Exploring Prosperity- Challenging Pessimism in the US

AI is changing cybersecurity—and it may be increasing the scale of digital threats beyond what banks, platforms, and institutions can manage.In this video, I break down how AI-driven attacks could expose vulnerabilities in financial systems, online accounts, and digital identity infrastructure. Based on real-world fraud experiences and insights from Foundation CEO Zach Herbert, we explore why traditional security models may be insufficient and what individuals can do to protect themselves.Key topics:* AI cybersecurity risks and vulnerabilities* Digital identity theft and account breaches* Bank fraud, SIM swaps, and social engineering* Why institutions may struggle to contain large-scale attacks* Self-custody and personal digital security toolsThank you very much to our sponsors:* Foundation: Secure your digital life—from passwords, 2FA, files and Bitcoin with Passport Prime, an all-in-one personal security platform. Visit them at https://foundation.xyz/* Truflation: BUY Truflation products/services and save 10% using code BOBDEW10. Learn about what prices are actually doing by going to https://truflation.com/marketplace/us-inflation-rate* River Financial: If not cold storage for your Bitcoin, I’d highly recommend River for buying and holding- River is engineered to protect your Bitcoin over the long run. Use this link for discounts: https://river.com/signup?r=T7GGAF7GTimestamps:00:00 Introduction to Digital Security Vulnerabilities02:49 Zach Herbert’s Journey into Security05:56 The Evolution of Bitcoin and Security Breaches08:57 The Shift from Bitcoin to Overall Digital Security12:08 AI’s Impact on Security Landscape15:00 The Risks of Centralized Security Systems18:09 Shared Infrastructure and Individual Vulnerabilities20:58 The Concentration Risk in Custodial Security24:06 Future Vision for Digital Security Solutions28:14 Enhancing Security with Hardware Solutions35:07 User Experience and Ease of Use in Digital Security40:17 Advanced Security Features of Passport Prime45:00 Quantum Computing and Future Security Challenges52:59 Empowering Individuals in Digital Security This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit robertdewey3.substack.com/subscribe

Credit stress is beginning to reappear in parts of the economy—especially in private credit markets where institutional capital has surged in recent years.In this episode of Exploring Prosperity, I sit down with veteran distressed real estate investor Bill Landis, co-Founder and Managing Partner of Raith Capital Partners, to break down what actually happens when markets stop clearing. We explore how distressed capital restores liquidity, how assets transition into stronger hands, and why this process becomes essential when traditional lenders pull back.If the current strains in credit markets continue to build, understanding this overlooked part of the financial system may be key to understanding what happens next.Topics include:* Early signs of stress in private credit markets* How distressed investors provide liquidity* What happens when financing disappears* Why long periods of calm create hidden risks* What a true credit cycle looks likeSubscribe for more conversations on markets, macroeconomics, and what drives long-term prosperity.Read about this episode: https://open.substack.com/pub/robertd...Thank you very much to our sponsors:Truflation: BUY Truflation products/services and save 10% using code BOBDEW10. Learn about what prices are actually doing by going to https://truflation.com/Foundation: Protect your Bitcoin using the latest off-line technology with easy-to-use Passport. Their next product, Passport Prime will protect all passwords off-line with even-better technology. https://foundation.xyz/River Financial: If not cold storage for your Bitcoin, I’d highly recommend River for buying and holding- River is engineered to protect your Bitcoin over the long run. Use this link for discounts: https://river.com/signup?r=T7GGAF7GTimestamps:00:05 – Introduction: Why Credit Stress Is Reappearing01:05 – Are Cracks Forming in Private Credit Markets?02:45 – The Hidden Risk: Liquidity Mismatches & Redemptions04:15 – How Credit Stress Spreads Across Markets05:45 – Mini-Crises vs Major Crises (Post-2008 Reality)07:30 – The “Medicated Economy”: Government Backstops Explained09:00 – What Distressed Investors Actually Do12:00 – How to Invest When There Is No Distress16:00 – Finding Opportunity: Housing, Industrial, and Demographics20:00 – Institutional Capital: Stabilizer or Distortion?24:30 – How Government Intervention Restores Liquidity30:30 – Why Real Distress Has Been Scarce (Even After Rate Hikes)33:30 – Where the Edge Comes From in Real Estate Investing38:30 – New Opportunities: AI, Data Centers, and Mispriced Assets43:30 – Case Study: San Francisco Real Estate Recovery49:30 – The State of Distressed Investing Today56:00 – Macro Risks Ahead: Oil, Debt, and the Next Downturn This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit robertdewey3.substack.com/subscribe

Artificial intelligence is changing finance, healthcare, education, and the future of work — but what is it actually doing under the hood?In this conversation, I sit down with Albert Berdellans, Global Head of AI at Invenium, for one of the clearest explanations I’ve heard of how large language models actually work, what AI can and cannot do, where the risks are overstated, and how it may reshape society in the years ahead.We discuss:• how large language models generate answers• why AI does not actually “think”• hallucinations, context rot, and why AI gets things wrong• whether AI will replace jobs• how AI is already changing finance• the future of healthcare and education• why fears of rogue AI may be overblownIf you’re trying to build a clear framework for understanding AI beyond the hype and fear, I think you’ll find this conversation to be invaluable.Subscribe to Exploring Prosperity for conversations on technology, economics, markets, and the forces shaping human progress.Thank you very much to our sponsors:Truflation: BUY Truflation products/services and save 10% using code BOBDEW10. Learn about what prices are actually doing by going to https://truflation.com/Foundation: Protect your Bitcoin using the latest off-line technology with easy-to-use Passport. Their next product, Passport Prime will protect all passwords off-line with even-better technology. https://foundation.xyz/River Financial: If not cold storage for your Bitcoin, I’d highly recommend River for buying and holding- River is engineered to protect your Bitcoin over the long run. Use this link for discounts: https://river.com/signup?r=T7GGAF7GTimestamps:00:00 Introduction — what AI actually is beyond the hype01:04 Albert’s background and how he entered AI04:55 Where AI impresses most — and where it doesn’t07:31 How AI is used in finance and large institutions12:11 Context rot and why too much information hurts AI14:05 How large language models actually work17:44 Hallucinations and false answers19:25 Can you trust AI outputs?22:31 Can AI reason and make predictions?27:21 Which jobs AI will change first31:13 How AI is transforming private markets and due diligence37:36 Tokenization, liquidity, and real estate40:49 How AI could improve healthcare and education47:12 AI in medicine, diagnosis, and surgery48:16 The future of education and personalized learning52:08 Will AI go rogue? The real risks55:15 Real-world examples of “rogue AI” explained59:23 Final thoughts This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit robertdewey3.substack.com/subscribe

Are we actually progressing—or quietly getting weaker?In this conversation, I sit down with Aleks Svetski, author of The Bushido of Bitcoin, to explore a deeper question that sits beneath economics, technology, and politics: what actually drives long-term human progress?Many believe that fixing money—through systems like Bitcoin—can restore discipline, align incentives, and solve structural problems in society. But as Aleks argues, that’s only part of the story. Human nature, culture, and values ultimately determine whether societies rise or fall.We discuss:- Why hard money is necessary—but not sufficient- The role of character, virtue, and “nobility” in shaping civilization- Whether democracy strengthens or weakens societies over time- How AI and technology may widen the gap between disciplined and undisciplined people- Why pain and suffering may be essential to growth and progressThis is a conversation about incentives, power, culture, and the uncomfortable possibility that no system alone can fix what is fundamentally human.This episode will challenge how you think about progress.Subscribe for long-form conversations on markets, macro, technology, Bitcoin, and the future of prosperity.Thank you very much to our sponsors:Truflation: BUY Truflation products/services and save 10% using code BOBDEW10. Learn about what prices are actually doing by going to https://truflation.com/Foundation: Protect your Bitcoin using the latest off-line technology with easy-to-use Passport. Their next product, Passport Prime will protect all passwords off-line with even-better technology. https://foundation.xyz/River Financial: If not cold storage for your Bitcoin, I’d highly recommend River for buying and holding- River is engineered to protect your Bitcoin over the long run. Use this link for discounts: https://river.com/signup?r=T7GGAF7GTimestamps:00:05 – What actually drives human progress?00:47 – Bitcoin doesn’t fix human nature03:33 – Culture, virtues, and the “20% that matter”04:22 – Are we entering a new era of leadership?08:40 – Bitcoin as an accelerant, not a solution10:55 – What defines a new aristocracy?13:57 – “Hard times create strong men” — where are we now?16:44 – The hidden flaw of democracy20:17 – Why democracy may be a historical anomaly22:10 – Leadership vs political short-termism24:50 – What Bitcoin actually enables27:15 – Incentives, savings, and generational wealth30:12 – AI: tool or crutch?34:08 – Productivity vs dependence in the age of AI38:39 – The role of pain and suffering in growth44:11 – Why avoiding hardship creates weakness47:45 – Will AI widen the gap between people?48:29 – Writing, thinking, and the discipline of ideas52:06 – Why Svetski wrote The Bushido of Bitcoin56:05 – From pessimism to responsibility and action1:00:30 – The difficulty of writing and rewriting ideas1:04:57 – A book that challenges everything you believe This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit robertdewey3.substack.com/subscribe

In this episode of Exploring Prosperity, I sit down with investor Ram Ahluwalia to examine one of the most important — and least discussed — risks in the AI buildout.OpenAI reportedly has nearly $1 trillion in committed obligations tied to data center capacity and compute infrastructure. With revenue far below that scale, the key question is simple:Can the math foot?This conversation is not anti-AI. AI is clearly transformational. But the expansion of AI depends on capital markets. If funding conditions tighten, what happens to the trillion-dollar commitments already in place?We discuss:• OpenAI’s revenue performance obligations and data center exposure• The capital markets dependency of the AI buildout• Why tech stocks may continue to lag• The rotation into energy, commodities, and real assets• Software valuations and whether this is truly a “COVID-style” opportunity• Bitcoin’s current bear market psychology• Quantum computing risk and institutional hesitation• The role of KOLs and narrative investing in late-cycle marketsRam argues that this moment resembles past cycles where crowded themes detach from balance sheet reality — and markets begin to demand discipline again.If you care about AI, tech stocks, Bitcoin, or the direction of capital markets in 2026, this is a conversation worth watching.Subscribe for more long-form interviews on markets, technology, and economic reality.Thank you very much to our sponsors: Truflation: BUY Truflation products/services and save 10% using code BOBDEW10. Learn about what prices are actually doing by going to https://truflation.com/Foundation: Protect your Bitcoin using the latest off-line technology with easy-to-use Passport. Their next product, Passport Prime will protect all passwords off-line with even-better technology. https://foundation.xyz/River Financial: If not cold storage for your Bitcoin, I’d highly recommend River for buying and holding- River is engineered to protect your Bitcoin over the long run. Use this link for discounts: https://river.com/signup?r=T7GGAF7GTimestamps:00:00 Intro00:48 OpenAI & “Sam Altman Broke the World”01:54 OpenAI’s $1 Trillion in Committed Obligations03:41 Why the AI Revenue Math Doesn’t Foot04:40 Microsoft, Oracle & Revenue Performance Obligations (RPO)06:45 What Happens If OpenAI Can’t Raise Capital?08:47 The AI–Capital Markets Dependency10:59 Does This Slow Down AI Development?12:50 Investment Implications: Tech Rotation Begins14:40 Inflation-Resistant Sectors Outperforming16:50 Why Tech May Continue to Lag18:20 Is Software a COVID-Level Bargain?23:25 Bitcoin, Software & the “Tech Bro Portfolio”24:45 Satoshi Conference: Institutional Bitcoin Debate29:58 Tokenization & Crypto’s Strategic Misstep34:10 Why Crypto Ignored Small Business Capital36:14 Venture Capital Overvaluation & Private Market Marks38:34 Quantum Risk to Bitcoin41:45 Is Bitcoin in a Bear Market?49:00 Real-World Investing vs. Techno-Optimism51:57 Tribalism, KOLs & Market Cycles55:36 The Four Phases of a Market Rally58:07 Was the Bitcoin Top Already In?59:45 What Capitulation Might Look Like This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit robertdewey3.substack.com/subscribe

More than 27 million financial reports are filed each year under the Bank Secrecy Act, flagging ordinary banking activity as “suspicious.” Yet, as the data shows, only 370 investigations were tipped off by these reports. In this conversation, Nick Anthony of the Cato Institute explains how U.S. financial surveillance expanded quietly over decades, why routine cash transactions now generate government reports, and how banks have effectively been deputized as law enforcement investigators. We discuss the real-world consequences for individuals, including account closures, the "sense of confusion" that comes with debanking, and the steady erosion of financial privacy.The interview also examines current legislation in Congress, including proposals to reform the Bank Secrecy Act and the Saving Privacy Act. These proposals aim to raise outdated reporting thresholds that haven't been adjusted for inflation since 1970. At stake is whether Congress will meaningfully scale back financial surveillance or allow the status quo to continue.This discussion covers:– The $10,000 threshhold- Why inflation has expanded surveillance far beyond its original intent.– The Investigative Gap- Why 27 million reports result in only ~370 investigative tips.– Confidentiality Laws- Why banks are legally forbidden from telling you why your account was closed.– CBDC Update- The shift from voluntary pilots to "force mandates" in international digital currencies.Nick Anthony is a policy analyst focusing on financial regulation, privacy, and central bank digital currencies. He is the author of the CBDC Tracker and writes extensively on banking surveillance and civil liberties.Read the full report by Nick Anthony "Understanding Debanking" at: https://www.cato.org/policy-analysis/understanding-debanking-evaluating-governmental-operational-political-religiousThank you very much to our sponsors:Truflation: BUY Truflation products/services and save 10% using code BOBDEW10. Learn about what prices are actually doing by going to https://truflation.com/Foundation: Protect your Bitcoin using the latest off-line technology with easy-to-use Passport. Their next product, Passport Prime will protect all passwords off-line with even-better technology. https://foundation.xyz/River Financial: If not cold storage for your Bitcoin, I’d highly recommend River for buying and holding- River is engineered to protect your Bitcoin over the long run. Use this link for discounts: https://river.com/signup?r=T7GGAF7GTimestamps:00:00 Legislative Changes and Government Surveillance06:30 The Impact of the Bank Secrecy Act12:17 Debanking and Its Consequences17:07 The Future of Surveillance and Privacy20:37 The Importance of Financial Privacy23:05 Raising Awareness on Financial Issues24:12 The Challenge of Debanking25:20 Congress and Financial Reporting28:02 Central Bank Digital Currencies (CBDCs) Overview28:37 Global CBDC Developments32:20 The European Central Bank's Push for Digital Euro37:33 Adoption Challenges of CBDCs40:10 Government Mandates and CBDC Adoption43:40 The Political Landscape of CBDCs This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit robertdewey3.substack.com/subscribe

Families navigate the college decision process rarely—but the consequences can last decades.In this episode of Exploring Prosperity, I speak with Jon Carson, CEO of College Guidance Network, about why the traditional college guidance system no longer works—and why rising costs, declining ROI, and information asymmetry have made the decision riskier than ever.We break down the real math behind high school counseling, why most students receive only about one hour of guidance per year, and how parents are left without the tools they need to make informed decisions. We also explore how colleges market to families, how student debt reflects systemic failure, and why confidence in higher education has collapsed over the past decade.The conversation then turns to technology and AI—where it helps, where it falls short, and why scalable, expert-anchored guidance may be the missing piece. Jon explains how AI can augment human judgment, rather than replace it, and how better incentives and better information could dramatically improve outcomes for students and families alike.This episode examines how a high-stakes decision process broke—and what it would take to make it work again.🎧 Exploring Prosperity focuses on the forces shaping long-term economic outcomes: education, technology, incentives, and growth.Thank you very much to our sponsors: Truflation: BUY Truflation products/services and save 10% using code BOBDEW10. Learn about what prices are actually doing by going to https://truflation.com Foundation: Protect your Bitcoin using the latest off-line technology with easy-to-use Passport. Their next product, Passport Prime will protect all passwords off-line with even-better technology. https://foundation.xyz/ River Financial: If not cold storage for your Bitcoin, I’d highly recommend River for buying and holding- River is engineered to protect your Bitcoin over the long run. Use this link for discounts: https://river.com/signup?r=T7GGAF7GTimestamps:00:00 The State of High School Guidance04:45 Other Destinations after High School06:01 Technology's Role in Guidance Solutions19:09 The Need for Personalized Guidance21:12 Building a Tech-Enabled Guidance System23:53 Personalized Project Plans for Students26:21 AI-Powered Guidance Counseling28:27 Transforming Counseling with AI Data31:21 Creating Comprehensive Resource Centers34:14 Live Programming and Community Engagement35:36 Building a Public Mission in Education37:39 Navigating Challenges in K-12 Education41:38 The Importance of AI Talent42:35 First Mover Advantage in AI Education46:33 The Value of School Partnerships This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit robertdewey3.substack.com/subscribe

In this episode of Exploring Prosperity, I’m joined by Zach Pandl, Head of Research at Grayscale, to explore why 2026 may mark the true beginning of crypto’s institutional era.We discuss how regulatory clarity — including the impact of Grayscale’s successful challenge of the U.S. Securities and Exchange Commission — shifted crypto from the margins into mainstream finance, and why Bitcoin ETFs were only the first step.Zach explains:* What the “institutional reset” really means for crypto markets* Why privacy is non-negotiable as institutions move on-chain* How AI increases the need for cryptographic identity and authenticity* Why quantum computing and digital asset treasuries are likely red herrings for 2026- * How staking, tokenization, and issuance could reshape capital marketsRead my essay about this topic on Substack here: https://open.substack.com/pub/robertd...Thank you very much to our sponsors: Truflation: BUY Truflation products/services and save 10% using code BOBDEW10. Learn about what prices are actually doing by going to https://truflation.com/If you are interested in the Bitcoin Blockchain Traded Fund, you can find infornation here: https://truflation.com/blog/quantamm-...Foundation: Protect your Bitcoin using the latest off-line technology with easy-to-use Passport. Their next product, Passport Prime will protect all passwords off-line with even-better technology. https://foundation.xyz/River Financial: If not cold storage for your Bitcoin, I’d highly recommend River for buying and holding- River is engineered to protect your Bitcoin over the long run. Use this link for discounts: https://river.com/signup?r=T7GGAF7GTimestamps:00:00 The Institutional Reset in Crypto02:20 Regulatory Clarity and Its Impact05:42 The Evolution of Financial Systems11:11 Democratization of Finance13:35 Legislative Developments and Market Structure16:13 Consumer Experience and Blockchain Integration18:33 Institutional Needs in Crypto21:25 The Importance of Privacy in Crypto23:53 Market Dynamics and Competition25:11 Analyzing Blockchain Fundamentals28:13 Market Pullbacks and Future Outlook34:00 Emerging Topics: Quantum and DATs37:48 Staking and Its Significance This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit robertdewey3.substack.com/subscribe

I sat down with Jordi Visser to discuss a historically new phenomenon: economic growth without job growth—and what artificial intelligence means for the future of work, capital, and capitalism itself.We discuss I why economic growth is increasingly happening without job creation and what artificial intelligence means for the future of work and capitalism. This conversation explores how AI is breaking the historic relationship between capital and labor, why this moment feels different from past technological shifts, and why the transition path may be more destabilizing than the destination itself.Read my Substack on this essay here: https://robertdewey3.substack.com/p/w...We also talk about how AI changes competition, erodes traditional sources of career stability and corporate advantage, and forces a rethinking of how prosperity is created and distributed in the years ahead.Thank you very much to our sponsors: Truflation: BUY Truflation products/services and save 10% using code BOBDEW10. Learn about what prices are actually doing by going to https://truflation.com/If you are interested in the Bitcoin Blockchain Traded Fund, you can find infornation here: https://truflation.com/blog/quantamm-...Foundation: Protect your Bitcoin using the latest off-line technology with easy-to-use Passport. Their next product, Passport Prime will protect all passwords off-line with even-better technology. https://foundation.xyz/River Financial: If not cold storage for your Bitcoin, I’d highly recommend River for buying and holding- River is engineered to protect your Bitcoin over the long run. Use this link for discounts: https://river.com/signup?r=T7GGAF7GTimestamps:00:00 Introduction to AI and Labor Market Disruption04:58 The Impact on Younger Generations10:09 AI's Role in Competitive Advantage and Capitalism19:47 Embracing AI for Productivity and Creativity24:45 The Future of Capitalism and Economic Reform31:30 The Case for Bitcoin as a Hedge32:54 AI's Impact on Industries44:08 Revolutionizing Healthcare with AI48:20 The Future of Education in an AI World55:47 Navigating Societal Changes and Wealth Distribution This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit robertdewey3.substack.com/subscribe

Inflation isn’t 3%. In this episode of Exploring Prosperity, I’m joined by Stefan Rust, CEO of Truflation, to explain what real-time inflation data is actually showing — and why the official CPI number may be missing what’s really happening to prices.See my essay about this interview here: We discuss how Truflation measures inflation daily across thousands of goods and services, how its methodology differs from CPI and PCE, and what the data reveals about tariffs, energy prices, food costs, and the U.S. dollar. We also explore whether inflation can be anticipated at all, how global inflation dynamics differ by country, and what investors, policymakers, and households should take away from real-time price data.If you’ve questioned whether inflation has really fallen to 3%, this conversation breaks down what the data says, why it differs from government statistics, and what matters most going forward.Topics covered:* Why inflation isn’t really 3%* Real-time inflation data vs CPI* How Truflation measures prices differently* Tariffs, energy prices, and inflation* Can inflation be forecast?* Global inflation trends * What inflation data means for markets and policyTimestamps:00:00 Impact of Tariffs on Inflation11:35 Understanding True Inflation Data20:02 Labor Statistics and Employment Index26:41 Innovations in Data and Trading30:41 Future Outlook on InflationThank you very much to our sponsors: Truflation: BUY Truflation products/services and save 10% using code BOBDEW10. Learn about what prices are actually doing by going to https://truflation.com/ Foundation: Protect your Bitcoin using the latest off-line technology with easy-to-use Passport. Their next product, Passport Prime will protect all passwords off-line with even-better technology. https://foundation.xyz/ River Financial: If not cold storage for your Bitcoin, I’d highly recommend River for buying and holding- River is engineered to protect your Bitcoin over the long run. Use this link for discounts: https://river.com/signup?r=T7GGAF7G This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit robertdewey3.substack.com/subscribe

In this episode, I sit down with investment manager and author Lawrence Lepard (The Big Print) to examine how America’s monetary system actually works—and why its failures increasingly feel moral, not just economic.Larry breaks down the Cantillon Effect: how Federal Reserve money creation and artificially low interest rates disproportionately benefit Wall Street, large financial institutions, and asset owners, while eroding the purchasing power of wages and savings on Main Street. What emerges is a system that rewards proximity to newly created money rather than productive contribution.We discuss what Larry calls the “Gradual Print” now underway—a slow but persistent expansion of the monetary base that avoids crisis headlines while steadily debasing the currency. To illustrate the scale of this debasement, he introduces the concept of a “shadow price” of gold: a theoretical calculation showing that gold would need to be priced near $90,000 per ounce to fully back today’s M2 money supply. This is not a near-term price forecast, but a framework for understanding how far the system has drifted from monetary discipline.The conversation also explores the historical origins of central banking, the moral hazards created by bailouts and credit expansion, and why Larry believes sound money is essential to restoring fairness, trust, and long-term stability. We conclude by discussing why he holds both gold and Bitcoin as protection against monetary debasement—and what a realistic transition to sound money could look like.Topics Discussed:- The "Rigged" Game: How low interest rates and bailouts favor the elite banks.- The Big Print vs. Gradual Print: Why the Fed is trapped and what comes next.- The $90,000 Gold Calculation: What the price of gold would be if it backed today's money supply.- Bitcoin vs. Gold: Why Larry holds both to protect purchasing power.- The Solution: How we transition to sound money and a fairer system.Thank you very much to our sponsors: Truflation: BUY Truflation products/services and save 10% using code BOBDEW10. Learn about what prices are actually doing by going to https://truflation.com/Foundation: Protect your Bitcoin using the latest off-line technology with easy-to-use Passport. Their next product, Passport Prime will protect all passwords off-line with even-better technology. https://foundation.xyz/River Financial: If not cold storage for your Bitcoin, I’d highly recommend River for buying and holding- River is engineered to protect your Bitcoin over the long run. Use this link for discounts: https://river.com/signup?r=T7GGAF7GTimestamps: 00:00 - Intro 03:38 - The "Moral Crusade": Why the System is Unfair 07:04 - The Cantillon Effect: How Banks Rigged the Game 13:13 - Larry’s "Radicalization" (The GFC Moment) 17:15 - The "Gradual Print" vs. The "Big Print" 26:49 - The End of the Dollar Reserve Currency? 34:15 - The Secret Meeting at Jekyll Island (Fed History) 46:16 - The Solution: How We Transition to Sound Money 52:01 - The Michael Saylor 2032 Prediction 56:51 - The Debt-to-Gold Ratio & The $90k "Shadow Price" 1:03:14 - Volatility & The "God Candle": Why Selling is Dangerous 1:08:22 - Bitcoin vs. Gold: Which to Buy Now? This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit robertdewey3.substack.com/subscribe

Ethel Walker head of school Meera Viswanathan joins Exploring Prosperity to explain what’s really happening to today’s students — from the rise of social media, smartphones, and anxiety to the decline of confidence, resilience, and curiosity.Drawing on insights aligned with Jonathan Haidt, The Anxious Generation, and current research on teen mental health, Meera breaks down:- How phones and social media are reshaping childhood- The real drivers behind rising anxiety and self-doubt- Why schools are struggling — and how to fix them- What great teachers and parents can do right now- Why education is still a fundamentally hopeful institutionThis conversation is for parents, educators, policymakers, and anyone who cares about the future of young people.Timestamps:00:00 The Evolution of Education02:58 The Core Mission of Ethel Walker School04:22 The Benefits of Single-Sex Education06:53 Addressing Busy Work in Education10:56 Preparing Students for a Rapidly Changing World12:16 The Role of Autodidacticism in Learning13:15 The Importance of Engaging Teachers13:48 The Capabilities Approach to Education15:26 Bridging the Confidence Gap for Girls17:04 Developing Essential Skills for Life19:27 Financial Literacy and Community Engagement22:47 Engaging Students in Investment Education25:15 Expanding Financial Literacy Programs27:39 Real-World Impact of Financial Education30:33 The Role of Education in Building Confidence32:28 Scalability of Educational Innovations34:50 Adapting Successful Programs to Other Schools36:32 Challenges Facing Public Education39:16 The Importance of a Liberal Arts Education43:11 Fostering Freedom of Inquiry in Education46:02 Navigating Modern Challenges in Education46:58 The Limits of Algorithms and Imagination49:25 The Importance of Daydreaming in Education52:48 The Role of Public Libraries and Financial Aid56:41 The State of Higher Education in the U.S.01:00:38 The Politics of Education and Academic FreedomThank you very much to our sponsors: Truflation: BUY Truflation products/services and save 10% using code BOBDEW10. Learn about what prices are actually doing by going to https://truflation.com/Foundation: Protect your Bitcoin using the latest off-line technology with easy-to-use Passport. Their next product, Passport Prime will protect all passwords off-line with even-better technology. https://foundation.xyz/River Financial: If not cold storage for your Bitcoin, I’d highly recommend River for buying and holding- River is engineered to protect your Bitcoin over the long run. Use this link for discounts: https://river.com/signup?r=T7GGAF7G This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit robertdewey3.substack.com/subscribe

