40% of the price of every new home in taxes. In Spain, regional governments owned or controlled the lenders that financed the construction binge.

A fixed exchange rate system is an especially unforgiving environment for a welfare state that destroys its ability to create wealth. But the universal lesson is: Don't be a welfare state that destroys its ability to create wealth.

In Forbes, Peter Ferrara argues Mitt Romney’s economic platform is practical versus the President’s extremism.

At The American, Pethokoukis refutes Paul Krugman’s claim that wealth inequality contributed to the credit boom.

On International Liberty, Dan Mitchell notes an example of the Laffer Curve at work.

At Forbes, Nathan Lewis examines how to modernize Social Security.

From Bloomberg, James Grant discusses the Fed and markets:



In The NY Review of Books, Paul Krugman advocates higher deficits and inflation.

Tuesday round up: Domitrovic applauds Bernanke; Kadlec, Kudlow & Grant on the dollar; Selgin on the Fed.

From Forbes, Brian Domitrovic applauds Ben Bernanke for repudiating the Phillips Curve.

In Forbes, Charles Kadlec highlights the systemic risk created by the unstable dollar.

On The Kudlow Report, Larry Kudlow debates the dollar:



The NY Sun applauds James Grant’s recent speech at the NY Fed.

At Forbes, Ralph Benko wonders why politicians don’t learn from President Reagan.

On International Liberty, Dan Mitchell speculates whether the President believes Bill Clinton was a social Darwinist.

From Alhambra Partners, Joe Calhoun sees economic weakness ahead.

At The WSJ, Ed Lazear notes the recovery’s unusually slow pace.

From The Atlas Sound Money Project, George Selgin recounts the Federal Reserve’s history:



In The NYT, Bruce Bartlett analyzes budget gimmicks.

Monday summary: Lehrman on debt & the dollar; Grant at the Fed; Kudlow on growth.

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.

Thursday items: Wesbury rebuts pessimists; Woodhill assesses Ted Cruz; Shelton talks sound money.

From First Trust, Brian Wesbury rebuts market bears.

On Forbes, Louis Woodhill assesses the economic plan of Senate candidate and “Great Conservative Hope” Ted Cruz (TX).

From Atlas Foundation, Judy Shelton discusses sound money, Bretton Woods, her idea for Treasury Trust Bonds, and Robert Mundell's euro:



In The WSJ, Joseph Sternberg predicts rare-earth elements will be cheap and plentiful in future.

From Bloomberg, Amity Shlaes doubts the Fed’s idea of controlled, modest inflation.

TGSN features CPAC video of John Mueller, Jeffrey Bell and James Grant discussing the gold standard:



On NPR, supply-sider Jeff Bell highlights the importance of social issues to key segments of the electorate.

Weekend edition: Domitrovic defends Romney's supply-side tax plan; Kudlow bashes the Fed's sterilized bond purchases; Grant critiques the Fed.

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.

Wednesday summary: Lindsey defends the wealthy; Domitrovic pans Geithner's corporate tax reform advocacy; Ron Paul grills Bernanke.

The WSJ suggests Mitt Romney won in Michigan by focusing on the economy.

In The WSJ, Larry Lindsey rebuts Tim Geithner’s claim that the wealthy should pay more taxes for the privilege of living in America:

If you go further back to the pre-Reagan days, when the top tax rate was 70%, the story becomes even more dramatic. Under the four presidents of that era, the income share of the top 5% was 16.8% and their share of the income tax was 36%. In other words, the share of income received by the top 5% has risen 28% and their share of income taxes has risen 64%.

Stated differently, based on the data provided by the Census Bureau and the Internal Revenue Service, the relative tax burden of the top 5% of American earners compared with the remaining 95% has grown from roughly three-to-one prior to 1980 to almost six-to-one today.

At Forbes, Brian Domitrovic notes the half-heartedness of Tim Geithner’s corporate tax reform plan.

In Congress, US Rep. Ron Paul (TX) grills Ben Bernanke on the true inflation rate:



From Alhambra Partners, Joe Calhoun sees inflation undermining the recovery.

At The American, James Pethokoukis introduces the Krugman Curve to compete with the Laffer Curve.

On Zero Hedge, Tyler Durden confirms Iran’s move to accept gold in place of dollars for oil.

The Huffington Post reports the poor struggling with rising food prices.

At RCP, Debra Saunders notes Newt Gingrich’s low gas price advocacy.

On TGSN, Ralph Benko recounts creation of the First Bank of the US.

