Summary: Ten Year Treasury Yield up 20% in one week<br> When Americans fear free speech, Americans are in peril<br> Not right vs left but the people vs media monopoly<br> <br> The McAlvany Weekly Commentary<br> with David McAlvany and Kevin Orrick<br> Valuing Voice As An Antidote To Dehumanization<br> January 13, 2021<br> The McAlvany Weekly Commentary covering monetary, economic, and geopolitical news events.<br> Reflect on the hard conclusions you have arrived at by vicariously accepting what you read and watch, which are curated materials. Whether it is The Newsroom producer or a Big Tech algorithm, what you feel is a reflection of thinking done for you and a feeling by design. Right and left are both culpable.<br> --David McAlvany<br> Now, here are Kevin Orrick and David McAlvany.<br> Kevin Orrick: Welcome to the Mcalvany Weekly Commentary. I am Kevin Orrick along with David McAlvany.<br> David, one of the things that we value the most with this program is talking to people who may not always agree with us so that we can listen to other ideas. I have watched the country here, especially during the last few days, and there is a fear of speaking about what you believe in because you may be censored or lose your job. I was thinking about how, in an abusive relationship, oftentimes, the abuse comes from one person basically inflicting their views on another and not allowing the other to have a voice. What do you think?<br> David: Yeah. It seems that there is a difference between those who seek truth and those who wish to establish power. I suppose they are not mutually exclusive, but it would, in practical terms, appear that way wherein looking to establish power is at the expense of seeking the truth. This is no longer the first priority, and so you do see a socially unique dynamic today.<br> Kevin: Yeah, it really has been hitting me over the last week too. We have to know who the true enemy is. The left is not the enemy of the right and the right should not be the enemy of the left, per se. The enemy right now is those who are shutting the voice down. You said something last night that I think is worth repeating, “Valuing voice is an antidote to dehumanization.” What we are seeing is the dehumanization of two sides, but it is because the voice is being shut down. I would like to talk about that today, Dave, but I also want to get the markets out of the way because there are some things going on in the markets that are worth talking about, but I want to get back to this voice that has been shut down.<br> David: Absolutely. As for the markets, there are a thousand things to discuss, and they are important. But I think they do pale in comparison to the potential missteps afoot in the areas of social and political engagement.<br> Kevin: Jim Deeds called me and he talked about how Treasury yields had topped one percent, and he drew me to Bloomberg just to look at the commodities, and he said, “Kevin, do you see what is happening? Interest rates are rising. People are moving out of cash and they are moving into commodities.” He says this is a sign of inflation. What do you think, Dave?<br> David: Well, I think some of the highlights, the ten-year Treasury broke out to 1.17 percent. It is a 20 percent move in less than a week, which is very significant. You have had radical volatility, which has lifted stocks to all-time highs. Even as you had insider selling spike, margin debt exploding to all-time highs, which is leveraged speculation on the continued price move higher in the equities markets. The investment world has begun to recalibrate to a new investment context, and I do think inflation is that theme, gaining momentum. I think the net effect will be a major asset class recalibration and a rotation, which I think is already afoot.<br> Kevin: We have seen gold over this last week drop, but gold and silver – I mean that is where you go not just for deflation and instabilit...
