Tuesday items: Kadlec on JP Morgan; Benko on sound money; Romney on tax cuts.

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.

Tuesday summary: Tamny on deflation; Rahn on JP Morgan; Laffer on California.

From Forbes, John Tamny explains deflation.

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 highlights Debacle 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.

Tuesday items: Norquist on trickle down taxes; Stoll on the politics of tax increases; Romney on the Buffett Rule.

From The WSJ, Grover Norquist argues tax increases on the rich trickle down to the middle class.

In The NY Sun, Ira Stoll suggests President Obama’s tax increase policy leaves him politically vulnerable.

At The WSJ, Stephen Moore reports the Buffett Rule’s defeat in the Senate but notes Democratic pledges to keep pushing it.

In The American, Steve Conover explains the Buffett Tax would hit older people disproportionately.

On The Kudlow Report, Mitt Romney discusses tax policy, the Fed, and oil:



At RCM, John Tamny criticizes Romney’s tax and monetary positions.

In IBD, Art Laffer highlights the failure of California’s soak-the-rich approach.

At The Washington Times, Richard Rahn explains the wealthy have great capacity to determine how much tax to pay.

From Alhambra Partners, Joe Calhoun sees the market moderating in response to modest economic growth.

The San Francisco Chronicle features an Investopedia article that notes that as tax rates rise the rich may not work less but do find ways to offset their taxable income.

From The Victory Corp, John Tamny discusses Herman Cain’s tax plan and Rick Santorum.

At Reason, Shikha Dalmia suggests John Maynard Keynes may have been a closet supply-sider.

In The NYT, Bruce Bartlett notes that businesses startups do create most new jobs but suggests tax cuts won’t do much to help.

Monday round up: Kadlec, Kudlow, Yergin and Wanniski on oil; Ferrara and Mitchell on the growth rate; Moore on the corporate tax rate.

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 Globe profiles anti-tax advocate Grover Norquist.

The Florida Times-Union reports local drug dealers using Tide detergent as currency.

In The NYT, Christina Romer argues marginal tax rates have limited impact on economic growth.

Tuesday round up: Klein compares Obama and Romney tax plans; Kudlow and Forbes on the President's budget; Melloan on the gold standard.

In The Washington Post, Ezra Klein compares tax rates under Obama vs. Romney. One smart observer writes, “Obama got to the right of Romney for the first 60 percent of income levels. Brilliant. And again shows how Romney's timidity and weakness on taxes is provocative.”



The Daily Beast reports anti-tax advocate Grover Norquist arguing that Mitt Romney is acceptable because he will sign conservative legislation.

In Forbes, Ralph Benko likens US Rep. Ron Paul (TX) to Thomas Jefferson.

From First Trust, Brian Wesbury argues the economic recovery is real.

At NRO, Larry Kudlow highlights the many tax increases in the President’s budget proposal.

On The Kudlow Report, Steve Forbes discusses the President’s tax plan:



In The American Spectator, George Melloan advocates the gold standard.

At United Liberty, Jeremy Kolassa assesses CPAC’s gold standard panel.

In The Economist, a confused columnist suggests gold is too volatile to serve as a monetary standard.

The NYT quizzically reports the rise of interest in gold-linked currency.

From US Rep. Walter Jones (NC), a chart on assets held by the US Federal Reserve:

At Salon, David Wolman cites Benn Steil making Robert Mundell’s case for a single world currency.

At RCM, John Tamny explains that on housing, the prudent bailout out the imprudent.

The WSJ roots Greece’s problems in its failure to go for economic growth.

On Kudlow, US Rep. Paul Ryan (WI) offers the Republican alternative to the President’s budget:




From Politico, Scott Paul of the Alliance for American Manufacturing calls for tough action to force China to appreciate its currency (as the US did to Japan in the late 1980s, resulting in long-term deflation and stagnation).

In The NYT, Bruce Bartlett analyzes income’s definition in tax policy.

Weekend edition: Lehrman calls for GOP unity on gold; The Wash Post reports Newt's link to supply-siders; The NY Sun notes Romney's resistance to gold.

From The NY Sun, Lewis Lehrman encourages Mitt Romney and Rick Santorum to join the sound dollar alliance.

The Washington Post reports the role of leading supply-siders in the Gingrich campaign.

The NY Sun notes Mitt Romney’s resistance to gold in monetary policy.

In Forbes, Ken Repoza quotes Paul Hoffmeister on Ron Paul and monetary policy.

On The Kudlow Report, Stephen Moore discusses rising government benefits:



In The Washington Times, James Bacon analyzes Fed policy and finds himself in agreement with Ron Paul.

From The Cayman Financial Review, former El Salvadoran Minister of Finance Manuel Hinds argues for a return to gold.

On TGSN, Ralph Benko reports the FDR cabinet debate over devaluing the dollar.

At Asia Times, David Goldman notes Egypt is down to $10 billion in reserves.

From TGSN, Benko counters The Washington Post’s Ezra Klein on gold-linked money.

On Kudlow, James Pethokoukis discusses the economy’s weak recovery:



On International Liberty, Dan Mitchell responds to the State of the Union’s tax analysis.

In National Journal, Grover Norquist predicts a crisis if President Obama is re-elected and doesn’t extend the Bush tax cuts.

MarketWatch notes weak dollar advocate C. Fred Bergsten of the Peterson Institute for International Economics will step down as director at year’s end.

At The American, James Pethokoukis explains that US economic growth is way off.

On CNBC, Bruce Bartlett advocates revenue-neutral tax reform with a focus on corporate tax reform:



At The WSJ, Niall Ferguson argues the euro has been flawed since its inception.

The WSJ notes the Fed’s recommitment to loose money.

From First Trust, Brian Wesbury suggests monetary policy remains too loose.

In The WSJ, George Melloan analyzes the recent Japanese trade deficit.

At Business Insider, Dean Baker argues supply-side economics doesn’t work.

From Op-ed News, journalist Robert Parry critiques supply-side economics.

Tuesday update: Mundell on the 20th century; Reynolds on the top 1%; Gingrich on supply-side economics.

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From his 1999 Nobel lecture, Robert Mundell provides a fascinating monetary history of the 20th century.

In The WSJ, Alan Reynolds notes the recession’s disproportionate impact on the top 1%.

On Forbes, Ralph Benko credits Robert Mundell with China’s recent economic success.

At RCM, John Tamny critiques the Fed’s latest easy credit maneuver.

On The Kudlow Report, Newt Gingrich advocates major tax reform, cites Peter Ferrara, Jude Wanniski, and Art Laffer, and refers to himself as part of Jack Kemp's "supply-side cabal":



In The Washington Examiner, Conn Carroll notes conservative interest in Jon Huntsman.

From Alhambra Partners, Joe Calhoun surveys the market.

At Asia Times, David Goldman argues Italy’s mix of spending cuts and tax increases doom it to stagnation.

On Forbes, Charles Kadlec critiques European austerity measures.

In The Hill, Republican lobbyist (and former congressional colleague) John Feehery advocates less focus on “no new taxes,” and more focus on a pro-growth tax system.

From SNL, “President Obama” lists anti-tax activist Grover Norquist as the nation’s second most powerful entity:



In The NYT, Bruce Bartlett suggests tax hikes on the wealthy are inevitable.

At COAL, Paul Krugman notes Germany’s huge export boom since the euro was established.

Weekend edition: Lewis on Lehrman; Norquist on 60 Minutes; Kudlow on the Super Committee.

From Forbes, Nathan Lewis reviews Lew Lehrman’s gold standard plan.

On NRO, Larry Kudlow suggests the Super Committee sequestration will be positive for markets, but fears a congressional capitulation.

CBS’s 60 Minutes profiles anti-tax advocate Grover Norquist:



At Forbes, Peter Ferrara critiques the Obama economic record.

From Cato, Alan Reynolds discusses the budget and the gold standard.

