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, 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 The Financial Post (Canada), supply-side guru Robert Mundell sees a
bright future for the euro, but blames excessive spending and unstable exchange
rates for the Eurozone’s current troubles.
Also on The Financial Post, Terry Corcoran supports
Mundell’s analysis.
At Forbes, Nathan Lewis suggests a dual currency system
featuring gold for nations outside the major currency zones.
On The Kudlow Report, David Malpass discusses the
markets:
At The American, James Pethokoukis responds to Paul
Krugman’s claims that government spending led to the Reagan boom.
The WSJhighlights the President’s disastrous press
conference remarks on the economy.
At China Daily, Mundell applauds the People’s Bank of China
for lowering interest rates.
On CNBC, James Grant notes the Fed’s shrinking balance
sheet.
The WSJcriticizes Ben Bernanke for opposing spending
cuts, but applauds his rejection of tax increases.
From Forbes, Peter Ferrara compares the Obama economy to Argentina.
In The WSJ, Stephen Moore reports Democratic nervousness
about Taxmageddon.
At Newsmax, Steve Forbes advocates tax cuts rather than bailouts to revive Europe.
IBDnotes the President of Estonia’s response to Paul Krugman’s dismissal of its economic success.
From The Sun News Network, David Goldman doesn’t see a
way to keep the weak nations in the Eurozone:
On Fiscal Times, Bruce Bartlett notes the decline and
fall of organized labor.
From Market Watch, Harold Gold uses the Bush tax cuts to
declare supply-side economics false.
From the archive, here’s my assessment of the Bush tax
cuts.
On TGSN, Jon Decker reports the past use of vodka as a currency in Russia.
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 WSJ, Stephen Moore reports the President may embrace Simpson-Bowles to regain credibility as a fiscal moderate.
At The American, James Pethokoukis notes a study refuting the prevailing progressive narrative of the financial crisis. From NRO, Reihan Salam suggests the US is moving back towards the top of the Laffer Curve. On The Kudlow Report, Rich Karlgaard discusses the falling euro:
In The WSJ, Harvey Golub compares the current recovery to 11 past. On NRO, Thomas Sowell recounts Andrew Mellon’s tax cut arguments. The Hillreports the Alliance for American Manufacturing pushing for currency manipulation requirements in future trade agreements. In The NYT, Andrew Sorkin argues the Glass-Steagall Act wouldn’t have prevented the mortgage crisis.
From UVA’s Miller Center, Brian Domitrovic responds to Paul Krugman’s defense of the economic recovery.
Zerohedge highlights a James Grant interview on the Fed and the stock market. At NRO, Larry Kudlow argues Mitt Romney needs to widen his lead with the investor class. On The Kudlow Report, US Rep. Jeb Henserling (TX) debates tax policy:
TGSN recounts the history of William Jennings Bryan’s Cross of Gold. In The WSJ, Arthur Brooks suggests that generous social welfare programs demoralize workers.
From First Trust, Brian Wesbury predicts resurgent socialism in Europe will be short-lived.
Zerohedge features David Stockman discussing the Fed, debt and markets.
At Forbes, Jerry Bowyer explains how the economy is supposed to work.
In The Weekly Standard, Jeff Bell argues the President’s embrace of gay marriage will make it harder for him to win key swing states. At The American, James Pethokoukis applauds Arthur Brooks’ new book, The Road to Freedom. From Alhambra Partners, John Chapman analyzes Facebook’s economic impact.
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.
At City Journal, Brian Domitrovic critiques Noam Scheiber’s claim that recent Keynesian spending stimuli failed because they were too small.
From Alhambra Partners, John Chapman responds to calls for a third round of quantitative easing from the Fed. At Forbes, Tim Worstall suggests the eurozone cannot work without fiscal transfers between rich and poor states. Bloomberg reports Ben Bernanke’s public rejection of Paul Krugman’s call for higher inflation. Neither mentions the impact of the dollar’s seesawing exchange rate on inflation/deflation pressures.
The WSJnotes the recovery’s slow pace. At The American, James Pethokoukis rebuts Paul Krugman’s attack on fiscal austerity. From Forbes, Jerry Bowyer argues the US is declining, but not as fast as doomsayers like Glenn Beck imagine. At The American, Joel Kotkin, Mark Schill and Ryan Streeter highlight positive economic trends in the Midwest. In Forbes, Peter Ferrara designates Wisconsin’s public employee unions an aristocracy. On The Kudlow Report, a panel discusses the weaker-than-expected GDP numbers:
At Philanthropy Daily, Scott Walter notes the downside of religions partnering with governments. From Fiscal Times, Bruce Bartlett critiques the President’s scapegoating of oil speculators.
From Forbes, Brian Domitrovic highlights Donald Devine’s spending cuts during the Reagan era.
At The WSJ, Holman Jenkins diagnoses inequality obsession. In The WSJ, Stephen Moore notes the Senate vote on the Republican small business tax bill. On The Kudlow Report, Sen. Kay Bailey-Hutchison (TX) debates the plan:
The WSJexplains that yuan convertibility will require substantial financial liberalization in China.
