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Entries in Monetary Policy (86)


APIA - Is Dollar’s Reserve Currency Status Costing US Jobs? 

Dear Monetary Policy Observer,


The financial media has been overjoyed by the dollar’s strong run over the past several weeks.  APIA senior economics adviser Ralph Benko points out that while cheapening the dollar is bad for the economy, the “King Dollar” status as a reserve currency may have cost the US economy 6 million jobs, according to Dr. Jared Bernstein, the chief economist to Vice President Biden. 


Benko calls for a return from “King Dollar” to a “high integrity, meticulously defined, dollar” pegged to gold as a way to sustain middle class growth.


We hope you find this material of interest.




Nicholas Arnold

American Principles In Action



The reserve currency status of the dollar, particularly as a potential factor in wage stagnation, has profound political implications.  Dispirited voters yearn for leadership that actually understands how to get the economic tide to lift all boats again.  Notwithstanding his promotion of some marked policy differences with this columnist, this columnist says three cheers for Dr. Bernstein for squarely pushing the reserve currency question into play.


[...]A dollar at the mercy of a freelancing Fed, subject to being whipsawed in value, up or down, is a barrier to commerce.  Money, by definition, is a medium of exchange, a store of value and — not be overlooked — a unit of account.  There are many empirical data tending to show that only by meticulously maintaining the definition of the unit — for example, by defining the dollar by grains of gold and making it legally convertible thereunto — can good job creation, and equitable prosperity, consistently be achieved.


Read the full article here:


ALG's Daily Grind - White House security under fire 


Oct. 2, 2014

Permission to republish original opeds granted.

White House security under fire
Is presidential security adequate?

Are the dollar's days numbered?
Former Obama economist Jared Bernstein: "Dethroning 'king dollar' would be easier than people think." Really? A look at the decline of the dollar as the world's reserve currency.

Anderson: 60 percent of voters want Obamacare to be repealed
"A new poll finds that three-fifths of likely voters support the repeal of Obamacare."


APIA - Lonegan in Breitbart: Federal Reserve’s Greatest Triumph is Squeezing Middle Class 

Dear Monetary Policy Observer,


APIA's director of monetary policy Steve Lonegan continued to examine the Federal Reserve’s effects on the American worker in his latest article, which points out that incomes have fallen 8% over the same five year period as the Federal Reserve’s ambitious “Quantitative Easing” projects.


We hope you find this material of interest.




Nicholas Arnold

American Principles In Action


Media coverage of Federal Reserve Chairman Janet Yellen’s speech ignores the continuing predicament of the middle income American.

Sure, those with highly leveraged portfolios or a large pile of retirement assets might care, but that’s not the median income worker. For conversation sake let’s call her Julia. Julia is far more concerned with whether her earnings will ever catch up to those in 2007.

The massive Fed interventions and record low interest rates over the last 6 years haven’t helped her. The government recently reported that the 2013 median income of Americans had plummeted 8 percent from 2007. Over half of that happened while the Federal Reserve trumpeted its various “Quantitative Easing” programs.

Instead of wasting so much time bantering about the Fed’s latest pronouncement, political leaders and the media should be focused on how to make workers able to thrive again.

Read the full article here:


APP News Update: Federalism, American Exceptionalism and the Free Market 

Alfonso Discusses Latino Conservatism
The Federal Reserve's Achievement
On Indiana's Common Core Rebrand "They had their commission set up to redo the Indiana standards. And, lo and behold, they cut and pasted and they came up with another version of Common Core - except in some respects the standards aren’t even as good as Common Core, which is kind of a disturbing thought.”  - APP Senior Fellow Jane Robbins
One News Now - 9/22/14
Exam Erases U.S. Exceptionalism

Defenses of the College Board's revised Advanced Placement U.S. History (APUSH) Curriculum Framework have ranged from "it's a balanced document" to "teachers will have flexibility" to "what's wrong with a leftist slant?" None of these defenses should be acceptable.

To the "balanced document" argument, we say: Read it. A Pioneer Institute study by experts, including renowned Madisonian scholar Ralph Ketcham, describes the framework as "a portrait of America as a dystopian society — one riddled with racism, violence, hypocrisy, greed, imperialism and injustice."

The origins of the framework have been traced to the philosophy that the U. S. is only one nation among many, and not a particularly admirable one at that. Every trace of American exceptionalism has been scrubbed; seminal documents such as the Gettysburg Address have vanished.

Read more.

Brietbart and APP to Cosponsor Federalism Forum

Breitbart News Network joins American Principles Project and Cornerstone Action as co-sponsors of a forum that will focus on the principles of federalism as viewed by the Framers, the role of state elected officials in guarding against federal overreach, and how the federal government undermines that duty.

Titled “Practical Federalism: How the Federal Government Is Silencing the People,” the forum will bring together state lawmakers, policy analysts, and activist citizens to discuss the current level of federal intrusion into the states and American life, and will be held in key presidential primary states, beginning with New Hampshire in November of 2014, then moving on to Iowa in February of 2015, and South Carolina in April of 2015.

The forums will examine the impact of federal overreach in areas such as ObamaCare, the Common Core standards, privacy and data collection, Medicaid expansion, religious liberty, and the EPA and land use.

Read more.
Register for the forum in New Hampshire on 11/22.

There Ain't No Such Thing as a Free Market

Well-meaning conservative and libertarian groups beat the drum for something called “free markets.” Liberal groups blame these “free markets” for many of the world’s evils.

Here’s the harsh reality neither side will tell you. There ain’t no such thing as a “free market.”

The free market ceased to exist more than 40 years ago. Nixon drove a stake through its heart by shutting down the Bretton Woods world monetary system, without which free markets cannot exist.

Read more.

Other articles: 
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APIA - Fix the Dollar Launch: A Monetary Revolt?

Dear Monetary Policy Observer,


This latest article by our senior advisor Ralph Benko in 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?




Nicholas Arnold

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, (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.


Read the Full Article Here: