Commodity-Backed Currency is Coming But it Won't be Gold, says Dr. Robert Murphy

Robert Murphy, Ph.D. Austrian economist, and a senior fellow at the Mises Institute talks about gold, bitcoing, his outlook on the 2024 economy, and more.

More specifically, in this interview, Robert laid out his reasons for being bearish on the US economy, saying he thinks the inversion of the yield curve is a sure-fire sign of economic pain ahead.

He said, at least over the next decade, he sees the US dollar losing its prominence, definitely relative to monetary metals and possibly also against a commodity-backed BRICS currency.

At the same time, he said he sees fixed income outperforming equities over the short run, and AI and big tech as a sector that could continue to outperform.

Robert walked us through the Austrian School of economics (think F.A. Hayek and Ludwig von Mises)'s theory of the business cycle, and he answered why understanding it could be useful for commodity investors.

He also explained why the Fed's expansionary policies led to inflation after 2020, when endless rounds of QE following the financial crisis of 2008 seemingly had little impact.

Timestamps
00:00 overly dramatic intro
01:00 important warning
02:15 who is even this?
07:10 where is the economy going?
11:40 is inflation still transitory?
17:15 did the FED cause inflation?
20:10 do we know the real inflation number?
22:55 should the fed stop hiking now?
24:30 what is the Austrian business cycle?
29:35 what about the bubble in other asset classes?
33:15 does Austrian economics understand commodities?
35:30 are interest rates slowing down the economy?
39:50 are we headed into deflation?
41:00 is now the time to be buying gold?
42:20 does gold really make sense as an investment?
43:50 what will displace the USD?
45:50 does a commodity-backed currency make sense?
48:15 is bitcoin the new 'digital' gold?
51:45 is there a use case for bitcoin?
55:30 is Robert bullish on bonds?
56:45 is Robert bullish on anything?
01:02:40 contact

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