We estimate the parameters of a phrasebased statistical machine translation system from monolingual corpora instead of a bilingual parallel corpus. We extend existing research on bilingual lexicon induction to estimate both lexical and phrasal translation probabilities for MT-scale phrasetables. We propose a novel algorithm to estimate reordering probabilities from monolingual data. We report translation results for an end-to-end translation system using these monolingual features alone. Our method only requires monolingual corpora in source and target languages, a small bilingual dictionary, and a small bitext for tuning feature weights. In this paper, we examine an idealization where a phrase-table is.