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This week, we're covering the story of the Sixth Federal Reserve District, or the Atlanta Federal Reserve, as it was often called. We're covering why the Federal Reserve was started, its choosing of Atlanta for a district branch, it's three different locations and how it fared through WWI, the cotton crisis, the Great Depression, WWII and the Civil Rights Movement. The story of the Atlanta Fed is a story about Atlanta becoming the capital of the New South.   Want to support this podcast? Visit here Email: thevictorialemos@gmail.com Facebook | Instagram 

In this week's episode of WSJ's Take On the Week, we dig into Treasury Inflation Protected Securities, or TIPS! Our co-hosts Miriam Gottfried and Telis Demos are joined by Jill Cetina, finance professor at Texas A&M University and former official at the Federal Reserve Bank of Dallas and the Treasury Department. Together, they analyze the latest inflation data and what it could mean for TIPS if Federal Reserve Chair Kevin Warsh changes the CPI calculation.  Later, Cetina explains why shorter-duration TIPS ladders and I bonds offer better risk protection than long-dated bonds, and why heavy Treasury bill issuance threatens market stability. This is WSJ's Take On the Week where co-hosts Telis Demos, writer for WSJ's Heard on the Street, and Miriam Gottfried, WSJ's investing and wealth management reporter, cut through the noise and dive into markets, the economy and finance—the big trades, key players and business news ahead. Have an idea for a future guest or episode? How can we better help you take on the week? We'd love to hear from you. Email the show at takeontheweek@wsj.com. To watch the video version of this episode, visit our WSJ Podcasts YouTube channel or the video page of WSJ.com Further Reading These Bonds Offer a Rare Buying Opportunity Inflation Was 3.4% in July, Down Slightly From the Previous Month - WSJ  The CPI and Inflation, Explained Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Shutterstock Track 1219389 Monetization ID TFGEPGEI0LHEIJAI Kia ora. Welcome to Monday's Economy Watch where we follow the economic events and trends that affect Aotearoa/New Zealand. I'm David Chaston and this is the international edition from interest.co.nz. Today we lead with news the US economy is starting to show signs of exhaustion - just as the Chinese economy looks like it can't actually transition to one where internal demand replaces their industrial exports engine, as they were planning. But locally this week it will be all about how July retail sales turned out, and an update on our June population. And there will be a rush of earnings reports out this week from listed companies. In Australia we will get their July labour market update, and both the August Westpac consumer confidence survey results, along with an update of inflation expectations. Globally. te ongoing standstill between Iran and the US should continue to dictate energy prices and influence global interest rates. Rates will also take the spotlight with minutes from the last divisive meeting of the Federal Reserve, which included three dissents. More US data is expected to confirm their slowing economy. In Japan there will be a raft of data updates for the world's fourth largest economy, including for GDP, exports, inflation, machinery orders and flash PMI data. Indonesia and Sweden will review policy rates and settings this week. In China, July data released this week will include industrial production, retail sales, house prices, fixed asset investment and their unemployment rate. The People's Bank of China is also widely expected to leave its one- and five-year loan prime rates unchanged at 3% and 3.5%, respectively This will come even though they have surprised with their bank lending actually contracting in July, only the third time ever this has happened and by far the largest retreat. Net new yuan loans fell by -¥340 bln in July when a weak no-change was expected (actually a minor +¥45 bln). July is often a lowish month for new bank lending but this latest data represents some real weaknesses. A slowing economy and poor consumer sentiment, particularly for housing, limited the demand for loans. About -¥460 bln of this fall was for consumer debt. But the swing also reflects the downturn for the traditional business sectors of the economy. Their tech sector commonly raises cash in the bond market instead of bank loans. So within this result there may be evidence of a structural shift. Taiwan said its economic activity came in +12.9% higher in Q2-2026 from a year ago, lower than the +15.4% rise in Q1-2026.GDP. It was still the second-best growth pace they have recorded in almost 50 years. Malaysia said its economic activity expanded +6.0% in Q2-2026, a rise from the +5.4% in Q1-2026 and better than the expected +5.7%. In India, the bank lending impulse has the taps open fully, with lending up more than +19% at the end of July from the same point a year ago. This is a new modern record rise rate, and to record levels. Across the Pacific, US retail sales took an unexpected dip in July from June. They fell -0.6% on that basis when a +0.1% rise to compliment June's rise was expected. This is a big miss and was the first decline since October 2025 and the largest in over a year. Weaker sales at online retailers, car dealers, petrol stations and electronics stores shifted the needle, so it was a broad based dip. From a year ago, these July sales were still up +5.2% from earlier gains. Also dipping was US consumer sentiment, but this is for August, so the dour mood is extending. The widely-watched University of Michigan survey came in back at levels that followed the US attacks on Iran, so the July rise was an anomaly. A small easing was expected, but not one this big. Year-ahead inflation expectations ticked up from 4.2% in July to 4.3% this month. Inflation and inflation expectations are key for the Fed. The new boss Kevin Warsh may not want to talk about the elevated threats, but other regional governors are, some who vote. The Atlanta Fed's boss isn't one of those but she says inflation is too high and risks staying like that and embedding unless the Middle East situation resolves quickly. The Chicago Fed's boss is worried too. Current CPI is 3.4% officially, but the Cleveland Fed nowcasts the PCE measure of inflation and their latest update has it at over 3.7%. These levels are a long way from the mandated 2% policy rate and Warsh is likely to get out-voted when they next meet in Mid-September. Financial markets currently price in one chance in three of a +25 bps rise then. And for the record, current US petrol prices are now +5.7% higher than month-ago levels. Diesel is +11% higher on that same basis. Their inflation threat is not receding. Meanwhile the EU reported that Q2-2026, economic activity rose +0.4% in the euro area and by +0.5% in the overall EU compared with the previous quarter, up +1.0% and +1.2% respectively from a year ago. So recent activity is picking up, although in a way that was broadly anticipated. The UST 10yr yield is now just on 4.70%, up +1 bp from this time Saturday, up +5 bps for the week.  The price of gold is stable, now at US$4376/oz, up just +US$2 from Saturday, up +US$39 from this time last week. Silver has held at just over US$64.50/oz, up a net +US$1 for the week. Oil prices are unchanged from Saturday at just under US$82.50/bbl in the US, while the international Brent price is now just on US$88.50/bbl. A week ago these prices were US$78 and US$83.50/bbl respectively, so a +6% weekly rise.  The Kiwi dollar is little-changed from Saturday at just under 58.9 USc and unchanged for the week. Against the Aussie we are holding at 83.2 AUc. Against the euro we are still at 50.9 euro cents. That all means our TWI-5 starts today at just over 62.5, unchanged from this time Saturday and very similar to a week ago. The bitcoin price starts today at US$63,102and up +0.4% from this time Saturday, down -2.6% for the week. Volatility over the past 24 hours has also been very low at just on +/-0.3%. You can get more news affecting the economy in New Zealand from interest.co.nz. Kia ora. I'm David Chaston and we'll do this again tomorrow. 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Michael Howell, CEO of CrossBorder Capital, an investment advisory firm, and author of Capital Wars, returns to explain why the global liquidity cycle peaked in late Q3/early Q4 of last year — and what that means for the rest of 2026. His core argument: money is fungible but finite, and a booming real economy is now pulling liquidity out of financial assets, which compresses P/E multiples even as earnings look fine. That puts us in what he calls the speculation phase: rising bond yields, strong commodities, pressured crypto, and low-quality equity returns where index gains mask widespread underperformance. He also pushes back hard on the popular "debasement trade" explanation for gold, arguing the real driver is the People's Bank of China injecting liquidity to devalue the yuan internally while holding it steady externally — with Chinese retail locked out of crypto and the Shanghai Gold Exchange now setting the marginal price. On the bond side, he lays out how the Treasury is quietly monetizing through front-end issuance and buybacks — private-sector QE under Treasury direction — a strategy that works until it doesn't, with Japan's move from 50bps to nearly 3% as the cautionary tale. His bottom line: range-bound Wall Street, no bonds, gold and silver on weakness, and watch commodities for the first sign the boom is ending.Thank you to our partners Augusta Precious Metals — To learn more, visit https://juliabuysgold.com/ or text “Julia" to 35052Monetary Metals - learn more at https://www.monetary-metals.com/julia/Links:  Website: http://www.crossbordercapital.com/ Twitter/X https://x.com/crossbordercapSubstack: https://capitalwars.substack.com/ Book: https://www.amazon.com/Capital-Wars-Rise-Global-Liquidity/dp/30303929020:00 The call: range-bound market, own gold0:20 Welcome back, Michael Howell1:19 Two pools of money: markets vs. the real economy2:30 The liquidity cycle has peaked3:20 What this phase looks like4:48 Why a booming economy is bad for stocks5:22 The P/E multiple is where liquidity shows up6:34 Late cycle, explained7:38 Augusta Precious Metals9:29 Global liquidity vs. the world business cycle10:45 Atlanta Fed nowcast near 6%11:54 The K-shaped economy is global12:45 Monetary inflation vs. Main Street inflation14:45 Speculation now, turbulence next15:15 The cycle map17:55 Monetary Metals19:49 Gold: it isn't the debasement trade20:30 It's China: PBOC liquidity22:15 Why gold and not crypto23:14 Inside the PBOC balance sheet25:00 Yuan gold and the 27,000 line26:15 Bond yields track nominal GDP27:40 NGDP at 7-8% vs. a 4.7% ten-year28:18 Treasury QE: funding at the front end30:20 Who's actually buying the debt?30:51 The beach ball under water32:35 The two-year note leads the Fed34:30 The 2022 analogue36:00 Why MOVE matters more than VIX37:08 Treasury buybacks and the volatility cap38:30 Margin debt and the 2026 range call39:31 Parting thoughts: commodities as the warning40:30 Gold, silver, and the ratio to watch

