About this episode

Mark Thornton discusses recession predictions and interviews Kaniki Kojo about gold and fiat currencies.

On the latest episode of Minor Issues, Mark Thornton opens with a candid assessment of his own prediction record: what he got right, what he got wrong, and why Austrian economics tells you what must come but not when. He then turns to the current landscape: every major valuation metric is flashing red, market concentration exceeds the level on the cusp of the 1987 crash, deficit spending is at World War II levels, and the Fed is injecting $40 billion a month in new liquidity. Yet Wall Street remains unanimously bullish. The second half features an interview with Kaniki Kojo on gold, fiat currencies, and the Austrian school's growing global influence. 2026 is the Year of Rothbard—Murray's 100th birthday—and we're celebrating by giving away free copies of Anatomy of the State through May 31. Grab yours today at https://mises.org/issuesfree Register for our upcoming Mises Circle, Why Is the Healthcare System Broken?, June 27 in Windham, New Hampshire: https://mises.org/events/why-healthcare-system-broken-mises-circle-new-hampshire 20% off listener offer on the insulated Minor Issues tumbler and three of Mark's books: https://mises.org/MinorIssuesTumbler . Use coupon code Thornton…

People in this episode

Host: Mark Thornton

Guest: Kaniki Kojo

Topics covered

• recession prediction
• Austrian economics
• market analysis
• gold and fiat currencies
• financial metrics
• Wall Street sentiment

Keywords

• recession
• Austrian economics
• market concentration
• deficit spending
• Wall Street
• gold
• fiat currencies

Sponsors

Minor Issues

Mentioned in this episode

Organizations: Austrian economics, Wall Street, Mises

Books & works: Anatomy of the State

Places: Windham, New Hampshire

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• The Vine That Ate the South: Government Solutions vs. Market Solutions · July 4, 2026
• Politics as Power: Elites, Inflation, and the Austrian Answer · June 27, 2026
• The Fed’s New Face, Same Old Game · June 20, 2026
• Why Politicians Lie—and How Easy Money Keeps the Boom Alive · June 13, 2026

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