The True Gold Standard (Second Edition)
Key Writings: Benko on the Gold Standard
Later this week, much of the living inner circle of Rep. Jack Kemp’s brain trust will be convening, on Capitol Hill, to observe the 30th anniversary of Kemp’s introduction of the Gold Standard Act of 1984. The Jack Kemp Foundation President Jimmy Kemp considers the gold standard the most important unfinished element of his father’s policy agenda. Enactment, in the opinion of this columnist and others, would unleash a tsunami of equitable prosperity on America and the world.
The Jack Kemp Foundation, in association with American Principles in Action (which this writer serves as Senior Advisor, Economics), will be presenting at a Kemp Forum on Growth. Also presenting will be key Kemp inner circle figures of the heyday of the Supply Side: Dave Hoppe, who served as Rep. Kemp’s chief of staff; John Mueller, Economic Counsel to the House Republican Conference of which Kemp was chair; Jeffrey Bell, national co-chairman of Kemp’s 1988 presidential campaign, and, at the time of this writing, campaigning, primarily on the gold standard, for the Republican nomination for US Senate from New Jersey. The Forum will be moderated by this columnist, back then a very junior Kemp associate, founder of the Prosperity Caucus.
Fox News Channel host Greta Van Susteren rightly calls Steve Forbes and Elizabeth Ames’s new book, Money, “A gripping read….”
Steve Forbes, chairman and editor-in-chief of Forbes Media, and Elizabeth Ames have written their best book yet. It is entitled Money: How the Destruction of the Dollar Threatens the Global Economy—and What We Can Do About It. Money is, by far, the most important book on economic policy published this year. (Full disclosure, Forbes and Ames reference and acknowledge this writer’s work, including his collaboration with Forbes.com contributor Charles Kadlec, in this work.)
The authors succeed in making money — as in monetary policy itself — fascinating and accessible. It has drawn glowing praise from many important thought leaders, including virtuoso retired banking titan (now Cato Institute president John Allison; Fox News Channel host Greta Van Susteren; Whole Foods co-founder and co-CEO John Mackey; former CNBC contributor Lawrence Kudlow; public intellectual Dr. Ben Carson; and Atlas Economic Research Foundation’s Dr. Judy Shelton, among others.
Is a monetary apocalypse imminent?
James Rickards, bestselling author of Currency Wars, has a new New York Times bestseller out, about the possible imminent collapse of the dollar: The Death of Money: The Coming Collapse of the International Monetary System (Portfolio/Penguin). More interestingly, he writes about what could come next: a golden age.
Advance praise (“A terrifically interesting and useful book….”) from Brookings’s senior fellow Kenneth W. Dam, former Deputy Secretary of the Treasury and author of The Rules of the Game: Reform and Evolution in the International Monetary System, is an attention getter. Rickard’s Currency Wars was a hot best seller on the New York Times list, and also, more significantly, in the United States Senate.
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.
Policy does not grow on trees. Policy comes from people who command attention and have, and win, arguments. As the attention-commanding RNC together with two of the capital’s leading think tanks indicate, a good argument is brewing. America needs to have and win an argument about the role of good money — as in Fed policy — in fostering, rather than retarding, a climate of good job growth and equitable prosperity.
Will America start prospering again — as it has not prospered for over a decade? Likely yes. But not without a fight. Now that Jim DeMint has raided Steve Moore from the Wall Street Journal that card might be Heritage Foundation vs. the White House. Could be big.
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.”
BY RALPH J. BENKO:
The 21st Century Gold Standard
Read The 21st Century Gold Standard: For Prosperity, Security, and Liberty by Ralph Benko and Charles Kadlec to learn what the gold standard is, how it works and how a dollar linked to gold would pave the way for a new age of American prosperity.