In The NYT, Jeff Sommer quotes Jeff Bell and Lew Lehrman on rising interest in the gold standard, but commits the error of discounting gold’s price for inflation:
The last apex of the back-to-gold movement was perhaps in 1980. It may have been a signal that the price of gold was about to peak. Could we be approaching a turning point now? “You could make that argument,” Mr. Bell says. “The big question is whether the government and the Federal Reserve will be able to get the economy under control without a return to gold.”
In Forbes, Steve Forbes advises the President to heed two important dates.
Also at Forbes, Nathan Lewis explains that gold is stable, not deflationary.
On The Kudlow Report, US Rep. Eric Cantor recounts that debt-ceiling negotiations broke down because the President insisted on tax increases:
At Forbes, Peter Ferrara notes the expected tax increases in 2013 and elimination of the Fed’s duel mandate.
On Forbes, Reuven Brenner suggests the Federal Reserve is mispricing credit.
This week’s winner of the Kevin Williamson Shooting-Inside-the-Foxhole Award goes to fractional reserve banking opponent Gary North at lewrockwell.com, for his harsh attack on sound money advocates Robert Mundell and Ralph Benko.
Speaking of Williamson, last week the National Review author once again muddied the waters by rebuking pro-growth advocates including fellow NR columnist Larry Kudlow.
On Kudlow, my old roommate Tim Carney debates the debt ceiling:
In The WSJ, author Margaret Hoover suggests a “jobs, jobs, jobs” agenda will win the GOP young voters.
Reagan brought an entire generation to the Republican Party in 1980, and in 1984 he won the youth vote by 20%. The GOP needs this kind of revolution again if it hopes to recapture the White House and create a sustained majority.
The Washington Postcontinues the media’s fascination with anti-tax advocate Grover Norquist.
In Business Week, David J. Lynch reports that Republicans embrace Art Laffer’s tax ideas.
The WSJnotes GOP candidate Michelle Bachmann suggesting lower income workers should pay higher taxes.
In The WSJ, Steve Moore interviews House GOP chief Eric Cantor on the party's election message. No mention of sound money.
Another concern is that Republicans lack a coherent growth agenda beyond simply cutting spending. To this, Mr. Cantor objects: "We will start by unraveling the economic damage that has been done by their agenda, whether it's health care, or whether it's the financial reg reform or regulations from EPA that are strangling businesses."
On The Kudlow Report, Don Luskin is optimistic about the economy:
At RCM, Larry Kudlow sees few improvements coming from the President’s staff shakeup.
Also in The Journal, Charles Schwab suggests the Federal Reserve’s low interest rate policy is damaging savers and reducing the availability of credit.
The negative impact of current policy is clear. The near-zero interest rate experiment is weighing on consumer and investor confidence, and the Fed signals its lack of confidence with each "extended period" proclamation. It is providing banks with low-interest financing that can be used to create modest returns through a carry-trade in U.S. Treasurys but is adding nothing to the velocity of money, which is what actually generates economic growth.
The Fed's super-loose policy has driven down the security and spending power of savers, particularly those in retirement who played by the rules during their working years and now depend on the earnings from their savings for a decent quality of life. As a result, savers and investors are being forced to take more risk with their money as they hunt for higher yields.
The extreme monetary policy is also having no positive impact on the availability of consumer or business credit, job growth or consumer and business spending.
At Market Oracle (UK), Barry Grey summarizes the emerging global currency war.
The Las Vegas Review Journalreports on a Steve Forbes speech.
On Kudlow, Larry debates Sec. Geithner’s call for more stimulus spending:
Robert Reich likens today’s Republicans to Herbert Hoover. He omits that the Great Depression’s main causes – an unstable dollar, a large tariff, and tax rate increases – are items on his party's current agenda.
On the Kudlow Report, Jim Glassman analyzes the economy.
At SmartMoney, Don Luskin examines China's economy.
In The American Spectator, Quin Hillyer outlines an agenda to restore the economy.
WSJ columnist Jeff Opdyke observes that gold mirrors the dollar's value but not necessarily the inflation rate.
Steve Forbes interviews Paul Volcker on financial regulation.
In The Weekly Standard, James Pethokoukis looks at what went wrong with Recovery Summer.
The NYTreports that small investors are leaving the stock market.
At This Week, George Will and Robert Reich spar over Herbert Hoover's balanced budget record, but omit his real mistakes: the Smoot-Hawley tariff and the Revenue Act of 1932, which raised the top tax rate from 25 to 63 percent.
Liberal Washington Post columnist Dan Balz urges Republicans to follow Britain's conservatives by raising taxes.
