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 Business Insider, Max Nisen suggests Robert Mundell’s “A Theory of Optimum Currency Areas” predicted the eurozone’s troubles.
On PJ Media, David Goldman explains the startling disjunction between Germany and the weaker eurozone nations. In The WSJ, George Melloan analyzes the Fed’s current commitment to openness. On The Kudlow Report, Larry discusses whether the Fed will pump dollars into Europe:
At The WSJ, Stephen Moore reports the signing of the largest tax cut in Kansas history. Also in The Journal, Moore notes Oklahoma Republicans blocking the state’s tax cut. At The Washington Times, Richard Rahn links economic weakness and higher spending. From Bloomberg, Ramesh Ponnuru suggests the US lower its trade barriers unilaterally.
In Forbes, Ralph Benko chides Rick Santorum for opposing the gold standard.
From Bloomberg, Ramesh Ponnuru explains small business opposition to the President’s corporate tax reform plan. At Forbes, Charles Kadlec links the falling dollar to the rising oil price. On The Kudlow Report, House Majority Leader Eric Cantor (VA) discusses the Republican jobs act:
In The CSM, Stefan Karlsson warns against a Greek devaluation. From First Trust, Brian Wesbury doubts a stock market correction. In The Washington Times, Richard Rahn argues for Federal Reserve reform but stops short of supporting gold. At CNBC, John Carney suggests Reagan and Thatcher’s economic programs worked. USA Todayreports the President will create a trade enforcement bureau. From Reason, James Pethokoukis discusses anti-growth government policies.
At The American, Pethokoukis quotes Bruce Bartlett on the mainstreaming of supply-side economics. In The NYT, Bartlett analyzes corporate tax reform. At Modeled Behavior, Karl Smith suggests work incentives are altered until tax rates hit 70%.
Apologies for the gap in service last week. Was in Austin, TX for The Laffer Center’s winter meeting featuring interesting talks from Art Laffer, Brian Domitrovic, Steve Moore, John Chapman, and Dan Mitchell, plus terrific comments from Louis Woodhill. -----------------------
In Forbes, Louis Woodhill suggests Mitt Romney doesn’t understand growth, starting with his neglect of the dollar.
Note to readers: Sorry for the spotty coverage the last few days. Professional and holiday obligations have interfered with regular postings. Hope to be back on track, at least until Christmas week. ----------------
From Forbes, Prof. Brian Domitrovic fails the President in economic history.
On TGSN, Ralph Benko highlights a Bank of England study suggesting growth under Bretton-Woods was superior to the current floating currency era.
At RCM, John Tamny chides the President for critiquing company shareholders and productivity enhancing technology.
On The Kudlow Report, Sen. David Vitter (LA) debates Newt Gingrich’s flat tax proposal:
At Bloomberg, National Review’s Ramesh Ponnuru suggests voters aren’t buying the President’s inequality talk.
On NRO, Larry Kudlow rebuts the President’s anti-supply-side broadside.
From Alhambra Partners, Joe Calhoun expresses skepticism of last week’s European debt agreement.
In The National Interest, Amitai Etzioni suggests fear of China is vastly overblown.
From Pajamas Media, David Goldman argues the Egyptian economy is in terrible shape.
On The Kudlow Report, Art Laffer advocates cutting unemployment benefits:
In The NYT, Bruce Bartlett examines who exactly counts as rich.
Klassa (Bulgaria) reports Robert Mundell advocating a common currency between the US and EU.
On Coffee and Markets, Brian Domitrovic discusses his Laffer Center paper on the Federal Reserve’s financing of the federal debt.
At The Freeman, John Chapman and John Allison argue for a return to gold-linked money.
On The Kudlow Report, Dan Mitchell discusses a US bailout of Europe:
On his website, Jon Huntsman advocates sound money:
Jon Huntsman supports a strong and stable dollar. As president, he will appoint Federal Reserve Board Governors and a Chairman who believe in sound money. The United States cannot devalue our way to prosperity and efforts to do so risk a “beggar thy neighbor” round of devaluations, which will ultimately harm American exporters and risk the dollar’s privileged position as the primary global reserve currency.
