RealClearMarkets Articles

C3 Bullion describes its mission as operating in the space between investors and gold mines by providing capital and expertise to gold producers in return for physical gold from the mines the firm works with. C3 Bullion says this is a happy medium between buying gold bars or investing in gold ETFs – or stepping into the mining sector itself. This approach, backed by a $50 million capitalization via its C3 Fund I, enables C3 Bullion to identify existing gold mining operations with sizable deposits but a need for capital investment to bring additional gold to the marketplace. The...

Football is a great game, but it would quickly lose its luster if every time the referees stepped onto the field they had a secret meeting to discuss implementing new rules. Likewise, capitalism and entrepreneurship have driven our country forward since our founding, but if the government continues to step in and make up and arbitrarily apply new rules then these economic growth engines will begin to lose their luster. As Netflix continues to work through its bid to acquire Warner Brothers, there is a question about whether the government referees are coming up with new rules and whether...

There was nothing “financial” about the so-called “2008 financial crisis.” Markets quite simply ARE. They’re neither left nor right, nor are they biased toward one Party or another. They just tell the truth which, by its very description, is never the stuff of “crisis.” What’s been said rates prominent mention right now with President Trump’s nomination of Kevin Warsh as Fed Chairman. In attempting to predict Warsh’s performance in the Fed’s top job, economists and pundits will judge him based on what he’s said and...

Senator Elizabeth Warren recently gave a speech presenting her version of an economic agenda which she said would help working people. She railed against giant corporations, corporate tycoons, and a rigged corporate system, and called for higher taxes on big corporations. Unfortunately, her anti-corporate agenda is exactly the wrong way to help working people. It is indisputable that the best way to help working people is to increase economic growth, leading to more jobs, increased wages, and a higher standard of living. And economic growth is powered by American corporations and American...

At the ongoing World Economic Forum meetings, both U.S. foreign and domestic policies have taken center stage. This includes issues ranging from housing affordability to reshaping how the U.S. defense contractors run their businesses. In a recent Executive Order, the President, who is obviously not happy with the performance of America’s defense industrial base, forbid them to “pay dividends or buy back stock, until such time as they are able to produce a superior product, on time and on budget.”Secretary Scott Bessent has since doubled down on these restrictions by...

The Federal Reserve seems to be quietly shifting its inflation goalposts above its 2% target that has anchored policy since 2012, even as it continues to emphasize its dual mandate of fostering maximum employment while containing inflation. With a new Fed chief to be named and set to take over in May, more openness to additional easing, the recent rate cuts aimed at supporting a softening labor market signal a growing willingness to tolerate a slightly higher inflation range in both the near and longer-term. If the Federal Reserve is indeed moving toward a more flexible inflation goalpost,...

Stupid is as stupid does. I’ve never given much thought to Forrest Gump’s mother’s astute observation. These riots in Minneapolis bring great clarity, along with the Southernism, “you can’t fix stupid.” A thousand years from now, when a new Gibbon examines how Western civilization committed its own suicide, he will lay a healthy amount of blame on social media video and allowing consumers of the latter the right to vote. Gibbon will state that, instead of being well informed by reading encyclopedic books on weighty subjects, the overly emotional and their...

By any economic measure, the Food and Drug Administration (FDA) is one of the most important regulatory bodies in the federal government. Its decisions influence hundreds of billions of dollars in private investment, determine the pace of medical innovation, and shape the cost structure of the entire U.S. healthcare system. Unfortunately, the agency is currently mired in dysfunction, internal conflict, and collapsing morale—problems the White House can no longer afford to overlook.The turmoil began soon after FDA Commissioner Marty Makary took office this past spring. His...

When did Republicans quit on supply side and go John Maynard Keynes on us? What can’t be said enough is that supply-side economics isn’t about fiddling with the tax rate to increase tax revenues by lowering taxes. Rising tax revenues are the opposite of supply-side economics exactly because more wealth is handed to the federal government to centrally plan the allocation of. True supply-side economics is all about reducing the barriers to production. Get it? While economists almost to a man and woman worship at the altar of consumption as the driver of economic growth, supply...

The latest inflation report is out, and the early chatter is already doing what it always does: seize on a single monthly number and ignore the trend.  Here’s the truth, stripped of spin.  Yes, producer prices rose 0.5 percent in December, a stronger-than-expected monthly increase. But on a year-over-year basis, producer inflation is running at about 3.0 percent, well below where it stood a year ago and clearly off the peak. Inflation is a rate-of-change problem, not a one-month snapshot. And the rate is cooling.  So what drove the December increase?  Trade services...

