Two Goldbugs Walk Into a Digital Bar

In a wide-ranging conversation, old friend of the newsletter Phil from InflationEducation shared his wisdom on markets and politics.

I can’t believe this is a true statement, but it’s been nearly a full year since Phil Denniston from InflationEducation visited the Heretic Speculator metaverse.

A Conversation With Phil Denniston

Phil is also the producer of the Bad Daddy/Better Bedtime Stories book series that focuses on teaching kids about money, debt, and the motivations that always seem to keep people borrowing. Phil is a friend of the newsletter and we’ve had several of these recorded conversations going back to the start of COVID.

After many of the non-consensus arguments from our last video have become more widely accepted, we realized that it was beyond time to get together again for another. This week we connected for a spicy conversation that touched on several different topics; each of which I believe readers here will find interesting. Grab a bourbon and a cigar for this one.

Editor’s note: since I’m a cheap-ass podcaster on hiatus, you’ll have to deal with two separate videos as I’m not currently hitting the top line in Zoom Video Communications’ ZM 0.00%↑ business operations. That said, both videos are embedded in this post for your viewing/listening pleasure.

Part 1

In part one of the two-part convo, we revisited some of the old points we made back in October 2022 and covered some of the major developments since that time:

• the lack of meaningful outrage from the March bank bailout

• Fed pivot or no pivot?

• TradFi bros avoiding gold

• Gresham’s law in currencies

• Inflation or deflation?

• Why gold and bitcoin both work as system hedges

• Dave Portnoy buying back Barstool Sports from Penn Entertainment PENN 0.00%↑ for $1

• Polarizing initiatives diminishing returns at Disney DIS 0.00%↑, Anheuser-Busch Inbev BUD 0.00%↑ , and BlackRock BLK 0.00%↑ CEO Larry Fink walking back his commitment to ESG

• The low tolerance among the populace for a return of COVID mask theater and broad economic lockdowns

Part 2

• Tom Luongo’s Federal Reserve vs World Economic Forum theory

• Were the crypto banks targeted in March?

• Rugged individualism in 2023

• Playing around with AI tools and their obvious limitations

• Thoughts on political candidates as we inch closer to a potential 2024 election

• How the magic juice produced by companies like Pfizer PFE 0.00%↑ and Moderna MRNA 0.00%↑ has created a new generation of "anti-vaxxers” (Dr. John Campbell video mentioned)

Note to Parents

I really do recommend Phil’s Better Bedtime Stories book series; if not for your own kids, for friends or loved ones. I believe it’s imperative that kids learn how these systems of power operate and we should work hard to foster an entrepreneurial spirit in kids at a young age. I think Better Bedtime Stories do exactly that and you can save 40% off the standard price by getting all five books through the Alliance Bundle.

Nothing about this post or conversation is sponsored or paid for. I genuinely like these books and read them to my daughter regularly. If you have the motivation and the means, consider giving this man your business! You can also follow Phil right here on Substack as well. Now that Elon wants your biometric data, there’s never been a better time to transition to the Notes platform for valuable short-form commentary like this…

I really hope you enjoyed the videos. It certainly won’t be our last. Feel free to share it with friends, family, and your enemies.