Here is a rundown on some of the biggest economic developments this week. 1.) Former Fed Chair Paul Volcker passes away. Paul Volcker, who’s chairmanship of the Federal Reserve played a pivotal role in Reagan’s supply-side prosperity boom, passed away at 92 this week. Tributes have poured in for Volcker — a literal and figurative economic giant — who will be remembered for his role in slaying the Carter-era inflation as well as the distinguished career in public service that followed. On Fox Business, economist Arthur Laffer remembered Volcker for his role in the supply-side revolution and, intriguingly, his opposition
This week, the Federal Reserve will be in the spotlight as markets digest where the central bank stands on this rate-cutting cycle. A CNBC survey of economists and money managers showed 80 percent of respondents anticipate another interest rate cut in October, and a narrow majority believes it will be the last rate cut of 2019. The Fed funds market — a key gauge of the direction of Fed policy — shows a 93 percent chance of a 25-basis-point rate cut. Adding greater uncertainty to the mix is whether the Fed will provide greater transparency on its interventions in the
Recently, the stock market has been on a wild ride after trade war escalations including the U.S. labeling China a currency manipulator, the announcement of $550 billion in new tariffs, and a confusing tweet ordering U.S. manufacturers to make contingency plans to relocate from China. As Steve Forbes noted on Fox Business, the stock market is sending a clear warning signal that the trade war must be resolved, and the longer President Trump waits, the greater political risk he is taking. To see such major trade war escalations as the 2020 election cycle heats up is perplexing, especially since the President
Today, gold surged to a six-year high following signals from the Federal Reserve that rate cuts could be coming as soon as next month. While some believe that a more dovish Fed would be bullish for economic growth, the recent spike in gold prices offers a more cautionary note. RealClearMarkets editor John Tamny explains: To paraphrase the classical economic thinkers whom supply siders have historically (and rather wisely) sided with, gold is the commodity least influenced by outside influences. Precisely because there’s so much gold stock versus new discoveries of the yellow metal, its price is impressively stable. It’s no
This week, Congressman Alex Mooney (R-W.Va.) reintroduced legislation to make a U.S. dollar convertible into a fixed weight of gold. Much in the spirit of Jack Kemp’s Gold Standard Act of 1984, the bill restores integrity to American wages by re-committing the federal government to the promise that Richard Nixon broke in announcing the closing of the “gold window” in 1971 — that a dollar today would be worth a dollar tomorrow. The introduction of Congressman Mooney’s gold standard legislation was met with immediate praise from the grassroots conservative organization FreedomWorks. It also received support in the American Thinker in
Over the past three decades, there has arguably been no greater public champion of free market economics than Stephen Moore. Therefore, it’s no surprise that the Left lost its collective mind over Trump’s nomination of Moore to the Federal Reserve Board of Governors. But rather than oppose Stephen Moore due to his views on the true cause of inflation (hint: it’s not economic growth, as widely believed at the Federal Reserve), the merits of a rules-based monetary policy, or the need for a more transparent central bank, they have resorted to re-litigating divorce filings and scrutinizing his decades-old tenure at
A few weeks back I discussed how President Trump could deliver massive, pro-growth tax cuts without any approval from Congress. Today, one of these suggested policy changes received a major endorsement when publisher and supply-side icon Steve Forbes revealed his support. Writing for Forbes.com, Steve Forbes called for for eliminating taxes on gold and silver stating: When you exchange a $20 bill for two $10 bills, you don’t pay sales tax on the transaction, even though, theoretically, you are “buying” the tens. The notion is utterly preposterous. Yet if you purchase a gold coin that was created by the U.S.
Federal Reserve watchers are eagerly awaiting President Trump’s appointments for two vacant positions on the central bank’s board of governors. While you won’t see much discussion about these candidates on cable news, make no mistake — filling the Fed Board of Governors will be among the most critical personnel and economic decisions that the Trump administration makes. For those of us who wish for a more transparent Fed that remains laser focused on maintaining a stable, sound dollar, out of all of the rumored candidates, one name inspires significantly more enthusiasm than the rest: Dr. Judy Shelton. As the New