Shutterstock Track 1219389 Monetization ID TFGEPGEI0LHEIJAI Kia ora. Welcome to Friday's Economy Watch where we follow the economic events and trends that affect Aotearoa/New Zealand. I'm David Chaston and this is the international edition from interest.co.nz. Today we lead with news tankers in the Red Sea have been hit by missiles fired from Yemen. This is unnerving global markets today, and oil prices have jumped everywhere. Bond yields are surging, pushing up mortgage rates and weighing on equity valuations, especially for tech firms. But first in the US, there were 192,000 initial jobless claims last week, a notable drop and far lower than seasonal factors would have accounted for and lower than expected. There are now 1.85 mln people on these benefits, also lower than a year ago but actually an increase from a week ago as claimants are staying on benefits longer even if it is now much harder to get initially qualified. The Chicago Fed's National Activity Index came in slightly below trend, but enough to suggest the US economic expansion was still in place in June. But if the Atlanta Fed's GDP Now tracking is to be believed, that expansion is at a modest level. Consensus forecasts are being trimmed too. The US Treasury 10 year TIPS yield of inflation-protected bonds jumped about +30 bps today and back to the highs we last saw in the pandemic and prior to that in the GFC. Canadian retail sales expanded in June, extending their positive track to six consecutive months. This was for both value and volume terms, to be +5.9% higher than year ago levels. Canadian CPI is running at 2.8%. Across the Pacific, China's foreign direct investment rose +US$11.1 bln in June, better than expected and better than the -US$7.6 bln fall in the same month in 2025. Meanwhile, China's consumer trade-in subsidy program is losing momentum as appliance and car demand weakens. South Korea said its economic activity expanded an impressive +3.7% in Q2-2026, almost the same as the +3.8% in Q1. This is their fastest expansion since Q4-2021, and came in above market estimates of +3.5%. Strong exports were a key factor in this result. Singapore's June CPI came in at +1.9% in June and although that was its highest since August 2024 it was less than the 2% expected. And that was because there was no change from May. In India, we should keep an eye on youth protests, because they are spready and gaining surprisingly wide support. In Europe and as expected by many, the ECB left its key interest rates unchanged at its July meeting overnight, following the +25 bp hike in June. Since then, policymakers have struck a more cautious tone, adopting a "wait-and-see" approach as softer inflation, wage growth, economic activity, and inflation expectations have reduced the urgency for another move. But that may have changed today with the unexpectedly large spike in oil prices. But who knows how fast that may change again? Markets anticipate another ECB rate hike in September. Staying in the EU, consumer sentiment improved in July. That is to say it got less negative. And in a decision likely to intensify trans-Atlantic trade tensions, European Union regulators overnight hit Google with a €890 mln fine for illegally undercutting competition through its dominance in search. Google will not be hurt by this directly in the short term because it reported almost +US$41 bln in profits in Q2-2026 alone. If it is hurt, it will be from their heavy cash burn for its AI buildout. The Australian labour market grew surprisingly strongly in June, adding +76,300 new jobs, far better than the +15,000 expected. Their jobless rate was stable at +4.4%. More than half the new jobs were in NSW, with good gains also in Queensland and Western Australia. But Victoria shed jobs in the month. This strength will add spine to the RBA's fight against rising inflation (4.0%) because they will be now less worried about a weak economy The RBA next meets on August 11, 2026 - 17 days away. Global container freight rates fell -4% last week to be +74% higher than year ago levels. Outbound rates from China were the basis of the pullback from the prior week. Bulk cargo rates were down -8% for the week, and these are now a third higher than year-ago levels. The UST 10yr yield is now just on 4.70%, up +4 bps from this time yesterday and its highest since January 2025.  Wall Street is -1.4% lower today on the S&P500 with the Nasdaq down -2.5%.  The price of gold has fallen to US$4042/oz, down -US$98 from yesterday. Silver is now just on US$57.50/oz, down -US$2.50 from yesterday. Oil prices are another +US$6 higher from yesterday at just on US$93/bbl in the US, while the international Brent price is now just on US$101.50/bbl and up +US$7. Hormuz transits are still just a trickle There have been no crude tankers and 5 cargo ships exiting over the past 24 hours (5 dark with transponders off) and 8 entering for new loads (1 dark). The Red Sea is also now effectively blocked at Yemen although a small handful of ships are still getting through (less than 20 each way). More than 700 vessels are waiting for things to calm down. The Kiwi dollar is another -40 bps lower from yesterday at just over 57.7 USc. Against the Aussie we are also down -40 bps at 82.8 AUc. Against the euro we are down -30 bps at just over 50.7 euro cents. That all means our TWI-5 starts today at 61.6 which is down -40 bps from this time yesterday. The bitcoin price starts today at US$64,762 and down -2.1% from this time yesterday. Volatility over the past 24 hours has been extreme at just on +/-7%. You can get more news affecting the economy in New Zealand from interest.co.nz. Kia ora. I'm David Chaston and we'll do this again on Monday. 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  In this episode, Brian Tate, the IPA's CEO, about the latest developments in payments regulation out of Washington DC.   We discuss OMB director Russel Vought's testimony in front of Congress, what's next for open banking, and Brian gives his current vibe on the midterm elections.   This podcast was recorded on July 17, 2026. Things may have changed by the time you hear it.   If you want to keep up on developments in payments regulation and innovations in the industry, make sure to subscribe to this podcast and share it with colleagues who might be interested.  The IPA is once again running its Summer of Learning Webinar series including one on the Atlanta Fed's payments research and another how Regulation E applies to stable coins. You can learn more about these events at our Web site, IPA.org.  If you are responsible for compliance, then join us at our Compliance Boot Camp being held at Discover's Headquarters outside of Chicago on September 10th.  Attendees can earn CLE credits and learn about topics such as third-partycompliance, regulation and AI, and what the Roman Senator Cicero can teach today's compliance experts.  

The US birth rate has been on a steady decline, with significant long-term economic implications. But why? This episode of the Economy Matters podcast discusses Atlanta Fed research into the constellation of issues surrounding the question.

Shutterstock Track 1219389 Monetization ID TFGEPGEI0LHEIJAI Kia ora. Welcome to Tuesday's Economy Watch where we follow the economic events and trends that affect Aotearoa/New Zealand. I'm David Chaston and this is the international edition from interest.co.nz. Today we lead with news the Yemeni Houthis have announced a naval blockade against Saudi Arabia but effectively closing the Red Sea. Elsewhere new mediation efforts are underway again. In the US, the Conference Board's leading indicator tracking turned negative in June. The shift down isn't a lot because it wasn't very positive in earlier months. But it is consistent with the Atlanta Fed's GDPNow tracking showing an exhaustion of the pace of the US expansion. Off balance sheet debt at the big US tech giants is exploding, making investment assessments harder to make. It is now an estimated US$1.65 tln as artificial intelligence investments ballooned, a Nikkei study shows, and now exceeds actual reported debt. The problem is particularly acute at Meta. These companies are about to report Q2-2026 results and these debt levels are sure to become an issue. The main way these debt obligations stay off balance sheets is via "innovative" lease transactions centered around timing issues. And US Big Tech valuations are also under threat from Chinese alternatives, especially the relatively new Moonshot K3 version. It is hard not to to get a sense that financial markets are facing a revaluation crisis in the tech sector. In Canada, their CPI inflation rate came in at 2.8% in June, with a core rate of 2.1%. Both these measures were lower than in May and slightly lower than expected. The Malaysian export boom is carrying on (+45% from June a year ago), especially for electronics (+57%) and petroleum (+56%), and especially to the US (+109%). But they needed all of that because imports surged sharply too, up 44% from a year ago. The People's Bank of China kept its key lending rates at record lows for a 14th straight month in July, as widely expected. The one-year loan prime rate (LPR), the benchmark for most corporate and household borrowing, was held at 3.0%, while the five-year LPR, a reference rate for mortgages, remained at 3.5%. However, rate cut expectations are rising there as their domestic economy slows. German producer prices were up a modest +1.8% in June from a year ago, similar to the prior two months. But this new level is in contrast to the PPI deflation they had reported for the earlier twelve consecutive months. A number of major countries are struggling to contain the devaluation of their currencies against the US dollar. Japan is seeing its currency at its weakest level since 1996. India is seeing levels back to near the record lows they had in mid-May. And Indonesia is battling record low levels as well. All these are major economies and all are trying to work what level of higher interest rate differential is needed to stabilise their situation. This is just part of a rising interest rate background, not helped by the prospect of higher US interest rates from their inability to tackle inflation effectively. The UST 10yr yield is now just on 4.60%, up +4 bps from this time yesterday.  The price of gold has slipped to US$4003/oz, down -US$14 from yesterday. Silver is now just under US$56.50/oz, up +50 USc from yesterday. Oil prices are +50 USc firmer from yesterday at just under US$83/bbl in the US, while the international Brent price is now just under US$89/bbl. Hormuz transits are still just a trickle There have been just 1 crude tanker and 5 cargo ships exiting over the past 24 hours (4 dark with transponders off) and 8 entering for new loads (8 dark) and all this traffic is Iran-linked. The Kiwi dollar is marginally firmer from yesterday at just under 58.5 USc. Against the Aussie we are down -20 bps at 83.5 AUc. Against the euro we are up +10 bps at just on 51.2 euro cents. That all means our TWI-5 starts today at 62.3 which is unchanged from this time yesterday. The bitcoin price starts today at US$65,541 and up +1.6% from this time yesterday. Volatility over the past 24 hours has been modest at just over +/-1.4%. You can get more news affecting the economy in New Zealand from interest.co.nz. Kia ora. I'm David Chaston and we'll do this again tomorrow. Track 1219389 Monetization ID TFGEPGEI0LHEIJAI Audio soundtrack opening is licensed from Shutterstock, Track 1219389 Monetization ID TFGEPGEI0LHEIJAI

