From Forbes, Ralph Benko slamsThe Washington Post’s Keynesian columnist Steven Pearlstein for disrespecting the gold standard.
In The WSJ, Art Laffer resuscitates enterprise zones to help African-American communities hit by high unemployment. From Cato, Alan Reynolds corrects Charles Krauthammer on the Eisenhower economy.
Whether President Obama's base finds supply-side economics appealing or not, he should immediately join with all members of Congress from both parties to develop a full program for enterprise zones. And while enterprise zones are desperately needed in our inner cities, there are lots of areas in the hollows of Kentucky and West Virginia that need enterprise zones as well, not to mention barrios in California and New Mexico. Enterprise zones should be areas that are geographically defined with exceptionally high concentrations of poverty, underachievement and unemployment.
At Forbes, John Tamny pans the President’s jobs plan.
On Kudlow, Stephen Moore debates the President’s job plan:
The NY Sunconnects US Rep. Ron Paul’s (TX) continued strength with many primary voters to his focus on the Constitution, including sound money.
On Asia Times, David Goldman suggests gold is falling because Greece and Italy may go bankrupt.
From TGSN, Ralph Benko features a cable on Beijing taking seriously a return to a dollar gold standard.
On Forbes, Reuven Brenner notes the US has yet to fully recover from 9/11.
At New World Economics, Nathan Lewis recounts the history of the British pound.
From Future of Capitalism, Ira Stoll notes Thomas Friedman’s new book includes positive words about the gold standard.
On The Kudlow Report, Cato’s Chris Edwards debates whether Social Security is a Ponzi Scheme:
The WSJchides both Rick Perry and Mitt Romney on Social Security.
On his blog, Dick Morris critiques Perry’s Social Security position.
At International Liberty, Dan Mitchell suggests Romney and Michelle Bachmann are wrong to bash Perry on Social Security.
On COAL, Paul Krugman continues to deny gold’s inflation signal.
From The WSJ, David Malpass argues that a weak dollar means a weak economy.
At Forbes, Nathan Lewis outlines a path to gold-linked currency.
CNBC reports the head of one of China’s top rating agencies predicting the end of the dollar as world reserve currency.
On CNN, Steve Forbes hammers Larry Summers on the dollar in a larger discussion of the economy and the Standard & Poor’s downgrade:
At NRO, Larry Kudlow argues the President’s economic proposals won’t help.
In Forbes, John Tamny blames government interference in the economy for the ongoing malaise.
The NY Sunpredicts the federal budget debate will eventually come back to sound, constitutional money.
At The Daily Caller, David Malpass offers ideas to stabilize Europe.
Risk.net reports supply-side guru Robert Mundell’s three strategies to save the euro:
In the short term, Mundell says policy is needed to manage the debt crisis. "This must involve austerity and adjustment along with policies for growth in the ailing countries," he says.
For the intermediate run, he says policy is needed "to work towards some kind of fiscal harmonisation and authority".
In his vision for the long run, Mundell says he believes the time is ripe to "take a big step towards the creation of the United States of Europe"….
Mundell says the "huge swings" in the dollar-euro rate were a significant problem, precipitating "both the Greek crisis and the Lehman et al crisis".
In The WSJ, Stephen Moore likens the current environment to the time before the big 1986 tax reform. And in The Washington Post, Charles Krauthammer argues for a grand bargain featuring tax reform and spending cuts.
At Forbes, Peter Ferrara analyzes baseline budgeting’s impact on the deficit and taxes.
In The WSJ, Stephen Moore suggests the market fell last week because policy is still moving in the wrong direction.
Future of Capitalism cites Prof. Robert Mundell’s advocacy of cutting the corporate tax rate and making the Bush tax rates permanent in its 27 good ideas for growth.
On The Kudlow Report, Stephen Moore discusses S&P’s debt downgrade, based in part on Republican refusal to raise taxes:
At Forbes, Reuven Brenner advocates investment in Africa rather than aid handouts.
The WSJargues Keynesian ideas have been tried and failed.
On Bloomberg, Caroline Baum suggests spending stimulus doesn’t work.
At RCM, Brian Wesbury and Robert Stein note the economy’s strong fundamentals.
On Kudlow, David Malpass sounds optimistic about Italy’s budget workout:
At Forbes, Nouriel Roubini predicts Ben Bernanke will enact QE3, but too late.
On his blog, conservative David Frum suggests Paul Krugman’s economic analysis has been right.
From Forbes, Nathan Lewis has an astounding account of how hyperinflationary Germany relinked its currency to gold.
At IBD, Alan Reynolds counters Paul Krugman’s claim that spending austerity damaged Ireland.
