Jeff Bell on Budget & Economy


Restore the gold standard

Question topic: Free enterprise and the right to private property turn mankind's natural self interest into the fairest and most productive economic system there is, and are the key to national prosperity.

Bell: Strongly Agree.

Question topic: Briefly list political or legislative issues of most concern to you.

Bell: Giving back control of our money from the Federal Reserve to the people by restoring the gold standard.

Source: Faith2Action iVoterGuide on 2014 New Jersey Senate race , Sep 30, 2014

Market-led recovery instead of stimulus

Q: Do you support or oppose the statement, "Stimulus better than market-led recovery"?

A: Strongly oppose.

Source: Email interview for 2014 N.J. Senate race with OnTheIssues , Jul 1, 2014

Fed's zero interest rate policy extends Great Recession

Bell says voters have a question he can answer: Why is the economy still so bad? "Voters are not just upset about the economy," Bell said. "They were certainly upset, but they were also puzzled: why so few jobs are being created so long into a recovery."

"I offered an answer to that problem," he added. At the center of the economy's lackluster recovery, he said, is the Federal Reserve's zero interest rate policy, which he blames for the lack of job creation and for denying people the ability to save. The U.S. needs to undergo a "fundamental monetary reform," he said.

That belief is what prompted Bell to run again in the first place, he said. Since 1982, he has continued working on tax and monetary reform at a series of Washington DC-based think tanks and consultancies. "It just struck me that the whole cycle was going to go forward with no further debate on Fed policy unless I decided to come back to New Jersey and run," he said.

Source: The Wall Street Journal on 2014 New Jersey Senate race , Jun 4, 2014

Quantitative Easing causes inflation; erodes social contract

America was founded on the idea that hard work gets you ahead. But that social contract has withered away owing to dysfunctional government policy that favors the wealthy while necessitating huge budget deficits to provide a safety net large enough to support those left behind. Despite advances in technology that have improved the standard of living, it has become harder for working people to support a family and for young people to establish a career. The next NJ Senator must be a tireless advocate for solutions that restore the middle-class prosperity that was once a hallmark of this nation.

The most important hindrance to middle-class prosperity is the condition of the US dollar. Since 1994 it has lost over 1/3 of its value, and lost 10% in the last five years alone since the Federal Reserve began its "Quantitative Easing" program of creating new dollars. The effect of rising prices is felt everywhere: at the grocery store, the gas pump, in medical costs, and school tuition.

Source: 2014 Senate campaign website, Bell2014.com, "Issues" , May 2, 2014

Gold standard helps people & small business

Instead of serving the people, our money serves the federal government, whose trillion-dollar borrowing is the main cause of the Fed's money creation. To restore the money supply in the hands of the people, we need a dollar whose value is backed by gold. The gold standard is the proven way to encourage stable long-term prices and preserve limited government. This is why the Constitution in Article I, Section 10 directs Congress to "coin money" and "regulate the value thereof."

While Washington has gotten free financing from the Fed, everyone else has fallen behind.

This is the direct result of the Fed's policy of near zero interest rates, now in its 6th year. The suppression of interest rates below the market level has also broken down the traditional banking system, in which small businesses borrow from their local banks. The total value of all small bank business loans is approximately half of what it was when "zero interest rates" was adopted.

Source: 2014 Senate campaign website, Bell2014.com, "Issues" , May 2, 2014

Return to gold-dollar convertibility now

As a veteran of Ronald Reagan's gubernatorial & presidential campaigns, Bell clings to the antique notion that the purpose of a political campaign is to embody an idea & that a successful campaign can force the political class to take the idea seriously, no matter how far outside the mainstream.

"I'm a one-issue candidate," he says. "I don't really want to get into state issues. With no money, my only real opportunity is to be known for just one thing." So Bell, an eloquent and ardent pro-lifer, defense hawk, and foreign-policy interventionist, ties nearly every issue he's asked about back to the destructive power of paper money.

"Why is it so important to return to gold-dollar convertibility now?" his letter asked the unsuspecting Republican voters of New Jersey. "Things have gone too far for limited half measures to work." A return to the gold standard, he concedes, would of course result in higher interest rates, as the dollar sought its own level of value without direction from the Fed.

Source: Weekly Standard on 2014 New Jersey Senate race , Sep 1, 2013

Keynesianism is Marxism's mild-mannered nephew

Early in the 20th century, government ownership of the means of production and national economic planning were seen by Western elites as the cutting-edge path to modernization. This was due in part to the rise of Marxism.

The charisma of the Marxist left began to fade during the West's post-WWII economic recovery juxtaposed against the stagnation of Stalinism; but by the 1960s, Marxism's mild-mannered nephew, Keynesianism, had taken nearly complete control of elite economics, especially in the English-speaking world. Keynesianism tolerated private enterprise but argued that deficit spending and the creation of excess money were far more reliable drivers of large-scale ("macro") economic growth. These 2 stimulants had one thing in common: They are achievable only through the actions of governmental elites.

Policy elites in the 1960s "knew" that the solution to recession was a temporary dose of inflationary stimulus, and that the solution to inflation was to put a temporary brake on growth.

Source: The Case for Polarized Politics, by Jeff Bell, p. 52 , Mar 6, 2012

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