Monetary Matters with Jack Farley

Jack Farley interviews the very best financial minds about macro, markets, and monetary matters. Follow Jack on Twitter @JackFarley96.

Monetary Matters with Jack Farley is a business podcast hosted by Jack Farley, with 290 episodes on record and a Required Pod Score of 80. PitchCentric scores this show on Booking Probability, Listen Score, and live audience signals refreshed every 24 hours.

Jack Farley hosts Monetary Matters with Jack Farley, a business show with 290 episodes published.

Our AI reads these to draft pitches. Use them as grounding for a pitch that cites a real guest and a specific topic.

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  Monetary Matters with Jack Farley

  Why Bessent Blinked | Luke Gromen on Doubling of Treasury Buyback Plan to Tame Long-End Yields

  Aug 20, 20261h 28m

  Sponsor: Teucrium Corn Fund (NYSE Arca: CORN): https://teucrium.com/corn Luke Gromen — founder of Forest for the Trees (FFTT) Research — returns to Monetary Matters the same week Treasury Secretary Scott Bessent doubled the size of Treasury buybacks, and Luke argues it's the first real admission that the U.S. has what his firm calls an "emerging market hard currency debt spiral problem." The math that doesn't work: Luke breaks down why entitlements, interest, and veterans benefits now total 105% of federal receipts — and why that obligation is "hard currency" the government can't inflate away, growing 7.5% a year against receipts growing only 4%. The gold revaluation scenario: Step by step, Luke lays out how the Treasury could legally revalue U.S. gold reserves from $42/oz to $20,000/oz under existing Federal Reserve accounting rules, mechanically depositing roughly $5 trillion into the TGA — and stages it as the FDR "fireside chat" he'd give the country to explain it. Grading his own Iran war calls: Luke reviews the predictions he made when the U.S. attacked Iran — three out of four hit (the Treasury market breaking before Iran's economy did, Hormuz staying closed longer than expected) — and owns the one he got wrong: a Chinese oil-demand collapse that never came. Bessent's yen intervention and the $13-14 trillion carry trade: Luke explains the "stylized Instagram" front-run story behind Bessent's yen intervention, and why the offshore dollar carry trade — $65 trillion gross, $22 trillion net in foreign-owned dollar assets — is the real constraint on U.S. policy. Why gold, not bonds: Luke makes the case that TLT is down 90-95% against gold since 2014 with "another 90-95% to go," and that the S&P 500 is already down 30-50% against gold since 2022 and 2000 respectively. Hamiltonian economics and the AI CapEx bubble: From Bessent to Jamieson Greer to JD Vance, Luke argues the administration is quietly building tariff policy around 19th-century "neutral reserve asset" economics — while comparing today's AI buildout to the canal, railroad, and telecom bubbles that all preceded it. Private credit's Treasury problem: Luke connects insurance companies stuffed with illiquid private credit (instead of long-duration Treasuries) to UAE liquidity stress and the Hormuz shutdown, and explains why that's quietly removing a natural buyer from the bond market. Teucrium on X https://x.com/TeucriumETFs Luke Gromen on X https://x.com/LukeGromen Jack Farley on X https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcasts https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez

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  Monetary Matters with Jack Farley

  Ex-Goya COO on the $1.4 Trillion Family Business Opportunity in Three Consumer Sectors | Andy Unanue

  Aug 18, 20261h 2m

  Andy Unanue, Founder and Managing Partner of AUA Private Equity Partners and former COO of Goya Foods breaks down the trillion-dollar opportunity in US food, beverage, and pet wellness family businesses. Andy shares how his experience in a family-run business shaped his firm's strategy of partnering with lower-middle-market, family-run companies across those sectors and explains how AUA unlocks 15% to 30% operational efficiencies. The discussion dives into major consumer trends, including the humanization of pets, the rise of ethnic food markets, and the impact of GLP-1 drugs on snacking habits. Finally, Andy offers actionable advice on navigating generational wealth transfers, building positive workplace cultures, and transitioning family enterprises for long-term success. Learn more about AUA Private Equity Partners: https://auaequity.com Follow Max on X: https://x.com/maxwiethe Follow Other People’s Money on: Apple Podcast https://bit.ly/4e7QJ1M Spotify https://bit.ly/3Yhaazi YouTube https://bit.ly/3C63VXR X https://x.com/opmpod Timestamps: 00:00 Intro 00:51 Goya Roots to PE 02:48 Market Size Focus 04:21 Operational Playbook 07:26 Exit Paths for Families 09:34 PE Exits and Buyers 13:18 Leaving Upside for the Next Buyer 16:17 Macro Trends Tailwinds 21:22 Beverage Bets and Risk 28:29 Authenticity Wins Consumers 31:41 Marketing and Internet Shift 36:10 Deal Sourcing and Moats 39:08 Co-Manufacturing Advantage 41:14 Regional Brands and Add Ons 44:56 Manufacturing Renaissance 53:34 Wealth Transfer and Family Offices 58:58 AUA Future and Wrap Up

