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Entries in Economy (181)

Wednesday
Mar062013

AmericanPrinciplesProject - Coolidge and the Path to the Majority 

Dear Monetary Policy Observer,

Can Republicans benefit from 1920s economic policy?  This latest Forbes.com article by Ralph Benko makes the case while critiquing a new book on the Presidency of Calvin Coolidge, who he argues was a successful force behind “the right’s first sweeping counterrevolution against liberal Republicans.”  He also points out a possible link between the stigma often attached to Coolige’s legacy and the economic time bomb set by a monetary conference in the early 1920s.  We hope you find this material of interest.

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Calvin Coolidge's Life Offers The Republicans A Path Back To The Majority

Ralph Benko

Amity Shlaes, one of America’s most interesting and influential public intellectuals, has just published Coolidge, a biography of that laconic president.  It is meticulously researched, and compellingly written, and of this writing residing on the New York Times nonfiction bestseller list at Number 6.

This book’s prominence appears due less to its exploration of an enigmatic historical personage than to its high relevance to the political wars that rage today.  Reviewing Coolidge for the New York Times Book Review, Jacob Heilbrunn, a senior editor at The National Interest, nails the key significance of this book (while taking issue with some of its conclusions):

“What makes Coolidge a fascinating character, however, aren’t his bromidic phrases and vapid homilies, designed to reassure a public unsettled by rapid social and economic change; or his loyalty to his vivacious wife, Grace; or his taciturnity or any of his other personal qualities. Rather, it is that he represented the right’s first sweeping counterrevolution against liberal Republicans in a battle that continues down to the present.  [Emphasis added.]

Disaster was barreling down upon the United States, and world, economy.  Offstage (and thus properly excluded as a topic of Shlaes’s book) world monetary policy had gone awry.   The pre-war gold standard had been replaced by its evil simulacrum, the “gold-exchange” standard, at a monetary conference as obscure as it proved epochal, held in Genoa, Italy, in 1922.   It was a ticking time bomb.

Few grasped (or yet grasp) the enormity of the time bomb that had been embedded into the world economy with this policy.  One of the few, Prof. Jacques Rueff, wrote of the gold-exchange standard, in The Monetary Sin of the West (The Macmillan Company, 1972, 1971, pp. 23-24):

“[T]he gold-exchange standard brought about an immense revolution and produced the secret of a deficit without tears. It allowed the countries in possession of a currency benefiting from international prestige to give without taking, to lend without borrowing, and to acquire without paying.

“The discovery of this secret profoundly modified the psychology of nations. It allowed countries lucky enough to have a boomerang currency to disregard the internal consequences that would have resulted from a balance-of-payments deficit under the gold standard.

“It was the outcome of an unbelievable collective mistake which, when people become aware of it, will be viewed by history as an object of astonishment and scandal.”

Coolidge barely escaped Genoa’s detonation and demolition of the world financial order.  Yet his escape was not quite complete.  His reputation was tarnished by a suspicion, or perhaps just convenient partisan claim, that the Depression somehow derived from Coolidge’s economic policies.  The Coolidge administration, sandwiched between Genoa and Black Monday, had nothing to do with  causing the Great Depression.  Its cause derived, directly, poorly understood (both then and now), from Genoa.

Read Full Article Here: http://www.forbes.com/sites/ralphbenko/2013/03/04/calvin-coolidges-life-offers-the-republicans-a-path-back-to-the-majority/

Thursday
Feb142013

ALG's Daily Grind - Romney never won the debate on the economy

Feb. 13, 2013

Romney never won on the economy

Whether true or not, Obama's central claim in 2012 was that he would not go back to the same policies that got us into our current economic mess. Romney, who supported bailouts and never really denounced the government's easy credit policies that caused the crisis, had no effective counter to that message.

Cartoon: Weather Signs

Perhaps environmentalists simply oppose the 23.4 degree axial tilt of the Earth, which increases the angle of inclination of the sun's rays in the summer, and decreases it in the winter. Perhaps.