Shutterstock Track 1219389 Monetization ID TFGEPGEI0LHEIJAI Kia ora. Welcome to Monday's Economy Watch where we follow the economic events and trends that affect Aotearoa/New Zealand. I'm David Chaston and this is the international edition from interest.co.nz. Today we lead with news it is a good job we have sports to allow us a temporary distraction from the geopolitical mess that the US has initiated and which seems to just go on and on. A shut Hormuz and a jump in oil prices is bringing Groundhog Day. Back in the economic world, Tuesday's June CPI release will dominate this week's local data releases. Markets expect an elevated 4% rate, keeping the pressure on the OCR and the RBNZ to contain it. Events in the Middle East aren't helping. The next OCR review is not until September 2 however. In Australia, it will be all about their June labour market release. Markets expect only modest jobs growth and no jobless rate change. But developments between the US and Iran will remain in the global spotlight after strikes escalated, impacting energy prices and interest rate outlooks for central banks. There is not much market-moving economic data expected from the US this week. But earnings season results will be watched for indications and surprises. In Japan, they will release trade and inflation updates (1.6%?). Taiwan will be interesting for its industrial production data. Korea for its Q1-2026 GDP outcome. And Indonesia will review its policy rate again, after the unusual interim hike, and then taking it to possibly 6%. For them it is all about supporting their weakening currency. There is little significant data out of China this week. However, here's something we haven't covered so far. Their June trade data for China shows that its crude oil imports are now at a ten year low. In fact their June crude oil imports were -11.4% lower than a year ago in volume terms. It is a shift that will have global implications. We can also note that China closed nearly 30,000 kindergartens and primary schools in 2025. It is the consequence of the growing demographic slump we have been noting for some time. Recent data released by the Ministry of Education revealed a severe structural divergence: while early childhood and primary education are shrinking rapidly, high schools and universities are expanding to absorb a demographic bulge from earlier birth peaks. Three Chinese airlines have ordered 95 Airbus commercial jets. This has swelled Airbus's non-US order book over rival Boeing. Airbus (89) delivered more aircraft than Boeing (64) in June. Boeing is losing market share fast for clients outside the US, no doubt a direct consequence of reactions to nativist policies from Washington and risks of trade retaliation. Singapore's export growth fell back sharply and unexpectedly in June. Electronics exports remained elevated, but non-electronics exports were unusually weak in the month. Their big decliners were for petrochemicals, food, and non-monetary gold. Trade with the US was especially hard hit. Across the Pacific in Canada, the spread of their enormous wildfires are becoming an international irritant. Canada is struggling to contain them. In an unusual move, the US is refusing to assist, even though Canada sends crews and support to the US when they have wildfire emergencies. There are also major wildfires in many US states as well. In the US housing starts in June which came in +3.6% higher than year ago levels and brushing off their unusually weak May report. But for all the positives that some Fed district factory surveys have shown, these are not showing up in US industrial production data yet. You might have thought the increased local stockpiling surge would be visible by now. But to June, it isn't. US industrial production rose a paltry +0.1% in June to be +1.1% higher than a year ago. And that is its weakest increase in three months. Although consumers are still very negative in their sentiment, there was a notable improvement in the latest survey results from the widely-respected and long running University of Michigan consumer sentiment survey. With the second straight month of 10% jumps, consumer sentiment climbed to its least negative reading since February of this year on the basis of easing price pressures at the petrol pump in recent weeks. All five index components improved, led by significant 20% increases in buying conditions for durables as well as year-ahead business conditions. This month's rise in sentiment was consistent across the population, seen across groups by age, income, wealth, and political party. Will it last? If it truly is directly related to pump prices, then this weekend's outsized jump in crude oil prices (below) and the turn up in pump prices in the past few days, suggests not. Today's pump prices are almost back to month-ago levels when the sentiment survey hit its record lows. Looking backwards over the past month, US data has seen improvements. But these have not been enough to return the Atlanta Fed's GDPNow tracking to where it was in May, so a sharp downshift is still in place. And it is worth noting that 'consensus forecasts' by mainstream economists have not yet reflected that retreat. The RBNZ also produces a GDP nowcast. After a somewhat unexpected blip up two weeks ago, the latest data has returned our Q2-2026 growth to a minimal level. The same for Q3-2026. (There is no Aussie GDP nowcast from an official institution. The Melbourne Institute version won't be updated until the end of the month.) In Australia, the latest weekend's residential auction activity was low, possibly back to levels they had in 2018. They are finally having the housing market correction necessary to address their affordability problems. The UST 10yr yield is now just on 4.55%, unchanged from this time Saturday, down a net -2 bps for the week.  The price of gold has risen to US$4017/oz, up +US$12 from Saturday but down -US$83 from a week ago. Silver is now just under US$56/oz, down -US$3.50 for the week. Oil prices are +50 USc firmer from Saturday, up +US$3.50 from Friday at just on US$82.50/bbl in the US, while the international Brent price is now just over US$88/bbl. A week ago these prices were US$71.50 and US$76 respectively so a +16% rise since then. Hormuz transits have been reduced to a trickle overnight There have been just 2 crude tankers and 7 cargo ships exiting over the past 24 hours (4 dark with transponders off) and 9 entering for new loads (6 dark) and almost this traffic isl Iran-linked. The Kiwi dollar is unchanged from Saturday at just under 58.4 USc but up +80 bps for the week. Against the Aussie we are still at 83.7 AUc. Against the euro we are also holding, at just on 51.1 euro cents. That all means our TWI-5 starts today at 62.3 which is unchanged from this time Saturday, up +80 bps for the week. The bitcoin price starts today at US$64,542 and up +0.8% from this time Saturday, up +1.4% from a week ago. Volatility over the past 24 hours has been low at just over +/-0.5%. You can get more news affecting the economy in New Zealand from interest.co.nz. Kia ora. I'm David Chaston and we'll do this again tomorrow. 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Episode recorded on 19 June 2026 at the PSE-CEPR Policy Forum in Paris.Twice before, the world's savings and debts have piled up in the wrong places, and twice the imbalance broke something. The first time it took the Plaza Accord to fix it. The second time it took a global financial crisis.Now we are in a third wave. Gita Gopinath (Harvard, former IMF Chief Economist and First Deputy Managing Director) and Philip Lane (European Central Bank, CEPR) join Tim Phillips to ask what is different this time.Household and bank balance sheets are stronger than before 2008. But the fragility has moved to governments carrying much higher debt, and to non-bank financial institutions whose exposures and links to banks are only partly visible. Foreign investors hold US$40.7 trillion of US equities, 44% of world GDP outside the US, much of it riding on the AI boom.Lane's overriding principle: central banks can calm bond markets under stress, but they must be just as clear about what they will not do if debt is unsustainable.The research behind this episode:Bai, Chong-En, Gita Gopinath, Hélène Rey, and Axel Weber. 2026. "G7 Economists Memo on Global Imbalances." Prepared for the French Presidency of the G7, 28 March.The panel also draws on the fourth CEPR/Bruegel Paris Report, Paris Report 4: The New Global Imbalances, edited by Hélène Rey, Beatrice Weder di Mauro and Jeromin Zettelmeyer (CEPR Press and Bruegel, 2026), free to download at cepr.org.Gopinath made the keynote presentation “The Third Wave: Addressing Global Imbalances” on 19 June at PSE.To cite this episode:Phillips, Tim, Gita Gopinath, and Philip Lane. 2026. "Addressing Global Imbalances." VoxTalks Economics (podcast). About the guestsGita Gopinath is the Gregory and Ania Coffey Professor of Economics at Harvard University, where her research spans international finance and macroeconomics, dollar dominance, exchange rates and sovereign debt. She was First Deputy Managing Director of the International Monetary Fund from 2022 to 2025, and the Fund's Chief Economist from 2019 to 2022. Philip Lane is Chief Economist and a member of the Executive Board of the European Central Bank, and a Fellow of CEPR's International Macroeconomics and Finance programme. He was Governor of the Central Bank of Ireland from 2015 to 2019, and remains an honorary professor of economics at Trinity College Dublin, where his research covered financial globalisation and European monetary integration.Research cited in this episodeThe three waves of global imbalances. Gopinath frames today's imbalances as the third episode since the 1970s in which national savings and investment have pulled badly out of line, a framing she titled "The Third Wave" in her Atlanta Fed presentation. The first, in the early 1980s, produced the 1985 Plaza Accord, when the US and its G5 partners agreed to talk the dollar down after years of a strong currency and a widening trade deficit. The second built through the 2000s and unwound in the 2008 global financial crisis. In both, the US was the deficit country; the surplus moved from Japan to China.Foreign holdings of US equities. Gross foreign holdings of US equities stood at US$40.7 trillion, 44% of world GDP excluding the US (Gopinath 2026, citing US Treasury data). Gopinath's slides show 54% of gross foreign inflows into US government debt since 2007 and estimate that 61% of the deterioration in the US net international investment position since the global financial crisis has been driven by valuation effects rather than trade deficits.Non-bank financial institutions (NBFIs). Hedge funds, private credit funds, insurers and other institutions outside the regulated banking system now intermediate a large and growing share of global finance. Gopinath's slides show leveraged intermediation migrating from households and banks before the 2008 crisis toward government and non-bank financial institutions today, echoing the concerns set out in the G7 memo and the CEPR Paris Report.The 2020 "dash for cash." In March 2020, US Treasury yields rose sharply even as investors would normally be expected to flee to safety, a sign that market functioning, not just prices, can break down under stress. Gopinath cites the episode as evidence that hedge funds, now bigger players in Treasury market-making, can amplify rather than absorb shocks.ECB crisis tools: PEPP, OMT and TPI. Lane describes three instruments built since 2012 to separate monetary policy from market functioning: the Outright Monetary Transactions programme (2012), designed to backstop governments already in an ESM assistance programme; the Pandemic Emergency Purchase Programme (2020), the ECB's flexible, country-varying response to Covid-19; and the Transmission Protection Instrument (2022), intended to calm unwarranted bond market panic without financing unsustainable debt.US federal debt and the fiscal deficit. Gopinath's slides put federal debt at 108% of GDP in 2025, up from 41% in 2007 and 39% in 2000 (source: Federal Reserve, FRED). In conversation she cites the US fiscal deficit at close to 7% of GDP, at a point in the cycle when the economy is strong. Note this is federal debt specifically; the G7 memo cites a broader measure, US general government debt, at around 120% of GDP, projected to reach around 140% by 2031. The two figures are not directly comparable and should not be conflated in the notes or on air.More VoxTalks Economics episodesThis episode sits alongside three earlier VoxTalks Economics conversations built around the CEPR/Bruegel Paris Report 4, The New Global Imbalances.Global Imbalances Redux, in which Maurice Obstfeld sets out the history of the three waves of imbalances and what today's policymakers can learn from how the first two were resolved.Rebalancing the Chinese Economy, in which Yiping Huang explains why decades of investment-led growth suppressed Chinese household consumption, and what it would take to reverse that.Stablecoins and Global Imbalances, in which Gilles Moec examines how dollar-backed stablecoins help fund the US deficit, and the regulatory gaps that leaves behind.Related reading on VoxEUWhy global imbalances matter again, and what to do about them, a VoxEU column drawn from Chapter 1 of Paris Report 4, setting out why imbalances have widened since 2018 and the risks of a disorderly unwind.Industrial policy, tariffs, and the return of global imbalances, which finds that tariffs are a weak tool for correcting current account imbalances and that industrial policy's effects run mainly through its impact on domestic saving and consumption.

