Ben Kelleran - AI CapEx Bubble Risks, Gold Hedges & Western Societal Breakdown

Today’s podcast guest is Ben Kelleran, Investor, speculator, and occasional degenerate gambler in the markets. CPA and recovering Big 4 auditor.

AUDIO IS AVAILABLE HERE

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NB - Recorded on 20th October 2026 PM U.S. Time

10 Key Points from this conversation:

* AI CapEx cycle exceeds past infrastructure booms and relies on opaque, illiquid funding that risks a sharp dry-up.

* Circular financing (e.g., Nvidia-CoreWeave ties) and growth-at-all-costs incentives create a potential financial train wreck.

* AI tools are genuinely useful but heavily subsidized; true unsubsidized prices would be far higher.

* Gold, silver and commodities are likely higher over 10 years as inflation hedges; AI persists after a major washout.

* Real inflation runs 7–15%; fiat debasement favors physical metals over current bond yields.

* Expect yield-curve control and experimentation before bonds become attractive at much higher rates.

* Western governments appear at odds with native populations via mass immigration patterns.