Our Money Is Dying | Lawrence Lepard
Save the money, save the world
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In my opinion, the easiest macro trend to forecast is that our fiat currencies will continue to lose purchasing power in the years ahead, likely at an accelerating rate.
Today's guest not only agrees, but rings that same bell even more loudly than I do.
For an update on his outlook on inflation, asset prices, the economy, the dollar, and what to expect next in this current Fourth Turning, we're fortunate to welcome back to the program investor and sound money advocate Lawrence Lepard, author of the book: The Big Print, What Happened To America and How Sound Money Will Fix It
On a day where gold has surged to a fresh all-time high, silver futures have broken above $41/oz and Bitcoin is jumping over 2%, this conversation about the future of sound money couldn’t be more timely.
To hear it, click here or on the video below:
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Adam’s Notes: Lawrence Lepard (recorded 9.1.25)
EXECUTIVE SUMMARY:
Fiat Currency Debasement: Lawrence Lepard predicts ongoing and accelerating loss of fiat currency purchasing power, driven by unsustainable debt and monetary policy, advocating for sound money (gold, silver, Bitcoin) as a hedge.
Disagreement with Experts: Lepard challenges Steve Hanke’s disinflation view, citing understated CPI and M2 growth (4.8%), and disagrees with Lacy Hunt’s fiscal balance claim, seeing deficits worsening due to the Big Beautiful Bill and economic slowdown.
Deflationary Risks: Lawrence agrees with Hunt’s Kindleberger spiral, where tariffs (18% today, near Smoot-Hawley’s 19.7%) reduce liquidity, potentially causing deflation, though policy responses will likely lead to inflation.
Fiscal Emergency: Rising interest expenses and deficits signal a crisis, with the Fed’s restrictive policy (needing 100 basis point cuts) risking an economic accident, as seen in gold ($3500) and silver ($41) breakouts.
Market Outlook: Lawrence is bearish on stocks due to
