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George Shultz: Memo to Romney Expand the Pie
Wall Street Journal ^ | July 13, 2012 | ROBERT L. POLLOCK

Posted on 07/14/2012 5:16:13 AM PDT by Daveinyork

George Shultz has one of the most preposterously impressive résumés in recent American history. World War II Marine (1942-45); distinguished academic economist; business executive; secretary of labor (1969-70); director of the Office of Management and Budget (1970-72); secretary of the Treasury (1972-74); chairman of Ronald Reagan's economic transition team; and the secretary of state (1982-89) who wound down the Cold War.

He's also been an active adviser to GOP leaders including George W. Bush in the years since. And, as I just learned, he's not a bad singer either.

When I called out of the blue on Wednesday morning, the 91-year-old éminence grise was in his office at Stanford University's Hoover Institution and willing to meet for an interview that afternoon.

The executive summary? On the economy: "We have some big problems in this country." He's very concerned about debt, and about monetary, tax and regulatory policy. On foreign policy: "We're weaker, much weaker" abroad than we were two decades ago.

But despite it all, Mr. Shultz is confident that if we get the policies right again, America can regain its footing: "When Ronald Reagan took office, inflation was in the teens, the prime rate was in the 20s, and the economy was going nowhere. We still had the remnants of wage and price controls, particularly in oil and gas. And Jimmy Carter said we were in 'malaise.' It was a bad time. I'm convinced the economy can be turned around because I watched Ronald Reagan do it."

(Excerpt) Read more at online.wsj.com ...


TOPICS: Breaking News; Business/Economy
KEYWORDS: benedictromney; iwontvoteforromney; romneyantiteaparty; verminromney
Wisdom, which is in short supply theses days.
1 posted on 07/14/2012 5:16:22 AM PDT by Daveinyork
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To: Daveinyork
Mitt needs to talk to real americans like George Shultz
2 posted on 07/14/2012 5:27:41 AM PDT by scooby321 (h tones)
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To: Daveinyork

No kiddin !


3 posted on 07/14/2012 5:31:48 AM PDT by Eric in the Ozarks
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To: scooby321
Mitt needs to talk to real americans like George Shultz

You think?

Hoover Daily Report items by George P. Shultz

4 posted on 07/14/2012 5:53:40 AM PDT by logician2u
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To: Daveinyork

Outstanding read.

‘First Principles: Five Keys to Restoring America’s Prosperity.’ John Taylor is now on my MUST read list along with Reagan’s ‘advice for an incoming President’.

Very good interview, thank you for posting.


5 posted on 07/14/2012 5:59:47 AM PDT by SueRae (See it? Hell, I can TASTE November from my house!)
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To: Daveinyork
From the article:

Mr. Shultz dwells at length on the national debt, and on the Fed's role in enabling it: "It's startling that in the last year, three-quarters of the debt that's been issued has been bought by the Fed and the balance has been bought by other countries, so U.S. citizens and institutions are not on net buying U.S. debt. . . . The Fed doesn't have an unlimited capacity because when it buys the debt what it's doing is monetizing the debt. Sooner or later that has got to get out into the economy. Can't be held forever. And when it does in that kind of volume—as Milton Friedman taught us, inflation is a monetary phenomenon—it's gonna be hard to control."

The Fed is on a printing spree to support Obama's historic spending binge.

6 posted on 07/14/2012 6:04:41 AM PDT by InterceptPoint (TIN)
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To: SueRae

Glad to do it. George Schultz is one of my all-time favorite people. I’m grateful to the Wall Street Journal for publishing it.


7 posted on 07/14/2012 6:16:30 AM PDT by Daveinyork
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To: scooby321

I agree. Excellent article and one the republicans have to read and follow. I am disgusted with both parties. The democrat party must be destroyed and get all the progressives out.


8 posted on 07/14/2012 6:52:06 AM PDT by Pedrobud
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To: logician2u

George Schultz is GOP-e. Sometimes very good & other times just awful.


9 posted on 07/14/2012 7:37:49 AM PDT by Twotone (Marte Et Clypeo)
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To: Daveinyork

Those on the left see the world as static with one pie with it’s size set. The pie will not, can not get any bigger. Those on the right see the world as opportunity with many pies of varying sizes and they can be increased in size with effort. New pies can be created also like Bill Gates’ Microsoft.

Those on the left will say “I am going to work to earn money”. This ties in with one pie, set size and there is no more. Those on the right say “I am going to make some money”. They talk in terms of creating wealth and then proceed to do exactly that.

To Obama we are stealing from the rest of the world to maintain our wealth. In reality we decided we wanted a bigger pie so we built one L of a big one and if the blasted socialists would get off our backs we can build another one even bigger.

One thing in Europe I noticed they always talked about earning money. Here in the US it almost always is “I’m going to make money”. Let us not adopt European ways.


10 posted on 07/14/2012 8:04:16 AM PDT by W. W. SMITH (Maybe the horse (RNC) will learn to sing)
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11 posted on 07/14/2012 9:22:52 AM PDT by RedMDer (https://support.woundedwarriorproject.org/default.aspx?tsid=93destr)
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To: Daveinyork

Schultz has some major red flags.