From the Peterson Institute for International Economics, Nicholas Lardy argues that with its current account surplus down and its currency higher, there’s no cause to press China to raise the yuan further. And on the downside, The Washington Postreports PIIE chief Fred Bergsten making common cause with Occupy Wall Street. On TGSN, Ralph Benko highlights a pro-gold article by Princeton scholar and one-time Ben Bernanke collaborator Harold James. At The American, James Pethokoukis critiques arguments that the US should return to 1950s tax rates. From First Trust, Brian Wesbury suggests big government doesn’t make one any more secure from life’s risks. In The WSJ, US Trade Rep. Ron Kirk notes rising export of US services.
From Forbes, Brian Domitrovic explains how Reagan got gas prices to drop.
In The NY Sun, Ira Stoll notes this week’s tax competition conference in New York.
At Forbes, Robert Lenzner reports on the recent George W. Bush Presidential Center event on tax competition where panelists stressed the need for a four percent growth rate.
On The Kudlow Report, Stephen Moore rebuts the suggestion that Ronald Reagan would support the Buffett Rule:
Money News features Lew Lehrman on the need for a gold-linked dollar. At The American, James Pethokoukis formulates some genuine Reagan Rules for President Obama. In The WSJ, Brian Gaines and Douglas Rivers suggests most people oppose high tax rates on the rich. In Forbes, Janet Novack reports the widening gap between high and low tax states. From City Journal, Guy Sorman highlights a World Bank report on global economic liberalization and the decline of poverty. At Reason, Art Laffer discusses how to reform California’s economy:
From National Review, Jonah Goldberg worries that Mitt Romney favors business rather than free markets. Reuters reports Brazil’s President complaining to President Obama about US monetary policy. On TGSN, Ralph Benko recounts the monetary roots of Civil War Reconstruction.
From Forbes, Nathan Lewis suggests huge, permanent current account deficits are no problem.
IBDlinks the dollar’s foreign exchange value and the oil price.
At Forbes, Ike Brannon argues low taxes on capital gains and dividends are essential to productivity and wage growth.
On CNBC, former US Sen. Jim Talent (MO) discusses Mitt Romney’s ties to US Rep. Paul Ryan’s (WI) budget plan:
In The WSJ, Phil Gramm and Steve McMillin note the US has the most progressive tax system in the world.
At TGSN, Ralph Benko reports new data that suggests Milton Friedman drastically overestimated the gold standard’s cost.
From The Gatestone Institute, David Goldman links oil prices to the S&P.
At The American, James Pethokoukis highlights the weaken-than-expected March employment figures.
In Forbes, Peter Ferrara predicts the Supreme Court will strike down Obamacare.
The WSJquotes the great Henry Hazlitt on the dangers of even a mild inflation. In The WSJ, Ronald Coase and Nina Wang explain China’s success is due to liberalization not state control. On Forbes, Tim Worstall notes rumors of a currency union between Australia and New Zealand. In The WSJ, Antonis Samaras reports the dire effect on Greece of contraction plus austerity. In Forbes, Steve Forbes highlights the Chinese highway partnership between public and private sectors.
At Bloomberg, Forbes critiques the US Federal Reserve:
For at least three years, right-wing economists, pundits and politicians have been warning that runaway inflation is just around the corner, and they keep being wrong. Do you remember the tirades about “debasing the dollar” around this time last year? Do you remember the scorn heaped on Mr. Bernanke last spring when he argued that the bulge in inflation taking place at the time was just a temporary blip caused by gasoline prices and would soon recede? Well, he was right. At this point, inflation is once again running a bit below the Fed’s self-declared target of 2 percent.
At Fiscal Times, Bruce Bartlett suggests earmarks are less important than some conservatives suggest.
From Forbes, Louis Woodhill discounts the stock market against gold.
At The American, James Pethokoukis highlights a debate over economic growth. In The WSJ, Martin Feldstein hopes bond vigilantes will discipline Europe’s government spending. On The Kudlow Report, Art Laffer argues spending cuts would lead to stronger economic growth:
At Townhall, John Stossel promotes a free market in currency. Author Jeremy Hammond compares economic analyses from US Rep. Ron Paul (TX) and Keynesian Paul Krugman. The Houston Chroniclereports a speech by Art Laffer. From Newsmax, Steve Forbes predicts return to recession if the President is re-elected.
From The Atlas Sound Money Project, Nicolas Cachanosky critiques the government’s dollar management.
From TGSN, Lew Lehrman explains the debt consequences of the paper dollar standard.
Zerohedge features James Grant’s excellent speech to the NY Fed.
At PJMedia, David Goldman defends Mitt Romney’s focus on economic generalities.
On CNBC, Larry Kudlow rolls out his 10 Commandments for Growth:
At Forbes, Nathan Lewis argues the Great Depression was not caused by the gold standard.
On Seeking Alpha, Paul Nathan responds to Ben Bernanke on the gold standard.
In The WSJ, James Grant reviews "White House Burning: The Founding Fathers, Our National Debt, and Why It Matters to You."
At The American, James Pethokoukis interviews Mitt Romney.
In The WSJ, George Melloan worries about federal lending.
At COAL, Paul Krugman rebuts inflation claims, but overlooks the three-peak correlation between the personal consumption expenditures deflator and the euro/dollar exchange rate:
From The WSJ, Mary Anastasia O’Grady reports on Argentina’s political takeover of its national bank.
On Forbes, John Tamny opposes the Cato Institute’s takeover by the Koch brothers.