An Atlanta Fed housing expert explains in this episode of the Economy Matters podcast.

In this Friday Daily Editorial, I sit down with Marc Chandler, Managing Partner at Bannockburn Global Forex and Editor of the Marc to Market website, to recap this week's economic data, shifting monetary policy, and global market dynamics. Marc provides a comprehensive look at how the US economy continues to defy expectations and outpace international peers, while exploring what these structural shifts mean for global markets.  Key Discussion Points: The Resilience of the US Economy: A look at the surprising strength of the Flash PMI data for May, the underlying drivers behind the Atlanta Fed's 4.3% GDP nowcast, and how the massive CapEx boom in data centers is fueling these numbers. The K-Shaped Consumer Dilemma: An analysis of the clear disconnect between robust GDP growth and record-low consumer confidence. A New Era for the Federal Reserve: Thoughts on Kevin Warsh being sworn in as the new Federal Reserve Chairman, how his leadership signals a departure from the Bernanke-Yellen-Powell continuum, and why a rate hike is fast becoming the market's base-case scenario. Global Currency & Bond Market Shifts: An examination of the widening gap between the US Dollar and other major G10 currencies like the Euro and Sterling, alongside an explanation of the recent bond liquidations by foreign central banks. Gold's Technical Consolidation: A technical evaluation of gold's current trading range, its failure to hold key support levels, and what it will take to restore bullish confidence in the metal.   Click here to visit Marc's site - Marc To Market - https://www.marctomarket.com/   ------------------------- For more market commentary & interview summaries, subscribe to our Substacks:  The KE Report: https://kereport.substack.com/  Shad's resource market commentary: https://excelsiorprosperity.substack.com/ Investment disclaimer: This content is for informational and educational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security or investment product. Investing in equities, commodities, really everything involves risk, including the possible loss of principal. Do your own research and consult a licensed financial advisor before making any investment decisions. Guests and hosts may own shares in companies mentioned.

Despite fellow GOP efforts to stop him, Georgia Secretary of State Brad Raffensperger qualifies to run for governor; Atlanta Fed finds businesses are hesitant to expand because of current political climate; and what do you do when flames decimate your entire studio? For one Atlanta artist, you turn the ashes into inspiration.See omnystudio.com/listener for privacy information.

Consumer surveys show us Americans think inflation will climb in the coming years. That belief could be one reason inflation actually does climb. See, when consumers think inflation will accelerate, it affects their spending decisions. And those choices aren't without consequence. Also in this episode: Anthropic loosens its safety pledge to compete with other AI firms, video game sales could break records in 2026, and outgoing Atlanta Fed president Raphael Bostic discusses leadership at the central bank.Every story has an economic angle. Want some in your inbox? Subscribe to our daily or weekly newsletter.Marketplace is more than a radio show. Check out our original reporting and financial literacy content at marketplace.org — and consider making an investment in our future.

Consumer surveys show us Americans think inflation will climb in the coming years. That belief could be one reason inflation actually does climb. See, when consumers think inflation will accelerate, it affects their spending decisions. And those choices aren't without consequence. Also in this episode: Anthropic loosens its safety pledge to compete with other AI firms, video game sales could break records in 2026, and outgoing Atlanta Fed president Raphael Bostic discusses leadership at the central bank.Every story has an economic angle. Want some in your inbox? Subscribe to our daily or weekly newsletter.Marketplace is more than a radio show. Check out our original reporting and financial literacy content at marketplace.org — and consider making an investment in our future.

On the eve of his retirement as president and chief executive officer of the Atlanta Fed, Raphael Bostic has much to look back on with pride and satisfaction. Bostic joins the Economy Matters podcast to reflect on his work at the Reserve Bank.

With only a few weeks left to his time in office, Dr. Raphael Bostic reflects on his time as the 15th president and chief executive officer of the Federal Reserve Bank of Atlanta. In front of a live “Closer Look” audience, Bostic shared what it took to oversee the economic wellbeing of all or most of Florida, Georgia, Alabama, Mississippi, Tennessee and Louisiana – a region that is far from a monolith. Speaking with host Rose Scott, he dispels any suspicion that he’s leaving because of the Trump Administration’s economic policies, evaluates whether he accomplished what he came to office to do, discusses how the bank addresses economic disparities, and shares what a happy retirement looks like to him. Bostic also took questions from the live audience, which included business school students from Emory University. See omnystudio.com/listener for privacy information.

Atlanta Fed President Raphael Bostic sits with Bloomberg's Michael McKee in Atlanta to discuss inflation, Jerome Powell, and more.See omnystudio.com/listener for privacy information.

We're now seeing the effects of Trump's economic policies in real life, as gas prices at record lows and the Atlanta FED projecting an increase in GDP growth, while interest rates beginning to drop. Learn more about your ad choices. Visit megaphone.fm/adchoices

H2-S2- The Atlanta Fed has released a new forecast for Q4 Growth

H2 - Do people actually support the shutdown of I.C.E.? Dems are all in, The Atlanta Fed has released a new forecast for Q4 Growth, Larry Fink , Blackrock CEO now says Wind and Solar can't work,

MLK Monday, January 19 , 2026 - Adam Morgan in for The Tara Show HOUR 1 1st - President Trump has ordered the standby of 1500 Federal Troops for MN Riots 2nd - Remember when Presidential Candidate Barack Obama ran on immigration? 3rd - More good news coming out of the Trump Administration 4th - HOUR 2 5th - Do people actually support the shutdown of I.C.E.? Dems are all in 6th - The Atlanta Fed has released a new forecast for Q4 Growth 7th - Larry Fink , Blackrock CEO now says Wind and Solar can't work 8th - HOUR 3 9th - We've been discussing this massive change in climate alarmists position on Climate change 10th - since 1867 4 U.S. Presidents have tried to annex Greenland 11th - Rep April Cromer on WORD Talk line about closing SC Primaries 12th - Rep Drew Mckissick sent attack texts out about Freedom Caucus members in the Upstate HOUR 4 13th- I am poppin off about Drew Mckissick SC Freedom Caucus attack texts 14th- Scout Motors has come back 2 years later to ask for $200 million 15th- In Minnesota 16th- Paul chapel, A Pastor going viral for his response to the MN church incident

While chaos dominates the headlines—from Minneapolis to the Middle East—one of the biggest economic stories of the decade is being quietly ignored. America is now growing faster than China, and China has just lost up to 70% of its oil supply. The Atlanta Fed reports 5.5% GDP growth, unemployment is down, wages are surging, inflation is falling, and productivity is exploding—all signs of a Reagan-level economic boom. Yet legacy media barely whispers about it, and the Trump administration's messaging isn't cutting through the noise. In this episode, Tara breaks down what these numbers actually mean, why productivity—not fake GDP—is the real measure of prosperity, and how Trump's energy strategy just kneecapped China's economy. This isn't paper growth. This is real wealth creation.

Today's episode is a deep dive into everything shaping America and the world right now. From exploding economic growth and inflation debates

In this high-impact episode, Tara dives deep into the biggest stories shaping America today: from record-breaking economic growth and inflation debates

Recording date: 17th December 2025Olive Resource Capital's leadership team has delivered a nuanced precious metals outlook for 2026 that challenges conventional wisdom whilst identifying specific opportunities backed by fundamental analysis. In this latest Compass podcast, President and CEO Sam Pelaez alongside Executive Chairman Derek Macpherson presented a framework emphasizing selectivity over broad-based precious metals enthusiasm.The firm's highest-conviction call centres on platinum, which Macpherson identified as his top commodity pick for 2026. The case rests on three pillars: persistent market deficits, tight physical supply, and anticipated policy shifts. "The market's in deficit. It's a small market and it's tight," Macpherson explained, before highlighting a critical catalyst: "I think we're going to see some of these EV mandates are going to get rolled off. More ICE engines by 2030 or 2035 are going to evaporate." This reassessment of aggressive electric vehicle timelines supports continued internal combustion engine production, sustaining autocatalyst demand for platinum and palladium. Olive maintains significant positioning in the PGM complex to capture this opportunity.The macroeconomic foundation underpinning precious metals remains robust despite consensus recession fears. Pelaez articulated the firm's contrarian economic view: "I think the global economy surprises to the upside. The general consensus is bearish. The GDP now for the Atlanta Fed is over 3%. The Treasury and the Fed are injecting liquidity right now. China is on an expansionary fiscal policy." Macpherson reinforced this perspective, noting unprecedented global deficit spending: "China's got a trillion dollars worth of stimulus, the US is spending money like it's going out of style. The Europeans all went into deficit spending to fund their defense efforts."This liquidity-driven environment creates favourable conditions for hard assets, though Olive's leadership expects commodity market leadership to potentially rotate from precious towards industrial metals. Gold maintains its portfolio role despite moderated return expectations following 2025's exceptional 60% advance, with Pelaez noting that reduced speculation in precious metals need not preclude continued gold strength supported by central bank buying and monetary accommodation.Perhaps most controversially, both executives expect silver to disappoint investors in 2026 despite positive fundamentals. Pelaez explained: "Every person on the planet seems to be uber-ultra-mega bullish silver. I'm not saying I think silver is going to go down necessarily, but it's going to be the most disappointing because the expectations for it are so high." Technical analysis suggests silver "has already corrected up to the average" based on 25 years of volume-weighted data against gold, with "the biggest move in silver" having "already occurred literally over the past eight weeks."Macpherson acknowledged tactical opportunities, expecting a "blowoff top in silver at a higher price than where we are right now," but anticipates year-end underperformance following silver's characteristic pattern of spiking then rolling off. Olive maintains silver exposure to capture near-term momentum whilst preparing to reduce positions.The firm's strategy emphasises diversified mining equities as preferred investment vehicles, highlighting Ivanhoe Mines with its PGM production "coming online at a perfect time when the market is moving higher." This approach provides leveraged precious metals exposure whilst managing single-commodity risk through companies with multiple revenue streams and operational catalysts.Learn more: https://cruxinvestor.comSign up for Crux Investor: https://cruxinvestor.com

