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Are you familiar with the GoldNewsletter podcast? They boast over 200 episodes on the topics of investment, economics, and geopolitics.
This week, hosts Fergus Hodgson & Brien Lundin interviewed Monetary Metals’ CEO Keith Weiner on the topic of falling interest rates and how cheap borrowing comes at the expense of capital productivity.
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@8:30 [reset possible?] “The government is not the marginal borrower.” “Everyone else will default first.”
“As long as everyone owes dollars, … the dollar remains a closed-loop system,… if you opt-out by buying gold, the seller has opted-in.” [Or is in the final stages of consuming his capital.] There is no way that the system itself /can/ closeout its dollar position except via permanent [capital] backwardation.
Defaltion=>margins are compressing; Inflation=>margins are expanding (until the producers can no longer refinance).
Keith is loaded with huge insights–they may take years to sink in, but do the intellectual work to make that happen!