Here is a follow up and it suggests the US Senate may be the only way forward out of a failed economic
approach.
Ralph Benko wrote this article : -
I serve as senior advisor, economics, for American Principles in Action. I am editor-in-chief of Committee To Unleash Prosperity's Supply Side Blog. Charles Kadlec and I are co-editors of the Laissez Faire Books edition of Copernicus's Essay on Money. I also authored "The Websters' Dictionary: how to use the Web to transform the world," which won the “Trophée du choix des Internauts” (“The People's Choice”) in the World e-Democracy Forum Awards, 2010, Paris, France. See thewebstersdictionary.com. I was a deputy general counsel in the Reagan White House; founded the Prosperity Caucus; and was a member of the original Supply Side movement. Follow me on Twitter @TheWebster.
http://www.forbes.com/sites/ralphbe...carter-bush-and-obama-economy/3/#591c7bf93abd
Quotes Yellen who is attempting to understand how the economy really works and is asking for more research!?
" Media reports to the contrary it is not a “gold commission.” Neither does it exclude the gold standard. It is constituted to “evaluate various operating regimes, including “(A) discretion in determining monetary policy without an operational regime; (B) price level targeting; (C) inflation rate targeting; (D) nominal gross domestic product targeting (both level and growth rate); (E) the use of monetary policy rules; and (F) the gold standard….”
The legislation now resides in the United States Senate, co-sponsored by the #2 Senate Republican leader, the Honorable John Cornyn (R-TX). The Senate well may have an opportunity before the 114th Congress concludes to enact this Commission. A Cornyn-Brady Centennial Monetary Commission is the optimal instrument to rescue our thought leaders from their Refrigerator Blindness. It’s also consistent with Chair Yellen’s call for more research.
Jacques Rueff, the great French economist and classical gold standard savant, used as the epigram to his The Monetary Sin of the West: “There is tragedy in the world because men contrive, out of nothings, tragedies that are totally unnecessary—which means that men are frivolous,”from Henry de Montherlant’s La Rose de Sable.
Much is at stake. This is no time for frivolity.
Bring on this Commission to conduct the research into what monetary policies correlate with an “ordinary” economy and what policies correlate with extraordinary equitable prosperity. Calls to resign ourselves to ordinary are a counsel of despair. Counsels of despair were common under Ford and Carter. They were falsified by Reagan. Counsels of despair occurred under George H. W. Bush. They were falsified by Clinton.
How then to end the Refrigerator Blindness crushing our economy? Break the trance by taking a good look at what might be right in front of our noses. Enact the Monetary Commission to put America back on track to the American Dream of prosperity and justice for all.
A Golden Age, based on good monetary policy, can be our future."
Cheers
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