Image 1	LineartPresRev.png
Image title 1	$1 Coin
Image 2	USDnotes.png
Image title 2	Federal Reserve Notes
Iso code	USD
Using countries	United States
Inflation rate	1.15%, August 2010
Inflation source date	inflationdata.com''
Inflation method	CPI
Subunit ratio 1	1/10
Subunit name 1	Dime
Subunit ratio 2	1/20
Subunit name 2	Nickel
Subunit ratio 3	1/100
Subunit name 3	Cent
Subunit ratio 4	1/1000
Subunit name 4	Mill (only used in accounting)
Symbol	$
Symbol subunit 2	¢
Nickname	Buck, paper, dead president, smacker, and greenback. Plural: dough, bread. Also, Washingtons, Jeffersons, Lincolns, Jacksons, Benjamins, Grants, and Hamiltons are used based on denomination; also peso in Puerto Rico, and piastre in Cajun Louisiana.
Frequently used coins	1¢, 5¢, 10¢, 25¢
Rarely used coins	50¢, $1
Coin article	Coins of the United States dollar
Frequently used banknotes	$1, $5, $10, $20, $50, $100
Rarely used banknotes	$2
Banknote article	Federal Reserve Note
Issuing authority	Federal Reserve System
Issuing authority website	www.federalreserve.gov
Printer	Bureau of Engraving and Printing
Printer website	www.moneyfactory.gov
Mint	United States Mint
Mint website	www.usmint.gov

The United States dollar (sign: $; code: USD) is the official currency of the United States of America. The U.S. dollar is normally abbreviated as the dollar sign, $, or as USD or US$ to distinguish it from other dollar-denominated currencies and from others that use the $ symbol. It is divided into 100 cents.

The U.S. dollar is the currency most used in international transactions and is one of the world's reserve currencies. Several countries use it as their official currency, in many others it is the de facto currency, and it is also used as the sole currency in some British Overseas Territories.

Overview

The Constitution of the United States of America provides that the United States Congress shall have the power "To coin Money". Laws implementing this power are currently codified in Section 5112 of Title 31 of the United States Code. Section 5112 provides that United States dollars shall be issued in two forms: (1) a coin made of a copper alloy and (2) a coin made of pure silver. Those coins are both designated in Section 5112 as "legal tender" in payment of debts. That provision of the Constitution is made specific by Section 331 of Title 31 of the United States Code. The sums of money reported in the "Statements" are currently being expressed in U.S. dollars (for example, see the 2009 Financial Report of the United States Government). The U.S. dollar may therefore be described as the unit of account of the United States.

The word "dollar" is one of the words in the first paragraph of of Article 1 of the U.S. Constitution. In that context, "dollars" is a reference to the Spanish milled dollar, a coin that had a monetary value of 8 Spanish units of currency, or reales. In 1792 the U.S. Congress adopted legislation titled An act establishing a mint, and regulating the Coins of the United States. Section 9 of that act authorized the production of various coins, including "DOLLARS OR UNITS—each to be of the value of a Spanish milled dollar as the same is now current, and to contain three hundred and seventy-one grains and four sixteenth parts of a grain of pure, or four hundred and sixteen grains of standard silver". Section 20 of the act provided, "That the money of account of the United States shall be expressed in dollars, or units... and that all accounts in the public offices and all proceedings in the courts of the United States shall be kept and had in conformity to this regulation". In other words, this act designated the United States dollar as the unit of currency of the United States.

The U.S. dollar bill uses the decimal system, consisting of 100 equal cents (symbol ¢). In another division, there are 1,000 mills or ten dimes to a dollar, or 4 quarters to a dollar. However, only cents are in everyday use as divisions of the dollar; "dime" is used solely as the name of the coin with the value of 10¢, while "eagle" and "mill" are largely unknown to the general public, though mills are sometimes used in matters of tax levies and gasoline prices. When currently issued in circulating form, denominations equal to or less than a dollar are emitted as U.S. coins while denominations equal to or greater than a dollar are emitted as Federal Reserve notes (with the exception of gold, silver and platinum coins valued up to $100 as legal tender, but worth far more as bullion). Both one-dollar coins and notes are produced today, although the note form is significantly more common. In the past, "paper money" was occasionally issued in denominations less than a dollar (fractional currency) and gold coins were issued for circulation up to the value of $20 (known as the "double eagle," discontinued in the 1930s). The term eagle was used in the Coinage Act of 1792 for the denomination of ten dollars, and subsequently was used in naming gold coins. In 1854, James Guthrie, then Secretary of the Treasury, proposed creating $100, $50 and $25 gold coins, which were referred to as a "Union," "Half Union," and "Quarter Union," thus implying a denomination of 1 Union = $100. Today, USD notes are made from cotton fiber paper, unlike most common paper, which is made of wood fiber. U.S. coins are produced by the United States Mint. U.S. dollar banknotes are printed by the Bureau of Engraving and Printing, and, since 1914, have been issued by the Federal Reserve. The "large-sized notes" issued before 1928 measured by ; small-sized notes, introduced that year, measure by by .

Etymology

In the 16th century, Count Hieronymus Schlick of Bohemia began minting coins known as Joachimstalers (from German thal, or nowadays usually Tal, "valley", cognate with "dale" in English), named for Joachimstal, the valley where the silver was mined (St. Joachim's Valley, now Jáchymov; then part of the Holy Roman Empire, now part of the Czech Republic). Joachimstaler was later shortened to the German Taler, a word that eventually found its way into Danish and Swedish as daler, Dutch as daalder, Ethiopian as talari, Italian as tallero, Flemish as daelder, and English as dollar.

Another explanation is that this symbol for peso was the result of a late 18th-century evolution of the scribal abbreviation "p^s." The p and the s eventually came to be written over each other giving rise to $.

A fictional possibility suggested is that the dollar sign is the capital letters U and S typed one on top of the other. This theory, popularized by novelist Ayn Rand in Atlas Shrugged, does not consider the fact that the symbol was already in use before the formation of the United States.

History

.]] The first dollar coins issued by the United States Mint (founded 1792) were similar in size and composition to the Spanish dollar. The Spanish, U.S. silver dollars, and Mexican silver pesos circulated side by side in the United States, and the Spanish dollar and Mexican peso remained legal tender until 1857. The coinage of various English colonies also circulated. The lion dollar was popular in the Dutch New Netherland Colony (New York), but the lion dollar also circulated throughout the English colonies during the 17th century and early 18th century. Examples circulating in the colonies were usually worn so that the design was not fully distinguishable, thus they were sometimes referred to as "dog dollars".

The U.S. dollar was created and defined by the Coinage Act of 1792. It specified a "dollar" to be based in the Mexican peso at 1 dollar per peso and between 371 and of silver (depending on purity) and an 'eagle" to be between 247 and of gold (again depending on purity). The choice of the value 371 grains arose from Alexander Hamilton's decision to base the new American unit on the average weight of a selection of worn Spanish dollars (and later Mexican peso). Hamilton got the treasury to weigh a sample of Spanish dollars and the average weight came out to be 371 grains. A new Spanish dollar was usually about 377 grains in weight, and so the new U.S. dollar was at a slight discount in relation to the Spanish dollar. The gold equivalent of the Spanish dollar in sterling was ₤1 = $4.80, whereas the gold equivalent of the U.S. dollar was ₤1 = 4.86⅔. This exchange rate with sterling remained right up until Britain abandoned the gold standard in 1931.

The Coinage Act of 1792 set the value of an eagle at 10 dollars, and the dollar at 1/10th eagle. It called for 90% silver alloy coins in denominations of 1, 1/2, 1/4, 1/10, and 1/20 dollars; it called for 90% gold alloy coins in denominations of 1, 1/2, 1/4, and 1/10 eagles.

The value of gold or silver contained in the dollar was then converted into relative value in the economy for the buying and selling of goods. This allowed the value of things to remain fairly constant over time, except for the influx and outflux of gold and silver in the nation's economy.

The early currency of the USA did not exhibit faces of presidents, as is the custom now. In fact, George Washington was against having his face on the currency, a practice he compared to the policies of European monarchs. The currency as we know it today did not get the faces they currently have until after the early 20th century; before that "heads" side of coinage used profile faces and striding, seated, and standing figures from Greek and Roman mythology and composite native Americans. The last coins to be converted to profiles of historic Americans were the dime (1946) and the Dollar (1971).

For articles on the currencies of the colonies and states, see Connecticut pound, Delaware pound, Georgia pound, Maryland pound, Massachusetts pound, New Hampshire pound, New Jersey pound, New York pound, North Carolina pound, Pennsylvania pound, Rhode Island pound, South Carolina pound and Virginia pound.

Continental currency

In 1775, the United States and the individual states began issuing "Continental Currency" denominated in Spanish dollars and (for the issues of the states) the £sd currencies of the states. The dollar was valued relative to the states' currencies at the following rates:

{|class="wikitable" |- ! style="width:450pt;"|State !Value of Dollarin State Currency |- |Georgia |align=center|5 Shillings |- |Connecticut, Massachusetts, New Hampshire, Rhode Island, Virginia |align=center|6 Shillings |- |Delaware, Maryland, New Jersey, Pennsylvania |align=center|7½ Shillings |- |New York, North Carolina |align=center|8 Shillings |- |South Carolina |align=center|32½ Shillings |}

The continental currency suffered from printing press inflation and was replaced by the silver dollar at the rate of 1 silver dollar = 1000 continental dollars.

Silver and gold standards

From 1792, when the Mint Act was passed, the dollar was pegged to silver at 371.25 grains (24.056 g), or of gold. Many historians erroneously assume gold was standardized at a fixed rate in parity with silver, however there is no evidence of Congress making this law. This has to do with Alexander Hamilton's suggestion to Congress of a fixed 15:1 ratio of silver to gold, respectively. The gold coins that were minted however, were not given any denomination whatsoever and traded for a market value relative to the Congressional standard of the silver dollar. 1834 saw a shift in the gold standard to , followed by a slight adjustment to in 1837 (16:1 ratio).

In 1862, paper money was issued without the backing of precious metals, due to the Civil War. Silver and gold coins continued to be issued and in 1878 the link between paper money and coins was reinstated. This disconnection from gold and silver backing also occurred during the War of 1812. The use of paper money not backed by precious metals had also occurred under the Articles of Confederation from 1777 to 1788. With no solid backing and being easily counterfeited, the continentals quickly lost their value, giving rise to the phrase "not worth a continental". This was a primary reason for the "No state shall... make any thing but gold and silver coin a tender in payment of debts" clause in article 1, section 10 of the United States Constitution.

The Gold Standard Act of 1900 abandoned the bimetallic standard and defined the dollar as of gold, equivalent to setting the price of 1 troy ounce of gold at $20.67. Silver coins continued to be issued for circulation until 1964, when all silver was removed from dimes and quarters, and the half dollar was reduced to 40% silver. Silver half dollars were last issued for circulation in 1969.

Gold coins were confiscated in 1933 and the gold standard was changed to , equivalent to setting the price of 1 troy ounce of gold at $35. This standard persisted until 1968. Between 1968 and 1975, a variety of pegs to gold were put in place. The price was at $42.22 per ounce before August 15, 1971 saw the U.S. dollar freely float on currency markets.

According to the Bureau of Engraving and Printing, the largest note it ever printed was the $100,000 Gold Certificate, Series 1934. These notes were printed from December 18, 1934 through January 9, 1935, and were issued by the Treasurer of the United States to Federal Reserve Banks only against an equal amount of gold bullion held by the Treasury. These notes were used for transactions between Federal Reserve Banks and were not circulated among the general public.

Coins

Official United States coins have been produced every year from 1792 to the present.

Half-cent 1792 - 1857

Penny 1793–present

2-cent 1864–1873

3-cent 1851-1873

Half Dime 1792-1873 (Not to be confused with the Nickel below also worth 5 cents)

Nickel 1866–present

Dime 1792–present

20-cent 1875-1878

Quarter 1796–present

Half dollar 1794–present

Dollar coin 1794–present

Quarter Eagle ($2.5 gold coin) 1792-1929

Three-dollar piece 1854-1889

Half Eagle ($5 gold coin) 1795-1929

Eagle ($10 gold coin) 1795-1929

Double Eagle ($20 gold coin) 1850-1933

Collector coins for which everyday transactions are non-existent.

American Eagles originally were not available from the Mint for individuals but had to be purchased from authorized dealers. In 2006 The Mint began direct sales to individuals of uncirculated bullion coins with a special finish, and bearing a "W" mintmark.

: * American Silver Eagle $1 (1 troy ounce) silver bullion coin 1986-Present : * American Gold Eagle $5 (1/10 troy oz), $10 (1/4 troy oz), $25 (1/2 troy oz), and $50 (1/4 troy oz) Gold bullion coin 1986-Present : * American Platinum Eagle ($10, $25, $50, and $100 platinum coin) 1997–present

United States commemorative coins - special issue coins

: * $50.00 (Half Union) 1915 : * Presidential Proofs (see below) 2007-present

Technically, all these coins are still legal tender at face value, though some are far more valuable today for their numismatic value, and for gold and silver coins, their precious metal value. From 1965 to 1970 the Kennedy half dollar was the only circulating coin with any silver content though the Mint still makes what it calls Silver Proof sets for collectors.

In addition, an experimental $4.00 (Stella) coin was also minted, but never placed into circulation and is properly considered to be a pattern rather than an actual coin denomination.

The $50 coin mentioned was only produced in 1915 for the Panama-Pacific International Exposition (1915) celebrating the opening of the Panama Canal. Only 1,128 were made, 645 of which were octagonal; this remains the only U.S. coin that was not round as well as the largest and heaviest U.S. coin ever.

From 1934 to present the only denominations produced for circulation have been the familiar penny, nickel, dime, quarter, half dollar and dollar. The nickel is the only coin still in use today that is essentially unchanged (except in its design) from its original version. Every year since 1866, the nickel has been 75% copper and 25% nickel, except for 4 years during World War II when nickel was needed for the war.

Collector coins

The United States Mint produces Proof Sets specifically for collectors and speculators. Silver Proofs tend to be the standard designs but with the dime, quarter, half dollar, and in some cases the dollar having silver content. Another type of proof set is the Presidential Dollar Proof Set where four special $1 coins are minted each featuring a president.

2007 had George Washington, John Adams, Thomas Jefferson, and James Madison

2008 had James Monroe, John Quincy Adams, Andrew Jackson, and Martin Van Buren

2009 had William Henry Harrison, John Tyler, James K. Polk, and Zachary Taylor

2010 has Millard Fillmore, Franklin Pierce, James Buchanan, and Abraham Lincoln

2011 is to have Andrew Johnson, Ulysses S. Grant, Rutherford B. Hayes, and James A. Garfield

Dollar coins

The first United States dollar was minted in 1794. Known as the Flowing Hair Dollar, it contained 416 grains of "standard silver" (89.25% silver and 10.75% copper), as specified by Section 13 of the Coinage Act of 1792. It was designated by Section 9 of that Act as having "the value of a Spanish milled dollar".

Dollar coins have not been very popular in the United States. Silver dollars were minted intermittently from 1794 through 1935; a copper-nickel dollar of the same large size, featuring President Dwight D. Eisenhower, was minted from 1971 through 1978. Gold dollars were also minted in the 19th century. The Susan B. Anthony dollar coin was introduced in 1979; these proved to be unpopular because they were often mistaken for quarters, due to their nearly equal size, their milled edge, and their similar color. Minting of these dollars for circulation was suspended in 1980 (collectors' pieces were struck in 1981), but, as with all past U.S. coins, they remain legal tender. As the number of Anthony dollars held by the Federal Reserve and dispensed primarily to make change in postal and transit vending machines had been virtually exhausted, additional Anthony dollars were struck in 1999. In 2000, a new $1 coin, featuring Sacagawea, (the Sacagawea dollar) was introduced, which corrected some of the mistakes of the Anthony dollar by having a smooth edge and a gold color, without requiring changes to vending machines that accept the Anthony dollar. However, this new coin has failed to achieve the popularity of the still-existing $1 bill and is rarely used in daily transactions. The failure to simultaneously withdraw the dollar bill and weak publicity efforts have been cited by coin proponents as primary reasons for the failure of the dollar coin to gain popular support. There are indications that the dollar coin's failure was also due to the reluctance of armored transport companies to make the necessary adjustments to handle the new coins, and the government's reluctance to mandate it. The result of the armored carriers' unwillingness to handle the new coins was that they virtually never reached merchants in quantities sufficient to be given out as change on a routine basis, or for retail clerks to become used to handling them.

In February 2007, the U.S. Mint, under the Presidential $1 Coin Act of 2005, introduced a new $1 U.S. Presidential dollar coin. Based on the success of the "50 State Quarters" series, the new coin features a sequence of presidents in order of their inaugurations, starting with George Washington, on the obverse side. The reverse side features the Statue of Liberty. To allow for larger, more detailed portraits, the traditional inscriptions of "E Pluribus Unum," "In God We Trust," the year of minting or issuance, and the mint mark will be inscribed on the edge of the coin instead of the face. This feature, similar to the edge inscriptions seen on the British £1 coin, is not usually associated with U.S. coin designs. The inscription "Liberty" has been eliminated, with the Statue of Liberty serving as a sufficient replacement. In addition, due to the nature of U.S. coins, this will be the first time there will be circulating U.S. coins of different denominations with the same President featured on the obverse (heads) side. (Lincoln/penny, Jefferson/nickel, Franklin D. Roosevelt/dime, Washington/quarter and Kennedy/half dollar.) Another unusual fact about the new $1 coin is Grover Cleveland will have two coins with his portrait issued due to the fact he was the only U.S. President to be elected to two non-consecutive terms.