At Grant’s Interest Rate Observer, James Grant suggests the price of gold for convertibility should be $2,500 (h/t: TGSN).

On The Kudlow Report, former Fed Governor Kevin Warsh critiques Fed policy:



From The American, James Pethokoukis defends the Reagan economic miracle.

In US News, Jeff Bell advocates social conservatism.

At Forbes, Steve Forbes predicts war with Iran.

Thursday update: Rove on Romney; Dreher on the GOP candidates; Malpass on the market.

In The WSJ, Karl Rove urges Mitt Romney to focus more on big ideas.

At The American Conservative, Rod Dreher suggests Romney, Gingrich and Santorum are substantially similar to President George W. Bush, but omits dollar policy from his analysis.

On NRO, Larry Kudlow scorns the President’s focus on redistribution rather than wealth.

At International Liberty, Dan Mitchell compares the Reagan and Obama recoveries.

On The Kudlow Report, David Malpass sounds optimistic about the market:



MarketWatch profiles gold advocate James Grant.

In The WSJ, former Sen. Phil Gramm (TX) and Mike Solon compare the current recovery to the past.

From Bloomberg, Amity Shlaes argues lower tax rates can raise revenues.

AP features comedian Chris Rock arguing for higher taxes.



At Forbes, Louis Woodhill satirizes the President’s SOTU proposals.

The Economist reviews Bruce Bartlett’s new tax reform book.

Monday items: The NY Sun and Weekly Standard applaud Gingrich's Gold Commission; Levin on Reagan's supply-side record; Grant on the 1920-21 recession.

The WSJ notes Newt Gingrich’s rise, compliments his citation of Ron Paul’s hard money mantra, and urges Mitt Romney to take a bolder tax reform stance.

The NY Sun applauds Gingrich’s naming Lewis Lehrman and James Grant to his Gold Commission.

In The Weekly Standard, Bill Kristol praises the Gold Commission.

On The WSJ, Kim Strassell discusses Romney’s tax return and Gingrich’s Freddie Mac contract:




In The WSJ, Stephen Moore notes voter enthusiasm for Gingrich.

The Right Scoop cites radio host Mark Levin challenging Gingrich on the creation of supply-side economics. Levin says, incorrectly, that Reagan ran on supply-side economics in 1974. In fact, according to Bob Novak's memoir, The Prince of Darkness: 50 Years Reporting in Washington, Reagan was converted to supply-side economics (tight money, marginal tax rate cuts) at a private meeting with Jack Kemp in early 1979.

At RCM, John Tamny notes the stock market’s weakness versus gold.

In The Washington Post, James Grant examines the economy’s quick recovery, despite government austerity, from the recession of 1920-21.

In The NYT, Romney advisor Greg Mankiw offers four principles for tax reform.

At Globe Asia, Steve Hanke proposes a non-military solution to disputed territory.

Weekend edition: Kudlow on Romney; Newt names Lehrman and Grant to Gold Commission; Santorum bashes gold.

Newt Gingrich’s campaign names Lew Lehrman and James Grant to its Gold Commission.

From Newt.org, Lehrman and Grant accept Gingrich’s offer.

CBS News reports Rick Santorum bashing Gingrich for his Gold Commission proposal:

"One is, well, a little radioactive in the sense of you just don't know what he's going to do or what he's going to say," Santorum said, citing Gingrich's comments earlier in the day that he'd like to reexamine the gold standard.

On The Kudlow Report, Stephen Moore responds to Paul Krugman on the tax rate paid by millionaires such as Romney:




On NRO, Larry Kudlow applauds Mitt Romney’s attack on crony capitalism.

In The NYT, David Leonhardt notes that most US taxpayers pay less than Romney’s 15%.

The WSJ breaks down taxes paid by income groups.

On Fiscal Times, Bruce Bartlett examines Romney’s tax arrangements.

At Forbes, Nathan Lewis explains gold’s role in establishing a stable currency.

In The NYT, former Obama car czar Steven Rattner chides progressives for minimizing deficits, comparing them to “fiscally irresponsible” supply-siders.

At The WSJ, Steve Hanke notes the positive property tax treatment in growing football playoff cities New York, San Francisco, and Boston versus Baltimore, which is stuck with high tax rates and a low population:





In The WSJ, Edward Lazear explains that despite the lower unemployment rate, it’s not any easier to get a job.


On RCP, John Tamny defends investment banking from Occupy Wall Street criticism.

