The Treasury Team Taking Shape Around a Gold-Backed Bond

In this appearance on the And We Know show, Dr. Kirk Elliott looks at the team now assembled around President Trump's economic agenda and what its makeup may signal about the direction of the monetary system. He describes Treasury Secretary Scott Bessent as a global macro investor overseeing the nation's financial architecture, and explains that while he remains critical of the Treasury's expanded bond-buying operations as inflationary, he sees Bessent as doing the job he was appointed to do, even as Federal Reserve Chairman Kevin Warsh signals further rate increases to address inflation. He walks through Judy Shelton's role as a senior advisor and her proposal for a gold-backed Treasury bond that would let holders choose redemption in gold or dollars, and the addition of David Zervos, brought into the Treasury Secretary's office for market mechanics and transition expertise, which he reads as possible preparation for a new monetary framework. He notes that gold has overtaken the dollar as the top reserve asset held by central banks, and suggests a gold-backed bond could attract capital and prompt other countries to follow. He also discusses a programmable payment-token initiative from Canada's six largest banks and why he believes programmable money raises privacy and control concerns, explains why he looks past short-term price swings in favor of long-term demand from digital technology, AI, and electronics, frames physical metals as assets investors may want to consider, and invites viewers to schedule a consultation with the KEPM team.