Kudos to Danny Vinik, with his shiny 2013 degree in economics and public policy from Duke University, for wanting to push Janet Yellen to address what he calls the GOP’s “implicit” support of a gold standard in its party platform. The last of four questions he wants Democrats to pose to Yellen when she appears before Congress is: “How dangerous would it be to return to the gold standard?”: Senator Rand Paul has made news recently as he has barnstormed around the country promoting his “Audit the Fed” bill. A number of Fed officials have vehemently criticized Paul’s bill. But the Kentucky senator
The political firepower generated by Sen. Rand Paul’s Audit the Fed bill is now giving new attention to an alternative or potentially complimentary political response: to shift power from the New York Federal Reserve Bank to other regional Federal Reserve Banks. The Federal Reserve System’s most crucial policy body is the Federal Open Market Committee, made up of members of the Board of Governors and of district Federal Reserve Bank presidents. The FOMC is the body that decides whether to raise, lower, or hold steady the discount rate, widely considered the bellwether for establishing the other interest rates. Does the
Larry Kudlow reports on the dinner at which Giuliani made news by dissing President Obama’s love for America. His new Committee to Unleash American Prosperity wants us to return to the first principles of economic growth: It was the second event sponsored by the Committee to Unleash American Prosperity, a new group founded by Arthur Laffer, Steve Moore, Steve Forbes, and myself. Just as the Committee on the Present Danger — formed by Midge Decter, Norman Podhoretz, and Irving Kristol — worried about the decline in American foreign policy in the late 1970s, we are worried about the decline in American economic
With “Audit the Fed” being described as the “direst threat” to the Fed since Dodd-Frank, it’s worth while noting the mounting number of horrid consequences to actual people who need to make a living, especially from the federalization of banks. Today’s Wall Street Journal reports that J.P. Morgan Chase—which is a bank, by the way—plans to jettison $100 billion in deposits in order to comply with new federal banking regulations, devised under Dodd-Frank authority. “Isn’t a bank,” you might muse, “in the business of receiving deposits and putting that money to productive use?” Isn’t that how banks help the real
Five of twelve regional Fed presidents have formally opposed Audit the Fed, and now Reuters reports: A Reuters survey of 24 state banking groups has found that four are actively opposed to Audit the Fed and five would probably take a stand against the bill if it gains more support, giving the central bank an influential ally as the Fed ramps up its own public opposition. . .[T]he Ohio Bankers League. . .is sending 82 members to Washington this week [to oppose the bill]. Meanwhile, as ThePulse2016.com previously reported, Sen. Elizabeth Warren has flip-flopped, recanting her support for Audit the Fed. It is
Steve, Rand Paul never predicted hyperinflation. He expressed two passing statements of concern in two obscure venues. That by no means constitutes a prediction. Moreover, Paul received a number of plaudits, not just critiques for his leadership on Audit the Fed. In addition to John Tamny’s piece saying Rand Paul was right, I published not just one but two pieces in Forbes.com (now appearing around the world) and one blog here; George Selgin published in support on at freebanking.org (referenced in my blog here); Norbert Michel published a supportive piece at Forbes.com, and the NY Sun has weighed in editorially in support. And that is just
This is not another in a long line of often vitriolic attacks on Senator Rand Paul for his temerity to propose “auditing the Fed.” As is by now well-recognized, his proposal (S. 264, “The Federal Reserve Transparency Act of 2015”) is not about auditing the fed, but about subjecting Federal Reserve monetary policy to critique by the Government Accountability Office. The importance of Senator Paul’s proposal is that it is the beginning of a response to the principal economic concern of the American people: their declining standard of living owing to the erosion of the purchasing power of the dollar.
Breaking from libertarian orthodoxy, Sen. Rick Santorum endorsed a modest raise to $8.75 in the minimum wage over three years to show voters Republicans care about stagnant wages. “I’m not for what Barack Obama wants to do,” he told the Missouri Republican Party’s Lincoln Days gathering, (raise the minimum wage to $10.10 an hour). “But, the idea that the Republican Party, at a time when median wages are stagnant, is opposing the minimum wage is stupid politics. . .Sometimes when someone is hurting, they want to know that one thing more than anything else. People don’t think we care.” I