Artificial intelligence is transforming the global economy — but will America stay ahead? In this audio edition of Exploring Prosperity, host Robert Dewey examines whether U.S. innovation can outpace regulation, comparing today’s AI revolution to past eras when new technologies reshaped productivity, jobs, and global power.From Silicon Valley’s open-source momentum to Europe’s regulatory headwinds and China’s centralized push, this essay explores the balance between freedom, experimentation, and control — and why the future of prosperity may depend on which model wins.Topics include:* The real drivers of America’s AI edge* How overregulation could slow innovation* Lessons from past technology revolutions* The global race for AI leadershipListen to understand how policy choices today could decide whether AI accelerates prosperity — or stifles it.Thank you very much to our sponsors:* Truflation: Truflation: BUY Truflation products/services and save 10% using code BOBDEW10. Learn about what prices are actually doing by going to https://truflation.com/marketplace/us-inflation-rate* Foundation: Protect your Bitcoin using the latest off-line technology with easy-to-use Passport. Their next product, Passport Prime will protect all passwords off-line with even-better technology. https://foundation.xyz/* River Financial: If not cold storage for your Bitcoin, I’d highly recommend River for buying and holding- River is engineered to protect your Bitcoin over the long run. Use this link for discounts: https://river.com/signup?r=T7GGAF7G This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit robertdewey3.substack.com/subscribe

Gold just surged 30% in only 56 days — its fastest rise since 1979.In this episode of Exploring Prosperity, Bob Dewey revisits a roundtable with Lyn Alden, Bob Murphy, and Troy Cross to ask: what does this record-setting move reveal about the weakness of fiat money and the enduring power of hard money?The discussion explores:* How fiat money distorts price signals and encourages debt-driven growth* Why gold and Bitcoin represent sound-money alternatives in a financialized economy* How hard money could reshape investment, innovation, and wealth distribution* What might have happened if the U.S. had reconnected the dollar to gold in 1971Lyn Alden explains how easy money fuels financial arbitrage rather than productivity.Bob Murphy shows that even under deflation, real investment and growth would continue.Troy Cross highlights how fiat’s distortions make it harder for markets to reveal true value.📈 Gold’s record run has reignited the debate over sound money, inflation, and individual freedom.This conversation connects today’s headlines to the deeper question: what kind of money best supports prosperity?Thank you very much to our sponsors:* Truflation: Truflation: BUY Truflation products/services and save 10% using code BOBDEW10. Learn about what prices are actually doing by going to https://truflation.com/marketplace/us-inflation-rate* Foundation: Protect your Bitcoin using the latest off-line technology with easy-to-use Passport. Their next product, Passport Prime will protect all passwords off-line with even-better technology. https://foundation.xyz/* River Financial: If not cold storage for your Bitcoin, I’d highly recommend River for buying and holding- River is engineered to protect your Bitcoin over the long run. Use this link for discounts: https://river.com/signup?r=T7GGAF7G This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit robertdewey3.substack.com/subscribe

Every generation inherits miracles that once seemed impossible. Childbirth used to be among humanity’s greatest risks—today, it’s routine. In this episode of Exploring Prosperity, I look at the extraordinary fall in infant mortality and what it reveals about the quiet triumph of modern medicine. From 1800—when nearly half of all children died before age five—to today’s rates in the US at 0.5%, this is one of history’s clearest measures of human progress. Yet our healthcare system, despite these miracles, has become a source of frustration and pessimism. Why? Costs, complexity, and bureaucracy now obscure the deeper story of achievement. This video explores both sides of that paradox: how far medicine has come—and why so many feel left behind by it. Subscribe! Explore how innovation, capitalism, and human creativity continue to shape a more prosperous future. Thank you to our sponsors! Truflation: Learn about what prices are actually doing by going to https://truflation.com/Foundation: Protect your Bitcoin using the latest off-line technology with easy-to-use Passport. Their next product, Passport Prime will protect all passwords off-line with even-better technology. https://foundation.xyz/River Financial: If not cold storage for your Bitcoin, I’d highly recommend River for buying and holding- River is engineered to protect your Bitcoin over the long run. Use this link for discounts: https://river.com/signup?r=T7GGAF7G Timestamps: 00:00 The Miracle of Modern Childbirth 02:42 The Paradox of Healthcare Progress This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit robertdewey3.substack.com/subscribe

In this episode of Exploring Prosperity, I sit down with Matt Hougan, CIO of Bitwise, and Ryan Rasmussen, Head of Research, to unpack their groundbreaking report on Bitcoin’s long-term capital market assumptions. We cover why Bitcoin is increasingly viewed as a hedge against U.S. debt and deficits, how institutional investors are approaching allocation, the rise of corporate treasuries adopting Bitcoin, and the risks every investor should understand. Key topics we discuss include:* Why Bitcoin is gaining traction with pensions, endowments, and other institutions* The surge in corporate Bitcoin buyers and the impact of limited supply* The U.S. debt crisis, inflation concerns, and reserve currency debates* How to think about risk: volatility vs. conviction* Long-term catalysts like regulation, ETFs, and central bank adoptionMatt and Ryan explain why they believe Bitcoin could capture 1–5% of institutional portfolios — representing trillions in potential inflows — and why the supply-demand equation makes this moment so pivotal. Whether you’re a long-term investor, corporate leader, or simply curious about Bitcoin’s future, this conversation offers rare insights from two of the sharpest minds in crypto research. Learn why Bitcoin may be one of the most important assets for the next decade. Read their report here: Bitcoin Long-Term Capital Market Assumptions: 2025Thank you very much to our sponsors: Truflation: BUY Truflation products/services and save 10% using code BOBDEW10. Learn about what prices are actually doing by going to https://truflation.com/ Foundation: Protect your Bitcoin using the latest off-line technology with easy-to-use Passport. Their next product, Passport Prime will protect all passwords off-line with even-better technology. https://foundation.xyz/ River Financial: If not cold storage for your Bitcoin, I’d highly recommend River for buying and holding- River is engineered to protect your Bitcoin over the long run. Use this link for discounts: https://river.com/signup?r=T7GGAF7G Timestamps: 00:00 Introduction to Bitcoin's Capital Market Assumptions 02:56 Understanding Bitcoin's Value Proposition 06:03 The Macro Economic Landscape and Debt Concerns 09:05 The Role of Gold and Central Banks 12:42 Regulatory Environment and Institutional Interest 15:45 Bitcoin's Scarcity and Demand Dynamics 18:58 Risks and Future Outlook for Bitcoin 38:22 The Rise of Corporate Bitcoin Adoption This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit robertdewey3.substack.com/subscribe

For nearly 80 years, the world’s leading powers have avoided direct war — a stretch historians call the “Long Peace.” This video explores why peace has lasted so long, what forces have kept it in place, and how fragile it may be in the years ahead. Drawing on my essays from my research, (https://robertdewey3.substack.com/p/g...) we look first at the historical rarity of 80 years without great power conflict. Then we examine the global forces that shaped this era: U.S. hegemony after World War II, nuclear deterrence and the Cuban Missile Crisis, economic interdependence between rivals like the U.S. and China, and international institutions such as the UN, WTO, and EU. While these systems have enabled extraordinary global prosperity, each contains weaknesses — and history shows that peace is never guaranteed. Cycles described by Ray Dalio in Principles for Dealing with the Changing World Order and Strauss & Howe in The Fourth Turning suggest new challenges may be approaching. The Long Peace has been a foundation for growth and progress. But can it endure — and what happens if it doesn’t? These are questions that matter for the prospects of the next generation. Thank you to our sponsors! Truflation: BUY Truflation products/services and save 10% using code BOBDEW10. Learn about what prices are actually doing by going to https://truflation.com/ Foundation: Protect your Bitcoin using the latest off-line technology with easy-to-use Passport. Their next product, Passport Prime will protect all passwords off-line with even-better technology. https://foundation.xyz/ River Financial: If not cold storage for your Bitcoin, I’d highly recommend River for buying and holding- River is engineered to protect your Bitcoin over the long run. Use this link for discounts: https://river.com/signup?r=T7GGAF7G Timeline: 0:00 — Overview of The Great Peace. 0:26 — Modern Flashpoints: 2025, two flashpoints, Israel airstrike, Russian drones, historical precedent. 1:05 — Theories and Historical Context: Extraordinary events, global powers, extended peace, historical cycles. 3:33 — Hegemonic Stability & Nuclear Deterrence: US dominance, nuclear weapons, deterrence, global order. 6:11 — Systemic Forces & Fragility: International institutions, recent escalations, fragility of peace, looking ahead. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit robertdewey3.substack.com/subscribe

What if the key to prosperity isn't natural resources, but human labor itself? In this podcast, we explore economist Saifedean Ammous's compelling argument from "The Bitcoin Standard" that human ingenuity, not scarce resources, drives economic growth—but only when amplified by two critical factors: abundant energy and sound money. Through historical data and charts spanning from the gold standard era to today's fiat currency system, we examine why living standards exploded after 1750 and why they may be at risk today. The evidence reveals a striking pattern: the 1971 end of the gold standard coincides precisely with the divergence of productivity and wages, suggesting that monetary policy profoundly affects whether workers benefit from their increased output. As we face mounting US debt and energy constraints, this analysis offers both a framework for understanding prosperity's foundations and a warning about the institutional prerequisites for continued human flourishing. Could Bitcoin restore the sound money necessary to unlock labor's full potential, leaving energy abundance as our only remaining constraint?Thank you very much to our sponsors:* Truflation: Learn about what prices are actually doing by going to https://truflation.com/marketplace/us-inflation-rate* Foundation: Protect your Bitcoin using the latest off-line technology with easy-to-use Passport. Their next product, Passport Prime will protect all passwords off-line with even-better technology. https://foundation.xyz/* River Financial: If not cold storage for your Bitcoin, I’d highly recommend River for buying and holding- River is engineered to protect your Bitcoin over the long run. Use this link for discounts: https://river.com/signup?r=T7GGAF7G This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit robertdewey3.substack.com/subscribe

In this revealing interview from Digital Future Fest, David Nage, Portfolio Manager at ARCA, breaks down the dramatic regulatory shift that's transforming crypto from "enemy of the state" to innovation enabler. Nage shares with co-host Eleanor Terrett (co-founder of Crypto in America) and me his firsthand experience meeting with SEC officials who are now actively seeking industry input, drawing compelling parallels to the 1990s encryption export battles that ultimately unleashed the secure internet. He explains why this regulatory clarity is unlocking real-world blockchain applications and creating genuine investment opportunities beyond speculative trading.Nage dives deep into the most exciting trend he's tracking: the convergence of AI and Web3 technology. He reveals how current AI models are experiencing "model collapse" due to outdated training data, using Delta's chatbot as a prime example, and explains how crypto incentives could solve this by rewarding users for continuously improving AI systems. The conversation also covers blockchain's potential to combat AI-generated misinformation—like the fake Pentagon explosion image that briefly crashed markets—through immutable content verification, plus insights on tokenized real estate and his advice for emerging crypto fund managers navigating this transformed landscape.Thank you very much to our sponsors:* Truflation: Learn about what prices are actually doing by going to https://truflation.com/marketplace/us-inflation-rate* Foundation: Protect your Bitcoin using the latest off-line technology with easy-to-use Passport. Their next product, Passport Prime will protect all passwords off-line with even-better technology. https://foundation.xyz/* River Financial: If not cold storage for your Bitcoin, I’d highly recommend River for buying and holding- River is engineered to protect your Bitcoin over the long run. Use this link for discounts: https://river.com/signup?r=T7GGAF7G This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit robertdewey3.substack.com/subscribe

In this episode, we explore whether modern society is actually solving more injustices than it creates—despite widespread pessimism about the future. Drawing from history, we look at how injustice was once the default condition of human life, and how today’s systems—though imperfect—offer unprecedented tools for redress and reform. From coerced labor and systemic brutality to algorithmic bias and executive overreach, we examine how far we’ve come, where risks remain, and why the arc of justice still bends forward. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit robertdewey3.substack.com/subscribe

🚀 The Enterprise Blockchain Revolution is Here In this exclusive interview from Digital FutureFest, I sit down with John Wu, President of Ava Labs, to discuss the massive shift happening in blockchain adoption. We're witnessing traditional enterprises move from proof-of-concept experiments to full production deployments. 🔥 Key Topics Covered: Why 2025 is blockchain's enterprise inflection point How companies like BlackRock and Apollo are tokenizing real assets Why enterprises need custom blockchain environments Maple Story's 200M users moving to blockchain gaming The regulatory changes driving institutional adoption Washington's dramatic shift on crypto policy 💡 Major Insights: Apollo reduced 3,000 operational steps to one click (25-30% cost savings) Gaming companies processing thousands of transactions need isolated environments Smart contracts are becoming powerful CRM tools for brands like FIFA Congressional staff continuity is accelerating regulatory progress. 🎯 About John Wu: President of Ava Labs, the team behind Avalanche blockchain. Wu has been at the forefront of enterprise blockchain adoption, working with major institutions like JPMorgan, T. Rowe Price, and Wisdom Tree. 📍 Recorded at Digital FutureFest - the inaugural conference hosted by the CT Digital Forum, co-hosted with Eleanor Terrett. Timestamps: 00:00 The Inflection Point in Crypto 02:57 Avalanche's Unique Technology and Business Development 05:53 Gaming and Blockchain: A New Era 09:06 FIFA and the Future of Digital Collectibles 12:02 Engagement and Feedback from Traditional Finance 15:11 Regulatory Landscape and Future Outlook Thank you very much to our sponsors: Truflation: Learn about what prices are actually doing by going to https://truflation.com/ Foundation: Protect your Bitcoin using the latest off-line technology with easy-to-use Passport. Their next product, Passport Prime will protect all passwords off-line with even-better technology. https://foundation.xyz/ River Financial: If not cold storage for your Bitcoin, I’d highly recommend River for buying and holding- River is engineered to protect your Bitcoin over the long run. Use this link for discounts: https://river.com/signup?r=T7GGAF7G This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit robertdewey3.substack.com/subscribe

