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, Steve Forbes talks taxes and trade with President George W. Bush.
At Forbes, Louis Woodhill quotes Jude Wanniski to argue Obamacare must be repealed. The Washington Timesreports Mitt Romney leading the President on the economy. In The WSJ, Karl Rove urges Romney to counter the President’s class warfare with focus on growth. The Spectatorfeatures a symposium with Stephen Moore and US Rep. Paul Ryan (WI) on the budget and taxes:
In The WSJ, Dan Henninger parallels the President’s rhetoric with FDR’s in 1936. Reasonhighlights the President’s scapegoating of oil speculators. At TGSN, Ralph Benko recounts the history of the post-Civil War Legal Tender Cases. From National Review in 1978, Alan Reynolds and William Peterson promote the gold standard. Also from the NR archive, Bruce Bartlett argues for supply-side tax cuts.
From The WSJ, US Rep. Paul Ryan (WI) rolls out his budget and tax plan.
At The Washington Post, Chris Cillizza suggests the Ryan budget is bad politics for the GOP. In The WSJ, Stephen Moore calls the Ryan plan a gamble:
What is sure to be controversial in the plan are the cuts to sensitive entitlement programs. This budget saves on Medicare through "premium supports," which allow seniors to go out and purchase health insurance in the market, or stick with traditional Medicare, but at a lesser price. This is the plan co-authored by Democratic Sen. Ron Wyden of Oregon and Mr. Ryan. The House plan would also block grant all federal welfare entitlements to the states. And one of the biggest savings comes from repealing ObamaCare spending and mandates.
In The NYT, Bruce Bartlett recounts (ruefully) Jude Wanniski’s continued influence on Republican fiscal policy. At The WSJ, Mary Anastasia O’Grady suggests the President may be damaged by the Misery Index. On Forbes, Ralph Benko applauds the coalition pushing the National Debt Relief Amendment, to require a majority of states to endorse federal debt limit increases:
From TGSN, Benko highlights the debt bomb pending when interest rates rise. On The Kudlow Report, Sen. Jim DeMint (SC) discusses Republican efforts to help small business:
From Alhambra Partners, Joe Calhoun analyzes Greg Smith’s Goldman Sachs critique. On his blog, Scott Grannis suggests companies still have lots of cash on hand. At The Daily Beast, Zachary Karabell defends China’s trade practices.
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.
From Forbes, Brian Domitrovic defends Mitt Romney’s supply-side rhetoric.
On NRO, Larry Kudlow pans the Fed’s sterilized bond purchase plan.
At Forbes, Nathan Lewis explains a gold/dollar link would match currency supply with demand.
From Alhambra Partners, John Chapman suggests a US consensus on progressive taxation.
On CNBC, James Grant discusses the global loose money binge:
In The WSJ, Allan Meltzer notes similar patterns of wealth accumulation among the top 1% in European social democracies as in the US. On US News, Bruce Yandle suggests bringing back the Misery Index. In The WSJ, Stephen Moore argues California learn economic lessons from North Dakota. From MarketWatch, Prof. Michael Bordo worries the Fed may be in danger of overshooting on inflation. In The WSJ, George Melloan reviews a book on escalating compliance costs in US companies. From The Manhattan Institute, Diana Furchgott-Roth refutes income inequality claims. On The Kudlow Report, James Pethokoukis debates the latest job creation numbers:
At American Breaking Point, Charles Goyette remembers Jude Wanniski. In Fiscal Times, Bruce Bartlett examines who is really rich today.
NRO’s editors critique Mitt Romney’s support for minimum wage increases.
The WSJanalyzes Rick Santorum’s surge and Romney’s policy vulnerability.
At NRO, Thomas Sowell notes continued conservative opposition to Romney.
In The WSJ, Karl Rove argues Newt Gingrich’s southern strategy is insufficient.
On The WSJ, Larry Sabato discusses Romney’s problems with the right, and general election prospects:
At Forbes, Louis Woodhill highlights wasteful alternative energy spending. On Forbes, Cato’s James Dorn advocates a sound money policy rather than stimulus. In The WSJ, Eswar Prasad suggests yuan convertibility is key to its future.
From Bloomberg, Amity Shlaes rebuts Clint Eastwood’s Super Bowl ad. On The Kudlow Report, a panel discusses the CPAC conference:
At Killer Frogs, Kyle Clifton highlights a Jude Wanniski memo to US Rep. Ron Paul (TX). From Human Events, House Speaker John Boehner (OH) outlines his growth agenda, including energy exploration, roads and bridges projects, no earmarks, and reduced federal mandates.
From The WSJ, Newt Gingrich outlines his supply-side agenda including monetary reform:
Second, the dollar needs to be stabilized by establishing a price rule for the Federal Reserve to follow in its conduct of monetary policy. This will help stabilize international exchange rates, resolve the ongoing cycles of global financial crises and investment bubbles, short-circuit the run-up in gas and food prices, and unlock the frozen credit system.
On The Kudlow Report, Gingrich discusses his plan:
Human Eventsreports Art Laffer and Michael Reagan endorsing Newt Gingrich’s supply-side plan.
At Forbes, Steve Forbes argues President Obama will be a one-term president.
From Forbes, Peter Ferrara critiques the President’s attack on supply-side economics.
On Fox News, Laffer discusses his support for Gingrich:
From Forbes, Brian Domitrovic suggests the Federal Reserve has a third, secret mandate to fund the government’s debt.
On CNBC, John Carney cites Jude Wanniski’s Two-Santa Theory to criticize Republican handling of the payroll tax holiday.
50,000 Page Views. We’re pleased to announce that yesterday this site reached 50,000 page views since its founding in May 2010. When setting goals for 2011, we set that target as a goal, so it’s gratifying to achieve it. To be sure, this number is a small fraction of the hits for big web sites, but this is a part-time site that has grown without much promotion. Thanks for reading. -------------------------
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.
At TGSN, Ralph Benko notes The Royal Institute of International Affairs interest in the gold standard.
The People’s Daily (China) reports on a speech about currency instability and exchange rates by supply-side economics founder Robert Mundell.
On The Kudlow Report, US Rep. Ron Paul (TX) argues the Fed is still engaged in quantitative easing:
At The Weekly Standard, Charles Wolf, Jr. suggests the Keynesian model is wrong in theory.
From First Trust, Brian Wesbury examines the positive parts of the economy.
In The WSJ, Gerald P. O’Driscoll notes the financial links between the US and EU.
At The Washington Times, US Rep. Steve Stivers recommends reform of Dodd-Frank.
On Kudlow, US Reps. Jim Jordan (OH) and Charlie Rangel (NY) debate the economy and taxes:
From reader S. Rao:
I listened through Herman Cain and Rich Lowrie's presentations at AEI earlier this week and wanted to point out some Jude Wanniski influences in Lowrie's presentation. Video of the AEI Panel including Lowrie, here: (click on "A Panel Discussion . . .")
(at 26:35): Lowrie distinguishes the incidence and burden of a tax. Wanniski noted the same but in the capital gains context.
(at 32:54): Lowrie notes that the capital gains tax is a wall between those who have ideas and those with money. See the Wanniski-Laffer wedge model, here.
(at 33:29): Lowrie notes that productivity depends on the ratio of capital to labor. Wanniski used the analogy of a thick soup "Think of a pot of soup that has mixed in it labor and capital. If we add more capital, and stir it up, the soup becomes thicker, with a higher capital/labor ratio."
(at 36:24): In the context of the poverty portion of the 9-9-9 plan, Lowrie says it is obvious that to have general growth we "can't leave anyone behind"; and, in reverse, to address poverty, we must address general growth. A comparable point was made by Wanniski about Reagan in 1980. As President Reagan said in the "Good Shepherd" television commercial: "Those who have the least will gain the most. If we put incentives back into society, everyone will gain. We have to move ahead. But we can't leave anyone behind."
From The WSJ, Allan Metzler dissects the Keynesian model’s flaws.
