World News

The Anti-Piketty

Steve Forbes is just out with the book we’ve been waiting for. It’s titled “Money.” It contains his treatise on the destruction of the dollar and the threat its collapse represents to the global economy. His prescription is for a return to sound money based on gold. He is learned, plain-spoken, and wise, with a fluent understanding of history rivaled by few editors of his generation. His book will stand for many of us as the first answer to the neo-Marxist Thomas Piketty, whose “Capital” is all the rage in the Obama administration. Mr. Piketty, after all, is advancing the view that the growing …Read more

Steve Forbes's Money: The Gold Standard is the World's Prosperity Engine

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 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 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 …Read more

Transparency More Important Than "Full" Board of Governors

Senator Rand Paul (R-Ky.) wants an up or down vote on his bill that would require a full audit of the Federal Reserve, but Senate Majority Leader Harry Reid doesn’t want to let that happen. To force the issue, Paul new nominees to the Federal Reserve’s Board of Governors. On Wednesday, Paul failed to stop the confirmation of to the Board (although the former Bank of Israel governor hasn’t yet been confirmed as Vice Chair). That leaves two vacancies on the Board of Governors, with a third set to open up at the end of May when . … Read more

A Long View of Money, Wars & Governments

The 2008 financial crisis and its aftermath are part of a cycle of history that began five centuries ago, according to Kwasi Kwarteng's “War and Gold: A 500-Year History of Empires, Adventures, and Debt” (PublicAffairs, available Tuesday). Kwarteng is a London native of Ghanian heritage, holder of a Cambridge doctorate in history, a former Kennedy Scholar at Harvard, author of “Ghosts of Empire: Britain's Legacies in the Modern World” (2011) and a Conservative member of the British Parliament. He traces that historical cycle's origin to 16th-century Spain. Sending out sea voyages to conquer …Read more

European central banks renew gold agreement: ECB

A group of 21 European central banks said on Monday they have no plans to sell "significant'' amounts of gold over the next five years. In a joint statement, the central banks of the 18 eurozone nations, the European Central Bank and the central banks of Switzerland and Sweden said: ''Gold remains an important element of global monetary reserves.'' They said: "The signatories will continue to coordinate their gold transactions so as to avoid market disturbances.
"The signatories note that, currently, they do not have any plans to sell significant amounts of gold,'' the statement said, AFP …Read more

Are the U.S. Dollar’s Days Really Numbered?

... To be sure, when viewed in isolation, there are many reasons not to be complacent about the U.S. dollar’s long-run future. After all, the U.S. economy is only now emerging from its worst economic and financial crisis since the 1930s. At the same time, its dysfunctional political system is yet to come to grips with the country’s long-term budget issues, while the Federal Reserve has more than quadrupled the size of its balance sheet to its present level of around $4 trillion in an effort to get the U.S. economy moving again. Yet, despite all of its weaknesses, the U.S. economy’s recent …Read more

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

In Memoriam
Professor Jacques Rueff

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