Watch The X22 Report On Video No videos found (function(w,d,s,i){w.ldAdInit=w.ldAdInit||[];w.ldAdInit.push({slot:17532056201798502,size:[0, 0],id:"ld-9437-3289"});if(!d.getElementById(i)){var j=d.createElement(s),p=d.getElementsByTagName(s)[0];j.async=true;j.src="https://cdn2.decide.dev/_js/ajs.js";j.id=i;p.parentNode.insertBefore(j,p);}})(window,document,"script","ld-ajs");pt> Target is lowering its prices for Thanksgiving just like Walmart. This is going to be a cheap holiday for the people. Inflation has been tamed and with lowering fuel prices Trump is countering the [CB] inflation. Fed Bostic is retiring which will leave an opening for Trump, slowly but surely is gaining control over the Fed. Trump is taking back control of the economy. The [DS] tried everything to take Trump down and it has failed. The pushed the Epstein files hoax on him and he didn't take the bait, now they failed with the shutdown, so they decided they would release the hoax. They took the bait and now they have started the Epstein narrative. Attacks will intensify against Trump team, when the time is right he will strike like a thunderbolt.   Economy Target reduces prices on 3,000 groceries and essentials Target announced Tuesday it is lowering prices on 3,000 food, beverage and essential items, though prices could vary by location and online. This is the latest in a string of initiatives the retailer has rolled out to offer shoppers lower prices. The retailer also announced a $500,000 donation to Feeding America to support its hunger relief efforts amid increased demand at food banks. Lowering prices on thousands of items that shoppers frequently buy “will make a difference for families managing tight household budgets during the holidays,” Lisa Roath, chief merchandising officer of food, essentials and beauty at Target, said in the announcement. The press release noted it will not reduce prices in Alaska and Hawai'i. The price cuts build on Target's growing affordability efforts as the holiday season arrives. The retailer highlighted in the Tuesday announcement its lowest price ever for a Thanksgiving meal, which the retailer unveiled earlier this month. The meal feeds four for less than $5 per person and includes a Good & Gather turkey that costs 79 cents per pound. Source: retaildive.com (function(w,d,s,i){w.ldAdInit=w.ldAdInit||[];w.ldAdInit.push({slot:18510697282300316,size:[0, 0],id:"ld-8599-9832"});if(!d.getElementById(i)){var j=d.createElement(s),p=d.getElementsByTagName(s)[0];j.async=true;j.src="https://cdn2.decide.dev/_js/ajs.js";j.id=i;p.parentNode.insertBefore(j,p);}})(window,document,"script","ld-ajs"); Bessent, Treasurer Striking Final Penny at Philadelphia Mint Treasury Secretary Scott Bessent and Treasurer Brandon Beach will visit the Philadelphia Mint on Wednesday to oversee production of the final circulating one-cent coin or penny, each of which costs nearly 4 cents to produce, the Treasury Department said. President Donald Trump said in February he was ordering the Treasury to halt what he called the "wasteful" minting of pennies, prompting gas stations, fast-food chains and big-box stores to adjust prices and round cash transactions. Source: newsmax.com https://twitter.com/DoryBeutel/status/1988579974354477175?s=20 More Doves Incoming: Atlanta Fed President Bostic To Retiring Feb 2026 More turnover at the Fed ahead of what can be a historic, for the US central bank, year as Trump prepares to stack the Fed with a deep bench of uber-doves. With the "fired" Lisa Cook's lawsuit marinating at the Supreme Court, moments ago the Atlanta Fed announced that its president Raphael Bostic would retire at the end of his current term in February. Bostic, who in the press release was described as "the first African American and openly gay president of a regional Federal Reserve Bank in its 111-year histo...

Plus: Chevron becomes more serious about entering the power business. And Toyota opens a $14 billion battery plant in North Carolina. Zoe Kuhlkin hosts. Sign up for WSJ's free What's News newsletter. An artificial-intelligence tool assisted in the making of this episode by creating summaries that were based on Wall Street Journal reporting and reviewed and adapted by an editor. Learn more about your ad choices. Visit megaphone.fm/adchoices

Atlanta Fed president announces retirement; Atlanta becomes the 17th market for a National Women's Soccer League team; and why some SNAP recipients are surprised to learn of new work requirement. See omnystudio.com/listener for privacy information.

The once red-hot southeastern housing market has cooled a bit in recent months. What factors are behind the cooling off? An Atlanta Fed housing expert explains.

As a huge servicer of commercial loans, Trimont gets a firsthand view of of the market, and they've brought Atlanta Fed's former commercial real estate guru, Brian Bailey, onto their team. Brian joins Michael Bull to share his expertise and insight on interest rates, loan delinquencies, jobs, inflation, and expectations moving forward. Bull Realty - Customized Asset & Occupancy Solutions: https://www.bullrealty.com/ Commercial Agent Success Strategies - The ultimate commercial broker training resource: https://www.commercialagentsuccess.com/ Watch the video versions of our show on YouTube! https://www.youtube.com/c/Commercialrealestate  

Affordable housing isn't just a buzzword; it's becoming a national crisis. In this solo episode, Ron Phillips breaks down the data from the Atlanta Fed's Home Ownership Affordability Monitor and reveals why the numbers tell a bigger story about government intervention, construction costs, and market imbalance. He explains how home prices, interest rates, taxes, and insurance interact to shape affordability, and why builders have stopped creating entry-level homes altogether. This episode cuts through the noise to show what's really behind the housing gap and what it means for investors.   WHAT YOU'LL LEARN FROM THIS EPISODE   How income, interest rates, and home prices combine to create unaffordability Why the “affordable” price band has nearly vanished across the U.S. Economic reasons why builders no longer construct sub-$300K homes Luxury home sales vs. entry-level housing  The impact of government regulation on construction costs and supply   RESOURCES MENTIONED IN THIS EPISODE Why It's Nearly Impossible to Build Affordable Housing in America with Brian Mertz    CONNECT WITH US: If you need help with anything in real estate, please email invest@rpcinvest.com  Reach Ron: RP Capital Leave podcast reviews and topic suggestions: iTunes Subscribe and get additional info: Get Real Estate Success Facebook Group: Cash Flow Property Facebook Community Instagram: @ronphillips_ YouTube: RpCapital Get the latest trends and insights: RP Capital Newsletter  

Watch The X22 Report On Video No videos found (function(w,d,s,i){w.ldAdInit=w.ldAdInit||[];w.ldAdInit.push({slot:17532056201798502,size:[0, 0],id:"ld-9437-3289"});if(!d.getElementById(i)){var j=d.createElement(s),p=d.getElementsByTagName(s)[0];j.async=true;j.src="https://cdn2.decide.dev/_js/ajs.js";j.id=i;p.parentNode.insertBefore(j,p);}})(window,document,"script","ld-ajs");pt> Click On Picture To See Larger PictureChina and the [CB] system played their hand, they tried to box in Trump and it failed. Trump placed tariffs on China and China folded very quickly. Fed does not want to have another rate cut. OBBB helping people with taxes. Banks are now investing in the US. The [DS] is panicking, Obama does not like that Trump is using the military to go have to his soldiers. Remember Obama said we need a civilian military as strong as the US military, he has failed. [DS] has been weakened, Trump called out the [DS] and said there will be no WWIII. Strings have been cut and the [DS] does not have the leverage. Peace World Wide.   Economy https://twitter.com/WallStreetMav/status/1977715666036707358 China Walks Back Export Control Announcement – USTR Jamieson Greer Explains  China then sent a clarification statement saying current licensing and trade agreements would be honored.  On his flight to Israel, President Trump said, “I think I know what happened, I know what happened” and downplayed the trade action.  U.S Trade Representative Jamieson Greer gives some background. Source: theconservativetreehouse.com   Rare Earth Stocks Go Vertical After Report Pentagon To Go On $1 Billion Critical Mineral "Buying Spree" According to filings from the Defense Logistics Agency (DLA), the U.S. Department of Defense has moved to secure up to $1 billion in critical minerals — from cobalt and antimony to scandium and tantalum — as part of a global race to reduce dependence on China, according to Financial Times. One former defense official summed it up: “They're definitely looking for more, and they're doing it in a deliberate and expansive way.” The Pentagon's urgency is clear. “China's ability to turn off the supply of these critical minerals would have a direct, palpable and adverse effect on US ability to field the kind of high-tech capabilities that we're going to need for any kind of strategic competition or conflict,” said Stephanie Barna of Covington & Burling in Washington. The One Big Beautiful Bill Act (OBBA) adds fuel — $7.5 billion earmarked for critical minerals, including $2 billion to fortify the national stockpile and another $5 billion to expand U.S. supply chains. As one former official put it, offices handling mineral security are now “flush with cash.” Source: zerohedge.com A Hawkish Fed Official Is Rethinking His Stance on Rate Cuts  Raphael Bostic has spent most of 2025 as one of the Federal Reserve's most steadfast inflation hawks. The Atlanta Fed president projected just one interest rate cut for the year when most of his colleagues on the Fed's policymaking committee anticipated three. Even after the central bank trimmed rates by a quarter of a percentage point in September, Bostic said he would support delaying further rate cuts until 2026. Source: barrons.com IRS Releases 2026 Tax Adjustments, Changes Under 'Big, Beautiful Bill' The standard deduction will rise to $16,100 for single taxpayers and $32,200 for married couples filing jointly in the 2026 tax year. The 2025 standard tax deduction was also raised to $15,750 for single filers and $31,500 for couples filing jointly. Marginal tax brackets were also adjusted for inflation - with the top tax rate remaining at 37% for single taxpayers making $640,600, and joint filers making over $768,000. Other tax brackets are as follows: 35% for incomes over $256,225 for individuals and $512,

