Monetary Matters with Jack Farley

Jack Farley
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Jack Farley interviews the very best financial minds about macro, markets, and monetary matters. Follow Jack on Twitter @JackFarley96.

  1. “Deflationary Bust” A Risk From AI | Alex Gurevich’s Bull Case on Rates, “Perfect Trade” Potential in Japan, and The Risk of Artificial Intelligence Poses to Labor Market

    4 HR AGO

    “Deflationary Bust” A Risk From AI | Alex Gurevich’s Bull Case on Rates, “Perfect Trade” Potential in Japan, and The Risk of Artificial Intelligence Poses to Labor Market

    In this interview, Alex Gurevich of HonTe Investments outlines his macroeconomic outlook, highlighting a particularly bullish stance on the platinum and palladium markets because they historically follow long cycles that lag behind gold and silver. He predicts that the rapid advancement of artificial intelligence will initially act as a deflationary headwind, potentially automating away 20% of jobs by the end of the decade and permanently eliminating certain white-collar economic activities. To combat this impending deflation and job loss, he anticipates that the Federal Reserve will be forced to drastically cut short-term interest rates—possibly down to zero—alongside the introduction of massive government stimulus. Because of this dynamic, Kovich views being long on short-duration bonds as a "dominant trade" that can succeed under multiple economic outcomes, though he remains uncertain about the trajectory of long-term rates and therefore favors a steeper yield curve. Furthermore, he envisions a long-term AI-driven prosperity boom but warns that the massive compute power required will inevitably lead to a severe global energy bottleneck. As part of this AI infrastructure build-out, he specifically notes that there will not be enough copper on the planet to support the necessary power demands. Alex’s Book, “The Next Perfect Trade: A Magic Sword of Necessity”: https://www.amazon.com/dp/B0GBYXNLD4?tag=scribemedia0a-20&th=1&psc=1&geniuslink=true Follow Alex Gurevich on Twitter https://x.com/agurevich23/with_replies Follow Jack Farley on Twitter https://x.com/jackfarley96  Follow Monetary Matters on: Apple Podcasts https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5YouTube https://rb.gy/dpwxez

    1h 8m
  2. Could the Iran War Cause a New Oil Crisis? | FT's Chief Economics Commentator Martin Wolf

    2 DAYS AGO

    Could the Iran War Cause a New Oil Crisis? | FT's Chief Economics Commentator Martin Wolf

    Martin Wolf, chief economics commentator at the Financial Times joins Jack for a frank and important discussion on the war with Iran. Jack and Martin delve into the economic consequences of a prolonged war in Iran, particularly with regards to the Strait of Hormuz being affected by the war. In short—war with Iran could be a nightmare scenario for the world economy with few if any benefits for the U.S. and most of the world. Recorded on March 11th, 2026.   Follow Jack Farley on Twitter https://x.com/jackfarley96 Follow Martin Wolf on Twitter https://x.com/martinwolf_ Read Martin in the FT https://www.ft.com/content/dab7d625-77f8-40ff-aeb9-451f81772125 Follow Monetary Matters on: Apple Podcasts https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez

    1h 1m
  3. Joseph Stiglitz: Higher Oil and Food Prices From Iran War Risk 1970s-Era Stagflation

    4 DAYS AGO

    Joseph Stiglitz: Higher Oil and Food Prices From Iran War Risk 1970s-Era Stagflation

    Learn more about Teucrium’s Soybean ETF (SOYB) here: https://teucrium.com/soyb Nobel Laureate in Economics Joseph Stiglitz (who holds highest #1 D-Index than all other Economists in the world) joins Jack to discuss the recent war in Iran, artificial intelligence, and his macroeconomic views. Dr. Stiglitz warns that the conflict in Iran is likely to have much more serious consequences for the U.S. & world economy than the Trump administration expected. In particular, the disruption of energy production could very well create an energy crisis similar to the one seen in the U.S. in the 1970s. Jack and Dr. Stiglitz also discuss Stiglitz’s work, including the recent The Road to Freedom, which touches on inequality, the cost of war, and economic freedom. Finally, they go over the effects of AI on employment and what the collapse of an AI bubble would mean for the economy. Recorded on March 9th, 2026. Professor Stiglitz’s The Road to Freedom https://wwnorton.com/books/9781324074373 Follow Jack Farley on Twitter https://x.com/jackfarley96 Follow Professor Stiglitz on Twitter https://x.com/JosephEStiglitz Follow Professor Stiglitz on Bluesky https://bsky.app/profile/did:plc:esniasaciq3ecprflyir2h3y  Follow Monetary Matters on: Apple Podcasts https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5YouTube https://rb.gy/dpwxez

