Top Three Videos – September 22, 2026
Alasdair Macleod: "Fiat Currency System: 18 Months Before it Dies"...(September 20, 2026)
Reinvent Money...
Summary
Macleod argues the fiat currency system has roughly 18 months left, with a stage-one securities crash beginning now as the 10-year Treasury yield breaks above 5%, followed by a stage-two rescue of G7 emergency meetings, closed markets, price controls and unprecedented QE that will buy only a few months before guaranteeing the death of fiat currencies. He says equities are in the biggest credit bubble in financial history — bigger than 1929 — propped up by $1.1-1.2 trillion in broker loans, $4.5 trillion in hedge fund securities positions and $24.5 trillion in foreign-owned US equities that will all run for the exit, and that measured in gold the Dow’s 89% 1929-style loss is a near certainty. He also claims the Dutch central bank’s decision to cut New York Fed storage from 31% to 18.5% — following the Bundesbank and Banque de France — reveals that the gold held there does not exist, which he calls plain theft of custodial gold.
Top 5 Key Topics
- The 18-month fiat death clock and the 5% trigger: Macleod says the Fed’s hike to 4% bought no time, because the 10-year yield snapped back above 5% within hours and Bessent cannot hold it below that psychological break point. Breaking 5% inverts the bond-equity relationship that has let stocks rise for years and bursts the bubble.
- Oil is 29% of its true value in gold terms: Priced against gold rather than fiat, oil should roughly triple, which he says exposes the “commodity supercycle” narrative as rubbish — it is currency purchasing power collapsing. He would not rule out $200, $300 or even $400 oil as the adjustment runs.
- A winter energy, food and logistics crisis: Shortages of diesel, ship bunkers and kerosene will wreck land, sea and air logistics simultaneously, compounded by European drought-hit crop yields and Russia blocking Ukrainian Black Sea grain exports. The Houthis have knocked out the East-West pipeline carrying four to five million barrels a day, needing at least a month to repair.
- Elon Musk and AI cannot grow out of the debt: Macleod calls Musk a good entrepreneur who does not understand the difference between money and credit, and notes AI firms have produced no income to back their securities. DeepSeek showed Chinese AI can be built for a tiny fraction of the cost, making a trillion dollars of US AI infrastructure spending indefensible.
- China and Russia positioning for gold, the West for collapse: Macleod reads China’s behaviour as preparation to put the yuan on a gold standard, which is why Chinese bond yields are extremely low and, in his view, suppressed. He rules out a Bretton Woods II, because a real gold standard would require abandoning Keynesian macroeconomics entirely, and says monetary policy is driven by politics, not economics.
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Mark Thornton: Central Banks No Longer Trust Each Other: The Global Rush To Gold...(September 18, 2026)
Kitco News...
Summary
Thornton argues the Fed’s first hike in three years is not real tightening — the policy rate sits barely a tenth of a point above 3.8% price inflation — and that a century of central banking has produced worsening boom-bust cycles culminating in today’s AI buildout. He identifies AI data centres as this cycle’s record-breaking skyscraper, with Amazon, Microsoft, Alphabet and Meta on track to spend around $725 billion this year, up 77%, financed by hyperscaler bond issuance that has jumped from under $30 billion a year to over $350 billion already in 2026, including 30- and 100-year bonds funding assets with three-year useful lives. He says the resulting liability will fall unfairly on taxpayers and utility customers, and that only a return to a distributed gold standard — which kills central banks, shrinks government, and makes debt and overseas military adventures untenable — fixes the underlying problem.
Top 5 Key Topics
- The Fed’s self-report on Silicon Valley Bank: Thornton calls it a story about all bureaucracies — supervisors would not ring the bell because ringing it meant admitting the Fed’s own zero-rate policy, which pushed banks into government bonds, had caused the losses. When rates rose, those bond values fell precipitously and put three mid-sized banks underwater.
