Monetary Matters with Jack Farley

Latest Episodes:

Joseph Stiglitz: Higher Oil and Food Prices From Iran War Risk 1970s-Era Stagflation Mar 11, 2026

Show notes

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

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SOYB Fund Page & Prospectus: www.teucrium.com/soyb

Investing in SOYB involves risk, including the possible loss of principal. Commodity investments are subject to significant volatility.

Past performance is not indicative of future results. Investors should carefully consider the investment objectives, risks, charges, and expenses of the Teucrium Soybean Fund before investing. The prospectus contains this and other important information about the Fund.

This material must be proceeded or accompanied by the prospectus. The prospectus is available atteucrium.com/soyb.

Marketing Agent: PINE Distributors LLC.

TUCRM-5281845-03/26

Michael Howell: Markets On “Nervous Knife-Edge Equilibrium" As Global Liquidity Momentum Has Peaked Mar 09, 2026

Show notes

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.

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Capital Wars Substack: https://capitalwars.substack.com/

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The Economic Effects of Technological Disruption & Artificial Intelligence | Nobel Laureate in Economics Peter Howitt Mar 05, 2026

Show notes

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.

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Jobless Growth, Euphoria, and a Manufacturing Recovery: How Iran Could Force a Macro Regime Change | Tian Yang Mar 04, 2026

Show notes

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/

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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

How Legendary Resource Investor Rick Rule is Investing for a 10-Year Bull Market Mar 01, 2026

Show notes

This episode is sponsored by Pictet Asset Management and its AI-enhanced equity ETFs. Pictet AI Enhanced US Equity ETF (PQUS):

https://etf.am.pictet.com/pqus/?utm_campaign=usetf&cid=2826077237&utm_source=jfmv&utm_content=pquslp&utm_medium=podcast_02&utm_term=noterm

Pictet AI Enhanced International Equity ETF (PQNT):

https://etf.am.pictet.com/pqnt/?utm_campaign=usetf&cid=2715538577&utm_source=jfmv&utm_content=pqnt&utm_medium=podcast_02&utm_term=noterm

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

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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

“A Huge Problem for Everybody” | Paul Krugman on Currency Devaluation, Artificial Intelligence, Kevin Warsh Nomination, & More Feb 15, 2026

Show notes

This episode is sponsored by Pictet Asset Management and its AI-enhanced equity ETFs. Pictet AI Enhanced US Equity ETF (PQUS):

https://etf.am.pictet.com/pqus/?utm_campaign=usetf&cid=2826077237&utm_source=jfmv&utm_content=pquslp&utm_medium=podcast_02&utm_term=noterm

Pictet AI Enhanced International Equity ETF (PQNT):

https://etf.am.pictet.com/pqnt/?utm_campaign=usetf&cid=2715538577&utm_source=jfmv&utm_content=pqnt&utm_medium=podcast_02&utm_term=noterm

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/

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The “Climax Top” In Gold & Silver | Milton Berg, Turning Point Master, on Precious Metals, Bitcoin, and Disturbing December Warning In Stocks Feb 10, 2026

Show notes

Learn more about the Fundrise Income Fund here:

https://Fundrise.com/mm

Recorded in February 6th 2026, technical analyst Milton Berg returns to discuss his market outlook after correctly predicting the major market bottom in April 2025. Although his long-term retail model remains 100% long equities until a specific 8% drawdown occurs, Berg reveals that his institutional portfolio is currently net short across major indices. This bearish institutional stance is driven by rare technical anomalies, including a "disturbing" volatility signal from December and a historic "island reversal" pattern in the Russell 2000. Berg admits the current market is tricky, noting that recent strong buying action might force him to cover shorts, though he remains skeptical of the rally's breadth. Turning to commodities, Berg states he is bearish on gold and silver, having shorted them near their late January highs due to signs of a "climax top" and extreme overvaluation relative to inflation. He also provides a critical assessment of Bitcoin, arguing it holds no intrinsic value and pointing out that it recently failed to hold critical technical support levels. Throughout the discussion, Berg emphasizes that his methodology ignores standard economic narratives in favor of identifying rare volume and price occurrences that signal market turning points . Finally, he introduces a new service for individual investors designed to capture the bulk of bull markets while neutralizing emotional decision-making. As Jack notes in the beginning, Milton has since turned from net short to net long U.S. stocks for institutional clients.

About Milton Berg Edge: https://miltonbergedge.com/

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DISCLAIMERS and DISCLOSURES for Milton Berg Edge

This Newsletter contains hypothetical performance results. Please carefully review and consider the following disclosures.

Important Disclosure Information

Milton Berg Edge is a newsletter (“Newsletter”) owned and published by Milton Berg Advisors, LLC, doing business as “Milton Berg Edge” (“MB Edge,” “firm,” “we,” “our,” and “us”). Milton Berg Advisors, LLC is registered as an investment advisor in the States of Florida and New York. Registration as an investment advisor does not imply any level of skill or training.

The Newsletter is a subscription based publication that contains (i) our general commentary and opinion on broad-based market trends and other factors affecting the domestic investment markets in the United States; (ii) answers and reactions to subscriber submitted questions and comments; and (iii) the actual trading activity and net performance of our proprietary investment model (as traded within an account that is actively managed by the firm) and the backtested performance of the model (the “Model”). The contents of the Newsletter and our website (“Website,” and collectively with the Newsletter, the “Content”) are for informational and educational purposes only. No portion of the Content should be construed as investment advice or recommendations tailored to the financial circumstances, investment needs, objectives, and/or limitations of any particular subscriber. Investing in securities involves the risk of loss. Past performance is not indicative of future results.

