Peter's Blog

Fed’s Barkin Says “Fasten Your Seatbelts” for Bumpy Road

Economic cross-currents, political headwinds, and an elevated gold price framed Federal Reserve Bank of Richmond President Tom Barkin’s August 12 remarks to The Health Management Academy in Chicago. Barkin told the Four Seasons crowd that U.S. real GDP expanded at just 1.2 percent during the first half of 2025, less than half last year’s 2.5 […]

Abolish the Bank of Portugal Before It Causes More Damage

Free-marketers are quick (and correct) to blame the Fed for America’s monetary troubles. But as bad as the Federal Reserve is, other countries, like Portugal, have corrupt central banks that rival the Fed in its corporatism, inflationism, and irresponsibility. The following article was originally published by the Mises Institute. The opinions expressed do not necessarily […]

ISM Services PMI Barely Hangs On to Expansion

The American services engine came more than one point under expectations but stayed in the green by the slimmest of margins last month, even as price pressures roared back to life and trade frictions deepened. The Institute for Supply Management’s Services Purchasing Managers’ Index (PMI) came in at 50.1 for July, just a whisker above […]

BOJ Flags Trade-War Headwinds, Hints at Rate Hikes

Japan’s central bankers are juggling a stubbornly hot CPI, cooling exports, and a fresh volley of U.S. tariffs—all while investors pile into gold. In its July 30th-31st policy meeting, the Bank of Japan (BOJ) conceded the economy “has recovered moderately,” yet warned that escalating trade friction is set to sap growth “in the near term.” […]

Interest Rates Should Be Higher, Not Lower

Along with Trump, market watchers are salivating for rate cuts. But rates should be higher, not lower—and in a free market, they would be. In a free market, interest rates are determined by the supply and demand for credit. Savers provide capital (supply) while borrowers like businesses, consumers, and governments create demand. Rates would reflect […]

Optimism Alone Can’t Fix the Economy

Many economists and businesses look to survey data to judge the state of the economy. These data can provide interesting insight and will certainly sway markets, but whether they can actually capture real economic phenomena is up for debate.

Challenging Secretary Bessent on the Fed’s Failures

Treasury Secretary Bessent recently expressed displeasure with the Fed, implying that he’s interested in investigating whether or not the Fed is successful in promoting price stability. If Bessent digs deep enough, he’ll realize that the Fed has been both utterly unsuccessful and damaging to the economy.

The Missing Golden Key to Development

While some still cling to the idea that economic and governmental development of Third World countries will come from external forces, it is becoming a much more widely accepted truth that the most robust long-term growth only comes when it is spurred by the countries themselves. Even when resources come from other countries, a great […]

Last Week in Gold: Tariff Pressure Eases and ECB Holds Rates

Gold prices refused to budge much last week, with the LBMA Gold Price PM settling Friday at $3,344 per ounce—just 0.3 percent below the prior close. That leaves the metal up a dazzling 28.6 percent year-to-date, still among 2025’s best-performing assets despite a flurry of trade headlines and political theatrics. Early gains driven by tariff […]

What Trump and Powell’s Tiff Shows About the Core of the Fed

Trump has repeatedly pressured Powell to lower interest rates, thinking that a spiral of Keynesian growth can undo the damage he has wrought with tariffs and one of the most hands on governments economically in recent memory. Let alone the theoretical weakness of Trump’s stands, he is viewing the Fed in an unprecedented yet still […]