Peter's Blog

Deflation Isn’t the Danger – The Fear of It Is

Over a century of central banking has instilled an irrational fear of falling prices in the American public. But the reality is that falling prices are what make our economic lives better, and inflation, the regime’s preferred monetary policy, is far worse than deflation. The following article was originally published by the Mises Institute. The […]

This War Isn’t Affordable – It’s Debt-Funded

Unsurprisingly, the United States’ latest war is expensive and will almost certainly be financed via debt and inflation. While right- and left-wingers bicker about the costs of conflict in Iran, both sides have lost sight of the fact that the US can’t afford either of their preferred slates of government services– whether it be regime […]

AI Can Calculate Data – Not an Economy

A century ago, Austrian economist Ludwig von Mises tangled with socialists in the so-called Socialist Calculation Debate, in which Mises proved that socialism is not feasible. Today, with the power of modern computing and AI, socialists are again championing centralized control of the economy, but they misunderstand Mises’ core point: economic calculation and raw computation […]

AI Won’t Kill Jobs – Regulation Might

As AI continues to grow more complex and capable, many are understandably concerned about its economic consequences. The true AI-related danger, however, is not its displacement of jobs, but the regime that will likely emerge to funnel its benefits to the state and its favored rent-seekers. The following article was originally published by the Mises […]

Why Governments Don’t Determine Money’s Value

With inflation still running hot and disastrous jobs data coming in, it’s tempting for policymakers to spread myths about the economy, particularly around the origin and nature of money. As the Austrian school demonstrates, fiat money– and all money for that matter– does not derive its value from dictates of the government. The following article […]

Rothbard on War and Peace

The United States is embroiled once more in a Middle Eastern war, and warhawks are out in full force to defend the conflict from scrutiny. As with all wars, the latest clash with Iran is liable to distort and destroy American economic relations, culture, and civic life. The following article was originally published by the […]

The Real Cause of Stagflation

With another hot PPI report in the news and a shaky AI trade on Wall Street, the potential for a recession and continued inflation calls to mind the stagflation of the 1970s. As Milton Friedman demonstrated, this dreaded combination is the result of central bankers attempting to pull the wool over Americans’ eyes. The following […]

Ignore the Rich – Don’t Punish Success

In an unsurprising move from the interventionist state of California, a new tax proposal threatens to take an even larger share of wealth from the state’s wealthier inhabitants, and – even worse– the act would enforce ex post facto taxation against recent emigrants from the state. Despite state propaganda to the contrary, this won’t make […]

Fiat Money, Empire, and the Illusion of Stability

With the dollar slipping and trade policy whiplash dominating the news cycle, it seems the American empire is under economic threat. It’s no wonder then that the Trump administration is so preoccupied with lowering interest rates; central banking, after all, is the key enabler of economic and military intervention, both at home and abroad. The […]

Trade Deficits Aren’t the Problem – Unsound Money Is

Last week, the Supreme Court struck down the Trump administration’s unconstitutional and economically destructive tariffs. But, as the White House seeks to impose new trade restrictions through other avenues, it’s worth reexamining why trade policy and inflationary monetary policy typically go hand-in-hand. The following article was originally published by the Mises Institute. The opinions expressed […]