Dr. Mark Thornton: Early Innings for Gold, Silver Manipulation, Black Swans & Failing Markets

Stijn Schmitz welcomes Dr. Mark Thornton to the show. Dr. Mark Thornton is Economist and Senior Fellow at the Mises Institute. The discussion centers on the current state of precious metals, monetary policy, and economic systems, with a particular focus on gold and silver's role in the global financial landscape. Thornton argues that gold is fundamentally money, and governments have only recently forced their way into replacing commodity money with fiat currency. He suggests that the current precious metals market is still in its early stages, with central bank buying and distrust in the US dollar driving significant interest.

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The conversation delves into the fundamental differences between Austrian and Keynesian economics. Thornton criticizes Keynesian economics as a state-controlled ideology that promotes government spending and manipulates interest rates, whereas Austrian economics advocates for market-driven monetary systems and private property rights. He highlights how central bank policies create economic bubbles and exacerbate wealth inequality by favoring asset-rich individuals. Thornton sees potential for a significant monetary transformation, potentially triggered by the current precious metals bull market. He believes the collision between Western and Eastern financial markets, coupled with the rise of cryptocurrencies, could lead to a fundamental restructuring of monetary systems.

The possibility of a return to a gold standard or a gold-backed settlement currency is discussed as a potential future scenario. The economist also warns about potential economic bubbles in artificial intelligence and private equity, arguing that the Federal Reserve's monetary policies have created unsustainable conditions across various sectors. He believes that while central banks have been able to temporarily extend economic cycles, their power is not infinite, and a significant market correction is inevitable.

Timestamps:
00:00:00 - Introduction
00:01:19 - Gold as Money
00:04:21 - Central Bank Distrust
00:05:52 - Bull Run Early Stages
00:09:35 - Historical Parallels 1980s
00:14:15 - Return to Gold Standard
00:18:16 - Bond Markets Unraveling
00:24:07 - Austrian vs Keynesian Economics
00:31:19 - Flexible Inflation Targeting
00:33:53 - Silver Monetary Role
00:45:46 - AI Private Equity Bubbles
00:51:11 - Future Recession Outlook
00:55:41 - Concluding Thoughts

Guest Links:
Website: https://mises.org
X: https://x.com/DrMarkThornton
E-Mail: mailto:[email protected]
YouTube: https://www.youtube.com/results?searc...
Book-Hayek: https://mises.org/library/book/hayek-...

Dr. Mark Thornton is a Senior Fellow at the Mises Institute, and was the Peterson-Luddy Chair in Austrian Economics from 2021-2023. He hosts two podcasts, Minor Issues and Unanimity, and serves as the Book Review Editor of the Quarterly Journal of Austrian Economics. His publications include The Economics of Prohibition (1991), Tariffs, Blockades, and Inflation: The Economics of the Civil War (2004), The Quotable Mises (2005), The Bastiat Collection (2007), An Essay on Economic Theory (2010), The Bastiat Reader (2014), and The Skyscraper Curse and How Austrian Economists Predicted Every Major Crisis of the Last Century (2018).

Dr. Thornton served as the editor of the Austrian Economics Newsletter and was a member of the Editorial Board of the Journal of Libertarian Studies and several other academic journals. He has served as a member of the graduate faculties of Auburn University and Columbus State University. He has also taught economics at Auburn University at Montgomery and Trinity University in Texas. Mark served as Assistant Superintendent of Banking and economic adviser to Governor Fob James of Alabama (1997-1999), and he was awarded the University Research Award at Columbus State University in 2002. He is a graduate of St. Bonaventure University and received his PhD in economics from Auburn University. In 2014, he debated in opposition to the “War on Drugs” at Oxford Union.

Dr. Thornton has been featured in American Spectator, Barron’s, Bloomberg, Christian Science Monitor, The Economist, Forbes, Investors’ Business Daily, Le Monde, New York Post, New York Times, USA Today, Wall Street Journal, Economic Times (India), Financial Times (Norway), and Tejarat-e-Farda (Iran). He has also had regular multiple appearances on Russia Today and Press TV

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