Competent Man Podcast

Danielle DiMartino Booth, CEO of QI Research and former Federal Reserve insider, discusses pressing economic issues. She critiques the Fed's hawkish stance and its manipulation of data, describing it as a tool for political ends. DiMartino Booth connects rising corporate layoffs to overhiring during the pandemic and worries about inflation from proposed tariffs. She highlights the urgency for accountability at the Fed and warns about looming market risks, calling for strategic hedging and vigilance in times of economic uncertainty.

Tom welcomes Graham Summers, President and Chief Market Strategist for Phoenix Capital Research, to discuss the potential for a revaluation of gold by the U.S. government. Summers argues that the U.S. has been living in an “everything bubble” since the abandonment of the gold standard in 1971, with debt levels rising exponentially while GDP growth has stagnated. This has led to a series of asset bubbles, with the most recent being in treasuries, which has allowed the U.S. to issue vast amounts of debt without facing spikes in interest rates. Summers believes that the Trump administration is considering revaluing gold to address the debt crisis. This move would involve revaluing the U.S. gold holdings from the current $42 per ounce to a much higher rate, potentially freeing up trillions of dollars in capital. This capital could be used to retire a significant portion of the national debt or finance other government initiatives, such as a strategic Bitcoin reserve. Summers compares this potential move to FDR’s gold revaluation in 1934, which helped the U.S. navigate the Great Depression. The discussion also touches on the potential downstream consequences of such a move, including the strengthening of the dollar’s standing and the reestablishment of an implicit link between the dollar and gold. However, Summers acknowledges that such a move would be controversial and politically charged, with Democrats likely attacking it as a devaluation of the dollar. Summers also discusses the broader economic landscape, including the potential for another round of quantitative easing (QE) and the impact of the AI theme on the stock market. He argues that the U.S. is in a “melt-up” phase, where capital is forced out of cash and into risk assets. However, he warns that if the AI trade disappoints, it could lead to a significant bear market. In conclusion, Summers advises investors to be heavily allocated to stocks during this melt-up phase but to have metrics in place to sidestep bear markets. He also emphasizes the importance of owning assets to maintain purchasing power in an inflationary environment. Timestamps:00:00:00 – Introduction00:01:00 – US Debt Bubble History00:06:50 – A Gold Revaluation?00:13:40 – Gold Revaluation Controversy00:18:30 – Gold Revaluation Impacts00:21:45 – Japan’s Debt Risks00:27:00 – Seeking Truth00:33:50 – Effects on Gold Miners00:37:00 – Rate Cuts and Melt-Up00:42:00 – Return to Quantitative Easing00:48:23 – Inflation and Tariffs00:52:20 – Strategies in a Melt-Up00:59:23 – Concluding Thoughts Guest Links:X: https://x.com/gsummersmbaWebsite: https://gainspainscapital.com/Book: https://www.amazon.ca/Into-Abyss-Life-After-Bubble/dp/B0D46VC8NP/ref=sr_1_19?sr=8-19 Graham Summers, MBA is a world-renowned expert in central bank policy and its impact on the financial markets. With over 20 years of experience in market analysis and investment strategy, Graham has personally analyzed over 1,000 businesses and countless investment opportunities. His investment strategies encompass six different asset classes ranging from emerging markets to currencies to real estate . Together, his work has translated to unparalleled capital gains, with his clients outperforming the markets during some of the most volatile periods in capitalism. A best-selling author and acclaimed communicator, Graham’s cutting-edge investment and economic insights have been featured in dozens of media outlets around the world including CNN Money, Fox Business, Rolling Stone Magazine, Crain’s New York Business, MoneyTalk Radio, and The Huffington Post among many others. Graham earned his MBA from the prestigious Fuqua School of Business at Duke University.

Keith Weiner, President of the Gold Standard Institute and CEO of Monetary Metals, explores the dynamics of the current 'everything bubble.' He discusses how AI technologies fuel malinvestment driven by 'dumb money' rather than true value. Weiner critiques yield suppression by central banks and its role in inflating asset prices. He highlights 50-year mortgages as symptoms of a broken system, and contrasts gold's stable utility against flawed fiat currencies. His insights shed light on the monetary landscape and the rising interest in gold as a reserve asset.

