Connecting the Dots w/ Farzin Irani

In this episode, Farzin Irani sits down with Dr. Marc Faber — legendary contrarian investor, author of The Gloom Boom & Doom Report, and one of the most outspoken macro thinkers of the last four decades.Marc doesn't mince words. He argues that the AI investment boom is the largest capital spending cycle since the railroads in the nineteenth century — and when it bursts, on top of record global debt, it will cause a depression. That governments lie about everything including inflation. That the conditions for a major global conflict are better right now than at any point since World War Two. And that the only way out of the current system is through a crisis that collapses it.From gold confiscation risks to geographical diversification of wealth, to why democracy forces politicians to lie to get elected — this is one of the most direct and unfiltered conversations we've had on Connecting the Dots.In this episode we cover:✅ What investors are getting most wrong about the world today✅ How government interventions distort markets and misallocate capital✅ Why subsidies and tariffs are inflationary taxes in disguise✅ Why the CPI grossly understates the real cost of living✅ Labour income as a share of GDP at the lowest level since 1947✅ Why 35-year-olds today are less wealthy than their parents were✅ Why government spending above 50% of GDP kills economic growth✅ Bond vigilantes — are they back and what does it mean?✅ The AI bubble — bigger than dot-com and comparable to the railroads✅ Why the collapse of AI investment will cause a global depression✅ War cycles — why conditions for conflict are the best since WW2✅ Why the system can only be fixed through a crisis, not voluntarily✅ Gold — the bullish case and the confiscation risk✅ Why diversification across assets and geographies is essentialAbout Marc FaberDr. Marc Faber is a Swiss investor, author, and publisher of The Gloom Boom & Doom Report — a monthly investment newsletter read by sophisticated investors worldwide. He is known for his contrarian macro views, his early warnings on asset bubbles, and his advocacy for hard assets and geographical diversification. He is based in Thailand and has been a fixture on global financial media for over four decades.🌐 https://www.gloomboomdoom.com/about/biography/🌐 Connect with Farzin → https://linktr.ee/farzinirani🌐 Business website → https://www.sovereignty.capital/🌐 Free Wealth Diagnostic → https://www.sovereignty.capital/the-diagnosticMarcFaber, GloomBoomDoom, Gold, GoldInvesting, GoldConfiscation, Diversification, WealthPreservation, ConnectingTheDots, Inflation, CPI, GovernmentDebt, AIBubble, Depression, MacroInvesting, WarCycles, Geopolitics, HardAssets, Bitcoin, RealEstate, CentralBanks, BondVigilantes, Democracy, GlobalMacro, FinancialCrisis, SovereignWealth, GovernmentLies, AssetBubbles, FreeMarket, Tariffs, Subsidies

In this episode, Farzin Irani sits down with Richard Vague — banking insider, economic researcher, former Pennsylvania Secretary of Banking and Securities, and author of five influential books on debt, credit cycles, and financial instability.Richard's core argument is simple and deeply counterintuitive. Every major financial crisis in history has been caused by excessive private debt — not government debt. While the public and politicians obsess over national deficits, the real danger is building quietly in household and corporate borrowing. And he has the data across 43 crises in the six largest economies over 200 years to back it up.From how banks create money out of nothing, to why rising inequality is built into the system, to the untold story of Thomas Willing — the banker who quietly made America — this is one of the most intellectually rich conversations we've had on Connecting the Dots.In this episode we cover:✅ Why private debt — not government debt — causes financial crises✅ Good debt vs bad debt — and what happens when lending grows too fast✅ How banks create money out of nothing — explained simply✅ Why 90% of the money supply is created by private banks✅ How rising debt pushes up asset prices and creates inequality✅ Why trickle-down economics is real — it's just debt trickling down✅ The ninja loans and subprime targeting of lower income communities✅ How to redesign the banking system — regulatory fixes that would work✅ Why regulators are hamstrung by political pressure✅ The Silicon Valley Bank failure — what really happened✅ Why all major financial crises are predictable years in advance✅ The AI lending bubble building outside the banking system✅ Why 30-year mortgages buffered American households from rising rates✅ Thomas Willing — America's forgotten first banker✅ How finance, not battles, won the American Revolution✅ Why government debt going to households means rising household wealth✅ The $120 trillion in off-balance-sheet US government obligationsAbout Richard VagueRichard Vague is an American businessman, banking expert, economic researcher, and author. He co-founded and led major banking institutions, previously served as Pennsylvania Secretary of Banking and Securities, and has authored five books including The Paradox of Debt, The Next Economic Disaster, A Brief History of Doom, The Case for a Debt Jubilee, and his most recent, The Banker Who Made America. He publishes a free weekly economic video and newsletter.https://www.richardvague.com/Tychos Analytics Group, https://debteconomics.org/, and https://delanceyplace.com/ are three organisations that Richard runs to help consumers understand debt, align themselves proactively, and have a better understanding of what the government must do to fix the nation's wealth gap issue.🌐 Connect with Farzin → https://linktr.ee/farzinirani🌐 Business website → https://www.sovereignty.capital/🌐 Free Wealth Diagnostic → https://www.sovereignty.capital/the-diagnosticRichardVague, PrivateDebt, Banking, DebtCrisis, MoneyCreation, WealthInequality, ConnectingTheDots, MacroEconomics, FinancialCrisis, BankingSystem, GovernmentDebt, TrickleDown, SubprimeCrisis, SiliconValleyBank, AIBubble

In this episode, Farzin Irani sits down with Professor Steve Keen — one of the world's most unconventional and outspoken economists, widely known for predicting the 2008 Global Financial Crisis using private debt models that mainstream economics ignored entirely.Steve doesn't pull punches. He argues that the Strait of Hormuz closure is not just an oil story but a food and fertilizer crisis that could affect the entire planet. That banks create money out of nothing and mainstream economists don't understand this. That the AI boom is a classic Schumpeterian bubble with a financial crisis on the other side. That Western housing markets have run out of buyers. And that economics itself has never been a science.This is one of the most intellectually challenging and wide-ranging conversations we've had on Connecting the Dots.✅ The Strait of Hormuz — why this is bigger than an oil story✅ Fertilizer, food supply chains and the coming global food crisis✅ Australia and New Zealand — 20 days of diesel and what that means✅ The false flag playbook and why Trump may try to cancel the midterms✅ Why Israel pushed Trump into the Iran conflict✅ AI — a classic Schumpeterian boom and bust✅ The circular financing structure behind AI and why it will collapse✅ Energy as the real constraint on AI data centres✅ China's energy advantage over America✅ UBI — where does the money actually come from?✅ How banks create money — the truth mainstream economics hides✅ Live demonstration using Steve's Ravel software✅ Why the CPI is a lie and what real inflation looks like✅ How Steve predicted the Global Financial Crisis✅ Western housing bubbles — why they're finally running out of buyers✅ CBDC — a possibility or a political impossibility?✅ Global warming — the next five years look pretty bloody awful✅ Why economics has never been a scienceAbout Professor Steve KeenProfessor Steve Keen is one of the world's leading heterodox economists and author of Debunking Economics. He is widely credited as one of the very few economists who publicly predicted the 2008 Global Financial Crisis, based on his models of private debt and financial instability. He is the creator of the Ravel dynamic monetary modelling software and runs online economics courses through his platform.   / @profstevekeen   https://profstevekeen.substack.com/  / profstevekeen  https://www.skool.com/stevekeen🌐 Connect with Farzin → https://linktr.ee/farzinirani🌐 Business website → https://www.sovereignty.capital/🌐 Free Wealth Diagnostic → https://www.sovereignty.capital/the-d...ProfSteveKeen, SteveKeen, Economics, HeterodoxEconomics, MoneyCreation, Banking, GlobalFinancialCrisis, PrivateDebt, AI, AIBubble, HousingBubble, UBI, CBDC, FoodCrisis, StraitOfHormuz, Fertilizer, GlobalWarming, ConnectingTheDots, MacroEconomics, WealthPreservation, Inflation, CPI, Schumpeter, RavelSoftware, DebunkingEconomics

Rick Rule is back. One of the world's most respected resource investors and credit analysts returns to Connecting the Dots for one of the most wide-ranging and brutally honest conversations we've had on the show.Rick believes the US dollar will lose 75% of its purchasing power over the next decade. He believes copper is heading for a rationing crisis within five years. He believes uranium is quietly setting up one of the most powerful supply-demand imbalances in commodity history. And he believes most investors have no idea what's coming.From Japan's carry trade unwind and the US Treasury market under pressure, to why central banks are loading up on gold, to why the CPI is a lie, to how he thinks about building Battle Bank — this is 60 minutes of unfiltered, decades-deep macro and resource investing wisdom.In this episode we cover:✅ Japan's currency crisis and why the US intervened✅ Why the market is beginning to control the long bond✅ Why foreign central banks are buying gold — the Russia lesson✅ How geopolitics has permanently changed resource investing✅ Uranium — the supply-demand imbalance building quietly✅ Why the incentive price for uranium may have been misread✅ The copper crisis — 18 to 20 years to build a mine, already in deficit✅ Gold's ten year outlook — and short term headwinds✅ Why the US dollar will lose 75% of its purchasing power✅ When Rick would sell his gold — four impossible conditions✅ Where Rick puts his first dollar today — oil, gold, large resource companies✅ What investors are most complacent about — the CPI fallacy✅ Building Battle Bank — what surprised Rick most about banking regulation✅ Why lending against gold is one of the best businesses in the worldAbout Rick RuleRick Rule is one of the world's most experienced natural resource investors and credit analysts, with over 50 years in the resource business. He is the co-founder of Battle Bank and the founder of Rule Investment Media and Rule Classroom, which provide free educational resources and portfolio analysis to thousands of investors worldwide.Rule Investment Media - https://ruleinvestmentmedia.com/Battle Bank - https://battlebank.com/🌐 Connect with Farzin → https://linktr.ee/farzinirani🌐 Business website → https://www.sovereignty.capital/🌐 Free Wealth Diagnostic → https://www.sovereignty.capital/the-diagnosticChapters00:00 Introduction02:27 Japan — Is The System Breaking Down?05:35 Why Bessent Stopped Japan Selling Treasuries06:16 The Market Is Taking Control Of The Long Bond08:16 Why Central Banks Are Buying Gold11:32 How Geopolitics Has Changed Resource Investing13:28 The Arab Oil Embargo & Uranium16:08 Uranium — Where Is The Mispricing?17:47 The Supply Deficit Nobody Knows19:47 How Contract Pricing Changes Uranium21:38 Bruce Nuclear & US Nuclear Plans23:24 Natural Gas vs Nuclear27:25 Copper — 18 To 20 Years To Build A Mine30:32 A Billion People Without Electricity32:11 Copper Will Be Rationed By Price33:58 The Dollar Loses 75% — What Gold Does35:57 Short Term Headwinds For Gold37:31 The 1975 Playbook & Gold38:22 Gold As Insurance39:58 Gold Is Massively Underowned42:58 Oil First, Then Gold, Then Resource Companies45:51 Modi's Visits & What He Was Really After48:25 When Rick Would Sell His Gold50:30 The CPI Is A Lie53:15 SP 500 To Gold — Gone Nowhere In 25 Years54:49 Building Battle Bank58:04 Why Lending Against Gold Works1:01:26 Could Battle Bank Work In New Zealand?1:03:32 Rule Investment Media & Rule Classroom1:04:52 The Rule Symposium RecordingsRick Rule, Gold, Copper, Uranium, NaturalResources, ResourceInvesting, WealthPreservation, ConnectingTheDots, MacroInvesting, USDollar, Inflation, CopperCrisis, GoldInvesting, UraniumInvesting, BattleBank, CentralBanks, Geopolitics, OilAndGas, JapanCarryTrade, CPI, FederalReserve, SovereignWealth, CommodityInvesting, RuleClassroom, GoldStandard

