The American consumer is flashing historic warning signs, yet Wall Street is celebrating record corporate earnings. How are both true at the same time? Dr. Mark Thornton, Senior Fellow at the Mises Institute and Austrian economist, joins Kitco News anchor Jeremy Szafron to break down the mechanics of the "Two Economies."

Dr. Thornton uncovers the truth behind the historic S&P 500 valuations, warning that the market hasn't been this overvalued in 150 years. He also takes aim at the Federal Reserve, calling the Kevin Warsh nomination the "biggest hit job"on the precious metals market, and explains why a Volcker-style rate hike is impossible with U.S. debt above 100% of GDP. Plus, a deep dive into the SILVER Act, the Cantillon Effect, and why the Middle East energy shock will embed inflation for years to come.

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Chapters:
00:00 TWO ECONOMIES, ONE WARNING
01:18 MEET MARK THORNTON
02:23 THE AUSTRIAN CYCLE
04:56 LATE-CYCLE WARNING SIGNS
07:49 BROAD BOOM OR BUBBLE?
10:34 JOBS: STRENGTH OR BUBBLE SIGNAL?
11:55 WARSH TAKES THE FED
12:41 DEBT LIMITS RATE HIKES
13:54 METALS CRASH, BANKS READY?
19:54 BOND MARKET BREAKING POINT
22:16 CAN CREDIBILITY BEAT INFLATION?
24:49 SILVER’S VIOLENT BULL MARKET
28:04 THE SILVER ACT REACTION
32:20 WAR, ENERGY AND INFLATION
36:17 THE CANTILLON EFFECT
40:09 HOW LONG CAN THIS LAST?
43:13 FED HQ RENOVATION SYMBOLISM
45:31 ADVICE FOR WORKING FAMILIES
49:20 WHAT BREAKS THE METALS TRADE?
53:36 GOLD, SILVER AND FREEDOM
56:13 FINAL TAKEAWAY

gold #silver #inflation #Fed #KevinWarsh #markthornton #kitconews #preciousmetals #economy #recession

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