Early releases of the Washington coin included error coins shipped primarily from the Philadelphia mint to Florida and Tennessee banks. Highly sought after by collectors, and trading for as much as $850 each within a week of discovery, the error coins were identified by the absence of the edge impressions "E PLURIBUS UNUM IN GOD WE TRUST 2007 P". The mint of origin is generally accepted to be mostly Philadelphia, although identifying the source mint is impossible without opening a mint pack also containing marked units. Edge lettering is minted in both orientations with respect to "heads", some amateur collectors were initially duped into buying "upside down lettering error" coins. Some cynics also erroneously point out that the Federal Reserve makes more profit from dollar bills than dollar coins because they wear out in a few years, whereas coins are more permanent. The fallacy of this argument arises because new notes printed to replace worn out notes which have been withdrawn from circulation bring in no net revenue to the government to offset the costs of printing new notes and destroying the old ones. As most vending machines are incapable of making change in banknotes, they commonly accept only $1 bills, though a few will give change in dollar coins.

Mint marks

Most U.S. coins bear a mint mark as part of the design, usually found on the front of the coin near the date although in the past it was more commonly found on the reverse. The Philadelphia Mint issues coins bearing a letter P (or no mark at all), while the Denver Mint uses a letter D. The San Francisco Mint uses an S, though no coins have been released from that mint for general circulation since 1980. It does, however, continue to strike proof coins for collectors. The West Point Mint uses a W, though this is rarely seen as the West Point mint generally only makes high denomination coins (with face values over $1.00) which are not meant for everyday use. A CC mark, for the Carson City Mint, was used for a short time in the mid-19th century, but the mint at that location was only a temporary establishment. The New Orleans Mint used a mint mark O. It operated from the 1830s until the American Civil War, and again from 1879 to 1909. The letter D was also used for coinage of the Dahlonega Mint from 1837 to 1861, and C was used for the Charlotte Mint during the same timespan. The latter two mints struck gold coins only.

Banknotes

The U.S. Constitution provides that Congress shall have the power to "borrow money on the credit of the United States". Congress has exercised that power by authorizing Federal Reserve Banks to issue Federal Reserve Notes. Those notes are "obligations of the United States" and "shall be redeemed in lawful money on demand at the Treasury Department of the United States, in the city of Washington, District of Columbia, or at any Federal Reserve bank." Federal Reserve Notes are designated by law as "legal tender" for the payment of debts. Congress has also authorized the issuance of more than 10 other types of banknotes, including the United States Note and the Federal Reserve Bank Note. The Federal Reserve Note is the only type that remains in circulation since the 1970s.

Currently printed denominations are $1, $2, $5, $10, $20, $50, and $100. Notes above the $100 denomination ceased being printed in 1946 and were officially withdrawn from circulation in 1969. These notes were used primarily in inter-bank transactions or by organized crime; it was the latter usage that prompted President Richard Nixon to issue an executive order in 1969 halting their use. With the advent of electronic banking, they became less necessary. Notes in denominations of $500, $1,000, $5,000, $10,000, and $100,000 were all produced at one time; see large denomination bills in U.S. currency for details. These notes are now collector's items and are worth more than their face value to collectors.

Though still predominantly green, post-2004 series incorporate other colors to better distinguish different denominations. As a result of a 2008 decision in an accessibility lawsuit filed by the American Council of the Blind, the Bureau of Engraving and Printing is planning to implement a raised tactile feature in the next redesign of each note, except the $1 (which it is by law not allowed to redesign) and the version of the $100 bill already in process. It also plans larger, higher-contrast numerals, more color differences, and distribution of currency readers to assist the visually impaired during the transition period.

Means of issue

Currently, the US government maintains over 800 billion US dollars in cash money (primarily Federal Reserve Notes) in circulation. The amount of cash in circulation is increased (or decreased) by the actions of the Federal Reserve System. Eight times a year, the 12-person Federal Open Market Committee meet to determine US monetary policy. Every business day, the Federal Reserve System engages in Open market operations to carry out that monetary policy. If the Federal Reserve desires to increase the money supply, it will buy securities (such as US Treasury Bonds) anonymously from banks in exchange for dollars. Conversely, it will sell securities to the banks in exchange for dollars, to take dollars out of circulation.

When the Federal Reserve makes a purchase, it credits the seller's reserve account (with the Federal Reserve). This money is not transferred from any existing funds – at this point that the Federal Reserve has created new high-powered money. Commercial banks can freely withdraw in cash any excess reserves from their reserve account at the Federal Reserve. To fulfill those requests, the Federal Reserve places an order for printed money from the US Treasury Department. The Treasury Department in turn sends these requests to the Bureau of Engraving and Printing (to print new dollar bills) and the Bureau of the Mint (to stamp the coins).

Usually, the short term goal of open market operations is to achieve a specific short term interest rate target. In other instances, monetary policy might instead entail the targeting of a specific exchange rate relative to some foreign currency or else relative to gold. For example, in the case of the USA the Federal Reserve targets the federal funds rate, the rate at which member banks lend to one another overnight. The other primary means of conducting monetary policy include: (i) Discount window lending (as lender of last resort); (ii) Fractional deposit lending (changes in the reserve requirement); (iii) Moral suasion (cajoling certain market players to achieve specified outcomes); (iv) "Open mouth operations" (talking monetary policy with the market).

Value

{|class="wikitable" style="text-align:left;" |+ Buying power of one U.S. dollar compared to 1774 USD |- ! Year  !style="width: 40pt; font-size: 95%;"| Equivalent  buying power

! Year  !style="width: 40pt; font-size: 95%;"| Equivalent  buying power

! Year  !style="width: 40pt; font-size: 95%;"| Equivalent  buying power |- |1774|| $1.00||1860|| $0.97||1950|| $0.33 |- |1780|| $0.59||1870|| $0.62||1960|| $0.26 |- |1790|| $0.89||1880|| $0.79||1970|| $0.20 |- |1800|| $0.64||1890|| $0.89||1980|| $0.10 |- |1810|| $0.66||1900|| $0.96||1990|| $0.06 |- |1820|| $0.69||1910|| $0.85||2000|| $0.05 |- |1830|| $0.88||1920|| $0.39||2007|| $0.04 |- |1840|| $0.94||1930|| $0.47||2008|| $0.04 |- |1850|| $1.03||1940|| $0.56||2009|| $0.04 |}

The 5th paragraph of Section 8 of Article 1 of the U.S. Constitution provides that the U.S. Congress shall have the power to "coin money" and to "regulate the value" of domestic and foreign coins. Congress exercised those powers when it enacted the Coinage Act of 1792. That Act provided for the minting of the first U.S. dollar and it declared that the U.S. dollar shall have "the value of a Spanish milled dollar as the same is now current".

The table to the right shows the equivalent amount of goods that, in a particular year, could be purchased with $1. The table shows that from 1774 through 2009 the U.S. dollar has lost about 96.4% of its buying power.

The decline in the value of the U.S. dollar corresponds to price inflation, which is a rise in the general level of prices of goods and services in an economy over a period of time. A consumer price index (CPI) is a measure estimating the average price of consumer goods and services purchased by households. The United States Consumer Price Index, published by the Bureau of Labor Statistics, is a measure estimating the average price of consumer goods and services in the United States. It reflects inflation as experienced by consumers in their day-to-day living expenses. A graph showing the U.S. CPI relative to 1982-1984 and the annual year-over-year change in CPI is shown at right.

The value of the U.S. dollar declined significantly during wartime, especially during the American Civil War, World War I, and World War II. The Federal Reserve, which was established in 1913, was designed to furnish an "elastic" currency subject to "substantial changes of quantity over short periods," which differed significantly from previous forms of high-powered money such as gold, national bank notes, and silver coins. Over the very long run, the prior gold standard kept prices stable - for instance, the price level and the value of the U.S. dollar in 1914 was not very different from the price level in the 1880s. The Federal Reserve initially succeeded in maintaining the value of the U.S. dollar and price stability, reversing the inflation caused by the First World War and stabilizing the value of the dollar during the 1920s, before presiding over a 30% deflation in U.S. prices in the 1930s.

Under the Bretton Woods system established after World War II, the value of the U.S. dollar was fixed to $35 per ounce, and the value of the U.S. dollar was thus anchored to the value of gold. Rising government spending in the 1960s, however, led to doubts about the ability of the United States to maintain this convertibility, gold stocks dwindled as banks and international investors began to convert dollars to gold, and as a result the value of the dollar began to decline. Facing an emerging currency crisis and the imminent danger that the United States would no longer be able to redeem dollars for gold, gold convertibility was finally terminated in 1971 by President Nixon, resulting in the "Nixon shock."

The value of the U.S. dollar was therefore no longer anchored to gold, and it fell upon the Federal Reserve to maintain the value of the U.S. currency. The Federal Reserve, however, continued to increase the money supply, resulting in stagflation and a rapidly declining value of the U.S. dollar in the 1970s. This was largely due to the prevailing economic view at the time that inflation and real economic growth were linked (the Phillips curve), and so inflation was regarded as relatively benign.

There is ongoing debate about whether central banks should target zero inflation (which would mean a constant value for the U.S. dollar over time) or low, stable inflation (which would mean a continuously but slowly declining value of the dollar over time, as is the case now). Although some economists are in favor of a zero inflation policy and therefore a constant value for the U.S. dollar,

International use

: Note that the Belarusian ruble is pegged to the Euro, Russian Ruble, and U.S. Dollar in a currency basket.]]

The dollar is also used as the standard unit of currency in international markets for commodities such as gold and petroleum (the latter sometimes called petrocurrency is the source of the term petrodollar). Some non-U.S. companies dealing in globalized markets, such as Airbus, list their prices in dollars.

The U.S. dollar is the world's foremost reserve currency. In addition to holdings by central banks and other institutions, there are many private holdings, which are believed to be mostly in one-hundred-dollar banknotes (indeed, most American banknotes actually are held outside the United States). All holdings of U.S.-dollar bank deposits held by non-residents of the United States are known as "eurodollars" (not to be confused with the euro), regardless of the location of the bank holding the deposit (which may be inside or outside the U.S.).

Economist Paul Samuelson and others (including, at his death, Milton Friedman) have maintained that the overseas demand for dollars allows the United States to maintain persistent trade deficits without causing the value of the currency to depreciate or the flow of trade to readjust. But Samuelson recently has said he now believes that at some uncertain future period these pressures will precipitate a run against the U.S. dollar with serious global financial consequences.

The dollar as international reserve currency

The U.S. dollar is an important international reserve currency along with the euro. The euro inherited this status from the German mark, and since its introduction, has increased its standing considerably, mostly at the expense of the dollar. Despite the dollar's recent losses to the euro, it is still by far the major international reserve currency, with an accumulation more than double that of the euro.

In August, 2007, two scholars affiliated with the government of the People's Republic of China threatened to sell its substantial reserves in American dollars in response to American legislative discussion of trade sanctions designed to revalue the Chinese yuan. The Chinese government denied that selling dollar-denominated assets would be an official policy in the foreseeable future.

Former Federal Reserve Chairman Alan Greenspan said in September 2007 that the euro could replace the U.S. dollar as the world's primary reserve currency. It is "absolutely conceivable that the euro will replace the dollar as reserve currency, or will be traded as an equally important reserve currency."

U.S. Dollar Index

The U.S. Dollar Index (Ticker: DXY) is the creation of the New York Board of Trade (NYBOT). It was established in 1973 for tracking the value of the USD against a basket of currencies, which, at that time, represented the largest trading partners of the United States. It began with 17 currencies from 17 nations, but the launch of the euro subsumed 12 of these into one, so the USDX tracks only six currencies today.

{|class="wikitable" |- | Euro || 57.6% |- | Japanese yen || 13.6% |- | Pound sterling || 11.9% |- | Canadian dollar || 9.1% |- | Swedish krona || 4.2% |- | Swiss franc || 3.6% |- |colspan="2"|Source: NYBOT, " US Dollar Index", pg.3 (PDF) |}

The Index is described by the NYBOT as "a trade weighted geometric average". The baseline of 100.00 on the USDX was set at its launch in March 1973. This event marks the watershed between the wider margins arrangement of the Smithsonian regime and the period of generalized floating that led up to the Second Amendment of the Articles of Agreement of the IMF. Since 1973, the USDX has climbed as high as the 160s and drifted as low as the 70s.

The USDX has not been updated to reflect new trading realities in the global economy, where the bulk of trade has shifted strongly towards new partners like China and Mexico and oil-exporting countries while the United States has de-industrialized.

Dollarization and fixed exchange rates

Other nations besides the United States use the U.S. dollar as their official currency, a process known as official dollarization. For instance, Panama has been using the dollar alongside the Panamanian balboa as the legal tender since 1904 at a conversion rate of 1:1. Ecuador (2000), El Salvador (2001), and East Timor (2000) all adopted the currency independently. The former members of the U.S.-administered Trust Territory of the Pacific Islands, which included Palau, the Federated States of Micronesia, and the Marshall Islands, chose not to issue their own currency after becoming independent, having all used the U.S. dollar since 1944. Two British dependencies also use the U.S. dollar: the British Virgin Islands (1959) and Turks and Caicos Islands (1973). The islands Bonaire, Sint Eustatius and Saba have adopted the dollar on January 1, 2011 as a result of the dissolution of the Netherlands Antilles.

Some countries that have adopted the U.S. dollar issue their own coins: See Ecuadorian centavo coins, Panamanian Balboa and East Timor centavo coins.

Some other countries link their currency to U.S. dollar at a fixed exchange rate. The local currencies of Bermuda and the Bahamas can be freely exchanged at a 1:1 ratio for USD. Argentina used a fixed 1:1 exchange rate between the Argentine peso and the U.S. dollar from 1991 until 2002. The currencies of Barbados and Belize are similarly convertible at an approximate 2:1 ratio. The Netherlands Antillean guilder (and its successor the Caribbean guilder) as well as the Aruban florin are pegged to the Dollar at a fixed rate of 1:1.79. In Lebanon, one dollar is equal to 1500 Lebanese pound, and is used inter­changeably with local currency as de facto legal tender. The exchange rate between the Hong Kong dollar and the United States dollar has also been linked since 1983 at HK$7.8/USD, and pataca of Macau, pegged to Hong Kong dollar at MOP1.03/HKD, indirectly linked to the U.S. dollar at roughly MOP8/USD. Several oil-producing Arab countries on the Persian Gulf, including Saudi Arabia, peg their currencies to the dollar, since the dollar is the currency used in the international oil trade.

The People's Republic of China's renminbi was informally and controversially pegged to the dollar in the mid-1990s at ¥ 8.28/USD. Likewise, Malaysia pegged its ringgit at RM3.8/USD in 1997. On July 21, 2005 both countries removed their pegs and adopted managed floats against a basket of currencies. Kuwait did likewise on May 20, 2007, and Syria did likewise in July 2007. However, after three years of slow appreciation, the Chinese yuan has been de facto re-pegged to the dollar since July 2008 at a value of ¥6.83/USD; although no official announcement had been made, the yuan has remained around that value within a narrow band since then, similar to the Hong Kong dollar.

Belarus, on the other hand, pegged its currency, the Belarusian ruble, to a basket of foreign currencies (U.S. dollar, euro and Russian ruble) in 2009.

In some countries such as Peru and Uruguay, the USD is commonly accepted although not officially regarded as a legal tender. In Mexico's border area and major tourist zones, it is accepted as if it were a second legal currency. Many Canadian merchants also accept U.S. dollars, albeit sometimes only at face value. In Cambodia, U.S. notes circulate freely and are preferred over the Cambodian riel for large purchases, with the riel used for change to break 1 USD. After the U.S. invasion of Afghanistan, U.S. dollars are accepted as if it were legal tender. Prices of most big ticket items such as houses and cars are set in U.S. dollars.

Dollar versus euro

-USD exchange rate, 1999-2010]]

Not long after the introduction of the euro (€ ; ISO 4217 code EUR) as a cash currency in 2002, the dollar began to depreciate steadily in value, as it did against other major currencies. From 2003 to 2005, this depreciation continued, reflecting a widening current account deficit. Although the current account deficit began to stabilize in 2006 and 2007, depreciation persisted. and again in March 2008, sending the euro to a record high of $1.6038, reached in July 2008.

In addition to the trade deficit, the U.S. dollar's decline was linked to a variety of other factors, including a major spike in oil prices. Economists such as Alan Greenspan suggested that another reason for the decline of the dollar was its decreasing role as a major reserve currency. Chinese officials signaled plans to diversify the nation's $1.9 trillion reserve in response to a falling U.S. currency which also set the dollar under pressure.

However, a sharp turnaround began in late 2008 with the onset of the global financial crisis. As investors sought out safe-haven investments in U.S. treasuries and Japanese government bonds from the financial turmoil, the Japanese yen and United States dollar sharply rose against other currencies, including the euro. At the same time, however, many countries such as China, India and Russia announced their intentions to diversify their foreign reserve portfolios away from the U.S. dollar.

