From Forbes, Charles Kadlec explains how the market
disciplined JP Morgan.
At Forbes, Ralph Benko argues sound money is needed for the economy to boom.
On Face the Nation, Mitt Romney advocates balancing the
budget through tax cuts and growth:
In a later segment, Romney discusses monetary policy:
BOB SCHIEFFER: The Federal Reserve, as I understand, is going to meet this week to weigh the possibility of a new economic stimulus for our economy. Now, you didn't think much of the last stimulus. What do you think they should do now--is it time for another?
MITT ROMNEY: Well, the QE2, as it's called, which was a monetary stimulus,
did not have the desired effect. It was not extraordinarily harmful, but it
does put in question, the future value of the dollar, and will, obviously,
encourage some inflation down the road. A QE3 would do the same thing. I know
how it is. Politicians in office want to do everything they can just before an
election to try and temporarily boost something, but the potential threat down
the road of inflation is something which we have to be aware of, and at the
last QE2, the last monetary stimulus, did not put Americans back to work, did
not raise our home values, did not bring jobs back to this country or encourage
small businesses to open their doors. What's wrong with our economy is that our
government has been warring against small, middle, and large businesses. And
people in the business world are afraid to make investments and to hire people.
I want to make it very clear that in my administration, government will see it as
the friend of enterprise and job creators, and we'll start building jobs again.
On Bloomberg, Ramesh Ponnuru profiles Grover Norquist.
At The American, James Pethokoukis defends Grover for opposing a hypothetical spending cut/tax increase deal.
From Alhambra Partners, Joe Calhoun analyzes Greece and
the Eurozone.
From The Money Illusion, Scott Sumner argues monetary policy is at its tightest since Herbert Hoover.
On TGSN, Ralph Benko recounts the Democratic Party split
of 1896 over gold.
At International Liberty, Dan Mitchell notes the President’s
wise economic advice… to other nations.
From The WSJ, Stephen Moore discusses the possibility
that the House could go Democrat:
CNBC reports Goldman Sachs predicts monetary easing from
the Fed (h/t: Drudge).
In The NYT, Bruce Bartlett examines income changes at the
top and bottom of the spectrum.
From Forbes, Charles Kadlec sees tightening money
slowing growth. At NRO, Larry Kudlow suggests the dollar’s rise against
the euro is creating deflationary headwinds for the economy.
On Fox Business, Lew Lehrman notes the dollar tightening
since the end of QE2 (h/t: TGSN):
At Forbes, Louis Woodhill challenges the economic
philosophy behind President Obama’s view of government-created jobs.
The Heritage Foundation charts relative growth rates of
the private sector versus local, state and federal government.
At City Journal, Art Laffer argues for tax reform in
California.
In The WSJ, Edward Lazear argues the President can’t
blame his predecessor for the weak economy.
At C-SPAN, Bill Kristol suggests Republicans would be
better off without Ron Paul, but says he is “mildly pro gold standard” (h/t: Free
Banking):
On International Liberty, Dan Mitchell chides Jeb Bush
and Lindsey Graham for putting tax hikes on the table.
Reader Supported News reports Bernie Sander’s release of
Fed bailouts.
In The WSJ, Stephen Moore notes continued sugar
subsidies.
From The WSJ, David Malpass suggests Greece’s departure from the euro will be a benefit primarily for currency traders.
In Forbes, Nathan Lewis argues the dollar/gold price should be set at $1600.
At RCM, John Tamny blames Eliot Spitzer’s harassment of tech investors for Facebook’s IPO difficulties. On The Kudlow Report, James Pethokoukis debates the deficit:
In The WSJ, Paul Rubin explains to the President that profits direct markets to better serve consumers.
In The Washington Times, Richard Rahn debunks claims that JP Morgan’s loss proves the need for more financial regulation. On The Kudlow Report, Art Laffer discusses California’s tax hike plan. California Lt. Gov. Gavin Newsome sound surprisingly supply-side:
At Forbes, Ralph Benko highlightsDebacle by Grover Norquist and John Lott, Jr. From TGSN, Benko suggests Wonder Woman’s lasso is a parable for the gold standard. On International Liberty, Dan Mitchell parodies a recent Time magazine cover. At Seeking Alpha, Hale Stewart argues Keynesian stimulus, not supply-side economics, is what the economy needs.
