January 29, 2025 • 1hr 2min

BTC219 - The Big Print w/ Lawrence Lepard

We Study Billionaires - The Investor’s Podcast Network

In this episode, Preston Pysh interviews Lawrence Lepard about his new book "The Big Print" which examines the broken monetary system and presents Bitcoin as the solution. Lepard spent the past year writing this comprehensive analysis aimed at helping average Americans understand the fundamental problems with our current monetary system and the potential solution that Bitcoin represents.

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Key Takeaways

Sound Money Revolution: Bitcoin represents the first true sound money technology in history that cannot be debased or diluted
Broken System: The current fiat monetary system is fundamentally broken, leading to wealth inequality and economic instability
Inflation Impact: Real inflation is likely around 7-8% based on M2 money supply growth, much higher than official CPI figures suggest
Technological Deflation: The divergence between technological deflation and monetary inflation is making economic problems more apparent
Nation State Adoption: There are indications that countries like Saudi Arabia, Oman and UAE are accumulating Bitcoin for strategic reserves
Message of Hope: While the next 5 years may be turbulent, sound money through Bitcoin offers a path to a more equitable and peaceful future

Introduction

In this episode, Preston Pysh interviews Lawrence Lepard about his new book "The Big Print" which examines the broken monetary system and presents Bitcoin as the solution. Lepard spent the past year writing this comprehensive analysis aimed at helping average Americans understand the fundamental problems with our current monetary system and the potential solution that Bitcoin represents.

Topics Discussed

The Problem of Broken Money (5:42)

Lepard explains how the current monetary system is fundamentally broken, leading to severe wealth inequality and economic instability. He notes that while inflation is officially reported as relatively low, the real impact on everyday Americans is much more severe.

Real inflation is likely around 7-8% based on M2 money supply growth
Official CPI figures mask the true extent of inflation through various adjustments
Middle class is being "eviscerated" by the hidden effects of inflation
System benefits those closest to the money printer who can borrow at zero interest

The Hidden Impact of Inflation (9:03)

The discussion explores how inflation acts as a hidden tax that most people don't fully understand. Lepard shares how various tools are used to mask real inflation rates.

Shadow statistics reveal much higher real inflation rates than official figures
Insurance costs have risen 30-100% in many cases
Medical costs continue to rise dramatically
"There's nobody who thinks inflation is what the reported inflation numbers are" - Lawrence Lepard

The Federal Reserve's Role (11:44)

Lepard examines how the Federal Reserve has shaped American society and the economy since abandoning the gold standard in 1971.

Zero interest rate policy (ZERP) created unprecedented distortions
Quantitative easing (QE) has led to asset inflation and wealth inequality
92% of wealth is now controlled by the top 1%
"We don't really have capitalism - we've got a fake capitalist system" - Lawrence Lepard

Historical Patterns of Fiat Failure (15:02)

The discussion explores how fiat currencies historically fail and the recurring lessons humanity faces with monetary systems.

Mathematical certainty of crisis when debt grows faster than GDP
Historical examples from War of 1812 through modern era
Sound money arguments understood by Jefferson, Jackson, and other early leaders
Recurring patterns of monetary debasement funding wars

Gresham's Law in Modern Context (17:44)

Lepard explains how Gresham's Law (bad money drives out good) applies to today's monetary environment.

Paper bitcoin risk is much lower than gold manipulation due to volatility
Derivatives markets for Bitcoin remain relatively small compared to gold
Transparency and proof of reserves are critical safeguards
"It's going to be harder to manipulate bitcoin with paper" - Lawrence Lepard

The Moral Case for Sound Money (29:20)

The conversation explores the moral dimensions of sound money and its importance for a fair society.

Level playing field is essential for proper functioning of markets
Current system enables unfair advantages for those closest to money creation
Biblical references to honest weights and measures
Mathematical solution to human nature's tendency toward debasement

Individual Action Steps (33:49)

Lepard discusses practical steps individuals can take to protect themselves and support monetary reform.

Dollar cost averaging into Bitcoin regardless of price
Long time preference approach to weather volatility
Education of others about monetary issues
Political engagement to support sound money policies

Bitcoin and Decentralization (38:28)

The discussion examines how Bitcoin and decentralization challenge traditional monetary systems.

First true sound money technology in history
Cannot be diluted or debased like previous forms of money
Nation state adoption beginning to emerge
Strategic reserve considerations by various countries

Historical Lessons and Future Vision (41:55)

Lepard shares insights from history that can guide us through current monetary transitions.

Fourth Turning cycle implications for next 7-8 years
Transition challenges in moving to sound money
Political resistance to necessary changes
Eventual return to more stable monetary system

Vision for America's Future (44:44)

The conversation concludes with a hopeful vision for America's future based on sound money principles.

Reduced warfare due to inability to print money for conflicts
More equitable society with fair monetary system
Technological advancement benefits widely distributed
"On the other side of this, we're going to go back to a much better world" - Lawrence Lepard

Conclusion

The episode presents a comprehensive examination of our current monetary system's flaws and the potential for Bitcoin to create a more equitable and stable future. While Lepard acknowledges the challenges ahead in the next 5 years, he maintains an optimistic outlook based on the mathematical certainty of sound money principles and the unstoppable momentum of Bitcoin adoption. His new book "The Big Print" aims to help average Americans understand these complex issues and prepare for the transition ahead.