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Congress takes up tariff legislation against China; Mundell advocates a global currency; Benko responds to North.

From Bloomberg, Jim Abrams reports Congress is proceeding with efforts to tariff China unless it revalues its currency.

In The NYT, Paul Krugman echoes Fred Bergsten’s call for punitive action against China. notes Robert Mundell advocating a global currency, starting with the dollar and euro and including the yuan.

On The Kudlow Report, Larry discusses China’s currency policy:


On Forbes, John Tamny applauds globalized trade.

The Gold Standard Institute features Ralph Benko’s response to Gary North’s attack on the classical gold standard.

In The Washington Times, Herman Cain outlines his tax reform initiative. Reader S. Rao writes in with the following observation:

Herman Cain, whom I didn’t think of supporting, had quite a revealing supply-side reference… today: “The capital gains tax is nothing more than a wall separating those with ideas from those with capital.”

*Very* similar to Jude Wanniski’s (from Laffer) wedge concept. I don’t think it is unrelated to Cain’s surprising vault to the top of the primary polling.

Another Wanniski concept Cain is implicitly endorsing is the difference between the incidence and the burden of a tax. The incidence of the cap gains tax is on the wealthy, but the burden is on the entrepreneur.

See Jude’s thoughts here.

As Wanniski always said: the electorate already knows the best economics.

The Cain rise probably explains the large drop in gold/$ price this week.

On Kudlow, Stephen Moore analyzes Chris Christie’s (NJ) electoral prospects: 


At NRO, Larry Kudlow remains bearish despite a positive manufacturing report.

In The WSJ, Stephen Moore profiles a South Dakota oil executive who claims the US has plenty of oil and natural gas.

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