The Trump administration has made no secret of its desire to push the monetary easing pedal to the metal, even as the engine is already near the red line. They intend to push the system as hard as possible today and worry about the consequences later. One reason may be […]
The University of Michigan Consumer Sentiment Index is one of the clearest windows into how the average American actually feels about the economy. Each month, the university surveys households across the country, asking straightforward questions about personal finances, job prospects, inflation, and expectations for the future. Those responses are distilled […]
“You can’t taper a Ponzi scheme.” Financial commentator Max Keiser originally said these simple yet profound words. A Ponzi scheme is an unsustainable scam that relies on a continuous influx of new money to keep it going. The scheme collapses if the flow of new money slows down or tapers. […]
Below is a geopolitical map of the Western Hemisphere as I see it today. The principal geopolitical foes of the US in the Western Hemisphere—Cuba, Venezuela, and Nicaragua—are firmly in the China and Russia camp. Other countries can shift depending on the outcome of recent elections. Here’s an overview of […]
For more than a century, the United States has treated Latin America as its sphere of influence—its so-called “backyard.” Research by Columbia University historian John Coatsworth shows that the US has overthrown or intervened in at least 41 governments across the region, often using military force or covert operations to […]
It’s hard to believe the United States government was ever debt-free. But it happened once—in 1835—thanks to President Andrew Jackson. He was the first and only president to pay off the national debt completely. One biographer says the former president viewed debt as a “moral failing,” a sort of “black […]
1913 was a terrible year for America and human freedom. It was the year Congress passed the Federal Reserve Act and ratified the 16th Amendment to the US Constitution, which authorized a federal income tax. At first glance, these two unfortunate developments may seem unrelated. Yet what are the odds […]
Gold has quietly overtaken the euro to become the second-largest component of global foreign exchange reserves. While the US dollar and US Treasuries still dominate, their share has been steadily shrinking as gold’s role expands. Central banks now hold gold at roughly 20% of their reserves, compared to the euro’s […]
Every time the US government has faced an existential financial crisis in its history, it has chosen to change the rules rather than honor its promises in full—usually by replacing gold or silver with paper. From the War of 1812 when interest payments were missed, to the Lincoln’s Greenbacks, to […]
“Since 1789, the United States has paid all of our bills on time,” said former Treasury Secretary Janet Yellen. “In our history, we have never defaulted on our debt or failed to pay our bills,” said President Biden’s press secretary. “… the United States has never defaulted on its debt,” […]