An Exclusive Interview with Lewis E. Lehrman, Part 9

It is an extraordinary privilege to present this exclusive interview with Lewis E. Lehrman, in 21 installments, of which this is the ninth. 

Lewis E. Lehrman has written widely about economic and monetary policy.  He has co-authored the book Money and the Coming World Order (1976) with renowned MIT Economist Charles Kindleberger and others.  Lehrman has written about economics in publications such as Harper's, The Washington Post, The New York Times, The Wall Street Journal, Weekly Standard, Crisis, Policy Review and National Review.  His writings about monetary economics earned him an appointment by President Ronald Reagan to the Presidential Gold Commission in 1981.  Along with Congressman Ron Paul, Lewis Lehrman collaborated on a minority report of the commission, which was published as The Case for Gold (1982).

Lehrman published seven volumes on “Rueff Monetary Economics” (The Collected Works of Jacques Rueff, 1997, Plon, in French).  Jacques Rueff, the distinguished French monetary economist, established the monetary and economic plan of the Fifth French Republic, as President DeGaulle's chief financial advisor. The primary purpose of the plan was to restore economic prosperity, a stable French currency, and the end of French inflation by means of convertibility to gold of the French franc.  Lehrman has been named to the advisory board of the American Principles Project’s Gold Standard 2012 initiative.

 Lewis E. Lehrman [Photo by Ralph Benko]

Q. How did your work in high finance influence your understanding of the world monetary system?

My work at Morgan Stanley, and running my own investment fund, taught me that speculators are the ones who profit from the central bank manipulated, chaotic floating exchange rate system of today.  The speculator class profits especially from the hyperactivity, subsidies, and inside information, it obtains from the Federal Reserve System.  Conversely, zero interest rates impoverish the working people who are paid almost nothing on their savings.  Of course, zero interest rates discourage middle-income families from saving.


Kathleen M. Packard, Publisher
Ralph J. Benko, Editor

In Memoriam
Professor Jacques Rueff

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