Magazine June 11, 2012, Issue

Monetary Regime Change

An old order fails

Twice in the last century, economic turmoil revealed the failure of a monetary regime and forced the West to abandon it for another. During the Great Depression of the 1930s one country after another abandoned the gold standard — a decision vindicated when they recovered in the same order. The inflation of the late 1960s and 1970s, meanwhile, persuaded most of the developed world’s central bankers to quit trying to “fine-tune” the real growth rate of the economy and instead concentrate on achieving price stability.

It is once again time for regime change. The crisis in Europe and our stagnation at

In This Issue

Articles

Politics & Policy

Canadian Crackdown

A considered and empathetic opposition to same-sex marriage has nothing to do with phobia or hatred, but that doesn’t stop Christians, conservatives, and anybody else who doesn’t take the fashionable line ...
Politics & Policy

Tea-Party Prequel

The three-plus years of the Obama administration have been something of a roller coaster for the Republican party and the broader conservative movement. On one hand there was Scott Brown’s ...
Politics & Policy

Getting Irreligion

There was a time when American politicians could condemn godless heathens almost anywhere in the country and expect nothing but lusty applause. Now, however, there are large swathes of the ...
Politics & Policy

Diverse Like Me

Once, not too long ago, when I was hiring writers for a television show, a network executive called me up. “We’re really hoping you’ll keep diversity in mind when you make ...

Features

Books, Arts & Manners

Politics & Policy

The Odd Couple

Both the subtitle of Richard Aldous’s book — “The Difficult Relationship” — and its foreword proclaim it to be an exercise in historical revisionism. Justifying this, he quotes Sir Nicholas ...
Politics & Policy

The Scholar

Bernard Lewis is far and away the single most influential commentator in the English language on the Muslim world past and present. In the course of a long lifetime, he ...
Politics & Policy

Running Deep

The problem awaiting any author seeking to define introversion is that, in essence, it is about not needing, and not particularly liking, people. This is a felony in America, so ...
Politics & Policy

Tame Tyrant

During the spring television season, my wife and I became strangely fascinated by the Manhattan real-estate agent Fredrik Eklund, who is featured prominently in Million Dollar Listing: New York, one ...
City Desk

In the Know

‘You are in the seat the cardinal sat in when we had dinner here.” We were three, expecting a fourth. The fourth would be a lady, so we had already ...

Sections

Politics & Policy

Letters

A Childish Question In “The Empty Playground and the Welfare State” (May 28), Ramesh Ponnuru proposes increasing the child tax credit. Much of the argument is compelling, but I found one ...
Politics & Policy

The Week

‐ A prisoner took 40 percent of the vote in a Democratic presidential primary against Obama. We see the makings of a John Edwards comeback. ‐ President Obama has renewed his ...
Athwart

To Boldly Politick

It’s one thing to read that scientists are working on teleportation devices. It’s quite another to learn they not only got one to work but beamed something 143 kilometers between ...
Happy Warrior

Eutopia, Limited

As the advanced social-democratic Big Government state sinks under a multi-trillion-dollar debt avalanche, the conventional wisdom remains all too conventional, and disinclined even to mount an argument. So much “progressive” ...

Most Popular

Culture

Equality and Envy

We are not the same. Neither men, nor women, nor races, nor ages, nor nationalities, nor in wealth, nor in training, nor in beauty. We are not equal in any way. And that is a reason to be proud and happy, because at the end of the day we are human and not the product of some factory. Let us once and for all ... Read More
Culture

Equality and Envy

We are not the same. Neither men, nor women, nor races, nor ages, nor nationalities, nor in wealth, nor in training, nor in beauty. We are not equal in any way. And that is a reason to be proud and happy, because at the end of the day we are human and not the product of some factory. Let us once and for all ... Read More

The Pollster Who Thinks Trump Is Ahead

The polling aggregator on the website RealClearPolitics shows the margin in polls led by Joe Biden in a blue font and the ones led by Donald Trump in red. For a while, the battleground states have tended to be uniformly blue, except for polls conducted by the Trafalgar Group. If you are a firm believer only in ... Read More

The Pollster Who Thinks Trump Is Ahead

The polling aggregator on the website RealClearPolitics shows the margin in polls led by Joe Biden in a blue font and the ones led by Donald Trump in red. For a while, the battleground states have tended to be uniformly blue, except for polls conducted by the Trafalgar Group. If you are a firm believer only in ... Read More
Elections

Biden Lies Again and Again

Joe Biden is a career liar and he lied some more in the debate, for instance when he dismissed the now well-supported New York Post story about Hunter Biden's business dealing as "a Russian plant." There is zero evidence for this. He offered this line: There are 50 former national intelligence folks who said ... Read More
Elections

Biden Lies Again and Again

Joe Biden is a career liar and he lied some more in the debate, for instance when he dismissed the now well-supported New York Post story about Hunter Biden's business dealing as "a Russian plant." There is zero evidence for this. He offered this line: There are 50 former national intelligence folks who said ... Read More