In The Big Print: What Happened to America and How Sound Money Will Fix It, Lawrence Lepard, a veteran investment manager and sound money advocate, delivers a passionate and accessible critique of America’s broken monetary system. Published in February 2025, the book, with a foreword by Max Keiser, argues that decades of fiat currency mismanagement—marked by money printing and debt—have fueled inflation, wealth inequality, and economic dysfunction. Lepard proposes a return to sound money, with Bitcoin as a key solution, to restore fairness and prosperity. Here’s a deep dive into Lepard’s compelling narrative and its call to action.
Read the book: The Big Print by Lawrence Lepard
The Problem: A Broken Monetary System
Lepard structures The Big Print in two parts: “The Problem” and “The Solution.” In the first, he traces the unraveling of America’s monetary system, pinpointing the 1971 Nixon Shock—when the U.S. abandoned the gold standard—as a turning point. Since then, the M2 money supply has grown at a 6.8% annual rate, outpacing economic growth and driving inflation. He cites staggering figures: U.S. federal debt has ballooned to $37 trillion, with interest expenses climbing, while the middle class struggles with rising costs for housing, healthcare, and education.
Drawing on Austrian economics, Lepard argues that fiat money, controlled by the Federal Reserve, incentivizes consumption and borrowing over saving, punishing the thrifty. Policies like quantitative easing and zero interest rates have inflated asset bubbles, widening the wealth gap. He weaves personal anecdotes—like his experiences during the 2008 financial crisis—with historical events, making complex concepts relatable. As he puts it, “The money is broken,” and its effects—erosion of purchasing power and economic instability—touch everyone.
The Root Causes: Fiat and Central Banking
Lepard’s critique centers on central banking, particularly the Federal Reserve’s role in manipulating interest rates and printing money. He argues this distorts markets, citing the 2008 crisis as a symptom of “cheap money” fueling bubbles. Unlike The Lords of Easy Money, which dissects the Fed’s failures, The Big Print offers a broader history, from the Fed’s 1913 creation to modern debt spirals, while staying accessible to non-experts.
He highlights inflation’s real-world impact: official rates often understate true cost-of-living increases, squeezing the average worker. Lepard warns of an impending crisis, potentially an “inflationary depression,” as debt and money printing collide with economic stagnation. His urgency resonates on X, where he (@LawrenceLepard) calls for “fixing the money to fix the world.”
The Solution: Sound Money and Bitcoin
In the second part, Lepard champions sound money—assets like gold, silver, and Bitcoin with scarce, stable supplies. Bitcoin, with its 21 million coin cap and decentralized blockchain, is his centerpiece. He explains its mechanics simply: a digital ledger secured by proof-of-work, immune to manipulation. Bitcoin’s advantages—portability, divisibility, and scarcity—make it a modern alternative to gold, though Lepard acknowledges its volatility.
He offers practical advice for protecting wealth, urging readers to invest in hard assets to hedge inflation. Lepard envisions Bitcoin as a tool for systemic reform, enabling a monetary reset that prioritizes fairness. While he doesn’t address counterarguments like central bank digital currencies (CBDCs), his focus on Bitcoin’s transparency and user governance is compelling. As one Amazon reviewer noted, “It’s a clear way out of this with the use of sound money.”
Strengths and Critiques
The Big Print shines for its clarity and storytelling. Lepard’s personal journey—from Harvard MBA to Bitcoin advocate—adds authenticity, while charts and footnotes ground his arguments. Readers praise its accessibility, with one calling it “a Paul Revere’s ride through the ills of the central banking system.” The audiobook, narrated by Walker America, includes an 87-page PDF with visuals, enhancing its impact.
Critics note minor flaws: some charts are hard to read in print, and the book leans heavily on Bitcoin without fully exploring alternatives or risks like regulatory bans. Its Austrian economics bias may alienate readers who favor Keynesian policies, but Lepard’s data-driven approach mitigates this. Compared to The Bitcoin Standard, it’s less theoretical and more practical, focusing on America’s unique challenges.
Impact and Reflections
With endorsements from Max Keiser and praise on X for “orange-pilling” readers, The Big Print is a rallying cry for sound money advocates. It’s resonated widely, from Bitcoin conferences to everyday readers feeling inflation’s pinch. Lepard’s mantra—“fix the money, fix the world”—encapsulates his hope that Bitcoin can restore the post-WWII American dream.
The book is a must-read for anyone grappling with rising costs or curious about Bitcoin’s role in economic reform. While its optimism about Bitcoin’s adoption may face hurdles, Lepard’s blend of history, personal insight, and actionable advice makes The Big Print a powerful guide to navigating today’s monetary mess and building a sounder future.