- Member of the Economic Advisory Board of the American Principles Project
- Pro to the question "Should the United States Return to a Gold Standard?"
“Forty years ago [in 1971] President Richard Nixon severed the final link between the dollar and gold. We have been living with the consequences of that colossal error ever since…
Since 1971 real economic expansion has averaged 2.9% a year – more than a full percentage point slower than the 4% growth rate during the post-World War II gold-standard period.
When compounded over 40 years, 1% slower growth under the paper dollar system has had a mind-boggling impact on our incomes and the size of the economy. At 3% growth the U.S. economy is about $8 trillion smaller than it would have been had we continued to experience the average growth rate prior to Nixon severing the link between the dollar and gold. That implies that median family income today would be about $70,000, or nearly 50% higher than it is today.
The dollar we use today is worth less than two dimes in buying power compared with the pre-Nixon dollar. And with little reason to believe that the dollar will maintain even this paltry value, the average American family is left with no meaningful way to save for its children’s education or its own retirement…
We have paid dearly for Nixon’s colossal error. But this abhorrent deviation from a sound dollar can be corrected. The country – and the world – awaits the political leader who truly understands that making the dollar as good as gold is vital to the prosperity, security and liberty of the American people, and who can therefore lead the country and the world forward to a 21st-century gold standard.”
“The Price of Abandoning the Gold Standard,” forbes.com, Sep. 12, 2011
- Theoretical Expertise Ranking:
Individuals with PhDs or equivalent advanced degrees in fields relevant to the gold standard. Also top-level government officials (such as foreign leaders, US presidents, Founding Fathers, Supreme Court Justices, members of legislative bodies, cabinet members, military leaders, etc.) with positions relevant to the gold standard.
- Involvement and Affiliations:
- Member, Economic Advisory Board, American Principles Project, 2010-present
- Columnist, Forbes
- Member, Board of Advisors, The Gold Standard Now
- Juror, Bastiat Prize for Journalism
- Founder, Community of Liberty
- Advisor, Engage America, 2011-2012
- Vice President of Product Development, Riversource Investments, 2008-2010
- President, Seligman Advisors, Inc., 2005-2008
- Director, Management Committee, J. & W. Seligman & Co. Incorporated, 2004-2008
- Managing Director, J. & W. Seligman & Co. Incorporated, 1992-2008
- Executive Committee member, Close-End Fund Association, 1999-2004
- Chief Investment Strategist, Sleigman Advisors, Inc., 1995-2004
- Senior Portfolio Manager, J. & W. Seligman & Co. Incorporated, 1992-1995
- Member, New Jersey State Advisory Committee to the US Commission on Civil Rights, 1990-1995
- Director of Equity Research, J. & W. Seligman & Co. Incorporated, 1986-1993
- Director of Research, A.B. Laffer Associates, 1979-1985
- MBA, International Economics and Finance, University of Chicago, 1974
- BA, Political Science, University of Illinois at Urbana-Champaign, 1968
- Columnist, Forbes.com
- Correspondent and Contributing Editor, Business Week magazine, 1972-1976
- Quoted in:
- Pro & Con Quotes: Should the United States Return to a Gold Standard?