Nathan Lewis,

Gold: The Once and

Future Money


The Gold Standard: How Britain Made Itself — And The World — Rich

From 1880 to 1914, British  exports of goods and services  averaged around 30 percent of  national income, a stupendous  figure. Britain had made itself  rich; now it was setting about  making the entire world rich. This was made possible, of course, by the world gold standard centered around London and the Bank of England. Investors, importers,  and exporters did not have to worry about foreign exchange  fluctuations; tariffs within the  empire were low; and Britain's  legal system, which it exported  to its colonies, reduced the  legal and political  uncertainties. The Bank of England's commitment to the  gold standard was unwavering,  and as a result it was able to  hold together the world gold  standard with only a pittance of  gold in reserves.  ... For decade  after decade, hard money  stayed hard; exchange rates  stayed fixed; interest rates  remained low; and gold  remained the basis of it all.

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The Reagan Tax Cuts Worked

Thanks to "bracket creep," the inflation of the 1970s pushed millions of taxpayers into higher tax brackets even though their inflation-adjusted incomes were not rising. To help offset this tax increase and also to improve incentives to work, save, and invest, President Reagan proposed sweeping tax rate reductions during the 1980s. What happened? Total tax revenues climbed by 99.4 percent during the 1980s, and the results are even more impressive when looking at what happened to personal income tax revenues. Once the economy received an unambiguous tax cut in January 1983, income tax revenues climbed dramatically, increasing by more than 54 percent by 1989 (28 percent after adjusting for inflation).

 

-- Daniel J. Mitchell,

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