Inflation

^{Nathan Lewis
April 9, 2026
Currency, Economic Policy, Inflation

8}

Inflation Without Money Creation

_{Nathan Lewis
April 9, 2026
Currency, Economic Policy, Inflation

8}

Most theories of "inflation" revolve around some kind of money creation. In the past, this was commonly done with a printing press; thus "money printing." Today, it's mostly digital. But, as we described in our 2022 book Inflation: What It Is, Why It's Bad, and How To Fix It (the updated paperback edition is the one you want), it is much better to understand "monetary inflation" as a decline in the value of a currency. This might be accompanied by an increase in the "money supply," or it might not. Read More ›

^{Nathan Lewis
March 9, 2026
Inflation

5}

Why Gas Prices Will Never Go Back Down

_{Nathan Lewis
March 9, 2026
Inflation

5}

Last month, I warned that gasoline prices could rise to perhaps $10 a gallon. I made comparisons to the Oil Crisis of 1973, especially the apparent decline in the dollar's value (as expressed by the number of dollars it took to buy an ounce of gold) that preceded the Oil Crisis that erupted in October of that year. But when I was outlining the eerie similarities between 1973 and today (including a Federal Reserve that did not seem to be doing anything inflationary), I didn't expect that we would actually have another Arab Oil Embargo. Read More ›

President Donald Trump signs an Executive Order on the Administration’s tariff plans at a “Make America Wealthy Again” event, Wednesday, April 2, 2025, in the White House Rose Garden. (Official White House Photo by Daniel Torok)

^{Paul Teller
March 3, 2026
Economic Policy, Inflation

5}

Want to Boost U.S. Affordability? Get Rid of Tariffs

_{Paul Teller
March 3, 2026
Economic Policy, Inflation

5}

There is much talk today about affordability—and rightly so. Crippling inflation during the Biden-Harris years sent prices soaring on just about everything. And although the inflation rate has eased, most prices have not come down in any significant way. In a political world where quick fixes are often not possible, there actually is an easy solution for an immediate impact on affordability: start getting rid of tariffs on critical items. Read More ›

^{Nathan Lewis
February 7, 2026
Inflation

6}

Here Comes $10 Gasoline

_{Nathan Lewis
February 7, 2026
Inflation

6}

When I look at how things are going, I keep coming to the conclusion that we might see $10 per gallon gasoline at your local pump pretty soon — maybe in 2027. It would cost $200 for a 20-gallon fillup. It might not happen, but if it did, it wouldn't surprise me a bit. Basically, it would feel like a replay of the Oil Crisis of 1973. Read More ›

Printing US dollar bills. Concept of United States economy, buying and selling banknotes in the worldwide. Global finance and business.

^{Nathan Lewis
June 3, 2025
Economic Policy, Inflation

7}

Lawrence Lepard Predicts “The Big Print”

_{Nathan Lewis
June 3, 2025
Economic Policy, Inflation

7}

The 2020 period, in which central banks around the world engaged in unprecedented monetary expansion, showed their increasing willingness to essentially “run the printing presses” whenever things got tough. Unfortunately, along the way, they also showed Congress (and other governments worldwide) that no real discipline is needed, because every problem can ultimately be solved with the central bank printing press. Read More ›

gold bullion bars on usd money bills. Success concept

^{Nathan Lewis
March 12, 2025
Inflation

5}

Another Round of Inflation on Deck

_{Nathan Lewis
March 12, 2025
Inflation

5}

When we wrote this in 2022, it took about $1800 to buy an ounce of gold. Today, it is more like $2900. That implies an $1800/$2900=0.621 or a 38% decline in dollar value over that period. Prices will eventually adjust, over a period of years, to the new, lower value of the currency, with some prices moving faster and some moving slower. “All things being equal” (they never are but it is a good principle), we should expect a $2900/$1800 or 61% rise in prices of goods and services going forward, compared even to the inflation-boosted prices that we have had to get used to in 2022-2024. Read More ›

^{Nathan Lewis
June 5, 2024
Inflation, Politics

6}

Time to Take Sound Money to the Federal Level

_{Nathan Lewis
June 5, 2024
Inflation, Politics

6}

The idea of “Sound Money” — this means using gold and silver as money — has been persistently popular among the states for over a decade. Beginning with Utah in 2011, one state after another has removed barriers and impediments to using gold and silver, and digital or other alternatives based on gold and silver, in a monetary role. With over 40 states now having passed some kind of Sound Money legislation, it is now time to take on the federal government. Representative Alex Mooney (R), of West Virginia, recently introduced the Monetary Metals Tax Neutrality Act, HR 8279, into the US House. The bill aims to repeat, at the federal level, what has already been accomplished in many states. Read More ›

^{Nathan Lewis
April 11, 2024
Inflation, Principles

6}

Zimbabwe’s Central Bank Starts Africa’s Path to a Gold Standard

_{Nathan Lewis
April 11, 2024
Inflation, Principles

6}

This month, the Central Bank of Zimbabwe launched a new gold-based currency, the first gold-based currency from a government since Richard Nixon effectively ended the world gold standard system in 1971. As long as the Central Bank of Zimbabwe adheres to some important principles, and doesn't play politics, it should be fine. Read More ›

^{Nathan Lewis
July 16, 2023
Inflation

5}

The BRICs Go For Gold

_{Nathan Lewis
July 16, 2023
Inflation

5}

After months of debate about various currency and commodity baskets, a Russia- and China-led consortium has apparently settled on using gold as the basis of a planned new international currency system separate from the US dollar and euro. Read More ›

Spend budget money. Hand opens the tap with money. money flows.

^{Tim Scala
May 12, 2023
Inflation

4}

A Limitless Limit

_{Tim Scala
May 12, 2023
Inflation

4}

The National debt now stands $32 trillion, a literally incomprehensible number. President Biden and Speaker McCarthy have yet to engage in the meaningless ritual referred to in Washington D.C. as Federal Budget Negotiations, necessary to reach a compromise enabling the nation to increase its debt ceiling. Read More ›