Monetary Matters with Jack Farley

20% discount to annual subscription to Rory Johnston’s Commodity Context: https://www.commoditycontext.com/monetarymatters

In this urgent episode of Monetary Matters Today, Jack sits down with Rory Johnston of Commodity Context to break down the unprecedented global oil shock caused by the ongoing war in Iran and the closure of the Strait of Hormuz. With 20 million barrels of daily flow disrupted and 9 million barrels of confirmed production shut-ins across the Middle East, Johnston warns that the market is facing a supply loss multiple times larger than the 2022 Russian invasion fears. They explore the timeline of global impact, the looming threat of operational shutdowns for Asian refineries, and why Johnston believes political de-escalation by President Trump is the only way to avoid $200+ oil and a global economic depression. Recorded March 19, 2026.

Pieces discussed: 

Oil & Iran War Context Weekly (W11) (March 13 2026)

https://www.commoditycontext.com/p/ocw11w26

“No End in Sight,” March 12, 2026:

https://www.commoditycontext.com/p/no-end-in-sight

Oil and the Iran War Context Weekly (W10), March 6, 2026:

https://www.commoditycontext.com/p/ocw10w26

North American Oil Data Deck (March 4, 2026): 

https://www.commoditycontext.com/p/north-american-oil-data-deck-march-2026

“Strait to the Point on Iran (March 2, 2026)”: 

https://www.commoditycontext.com/p/strait-to-the-point-on-iran

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Learn More About Unlimited HFGM Global Macro ETF $HFGM: https://unlimitedetfs.com/hfgm

In this episode of Monetary Matters, Jack Farley and Max Wiethe are joined by Bob Elliott, Chief Investment Officer at Unlimited Funds, to discuss the economic fallout of the recent conflict and surging oil prices. Elliott explains that the massive spike in oil prices—which recently topped $110 for Brent and $150 in Oman—will inevitably reduce consumer spending power, fuel higher inflation, and drag down real economic growth. He argues that both the stock and bond markets are currently mispricing this risk, making a strong case for that both asset classes could struggle as yields rise. Furthermore, Elliott dismisses the Federal Reserve's 2026 inflation target of 2.7% as wildly unrealistic, warning that persistent inflation will keep the Fed from cutting rates anytime soon. Finally, Jack and Max preview their upcoming interviews with industry experts to further unpack the disruptions to global oil production, fertilizer supply chains, and shipping. Recorded afternoon of March 18, 2026, after FOMC meeting.

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Learn more about Teucrium’s Soybean ETF (SOYB) here: https://teucrium.com/soyb

In this episode of Monetary Matters, Jack sits down with Rupert Mitchell of Blind Squirrel Macro to unpack why the foundations of the current US stock market bull run might be crumbling. Mitchell details his transition to a 50% cash and gold portfolio, warning that a looming wave of jumbo IPOs and cracks in the private credit markets could severely disrupt equity liquidity. He also shares his actionable bearish thesis on vulnerable sectors, revealing why he is actively shorting SaaS businesses, boutique M&A banks, and overvalued fast-casual restaurant chains. On the bullish side, Mitchell explains his custom "Shiny Acorns" strategy for investing in gold miners without taking on jurisdiction risk, alongside his continued allocation to long-lived Canadian oil assets and US refiners. Tune in for a masterclass on macro positioning during times of elevated market volatility and consumer uncertainty. Recorded March 9th, 2026.

Blind Squirrel Macro research: https://t.co/mgOvPYwOAi

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Learn more about Teucrium’s Soybean ETF (SOYB) here: https://teucrium.com/soyb

In this episode of Other People's Money, Max sits down with Chris Morris, President of LandFund Partners, to explore why they believe U.S. row crop farmland is the ultimate hard asset. Chris details how farmland performed as a portfolio diversifier during the Great Financial Crisis and explains why the relative value compared to other regions and essentially free access to 300-years of groundwater them has focusing on the U.S. Mid-South region. He highlights global water scarcity, food security, and inflation as macro drivers for this farmland, but he also argues that rising values and yields from technological improvements and increased demand for non-farming purposes like solar power are how they have delivered S&P 500 beating net returns since 2021.

LandFund Partners website: https://www.landfundpartners.com/

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Timestamps:

00:00 Intro

00:40 Teucrium SOYB

01:00 Investing in Farmland

04:26 Diversification and Correlation

06:07 Real Assets and New Macro Risks

09:13 Scarcity and Water Thesis

10:48 Protein Demand Multiplier

12:45 How Farmland Returns Work

15:00 AI and Renewable Energy

15:41 Teucrium SOYB

17:02 Community Impact and Ethics

20:21 Who Buys Farmland?

22:47 Why the Mid-South

26:33 Valuation Gap Explained

28:25 Water Rights and Water Scarcity

35:06 Solar Leases Beat Crops

39:23 AI Boosts Farm Profits

42:22 Regenerative Farming and the Three Fs

44:35 Iran Conflict Inputs and Crops

48:26 Subsidies and Rent Security

54:02 Fund Focus and Growth Plans

57:30 Conclusion

In this interview, Alex Gurevich of HonTe Investments outlines his macroeconomic outlook, highlighting a particularly bullish stance on the platinum and palladium markets because they historically follow long cycles that lag behind gold and silver. He predicts that the rapid advancement of artificial intelligence will initially act as a deflationary headwind, potentially automating away 20% of jobs by the end of the decade and permanently eliminating certain white-collar economic activities. To combat this impending deflation and job loss, he anticipates that the Federal Reserve will be forced to drastically cut short-term interest rates—possibly down to zero—alongside the introduction of massive government stimulus. Because of this dynamic, Kovich views being long on short-duration bonds as a "dominant trade" that can succeed under multiple economic outcomes, though he remains uncertain about the trajectory of long-term rates and therefore favors a steeper yield curve. Furthermore, he envisions a long-term AI-driven prosperity boom but warns that the massive compute power required will inevitably lead to a severe global energy bottleneck. As part of this AI infrastructure build-out, he specifically notes that there will not be enough copper on the planet to support the necessary power demands.

Alex’s Book, “The Next Perfect Trade: A Magic Sword of Necessity”: https://www.amazon.com/dp/B0GBYXNLD4?tag=scribemedia0a-20&th=1&psc=1&geniuslink=true

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