The Jack Mallers Show Bitcoin & The Return of Wartime Economics
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Dec 16, 2025 Jack Mallers dives into wartime economics, linking U.S. policies to hollowed-out industries and middle-class decline. He critiques globalism, emphasizing how the dollar's reserve status has led to rampant inflation. Exploring historical debt crises, he outlines three potential policy paths and warns of the risks of rising yields and defense spending. He sees Bitcoin as a beacon of hope against inflationary pressures and discusses its role in the future of finance. Plus, insights on new product features and the importance of jurisdictional competition.
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Debt Levels Force A Fiat Reckoning
- Debt-to-GDP sits near World War II levels, forcing choices that erode the dollar's value.
- Jack argues fiat loses in every path and assets like Bitcoin and gold stand to win.
Prepare For One Of Three Outcomes
- Do recognize the three political-economic choices: sacrifice bondholders, sacrifice savers via inflation, or cede productive capacity to China.
- Prepare by holding non‑fiat assets like Bitcoin and gold that hedge currency erosion.
Wartime Spending Breaks Bond Market Logic
- Rising defense budgets and perceived threats make lending to governments less attractive and push yields up.
- Higher yields increase interest expenses and risk a sovereign doom loop if unchecked.