SchiffGold’s Blog

With the fallout from President Trump’s tariffs still echoing throughout the economy, many are lauding the president’s policies as valuable leverage against trade allies. What these praises miss, however, are the unintended consequences of protectionism and the depressing effect of political uncertainty on economic activity.

In the wake of last week’s FOMC meeting, it’s worth revisiting the economic function of interest rates, which guide economic activity in accordance with societal time preference. In order to suppress the natural rate of interest, central banks must resort to inflation.

With the Trump administration ushering in a new class of bureaucrats under the auspices of private businessmen, it’s worth recalling why the phrase “government efficiency” is an oxymoron. As the Austrian School of Economics stresses, the key difference between business and bureaucracy is the ability to measure profitability. The following article was originally published by […]

Critics of President Trump are fond of calling his administration an oligarchy of wealthy businessmen. What they fail to realize, however, is that the United States government has long been an oligarchy, prone to extracting wealth from its citizens and unaccountable even to elections.

Critics of the Fed are well-versed in arguments against central banking. It enables reckless spending and creates monetary confusion, and it distorts prices for consumers. History also reveals another troubling result of central banking: more frequent and deadlier war.

In times of economic hardship, like today, politicians often take aim at the wealthy entrepreneurship class, usually employing the rhetoric of socialists like Marx. Rather than blame the rich for their economic woes, the American people should aim their ire at those responsible: profligate spenders in Washington and their cronies.

Conventional wisdom says that the government can help (or is even required to) stimulate the economy, especially during a recession. As mounting evidence grows for a recession happening right now, it’s worth examining how this conventional wisdom is completely wrong and backwards. The government is typically the primary cause of recessions.

The slogan “Eat the Rich” has recently been revived following the high-profile assassination of the UnitedHealth Group’s CEO, Brian Thompson. Instead of blaming the entrepreneurial class, who tend to make all people richer, economically disillusioned Americans should lay their blame at the feet of the Federal Reserve and Federal bureaucracy, institutions that are inherently inequitable […]

Today’s mainstream political narrative would have you believe that inflation is permanently cooling. The data tells a different story, with the money supply growing faster now than it has for more than the last two years.

History is replete with examples of major recessions that were ostensibly caused by mere asset bubbles, like subprime mortgages in 2008. The truth, however, is not so simple. In reality, these downturns are exacerbated and often triggered by disastrous government policy, namely excessive spending and the creation of perverse incentives.