In this compelling discussion, Alasdair Macleod joins Matthew Piepenburg to explore the striking parallels between today’s global economy and the:
Speculative frenzy of the 1920s.
Macleod contends that we are living through a reborn Roaring Twenties—an era defined by runaway credit expansion, euphoric markets, and unsustainable faith in central banks.
Unlike the original 1920s, this modern version is borderless: a synchronized, debt-fueled boom spanning every major economy. Together, Macleod and Piepenburg trace how decades of monetary manipulation have created a global credit inferno—one that burns hotter, spreads faster, and threatens a far greater collapse than the crash of 1929.
Key Insights
0:00 – 3:30 | Introduction & Theme
Matt Piepenburg introduces Alasdair Macleod, founder of macleodfinance.com, to discuss the approaching collapse of the fiat-credit system. They frame the conversation around the distinction between real money (gold) and credit (paper promises).
3:30 – 9:00 | Gold Is Money, Fiat Is Credit
Macleod traces money’s origins to Roman law: money meant final settlement, while credit was a claim on future payment. Since 1971, after Nixon ended the gold standard, the world has used only credit, not money. He cites J.P. Morgan’s 1912 statement: “Gold is money; all else is credit.”
9:00 – 14:30 | Fiat Depreciation, Not Gold Appreciation
Gold’s rising price doesn’t reflect its strength—it reveals fiat’s weakness. As governments expand debt and credit, purchasing power declines. The illusion of “expensive gold” is really the symptom of currency debasement.
14:30 – 20:30 | Parallels to the 1920s Credit Boom
Macleod compares today’s economy to the late 1920s: booming credit, asset inflation, and growing instability. He warns that central banks are repeating the same cycle that led to the Great Depression—using credit expansion to mask structural decay.
20:30 – 26:30 | COVID Stimulus and Inflationary Debt
The pandemic response mirrored wartime finance: printing money on a massive scale. Macleod says this destroyed any remaining credibility of fiat systems and locked governments into perpetual inflation to avoid collapse.
26:30 – 31:30 | BRICS and the Move Toward Gold Settlement
The BRICS nations—especially China and Russia—are quietly shifting trade settlement toward gold. Macleod predicts a “Bretton Woods II,” where real assets replace the dollar as the anchor of international exchange.
31:30 – 36:30 | Commodities Undervalued in Gold Terms
When priced in gold, global commodities are roughly 80% cheaper than in 1900. Macleod views this as a signal of major revaluation ahead, once fiat systems break down and gold-based trade resumes.
36:30 – 41:00 | Silver’s Opportunity and Physical Metal Preference
Silver, heavily undervalued relative to gold, could see explosive gains as the gold–silver ratio compresses. Macleod urges investors to hold physical bullion over mining stocks, which remain tied to financial markets and credit risk.
41:00 – 47:00 | The Fiat Endgame and Gold’s Return to Trust
Western policymakers are trapped—tightening credit triggers collapse, easing drives inflation. Macleod concludes the fiat system is nearing its endgame, with gold set to reclaim its role as the world’s objective measure of value and trust.
