Press Releases

 

Entries in Monetary Policy (74)

Thursday
Apr032014

American Principles In Action - Steve Forbes Endorses Centennial Monetary Commission 

Dear Monetary Policy Observer,


The Centennial Monetary Commission has received a major endorsement by Steve Forbes.  In an insightful Forbes column this month, Forbes named the Commission as one of two steps needed to reform the Federal Reserve and revitalize economic growth.  From the article:

– Pass the Brady-Cornyn bill. This legislation would create a commission to examine monetary policy–where it is currently and where it should go. We need to take a thorough, thoughtful look at the record, from the time the Fed was created just over a century ago to today. We also need to consider basic reforms–including implementing a new gold standard–even if they violate the reigning orthodoxy. Congressman Kevin Brady (R–Tex.) and Senator John Cornyn (R–Tex.) have taken great care that such a study be carried out by key members of Congress and knowledgeable individuals representing various schools of thought.


The growing support for this bill reflects the understanding that getting monetary policy right is vital to equitable prosperity.  We will continue to provide you with updates on developments regarding this important legislation. 

Sincerely,

Nicholas Arnold
American Principles In Action
www.americanprinciplesinaction.org

Wednesday
Mar262014

American Principles In Action - RNC Urges Passage of Brady-Cornyn Centennial Monetary Commission 

Dear Monetary Policy Observer,

The RNC recently passed a resolution calling for the adoption of a bipartisan Centennial Monetary Commission.  APIA senior economics advisor Ralph Benko makes the case in his latest Forbes column that this is a sign  of good money policy debate coming out of policy hibernation, and  details  the growing institutional support for the Brady-Cornyn Centennial Monetary Commission Act (HR1176/S1895).

We hope you find this material of interest.

Sincerely,

Nicholas Arnold

American Principles In Action

www.americanprinciplesinaction.org

 

Unemployment Will Remain High So Long As The Dollar Remains Wiggly

The Republican National Committee recently passed a resolution, by the unanimous vote of its National Committeepeople, calling for the creation of a national Monetary Commission.  This legislation is prime sponsored in the House of Representatives by Joint Economic Committee Chairman Kevin Brady (R-Tx) and in the US Senate by Republican whip John Cornyn (R-Tx).

Cato, with a representative from Heritage, recently conducted a panel on Capitol Hill on this same proposed Commission.

…This, however, is not a partisan issue.  It very much is one that loyal Democrats can, and should, embrace.  Even the RNC made a nonpartisan call to action for “all political and civic leaders,” not just Republicans.  Job creation through good money is bigger than partisan politics.

Read the Full Article Here

Friday
Mar072014

American Principles In Action - Forbes.com: Heritage drafts Supply Side visionary 

Dear Monetary Policy Observer,

President Obama’s science advisor is John Holdren, who long ago proposed “de-developing” America.  Heritage Foundation has made a bold shift by naming Steve Moore, formerly of Forbes, the Wall Street Journal, and a well respected supply sider, as its chief economist.  This recent article by APIA senior adviser Ralph Benko examines the implications of Heritage’s pick and how Moore’s supply side savvy, which includes favoring monetary reform, is a powerful force to pull America out of the “Holdren Doldrums.”

 

We hope you find this material of interest.

Sincerely,

Nicholas Arnold

American Principles In Action

www.americanprinciplesinaction.org

 

Pullquote:

John Holdren, now Obama’s White House science advisor, 40 years ago termed America “overdeveloped.” Holdren co-authored a 1993 book, Human Ecology: Problems and Solutions, with Anne and Paul Ehrlich reportedly saying that, “A massive campaign must be launched to restore a high-quality environment in North America and to de-develop the United States….” (Emphasis supplied.)

As Reason Magazine’s Ronald Bailey put it upon the occasion of Holdren’s nomination to White House service: “Holdren … acknowledge(s) ecological ignorance about the principles of economics, but [didn't] express any urgency in learning about them.” Holdren seems, to this columnist, still to favor “de-development” more euphemistically stated as “sustainable prosperity.”

…How to fight such ignorance? How about … deploying the protégé of a towering intellectual Julian Simon who once upon a time decisively refuted Dr. Holdren?

That’s exactly what Heritage’s president Jim DeMint now is doing. DeMint recently lured one of America’s leading advocates for policies of equitable prosperity, Steve Moore, to Heritage Foundation. Moore’s title, Chief Economist, suggests he has been given great authority.

…Heritage and Moore both champion free markets. But they do so from different, complementary, perspectives. In the tone of its advocacy Heritage leans toward “righteousness,” to do the right thing.

There is a place for argument from righteousness. We voters expect righteousness from our leaders. But righteousness is a feature, not a benefit.

We also expect more: a benefit. Moore provides the “more.”

