Forward Guidance · Wednesday, September 2, 2026
Bob Heber traced the history of currency debasement, stating that the US moved from gold and silver coins to the Federal Reserve system 100 years ago, marking the start of debasement. He highlighted that the US officially ended its link to gold approximately 50 years ago and is now in an 'accelerant phase' of debasement. Heber suggested that gold and Bitcoin serve as key assets to watch for investors seeking to diversify against this trend.
“You know, we started off, um, undeble, because for the first 150 years, we had coins of gold and silver, mostly gold as money. And, you know, defined as the founders, but 100 years ago, we created the Fed. And that started, um, slowly but surely, uh, debasement.”
“50 years ago, we, uh, roughly 50 years ago, we completely ended the link to gold. And we're in just another phase, which is an accelerant phase, which is that both parties, so this is a apolitical statement, have decided that we should have a lot of things, but not pay for them.”
“And that's been gold forever, and, you know, Bitcoin, digital gold, we think it's, uh, you know, maybe like especially in the last month or two, that may be ringing super true, uh, which it wasn't for a while, but now it looks like it's coming back on that path.”