At TGSN, Ralph Benko reprints a passage from Marc Polo’s The Travels on the Chinese monetary system.

On The Kudlow Report, Grover Norquist debates tax rates: 

 
In IBD, US Rep. Paul Ryan (WI) argues tax cuts have been progressive while the entitlement system is regressive.

At The American, James Pethokoukis wonders if Ryan will agree to raise taxes.

The WSJ Asia analyzes the Japanese trade agreement, and China’s non-inclusion:

 

From Yahoo Finance, Steve Forbes says Rick Perry can make a comeback.

Thursday round up: Tamny on China; Woodhill on Keynes; Moore on tax reform.

From RCM, John Tamny defends China on manufacturing jobs.

At Forbes, Louis Woodhill argues against Keynesian stimulus and for a series of interesting reforms.

In The WSJ, Michael Boskin applauds the GOP tax reform contest.

On The Kudlow Report, Stephen Moore discusses tax reform efforts:

 

At NRO, Larry Kudlow notes the ECB’s surprise quarter-point cut of its target rate.

In The WSJ, Paul Gigot reports Colorado’s rejection of tax increases to pay for education.

On Seeking Alpha, John Bowman notes the Chairman of the Council of Economic Advisors to the French Prime Minister advocates keeping the euro and supply-side solutions.

The Tax Policy Center analyzes the distribution of Gov. Perry’s flat tax plan.

The Economic Policy Institute honors Paul Krugman:

 

The Washington Post reports House Speaker John Boehner (OH) dismissing anti-tax advocate Grover Norquist.

Also in The Washington Post, Charles Lane rebuts claims that US infrastructure is crumbling.

Monday items: Kudlow, Norquist, and The Chicago Tribune analyze Cain's plan; Tamny and Shlaes on Jobs; Forbes debates Krugman.

From NRO, Larry Kudlow defends Herman Cain’s 9-9-9 tax proposal.

ABC News reports anti-tax advocate Grove Norquist calling the Cain plan dangerous.

The Chicago Tribune critiques Cain’s plan.

On The Kudlow Report, David Goldman discusses the European debt crisis:

 

On Forbes, John Tamny applauds Steve Jobs’ life and career.

In The WSJ, Amity Shlaes suggests Jobs success was enabled by good fiscal policy.

On IBD, John Merline notes the current austerity means a 5% increase in the federal budget.

The Daily Caller features Steve Forbes and Paul Krugman debating on Fareed Zakaria GPS.



Heritage’s Insider Online blog rebuts China currency bashers.

Weekend edition: Lewis on tax reform; Bell warns Republicans not to neglect monetary reform; Moore on the GOP jobs plan.

From Forbes, Nathan Lewis examines the pros and cons of the fair and flat taxes, and comes down positively on Herman Cain’s 9-9-9 plan.

On Forbes, Reuven Brenner explains how companies succeed.

In The Weekly Standard, Jeff Bell counsels Republicans to include monetary reform in their economic message.

At The WSJ, Stephen Moore analyzes the GOP jobs plan:

 

The NY Sun notes the GOP jobs plan doesn’t mention monetary reform.

In The WSJ, Peter Robinson points out that despite a sharp drop in illegal immigration, GOP primary voters remain obsessed with the topic.

From last week, The WSJ reports on Senate votes in favor of the China tariff bill, most disappointingly, Sen. Rob Portman (OH).

In The NYT, Dan Mitchell argues for the flat tax.

On TGSN, Ralph Benko notes support for the gold standard among the Occupy Wall Street protestors.

In The Washington Post, Grover Norquist suggests his taxpayer protection pledge promotes tax reform.

On The Kudlow Report, James Pethokoukis discusses Herman Cain’s rise:

 

In The Washington Post, Mitt Romney reiterates his tough-on-China approach.


At Fiscal Times, Bruce Bartlett argues Mitt Romney can’t beat President Obama.


On COAL, Paul Krugman dismisses Cain’s tax plan and disses Art Laffer's analysis.

