Monetary Matters with Jack Farley

Latest Episodes:

How the Iran War Reshapes the Sovereign Debt Landscape | Sovereign Debt Expert Lupin Rahman Mar 27, 2026

Show notes

Learn More About Unlimited HFGM Global Macro ETF $HFGM: https://unlimitedetfs.com/hfgm

Former Head of Sovereign Credit at PIMCO Lupin Rahman joins Jack to discuss sovereign debt and its peculiarities. She explains why its technicals can differ significantly from fundamentals, the growth of emerging market debt, and risks to consider when investing in these assets. Jack and Lupin also discuss the important conflict in the Middle East and what it means for markets across the world. As an expert in both sovereign debt and emerging markets, Lupin is an important voice to consider when assessing global fixed income markets. Recorded on March 16th, 2026.

Lupin Rahman’s Book https://www.amazon.com

Follow Jack Farley on Twitter https://x.com/jackfarley96

Follow Lupin Rahman on LinkedIn https://www.linkedin.com/in/lupin-rahman/

Follow Monetary Matters on:

Apple Podcasts https://rb.gy/s5qfyh

Spotify https://rb.gy/x56dx5

YouTube https://rb.gy/dpwxez

Headline Indices Are Masking Market Stress | Liz Ann Sonders on the Case For Quality Stocks During An Oil Shock Mar 25, 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

In this episode of Monetary Matters, Liz Ann Sonders, Charles Schwab’s Chief Investment Strategist, explains how 2026 presents an "analytically rich" environment where headline indices are currently masking significant underlying market stress. She notes that while the S&P 500 shows a modest drawdown, the average stock is seeing much steeper declines, reflecting a period of intense "rotation and churn" triggered by the war in Iran and a spike in oil prices. Sonders highlights a critical shift in investor behavior, where the previous year's preference for non-profitable speculative stocks has flip-flopped in favor of a "quality" factor centered on stable profitability and strong balance sheets. She draws parallels to the 1990 period, warning that the lack of alternate routes for oil through the Strait of Hormuz could lead to sustained economic demand destruction. Despite these geopolitical shocks, Sonders observes that forward earnings estimates for the tech and energy sectors remain surprisingly resilient, though she anticipates downward revisions as reporting season approaches. Ultimately, she reminds investors that in such a volatile cycle, "better or worse" as a leading indicator often matters more to the market than whether the data is objectively "good or bad". Recorded March 24, 2026.

Pieces referenced:

“Dire Strait: War's Impact on Stocks”: https://www.schwab.com/learn/story/dire-strait-wars-impact-on-stocks

“Schwab Market Perspective”:

https://www.schwab.com/learn/story/stock-market-outlook

“Smoke on the Water…Fire Under the Surface”: https://www.schwab.com/learn/story/smoke-on-waterfire-under-surface

Follow Liz Ann Sonders on X https://x.com/LizAnnSondersFollow Liz Ann Sonders on LinkedIn https://www.linkedin.com/in/lizannsonders/

Follow Jack Farley on X https://x.com/jackfarley96

Follow Monetary Matters on:

Apple Podcasts https://rb.gy/s5qfyh

Spotify https://rb.gy/x56dx5

YouTube https://rb.gy/dpwxez

Investing involves risks, including the possible loss of principal. Because these ETFs rely on an AI-driven model, the strategy may not perform as intended. International and U.S investments may involve additional risks such as currency, political, or regulatory developments. Investors should carefully consider the investment objectives, risks, charges, and expenses of the Funds before investing. The prospectus contains this and other important information and may be obtained by visiting www.pictet.com/etf. Read it carefully before investing. Distributed by Foreside Fund Services.

