David Stockman's Contra Corner

Upon his unfortunate appointment as Fed Chairman in August 1987, Alan Greenspan did not remotely follow the advice of his famous 1966 essay on the gold standard and the public finances. That is to say, he did not do what by that point was urgently necessary and storm into the Fed looking to shutdown its […]

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Attached is Alan Greenspan’s famous essay lamenting the demise of the gold standard and warning that fiat money would enable the endless growth of the Welfare State and Big Government. He was absolutely correct, of course, and to give testimony to this worldview, even as late as 1974 when he became Chairman of the Council […]

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The signs of a resurgent inflationary tide are everywhere. So it’s fair to say that the mindless money-printer who preceded the new Fed Chairman left Kevin Warsh with a great big pile of inflationary wood to chop. The fact is, our trusty 16% trimmed mean CPI has posted at or above 3.0% most of the […]

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When it comes to sound money, honest financial markets and sustainable free market prosperity in America, we have long been plagued with bad central bankers. That’s been especially true ever since Paul Volcker was unceremoniously retired in August 1987 by the easy money Texas Republicans who took over the Reagan White House during the Gipper’s […]

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If you don’t think the Donald inhabits an alternative universe—just set your mandibles loose to chomp on his most recent missive. According to history’s most gifted practitioner of the Art of the Deal, only one thing really counts with respect to his Paperless Invite for Iran to join yet another round of negotiations: Namely, making […]

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