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The companion research report to Felix Prehn’s video, prepared by Goat Academy Research. Enter your email address and the report opens immediately.

A 13-page research report on the mechanism economists call financial repression. In an interview published on 1 October 2026 the president said that "certain levels of inflation will also pay off that debt very rapidly", with federal debt now past $40 trillion. The report sets out how holding interest rates below inflation transfers wealth from savers to the government, why it is not working at present with the 10-year Treasury yield at 5.24% against inflation of 3.35%, and who bears the cost if it is made to work: the people who hold wages and cash. It closes with what a deliberate policy of negative real rates would mean for the dollar's place in the world, with its share of allocated reserves already down from about 71% in 2000 to about 57% in early 2026.

Goat Academy is an online financial education institution founded by economist and former investment banker Felix Prehn.