Fiat Money, Empire, and the Illusion of Stability

With the dollar slipping and trade policy whiplash dominating the news cycle, it seems the American empire is under economic threat. It’s no wonder then that the Trump administration is so preoccupied with lowering interest rates; central banking, after all, is the key enabler of economic and military intervention, both at home and abroad.

The following article was originally published by the Mises Institute. The opinions expressed do not necessarily reflect those of Peter Schiff or SchiffGold.

The dynamics at work in modern America are not accidental, nor are they merely the product of bureaucratic incompetence. They reflect the predictable outcomes of institutional incentives embedded within modern political, financial, and corporate structures—outcomes that reliably undermine national sovereignty, dissolve cultural continuity, and neutralize resistance to an unsustainable economic order.

Libertarians, drawing on the traditions of the Old Right and the American Founding, have long emphasized inherited moral capital and a foreign policy oriented toward restraint rather than empire. Thinkers such as Murray Rothbard and Ron Paul insist on maximal individual liberty, free markets uncorrupted by state favoritism, and the non-aggression principle. Where these traditions converge is in their rejection of coercive redistribution, open-ended interventionism, and state policies that violate property rights and voluntary association.