Scarce Assets E003: Macro Masterclass with Lyn Alden
February 6, 2024
On this episode of Scarce Assets, a show presented by Onramp, macro analyst Lyn Alden walks through the thesis of her book Broken Money, how technology and monetary velocity shape the monetary system, government debt dynamics and the Fed, and how she approaches portfolio construction across scarce assets, including bitcoin.
Lyn Alden joins Andy Edstrom and Jesse Myers for a macro masterclass: the thesis behind Broken Money, how monetary velocity and technology shape the monetary system, government debt and its maturity mix, the Fed's rate policy, and how she thinks about portfolio construction across scarce assets — including where bitcoin's utility ends and speculation begins.
Chapters
0:00 - Introduction to Lyn 4:27 - Broken Money 9:47 - Monetary velocity & technology's role 23:00 - Government debt & maturity mix 32:12 - Interest rates & the Fed 37:01 - A message from Onramp 37:17 - Portfolio construction & scarcity 43:48 - Segmenting scarce assets 47:47 - Diversification & ownership dynamics 52:10 - Utility versus speculation 54:36 - Scaling & privacy solutions 56:26 - Timing considerations for bitcoin companies 59:46 - Looking ahead, long-term expectations 1:04:07 - Expecting the unexpected & wrapping up
Frequently Asked Questions
What is Broken Money about?
Alden's book argues the monetary system's core problems are technological — transactions move at light speed while settlement lags — and she discusses that thesis early in the episode (4:27).
What does Alden say about government debt?
A segment covers government debt levels and the maturity mix of that debt (23:00), followed by interest rates and the constraints facing the Fed (32:12).
How does Alden think about portfolio construction?
She discusses portfolio construction around scarcity (37:17), how to segment scarce assets (43:48), and diversification and ownership dynamics (47:47). The discussion reflects Alden's views, not investment advice from Onramp.
What does the episode cover on bitcoin specifically?
Segments cover utility versus speculation (52:10), bitcoin scaling and privacy solutions (54:36), and long-term expectations for the asset (59:46).
This episode is editorial and educational content. Onramp does not provide tax, legal, or investment advice. Bitcoin is volatile and may lose value. Past performance does not guarantee future results.