Money For the Rest of Us

This week there isn’t a regular Money for the Rest of Us episode, but David shares an update on what’s happening behind the scenes. He previews an exclusive Plus member livestream on the forces shaping the next decade, explains why there won’t be a new episode next week, and highlights fresh content available on YouTube, Instagram, LinkedIn, and Substack. David also reflects on consistency, community, and the process of writing his second book. Regular episodes return in October. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

What happens when the money supply grows too slowly or too quickly? From gold-standard deflation to QE-driven inflation and inequality, we trace the lessons of monetary history, and what we can do today to protect ourselves in an age of infinite money. Topics covered include: Show Notes Distribution of Household Wealth in the U.S. since 1989—The Federal Reserve M2 (M2SL)—FRED Good Versus Bad Deflation: Lesson from the Gold Standard Era by Michael D. Bordo, John Landon Lane, and Angela Redish—NBER Speech by Richard Nixon (15 August 1971)—CVCE US - Total Market Cap Divided by M2 Money Supply—MacroMicro Did Quantitative Easing Increase Income Inequality? by Juan Antonio Montecino and Gerald Epstein—CEPWeb Does Quantitative Easing Affect Inequality: Evidence from the US - Nektarios Michail Demurrage currency—Wikipedia Debt: The First 5,000 Years by David Graeber Related Episodes 482: Unlocking the Power of Positive Skewness: Strategies for Investing, Business, and Creativity 431: The Long-term Bullish Case for Gold 336: Own What Is Real See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

From salmon leaping along the Vancouver Island coast to fake bands on Spotify, this episode explores the divide between the physical and digital economy, and what lumber markets, managed forests, and everyday life teach us about staying connected to the real. Topics covered include: Sponsors Claude.ai - Sign up for Claude today and get 50% off Claude Pro Delete Me – Use code David20 to get 20% off Show Notes Lumber Prices Are Flashing a Warning Sign for the U.S. Economy by Ryan Dezember—The Wall Street Journal Lumber Price—Trading Economics J.Crew used A.I. to counterfeit their own vibes—Blackbird Spylane American Time Use Survey Summary—U.S. Bureau of Labor Statistics Related Episodes 535: Six Principles for Thriving Under Uncertainty and How Big Tech Is Doing the Opposite 531: Will AI Wipe Out Half of White Collar Jobs or Is There an AI Bubble? 60: Are You Hoarding Or Investing? See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Central bankers set policy with incomplete information, unobservable targets, and constant trade-offs between growth, inflation, and employment. In this episode, we delve into how the fight for Federal Reserve independence could impact markets, interest rates, and your financial future. Topics covered include: Sponsor LinkedIn Jobs – Use this link to post your job for free on LinkedIn Jobs Insiders Guide Email Newsletter Get our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter Our Premium Products Asset Camp Money for the Rest of Us Plus Show Notes 2025 Statement on Longer-Run Goals and Monetary Policy Strategy—The Federal Reserve Board Trump says U.S. interest rate is at least 3 points too high—Reuters Trump warns of economic slowdown unless Fed cuts rates, triggering selloff by Howard Schneider and Ismail Shakil—Reuters What is the neutral rate of interest? by Sam Boocker, Michael Ng, and David Wessel—Brookings Trump Moves to Fire Fed’s Cook, Setting Up Historic Fight by Jonnelle Marte and Myles Miller—Bloomberg Different Types of Central Bank Insolvency and the Central Role of Seignorage by R. Reis—Semantic Scholar Powell's Econ 101: Jobs not inflation. And forget about the money supply by Howard Schneider—Reuters Related Episodes 453: The Price of Money – 700 Years of Falling, Can Interest Rates Keep Rising? 312: What the Federal Reserve’s New Policies Mean For Your Finances 295: Federal Reserve Insolvency and Monetizing the National Debt 246: What Central Banks Don’t Know Should Concern You See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

