World News

Marx Smiles Down at the Global Monetary Crack-Up

In the earliest days of the Republic, the framers gave grave and solemn attention to the role of money and finance. The vast majority despised the government issuance of paper money, but noticeably did not expressly forbid the federal government from its use. In Federalist No. 44, James Madison wrote that while paper money was abhorrent, or as he said, "The loss which America has sustained since the peace, from the pestilent effects of paper money on the necessary confidence between man and man", it was rather the individual States that were to be dispelled of any appeal toward fiat: "Had …Read more

Steve Forbes Aims to End Four Decades of Slow-Motion Wealth Destruction

Their hearts are surely in the right place, but when money is discussed with devotees of the Austrian School, they frequently tout the concept of “competing currencies.” At first glance it’s hard to argue with them. Rather than leave money to government, why not let private actors compete to issue the best money? Fair enough, but then the Austrian School view arguably misses the point for presuming that money can be extra good, or money plus. That’s the equivalent of saying that there can be an “extra strength” minute, foot, or teaspoon. In truth, there’s no good or bad minute because the …Read more

It’s official: Gold is money (again!)

Gold bugs of the world will rejoice at the news that holders of physical gold can now, in effect, use that bullion as cash-in-hand. It’s not quite the same as proffering coins with the gold content determining the value of those coins, but we can’t expect change overnight. Still, the operator of a gold vault on the Isle of Man has made a start. Nelson Bunker Hunt may not have got it quite right when he and his brother made an enormous plunge on silver 35 years ago, but his view that “anything is better than paper money; any fool can run a printing press” will resonate with many. … Read more

Book Review: Steve Forbes Leads the New Renaissance in Monetary Understanding

People who have followed Steve Forbes’ “Fact & Comment” have long noted his advocacy for the Classical, gold-based monetary approach the United States used before 1971. But, what most people probably did not know is the depth and breadth of Forbes’ understanding of this fundamental topic. Steve Forbes has one of the best monetary minds in the U.S. today – towering above today’s academics and money bureaucrats, including central bankers, whose collective incompetence is apparent to anyone who is paying attention. Fortunately for all of us, Forbes and co-author Elizabeth Ames have expanded …Read more

The Maddening Frustration of Being a Gold-standard Politician

On Friday, a gray-haired group of Jack Kemp acolytes, along with his son Jimmy, will hold forth in the U.S. Capitol's visitors center to honor the 30th anniversary of the . Kemp's political legacy has been revivified of late, with praising pieces in and . Those articles, and others, have pointed out that a number of Kemp's policy concerns dating to the 1980s—including immigration reform and urban enterprise zones—have been taken up by a new crop of national Republican leaders, including Sens. Marco Rubio and Rand Paul. Despite all this Kempian goodwill, one of the congressman's key …Read more

Rueff Remembered

Thinking about monetary and economic nationalism reminds one of the French economist Jacques Rueff (1898-1978). He strongly opposed economic fragmentation, nationalism and protectionism. He saw a good monetary system as a unifying force.   Shall we blame him for the euro? He did say, back in 1949,  that money would lead European integration: “L’Europe se fera par la monnaie ou ne se fera pas.” But what he meant was: Europe would be built on sound monetary principles or not at all. … Read more
 

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

In Memoriam
Professor Jacques Rueff
(1896-1978)

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