Cato Journal features several good articles on monetary policy, including from David Malpass, Steve Hanke, and Gerald P. O’Driscoll. This one on flexible exchange rates is interesting.
At Forbes, Nathan Lewis applauds Rick Perry’s flat tax plan and wonders if he’ll adopt a strong dollar next.
In South Carolina’s The State, Steve Forbes predicts Perry will win the GOP nomination.
On Fox News, Perry provides a generally strong explanation of his economic plan:
At The WSJ, Steven Landsburg argues the death tax hurts the poor.
On International Liberty, Dan Mitchell coins Mitchell’s Golden Rule, "The private sector should grow faster than the government."
From Forbes, Peter Ferrara contrasts the Republican jobs plan with the President’s.
At Fox News, Herman Cain cites Jude Wanniski and Art Laffer among his tax plan’s influences.
On The Kudlow Report, Herman Cain advisor Rich Lowrie discusses the 9-9-9 plan:
At The American, Stephen Moore remembers economist William Niskanen.
The WSJnotes the immigration crackdown has led to labor shortages.
From Forbes, Louis Woodhill makes a compelling case that the Fed paying interest on reserves has killed M1 velocity and the monetary multiplier, neutralizing the effect of quantitative easing.
Bloomberg reports a technical analysis predicting the euro to fall to $1.20 in the next three months, per Robert Mundell’s prediction.
Human Eventsnotes Art Laffer endorsing Herman Cain’s 9-9-9 tax plan.
1. The New York Timesprofiles Cain's sole economic advisor and notes that he looked to Wanniski in devising 9-9-9.
"Mr. Lowrie said he had been inspired by two well-known proponents of supply-side thinking: Arthur Laffer, often considered the father of the concept that lower tax rates help pay for themselves by generating additional economic growth, and Jude Wanniski, who promoted the idea among politicians."
2. During Tuesday's debate, Cain again repeated the Wanniski wedge-model for the capital gains tax:
"But also, get rid of the capital gains tax. That's a big wall between people with ideas and people with money."
Politicoreports on Gary Robbins’ analysis of Cain’s plan.
CNBC describes Gov. Rick Perry’s energy production plan.
On NRO, Kevin Williamson slams Warren Buffett’s tax analysis.
At Politico, Josh Boak reports on last week’s Heritage conference on a stable dollar.
From The American Spectator, Lew Lehrman explains how the dollar reserve-currency system has turned China into a US colony and fostered debt and inflation (h/t: TGSN).
At Asia Times, Martin Hutchison provides an important rebuttal of Keynesian spending stimulus.
On Forbes, Charles Kadlec explains that soak-the-rich tax policy hurts the middle and lower class.
From the archives, Jude Wanniski discusses the media and supply-side economics:
In The WSJ, Ernest S. Christian and Gary A. Robbins critique the Value Added Tax as a path to bigger government.
At The American Spectator, Peter Ferrara sees inflation hastening the economy’s spiral into crisis.
From First Trust, Brian Wesbury and Robert Stein argue the European crisis will not damage the US significantly.
In The Washington Times, Richard Rahn advocates cost-benefit analysis of regulations.
From Asia Times, Davild Goldman suggests China be allowed to purchase 49% of Bank of America.
At The National Interest, Barry Eichengreen critiques the arguments for a gold standard (h/t: Bruce Bartlett).
At Forbes, Louis Woodhill explains how regulation and dollar volatility has hurt US automakers.
In The WSJ, Sen. Rob Portman (OH) advocates dollar-for-dollar deficit reduction for every debt ceiling increase.
On The Kudlow Report, David Malpass discusses Italy’s possible default and its effect on world markets:
At Forbes, Bill Frezza discusses the end of Bretton Woods with George Shultz.
From the archive, Jude Wanniski explains why Nixon left gold.
On Forbes, Michael Pento suggests the current crisis calls for a return to gold as the international reserve currency.
In The WSJ, Charles C. Johnson notes President Coolidge beat recession with tax and spending cuts.
