Dear Monetary Policy Observer,
Lately, there has been increasing national interest in monetary policy and libertarian arguments about inflation fueling the growth of government. This latest Forbes article by Ralph Benko covers the emerging interest in libertarian monetary policy, from Time Magazine naming Rand Paul one of the world’s 100 most influential people to scholarly critique of the Fed through organizations like Cato. We hope you find this material of interest.
American Principles In Action
Does Rand Paul's Rise Signal A Broader Libertarian Moment?
Libertarianism, thanks, among other factors, to the emergence of leading presidential candidate Sen. Rand Paul, is coming to the fore. It is presenting itself in fresh, less eccentric, and increasingly attractive ways. Moderate libertarianism may be capturing the fancy of an overtaxed, fed-up-with-debt-fueled grandiose government, war-weary, live-and-let-live, Republican base and American people.
Time Magazine recently featured Sen. Rand Paul as one of the 100 most influential people in the world. He was not just on the list. Time placed Paul on its cover for the first, though likely not for the last, time.) This may signal the emergence of the Libertarian Moment.
More recently, moreover, Cato staged a panel, to an overflowing crowd, to celebrate the publication of Prof. Richard Timberlake’s latest “tour de force” (as it is described by the influential Prof. Kevin Dowd of the University of Durham): Constitutional Money, A Review of the Supreme Court’s Monetary Decisions. The fact that premier academic publisher Cambridge University Press brought out this Cato Institute Book itself is noteworthy.
Timberlake is the dean of classical monetary policy economists and adjunct scholar at the Cato Institute. He likely is the only economist still productive who was born under a regime where one could present a $20 bill at any bank and receive a $20 one-ounce gold coin). Cato’s own description of this work concludes: “The final chapter describes the adjustments necessary to return to a gold standard and briefly examines other monetary arrangements that would be consistent with the Framers’ Constitution.”
Contained in Constitutional Money is a gripping exposé of the judicial coup d’etat inverting the constitutional structure of the United States from one of limited government to one of almost limitless government. Timberlake nails the infamous case of Julliard v. Greenman (1884) which, for the first time, imbued Congress with the attribute of “sovereignty.”