One of the biggest reasons Americans feel pessimistic about the next generation's prospects is our mounting national debt and structural deficits—and the very real threat they pose to the dollar's purchasing power through inflation. Understanding and accurately measuring inflation isn't just an academic exercise; it's fundamental to preserving American prosperity and ensuring we can address these fiscal challenges before they become existential ones.Which makes yesterday's Wall Street Journal revelation that the Bureau of Labor Statistics has been forced to cut back on price data collection due to staffing shortages from the Trump administration's hiring freeze all the more concerning. In 2025, this antiquated approach reads like something from a bygone era. In 2025, when companies like my sponsor Truflation tracks millions of price points, many from sources with daily updates, the idea that America's critical inflation statistics depend on "hundreds of workers into retail stores across the country to gather thousands of prices" seems almost quaint—if it weren't so economically dangerous.The Scope of the ProblemThe numbers tell a stark story. Nearly 30% of price data in April's report used imputation techniques—double the normal rate—because the BLS suspended data collection entirely in cities including Lincoln, Nebraska, Provo, Utah, and Buffalo, New York. The agency has lost about 15% of its personnel since the beginning of the year, forcing economists to rely on estimates based on loosely related products or different regions.Consider the absurdity: the most important economic statistic in America—one that determines Social Security adjustments for tens of millions of recipients and influences $2 trillion in inflation-adjusted Treasury bonds—now depends on whether the government can hire enough people to physically visit stores and manually record prices.The Digital Alternative Already ExistsWhile the BLS struggles with a 20th-century approach to data collection, private companies have already solved this problem. Truflation demonstrates what's possible with modern technology: over 13 million prices of goods and services compared to traditional indexes which track roughly 100,000 items, with data updated 30 times faster than current measurement tools and leveraging census-level data with a minimum of 3 data sources per index.The contrast is striking. Where the BLS requires an army of workers to manually collect a relatively small sample of prices, digital platforms can access millions of real-time pricing data points automatically, with built-in redundancy and verification systems that eliminate human error.A Bureaucratic Plea for Protection?The timing and tone of yesterday's revelations raise questions about whether this represents genuine concern about data quality or a strategic appeal for bureaucratic protection. The WSJ article's warning about "major implications for the economy" from what amounts to a staffing shortage feels disproportionate—particularly when the BLS itself admits the cutbacks "have minimal impact" on overall inflation data.More telling is the apparent uncertainty about whether BLS employees were even subject to the hiring freeze. The White House could continue to extend the freeze indefinitely, yet the BLS and its parent agency, the Labor Department, didn't respond to requests for comment. This silence, combined with the dire warnings about economic consequences, suggests an agency more focused on preserving its methodology than improving it.The Real ImplicationsThe true "major implications for the economy" aren't from temporary staffing shortages—they're from an inflation measurement system so antiquated that it can be derailed by a hiring freeze. In an era where Trump's sweeping tariffs are being closely watched for their impact on inflation, having unreliable or delayed inflation data isn't just inconvenient—it's economically reckless.Omair Sharif, chief economist at Inflation Insights, captured this perfectly: "The PPI is cutting hundreds of indexes from production, and the CPI is now being constructed with less data. That alone is worrying given that we're heading into the teeth of the tariff impact on prices."Time for Complete OverhaulThis crisis presents an opportunity to fundamentally rethink how America measures inflation. Instead of doubling down on a labor-intensive system that requires thousands of employees to collect limited data points, we should embrace the digital revolution that has already transformed every other aspect of economic data collection.The technology exists. The private sector has proven its effectiveness. Truflation's correlation with headline CPI has been consistently high demonstrating that modern methods can match or exceed traditional accuracy while providing real-time insights.What we need now is the political will to admit that the current system is obsolete. The BLS inflation data crisis isn't an argument for more government employees—it's the best argument ever for completely overhauling how the federal government calculates one of its most important economic statistics.In a digital age, America's inflation data shouldn't depend on whether bureaucrats can staff enough people to walk into stores with clipboards. It's time to build a system worthy of the world's largest economy.This is why I'm so proud to be sponsored by Truflation—they're not just demonstrating what modern inflation measurement can achieve, they're actively building the infrastructure America needs to preserve its economic future.Thank you very much to our sponsors:* Truflation: Learn about what prices are actually doing by going to https://truflation.com/marketplace/us-inflation-rate* Foundation: Protect your Bitcoin using the latest off-line technology with easy-to-use Passport. Their next product, Passport Prime will protect all passwords off-line with even-better technology. https://foundation.xyz/* River Financial: If not cold storage for your Bitcoin, I’d highly recommend River for buying and holding- River is engineered to protect your Bitcoin over the long run. Use this link for discounts: https://river.com/signup?r=T7GGAF7G This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit robertdewey3.substack.com/subscribe

Part I: Why This Series Matters—and What Comes NextThis three-part series with Erik Townsend began with a simple but urgent question:How do we power a prosperous future for everyone—without wrecking the planet in the process?The stakes are real. Economic growth has always been tethered to rising energy consumption. And as billions of people in the developing world continue their climb out of poverty—and as AI and digital infrastructure drive an explosion in electricity demand in the developed world—the question isn’t whether global energy consumption will rise. It’s by how much, and what kind of energy will meet that demand.Let’s be clear: energy demand is always met with supply. When clean energy isn’t available, fossil fuels fill the gap.That’s why, despite trillions invested in wind and solar, fossil fuel use continues to rise. We’re not replacing dirty energy—we’re supplementing it. And unless we fix the constraints that are preventing next-generation nuclear energy from scaling, this pattern will only worsen.That’s why I wanted to do this series.The Core Problem—and the Missed OpportunityWe live in a world where technological solutions exist, but political systems prevent their deployment.Erik Townsend has laid out a compelling blueprint for how we can mass-produce safe, cheap, thorium-fueled molten salt reactors using technologies already proven in the lab. These reactors don’t just reduce emissions—they can slash the cost of energy by orders of magnitude, unlock productivity, and provide clean power to every corner of the planet. That includes regions that still struggle to keep the lights on, let alone power AI data centers.But right now, Western regulatory regimes are functionally designed to prevent innovation in nuclear energy, not enable it. Meanwhile, China is racing ahead—already demonstrating advanced reactors and signaling a strategy to dominate global energy and technology supply chains by mid-century.The longer we wait, the greater the cost—not just environmentally, but geopolitically.Why This Series—and Why Now?Some readers may notice that this third episode is the most technical of the three. I considered warning you about that upfront. But doing so might have scared people away from what is arguably the most important part of the conversation. This episode is where we move from high-level vision to engineering reality—and where Erik’s credibility as a serious voice in the nuclear debate becomes most obvious.It’s also timely.Just days ago, the White House issued a new Executive Order (May 24) outlining a new push for clean energy infrastructure. In theory, this could represent a step toward the kind of policy environment Erik has been calling for. In practice, the jury is still out. I’ll have more to say about that EO and how it aligns—or doesn’t—with Erik’s plan in a follow-up post shortly.But this essay and episode were designed to do something different: to provide the technical foundation that explains why Erik’s plan isn’t just visionary—it should be achievable., though we won’t know that unless we try.The Debate Around Erik’s VisionErik isn’t presenting a finished doctrine—he’s actively seeking feedback from experts in engineering, policy, and energy economics to refine his proposals. His aim isn’t to win an argument—it’s to build a better plan. So send him commentary! In fact, there are very few detailed rebuttals to his core thesis to be found. Most people don’t deny that molten salt reactors and mass-manufactured SMRs offer enormous promise. Instead, the pushback tends to fall into these two concerns:* Can we overcome the regulatory inertia and political headwinds—especially in the West, where nuclear licensing can cost hundreds of millions and take a decade or more?* Can a relatively unproven technology like thorium be scaled fast enough to make a meaningful climate or economic impact by mid-century? And shouldn’t we focus on building what is already proven?These are legitimate questions, but they’re not dealbreakers. Erik’s plan is grounded in serious, cross-disciplinary research. It’s the product of a sharp generalist doing the homework: understanding the physics, mapping the economics, and recognizing the geopolitical stakes.Even if the vision doesn’t fully succeed, it points us toward the right problem and a high-value solution: replacing fossil fuels entirely, not just keeping pace with rising electricity demand. That alone makes it worth pursuing.If we care about lowering costs, lifting standards of living globally, and meeting AI-driven demand without accelerating environmental collapse, this is the kind of bold solution that deserves our attention—and our action.Part II: Inside the Engineering Vision – Erik Townsend on the Future of Nuclear EnergyIn Episode 3 of our interview series, Erik walked through the mechanics, economics, and design principles of molten salt thorium reactors—and what it would take to mass-produce them at a scale that could replace fossil fuels, not just supplement them.This episode goes deep on technical details, but what emerges is a remarkably simple point: we have the science, we have the economic model, and we have precedent for rapid scaling of new technologies. The only thing standing in the way is the political and regulatory machinery of the West.The Real Bottleneck Isn’t Technology—It’s PermissionErik opens the conversation with a history lesson. The first electricity from nuclear power was generated in 1951. Four years later, we had a nuclear submarine in the water—because the U.S. government made it a national priority. Today, the engineering challenge is actually easier, but the regulatory barrier is much harder.Private companies like Copenhagen Atomics—where Erik is an investor—can design thorium-fueled molten salt reactors that operate safely, avoid meltdown risk, and cost a fraction of what today’s light water reactors require. But in the U.S., the cost just to navigate the certification process with the NRC runs into the hundreds of millions.That’s not a technical bottleneck. That’s a structural failure.Fuel Economics: From Scarcity to AbundanceOne of the most compelling sections of the episode is Erik’s breakdown of nuclear fuel types and costs. The key insight: we’ve built an entire global nuclear industry around the rarest and most expensive fuel—U-235.Only 0.2% of the nuclear fuel in nature is U-235. Nearly all the rest—U-238 and thorium-232—is what’s called fertile fuel, which can’t sustain a chain reaction on its own but can be “bred” into fissile fuel. That’s what a breeder reactor does.In fact, thorium—the most promising of these fertile fuels—makes up about 75% of the nuclear fuel available on Earth. It’s abundant, non-enrichable (meaning it’s not a bomb risk in its raw form), and cheap. When paired with molten salt reactor designs, it produces less waste, no meltdown risk, and much lower fuel costs. Erik estimates that switching from fossil fuels to molten salt thorium reactors would reduce the planet’s annual fuel bill from $6.25 trillion to $312 million.Mass Production: The Nuclear Henry Ford MomentBuilding new nuclear reactors the old way—on-site, custom-designed megaprojects—costs too much and takes too long. The only viable path forward, Erik argues, is to treat reactors like cars or shipping containers: build them in factories, on robotic assembly lines, with standardized parts and automated quality control.Copenhagen Atomics is designing reactors small enough to fit inside a 40-foot shipping container. The target cost is under $10 million per unit—less than some AI data center GPU clusters—and a tiny fraction of the cost of a coal-fired or conventional nuclear plant. These units could be built and deployed by the thousands, replacing fossil fuel infrastructure globally in a 20–30 year time frame.The critical enabling technology? Supercritical CO₂ turbines—a smaller, cheaper, and more efficient replacement for the steam turbines used in today’s power plants. When paired with modular reactors, these turbines make it possible to hit capital cost targets of under $1,000 per kilowatt, which is the tipping point to beat fossil fuels on price.Waste Isn’t the Problem—It’s the SolutionErik also tackles the myth of “nuclear waste” as an unsolvable problem. In fact, 95% of spent nuclear fuel is still usable, and the remaining 5% can be managed with known, proven reprocessing methods. France has done it for decades. The U.S. stopped because of Cold War–era fears about plutonium proliferation.But here’s the irony: that “waste” includes all the Kickstarter fuel we need to launch the next generation of thorium reactors. The U.K. alone has enough reactor-grade plutonium to start up 700 molten salt reactors—more than the current global reactor fleet.Rather than spending billions to bury this material, we should be using it to launch a new industrial era.What's the Holdup?It’s not the engineering. It’s not the safety. It’s not the economics.It’s the mindset.Erik ends the episode with a clear-eyed diagnosis: we’ve trained ourselves to think of nuclear as scary, risky, and complicated, when in fact the opposite is true. It’s the most concentrated, scalable, and safe form of energy we’ve ever discovered. And if we build it at scale—mass-produced, modular, and built on decades of proven science—we can power global prosperity for generations.This isn’t speculative. It’s just unrecognized.The question isn’t whether we can do it. The question is whether we will.Thank you very much to our sponsors:* Truflation: Learn about what prices are actually doing by going to https://truflation.com/marketplace/us-inflation-rate* Foundation: Protect your Bitcoin using the latest off-line technology with easy-to-use Passport. Their next product, Passport Prime will protect all passwords off-line with even-better technology. https://foundation.xyz/* River Financial: If not cold storage for your Bitcoin, I’d highly recommend River for buying and holding- River is engineered to protect your Bitcoin over the long run. Use this link for discounts: https://river.com/signup?r=T7GGAF7GSource: Erik Townsend research at: This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit robertdewey3.substack.com/subscribe

In this episode of Exploring Prosperity, we dive into the nuclear energy race that should define the 25 years. Host Robert Dewey and MacroVoices founder Erik Townsend explore how China is sprinting ahead with mass production of nuclear reactors—and why America is falling behind. With the U.S. now responding through a new executive order from President Trump ("REINVIGORATING THE NUCLEAR INDUSTRIAL BASE"), this conversation breaks down the urgent need for policy reform, mass-scale deployment of advanced reactors, and why this isn't just about energy—it's about global power. Thank you to our sponsors! Truflation: Learn about what prices are actually doing by going to https://truflation.com/ Foundation: Protect your Bitcoin using the latest off-line technology with easy-to-use Passport. Their next product, Passport Prime will protect all passwords off-line with even-better technology. https://foundation.xyz/ River Financial: If not cold storage for your Bitcoin, I’d highly recommend River for buying and holding- River is engineered to protect your Bitcoin over the long run. Use this link for discounts: https://river.com/signup?r=T7GGAF7G * 🔍 Topics covered: * China’s lead in nuclear reactor construction * The strategic importance of thorium-fueled molten salt reactors * Trump’s May 2025 executive order on nuclear innovation * How energy dominance translates to geopolitical dominance The role of U.S. national labs in reclaiming technological leadership 📈 Learn why nuclear energy is not just a climate solution—it’s a cornerstone of economic and military power in the 21st century. Chapters: 00:00 The Energy Dilemma: Balancing Growth and Sustainability 10:44 The Challenges of Nuclear Energy 13:18 Historical Context of Nuclear Technology 16:07 The Shift in Nuclear Research 17:18 The Role of Government in Nuclear Innovation 20:05 China's Advancements in Nuclear Technology 22:05 Future Directions for Nuclear Energy 23:01 Revolutionizing Reactor Coolants 24:04 The Future of Nuclear Energy 24:24 Economic Implications of Thorium Energy 28:39 Mass Production of Nuclear Reactors 29:57 Innovations in Turbine Technology 31:44 The Future of Nuclear Fusion 32:50 Nuclear Power for AI Data Centers 33:46 Safety of Molten Salt Reactors 34:51 Political Sentiment Towards Nuclear Energy 38:10 The Future of Energy and Nuclear Solutions 40:55 The Stakes of Nuclear Energy Dominance 40:56 Building the Future: Reactor Development This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit robertdewey3.substack.com/subscribe