From The WSJ, Alan Reynolds demolishes arguments for 70% tax rates on the rich (full text from Cato).
In The WSJ, Amar Bhide provides an excellent defense of the euro:
But here's the catch. Devaluation works its magic to the extent it doesn't trigger demands for wage hikes, even though a depreciating currency increases the price of imports and reduces the purchasing power of workers' incomes.
Now, individual employees might be susceptible to a money illusion and worry only about their nominal wages. But it isn't the demands of individual workers that make labor markets excessively rigid—it's unions and other such institutionalized players. Unions that won't negotiate pay cuts with employers are unlikely to allow devaluations to erode real wages through the back door. Indeed union contracts often contain protections against inflation....
Worse, devaluations clip the real incomes of those least able to afford the loss—the elderly who depend on their meager savings and pensions, low-wage employees who aren't unionized and lack valuable skills, and small businesses scraping along that don't get even a temporary boost to profit margins because they ply a purely local trade.
At Forbes, Brian Domitrovic explains the folly of investing in GM. In Human Events, John Hayward suggests a shift in the Left’s view of the Laffer Curve. On The Kudlow Report, US Rep. Ron Paul (TX) discusses the dollar and the economy:
At International Liberty, Dan Mitchell argues European austerity hasn’t been as severe as Paul Krugman suggests. The NY Sunrebuts Berkshire Hathaway’s Charles Munger on gold. In The Washington Times, Richard Rahn argues spending in Europe still increased during the recent debt crisis. From Alhambra Partners, Joe Calhoun sees some positive trends in the economy. On Fox Business News, Stephen Moore discusses state tax rates:
In The American Interest, Barry Eichengreen foresees declining use of the dollar in world commerce. From The WSJ, Justin Lahart suggests unemployment would be down to 7.1% without government spending cuts. At The NYT, Bruce Bartlett doubts rich people will relocate from the US if taxes go up.
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 WSJreports the decline in labor force participation to 1981’s level. At The American, James Pethokoukis suggests the true unemployment rate is 11.1%. IBDexplains 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.
From Forbes, Louis Woodhill argues for economic growth rather than fairness.
In US News, Currency Wars author James Rickards explains the hidden role of gold at the IMF. From The WSJ, George Melloan highlights US Rep. Kevin Brady’s Sound Dollar Act. On CNBC, Larry Kudlow critiques Tim Geithner’s political rhetoric and Ben Bernanke's refusal to raise inflation:
In The WSJ, Cato’s Dan Mitchell applauds Switzerland’s fiscal restraint law. From Bloomberg, Caroline Baum examines the 2013 fiscal cliff. The WSJurges Mitt Romney to explain what he will do differntly than Presidents Obama and GW Bush, including on the dollar. From First Trust, Brian Wesbury highlights Wednesday’s Fed policy statement. In The WSJ, Stephen Moore reports the Senate’s Postal Service bailout. On his website, Dilbert creator Scott Adams defends the rich. The Sound Money Project features a video on inflation:
From Project Syndicate, Keynesian Stephen Roach defends China on trade and the yuan. At Bloomberg, Jared Diamond notes Japan’s tremendous demographic challenges.
At Forbes, Ralph Benko notes liberal opposition to US Rep. Kevin Brady’s Sound Dollar Act.
The editors of e21 analyze the tax contribution of the top 1% of earners.
At Forbes, David Malpass proposes a stronger dollar and tax reform to rev up growth. On The Kudlow Report, Malpass discusses the unemployment report and the Fed:
From NRO, Larry Kudlow shrugs at the weak employment report.
At RCM, Louis Woodhill highlights the recent poor employment report.
On NRO, Kudlow links Ben Bernanke’s backing off QE3 to declining commodities.
In The Telegraph, Ambrose Evans Pritchard examines gold’s recent decline.
From Project Syndicate, Daniel Gros compares dollar and euro easing.
In The WSJ, Kevin Warsh argues households deserve credit for the improving economy.
Also in The WSJ, Stephen Moore highlights Gov. Bill Haslam of Tennessee.
On The Kudlow Report, Dan Mitchell debates the Bush tax cuts’ expiration:
In The NYT, Benn Steil remembers the spy scandal that gave the US leadership of the World Bank rather than the IMF.
