The Income Show is back with host Joe Burnett, joined by Lyn Alden, to discuss U.S. Treasury buybacks, long-term yields, and the path toward financial repression. They distinguish the Treasury’s recent actions from full yield curve control, examine fiscal dominance and the relationship between the Treasury and Federal Reserve, and consider what these policies mean for hard assets. They also explore Bitcoin’s role as money and a protocol of value, its recent performance relative to gold, and the structure, valuation, and leverage risks of digital credit. Lyn compares Bitcoin mining with AI compute and explains why greater technological abundance would not eliminate scarcity or the need for money.
Follow Lyn Alden on X: https://x.com/LynAldenContact
Follow Joe on X: https://x.com/IIICapital
Follow True North on X: https://x.com/TNorth
Keep up to date on all True North Here: https://tnorth.com/
Timestamps:
0:00 - Intro
1:15 - Treasury Buybacks and Yield Curve Control
5:55 - Why Long-Term Yields Matter
9:44 - Druckenmiller and Financial Repression
13:10 - Hard Money and Fiscal Dominance
20:36 - Bitcoin’s Role as Money
25:20 - Treasuries, Hard Assets and Currency Failure
29:16 - Bitcoin as a Protocol of Value
32:31 - Bitcoin vs. Gold
36:32 - The Digital Credit Thesis
41:16 - Valuing Digital Credit
47:23 - Stablecoins, Tokenization and Reflexivity
54:41 - Bitcoin, AI Compute and Abundance
59:41 - Closing Thoughts
Disclaimer: The content in this video is for informational and educational purposes only and should not be considered financial advice. We are not financial advisors, and you should consult with a qualified professional before making any financial decisions. All investments involve risks, and you are responsible for your own decisions.
True North does not intend for anything herein to be considered an offer or sale of any securities, including those of Strive. True North encourages listeners to consult with their tax and investment advisors. Additional information on any securities or issuers referenced herein can be found in such issuers’ filings with the Securities and Exchange Commission (“SEC”), including any registration statements, prospectuses and prospectus supplements for each issuers’ securities. Listeners should read such documents and other documents incorporated by reference therein or that such issuer has filed with the SEC for more complete information. You may get these documents for free by visiting EDGAR on the SEC website at [www.sec.gov](http://www.sec.gov).*
Any securities referred to herein, including those of True North’s parent Strive, are not collateralized by underlying bitcoin holdings and may be subordinated to senior claims. There are no guarantee of returns liquidity or future performance. The securities referred to herein are neither bank deposits, nor FDIC insured, nor regulated in the same way, and do not have the same regulatory and other protections as bank accounts, money market funds, treasuries, or similar investments and as a result may not be comparable investments. Current trading prices and effective yields may vary, current rates are not indicative of future rates, and in some cases rates are subject to frequent adjustments and may be significantly lower than discussed herein. Cash dividends are not guaranteed. In some cases, dividends have not been paid and may not be paid in the future. Ownership of securities referred to in herein does not confer ownership in the underlying assets, including bitcoin.