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

A prominent economist has outlined a preference for U.S. technology stocks and gold over government bonds, framing the choice around confidence in artificial intelligence rather than fear of it. His concern is not that AI will displace investors, but that policy decisions around government debt could erode the value of fixed-income holdings. The remarks echo a broader debate about whether sovereign bonds still serve as the reliable ballast they once did.

For markets, the comments matter less as a call to action than as a signal of how some influential voices are framing risk. Technology exposure is tied to an earnings and productivity story, while gold has traditionally drawn demand when investors question the purchasing power of currency and the credibility of fiscal policy. Bonds, by contrast, depend on inflation, rate expectations and the willingness of governments to service their obligations.

What to watch: whether this skepticism toward duration spreads among institutional allocators, and whether it shows up in flows, yields or gold demand. The argument is a thesis, not a forecast — and it rests on assumptions about AI adoption and fiscal discipline that markets will test over time.