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Chris Irons: Central Banks Running Biggest Ponzi Scheme in History

Tom welcomes Chris Irons, host of the Quoth The Raven podcast, to the show. Chris discusses the realizations he came to while working in the corporate world. This understanding led him to conclude that modern financial systems are essentially nefarious schemes that benefit politicians and the wealthy.

Living within your means does not appear to be a policy in the macroeconomic world of bankers and politics. None of the rules of prudent investing apply in the macro world today. We’re fast approaching 30 trillion in debt and spending far beyond our means. At this level, it’s “okay” to spend more than one earns. The macro world has decided that everything is okay instead of just addressing the root issues.

Inflation acts as a silent tax that most don’t notice or understand. For example, the Fed argued that Quantitative Easing wasn’t occurring during the Repo market in November of 2019. Still, Chris called the Fed chair out, and six months later, we had unlimited easing. The truth is the Fed officials don’t seem to have a clue and are completely incompetent.

He discusses the Gamestop movement and the follow-up Congressional hearings. So much of the young public is pissed off but doesn’t quite know where to focus that energy. The middle class knows they are being screwed but there not sure how the great Fed machine works. If they understood, they would riot, but instead, they are slowly choked by this silent machine.

We’re entering uncharted territory where valuations can be high, and there is no apparent risk of market corrections. The Fed is buying everything, including ETFs, and these policies encourage people to take on speculative risk and borrow. He argues that the Fed completely controls bond markets.

Chris expresses concerns about Bitcoin lacking purpose, and many argue that gold is much better at wealth preservation. He’s not sold that Bitcoin will be the answer to reckless monetary policy. It does have price discovery, and the volatility is not a bad thing. However, this does work against it as a good store of value.

The U.S. dollar has been defiled and mangled to the point of no return. Unfortunately, those in charge have shown no interest in protecting the dollar and now believe printing is the solution to every problem.

Talking Points From This Week’s Episode

  • Unravelling the macro bullshit global economy.
  • Questioning the competency of the Federal Reserve and the U.S. Monetary Policy.
  • CPI, Hedonic Quality ‘Adjustments’, and the Chapwood Index.
  • Bonds, irrational markets, borrowing, and speculative risks.

Time Stamp References:
0:00 – Introduction
1:43 – Chris’s Background
5:30 – A Bullshit Economy
17:36 – A Weighted Blanket
26:52 – Inflation Metrics
30:28 – Markets & Risks
35:02 – Bubbles & Bitcoin
42:30 – US Dollar & China
47:54 – China & Incentives
52:00 – Outlook for Gold
57:33 – Wrap Up

Guest Links:

Chris Irons is the host of The Quoth The Raven Podcast.

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