From the dot-com boom to today’s AI frenzy, bubbles follow a familiar script. This episode explores how to recognize them, what sustains them, and how to position your portfolio without getting swept up in the hype. Topics covered: Sponsor LinkedIn Jobs – Use this link to post your job for free on LinkedIn Jobs Insiders Guide Email Newsletter Get our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter Our Premium Products Asset Camp Money for the Rest of Us Plus Show Notes I'm Changing How I Manage My Money Because of AI by Hank Green—YouTube % S&P 500 share of top 10 companies by market cap %—Apollo Academy Charted: S&P 500 Market Concentration Over 145 Years by Kayla Zhu—Visual Capitalist AI’s Moment and Insights from Themes Past by Anil Rao—MSCI How Pimco Outmaneuvered Apollo and KKR to Win $29 Billion Meta Deal by Carmen Arroyo and Laura Benitez—Bloomberg How to invest in a stock market bubble by Stuart Kirk—The Financial Times Bubble, Bubble, Toil and Trouble by Rob Arnott, Bradford Cornell, and Shane Shepherd—Research Affiliates Related Episodes 535: Six Principles for Thriving Under Uncertainty and How Big Tech Is Doing the Opposite 503: U.S. Stocks Have Never Been This Overhyped or Expensive 500: The S&P 500 Index and the Decade Ahead 365: Why Some Asset Bubbles Don’t Burst See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

A practical framework for making better decisions, managing risk, and finding opportunity in unpredictable environments. We contrast these principles with the massive $2.9 trillion AI data center build-out by Big Tech, which is betting big on a single superintelligence future. Episode Sponsors LinkedIn Jobs – Use this link to post your job for free on LinkedIn Jobs Delete Me – Use code David20 to get 20% off Insiders Guide Email Newsletter Get our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter Our Premium Products Asset Camp Money for the Rest of Us Plus Show Notes Inside the relentless race for AI capacity—The Financial Times Inside the AI race: can data centres ever truly be green?—The Financial Times The Kanye/Data Center Crossover by Paul Kedrosky—Paul Kedrosky Related Episodes 531: Will AI Wipe Out Half of White Collar Jobs or Is There an AI Bubble? 520: Where Are We Heading? 501: Strategy and Systems Want Your Money 496: Are You Taking Enough Aspirational Risk? 492: The Power of Optionality: Small Bets, Big Payoffs 482: Unlocking the Power of Positive Skewness: Strategies for Investing, Business, and Creativity See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Dave Thomas, CIO and Founder of long/short hedge fund, Atalan Capital Partners, shares why most hedge funds fail and the keys to being a long-term successful investor. Episode Sponsor Delete Me – Use code David20 to get 20% off Insiders Guide Email Newsletter Get our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter Our Premium Products Asset Camp Money for the Rest of Us Plus Show Notes FEG Insight Bridge episode page See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

David converses with renowned illustrator and financial philosopher Carl Richards on the abstraction of money, attentional capital, distinguishing risk from uncertainty, and the importance of taking microactions. Insiders Guide Email Newsletter Get our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter Our Premium Products Asset Camp Money for the Rest of Us Plus Show Notes Carl Richard's website, Behavior Gap Your Money: Reimagining Wealth in 97 Simple Sketches by Carl Richards Related Episodes 496: Are You Taking Enough Aspirational Risk? 394: How to Get Better at Risk Taking 135: Embrace the Messiness See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

A new executive order could radically reshape retirement investing by allowing private equity, crypto, and gold in 401(k) plans. This episode examines the factors driving the demand for alternative assets in defined-contribution plans, the potential risks to everyday investors, and why fiduciary rules and financial literacy gaps still matter. Insiders Guide Email Newsletter Get our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter Our Premium Products Asset Camp Money for the Rest of Us Plus Show Notes Trump Executive Order to Help Open Up 401(k)s to Private Markets by Miriam Gottfried, Dylan Tokar, and Matt Wirz—The Wall Street Journal Donald Trump set to open US retirement market to crypto investments by Antoine Gara, Jamie John, and Stephanie Stacey—The Financial Times U.S. Labor Department Allows Private Equity in 401(k) Plans by Chris Cumming—The Wall Street Journal U.S. Department of Labor Supplement Statement on Private Equity in Defined Contribution Plan Designated Investment Alternatives—U.S. Department of Labor State Street New TDF Includes Private Assets by PSCA Net Staff—PSCA The Power of Private Markets by Robert Crothers et al.—BlackRock UNITED STATES COURT OF APPEALS FOR THE NINTH CIRCUIT OPINION No. 22-16268 The Relentless Ask: Private Markets Are Eating the World by Michael Batnick—The Irrelevant Investor Don’t Buy Into This Easy Fix for Stock-Market Craziness by Jason Zweig—The Wall Street Journal The Private Equity Boom Is Leaving Midsize Players Behind by Preeti Singh and Laura Benitez—Bloomberg 401(k) Retirement Plans: Many Participants Do Not Understand Fee Information, but DOL Could Take Additional Steps to Help Them—U.S. Government Accountability Office DEFINED CONTRIBUTION PLANS AND THE CHALLENGE OF FINANCIAL ILLITERACY by Jill E. Fisch, Annamaria Lusardi, and Andrea Hasler—Cornell On Endowments and Unintended Consequences by Paul Kedrosky—Paul Kedrosky Related Episodes 509: How to Invest in Private Credit / Direct Lending? 497: How to Fix the Retirement Savings Crisis 490: Should You Invest in Private Equity? See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

