World News

The Battle for Reagan's Soul, 2014 Version

In 1980, that terrible year of stagflation, when Ronald Reagan was gaining the Republican nomination for president, dueling editorials appeared in the Wall Street Journal about “The Battle for Reagan’s Soul.” The first, by that title, came from neo-conservative sage Irving Kristol, who alerted readers that an effort was on by the establishment to capture Reagan. Individuals like Alan Greenspan, one supposes, and other Nixon-Ford leftovers were counseling Reagan not to strive to get everything he wanted. In the interest of a balanced budget and defense buildup, said prudence, he should go easy …Read more

The Centennial Monetary Commission Act of 2013: A Second Look at the Fed and the 2008 Financial Crisis

There is still a great deal of debate over the Federal Reserve’s role in the 2008 financial crisis. Critics have blamed the Fed’s policies for everything from causing the crisis to worsening it, as well as prolonging the economic recovery after the financial markets stabilized. This debate has not been settled, but Congress has already expanded the Fed’s authority, providing yet another avenue for criticism. Congress should set up a formal monetary commission, such as the one proposed in the Centennial Monetary Commission Act of 2013. This type of commission would provide a public venue for …Read more

Dollar Ain’t Losing its Reserve Status

A staple of the doomsday crowd is the idea that the US is on the verge of losing its “reserve currency” status. It’s held that prominent financial position since the end of World War II. But, now, the doomsday crowd argues the US economy is in a bubble, the Fed is printing money like crazy, government spending and regulation on the rise, so it’s just a matter of time.  Get ready they say, the dollar will plummet in value and interest rates will skyrocket, even above where US economic fundamentals suggest they should go, hurtling the economy back into deep recession.  Over the centuries, the …Read more

Money at First Sight

In the past 12 months alone, the world's top five central banks have conjured up $1.4 trillion. They called it into existence as a sorcerer might summon the spirits. No wand, no printing press was required; taps on a keyboard did the heavy lifting. "War and Gold" is a chronicle of fiscal ruination and redemption, with the emphasis on the former. In ages past, observes the historian and politician Kwasi Kwarteng, governments printed currency and levied taxes to fight wars. Now they materialize the money on computer screens to jolt their underachieving and overindebted economies back to life (so …Read more

Linking The Dollar to Gold: Completing the Recipe for Restoring an Economic Boom for America

Alexander Hamilton was America’s first Secretary of Treasury under President George Washington. When he first entered office in 1789, America was an agricultural nation of just 4 million still broke from its financially costly victory over the British Empire in the Revolutionary War. The states had accumulated relatively massive debts to finance that war, which mostly remained unpaid. The United States did not even have a national currency, with Spanish coins still in wide circulation and use. Steve Forbes explains in his recently published definitive work, Money: How the Destruction of the …Read more

Signs Of The Gold Standard Emerging From Great Britain?

Comes now to respectful international attention a volume entitled by Member of Parliament Kwasi Kwarteng.  This near-perfect volume appears with almost preternaturally perfect timing around the centenary of the beginning of World War I and, with that, the end of the classical gold standard.  It, along with the work of , MP (co-founder of the ), constitutes a sign of sophistication about the gold standard in the British House of Commons. Kwarteng, the most historically literary Member of Parliament since Churchill, is an impressive figure.  As War and Gold‘s jacket flap biography summarizes, …Read more

Kathleen M. Packard, Publisher
Ralph J. Benko, Editor

In Memoriam
Professor Jacques Rueff

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