Blogs: Ralph J. Benko
ABC, channeling Reuters, reports Kansas City Federal Reserve President Thomas Hoenig said, last Wednesday,
"The gold standard is a very legitimate monetary system," adding: "We're not going to have fewer crises necessarily. You will have a longer of period of price stability or price level stability, but I don't know that you'll have lower unemployment, I don't know that you'll have fewer bank failures."
Hoenig, late last year, won the world's attention and much respect for his very public critique of the second round of Quantitative Easing.
Public intellectual Charles Kadlec, in the Wall Street Journal, and publisher Steve Forbes recently cite data pointing to lower unemployment and fewer crises under gold, data abundantly worth offering to President Hoenig.
Stephen Colbert, the really funny satirist from Comedy Central, just hosted a debate between Ron Paul, chairman of the House Subcommittee on Domestic Monetary Policy, and columnist and columnist David Leonhart. Watch it here. Prepare to laugh out loud.
Kudos to Colbert for coining the phrase "leprechaunomy" to satirize gold standard proponents. It might be his funniest contribution to the language since "truthiness." Big kudos to Chairman Paul for stymieing Leonhart with his well-turned arguments, especially with the knockout punch at 4'25" into the segment: "The Federal Reserve has destroyed 98% of the value of the purchasing power of the dollar since 1913…."
"Dave," says Colbert to Leonhart, "do you want some ice for that burn?"
Since early 2010, it has been my privilege to work on bringing the gold standard back into the public discourse through the American Principles Project. It was a great pleasure to hear from my old mentor, Lewis Lehrman, and to be asked for my assistance in bringing his writings—inspired by the close study of the work of French economist Jacques Rueff—out of the archives and back as part of the public conversation.
I had first become interested in gold through my chance discovery, during law school in the high inflation Carter years, that gold had a rich and profound constitutional history.
In a recent op-ed at FoxNews.com, I called the classical gold standard — the ability of you, or a foreign government, or anyone in between to present your dollars at a bank and receive gold dollars in return — the "unfinished symphony” of the prosperity legacy of President Reagan, who was a gold standard supporter, of Rep. Jack Kemp, a great proponent of the gold standard, and of others — very much including, behind the scenes, Lewis E. Lehrman, founder of the Lehrman Institute.
BY RALPH J. BENKO: