The Tom Woods Show Ep. 2738 Prepare for the Next Round of Money Printing, with Larry Lepard
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Feb 26, 2026 Larry Lepard, investment manager and author of The Big Print, explains why he expects more money printing. He discusses precious metals, Bitcoin, and timing strategies. He contrasts gold, silver and miners, explains a possible silver squeeze, and outlines Bitcoin’s role as a liquidity signal and emerging safe haven.
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Put Meaningful Money Into Assets Governments Can't Print
- Own assets the government cannot create: gold, silver, Bitcoin, and select common stocks to hedge currency debasement.
- Dollar-cost average over years and size positions to risk tolerance; Lepard recommends ~20% allocation as meaningful exposure.
Debt Growth Makes Big Money Printing Inevitable
- The US fiscal system forces recurring money printing because growth driven by debt creates escalating interest burdens the monetary base must expand to service.
- Larry Lepard shows math and historical episodes (GFC, COVID) where Fed balance sheet expansions became unavoidable and inflationary.
New Fed Program Looks Like Gradual QE
- The Fed's Reserve Management program is effectively a gradual QE, adding roughly $40 billion a month to reserves and reversing balance-sheet shrinkage.
- Lepard views this as an early signal the tide is shifting back toward accommodation and future inflation.