“Not Until May” The Real Timeline for Controlling the Strait of Hormuz | Nadia Martin Wiggen Svelland Capital Mar 23, 2026

Show notes

Learn more about Teucrium’s CORN ETF (CORN) here: https://teucrium.com/corn

Nadia Martin Wiggen, Director at Svelland Capital joins Other People’s Money for a timely update on energy and shipping markets in light of the “5-day pause” Truth Social post that sent equity markets ripping higher and oil prices dipping lower. She explains why Svelland Capital believes May is the real timeline for controlling the Strait, how refining margins and refined product hoarding create a persistent bid for oil and gas, and how global energy supply chains have shifted with many ships sailing well outside of typical trade routes in their quest for alternative sources of oil. She also touches on how a protracted crisis would harm Asia, Australia, and emerging markets the most.

Svelland Capital: https://www.svelland.com/

Follow Max on X: https://x.com/maxwiethe

Follow Other People’s Money on:

Apple Podcast https://bit.ly/4e7QJ1M

Spotify https://bit.ly/3Yhaazi

YouTube https://bit.ly/3C63VXR

X https://x.com/opmpod

This episode is sponsored by the Teucrium Corn Fund (CORN). Download our free eBook, "Why Investors Are Increasingly Turning to Commodity ETFs," to explore the macro forces shaping commodity markets today. Download the eBook: insights.teucrium.com/why-investors-turning-to-commodity-etfs CORN Fund Page & Prospectus: www.teucrium.com/corn

This material must be preceded or accompanied by a prospectus. The prospectus is available at https://teucrium.com/corn. Investing involves risk, including the possible loss of principal. Commodities and futures generally are volatile, and instruments whose underlying investments include commodities and futures are not suitable for all investors. Past performance does not guarantee future results. For further discussion of these and additional risks associated with an investment in the Funds please read the respective Fund Prospectus before investing.

CORN, CANE, SOYB, and WEAT are commodity pools regulated by the Commodity Futures Trading Commission (CFTC). The Funds do not track the spot price of corn, sugar, soybeans or wheat. These Funds, which are ETPs, are not a mutual fund or any other type of Investment Company within the meaning of the Investment Company Act of 1940, as amended, and are not subject to regulation thereunder. Teucrium Trading, LLC is the Sponsor for CORN, CANE, SOYB, and WEAT. PINE Distributors LLC is the Marketing Agent for CORN, CANE, SOYB, and WEAT and is not affiliated with Teucrium Investment Advisors, LLC and Teucrium Trading, LLC.

Timestamps:

00:00 Intro

00:46 Reaction to Trump Announcement and State of the Strait

01:57 Strait Reality Check

05:53 Oil Flows and Bottlenecks

09:32 Asia Scrambles for Supply

12:55 China Refined Export Ban

14:01 Demand Destruction Thresholds

15:05 Military Path to Reopen

17:09 CORN Mid Roll

18:46 New Oil Price Floor

21:28 Broader Market Repricing

25:06 Shipping Rates and Europe Pull

27:33 Export Bans and Hoarding Spiral

30:11 US Refining Edge and Australia

34:37 LNG Shortfall and Europe Risk

41:00 Long Term Diversification

41:33 Trading Signals and Logistics

45:16 Most Vulnerable Products

A Fertilizer Crisis is Brewing (Quickly) | StoneX’s Josh Linville on How Iran War & Strait of Hormuz Closure Has Shut of Critical Fertilizer Chemical Feedstocks That Threaten Global Grain Supply Mar 22, 2026

Show notes

Sponsor: Teucrium Corn Fund (NYSE Arca: CORN):

https://teucrium.com/corn

In this episode of Monetary Matters, StoneX Vice President Josh Linville explains how the Iran War and the closure of the Strait of Hormuz have triggered a global fertilizer crisis that is currently crippling agricultural economics. With urea prices effectively doubling in just a few months, Josh warns that the market is facing a supply shock far more severe than the 2022 crisis because current grain prices aren't high enough to offset these surging input costs. The geopolitical bottleneck in the Persian Gulf has effectively sidelined three of the world's top ten urea exporters, removing enough nitrogen from the market to cover nearly the entire US corn crop. Beyond shipping delays, recent attacks on energy infrastructure in Qatar and Iran have caused structural damage that experts estimate could take three to five years to fully repair. This massive loss of production capacity, combined with a lack of global stockpiles, means the market must now find balance through aggressive demand destruction. Consequently, the price floor for critical fertilizers has likely been raised for the remainder of 2026, forcing farmers to make difficult choices about planting and yields. Join us as we explore the long-term implications for global food security and why the current "bleeding red" financial state of farming might lead to higher agricultural commodity prices. Recorded March 20, 2026.

