The Tom Woods Show, episode 879.

Prepare to set fire to the index card of allowable opinion.

Your daily dose of liberty education starts here, the Tom Woods Show.

Folks join Bob Murphy and me for the Libertarian event of the year, the Contra Cruise.

And this year, we're joined by special guests,

including the great Scott Horton, the foreign policy expert you love from the Tom Wood's show.

It's filling up faster than ever, so book right now at contracruise.com.

Hey, everybody, Tom Woods here. We're joined today by Kevin Duffy.

Kevin recently gave a presentation at a conference held by Jim Grant, who's also been on

the show, a great financial guy.

And Kevin wants to make the case for bearishness, and you may say, oh, gee, a libertarian

or Austrian show with a guy making the case for bearishness, and you may say, oh, gee, a libertarian or Austrian show with a guy making the case for

bearishness? Big surprise. But I want to ask him precisely about that, that aren't these sorts of

folks always bearish? So what makes them so special? So believe me, we'll definitely get into that.

But Kevin Duffy is very much worth listening to. He's a principal of Bering

asset management, which he co-founded in 2002. It was Bering that warned about the housing bubble,

one of the obviously very few such firms to do so. So I also want to talk to him about that.

But he's very, very much worth listening to. I've known him for a long time. He, like me, is also a graduate of the Meesa's University program of the Meesa's Institute. He's a graduate of the class of 1990 of the Meesa's University. So Kevin, welcome to the show.

Thanks, Tom. Thanks for having me. I've got a few things that I'd like to talk to you about.

Certainly, I want to talk about current conditions.

As we record this, it's the end of March 2017.

But yet, I'm still interested in talking about something that's, well, 10 years old now,

...