What if economists have misunderstood the true engine of prosperity? In our latest episode I interview economist Per Bylund, whose work challenges mainstream thinking on how economic growth actually happens. Rather than viewing entrepreneurship as a side effect of capital or policy, Bylund argues it is the imaginative, uncertainty-bearing force behind value creation and societal progress. This conversation explores the flaws in conventional economic models, the unintended consequences of government regulation, and the overlooked power of entrepreneurial vision in shaping the future. Whether you're a business leader, policymaker, student, or investor, this episode will change how you think about prosperity and innovation. Thank you to our sponsors! Truflation: Learn about what prices are actually doing by going to https://truflation.com/ Foundation: Protect your Bitcoin using the latest off-line technology with easy-to-use Passport. Their next product, Passport Prime will protect all passwords off-line with even-better technology. https://foundation.xyz/ River Financial: If not cold storage for your Bitcoin, I’d highly recommend River for buying and holding- River is engineered to protect your Bitcoin over the long run. Use this link for discounts: https://river.com/signup?r=T7GGAF7G Chapters 00:00 Introduction to Economic Growth and Entrepreneurship 07:59 Redefining Entrepreneurship: A Market Function 15:49 Uncertainty vs. Risk in Entrepreneurship 20:49 Models of Entrepreneurship and Unpredictability 31:47 The Role of Imagination in Market Creation 35:19 Value, Price, and Cost in Entrepreneurship 40:25 Navigating Uncertainty in Product Development 43:06 The Role of Visionary Entrepreneurs 45:03 Service Industry Innovations 47:15 Outsourcing and Industry Fragmentation 52:02 The Impact of AI on Entrepreneurship 56:14 Regulation and Its Effects on Innovation 58:11 The Cost of Regulation on Prosperity 01:04:15 The Future of Economic Growth and Entrepreneurship This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit robertdewey3.substack.com/subscribe

In this episode of Exploring Prosperity, I relay the importance of my interview with Professor Bruce Ackerman, Sterling Professor of Law and Political Science at Yale, about a crucial constitutional crisis threatening America's future. His 2010 book "The Decline and Fall of the American Republic" predicted with chilling accuracy how expanding executive power would eclipse congressional oversight and undermine our three-branch system.When Thomas Jefferson was president, his staff was just two people. Today? The Executive Office employs 2,500. This transformation has created a vicious cycle where presidents wield unprecedented authority to reverse predecessors' policies, then extend those powers further. This pattern doesn't just weaken the rule of law—it fuels political polarization by eliminating incentives for legislative compromise.Ackerman explains how selective enforcement of immigration laws, student debt, and environmental regulations demonstrates executive overreach across administrations. The upcoming Supreme Court decisions on agency independence will test whether our system can restore constitutional balance.As each party feels justified in expanding executive power to "correct" opponents' perceived overreach, we risk entering a self-reinforcing spiral of institutional decay. This isn't partisan politics—it's about preserving the foundations that enable future prosperity. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit robertdewey3.substack.com/subscribe

This is the final essay in our six-essay series exploring what might have happened had Nixon reinforced rather than abandoned the gold standard in 1971.Throughout this series, we've examined how abandoning the gold standard has led to significant consequences for economic growth, government size, wealth distribution, financial markets, and military spending. A central insight from our roundtable revealed why the Nixon counterfactual may have been historically implausible - and yet why the principles of hard money may still prevail in our future.In our roundtable, Lyn Alden explained how technology - particularly the telegraph - created a fundamental mismatch between transaction and settlement capabilities that ultimately doomed the gold standard:"For thousands of years, transactions and settlements did not have that much of a speed difference... But it was the telegraph that just completely blew open the gap between transaction speeds and settlement speeds."While information could move at the speed of light across telegraph wires, physical gold remained slow to transport, difficult to verify for quality, and required expensive security to move in large amounts. This growing gap required increasing reliance on centralized ledgers, creating both opportunity and temptation for those controlling these systems."That basically gives a gigantic honeypot to leaders," Alden noted. "It's kind of like putting the bag of potato chips next to every world leader."This insight explains why the gold standard faced mounting pressure long before Nixon's decision. As Alden provocatively suggested, "If we were to run this period of human history like a hundred times, I think in 90 plus or even maybe a hundred of those times, you would have ended up in a similar kind of fiat period."Source: Lyn Alden, “Broken Money” pg 88. Easy to spot the turning points as fiat was loosened away from the gold standard, and then what occurred when it was removed entirely in 1971.Bitcoin: Closing the Settlement GapThe technological perspective reveals a fascinating possibility: if technological change made the abandonment of gold nearly inevitable, a new technology might restore the principles of hard money in our digital age.As Alden explained: "The reason I emphasize Bitcoin is that's kind of the first good attempt to close that gap."Bitcoin potentially solves the core problem that undermined the gold standard: it combines hard money properties with fast settlement. For the first time, we have a monetary asset that offers both scarcity and speed.The Path to AdoptionIf Bitcoin solves the technical problems that undermined gold, will we see a return to hard money principles through its adoption? Our panelists offered nuanced perspectives.Troy Cross highlighted a significant challenge: "Governments can collect taxes in a money of their choosing... So they can guarantee demand for their money at some level." This tax-driven demand creates a powerful incentive for citizens to hold government currency regardless of its monetary properties.Bob Murphy suggested that formal adoption by major governments is unlikely: "I don't predict it will happen. I think that you're going to see formal and informal defaults." Instead, he envisions smaller groups adopting Bitcoin as a way to "opt out of that system."Lyn Alden sees potential for a gradual, bottom-up shift that might eventually include major currencies, though she cautions this would be "a very long grind in a similar way that network effects take a very long time to shift."The transition might begin with individuals in high-inflation countries, expand through remittances and international settlements, and gradually develop into broader usage for transactions. As adoption grows, governments might shift from resistance to accommodation.Market Discipline Through CompetitionAn important question emerges: Will governments face market discipline if Bitcoin becomes a viable competitor? As Alden explained: "If we kind of picture... a Bitcoin world exists, Bitcoin got really big... Any country that comes along and says, 'hey, do you want to buy our fiat currency or our fiat bonds?' they're not going to have a big appetite."Alden also highlighted a historical pattern that might predict Bitcoin's future: "The general technological approach was that whenever cultures would come together, the one with the harder money could make more of those other ones money, but the reverse wasn't true." When hard money meets softer money, hard money wins. If Bitcoin achieves sufficient scale, this historical pattern suggests it could eventually exert significant pressure on softer currencies.For example, Alden points out in Hard Money that gold’s hard money characteristics were sounder than silver’s, and gold eventually won out.Source: Alden, Broken Money pg 41. Footnote- Silvan Frank, “Gold to Silver Ratio.” This dynamic could impose market discipline even without formal adoption of a new standard. The mere existence of a viable alternative creates a constraint on fiat excess. If citizens have genuine alternatives to hold value, governments face stronger incentives for monetary discipline.Conclusion: The Path ForwardOur roundtable conversation explored a counterfactual that, while historically implausible, illuminates profound truths about our monetary system. The evidence cited by our panelists suggested that abandoning the gold standard has had profound consequences—enabling unconstrained government growth, facilitating a shift from productive to financial capitalism, concentrating wealth through non-productive means, distorting price signals, and enabling military expansions that might otherwise have faced greater scrutiny.While maintaining a gold standard was extremely unlikely due to technological limitations, the fiat monetary system that replaced it appears fraught with the temptations of human nature and the political incentives that make sound money difficult to sustain. The rise of Bitcoin represents a potential hard money replacement for gold that addresses the technological constraints that doomed the gold standard.The principles that the gold standard embodied—stable money, fiscal discipline, and honest price signals—remain as important to individuals today as they were when money connected to gold was a more reliable store of wealth.Thank you very much to our sponsors:* Truflation: Learn about what prices are actually doing by going to https://truflation.com/marketplace/us-inflation-rate* Foundation: Protect your Bitcoin using the latest off-line technology with easy-to-use Passport. Their next product, Passport Prime will protect all passwords off-line with even-better technology. https://foundation.xyz/* River Financial: If not cold storage for your Bitcoin, I’d highly recommend River for buying and holding- River is engineered to protect your Bitcoin over the long run. Use this link for discounts: https://river.com/signup?r=T7GGAF7G This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit robertdewey3.substack.com/subscribe

In this episode of Exploring Prosperity, University of Austin President Pano Kanelos dives deep into the problems with the tenure system in today’s universities. Once designed to protect academic freedom, tenure has evolved into a system that promotes intellectual conformity and suppresses diversity of thought. Pano Kanelos explains how tenured professors often hire junior faculty who share the same ideological views, creating a cycle of ideological homogeneity across academia. This conversation reveals how structural issues in higher education may be stifling innovation, critical thinking, and free speech on campus. If you're concerned about the future of universities, academic freedom, and the need for education reform, this is a must-watch. 🔹 Topics Covered: * The hidden flaws of the tenure system * How academic conformity is built * Threats to free speech in universities * Why higher education reform is essential for societal progress 👍 Don’t forget to like, comment, and subscribe for more discussions on prosperity, education, and societal challenges! * Thank you to our sponsors: * Truflation: Learn about what prices are actually doing by going to https://truflation.com/marketplace/us... * Foundation: Protect your Bitcoin using the latest off-line technology with easy-to-use Passport. Their next product, Passport Prime will protect all passwords off-line with even-better technology. https://foundation.xyz/ * River Financial: If not cold storage for your Bitcoin, I’d highly recommend River for buying and holding- River is engineered to protect your Bitcoin over the long run. Use this link for discounts: https://river.com/signup?r=T7GGAF7G Chapters: 00:00 The Role of Tenure in Academia 01:46 Impact of Homogeneity on Student Learning 04:58 The Need for Critical Thinking This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit robertdewey3.substack.com/subscribe

In this episode of Exploring Prosperity, I sit down with Evan Ratner, the brilliant mind behind "Rat Links" on Substack, to explore his counterintuitive thesis on "Failure Inc." We unpack how spectacular failure has evolved from a stepping stone to success into its own lucrative business model - where Nick Leeson emerges from prison with book deals, MoviePass's mathematically impossible model briefly drives stocks up 1400%, and LinkedIn posts about getting fired generate 327% more engagement than promotion announcements. Beyond failure economics, Evan shares practical insights on entrepreneurship in the AI age, explaining how just thirty minutes daily can transform side projects into viable businesses. We also dive into current market volatility, exploring how zero-day options and tariff uncertainties are reshaping the investment landscape. Whether you're an entrepreneur, investor, or simply fascinated by economic paradoxes, this conversation offers a fresh perspective on success, failure, and the bizarre economic incentives that connect them. Thank you to our sponsors: Truflation: Learn about what prices are actually doing by going to https://truflation.com/marketplace/us-inflation-rate Foundation: Protect your Bitcoin using the latest off-line technology with easy-to-use Passport. Their next product, Passport Prime will protect all passwords off-line with even-better technology. https://foundation.xyz/ River Financial: If not cold storage for your Bitcoin, I’d highly recommend River for buying and holding- River is engineered to protect your Bitcoin over the long run. Use this link for discounts: https://river.com/signup?r=T7GGAF7G Timestamps: 00:00 The Economics of Failure: A New Business Model 02:09 Transforming Failure into Success 04:53 The Value of Spectacular Failures 09:01 Learning from Corporate Failures 11:57 The Attention Economy and Failure 14:53 The Impact of Social Media on Perceptions of Failure 22:28 The Impact of Fraud on Artistry 23:05 AI: The New Frontier for Entrepreneurs 26:21 The Evolution of Human Planning and Productivity 28:19 Turning Hobbies into Profitable Ventures 30:47 The Importance of Iteration and Acceptance of Failure 33:09 Building a Library of Content for Future Success 35:24 Monetizing Failures and Market Opportunities 37:12 Navigating the Current Market Landscape for Investors 43:25 Uncertainty in the Market and Global Economic Shifts 49:32 AI's Role in Job Displacement and New Opportunities This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit robertdewey3.substack.com/subscribe

A global reserve fiat currency, unanchored by a hard money standard, inevitably leads to trade imbalances where powerful nations exchange their currency for goods, resulting in the hollowing out of their manufacturing base and increased financialization that widens wealth disparities. This dynamic ultimately triggers democratic pushback through populist policies like tariffs, which, while disrupting free market principles and global economic efficiency, serve immediate political purposes by shifting economic costs to foreign producers and domestic asset owners rather than workers. This political intrusion into economic systems mirrors Keynesian principles in prioritizing political expediency over pure economic fundamentals, regardless of whether such measures maximize total economic benefit in the long run. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit robertdewey3.substack.com/subscribe

How did abandoning the gold standard in 1971 reshape wealth distribution in America? This episode explores how our monetary system drives inequality through the Cantillon Effect, asset inflation, and forced speculation. Drawing from insights by economist Bob Murphy, financial analyst Lyn Alden, and philosopher Troy Cross, we examine why wealth inequality has grown 20 times faster than income inequality since 1971, with the Forbes 400 seeing a staggering 5,400% increase in wealth while median household income grew just 255%. Discover how monetary policy systematically favors asset owners over wage earners, creating two distinct paths to wealth.This is the third in our series examining insights from our recent roundtable on the gold standard counterfactual. In previous essays, we explored how the US economy could be 70% larger had Nixon fortified the gold standard in 1971. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit robertdewey3.substack.com/subscribe