Follow Josh Linville https://www.stonex.com/en/market-experts/josh-linville/

Josh Linville on X https://x.com/JLinvilleFert

Josh Linville on LinkedIn https://www.linkedin.com/in/joshua-linville-9555a711

______

Download the eBook: insights.teucrium.com/why-investors-turning-to-commodity-etfs

CORN Fund Page & Prospectus: www.teucrium.com/corn

This material must be preceded or accompanied by a prospectus. The prospectus is available at https://teucrium.com/corn.

Investing involves risk, including the possible loss of principal. Commodities and futures generally are volatile, and instruments whose underlying investments include commodities and futures are not suitable for all investors. Past performance does not guarantee future results.

For further discussion of these and additional risks associated with an investment in the Funds please read the respective Fund Prospectus before investing.

PINE Distributors LLC is the Marketing Agent for CORN, CANE, SOYB, and WEAT and is not affiliated with Teucrium Investment Advisors, LLC and Teucrium Trading, LLC.

Sources

• Fertilizer trade through Strait of Hormuz: International Fertilizer Association (IFA), Global Fertilizer Trade Data; USDA ERS, Fertilizer Use and Price reports.

• Corn as heaviest nitrogen user: USDA Economic Research Service, Fertilizer Use and Price (most recent edition). • Input cost / margin impact and acreage-switching scenarios: Framing is conditional and analytical; not presented as projections. Consistent with FINRA 2210(d)(1) standards for educational market commentary.

• Fund structure: Teucrium Corn Fund Prospectus (most recent effective date).

Marketing Agent: PINE Distributors LLC.

5324752

“This Is The End of The Oil Market As We Know It” | Rory Johnston on How $300 Oil Could Trigger Depression If De-Escalation Does Not Occur In Iran War Mar 19, 2026

Show notes

20% discount to annual subscription to Rory Johnston’s Commodity Context: https://www.commoditycontext.com/monetarymatters

In this urgent episode of Monetary Matters Today, Jack sits down with Rory Johnston of Commodity Context to break down the unprecedented global oil shock caused by the ongoing war in Iran and the closure of the Strait of Hormuz. With 20 million barrels of daily flow disrupted and 9 million barrels of confirmed production shut-ins across the Middle East, Johnston warns that the market is facing a supply loss multiple times larger than the 2022 Russian invasion fears. They explore the timeline of global impact, the looming threat of operational shutdowns for Asian refineries, and why Johnston believes political de-escalation by President Trump is the only way to avoid $200+ oil and a global economic depression. Recorded March 19, 2026.

Pieces discussed:

Oil & Iran War Context Weekly (W11) (March 13 2026)

https://www.commoditycontext.com/p/ocw11w26

“No End in Sight,” March 12, 2026:

https://www.commoditycontext.com/p/no-end-in-sight

Oil and the Iran War Context Weekly (W10), March 6, 2026:

https://www.commoditycontext.com/p/ocw10w26

North American Oil Data Deck (March 4, 2026):

https://www.commoditycontext.com/p/north-american-oil-data-deck-march-2026

“Strait to the Point on Iran (March 2, 2026)”:

https://www.commoditycontext.com/p/strait-to-the-point-on-iran

Follow Rory Johnston on X: https://x.com/Rory_Johnston

Follow Jack Farley on Twitter https://x.com/jackfarley96

Follow Monetary Matters on:

Apple Podcasts https://rb.gy/s5qfyh

Spotify https://rb.gy/x56dx5

YouTube https://rb.gy/dpwxez

“We’re Just Getting Started” | Bob Elliott on Why The Oil Shock Is Not Fully Priced In To Markets Mar 19, 2026

