Peter's Blog

Peter Schiff: You Can’t Consume What You Don’t Produce

There’s an economic myth out there. As the story goes, governments can print their way to prosperity. Just run the money printing press, hand out cash for consumers to spend and the economy will hum. In this clip from a podcast episode, Peter Schiff calls it “The Kelton Myth” named for economist Stephanie Kelton. At […]

Hiding the Harm of Minimum Wage Laws in a Sea of Data

The federal minimum wage hike didn’t make its way into the coronavirus stimulus bill passed by the Senate last week, but it is an idea that won’t die. With Biden in the White House and Democrats controlling both houses of Congress, the issue will almost certainly come up again sooner rather than later. Proponents of […]

Money Velocity Won’t Save Us From Money Printing

The Federal Reserve has created trillions of dollars out of thin air and injected it into the economy over the last year. As a result, the money supply has grown at a record pace. This is by definition inflation. As Peter Schiff has pointed out in recent weeks, signs that this inflation is finding its […]

The Federal Government Has No Constitutional Authority to Impose a Minimum Wage

Talk of hiking the minimum wage at the national level has ramped up in recent weeks. With the Democrats controlling the House and the Senate, and Joe Biden in the White House, it seems increasingly likely that we’ll soon see a federal $15 per hour minimum. In other words, it may soon be illegal to […]

Minimum Wage Hikes Kick in at Worst Possible Time for Small Businesses

The government response to the coronavirus pandemic has put extraordinary pressure on small businesses. And that pressure is about to increase thanks to yet another government action – minimum wage increases across the US.

Fun on Friday: Economics in One Song

I love music. A good song can comfort, inspire or motivate.  There are a lot of really good songs out there. I found one the other day. I’ll get to that in a minute. But first, I have to say there are also some real duds.

Fun on Friday: Muh Feelz Trumps Economics

I get really frustrated by people arguing vociferously about things they don’t know anything about. And on no subject is this more prevalent than the debate over the minimum wage. Bring up the “fight for $15” and you will suddenly get high school dropouts who can’t do basic multiplication yelling at you emphatically about the […]

Fun on Friday: Don’t Read the Comments

I know a lot of you come to Fun on Friday for the advice. Well, here are your words of wisdom for today – never read the comments. It will really help your sanity.

The Era of Boom-Bust Is Not Over

In the most recent Friday Gold Wrap podcast, Mike Maharrey talked about the fact that the Federal Reserve has increasingly engaged in more and more extraordinary monetary policy. As he put it, extreme has become the norm. Despite what pundits insist is a “great” economy, interest rates are extremely low by historical standards and the […]

Elizabeth Warren Is a Bad Economist!

According to Elizabeth Warren, we have a problem. And like every good central planner, she believes she can fix it. In fact, Warren has made, “I have a plan for that,” a campaign slogan. These people never learn. They try to micromanage the economy, create all kinds of unseen consequences, blame “capitalism,” and repeat the […]