 Read the full article here:  http://www.forbes.com/sites/ralphbenko/2014/02/17/a-supply-side-visionary-is-drafted-to-fight-team-obama/

Friday
Feb282014

American Principles In Action - Forbes.com: Memo to Stanley Fischer 

Dear Monetary Policy Observer,

With the confirmation of Janet Yellen as Chair of the Federal Reserve, the President has nominated Stanley Fischer for the position of Vice Chairman.  A recent Forbes article by Ralph Benko praises Fischer’s past work advancing economic theory and the possibility for a game changing endorsement of the Centennial Monetary Commission (HR1176/S1895). 

We hope you find this material of interest.

Sincerely,

Nicholas Arnold

American Principles In Action

www.americanprinciplesinaction.org 

 

Pullquote:

Dr. Janet Yellen now has taken over the chair of the Fed.  And President Obama, to great acclaim, recently nominated Prof. Stanley Fischer as Vice Chairman.  Prof. Fischer may be the most distinguished and beloved central banker at work within the world financial system today.

It is not often that central bankers find themselves beloved. Fed Chairman William McChesney Martin famously quoted a writer saying that the Federal Reserve is “in the position of the chaperone who has ordered the punch bowl removed just when the party was really warming up.”  Yet Fischer is beloved.

…Prof. Fischer managed (among many other accomplishments) the astonishing feat of fomenting some civility between the rival Fresh Water and Salt Water schools of economics. Such diplomatic finesse could prove valuable today in a broader, and far more significant, arena.  There is rising impetus in the Congress, embodied by the Brady-Cornyn legislation to create a Centennial Monetary Commission (including one commissioner appointed by the Fed Chair), to take a cool headed fresh look at monetary policy.

It is designed to study empirically the economic outcomes produced, or portended, by monetary policy “based in discretion in determining monetary policy without an operational regime; price level targeting; inflation rate targeting; nominal gross domestic product targeting (both level and growth rate); the use of monetary policy rules; and the gold standard.”  If questioned about this pending legislation during his confirmation hearings it would be excellent if Prof. Fischer will encourage the formation of this commission.  This Commission is the vehicle by which the Congress and the Fed can, without in the slightest compromising the Fed’s independence, cooperate in the crucial matter of maximizing job creation and deficit reduction.

“Dogs bark,” Prof. Fischer. “But the caravan passes on.”

Read the full article here:  http://www.forbes.com/sites/ralphbenko/2014/02/05/memo-to-fed-vice-chair-nominee-stanley-fischer-dogs-bark-but-the-caravan-passes-on/ 

 

 

Thursday
Feb062014

American Principles In Action - Forbes.com: How to win the upcoming battle over income inequality

Dear Monetary Policy Observer,

 

A major theme of the upcoming 2014 elections is income inequality, with Democrats offering solutions like a minimum wage hike and Republicans pushing lower taxes and deregulation.  A recent Forbes.com article by APIA’s senior advisor on economics, Ralph Benko, points out that neither of these hold promise to stop stagnation in jobs or raise middle class standard of living. The only major policy change since the great growth of the Reagan/Clinton years has been monetary policy.  Benko makes the case for a bipartisan Commission such as the one offered in the Brady-Cornyn Centennial Monetary Commission Act as a viable way for both parties to really address income inequality and restore a climate of equitable prosperity.

 

We hope you find this material of interest.

 

Sincerely,

 

Nicholas Arnold

American Principles In Action

www.americanprinciplesinaction.org

****************

To gain the political edge in the upcoming fight over income inequality the GOP needs to pivot to the real presenting issue: restoring good money to America and the world.  The economy, notwithstanding the Bush tax cuts, has been, on average, stagnant for over a decade.  Punk job creation was, net, as horrendous under a Republican president as it now is under a Democratic president.

Only one of the major policy factors that can generate prosperity with equity dramatically changed from the Reagan-Clinton to the Bush-Obama era:  monetary policy.   The Federal Reserve went on a bender.  It made the dollar soggy and groggy.  Job creation withered.

Now economic thought leaders of the Congress — such as John Cornyn, Kevin Brady, House Financial Services Committee Chairman Jeb Hensarling (R-Tx), and, on the Democratic side, rising star freshman Rep. John Delaney (D-Md) — have put down a marker to open up a new national conversation. Could bad money be driving out good jobs?

The Brady-Cornyn Monetary Commission is meticulously structured as a bipartisan, bicameral, neutral forum to study the empirical data, draw conclusions, and report back to Congress with recommendations, fast.  Can this engage both parties?  Yes.  Kemp-Roth — which began the process of dramatically lowering marginal tax rates across-the-board — ignited a healthy competition between the parties.  Brady-Cornyn, if enacted, is likely to ignite a healthy competition between Republicans and Democrats on how, by restoring good money, to create jobs in a climate of equitable prosperity.

Read the full article here: http://www.forbes.com/sites/ralphbenko/2014/01/20/how-the-gop-can-win-the-upcoming-battle-over-income-inequality/