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Guest Commentaries

POSTED ON February 25, 2021  - POSTED IN Guest Commentaries

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 way into prices are all around us. But mainstream economists tell us we really don’t have to worry about the massive increase in the money supply because the velocity of money is so low. This is simply the number of times a dollar changes hands in a given amount of time. Conventional wisdom holds that as long as the money velocity remains low, the central bank can increase the money supply without any significant corresponding increase in price inflation. But as economist Frank Shostak shows, the conventional wisdom doesn’t hold up to scrutiny.

POSTED ON February 18, 2021  - POSTED IN Guest Commentaries

Last week, Federal Reserve Chairman Jerome Powell called for a “society-wide” commitment to reaching full employment. As Peter Schiff put it, Powell basically handed the US government a blank check in order to achieve this “maximum employment goal.” We’re told we shouldn’t even worry about the massive deficit spending and additional debt this will incur. It’s all hands on deck and everybody needs to sacrifice. But what exactly does the Fed mean by “maximum employment?” What are we to sacrifice for?

Nobody knows. Not even the Fed.

POSTED ON February 1, 2021  - POSTED IN Guest Commentaries

The COVID-19 pandemic put Federal Reserve easy-money policy on hyperdrive. But make no mistake, the Fed was already forcing interest rates artificially lower and engaging in quantitative easing long before coronavirus arrived on American shores. In fact, there was no plausible exit strategy from this policy after the 2008 financial crisis and there is no exit for it today.

POSTED ON January 27, 2021  - POSTED IN Guest Commentaries

Millions of Americans remain out of work. The US economy continues to languish, burdened by government lockdowns and other pandemic-related factors. Retail sales have dropped precipitously over the last several months, underscoring the economic malaise. So, how is it that the housing market is booming?

POSTED ON January 10, 2021  - POSTED IN Guest Commentaries

There were a number of inauspicious records set in 2020 and the impacts will continue to reverberate through the economy in the future.

The Federal Reserve created money at a record rate. It also increased its balance sheet to record levels. And not to be outdone, the US government set a budget deficit record.

These three records were actually linked. The money printing and expansion of the Fed balance sheet were necessary to monetize the massive federal debt. And there is no sign that anything will be different in 2021.

POSTED ON December 30, 2020  - POSTED IN Guest Commentaries

Peter Schiff has been saying that all of the “help” the US government and the Federal Reserve have offered up during the coronavirus pandemic isn’t helping. In fact, it’s made the situation worse. In a podcast last month, Peter said that all of the money printing and stimulus allowed people to keep spending, but they aren’t producing anything.

The problem is government doesn’t seem to understand the difference between money that is actually earned by being productive and money you get just because the Federal Reserve or some other central bank conjures out of thin air. When you’re productive, you’re helping to grow the economy. When the Fed prints money, all they’re doing is distorting the economy and increasing the cost of living.”

POSTED ON December 29, 2020  - POSTED IN Guest Commentaries

The Federal Reserve has increased the money supply by an astounding amount. This is by definition inflation. But the mainstream insists this isn’t a problem because we haven’t seen a big jump in the consumer price index. CPI has been creeping up, but it hasn’t reached the mythical 2% level. The Fed has signaled it will allow inflation to above that level for some time once it gets there. This should cause concern. As Peter Schiff said, the question is whether or not the Fed can keep doing this indefinitely and the answer is no.

Eventually, the dollar has to give way.”

POSTED ON December 27, 2020  - POSTED IN Guest Commentaries

The People’s Bank of China was the first central bank to roll out a digital currency. The digital yuan recently got a boost when China’s biggest online retailer announced it has developed the first virtual platform to accept the Chinese digital currency.

Digital currency is nothing more than a virtual banknote or coin that exists in a digital wallet on your smartphone instead of a billfold or a purse. Digital currencies issued by central banks are backed by the state, just like traditional fiat currency.

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