Show notes

Learn More About Unlimited HFGM Global Macro ETF $HFGM: https://unlimitedetfs.com/hfgm

In this episode of Monetary Matters, Jack Farley and Max Wiethe are joined by Bob Elliott, Chief Investment Officer at Unlimited Funds, to discuss the economic fallout of the recent conflict and surging oil prices. Elliott explains that the massive spike in oil prices—which recently topped $110 for Brent and $150 in Oman—will inevitably reduce consumer spending power, fuel higher inflation, and drag down real economic growth. He argues that both the stock and bond markets are currently mispricing this risk, making a strong case for that both asset classes could struggle as yields rise. Furthermore, Elliott dismisses the Federal Reserve's 2026 inflation target of 2.7% as wildly unrealistic, warning that persistent inflation will keep the Fed from cutting rates anytime soon. Finally, Jack and Max preview their upcoming interviews with industry experts to further unpack the disruptions to global oil production, fertilizer supply chains, and shipping. Recorded afternoon of March 18, 2026, after FOMC meeting.

Follow Bob Elliott on Twitter https://x.com/BobEUnlimited

Follow Jack Farley on Twitter https://x.com/jackfarley96

Follow Monetary Matters on:

Apple Podcasts https://rb.gy/s5qfyh

Spotify https://rb.gy/x56dx5

YouTube https://rb.gy/dpwxez

Stock Market on Shaky Foundations | Blind Squirrel Macro’s Rupert Mitchell on IPO Supply, Oil, and Private Credit Mar 18, 2026

Show notes

Learn more about Teucrium’s Soybean ETF (SOYB) here: https://teucrium.com/soyb

In this episode of Monetary Matters, Jack sits down with Rupert Mitchell of Blind Squirrel Macro to unpack why the foundations of the current US stock market bull run might be crumbling. Mitchell details his transition to a 50% cash and gold portfolio, warning that a looming wave of jumbo IPOs and cracks in the private credit markets could severely disrupt equity liquidity. He also shares his actionable bearish thesis on vulnerable sectors, revealing why he is actively shorting SaaS businesses, boutique M&A banks, and overvalued fast-casual restaurant chains. On the bullish side, Mitchell explains his custom "Shiny Acorns" strategy for investing in gold miners without taking on jurisdiction risk, alongside his continued allocation to long-lived Canadian oil assets and US refiners. Tune in for a masterclass on macro positioning during times of elevated market volatility and consumer uncertainty. Recorded March 9th, 2026.

Blind Squirrel Macro research: https://t.co/mgOvPYwOAi

Follow Blind Squirrel Macro on Twitter https://x.com/SquirrelMacro

Follow Jack Farley on Twitter https://x.com/jackfarley96

Follow Monetary Matters on:

Apple Podcasts https://rb.gy/s5qfyh

Spotify https://rb.gy/x56dx5
YouTube https://rb.gy/dpwxez

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

The Ultimate Hard Asset: American Farmland and The 300-Year Water Supply Hidden Underneath It | Chris Morris LandFund Partners Mar 17, 2026

Show notes

Learn more about Teucrium’s Soybean ETF (SOYB) here: https://teucrium.com/soyb

In this episode of Other People's Money, Max sits down with Chris Morris, President of LandFund Partners, to explore why they believe U.S. row crop farmland is the ultimate hard asset. Chris details how farmland performed as a portfolio diversifier during the Great Financial Crisis and explains why the relative value compared to other regions and essentially free access to 300-years of groundwater them has focusing on the U.S. Mid-South region. He highlights global water scarcity, food security, and inflation as macro drivers for this farmland, but he also argues that rising values and yields from technological improvements and increased demand for non-farming purposes like solar power are how they have delivered S&P 500 beating net returns since 2021.

