“Alasdair Macleod tells Paul Buitink the Fed’s latest hike does not buy time. He gives the fiat system about 18 months. A 10-year yield above 5% could burst an equity bubble bigger than 1929.
“Energy and food shocks from war, drought, and blocked grain will push inflation higher while governments cannot afford the rates needed to stop it. Rescue QE would then destroy currencies.
“AI valuations look unsupported next to cheap Chinese rivals such as DeepSeek. Dutch gold leaving New York, after similar German and French moves, suggests the metal may not be there. Trust in the dollar is fading; gold is the exit.”
Timestamps
0:00 Opening clip: crash stages and gold custody doubts
2:18 Fed hike to 4% — does it buy time?
5:00 Energy shortages, logistics, food and winter risks
8:28 Oil in gold terms; fiat purchasing power
12:00 Equity crash, bank credit, Keynesian rescue
13:00 Stage one / stage two of a crash; 1929 parallel
16:10 Sponsor break / gold ad
16:11 Can AI and Musk “grow out of” the debt?
19:41 Why “18 months” — complacency vs crisis now
21:47 Why 5% on the 10-year matters for stocks
24:54 Bretton Woods 2? Why a gold reset is unlikely
27:00 Politics over economics; Trump and the Fed
28:55 Wars, Gulf energy shock, much higher yields
30:22 China, gold standard, low Chinese yields
31:12 Dutch, Norwegian, Japanese bond selling
32:34 Dutch gold move from New York; NY Fed custody
35:00 Bundesbank, Banque de France, “gold that isn’t there”
36:00 Property rights, frozen reserves, loss of trust
38:19 Trend: dump dollars, buy gold in the market
39:43 Outro and Substack plug
"I think we've done enough damage for now" Brilliantly put👏👏
Another way to point out the complete incompetence of the monetary authorities is to ask if there is any reason to expect that the dollar and all other G7 fiat currencies will NOT collapse. I can't see any hope that anyone in government would suggest cutting spending in order to produce surpluses that would give holders of fiat currencies reasons to continue to do so.