The IMF’s Colonial Impulse?
by brian domitrovic
In his eagerness to convict Western imperialists of "meddling," Jamie Martin ignores foundational principles of economics.
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What Does the Weaponization of Global Finance Mean for U.S. Dollar Dominance?
by Elliot Hentov, Ramu Thiagarajan, and Aaron Hurd
Alex J. Pollock forecast the impact of the Federal Reserve’s losses on the broader federal budget and the deficit.
Claude Barfield. Pethokoukis investigates what caused the Great Stagnation of the early 1970s and considers the application of these findings today.
China’s Property Market Party Is Over
Desmond Lachman | National Review
Restoring The Fed’s Credibility?
by andrew stuattaford
Paul Volcker would have been appalled by the Fed's complacent reaction to growing inflation last year, a blunder that damaged the bank's credibility.
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CHINA & THE DOLLAR
China and Russia—With Help from Biden—Attack the Dollar by Gordon G. Chang
The Middle East: An American Vision
Review of Behind the Silken Curtainby Amir Taheri
NY SUN SERIES ON POST BRETTON WOODS MONETARY SYSTEM & CATO LOOKS AT DIGITAL CURRENCIES
The Fed and Crypto: Back to Basics
Editorial of The New York Sun | January 20, 2022
Did Chairman Powell Seek To Sabotage Trump's Nomination of Judy Shelton to the Federal Reserve Board?
Editorial of The New York Sun | October 3, 2021
What Does Jerusalem Have to Do with Glasgow? by james r. rogers
Since humans are created in the image of God, they possess dignity, which has implications for freedom—including economic freedom.
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Fall Guys for the Dollar
Editorial of The New York Sun | September 28, 2021
The Liberal Mind traces the evolution of liberalism from protecting natural rights to constant protesting today.
September 11’s Long Shadow by william anthony hay
It is hard to see how 9/11 could not have dominated American life at least for a time, but the long-term shifts were dire.
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Could a Collapse of Cryptocurrencies Force a Reform of the Global Monetary System?Beyond Bretton Woods — Part Three of Our Series
By STEVE HANKE, Special to the Sun | August 7, 2021
Beyond Bretton Woods: Remember RueffPart Ten of Our Series on the Fiftieth Anniversary of the Collapse of the Gold Exchange Standard
By RALPH BENKO, Special to the Sun | August 21, 2021
Beyond Bretton Woods: The Constitutional Questions on Money Need To Be AnsweredEdwin Vieira, in Part Nine of Our Series, Says the ‘Silence Is Deafening’
By EDWIN VIEIRA, Special to the Sun | August 17, 2021
Honest Money Will Require Rediscovering America's FoundersRichard Salsman, in Part Eight of Our Series, Marks the Importance of Limited Government
By RICHARD SALSMAN, Special to the Sun | August 15, 2021
As Close to Economic Nirvana as Could Be ImaginedBeyond Bretton Woods — Part Seven in Our Series
By ART LAFFER, Special to the Sun | August 14, 2021 updated 4 minutes ago
Now Is a Moment for New Leaders To Point the Way to Ending America's Monetary MistakesBeyond Bretton Woods — Part Six of Our Series
By STEVE FORBES, Special to the Sun | August 11, 2021
'Nixon Shock' Was Really a Coup de Grace on Destruction Others StartedBeyond Bretton Woods — Part Five of Our Series
By JAMES GRANT, Special to the Sun | August 10, 2021
'An Epic Failure' -- We Need To Remember 1971By BRIAN DOMITROVIC, Special to the Sun | August 9, 2021
Time To Reverse the Curse Over the DollarBeyond Bretton Woods — The Road From Genoa
By JOHN MUELLER, Special to the Sun | August 5, 2021
God and Money: 'A Perfect and Just Measure Shalt Thou Have'By JUDY SHELTON, Special to the Sun | July 29, 2021
Beyond Bretton Woods -- A New Series in the Sun
Editorial of The New York Sun | July 29, 2021
A central bank–first approach to digital currency risks crushing innovation
KING DOLLAR MEETS CHINA & COVID
Dollar doomed as China shifts to consumptionThe US dollar may lose a third of its value, with a chronically low savings rate, a large current account deficit and a huge federal financing requirement likely to force a sharp devaluation of the greenback,
report Uwe Parpart and David Goldman.
The Future of the Dollar
Henry Paulson, Foreign Affairs
Falling Trade, Rising Imbalances...
by Brad W. Setser
China’s Digital Currency Will Rise, Not Rule
Eswar Prasad, Project Syndicate
Is the Almighty Dollar Slipping?