    1h 19m
  4. Michael Howell: Markets On “Nervous Knife-Edge Equilibrium" As Global Liquidity Momentum Has Peaked

    6 DAYS AGO

    Michael Howell: Markets On “Nervous Knife-Edge Equilibrium" As Global Liquidity Momentum Has Peaked

    Learn more about the Fundrise Income Fund here: https://Fundrise.com/mm In this episode, Michael Howell of Capital Wars and Global Liquidity Indexes discusses why the global liquidity cycle has peaked and is beginning to slow down in early 2026. This shift suggests that investors should pivot toward defensive assets, as the "everything bubble" transitions into a regime where liquidity is tighter relative to growing debt. Howell explains that while the US economy remains fundamentally strong, this strength may ironically act as a headwind for Wall Street by absorbing liquidity into the real economy. He identifies China as the primary driver behind the current surge in gold prices, noting their decoupling from Western cycles as they print money to manage significant debt burdens. Consequently, he highlights Chinese technology stocks and precious metals as unique areas of opportunity in an otherwise cautious market environment. Finally, Howell warns that the "canary in the coal mine" for this liquidity downturn is Bitcoin, which has historically shown extreme sensitivity to shifts in global liquidity momentum. Follow Michael Howell on X https://x.com/crossbordercap Follow Jack Farley on X https://x.com/JackFarley96 Capital Wars Substack: https://capitalwars.substack.com/ Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5YouTube https://rb.gy/dpwxez

    1h 46m
  5. The Economic Effects of Technological Disruption & Artificial Intelligence | Nobel Laureate in Economics Peter Howitt

    5 MAR

    The Economic Effects of Technological Disruption & Artificial Intelligence | Nobel Laureate in Economics Peter Howitt

    Recent Nobel laureate in economics Peter Howitt joins Jack to discuss his work on technological disruption and creative destruction. Dr. Howitt explains that technological advancement creates economic growth while also causing workers to lose their jobs and firms to go bankrupt due to obsolescence. This topic is especially relevant today because of the advancement of artificial intelligence technology. Jack and Dr. Howitt examine if artificial intelligence is truly economically different from past technological breakthroughs, the effects of its adoption, and more. Recorded on February 12th, 2026.   Follow Jack Farley on Twitter https://x.com/jackfarley96   Follow Monetary Matters on: Apple Podcasts https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez

    1h 16m
  6. Jobless Growth, Euphoria, and a Manufacturing Recovery: How Iran Could Force a Macro Regime Change | Tian Yang

    4 MAR

    Jobless Growth, Euphoria, and a Manufacturing Recovery: How Iran Could Force a Macro Regime Change | Tian Yang