The European sovereign debt crisis that unfolded in 2010 sent the euro falling to a four-year low of $1.1877 on June 7, as investors considered the risk that certain Eurozone members may default on their government debt. The euro's decline in 2008-2010 had erased half of its 2000-2008 rally. * = value at start of year. ! !! 1970* !! 1980* || 1985* !! 1990* !! 1993 !! 1999 !! 2000 !! 2001 !! 2002 !! 2003 !! 2004 !! 2005 !! 2006 !! 2007 !! 2008 !! 2009 |- | Euro || - || - || - || 0.8343 || 0.8551 || 0.9387 || 1.0832 || 1.1171 || 1.0578 || 0.8833 || 0.8040 || 0.8033 || 0.7960 || 0.7293 || 0.6791 || 0.7176 |- | Japanese yen || 357.6 || 240.45 || 250.35 || 146.25 || 111.08 || 113.73 || 107.80 || 121.57 || 125.22 || 115.94 || 108.15 || 110.11 || 116.31 || 117.76 || 103.39 || 93.68 |- | Pound sterling || 0.4164 || 0.4484 || 0.8613 || 0.6207 || 0.6660 || 0.6184 || 0.6598 || 0.6946 || 0.6656 || 0.6117 || 0.5456 || 0.5493 || 0.5425 || 0.4995 || 0.5392 || 0.6385 |- | Canadian dollar || 1.081 || 1.168 || 1.321 || 1.1605 || 1.2902 || 1.4858 || 1.4855 || 1.5487 || 1.5704 || 1.4008 || 1.3017 || 1.2115 || 1.1340 || 1.0734 || 1.0660 || 1.1412 |- | Mexican peso|| - || 2.80¹ || 2.67¹ || 2.50¹ || 3.1237 || 9.553 || 9.459 || 9.337 || 9.663 || 10.793 || 11.290 || 10.894 || 10.906 || 10.928 || 11.143 || 13.498 |- | Renminbi yuan|| - || 1.7050 || 2.9366 || 4.7832 || 5.7620 || 8.2783 || 8.2784 || 8.2770 || 8.2771 || 8.2772 || 8.2768 || 8.1936 || 7.9723 || 7.6058 || 6.9477 || 6.8307 |- | Singapore dollar || - || - || 2.179 || 1.903 || 1.6158 || 1.6951 || 1.7361 || 1.7930 || 1.7908 || 1.7429 || 1.6902 || 1.6639 || 1.5882 || 1.5065 || 1.4140 || 1.4543 |- |colspan="17" |_{Source: Last 4 years 2005-2002 2003-2000 1996-1999 1993-1996 1990 1970-1992 1970-1985 Canada, China, Mexico 1. Mexican peso values prior to 1993 revaluation. |}}

See also

Counterfeit United States currency

References

External links

U.S. Bureau of Engraving and Printing

U.S. Currency and Coin Outstanding and in Circulation

U.S. Treasury page with images of all current banknotes

American Currency Exhibit at the San Francisco Federal Reserve Bank

Relative values of the US dollar, from 1790 to 2006

Summary of BEP Production Statistics

The U.S. Treasury's Coins & Currency portal

U.S. Currency tracking experiment

50 Factors that Affect the Value of the US Dollar – Currency Trading.net

Images of U.S. currency and coins

U.S. Bureau of Engraving: Banknotes

U.S. Mint: Image Library

Dollar Dollar Dollar Category:Currencies of British Overseas Territories Category:Historical currencies of the United States Category:Currencies of the Kingdom of the Netherlands

Name	Ron Paul
Image name	Ron Paul, official Congressional photo portrait, 2007.jpg|thumb|Paul's Congressional portrait
Birth date	August 20, 1935
Birth place	Pittsburgh, Pennsylvania
State	Texas
District	14th
Term start	January 3, 1997
Preceded	Greg Laughlin
State2	Texas
District2	22nd
Term start2	January 3, 1979
Term end2	January 3, 1985
Preceded2	Robert Gammage
Succeeded2	Tom DeLay
Term start3	April 3, 1976
Term end3	January 3, 1977
Preceded3	Robert R. Casey
Succeeded3	Robert Gammage
Party	Republican (1976–1988)Libertarian (1988 Presidential Election)Republican (1988–present)
Spouse	Carolyn "Carol" Paul
Children	Ronald "Ronnie" Paul, Jr.Lori Paul PyeattRandal "Rand" PaulRobert PaulJoy Paul-LeBlanc
Alma mater	Gettysburg College (B.S.)Duke University School of Medicine (M.D.)
Profession	Physician, Politician
Residence	Lake Jackson, Texas
Religion	Baptist
Website	U.S. House of Representatives Office of Ron Paul
Signature	Ron Paul signature.svg
Branch	United States Air ForceUnited States Air National Guard
Serviceyears	1962–19651965–1968

Ronald Ernest "Ron" Paul (born August 20, 1935) is an American physician and Republican Congressman for the 14th congressional district of Texas. Paul serves on the House Foreign Affairs Committee, the Joint Economic Committee, and the Committee on Financial Services, where he has been an outspoken critic of American foreign and monetary policy. He has gained prominence for his libertarian positions on many political issues, often clashing with both Republican and Democratic Party leaders. He is the Chairman of the House Financial Services Subcommittee on Domestic Monetary Policy. Paul has run for President of the United States twice, first in 1988 as the nominee of the Libertarian Party and again in 2008 as a candidate for the Republican nomination.

He is the founder of the advocacy group Campaign for Liberty and his ideas have been expressed in numerous published articles and books, including End The Fed (2009), and (2008). According to a 1998 study published in the American Journal of Political Science, Paul has the most conservative voting record of any member of Congress since 1937. His son Rand Paul was sworn in as a Senator for Kentucky in 2011, an event with made the elder Paul the first Representative in history to serve alongside a son or daughter in the Senate.

Personal life

Paul was born in Pittsburgh to Howard and Margaret (née Dumont) Paul. As a junior at Dormont High School, he was the 220-yard dash state champion. After earning an M.D. degree from the Duke University School of Medicine, he was a U.S. Air Force flight surgeon during the 1960s.

Paul has been married to Carol Wells since 1957. They have five children, who were baptized Episcopalian: Ronald, Lori, Rand, Robert, and Joy. Paul's son Rand is senator-elect of the state of Kentucky. They also have eighteen grandchildren and three great-grandchildren. He has four brothers. Two of them, including David Paul, are ministers. Wayne Paul is a Certified Public Accountant.

Early congressional career

While still a medical resident in the 1960s, Paul was influenced by Friedrich Hayek’s The Road to Serfdom, which led him to read many works of Ayn Rand and Ludwig von Mises. He came to know economists Hans Sennholz and Murray Rothbard well, and credits to them his interest in the study of economics. He came to believe that what the Austrian school economists wrote was coming true on August 15, 1971, when President Richard Nixon closed the "gold window" by implementing the U.S. dollar's complete departure from the gold standard. and welfare, Paul became a delegate to the Texas Republican convention and a Republican candidate for the United States Congress. In 1974, incumbent Robert R. Casey defeated him in the 22nd district. When President Gerald Ford appointed Casey to head the Federal Maritime Commission, Paul won an April 1976 special election to fill the empty seat. Paul lost some months later in the general election, to Democrat Robert Gammage, by fewer than 300 votes (0.2%), but defeated Gammage in a 1978 rematch, and was reelected in 1980 and 1982.

Paul was the first Republican representative from the area; he also led the Texas Reagan delegation at the national Republican convention. His successful campaign against Gammage surprised local Democrats, who had expected to retain the seat easily in the wake of the Watergate scandal. Gammage underestimated Paul's support among local mothers: "I had real difficulty down in Brazoria County, where he practiced, because he'd delivered half the babies in the county. There were only two obstetricians in the county, and the other one was his partner."

House of Representatives

Paul proposed term-limit legislation multiple times, at first in the 1970s in the House where he also declined to attend junkets or register for a Congressional pension while serving four terms. His chief of staff (1978–1982) was Lew Rockwell. In 1980, when a majority of Republicans favored President Jimmy Carter's proposal to reinstate draft registration, Paul argued that their views were inconsistent, stating they were more interested in registering their children than they were their guns. Also in 1976, the foundation began publication of the first monthly newsletter connected with Paul, Dr. Ron Paul's Freedom Report (or Special Report). It also publishes monographs, books, radio spots, and (since 1997) a new series of the monthly newsletter, Ron Paul's Freedom Report, which promote the principles of limited government.

On the House Banking Committee, Paul blamed the Federal Reserve for inflation, it is now available from the Ludwig von Mises Institute, to which Paul is a distinguished counselor.

In 1984, Paul chose to run for the U.S. Senate instead of re-election to the House, but lost the Republican primary to Phil Gramm. He returned to full-time medical practice In his House farewell address, Paul said, "Special interests have replaced the concern that the Founders had for general welfare. Vote trading is seen as good politics. The errand-boy mentality is ordinary, the defender of liberty is seen as bizarre. It's difficult for one who loves true liberty and utterly detests the power of the state to come to Washington for a period of time and not leave a true cynic."

1988 presidential campaign

In the 1988 presidential election, Paul defeated American Indian activist Russell Means to win the Libertarian Party nomination for president. Paul placed third in the popular vote with 432,179 votes (0.5%), Paul was kept off the ballot in Missouri, and received votes there only when written in, due to what the St. Louis Post-Dispatch called a "technicality".

As the "Libertarian standard bearer", Paul gained supporters who agreed with his positions on gun rights, fiscal conservatism, homeschooling, and abortion, and won approval from many who thought the federal government was misdirected. This nationwide support base encouraged and donated to his later campaigns.

According to Paul, his presidential run was about more than reaching office; he sought to spread his libertarian ideas, often to school and university groups regardless of vote eligibility. He said, "We're just as interested in the future generation as this election. These kids will vote eventually, and maybe, just maybe, they'll go home and talk to their parents."

After the election, Paul continued his medical practice until he returned to Congress. He also co-owned a coin dealership, Ron Paul Coins, for twelve years with Burt Blumert, who continued to operate it after Paul returned to office. He spoke multiple times at the American Numismatic Association's 1988 convention. In 1985 Ron Paul & Associates began publishing The Ron Paul Investment Letter and The Ron Paul Survival Report; it added the more controversial Ron Paul Political Report in 1987. Many articles lacked a byline, yet often invoked Paul's name or persona.

After his unsuccessful presidential bid in 1988, Paul returned to private medical practice and continued to allow the newsletters to be published bearing his name. For 1992, RP&A; earned $940,000 and employed Paul's family as well as Lew Rockwell (its vice-president and seven other workers. Murray Rothbard and other libertarians believed Rockwell ghostwrote the newsletters for Paul; Rockwell later acknowledged involvement in writing subscription letters, but attributed the newsletters to "seven or eight freelancers".

Paul considered running for President in 1992, but instead chose to support Pat Buchanan that year, and served as an adviser to his Republican presidential campaign against incumbent President George H. W. Bush.

Later congressional career

Campaigns

1996 campaign

In 1996, Paul was re-elected to Congress after the toughest campaign race he had faced since the 1970s. As Republicans had taken over both houses of Congress in the 1994 election, Paul entered the race hopeful that his Constitutionalist policies of tax cuts, closing federal agencies, and curbing the U.N. would have broader support than in the past. The Republican National Committee focused instead on encouraging Democrats to switch parties, as Paul's primary opponent, incumbent Greg Laughlin, had done in 1995. The party threw its full weight behind Laughlin, including support from House Speaker Newt Gingrich, Texas Governor George W. Bush, and the National Rifle Association. Paul responded by running newspaper ads quoting Gingrich's harsh criticisms of Laughlin's Democratic voting record 14 months earlier. While Paul was able to paint Morris as a tool of trial lawyers and big labor, Morris ran numerous ads about Paul's advocacy of federal drug law repeal.

Morris also accused Paul of authoring questionable statements in past newsletters, Paul's congressional campaign countered the statements were taken out of context. and that voters might not understand the "tongue-in-cheek, academic" quotes out of context. Further, the campaign rejected Morris' demand to release all back issues.

Paul went on to win the election in a close margin. It became the third time Paul had been elected to Congress as a non-incumbent. In both campaigns, the national Democratic Party and major unions continued to spend heavily on targeting Paul. On December 11, 2001, he told the independent movement that he was encouraged by the fact that the petition had spread the message of Constitutionalism, but did not expect a White House win at that time. Further prompting in early 2007 led him to enter the 2008 race.

Unlike many political candidates, Paul receives the overwhelming majority of his campaign contributions from individuals (97 percent in the 2006 cycle), and receives much less from political action committees (PAC's) than others, ranging from two percent (2002) to six percent (1998). The group Clean Up Washington, analyzing from 2000 to mid-2006, listed Paul as seventh-lowest in PAC receipts of all House members; one of the lowest in lobbyist receipts; and fourth-highest in small-donor receipts. He had the lowest PAC receipts percentage of all the 2008 Republican presidential candidates.

Paul was re-elected to his tenth term in Congress in November 2006. In the March 4, 2008, Republican primary for his Congressional seat, he defeated Friendswood city councilman Chris Peden, obtaining over 70 percent of the vote. On the 2008 ballot, Paul won his eleventh term in Congress running unopposed. In the 2010 Republican primary for his Congressional seat, Paul defeated three opponents with 80 percent of the vote.

Relationship with district

, which is larger than Massachusetts.]] After 2003 Texas redistricting, Paul's district is larger than Massachusetts, with of Gulf of Mexico coastline between Houston and Rockport, Texas, covering some 22 counties. Even so, Paul opposes programs like federally funded flood insurance (typically supported by coastal and rural representatives) because it requires those outside flood zones to subsidize those within, but prohibits those within from choosing their own insurers. In an overwhelmingly rural region known for ranching and rice farms, Despite his voting against heavily supported legislation like farm bills, Paul's devotion to reducing government resonates with 14th district voters:

Paul adds his own earmarks, such as for Texas shrimp promotion, but he routinely votes against most spending bills returned by committee. Earmarks permit members of Congress, rather than executive branch civil servants, to designate spending priorities for previously authorized funds directed otherwise. In , Paul states his views on earmarks this way: "The real problem, and one that was unfortunately not addressed in the 2007's earmark dispute, is the size of the federal government and the amount of money we are spending in these appropriations bills. Cutting even a million dollars from an appropriations bill that spends hundreds of billions will make no appreciable difference in the size of government, which is doubtless why politicians and the media are so eager to have us waste our time on [earmarks]."

Paul also spends extra time in the district to compensate for "violat[ing] almost every rule of political survival you can think of,"

In March 2001, Paul introduced a bill to repeal the 1973 War Powers Resolution (WPR) and reinstate the process of formal declaration of war by Congress. Later in 2001, Paul voted to authorize the president, pursuant to WPR, to respond to those responsible for the September 11, 2001, attacks. He also introduced Sunlight Rule legislation, which requires lawmakers to take enough time to read bills before voting on them, after the Patriot Act was passed within 24 hours of its introduction. Paul was one of six Republicans to vote against the Iraq War Resolution, and (with Oregon representative Peter DeFazio) sponsored a resolution to repeal the war authorization in February 2003. Paul's speech, 35 "Questions That Won't Be Asked About Iraq", was translated and published in German, French, Russian, Italian, and Swiss periodicals before the Iraq War began. After a 2005 bill was touted as "slashing" government waste, Paul wrote that it decreased spending by a fraction of one percent and that "Congress couldn't slash spending if the members' lives depended on it." He said that in three years he had voted against more than 700 bills intended to expand government.

Paul has introduced several bills to apply tax credits toward education, including credits for parental spending on public, private, or homeschool students (Family Education Freedom Act); for salaries for all K–12 teachers, librarians, counselors, and other school personnel; and for donations to scholarships or to benefit academics (Education Improvement Tax Cut Act). In accord with his political positions, he has also introduced the Sanctity of Life Act, the We the People Act, and the American Freedom Agenda Act.

List of bills sponsored and cosponsored

The following tables link to the Congressional Record hosted by the Library of Congress. All the specifics and actions taken for each individual bill Ron Paul has either sponsored or cosponsored can be reviewed further there. "Original bills" and "Original amendments" indicate instances where Ron Paul had pledged to support the legislation at the time the bill was initially introduced rather than at some other point during the legislative process of the bill. {| class="wikitable sortable" style="margin:1em auto 1em auto; font-size:90%; border:0; text-align:left; line-height:150%;" |+ Rep. Ron Paul – U.S. House of Representatives – [R-TX-14] |- !Years Covered !All bills sponsored !All amendments sponsored !All bills cosponsored !All amendments cosponsored !Original bills cosponsored !Original amendments cosponsored !Bill support withdrawn !Amendment support withdrawn |- |1997-98 |32 |7 |223 |0 |76 |0 |0 |0 |- |1999-00 |51 |8 |316 |0 |119 |0 |0 |0 |- |2001-02 |64 |4 |323 |0 |104 |0 |1 |0 |- |2003-04 |68 |8 |354 |0 |150 |0 |0 |0 |- |2005-06 |71 |8 |393 |0 |141 |0 |0 |0 |- |2007-08 |70 |0 |443 |0 |160 |0 |0 |0 |- |2009-10 |41 |0 |120 |0 |69 |0 |0 |0 |}

Note: The numbers for the current session of Congress may no longer reflect the actual numbers as they are still actively in session.

Affiliations

Paul serves on the House Foreign Affairs Committee (having been on the Western Hemisphere and the Asia and Pacific subcommittees); the Joint Economic Committee; and the Committee on Financial Services (as Ranking Member of the Domestic and International Monetary Policy, Trade and Technology subcommittee, and Vice-Chair of the Oversight and Investigations subcommittee).