Tom Bodrovics interviews Miles Harris, creator of the Macro Vigilance & Economic History YouTube channel, to discuss the increasing digitalization of the financial system, with a focus on stablecoins and their implications. Harris explains that stablecoins, particularly those backed by US short-term treasury bills, convert public debt into private revenue streams, with stablecoin providers earning the yield from these treasuries. This dynamic increases demand for US debt, helping to finance the growing US debt level. Harris also notes that regulated stablecoins do not offer yield to primary holders, incentivizing users to seek yields elsewhere, such as through tokenized treasuries, further boosting demand for US debt. Miles also touches on the global shift towards digital currencies and the potential impacts on monetary sovereignty, particularly in countries like those in Africa and Latin America, where stablecoins could replace local currencies and reduce central banks’ control over monetary policy. Harris highlights the profit incentives for private companies to promote stablecoins aggressively and the potential risks, including a “stablecoin supernova” scenario where high demand for stablecoins leads to a global rush for the exit, threatening the stablecoin peg and causing a crisis. The conversation delves into the differences between various stablecoins, such as Tether (USDT) and the UK’s sterling stablecoin, and the role of tokenization in the financial system. Tokenization, the digital representation of assets, enables fractional ownership and interoperability but also introduces complexities and risks, such as increased surveillance and potential loss of sovereignty over monetary policy. Harris also discusses the role of gold in the financial system, noting that central banks, particularly in the East, are increasingly buying gold as a settlement option and a means to de-dollarize. He suggests that the ultimate goal of central banks is to capture and tokenize gold, making it more traceable and controllable. Harris advises listeners to hold physical gold and silver as a means of preserving wealth and understanding the broader economic trends at play. The podcast concludes with a discussion on the psychological aspects of navigating the current economic landscape, with Harris emphasizing the importance of understanding risks, taking action, and enjoying the present moment. Timestamps:00:00:00 – Introduction00:01:10 – Financial Digitalization Overview00:04:05 – Increasing Treasury Demand00:06:05 – De-dollarization vs Stablecoins00:10:42 – Central Banks & Risk Factors00:16:00 – UK Unified Ledger System00:24:18 – Tokenization Examples00:31:00 – East-West Gold Dynamics00:39:04 – Resisting Asset Tokenization00:43:55 – Gold’s Future Financial Role00:48:40 – Physical Gold Solutions00:51:15 – Fear vs Reality Perspective00:55:00 – Concluding Thoughts Guest Links:Substack: https://milesharris.substack.comYouTube: https://www.youtube.com/@milesharris5315X: https://substack.com/@MilesHarrisLGA Miles Harris is an accomplished economist and independent researcher with a BSc and Master’s degree in Economics. For over two decades, since 1999, he has dedicated his studies to dissecting major financial crises around the world, including the Russian default, the Asian financial crisis, Argentina’s economic turmoil, and the 2008 global financial collapse. After flirting with a career in London he chose instead to focus upon real estate investing in the early 2000s. He has since become a passionate advocate of the Austrian school of economics and enjoy sharing this common sense approach to economics with high school economists where he teaches lessons on economic and financial literacy. In 2020, he launched a YouTube channel which provides global macro insights and champions the importance of sound money. Through his Substack newsletter and active presence on X, Miles serves as a trusted source for historical and financial insights, emphasizing that history doesn’t repeat itself but often rebrands in new forms. His work decodes contemporary economic chaos by drawing parallels to past events, covering topics such as digital currencies, central bank digital currencies (CBDCs), multipolar global finance, and the algorithmic evolution of monetary systems. With a keen eye for patterns in financial history, Miles provides thoughtful analysis to help readers navigate today’s complex economic landscape.

Simon Hunt, a consultant on the global economy and copper industry trends, shares his forecast on inflation and geopolitical risks. He discusses two potential economic paths: one of stagflation fueled by stimulus and another leading to a systemic crash. Hunt predicts fluctuating copper prices influenced by financial hedging and highlights a shift towards a gold-backed currency in BRICS nations. He emphasizes the importance of holding physical assets and stockpiling essentials amid looming economic volatility and geopolitical tensions.

Join industry heavyweights as they delve into the current silver landscape. David Morgan reveals the implications of silver's critical mineral designation, while Bob Coleman discusses the tightness in the London market and potential short squeezes. Steve St. Angelo highlights China's export restrictions and the rising industrial demand, particularly in solar. Vince Lanci explores ETF dynamics versus mining stocks, shedding light on the evolving market strategies. Expect insights on geopolitical influences and what’s next for silver!

Alasdair Macleod, Head of Research for GoldMoney and finance author, dives deep into gold reserves and geopolitical monetary shifts. He discusses how liquidity strains from quantitative tightening and T-bill financing are pressuring the financial system. Alasdair predicts the Fed will ease policies, potentially igniting inflation reminiscent of Weimar Germany. He also estimates China's gold holdings and discusses Russia's growing gold position, emphasizing how these dynamics could reshape global currency reliance. Gold's role as a hedge against dollar debasement is also highlighted.

Don Durrett, a seasoned author and investor behind GoldStockData.com, shares his insights on the looming economic challenges. He warns of an impending severe recession and the potential for a monetary reset by 2027-2028, driven by unsustainable debt growth. Durrett emphasizes gold and silver as safe havens amidst rising inflation and de-dollarization risks. He advises investors to focus on mid-tier mining stocks, predicting gold could skyrocket to $6,000 to $8,000 per ounce pre-reset, while cautioning about an upcoming market crash.

Parallel Mike, an organic farmer and creator of Parallel Systems, draws on his rich experiences in boxing, ultra running, and social work to discuss resilience and self-reliance. He shares how his hyper-focused personality and willingness to embrace new opportunities shaped his life. The conversation delves into valuable lessons from failure, the importance of civil debate, and why he moved to Poland. Mike emphasizes the strength found in struggle and the necessity of personal responsibility, hoping to instill these values in his son.

John Rubino, a former Wall Street analyst and author, dives deep into the current economic landscape. He critiques the Federal Reserve’s rate cuts amidst a stock market bubble, predicting chaos ahead. Rubino warns of a potential crack-up boom in tech stocks and highlights risks from vendor financing in the AI sector. He discusses the possibility of a return to quantitative easing and government asset purchases, emphasizing gold and silver as safe bets. The conversation also touches on shadow banking and the implications of underinvestment in energy.