Jim Grant on What Inflation Means for Asset Values, Crypto, and Meme Stocks

Hidden Forces

Demetri Kofinas

Business, Government

4.8 • 1.6K Ratings

🗓️ 29 November 2021

⏱️ 52 minutes

🔗️ Recording | iTunes | RSS

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Summary

In Episode 221 of Hidden Forces, Demetri Kofinas speaks with Jim Grant, the founder of Grant's Interest Rate Observer: a legend in the business of investor education and financial media.

What separates Jim from millions of his fellow financial journalists, commentators, and authors is the historical perspective that he brings, informed not just by the immense volume of books and periodicals that he's consumed over the course of his lifetime, but primarily by the wisdom of his own lived experiences and lessons learned from the experiences of others that he's had the privilege to know and interview over the course his life.

Given the ongoing controversy around inflation—its causes and consequences—we couldn't think of anyone better to talk to than Jim Grant. Jim has been warning his readers about the unintended consequences of overly-accommodative Fed policy and dollar debasement for as long as we have known him and he is uniquely positioned to provide us with the historical context to understand where we find ourselves in the present cycle.

What we came to this conversation wanting to know from Jim, as someone who has lived through at least 3 major credit cycles, is if in fact he feels that this inflation is not transitory. If in fact, he thinks that we are in the process of up-anchoring inflation expectations and what this means for the Fed's policy options, with important implications for assets like stocks, bonds, cryptocurrency, etc., whose prices have depended on the free-flow of credit that becomes less readily available in an environment of rising consumer and producer prices.

This is a phenomenal conversation that will help you integrate the history of inflation and what we know about its causes into the unique circumstances of our modern political-economy, which is characterized by historically high debt levels, aging demographics, and technology-driven deflation, in a way that can make you a better, more thoughtful investor.

Topics discussed during the Overtime include precious metals, cryptocurrency, meme stocks, ethics in journalism, and more. You can access that part of the conversation, as well as the transcript and rundown to this week's episode through the Hidden Forces Patreon Page. All subscribers gain access to our premium feed, which can be easily added to your favorite podcast application.

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Producer & Host: Demetri Kofinas

Editor & Engineer: Stylianos Nicolaou

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Episode Recorded on 11/18/2021

Transcript

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0:00.0	What's up everybody? My name is Demetri Gafinas and you're listening to Hidden Forces,
0:06.3	a podcast that inspires investors, entrepreneurs and everyday citizens to challenge consensus narratives
0:14.2	and to learn how to think critically about the systems of power shaping our world.
0:19.4	My guest in this week's episode is Jim Grant. Jim is the founder of Grant's
0:24.0	Citrus Rate Observer and a legend in the business of investor education and financial media.
0:29.7	This is my third on our conversation with Jim since starting the podcast back in 2017
0:35.1	and the six or seven time that I've interviewed him in one capacity or another for this show
0:40.0	or my old TV program. What I value most though about my relationship with Jim and about
0:46.3	being able to talk to him from time to time is the historical perspective that he brings not
0:51.7	just from the immense volume of books and periodicals that he's consumed over his lifetime
0:57.3	but primarily from the wisdom of his own lived experiences and from the lessons he's learned from
1:02.3	the experiences of others that he's had the privilege to know and interview over the course of his
1:07.5	own lifetime and from time to time I've had the opportunity the privilege of being able to share
1:13.4	one of our conversations with all of you. What prompted this one is all the recent controversy
1:19.6	around the inflation story. Is it transitory? Is it supply driven or demand driven? Are the changes
1:25.2	structural? Are they cyclical? And I couldn't think of anyone better to talk to about it for the reasons
1:30.9	that I just described than Jim. The man has been on this story writing about it and warning his readers
1:36.6	about it and the consequences of dollar debatement for as long as I've known him. So what I came to
1:43.0	this conversation wanting to know from Jim as someone who has lived through at least three major
1:47.9	credit cycles is if in fact he feels that this inflation is not transitory that if in fact we are
1:54.7	in the active process of up anchoring inflation expectations and what that means for the fed
2:00.9	and its policy options interest rates and most importantly the valuation of assets like stocks
	...

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