
Jim Thorne joins Mark Moss to explain why the long end is normalizing, not crashing the market, why Warsh is wrong to hike into a supply shock, and why supply-side growth can stay strong without reigniting inflation.
They discuss AI CapEx that does not care about rates, stablecoins and Operation Twist bringing the ten-year toward 4%, why banks are fighting an existential threat, the four-year cycle giving way to a super cycle, tokenization rails that are already built, velocity over printing, and what he is watching into the midterms.
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TIMESTAMPS:
0:00 - Episode Trailer
0:55 - The Fed Lost the Long End. This Is Normalization.
6:40 - Higher Rates Don’t Crash Stocks in an AI CapEx Boom
11:52 - The Old Rules Don’t Work in This New World
15:35 - Sponsor: Protect Your Bitcoin Inheritance with Unchained
17:03 - How Stablecoins and Operation Twist Bring Rates Down
22:52 - Stablecoins Create Demand for Short-Term Paper
27:42 - Sponsor: Turn Your Taxes Into Bitcoin with Blockware
28:42 - Why Stablecoins Are an Existential Threat to Banks
33:11 - What Happens to MicroStrategy in a Tokenized World
38:57 - Sponsor: Borrow Against Bitcoin with Arch Lending
40:05 - Banks Will Have to Cut a Deal With Bitcoin
48:36 - Four-Year Cycle Is Dead. This Is a Super Cycle.
51:17 - Sponsor: Earn Bitcoin on Your Cash with River
52:36 - The S-Curve and What Comes After 126K
56:43 - Tokenization Is Already Built. They’re Just Opening It.
1:01:37 - Velocity, Not Printing, Is the Real Catalyst
1:07:06 - What Jim Is Watching Into the Midterms
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