The upcoming White House crypto summit has generated significant interest regarding the Trump Administration's potential cryptocurrency reserve strategy. A central question remains: which digital assets might be considered appropriate for such a reserve? Our discussion with Anthony Pompliano and Matthew Sigel (a clip for a full-length discussion in January) examined Bitcoin specifically, proposing that it stands alone as the only cryptocurrency suitable for a national reserve. This distinction stems from Bitcoin's unique structure—operating without central management or insider control—positioning it as the only digital asset that functions authentically as "money."Our experts challenge the prevailing criticism that Bitcoin adoption would undermine the dollar. This argument lacks internal consistency. If establishing a Strategic Bitcoin Reserve signals diminished confidence in the dollar, wouldn't any fiscal improvement measure—whether spending reductions, revenue increases, or balance sheet enhancements—convey the same negative message? This reasoning, if accepted, would effectively prevent any meaningful action to address America's fiscal challenges.Exploring Prosperity: Challenging Pessimism in the US is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.Historical evidence demonstrates that Bitcoin's rise has coincided with dollar strength, both in terms of global trade share and relative performance against other major currencies. This parallel growth has occurred despite Bitcoin not yet being incorporated into America's official reserves. Critics overlook a fundamental point: a successful Bitcoin reserve would add a significant asset to the national balance sheet, helping offset growing debt obligations. This improved financial position would likely strengthen the dollar rather than weaken it.The discussion further contextualizes currency competition in terms of relative economic power. As Japan, the European Union, and Great Britain continue to lose GDP share relative to the United States, the question emerges regarding which currency will fill this void. The possibilities include China's yuan, India's rupee, or potentially Bitcoin. Our experts suggest that "it's better for America if it's Bitcoin" because the United States would "capture some of the Bitcoin-denominated GDP" in this scenario.This perspective reframes the Bitcoin-dollar relationship from adversarial to complementary. Rather than threatening dollar hegemony, Bitcoin presents a strategic opportunity for America to reinforce its monetary leadership. By "jumpstarting global strategic reserve Bitcoin adoption," the United States could potentially strengthen its fiscal and monetary position in an evolving global landscape.Far from signaling defeat, Bitcoin adoption represents a forward-thinking approach that could help secure America's continued global economic leadership.Thank you to our sponsors:Truflation- learn more about how to harness the Truflation data at: https://truflation.com/Foundation: Devices that provide security for password protection: https://foundation.xyz/passport/Exploring Prosperity: Challenging Pessimism in the US is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit robertdewey3.substack.com/subscribe

In this third essay exploring the paradox of pessimism in an age of progress, we examine a powerful reason for optimism about America's future prosperity: the democratization of technology. While several factors paint a positive picture, perhaps none is as transformative as the unprecedented access to powerful tools of creation and innovation.The Modern Invisible Hand: Technology and Global EmpowermentAdam Smith's concept of the invisible hand posits that individual self-interest in a free market economy leads to economic prosperity. Today, technology has exponentially amplified this effect. The internet, personal computers, smartphones, and an array of software tools have put the power of creation and innovation into the hands of billions, while artificial intelligence is further enhancing these capabilities and making complex tasks more accessible.Exploring Prosperity: Challenging Pessimism in the US is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.Thank you to our sponsor Truflation. Learn more at https://truflation.com/This technological revolution has redefined the meaning of "free market." No longer confined to physical spaces or limited by geographical boundaries, the marketplace of ideas and commerce now exists in a global, digital realm. An entrepreneur in rural America can collaborate with a designer in Europe and a manufacturer in Asia, all working together to bring a new product to market. A citizen journalist in a developing country can share critical information with the world, bypassing traditional gatekeepers.The "Missing Einsteins" PhenomenonThe "missing Einsteins" concept refers to the lost potential of individuals who, due to various barriers, never get to contribute their talents to society. The democratization of technology is directly addressing this issue.This interview with Economic Historian Dr Jared Rubin puts historical context around today’s opportunities.Today, a child with internet access anywhere in the world can learn coding, explore advanced mathematics, or study any subject through free online resources. Platforms like Khan Academy, Coursera, edX, and Saylor Academy have made world-class education accessible to anyone with an internet connection, while AI-powered tools are helping overcome language barriers and learning difficulties.Global organizations are working tirelessly to extend this accessibility worldwide. The UN ICT Task Force, the World Summit on the Information Society (WSIS), the One Laptop per Child Project, Computer Aid International, and the International Institute for Communication and Development (IICD) are all setting the stage for international cooperation and providing essential resources to underserved communities.Democratization of Creation and InnovationThe tools for creation and innovation are more accessible and powerful than ever before. Anyone with a computer can create digital art, produce music, write and publish books, or develop software. Platforms like Instagram and TikTok have revolutionized idea-sharing, enabling individuals to reach global audiences with just a smartphone. A significant portion of this content focuses on practical skills, from DIY projects to cooking demonstrations, spreading knowledge more effectively than ever before. This democratization extends beyond digital products - 3D printing technology allows inventors to prototype physical products from their homes, while crowdfunding platforms like Kickstarter enable them to raise capital and validate their ideas in the market. This interview with Doug Ellenoff explains the history of crowdfunding and the democratization of finance.Small Businesses and the New Entrepreneurial LandscapeThe impact is clear: according to the SBA, small businesses now account for 43.5% of GDP, with 5.4 million new business applications filed in 2021 alone, a 53% increase from 2019.The resilience of small businesses is further evidenced by the fact that by Q3 2022, the number of small businesses had surpassed pre-pandemic levels. Moreover, as of July 2023, the number of self-employed Americans reached 9.3 million, the highest since 2008.This data underscores how technology has not only lowered barriers to entry for new businesses but also enhanced their ability to adapt and thrive in challenging circumstances. The pandemic accelerated digital transformation across all sectors, with even the smallest businesses leveraging e-commerce, remote work tools, and digital marketing to survive and grow.The Cumulative Effect: From Individual Actions to Global ProgressThe true power of this technological democratization lies in its cumulative effect. Millions of individuals, empowered by technology, are each making small contributions that add up to significant global progress. Open-source software development was a prime example, with Linux powering everything from smartphones to supercomputers. Similarly, platforms like Zooniverse enable citizen scientists to contribute to real research across disciplines, from astronomy to zoology. The acceleration of idea sharing and collaboration enabled by technology is also driving progress in addressing global challenges. Climate change solutions, medical breakthroughs, and innovative approaches to education are all benefiting from this global exchange of ideas and cooperation.Challenges and ConsiderationsWhile challenges remain, including the digital divide and privacy concerns, the very nature of this technological empowerment means that solutions are likely to emerge from unexpected sources, driven by the collective intelligence and creativity of individuals worldwide. The continued advancement of enabling technologies, from artificial intelligence to decentralized systems, further amplifies our collective problem-solving capabilities. As we look to the future, this unleashing of human potential gives us ample reason to be optimistic about our ability to address challenges and create a more prosperous world for all.Exploring Prosperity: Challenging Pessimism in the US is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit robertdewey3.substack.com/subscribe

In an era marked by unprecedented technological advancements, medical breakthroughs, global interconnectivity and reported consistent economic growth, one might expect a surge of optimism about the future. Yet, a curious phenomenon persists across the United States: a growing pessimism about the prospects for future generations. This disconnect between measurable progress and perceived decline is what I aim to unravel in a series of essays and in my interviews on “Exploring Prosperity With Host Bob Dewey” on YouTube and podcasts, examining its roots and implications for American society.As we stand on the shoulders of dozens of decades of innovation and economic growth, why do so many Americans believe that the next generation will be worse off than the last? This essay delves into surveys that highlight this pervasive pessimism, examining the disconnect between objective measures of progress and subjective perceptions of the future.Exploring Prosperity: Challenging Pessimism in the US is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.Thank you to our sponsor Truflation. Learn more at https://truflation.com/The Prevalence of PessimismTo understand the extent of this pessimism, let's examine four surveys that paint a sobering picture of American attitudes toward the future:* Gallop published in October 2022 (HERE) that ‘only 42% of U.S. adults think it is very (13%) or somewhat (29%) likely that today's youth "will have a better living standard, better homes, a better education and so on.’ This marks an 18-percentage-point drop since June 2019 and is statistically tied with the previous low in 2011’ and below the previous low in 1995. * Pew Research Center Study: A 2019 Pew Research Center study (HERE) revealed a stark generational outlook. The survey found that 60% of Americans believed that today's children would be financially worse off than their parents. This pessimism about economic prospects for the next generation cuts across various demographic groups, indicating a widespread concern about future financial stability.* NBC News/Poll (Article HERE): More data from an NBC News poll conducted in 2022 shows an even bleaker outlook. The survey found that a staggering 72% of Americans believed the country was headed in the wrong direction. This sentiment reflects not just economic concerns but a broader unease about the overall trajectory of the nation.* Economic Innovation Group: Even back in 2016, this survey (HERE) found that only 38% of young Americans expected their standard of living to be better than their parents at their age.* Gallup Annual Satisfaction Survey: Whereas surveys about future generational prospects like those cited above are conducted sporadically, Gallup's annual assessment of satisfaction across 31 aspects of US society provides a running measure of current sentiment and shows similar pessimism. Their February 2025 survey revealed just 38% average satisfaction, down from 48% in January 2020 (pre-pandemic) and from 41% at President Biden's inauguration in January 2021, suggesting this downward trend has continued even after the 2024 presidential transition.Source: Gallop News article Feb 5, 2025 HEREThese surveys collectively paint a picture of a nation grappling with deep-seated concerns about its future. From long-term economic prospects to the overall direction of the country, Americans across different age groups and demographics express a shared pessimism about what lies ahead.A Look Back: American Optimism in the 1950sTo fully appreciate the shift in American attitudes, it's illuminating to contrast current pessimism with the pervasive optimism of the 1950s. In the aftermath of World War II, the United States emerged as a global superpower, fostering a period of unprecedented optimism and confidence.This era of optimism was captured in a 1957 Gallup poll, cited in Jim Cullen's book "The American Dream: A Short History of an Idea that Shaped a Nation," which found that 87% of Americans said they were "very happy" or "fairly happy" with their lives. The stark contrast between this post-war optimism and today's pessimism underscores the significant shift in American attitudes over the past seven decades. This optimism was rooted in tangible achievements:* Economic Dominance: By 1950, the U.S. produced roughly 40% of the world's goods and services, despite having only 6% of the world's population.* The Marshall Plan: Between 1948 and 1952, the U.S. spent over $13 billion (equivalent to about $150 billion today) to help rebuild Western Europe, showcasing America's global leadership and economic strength.* Technological Advancements: The 1950s saw rapid technological progress, with innovations like color television and the polio vaccine fueling optimism about the future.* Rising Standard of Living: The median American family income grew by 30% in real terms between 1950 and 1959, making the American Dream feel attainable for many.* Cultural Influence: American music, movies, and products were increasingly popular worldwide, reinforcing a sense of cultural preeminence.The stark contrast between this post-war optimism and today's pessimism underscores the significant shift in American attitudes over the past seven decades.Understanding the Optimism-Pessimism DichotomyThe stark contrast between the optimism of the 1950s and today's pessimism presents a fascinating paradox. One might argue that the very nature of progress has changed, becoming both more rapid and less tangible. In the 1950s, advancements were often visible and immediately impactful - new household appliances, automobiles, and suburban homes were concrete symbols of progress. Today's innovations, while arguably more transformative, are often less visible in daily life, happening in the realms of software, genetics, or nanoscale technologies.Moreover, the 1950s optimism coexisted with new, unprecedented threats. The dawn of the nuclear age introduced the possibility of global annihilation, shifting from a world where the U.S. mainland felt invulnerable to one where destruction could come at any moment. Ironically, this existential threat may have galvanized American society, fostering a sense of common purpose and technological optimism as a response to looming dangers. In contrast, today's threats - from climate change to cybersecurity risks - are often more abstract and gradual, potentially contributing to a sense of helplessness rather than determination.This dichotomy suggests that perception of progress and threat is not just about objective reality, but how that reality interacts with societal narratives and individual experiences. The immediate, visible gains and clear adversaries of the 1950s created a narrative of triumph and potential. Today's more complex, interconnected world, with its often-invisible progress and diffuse challenges, may be harder to fit into such an optimistic storyline.Conclusion: Setting the Stage for a Deeper DiveThe contrast between current pessimism and historical optimism is stark and multifaceted. This shift in national mood isn't merely a fleeting change in sentiment, but a reflection of profound changes in how we perceive progress, threat, and the future itself.But what exactly are the challenges that fuel this pervasive pessimism? How do they compare to the problems faced by previous generations? In my next essay in this series, I'll examine the specific issues that weigh on the American psyche today and explore whether our list of challenges has indeed grown longer or more intense compared to those in the past.By comparing today's concerns with those of previous eras, I aim to gain a clearer perspective on whether our challenges are truly more daunting, or if our perception of them has changed. This historical context will be crucial in understanding the roots of our current pessimism and in evaluating whether this outlook is justified or if it perhaps overlooks important areas of progress.As I move forward, my goal is not just to understand the sources of pessimism, but to critically examine whether this outlook accurately reflects our current reality and potential future. Through my writing and interviews, I'll continue to unravel the interplay between progress, challenges, and societal attitudes. Join me in this exploration as I catalogue and analyze the challenges that shape our collective outlook on the future, and seek out reasons for optimism that we might be overlooking in our focus on challenges. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit robertdewey3.substack.com/subscribe