Paul was honorary chair of, and is a current member of, the Republican Liberty Caucus, a political action committee which describes its goal as electing "liberty-minded, limited-government individuals". Paul also hosts a luncheon every Thursday as chair of the Liberty Caucus, composed of 20 members of Congress. Washington DC area radio personality Johnny "Cakes" Auville gave Paul the idea for the Liberty Caucus and is a regular contributing member. He remains on good terms with the Libertarian Party and addressed its 2004 convention. He also was endorsed by the Constitution Party's 2004 presidential candidate, Michael Peroutka.

Paul was on a bipartisan coalition of 17 members of Congress that sued President Bill Clinton in 1999 over his conduct of the Kosovo war. They accused Clinton of failing to inform Congress of the action's status within 48 hours as required by the War Powers Resolution, and of failing to obtain Congressional declaration of war. Congress had voted 427–2 against a declaration of war with Yugoslavia, and had voted to deny support for the air campaign in Kosovo. A federal judge dismissed the lawsuit, ruling that since Congress had voted for funding after Clinton had actively engaged troops in the war with Kosovo, legislators had sent a confusing message about whether they approved of the war. Paul said that the judge's decision attempted to circumvent the Constitution and to authorize the president to conduct a war without approval from Congress.

Committee assignments

Rep. Paul serves on the following committee and subcommittees.

Committee on Financial Services

*Subcommittee on Domestic Monetary Policy and Technology

*Subcommittee on International Monetary Policy and Trade

*Subcommittee on Oversight and Investigations

Committee on Foreign Affairs

*Subcommittee on International Organizations, Human Rights, and Oversight

*Subcommittee on the Western Hemisphere

Joint Economic Committee

2008 presidential campaign

Liberty Forum.]] in Manchester.]]

Republican primary campaign

Paul formally declared his candidacy for the 2008 Republican nomination on March 12, 2007, on C-SPAN. His campaign had intense grassroots support—his supporters were said to "always show up"—and he had dozens of wins in GOP straw polls.

Paul's campaign showed "surprisingly strong" fundraising with several record-breaking events. He had the highest rate of military contribution for 2008, and donations coming from individuals, aided significantly by an online presence and very active campaigning by supporters, who organized moneybomb fundraisers netting millions over several months. Such fundraising earned Paul the status of having raised more than any other Republican candidate in 2007's fourth-quarter. Paul's name was a number-one web search term as ranked by Technorati, beginning around May 2007. He has led other candidates in YouTube subscriptions since May 20, 2007.

Paul was largely ignored by traditional media, including at least one incident where FOX News did not invite him to a GOP debate featuring all other presidential candidates at the time. One exception was Glenn Beck's program on Headline News, where Beck interviewed Paul for the full hour of his show.

Though projections of 2008 Republican delegate counts varied widely, Paul's count was consistently third among the three candidates remaining after Super Tuesday. According to CNN and the New York Times, by Super Tuesday Paul had received five delegates in North Dakota, and was projected to receive two in Iowa, four in Nevada, and five in Alaska based on caucus results, totaling 16 delegates. However, Paul's campaign projected 42 delegates based on the same results, including delegates from Colorado, Maine, and Minnesota.

In the January Louisiana caucus, Paul placed second behind John McCain, but uncommitted delegates outnumbered both candidates' pledged delegates, since a registration deadline had been extended to January 12. Paul said he had the greatest number of pledged Louisiana delegates who had registered by the original January 10 deadline, and formally challenged the deadline extension and the Louisiana GOP's exclusion of voters due to an outdated list; he projected three Louisiana delegates. The Super Tuesday West Virginia caucus was won by Mike Huckabee, whose state campaign coordinators reportedly arranged to give three Huckabee delegates to Paul in exchange for votes from Paul's supporters. Huckabee has not confirmed this delegate pledge.

Paul's preference votes in primaries and caucuses began at 10 percent in Iowa (winning Jefferson County) and eight percent in New Hampshire, where he had the support of state sovereignty champion, State Representative Dan Itse; on Super Tuesday they ranged from 25 percent in Montana and 21 percent in North Dakota caucuses, where he won several counties, to three percent in several state primaries, averaging under 10 percent in primaries overall. After sweeping four states on March 4, McCain was widely projected to have a majority of delegates pledged to vote for him in the September party convention. Paul obliquely acknowledged McCain on March 6: "Though victory in the political sense [is] not available, many victories have been achieved due to hard work and enthusiasm." He continued to contest the remaining primaries, having added, "McCain has the nominal number ... but if you're in a campaign for only gaining power, that is one thing; if you're in a campaign to influence ideas and the future of the country, it's never over." Paul's recent book, , became a New York Times and Amazon.com bestseller immediately upon release. His newest book, End the Fed, has been released.

On June 12, 2008, Paul withdrew his bid for the Republican nomination, citing his resources could be better spent on improving America. Some of the $4 million remaining campaign contributions was invested into the new political action and advocacy group called Ron Paul's Campaign for Liberty. Paul told the newsmagazine NOW on PBS the goal of the Campaign for Liberty is to "spread the message of the Constitution and limited government, while at the same time organizing at the grassroots level and teaching pro-liberty activists how to run effective campaigns and win elections at every level of government."

Newsletter controversy

Controversial claims made in Ron Paul's newsletters, written in the first person, included statements such as "Boy, it sure burns me to have a national holiday for that pro-communist philanderer Martin Luther King. I voted against this outrage time and time again as a Congressman. What an infamy that Ronald Reagan approved it! We can thank him for our annual Hate Whitey Day." Along with "even in my little town of Lake Jackson, Texas, I've urged everyone in my family to know how to use a gun in self defense. For the animals are coming." Another notable statement that garnered controversy was "opinion polls consistently show only about 5% of blacks have sensible political opinions, if you have ever been robbed by a black teen-aged male, you know how unbelievably fleet-footed they can be" An issue from 1992 refers to carjacking as the "hip-hop thing to do among the urban youth who play unsuspecting whites like pianos." In an article title "The Pink House" the newsletter wrote that " "Homosexuals, not to speak of the rest of society, were far better off when social pressure forced them to hide their activities."

Shortly afterwards, The New Republic released many previously unpublicized quotations attributed to Paul in James Kirchick's "Angry White Man" article. Kirchick accused Paul of having made racist, sexist, and derogatory comments geared towards African Americans, women, and the LGBT community. Kircheck also accused Paul of possessing "an obsession with conspiracies, sympathy for the right-wing militia movement, and deeply held bigotry." CNN anchor Wolf Blitzer that the writing "Didn't sound like the Ron Paul I've come to know." Later, Nelson Linder, president of the Austin chapter of the NAACP, also defended Paul.

Reason republished Paul's 1996 defense of the newsletters, and later reported evidence from "a half-dozen longtime libertarian activists" that Lew Rockwell had been the chief ghostwriter.

Paul had given his own account of the newsletters in March 2001, stating the documents were authored by ghostwriters, and that while he did not author the challenged passages, he bore "some moral responsibility" for their publication.

Support for third party candidates

On September 5, 2008, the Constitution Party of Montana removed Chuck Baldwin from their presidential ticket, replacing him with Ron Paul for president and Michael Peroutka for vice president. Paul made an announcement stating that he "was aware that the party planned to do this, and has said that as long as he can remain passive and silent about the development, and as long as he need not sign any declaration of candidacy, that he does not object." stating that that he did not "seek nor consent" to the Montana Constitution Party's nomination. stating that the request was sent to them too late. On September 4, 2008, a list of electors in Louisiana using the label "Louisiana Taxpayers Party" filed papers and paid $500 with the Secretary of State's Office. The congressman had reportedly invited presidential candidates Chuck Baldwin, Bob Barr, Cynthia McKinney, and Ralph Nader to the press conference, leading some to speculate that they would endorse Paul running for president on the ticket of either the Constitution, Libertarian or other third party.

On September 10, 2008, Paul confirmed his "open endorsement" (CNN) for the four candidates at a press conference in Washington D.C. He also revealed that he had rejected a request for an endorsement of John McCain. He later appeared on CNN's The Situation Room with Wolf Blitzer with Nader where they presented and briefly laid out the four principles that all the independent candidates had agreed on as the most important key issues of the presidential race. On September 22, 2008, in response to a written statement by Bob Barr, Paul abandoned his former neutral stance and announced his support of Chuck Baldwin in the 2008 presidential election.

In the 2008 general election, Paul still received 41,905 votes despite not actively running for the seat. He was listed on the ballot in Montana on the Constitution Party label, and in Louisiana on the "Louisiana Taxpayers Party" ticket, and received write-in votes in California (17,006), Pennsylvania (3,527), New Hampshire (1,092), and other states. (Not all U.S. jurisdictions require the counting or reporting of write-in votes.)

Post presidential campaign activities

On February 26, 2009, Ron Paul was a key speaker at the Conservative Political Action Conference in Washington, D.C., speaking for 20 minutes on topics including monetary theory and policy in the United States, in addition to the War in Iraq, and international foreign policy. Paul's Campaign for Liberty sent 140 volunteers to CPAC 2009 to distribute materials, and significantly increased that number the following year.

In the 2009 CPAC Presidential Preference straw poll for the 2012 election, Paul tied 2008 GOP Vice-Presidential candidate Sarah Palin for third place with 13% of the vote, behind fellow former candidate Mitt Romney and Louisiana Governor Bobby Jindal. However, in the 2010 CPAC straw poll, he came out on top, decisively winning with 31%, followed distantly by Mitt Romney, Sarah Palin, and Tim Pawlenty of Minnesota, among others. In the 2010 Southern Republican Leadership Conference straw poll, Paul finished second place with 24% of the vote (438 votes), behind only Mitt Romney (with 439 votes). An April 2010 Rasmussen poll found that Ron Paul and President Obama were nearly tied for the 2012 presidential election among likely voters, although later polls showed him trailing significantly. He also trails in polls for the Republican presidential nomination, typically behind Mitt Romney, Sarah Palin, Mike Huckabee, and Newt Gingrich.

Speculated 2012 presidential run

There is speculation among pundits and journalists regarding the prospect of Paul running for president again in 2012. When Paul's wife, Carol, was asked if he would run in 2012 her response was "If you would ask him now he would probably say 'no', but he did say...things are happening so quickly and fast in our country, if we're at a crisis period and they need someone...with the knowledge he has...then he would do it."

Jesse Benton, Senior VP of Campaign for Liberty, has said of the prospective run: "If the decision had to be made today, it would be 'no', but he is considering it very strongly and there is a decent likelihood that he will. A lot of it depends on things going on in his personal life and also what's going on in the country."

As part of an effort to encourage Ron Paul to run for president in 2012, a Tea Party moneybomb has been set up with the aim of repeating the 2007 Ron Paul Tea Party moneybomb, which gave Paul's 2008 presidential campaign over $6 million in one day. The goal of The Ron Paul Tea Party is to have 100,000 people donate $100 each on December 16, 2010 to kick off Paul's 2012 presidential run, should he decide to run.

Political positions

Convention in Kansas City, Missouri, June 15, 2007.]]

Paul has been described as conservative, Constitutionalist, and libertarian. reflects both his medical degree and his insistence that he will "never vote for legislation unless the proposed measure is expressly authorized by the Constitution." One scoring method published in the American Journal of Political Science found Paul the most conservative of all 3,320 members of Congress from 1937 to 2002. Paul's foreign policy of nonintervention made him the only 2008 Republican presidential candidate to have voted against the Iraq War Resolution in 2002. He advocates withdrawal from the United Nations, and from the North Atlantic Treaty Organization, for reasons of maintaining strong national sovereignty. He supports free trade, rejecting membership in the North American Free Trade Agreement (NAFTA) and the World Trade Organization as "managed trade". He supports tighter border security and opposes welfare for illegal aliens, birthright citizenship and amnesty; he voted for the Secure Fence Act of 2006. He voted for the Authorization for Use of Military Force Against Terrorists in response to the September 11, 2001, attacks, but suggested war alternatives such as authorizing the president to grant Letters of Marque and Reprisal targeting specific terrorists.

Paul adheres deeply to Austrian school economics; he has authored six books on the subject, and displays pictures of Austrian school economists Friedrich Hayek, Murray Rothbard, and Ludwig von Mises (as well as of Grover Cleveland) he cast two thirds of all the lone negative votes in the House during a 1995–1997 period. and states he has never voted to approve a budget deficit. Paul believes that the country could abolish the individual income tax by scaling back federal spending to its fiscal year 2000 levels; financing government operations would primarily come through the corporate income tax, excise taxes and tariffs. He supports eliminating most federal government agencies, calling them unnecessary bureaucracies. Paul also believes the longterm erosion of the U.S. dollar's purchasing power through inflation is attributable to its lack of any commodity backing. However, Paul does not support a complete return to a gold standard, instead preferring to legitimize gold and silver as legal tender and to remove the sales tax on them. He also advocates gradual elimination of the Federal Reserve System.

Paul supports constitutional rights, such as the right to keep and bear arms, and habeas corpus for political detainees. He opposes the Patriot Act, federal use of torture, presidential autonomy, a national ID card, domestic surveillance, and the draft. Citing the Ninth and Tenth Amendments, Paul advocates states' rights to decide how to regulate social matters not directly found in the Constitution. Paul calls himself "strongly pro-life", "an unshakable foe of abortion", and believes regulation or ban on medical decisions about maternal or fetal health is "best handled at the state level". He says his years as an obstetrician led him to believe life begins at conception; his abortion-related legislation, like the Sanctity of Life Act, is intended to negate Roe v. Wade and to get "the federal government completely out of the business of regulating state matters." Paul also believes that the notion of the separation of church and state is currently misused by the court system: "In case after case, the Supreme Court has used the infamous 'separation of church and state' metaphor to uphold court decisions that allow the federal government to intrude upon and deprive citizens of their religious liberty."

He opposes federal regulation of the death penalty, of education, and of marriage, and supports revising the military's "don't ask, don't tell" policy to focus on disruptive sexual behavior (whether heterosexual or homosexual). As a free-market environmentalist, he asserts private property rights in relation to environmental protection and pollution prevention. He also opposes the federal War on Drugs, and thinks the states should decide whether to regulate or deregulate drugs such as medical marijuana. Paul pushes to eliminate federal involvement in and management of health care, which he argues would allow prices to drop due to the fundamental dynamics of a free market. He is an outspoken proponent for increased ballot access for 3rd party candidates and numerous election law reforms which he believes would allow more voter control. Ron Paul has also stated that “The government shouldn't be in the medical business." He is also opposed to government flu inoculation programs.

Paul takes a critical view of the Civil Rights Act of 1964, arguing that it was unconstitutional and did not improve race relations.

Books authored

Other contributions

References

External links

Ron Paul's Personal Website, books, articles, links to political sites connected with Ron Paul

RonPaul.com speeches, essays, interviews, photos and videos

Ron Paul Library articles and speeches by Ron Paul

Ron Paul Forums

;Congress

U.S. House of Representatives Office of Ron Paul

Congressional campaign website

;Organizations Founded

Ron Paul's Campaign for Liberty

Ron Paul's Liberty PAC

Ron Paul's F.R.E.E. Foundation – The Foundation for Rational Economics and Education

;Presidential campaign

NOW on PBS "Ron Paul and Internet Politics". Also, a September 2008 NOW on PBS interview with Ron Paul

PBS NewsHour with Jim Lehrer — Vote 2008: Ron Paul

Category:1935 births Category:Living people Category:American anti-Iraq War activists Category:American foreign policy writers Category:American libertarians Category:American physicians Category:American political writers Category:American writers of German descent Category:Baptists from the United States Category:Classical liberals Category:Conservatism in the United States Category:Drug policy reform activists Category:Duke University alumni Category:Gettysburg College alumni Category:Internet memes Category:Libertarian Party (United States) presidential nominees Category:Libertarian theorists Category:Members of the United States House of Representatives from Texas Category:Military physicians Category:People from Allegheny County, Pennsylvania Category:People from Brazoria County, Texas Category:Physicians from Texas Category:Politicians from Pittsburgh, Pennsylvania Category:Texas Republicans Category:Texas Libertarians Category:United States Air Force officers Category:United States presidential candidates, 1988 Category:United States presidential candidates, 2008 Category:University of Pittsburgh people

Name	Peter Schiff
School tradition	Austrian School
Color	firebrick
Image name	SchiffSpeaking.png
Birth date	March 23, 1963
Nationality	United States
Field	Financial Economics
Religion	Jewish
Alma mater	U.C. Berkeley (B.B.A.), 1987 Alan Greenspan, Ben Bernanke, Paul Krugman, Christopher Dodd, Barack Obama,
Signature

Peter David Schiff (; born March 23, 1963) is an American investment broker, author, financial commentator, and was a candidate in the 2010 Republican primary candidate for the United States Senate. and CEO of Euro Pacific Precious Metals, LLC, a gold and silver dealer based in New York City. He frequently appears as a guest on CNBC, Fox News, and Bloomberg Television and is often quoted in major financial publications and is a frequent guest on internet radio as well as the host of the former podcast Wall Street Unspun, which is now broadcast on terrestrial radio and known as The Peter Schiff Show. Schiff graduated from the University of California, Berkeley in 1987 with a Bachelor's degree in finance and accounting. In 1996 Schiff and a partner acquired a small brokerage firm that had been founded in 1980, reincorporated it in California and renamed it Euro Pacific Capital. The company today has more than 15,000 clients and six offices nationwide, with its headquarters in Westport, Connecticut.