The CSMreports illegal immigration drying up in response to the weak economy.
The WSJdefends US Rep. Paul Ryan’s (WI) budget plan from the President’s strong attack.
On PBS, Dan Mitchell debates Ryan’s budget but focuses on spending restraint rather than economic growth:
At TGSN, Ralph Benko highlights the sound money writing of Romney advisor Glenn Hubbard. On GoldSeek, Scott Silva contrasts President Reagan’s economic record with President Obama’s. In The Boston Globe, Jeff Jacoby criticizes the US tax code. The Economist reports on Somalia’s bizarre currency situation. In The Star-Ledger (NJ), Alan Reynolds suggests the federal minimum wage has damaged low skill workers. From Bloomberg, Steve Forbes discusses the weak dollar’s impact on the economy:
The Chicago Tribunereports failure to pass Mississippi’s tough immigration reform.
American Rhetoric presents Calvin Coolidge’s inaugural speech (h/t: Amity Shlaes).
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 Sunapplauds 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.
From TGSN, Ralph Benko rebuts the report of the Chatham House Gold Taskforce.
In Forbes, Peter Ferrara defends US Rep. Paul Ryan’s (WI) budget and tax plan.
From NWE, Nathan Lewis explains the tight money roots of the 1920 recession.
At RCM, John Tamny refutes the claim that the stock market has risen due to Fed policy.
On Market Watch, Art Laffer discusses the tax cliff coming in 2013:
In The WSJ, John B. Taylor argues that rules-based monetary policy is clearly superior to discretionary policy. In Forbes, Louis Woodhill critiques spending stimulus. On NRO, Larry Kudlow pans the President’s attacks on the oil industry and the wealthy. Also on NRO, Kudlow suggests Mitt Romney will be advantaged if the Supreme Court overturns Obamacare. In The NY Post, Dan Mitchell blames the President for weak economy. At Forbes, Jerry Bowyer continues his analysis of the gold price. In The WSJ, Stephen Moore profiles Gov. Rick Scott. On CNBC, Kudlow discusses oil’s price:
Politicoreports Republicans fear Hispanic opposition at the ballot box. On Oklahoma Public Radio, a snarky Prof. Jonathan Willmer opposes Laffer’s proposed state tax rate cuts. The OC Registerapplauds Laffer’s state tax reform proposal.
From Forbes, Charles Kadlec explains the falling dollar’s impact on commodity prices.
At NRO, Larry Kudlow argues a stronger dollar would cut the oil price.
On The WSJ, Daniel Yergin suggests current high gas prices are caused by foreign tension and tight supply:
From the archive, Jude Wanniski notes Yergin’s failure to understand the dollar’s impact on oil prices:
When I wrote the energy editorials for the WSJournal between 1974 and 1978, Yergin, just out of school, began his career as a Harvard energy expert by taking up the Malthusian cry that the world was running out of liquid petroleum and natural gas. He didn't know what he was talking about then, and he is no better now, permanently fixed in a drop of liquid amber as an energy pessimist. My optimism rests on my early schooling in geophysics, at UCLA, prior to a segue into political science and journalism. That is why the WSJ editorial page from 1974 to 1978 was arguing that there was no energy problem — that the oil crisis had occurred because Richard Nixon took us off the gold standard in 1971 ~ which led Canadian economist Robert Mundell to predict there would soon be a dramatic increase in the price of oil, and thence all other commodities. Supply-side economics was born out of the "energy crisis."
At Forbes, Peter Ferrara advocates faster growth to raise living standards.
In The NY Post, Dan Mitchell notes the Obama recovery’s slow pace.
From Forbes, John Tamny rebuts Greg Smith’s attack on Goldman Sachs.
In The NY Sun, Ira Stoll reports a union leader moving out of New York City to avoid high taxes.
At The American, James Pethokoukis features a graphic that summarizes what’s wrong with US healthcare.
In The WSJ, Stephen Moore highlights the recall effort against Wisconsin Gov. Scott Walker.
On The Kudlow Report, Moore discusses the US corporate tax rate:
The Boston Globeprofiles anti-tax advocate Grover Norquist.
The Florida Times-Unionreports local drug dealers using Tide detergent as currency.
In The NYT, Christina Romer argues marginal tax rates have limited impact on economic growth.