In Forbes, Reuven Brenner argues the policy debate should focus on incentives for growth and investment rather than government debt.
At The WSJ, Stephen Moore profiles U.S. Rep. Michele Bachmann (MN) who says she is an Art Laffer fan and favors sound currency.
On This Week with Christiane Amanpour, George Will credits Tim Pawlenty with avoiding the austerity trap, as Ronald Reagan did:
At NRO, Larry Kudlow applauds Tim Pawlenty for focusing on 5 percent annual growth.
At Slate, David Weigel, of Journolist fame, celebratesNational Review’s Kevin Williamson for ridiculing fast economic growth “magic unicorns.”
Taking a page from Williamson, Washington Post progressive columnist Ruth Marcus critiques Pawlenty’s “magical thinking” on economic growth.
On Bloomberg, National Review editor Ramesh Ponnuru doubts Republican tax cut plans will do much to help the middle-class.
On The Kudlow Report, David Malpass sees slow growth continuing:
In The Washington Post, Charles Krauthammer predicts Republicans will focus on stewardship of the economy rather than ideology in 2012.
On NRO, Rich Lowry highlights the unemployment crisis.
From Forbes, Jerry Bowyer analyzes the roots of Keynes’ thinking.
At The WSJ, Stephen Moore notes Republican efforts to ensure against default if the debt ceiling isn’t raised.
Also on This Week, Sen. Richard Shelby (AL) debates supply- vs. demand-side economics, but doesn’t mention the unstable dollar and refers to World War II spending ending the Great Depression:
From Fiscal Times, Bruce Bartlett argues cutting long-term deficits, not lowering tax rates, will increase growth.
On Slate, Annie Lowrey argues the Bush tax cuts were a failure.
From Yahoo Finance, Jeff Macke sees dollar strength causing market and commodity sell offs.
From Forbes, Louis Woodhill contrasts the current recovery with the Reagan Boom and notes the weak dollar as a factor.
In The WSJ, Martin Feldstein argues the President’s proposed tax cuts and incoherent dollar policy, along with deficit, is holding back the economy. For the record, Feldstein has long supported a lower dollar.
The WSJapplauds Tim Pawlenty’s call for higher growth via flatter tax rates and a stable dollar, but is concerned by his support for a balanced budget.
On The Kudlow Report, John Carney discusses J.P. Morgan CEO Jamie Dimon’s critique of federal policy towards the financial industry:
At Forbes, Brink Lindsey notes the difficulty of measuring economic growth.
On Commentary, John Podhoretz rebuts claims that the stimulus spending package was too small.
In The WSJ, Seth Lipsky suggests a constitutional scholar would be a positive addition to the Federal Reserve board.
Back in March, when Chairman Bernanke testified before the House Financial Services Committee, Congressman Ron Paul asked him for his definition of the dollar. Mr. Bernanke made no mention of the Constitution or any law passed by Congress. Instead he replied that his definition of a dollar was what it will buy.
That isn't how the Founders thought about the dollar. They thought about it as a measure of value. They gave Congress the coinage power in the same sentence in which they also gave it the power to fix the standard of weights and measures. When they twice used the word "dollars" in the Constitution, they had something specific in mind—371¼ grains of silver. They made reference not only to silver but to gold.
My guess is that the Founders would agree with Mr. Diamond when he writes that "[w]e need to preserve the independence of the Fed from efforts to politicize monetary policy." This is why they defined money in terms of silver and gold, the latter in particular being the measure of value that is hardest to politicize. Wouldn't it be nice to have among the governors of the Fed someone who thinks about money not in terms of theories but in the constitutional terms in which the Founders thought?
The Washington Timesnotes that QE2’s end may mean higher interest rates.
At Fox News, Charles Krauthammer explains the economy’s weakness and confirms the 2012 election will center on economic stewardship:
Pew Research reports more Americans blame the deficit on war than on tax cuts or domestic spending.
The NY Sunnotes the debt limit debate puts Republicans in an unwinnable political position.
Reuters reports a Chinese official speculating about further dollar weakening.
In Globe Asia, Cato’s Steve Hanke explains the problems caused by the weak dollar.
From New World Economics, Nathan Lewis argues gold’s value is fundamentally stable (part two, here.)
Heritage’s David Weinberger addresses income inequality.
On The Kudlow Report, John Rutledge discusses China growth and inflation:
In The Washington Post, routed presidential contender Walter Mondale congratulates the President for advocating tax increases.
From Reuters, James Pethokoukis reports the President’s deficit proposal may be heavily slanted towards higher tax rates.
At Capital Games and Games, Pete Davis notes the high taxes U.S. multinationals pay compared to their competition.