According to a 2005 article in The Advocate of Stamford, Connecticut Schiff relocated the firm to Darien, Connecticut to find brokers "who think like him". The New York Metropolitan Area, Schiff says, has the biggest concentration of brokers in the country, making it easier to recruit employees. The company has offices in Newport Beach, California as well as in Scottsdale, Arizona, Palm Beach, Florida, Los Angeles and New York. Euro Pacific Capital also holds the exclusive rights to broker some Perth Mint gold products in the United States.

Economic forecasting

Schiff attributes his economic forecasts to an understanding of the Austrian School, a school of economic thought generally categorized as heterodox (or non-mainstream). Schiff voices strong support for the Austrian School, and says it was first introduced to him by his father, Irwin Schiff.

U.S. bear market

In his 2007 book, Crash Proof, Schiff writes that the current United States economic policies are fundamentally unsound, and predicts that in the future the United States dollar will lose much of its value. As a remedy Schiff favors increased personal savings and production which he says will stimulate economic growth. Schiff cites the U.S.'s low personal savings rate as one of the causes of the its transformation from the world's largest creditor nation in the 1970s to the largest debtor nation in the year 2000. Schiff attributes the low savings rate to higher inflation and the artificially low interest rates set by the Federal Reserve.

In a 2002 interview with Southland Today, Schiff predicted that the economic downturn triggered by the bursting of the stock market bubble would lead to a bear market likely to last "another 5 to 10 years." until reversing course in 2008, when the Dow, NASDAQ, and S&P; 500 began a decline to less than half of their peak 2008 values, followed in 2009 by the Dow climbing 61% from its low point over the following year. After interviewing Schiff in 2009, journalist and finance author Eric Tyson, referenced various Schiff predictions during the 2000s and stated that "On all of these counts, Schiff wasn't just wrong but ended up being hugely wrong." Schiff later released a video stating that, "When I gave that interview in 2002, I had no way of knowing how irresponsible the Fed was going to be ... But I recognized that early: back in 2003 and 2004 I changed my forecast ... if you look at what happened to the Dow in terms of gold [and not U.S. dollars], my forecast was extremely accurate." On December 31, 2006 in debate on Fox News, Schiff forecast that "what's going to happen in 2007" is that "real estate prices are going to come crashing back down to Earth". to indeed be contributing factors to the housing crisis of 2007-2009. On December 13, 2007 in a Bloomberg interview on the show Open Exchange, Schiff further added that he felt that the crisis would extend to the credit card lending industry. Following this observation, it was soon reported on December 23, 2007 by the Associated Press that "The value of credit card accounts at least 30 days late jumped 26 percent to $17.3 billion in October from a year earlier at 17 large credit card trusts examined by the AP... At the same time, defaults -- when lenders essentially give up hope of ever being repaid and write off the debt -- rose 18 percent to almost $961 million in October, according to filings made by the trusts with the Securities and Exchange Commission."

Since 2007, Schiff has stated many times that if the government doesn't change course there will be hyperinflation in the US. Schiff is one of a minority of economists credited with accurately predicting the financial crisis of 2007–2010 while "nearly all [macroeconomists] failed to foresee the recession despite plenty of warning signs". In his book Crash Proof, he described several aspects of the U.S. economy that would lead to a recession. The video consists of a compilation of clips of his many appearances on various financial news programs from networks including CNBC, Fox News, MSNBC and Bloomberg, most of which took place from 2005 to 2007. In the segments Schiff explains specifically the fundamental problems he saw with the United States economy at that time. Schiff's warnings of a coming economic collapse earned him the moniker "Dr. Doom." and in late 2008, he predicted the automotive industry crisis and the crisis in the banking and financial markets. Schiff does weekly video blogs on youtube which are closely followed by over 30,000 subscribers. His videos can usually receive 45,000 views within a week's time. In addition, he does a weekly radio show that is streamed on the web. Due to his extreme popularity and fans calling for more airtime in late 2010 early 2011 Schiff will begin doing a daily radio program in Connecticut for 2–3 hours with plans to syndicate it nationwide.

Investment advice

Despite predictions regarding the housing bubble and automotive industry difficulties coming to fruition, as early as 2009 Schiff was receiving criticism due to the performance of some of his client's accounts in 2008, as well as controversies over the predictions themselves. In January 2009, economic blogger and investment adviser Michael Shedlock reported, "I have talked with many who claim they have invested with Schiff and are down anywhere from 40% to 70% in 2008." Other criticisms followed, including the aforementioned Eric Tyson post

The Director of Communications at Schiff's investment firm responded to the original Shedlock piece by saying, "While it is true, that our accounts have suffered badly in 2008, a fact that we have never disputed or ran from, [Shedlock's] estimates for the size our of typical client losses are exaggerated and unfair." Schiff personally responded to Shedlock's criticism by saying, "to examine the effectiveness of my investment strategy immediately following a major correction by looking only at those accounts who adopted the strategy at the previous peak is unfair and distortive" and called Shedlock's blog entry "nothing more than an overt advertisement (and a highly deceptive one at that) to use my popularity to advance his career," adding that losses were felt mostly by recent clients and not by others.

Schiff responded similarly to criticisms made by Wade Slome of Sidoxia Capital Management, LLC. in a September 2009 blog entry entitled, "The Emperor Schiff Has No Clothes." Schiff stated not only were the losses suffered by his clients in 2008 highly exaggerated, but also that most of those losses have already been recouped, stating that many who where down then are now up, and most long-term clients were never down at all, but merely temporarily lost some of the profits they had earned over the years. The Wall Street Journal also published a letter written by Schiff in response to his critics saying: "My central investing premise, a weakening dollar and safety in gold, commodities and foreign stocks, didn't materialize in 2008. But all the ingredients were (and remain) present for those movements to occur. Over the past year, market reactions that I didn't foresee—massive global deleveraging, a knee-jerk 'flight to quality' into U.S. Treasuries and a sharp counter trend rally in the U.S. dollar—have kept the scenario from playing out."

In a November 2009 videoblog, Schiff said that five stocks he picked for Fortune Magazine in January 2009 had gained a total of 360%.

In a March 2009 speech Schiff said that it would be impossible for the U.S. debt to China to be repaid unless the U.S. dollar's value is substantially diluted through inflation.

Gold predictions

In September 2009 Schiff said that "I would not be surprised to see [gold] at $5,000 over the next several years" and that the 2009 stock market rally was a "bear market rally".

Political career

Schiff was an economic adviser to Ron Paul's 2008 presidential campaign. In support of Paul's economic revitalization plan, he said: "We need a plan that stimulates savings and production, not more of the reckless borrowing and consumption that got us into this mess in the first place. Ron Paul's plan is the only one that amounts to a step in the right direction. If you want meaningful change—for the better that is—Ron Paul is the only candidate capable of delivering it."

In 2008, Schiff also endorsed Murray Sabrin for the U.S. Senate seat in New Jersey.

In an interview in February 2009, Schiff's position was summarized as a nonpartisan critique of American policymakers, comparing former presidents George W. Bush to Herbert Hoover and President Barack Obama to former president Franklin D. Roosevelt, with neither of the more recent incumbents comparing favorably to the earlier ones.

Schiff supports the reduction of government economic regulation, and is concerned that President Obama's administration may increase such regulation.

Schiff says that the current economic crisis provides an opportunity to transition from borrowing and spending, to saving and producing. Schiff is critical of the U.S. government's efforts to "ease the pain" with economic stimulus packages and bailouts. According to Schiff, the U.S. government's approach of replacing "legitimate savings with a printing press" could result in hyperinflation.

2010 U.S. Senate campaign

In December 2008, Connecticut citizens created a website encouraging Schiff to campaign against the incumbent Senator Christopher Dodd. Approximately 5,000 people made campaign contributions using the web site. In a May 2009 video blog, Schiff said that he was seriously considering a run for the senate and when questioned by a Washington Post reporter, he said the chance of him entering politics was “better than 50-50". In June 2009 Schiff commissioned a poll of likely voters which indicated that he trailed Dodd in popularity by four percentage points. On July 9, 2009, Schiff launched an exploratory committee and an official campaign website. Schiff officially announced his candidacy for the Republican nomination on September 17, 2009, during the MSNBC Morning Joe show. By October 2009 Schiff had received more than 10,000 telephone calls and letters

In the Republican primary, held on August 10, 2010, Schiff lost the nomination to Linda McMahon.

The results were:

49% Linda McMahon

28% Rob Simmons

23% Peter Schiff

Ultimately, the election was won by the Democratic Party primary winner, Richard Blumenthal.

Books

Peter Schiff is the author of five books published by John Wiley & Sons. His book, Crash Proof 2.0, appeared on both the New York Times and Wall Street Journal bestseller lists.

Crash Proof: How to Profit from the Coming Economic Collapse, February 2007, ISBN 978-0-470-04360-8 1

The Little Book of Bull Moves in Bear Markets: How to Keep your Portfolio Up When the Market is Down, 2008, ISBN 978-0-470-38378-0 2

Crash Proof 2.0: How to Profit From the Economic Collapse, 2nd Edition, September 2009, ISBN 978-0-470-47453-2 3

The Little Book of Bull Moves, Updated and Expanded: How to Keep Your Portfolio Up When the Market Is Up, Down, Or Sideways, 2010, ISBN 0470643994 4

How an Economy Grows and Why It Crashes, 2010, ISBN 978-0-470-52670-5 5

Notes

References

External links

Euro Pacific Capital US Brokerage Firm Website

Euro Pacific Precious Metals Coin Company Website

Schiff for Senate Official Campaign Website

Peter Schiff Online, Official book site for Peter Schiff

Peter Schiff Blog

Peter Schiff radio, Schiff's daily radio show

Social media

Peter Schiff's Official YouTube channel

Category:American economics writers Category:American economists Category:American finance and investment writers Category:American Jews Category:American libertarians Category:American money managers Category:Austrian School economists Category:Classical liberals Category:Connecticut Republicans Category:Financial analysts Category:Libertarian economists Category:Microeconomists Category:People from New Haven, Connecticut Category:People from New York City Category:Stock and commodity market managers Category:University of California, Berkeley alumni Category:Writers from Connecticut Category:1964 births Category:Living people

Name	Robert Fisk
Caption	Robert Fisk at a book festival in Christchurch, New Zealand in 2008.
Birth date	July 12, 1946
Birth place	Maidstone, Kent, England
Education	Lancaster University (B.A., 1968)Trinity College, Dublin (Ph.D., 1985)
Occupation	Middle East correspondent for The Independent
Ethnicity	British
Credits	Jacob's Award, Amnesty International UK Press Awards, British Press Awards, International Journalist of the Year, "Reporter of the Year", David Watt prize, Lannan Cultural Freedom Prize
Url	http://www.independent.co.uk/news/fisk/

Robert Fisk (born 12 July 1946) is an English writer and journalist from Maidstone, Kent.

Middle East correspondent of the The Independent, he has primarily been based in Beirut for more than 30 years. He has published a number of books and has reported from the United States's attack on Afghanistan and the same country's 2003 invasion of Iraq.

Fisk holds more British and International Journalism awards than any other foreign correspondent.

Career

The New York Times once described Robert Fisk as "probably the most famous foreign correspondent in Britain." He reported the Northern Ireland troubles in the 1970s, the Portuguese Revolution in 1974, the Lebanese Civil War, the Iranian revolution in 1979, the Soviet war in Afghanistan, the Iran–Iraq War, the Gulf War and the invasion of Iraq in 2003. A vernacular Arabic speaker, he is one of few Western journalists to have interviewed Osama bin Laden, and did so three times between 1994 and 1997. His awards include being voted International Journalist of the Year seven times.

Fisk has said that journalism must, "challenge authority, all authority, especially so when governments and politicians take us to war." He has quoted with approval the Israeli journalist Amira Hass: "There is a misconception that journalists can be objective ... What journalism is really about is to monitor power and the centres of power."

He has written at length on how much of contemporary conflict has its origin, in his view, in lines drawn on maps: "After the allied victory of 1918, at the end of my father's war, the victors divided up the lands of their former enemies. In the space of just seventeen months, they created the borders of Northern Ireland, Yugoslavia and most of the Middle East. And I have spent my entire career—in Belfast and Sarajevo, in Beirut and Baghdad—watching the people within those borders burn."

Fisk is a pacifist and has never voted.

Early career

Fisk was educated at Sutton Valence School and at Lancaster University and has a PhD in Political Science, from Trinity College, Dublin in 1983. The title of his doctoral thesis was "A condition of limited warfare: Éire’s neutrality and the relationship between Dublin, Belfast and London, 1939–1945". From 1972–75, the height of The Troubles, Fisk served as Belfast correspondent for The Times, before becoming its correspondent in Portugal covering the aftermath of the Carnation Revolution. He then was appointed Middle East correspondent (1976–1988). When a story of his was spiked (Iran Air Flight 655) after Rupert Murdoch's takeover, he moved to The Independent, with his first report published there on 28 April 1989.

Lebanon, and other conflicts

Fisk has been living in Beirut since 1976, and was present in Beirut throughout the Lebanese civil war. He was one of the first journalists to visit the scene of the Sabra and Shatila massacre in Lebanon, as well as the Syrian Hama Massacre. His book on the Lebanese conflict, Pity the Nation, was first published in 1990. Fisk also reported on the Arab-Israeli conflict, the Kosovo war, the Algerian civil war, and the Iran-Iraq War. Fisk suffered partial but permanent hearing loss as a result of his being within close proximity to Iraqi heavy artillery in the Shatt-al-Arab when covering the early stages of the Iran-Iraq conflict.

Osama bin Laden

Fisk is one of the few Western journalists to have interviewed Osama bin Laden - three times (all published by The Independent: December 6, 1993, July 10, 1996, and March 22, 1997). During one of Fisk's interviews with Bin Laden, Fisk noted an attempt by Bin Laden to convert him. Bin Laden said; "Mr Robert, one of our brothers had a dream. He dreamed ... that you were a spiritual person ... this means you are a true Muslim." Fisk replied; "Sheikh Osama, I am not a Muslim ... I am a journalist ... A journalist's task is to tell the truth." Bin Laden replied: "If you tell the truth, that means you are a good Muslim."

On the last occasion, in 1997, Osama informed Fisk of his intention to attack America: "Mr Robert, I pray that God permits us to turn America into a shadow of itself."

September 11 attacks

Fisk condemned the September 11, 2001 attacks, describing them as a "hideous crime against humanity." He also denounced the Bush administration's response to the attacks, arguing that "a score of nations" were being identified and positioned as "haters of democracy" or "kernels of evil," and urged a more honest debate on U.S. policy in the Middle East. He argued that such a debate had hitherto been avoided "because, of course, to look too closely at the Middle East would raise disturbing questions about the region, about our Western policies in those tragic lands, and about America's relationship with Israel."

In August 2007 Fisk expressed personal doubts about the official historical record of the September 11 attacks. In an article for The Independent, he claimed that, while the Bush administration was incapable of successfully carrying out such attacks due to its organisational incompetence: "I am increasingly troubled at the inconsistencies in the official narrative of 9/11." He proceeded to raise his concerns about a lack of aircraft debris, the melting point of steel, the collapse of World Trade Center 7, misidentified suicide-hijackers, the authenticity of correspondence attributed by the CIA to Mohamed Atta, and other familiar questions that have circulated within the 9/11 Truth Movement. He added that he does not condone the "crazed 'research' of David Icke [...] I am talking about scientific issues". Fisk had earlier addressed similar concerns in a speech at Sydney University in 2006. During the speech, Fisk said: "Partly I think because of the culture of secrecy of the White House, never have we had a White House so secret as this one. Partly because of this culture, I think suspicions are growing in the United States, not just among Berkeley guys with flowers in their hair[...] But there are a lot of things we don’t know, a lot of things we’re not going to be told[...] perhaps the plane was hit by a missile, we still don’t know."

War in Afghanistan

After the United States launched its attack on Afghanistan, Fisk was for a time transferred to Pakistan to provide coverage of that conflict. While reporting from there, he was attacked and beaten by a group of Afghan refugees fleeing heavy bombing by the United States Air Force. He was saved from this attack by another Afghan refugee. In his graphic account of his own beating, Fisk pardoned the attackers of responsibility and pointed out that their "brutality was entirely the product of others, of us—of we who had armed their struggle against the Russians and ignored their pain and laughed at their civil war and then armed and paid them again for the 'War for Civilisation' just a few miles away and then bombed their homes and ripped up their families and called them 'collateral damage.'"

Iraq

During the 2003 invasion of Iraq, Fisk was stationed in Baghdad and filed many eyewitness reports. He has criticized other journalists based in Iraq for what he calls their "hotel journalism", literally reporting from one's hotel room without interviews or first hand experience of events. His opposition to the war brought criticism from both Sunday Independent columnist and senator, Eoghan Harris, and The Guardian columnist, Simon Hoggart.

Fisk has criticised the American handling of the sectarian violence in post-invasion Iraq, and argued that the official narrative of sectarian conflict is not possible: "The real question I ask myself is: who are these people who are trying to provoke the civil war? Now the Americans will say it's Al Qaeda, it's the Sunni insurgents. It is the death squads. Many of the death squads work for the Ministry of Interior. Who runs the Ministry of Interior in Baghdad? Who pays the Ministry of the Interior? Who pays the militia men who make up the death squads? We do, the occupation authorities [...] We need to look at this story in a different light."