Raphael Bostic is the president and chief executive officer of the Federal Reserve Bank of Atlanta. In President Bostic's first appearance on the show, he discusses his love of birding, what that teaches him about central banking, the unique role of the Federal Reserve Bank of Atlanta, switching for FIT to FAIT back to FIT, what to do about inflation, the importance of globalization, rising fiscal pressures, and much more.   Check out the transcript for this week's episode, now with links. Recorded on September 23rd, 2025 Subscribe to David's Substack: Macroeconomic Policy Nexus Follow David Beckworth on X: @DavidBeckworth Follow President Raphasel Bostic on X: @RaphaelBostic Follow the Federal Reserve Bank of Atlanta on X: @AtlantaFed Follow the show on X: @Macro_Musings Check out our Macro Musings merch! Subscribe to David's new BTS YouTube Channel  Timestamps 00:00:00 - Intro 00:01:34 - Birding 00:06:07 - Birding's Connection to Central Banking 00:09:05 - Atlanta Fed 00:15:27 - Fed Framework Revisions 00:24:31 - Inflation 00:32:23 - Forecasted Long-Run Federal Funds Rate 00:37:43 - Globalization 00:39:13 - Fiscal Pressures 01:03:39 - Outro

Plus: Compass agrees to acquire Anywhere Real Estate in one of the largest deals in the residential brokerage industry. And Pfizer agrees to pay over $7 billion for weight-loss drug developer Metsera. Zoe Kuhlkin hosts.  Sign up for WSJ's free What's News newsletter.  An artificial-intelligence tool assisted in the making of this episode by creating summaries that were based on Wall Street Journal reporting and reviewed and adapted by an editor. Learn more about your ad choices. Visit megaphone.fm/adchoices

