Peter's Blog

Monetary Tyranny: How Legal Tender Laws Built the Fiat Empire – and How Free Competition Can End It

One way that inflation-prone fiat currency took over the monetary system was legal tender laws, which obligate private citizens to accept currencies like the dollar even when they don’t want to. Without these policies, weak and eroding currencies would fall to the wayside, and more stable currencies would replace them. The following article was originally […]

Herbert Hoover: The Forgotten Architect of Economic Intervention

In the literature on the Great Depression, interventionists claim that it was President Herbert Hoover’s “free market” policies that contributed to and even caused the economic crash that characterized the 1930s. But, under even the least scrutiny, this pernicious myth falls apart completely. The following article was originally published by the Mises Institute. The opinions […]

The Battle Over Gold: Central Bankers Split on What It Means

Gold has had a record-breaking year, and its surging price is an indictment of the current monetary landscape in America. The public is waking up to this fact, and it continues to reveal disagreements in how central bankers think about gold. The following article was originally published by the Mises Institute. The opinions expressed do […]

Inflation and the Moral Decay of Civilization

With consumer sentiment abysmally low, it’s tempting to think of inflation as an exclusively economic phenomenon. When its nature as society-wide fraud is understood, however, it’s easy to see why inflation corrodes both cultural and economic institutions. The following article was originally published by the Mises Institute. The opinions expressed do not necessarily reflect those […]

The Myth of Aggregate Demand: What Really Causes Recessions

As warnings flash about the state of the economy, the Keynesians are out in full force to declare that falling aggregate demand is what causes recessions. The Austrian school can set the record straight. The following article was originally published by the Mises Institute. The opinions expressed do not necessarily reflect those of Peter Schiff […]

Mamdani’s Victory and the Myth of Democratic Socialism’s Rise

With the election of Zohran Mamdani as New York’s Mayor, last week’s election may have marked the start of a new socialist political era. As unfortunate as his success is for New York, his supporters will eventually face the same disappointment that all socialists do once they collide head-on with economic reality. The following article […]

Racing Toward the Monetary Cliff: How Endless Money Printing Dooms the Economy

Last week was a revealing one for the economy, with turbulence on Wall Street and abysmally low consumer sentiment data coming in Friday. These are only the most visible signs of decades of government tinkering in the economy. With central banking, regulation, and extreme taxation plaguing the economy, the only possible outcome is economic collapse. […]

When Bureaucracy—Not Capitalism—Creates Meaningless Work

Regulation is already pernicious enough in its stifling effect on economic activity and entrepreneurship, but as regulations and bureaucratic control extend throughout the economy, they also cause the proliferation of “fake jobs” and promote lower job satisfaction for workers. The following article was originally published by the Mises Institute. The opinions expressed do not necessarily […]

The Fed Doubles Down on Easy Money: Rate Cuts Deepen as QT Comes to a Halt

To the relief of many market-movers, last week the FOMC voted to cut rates for the second time this year and announced that the Fed will begin maintaining its balance sheet starting in December. With this return to easy-money, Powell and the Fed are again attempting to paper over economic fault-lines created by their own […]

We Still Haven’t Faced the Economic Madness of 2020

It has been more than 5 years since the federal government led a complete upheaval of American society in the name of public safety. Even after 5 years, America hasn’t fully realized the irreparable damage that the state did to social and economic life. The following article was originally published by the Mises Institute. The […]