Peter's Blog

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 […]

Why Boom-Bust Cycles Validate Austrian Theory

One criticism of the Austrian School’s theory of recessions is that it doesn’t account for the expectations of entrepreneurs, who can anticipate central bank actions which precipitate economic busts. But, as Austrian economist Joe Salerno argues, this criticism betrays a fundamental misunderstanding of how recessions occur. The following article was originally published by the Mises […]

Underfunded or Mismanaged? Rethinking Public Services

Whenever public services prove to be inferior or counterproductive, their advocates always advance the same argument: “public services are underfunded!” This comes as no surprise to those acquainted with the logic of state action. When the signals of profit and loss cease to function, public agencies inevitably seek to expand their budget. The following article […]

The Cost of Living: Fueled by Excess Credit, Not Scarcity

With Washington decrying the so-called “Affordability Crisis,” it’s worth remembering that rhetoric around affordability– or, in Spain’s case, housing– isn’t benevolent or even neutral. In both countries, the problem isn’t lack of credit, corporate greed, or giant corporations buying homes. It’s the continual debasement of money and relentless intervention in housing markets. The following article […]

CPI vs. Zoe’s Grocery Receipt: Which Inflation Measure Tells the Truth?

In a welcome reminder that all inflation measurements are fundamentally arbitrary, a recent TikTok went viral for showing the extremes of inflation over the last two decades. Perhaps this virality will teach Gen Z a thing or two about inflation, its true causes, and why the state is prone to downplay the true extent of […]

The Panic of 1857 Through an Austrian Lens

Pre-Fed recessions, like the Panic of 1857, are often invoked to counter the Austrian School’s theory of the business cycle, which stipulates that monetary expansion causes recessions. On the surface, the Panic of 1857 seems like a strong counterexample, but the full details of its origins– and resolution– vindicate the Austrians yet again. The following […]

This Isn’t De-Dollarization. It’s De-Fiatization

The dollar is in free fall as gold and silver continue climbing to new records. As the global economy loses confidence in its main reserve asset, it’s simultaneously losing confidence in fiat currencies and the central banks that manage them. The following article was originally published by the Mises Institute. The opinions expressed do not […]

New Evidence Expands the History of Hyperinflation

Hyperinflation is perhaps the best way to destroy a nation, short of bombing it. While it’s uncommon, new scholarship shows that hyperinflation has ravaged economies at least 71 times throughout history, which is more than monetary interventionists care to admit. The following article was originally published by the Mises Institute. The opinions expressed do not […]

Menger vs. Chartalism: What Evidence Should Money Theories Require

How does money come about? Did someone invent it, or did it spontaneously emerge as a medium of exchange? The Austrian School of economics gets this question right, and the evidence is on its side. The following article was originally published by the Mises Institute. The opinions expressed do not necessarily reflect those of Peter […]