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 Forbes, Brian Domitrovic advises Europe to learn from its past exchange rate chaos.
At Globe Asia, Steve Hanke argues contracting money growth, not fiscal austerity, is causing today’s economic difficulties.
On The Kudlow Report, Sen. Ron Johnson (WI) discusses bi-partisan tax and budget compromise:
At RCM, John Tamny suggests the dollar should rise to return the gold price to its ten-year average of $800/oz.
From Alhambra Partners, Joe Calhoun supports spending austerity and low tax rates. In The Washington Times, Richard Rahn advocates less government spending.
At Forbes, Brian Domitrovic explains the dollar’s gyrations damaging impact on the euro.
From Bloomberg, Obama economist Peter Orzag notes that the mortgage crisis destroyed the same amount of wealth as the dot-com bust and wonders why its result was so much more severe. Left out of his analysis is the Great Dollar Appreciation of 2008, which was a separate, economy-killing event from the initial mortgage bust.
At Streit Talk, Steve Hanke diagnoses the Eurozone’s travails, including Greece’s sharp deflationary environment.
On The Kudlow Report, Art Laffer debates the weak economy:
The NY Sunapplauds US Rep. Ron Paul’s recent TV debate with Paul Krugman as Hayek vs. Keynes. From Paper Money Collapse, Austrian economist Detlev Schlichter advises on how to debate Krugman (h/t: TGSN). At Fiscal Times, Liz Peek castigates Krugman for his pro-inflation bullying of Ben Bernanke. On Econlog, David Henderson defends Romney supporter Edward Conrad’s pro-wealth views from Krugman. In The Economist, Will Wilkinson critiques Stephen King’s call for tax increases. From First Trust, Brian Wesbury notes the economy’s slowing but remains optimistic. The NYTreports China’s vanishing current account surplus, but notes continued US pressure to revalue the yuan. On NRO, Kevin Hassett explains the negative impact on growth of policy uncertainty. From The WSJ, Dan Henninger notes the Obama Administration’s attempts to court young voters with handouts rather than growth and jobs:
At Econtalk, John Taylor discusses his new book, First Principles: Five Keys to Restoring America's Prosperity. TGSN recounts the Free Silver Movement’s history.
From Globe Asia, Steve Hanke advocates creating a gold-based currency board.
The WSJdebunks the Keynesian debate between European austerity and fiscal stimulus.
On C-CPAN, Steve Forbes discusses the dollar and taxes:
In The WSJ, Glenn Hubbard argues the President’s spending plans will require tax increases on all taxpayers. At Bloomberg, David Rocks links the euro’s surprising strength to the weak dollar. From Forbes, Allstate’s Tom Wilson argues the Fed needs a single mandate requiring price stability. On The Kudlow Report, Frederic Mishkin doubts Fed monetary creation will lead to increased inflation:
At Bloomberg, Francis Wilkinson critiques Art Laffer and Stephen Moore’s Rich States, Poor States.
At Globe Asia, Steve Hanke rebuts China-trade hawks.
From Bloomberg, John Cochrane argues Europe needs growth rather than Keynesian deficit stimulus.
At The American, James Pethokoukis highlights academic studies showing tax rates substantially impact economic activity. On CNBC, Ron Paul (TX) pans US Rep. Paul Ryan’s (WI) budget for insufficient spending cuts:
At IBD, Alan Reynolds and Steven Slein examine the Buffett Rule’s likely impact on corporate dividends. The WSJnotes a scoring analysis showing the Buffett Rule would yield little revenue. At TGSN, Ralph Benko explains the monetary roots of the Panic of 1837. On Forbes, Louis Woodhill critiques the President’s recent energy speech. At Forbes, Jerry Bowyer analyzes the gold price’s recent decline. From Comedy Central, South Park satirizes the weak-dollar cash-for-gold market:
The NYTreports Britain cutting its top tax rate (minimally) while maintaining spending austerity.
The Washington City Papercalls supply-side economics a con.
On International Liberty, Dan Mitchell notes Romney’s Keynesian view of spending cuts. National Review’s editors give two cheers to Romney’s tax reform but fault it for not expanding the child tax credit. The WSJpans the President’s corporate tax rate cut. At Newsmax, Steve Forbes calls the President’s corporate tax reform a “house of horrors.” On The Kudlow Report, Steve Forbes and James Pethokoukis discuss Rick Santorum’s debate performance:
From Forbes, Louis Woodhill explains that gas prices are not rising, the dollar is falling. Bloomberg quotes Robert Mundell on the negative trade impact of Canada’s strong dollar.
At Free Banking, George Selgin rebuts James Hamilton’s claim that the gold standard caused the 19th century’s frequent financial panics. (h/t: TGSN) At NRO, Larry Kudlow notes the President’s embrace of Republican energy policy. From RCM, John Tamny examines long-term deficit spending. At Bloomberg, Amity Shlaes argues income tax rate cuts are superior to payroll tax rebates. On CNBC, David Goldman analyzes oil’s price increase:
The Washington Postquotes Steve Forbes saying Rick Santorum should stop talking about Satan. Citywire (UK) notes rising belief that central bankers are to blame for the 2008 financial crisis. The Telegraph (UK) reports discovery, by a former student of Steve Hanke’s, of the Bretton Woods conference’s transcript. At TGSN, Ralph Benko recounts the Constitution’s sound money roots. In The Washington Times, Sen. John Kerry (MA) praises classical thinker Robert Zoellick’s World Bank leadership.
