Mark Thornton unpacks a counterintuitive correlation: as the Persian Gulf conflict escalates, oil spikes while gold and silver slide. He explains how higher oil feeds the CPI, locks central banks out of rate cuts, and pressures precious metals through the dollar and petrodollar system, distinguishing the real monetary inflation gold tracks from the statistical indexes driving Fed decisions. Stick around for a wide-ranging Commodity Culture interview with Jesse Day on the festering world war and the path back to hard money. Plus, an update on the 2026 stocks-vs-MOO prediction contest (fertilizer is running away with it).

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On the latest episode of Minor Issues, Mark Thornton shares his interview with Charlotte McLeod of Investing News Network, unpacking the sharp swings in gold and silver since late 2025. Mark connects the selloffs to a tightening business cycle and a growing liquidity crunch, and explains how Middle East conflict and changing energy settlement patterns threaten the petrodollar narrative.

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On the latest episode of Minor Issues, Mark Thornton discusses the recent whiplash in precious metals: historic run-ups, sharp pullbacks, and renewed claims of manipulation. He also explains how, as war and liquidity pressures evolve, markets pivot back to credit stress, rising interest rates, and ballooning government debt. What will central banks do next?

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On this episode of Minor Issues, Mark Thornton replays two short interviews: one recorded with Daniela Cambone weeks before the outbreak of war in the Middle East, and another with Dunagun Kaiser recorded days ago as the conflict escalates. Mark breaks down why precious metals are unusually volatile, how war and interventionism collide with inflationary fiat regimes, and why rising interest rates and commodity prices point to a more dangerous long-run trend. He also connects the dots between the Fed’s “liquidity” talk, a deeper leverage problem in finance, and the way wars can be used to divert attention from economic failures at home.

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On the latest episode of Minor Issues, Mark Thornton tackles the “Austrians don’t care about the poor” smear, arguing that Austrian monetary theory is designed to explain how political elites rig the system against working people. From Cantillon’s original gold mine thought experiment to today’s Fed-driven credit expansion, Mark explains how cheap money concentrates wealth and fuels the “K-shaped” economy, while a market-based monetary system would sharply limit this dynamic and restore more durable wage growth and stability.

"Share of Net Worth Held by the Top 1%" (Federal Reserve Bank of St. Louis): https://mises.org/MI_168_Graph

"Monetary Metals 101: How Gold and Silver Work in a Free Market" (Minor Issues, Episode 141) https://mises.org/MI_141

"The K-Shaped Economy" (Minor Issues, Episode 150): https://mises.org/MI_151

"Past Tense" (Minor Issues, Episode 83): https://mises.org/MI_83

"The Fed vs. the Real Economy" (Minor Issues, Episode 58): https://mises.org/MI_58

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On the latest episode of Minor Issues, Mark Thornton appears on Arcadia Economics with Chris Marcus during a volatile week for gold and silver amid the escalation with Iran. They unpack the risks and “unintended consequences” of the conflict, along with what all of this means for markets, the dollar, and investor psychology. Mark closes with a hard look at the Fed-fueled, fifteen-year bubble of credit and debt, the growing stress in sovereign debt markets, and why central bankers can’t “magic away” the structural problems that created this mess.

The original episode is available at https://www.youtube.com/watch?v=MQn1GenrMyQ

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On this episode of Minor Issues, Mark Thornton appears on Reinvent Money with Paul Buitink for a “state of the system” conversation. Mark breaks down the US economy as an “everything bubble,” explains what’s really behind the trade deficit and the dollar’s reserve status, and grades Trump’s first-year economic agenda. He closes with a practical Austrian roadmap toward sound money: real savings, capital accumulation, and removing tax penalties on interest, dividends, and long-term gains.

The original episode is available at https://www.youtube.com/watch?v=mgqsHCQxSrw

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On this special episode of Minor Issues, Mark Thornton shares his recent interview with Darrell Thomas on VRIC Media. Mark explains how Keynesian ideas normalized chronic deficits and a debt-financed state. They discuss tariffs and policy volatility, how inflation has been partly masked by cheap imports, and why distorted price signals hit entrepreneurs and small businesses hardest. The conversation also covers rising interest costs, pressure for renewed yield-curve suppression, and what it all implies for gold, silver, and commodities.

The original episode is available at https://www.youtube.com/watch?v=eI9Y-lITpnQ

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