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  Monetary Matters with Jack Farley

  Robin Wigglesworth on Hyperscalers' 1.5 Trillion of Off-Balance Sheet Liabilities, Private Credit, and His Book "A Fabulous Debt"

  Aug 16, 20261h 6m

  Robin Wigglesworth — editor of FT Alphaville and author of A Fabulous Debt: The Epic Story of How Bonds Built the Modern World — joins Jack Farley to unpack the hidden debt fueling the AI buildout. Wigglesworth reveals that off-balance-sheet leverage from hyperscalers like Meta, Google, and Microsoft jumped from roughly $1 trillion to $1.5 trillion in a single quarter, hidden in lease structures and purchase commitments that never show up as debt — including Google's own $800 billion in disclosed obligations. He argues the NVIDIA-Blackstone-KKR financing wave marks a shift from an equity-driven boom to a debt cycle, a distinction that makes today's AI buildout riskier than the dot-com bust ever was. The conversation moves from private credit's "spray and pray" lending problem to nine centuries of financial history — the Erie Canal boom, the 1873 railway mania, and the 19th-century fraudster who invented an entire country to sell government bonds. They close on whether credit rating agencies can survive the AI era, and why "the language of credit" may outlast every model built to replace it. It's a conversation about debt, leverage, and the patterns that connect 19th-century railroads to trillion-dollar data centers. Recorded August 13, 2026. “A Fabulous Debt: The Epic Story of How Bonds Built The Modern World”:https://www.penguinrandomhouse.com/books/750210/a-fabulous-debt-by-robin-wigglesworth/ “A Fabulous Debt” on Amazon: https://www.amazon.com/dp/0593719182?lv=shuf&channelId=500&plpRedirect=mhFallback Robin Wigglesworth on X https://x.com/RobinWigg Jack Farley on X https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcasts https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez

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  Monetary Matters with Jack Farley

  Milton Berg: I Have Evidence Market Has Likely Bottomed | Why Milton’s Long Semis, Korea, Nasdaq, and More (With Caveats), and Why He Thinks Gold has made a Multi-year Top