We explore the compelling questions surrounding artificial intelligence. Will AI create more new jobs than it destroys? Is AI already destroying jobs? Are we seeing overinvestment in companies and infrastructure in the AI space? Is there evidence that AI has increased productivity? Sponsors Money for the Rest of Us Plus Asset Camp Show Notes Behind the Curtain: A white-collar bloodbath by Jim VandeHei and Mike Allen—Axios Yuval Noah Harari Statement - Post by Nunki08—Reddit Challenger Report June 2025—Challenger, Gray & Christmas Entry level jobs fall by nearly a third since ChatGPT launch by Karl Matchett—The Independent Strategic Insights for M&A in the Evolving AI Market—S&P Global Nvidia Becomes First Public Company Worth $4 Trillion by Tripp Mickle—The New York Times Silicon Valley is racing to build the first $1trn unicorn—The Economist How to use generative AI to augment your workforce by Betsy Vereckey—MIT Management Humans must remain at the heart of the AI story by Marc Benioff—The Financial Times The AI Industry Is Radicalizing by Matteo Wong—The Atlantic TASKS, AUTOMATION, AND THE RISE IN U.S. WAGE INEQUALITY by DARON ACEMOGLU AND PASCUAL RESTREPO—Econometrica MyPillow CEO’s lawyers fined for AI-generated court filing in Denver defamation case by Olivia Prentzel—The Colorado Sun Which Workers Will A.I. Hurt Most: The Young or the Experienced? by Noam Scheiber—The New York Times Generative AI at Work by Erik Brynjolfsson, Danielle Li, Lindsey Raymond—Oxford Academic The Illusion of Thinking: Understanding the Strengths and Limitations of Reasoning Models via the Lens of Problem Complexity by Parshin Shojaee et al.—Apple Related Episodes 507: Where You Live Matters – How Geography Contributes to Wealth 457: AI’s Fork in the Road: Societal Bliss or Existential Threat 439: How and Why to Invest in AI 417: Will Generative AI Replace Your Job? See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

How the investing landscape is being reshaped by the global race for critical minerals. Topics covered in this conversation between FEG's Greg Dowling and private equity firm Kinterra Capital's co-founders, Cheryl Brandon and Kamal Toor include: Episode Sponsors Delete Me – Use code David20 to get 20% off Insiders Guide Email Newsletter Get our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter Our Premium Products Asset Camp Money for the Rest of Us Plus Show Notes FEG Insight Bridge episode page with transcript Kinterra Capital Related Episodes 526: The Future of Power: Energy at a Crossroads with Scott Harland 384: Has a Commodities Bull Market Supercycle Started? If So, How Do You Invest in It? See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

We examine how robo-advisors have evolved over the past decade to determine if their services justify the fees they charge. Topics covered include: Sponsors Asset Camp LinkedIn Jobs – Use this link to post your job for free on LinkedIn Jobs Insiders Guide Email Newsletter Get our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter Our Premium Products Asset Camp Money for the Rest of Us Plus Show Notes The Tax Benefits of Direct Indexing, and How They Are Affected by the Biden Tax Plan by Nathan Sosner et al.—SSRN An Empirical Evaluation of Tax-Loss Harvesting Alpha by Shomesh Chaudhuri et al.—SSRN Related Episodes 398: When Should You Hire An Investment Advisor? Two Case Studies 92: What Robo-Advisors Recommend See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