On NRO, Larry Kudlow doubts the Fed’s cheapening of dollars to Europe will change anything.
From Cato, Steve Hanke suggests Europe is suffering from monetary contraction.
At The WSJ, George Melloan notes Europe’s move toward fiscal consolidation:
The possible direction of the negotiations was tipped by a leaked German memo proposing a "European Monetary Fund" that would be the core of a "stability union" paving the way for "political union." As a quid pro quo for financial aid, this fund would demand policy reforms in distressed nations to facilitate a work-off of excessive debt. Ms. Merkel, French President Nicolas Sarkozy and the new Italian premier, Mario Monti, are promising that a plan for closer economic and political integration will be submitted at the Dec. 9 European Union summit. If approved, this could be a very big deal.
From The Council on Foreign Relations, Benn Steil explains the ECB is restrained, unlike the US Fed, because it lacks the backing of a national treasury.
In The WSJ, Art Laffer supports Herman Cain’s 9-9-9 plan.
At Bloomberg, National Review’s Ramesh Ponnuru critiques Cain’s plan.
The NY Sunchides the GOP candidates for sounding hostile to immigration.
In The WSJ, Leonard Lauder argues that immigration is pro-growth, noting that more than 40% of Fortune 500 companies were founded by immigrants or their children.
On The Kudlow Report, a panel discusses last night’s GOP debate:
In The WSJ, Jon Huntsman opposes too-big-to-fail banks.
From Forbes, Brian Domitrovic explains that the President’s jobs proposal repeats JFK’s early mistakes.
At Cato, Alan Reynolds explains the President’s plan would mean a $447 billion in tax increases. Also from Cato, Reynolds analyzes the flaw in the President’s home refinancing plan.
At NRO, Larry Kudlow notes the GOP front runners support for a stable dollar.
On The Kudlow Report, David Goldman discusses a possible Greek default:
From IBD, Alan Reynolds rebuts Warren Buffett’s call for higher taxes.
In The Washington Times, Richard Rahn notes regulations that damage the economy.
David Goldman has launched a financial analysis company.
From Alhambra Partners, John L. Chapman notes that New Keynesian Romney advisor Greg Mankiw tellingly omits the dollar from his analysis of weak US fixed investment.
In The Financial Post (Canada), Steve Hanke analyzes the damage done by Basel III’s increased bank capital-asset requirements.
At TGSN, Daniel M. Ryan explains the danger of fiat money (more here).
On Kudlow, James Pethokoukis discusses Rick Perry’s debate performance and Social Security position:
At Forbes, Ken Rapoza quotes Bretton Woods Research’s Vlad Signorelli defending the euro.
On NRO, Josh Hendrickson of University of Mississippi argues the Fed should target nominal growth.
From Bloomberg, NRO’s Ramesh Ponnuru criticizes Rick Perry for bashing Social Security.
From Bloomberg, supply-side guru Robert Mundell argues QE3 isn’t necessary but argues for a steady expansion of the money supply and against more spending, and that commitment to a 20% corporate tax rate and making the Bush tax cuts permanent will lead to a strong US recovery.
In The Telegraph (UK), Ambrose Evans-Pritchard interviews Mundell on the euro.
At RCM, John Tamny defends the euro against criticisms from Evans-Pritchard and National Review editor Rich Lowry.
On C-SPAN, the Steve Forbes media blitz continues with an extended discussion of the economy, with the dollar as his top issue:
And on The Alyona Show, Ralph Benko discusses Nixon’s decision:
From Cato, Dan Griswold notes the Nixon Shock anniversary but praises the floating dollar:
Closing the gold window was arguably inevitable given the lack of monetary discipline by the U.S. central bank. By 1976, the dollar and other major currencies were floating freely, which has turned out to work rather well, as Milton Friedman predicted it would. It also turned out that pressure on the dollar to depreciate was not driven by speculators after all but by the surplus of dollars that had been created to finance the Vietnam War and the Great Society.