"Fisking"

The blogosphere term fisking originates from various American conservative blogs, which have taken particular issue with Mr. Fisk, who holds a "very skeptical view of U.S. foreign policy", and his articles and reports. Many of these bloggers have responded by reprinting his dispatches on their blogs, adding their own paragraph-by-paragraph commentary, purpotedly dissecting and debunking Fisk's facts and opinions. Irrespective of the success of their endeavor, the term "fisking" has come to denote the practice of "savaging an argument and scattering the tattered remnants to the four corners of the internet".

Books and other works

Books

Fisk has published a number of books. His 2005 work, , with its criticism of Western and Israeli approaches to the Middle East, was well-received by critics and students of international affairs, and is perhaps his best-known work.

The Point of No Return: The Strike which Broke the British in Ulster (1975). London: Times Books/Deutsch. ISBN 0-233-96682-X

In Time of War: Ireland, Ulster and the Price of Neutrality, 1939-1945 (2001). London: Gill & Macmillan. ISBN 0-7171-2411-8 — (1st ed. was 1983).

Pity the Nation: Lebanon at War (3rd ed. 2001). London: Oxford University Press; xxi, 727 pages. ISBN 0-19-280130-9 — (1st ed. was 1990).

(October 2005) London. Fourth Estate; xxvi, 1366 pages. ISBN 1-84115-007-X

The Age of the Warrior: Selected Writings (2008) London, Fourth Estate ISBN 978 0 00 727073 6

Video documentary

Fisk produced a three-part series titled From Beirut To Bosnia in 1993 which Fisk says was an attempt "to find out why an increasing number of Muslims had come to hate the West." Fisk says that The Discovery Channel did not show a repeat of the films, after initially showing them in full, due to a letter campaign launched by pro-Israel groups such as CAMERA.

Forgery misattributed to Robert Fisk

Saddam Hussein - From Birth to Martyrdom (2007). Egypt: Ibda; 272 pages. (forged authorship)

Awards

In 1991, Fisk won a Jacob's Award for his RTÉ Radio coverage of the first Gulf War. He received Amnesty International UK Press Awards in 1998 for his reports from Algeria and again in 2000 for his articles on the NATO air campaign against Yugoslavia in 1999. In 1999, Fisk won the Orwell Prize for journalism.

He has received the British Press Awards' International Journalist of the Year seven times, and twice won its "Reporter of the Year" award. In 2001, he was awarded the David Watt Prize for "outstanding contributions towards the clarification of political issues and the promotion of their greater understanding" for his investigation into the Armenian Genocide by the Turks in 1915. In 2002 he was the fourth recipient of the Martha Gellhorn Prize for Journalism. More recently, Fisk was awarded the 2006 Lannan Cultural Freedom Prize along with $350,000.

He was made an honorary Doctor of Laws by the University of St Andrews on June 24, 2004. The Political and Social Sciences department of Ghent University (Belgium) awarded Fisk an honorary doctorate on March 24, 2006. He was awarded an honorary doctorate by the American University of Beirut in June 2006. Trinity College Dublin awarded him a second, honorary, Doctorate in July 2008.

Fisk gave the 2005 Edward Said Memorial lecture at Adelaide University.

References

Further reading

Robert Fisk on Shakespeare and war

Man of War by Rachel Cooke of The Observer, April 13, 2008

Journalism and 'the words of power': Robert Fisk address to the fifth Al Jazeera annual forum on May 23

External links

The Independent — Robert Fisk

Collections of Fisk's global speaking engagement

Journalisted - Articles by Robert Fisk

Category:British reporters and correspondents Category:War correspondents Category:Writers on the Middle East Category:Historians of the Middle East Category:British historians Category:The Times people Category:Jacob's Award winners Category:Alumni of Lancaster University Category:People from Maidstone Category:1946 births Category:Living people Category:Alumni of Trinity College, Dublin Category:English expatriates in Lebanon

Name	Max Keiser
Caption	Max Keiser in a London taxi
Birthname	Timothy Maxwell Keiser
Birth date	January 23, 1960
Education	NYU
Occupation	Journalist, Film Producer, Activist
Credits	Hollywood Stock Exchange, People & Power, The Oracle with Max Keiser, Karmabanque
Url	http://maxkeiser.com

Max Keiser (born January 23, 1960) is a film-maker, broadcaster and former broker and options trader. Keiser is the host of On the Edge, a program of news and analysis hosted by Iran's Press TV. He also hosts Keiser Report, a financial tabloid, that broadcasts on RT (formerly Russia Today). Keiser hosted the New Year's Eve special, The Keiser's Business Guide to 2010 for BBC Radio 5 Live.

Keiser formerly hosted The Oracle with Max Keiser on BBC World News. Previously he produced and appeared regularly in the TV series People & Power on the Al-Jazeera English network. He also presents a weekly show about finance and markets on London's Resonance FM, as well as writing for The Huffington Post.

In addition to his broadcasting work, Keiser is known for his invention of "Virtual Specialist Technology" - a software system used by the Hollywood Stock Exchange.

Early career

Keiser has been involved with markets and finance for 25 years. He started his career as a stock broker on Wall Street after graduating from New York University.

Hollywood Stock Exchange

Keiser is the creator, co-founder and former CEO of HSX Holdings/Hollywood Stock Exchange, later sold to Cantor Fitzgerald. Max co-created the Hollywood Stock Exchange with Michael R. Burns. The Hollywood Stock Exchange allows traders to exchange virtual securities such as "MovieStocks", and "StarBonds" and convertible virtual currency, the Hollywood Dollar.

Keiser is also the co-founder of HSX films that went on to make almost a dozen films, including "Mixed Signals," "Six-String Samurai," "Dancer, Texas Pop. 81," and "girl." The company then sold to Ignite Entertainment/Lionsgate.

Broadcasting career

Keiser presented "Rumble at the Box Office" for NBC's Access Hollywood. He also produced and hosted the weekly talk show, Buy, Sell, Hold for CBS radio's KLSX in Los Angeles. Currently, he presents The Truth About Markets on Resonance 104.4 FM in London and on RDU 98.5 in Christchurch, New Zealand.

People & Power

Keiser produced ten short documentary films covering aspects of financial markets for Al Jazeera's series People & Power.

Films include "Rigged Markets", Money Geyser, Death of the Dollar, Peaked, Extraordinary Antics, Savers vs Speculators, Banking on It, Private Finance or Public Swindle?, Focus on Locusts

The Oracle with Max Keiser

A pilot episode was produced for Al-Jazeera English titled The Oracle. This was developed into a series for BBC World News. The series first aired on January 9, 2009 and ran for ten episodes. It explored financial current affairs from the perspective of prediction markets. It was intended to be a humorous take on financial news before it happens.

On The Edge

A weekly financial commentary show which started in 2009 and is broadcast on Press TV, with weekly appearances by financial commentator Stacy Herbert and featuring interviews with well known alternative economists.

The Keiser Report

Since September 2009, Keiser has hosted The Keiser Report with financial news and analysis, on the RT network. The 30-minute program is produced twice a week. Stacy Herbert appears in the first half of each show with headlines and commentary. In the second half Max Keiser interviews a guest.

Financial punditry

Keiser has appeared as a financial pundit on a number of news-networks. His appearances are remarkable for the often incendiary nature of his remarks. For example, Keiser called for a "fatwa" against Hank Paulson on Al Jazeera in response to the Troubled Asset Relief Program (TARP). In a later-broadcast Keiser said "Paulson Stinks".

Predictions

Throughout Keiser's shows he has been known for making predictions:

In the September 2004 issue of The Ecologist magazine, Keiser correctly predicted the 2008 collapse of Fannie Mae and Freddie Mac when he wrote, "My guess is that the two stocks that look the likeliest to implode at the hands of derivative-wielding Wall Street financial types (and other fundamentalists) preying on a US economy made weak by cheap money are Fannie Mae and Freddie Mac." In 2006 he correctly predicted that sub-prime mortgage-backed securities would be the cause of recession by 2008. In July 2008, accused Lehman Brothers of "trying to out-Enron Enron", accusing the bank of "Peek-a-boo accounting", an attempt to mis-report the bank's wealth by gaming the regulatory system.

Activism

Keiser founded the hedge fund Karmabanque which sought to profit from any decline in equity-value of companies that are susceptible to boycott from environmental groups. The hedge fund's progress was followed monthly in the Ecologist Magazine, edited by Zac Goldsmith. Its targets included Coca-Cola and McDonalds. The Karmabanque hedge fund project was designed to simultaneously short-sell companies while funnelling profits from this activity into environmental and ethical-business pressure groups which further act to drive down the price. Describing the project, Keiser states "The Internet allows people, activists, from all over the world to gather, or swarm, and hit a company where it hurts most -- in their stock price."

In the Al-Jazeera short-film Extraordinary Antics Keiser travels to Milan and Venice Italy to find out how CIA agent Robert Seldon Lady and his fellow agents spent $500,000 on a procedure known as extraordinary rendition - a practice which is believed to be illegal and may have caused an Egyptian citizen, who had been granted asylum in Italy, to be allegedly abducted in order to face torture in Cairo. The CIA faces prosecution for the case.

Crash JP Morgan buy silver

Max Keiser has labeled JP Morgan "the biggest financial terrorist on Wall St", in relation to their alleged manipulation of the price of silver. where people buy silver, thus raising its price and leaving JP Morgan with a huge short position to cover, bankrupting itself.

Criticism

The Guardian newspaper, in an editorial titled "Mad Max," described Keiser's Karmabanque hedge fund as a "fantastical scheme" and accused him of trying to exist "beyond the normal forces and controls of society."

Keiser drew criticism at the 2000 ShowBiz Expo in Las Vegas when he said of media content that "Everything is inescapably going to a price point called free." In response, Kevin Tsujihara, executive V.P. of New Media at Warner Bros., commented that "Piracy.com" will be the victor if superior content is available on sites supported by advertisements.

In 2005, Steven Milloy, the "Junk Science" commentator demanded that Keiser be removed from the panel of the Triple Bottom Line Investing conference, where he was scheduled to appear. Milloy accused Keiser of making threats against his organization and petitioned sponsors Calvert Investments and KLD Research & Analytics to withdraw from the project. Robert Rubenstein founder of conference organiser Brooklyn Bridge stated that Keiser's comments “do not constitute a threat to person or property and are not related to the conference or the content that will be presented there”.

Referring to Keiser's Karmabanque project, a spokeswoman for RyanAir said, "Since they put Ryanair on their list, our share price has gone up by 10 per cent. We are always delighted to be part of a list which includes Coca-Cola, Starbucks and Wal-Mart.", however on the same day The Hindu published an article in which Howard Millar, Ryanair deputy chief executive admitted that his company may be vulnerable to environmental pressure groups: "I am concerned that there is a continuing media campaign and the concern is that people might say 'maybe I will not fly on holiday and maybe I will make a different choice'."

See also

Error accounts a term often mentioned by Max Keiser

Central bank or Reserve bank

Gold standard where paper currency is backed up by the value of Gold

Hollywood Accounting

References

External links

MaxKeiser.com Max Keiser's website

MaxKeiserTV Max Keiser's Youtube channel

chaostheorien.de Interview with Max Keiser at chaostheorien.de

Category:Investment bankers Category:American journalists Category:Documentary film producers Category:1960 births Category:Living people

Name	Marc Faber
Birth date	February 28, 1946
Alma mater	University of Zurich
Occupation	Investment analyst
Nationality

Marc Faber, born February 28, 1946, is an investment analyst and entrepreneur.

Background

Faber was born in Zürich and schooled in Geneva, Switzerland, where he raced for the Swiss National Ski Team. He studied Economics at the University of Zurich and, at the age of 24, obtained a Ph.D. degree in Economics magna cum laude. Faber is best known for the Gloom Boom & Doom Report newsletter and its related web site featuring "Dance of Death" paintings created by Kaspar Meglinger.

During the 1970s Faber worked for White Weld & Company Limited in New York City, Zürich, and Hong Kong. He moved to Hong Kong in 1973. He was a managing director at Drexel Burnham Lambert Ltd Hong Kong from the beginning of 1978 until the firm's collapse in 1990. In 1990, he set up his own business, Marc Faber Limited. Faber now resides in Chiangmai, Thailand, though he keeps a small office in Hong Kong.

Faber has a reputation for being a contrarian investor and has been called "Doctor Doom" for a number of years. He was the subject of a book written by Nury Vittachi in 1998 entitled Doctor Doom - Riding the Millennial Storm - Marc Faber's Path to Profit in the Financial Crisis. Faber has become a frequent speaker in various forums and makes numerous appearances on television around the world including various CNBC and Bloomberg outlets, as well as on internet venues like Jim Puplava's internet radio show. He has also been a participant of the Barron's Roundtable.

Marc Faber Ltd.

Faber's company, Marc Faber Limited, acts as an investment advisor concentrating on value investments with tremendous upside often based on contrarian investment philosophies. Faber also invests and acts as a fund manager to private wealthy clients. Faber is a regular speaker on the investment circuit, often quoted in the financial press for his non-conformist viewpoint and alternative investment philosophies. His current — if eccentric — tag-line is: 'buy a $100 US bond and frame it to teach your children about inflation by watching the US bond value diminish to almost nothing over the next 20 years'.

Faber is famous for advising his clients to get out of the stock market one week before the October 1987 crash. However Faber said that this prediction was "accidental".

He lost money shorting US stocks in 1999 although his call was later vindicated. He admits that market timing is very difficult. Nevertheless his market advice since 2000 is quite accurate. Faber predicted the rise of oil, precious metals, other commodities, emerging markets and especially China in his book Tomorrow's Gold: Asia's Age of Discovery. He also correctly predicted the slide of the U.S. dollar since 2002 and the 5/06 and 2/07 mini-corrections. He stated that there are few value investments available, except for farmland and real estate in some emerging markets like Russia, Paraguay, and Uruguay. In December 2008, Faber said, "I think a recovery will not come in the next couple of years, maybe in five, ten years' time" On March 9 2009, Faber correctly predicted a U.S. stock market bottom but incorrectly stated that the rally would last only six months.

Writings

Faber writes the monthly investment newsletter The Gloom Boom & Doom Report which is subject to charge. He has also authored several books.

Dr. Faber has been a regular contributor to several leading publications around the world in the past, among them Forbes and International Wealth which is a sister publication of the Financial Times. He has contributed regularly to several websites such as Financial Intelligence, Asian Bond Portal, Die Welt, Finanzen, Boerse, AME Info, Swiss Radio, Apple Hong Kong and Taiwan, Quamnet, Winners, Wealth and Oriental Daily. He has also written occasionally for the International Herald Tribune, Wall Street Journal, and Borsa e Finanza.

Funds

Marc Faber serves as director or advisor of a number of investment funds that focus on emerging and frontier markets, including Leopard Capital’s Leopard Cambodia Fund and Leopard Sri Lanka Fund.

References

External links

Marc Faber interview on Bloomberg September 2007 before rate cut decision

Faber's website

Comprehensive Interview w/ Marc Faber (Bloomberg TV)

Bloomberg interview

Financial Sense News Hour Jim Puplava Ask the Experts

Video of a wide ranging discussion of the US Dollar, credit crunch and emerging markets on CNBC Oct. 22, 2007

interview with RTL Z 16-03-2010

Video of a June 2008 Bloomberg News interview critical of Fed chairman and entitled: Marc Faber Says Oil, Stocks, Real Estate Are Overvalued

Dr. Doom: Short Treasuries, Buy Hard Assets — 29 December 2008 interview

Tomorrow's Gold

Marc Faber Newsletters of Note

Investment Hocus Pocus

A Modern History of Investment Booms

Marc Faber blog

Category:Austrian School economists Category:1946 births Category:Drexel Burnham Lambert Category:Living people Category:Swiss businesspeople Category:Hedge fund managers

Honorific-prefix	The Honorable
Name	Joseph Stiglitz
Honorific-suffix	ForMemRS FBA
Order	17th Chair of the Council of Economic Advisors
Term start	1995
Term end	1997
President	Bill Clinton
Predecessor	Laura Tyson
Successor	Janet Yellen
Office2	World Bank Chief Economist
Term start2	1997
Term end2	2000
Preceded2	Michael Bruno
Succeeded2	Nicholas Stern
Birth date	February 09, 1943
Birth place	Gary, Indiana
Party	Democratic
Spouse	Anya Schiffrin
Alma mater	Amherst CollegeMassachusetts Institute of Technology
Profession	Economist
Religion	Judaism

Joseph Eugene Stiglitz, ForMemRS, FBA, (born February 9, 1943) is an American economist and a professor at Columbia University. He is a recipient of the Nobel Memorial Prize in Economic Sciences (2001) and the John Bates Clark Medal (1979). He is also the former Senior Vice President and Chief Economist of the World Bank. He is known for his critical view of the management of globalization, free-market economists (whom he calls "free market fundamentalists") and some international institutions like the International Monetary Fund and the World Bank.

In 2000, Stiglitz founded the Initiative for Policy Dialogue (IPD), a think tank on international development based at Columbia University. Since 2001, he has been a member of the Columbia faculty, and has held the rank of University Professor since 2003. He also chairs the University of Manchester's Brooks World Poverty Institute and is a member of the Pontifical Academy of Social Sciences. Professor Stiglitz is also an honorary professor at Tsinghua University School of Public Policy and Management. Stiglitz is one of the most frequently cited economists in the world.

