How business, doctors and journalists prey on your food anxieties I

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trounced three times in presidential elections, his thesisthat gold was an oppressor of hardworking peoplestuck . But the events of the 1920s <strong>and</strong> 1930s drove the intellectual stake through the heart of the yellow metal . After World War 1, Britain made the same mistake that we had made after the Civil R-ar . London had gone off gold in 1914 at the start of WWI <strong>and</strong> had experienced serious inflation . In the 1920s Britain deflated credit in order to establish the prewar parity between sterling <strong>and</strong> gold . The return to gold in 1925 was blamed for the subsequent distress of Britain's large coal industry <strong>and</strong> the national general strike that followed a year later . Gold received its ultimate discrediting with the advent of the Great Depression in 1929 . In the wake of the collapse of world commerce <strong>and</strong> flrtance, brought on by the horrific Smoot-Hawley tariff, the U .S . <strong>and</strong> Britain adopted mistaken policies in the name of staying on the gold st<strong>and</strong>ard . Britain tightened credit instead of easing it. The U .S . enacted a subsrantial tax increase, deepening the contraction . Instead of utilizing tax <strong>and</strong> monetan, policies to help alleviate distress, Britain ab<strong>and</strong>oned the gold st<strong>and</strong>ard in 1931, <strong>and</strong> the U .S . sharpiy devalued the dollar in 1934 . Ever since, the gold st<strong>and</strong>ard has been portrayed as a principal cause of the Depression instead of as a victim of misguided policy. In 1944 the U .S . <strong>and</strong> Britain created what became known as the Bretton Woods international monetary system . The dollar remained fieed to gold at $35 per ounce . Other currencies were tied to the dollar, with onle a small b<strong>and</strong> for fluctuadons . Institutions were created to help countries cope with fitture blance-of-pa y- ments problems <strong>and</strong> to stimulate recovery from the war . Bretton It%oods, GATT, NATO <strong>and</strong> other measures helped bring on the great boom of the 1950s <strong>and</strong> 1960s . There were exchange-rate crises, but, bv today's st<strong>and</strong>ards, devaluations were infrequent . When a cotmtry's currency came under attack, authorities took immediate remedial measures . Inflation, w-hen it flared, was quickly brought under control . Nonetheless, sentiment against gold grew, Most antigoldsters advocared letting all exchange rates float against one another, making money simplv another commodirv. Simultaneouslv, American policymakers got the notion that the dollar's role as a reserve currency posed intolerable financial burdens . As our trade surplus shrank, cries for devaluation grew . The U .S . began moving off gold in the late 1960s, formally severing the link when President Nixon imposed price <strong>and</strong> wage controls in 1971 . But the new regime of floats failed miserably. Instead of increased prosperitv, we got a debilitating decade of rising inflation, collapsing equity markets <strong>and</strong> declining st<strong>and</strong>ards of living . Even the economic recovery of the 1980s saw abnormally high interest rates by historic st<strong>and</strong>ards . The second major hurdle to a new era of prosperity~ our tax code . No human being underst<strong>and</strong>s it . The current code, which runs over 8,000 pages, with cotmtless Depression prime ministers <strong>and</strong> Treasury pooh-bahs meet on eve of Engl<strong>and</strong>'s ab<strong>and</strong>onment of gold st<strong>and</strong>ard . thous<strong>and</strong>s more IRS rulings <strong>and</strong> interpretations, is beyond redemption . The ans« er is to start all over again, which is what the flat-tax movement is all about . Fi'ith a flat tax, rates would be slashed <strong>and</strong> all deductions done awav with, except for generous personal allowances . T vo Hoover Institution economists, Robert Hall <strong>and</strong> Al in Rabushka, have done extensive, definitive work on the flat tax . Their new edition of ZSie Flat Tax brilliantly updates their 1985 original . Under their revenue-neutral plan, a family of four would pay no federal income tax on its first S25 .500 of income . Any income above that level would be taxed at the flat rate of 19% . For individuals, there would be no levies on interest, dividends, capital gains or estates . Businesses would also have a flat 19% rate <strong>and</strong> could write off all capital investments, including l<strong>and</strong>, in the year in which they were made . Any tax losses could be carried forward <strong>and</strong> applied against future profits . All variants being discussed take otTfrom the work of Hall <strong>and</strong> Rabushka . The most ambitious version is that of House biajoriry Leader Dick Armey (R-Tex .) . He proposes a three-year phase-in from 20% to 17%, coupled with ambitious budget cuts . The exemption for a family of four would be 536,800 . Presidential aspirant Senator Arlen Specter (R-Pa .) advocates a 20% level with modified deductions for interest on home mortgages <strong>and</strong> for charitable contribuaons . His plan, too, would exempt inteoest, dividends, capital gains <strong>and</strong> estates . The virtues of a flat tax are overwhelming : Produetivity. Enormous resources would be released for productive pursuits . Incalculable amounts of inrellectual brainpower arc devoted to the dead-end task of coping with the current tax code . Over 500,000 people in the U .S . make their living off it, whether in lobbying, law-yering, tax preparing or accounting . Americans spend 5 .5 billion hours a year filling out tax forms . Faimess . Under a flat tax, the higher your salary, the more you pav in tax, in contrast to our current exemptionriddled system . The rich would pay a higher proportion of revenues collected . This has happened even time high rates have been low'ered . The generous personal allowances would lop millions ofArnericans offtederal income tax rolls . And the tax code n ould be transparent <strong>and</strong> underst<strong>and</strong>able . EfPiciency. The flat tax would be infinitely easier to collect . Experts estimate Americans spend between $100 billion <strong>and</strong> 5300 billion to comply with the current code . Anticorruption . The flat tax would eliminate a large source of political manipulation at state <strong>and</strong> federal levels . The current monstrosity remains ripe for abuse <strong>and</strong> behind-the-scenes deals for powerful special interests . It is no coincidence that members of congressional taxwriting committees receive on average twice the political contributions of their non-tax-writing colleagues . The flat tax, combined with a new gold st<strong>and</strong>ard, would unleash a boom of unprecedented proportions. M 154 2046673413 i'orbes K August 14, 1995 http://legacy.library.ucsf.edu/tid/agf97d00/pdf
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The "FlieQerchronogjaph" from IWC .