The Unemployed, Volunteerism and Freedom

The Great Recession has produced one thin silver lining for some of the nation's unemployed:  the opportunity to serve others. 

Gregory: If Republicans Bend on the Sequester, They Don't Deserve Our Support

"Any Republican who walks away from the sequester for a future "compromise" with Obama does not deserve our votes, contributions, or volunteer efforts. Tea Party, prepare to write down names."

Thursday
Dec272012

Governor-Elect Hassan to Hold "Innovate NH Tour" Business Roundtable in Manchester

The Office of Governor-Elect Maggie Hassan

Governor-Elect Hassan to Hold "Innovate NH Tour" Business Roundtable in Manchester

MANCHESTER - TOMORROW, Governor-Elect Maggie Hassan will continue her statewide "Innovate NH Tour" with a business roundtable meeting hosted by Dyn, an innovative online services company in Manchester. The meeting will include business leaders, investment community representatives, educators and others to discuss ideas for strengthening New Hampshire's innovation economy.

Hassan's "Innovate NH Tour" features stops across New Hampshire, including visits to innovative businesses and discussions with local leaders, educators and citizens, as part of her efforts to reach out to Granite Staters for their ideas on how to keep New Hampshire moving forward.

As Governor, Maggie Hassan will bring people together to keep New Hampshire moving forward by focusing on innovation, fiscal responsibility and common-sense solutions to our challenges. Hassan will work with members of both parties to develop a fiscally responsible balanced budget that protects New Hampshire's priorities without an income or sales tax. She will work to implement her "Innovate NH" jobs plan, which focuses on building the best workforce in the country, providing tax credits to businesses, and giving businesses technical assistance to help them create jobs. And Hassan will reach out to legislators and citizens across the state to listen to their ideas on moving New Hampshire forward.


WHAT: Governor-Elect Hassan to Hold "Innovate NH Tour" Business Roundtable


WHEN: Thursday, December 27th, 8:30 a.m.


WHERE: Dyn, 150 Dow St., Tower 2, Manchester

Saturday
Dec082012

Manchester - Studio 550 Grand Opening Dec 15th

Revitalizing the Gaslight District with Art: Studio 550 Art Center & Gallery opens Dec 15th

Studio 550 offers rental studio memberships and classes in clay, stained glass, and movement arts


Manchester, NH – The Studio 550: Art Center and Gallery is having its opening celebration Saturday, December 15th. Grand Opening events include free classes and hands-on demonstrations from 2-6pm, a gallery reception with performances from 6-7:30pm, and an Argentine Tango milonga with a free lesson from 7:30pm-midnight. Visit www.550arts.com for a detailed listing of events. Classes start January 7th, 2013.

"Studio 550 is a dynamic community arts center where people of all ages, backgrounds and abilities can learn to work clay and other arts," says Programs Director, Monica Leap. In addition to classes for kids and adults in clay, stained glass, and movement this year, Studio 550 also offers a flexible way to learn clay and glass through its studio rental program. "It's designed to fit into peoples' already hectic schedules. Studio renters are not limited to a class schedule and are, instead, encouraged to use the studio during daily open studio hours. Private lessons are included for those who have never worked in clay or stained glass before, or just want extra instruction."

Located in the brick building across from the Verizon Wireless Arena that was once home to the Asian Market and Johnny Bad’s, Studio 550 is reclaiming vacant space and building an arts-centered community around it. “The arts are a powerful tool to revitalize neighborhoods," says Leap. "Manchester has become the center for arts and culture within the state, thanks to the other arts institutions in the city, and Studio 550 is excited to be a part of that community." The entire building was under renovations for two years, but it is now home to 16 rental apartment units, basement rental storage units, and Studio 550.

In addition to private funding, financial assistance for the rehabilitation project was provided by the City of Manchester though the City’s Façade Improvement Program and Code Compliance Grant. Both programs are facilitated by the City of Manchester’s Economic Development Office.

