Breaking the Dollar

This episode marks the triumphant return of Breaking the Dollar after a long hiatus. Host Everett Millman recaps the many developments in his career since the podcast last aired. He also gives a firsthand account of what has been going on in the gold and silver bullion market over the past few years to provide insight into how the industry has dramatically changed over that time.

In this episode of Breaking the Dollar, Everett examines a fascinating historical anecdote about Mansa Musa, the king of the Mali Empire in West Africa during the late-13th and early-14th centuries. Was he really the richest man of his time? How much gold did Musa have? The story also brings up interesting points about the economics of gold as money.

This episode picks up on the previous discussion of moral hazard, fraud, and accounting shenanigans on Wall St. Everett challenges the notion that small speculators and Robinhood traders are the cause of the problem. He wraps up by catching up on some questions from the audience.

For a decade, treasure hunters have been scouring the Rocky Mountains to find a chest full of gold and gemstones hidden there by an art dealer named Forrest Fenn. The treasure was finally discovered last month -- but only after many years of controversy. Find out more about the backstory of Fenn's treasure and why it stirred so much dissension in the local press.

A prominent European hedge fund manager recently predicted that governments will soon seize their citizens' privately held gold in order to stave off a financial collapse. Is gold confiscation really going to happen again, like it did in 1933? Everett confronts this ever-present bogeyman and what it can teach us about the nature of how the government controls its currency.

Why on earth did the WTI crude oil contract price go deeply negative for one day in April? What does a negative oil price even mean? In this podcast episode, Everett explains what unusual dynamics in financial markets caused futures prices to trade in negative territory. He also provides some context about the tug-of-war between Russia, Saudi Arabia, and the United States over the oil market in general.

What will the Federal Reserve buy next? The central bank has been on a shopping spree of sorts in its effort to rescue the financial system. What exactly is the Fed buying? How does this raft of stimulus measures compare to the Fed's response to past crises? What are the implications for markets?

The economic freeze due to the coronavirus has dramatically impacted financial markets. Everett explains how the pandemic has affected the gold industry.

Sometimes historical circumstances lead to unconventional proposals. Such is the case of a U.S. $50 gold coin known as a half union. Its story is filled with bureaucratic intrigue and economic transformation. Everett walks through the history of the half union and why it never gained approval for regular production.

The 2020 presidential election has been heating up as we approach Super Tuesday. While it's important to put your political biases aside when investing, that doesn't mean you shouldn't pay attention to the campaigns for president and the race for the White House. This episode focuses on some of the election dynamics and possibilities that will impact the economy (and your investment portfolio).

There has been a great deal of news coverage of the coronavirus that originated in the Wuhan province of China. The virus's impact on markets has thus far been minimal, but Everett explains some of the risks it still poses for the global economy. From generating worldwide uncertainty to possibly upending Phase 1 of the trade deal, the affect on the financial sector is unlikely to be clear for weeks and months to come.

The monetary experiments with zero interest rate policy (ZIRP) and negative interest rate policy (NIRP) continue to be overlooked as the "new normal." What are the intended—and unitended—outcomes of these unprecedented policies? In this episode, Everett summarizes the economic risks associated with persistently low and negative rates. He also examines the argument that paying negative interest is not an unusual idea or practice.

For the first time in nearly a decade, these close cousins of gold and silver have been in the news. Why are palladium and rhodium seeing their prices skyrocket? Podcast host Everett Millman explains how the industrial market for the Platinum Group Metals differs from the more familiar precious metals. He also cites historical context to illustrate their price volatility.

2020 is off to an eventful start for financial markets. What are the major trends that investors should be paying attention to? This episode gives a general overview of what's been going on in January and what to expect during the first quarter of the year.

One of the defining features of the global economy and financial system is the central role of the U.S. dollar. This is perhaps obvious, but it is of tremendous importance nonetheless. However, it was not a foregone conclusion that the USD would come to occupy this place. How did it happen? In this episode, Everett gives a broad overview of the events, trends, and circumstances that led to the dominance of King Dollar.

There are many unavoidable realities that tie together gold, money, and the banking system. These connections are still in effect despite the end of an official gold standard. In this episode, Everett surveys some of the remnants of the gold standard and the Bretton Woods system and how they apply today.