Why Carson Block Won’t Short AI Names Until the IPOs Begin & Muddy Waters’ Pivot to Long Resources Stocks & S&P 500 Momentum Feb 04, 2026

Show notes

This episode is sponsored by Pictet Asset Management and its AI-enhanced equity ETFs. Pictet AI Enhanced US Equity ETF (PQUS):

https://etf.am.pictet.com/pqus/?utm_campaign=usetf&cid=2826077237&utm_source=jfmv&utm_content=pquslp&utm_medium=podcast_02&utm_term=noterm

Pictet AI Enhanced International Equity ETF (PQNT):

https://etf.am.pictet.com/pqnt/?utm_campaign=usetf&cid=2715538577&utm_source=jfmv&utm_content=pqnt&utm_medium=podcast_02&utm_term=noterm

Carson Block, founder of Muddy Waters Capital joins Monetary Matters to discuss why they aren’t rushing to short AI pretenders and fakers until more supply of speculative companies hits the market from big IPOs. They also discuss the increasing dominance of flows over fundamentals in US markets and abroad and Muddy Waters expanding investment focus including: metals and mining stocks, Vietnam, and momentum strategies.

Follow Muddy Waters on Twitter: https://x.com/muddywatersre

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Timestamps:

00:00 Introduction

01:44 AI and Market Speculation

05:14 Challenges in Short Selling AI Stocks

17:58 Pictet PQNT

19:09 AI Pretenders

21:41 Mining Investments and Strategies

36:51 Red Flags in Investor Presentations

39:07 Geopolitical Considerations

40:15 Fraud in Chinese Companies

49:43 Vietnam and India Investment Opportunities

59:05 Momentum Strategy in the S&P 500

01:05:07 Activist Short Selling and Future Plans

Why Silver Is Flowing East | Alex Campbell on Solar, Scarcity, and the Six-Sigma Silver Crash (Plus: SaaS & AI) Feb 03, 2026

Show notes

This episode is sponsored by Pictet Asset Management and its AI-enhanced equity ETFs. Pictet AI Enhanced US Equity ETF (PQUS):

https://etf.am.pictet.com/pqus/?utm_campaign=usetf&cid=2826077237&utm_source=jfmv&utm_content=pquslp&utm_medium=podcast_02&utm_term=noterm

Pictet AI Enhanced International Equity ETF (PQNT):

https://etf.am.pictet.com/pqnt/?utm_campaign=usetf&cid=2715538577&utm_source=jfmv&utm_content=pqnt&utm_medium=podcast_02&utm_term=noterm

Alexander Campbell, founder of Rose AI and former head of commodities at Bridgewater, joins the show to dissect the structural drivers behind the silver market and the transformative potential of artificial intelligence. Campbell details the "Silver Squeeze" thesis, attributing the metal's volatility to a combination of inelastic industrial demand from solar manufacturing and speculative capital flight out of China. He clarifies complex market dynamics, specifically the "Shanghai Premium" and the logistical friction involved in moving physical metal between Western and Eastern exchanges. Shifting to technology, Campbell warns of an impending "air pocket" for traditional software stocks, arguing that AI agents will disrupt companies that function primarily as "a database and a front end". He outlines a future defined by local compute and open-source models, predicting that value will accrue to data ownership and physical hardware rather than legacy SaaS applications. The conversation concludes with Campbell’s macro strategy of being long the "world of stuff" and data while betting against the "economy of paper" amidst de-globalization. Recorded February 2, 2026.

Alex’s pieces:

“Silver: The Only Money That Generates Electricity”: https://www.campbellramble.ai/p/silver-the-only-money-that-generates

“The Silver Squeeze”: How Solar Threatens a Decade of Deficits

https://www.campbellramble.ai/p/the-silver-squeeze

“When You Feel Pain, Remember to Reflect”: https://www.campbellramble.ai/p/when-you-feel-pain-remember-to-reflect

“The Protection Portfolio: September 2025”:https://www.campbellramble.ai/p/the-protection-portfolio-september

Follow Alex Campbell on X https://x.com/abcampbell

Follow Jack Farley on X https://x.com/JackFarley96

World Silver Survey 2025:https://silverinstitute.org/wp-content/uploads/2025/04/World_Silver_Survey-2025.pdf

November 2025 Interim Market Review: https://silverinstitute.org/wp-content/uploads/2025/11/Silver_Institute_Silver_Interim_2025.pdf

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Is the Age of Reckless Lending Coming To An End? | Oaktree’s Raghav Khanna on Private Credit, Software, and How Oaktree Correctly Saw First Brands' Red Flags Feb 01, 2026

Show notes

Raghav Khanna, managing director at Oaktree’s Global Private Debt strategy, joins Jack to discuss the ins and outs of the credit industry. Raghav offers insight into the opaque world of lending, including his opinions on the First Brands Group fiasco, private credit, and artificial intelligence. Raghav not only explains recent trends in credit, but gives his thoughts on where things may be headed as technology shifts. Recorded on January 22nd, 2026.

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