The Jack Mallers Show Uncle, Not TACO: Bitcoin in a World on Fire
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Mar 17, 2026 A geopolitical thesis about Iran's tactics and how oil chokepoints could ripple through global supply chains. A look at asymmetric warfare, cheap drones versus expensive defenses, and immediate shipping disruptions. Discussion of credit market stress, rising yields, and why high debt makes oil shocks more dangerous. Coverage of capital flows into gold and Bitcoin and practical allocation advice amid mounting macro risk.
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Rising Yields With Rising Oil Signals Credit Stress
- He notes bond yields rising while oil rises signals falling demand to lend to the US, undermining Treasuries as a safe haven.
- He cites private credit redemptions (e.g., $33bn fund 14% Q1 redemptions) as early signs of credit stress.
Be Productive And Save Outside State-Rented Property
- Do something of true value, earn more than you consume, and save in assets that aren't state-rentable.
- He warns property rights are often rented from the state and emphasizes Bitcoin as the preferred non-rentable asset.
Gold Leads Repricing, Bitcoin Likely Next
- Jack and Michael Howell see gold repricing first because it's big enough for sovereign bids, with Bitcoin likely to follow as fiat trust erodes.
- Howell's framing: monetary inflation is the only viable solution and we're debating only the speed.