From Cato, Alan Reynolds responds to Larry Summers’ call
for more government spending.
At Alhambra Partners, Joe Calhoun sees the dollar bouncing
back and forth between inflation and deflation. For the record, here’s my
column of last year on Robert Mundell’s similar view.
On Forbes, Brian Domitrovic critiques the President for
doing nothing that would improve the economy.
The Daily Callerinterviews Steve Forbes on Mitt Romney’s
record at Bain Capital:
At RCM, John Tamny suggests fear of QE3, not bad
unemployment numbers, is responsible for the market’s decline.
From The Atlas Sound Money Project, Devin Roundtree
argues QE3 is already underway.
At Forbes, Charles Kadlec critiques the President’s economic
policies.
In The WSJ, Robert Barro analyzes the economy’s malaise.
From The Washington Times, Richard Rahn covers efforts to
impose global taxes.
In The WSJ, Roger Lowenstein reviews a book on the
depression of 1837.
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.
From Forbes, Brian Domitrovic advises Europe to learn from its past exchange rate chaos.
At Globe Asia, Steve Hanke argues contracting money growth, not fiscal austerity, is causing today’s economic difficulties.
On The Kudlow Report, Sen. Ron Johnson (WI) discusses bi-partisan tax and budget compromise:
At RCM, John Tamny suggests the dollar should rise to return the gold price to its ten-year average of $800/oz.
From Alhambra Partners, Joe Calhoun supports spending austerity and low tax rates. In The Washington Times, Richard Rahn advocates less government spending.
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 Forbes, Charles Kadlec notes the failure of Europe’s tax-increase austerity.
At TGSN, Ralph Benko highlights Jacques Rueff’s critique of the post-war gold exchange standard.
On C-SPAN, Steve Forbes supports US Rep. Ron Paul (TX) for Fed Chairman:
At The American, Alex Brill examines tax fairness. In The Washington Times, Richard Rahn lambasts the Obama Administration’s new foreign reporting requirement for US banks. From Alhambra Partners, Joe Calhoun investors stay in cash. On NRO, Larry Kudlow analyzes the weak recovery. At The WSJ, James Swanson discusses Bill Clinton’s claim that President Obama is ahead of the curve pulling the US out of the financial crisis:
In The WSJ, Stephen Moore reports a congressional debate over highway spending. From The Washington Post, Ezra Klein notes the return of many GW Bush economists on the Romney campaign. At The WSJ, Cass Sunstein highlights an executive order to harmonize US and foreign regulation.
On Salon, Michael Lind argues the era of globalization is over. The coal industry highlights the financial strain of rising energy costs:
In The NYT, Bruce Bartlett argues current tax rates aren’t blocking economic growth. From Bloomberg, Rich Miller argues higher tax rates won’t discourage the wealthy from working harder.
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 Chroniclefeatures 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.
The WSJhighlights the positive revenue effects of cutting the capital gains tax.
In The WSJ, Amity Shlaes cites FDR and Coolidge to argue tax policy should focus on competition not fairness.
On The Kudlow Report, Larry opposes raising tax rates:
On RCM, financier Eric Fine argues Ben Bernanke reduces confidence in the dollar by dismissing the gold standard. From Alhambra Partners, Joseph Calhoun fears economic weakness will spur QE3. In The Washington Times, Richard Rahn complains about the byzantine tax code. From ISI, George Gilder debates technology and the prospects for growth:
In The NYT, Bruce Bartlett suggests eliminating income taxes for the lower 75% of earners and replacing the revenue with a 12.5% VAT.
From Forbes, Brian Domitrovic explains the weak dollar caused the real estate bubble.
In The NY Sun, Ira Stoll notes the problems for savers with zero interest rates.
At RCM, John Tamny suggests there’s nothing wrong with China’s new trade deficit.
On The Kudlow Report, John Rutledge discusses the US’s tough trade stance towards China:
At TGSN, Ralph Benko highlights Jacques Rueff’s analysis of the monetary errors that led to the Great Depression. In The Washington Times, Richard Rahn argues the world economy’s future is bearish. From Alhambra Partners, Joe Calhoun expresses pessimism about the economy. At Hindu Business Line, G. Ramachandran links Robert Mundell’s euro to the Roman Empire. On The WSJ, Paul Gigot discusses Newt Gingrich’s prospects in the southern primary states:
On Econlog, David Henderson disputes Louis Woodhill’s analysis of gold and oil.
In The NYT, Bruce Bartlett advocates higher tax rates to raise more revenues.
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%.
From NRO, Larry Kudlow suggests Mitt Romney should downsize the US government to turnaround America, Inc.
In The WSJ, Don Luskin advises Romney to defend his work at Bain. From Cato, David Boaz defends US Rep. Ron Paul’s (TX) analysis of the financial crisis.
On The Kudlow Report, Stephen Moore discusses Romney's taxes:
In The Washington Post, Bill Knapp suggests the middle class is not stagnating. IBDreports the Federal Reserve is preparing QE3. The NY Sunopposes release of Fed transcripts. In Forbes, Charles Kadlec argues declining freedom is the root of the economy’s problems. At Powerline, Steven Hayward advocates a Laffer Curve for regulation. On CNN, Sen. Jim DeMint (SC) applauds Ron Paul’s Federal Reserve criticism:
On Bloomberg, Virginia Postrel pans the new Margaret Thatcher movie. In The Washington Times, Richard Rahn compares the economies of Cayman and Belize.
From The Laffer Center, the excellent Brian Domitrovic argues the Federal Reserve pursues a third policy mandate (beyond price stability and low unemployment), of accommodating the federal debt.
On Forbes, Domitrovic advises the President to pursue tax reform.
In The Washington Times, Richard Rahn challenges tax hike advocates.
On The Kudlow Report, David Goldman says the US economy is in good shape and northern Europe will fence off southern Europe to prevent financial contagion:
From Human Events, Burton Folsom, Jr sees parallels between today’s China currency pressure and Smoot-Hawley.
In The WSJ, Obama economist Austan Goolsbee argues the euro has damaged southern Europe:
Northern Europe has fueled its growth through exports. It has run huge trade imbalances, the most extreme of which with these same Southern European countries now in peril. Productivity rose dramatically compared to the South, but the currency did not. This explains at least part of the German export and manufacturing miracle of the last 12 years. In 1999, exports were 29% of German gross domestic product. By 2008, they were 47%—an increase vastly larger than in Italy, Spain and Greece, where the ratios increased modestly or even fell.
Germany's net export contribution to GDP (exports minus imports as a share of the economy) rose by nearly a factor of eight. Unlike almost every other high-income country, where manufacturing's share of the economy fell significantly, in Germany it actually rose as the price of German goods grew more and more attractive compared to those of other countries. In a key sense, Germany's currency has been to Southern Europe what China's has been to the U.S.
From Alhambra Investments, Joe Calhoun analyzes the European debt crisis.
At RCM, John Tamny suggests California will make a comeback when the dollar is stronger.
On Kudlow, David Malpass advocates for pro-growth policies in Europe:
On NRO, John Berlau reports Republican support for Sarbanes Oxley.
The Economistnotes the Congo’s currency rising against the dollar.