‘I’m afraid of human stupidity’: Why this top economist prefers U.S. tech and gold over bonds

A prominent economist has voiced a preference for U.S. technology stocks and gold over government bonds, framing his caution around fiscal and political risk rather than any concern about artificial intelligence itself. His remark about fearing "human stupidity" points to a specific worry: that policymakers may mismanage debt loads, deficits, or inflation, eroding the value of fixed-income assets that depend on stable, disciplined government finances.

The signal matters because bonds have traditionally served as the ballast in diversified portfolios, prized for stability and income. If influential voices increasingly question that role, it could nudge long-term asset allocation discussions toward growth assets and hard assets like gold, which are often held as hedges against currency debasement and policy error.

For observers, the key takeaway is not a trade recommendation but a debate. Watch how the same fiscal and inflation concerns show up in Treasury yields, central-bank commentary, and gold demand in the months ahead. If those worries persist, the classic balance between stocks, bonds, and hedges may keep being rethought.