At TWS, Matthew Continetti reviews Jeff Bell’s new book on social conservatism, The Case for Polarized Politics.

Monday items: Reynolds on inequality and taxes; Tamny on the 1%; Grant reviews "Greenback Planet."

From NPR, the great Alan Reynolds rebuts claims about inequality and tax rates.

On Forbes, John Tamny notes the hard work that goes into joining the 1%.

In The WSJ, James Grant reviews H.W. Brand’s new Greenback Planet.

On The Kudlow Report, Brian Wesbury expresses optimism about the economy:

 

At International Liberty, Dan Mitchell rebuts the claim that consumer spending drives the economy.

From TGSN, Ralph Benko cites Walter Williams on the gold standard.

At Forbes, Benko chides Nouriel Roubini’s attacks on gold.

The WSJ reports a study saying the US is 69th of 183 nations in tax compliance.

On The WSJ, Tom Donelson of Americas PAC encourages Republican outreach to minorities:

 

In The NYT, Paul Krugman urges tax increases on the rich and on financial transactions.

At Tax Notes, Bruce Bartlett argues 2/3 of Americans and half of Republicans support higher taxes as part of a deficit deal.

On NPR’s Diane Rehm Show, a panel discusses inequality, economic weakness, and declining living standards, but never mentions the dollar.

Thanksgiving week round up: Benko on growth; Chapman on the Tax Wedge; Lehrman on monetary reform.

From Forbes, Ralph Benko makes a strong argument for growth over deficit focus.

At Alhambra Investments, John Chapman explains the Tax Wedge.

On Forbes, Louis Woodhill debunks the President’s spending stimulus plan.

From last month’s Heritage Conference on a Stable Dollar, Lew Lehrman outlines his monetary reform plan:

 

On New World Economics, Nathan Lewis features his recent interview with GoldMoney.com.

The NY Sun applauds US Rep. Ron Paul’s suggestion that he would name James Grant as Treasury Secretary.

In The Washington Times, Richard Rahn argues the world is suffering from declining paper money.

From Forbes, John Tamny suggests the gold standard would make government borrowing easier.

At TGSN, Christopher Potter notes the gold standard’s price stability.

On The Kudlow Report, Stephen Moore debates the Super Committee:

 

On RCM, John Tamny explains that mobility is key to economic success.

From Heritage, Bill Beach analyzes the CBO’s income inequality claims.

On Asia Times, David Goldman suggests Germany and France cut off southern Europe.

At Forbes, Jerry Bowyer recounts Thanksgiving’s origins.

On NRO, Larry Kudlow remembers the late Ted Forstmann.

Thursday items: Woodhill proposes Greek reforms; Domitrovic on 19th century panics; Laffer on Italy.

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.

The WSJ pans the GOP balanced budget plan:

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.

Weekend edition: Lewis on trade deficits; The WSJ, Moore and Kudlow critique the President's jobs plan; Malpass on Greece.

From Forbes, Nathan Lewis suggests the gold standard didn’t keep the trade deficit down. This chart seems to counter Lewis’s analysis:

At Forbes, Bill Flax argues the recovery is stalled by unsound money.

The WSJ critiques the President’s job proposal. Stephen Moore comments on the plan. In NRO, Larry Kudlow adds his two cents.

On The Kudlow Report, David Malpass discusses Greece:





At Forbes, Peter Ferrara defends Reaganomics.

From National Review in November 1980, the late, great Robert D. Novak describes the challenges facing the newly-elected Reagan Administration, including cutting tax rates, restoring a gold standard, and fighting off Republican austerity advocates.

In The WSJ, James Grant reviews a book on economists.

Also in The WSJ, Cato’s Daniel Ikenson advocates lowering tariffs on imported raw materials.

As important as access to foreign markets is, however, some of the most significant obstacles to U.S. export success aren't foreign-made but homegrown. If the president is genuinely committed to spurring economic growth and job creation, he will take the lead on reducing or eliminating duties that U.S. producers pay on imported raw materials and components they need for manufacturing. This would instantly boost the competitiveness of U.S. products at home and abroad.

From Heritage, Curtis Dubay sets the record straight on the effects on growth of the Clinton tax hikes and the Bush tax cuts.

IHS features George Mason’s Don Boudreaux explaining free trade:



The Tax Foundation’s William McBride analyzes the true level of taxes paid by corporations.

At Forbes, Charles Kadlec notes the high jobless rate among African Americans.