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Lane interviews economist Richard Duncan (author of The Dollar Crisis and The Money Revolution and publisher of Macro Watch) about how ending the gold standard in 1971 shifted capitalism into “creditism,” enabling massive US trade deficits, disinflation, falling rates, and explosive growth in debt and Fed balance sheet expansion that prevented depressions in 2008 and during COVID. Duncan contrasts post-2008 low inflation with post-COVID inflation driven by supply-chain blockages, and argues credit-driven liquidity has inflated asset valuations while accelerating AI breakthroughs and fueling China’s rise via persistent US deficits. They discuss the US–China AI and defense race, energy and nuclear power needs, and risks from higher inflation and rates amid stretched valuations. Duncan introduces “cognitism,” a coming system driven by exponentially expanding AI intelligence, and highlights sectors tied to AI, semiconductors, energy, data centers, robotics, and defense, plus key macro indicators to watch.
00:00 Meet Richard Duncan
00:44 Macro Watch Discount
01:03 From Gold to Creditism
05:09 Why Old Theories Fail
06:28 Credit Growth and 2008
08:31 COVID QE and Inflation
10:54 Debt Wealth and AI Boom
14:00 China AI Arms Race
17:12 Energy Nuclear and Chips
22:07 Stretched Valuations Risks
31:58 Cognitism Explained
37:36 AI Skills and Sectors
41:13 What to Watch Next
47:40 Wrap Up and Subscribe
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Lane Kawaoka is a developer and multi-family syndicator who owns 10,000+ rental units and is the leader of “Hui Deal Pipeline Club” which has acquired over $2.1 Billion AUM of real estate by syndicating over $200 Million Dollars of private equity and most importantly distributed more than $45M back to our investors since 2016.
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