Dear Monetary Policy Observer,
This latest article by our senior advisor Ralph Benko in Forbes.com points out that wages and job growth have stagnated over the past two administrations, despite no significant shifts in trade, regulatory and tax policy from the massive job growth of the Reagan and Clinton years.
In light of this Steve Lonegan has launched, in association with American Principles In Action, Fix The Dollar, at an event near Wall Street at which Steve Forbes presented. Fix the Dollar will make the case that we should look at the one major economic driver that did change dramatically: monetary policy, in general, and the departure from the gold standard, specifically.
America has seen the Tax Revolts of 2010. Is this the beginning of a Money Revolt?
American Principles In Action
The Tax Revolt has run its course. A Money Revolt is needed.
Steve Forbes, with Elizabeth Ames, in Money: How the Destruction ofthe Dollar Threatens the Global Economy—and What We Can Do About It has thought the issues through. So has, among others, Lewis E. Lehrman (founder and chairman of the Lehrman Institute, whose monetary policy website this columnist professionally edits) in The True Gold Standard and Money, Gold, and History.
Now, to these thinkers, comes activist Steve Lonegan. Lonegan, former mayor of Bogota, NJ and GOP US Senatorial nominee, ambitiously, is launching, for American Principles In Action, FixTheDollar.com (also advised by this columnist). FixTheDollar is designed to become a mass movement to ignite a Money Revolt and, with it, restore the American Dream.
… What changed? Monetary policy changed, and dramatically. Fed Chairman Paul Volcker, under Reagan, had instituted the Great Moderation. This was sustained thereafter during the first two terms of his successor, Alan Greenspan. The Great Moderation led to sizzling job growth.
Thereafter… the Fed destabilized the dollar, causing boom and bust cycles. The economy soon collapsed, leading to further monetary shenanigans by a desperate Fed.
Want a vibrant economy? It will take a Money Revolt. Washington, curiously tone deaf on this issue, needs to hear from the people.