Economics and finance are equal parts meat and broccoli. They’re crucial for your health, but they often taste like…well, just ask George W. Bush. Because they taste so bad to so many people, most folks spend very little time thinking deeply about them. This leaves such philosophical vegetable haters vulnerable to sugary economic theories—tasty, but ultimately destructive.
In contrast, the below-featured authors seek opinions from some of the best informed and deepest thinking officials and analysts working today—people who avoid groupthink, zeitgeist, and academese like the plague. The authors understand economics and finance at a deep level, and ask their guests penetrating and pertinent questions or cite experts from a wide variety of sources.
Make the below publications a regular part of your reading or listening as you continue to educate yourself on these critical topics, as well as what you should do in light of historical changes currently developing.
Key Takeaways:
- Is the yen carry trade unwinding?
- Is yield curve control here?
- Some practical advice for gold holders going forward
The McAlvany Weekly Commentary: James Rickards: Gold, AI, and the Fault Lines Beneath Global Markets
David and Kevin begin by welcoming James Rickards back to the show, and they waste no time getting into the thick of it: the yen carry trade and its potential unwind, which Rickards frames as an “economic earthquake.” He explains how Japan’s historically low rates helped investors borrow yen, swap into dollars, and finance deals—until rising Japanese rates and tightening leverage turn the engine into a self-feeding unwind, with potential spillovers into Treasury-market stress (and a “1998-like” meltdown vibe rather than 2008). He also discusses Scott Bessent’s role in swap lines that may help Japan avoid selling Treasuries, aiming to limit upward pressure on U.S. interest rates. From there, they broaden into geopolitics, oil and the Strait of Hormuz, and why gold’s bull market is far from over—down to Rickards’ floor/ceiling-like framing and his $10,000-ounce outlook time frame. Finally, they turn to Rickards’ book MoneyGPT, where AI is treated as both breakthrough and crisis amplifier—especially under automation—ending with a classic, lightly eyebrow-raising reminder to diversify properly (not just “own 50 stocks”).
Hard Asset Insights: Won’t Get Fooled Again
Morgan highlights the effective fulfilling of what he has predicted for many, many months—the emergence of yield curve control. If you’re not sure what this means, be sure to read HAI this week. The policy is not something that will be announced by name or referred to conspicuously, but it’s nonetheless real and impactful. As Morgan puts it, “U.S. true interest expense (a combination of gross interest expense, entitlement spending, and veterans benefits spending) alone represents 106% of tax receipts, and that combined core expense is growing at 7.5% annually while tax receipts are only growing at 4% annually. That’s ‘Houston, we have a problem’ territory, especially when considering that that math is still the math even while the U.S. is not currently in recession, while it’s benefiting from the greatest cap-ex boom in history (AI related), and while major U.S. stock indexes are near all-time highs—meaning, the math doesn’t math even at record (exceptionally boosted) tax receipts.” So what’s the conclusion? “As fiscal dominance asserts itself as the new policy reality, the debasement trade will similarly assert itself as the trade of the decade. And as market participants increasingly react to the fact that debasement is the path out of fiscal dominance, gold will reassert itself as the tip of the debasement trade spear.”
Golden Rule Radio: Gold Finds Its Footing
Tory, Miles, and Rob note this week that gold has found some solid ground, surging about 2.3% and jumping roughly $180–$190 after Treasury Secretary Bessent announced an expanded bond-buyback plan aimed at pushing yields lower—an explicit “yield curve control” play. The hosts connect the dots to the 30-year yield dropping (a housing-market concern, since mortgages track long-term rates), arguing this kind of intervention effectively works in the metals owner’s favor. They then frame the recent dip as largely cyclical: when yields rise and the dollar firms, gold tends to fall—now the setup is reversing with yields rolling over and the dollar slipping. Chart-wise, they outline a practical “floor and ceiling” view (around $4,900) and suggest gold could press toward roughly $4,800–$5,000 by year-end, possibly after sideways consolidation. They broaden out to “fiscal dominance” and competitive devaluation, noting central banks keep buying gold (with China cited, plus Venezuela repatriating tons), and they finish with actionable angles: watch gold/silver ratios and consider low-premium buying windows, while staying ready to re-balance if equities roll over in an election-year seasonal pattern.