For months President Trump has been poised to announce his pick of a new chairman for the Federal Reserve Board. He has relentlessly criticized the current chairman, Jerome Powell, for the Fed’s interest rate policy. But before announcing Mr. Powell’s successor the President should take a second look at the rapidly changing global monetary system and how it is changing the Fed chairman's job..  He could start by consulting a recently published book on monetary policy, Making Money Work: How to Rewrite the Rules of our Financial System. The authors are Johns Hopkins...

President Trump recently took to Truth Social to call for a one-year cap on credit card interest rates at 10%. The proposal has superficial appeal to many Americans. After all, American consumers owe a total of $1,233 trillion in credit card debt. The average debtor has an unpaid balance of $7,886. Many Americans are in coo much debt because high prices are forcing them to use credit cards to pay for everyday expenses like groceries and gas—as well as  for emergency expenses like car repairs and medical bills. With the average interest rate...

While the “robber barons” of the Gilded Age and the companies they led have faded into history, the mythology they inspired stubbornly persists. Antitrust bureaucrats and their cheerleaders maintain that corporate “bigness in and of itself is bad and leads to a host of other evils,” as put by Donald J. Boudreaux and Phil Gramm in The Triumph of Economic Freedom. This old and economically baseless notion has endured and continues to be applied long after the idea has been discredited. Next week, Netflix co-CEO Ted Sarandos and Warner Bros.’ chief strategy...

Elon Musk predicts that with the proliferation of AI, including his Optimus robots, the people of tomorrow will not have to work if they choose not to. Thanks to the automation of so much of what was once human effort, market necessities and luxuries will be incredibly cheap. By extension, people won’t necessarily have to work nor will they need to worry as much about saving for retirement. There’s no arguing with Musk about what he predicts. While the future is certainly opaque, if it’s true that AI and robots represent work, then by extension it will be true that...

The president’s recent demand that credit card companies reduce their interest rates to ten percent for 2026, as well as his endorsement  of the Credit Card Competition Act, legislation that would indirectly cap the interchange fees on credit cards, has been hailed by activists as a victory for millions of Americans struggling with consumer debt and frustrated by high prices.  However, there is little reason to think that either of these actions will benefit middle-class consumers. The most significant outcome of these actions would be a steep reduction in the number...

Those who reduce the talks at the World Economic Forum (Davos) to bloviations evidently haven’t witnessed the last two speeches by Argentina president Javier Milei, or for that matter the commentary of JP Morgan Chase CEO Jamie Dimon. In Davos last week, Dimon pithily explained how legislation in the U.S. should be crafted. Though properly critical of President Trump’s decision to join Bernie Sanders and Elizabeth Warren in legislation meant to cap credit card interest rates at 10 percent, Dimon added a slight but crucial wrinkle to Trump, Sanders and Warren’s allegedly...

In Stanley Kubrick’s classic 2001: A Space Odyssey, the HAL 9000 computer did not go rogue and kill the entire crew except one because it was evil in any sense. Rather, the operators threatened the mission. They were a variable. He optimized them out. For half a century this was dismissed as cinematic melodrama, and damned good melodrama at that. Who can forget that soft-spoken “I’m sorry Dave, I’m afraid I can’t do that.” But now sci-fi may be becoming sci-fact. Artificial intelligence (AI) is a general-purpose optimizer. And when optimizers grow...

Experts too easily forget that “government spending” is a benign way of describing central planning of precious resources.   Which means it fails repeatedly. Rich as the U.S. presently is, we’re a fraction as rich as we could be if the federal government weren’t such a size allocator of wealth not its own. It recalls a recent post by Kite & Key Media, a very good and very effective right-of-center producer of economics videos. They weren’t so great last week. In a video about federal spending cleverly titled “The High Cost of the...

“Stop the Netflix Cultural Takeover” So ran the headline of an op-ed posted to Truth Social by President Donald Trump on January 11. Netflix, the thinking goes, has acquired too commanding a market position to be allowed to buy media conglomerate Warner Bros. Discovery, despite fierce competition among streaming services. In such a competitive market, it is the shareholders of WBD, not the president or some middle manager in his administration, who should decide whether the deal moves forward. For nearly five decades, American antitrust enforcement has rightly operated...