LandFund Partners website: https://www.landfundpartners.com/

Follow LandFund Partners on X: https://x.com/LandFundLP

Follow Max on X: https://x.com/maxwiethe

Follow Other People’s Money on:

Apple Podcast https://bit.ly/4e7QJ1M

Spotify https://bit.ly/3Yhaazi

YouTube https://bit.ly/3C63VXR

X https://x.com/opmpod

Timestamps:

00:00 Intro

00:40 Teucrium SOYB

01:00 Investing in Farmland

04:26 Diversification and Correlation

06:07 Real Assets and New Macro Risks

09:13 Scarcity and Water Thesis

10:48 Protein Demand Multiplier

12:45 How Farmland Returns Work

15:00 AI and Renewable Energy

15:41 Teucrium SOYB

17:02 Community Impact and Ethics

20:21 Who Buys Farmland?

22:47 Why the Mid-South

26:33 Valuation Gap Explained

28:25 Water Rights and Water Scarcity

35:06 Solar Leases Beat Crops

39:23 AI Boosts Farm Profits

42:22 Regenerative Farming and the Three Fs

44:35 Iran Conflict Inputs and Crops

48:26 Subsidies and Rent Security

54:02 Fund Focus and Growth Plans

57:30 Conclusion

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.

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

“Deflationary Bust” A Risk From AI | Alex Gurevich’s Bull Case on Rates, “Perfect Trade” Potential in Japan, and The Risk of Artificial Intelligence Poses to Labor Market Mar 15, 2026

Show notes

In this interview, Alex Gurevich of HonTe Investments outlines his macroeconomic outlook, highlighting a particularly bullish stance on the platinum and palladium markets because they historically follow long cycles that lag behind gold and silver. He predicts that the rapid advancement of artificial intelligence will initially act as a deflationary headwind, potentially automating away 20% of jobs by the end of the decade and permanently eliminating certain white-collar economic activities. To combat this impending deflation and job loss, he anticipates that the Federal Reserve will be forced to drastically cut short-term interest rates—possibly down to zero—alongside the introduction of massive government stimulus. Because of this dynamic, Kovich views being long on short-duration bonds as a "dominant trade" that can succeed under multiple economic outcomes, though he remains uncertain about the trajectory of long-term rates and therefore favors a steeper yield curve. Furthermore, he envisions a long-term AI-driven prosperity boom but warns that the massive compute power required will inevitably lead to a severe global energy bottleneck. As part of this AI infrastructure build-out, he specifically notes that there will not be enough copper on the planet to support the necessary power demands.

Alex’s Book, “The Next Perfect Trade: A Magic Sword of Necessity”: https://www.amazon.com/dp/B0GBYXNLD4?tag=scribemedia0a-20&th=1&psc=1&geniuslink=true

Follow Alex Gurevich on Twitter https://x.com/agurevich23/with_replies

Follow Jack Farley on Twitter https://x.com/jackfarley96

Follow Monetary Matters on:

Apple Podcasts https://rb.gy/s5qfyh

Spotify https://rb.gy/x56dx5
YouTube https://rb.gy/dpwxez

Could the Iran War Cause a New Oil Crisis? | FT's Chief Economics Commentator Martin Wolf Mar 13, 2026

Show notes

Martin Wolf, chief economics commentator at the Financial Times joins Jack for a frank and important discussion on the war with Iran. Jack and Martin delve into the economic consequences of a prolonged war in Iran, particularly with regards to the Strait of Hormuz being affected by the war. In short—war with Iran could be a nightmare scenario for the world economy with few if any benefits for the U.S. and most of the world. Recorded on March 11th, 2026.

Follow Jack Farley on Twitter https://x.com/jackfarley96

Follow Martin Wolf on Twitter https://x.com/martinwolf_

Read Martin in the FT https://www.ft.com/content/dab7d625-77f8-40ff-aeb9-451f81772125

Follow Monetary Matters on:

Apple Podcasts https://rb.gy/s5qfyh

Spotify https://rb.gy/x56dx5

YouTube https://rb.gy/dpwxez