Biography

Stiglitz was born in Gary, Indiana, to Jewish parents, Charlotte and Nathaniel Stiglitz. From 1960 to 1963, he studied at Amherst College, where he was a highly active member of the debate team and President of the Student Government. He went to the Massachusetts Institute of Technology (MIT) for his fourth year as an undergraduate, where he later pursued graduate work. His undergraduate degree was awarded from Amherst College. From 1965 to 1966, he moved to the University of Chicago to do research under Hirofumi Uzawa who had received an NSF grant. He studied for his PhD from MIT from 1966 to 1967, during which time he also held an MIT assistant professorship. The particular style of MIT economics suited him well - simple and concrete models, directed at answering important and relevant questions. He was a research fellow at the University of Cambridge from 1966 to 1970. In subsequent years, he held academic positions at Yale (1970–1974), Stanford (1974–1976, 1988–2001), Oxford (1976–1979), and Princeton (1979–1988). Stiglitz is now a Professor at Columbia University, with appointments at the Business School, the Department of Economics and the School of International and Public Affairs (SIPA), and is editor of The Economists' Voice journal with J. Bradford DeLong and Aaron Edlin. He also gives classes for a double-degree program between Sciences Po Paris and Ecole Polytechnique in 'Economics and Public Policy'. As of 2005 he chairs The Brooks World Poverty Institute at the University of Manchester. Stiglitz is a New-Keynesian economist.

In addition to making numerous influential contributions to microeconomics, Stiglitz has played a number of policy roles. He served in the Clinton Administration as the chair of the President's Council of Economic Advisors (1995 – 1997). At the World Bank, he served as Senior Vice President and Chief Economist (1997 – 2000), in the time when unprecedented protest against international economic organizations started, most prominently with the Seattle WTO meeting of 1999. He was fired by the World Bank for expressing dissent with its policies. He was a lead author for the Intergovernmental Panel on Climate Change.

He is a member of Collegium International, an organization of leaders with political, scientific, and ethical expertise whose goal is to provide new approaches in overcoming the obstacles in the way of a peaceful, socially just and an economically sustainable world.

Stiglitz has advised American President Barack Obama, but has also been sharply critical of the Obama Administration's financial-industry rescue plan. Stiglitz said that whoever designed the Obama administration's bank rescue plan is "either in the pocket of the banks or they’re incompetent."

Contributions to economics

Information asymmetry

Stiglitz's most famous research was on screening, a technique used by one economic agent to extract otherwise private information from another. It was for this contribution to the theory of information asymmetry that he shared the Nobel Memorial Prize in Economics in 2001 "for laying the foundations for the theory of markets with asymmetric information" with George A. Akerlof and A. Michael Spence.

Before the advent of models of imperfect and asymmetric information, the traditional neoclassical economics literature had assumed that markets are efficient except for some limited and well defined market failures. More recent work by Stiglitz and others reversed that presumption, to assert that it is only under exceptional circumstances that markets are efficient. Stiglitz has shown (together with Bruce Greenwald) that "whenever markets are incomplete and/or information is imperfect (which are true in virtually all economies), even competitive market allocation is not constrained Pareto efficient". In other words, they addressed "the problem of determining when tax interventions are Pareto-improving. The approach indicates that such tax interventions almost always exist and that equilibria in situations of imperfect information are rarely constrained Pareto optima." Although these conclusions and the pervasiveness of market failures do not necessarily warrant the state intervening broadly in the economy, it makes clear that the "optimal" range of government recommendable interventions is definitely much larger than the traditional "market failure" school recognizes. For Stiglitz there is no such thing as an "invisible hand". According to Stiglitz:

In the opening remarks for his prize acceptance "Aula Magna", Stiglitz said:

In an interview in 2007, Stiglitz explained further:

Efficiency wages: the Shapiro-Stiglitz model

Stiglitz also did some research on efficiency wages, and helped create what became known as the "Shapiro-Stiglitz model" to explain why there is unemployment, why wages are not bid down sufficiently by job seekers (in the absence of minimum wages) so that everyone who wants a job finds one, and to question whether the neoclassical paradigm could explain involuntary unemployment. Two basic observations undergird their analysis:

# Unlike other forms of capital, humans can choose their level of effort. # It is costly for firms to determine how much effort workers are exerting.

A full description of this model can be found at the links provided. Some key implications of this model are:

# Wages do not fall enough during recessions to prevent unemployment from rising. If the demand for labour falls, this lowers wages. But because wages have fallen, the probability of 'shirking' (workers not exerting effort) has risen. If employment levels are to be maintained, through a sufficient lowering of wages, workers will be less productive than before through the shirking effect. As a consequence, in the model wages do not fall enough to maintain employment levels at the previous state, because firms want to avoid excessive shirking by their workers. So, unemployment must rise during recessions, because wages are kept 'too high'. # Possible corollary: Wage sluggishness. Moving from one private cost of hiring to another private cost of hiring will require each firm to repeatedly re-optimize wages in response to shifting unemployment rate. Firms cannot cut wages until unemployment rises sufficiently (a coordination problem).

The outcome is never Pareto efficient.

# Each firm employs too few workers because it faces private cost of hiring rather than the social cost — which is equal to and in all cases. This means that firms do not "internalize" the "external" cost of unemployment - they do not factor how large-scale unemployment harms society when assessing their own costs. This leads to a negative externality as marginal social cost exceeds the firm's marginal cost (MSC = Firm's Private Marginal Cost + Marginal External Cost of increased social unemployment) # There are also negative externalities. Each firm increases the asset value of unemployment for all other firms by hiring. But the first problem clearly dominates since the 'natural rate of unemployment' is always too high.

Some possible practical implications of Stiglitz theorems

While the mathematical validity of Stiglitz et al. theorems are not in question, their practical implications in political economy and their application in real life economic policies have been subject to considerable disagreement and debate. Stiglitz himself seems to be continuously adapting his own political-economic discourse, as we can see from the evolution in his positions as initially stated in Whither Socialism? (1994) to his own new positions held on his most recent publications.

::Once incomplete and imperfect information are introduced, Chicago-school defenders of the market system cannot sustain descriptive claims of the Pareto efficiency of the real world. Thus, Stiglitz's use of rational-expectations equilibrium assumptions to achieve a more realistic understanding of capitalism than is usual among rational-expectations theorists leads, paradoxically, to the conclusion that capitalism deviates from the model in a way that justifies state action—socialism—as a remedy. (Stiglitz 1994, 179).

The objections to the wide adoption of these positions suggested by Stiglitz's discoveries do not come from economics itself but mostly from political scientists and are in the fields of sociology. As David L. Prychitko discusses in his "critique" to Whither Socialism? (see below), although Stiglitz's main economic insight seems generally correct, it still leaves open great constitutional questions such as how the coercive institutions of the government should be constrained and what the relation is between the government and civil society.

Politics

Clinton administration, 1993 - 1997

Stiglitz joined the Clinton Administration in 1993, serving first as a member during 1993-1995, and then as Chairman of the Council of Economic Advisers during 1995-1997, in which capacity he also served as a member of the cabinet. He became deeply involved in environmental issues, which included serving on the Intergovernmental Panel on Climate Change, and helping draft a new law for toxic wastes (which was never passed).

Stiglitz's most important contribution in this period was helping define a new economic philosophy, a "third way", which postulated the important, but limited, role of government, that unfettered markets often did not work well, but that government was not always able to correct the limitations of markets. The academic research that he had been conducting over the preceding 25 years provided the intellectual foundations for this "third way".

When President Bill Clinton was re-elected, he asked Stiglitz to continue to serve as Chairman of the Council of Economic Advisers for another term. But he had already been approached by the World Bank, to be its senior vice president for development policy and its chief economist.

As the World Bank began its ten-year review of the transition of the former Communist countries to the market economy it unveiled failures of the countries that had followed the International Monetary Fund (IMF) shock therapy policies - both in terms of the declines in GDP and increases in poverty - that were even worse than the worst that most of its critics had envisioned at the onset of the transition. Clear links existed between the dismal performances and the policies that the IMF had advocated, such as the voucher privatization schemes and excessive monetary stringency. Meanwhile, the success of a few countries that had followed quite different strategies suggested that there were alternatives that could have been followed. The U.S. Treasury had put enormous pressure on the World Bank to silence his criticisms of the policies which they and the IMF had pursued.

Stiglitz always had a poor relationship with Treasury Secretary Lawrence Summers. In 2000, Summers successfully petitioned for Stiglitz's removal, supposedly in exchange for World Bank President James Wolfensohn's re-appointment – an exchange that Wolfensohn denies took place. Whether Summers ever made such a blunt demand is questionable – Wolfensohn claims he would "have told him to fuck himself".

Stiglitz resigned from the World Bank in January 2000, a month before his term expired. The Bank's president, James Wolfensohn, announced Stiglitz's resignation in November 1999 and also announced that Stiglitz would stay on as "special advisor to the president", and would chair the search committee for a successor.

:"Joseph E. Stiglitz said today [Nov. 24, 1999] that he would resign as the World Bank's chief economist after using the position for nearly three years to raise pointed questions about the effectiveness of conventional approaches to helping poor countries."

In this role, he continued criticism of the IMF, and, by implication, the US Treasury Department. In April 2000, in an article for The New Republic, he wrote:

:"They’ll say the IMF is arrogant. They’ll say the IMF doesn’t really listen to the developing countries it is supposed to help. They’ll say the IMF is secretive and insulated from democratic accountability. They’ll say the IMF’s economic ‘remedies’ often make things worse – turning slowdowns into recessions and recessions into depressions. And they’ll have a point. I was chief economist at the World Bank from 1996 until last November, during the gravest global economic crisis in a half-century. I saw how the IMF, in tandem with the U.S. Treasury Department, responded. And I was appalled."

The article was published a week before the annual meetings of the World Bank and IMF and provoked a strong response. It proved too strong for Summers and, yet more lethally, Stiglitz's protector-of-sorts at the World Bank, Wolfensohn. Wolfensohn had privately empathised with Stiglitz's views, but this time was worried for his second term, which Summers had threatened to veto. Stanley Fisher, deputy managing director of the IMF, called a special staff meeting and informed at that gathering that Wolfensohn had agreed to fire Stiglitz. Meanwhile, the Bank's External Affairs department told the press that Stiglitz had not been fired, his post had merely been abolished.

In a September 19, 2008 radio interview with Aimee Allison and Philip Maldari on Pacifica Radio's KPFA 94.1 FM in Berkeley, California, Stiglitz implied that President Clinton and his economic advisors would not have backed the North American Free Trade Agreement (NAFTA) had they been aware of stealth provisions, inserted by lobbyists, that they overlooked.

Initiative for Policy Dialogue

In July 2000 Stiglitz founded the Initiative for Policy Dialogue (IPD), with support of the Ford, Rockefeller, McArthur, and Mott Foundations and the Canadian and Swedish governments, to enhance democratic processes for decision-making in developing countries and to ensure that a broader range of alternatives are on the table and more stakeholders are at the table.

Commission of Experts on Reforms of the International Monetary and Financial System

In 2009, Stiglitz chaired the Commission of Experts on Reforms of the International Monetary and Financial System, informally known as the Stiglitz Commission, which was convened by the President of the United Nations General Assembly "to review the workings of the global financial system, including major bodies such as the World Bank and the IMF, and to suggest steps to be taken by Member States to secure a more sustainable and just global economic order".

Books

Along with his technical economic publications (he has published over 300 technical articles), Stiglitz is the author of books on issues from patent law to abuses in international trade.

Stability with Growth: Macroeconomics, Liberalization and Development

In Stability with Growth: Macroeconomics, Liberalization and Development (2006), Stiglitz, José Antonio Ocampo (United Nations Under-Secretary-General for Economic and Social Affairs, until 2007), Shari Spiegel (Managing Director, Initiative for Policy Dialogue - IPD), Ricardo Ffrench-Davis (Main Adviser, Economic Commission for Latin America and the Caribbean - ECLAC) and Deepak Nayyar (Vice Chancellor, University of Delhi) discuss the current debates on macroeconomics, capital market liberalization and development, and develop a new framework within which one can assess alternative policies. They explain their belief that the Washington Consensus has advocated narrow goals for development (with a focus on price stability) and prescribed too few policy instruments (emphasizing monetary and fiscal policies), and places unwarranted faith in the role of markets. The new framework focuses on real stability and long-term sustainable and equitable growth, offers a variety of non-standard ways to stabilize the economy and promote growth, and accepts that market imperfections necessitate government interventions. Policy-makers have pursued stabilization goals with little concern for growth consequences, while trying to increase growth through structural reforms focused on improving economic efficiency. Moreover, structural policies, such as capital market liberalization, have had major consequences for economic stability. This book challenges these policies by arguing that stabilization policy has important consequences for long-term growth and has often been implemented with adverse consequences. The first part of the book introduces the key questions and looks at the objectives of economic policy from different perspectives.The third part presents a similar analysis for capital market liberalization.

Making Globalization Work

Making Globalization Work (2006) surveys the inequities of the global economy, and the mechanisms by which developed countries exert an excessive influence over developing nations. Dr. Stiglitz argues that through tariffs, subsidies, an over-complex patent system and pollution, the world is being both economically and politically destabilised. Stiglitz argues that strong, transparent institutions are needed to address these problems. He shows how an examination of incomplete markets can make corrective government policies desirable.

Stiglitz is an exception to the general pro-globalization view of professional economists, according to economist Martin Wolf. Stiglitz argues that economic opportunities are not widely enough available, that financial crises are too costly and too frequent, and that the rich countries have done too little to address these problems. Making Globalization Work had sold more than two million copies.

The Roaring Nineties

In 2003, Stiglitz published The Roaring Nineties, his analysis of the boom and bust of the 1990s. In 2004 he published New Paradigm for Monetary Economics (Cambridge University Press) and in 2005, Oxford University Press published his book Fair Trade for All.

The Roaring Nineties: A New History of the World's Most Prosperous Decade

"The Roaring Nineties: A New History of the World's Most Prosperous Decade" (2003) continues his argument on how misplaced faith in free-market ideology led to the global economic issues of today, with a perceptive focus on US policies.

Globalization and Its Discontents

In Globalization and Its Discontents (2002), Stiglitz argues that what are often called "developing economies" are, in fact, not developing at all, and puts much of the blame on the IMF.

Stiglitz bases his argument on the themes that his decades of theoretical work have emphasized: namely, what happens when people lack the key information that bears on the decisions they have to make, or when markets for important kinds of transactions are inadequate or don't exist, or when other institutions that standard economic thinking takes for granted are absent or flawed. Stiglitz stresses the point: "Recent advances in economic theory" (in part referring to his own work) "have shown that whenever information is imperfect and markets incomplete, which is to say always, and especially in developing countries, then the invisible hand works most imperfectly." As a result, Stiglitz continues, governments can improve the outcome by well-chosen interventions. Stiglitz argues that when families and firms seek to buy too little compared to what the economy can produce, governments can fight recessions and depressions by using expansionary monetary and fiscal policies to spur the demand for goods and services. At the microeconomic level, governments can regulate banks and other financial institutions to keep them sound. They can also use tax policy to steer investment into more productive industries and trade policies to allow new industries to mature to the point at which they can survive foreign competition. And governments can use a variety of devices, ranging from job creation to manpower training to welfare assistance, to put unemployed labor back to work and cushion human hardship.

Stiglitz complains bitterly that the IMF has done great damage through the economic policies it has prescribed that countries must follow in order to qualify for IMF loans, or for loans from banks and other private-sector lenders that look to the IMF to indicate whether a borrower is creditworthy. The organization and its officials, he argues, have ignored the implications of incomplete information, inadequate markets, and unworkable institutions—all of which are especially characteristic of newly developing countries. As a result, Stiglitz argues, the IMF has often called for policies that conform to textbook economics but do not make sense for the countries to which the IMF is recommending them. Stiglitz seeks to show that these policies have been disastrous for the countries that have followed them.

Whither Socialism?

Whither Socialism? is based on Stiglitz's Wicksell Lectures, presented at the Stockholm School of Economics in 1990 and presents a summary of information economics and the theory of markets with imperfect information and imperfect competition, as well as being a critique of both free market and market socialist approaches (see Roemer critique, op. cit.). Stiglitz explains how the neoclassical, or Walrasian model ("Walrasian economics" refers to the result of the process which has given birth to a formal representation of Adam Smith's notion of the "invisible hand", along the lines put forward by Leon Walras and encapsulated in the general equilibrium model of Arrow-Debreu), may have wrongly encouraged the belief that market socialism could work. Stiglitz proposes an alternative model, based on the information economics established by the Greenwald-Stiglitz theorems.

One of the reasons Stiglitz sees for the critical failing in the standard neoclassical model, on which market socialism was built, is its failure to consider the problems that arise from lack of perfect information and from the costs of acquiring information. He also identifies problems arising from its assumptions concerning completeness.

Critique

Whither Socialism? has been subject to various critiques such as those of the Yale professor John E. Roemer, Peter Boettke, the Deputy Director of the James M. Buchanan Center for Political Economy (1996), as well as David L. Prychitko, a professor of economics at Northern Michigan University. According to Prychitko:

"Finally, if Stiglitz's main insight is generally correct– that the state cannot be ruled out or that it should be ruled in– but leaves open the grand constitutional questions: How will the coercive institutions of the state be constrained? What is the relation between the state and civil society? His book fails on these political aspects because it has not addressed the broader constitutional concerns that James M. Buchanan (1975) and other economists have raised."

