Free the Money

YOU’RE INVESTED IN THE AI BUBBLE… Whether You Know It or Not | Jack Gamble

Bri Teresi — Tue, 08 Sep 2026 16:00:00 GMT

In this episode of Free The Money, I sit down with Jack Gamble host of Nobody Special Finance to break down what he believes to be the “biggest misallocation of capital in history,” following the biggest monetary expansion in history.

Jack explains the circular financing behind the AI boom and why he believes OpenAI and Anthropic’s massive spending is supporting the entire bubble, despite both companies losing tens of billions of dollars. We also discuss NVIDIA, CoreWeave, private credit increasingly financing the AI data-center buildout, and the debt being sold to people’s Pensions, 401Ks and IRAs. Jack refers to this as “one giant crowded trade that everybody is in, whether they realize it or not.”

We get into the parallels with 2008, attempts to turn future GPU compute revenue into asset-backed securities, problems Jack sees developing in private equity and life insurance, and the warning signs surrounding a potential OpenAI IPO.

Finally, Jack argues that “the real economy is doing very poorly, even though speculative asset bubbles are inflating more and more,” and explains how the enormous borrowing needs of the AI buildout are beginning to compete with the U.S. government for capital, putting upward pressure on interest rates.

Why Flexa Co-Founder Tyler Spalding Is Bullish on Zano

Bri Teresi — Mon, 31 Aug 2026 23:59:51 GMT

Tyler Spalding is President of the Acronym Foundation and the former Co-Founder & CEO of Flexa, a digital payments network. He has been mining, coding and building in crypto since 2011 and has more than 20 years of experience across technology, payments and aerospace, including engineering work on U.S. Air Force and NASA programs. His work in crypto and Web3 has spanned a number of projects, including Anvil and Digital Spenders Club, with a longstanding focus on advancing real-world digital asset adoption.

In this episode, Tyler shares his perspective on what it will actually take for digital assets to become usable money and why privacy is essential for adoption at scale. For the first time publicly, Tyler discusses his longtime support for Zano, what he believes the project has gotten right, and why its approach to privacy and security has positioned it ahead of the curve in preparing for emerging AI threats.

We also discuss stablecoins, private digital dollars, Zano’s Hard Fork 6, cross-chain interoperability & Zcash. Tyler makes the case for Proof of Stake over Proof of Work, including the security risks he sees in PoW networks, and we explore the bigger challenge of moving crypto from something people simply hold to something they can privately and securely spend in the real world.