Key Monetary Writings

Redeeming Economics: How Federal Budgets Affect the American Family

John D. Mueller, Lehrman Institute Fellow in Economics at the Ethics and Public Policy Center, presented the following lecture at the Family Research Council in Washington, D.C., on April 11, 2012. I'd like to thank the Family Research Council for its gracious invitation to deliver this lecture, and to Rob Schwarzwalder for both his generous introduction and his leadership. The topic I'd like to discuss this afternoon is "Redeeming Economics: How Federal Budgets Affect the American Family." ISI Books recently published my book, Redeeming Economics: Rediscovering the Missing Element. As I will …Read more

The Wrong Way to Double Exports

Beware of President Obama's call for a doubling of U.S. exports over the next five years as a way to reduce the unemployment rate. The obvious quick route to export success for any nation is to depreciate its currency. Dollar depreciation is already being pushed by the Obama administration as the key solution for resolving our massive trade deficit with China. Meanwhile, the president is tapping into widespread concern over our nation's future role as a global leader to justify even more spending by government. It hardly matters that proposed new outlays are cleverly branded as "investments" …Read more

In Gold We Trust

To bring up the word ‘gold’ in the context of proposing future global monetary arrangements has long meant to put at risk one’s intellectual credibility. But widespread dissatisfaction with the current state of affairs, with the dollar and euro engaged in a race to the bottom while emerging-market countries are left to wrestle with exchange rate distortions and rising trade pressures, is prompting the search for new solutions. In the US, meanwhile, the populist movement to restore values associated with the founding of the nation has already had a remarkable impact on political developments. …Read more

No Exit for the Fed; Nor for the ‘Twist’, Nor for any QE

At this very moment, financial markets are again in disarray, threatened by a growing overhang of illiquid assets.  While any illusion to generate fresh resources through economic growth seems to have given us the slip, Ben Bernanke has launched Operation Twist—a maneuver which, by itself, will further impair the liquidity of nothing less than the Fed’s portfolio. The $400 billion program aims at driving down long-term interest rates.  Such an aim, coupled with a central bank overnight rate set at zero, is the surest recipe for speeding up the fall of the United States economy—and, …Read more

Monetary Misjudgments and Malfeasance

The Federal Reserve has a long history of creating aggregate demand bubbles in the United States (Niskanen 2003, 2006). In the ramp up to the Lehman Brothers’ bankruptcy in September 2008, the Fed not only created a classic aggregate demand bubble, but also facilitated the spawning of many market-specific bubbles. The bubbles in the housing, equity, and commodity markets could have been easily detected by observing the price behavior in those markets, relative to changes in the more broadly based consumer price index. True to form, the Fed officials have steadfastly denied any culpability for …Read more

The Chaos Congress Caused by Ending and How it Will Restore the Gold Standard

The Chaos Congress Caused by Ending and How it Will Restore the Gold StandardFrom the Heritage Foundation “Conference on a Stable Dollar: Why We Need It and How to Achieve It.” Session III: “What Changes Should Congress Make?” Arlington, VA, 6 October 2011.
I’m grateful to Ed Feulner for his invitation to take part in this Heritage Foundation Conference on a Stable Dollar: I’d like to explain why only proper monetary reform—specifically, restoring the international gold standard without official-reserve currencies—will end the three longstanding problems which have undermined the United States: first, endless federal deficit spending; second, chronic episodes of …Read more

Conference on a Stable Dollar: Why We Need It and How to Achieve It

Address by Lewis E. Lehrman The Ritz-Carlton, Pentagon City Arlington, VA October 5-6, 2011   Thank you Ed.  Thanks also to David Addington, Alison Fraser, Romina Boccia and Brittany Balmer for their hard work in putting this conference together. We are gathered in this quiet hall, still focused on the world outside, engulfed as it is by gradual financial disintegration.  Today, the economic crisis we endure is only the latest chapter in the century-long struggle to restore financial order -- the success (or failure) of which is inextricably bound up with American prosperity and the …Read more

Dr. Larry Parks Testimony Before the House Subcommittee on Domestic Monetary Policy and Technology

Thank you for the opportunity to testify in support of H.R. 1098, The Free Competition in Currency Act of 2011. I am honored to have been invited. I know it must sound like hyperbole, but I believe that H.R. 1098 is perhaps the most important piece of legislation to ever come before the Congress, because H.R. 1098 is necessary to make a transition from the certain catastrophic collapse of our unauthorized (by the Constitution), dishonest and unstable legal tender irredeemable paper-ticket-electronic monetary system. While I suspect that this committee will be most interested in how this bill …Read more

Dr. Larry Parks Responses to Questions for the Record from Chairman Ron Paul, Subcommittee on Domestic Monetary Policy and Technology

Question # 1 of 2: Part of the purpose in discussing H.R.1098 and holding this hearing was to initiate a discussion on how we begin to achieve sound money. Your Foundation for the Advancement of Monetary Education has been educating people for more than 17 years about the benefits of an honest monetary system and the perils of, what you call in your testimony, legal tender irredeemable paper-ticket-electronic money. From your experience, what are your suggestions to expedite implementing an honest monetary system that is inconformity with the Constitution? For the reasons outlined in my …Read more

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

In Memoriam
Professor Jacques Rueff

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