Tax rates were cut, regulations were rolled back, but the part of Ronald Reagan’s original economic agenda that never got off the ground was re-establishing a dollar as good as gold. This was partly because Paul Volcker was so successful a Fed chairman that fundamental monetary reform came to seem less pressing. But enlightened statesmen are not always at the helm, and the case for gold or a gold-like monetary measure and standard deserves consideration once again. Newt Gingrich has said he’s willing to consider the case for gold, and he announced today that he would name TWS friends Lew Lehrman and Jim Grant to chair a proposed commission on gold. Move over, Bowles-Simpson; here comes Lehrman-Grant.
Here’s the campaign statement:
Gingrich Announces Intent to Name Lew Lehrman and Jim Grant Co-Chairs of Proposed Commission on Gold
Columbia, SC –Newt Gingrich issued the following statement in response to a letter from Lew Lehrman and Jim Grant supporting Gingrich’s call for a new Commission on Gold:
I appreciate receiving yesterday from Lew Lehrman and Jim Grant a draft agenda for the new Commission on Gold that I proposed this week. If elected, I intend to appoint Mr. Lehrman and Mr. Grant co-chairmen of a new Commission on Gold.
They are both distinguished students of monetary policy and long-time advocates of a return to hard money--a dollar as good as gold. Mr. Lehrman served on President Reagan's Gold Commission in the 1980s and is author of the 2011 book, The True Gold Standard: A Monetary Reform Plan Without Official Reserve Currencies. Mr. Grant is editor of the respected Wall Street investment letter Grant's Interest Rate Observer and was recently named by Congressman Ron Paul as his first choice for Chairman of the Federal Reserve.
I have had, and will continue to have, many strong disagreements with Congressman Paul during the campaign, but I believe he has made an important contribution in the field of monetary reform. While I am not presently committed to any one version of reform, if elected I will be eager to work with Lew Lehrman and Jim Grant in achieving a dollar that once again can hold its purchasing power for many decades to come.
The letter from Mr. Lehrman and Mr. Grant is available here.