    This episode is brought to you by CAIA.nxt. Learn more about their alternatives education courses for investment advisors and get 10% off with code MMTEN: https://caia.org/content/welcome-monetary-matters-and-other-peoples-money-listeners Tian Yang, CEO of quant research platform Variant Perception, joins Monetary Matters to discuss how the benign macro regime might shift in the back half of 2026 should the Iran conflict not produce a prolonged shock. Yang also touches on how that roadmap would likely be altered by a prolonged conflict, the case for a manufacturing recovery, jobless growth, and peak market euphoria in the summer that could ultimately be marked by the generational IPO of SpaceX. Variant Perception: https://www.variantperception.com/ Follow Variant Perception on Twitter: https://x.com/VrntPerception Follow Jack Farley on Twitter: https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Timestamps: 00:00 Summer Peak Setup 00:54 Benign Macro Regime 02:54 Iran Energy Shock Risks 04:19 US Versus Rest World 06:41 War Duration Scenarios 10:08 Energy Rotation Signals 10:55 Allocation Engine Explained 13:04 CAIA.nxt 14:00 Fast Calls Repriced 18:44 Historical Cycle Analogies 24:08 Jobless Growth Framework 27:42 Shifting Investment Drivers 29:48 Fed Credibility Tightrope 34:35 Housing Disinflation Drivers 38:58 AI Jobs Debate 39:10 Valuation And Terminal Value 42:28 Capital Cycle Framework 46:31 Semis Versus Software 47:22 Regional Banks Inflection 50:06 Sovereignty Investing Thesis 56:20 Energy and Reindustrialization 59:26 Gold as Risk Off 01:01:20 Conclusion

    1h 1m
  7. How Legendary Resource Investor Rick Rule is Investing for a 10-Year Bull Market

    1 MAR

    How Legendary Resource Investor Rick Rule is Investing for a 10-Year Bull Market

    This episode is brought to you by the Pictet AI Enhanced International Equity ETF ($PQNT): https://etf.am.pictet.com/pqnt/ Legendary resource investor Rick Rule, founder of Rule Investment Media, explains why he anticipates a 75% decline in US dollar purchasing power over the next decade. Rule breaks down his recent move to sell a significant portion of his silver holdings to rotate into silver miners, highlighting the massive valuation arbitrage currently available in the sector. He provides a masterclass on the "best-of-the-best" royalty and streaming companies and why he thinks streamers are going to make more deals than ever. He also outlines his top criteria for resources stocks in the mining and oil & gas sectors. Rule Investment Media: https://www.ruleinvestmentmedia.com/ Follow Rick Rule on Twitter: https://x.com/RealRickRule Follow Jack Farley on Twitter: https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Timestamps: 00:00 Introduction 00:53 10 Year Metals Thesis 04:38 Contrarian Investing Rules 07:15 What Starts Bull Markets 10:22 Selling Silver For Miners 14:04 Pictet’s PQNT 16:57 Why Royalties Win 20:00 Big Streaming Deals Ahead 23:58 Valuation Arbitrage And M&A 27:02 Gold Linked Bonds And Credit 30:08 Elemental EMX Merger Synergies 34:11 Altius The Resource Allocator 36:22 Lithium DLE Threat 37:11 Altius Beyond Royalties 39:38 What Makes Great Majors 41:03 Recycle Ratio Explained 45:01 Efficiency Beats Optionality 47:10 Top Picks and M&A Logic 51:58 Jurisdiction Risk Reality 55:12 California Politics and Oil 59:19 Non Producers Highcroft 01:02:29 Snowline and Globex Views 01:06:15 Canadian Oil Royalties 01:09:55 Conclusion

    1h 10m
  8. “A Huge Problem for Everybody” | Paul Krugman on Currency Devaluation, Artificial Intelligence, Kevin Warsh Nomination, & More

    15 FEB

    “A Huge Problem for Everybody” | Paul Krugman on Currency Devaluation, Artificial Intelligence, Kevin Warsh Nomination, & More

    This episode is brought to you by the Pictet AI Enhanced International Equity ETF ($PQNT): https://etf.am.pictet.com/pqnt/ Distinguished economist Paul Krugman joins Jack to discuss the devaluation of the dollar, the nomination of Kevin Warsh, artificial intelligence, and much more. Dr. Krugman brings his expertise to give cogent and intelligent answers on important economic questions of our time. Recorded on February 6th, 2026.   Follow Paul Krugman on Substack https://paulkrugman.substack.com/ Follow Jack Farley on Twitter https://x.com/jackfarley96   Follow Monetary Matters on: Apple Podcasts https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez

    59 min
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About

Jack Farley interviews the very best financial minds about macro, markets, and monetary matters. Follow Jack on Twitter @JackFarley96.

Information

  • Creator
    Jack Farley
  • Years Active
    2024 - 2026
  • Episodes
    229

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