Governance

99 Items

Blog Post - Views on the Economy and the World

Moore on Gold and Commodities

| May 01, 2019

A century ago, the gold standard was considered a guarantor of monetary stability.  That golden era is long-gone.  (If it every really existed at all.  The general price level fell 53% in US and 45% in the UK during 1873-1896 due to a dearth of gold deposit discoveries.)

Continuing my thoughts on the Fed candidacy of Stephen Moore: he has said several times that he favors a return to gold.  In true Trumpian fashion, he recently denied having said it despite the clear video evidence.

Blog Post - Views on the Economy and the World

Moore on Gold and Commodities

| May 01, 2019

A century ago, the gold standard was considered a guarantor of monetary stability.  That golden era is long-gone.  (If it ever really existed at all.  The general price level fell 53% in US and 45% in the UK during 1873-1896 due to a dearth of gold deposit discoveries.)

Continuing my thoughts on the Fed candidacy of Stephen Moore: he has said several times that he favors a return to gold.  In true Trumpian fashion, he recently denied having said it despite the clear video evidence.

Blog Post - Views on the Economy and the World

Moore Troubles for the Fed

Apr. 30, 2019

Of the two men whom Donald Trump had intended to nominate to empty seats on the Federal Reserve Board, Herman Cain has now withdrawn his name.  This leaves the other one, Stephen Moore.

The Senate would have to decide whether to confirm Moore. He has some problems roughly analogous to Cain’s:  he is considered to be under an ethical cloud and he often gets his economic facts wrong.  Cynics might respond that he would thereby fit right in with the roster of Trump nominees throughout the government.  But Trump’s earlier appointments to the Fed have been people of ability and integrity and have been doing a good job, Chair Jerome Powell in particular. Perhaps Trump did not start paying attention to Fed appointments until recently.

 

 

Blog Post - Views on the Economy and the World

An Economic Platform for the Democrats

| May 29, 2018

Democrats are gearing up for the November mid-term elections, in which they hope to take back the US House of Representatives. Candidates are finding that the voters are not necessarily paying close attention to foreign affairs or even Trump scandals, and are more concerned about “pocketbook issues.” The conventional wisdom still stands: underlying the shock election of Mr Trump was the worry by the median household that it has been left behindby globalization and technological change and that the gains have been going to the rich instead.

Blog Post - Views on the Economy and the World

The Choice of Candidates for Fed Chair

| Oct. 30, 2017

The Trump Administration has said it will announce its choice for the new Chair of the Federal Reserve Board by November 3. Subject to Senate confirmation, the chosen candidate will succeed Janet Yellen, whose term ends February 3.

The White House has said it views five candidates as front runners. Two are eminent economists with unusually impressive records — both in academic research, mostly at West Coast universities, and as practitioners of macroeconomic policy. That would be Yellen herself, who is a strong candidate for reappointment, and Stanford’s John Taylor. The other three front-runners are not professionally trained as economists, but rather come from financial backgrounds: Gary Cohn, Jerome Powell, and Kevin Warsh. They worked, respectively, for Goldman Sachs, Dillon Read, and Morgan Stanley; all three also have important government experience.

Blog Post - Views on the Economy and the World

What Will the Trump Presidency Look Like?

| Nov. 12, 2016
We unexpectedly find ourselves in uncharted territory, in so many ways. The United States has never before had a president with no political or military experience. And Donald Trump is especially unpredictable: he has so often said things that conflict with other things he has said. So it is hard to know what he will do.But a possible precedent for what the Trump presidency may look like sits in plain sight: the George W. Bush presidency. To be fair, the Bush family clearly did not support Trump’s campaign.

Blog Post - Views on the Economy and the World

Economists Sign Letter Opposing Trump

| Nov. 02, 2016
370 of us economists have signed a new letter opposing Donald Trump:  Economists Lay Out List of Reasons to Vote Against Trump.   Here is the text of the letter, which the Wall Street Journal has reported on .The WSJ earlier surveyed all previous members of the President’s Council of Economic Advisers, spanning eight presidential administrations, Republican and Democrat.  Not a single one supported Trump, including the Republicans!Also 19 Nobel Laureates have signed a letter endorsing Hillary Clinton.

Blog Post - Views on the Economy and the World

The Gold Standard and Trump

| Oct. 31, 2016
My preceding post, “The Fed and Inequality,” observed that populists have historically favored easy money and low interest rates.  I mentioned William Jennings Bryan’s campaigns for the presidency in the 1890s as well as the supply-siders in the early 1980s who blamed the failure of Reaganomics to produce sufficient growth on Paul Volcker’s efforts to fight inflation with tight monetary policy.An interesting dimension concerns gold.  Bryan’s proposed reform for allowing easy money was to take the US off of the gold standard, most famously in his 1896 “cross of gold” speech.