Nouriel Roubini sees the recent depreciation as a symptom of short-term factors, though challenges lie ahead.
America’s New Debt Bomb
Todd G. Buchholz draws parallels to the World War II era and proposes solutions for avoiding a fiscal cliff.
Financial Repression Revisited?
Anne O. Krueger has reservations about a long-used method for reducing massive public liabilities over time.
America’s Coming Double Dip
Stephen S. Roach argues that the pandemic's continuing impact on consumer demand all but rules out a V-shaped recovery.
The Dark Heart of Gold
Jeffrey Frankel explains why the recent record price for the metal should not determine US monetary policy.
Dual Circulation and China’s New Hedged Integration Strategy | Center for Strategic and International Studies - Jude Blanchette and Andrew Polk
The latest, and perhaps most consequential, development in the Xi administration’s ongoing efforts to position China to withstand volatile geopolitical exigencies is the new “dual circulation” strategy (DCS), first announced at the May Politburo meeting. The strategy, which envisions a new balance away from global integration (the first circulation) and toward increased domestic reliance (the second circulation), stems from Beijing’s belief that China has entered a new paradigm that combines rising global uncertainty and an increasingly hostile external environment with new opportunities afforded by a floundering and listless United States, which China has long viewed as its most important geopolitical rival. Ever the dialectician, Chinese leader Xi Jinping declared in April that China must “take the initiative to seek change, and successfully capture and create opportunities in the midst of the crises and difficulties before us."
This new worldview sees the continued decoupling of global supply chains as an enduring trend, and so Beijing now seeks to attempt a new “big thing”—balancing emphases on both internationalization and self-sufficiency (自力更生) that marks China’s own version of “hedged integration.” This model entails engaging international capital, financial, and technological markets when advantages can be gained while simultaneously bolstering indigenous capabilities to avoid overreliance on the global economy—due to national security concerns or the vagaries of global economic cycles...
If the DCS begins to bear fruit, the impacts on the global economy would be momentous. While Chinese policymakers and commentators have been clear that the DCS does not mean a full-scale pivot away from global economic integration or reliance on external demand, even a marginal shift by China away from its focus on mercantilist export practices could fundamentally reshape global trade and investment flows. But perhaps more importantly, Yu’s argument that China should renew its focus on high-end manufacturing—rather than services and consumer sectors—may mean that China will seek to replicate the German manufacturing model. If successful, such a move would represent a major challenge to industrialized economies. China’s scale of production could begin to disrupt a range of new market segments—as has happened with solar and lithium batteries in the past.
JUDY SHELTON FOR THE FED
Coronavirus, Judy Shelton, and the Federal Reserve
A Major Newspaper Wants To Quarantine the Nominee’s Ideas
Editorial of The New York Sun | March 4, 2020
A Way Forward for Judy Shelton
Editorial of The New York Sun | November 17, 2020
The Classical Gold Standard Can Inform Monetary Policy
quoting Michael D. Bordo, Milton Friedman via CATO
Watching the frenzy surrounding Judy Shelton's confirmation hearing before the Senate Banking Committee on February 13, one is led to believe that the gold standard is a "nutty" idea, for which no serious economist or monetary policymaker could possibly have a kind word.
Joseph Sternberg, author, The Theft of a Decade: How the Baby Boomers Stole the Millennials' Economic Future; and WSJ editorial board; in re: Judy Shelton’s nomination to the Federal Reserve Board in the Senate is under abeyance. Where’s productivity? Why does Judy Shelton think that even if we work as hard as we can, we can’t match the productivity of our parents’s (or grandparents’s) generation: because we need to return to some form of the gold standard, which would put the Fed out of business is several matters. This is because of the Fed, which has been unable to keep up. Price signals are going wild because the dollar and other currencies are unmoored; when central banks try to manipulate value, productivity cannot be maintained.
Judy Shelton was director of the Sound Money Project at the Atlas Network; in 2012 she joined TheGoldStandardNow.Org as a senior advisor. In March 2018, she was confirmed by the U.S. Senate as the United States director of the European Bank for Reconstruction and Development. Shelton is known as a critic of the Federal Reserve. She has called for a 0% inflation target, contradicting the bank's current 2% target. She has written that a "fundamental question" of economics is, "Why do we need a central bank?"
