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Republicans Eye Return to Gold Standard

Published: Friday, 24 Aug 2012 | 6:39 AM ET
By: Robin Harding and Anna Fifield, Financial Times

The gold standard has returned to mainstream U.S. politics for the first time in 30 years, with a “gold commission” set to become part of official Republican party policy.

Drafts of the party platform, which it will adopt at a convention in Tampa Bay, Florida, next week, call for an audit of Federal Reserve monetary policy and a commission to look at restoring the link between the dollar and gold.

The move shows how five years of easy monetary policy — and the efforts of congressman Ron Paul — have made the once-fringe idea of returning to gold-as-money a legitimate part of Republican debate.

Marsha Blackburn, a Republican congresswoman from Tennessee and co-chair of the platform committee, said the issues were not adopted merely to placate Paul and the delegates that he picked up during his campaign for the party’s nomination.

“These were adopted because they are things that Republicans agree on,” Blackburn told the Financial Times. “The House recently passed a bill on this, and this is something that we think needs to be done.”

The proposal is reminiscent of the Gold Commission created by former president Ronald Reagan in 1981, 10 years after Richard Nixon broke the link between gold and the dollar during the 1971 oil crisis. That commission ultimately supported the status quo.

“There is a growing recognition within the Republican party and in America more generally that we’re not going to be able to print our way to prosperity,” said Sean Fieler, chairman of the American Principles Project, a conservative group that has pushed for a return to the gold standard.

A commission would have no power except to make recommendations, but Fieler said it would provide a chance to educate politicians and the public about the merits of a return to gold. “We’re not going to go from a standing start to the gold standard,” he said.

The Republican platform in 1980 referred to “restoration of a dependable monetary standard,” while the 1984 platform said that “the gold standard may be a useful mechanism”. More recent platforms did not mention it.

Any commission on a return to the gold standard would have to address a host of theoretical, empirical and practical issues.

Inflation has remained under control in recent years, despite claims that expansion of the Fed’s balance sheet would lead to runaway price rises, while gold has been highly volatile. The price of the metal is up by more than 500 per cent in dollar terms over the past decade.

A return to a fixed money supply would also remove the central bank’s ability to offset demand shocks by varying interest rates. That could mean a more volatile economy and higher average unemployment over time.

Copyright 2011 The Financial Times Limited

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EL-ERIAN: Europe Threatens To Cripple The IMF

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G20 finance ministers need to stand in the way of European manipulation of the International Monetary Fund when they meet in Mexico City this weekend, PIMCO chief executive Mohamed El-Erian writes in a column published today in the Financial Times.

A staunch critic of Europe‘s attempts to get around its internal problems by relying on IMF funding, he argues that non-European economies need to stand up for the IMF’s professed “uniformity of treatment,” particularly given the harsh rules the organizations have imposed on emerging market countries in Asia and Latin America in the past.

A few choice snippets:

It should come as no surprise that over the last couple of years Europe has pressed the IMF very hard to make exception after exception – and it has succeeded. This has resulted in a number of firsts by an organisation that prided itself on the “uniformity of treatment” for member countries.

And later…

This is an internal issue that the IMF cannot, and should not be expected to, solve. It is up to the eurozone to decide whether to go forward in its current configuration towards a fiscal union or whether to first slim down to a more coherent and stable configuration. This would provide a better basis for a larger European-financed firewall.

As tempting as it is, Europe should not seek to obfuscate this critical decision by using IMF financing to give the appearance of sustaining the unsustainable. It must start making the necessary, albeit very difficult, decisions. Until this happens, the G20 has a global responsibility to protect the IMF from further damage to its credibility and legitimacy.

Read El-Erian’s full editorial in the Financial Times >

Source

George Soros Holding Two Events To Takedown The USA by Controlling Finance and Media

April – 6 – 2011

Dan Gainor @ FOX News:

Apparently, megalomaniacs need schedulers.

