Raymond Richman - Jesse Richman - Howard Richman
Richmans' Trade and Taxes Blog
The Euro: This Marriage Can't Be Saved -- We're published in American Thinker this morning
Howard Richman, 5/29/2010
Here's how we begin:
At the time of the euro's launch in January 1999, Milton Friedman declared that the euro would not survive the first major European economic recession. He believed that the member nations would pursue their own fiscal policies, which would be inconsistent with a common monetary standard. The debt crisis in Greece shows just how right he was.If the Southern European governments comply with "Le Tarpe's" requirement that they move their bloated government budgets toward balance in order to get loans, then their fall in government spending and increased taxes will move their economies into recession. If they don't comply with those conditions, then the effect will be even more pronounced. They will immediately have to balance their budgets, because few lenders will lend money to a government that is about to default....
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Archive Feb 2012
- Dramatic Changes Needed to Recover From This Depression, Not Earmarks
- The Euro: This Marriage Can't Be Saved -- We're published in American Thinker this morning
- Evans-Pritchard: Summers call for yet another stimulus package is a tacit admission that the economy is losing thrust
- AFL-CIO's Trumka asks Obama for stronger action on China
- Congress Is Responsible For This Recession; Not the Banks, Not Wall Street
- Michael Pettis predicts Europe will be moving toward a trade surplus
- Senate punts on Volcker Rule
- Wishful Thinking on House Prices and the Economy
- Rand Paul's victory in Kentucky puts the Federal Reserve on notice
- Tea Party's Contract from America endorses tax reform such as the FairTax
- "Le Tarpe" will not work any better than did TARP
- Book Review of Ian Fletcher's Important Book Attacking Free Trade
- The global warmers' shell fish hoax
- One or more members will have to exit the euro zone to restore competitiveness
- Trade Deficit up again in March
- China uses industrial policy is to keep out US products
- Construction Employment has first uptick since June 2007
- US Manufacturing Employment is Rising
- Auctioning Import Certificates is consistent with WTO rules
- The UN's hopeless war against Afghan opium - We're published today by Enter Stage Right
- Obama administration is impoverishing the U.S. middle class
- Listen to Ray on the Ron Morris (The American Entrepreneur) Radio Show
- McCotter Moving Up (a bit) in Polls
- Washington postponing real budget cuts
- CBO supports our estimate that Fannie & Freddie will cost hundreds of billions more
- House Prices Falling - Except in DC
- House Republicans need to change course after NY special election loss. In 2012, they should run on balanced budgets and trade
- Zillow Real Estate Research reports that home values are falling fast
- Obama, Bernanke and Congress losing war against supply and demand in housing market
- Obama reverses fall of house prices -- in Washington DC
- Average house prices may fall 15% over the next four years
- Why Lt. Gen. Clapper, Director of National Intelligence, Is Being Belittled
- When the Jews and Persians were Friends
- Morici: "Democrats will stubbornly argue the economic recovery will collapse if the deficit is cut by any more than $100bn"
- Election Mandates, Party Principles, and the Tax Cuts
- Schwarzenegger's Sea Level Prediction, One Year Later
- Debt and American Power
- House-Senate negotiators likely to throw out good provisions of financial reform bill, while institutionalizing future bailouts
- British economists urge Greece to default on its debts, abandon euro
- The Euro: This Marriage Can't Be Saved -- We're published in American Thinker this morning
- Senate punts on Volcker Rule
- Rand Paul's victory in Kentucky puts the Federal Reserve on notice
- The UN's hopeless war against Afghan opium - We're published today by Enter Stage Right
- How We Won and Lost the War Against the Taliban
- Good joke in today's American Thinker
- The Age of Scientific Conformity
- Volcker may have replaced Summers as Obama's chief economic advisor
- Obama's Anti-Bank Rhetoric Fails in Massachusetts
- Obama now claims to be a populist!
- American Economic Alert
- American Jobs Alliance
- Angry Bear Blog
- Economy in Crisis
- Econbrowser
- Levy Economics Institute
- McKeever Institute
- Michael Pettis Blog
- Naked Capitalism
- Natural Born Conservative
- Science & Public Policy Inst.
- TradeReform.org
- What's Up With That
Wikipedia:
- [An] extensive argument for balanced trade, and a program to achieve balanced trade is presented in Trading Away Our Future, by Raymond Richman, Howard Richman and Jesse Richman. “A minimum standard for ensuring that trade does benefit all is that trade should be relatively in balance.” [Balanced Trade entry]
Journal of Economic Literature:
- [Trading Away Our Future] Examines the costs and benefits of U.S. trade and tax policies. Discusses why trade deficits matter; root of the trade deficit; the “ostrich” and “eagles” attitudes; how to balance trade; taxation of capital gains; the real estate tax; the corporate income tax; solving the low savings problem; how to protect one’s assets; and a program for a strong America....
Atlantic Economic Journal:
- In Trading Away Our Future Richman ... advocates the immediate adoption of a set of public policy proposal designed to reduce the trade deficit and increase domestic savings.... the set of public policy proposals is a wake-up call... [February 17, 2009 review by T.H. Cate]
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