Weekend edition: The NYT quotes Bell and Lehrman on gold; Forbes on two important dates; Lewis says gold is not deflationary.

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 Post continues 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 WSJ notes GOP candidate Michelle Bachmann suggesting lower income workers should pay higher taxes.

Tuesday items: Kadlec says gold will restore confidence; The LAT reports a possible debt and tax reform deal; Kudlow, Lowry and The WSJ oppose the Balanced Budget Amendment.

From Forbes, Charles Kadlec argues the gold standard is vital to restoring economic confidence.

The LA Times reports the Senate’s Gang of Six proposal to cut spending, eliminate tax expenditures, and reduce tax rates. One major problem: it would raise the capital gains tax from 15% to 20%.

On RCM, John Tamny reviews Peter Ferrara’s America’s Ticking Bankruptcy Bomb.

On The Kudlow Report, Larry Kudlow notes supply-siders’ objections to the Balanced Budget Amendment:




The WSJ editorializes against the Balanced Budget Amendment; NRO editor Rich Lowry also opposes it.

At The Washington Times, Richard Rahn argues regulation is stifling innovation.

IBD features Thomas Sowell’s Senate testimony on taxes.

On Hardball, Chris Matthews loses his cool over Grover Norquist’s refusal to accept tax hikes:




Canada’s Business News Network features an interesting debate with John Mueller and Professor Robert Barsky on the gold standard.

At The Washington Post, Ezra Klein defends Keynesianism.

In The New Yorker, George Packer highlights the problem of cutting social programs during high unemployment:

Representative Paul Ryan’s ten-year budget plan, which remains his party’s blueprint for the future, would impose a fifty-per-cent cut on programs like food stamps and Supplemental Security Income, which, as long as Danny Hartzell remains jobless, represent the Hartzells’ only income. By the last day of June, the Hartzells had twenty-nine dollars to their name.

Wednesday round up: Kudlow predicts the market will stabilize; Goldman on Greece; American Principles buys ads promoting the gold standard.

From NRO, Larry Kudlow predicts the stock market will stabilize.

At Asia Times, David Goldman recommends expelling Greece from the eurozone.

On Politico, Ben Smith reports American Principles in Action buying Iowa ad time to promote the gold standard and its new Gold Standard Solution webpage:




The WSJ notes the Obama Administration attempting to downplay the anti-growth elements of its agenda.

At TGSN, Ralph Benko discusses the Wizard of Oz and William Jennings Bryan.

On The Kudlow Report, David Malpass assesses the economy:



At Fox News, U.S. Rep. Paul Ryan (WI) advocates to pro-growth measures, but ignores the dollar.

On NRO’s Corner, Brian Bolduc outlines Gov. Rick Perry’s (TX) recent economic speech.

At International Liberty, Dan Mitchell defends Grover Norquist on tax policy.

From TGSN, Lew Lehrman advises Newt Gingrich to adopt the gold standard as an issue:



On his blog, Republican economist Donald Marron disputes John Taylor’s endorsement of the possibility of five percent growth.

At Forbes, Yaron Brook and Don Watkins refute the idea of the wealth as a pie to be divided by society.

From the Huffington Post, Peter Goodman argues executive pay is soaring while worker pay stagnates.

Tuesday round up: Steil and Hinds on the dollar; Domitrovic on the IMF; McKinnon sees stagflation.

From The Financial Times, Benn Steil and Manuel Hinds explain that the dollar’s reserve status is bad for the world and for the U.S.

At Forbes, Brian Domitrovic suggests the IMF has little purpose without fixed exchange rates.

In The WSJ, Stanford’s Ronald McKinnon sees stagflation in the economy.