Just ask George Soros. The left-wing billionaire is helping fund two major conferences that start on the same day, in two different locations just a three hours apart by car. Two liberal events packed into one long weekend. God created the world in six days. Apparently, Soros, who sees himself as “some kind of god,”needs just a long weekend to start remaking today’s world in his image.

The emphasis of both conferences is a familiar one to American voters – change. Soros wants to begin changing the global economy in one event. In the other, his flunkies want to “Change the world. Change the media.”

Now that is change you can believe in. Sadly, those who actually report the news must believe in it because they sure as heck aren’t reporting on Soros or either event. And that’s even though staffers or even executives from Reuters, the Financial Times, NPR, PBS, The Washington Post and other major media outlets are speaking at one event or the other.

The first gathering in Bretton Woods, N.H., is an economic conference Soros once described as “a grand bargain that rearranges the entire financial order.” In October 2009, Soros committed $50 million to the Institute for New Economic Thinking (INET). A week later, the glib lefty investor wrote a column calling for a new Bretton Woods event, to recreate the one that helped design the post-WWII economy. Only he wants this one to knock America down a peg or three.

Now, it’s been a little over a year later and the group he funded is making King George’s wish come true – bringing together a whole slew of important people to discuss how to change the global economy. In Soros speak, that means “establish new international rules” and “reform the currency system.”

The announced speakers include a lot of prominent lefties, globalists and economists on the board of the organization he has throwing the event – more than two-thirds of the overall total have ties to Soros. To underscore their connection to history, INET is hosting the conference at the Mount Washington Resort, the very same hotel that held the first gathering.

[…]

Just down the road in Boston, a Soros-funded media conference is trying to manipulate that emerging order as well. Close to 350 left-wingers from a variety of organizations are gathering there for the National Conference for Media Reform.

That “change the world” conference includes two commissioners from the FCC, House Democratic leader Nancy Pelosi, Sen. Bernie Sanders, four Democratic representatives, the head of Columbia University, and assorted left-wing journalist types, from Salon’s Glenn Greenwald to disgraced former MSNBC host David Shuster, who now works for a Soros-funded investigative operation.

Apparently, megalomaniacs need schedulers.

Just ask George Soros. The left-wing billionaire is helping fund two major conferences that start on the same day, in two different locations just a three hours apart by car. Two liberal events packed into one long weekend. God created the world in six days. Apparently, Soros, who sees himself as “some kind of god,”needs just a long weekend to start remaking today’s world in his image.

The emphasis of both conferences is a familiar one to American voters – change. Soros wants to begin changing the global economy in one event. In the other, his flunkies want to “Change the world. Change the media.”

Now that is change you can believe in. Sadly, those who actually report the news must believe in it because they sure as heck aren’t reporting on Soros or either event. And that’s even though staffers or even executives from Reuters, the Financial Times, NPR, PBS, The Washington Post and other major media outlets are speaking at one event or the other.

The first gathering in Bretton Woods, N.H., is an economic conference Soros once described as “a grand bargain that rearranges the entire financial order.” In October 2009, Soros committed $50 million to the Institute for New Economic Thinking (INET). A week later, the glib lefty investor wrote a column calling for a new Bretton Woods event, to recreate the one that helped design the post-WWII economy. Only he wants this one to knock America down a peg or three.

Now, it’s been a little over a year later and the group he funded is making King George’s wish come true – bringing together a whole slew of important people to discuss how to change the global economy. In Soros speak, that means “establish new international rules” and “reform the currency system.”

The announced speakers include a lot of prominent lefties, globalists and economists on the board of the organization he has throwing the event – more than two-thirds of the overall total have ties to Soros. To underscore their connection to history, INET is hosting the conference at the Mount Washington Resort, the very same hotel that held the first gathering.

