Currency Debasement + Fourth Turning = Need For Sound Money | Lawrence Lepard

Fiat money is dying

I've stated many times on this program that perhaps the easiest macro trend to forecast is that our fiat currencies will continue to lose purchasing power.

Today's guest explains why, and what we can do to protect our wealth from this scourge in his new book: The Big Print, What Happened To America and How Sound Money Will Fix It

We're fortunate to be joined by investor, sound money advocate and - now - author, Lawrence Lepard.

Lawrence explains why he predicts a massive inflationary expansion of the money supply (aka The Big Print) and what investors like you can do to protect your wealth against it.

For all the details, click here or on the video below:

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Adam’s Notes: Lawrence Lepard (recorded 4.2.25)

EXECUTIVE SUMMARY:

• Monetary System Critique: Lawrence Lepard delivers a scathing critique of the fiat monetary system, arguing that its inherent design and historical misuse have precipitated a profound societal and economic crisis, which he identifies as the fourth turning. He traces this back to pivotal moments like the War of 1812 and the 1971 abandonment of the gold standard under Nixon, asserting that these shifts have systematically favored those in power—government officials and financial elites—by enabling cheap borrowing and asset inflation. This, he contends, has fueled a staggering wealth gap, with the top 1% now controlling 92% of wealth, while the bottom 50% stagnates at 15%, a disparity he sees as a direct result of monetary debasement accelerating under unchecked fiscal and monetary policies.

• Purchasing Power Erosion: Larry warns that the erosion of fiat currencies’ purchasing power is not only ongoing but poised to worsen dramatically, driven by an unsustainable debt spiral where annual deficits and interest costs outpace GDP growth. He points to the US’s 120-125% debt-to-GDP ratio—nearing the 130% threshold where historical precedents suggest collapse—as a ticking time bomb, exacerbated by a Fed-enabled “doom loop” of rising rates and more printing. Gold’s relentless climb past $3,100 and Bitcoin’s 2,000% surge since 2020 are, to him, market harbingers of a sovereign debt crisis, signaling a shift from private skepticism to widespread recognition of fiat’s fragility, a trend he expects to intensify as confidence wanes.

• Sound Money Solution: Advocating a return to sound money—defined as non-dilutable assets like gold and Bitcoin—Larry proposes a radical overhaul to restore economic fairness and stability. He envisions policies such as