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Guest Commentaries

POSTED ON August 16, 2018  - POSTED IN Guest Commentaries

We have declared 2017 as the “Year of the Bubbles.” We’ve reported on the stock market bubble. We’ve reported on the student loan bubble. We’ve reported on the auto bubble. We even told you about a shoe bubble. And then there is the mother of all bubbles – the debt bubble. All of these bubbles are still floating around out there. Of course, at some point, one or more of them will pop.

All of this is the result of federal reserve monetary policy. Easy money blows up bubbles. Bubbles pop and set off a crisis. Rinse. Wash. Repeat. 

POSTED ON July 19, 2018  - POSTED IN Guest Commentaries

Some people claim gold isn’t “sound” money any more than dollars or euros. They argue that the gold supply can be inflated just like a fiat currency. After all, gold is constantly being pulled out of the ground, right? They say a gold standard actually makes the boom-bust cycle worse. But commentators who make this claim miss a number of important points.

POSTED ON July 18, 2018  - POSTED IN Guest Commentaries

The following article was written by Peter Schmidt. Any views expressed are his own and do not necessarily reflect the views of Peter Schiff or SchiffGold. 

When Nixon closed the gold window in August 1971, the US found itself in exactly the same economic circumstances as Britain had in September 1931 when she reneged on her gold standard obligations.  If Ben Bernanke’s theory on the Great Depression is correct – namely, that ‘countries that left gold earlier also recovered earlier’ –  the United States should have received an enormous economic shot in the arm after finally freeing itself from its formerly golden fetters.

So what has all the resulting money creation and credit expansion from the Fed’s PhD economists with total freedom of action wrought since 1971?  A cursory review of the automobile industry, which is not an unreasonable proxy for the entire US economy, reveals that the economy did not receive a shot in the arm by freeing central bankers from their “golden fetters”– unless of course the shot was loaded with some sort of highly-toxic economic poison. 

POSTED ON July 17, 2018  - POSTED IN Guest Commentaries

Dan Kurz runs the DK Analytics website where he posts detailed breakdowns of complex economic issues. We recently interviewed Dan as part of our It’s Your Dime Series.  In his most recent post, Dan used his analytical skills to break down the first 18 months of the Trump administration.

Dan finds a little good, a little bad and even some ugly in the first year-and-a-half of Trump’s term. Dan likes the fact that the president has called out fake news, the fact that he seems to be pushing back against the establishment/deep state and his Supreme Court picks. On the other hand, Kurz believes the growing trade war could be bad news for the US economy and sees some troubling Hooverism developing.

POSTED ON July 3, 2018  - POSTED IN Guest Commentaries

A 1980s era Far Side cartoon featured a veterinary student named Doreen studying equine medicine in Chapter 9 of her textbook. On the left-hand side of the page was a list of horse ailments. They included things like a broken leg, infected eye, runny nose, and a fever to name just a few. On the right-hand side of the page, the treatment for each ailment was “Shoot.” The caption read, “Like most veterinarian students, Doreen breezed through Chapter 9.”

Ben Bernanke, Milton Friedman and the Ivy League economics departments that all regurgitate the same theory on the Great Depression pretty much treat the economy as simple-mindedly as Doreen’s textbook treated equine medicine.

POSTED ON July 2, 2018  - POSTED IN Guest Commentaries

Earlier this month, Peter Schiff said Federal Reserve policy is pushing us toward a no-growth, high-inflation economy.

There are a number of factors in play. There are growing inflation pressures. There are record amounts of debt – both government and corporate. But behind all of these symptoms, we have a disease.

Ron Paul digs down to the root causes of our economic woes in this in-depth look at the US financial system and the need for reform. Paul says a monetary crisis is coming. What will replace the dollar? Paul makes a strong case for gold.

POSTED ON June 14, 2018  - POSTED IN Guest Commentaries

The following article was written by Peter Schmidt. Any views expressed are his own and do not necessarily reflect the views of Peter Schiff or SchiffGold. 

When currency was backed by gold, a central bank’s main function was to maintain the value of the issued currency in terms of gold.  For example, if a central bank created too much money against the gold reserves in the banking system, an increasing number of people would begin to exchange their currency for gold.  To combat this, a central bank would be forced to raise interest rates and decrease the money supply.  The higher interest rates would incentivize people to exchange gold for larger savings on deposit that earn interest.  Banking reserves – gold – would return to the banking system and the economy would return to balance.  The prime reason for insisting on defining currency in terms of a precious metal was to provide a self-correcting braking mechanism to the creation of money.  As expressed by the great Wilhelm Röpke:

POSTED ON June 4, 2018  - POSTED IN Guest Commentaries

Up until 1964, silver was literally money in the United States. Dimes, quarters and half-dollars were made from 90% silver. Looking at the value of these silver coins today reveals just how much the US government and Federal Reserve have devalued American money.

Gold tends to get more attention than silver, but the white metal still shines and some analysts believe it is poised to out-perform its big brother. Based on the historical silver/gold ratio, silver is currently significantly undervalued compared to gold.

So, could silver outshine gold in the wake of the next economic crisis? Analyst Dan Kurz thinks it might, and he builds the case in his latest in-dept analysis at DK Analytics

POSTED ON May 16, 2018  - POSTED IN Guest Commentaries

Have you heard about what’s happening in Argentina?

We talk a lot about the impact of central bank monetary policy on the US economy. We recently made the case that the Federal Reserve is in the process of driving the economy into the ditch. But the Fed’s easy-money policies have also played a role in blowing up bubbles in other economies around the world. Some of those may be in trouble as well.

Argentina’s currency has lost about 12% of its value since April. In a recent article published on the Mises Wire, Economist Daniel Lacalle said the trouble in Argentina could be a signal that we’ve hit a “sudden stop” – when the flow of cheap dollars into an economy suddenly reverses. Once central bank can wreak havoc. Get two in on the action and throw in some irresponsible government policies and you have a real mess on your hands. 

POSTED ON May 14, 2018  - POSTED IN Guest Commentaries

Last week, we ran an article highlighting the fact that Venezuelans are better off holding video game money than bolivars.

Whenever we publish an article like that criticizing socialism, we always get some people insisting, “That’s not real socialism.” In fact, they emphatically claim that socialism has never really been tried.

But as Ryan McMaken points out in an article published on the Mises Wire, “real socialism” has been tried – more than once. And it’s failed every single time. 

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