Research

Zombies Corporations are Slowly Devouring the Economy

Zombie Firms

I spoke with zombie firm researcher Max Goebel to breakdown his findings on the nature and consequences of zombie lending. Max is a PhD student in Economics at the University of Lisbon and his been studying what many researchers missed. Max helped answer some questions on zombie lending which have been haunting me. What is […]

Is Gold About To Go Mainstream?

FAANG 2.0

Every week Merrill Lynch publishes a Capital Market Outlook Letter. The letters provide market commentary, research and analysis, and the occasional investment idea. Merrill Lynch (together with parent Bank of America) is the third largest brokerage firm, managing over $3 Trillion in client assets[1]. When a firm of that size speaks up, you should listen. […]

Heat Death of the Economic Universe

Heat Death of the Economic Universe

In physics, the heat death of the universe occurs if all matter is moving apart. If it happens, it will be long after we’re gone. But there’s a troubling move towards the heat death of the economy. There is a diminishing return on debt. CEO Keith Weiner gives a lecture for the Ayn Rand Centre […]

Basel III and Gold Resource Center

Basel III and Gold Resource Center

Welcome to the Basel III and Gold Resource Center! This page is for gold investors who want to understand the impact of Basel III regulations on gold. Monetary Metals has been covering Basel III since 2019. You’ll find all our videos and articles on Basel III and gold here. If you have a question we […]

The Benefits of Issuing Gold Bonds

A gold bond is debt obligation that is denominated in gold, with interest and principal paid in gold. As I will explain below, it’s a way for the issuer to pay off its debt in full, and there are other advantages. Sometimes, I find that it’s helpful to show a picture of what I’m talking […]

Marginal Productivity of Debt

Understanding the marginal productivity of debt is key to understanding whether the amount of credit created is unsustainable, resulting in the failure of the monetary system and loss of everyone’s savings. Falling Productivity of Debt introduces the idea of the marginal productivity of debt, that is, how much additional GDP is added for each newly-borrowed […]

Bitcoin, Postmodern Money

In the articles below, Keith Weiner covers many of the reasons why bitcoin is unsound and not money and rather the very model of a (post)modern monetary marvel. Bitcoin: What is it Good For? revisits the volatility aspect of bitcoin and addresses the reasons it serves neither the savers, nor the borrowers in our economy. […]

A Free Market for Goods, Services, and Money

A thesis submitted September 3, 2012 by Keith Weiner to the Graduate Faculty of the New Austrian School of Economics, in partial fulfillment of the requirements for the degree of Doctor of Philosophy. Major Subject: Monetary Science. Abstract A free market is composed of people who produce and trade the products of their efforts in […]

What makes gold good money

People say that gold is rare this is why it makes good money. To make an analogy to the porridge in Goldilocks, the temperature could not be too cold or too hot. If gold were too common, or too rare, it would not work as money. Think of sand, which is too common, or blue […]

Yield Purchasing Power

Last Update: August 2021 Most people think in terms of purchasing power. How much can one’s cash buy? I reject this view on two grounds. One, it encourages a liquidation mindset. If your life savings consists of 100,000 dollars in the bank, plus a house and some shares of AAPL and INTC, how many years’ […]