This month marks fifty years since President Richard Nixon closed the “gold window” that had allowed foreign governments to exchange US dollars for gold. Nixon’s action severed the last link between the dollar and gold, transforming the dollar into pure fiat currency.
The post From the Nixon Shock to Biden-flation first appeared on Tenth Amendment Center.
The Republican “Party of Fiscal Responsibility” continues to rack up debt at a staggering rate. The U.S. Treasury plans to borrow another $425 billion in the final quarter of 2018, bringing total borrowing for the year to $1.34 trillion, according to a Treasury Department press release. When it’s all said and done, the level of borrowing in […]
We all know the U.S. government has a debt problem. This raises a couple of questions most people seem to be ignoring. Who’s going to finance all of this debt and what will it mean to the economy? The national debt increased by $1.27 trillion in fiscal 2018. If you expected the pace of borrowing […]
With federal spending and the national debt already at dangerously high levels, the Trump administration just posted another milestone: The biggest budget deficit since 2011.
In virtually every political race, all of the candidates running will put out some kind of economic plan. Most of them offer platitudes and vague policy prescriptions, but some of them actually feature a good bit of detail. Regardless, none of them will deliver as promised. Here in central Kentucky, we are in the midst of […]
On SchiffGold’s “It’s Your Dime,” Mike Maharrey talks with economist Bob Murphy about his Contra Krugman book, how Keynesian economics goes off the rails, the time Paul Krugman ridiculously compared HealthCare.gov to UPS, the trade war, the gold standard and the Great Depression, Bob’s favorite Krugman flip-flops, and more. Robert P. Murphy holds his Ph.D. […]
In aviation, a death-spiral describes the downward, corkscrew-motion of a disabled aircraft that’s unrecoverably headed for a crash. If you pilot an aircraft, you never want to find yourself in a death-spiral — for obvious reasons. Well, The federal government may well be in a death spiral of its own – or perhaps we should call […]
Several times a week, I see Trump supporters touting the rising stock market and “booming economy” as proof of his economic prowess. Sadly, they are being led down a primrose path to ruin. I’m going to sum this up as simply as I can. The economy and the stock market are – to steal a […]
While all eyes are distracted by the Kavanaugh political circus, other things keep getting worse.
WASHINGTON (Oct. 2, 2018) – America has a major spending problem. 2018 was one of the worst in history. Sept. 30 marked the end of the federal government’s 2018 budget year. According to data released by the U.S. Treasury Department, the federal debt grew by nearly $1.3 trillion in fiscal 2018 – $1,271,158,167,126.72 to be exact. […]