Lewis E Lehrman
Money
Money and the Coming World Order: The Creation of International Monetary Order (New York University Press - 1976)
Today, national economic policy making is largely concerned with the problems of unemployment and inflation. More precisely, it is their simultaneous combination in nearly all Western economies which preoccupies policy makers. As these problems grow worse, the stakes rise higher. We know that either severe unemployment or sustained inflation, let alone both together, can be expected to have the most serious consequences for liberal democracy.

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Inflation and Civilization (January 26, 1977)
The very idea of civilization is unthinkable without the institution of money; the endurance and advance of the culture of the city is inextricably bound up with the soundness of its monetary institutions.

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The Origin of Money 4000 BC — 1700 AD (July 1, 1981)
It seems that money evolved through a historical process not unlike that of trial-and-error or natural selection. But money as we know it, standardized and certified coins, originated as an act of human creativity around 700 B.C. in the cradle of civilization—the Near East.

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Up, Up and Away! The U.S. Debt (Reader's Digest, September 1, 1977)
The runaway momentum of federal expenditures is threatening this country's very independence.

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Monetary Policy, the Federal Reserve System, and Gold (Morgan Stanley, Jan 29, 1980)
This essay presents the economic and political issues of the 1970's and 1980's, similar to the present, including the complex interrelationship between Federal Reserve Bank policy, inflationary expectations, the financial markets, and the price of gold.

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Gold is Not a 'Side Show' (The Wall Street Journal, February 20, 1980)
The lagged correlation between the rise and fall of Federal Reserve Bank credit and the rise and fall of gold is not perfect, but there is compelling association between the two. For example, almost every reacceleration of Federal Reserve Bank credit between January 1977 and January 1980 tends to be accompanied by an acceleration in the price of gold.

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Total Economic and Monetary Reform. Stop the Battle for Reagan's Soul. (The Wall Street Journal, June 16, 1980)
There is intellectual combat going on in Governor Reagan's camp. Some call it a struggle for Reagan's soul. The subtle arguments of the opposing sides make a battle ground of many editorial pages, for it is clear that Governor Reagan may be our next President.

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Real Money (Harpers, August 1, 1980)
The world economy of the nineteenth century was, above all, characterized by the gold standard. Each great power defined its currency by a weight unit of gold and guaranteed convertibility, at that rate, of cash into gold. The international gold standard was the impartial arbiter and balance wheel of the world financial system.

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The Case for the Gold Standard (The Wall Street Journal, July 30, 1981)
Under the gold standard, the immense national debt could be refinanced very long term at an interest rate of 5% or less, thus saving billions. The road to the BALANCED BUDGET is paved with the gold standard.

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The Case for the Gold Standard (Silver & Gold Report, March 1981)
This exclusive interview with Lewis Lehrman includes a thorough-going discussion of why he favors the gold standard, how to return to it, and what effect it would have on the economy.

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Time to Return to the Gold Standard? (U.S. News & World Report, Inc., September 7, 1981)
In these 'Pro and Con' interviews Lewis E. Lehrman discusses the wisdom of returning to a gold standard and defining the dollar's value in terms of gold.

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How to End Inflation (The Washington Post, January 18, 1981)
Inflation is the transcendent issue of our times. Inflation is to our generation what depression was to our grandparents. Inflation, if not stopped, will revolutionize our nation and its social institutions.

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The Means to Establishing Financial Order (The Wall Street Journal, February 18, 1981)
The true means by which to achieve the goal of a stable value for the dollar is a remobilized discount rate at the Federal Reserve Bank, joined to a true international gold standard.

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The Case for the Gold Standard (Morgan Stanley, May 1, 1981)
This interview includes reflections on the struggle for financial order including returning to a gold standard. Lewis Lehrman discusses the Republican platform and why the Reagan administration should accept the gold standard.

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A Glittering Economy (The Washington Post, July 22, 1981)
President Reagan was elected to end inflation and restore the economy. He is moving in that direction…but the economic program will not work without a BALANCED BUDGET and the GOLD STANDARD.

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Should We (and Could We) Return to the Gold Standard? (The New York Times, September 6, 1981)
President Reagan appointed a commission of 17 experts to review the issue of gold. Its specific task was to determine whether the metal should once again play a dominant role in the domestic and international monetary system.

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The Struggle for Financial Order in the Western World (1981)
A free people can have a nominal paper dollar; or they can have a real dollar, defined by its weight in gold, which is the historic American monetary standard. When we had a sound dollar, we had no serious inflation.

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If We Had 'Real' Money We Could Still Salvage the Reagan Revolution (The Washington Post, February 20, 1983)
The gold standard is unfashionable among the political, bureaucratic and academic elites. But so, until 1980, was President Reagan—and he won without them, because he was right. The gold standard will win out, too, because its efficacy is based upon its ineffable simplicity and practicality.

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Let's Talk Money at Williamsburg (The Wall Street Journal, May 11, 1983)
Only a world currency will work. That is why having national currencies convertible to gold—an international money—has worked in the past and will work again. Only the U.S. can take the lead.

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Lehrman Urges Return to Gold Standard (The Washington Times, 1983)
Lewis Lehrman talks with Washington Times columnist John Lofton about the Reagan administration's handling of monetary policy-and he tells what he would do to solve economic problems. This includes a program that would re-establish the gold monetary standard in the United States.

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Golden Antidote to High Interest (The Wall Street Journal, June 29, 1984)
Only the gold monetary standard can renew faith in the fixed value of all future money payments on borrowings (bonds, mortgages, stocks and other long-term financial contracts).

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Protectionism, Inflation, or Monetary Reform (Morgan Stanley, November, 1985)
This is the seventh in a series of strategic-issue essays by "good thinkers" that have been published on subjects ranging from gold, supply-side economics, to world debt problem. In this paper, Lehrman argues that the record of the last decade makes clear that floating exchange rates create monetary anarchy.

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To Move Forward, Go Back to Gold (The New York Times, February 9, 1986)
The damage inflicted on our workers and industries by the overvalued dollar has demonstrated that free trade without stable exchange rates is a fantasy. The argument for gold as a stable currency has rarely been stronger than it is today.

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Gold in a Global Multi-Asset Portfolio (Morgan Stanley, March 4, 1988)
Since gold is uncorrelated, rather than negatively correlated, with financial assets, it is not surprising that the addition of gold to a financial portfolio can have very different effects. This Investment Research Strategy paper discusses these effects.

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Whither Gold (Morgan Stanley, September 15, 1989)
This short research note discusses the forecast of gold in an investment portfolio including the relative under- or overvaluation of gold and U.S. equities.

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The Curse of Being a Reserve Currency (The Wall Street Journal, January 4, 1993)
For other countries to increase their foreign exchange reserves, the reserve currency country, the U.S., must purchase more wealth abroad than it sells—ie. run a balance-of-payments deficit. This demand for wealth, by the primary reserve currency country, without a matching supply causes inflation of either goods or securities prices—usually both in succession.

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Go Forward to Gold - How to Lift the Reserve Currency Curse (National Review, December 15, 2008)
The most disturbing aspect of the current financial crisis is that no U.S. official has correctly identified its primary cause. Ignored is the main culprit: the dollar's role as the world's main official reserve currency. Though he almost certainly doesn't realize it yet, President-elect Barack Obama will either set the dollar's reserve-currency status on the path to extinction or risk becoming the next victim of what we call "the reserve-currency curse."

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