ABC reports Gov. Rick Perry (TX) suggesting more Fed easing would be treasonous.
On NRO, Larry Kudlow praises the substance of Perry’s remark.
At Reuters, Jim Pethokoukis contrasts Perry’s Fed comments with past comments by Gov. Mitt Romney (MA).
On The Kudlow Report, US Rep. Ron Paul (TX) discusses gold and Perry’s Fed comments:
At NRO, Katrina Trinko notes Romney’s shift towards a flat tax.
From The WSJ, Stephen Moore wonders if the GOP remembers Jack Kemp’s pro-growth message.
Future of Capitalism compiles responses to Warren Buffett’s tax increase advocacy.
IBD also weighs in. As does NRO’s Michael G. Franc.
On Fox Business News, Steve Forbes discusses returning to the gold standard:
At RCM, John Tamny warns against banning short sales.
On CNBC, John Carney suggests the political parties may be conspiring to kill Jude Wanniski’s two Santa Clauses.
At Bloomberg, NRO editor Ramesh Ponnuru advocates more loose money.
Also on Kudlow, a panel discusses Perry’s Fed remarks:
On NRO, US Rep. Thad McCotter (MI) describes America facing a Great Deflation but chastises the Fed for inflationary quantitative easing.
At The NYT, Bruce Bartlett argues the economy needs Keynesian demand-side stimulus.
From The Weekly Standard, Judy Shelton makes the case for returning to the gold standard.
At The Standard’s blog, Bill Kristol extends Shelton’s argument:
So when we get through the debt ceiling negotiations, and as Republicans continue to focus on the big changes that need to happen in fiscal and tax policy, some of them might want to turn their attention to the third leg of the economic stool—monetary policy.
On New World Economics, Nathan Lewis explains the importance of raising the capital-to-labor ratio.
At NRO, Larry Kudlow sees the Reid debt proposal as a victory for conservatives.
On The Kudlow Report, James Pethokoukis debates the debt ceiling:
In The WSJ, Stephen Moore chides Democrats for their newfound fondness for President Reagan.
At NRO, Ramesh Ponnuru calls Romney’s rise “a marriage of convenience.”
On Forbes, libertarian Timothy Lee doubts the inflation warnings of many free-market economists, but omits supply-side guru Robert Mundell from his list of prominent inflation doves.
In The Economist, Will Wilkinson notes Lee’s skepticism and remembers Milton Friedman’s deflationary analysis of the Great Depression.
At COAL, Paul Krugman also cites Lee and argues John Hicks’ Keynesianism has predicted correctly the current crisis.
On Forbes, Ralph Benko scolds the President for scare tactics and a proposed tax increase as part of the debt ceiling negotiation.
At Forbes, Rich Danker reports the legislative beginning of a modern gold standard.
On Forbes, Brian Domitrovic outlines ten mistakes to avoid under a gold standard.
At Forbes, Ralph Benko proposes a fusion of Robert Mundell and John Tamny to save the euro with a link to gold.
In The WSJ, Clifford Asness argues bad policy, not uncertainty, is the root of the economy’s trouble.
From the Gold Money Foundation, American Principles Project Chairman Sean Feiler discusses the group’s gold standard project:
On Forbes, Charles Kadlec chides NRO’s Kevin Williamson for his growth skepticism but applauds House Republicans and Tim Pawlenty.
At The Freedomist, William Collier, Jr. bashes Williamson for prioritizing deficits over growth.
On NRO, Williamson makes a positive contribution on inflation.
From Bloomberg, National Review’s Ramesh Ponnuru proposes middle class tax reform featuring a big increase in the child tax credit while reducing deductions and lowering the floor on the top tax bracket.
On Dick Morris TV, Morris provides an interesting assessment of the GOP debate. Most disappointing, Pawlenty was seen widely to have been timid and uncertain:
At Business Insider, Joe Weisenthal doubts Bill Gross’s warnings on Treasuries.
On CNBC, John Carney cites a Federal Reserve analysis that uses the Taylor Rule to indicate that for peripheral European nations, the euro’s interest rates are too high.
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.
