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- Volume 71, Presented On: March 13, 2013
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From the Panel
For: Frederic Mishkin
- Fed Mostly Got It Right During Crisis
Frederic Mishkin with Tom Keene, Surveillance Monday, Bloomberg TV, May 3, 2012Mishkin talks about central bank monetary policy, the economy and the financial markets. - Columbia’s Mishkin Interview Excerpt
Frederic Mishkin with Tom Keene, Surveillance Monday, Bloomberg TV, March 28, 2011Mishkin discusses the U.S. financial crisis that began in 2007 and the role of the Federal Reserve to stem the turmoil. - Monetary Policy Strategy: Lessons from the Crisis
Frederic Mishkin, National Bureau of Economic Research, December 2010How the financial crisis has changed the thinking of both macro/monetary economists and central bankers, and the extent to which the science of monetary policy needs to be altered. - Is Monetary Policy Effective During Financial Crises?
Frederic Mishkin, American Economic Review, May 2009Monetary policy is more potent during financial crises because aggressive monetary policy easing can make adverse feedback loops less likely. - Exchange Rate Pass-Through and Monetary Policy
Frederic Mishkin, Norges Bank Conference on Monetary Policy, March 7, 2008How much of a risk to inflation is posed by a depreciation of the domestic currency? - Monetary Policy Flexibility, Risk Management, and Financial Disruptions
Frederic Mishkin, Federal Reserve Bank of New York, January 11, 2008The rationale for greater flexibility in monetary policy during periods of financial disruptions. For: John Taylor
- John Taylor Blog
John Taylor’s investment and trading ideas—a tracking web blog. - Weak Dollar May Help Reduce U.S. Trade Deficit, FX Concepts' Taylor Says
Allison Bennett and Betty Liu, Bloomberg, November 11, 2010The U.S. is correct in pursuing a weak-dollar policy because of the need to fix the nation’s trade deficit, according to John Taylor, founder of FX Concepts LLC, the world’s biggest foreign-exchange hedge fund. - It’s Time to Buy Dollar, Hedge Fund Says
William Kemble-Diaz, Wall Street Journal, June 19, 2012A decline in global reserves almost always means a strong dollar. - FX’s John Taylor on US Dollar, Currency Market
John Taylor with Betty Liu and Dominic Chu, In the Loop, Bloomberg TV, August 2, 2011Taylor discusses the prospects for the dollar to remain the world's reserve currency, the outlook for the euro and his investment strategy. - Fed to Signal Stimulus, FX Concepts’ Taylor Says
John Taylor with Sara Eisen, Money Moves, Bloomberg TV, July 27, 2012Taylor talks about the European debt crisis, the U.S. economy and Federal Reserve policy. - John Taylor, FX Concepts: Forex Heyday Far From Over
John Taylor, Opalesque TV, October 12, 2012Taylor discusses FX Concepts.
Against: Steve Forbes
- Gold and the Wicked Magicians
Steve Forbes, Forbes, November 1, 2012Linking the value of money to gold removes a huge source of Big Government’s power. No longer can government confiscate wealth by stealth by devaluing your money. - Gold Can Save Us From Disaster
Steve Forbes, Forbes, October 3, 2012A new gold standard is crucial. The disasters that the Federal Reserve and other central banks are inflicting on us with their funny-money policies are enormous and underappreciated. - Fed's Plan Defines 'Insanity'
Steve Forbes with Adam Johnson and Trish Regan, Street Smart, Bloomberg TV, September 19, 2012Forbes on quantitative easing. - The Gold Standard Is Coming
Steve Forbes, Forbes, September 5, 2012The Fed’s forced suppression of organic interest rates has made the pricing of credit impossible to figure. Under a properly functioning gold standard the Fed’s penchant for rigging interest rates would be sharply curbed, if not eliminated. - The Intellectual Bankruptcy of Ben Bernanke
Steve Forbes, Forbes, September 5, 2012The Fed’s forced suppression of organic interest rates has made the pricing of credit impossible to figure. Under a properly functioning gold standard the Fed’s penchant for rigging interest rates would be sharply curbed, if not eliminated. - Fix the U.S. Dollar Crisis
Alix Steel, The Street, January 12, 2012When you do harm to your currency, when you keep interest rates artificially low, which is a way of subsidizing government debt, it hurts small businesses. - Conference on a Stable Dollar: Why We Need It and How to Achieve It
Steve Forbes, Heritage Foundation, October 5-October 6, 2011Forbes addresses monetary policy and achieving a stable dollar at this Heritage Foundation conference.(Speech begins at 10 minute mark.) - Weak Dollar = Weak Recovery
Steve Forbes, Forbes, September 29, 2009A pernicious myth is at work among economists and policymakers, crippling a more vigorous economic recovery. It's the idea that a stable dollar means austerity and economic weakness. Against: James Grant
- Piece of My Mind
James Grant, Grant’s Interest Rate Observer, March 23, 2012A speech given at the Federal Reserve Bank of New York, Grant criticizes the Fed for exchanging central banking for a kind of central planning and the gold standard for what he calls a Ph.D. standard. - The Scourge of the Faith-Based Paper Dollar
Holman W. Jenkins, Jr., Wall Street Journal, July 16, 2011Grant foresees a new American gold standard despite Wall Street's stake in monetary chaos. - Fed Policy at War With Market Mechanism, Grant Says
James Grant with Tome Keene and Sara Eisen, Surveillance, Bloomberg TV, November 29, 2012We invest in a hall of mirrors. There is systematic of manipulation of values carried out by central banks the world over. - James Grant with Margaret Brennan, In Business, Bloomberg TV, June 22, 2011
James Grant on Fed Policy, Quantitative EasingThe outlook for Federal Reserve monetary policy and the consequences of the central bank's policy of quantitative easing. - Requiem for the Dollar
James Grant, Wall Street Journal, December 5, 2009A proper gold standard promotes balance in the financial and commercial affairs of participating nations. The pure paper system promotes and perpetuates imbalances. - After the Crash: Helping the US Economy Right Itself
James Grant, Foreign Affairs, November/December 2008The truth is that the current mess is a symptom of persistent financial derangement, in particular a sickness of the dollar. - The Falling Dollar: Should We Worry?
