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In a recent interview with Liberty and Finance, economist Phil Low cut through the noise surrounding the ongoing tariff debate, arguing that both proponents and opponents are missing the crucial underlying problem: the U.S. dollar itself. Low asserts that the detachment of the dollar from honest money – a process initiated in 1913 with the establishment of the Federal Reserve – has created a fundamentally flawed system, and no amount of tariffs can rectify it.
Low explained that this system allows the U.S. to effectively export inflation. By sending dollars overseas in exchange for goods and services, the U.S. side-steps the immediate inflationary consequences of its monetary policies. However, this practice comes with a ticking time bomb.
While he acknowledges the theoretical economic damage caused by tariffs, Low surprisingly advocates for their temporary use. His rationale isn’t based on supporting protectionism, but rather on accelerating the inevitable collapse of what he sees as an unsustainable system. By disrupting global trade flows and forcing a reckoning with the dollar’s true value, tariffs, in his view, can hasten the necessary, albeit painful, transition to a more honest system.
Ultimately, Low believes that the only viable solution is a return to sound money – a system anchored in tangible assets like gold and silver. He argues that these precious metals represent real value, untethered to the whims of central banks and governments. By returning to a currency based on honest money, Low contends, the U.S. can restore economic integrity and create a more stable and sustainable future.
Low’s perspective offers a compelling alternative to the conventional tariff arguments. He challenges listeners to look beyond the surface-level debates and consider the fundamental flaws of the U.S. dollar. While his endorsement of tariffs might seem counterintuitive, it underscores his belief that drastic measures are necessary to expose and ultimately dismantle a system built on debt and illusion. His call for a return to sound money serves as a stark reminder of the importance of real value and the potential consequences of divorcing currency from tangible assets. The question remains: will policymakers heed his warning before the ticking time bomb of returning dollars finally explodes?
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