Jackson Hole Summit Makes Case for Sound Monetary Policy
I’ve just returned from the inaugural Jackson Hole Summit. The conference was held from August 27–29, 2015, in beautiful Jackson Hole, Wyoming. It centered around monetary policy and how to counter the problem of central banking in the present day. The theme of the conference was “Central Banks: The Problem or the Solution?”
American Principles Project (APP) organized this event. Their mission states, “American Principles Project recognizes the dignity of the person as the basis of the founding principles of the United States. We are committed to the declaration made by the Founding Fathers, that we are all created equal, endowed by our Creator with certain unalienable rights, and among these are life, liberty, and the pursuit of happiness.”
Additional sponsors included the Heritage Foundation, Atlas Network, and Young America’s Foundation.
Admittedly, I haven’t really focused on monetary policy in my political work thus far. To most individuals, it’s very nuanced, complex, and technical to comprehend. However, this conference gave us attendees a better glimpse into monetary policy and why sound money should be promoted in the public square. Like Millennials, presidential candidates will and should be made to care about the topic.
The first night began with an introduction from Steven Lonegan, former New Jersey Republican candidate and current APP director of monetary policy. That night’s keynote speaker was Heritage Foundation’s chief economist Steven Moore. Although his focus is fiscal policy, he stressed the importance of touting sound money along with sound fiscal policy.
The following day we ventured to nearby Diamond Cross Ranch for the full-day summit in a barn. (You can’t go wrong with a barn!) There, a plethora of speakers -ranging from leading economists to politicians — gave lectures about the problem with central banking and offered solutions.
One of the most interesting things I heard was the parallel drawn between Wizard of Oz and the debate over currency. Although the allegory hasn’t been wholly confirmed, it is nonetheless an interesting connection.
The speakers echoed the problem of an unaccountable Federal Reserve, citing that recessions are more prolonged, unemployment is steady, and inflation remains high when it goes unchecked. Economist and George Mason professor Lawrence White offered three recommendations on how to remedy the Fed: make sure it’s unhampered and uncoddled; introduce a sound monetary system without political control through a new gold standard; and allow the Fed to be controlled by millions of market participants.
Other speakers alluded to the problem of low interest rates — particularly zero percent interest rates- and how they contribute to greater unemployment and economic inequality among various income brackets. This is especially true for those taking out loans for homes and for higher education. Kwasi Kwarteng, Member of Parliament in Britain’s Conservative Party, suggested that a new gold standard can be possible if it’s backed by sound fiscal and monetary policy. After a sound gold standard is restored and budgets are balanced, he added, the market can take care of itself. The lecture that resonated best with me was the Millennial panel featuring Manhattan Institute fellow Jared Meyer, Atlas Network’s Johannes Schmidt , and libertarian vlogger Julie Borowski. The panelists discussed how monetary policy impacts our generation and how we can influence older generations on the topic. All panelists agreed tying the issue to the fight against the Washington establishment will allow it to gain traction. Overall, I learned a lot about this topic and took away many important ideas from the Jackson Hole Summit. If presented with the chance to attend this summit, I encourage you to go!
To learn more about Jackson Hole Summit and monetary policy, check out American Principles Project online and on Facebook and Twitter.