- Not tightening, and abolition rather than calibration: He agrees with Chairman Warsh that policy is not restrictive relative to market conditions, and expects the Fed may have to keep hiking as inflation accelerates to avoid looking incompetent. Asked whether he supports more hikes, he refuses the question because he opposes the institution itself, citing Marx’s view that the road to communist revolution requires a government central bank.
- The skyscraper curse and the silent Jeddah Tower: The signal is the groundbreaking, not the ribbon cutting, and for 150 years crisis has begun roughly when a record tower reaches record height. His sources on the ground in Saudi Arabia are now disconnected, and he suspects the tower will again fail to top out.
- AI bonds as systemic credit exposure: Thornton confirms the credit system financing the physical buildout completes the signal, and notes that every prior technobubble — 1929, the tech bubble, the housing bubble — introduced an unusual new class of bonds sold as impossible to lose money on. Those bonds now sit in pension funds and insurance portfolios, not just tech shareholders’ accounts.
- The pipeline was a sitting duck: He says the East-West line, considered a lifeline for Saudi Arabia and world oil, runs hundreds of miles in a perfectly straight line across desert with no defence against drones or missiles, and can be snapped in a million places or shut down far longer by hitting pumping stations. He ties this to the Challenger O-ring: fragility lives at government-controlled choke points, while the market economy itself is resilient.
Henrik Zeberg: Why Markets Could Surge Before They Break...(September 16, 2026)
Wealthion...
Summary
Zeberg argues consensus has the cycle backwards: the US labour market is in near free fall, with the 12-month moving average of payrolls down to roughly 50,000 jobs a month and one revision showing 16,000 a month from April 2025 to March 2026, lower than heading into any recession in 50 to 60 years. He dismisses the stagflation narrative because consumer savings are only 2-3% versus 10-20% in the 1970s, meaning Mrs. Johnson cannot carry an inflationary impulse, so inflation follows the economy down and central banks hiking now are repeating the ECB’s 2008 policy error. He expects a final blow-off melt-up to 37,000-39,000 on the NASDAQ over one to three months, then a 2000-style collapse — the last seven weeks into that top ran 45% and gave it all back in two to three weeks — followed by a dollar shortage that takes gold, commodities and crypto down before the Fed’s response sends them soaring.
Top 5 Key Topics
- The payrolls number nobody double-clicks: Friday’s 162,000 print rested on a 44% response rate, the lowest on record, with the remaining 56% assumed to have performed like the responders. The BLS’s own 90% confidence range ran from 40,000 to 280,000 jobs, and the survey does not distinguish part-time from full-time work.
- The K-shaped economy argument is arrogant and wrong: Zeberg rejects the claim that the top 10% of asset owners now drive growth, calling it “let them eat cake” toward roughly 250 million Americans. The median US consumer cannot handle an extra $2,000 bill, and more people live paycheck to paycheck than at the peak of the financial crisis.
- The 2% target is arbitrary: He notes it was Greenspan talk in the 1990s and only formally adopted around 2012, while for most of the past 40 to 50 years inflation ran well above 2% — often near 3-3.5% — alongside the best growth rates. “We got to kill the consumer in the pursuit of getting inflation down.”
- The avalanche needs no catalyst: Asked what breaks the market, he points out there was no catalyst on the day of the October 2007 top, and compares it to snow simply getting heavier while the underlying structure destabilizes. He cites AI revenue circularity and the deteriorating consumer as the accumulating weight, and says he does not want to be in the village below.
- Dollar down now, violently up in the bust: He is bearish the dollar toward 93-94 on the DXY as the market realizes the Fed will pivot, then massively bullish because the rest of the world is effectively short dollars and must buy them to close credit lines and meet margin calls. In that cash crunch, hoarded Asian gold gets sold too, and he would not be long any crypto when everyone is crying that the dollar is dying — though he expects a new all-time high on Ethereum and the altcoin index first, while doubting Bitcoin makes one.