1) For legalization of recreational drugs.
2) Anti Cuban embargo.
3) 2003, was named co-chair (along with Warren Buffett) of California’s Economic Recovery Council.
4) 2008, Shultz co-authored an opinion paper published in the WSJ entitled “Toward a Nuclear-Free World”. His co-authors were William Perry, Henry Kissinger and Sam Nunn.
5) Chairman of JPMorgan Chase’s International Advisory Council.
6) Supports “open borders”, and signed a document which said, “These migrants are freely contracting for their labor, which is a basic human right.”
7) Schultz was responsible for the creation of the EPA, and fully supports the theory of Man Made Global Warming.


12 posted on 07/14/2012 9:30:17 AM PDT by yefragetuwrabrumuy
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To: yefragetuwrabrumuy

1. Yes, he has read the Constitution, and noticed that the 21st amendment repealed the 18th, and the federal government has no Constitutional Authority to ban intoxicants.

2. If a strategy has failed in its purpose after fifty years, a new strategy is called for.

3. so what?

4. again, so what? it ain’t gonna happen.

5. Horrors, he was a banker.

6. If you are against immigration, go back to where your ancestors came from. If you’re a red indian, go back to Siberia.

7. Noboby’s perfect. You have evidence of this?


13 posted on 07/14/2012 9:53:56 AM PDT by Daveinyork
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To: Daveinyork

Whew. You sure embrace some unpopular positions here at FR.

> 6. If you are against immigration, go back to where your
> ancestors came from. If you’re a red indian, go back to
> Siberia.

There is a whole lot of difference between orderly immigration and open borders. Were the US to have had open borders 30 years ago, it would now be majority ethnically Mexican, and its dominant language would be Spanish.

But this is also a major red flag, because unrestricted immigration is advocated as a tool to undermine nations by the ‘socialist international’ organization of political parties. They believe nations to be arbitrary, and that dominant ethnic groups, cultures and religions should be diluted until a nation loses its uniqueness and purpose, and is under the control of a single socialist party.

> 7. Noboby’s perfect. You have evidence of this?

He embraces the axioms of MMGW:

http://www.hoover.org/publications/defining-ideas/article/5607

George Schultz endorses Carbon Tax:

http://www.globalwarming.org/2012/07/13/george-shultz-endorses-carbon-tax-you-were-surprised/


14 posted on 07/14/2012 10:37:24 AM PDT by yefragetuwrabrumuy
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To: Daveinyork

The two options throughout human history in managing scarcity have always been divide the pie or expand the pie. The long model, what was practiced in the majority of human history has been divide the pie. There have been outbreaks of expansion, but for the most part raiding, warring and occasionally exploiting for resource scarcity is the human norm.

What first Britain (Scotland) and later America has done for the world is prove that you can expand the pie and everyone gets better. I hate the term trickle-down as applied to the economy. It reeks of class warfare and is a communist pejorative.

The reality is that the poor of America live at a middle-class and upper-middle class lifestyle when compared to the population of some 85% of the world. I’ve traveled to many countries and seen it firsthand. What we don’t teach and the conclusions we don’t draw for Americans have caused us to be at the painful place again. We must learn or forever roll round to another magic man promising something for nothing while stealing from the past, present or future.


15 posted on 07/14/2012 11:01:34 AM PDT by 1010RD (First, Do No Harm)
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To: logician2u

Time to Join The Law of the Sea Treaty

by Henry A. Kissinger; George P. Shultz (Thomas W. and Susan B. Ford Distinguished Fellow; Chair, Energy Policy Task Force; and member of the Working Group on Economic Policy); Condoleezza Rice (Thomas and Barbara Stephenson Senior Fellow and member of the Task Force on Energy Policy); James Baker III; and Colin Powell

http://www.hoover.org/news/daily-report/118891


16 posted on 07/14/2012 11:15:15 AM PDT by 1010RD (First, Do No Harm)
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To: SueRae
My favorite George Schultz anecdote was from the time he was Secretary of State. He kept an illuminated globe in his office at Foggy Bottom, and he would give each new U.S. Ambassador a test:

“They’d been through all kinds of exams and so on — confirmation — and I’d say to them, ‘Well, there’s just one more test you have to pass.’” They’d usually groan. “‘You have to walk over to that globe and demonstrate to me that you can identify your country.’ And, inevitably, they would point out the country to which they had been assigned.”

The correct answer, of course, was the United States — that was their country. And Shultz’s moral was, “Never forget what country you’re representing.”

17 posted on 07/14/2012 11:33:12 AM PDT by COBOL2Java (FUMR)
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To: COBOL2Java

Who was it that said the State Department needed to add a U.S. Interests office?


18 posted on 07/14/2012 1:27:23 PM PDT by Capn Freedom
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To: yefragetuwrabrumuy

As I said, noboby’s perfect, even you. You seem to believe that the 18th amendment was never repealed.


19 posted on 07/14/2012 3:30:32 PM PDT by Daveinyork
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To: Daveinyork
6. If you are against immigration, go back to where your ancestors came from. If you’re a red indian, go back to Siberia.

I'm not against immigration. I'm for orderly and controlled immigration. "Open borders" is not orderly and controlled immigration.

20 posted on 07/15/2012 1:14:53 AM PDT by Isabel C.
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To: Isabel C.

orderly and controlled by whom? The government? right. they do a bang up job with everything else they do.

I’m from the government, I’m here to help.


21 posted on 07/16/2012 6:28:52 AM PDT by Daveinyork
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