How our spending, investing, and life strategy change as our net worth grows. We consider how skill, luck, discipline, relationships, and AI can allow us to ascend and, in some cases, descend the wealth ladder. Sponsors NetSuite LinkedIn Jobs – Use this link to post your job for free on LinkedIn Jobs Insiders Guide Email Newsletter Get our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter Our Premium Products Asset Camp Money for the Rest of Us Plus Show Notes Of Dollars and Data - Nick Maggiulli The Wealth Ladder by Nick Maggiulli Ritzholz Wealth Management Related Episodes 461: How Much Should Your Net Worth Grow Each Year? 252: How to Become Wealthy 119: Investing Won't Make You Rich See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Circle Invest, one of the leading stablecoin providers, just went public, and its stock price has tripled. We delve into the growth of stablecoins, their applications, and the associated risks. We also discuss the surprising political pushback against central bank digital currencies. Episode Sponsors Delete Me – Use code David20 to get 20% off NetSuite Insiders Guide Email Newsletter Get our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter Our Premium Products Asset Camp Money for the Rest of Us Plus Show Notes Top Stablecoin Tokens by Market Capitalization—CoinMarketCap Runs and Flights to Safety: Are Stablecoins the New Money Market Funds? by Kenechukwu Anadu et al—New York Fed Amendment No. 3 to FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933—SEC Why Crypto Stablecoins Still Worry the Fed by Olga Kharif and Yueqi Yang—Bloomberg Central Bank Digital Currency Tracker—Atlantic Council STRENGTHENING AMERICAN LEADERSHIP IN DIGITAL FINANCIAL TECHNOLOGY—The White House Stablecoins and monetary sovereignty: the ball is in Europe’s court by Ignazio Angeloni—The Financial Times Related Episodes 488: Should You Invest in an Ethereum ETF? 424: Are More Bank Runs Coming? The Collapse of Silicon Valley Bank 387: Why Most Money Fails 373: Are Stablecoins Safe? Should You Own Them? See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

From wildfires to AI-driven demand surges, the power grid is under pressure—and so is the investment landscape around it. Scott Harland of Rockland Capital visits with Greg Dowling of FEG to explore the risks, opportunities, and critical shifts shaping the future of energy. Topics covered include: Insiders Guide Email Newsletter Get our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter Our Premium Products Asset Camp Money for the Rest of Us Plus Show Notes Hungry, Hungry, Hyperscalers with Scott Harlan - FEG Insight Bridge Related Episodes 502: Should You Invest in Nuclear Energy? 469: Which Will Perform Better: Berkshire Hathaway or Utility Stocks? See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

With longer-term U.S. interest rates rising and no plan to reduce the budget deficit, is a U.S. national debt crisis imminent? Topics covered include: Insiders Guide Email Newsletter Get our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter Our Premium Products Asset Camp Money for the Rest of Us Plus Show Notes Moody's Ratings downgrades United States ratings to Aa1 from Aaa; changes outlook to stable—Moody's Ratings Research Update: United States of America Long-Term Rating Lowered To 'AA+' On Political Risks And Rising Debt Burden; Outlook Negative—S&P Global Interest Expense and Average Interest Rates on the National Debt FY 2010 – FYTD 2025—FiscalData.Treasury.gov The Stark Math on the GOP Tax Plan: It Doesn’t Cut the Deficit by Richard Rubin—The Wall Street Journal The Long-Term Budget Outlook: 2025 to 2055—Congressional Budget Office Walmart says higher prices could hit this month due to tariffs by Natalie Sherman—BBC Post on May 17th, 2025; 7:27 AM by Donald J. Trump—Truth Social Walmart responds to Trump comment that retailer should ‘eat the tariffs’ by Kyler Swaim—The Hill What’s behind Japan’s High Government Debt? by YiLi Chien and Ashley H. Stewart—Federal Reserve Bank of St. Louis Related Episodes 487: Are We Heading for a 2030s Depression? Global Economic and Population Shifts 479: National Debt Master Class Finale – What To Do See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