The Three Trillion Dollar War

The Three Trillion Dollar War examines the full cost of the Iraq War, including many hidden costs. The book also discusses the extent to which these costs will be imposed for many years to come, paying special attention to the enormous expenditures that will be required to care for very large numbers of wounded veterans. Stiglitz was openly critical of George W. Bush at the time the book was released.

Freefall: America, Free Markets, and the Sinking of the World Economy

In (2010), Stiglitz discusses the causes of the 2008 recession/depression and goes on to propose reforms needed to avoid a repetition of a similar crisis, advocating government intervention and regulation in a number of areas. Among the policy-makers he criticises are George W. Bush, Larry Summers, and Barack Obama.

This book does not require an economics background in order to be of value to the reader. Rather it explains Mr. Stiglitz's views on the recent economic crisis in terms which make it relevant to the average homeowner, retirement investor, and voter in the United States. He explains how without fundamental changes in economic policy and regulation the position of the US in the world political and economic arena may deteriorate significantly.

Papers and conferences

Stiglitz wrote a series of papers and held a series of conferences explaining how such information uncertainties may have influence on everything from unemployment to lending shortages. As the chairman of the Council of Economic Advisers during the Clinton Administration and former chief economist at the World Bank, Stiglitz was able to put some of his views into action. For example, he was an outspoken critic of quickly opening up financial markets in developing countries. These markets rely on access to good financial data and sound bankruptcy laws, but he argued that many of these countries didn't have the regulatory institutions needed to ensure that the markets would operate soundly.

Private life

Stiglitz married for the third time on October 28, 2004, to Anya Schiffrin, who works at the School of International and Public Affairs at Columbia University.

Publications

; Books:

2010, Freefall: America, Free Markets, and the Sinking of the World Economy ISBN 978-0393075960, W. W. Norton.

2008, The Three Trillion Dollar War ISBN 978-0-39-306701-9; by Joseph Stiglitz and Linda Bilmes, W. W. Norton.

2006, Making Globalization Work ISBN 0-393-06122-1, Penguin Books, August 2006.

2006, Stability with Growth: Macroeconomics, Liberalization, and Development ISBN 0-19-928814-3 (Initiative for Policy Dialogue Series C); by Joseph E. Stiglitz, Jose Antonio Ocampo, Shari Spiegel, Ricardo Ffrench-Davis, and Deepak Nayyar; Oxford University Press 2006

1996, Whither Socialism ? Stiglitz, Joseph E., (Wicksell Lectures), MIT Press, January 1996.

2000, Frontiers of Development Economics: The Future in Perspective, edited with Gerald M. Meier, World Bank, May 2000.

2001, Rethinking the East Asian Miracle, edited with Shahid Yusuf, World Bank and Oxford University Press.

2002, Principles of Macroeconomics, third edition, with Carl E. Walsh, W.W. Norton & Company, March 2002.

2002, Economics, Third Edition, with Carl E. Walsh, W.W. Norton & Company, April 2002.

2002, Peasants Versus City-Dwellers: Taxation and the Burden of Economic Development, with Raaj K. Sah, Oxford University Press, April 2002.

2002, Globalization and Its Discontents, W.W. Norton & Company, June 2002.

2003,Towards a New Paradigm in Monetary Economics, with Bruce Greenwald, Cambridge University Press. Cambridge. Description and chapter-preview links.

2003, The Roaring Nineties, W.W. Norton & Company, forthcoming in October 2003.

Fair Trade for All: How Trade Can Promote Development (Initiative for Policy Dialogue Series C)– by Joseph E. Stiglitz, Andrew Charlton; Hardcover

2000, 3rd ed. Economics of the Public Sector.

2002, The Rebel Within: Joseph Stiglitz and the World Bank by Joseph E. Stiglitz (Editor), Ha-Joon Chang (Editor), ISBN 1-898855-91-9, Anthem Press, Wimbledon Publishing Company (Paperback - February 25, 2002)

2005, The Development Round Of Trade Negotiations In The Aftermath Of Cancun by Joseph E. Stiglitz, Andrew Charlton (Paperback - January 30, 2005)

2005, A Chance For The World Bank by Joseph P Stiglitz (Foreword), Jozef Ritzen, ISBN 1-84331-162-3, Anthem Press, Wimbledon Publishing Company (Paperback - May 30, 2005)

1986, 'Economics of the Public Sector' by J.E.Stiglitz ISBN 0-393-96651-8, W.W.Norton, New York. (Re-printed 1988, 2000)

1981, 'Theory of Commodity Price Stabilization' by David M.G. Newbery and Joseph E. Stiglitz ISBN 0198284179 ISBN 978-0198284178, Oxford University Press [Hardcover: 512 pages]

Readings in the Modern Theory of Economic Growth by Joseph E. Stiglitz (Editor), Hirofumi Uzawa (Editor)

; Book chapters:

2009. "Regulation and Failure," in David Moss and John Cisternino (eds.), New Perspectives on Regulation, ch. 1, pp. 11-23. Cambridge: The Tobin Project.

2001, New Ideas About Old Age Security: Toward Sustainable Pension Systems in the 21st Century , edited with Robert Holzmann, World Bank, January 2001.

; Selected scholarly articles

1998, Distinguished lecture on economics in government: The private uses of public interests: Incentives and institutions. Journal of Economic Perspectives, 12, 3–22.

1998, Redefining the Role of the State - What should it do ? How should it do it ? And how should these decisions be made? Paper presented at the Tenth Anniversary of MITI Research Institute, Tokyo, March 1998.

1996, The World Bank Research Observer: No 2: August 1996 by Joseph Stiglitz

1993, “Post Walrasian and post Marxian economics,” Journal of Economic Perspectives, vol. 7, pp. 109–14

1993, “Market socialism and neoclassical economics,” in Bardhan, P. K. and Roemer, J. E. (eds.), Market Socialism. The Current Debate, New York: Oxford University Press

1989, “Principal and agent,” in J. Eatwell, M. Milgate and P. Newman (eds.), The New Palgrave. Allocation, Information and Markets. New York: W. W. Norton

1987, “The causes and consequences of the dependence of quality on prices”, Journal of Economic Literature, vol. 25, pp. 1–48

1981 (with A. Weiss), "Credit Rationing in Markets with Imperfect Information", American Economic Review, vol. 71, pp. 393–410

1977 (with A.K. Dixit), “Monopolistic Competition and Optimum Product Diversity”, American Economic Review, vol. 67, pp. 297–308

1976 (with M. Rothschild), “Equilibrium in Competitive Insurance Markets: An Essay on the Economics of Imperfect Information”, Quarterly Journal of Economics, vol. 90, pp.  629–650.

1974, “Incentives and Risk Sharing in Sharecropping”, Review of Economic Studies, Vol. 41, No. 2, 219-255.

1974, “Alternative Theories of Wage Determination and Unemployment in LDCs: The Labour Turnover Model”, Quarterly Journal of Economics, vol. 81, pp. 194–227

1971 (with M. Rothschild), “Increasing Risk: II. Its Economic Consequences”, Journal of Economic Theory, Vol. 3, pp. 66–84

1970 (with M. Rothschild), “Increasing Risk: I. A Definition”, Journal of Economic Theory, Vol. 2, pp. 225–243

; Articles in popular press:

2009, "Wall Street’s Toxic Message", Vanity Fair, July 2009

2009, "America's socialism for the rich", The Guardian, June 2009

2009, "Capitalist Fools", Vanity Fair, January 2009

2007, "The Economic Consequences of Mr. Bush", Vanity Fair, December 2007 Issue

2007, Where is the World Going To, Mr. Stiglitz? directed by Jacques Sarasin, First Run Features.

2002, "Implications of the New Fannie Mae and Freddie Mac Risk-based Capital Standard", for FannieMae Volume I, Issue 2 March 2002

"I Dissent: Uncommon Economic Wisdom", A monthly column for Project Syndicate.

; Video and online sources:

2010, Freefall: Joseph Stiglitz at the Commonwealth Club

2008, The Three Trillion Dollar War a panel discussion with Joseph Stiglitz and Linda Bilmes regarding their new book, `The Three Trillion Dollar War: The True Cost of the Iraq Conflict.` Feb 28, 2008 at Columbia University.

2007, Where is the World Going To, Mr. Stiglitz? directed by Jacques Sarasin, First Run Features.

World Bank Video presentation

Online access to Stiglitz published papers, at his own website

See also

List of economists

List of Jewish Nobel laureates

References

External links

Joseph Stiglitz's homepage

Joseph Stiglitz's faculty profile Committee on Global Thought at Columbia University]

"I Dissent: Unconventional Economic Wisdom", Joseph Stiglitz's monthly column for Project Syndicate.

STIGLITZ, Joseph E. Prize Lecture: Information and the Change in the Paradigm in Economics. Stiglitz's Nobel Prize Lecture given December 8, 2001

Autobiographical essay written for the Nobel Prize committee

Category:Academics of the University of Oxford Category:American anti-globalization writers Category:American economists Category:American Nobel laureates Category:Amherst College alumni Category:Ashkenazi Jews Category:Clinton Administration personnel Category:Columbia University faculty Category:Development economists Category:Development specialists Category:New Keynesian economists Category:Fellows of All Souls College, Oxford Category:Fellows of Fitzwilliam College, Cambridge Category:Fellows of Gonville and Caius College, Cambridge Category:Fellows of the British Academy Category:Fellows of the Econometric Society Category:Information economists Category:International development Category:International Panel on Climate Change lead authors Category:Jewish American writers Category:Massachusetts Institute of Technology alumni Category:Members of the United States National Academy of Sciences Category:Members of the Pontifical Academy of Social Sciences Category:Nobel laureates in Economics Category:People from Gary, Indiana Category:Princeton University faculty Category:People associated with the University of Manchester Category:Public economists Category:Stanford University faculty Category:United States Council of Economic Advisors Category:World Bank Chief Economists Category:Yale University faculty Category:Keio University faculty Category:1943 births Category:Living people Category:Foreign Members of the Royal Society Category:Faculty of Sciences Po

Name	James Beeland Rogers, Jr.
Birth date	October 19, 1942
Birth place	Baltimore, Maryland, USA
Occupation	Financial investor, author
Alma mater	Balliol College, OxfordYale University
Website	www.jimrogers.com

James Beeland Rogers, Jr. (born October 19, 1942) is an American investor and author based in Singapore. He was the co-founder of the Quantum Fund with George Soros and creator of the Rogers International Commodities Index (RICI).

Rogers is an outspoken proponent of the free market, but he does not consider himself a member of any school of thought. Rogers acknowledges, however, that his views best fit the label of Austrian School of economics.

Biography

Rogers was born in Baltimore, Maryland and raised in Demopolis, Alabama. He started in business at the age of five by selling peanuts and by picking up empty bottles that fans left behind at baseball games. He got his first job on Wall Street, at Dominick & Dominick, after graduating with a bachelor's degree from Yale University in 1964. Rogers then acquired a second BA degree in Philosophy, Politics and Economics from Balliol College, Oxford University in 1966.

In 1970, Rogers joined Arnhold and S. Bleichroder. In 1973, Rogers co-founded the Quantum Fund with George Soros. During the following 10 years, the portfolio gained 4200% while the S&P; advanced about 47%. The Quantum Fund was one of the first truly international funds.

In 1980, Rogers decided to "retire", and spent some of his time traveling on a motorcycle around the world. Since then, he has been a guest professor of finance at the Columbia University Graduate School of Business.

In 1989 and 1990, Rogers was the moderator of WCBS' The Dreyfus Roundtable and FNN's The Profit Motive with Jim Rogers. From 1990 to 1992, he traveled through China again, as well as around the world, on motorcycle, over 100,000 miles (160,000 km) across six continents, which was picked up in the Guinness Book of World Records. He tells of his adventures and worldwide investments in Investment Biker, a bestselling investment book.

In 1998, Rogers founded the Rogers International Commodity Index. In 2007, the index and its three sub-indices were linked to exchange-traded notes under the banner ELEMENTS. The notes track the total return of the indices as an accessible way to invest in the index. Rogers is an outspoken advocate of agriculture investments and, in addition to the Rogers Commodity Index, is involved with two direct, farmland investment funds - Agrifirma, based in Brazil, and Agcapita Farmland Investment Partnership, based in Canada.

Between January 1, 1999 and January 5, 2002, Rogers did another Guinness World Record journey through 116 countries, covering 245,000 kilometers with his wife, Paige Parker, in a custom-made Mercedes. The trip began in Iceland, which was about to celebrate the 1000th anniversary of Leif Eriksson's first trip to America. On January 5, 2002, they were back in New York City and their home on Riverside Drive. His route around the world can be viewed on his website, jimrogers.com. He wrote Adventure Capitalist following this around-the-world adventure. It is currently his bestselling book.

On his return in 2002, Rogers became a regular guest on Fox News' Cavuto on Business which airs every Saturday. In 2005, Rogers wrote Hot Commodities: How Anyone Can Invest Profitably in the World's Best Market. In this book, Rogers quotes a Financial Analysts Journal academic paper co-authored by Yale School of Management professor, Geert Rouwenhorst, entitled Facts and Fantasies about Commodity Futures. Rogers contends this paper shows that commodities investment is one of the best investments over time, which is a concept somewhat at odds with conventional investment thinking.

In December 2007, Rogers sold his mansion in New York City for about 16 million USD and moved to Singapore. Rogers claimed that he moved because now is a ground-breaking time for investment potential in Asian markets. Rogers's first daughter is now being tutored in Mandarin to prepare her for the future. He is quoted as saying: "If you were smart in 1807 you moved to London, if you were smart in 1907 you moved to New York City, and if you are smart in 2007 you move to Asia." In a CNBC interview with Maria Bartiromo broadcast on May 5, 2008, Rogers said that people in China are extremely motivated and driven, and he wants to be in that type of environment, so his daughters are motivated and driven. He also stated that this is how America and Europe used to be. He chose not to move to Chinese cities like Hong Kong or Shanghai due to the high levels of pollution causing potential health problems for his family; hence, he chose Singapore. He has also advocated investing in certain smaller Asian frontier markets such as Sri Lanka and Cambodia, and currently serves as an Advisor to Leopard Capital’s Leopard Sri Lanka Fund. However, he is not fully bullish on all Asian nations, as he remains skeptical of India's future - "India as we know it will not survive another 30 or 40 years". In 2008 Rogers endorsed Ron Paul.

Rogers has two daughters with Paige Parker. Happy was born in 2003, and their second daughter Baby Bee in 2008. His latest book, A Gift To My Children, contains lessons in life for his daughters as well as investment advice and was published in 2009.

On November 4, 2010, at Oxford University’s Balliol College, he urged students to scrap career plans for Wall Street or the City, London’s financial district, and to study agriculture and mining instead. “The power is shifting again from the financial centers to the producers of real goods. The place to be is in commodities, raw materials, natural resources. Don’t go to Harvard Business School. If you want to make fortunes and come back and donate large sums of money to Balliol you’re not going to do it if you get an MBA."

Books

1995: Investment Biker: Around the World with Jim Rogers. - ISBN 1-55850-529-6

2003: Adventure Capitalist: The Ultimate Road Trip. - ISBN 0375509127

2004: Hot Commodities: How Anyone Can Invest Profitably in the World's Best Market. - ISBN 140006337X

2007: A Bull in China: Investing Profitably in the World's Greatest Market. - ISBN 1400066166

2009: A Gift to My Children: A Father's Lessons For Life And Investing. - ISBN 1400067545

References

Further reading

External links

The Millennium Adventure, Official Jim Rogers website

The Rogers International Commodity Index A site for information on the RICI

Articles

"An Early Christmas for Jim Rogers". - BusinessWeek - December 8, 2004.

"Invest In Commodities – and Keep Your Shirt". - November 23, 2006.

"We Want Our Kids To Learn Chinese". - MySinchew. - July 19, 2008. - (article about Rogers' life in Singapore)

"Adventure Capitalist". - PODER Magazine. - April 2010.

Interviews

Jim Rogers on the British Pound, US Dollar, And China

Jim Rogers, The Adventure Capitalist

Jim Rogers and George Soros Started the Quantum Fund

rediff.com: The Money Interview/Jim Rogers, investor, globetrotter

Financial Sense Newshour's Ask The Expert: Jim Rogers:

*2003.

*May 6, 2004.

Riverside Conversations: a 3 Part TV Series with Marc Faber

SCMP video interview, September 8, 2008.

Investors Chronicle interview. - (on the decline of the US/Europe, emerging markets, commodities). - November 2008.

Bloomberg Night Talk interview. - November 24, 2008.

Jim Rogers on The Lew Rockwell Show:

*"The Crash of '08". - December 12, 2008. - (*.MP3 audio)

*"Economic Advice to My Children (and You)". - May 17, 2009. - (*.MP3 audio)

Bloomberg TV Jim Rogers Special. - December 24, 2008.

TIME Q&A;: Jim Rogers:

*April 28, 2009.

*October 31, 2008.

Interview from March 2009 on Channel 4

Jim Rogers Sat 3 Interview German TV Sat 3

Category:Austrian School economists Category:1942 births Category:American money managers Category:Living people Category:Hedge fund managers Category:Financial analysts Category:Stock and commodity market managers Category:Columbia Business School faculty Category:Yale University alumni Category:Alumni of Balliol College, Oxford Category:People from Demopolis, Alabama