In this episode, Farzin Irani sits down with Frank Holmes, CEO and Chief Investment Officer of US Global Investors, Executive Chairman of HIVE Digital Technologies, and one of the most respected macro investors in the world.Frank has been in the investment industry since 1978, managing billions across gold, commodities, airlines, Bitcoin, and AI infrastructure. He created the Jets ETF, the WAR ETF, and the SEA ETF, and pioneered crypto mining as an institutional asset class.From the Japanese carry trade risk nobody is talking about, to why copper is the most important commodity of the AI era, to his simple 5x20 portfolio model that has outperformed through every market cycle, this is one of the most practically useful episodes we've produced. In this episode we cover:✅ Why social media and podcasts are replacing Wall Street as the source of truth✅ The AI super cycle — why Frank remains extremely bullish✅ Why a gigawatt data centre consumes 50,000 tons of copper✅ Gold's love trade — why Asian cultural affinity is structural demand✅ Why gold is not archaic — and why young investors are wrong to ignore it✅ The 5x20 portfolio model — Frank's simple framework for all market conditions✅ The Japanese carry trade — the biggest risk nobody is talking about✅ Why Bitcoin and gold are complementary, not competitors✅ The WAR ETF and NATO's $2.5 trillion rearmament✅ Why America's capital markets are the most creative in the world✅ Cargo shipping as a real-time indicator of global economic health✅ Inflation vs deflation — Frank's decade-long view✅ One book every investor should readAbout Frank HolmesFrank Holmes is the CEO and Chief Investment Officer of US Global Investors, a publicly traded investment management firm overseeing approximately $4.8 billion in mutual funds and ETFs. He is also Executive Chairman of HIVE Digital Technologies, the first publicly traded Bitcoin mining company. Frank is the co-author of The Goldwatcher: Demystifying Gold Investing, a regular commentator on CNBC, Bloomberg, Fox Business, and BNN, and publishes the award-winning Investor Alert newsletter read by over 100,000 subscribers in 180 countries.Website: https://www.usfunds.com/🌐 Connect with Farzin → https://linktr.ee/farzinirani🌐 Business website → https://www.sovereignty.capital/🌐 Free Wealth Diagnostic → https://www.sovereignty.capital/the-diagnostic00:00 Introduction02:39 Steve Jobs & Connecting The Dots03:14 How Investing Has Changed05:10 Legacy Media vs Social Media06:58 Why Frank Is Bullish On AI09:00 Copper & The AI Data Centre Boom09:38 Gold's Love Trade12:54 Physical Gold vs Paper Gold13:35 Property Rights, Capitalism & Gold16:19 Gold As Portable Wealth18:52 Government Debt & The Fear Trade21:15 PMI — The Best Commodity Predictor22:30 The 5x20 Portfolio Explained29:57 America's Creative Capital Markets34:28 US Debt & Interest Rates35:32 The Japanese Carry Trade Risk39:54 The 1997 Asian Crisis & What's Coming42:00 National Security Is Now Priority One44:30 The WAR ETF & NATO Rearmament46:25 Xi Jinping's Ambitions50:32 Green Energy vs Economic Reality52:13 AI & The Future Of Energy55:13 Geopolitics — Next 5 To 10 Years57:00 Xi Jinping, Taiwan & Containment59:07 Cargo Shipping As An Economic Signal1:01:45 Gold vs Bitcoin1:03:35 Where Bitcoin Fits In The Portfolio1:05:38 Fast Fire Questions1:09:21 Confidence In Central Banks1:09:48 One Belt One Road & The US Dollar1:13:51 One Book Every Investor Should Read1:15:14 About Frank & US Global Investors1:18:13 What Sovereignty Means1:19:03 Where To Find Frank