INET Executive Robert Johnson defended his event in a March 31 interview with Lou Dobbs. Johnson, a former managing director at Soros Fund Management, who is on the Board of Directors for the Soros-funded Economic Policy Institute, avoided saying “Soros” despite Dobbs mentioning Johnson’s boss several times. In his last response, he tried to rationalize the Soros connection, by saying “I have a group of funders including George Soros.” With $50 million, Soros alone makes a pretty big group. Of course, Soros will also be speaking in Bretton Woods about The Emerging Economic and Political Order.”

Just down the road in Boston, a Soros-funded media conference is trying to manipulate that emerging order as well. Close to 350 left-wingers from a variety of organizations are gathering there for the National Conference for Media Reform.

That “change the world” conference includes two commissioners from the FCC, House Democratic leader Nancy Pelosi, Sen. Bernie Sanders, four Democratic representatives, the head of Columbia University, and assorted left-wing journalist types, from Salon’s Glenn Greenwald to disgraced former MSNBC host David Shuster, who now works for a Soros-funded investigative operation.

The rest of the list reads like a “Who’s Who” of left-wing organizations and talking heads, including the president of PBS, a senior vice president with American Public Media, an Al Jazeera English executive, the president of the Newspaper Guild – CWA and Washington Post columnist Rob Pegoraro. Many others have Soros connections, such as:

Common Cause, which has been going after conservative Supreme Court justices who have some connection to the Koch brothers. Common Cause seems immune to similar investigations of their own gravy train.

Columbia Journalism Review’s Dean Starkman. He is chief of the review’s “The Audit” section and a 2006 Katrina Media Fellow with the Open Society Institute, the primary Soros charitable foundation.

Free Press, which is holding the conference. Free Press has received more than $1 million from Soros since 2003 and has 18 presenters pushing for things like “strong public media” or an extremely expensive national broadband plan they quaintly describe as “universal access to communications.”

Think Progress’s Koch-hating Lee Fang. Think Progress is a project of Democrat John Podesta’s Center for American Progress, which was founded with Soros money. Fang is on the panel for: “Real Issues vs. Astroturf: Confronting the Koch Brothers,” and makes the laughable claim “this is not about liberals versus conservatives” when the entire goal of the left is to shut down the Kochs to defund the right.

Everywhere you they go in Boston, they’ll be making more left turns than NASCAR. It’s an event filled with lefties dissatisfied that the news media aren’t even more liberal, and their goal will be to make that happen. Whether it’s “Beyond Pronouns: Creating Real Stories About Transgender and Gender Non-Conforming People” or pushing for illegal immigrant rights, the conference is a predictable liberal take on pretty much everything.

But the over-arching theme is getting government to fix the media. Columbia University President Lee Bollinger, whose school also includes the well-known and partly Soros-funded Columbia School of Journalism, is one of several speakers advocating for increased government funding for media. He called for federal funding of the media in a 2010 Wall Street Journal piece with the terrifying headline: “Journalism Needs Government Help.” Bollinger pushed for the creation of a public media that combines NPR, PBS and Voice of America. He also wants to “end to the regulation of ‘indecent’ language and images in broadcast programming” and return to the Fairness Doctrine.

Two other speakers, Free Press founder Robert McChesney and co-author John Nichols, have been pushing for $35 billion a year to fund media. Though their solution has gone from $20 billion a year for three years to $35 billion indefinitely, they are consistent in wanting U.S. media to be more like it is in Europe and oppose the “fantasy of a free-market solution.”

That’s not surprising. Nobel Prize-winning economist Joseph Stiglitz, who is speaking at both conferences, is wildly critical of people who support free markets, or what he calls “free market fundamentalists.” Free markets are directly in opposition with the Soros-funded group think that sees Big Government as merely a starting point for Ever Bigger Government.

This weekend, we get two visions of taxpayer-funded solution, only most in the news media are too short-sighted to see them.

Dan Gainor is the Boone Pickens Fellow and the Media Research Center’s Vice President for Business and Culture. He writes frequently for Fox News Opinion. He can also be contacted on FaceBook and Twitter as dangainor.

( Original Article )

foxnews.com

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