Peter's Blog

The Crisis of Ownership

In 1775 roughly 80% of Americans owned their own businesses. Most of these were farmers, and their responsibility to the nation became deeply intertwined with their own livelihoods as they owned a bit of earth and let their love of self turn into love of country. They planted the seeds of survival and reaped the […]

Philadelphia Fed’s Paulson Admits Sixth Straight Miss on Inflation Target

Anna Paulson, President and CEO of the Federal Reserve Bank of Philadelphia, delivered opening remarks at the 10th Annual Fintech Conference in Philadelphia on September 24th, noting explicitly that her views are her own, “not necessarily those of the Federal Reserve System or the Federal Open Market Committee (FOMC).” Paulson said she supported the FOMC’s […]

Richmond Fed’s Barkin Concedes Five Years of Inflation Failure

Federal Reserve Bank of Richmond President Tom Barkin delivered a speech titled “Why Hike?” to the CFA Society Baltimore on September 22nd, discussing the Federal Open Market Committee’s (FOMC) recent rate hike of 25 basis points. The move marked the Fed’s first rate increase since mid-2023 and its first policy action of any kind since […]

Deregulation Is the Only Hope For Big Government

Although deregulation is not often supported by those who support big government, it is actually the most realistic path forward for those who support an expensive state. Decades of deficits and poor management have led to a massive national debt and ever-growing interest payments. The interest payment is now similar to traditionally large expenses like […]

Chicago Fed President Says Some Inflation Shocks Can No Longer Be Ignored

Austan Goolsbee, President and CEO of the Federal Reserve Bank of Chicago, delivered remarks on September 21st at the Official Monetary and Financial Institutions Forum in London that challenged one of the central tenets of modern monetary policy. Goolsbee argued that the post-1970s doctrine of “looking through” supply-driven price shocks needs revision, stating plainly that […]

Build For The Worst

Even when we know what is right, we consistently fail to do it. The human mind is incredibly prepared to diverge from responsibility. The ability to recognize the world as it is, and hold the conclusions that one must necessarily draw from it, while not acting on those conclusions is both comfortable and easy. Because […]

ECB Celebrates 25 Years of Euro Cash, Failing to Mention Its Falling Value

The European Central Bank (ECB) marked the 25th anniversary of euro cash this month with a speech from Executive Board member Piero Cipollone, delivered September 14th at the House of the Euro in Brussels. Titled “The future of euro cash: trusted today, designed for tomorrow,” the address celebrated the currency’s 2002 launch, when 308 million […]

Wholesale Inflation Jumps as Energy Costs Surge

The Bureau of Labor Statistics reported Thursday that the Producer Price Index (PPI) for final demand rose 0.4% in August, a sharp acceleration from July’s 0.1% gain and June’s 0.1% decline. On an unadjusted basis, wholesale prices are up 5.4% over the past 12 months, more than double the Federal Reserve’s 2% target. The report […]

Labor Day’s History of Violence

Every first Monday in September, Americans get a three-day weekend. Barbecues fire up, stores run sales, and politicians give speeches about “the dignity of work.” Labor Day is sold as a straightforward tribute to the American worker. But, as with most official retellings of historical turning points, the real history of Labor Day is a […]

Fed Governor Concedes Next Rate Move Is a Coin Flip as Inflation Stays Well Above Target

Federal Reserve Governor Christopher Waller told Reuters on September 3rd that inflation “remains meaningfully above” the Federal Open Market Committee’s 2 percent goal, even as he pointed to what he called recent signs of disinflation. The remarks, delivered at a Reuters NEXT Newsmaker Interview in Washington, D.C., come less than two weeks before the FOMC’s […]