The release of a comprehensive State of the Nation report (see link below) this week offers a crucial framework for understanding America's current trajectory. The report was covered extensively in the press (links below). Each week on Exploring Prosperity, we either delve into these challenges to uncover potential solutions or spotlight the often-unheralded individuals whose work steadily improves our society.This meticulous report (which I highly recommend reading) was developed over two years through rigorous bipartisan collaboration and establishes an excellent foundation for assessing America's condition. The authors deserve praise for their transparent methodology and their focus on identifying issues rather than prescribing solutions. Their findings align significantly with themes we've been exploring since launching our platform in March 2024.Exploring Prosperity: Challenging Pessimism in the US is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.Key conclusions from the report:* Conclusion #1: We are a nation of extremes—extreme successes and extreme failures.* Conclusion #2: Our national trends are improving in more areas than we are declining. However, relative to other countries, the opposite is true—we are declining in more areas than we are improving.* Conclusion #3: Our economy is poised for continued success.* Conclusion #4: Our rising incomes are not translating into greater perceived well-being and social relations.Source: The State of the Nation ProjectHere are the seven areas that we believe make Americans pessimistic:* Political and Institutional Challenges* Economic and Workforce Issues* Climate Change and Environmental Concerns* Healthcare and Public Health* Education and Youth* Social Justice* Technological and Privacy ChallengesIn addressing challenges that concern Americans, we've hosted interviews with:* Sam Chauncey on the erosion of the university system in the US* Neil Barsky, whose work addresses shortcomings in the US healthcare system and problems within our prison system and the organization he founded to expose injustices* David Johnston, a technology expert who revealed promising developments about privacy issues with Artificial Intelligence.* Alex Gladstein, a human rights warrior whose work has dramatically improved the prospects for activists who fight for freedom under authoritarian regimes worldwide.Humans live in the present and often overlook the extraordinary scope of advancement. As economic historian Jared Rubin noted in our interview, while Americans today envision prosperity as private jets and billionaires, the far more important measure of today's prosperity is that only 8% of people are born into poverty today down from 99% only 225 years ago. This unprecedented liberation from poverty has unleashed human creativity and potential on a scale never before seen. He stated in our interview (as have others) that “there has never been a better time to have been born than today.”While the State of the Nation report necessarily focuses on quantifiable metrics, our weekly interviews with entrepreneurs, innovators, and thought leaders illuminate the dynamic forces driving continued progress. For example:• While structural deficits and national debt—major concerns for Americans, especially those over 45—didn't meet the report's criteria for inclusion, our expert interviews examine the specifics, what they mean, and how emerging technologies and innovative approaches might address these seemingly intractable problems.• Where the report's assessment of climate change was limited to measuring emissions and air quality, our topics focus on potential solutions which so far include details about carbon markets and the characteristics about Small Modular Reactors that make them a high potential solution that we are bound to be hearing more about in the near term.• While the report couldn't include new business formation in its metrics due to methodological constraints, we view entrepreneurial activity as a crucial indicator of America's innovative potential for continued progress.These differences reflect our complementary approaches: where the report provides a rigorous statistical baseline, Exploring Prosperity investigates the human stories and emerging solutions behind these numbers.Over the next week, I'll be republishing our three foundational essays, which feel particularly relevant given the report's findings. Thank you for being part of this journey as we continue to examine these critical issues, celebrate progress where it occurs, and work to understand the complex challenges facing our society. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit robertdewey3.substack.com/subscribe

This podcast is my essay last week about the prospects for modern nuclear technology to help solve much of our fossil fuel needs in the future.Summary:For nearly 275 years, human progress has been directly linked to our ability to harness energy. Today, we face a critical dilemma: continuing this progress requires ever-increasing energy use, yet many believe our current energy sources threaten environmental catastrophe. Drawing from recent MacroVoices podcast interviews, I explore how advanced nuclear technology could offer a path forward that doesn't force us to choose between prosperity and planetary health. Thank you to my sponsor Truflation. Learn more at https://truflation.com/ In this video, I break down why the energy transition challenge is more complex than most realize, examining how various sectors use energy differently and why current renewable solutions fall short. I then explore the revolutionary potential of Generation IV nuclear technology, particularly thorium molten salt reactors, which could deliver clean energy at lower costs than fossil fuels while solving waste storage issues. With the incoming Trump administration's focus on nuclear alternatives, understanding these technologies becomes increasingly relevant. Takeaways: * Political influence threatens to choke off progress. * Humanity's energy needs must be acknowledged alongside climate goals. * Energy Returned on Investment (EROI) is crucial for economic growth. * Electricity generation is only a fraction of global energy use. Innovations in nuclear technology can address multiple energy challenges. * Advanced nuclear designs achieve energy returns rivaling fossil fuels. * Modern nuclear designs eliminate the risk of catastrophic meltdowns. * Thorium reactors can significantly reduce nuclear waste storage needs. * Policy changes are necessary for the adoption of advanced nuclear technologies. * Societal fears must be addressed to meet growing energy demands. Sources: 1) Macrovoices episodes 460 and 461 and supporting documentation. https://www.macrovoices.com/ 2) Arvin Ash YouTube video 2/12/20223) https://world-nuclear.org/information-library/energy-and-the-environment/energy-return-on-investmentMany more supporting sources as well. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit robertdewey3.substack.com/subscribe

Before 2012, if you weren't wealthy or well-connected, you couldn't invest in most private companies - and those companies couldn't publicly ask for investment. Douglas Ellenoff, one of the architects of modern crowdfunding regulation, explains how the JOBS Act changed everything.Through regulated portals, retail investors can now participate in early-stage investments, and entrepreneurs can raise up to $5M through crowdfunding. Despite initial resistance from the SEC and Wall Street, the program has shown remarkably low fraud rates while creating hundreds of thousands of jobs and new opportunities.Thank you to our sponsor Truflation. Learn more at https://truflation.com/Most importantly, crowdfunding has opened doors for those traditionally excluded from capital markets. Women and minority-led businesses have found significant success, and investment opportunities have spread beyond traditional financial hubs. Watch as Doug explains the battle to democratize investment in America and its impact on entrepreneurs and investors alike.Chapters:00:00 Reversing Securities Law01:20 Investment Limits and Protection02:33 Getting Through Congress05:51 Types of Crowdfunding06:37 The Impact of Regulation on Capital Markets09:36 The Evolution of Crowdfunding09:56 Impact and Jobs11:54 Fraud Statistics13:57 Geographic and Demographic Impact16:16 Exploring Pessimism and Optimism in Society This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit robertdewey3.substack.com/subscribe

On November 11th, I wrote about Bitcoin's price divergence from gold following the November 5 election results, highlighting two key drivers: the success of pro-crypto candidates and Bitcoin's nascent adoption compared to gold's maturity. I also recommended Michael Saylor as a resource to understand Bitcoin.Just two days ago, on November 14th, Michael Saylor gave a one hour presentation that was posted to YouTube only yesterday, speaking about these two exact issues in extensive detail, providing a compelling framework for understanding these trends and their long-term implications.Exploring Prosperity: Challenging Pessimism in the US is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.Why You Should Watch Saylor's Presentation Before continuing, I strongly recommend watching Saylor's presentation [link below]. While I previously stated I wasn't recommending buying Bitcoin at any price, Saylor makes his case for why he believes Bitcoin is worth buying at any price, and he is buying it at today’s highs, just as he has over the past 4 years. His presentation not only reinforces my analysis of why Bitcoin and gold have diverged in the past two weeks but extends the argument to suggest this divergence will continue for the next thousand years. No matter if you are new to Bitcoin, or skeptical about it, or wildly bullish, this presentation offers a fresh perspective that you might find enlightening - particularly his framework for viewing Bitcoin not as a digital currency, but as something entirely new: digital capital.The Digital Capital Framework Saylor frames Bitcoin not as a digital currency but as "digital capital" - a profound shift in how we should think about this asset. While stocks and real estate have served as traditional stores of value, they face what Saylor calls "entropy" - the inevitable degradation of physical assets through weather, war, taxes, and time. Bitcoin, he argues, represents the first "thousand-year asset," free from physical decay and counterparty risk.This perspective adds depth to our understanding of why Bitcoin and gold are diverging:1. Gold represents the best 19th-century solution to storing value2. Bitcoin represents the first native digital solution for the 21st centuryInstitutional Adoption: From Trickle to Flood In my previous piece, I noted the British pension fund's 3% allocation and MicroStrategy's $42 billion raise. Saylor's presentation puts these moves in stark context: traditional capital markets are failing to serve most businesses, with only 0.016% of U.S. businesses having access to public markets. This limitation is driving demand for new solutions.The implications are significant:- Of the $450 trillion in global capital seeking long-term store of value, only a tiny fraction has moved to Bitcoin- Current institutional frameworks are designed for the 20th century, not the digital age- The transition to digital capital could transform $500 trillion of assets from analog to digital formThe Argument for a Strategic Bitcoin Reserve Building on my previous mention of Senator Lummis's Strategic Bitcoin Reserve proposal, Saylor presents the case:- The proposal could lead to $16-81 trillion in benefits over 21 years, depending on implementation- It would cement U.S. dollar dominance while establishing a parallel "World Reserve Capital Network"- The strategy would attract foreign capital to the U.S., particularly from regions with less stable currenciesInvestment Implications The market is beginning to recognize Bitcoin's role as digital capital rather than merely digital currency. This shift helps explain why:- Bitcoin has outperformed traditional assets, delivering ~60% annual returns over the past four years- Institutional adoption is accelerating despite being in early stages- The divergence from gold reflects this fundamental difference in utility and potentialLooking Ahead The confluence of regulatory clarity, institutional adoption, and the conceptual shift toward viewing Bitcoin as digital capital suggests we're entering what Saylor calls a "Crypto Renaissance." This period could see:- Modernization of capital markets through digital asset frameworks- Expansion of access to capital for businesses of all sizes- Transformation of traditional assets into digital formsWhile my previous analysis focused on immediate catalysts like election results and ETF adoption, Saylor's framework suggests these are just early indicators of a more fundamental transformation in how we store and transfer value in the digital age.Note: As with my previous piece, this analysis is meant to be informative rather than promotional. The digital asset space remains highly volatile and speculative. Always conduct thorough research and consider your risk tolerance before making any investment decisions.Exploring Prosperity: Challenging Pessimism in the US is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit robertdewey3.substack.com/subscribe

Join us for a fascinating conversation with Bill Shufelt, founder of Athletic Brewing, who left a successful career in finance to revolutionize the beverage industry by creating premium non-alcoholic craft beer. What started as a personal lifestyle choice led to one of the fastest-growing beverage companies in America, now commanding 20% of the non-alcoholic beer market, but 37% of category growth. Bill shares how his commitment to quality, innovation, and community has transformed Athletic from a small Connecticut brewery to a national brand that's changing how people think about social drinking and healthy living. Thank you to our sponsor Truflation. Learn more at www.truflation.com. Chapters: 00:00 Highlight 1 00:26 Highlight 2 00:55 The Birth of Athletic Brewing 11:51 Innovating Non-Alcoholic Beer 14:48 The Role of Support in Entrepreneurship 15:38 The Entrepreneurial Journey: Sacrifices and Learning 18:49 The Power of Complementary Co-Founders 22:43 Innovative Marketing Strategies for Growth 25:41 Rapid Expansion and Market Demand 31:16 Navigating Competition in a Growing Market 35:33 Innovation and Product Diversity 39:13 The Impact of Athletic Brewing on Lives 43:07 Challenges Ahead: Staying True to Roots This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit robertdewey3.substack.com/subscribe

In this episode, Rohan Doctor, CEO and Founder of Louisa.ai, shares his vision for revolutionizing business networking through AI. Doctor explains how Louisa.ai "systematizes serendipity" by connecting people at the right time with the right information, potentially transforming deal-making and collaboration across industries and communities. The conversation touches on the power of human connections, the limitations of current networking platforms, and the exciting possibilities when AI is used to bring people together proactively; and Louisa.ai's potential to significantly impact business and society. Thank you to our sponsor Truflation. Learn more at https://truflation.com/ Chapters: 00:00 Introduction to the Conversation 02:12 The Origin of Louisa.ai 04:11 Systematizing Serendipity with AI 07:36 The Challenge of Enterprise Sales 11:53 Building Relationships through Data 14:54 This AI Connects People, It Does Not Replace Them 15:36 Expanding Beyond Corporate Solutions 18:19 Implementation Process of Louisa.ai 21:49 Leveraging Existing Networks 26:03 The Role of LinkedIn in Networking 27:44 The Evolution of LinkedIn and Recruitment 29:28 Cultural Heritage and Personal Connections 31:49 The Role of AI in Human Connection 33:52 Creating Win-Win Scenarios through Networking 35:56 The Importance of Time and Engagement 37:54 The Power of Reciprocity in Problem Solving 40:12 Collective Problem Solving and Global Challenges 41:12 Exploring Business Connections and Opportunities 41:37 The Impact of Data-Driven Connectivity This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit robertdewey3.substack.com/subscribe

In this episode, Darius Dale, founder of 42 Macro, reveals why currency debasement in developed economies is inevitable and how to navigate the challenging transition ahead. Through examining term premia, central bank actions, and shifting global trade patterns, Dale builds a compelling case for why financial repression is already underway. But rather than just warning of trouble, he provides a systematic framework for protecting and growing wealth through this period of monetary upheaval. While many focus solely on risks, Dale explains why America's economic dynamism and technological innovation offer unique advantages in weathering these storms. From the role of Bitcoin and gold to the importance of understanding market regimes, this discussion provides crucial insights for anyone concerned about preserving wealth in an era of unprecedented monetary change. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit robertdewey3.substack.com/subscribe

