The Fed has no credible exit strategy.
Author Archive | Peter Schiff
The Biggest Loser: Switzerland Outsources Their Monetary Policy To The Eurozone
In Switzerland, it’s not just the clocks that are cuckoo. Over the past four years Swiss politicians and central bankers have gone on an unprecedented buying spree of foreign exchange reserves. In 2012, their cache swelled to as much as $420 billion worth of various currencies, primarily the euro. This figure is a seven-fold increase [...]
The Trillion Dollar Trick
The birth, and the apparent death, of the trillion dollar platinum coin idea may one day be recalled as a mere footnote in the current debt crisis drama. The ultimate rejection of the idea (which was to use a loophole in commemorative coinage law to mint a platinum coin of any denomination) by both the [...]
Inflation Propaganda Exposed
Economists who hold the popular view that expanding the money supply will provide the best medicine for our ailing economy dismiss the inflationary concerns of monetary hawks, like me, by pointing to the supposedly low inflation that has occurred during the current period of rampant Fed activism. In a recent blog post aimed specifically at [...]
Congress Avoids the Cliff by Selling Us Down the River
With the possible exception of the New York Times’ editorial board (and the cast of The Jersey Shore), everyone on the planet understood that the United States Government needs to cut spending, increase taxes, or both. Instead, after months of political posturing and hand wringing, the Federal Government has just delivered the exact opposite, a [...]
No Way Out
By upping the ante once again in its gamble to revive the lethargic economy through monetary action, the Federal Reserve’s Open Market Committee is now compelling the rest of us to buy into a game that we may not be able to afford. At his press conference this week, Fed Chairman Bernanke explained how the [...]
Doing Away With Ceiling Drama
Treasury Secretary Timothy Geithner made news last week by proposing to transfer the Congressional prerogative to raise the debt ceiling to the President. The change would essentially do away with the meaningless debt ceiling debates that have become ritual kabuki in Washington over the past few generations. Most Republicans have dismissed the proposal as a [...]
Patriotic Millionaires Unmasked
Despite the breathless post-election “think pieces” that have drawn sweeping and deeply considered conclusions about the political drift of the country, at its core President Obama’s re-election is easy to understand. He essentially promised millions of middle and working class voters that if he were to be re-elected, they would receive benefits paid for by [...]
Inflation: Washington is Blind to Main Street’s Biggest Concern
Journalists, politicians and economists all seem to agree that the biggest economic issue currently worrying voters is unemployment. It follows then that most believe that the deciding factor in the presidential race will be the ability of each candidate to convince the public that his policies will create jobs. It seems that everyone got this [...]
Lessons from Black Monday
Twenty-five years ago, on another Monday in late October, the financial world seemed to disintegrate in a heartbeat. Though the 205 point drop in the Dow last Friday (the technical anniversary of the ’87 Crash) was somewhat reminiscent of its 108-point drop on Friday, October 16, 1987, the real action in ’87 was on the Monday [...]