About This Episode
The Income Show is back with host Joe Burnett, joined by Lyn Alden, to discuss U.S. Treasury buybacks, long-term yields, and the path toward financial repression. They distinguish the Treasury’s recent actions from full yield curve control, examine fiscal dominance and the relationship between the Treasury and Federal Reserve, and consider what these policies mean for hard assets. They also explore Bitcoin’s role as money and a protocol of value, its recent performance relative to gold, and the structure, valuation, and leverage risks of digital credit. Lyn compares Bitcoin mining with AI compute and explains why greater technological abundance would not eliminate scarcity or the need for money.
In This Episode
- 00:01:15 — Treasury Buybacks and Yield Curve Control
- 00:05:55 — Why Long-Term Yields Matter
- 00:09:44 — Druckenmiller and Financial Repression
- 00:13:10 — Hard Money and Fiscal Dominance
- 00:20:36 — Bitcoin’s Role as Money
- 00:25:20 — Treasuries, Hard Assets and Currency Failure
- 00:29:16 — Bitcoin as a Protocol of Value
- 00:32:31 — Bitcoin vs. Gold
- 00:36:32 — The Digital Credit Thesis
- 00:41:16 — Valuing Digital Credit
- 00:47:23 — Stablecoins, Tokenization and Reflexivity
- 00:54:41 — Bitcoin, AI Compute and Abundance
- 00:59:41 — Closing Thoughts