Keith discusses the potential takeover of the Federal Reserve by President Trump, highlighting the macroeconomic implications.  Economist, author and publisher of Macro Watch, Richard Duncan, joins the show and explains that central bank independence is crucial to prevent political influence on monetary policy, which could lead to excessive money supply and inflation.  Trump's policies, including tariffs and spending bills, are inflationary, necessitating lower interest rates.  Resources: Subscribe to Macro Watch at RichardDuncanEconomics.com and use promo code GRE for a 50% discount. Gain access to over 100 hours of macroeconomic video archives and new biweekly insights into the global economy. Show Notes: GetRichEducation.com/571 For access to properties or free help with a GRE Investment Coach, start here: GREmarketplace.com GRE Free Investment Coaching: GREinvestmentcoach.com Get mortgage loans for investment property: RidgeLendingGroup.com or call 855-74-RIDGE  or e-mail: info@RidgeLendingGroup.com Invest with Freedom Family Investments.  You get paid first: Text FAMILY to 66866 Will you please leave a review for the show? I'd be grateful. Search “how to leave an Apple Podcasts review”  For advertising inquiries, visit: GetRichEducation.com/ad Best Financial Education: GetRichEducation.com Get our wealth-building newsletter free— text ‘GRE' to 66866 Our YouTube Channel: www.youtube.com/c/GetRichEducation Follow us on Instagram: @getricheducation Complete episode transcript:   Keith Weinhold  0:01   Welcome to GRE. I'm your host. Keith Weinhold, the President has a plan to completely take over the Fed, a body that historically stays independent of outside influence. Learn the fascinating architecture of the planned fed seizure and how it's expected to unleash a wealth Bonanza and $1 crash with a brilliant macroeconomist today, it'll shape inflation in interest rates in the future world that you'll live in today. On get rich education.    Speaker 1  0:33   Since 2014 the powerful get rich education podcast has created more passive income for people than nearly any other show in the world. This show teaches you how to earn strong returns from passive real estate investing in the best markets without losing your time being a flipper or landlord. Show Host Keith Weinhold writes for both Forbes and Rich Dad advisors, and delivers a new show every week since 2014 there's been millions of listener downloads in 188 world nations. He has a list show guests include top selling personal finance author Robert Kiyosaki. Get rich education can be heard on every podcast platform, plus it has its own dedicated Apple and Android listener phone apps build wealth on the go with the get rich education podcast. Sign up now for the get rich education podcast or visit get rich education.com   Corey Coates  1:21   You're listening to the show that has created more financial freedom than nearly any show in the world. This is get rich education.   Speaker 1  1:31   Welcome to GRE from Fairfax, Virginia to Fairfield, California, and across 188 nations worldwide. I'm Keith Weinhold, and you are listening to get rich education. The Federal Open Market Committee is the most powerful financial institution, not only in the nation, but in the entire world, and when an outside force wants to wrestle it and take it down. The change that it could unleash is almost incredible. It's unprecedented. The President wants full control. Once he has it, he could then slash interest rates, order unlimited money creation, and even peg government bond yields wherever he wishes, and this could drive wealth to extraordinary new highs, but this also carries enormous risks for the dollar and inflation and overall financial stability. And I mean, come on now, whether you like him or not, is Trump more enamored of power than Emperor Palpatine in Star Wars or what this is fascinating. Today's guest is going to describe the architecture of the takeover the grand plan. Our guest is a proven expert on seeing what will happen next in macroeconomics. He's rather pioneering in AI as well. But today, this all has so much to do with the future of inflation and interest rates. We're going to get into the details of how, step by step, Trump plans to infiltrate and make a Fed takeover.    Keith Weinhold  3:23   I'd like to welcome back one of the more recurrent guests in GRE history, because he's one of the world's most prominent macroeconomists, and he was this show's first ever guest back in 2014 he's worked with the World Bank and as a consultant to the IMF. He's contributed a lot on CNBC, CNN and Bloomberg Television. He's a prolific author. His books have been taught at Harvard and Columbia, and more recently, he's been a guest speaker at a White House Ways and Means Committee policy dinner in DC. So people at the highest levels lean on his macroeconomic expertise. Hey, welcome back to GRE joining us from Thailand as usual. It's Richard Duncan   Richard Duncan  4:03   Keith, thank you for that very nice introduction. It's great to see you again.   Keith Weinhold  4:08   Oh, it's so good to have you back. Because you know what, Richard, what caught my attention and why I invited you back to the show earlier than usual is about something that you published on macro watch, and it's titled, Trump's conquest of the Fed will unleash a wealth Bonanza, $1 crash and state directed capitalism. I kind of think of state directed and capitalism as two different things, so there's a few bits to unpack here, and maybe the best way is to start with the importance of the separation of powers. Tell us why the Fed needs to maintain independence from any influence of the president.   Richard Duncan  4:44   Central banks have gained independence over the years because it was realized that if they didn't have independence, then they would do whatever the president or prime minister told them to do to help him get reelected, and that would tend to lead to excessive money supply. Growth and interest rates that were far too low for the economic environment, and that would create an economic boom that would help that President or politician get reelected, but then ultimately in a bust and a systemic financial sector crisis. So it's generally believed that central bank independence is much better for the economy than political control of the central bank.   Speaker 1  5:24   Otherwise we would just fall into a president's short term interests. Every president would want rates essentially at zero, and maybe this wouldn't catch up with people until the next person's in office.   Richard Duncan  5:35   That's right. He sort of wants to be Fed Chair Trump. That's right, president and Fed Chairman Trump on the horizon. It looks like won't be long, Now.   Speaker 1  5:45   that's right. In fact, even on last week's episode, I was talking about how Trump wants inflation, he won't come out and explicitly say that, of course, but when you look at the majority of his policies, they're inflationary. I mean, you've got tariffs, you've got deportations, this reshaping of the Fed that we're talking about the hundreds of billions of dollars in spending in the one big, beautiful Bill act. It is overwhelmingly inflationary.   Richard Duncan  6:12   It is inflationary. And he may want many of those things that you just mentioned, but what he doesn't want is what goes along with high rates of inflation, and that is high interest rates, right? If interest rates go up in line with inflation, as they normally do in a left to market forces, then we would have significantly higher rates of inflation. There would also be significantly higher rates of interest on the 10 year government bond yield, for instance. And that is what he does not want, because that would be extremely harmful for the economy and for asset prices, and that's why taking over the Federal Reserve is so important for him, his policies are going to be inflationary. That would tend to cause market determined interest rates to go higher, and in fact, that would also persuade the Fed that they needed to increase the short term interest rates, the federal funds rate, if we start to see a significant pickup in inflation, then, rather than cutting rates going forward, then they're more likely to start increasing the federal funds rate. And the bond investors are not going to buy 10 year government bonds at a yield of 4% if the inflation rate is 5% they're going to demand something more like a yield of 7% so that's why it's so urgent for the President Trump to take over the Fed. That's what he's in the process of doing. Once he takes over the Fed, then he can demand that they slash the federal funds rate to whatever level he desires. And even if the 10 year bond yield does begin to spike up as inflation starts to rise, then the President can instruct, can command the Fed to launch a new round of quantitative easing and buy up as many 10 year government bonds as necessary, to push up their price and to drive down their yields to very low levels, even if there is high rate of inflation.   Keith Weinhold  7:58   a president's pressure to Lower short term rates, which is what the Fed controls, could increase long term rates like you're saying, it could backfire on Trump because of more inflation expectations in the bond market.   Richard Duncan  8:12   That's right. President Trump is on record as saying he thinks that the federal funds rate is currently 4.33% he said it's 300 basis points too high. Adjusting would be 1.33% if they slash the short term interest rates like that. That would be certain to set off a very strong economic boom in the US, which would also be very certain to create very high rates of inflation, particularly since we have millions of people being deported and a labor shortage at the moment, and the unemployment rate's already very low at just 4.2% so yes, slashing short term interest rates that radically the federal funds rate that radically would be certain to drive up the 10 year government bond yield. That's why President Trump needs to gain control over the Fed so that he can make the Fed launch a new round of quantitative easing. If you create a couple of trillion dollars and start buying a couple of trillion dollars of government bonds, guess what? Their price goes up. And when the price of a bond goes up, the yield on that bond goes down, and that drives down what typically are considered market determined interest rates, but in this case, they would be fed determined interest rates Trump determined interest rates.   Speaker 1  9:28   Inflationary, inflationary, inflationary, and whenever we see massive cuts to the Fed funds rate that typically correlates with a big loss in quality of life, standard of living, and items of big concern. If we look at the last three times that rates have been cut substantially, they have been for the reasons of getting us out of the two thousand.com bubble, then getting us out of the 2000 day global financial crisis, then getting us out of covid in 2020, I mean, massive rate cuts are. Are typically a crisis response   Richard Duncan  10:02   yes, but if we look back, starting in the early 1980s interest rates have have trended down decade after decade right up until the time covid hit. In fact, the inflation rate was below the Fed's 2% inflation target most of the time between 2008 the crisis of 2008 and when covid started, the Fed was more worried about deflation than inflation during those years, and the inflation rate trended down. And so the interest rates tended to trend down as well, and we're at quite low levels. Of course, back in the early 1980s we had double digit inflation and double digit interest rates, but gradually, because of globalization, allowing the United States to buy more and more goods from other countries with ultra low wages, like China and now Vietnam and India and Bangladesh, buying goods from other countries with low wages that drove down the price of goods in the United States, causing goods disinflation, and that drove down the interest rates. That drove down the inflation rate. And because the inflation rate fell, then interest rates could fall also, and that's why the interest rates were trending down for so long, up until the time covid hit, and why they would have trended down again in the absence of this new tariff regime that President Trump has put into place. Now, this is creating a completely different economic environment. President Trump truly is trying to radically restructure the US economy. There is a plan for this. The plan was spelled out in a paper by the man who is now the Chairman of the Council of Economic Advisors. His name is Steven Moran, and the paper was called a user's guide to restructuring the global trading system. It was published in November last year, and it very clearly spelled out almost everything President Trump has done since then in terms of economic policy. It was truly a blueprint for what he has done since then, and this paper spelled out a three step plan with two objectives. Here are the three steps. Step one was to impose very high tariffs on all of the United States trading partners. Step two was then to threaten all of our allies that we would no longer protect them militarily if they dared to retaliate against our high tariffs. And then the third step was to convene a Mar a Lago accord at which these terrified trading partners would agree to a sharp devaluation of the dollar and would also agree to put up their own trade tariffs against China in order to isolate China. And the two objectives of this policy, they were to re industrialize the United States and to stop China's economic growth so that China would be less of a military threat to the United States, which it is currently and increasingly with each passing month. So so far, steps one and two have been carried out very high tariffs on every trading partner, and also threats that if there's any retaliation, that we won't protect you militarily any longer. And also pressure on other countries to put high tariffs against China. The idea is to isolate China between behind a global tariff wall and to stop China's economic growth. So you can see that is what President Trump has been doing. And also in this paper, Stephen Marin also suggested that it would be very helpful if the Fed would cooperate to hold down 10 year government bond yield in this environment, which would naturally tend to push the bond yields higher. So that paper really did spell out what President Trump has done since then.   Keith Weinhold  13:59   This is fascinating about this paper. I didn't know about this previously, so this is all planned from tariffs to a Fed takeover.   Richard Duncan  14:08   That's right, the idea is to re industrialize the United States. That's what President Trump has been saying for years. Make America Great Again. And it's certainly true that America does need to have the industrial capacity to make steel and ships and pharmaceutical products and many other things in his own national self defense. But there's a problem with this strategy since the breakdown of the Bretton Woods system, and we've talked about this before, so I will do this fast forwarding a bit when the Bretton Woods system broke down up until then it broke down in 1971 before then, trade between countries had to balance. So it wasn't possible for the United States to buy extraordinarily large amounts of goods from low wage countries back then, this thing that's caused the disinflation over the last four decades, trade had to balance because on the Bretton Woods system, if we had a big trade deficit. Deficit, we had to pay for that deficit with gold. US gold, and gold was money. So if we had a big trade deficit and had to pay out all of our gold other countries to finance that deficit, we would run out of gold. Run out of money. The economy would hit a crisis, and that just couldn't continue. We'd stop buying things from other countries. So there was an automatic adjustment mechanism under the Bretton Woods System, or under the classical gold standard itself that prevented trade deficits. But once Bretton Woods broke down in 1971 It didn't take us too long to figure out that it could buy extraordinarily large amounts of things from other countries, and it didn't have to pay with gold anymore. It could just pay with US dollars, or more technically, with Treasury bonds denominated in US dollars. So the US started running massive trade deficits. The deficits went from zero to $800 billion in 2006 and now most recently, the current account deficit was $1.2 trillion last year. So the total US current account deficit since the early 1980s has been $17 trillion this has created a global economic boom of unprecedented proportions and pulled hundreds of millions of people around the world out of poverty. China is a superpower now, because of its massive trade surplus with the US, completely transformed China. So the trade surplus countries in Asia all benefited. I've watched that firsthand, since I've spent most of my career living in Asia, but the United States also benefited, because by buying things from low wage countries that drove down the price of goods, that drove down inflation, that made low interest rates possible, that made it easier for the US to finance its big budget deficits at low interest rates, and so with Low interest rates, the government could spend more and stimulate the economy. Also with very low interest rates, stock prices could go higher and home prices could go higher. This created a very big economic boom in the United States as well. Not only did the trade surplus, countries benefit by selling more to the US, but the US itself benefited by this big wealth boom that has resulted from this arrangement. Now the problem with President Trump's plan to restructure the US economy is that he wants to bring this trade deficit back down