How can we apply the same emergency measures that Harvard and other universities are using to navigate a financial crisis? Also, how universities invest their endowments and what their performance has been. Topics covered include: Sponsors NetSuite LinkedIn Jobs – Use this link to post your job for free on LinkedIn Jobs Insiders Guide Email Newsletter Get our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter Our Premium Products Asset Camp Money for the Rest of Us Plus Show Notes Letter Sent to Harvard 2025-04-11—Harvard Harvard Response 2025-04-14—Harvard Trump Administration Will Freeze $2 Billion After Harvard Refuses Demands by Vimal Patel—The New York Times Should Harvard Be Tax Exempt? by The Editorial Board—The Wall Street Journal Fact Sheet: President Donald J. Trump Reforms Accreditation to Strengthen Higher Education—The White House At Grim Town Hall, Harvard Medical School Leaders Tell Staff to Expect Layoffs and Far-Reaching Cuts by Avani B. Rai and Saketh Sundar—The Harvard Crimson Can Harvard Use Its Endowment To Make Up For Federal Cuts? It’s Possible, but Not That Simple. by Avani B. Rai and Saketh Sundar—The Harvard Crimson Yale Weighs $850 Million Bond Sale Amid Trump’s Higher Education Attack by Elizabeth Rembert and Amanda Albright—Bloomberg Yale seeks to sell billions in private equity investments as political pressures from Trump mount by Liese Klein—CT Insider 2024 NACUBO-Commonfund Study of Endowments—NACUBO Endowments Face Liquidity Crunch Amid Market Pullback, Funding Cuts by Matt Toledo—Chief Investment Officer Big investors borrow against private equity holdings amid cash crunch by Amelia Pollard and Antoine Gara—The Financial Times Related Episodes 402: Why Student Debt Is So High and Forgiving It Doesn’t Fix the Problem 245: Is College Worth It? 180: Can You Outperform Harvard’s Endowment? See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Discover how bond market ETFs have transformed investing — making bonds easier, cheaper, and more accessible than ever. We also explore how the bond market’s very composition has evolved. Episode Sponsors Delete Me – Use code David20 to get 20% off Insiders Guide Email Newsletter Get our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter Our Premium Products Asset Camp Money for the Rest of Us Plus Show Notes The total return strategy in bonds is far from dead by James Bianco—The Financial Times What I Learned in My First Year Managing Fixed-Income by Jim Bianco—Bianco Research Advisors ETFs are eating the bond market by Robin Wigglesworth and Will Schmitt—The Financial Times Related Episodes 463: How to Lock in Higher Yields in Case Interest Rates Fall 455: Easier Investing, Richer Life: TIPS Ladders to Annuities 418: Bond Investing Masterclass See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Ali Akay, CIO of Carrhae Capital, answers the question of why invest in emerging markets. He also shares with Greg Dowling of FEG insights on China, Mexico, South Korea, Argentina, Greece, Turkey, South Korea, and South Africa. Insiders Guide Email Newsletter Get our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter Our Premium Products Asset Camp Money for the Rest of Us Plus Show Notes Emerging Unscathed: Featuring Ali Akay—FEG Insight Bridge Related Episodes 474: Are Emerging Markets Bonds a Once-in-a-Generation Opportunity? 411: Is Emerging and Frontier Markets Investing Still Worth It? – With Asha Mehta See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The U.S has traditionally been a safe haven for investing, but that hasn't been the case in 2025. We explore three economic and narrative regimes and consider why we may be witnessing a shift after 12 years of U.S. outperformance. Topics covered include: Insiders Guide Email Newsletter Get our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter Our Premium Products Asset Camp Money for the Rest of Us Plus Show Notes Testimony of Chairman Alan Greenspan Outlook for the federal budget and implications for fiscal policy Before the Committee on the Budget, U.S. Senate January 25, 2001—The Federal Reserve Board Federal Surplus or Deficit [-] as Percent of Gross Domestic Product—FRED Economic Data Nonfarm Business Sector: Labor Productivity (Output per Hour) for All Workers—FRED Economic Data Narrative Economics: How Stories Go Viral and Drive Major Economic Events by Robert J. Shiller—Princeton University Press Donald Trump vs Mr Market by Tim Harford—The Financial Times Tourism boycott? Europe travel to US drops in wake of Trump presidency by Talyta França & Alessio Dell'Anna, Mert Can Yilmaz—euronews Trump’s Trade Offensive Threatens America’s Financial Primacy by Nick Timiraos, Jack Pitcher, and Chelsey Dulaney—The Wall Street Journal Related Episodes 519: Is This the End of Globalization and Free Trade? 380: How Stories Drive Our Happiness and Financial Success See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.