Why Judy Shelton Would Be a Boon For Federal Reserve
By JOHN TAMNY, Special to the Sun | February 17, 2020
Judy Shelton Would Help Redeem Republican Promises
Editorial of The New York Sun | February 12, 2020
Judy Shelton's Moral Contract
Editorial of The New York Sun | February 13, 2020
The best move for President Trump after today's hearing for his nominees to the Federal Reserve would be to withdraw his nomination of Christopher Waller and stick with Judy Shelton. That's our reaction to the calls for Mr. Trump to withdraw Ms. Shelton after a premeditated attack on her by the Democrats and one or two Republicans. It was a disgraceful performance.
No single feature of it was quite as disgraceful as the question Senator Sherrod Brown put to Mr. Waller and the answer Mr. Waller delivered. "Given Ms. Shelton's answers on monetary policy and thirty years writing on the gold standard," the oleaginous Ohioan asked Mr. Waller, "would you recommend we confirm her to the Fed?"
A Day That Should Live In Infamy
by David R. Henderson via EconLog
August 15, 2019 is the 48th anniversary of President Nixon’s announcement of a 90-day freeze on all wages and prices. What followed after 90 days were various phases that caused the controls to last into 1974. The worst effects of the price controls were in the oil and gasoline markets, where OPEC’s price increase in the fall of 1973, combined with binding price controls, led to shortages, lineups, rationing, occasional violence in lines, and, arguably, President Carter’s Rapid Deployment Force, which was later changed into U.S. Central Command (CENTCOM.) So August 15, 1971 is a day that should live in infamy.
Revitalizing the Spirit of Bretton Woods,
@75 Compendium 2019.
All That Glitters Is Not Gold
by John H. Cochrane via Grumpy Economist
I wrote a Wall Street Journal Oped on the gold standard, partly in response to last week's Oped by James Grant (whose "PhD standard" is a great quip) and Greg Yp's excellent column on Judy Shelton and gold.
Every Era's Monetary And Financial Institutions Are Unimaginable Until They're Real
by John H. Cochrane via Grumpy Economist
Every era’s monetary and financial institutions are unimaginable until they’re real, writes Tyler Cowen in an excellent Bloomberg.com essay on the anniversary of Bretton Woods.
JUDY SHELTON, TEAM TRUMP'S FED GOVERNOR PICK LOVES THE GOLD STANDARD FOR MONETARY ARRANGEMENTS
Which Judy Shelton would show up at the Fed?
Ramesh Ponnuru | Bloomberg Opinion
Toward a sterling crisis
Desmond Lachman | AEIdeas
THE FEDERAL RESERVE & THE PROFESSOR STANDARD DESTROYS US WAGES, GROWTH AND DOLLAR STABILITY, TIME FOR REGIME CHANGE AT THE FED
Regime Change For the Fed -- And Honest Rates
By Special to the Sun | May 19, 2019
WHY THE FED REMAINS INSOLVENT
Is the Fed Insolvent? Editorial of The New York Sun | February 13, 2019
Trump Responsible for Strong Dollar
Desmond Lachman, The Hill
'In Money We Trust?' Editorial of The New York Sun | December 22, 2018
Game on: The new politics of Gulf financial intervention
Karen E. Young | AEIdeas
The Gulf states are engaged in a battle of economic intervention that rivals the creation of the Bretton Woods system after World War II. The effects will be profound and are only beginning to emerge across the Middle East and Horn of Africa.
Trade’s Costs Are Not Losses
Donald Boudreaux, American Institute for Economic Research
HOW THE CHINESE WANT TO DESTROY BRETTON WOODS DOLLAR DOMINANCE & THE RISE OF THE PETRO YUAN
A Reciprocal Solution to the US-China Trade Dispute
Shang-Jin Wei proposes a balanced and reciprocal approach to resolve escalating Sino-American tensions once and for all.
The US Will Lose Its Trade War with China
Anatole Kaletsky thinks America's strength can be turned against it, simply by stimulating Chinese domestic demand.
The Rise of the "Petroyuan"
John A. Mathews and Mark Selden see in China's renminbi-denominated oil contracts the germ of a broader challenge to US dollar hegemony.
THE LAST MONETARY HERO
The Tyranny of the U.S. Dollar
Mark Dubowitz – Quoted by Peter Coy- Bloomberg
US REIGNS SUPREME: KING DOLLAR CONTINUES & THE MAFIA LIKE STATE OF AUTHORITARIAN REGIMES
The mafia-like nature of authoritarian states and why it matters
Clay R. Fuller | AEIdeas
No alternative in sight to dollar as global reserve currency
BY WILLIAM PESEK
Trump may take the United States' currency down the same rabbit hole he accuses Beijing of burrowing into, unsettling the global trading system