McKinsey Executive Roundtable Series in International Economics, CFR, December 18, 2007Roundtable speakers: James D. Grant (at 0:20:00), Richard H. Clarida, Benn Steil, John B. Taylor.
ARTICLES FOR & AGAINST
FOR
- Needed: Plain Talk About the Dollar
Christina Romer, New York Times, May 21, 2011Our exchange rate is just a price — the price of the dollar in terms of other currencies. It is not controlled by anyone. And a high price for the dollar, which is what we mean by a strong dollar, is not always desirable. - The ‘Strong Dollar’ Policy of the US: Alice-in-Wonderland Semantics vs. Economic Reality
Willem Buiter and Ebrahim Rahbari, Citi Investment Research & Analysis, May 26, 2011If it is possible to engineer a steady decline of the US dollar without spooking the bond markets, this would be the best of all possible worlds for the US policy-makers. - The Necessity of a Lower Dollar and the Route There
Dean Baker, Center for Economic and Policy Research, February 2012The only plausible route for reducing the trade deficit is lowering the value of the dollar. - Strong Dollar Advocates Make a Weak Case
Evan Schinidman and Daniel Nadler, Bloomberg, January 24, 2012So who really wants a strong dollar? While some American consumers might benefit, most producers wouldn’t and almost all equity investors would be harmed. - The Dollar and the Deficits
C. Fred Bergsten, Foreign Affairs, November/December 2009The global economic crisis has revealed the folly of large U.S. budget and trade deficits, as well as of the strong dollar that makes them possible. If it is serious about recovery, the United States must balance the budget, stimulate private saving, and embrace a declining dollar. - A Falling Dollar Will Mean a Faster U.S. Recovery
Martin Feldstein, Wall Street Journal, August 1, 2011There are powerful forces that will cause the dollar to decline over the next several years. The declining dollar can strengthen the pace of our recovery but only if the reduced foreign demand for dollar bonds doesn’t trigger very large increases in U.S. interest rates.
AGAINST
- Weak Dollar, Strong Dollar
Emil W. Henry, Jr., American Spectator, April 11, 2012The US strong dollar policy is not strong enough. The Obama administration says it supports a strong dollar, but its major fiscal initiatives suggest otherwise. As our currency erodes, the U.S. strong dollar policy needs to be enhanced so those who claim its mantle are held accountable to achieve it. - Obama Needs to ‘Pull a Rubin’ on the Dollar
Andy Kessler, Wall Street Journal, November 23, 2012What revived the 1990s’ economy wasn’t higher taxes, but a strong greenback and credible Treasury secretary. - A Sound Dollar is the Key to Recovery
John Chapman, The American, October 27, 2008‘Sound’ money means a stable-valued currency and a price system that reflects true scarcities. When the dollar is strong, it retains purchasing power over time against goods and other currencies. - The Weak Dollar Problem
Steve Hanke, Globe Asia, May 2011Thanks to the Fed’s weak dollar policy, the U.S. faces an inflation problem and so does the rest of the world. The weak dollar and the lack of “flexibility” — properly understood — also threaten the free flow of capital and the stability of the international monetary system. - Gauging the Dollar Decline
Benn Steil interview, Council on Foreign Relations, October 19, 2009CFR Senior Fellow Steil says continued weakness in the dollar could be costly for the U.S. economy since the United States will spend more on critical imports like energy, which it cannot produce enough of domestically to meet demand - Ben Bernanke’s Quantitative Easing: The Monetary Policy of the Adolescent
John Tamny, Forbes, December 8, 2012Empirical evidence reveals that new money creation leads directly to devaluation of the dollar. That’s already been a visible result of the Fed’s actions.
