Peter's Blog

Cleveland Fed Chief Acts Like an Inflation Hawk in Latest Speech 

Beth Hammack, President and CEO of the Federal Reserve Bank of Cleveland, warned on October 12th that inflation pressures across the economy are broadening rather than fading, and that policy rates may need to move “toward an even higher latitude” if price pressures persist. Speaking at the National Association of Business Economics’ annual meeting in […]

The Fed vs. the Bond Market

The economy is bound to eventually reach a point where it can no longer tolerate the interest rates required to keep inflation and debt under control, and some of the loudest warnings are coming from the bond market. The benchmark 10-year Treasury yield recently climbed above 5.3%, reaching levels not seen since 2002. Even more […]

Peter Schiff: Trump’s Economic Boom is an Illusion

In his latest podcast, Peter pokes holes in President Trump’s latest economic narrative, contrasting it with the reality consumers are feeling on the ground. He also tackles the administration’s flip-flop on Russian energy imports, takes a jab at artificial intelligence branding, and closes out with sharp critiques of a politically compromised Fed investigation and the […]

Fed Governor Admits Policy Reversal as Inflation Proves Stickier Than Hoped

The Federal Reserve raised its benchmark interest rate by 25 basis points on September 16th, lifting the federal funds target to a range of 3.75-4% and ending nine months of holding rates steady. Speaking on October 8th at the Istanbul Economic Forum, Federal Reserve Governor Christopher Waller laid out the reasoning behind the move. His […]

The Real Reason Populism Keeps Failing

A decade of populist anger on both the right and left has correctly identified that America’s institutions serve the political class rather than ordinary citizens, yet virtually every goal that anger was meant to achieve, ending DC corruption, winding down foreign wars, reducing inequality, has only gotten worse. Ron Paul’s generation of populists correctly identified […]

Schiff on Redacted: The Housing Market is Doomed to Crash

On Wednesday, Peter joined the Redacted podcast for a discussion on the US government’s spiraling debt, the illusion of wealth propping up the housing market, and the political games being played ahead of the midterms. He closes with a sharp explanation of why rising bond yields, contrary to popular belief, are actually bullish for gold […]

Peter Schiff: Tariffs Are a Band-Aid, Not a Cure

In Wednesday’s episode of the Peter Schiff Show, Peter traces a common thread connecting America’s trade deficits, runaway government spending, and the sovereign debt troubles now creeping across the Atlantic. He also takes a detour into history, arguing that many of the country’s deepest economic wounds, from the income tax to the Federal Reserve, trace […]

Oil Production Back to Pre-War Levels

Oil exports in the Middle East have reached 98% of their pre-war levels. For a war that has so fundamentally challenged the traditional oil supply chain, this is an incredible achievement. With oil coming out of the Middle East at the same rate that it did before the war, it is only a matter of […]

The Fed is Going to Ignore Another Weak Jobs Report

The analysis below covers the Employment picture released on the first Friday of every month. While most of the attention goes to the Headline Report, it can be helpful to look at the details, revisions, and other reports to get a better gauge of what is really going on. Current Trends The jobs report showed […]

Money’s Primary Function: The Medium of Exchange

Introductory economics courses teach students that money serves three functions, a medium of exchange, a unit of account, and a store of value, but they rarely explain why money came to serve those roles in the first place. Following the Austrian School of economics, the medium of exchange function is primary and logically prior, while […]