In this clip of my recent interview with Lyn Alden, we discuss the significance of the US dollar as the world's reserve currency, exploring the factors that have contributed to its enduring status and the potential challenges it faces in the future. She highlights the network effects that reinforce the dollar's dominance, the implications of rising debt, and the emerging multipolarity in global reserve assets.Takeaways* The US dollar is the primary reserve currency due to network effects and more.* Reserve currencies rely on deep capital markets and liquidity.* The dollar's status is likely to wane over time but not in the near-medium term.* Historical reserve currencies have lasted around 80-90 years.* The dollar is the first true reserve currency not tied to gold.* Debt creates inflexible demand for the dollar globally.* The dollar's value is propped up by its reserve currency status.* Rising debt and deficits challenge the sustainability of the dollar.* Censorship issues may lead countries to diversify away from the dollar.* The world is shifting towards a multipolar reserve asset system.* The US dollar’s reserve status is NOT likely to wane in the near to medium term.Chapters00:00 Understanding the US Dollar's Dominance00:47 The Future of the Dollar: Risks and Challenges03:20 Comparative Analysis: US vs Japan's Debt Dynamics06:30 The Impact of Populism on Currency Policy08:56 Introduction to the Conversation08:57 Exploring American Pessimism This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit robertdewey3.substack.com/subscribe

In this clip from our interview with Dr. Jared Rubin, co-author of "How the World Became Rich," we explore the profound impact of the printing press on economic development. Dr. Rubin explains how differing responses to this technology in Western Europe and the Islamic world created a 250-year "natural experiment" in progress. Learn how religious authority, literacy rates, and political power intertwined to shape the economic trajectories of these regions, offering valuable insights into the broader question of how global economic prosperity evolved. Takeaways: * Western Europe and the Middle East reacted differently to the printing press. - Political legitimacy played a crucial role in maintaining power. * The printing press empowered individuals * Religious authorities benefited from controlling knowledge. * The spread of literacy had long-term implications for society. * The Protestant Reformation was enabled by the printing press. * Economic elites gained power as a result of the Reformation. * The Ottoman Empire's fear of printing stemmed from its impact on religious authority. * Knowledge transmission was historically monopolized by religious clerics. * The divergence in economic development can be traced back to these historical events. Chapters 00:00 The Printing Press: A Catalyst for Change 02:48 Political Legitimacy and Economic Divergence 06:46 The Impact of Literacy and the Reformation This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit robertdewey3.substack.com/subscribe

In our latest episode of Exploring Prosperity, we dive deep into the world of regenerative medicine with Dr. Chris Breuer, director of the Center for Regenerative Medicine at Nationwide Children's Hospital. Dr. Breuer and his team are pioneering the use of tissue-engineered blood vessels in infants with congenital heart defects, potentially transforming pediatric cardiac care. His work was highlighted in a WSJ article Oct 16, 2024 here: https://www.wsj.com/health/healthcare/humacyte-lab-grown-arteries-c68fac39?mod=Searchresults_pos1&page=1#comments_sector 🕒 Timestamps: 00:00 - Highlights and Introduction 05:28 - The Evolution of Tissue Engineering 14:10 - Pioneering Experiments and Discoveries 20:27 - Navigating Regulatory Challenges 31:22 - Advancements in Surgical Procedures 47:57 - Healthcare System Inefficiencies 53:07 - Future of Congenital Heart Disease Treatment 56:34 - The Role of Artificial Intelligence in Surgery Thank you to our sponsor Truflation. Learn more at https://truflation.com/ 🔑 Key Takeaways: * Learn how tissue-engineered blood vessels can grow with a child, potentially reducing the need for multiple surgeries * Discover the unexpected ways the human body contributes to tissue regeneration * Understand the challenges and triumphs of bringing innovative medical technologies from the lab to the clinic * Explore the potential for prenatal treatments that could revolutionize congenital heart defect care * Gain insights into the future of healthcare and the role of artificial intelligence in medicine Dr. Breuer's work is a testament to the power of innovation in solving complex medical challenges. This interview offers a glimpse into a future where previously incurable conditions become manageable, even curable. Whether you're a medical professional, a tech enthusiast, or simply curious about the future of healthcare, this episode has something for you. Join us as we explore the cutting edge of medical science and discover reasons for optimism in the face of daunting health challenges. Don't forget to like, subscribe, and share if you found this content valuable! This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit robertdewey3.substack.com/subscribe

Dr. Jared Rubin, co-author of "How the World Became Rich," traces the beginning of economic prosperity to Britain in the mid-1700s. In this illuminating clip, he explains three of the key factors that set the stage for unprecedented growth and innovation. From political shifts to cultural transformations and western economic expansion, Dr. Rubin unravels the complex tapestry of elements that allowed Britain to launch the age of progress. Discover how these intertwining factors created the perfect storm for sustained economic growth, forever changing the course of human history. Thank you to our sponsor Truflation: Learn more at https://truflation.com/ 0:00 Introduction to Britain's economic takeoff 0:58 None of the factors was unique to Britain 1:30 Factor 1: Political institutions and constraints on monarchy 3:15 Factor 2: Cultural shift and the high rate of innovation 4:42 Factor 3: Easy access to western economic expansion This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit robertdewey3.substack.com/subscribe

The rise of State Capitalism represents a seismic shift in the global economic landscape. This phenomenon, characterized by increasing government ownership and influence over the private sector, has grown rapidly since 2000. Professor Adam Dixon, co-author of 'The Spectre of State Capitalism,' provides insights into this trend and its potential impact on human prosperity. Thank you to our sponsor Truflation. Learn more about the real inflation rate at www.truflation.com. State Capitalism has expanded dramatically across three key areas: - Sovereign Wealth Funds (SWFs) have grown sixfold, from 30 to 176, with assets increasing from $1 trillion to $12 trillion. - State-Owned Enterprises (SOEs) in the global top 500 companies have quadrupled, with assets growing 11X to $145 trillion. - Government intervention through industrial policies and tariffs has notably increased. Dixon identifies four state capitalist impulses: productivist, absorptive, stabilizing, and disciplinary. While the immediate impact of State Capitalism seems limited, the long-term implications could be profound. Potential risks include market distortions, reduced innovation, and geopolitical implications. However, the impact varies across different forms of State Capitalism. SWFs typically pose lower risks, often focusing on returns and managed like traditional investors. SOEs present higher risks due to potential direct state influence. Industrial policies directly intervene in free market behavior for political objectives. Get a free copy of The Spectre of State Capitalism here: https://academic.oup.com/book/57552 State Capitalism isn't inherently negative. It has played crucial roles in stabilizing economies during crises and fostering development. However, excessive state involvement could stifle the dynamism and efficiency of free markets. The manifestation of State Capitalism varies globally. Authoritarian countries like China have more direct and extensive state involvement, while democratic countries tend towards indirect forms. The U.S., traditionally a free-market champion, is seeing increased state involvement and discussions about a national sovereign wealth fund. Looking ahead, State Capitalism's trajectory seems set to continue, driven by economic challenges, geopolitical competition, crisis responses, and technological change. However, its impact on human prosperity remains uncertain. Historically, economic prosperity has been marked by limited direct government intervention. To safeguard prosperity, we must remain vigilant against excessive state intervention while recognizing its potential benefits. The key lies in striking a delicate balance between harnessing the potential of State Capitalism and preserving the core strengths of free markets that have driven human progress. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit robertdewey3.substack.com/subscribe

In this episode of "Exploring Prosperity," we dive deep into the transformative work of Douglas Ellenoff, a pioneering attorney who has revolutionized small business funding over the past three decades. Ellenoff's efforts in shaping legislation for crowdfunding and Special Purpose Acquisition Companies (SPACs) have democratized access to capital markets, unleashing the power of Adam Smith's "invisible hand" in unprecedented ways. Thank you to our sponsor Truflation- learn more at www.truflation.com. Douglas Ellenoff's journey began with a focus on entrepreneurship and small companies, areas often overlooked by larger law firms. His work on SPACs dates back to the early 2000s, long before they became headline news. Ellenoff played a crucial role in developing the regulatory framework for SPACs, balancing investor protection with the need for capital formation. Despite recent scrutiny, Ellenoff believes SPACs will settle into a valuable niche in the capital markets, providing opportunities for both companies and investors. Perhaps Ellenoff's most significant contribution has been his work on crowdfunding legislation. The JOBS Act of 2012, which Ellenoff helped shape through numerous visits to Washington and testimonies before Congress, created a framework for equity crowdfunding. This revolutionary change allowed small businesses to raise capital from a broad base of individual investors, rather than relying solely on accredited investors or traditional financial institutions. The impact of Ellenoff's work extends far beyond the immediate effects on small businesses and individual investors. By creating new pathways for capital formation and investment, he has helped enhance the overall resilience and dynamism of the American economy. These innovations have led to increased innovation, economic diversification, new wealth creation opportunities, and improved market efficiency. Throughout the interview, Ellenoff provides valuable insights into the evolution of financial regulation, the challenges of balancing innovation with investor protection, and his vision for the future of capital formation. He emphasizes the iterative nature of financial regulation and the importance of persistent advocacy in creating effective regulatory frameworks. Ellenoff's journey underscores the power of persistence in effecting change in financial regulations. His experiences reveal how regulators, often viewed as obstacles to progress, are primarily concerned with preventing retail investors from losing money. Understanding this perspective can help entrepreneurs and innovators better navigate the regulatory landscape and design compliant yet innovative financial products. Looking to the future, Ellenoff sees great potential in the continued evolution of crowdfunding, SPACs, and other alternative capital formation methods. He envisions a future where these tools become mainstream, providing robust competition to traditional venture capital and investment banking models. Douglas Ellenoff's work over the past three decades embodies the spirit of Adam Smith's invisible hand. By creating new pathways for capital to flow between investors and entrepreneurs, he has helped unleash the collective power of millions of individual economic actors. This democratization of capital markets strengthens the foundational resilience of the American economy, fostering innovation, creating jobs, and opening up new opportunities for wealth creation. In an era often dominated by pessimism about economic prospects, Ellenoff's work serves as a powerful reminder of the enduring strength and adaptability of the American economic system when the invisible hand is given the freedom to work its magic. Join us for this illuminating conversation with Douglas Ellenoff and gain a deeper understanding of the forces shaping modern capital markets and the future of finance. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit robertdewey3.substack.com/subscribe

In this episode, we dive deep into the complexities surrounding the US dollar's role as the global reserve currency. Drawing from a fascinating conversation with macroeconomist and investment strategist Lyn Alden, we explore the factors that have contributed to the dollar's long-standing dominance and the potential risks that could threaten its status. Thank you to our sponsor Truflation. Learn more at www.truflation.com We begin by examining the characteristics that define a reserve currency and trace the historical development of the US dollar's ascent to this position. The discussion then turns to the long-term effects of reserve currency status, including its impact on domestic manufacturing and persistent trade imbalances. We also analyze how policy decisions, such as financial censorship and monetary actions, can significantly influence a currency's reserve status. The conversation takes an intriguing turn as we consider the growing challenges to US dollar dominance. We explore the rise of alternative reserve currencies, the increasing use of digital currencies, and the geopolitical shifts that are reshaping global trade patterns. Particular attention is given to the potential of Bitcoin as a long-term solution to the inherent problems of traditional reserve currencies. Finally, we confront the paradox facing the United States: while its growing national debt poses significant long-term risks, the dollar's reserve status remains resilient due to its entrenched position in global trade and unmatched liquidity. As we look to the future, we consider how the balance between these competing forces will shape the landscape of global finance and the role of the US dollar within it. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit robertdewey3.substack.com/subscribe

In "Privacy in the AI Age," David Johnston, a pioneer in blockchain and AI, discusses the transformative potential of decentralized technologies. He argues that blockchain, starting with Bitcoin, introduced the concept of decentralized, programmable money, paving the way for innovations like Ethereum's smart contracts. Thank you to my sponsor Truflation. www.truflation.com Johnston then introduces the Morpheus Project, a decentralized AI system that allows for personalized AI assistants interacting with decentralized systems. Unlike previous centralized technologies, decentralized systems prioritize user sovereignty and data privacy. Johnston emphasizes that decentralized AI assistants are already a reality, simplifying complex tasks like cryptocurrency management. He envisions a future where these AI assistants can personalize financial advice, manage digital identities, protect privacy, and even interact with smart home devices—all without sharing data with corporations or governments. This permissionless nature of decentralized systems, where users interact freely and anonymously, could redefine personal freedom and economic empowerment, potentially disrupting traditional financial industries and promoting a more equitable distribution of prosperity. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit robertdewey3.substack.com/subscribe

I interviewed Dr. Jared Rubin this week to explore the historical drivers of economic growth and we discussed the apparent disparity between the current global prosperity and the widespread pessimism in the United States, as evidenced by surveys. As an expert in economic history, Rubin provided valuable perspectives on these complex issues. Rubin, a professor and co-director of the Institute for the Study of Religion, Economics and Society at Chapman University, co-authored the book "How the World Became Rich: The Historical Origins of Economic Growth" with Mark Koyama which delved deeply into the theories of other economic historians to uncover the crucial elements that have propelled global economic advancement throughout history. Conclusion from the interview: “Best time to be born is now, but…” The interview reveals Rubin's perspective that the drivers of economic growth over the last few centuries have developed institutional and cultural inertia, causing prosperity to be resilient and highly likely to continue. However, his work showed that there are 3 key threats to be aware of from history: i) Erosion of constraints on executive power; Today’s political polarization is a concern/ ii) Major environmental change; Climate change can lead to accelerated changes and reactions/ and iii) Extreme warfare; Growing geopolitical instability draws nuclear powers closer to war which raises risks of nuclear war. These risks to sustained economic growth can carry a heavier emotional response than their likelihood of occurring and could explain the disconnect. Chapter Guide to the Interview: 00:00 - Introduction 02:12 - The Drivers of Global Economic Growth The main factors that have contributed to economic growth historically, including geography, demography, colonialism, institutions, and culture. 10:56 - England's Economic Rise (1000-1750) This section discusses the unique combination of factors that led to England becoming the birthplace of the modern economy. 17:19 - The Impact of the Printing Press This chapter explores how the adoption of the printing press differed between Western Europe and the Islamic world, and its consequences for economic development. 36:13 - Modern Challenges: War, China, and Global Prosperity This section covers contemporary issues, including the threat of nuclear war, China's economic rise, and the overall improvement in global living standards. 53:10 - Future Prospects and the Importance of Poverty Eradication The final chapter discusses the main threats to continued economic growth, the potential for further poverty reduction, and the importance of human ingenuity in solving global problems. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit robertdewey3.substack.com/subscribe