Mahathir’s Asian Gold Currency Is A Return To Asian Values

In Full Archive by Nathan Lewis

(This item originally appeared at Forbes.com on June 18, 2019.) “Speaking truth to power” is nice, I guess, but “speaking truth while in power” is exquisite. Mahathir Mohammad, prime minister of Malaysia, recently proposed a pan-Asian currency based on gold, using the very public forum of …

The Federal Reserve and Bank Reserves #3: Mission Accomplished

In Full Archive by Nathan Lewis

We have been talking about the relationship between banks’ balance sheet structure, and the monetary base of the Federal Reserve. May 26, 2019: The Federal Reserve and Bank ReservesJune 2, 2019: The Federal Reserve and Bank Reserves #2: What’s Old Is New Again What …

“Uniformity” In Taxation Was Our Blueprint For Greatness

In Full Archive by Nathan Lewis

(This item originally appeared at Forbes.com on May 28, 2019.) “Don’t tax you, don’t tax me, tax the guy behind the tree” is one of those useful aphorisms of government that describes, in a few words, the organizing principle behind the tremendous scrum of tax …

The Federal Reserve and Bank Reserves

In Full Archive by Nathan Lewis

I usually don’t spend much time talking about current events as regards the Federal Reserve and other central banks. There is already a lot of babble about this — the usual econobabble that constitutes the “PhD Standard” — and I find that it is …

How To Get Outrageous Growth Without “Inflation”

In Full Archive by Nathan Lewis

(This item originally appeared at Forbes.com on May 22, 2019.) Whenever the economy gets up a head of steam, as has been the case recently, we have a debate about “does growth cause inflation?” This has been going on a long time — about …

The Gold Standard: An Austrian Perspective

In Full Archive by Nathan Lewis

Today we are looking at The Gold Standard: An Austrian Perspective, edited by Llewellyn Rockwell (of Mises.org). It is a collection of papers from a conference in November 1983 — apparently quite a big conference, with more than 400 people gathered in the Caucus Room …

Defining Away the Gold Standard

In Full Archive by Nathan Lewis

(This item originally appeared at Forbes.com on May 17, 2019.) Money based on gold — the “gold standard” — was a near-universal element of human life for centuries, before the fatal break in 1971 that produced today’s environment of floating currencies. This was true in …

Maybe It’s Time To Cut The Federal Government In Half

In Full Archive by Nathan Lewis

(This item originally appeared at Forbes.com on May 9, 2019.) I think the time is coming for an idea that is so old that it is new again: cutting the Federal government in half. The idea is: cancel all Federal welfare-type programs, including all means-tested …