From Reason, a Thatcher contemporary remembers her tremendous accomplishments:
At US News, conservative Scott Galupo pans Romney’s embrace of supply-side economics. On The Daily Show, Bruce Bartlett attacks Republicans for advocating tax cuts.
From TGSN, Ralph Benko notes critical interest in Gingrich’s Gold Commission.
On his blog, Dick Morris suggests Mitt Romney beat Newt Gingrich in Florida by distracting him from talking about pro-growth ideas.
The WSJwonders if Gingrich can come back by focusing on policy.
At The Future of Capitalism, Ira Stoll notes Romney’s remark on the poor. On The Kudlow Report, Steve Forbes discusses Romney’s fiscal proposals:
From The American, James Pethokoukis examines poverty rates in America.
At Forbes, Nathan Lewis argues gold is a superior to a commodity basket for monetary stability. From The Financial Post (CA), Steve Hanke explains the danger of exchange rate manipulation. The Cato Policy Report excerpts remarks from its November monetary conference. From First Trust, Brian Wesbury predicts the Fed’s loose policy will lead to inflation. At NCPA, Bob McTeer explains that saving not bad for the economy. On The Kudlow, Sen. Kay Bailey Hutchison (TX) debates tax rates:
In The Washington Times, Dean Kleckner opposes the Obama Administration’s tough stance on China trade. In US News, Dan Mitchell supports the flat tax. At TGSN, Ralph Benko highlights George Washington’s support for sound money.
The WSJnotes 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 Sunapplauds 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.
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%.
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.
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 The WSJ, Allan Metzler dissects the Keynesian model’s flaws.
Cato Journal features several good articles on monetary policy, including from David Malpass, Steve Hanke, and Gerald P. O’Driscoll. This one on flexible exchange rates is interesting.
At Forbes, Nathan Lewis applauds Rick Perry’s flat tax plan and wonders if he’ll adopt a strong dollar next.
In South Carolina’s The State, Steve Forbes predicts Perry will win the GOP nomination.
On Fox News, Perry provides a generally strong explanation of his economic plan:
At The WSJ, Steven Landsburg argues the death tax hurts the poor.
On International Liberty, Dan Mitchell coins Mitchell’s Golden Rule, "The private sector should grow faster than the government."
From Forbes, Peter Ferrara contrasts the Republican jobs plan with the President’s.
At Fox News, Herman Cain cites Jude Wanniski and Art Laffer among his tax plan’s influences.
On The Kudlow Report, Herman Cain advisor Rich Lowrie discusses the 9-9-9 plan:
At The American, Stephen Moore remembers economist William Niskanen.
The WSJnotes the immigration crackdown has led to labor shortages.
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 RCM, John Tamny explains that the Fed’s Operation Twist doesn’t change the facts of production.
At The Daily Caller, Alan Reynolds notes Karl Marx opposed Keynesian-style stimulus.
In The Intercollegiate Review, Lew Lehrman outlines the problems caused by the floating dollar.
On The Kudlow Report, James Pethokoukis and Stephen Moore discuss Gov. Chris Christie (NJ) and Herman Cain:
In The WSJ, Charles Schwab advocates dropping tax hikes and government spending stimulus in favor of eliminating “all hurdles that create disincentives for investment in business.”
At Cato, Steve Hanke suggests Basel III’s higher capital/asset ratios may cause another market crash. From First Trust, Brian Wesbury and Robert Stein argue gold’s sharp fall indicates tighter monetary policy and is good for the economy.
The WSJreports US Rep. Paul Ryan’s (WI) new health care reform proposal to replace Obamacare.
From The WSJ, Mary Anastasia O’Grady says Chris Christie’s big speech last night was reminiscent of Reagan:
On his radio show, Rush Limbaugh expresses skepticism of Christie, saying he hears John McCain in some of his comments.
From NPR's Marketplace, David Frum disses gold and calls for more quantitative easing. His blog features several negative commentary on gold.
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.
From The Economist, supply-side guru Robert Mundell emphasizes “growth, growth, growth,” advocates making the Bush tax cuts permanent and cutting the corporate tax rate, opposes European devaluation, and explains the role of exchange rate fluctuations in global economic crises over the last 40 years.
At Forbes, Nathan Lewis suggests a debt default combined with tax cuts would solve Europe’s economic problems.
The WSJapplauds former-Gov. Jon Huntsman’s (UT) economic plan as the best so far from the Republican presidential field:
The heart of the plan lowers all tax rates on individuals and businesses. Mr. Huntsman would create three personal income tax rates—8%, 14% and 23%—and pay for this in a "revenue-neutral" way by eliminating "all deductions and credits." This tracks with the proposals of the bipartisan Bowles-Simpson commission and others for a flatter, more efficient tax system….
Mr. Huntsman would repeal two of President Obama's most economically debilitating creations, ObamaCare and the Dodd-Frank financial regulation law. Mr. Huntsman has it right when he says, "Dodd-Frank perpetuates 'too big to fail' by codifying a regime that incentivizes firms to become too big to fail." He'd also repeal a Bush-era regulatory mistake, the Sarbanes-Oxley accounting rules, which have added millions of dollars of costs to businesses with little positive effect.
On The Kudlow Report, Stephen Moore debates demand vs. supply-side economics:
At NRO, Larry Kudlow sees a Reagan moment coming in 2012.