But "nothing" seemed to work. With the tax cuts in place, luxuries of the rich quickly became middle-class, as affordable cars and radios rolled off the assembly line. Industrial titans (and Coolidge-backers) like Harvey Firestone and Henry Ford made unheard-of fortunes. Real annual per-capita income rose 37%, to $716 from $522.
The "Coolidge prosperity," denounced as ephemeral after the 1929 crash, was real for those who experienced it. Coolidge knew this well, telling reporters that "If you can base the economic conditions of the people on their appearance, the way they are dressed, [and] the general appearance of prosperity, I should say it was very good . . . I noticed most of the ladies had on silk dresses and I thought I saw a rather general display of silk stockings."
In IBD, Mark McKinnon reports the President’s allies hope to spur a third party challenge from Ron Paul in order to split anti-Obama votes.
At The Atlantic, Keynesian Jared Bernstein blames supply-side economics and laissez-faire policies for recent economic troubles but omits the dollar from his analysis.
The WSJexpresses cautious optimism about the Gang of Six budget and tax reform deal; in The Washington Post, former G.W. Bush speech writer Marc Thiessen argues the proposal is a $3 trillion tax increase.
At Bloomberg, Richard Rubin analyzes the likely capital gains tax increase in the Gang of Six debt proposal (h/t: Vlad Signorreli).
In The WSJ, John Taylor suggests the growth consensus of the 1980s and ‘90s has been abandoned.
On Fox Business News, Steve Forbes explains how to return to the gold standard:
At Asia Times, David Goldman argues the small business start-up economy is dead, while large companies with global reach continue to grow.
From TGSN, Ralph Benko cites Jude Wanniski on what a currency should do.
At his blog, former FDIC Chairman William Isaac argues mark to market accounting rules played a major role in the 2008-09 recession and financial crisis. According to Bretton Woods Research, “We continue to believe that the MTM [congressional] hearings proved the turning point for financial markets back in March 2009.”
On The Kudlow Report, Don Luskin sounds bullish on the economy:
In The NYT, Ohio University Professor Alonzo L. Hamby provides a good economic history of the US.
At Pajamas Media, Ed Driscoll claims Hollywood doesn’t understand inflation.
From Forbes, Louis Woodhill argues Republicans should argue for growth measures rather than spending cuts in the debt ceiling debate.
Reuters reports Fed Chairman Bernanke today backed away from QE3, leading to a dollar rise.
At NRO, Larry Kudlow supports Sen. Mitch McConnell’s (KY) debt proposal.
On The Kudlow Report, David Malpass debates the best path to strong growth:
At NRO, Michael Franc suggests the public doesn’t support higher taxes on the wealthy.
From Bloomberg, John Taylor argues the tax hike of 1991 didn’t cut the deficit but did cost George H.W. Bush a second term.
In US News, Robert Schlesinger notes the tax hikes of 1982 didn’t derail the economy.
On TGSN, Lew Lehrman explains how inflation affects people’s retirement plans:
From 1982, Jude Wanniski testifies against a balanced budget amendment.
At the progressive Talking Points Memo, Brian Beutler reports a CBO study showing the deficit disappears if the Bush tax cuts lapse along with modest spending restraint.
From Forbes, Ralph Benko makes a strong case against Kevin Williamson’s growth agnosticism.
On Forbes, Steve Forbes criticizes the IMF and praises Brian Domitrovic’s Econoclasts.
In The Washington Post, Matthew Continetti cites Jude Wanniski’s “Mundell-Laffer Hypothesis” and suggests Sam’s Club Republicans aren’t being served by supply-siders like Tim Pawlenty.
On The Kudlow Report, Larry Kudlow links negative economic data to QE2:
At USA Today, former Sen. Bill Bradley (NJ) makes a good case for growth vs. deficits, arguing for employment subsidies.
On Forbes, Lawrence Hunter proposes questions to ask about any budget deal.
The NY Sunpromotes its anthology of gold standard editorials.
At Econlog, Arnold Kling calls Sen. Richard Shelby (AL) a New Keynesian for endorsing inflation targeting.
Bloomberg reports George Soros predicting an exit from the euro for the weaker economies.
At Forbes, John Tamny likes sports recruiting to business and investing.