In The WSJ, former Sen. Phil Gramm (TX) explains the historically slow rate of growth under President Obama.
On Forbes, Peter Ferrara analyzes the President’s budget proposal.
On Kudlow, James Pethokoukis debates the President's tax increase proposal:
At Forbes, Reuven Brenner advocates renewed focus on leveraging America’s talent.
With this weekend's release of the Atlas Shrugged film, here’s an apropos quote from the book:
"Whenever destroyers appear among men, they start by destroying money, for money is men's protection and the base of a moral existence. Destroyers seize gold and leave its owners a counterfeit pile of paper. This kills all objective standards and delivers men into the arbitrary power of an arbitrary setter of values... Paper is a mortgage on wealth that does not exist, backed by a gun aimed at those who are expected to produce it. Paper is a check drawn by legal looters upon an account which is not theirs: upon the virtue of the victims. Watch for the day when it bounces, marked: 'Account Overdrawn.'"
Washington Post columnist Charles Krauthammer notes that tax reform will allow the top tax rate to fall to 28 percent or less.
In The WSJ, David Beito recounts the tax revolt of the 1930s.
At Forbes, John Tamny argues college education is overrated.
On NRO, George Cassidy explains the role of high tax rates on the Beatles’ break up.
On Forbes, John Tamny profiles the producer of the forthcoming Atlas Shrugged film.
At New World Economics, Nathan Lewis analyzes government spending.
In i view magazine, Ermira Kamberi examines Robert Mundell’s call for a global currency.
On MSNBC, Joe Scarborough sees the tax agreement as a victory for “Jack Kemp style supply-side economics,” but bemoans the deficit.
At The WSJ, Stephen Moore reports some conservatives may oppose the tax deal over higher estate tax rates.
On RCM, Benn Steil explains how floating currencies create bubbles and break down the global economy.
Consider first how the United States and China would interact under a classical gold standard. If the United States sent a dollar to China, China would have to redeem that dollar for American gold. A fall in the U.S. gold stock would necessitate a rise in U.S. interest rates, which would reduce credit growth, reduce prices, and reduce the trade deficit. This is the mechanism by which the gold standard automatically corrected global imbalances.
Compare this with today's actual monetary structure. When the United States sends a dollar to China, China immediately returns it in the form of a low-interest-rate loan. That dollar is then recycled through the U.S. financial system, causing further credit growth and, critically, no countervailing Federal Reserve action.
The bubbles and imbalances that have marked the past decade-as they did the 1920s-are features of a monetary regime which operates in precisely the opposite fashion as the one which operated during the great globalization of the late nineteenth century. America is not, as Fed chairman Ben Bernanke would have it, a passive victim of "a global savings glut." It should not, therefore, be surprising that bubbles will continue to emerge in one asset market after another, and will continue to burst with damaging consequences.
From Cato, Greg Mills suggests that Africa is poor because its economies are illiberal.
On Bloomberg, Kevin Hassett argues Ireland should be allowed to default.
AEI’s resident floating currency advocate says – surprise! – the euro in its present form is doomed, because it restricts nations from devaluing their currencies and therefore defaulting on their debt.
In The Washington Times, Patrice Hill reports on economists who say the US-China current account deficit costs America jobs.
From earlier this year, on the Freeman, David Henderson explains trade deficits are irrelevant.
At The NYT, currency manipulation guru C. Fred Bergsten accuses China of protectionism for maintaining a stable currency. Amazingly, Bergsten’s role in the 1970s Great Inflation continues to go unreported.
While at The Financial Times, currency speculator George Soros expresses frustration at China’s stable exchange rate.
On The Kudlow Report, U.S. Rep. Brad Sherman (D-CA) opposes Adam Smith’s view of trade deficits (and here):
The House GOP leader says the election is all about jobs.
In his syndicated column, Charles Krauthammer suggests rising government debt leads to the weak dollar and slow economy, rather than the other way around.
For the first time since modern budgeting was introduced with the Budget Act of 1974, the House failed to even write a budget. This in a year of extraordinary deficits, rising uncertainty and jittery financial markets. Gold is going through the roof. Confidence in the dollar and the American economy is falling — largely because of massive overhanging debt. Yet no budget emerged from Congress to give guidance, let alone reassurance, about future U.S. revenues and spending.
On Fox News, Newt Gingrich indicts the President’s economic policies, saying the choice is between paychecks or food stamps:
At The Center for Freedom and Prosperity, Dan Mitchell covers the Organization for Economic Cooperation and Development’s opposition to tax competition.
On Forbes, Brian Wesbury and Robert Stein defend capitalism.
