Gold has surged 50% this year, silver even more, while the dollar has slumped 9%. Behind the rally lies a powerful narrative: that mounting government debt is eroding faith in traditional currencies, driving investors toward scarce assets like precious metals and crypto.

But is the so-called “debasement trade” a genuine secular shift—or just another momentum-fueled mania waiting to unwind?

And in today’s Dumb Question of the Week: What’s the difference between stimulating the economy and debasing the currency?

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The Debasement Trade: Faith, Fear, and the Fall of Fiat?

Many Happy Returns