  Aug 12, 20261h 24m

  Milton Berg, one of Wall Street's legendary market technicians, returns to Monetary Matters to explain why he believes the recent crash across the S&P 500, Nasdaq 100, KOSPI, and semiconductor stocks has already bottomed — and why he's still positioned long despite major caveats. The positive divergence call: Milton breaks down why the S&P 500's July 29th low held above its June 9th low even as the Nasdaq 100 and Philadelphia Semiconductor Index (SOX) made new lows — a classic technical signal he says points to higher prices ahead. The 1987 crash comparison: Using historical crash-low data, Milton shows how markets rarely V-bottom and go straight up — and lays out why the current setup looks more like 1987 (a retest of the lows) than the COVID V-shaped recovery. The "exhaustive gap" warning: Despite his bullish lean, Milton flags a specific gap pattern in the Nasdaq 100 and KOSPI that has historically signaled short-term tops — and explains what would need to happen for it to resolve bullishly instead. Inside his trading model: Milton walks through his systematic buy-signal model, including a real trade history that turned $10,000 into over $1.15 billion, and unpacks how his signals performed (and failed) around 2008 and other historic drawdowns. His current portfolio positioning: Milton details his exact allocations — long the KOSPI/EWY, Russell 2000, S&P Midcaps, Nasdaq 100, SOXX, and S&P 500 — and explains why he flipped from short to long on July 29th and 30th. Gold, silver, and bond yields: Beyond equities, Milton shares his latest technical read on precious metals and where he sees long-term bond yields heading. Why retail investor behavior matters right now: Milton highlights a retail selling data point — the highest since 2022 — and explains why heavy retail capitulation is historically a bullish signal for stocks. Follow Milton Berg on X https://x.com/BergMilton Follow Milton Berg Edge on X https://x.com/MiltonBergEdgeMilton Berg Edge website https://miltonbergedge.com/ Milton Berg Advisors website https://miltonberg.com/ Jack Farley on X https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcasts https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Disclaimers Milton Berg Edge is a newsletter (“Newsletter”) owned and published by Milton Berg Advisors, LLC (MBA), doing business as “Milton Berg Edge” (“MB Edge,” “firm,” “we,” “our,” and “us”). Milton Berg Advisors, LLC is registered as an investment advisor in the States of Florida and New York. Registration as an investment advisor does not imply any level of skill or training. No portion of the material may be distributed or reproduced without express written permission by Milton Berg Advisors, LLC. (MBA). MBA believes the information and data contained in its materials are reliable but provides them “as is” and without guarantees. MILTON BERG ADVISORS, LLC, DISCLAIMS ALL WARRANTIES, EXPRESS AND IMPLIED, including warranties of merchantability, suitability or fitness for a particular purpose or use. MBA and its agents shall not be liable for any loss resulting from reliance on the contents. MBA does not warrant or make any representations concerning the accuracy, likely results, or reliability of the use of the materials presented herein or on its website. The material reflects opinions as of the date of each, and they will not necessarily be updated as views or information change. All opinions are subject to change without notice, and you should always obtain current information and perform due diligence before trading. MBA may over time modify its approach to evaluating investment opportunities. The Newsletter is a subscription based publication that contains (i) our general commentary and opinion on broad-based market trends and other factors affecting the domestic investment markets in the United States; (ii) answers and reactions to subscriber submitted questions and comments; and (iii) the actual trading activity and net performance of our proprietary investment model (as traded within an account that is actively managed by the firm) and the backtested, hypothetical performance of the model (the “Model”). The contents of the Newsletter and our website (“Website,” and collectively with the Newsletter, the “Content”) are for informational and educational purposes only. No portion of the Content should be construed as investment advice or recommendations tailored to the financial circumstances, investment needs, objectives, and/or limitations of any particular subscriber. Investing in securities involves the risk of loss. Past performance is not indicative of future results. The materials are not designed to meet the particular investment needs of any investor. The materials do not address the suitability of any particular investment for any particular investor and are not intended to be the primary basis for investment decisions. Investors should seek professional advice before making investment decisions. The statements in videos or documents shared through the materials presented shall not be considered as an objective or independent explanation of the matters.  Please see our full disclaimers at https://www.miltonbergedge.com/disclaimers/

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  Monetary Matters with Jack Farley

  Misunderstood Stocks in Data Center Power, Cybersecurity, and Payments | Dean & Deiya Pernas

  Aug 7, 20261h 11m

  Monetary Matters listeners can get 20% off subscriptions for one year here (billed quarterly): https://pernasresearch.com/register/monetary-matters/?coupon=monetarymatters In this episode of Monetary Matters, Jack Farley sits down with Deiya and Dean Pernas of Pernas Research to discuss their contrarian investment strategies and overarching market themes. The brothers delve into the massive energy demands of AI data centers, highlighting "bring your own power" solutions and infrastructure needs over traditional semiconductor plays. Additionally, Deiya explores the evolving landscape of cybersecurity and software in the age of AI, noting that while AI threatens some legacy software moats, it creates immense opportunities for exposure management platforms like Tenable and specialized marketplaces like Upwork. The conversation also unpacks the payments sector, specifically emphasizing the robust growth of cross-border money movement through fintechs like Wise and Remitly as they actively disrupt traditional correspondent banking. Throughout the interview, the Pernas brothers emphasize the importance of independent, buy-side research and the value of finding high-conviction, small-to-mid-cap stocks that the broader market may have mispriced. Recorded July 28, 2026. Follow Pernas Research on X https://x.com/pernasresearch Jack Farley on X https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcasts https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez

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