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There has been a strong, negative response to the tariffs imposed by President Trump, but tariffs can indeed be a “beautiful word”, when used as the sole means to fund limited government. After winning the American Revolutionary War, the newly independent States’ political leaders carefully crafted the Constitution to define the role of the federalRead more

Here are my annual #PreciousMetals valuations I use to make decisions & my price projections for 2026, which may be helpful to you. They’re based on the principle that #money is #gold (natural money in contrast to man-made constructs of #banks and gov’ts based on #debt) while #silver is an industrial metal that can alsoRead more

Many modern economists struggle to define money. Often beginning with an historical overview of the concept of moneyness, they generally end by describing the functions of money. What money ‘does’ is not a definition of what money ‘is’. Another way they strive to define money is with the use of adjectives. A common example isRead more

The US dollar is not what most people think it is. There are a constitutional dollar (C$) and a Federal Reserve dollar (F$). The former is money; the latter is a money-substitute circulating in place of money. They are fundamentally distinct with different definitions. Many modern economists struggle to define money. Often beginning with anRead more

In January 1934, the dollar was devalued against gold by 69% when the US federal government arbitrarily changed the definition of the dollar. What had been 23.22 grains of fine gold ($20.67 per ounce; $0.66 per goldgram) was suddenly cheapened with the stroke of President Franklin Roosevelt’s pen to 13.71 grains of gold ($35 perRead more

If I were advising President Trump, here are the recommendations – with the supporting analysis – I would offer to him to Make America Great Again. To achieve this laudable goal, which would secure for him a pre-eminent place in history, a return to the fundamental principles that made America great is needed. As numerousRead more

Gold may seem overvalued because of the recent record highs in its 6-decade ascent from $35 to $2500, but prices – like appearances – can be deceiving. What’s more, the value of any asset is more important than its price. Price and value are too often conflated, which is a mistake. An asset’s price andRead more

Monetary and banking crises are a recurring event. Sometimes their impact is contained, like occurred when three California banks collapsed in early 2023. Other times – like the Great Depression – the fallout can be calamitous. Large or small, these crises are inevitable and unavoidable. This observation is not only undeniable from even a cursoryRead more

“How did you go bankrupt?” Bill asked. “Two ways,” Mike said. “Gradually and then suddenly.” Ernest Hemingway, The Sun Also Rises, 1926. The financial position of the federal government of the United States has been gradually deteriorating for decades. It is now rushing headlong to the financial tipping point that will cause it to default onRead more

Money is routinely defined by what it does, rather than what it is. That is unfortunate because its modern definition overlooks money’s important – but now forgotten – fourth function. Aristotle observed that money is a medium of exchange, unit of account, and store of value. This definition omits the fourth function needed to explainRead more