The community is encouraged to attend the Grand Opening on Saturday, December 15th for any and all events between 2:00pm-12:00am. For more information about Studio 550 and their Open House visit their website http://550arts.com/ or call 603-759-0466.

Saturday
Dec012012

Lignet - China’s Coming Economic Implosion

China’s economy is at serious risk – and the entire world will feel the blow both economically and even militarily.

And your life savings and investments are no exception because China’s economy is so closely linked to America’s and other Western nations.

You are probably aware of Robert Wiedemer, the New York Times best-selling author of  Aftershock.

Wiedemer was one of the first economists to warn of the 2008 crash.

And now he is warning that China’s economy is at grave risk.

He points out that after several years of massive government stimulus as well as heavy support for the real estate sector, China’s bubble is about ready to burst.

“Housing prices in 100 major cities in China fell for the sixth consecutive month...  even the China Iron and Steel Association says that growth has slowed from 15% in 2010 to 4% in 2012.”

Adding to China’s economic woes is their fragile stock market.

It has already fallen to 2009 lows, a significant psychological benchmark, and Bloomberg News points out that if this resistance level breaks, stocks could drop another 10 percent.

Shockingly, many insiders warn that China, facing severe domestic problems, may turn toward their military muscle to gain an economic edge.

A realistic fear Japan is already familiar with.

In search of cheap energy, China has become aggressive with Japan regarding a longstanding dispute over some uninhabited islands that sit atop potentially enormous oil and natural gas resources.

Forbes columnist Ben Marks points out, “In the event that the Chinese economy continues to weaken, do not be surprised if China deepens its nationalistic tone, which could lead to even more military hostility with its neighbors over disputed territories in Asia.”

James Rickards, a top security adviser to the Pentagon and CIA, recently released evidence that China is secretly stockpiling gold.

“In 2009, without anybody having an early warning, even the intelligence community, China unveiled gold reserves of 1,054 tons [not 600 tons as reported]... They are treating the acquisition of gold like it’s a military mission... they are expanding and conquering... and their military monitors this entire process. It’s critical they keep this secret.”

What will happen with China next and what are the implications for the U.S. and global economies?

To answer that question with a special focus on the implications of a possible Chinese economic collapse, Newsmax's global intelligence and forecasting service, LIGNET, will be holding an urgent online briefing on China, her economy and the possibility of escalating tensions between the U.S. and China.

This special online event will be held Tuesday, Dec. 4, 2012, at 11 a.m. EST.

Leading the intelligence panel will be former CIA Director Gen. Michael Hayden and Gov. Jon Huntsman, who recently served as U.S. ambassador to China.

Please Note: This private forum is available to LIGNET members only.

Join LIGNET today for ONLY $1.00 by Clicking Here

LIGNET is a globally recognized intelligence resource prepared by former CIA analysts, national security officers, and presidential advisers.

What transpires between the U.S. and China could have dire consequences for America and inescapable economic ramifications.

During this exclusive program, LIGNET's esteemed intelligence panel will address the following:

  • The implications surrounding China's volatile leadership change
  • The likelihood China will surpass the U.S. as the global economic superpower
  • Is China a true currency manipulator?
  • The truth about China's economy and the potential for a real estate bust
  • The impact of China's military expansion and cyber-warfare capabilities
  • The possibility China will use military force to seize control of contested islands in the Asia-Pacific region
  • China's growing influence in Latin America and Africa
  • The immense investment opportunities in China
  • And much, much more!

We strongly encourage you to join this urgent LIGNET briefing Tuesday, Dec. 4, 2012, at 11 a.m. EST to discover how this dangerous conflict affects you and your wealth.

Important: We recommend forwarding this email to your friends so they can sign up to participate in this event as well.

Get a LIGNET Membership and See China Briefing for $1 — Go Here Now

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