Peter C. Schmidt
After serving six years in the U.S. Air Force and obtaining the rank of Captain, Peter Schmidt has spent the rest of his professional career in the petrochemical, oil refining and power generation industries. He has worked as a rotating equipment engineer at chemical plants and refineries in Louisiana, New Jersey, St Croix and Texas, and has consulted in these industries as well. He has travelled to Angola, Argentina, Australia, Austria, England, France, Germany, Japan, Libya, Scotland, South Korea, Spain, Turkey and the UAE to complete various short-term assignments. Given his military and technical background, Peter was particularly struck by the fact so few attempts had been made to comprehensively understand the financial crisis. It was this that prompted him to prepare the information on this website as well as the book he is seeking to publish – Elites in Name Only – the Financial Crisis. Peter has B.S. and M.S. degrees in mechanical engineering from Lehigh University, is a licensed professional engineer in California and Louisiana, and a private pilot. He is the holder of two patents.
Peter C. Schmidt Articles
"It is in the interest of tyrants to reduce the people to ignorance and vice. For they cannot live in any country where virtue and knowledge prevail." - Samuel Adams
Today's economists have established 2% as an optimum level of inflation. The most obvious manifestation of this is all of the world's most powerful central banks have cited this inflation target as justification for increasingly larger...
Today's Federal Reserve regularly makes two extraordinary claims; Inflation is too low, The Fed has nothing to do with wealth concentration.
Part I of this article described how the Fed hides behind stable goods prices to disavow any responsibility for asset bubbles. Part II, here, describes how the Fed hides behind ‘shortages’ and ‘supply chain disruptions’ to disavow any...
Any one who has ever flown on a small aircraft should be familiar with an aircraft's weight and balance limits. I worked on St. Croix for a year, and flying to the island always required a short flight from San Juan, Puerto Rico. The...
In October 1998, the Federal Reserve and the Treasury Department took extraordinary actions as a result of Long-Term Capital Management's (LTCM) collapse; a collapse driven by highly leveraged derivative securities.
There are many things that demonstrate the moral and intellectual bankruptcy of modern economics. However, the best evidence of this bankruptcy is the tremendous fear economists have of falling prices, a fear which is prompted by their...
Ben Bernanke and many other economists regularly blame falling prices as a cause of an economic collapse. In fact, this forms the foundation of Ben Bernanke’s analysis of the Great Depression. Regrettably for Ben Bernanke and these other...
Wilhelm Ropke said of economists, "They look at inflation through the wrong end of the telescope and deflation through a magnifying glass." Proof of Ropke's observation can be found by reviewing what the Federal Reserve did in the 1920s...