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ForbesS GUBUST 14. 1995 • VOLUME
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M1i How Many Peopl
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t~a +\ ir,f ressi,e\~ f~er, . Your
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Sarah knows a lot about diabetes .
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`Surprise me . Give me more power t
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1; ,iile "downsizing" rnaiv not be
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Bangkok . . . The beet of both worl
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The disaster cane as no ereat surpr
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Mazda presents a new take on the ol
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"With ail thy getting get underst<s
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ery fifty-6ce minutes Old Faithful
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Other Comments Waffling Away the Ti
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There's a lot than you pro VISION.
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Commentary on events at home <stron
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One of the largest teams at the Oly
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I "'I ~ 1 1~ 11111J r iiiil ;l~~~ i
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ie niercern.visenr SL-Class . For m
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_ THE STOCK MARKET WILL CRASH ,500
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Rogers and Cronk d
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ket . They're reluctant but hase li
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~ear, cellular operators, dri%en bv
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Remember your first time driving al
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I Toshiba Multimedia /100, 0 sA1
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I ~ , I SOUNDS SO REAL, PEOPLE WILL
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Using phony invoices, importers are
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ADVERTISEMENT 2 THE SKYTEL U .S . C
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ADVERTISEMENT 4 The Golf Club of Ge
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under par, matched a $3,000 first-p
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Riviera Country Club, Pacijc Palisa
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I ADVERTISEME*+'C 10 I o~¢t~G0LPr9
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ADb'ER'TISESiEVf 12 T H E S O U T H
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ADVERTISEMENT 14 The other Pilgrim'
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Wvnstone Golf Club, North Barringto
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ADVERTISEMENT 18 and</stron
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ADVERTISEMENT 20 The Creek Club . L
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ADVERTISEMENT 22 I where they recor
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WE CAN GIVE YOU VIRTUALLY EVERYTHIN
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204G6"13338 BUSINESS REPLY MAIL FIR
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One of the great success stories of
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ADVERTISEiv1E:VT I he son of a free
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i 1_ Comdisco I 9 1 ~ !ohn Vos :cky
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Innkeeper Henry Silverman has hundr
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i i i Patel, Inc. Patel), whose com
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Mylan Laboratories Making tablets i
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OUR FINANCIAL SIDLLS HELPED ONE COL
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IN voVATWE PROJECT FiNANciNG FOR A
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"With the Optra line, Lexmark has e
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http://legacy.library.ucsf.edu/tid/
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Our pilots have to fly over a milli
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Page 109 and 110: A D V E R T I g E M E N T C DAEWOO
Page 111 and 112: The relationship between father <st
Page 113 and 114: Daewoo Sells Solutions 11 r(,o o& E
Page 115 and 116: Forbes Special Offer r Bill me . -1
Page 117 and 118: A D V E R T I S E M E N T KORE A N
Page 119 and 120: A DV c R T I S E M E N T 2 0 ASIANA
Page 121 and 122: W Q n O_ i -j Z a ~~ o E P o a~ o -
Page 123 and 124: The supreme irony of World War II-<
Page 125 and 126: World War II U,S . arfi`lery, 1938
Page 127 and 128: _ World War II Humiliafion Forthese
Page 129 and 130: Lies, , damned lies and</st
Page 131 and 132: Hcalth scare I Expect more such non
Page 133 and 134: I ∎ Health scare share a lot of t
Page 135 and 136: , I , ,I I ,, i I L Unbundling nati
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Page 139 and 140: Uncle Tobia, who cooked for a pope,
Page 141 and 142: TRW Today In 1994, 7RW's sales <str
Page 143 and 144: sessed with eiboscing his wasiato t
Page 145 and 146: SPECIAL ADYERTiS1NG SUPPLEMENT a 0
Page 147 and 148: . SPECIAL ADVERTISING SUPPLEMENT P
Page 149 and 150: Oil is an essential component in ec
Page 151 and 152: RECEIVE FREE INFORMATION FROM ADVER
Page 153: ∎ (canrir.nrd frou: p . 23) dav.
Page 157 and 158: In the success of new electronic ga
Page 159 and 160: tl Fred Gibbons beat Bill Gates to
Page 161 and 162: I 1 1 EYHI~ ; ~? " , !LyJ INSIGHiS
Page 163 and 164: ~ ia y i LU g[gim I James Weber, pr
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Page 179 and 180: I I STREETWALKER A Salomon bull Is
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Page 183 and 184: U i NO POSTAGE NECESSARY IF MAILED
Page 185 and 186: Ul N 1 1 4 E'7 ~ 1 111 ~ì i i , 11
Page 187 and 188: UYL7.7J Li L FINANCIAL STRATEGY ja
Page 189 and 190: ' 1' I 'lJ! 111' Ticket consolidato
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Page 193 and 194: l i COLLECTORS "Pay the $2" A resal
Page 195 and 196: FORBES MARKET C0 L* A* S* S * F# I
Page 197 and 198: °Tne more thirgs change . . ." 70
Page 199 and 200: Prevention magazine chose LeSabre f
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