World News

Is Paul Krugman Leaving Princeton in Quiet Disgrace?

... Krugman is, of course, quite correct that the “return-to-gold faction has been gaining strength.” Speculating beyond the data thereafter Krugman goes beyond studied ignorance.  He traffics in shamefully deceptive statements.

Lewis E. Lehrman, protege of French monetary policy giant Jacques Rueff, Reagan Gold Commissioner, and founder and chairman of the Lehrman Institute, arguably is the most prominent contemporary advocate for the classical gold standard.  Lehrman never rendered a prediction of imminent “runaway inflation.”  Only a minority of classical gold standard proponents are on …Read more

Paul Volcker Dreams of a "New Bretton Woods." But What Would That Look Like?

Out of the “” of the 1930s, and then World War II, came a shared dream among the non-communist states: to establish a stable economic environment for business and trade. Representatives from forty-four countries met at the Mount Hotel in Bretton Woods, New Hampshire, and recreated the world gold standard system. The U.S. dollar was officially linked to gold at $35/ounce, its gold parity since 1934. Other currencies were linked to the dollar at fixed exchange rates, which effectively meant that they were linked to gold as well. The Japanese yen was 360/dollar, year after year. …Read more

Krugman’s Last Hurrah?

“I’m a defender of the economic policies that we followed after World War II, that produced the best generation of economic growth that this country has ever experienced. . . . I like the America that my parents prospered in. I think we can restore a lot of that.” * * * Those words were uttered by Paul Krugman two years ago when Congressman Ron Paul, in a debate on Bloomberg television, had him on the ropes over inflation. Mr. Krugman had a whole list of things he liked about the 1950s and 1960s. But he forgot to mention one — the gold exchange standard that was set up at Bretton Woods, New …Read more

After Words: Kwasi Kwarteng, "War and Gold: A 500-Year History of Empires, Adventures, and Debt," hosted by Toby Harnden, Sunday Times of London

Beginning with the Spanish discovery of the Americas, Conservative Member of British Parliament Kwasi Kwarteng takes readers through a history of money, its relationship to war and the resulting impact he believes the interconnection has on present-day free markets worldwide.  He talks with Toby Harnden, Washington Bureau Chief of The Sunday Times of London. …
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Remarks on Money: How the Destruction of the Dollar Threatens the Global Economy — and What We Can Do about It by Steve Forbes and Elizabeth Ames

My big takeaway from Money (McGraw Hill, 2014) is that Steve Forbes is no James Dean. Forbes is a rebel with a cause. Free-markets and sound money, please. In what follows, I will briefly mention 11 other takeaways from my reading of Money by Steve Forbes and Elizabeth Ames. Takeaway #1
The dedication to Alexander Hamilton signaled right away that Money was going in the right direction. We all know that . Among other things, he established a federal sinking fund to finance the Revolutionary War debt. Hamilton also engineered a large debt swap in which the debts of individual states were …Read more

Another Financial Meltdown on the Horizon?

And you thought that last global financial crisis was bad. A report issued on Sunday by the Bank for International Settlements (BIS) warns that policymakers have failed to address the root problems that caused the 2007-2008 financial meltdown. Instead of taking a long-term perspective aimed at increasing real economic productivity and output — the kind that actually benefits people by raising living standards — government officials have sought to pump up the numbers through monetary and fiscal stimulus. As a result, we now have an alarming disconnect between the performance of global equity …Read more

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

In Memoriam
Professor Jacques Rueff

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