Peter's Blog

Mainstream economists often argue that increasing the money supply is necessary to stimulate economic growth. However, Austrian economists have long recognized that monetary expansion merely creates the illusion of prosperity while sowing the seeds of future crises. Printing money cannot create real wealth or productive resources, but instead distorts economic calculation and leads to malinvestment. […]

Alan Greenspan served as Federal Reserve Chairman for nearly two decades, presiding over the US economy during a period of significant growth and turmoil. While often portrayed as a stalwart defender of free markets, a closer examination of his career reveals a more complex picture. Greenspan’s ability to adapt his views and rhetoric to suit […]

The US tax system is often praised as a means of funding essential government services and redistributing wealth. A deeper analysis reveals that it is primarily driven by envy and resentment rather than a genuine concern for the common good. By pitting different groups against each other, the tax code fuels social division and undermines […]

The latest figures show the money supply growing at its fastest pace in over four years, with consumer prices climbing right alongside it. Yet the Federal Reserve continues to insist its policy stance is at least moderately restrictive, even as real wages fall further behind inflation. The following article was originally published by the Mises […]

Americans are increasingly anxious about artificial intelligence and what it means for their jobs, and politicians on both sides of the Pacific have begun promising to manage the transition. But the real question isn’t whether AI will displace certain jobs (that kind of creative destruction is the normal engine of economic progress); it’s whether the […]

Most analysts treat economic data as the starting point for understanding the economy: if GDP rises, things are good; if it falls, things are bad. What they fail to appreciate is that data without theory is meaningless, and that any interpretation of economic data already presupposes a theoretical framework, whether the analyst knows it or […]

As Kevin Warsh takes over as Fed chair, his stated preference for narrower, trimmed inflation measures is drawing scrutiny, and for good reason. Though it is technically correct that government-driven price hikes from wars, lockdowns, and years of interventionist policy are not “inflation” in the strict monetary sense, Warsh’s push to exclude them from the […]

Most Americans are familiar with the Keynesian idea that government spending and money creation can stimulate a sluggish economy by boosting demand. What those not versed in Austrian economics may not appreciate is that this framework gets the causal order exactly backwards: production must come before consumption, and genuine demand can only arise from prior […]

For generations, the wisdom passed down at kitchen tables was simple: spend less than you earn, save patiently, and let time do its quiet work. That world has been inverted. For over two decades, the Federal Reserve has systematically penalized savers through artificially low interest rates and persistent inflation, undermining the concepts of sufficiency and […]

Defenders of big government often argue that roads, courts, and national defense prove the state is indispensable to prosperity, but this reasoning contains a fatal flaw. The state has no independent source of wealth: it first expropriates resources from private producers through taxation, then provides services with those resources, and finally points to those same […]