Not having an exchange-rate constraint, the Fed can conduct a more independent monetary policy than other central banks can. How it chooses to exercise this independence is crucial to the stability of the international monetary system as a whole. For more than two years, the Fed has chosen to keep short-term interest rates on dollar assets close to zero and—over the past year—applied downward pressure on long rates through the so-called quantitative easing measures to increase purchases of Treasury bonds. The result has been a flood of hot money (i.e., volatile financial flows that are subject to reversals) from the New York financial markets into emerging markets on the dollar's periphery—particularly in Asia and Latin America, where natural rates of interest are much higher.

Wanting to avoid sharp appreciations of their currencies and losses in international competitiveness, many Asian and Latin American central banks intervened to buy dollars with domestic base monies and lost monetary control. This caused a surge in consumer price index (CPI) inflation of more than 5% in major emerging markets such as China, Brazil and Indonesia, with the dollar prices of primary commodities rising more than 40% world-wide over the past year. So the proximate cause of the rise in U.S. prices is inflation in emerging markets, but its true origin is in Washington.

In India’s Free Press Journal, S.S. Tarapore discusses the gold standard and that nation’s economy.

In The Washington Times, Richard Rahn reports on a destructive banking regulation that would require U.S. banks to report the names of foreign account holders to their home governments.

From Alhambra Investments, Joe Calhoun suggests Fed Chairman Bernanke has turned the U.S. into a nation of speculators – again.

At CNBC, supply-side foe Peter Peterson talks about the need for higher taxes to fight the debt, but doesn’t mention growth:

Bloomberg notes Grover Norquist’s clout in opposing tax increases as part of a budget deal.

The Washington Post reports Paul Volcker saying that we need tax reforms that raise more than 19 percent of GDP.

Cato’s Steve Hanke challenges Keynesian claims about deficits and growth.

The Washington Post explains how Chinese manufacturers evade U.S. tariffs.

On Forbes, Ralph Benko sees politics behind a recent IRS rules change to tax donations to 501(c)(4) organizations.

Chris Powell of GATA comments on our WSJ article on Mundell.

At Asia Times, David Goldman disagrees with some elements of Mundell’s analysis.

The National Foundation For American Policy reports that children of immigrants drive U.S. achievements in science and math.

In The NYT, Bruce Bartlett critiques the Fair Tax.

Monday round up: Benko suggests the Fed is keeping unemployment high; Kessler says Obamacare penalizes work; Mitchell on the GOP tax debate.

At Forbes, Ralph Benko suggests Fed policy is keeping unemployment high (with a kind mention of this blog).

From The WSJ, Stanford’s Daniel Kessler explains that Obamacare imposes substantial penalties on working.

Cato’s Dan Mitchell sides with Grover Norquist against Sen. Tom Coburn (OK) on the need to cut taxes commensurate with eliminating tax expenditures.

On The Kudlow Report, Vince Reinhart discusses QE2’s end:




The NY Sun explains to the President that his weak dollar, not speculators, is behind high oil prices.

At International Liberty, Dan Mitchell expresses cautious optimism at the President’s proposed corporate tax rate reduction.

From Mercatus, Veronique de Rugy and Jason Fichtner report federal income taxes paid by quintile:

At The American Thinker, Chuck Roger rebuts Donald Trump’s protectionist rhetoric.

On Forbes, Brink Lindsey argues for innovation and growth.

From The NYT, David Stockman shows no appreciation for pro-growth economics, advocating painful tax increases on the middle class and wealthy, increased capital gains taxes, and means testing entitlements. On the plus side, he does favor a sound dollar:

The culprit here was the combination of ultralow rates of interest at the Federal Reserve and ultralow rates of taxation on capital gains. The former destroyed the nation’s capital markets, fueling huge growth in household and business debt, serial asset bubbles and endless leveraged speculation in equities, commodities, currencies and other assets.

At the same time, the nearly untaxed windfall gains accrued to pure financial speculators, not the backyard inventors envisioned by the Republican-inspired capital-gains tax revolution of 1978. And they happened in an environment of essentially zero inflation, the opposite of the double-digit inflation that justified a lower tax rate on capital gains back then — but which is now simply an obsolete tax subsidy to the rich.

Also in The Times, Paul Krugman wants tax increases.