essentially to zero, ideally, it seems. But if he does that, then that's going to cut off the source of credit that's been blowing this bubble ever larger year after year since the early 1980s and we have such a big global credit bubble that if this source of credit has been making the bubble inflate, the trade deficit, if that were to significantly become significantly lower, then this credit that's been blowing up, the bubble would stop, and the bubble would implode, potentially creating very severe, systemic financial sector crisis around the world on a much, probably a much larger scale than we saw in 2008 and leading to a new Great Depression. One thing to think about is the trade deficit is similar to the current account deficit. So the current account deficit is the mirror image of capital inflows into the United States. Every country's balance of payments has to balance. So last year, the US current account deficit was $1.2 trillion that threw off $1.2 trillion into the global economy benefiting the trade surplus countries. But those countries received dollars, and once they had that 1.2 trillion new dollars last year, they had to invest those dollars back into us, dollar denominated assets of one kind or another, like government bonds or like US stocks, and that's what they did. The current account deficit is the mirror image of capital inflows into the United States. Last year was $1.2 trillion of capital inflows. Now if you eliminate the current account deficit by having very high trade tariffs and bringing trade back into balance, you also eliminate the capital inflows into the United States, and if we have $1.2 trillion less money coming into the United States a year or two from now, that's going to make it much more difficult to finance the government's very large budget deficits. The budget deficits are expected to grow from something like $2 trillion now to $2.5 trillion 10 years from now, and that's assuming a lot of tariff revenue from the tariffs, budget deficit would be much larger still. So we need the capital inflows from these other countries to finance the US budget deficit, the government's budget deficit. If the trade deficit goes away, the capital inflows will go away also, and with less foreign buying of government us, government bonds, then the price of those bonds will fall and the yield on those bonds will go up. In other words, if there are fewer buyers for the bonds, the price of the bonds will go down and the yield on the bonds will go up. In other words, long term interest rates will go up, and that will be very bad for the US Economy   Speaker 2  14:08   the yields on those 10 year notes have to go up in order to attract investors. Mortgage rates and everything else are tied to those yields.   Richard Duncan  19:36   That's right. And cap rates. When people consider investing in tech stocks, they consider they'll buy fewer stocks if the interest rates are higher. So this is why it's so important for President Trump to conquer the Fed, to take over the Fed. That's what he's doing. Technically, he's very close to accomplishing that. Shall we discuss the details?   Speaker 1  20:29   Yes, we should get more into this fed takeover, just what it means for the future of real estate markets and stock markets. With Richard Duncan, more, we come back. I'm your host, Keith Weinhold   Keith Weinhold  20:41   the same place where I get my own mortgage loans is where you can get yours. Ridge lending group and MLS, 42056, they provided our listeners with more loans than anyone because they specialize in income properties. They help you build a long term plan for growing your real estate empire with leverage. Start your pre qual and even chat with President Chaley Ridge personally. 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Text family. 266, 866, to learn about freedom family investments, liquidity fund again. Text family. 266, 866,   Dani-Lynn Robison  22:24   you is freedom family investments co founder, Danny Lynn Robinson, listen to get rich education with Keith Weinhold, and don't quit your Daydream.   Speaker 1  22:31   Welcome back to get Education. I'm your host. Keith Weinhold, we're talking with macroeconomist Richard Duncan about a Fed takeover. I think the President wants to be Fed Chair Trump, Richard. Talk to us more about this, because this is really part of a grand plan.   Richard Duncan  22:57   So the Federal Reserve is in charge of monetary policy. That means it sets the interest rates on the federal funds rate, the short term interest rates, and it also has the power to create money through quantitative easing or to destroy money through quantitative tightening. So the Fed is in charge of monetary policy. The Fed makes its decisions at its it meets eight times a year, the Federal Open Market Committee, the FOMC, meets eight times a year, and they take votes. They discuss what's going on in the economy. They make a decision about what they should do about interest rates, and in some cases, decisions about creating or destroying money through quantitative easing or quantitative tightening. They take a vote. The structure of the Federal Reserve System is as follows. There are seven members of the Federal Reserve Board of Governors, so there are seven fed governors there. The Federal Reserve Board is in based in Washington, DC. In addition to that, there are 12 Federal Reserve banks around the country, like the Federal Reserve Bank of St Louis, for instance, or the Federal Reserve Bank of Kansas, the Federal Reserve Bank of New York. Each of these Federal Reserve Banks have a president, so there are 12 Federal Reserve Bank presidents now at the FOMC meetings where interest rates are decided, all seven fed governors get a vote, but only five Federal Reserve Bank presidents get to vote, and they rotate their votes every year they the following year are different. Five fed presidents get to vote. The Federal Reserve Bank president of New York always gets the vote because New York is such an important financial center, but the other four other presidents keep rotating year after year, and the presidents, 12 presidents, serve five year terms, and they can be reappointed, and their terms expire all at the same time, all on the same day, all of their terms will expire next year on February 28 and they will perhaps be reappointed and perhaps. Be reappointed. So that's the structure, seven Federal Reserve Bank governors and 12 Federal Reserve Bank presidents. All the governors. All seven get to vote at every FOMC meeting, but only five of the Presidents get to vote. So that's a total of 12. The Governors of the Federal Reserve System are the most important the seven. Those seven include the Chairman, Chairman Powell, and this is why they're the most important. They're important because if four of the seven have the power to fire all of the Federal Reserve Bank presidents, if four fed governors vote together, they can fire all 12 Federal Reserve Bank presidents. It only takes four. Only takes four. Then those Federal Reserve Bank presidents would have to be replaced, but the Federal Reserve Board of Governors has to approve the replacements. So if President Trump has four fed governors who will do what he tells them to do, then they can fire all the Federal Reserve Bank presidents and only replace them with other people who will do what President Trump tells them to do. Gosh. So what this means is, if the president can get four Federal Reserve Bank governors out of seven, then he has absolute control over monetary policy. He can do anything he wants with interest rates. He can do anything he wants with quantitative easing. So how many does he have now? Well, he has two that he's appointed, Christopher Waller and Michelle Bowman. They voted to cut interest rates at the last FOMC meeting. That was a dissenting vote, because the rest of the voting members voted to hold interest rates steady. Those two have already voted with the President, so they're on Team Trump, and they're going to stay on Team Trump, because both of them would like to become Fed Chairman when Jerome Powell term expires in May next year, very suddenly and very unexpectedly. A month or so ago, another fed Governor resigned. Her name is Adriana Coogler. Her term was not due to expire for another six months, and she'd not given any indication that she was going to resign early, but she did this now gives the President can nominate the Federal Reserve Bank governors. So he is nominated Stephen Moran, the one who wrote the paper the grand plan. Grand plan. He's nominated him to replace Adriana Coogler, yeah, and he's going to vote on him on his appointment, perhaps within very soon, and it only takes 51 senators to vote him in. And since the Republicans control the Senate, he will be approved, it seems very likely that he will be approved, and that will give President Trump the third vote on the FOMC. He will have three out of the seven governors. He only needs one more, and this is where at least the cook comes in. So on the 26th of August, I think President Trump announced that he was firing Lisa Cook, a Fed governor, because she allegedly had made misleading statements on some mortgage applications that have not been proven yet, that they are alleged. So he says that he has fired her. She has said he does not have the right to fire her. The legal cases that the President does have the right to fire a Federal Reserve Bank Governor, but only for cause. And so there's a real question whether this qualifies as being for cause or not, especially since it's only alleged at this point, but assuming that he does get control. So if he does succeed in firing her, he will be able to appoint her replacement, and that will give him four members, four governors out of the seven. And as we just discussed, with four out of seven, he will have complete control over monetary policy, because with four out of seven, that would give him the power to command those four to vote to fire all 12 presidents of the Federal Reserve Banks, and then to appoint new presidents of the Federal Reserve Banks who would vote along with whatever President Trump tells them to vote for. So in that case, with four fed governors, he would have those Four Plus he would have the five presidents that he would appoint from the Federal Reserve Banks voting for him. So five plus four, that is nine, nine out of 12 voting members on the Federal Open Market Committee. He would be guaranteed nine out of 12 votes on the FOMC, and that would give him complete control over monetary policy, and that's what he needs, because his policies are inflationary. They're going to drive up inflation. They're and that's going to push up the 10 year government bond yield, and it would normally make the Fed also increase the federal funds rate, because higher inflation should the Fed in. Increase the interest rates to cool down the higher inflation. But now that's not going to happen, because he is going to take over the FOMC one way or the other. Just by firing Lisa Cook, he's sending a very clear message to all the other fed governors and to the 12 existing Federal Reserve Bank presidents, you do what I tell you or you may be investigated too. You're next, one way or the other, the President is going to get what the President wants, and what he wants is control over monetary policy, and what that means is much lower short term interest rates and probably another very big round of quantitative easing to hold down long term interest rates as well.   Keith Weinhold  30:41   That was an amazing architecture and plan that you laid out for how a President can take over the Federal Open Market Committee. That was amazing to think about that, and what we believe he wants you talked about it is potentially quantitative easing, which is a genteel way of saying dollar printing. Is it lowering the Fed funds rate down to, I think 1% is what he desired, and we're currently at about 4.3%   Richard Duncan  31:08   that's right. He said he'd like to see the federal funds rate 300 basis points lower, which would put 1.3% we could see a series of very sharp interest rate cuts by the Fed in the upcoming FOMC meetings, so we could see the short term interest rates falling very quickly, but as we discussed a little bit earlier, that would alarm the bond market and investors, because they would realize that much lower interest rates would lead to much higher rates of inflation by overstimulating the economy. And so the 10 year bond yields will move higher for fear of inflation, and that will then force President Trump to command the Fed, to create money through quantitative easing on a potentially trillion dollar scale, and start buying up government bonds to push up their price and drive down their yields, so that the 10 year bond yields and the 30 year bond yields will fall. And since mortgage rates are pegged to the government bond yields mortgage rates will fall, and credit card rates will fall, and bank lending rates will fall, and this will kick off an extraordinary economic boom in the US, and also drive asset prices very much higher and create a wealth Bonanza,   Keith Weinhold  32:15   right? And here, Richard and I are talking interestingly, just two days before the next Fed decision is rendered, therefore, with eminent cuts, we could very well see soaring stock and real estate markets fueled by this cheap credit and this quantitative easing, at least in the shorter term.   Richard Duncan  32:36   But timing is something one must always keep in mind, there is a danger that we could actually see a sell off in the stock market in the near term. If we start seeing the Fed slashing interest rates, then the 10 year bond yields will start moving higher. That would ultimately lead to quantitative easing to drive those yields back down. But when the falling short term interest rates start pushing up interest rates on the 10 year government bond yield because investors expect higher rates of inflation, that could spook the stock market. The stock market's very expensive, so before QE kicks in, there could actually be a period where raising expectations for higher rates of inflation drive the 10 year bond yields higher before the Fed can step in and drive them back down again. We could actually see a sell off in the stock market before we get this wealth boom that will ultimately result when the Fed cuts the short term rates and then quantitative easing also drives down the long term rates. I hope that's not too confusing. There could be a intermediate phase, where bond yields move higher, and that causes the stock market to have a significant stumble. But that wouldn't last long, because then President Trump would command the Fed to do quantitative easing, and as soon as the president says on television that he's going to do quantitative easing, between the moment he says quantitative and the moment he says easing, the stock market is going to rocket higher.   Keith Weinhold  34:05   And here we are at a time where many feel the stock market is overvalued. Mortgage rates have been elevated, but they're actually still a little below their historic norms. The rate of inflation hasn't been down at the Fed's 2% target in years, it's been above them, and we've got signs that the labor market is softening.   Richard Duncan  34:25   That's true. The labor market numbers in the most recent job number were quite disappointing, with the revisions to earlier months significantly lower. But of course, with so many people being deported from the United States now, that's contributing to this lower job growth numbers. If you have fewer people, there are fewer people to hire and add to job creation, so that may have some distorting impact on the low job creation numbers. The economy actually is seems to be relatively strong the the. Latest GDP now forecast that the Atlanta Fed does is suggesting that the economy could grow by three and a half percent this quarter, which is very strong. So the economy is not falling off a cliff by any means. If the scenario plays out, as I've discussed, and ultimately we do get another round of quantitative easing and the Fed cuts short term interest rates very aggressively. That will create a very big economic boom with interest rates very low. That will push up real estate prices, stock prices and gold prices and Bitcoin prices and the price of everything except $1 the dollar will crash because currency values are determined by interest rate differentials. Right now, the 10 year government bond yield is higher than the bond yields in Europe or Japan, and if you suddenly cut the US interest rates by 100 basis points, 200 basis points, 300 basis points, and the bond yields go down very sharply, then it'll be much less attractive for anyone to hold dollars relative to other currencies, and so there will be a big sell off of the dollar. And also, if you create another big round of quantitative easing and create trillions of dollars that way, then the more money you create, the less value the dollar has supply and demand. If you have trillions of extra new dollars, then the value of the dollar loses value. So the dollar is likely to take a significant tumble from here against other currencies and against hard assets. Gold, for instance, that's why we've seen such an extraordinary surge in gold prices.   Speaker 1  36:38   right? Gold prices soared above three $500 and Richard I'm just saying what I'm thinking. It's remarkable that Trump continues to be surrounded by sycophants that just act obsequiously toward him and want to stay in line and do whatever he says. And I haven't seen anyone breaking that pattern.   Richard Duncan  36:59   I'm not going to comment on that observation, but what I would like to say is that if this scenario does play out, and it does seem that we're moving in that direction, then this big economic boom is very likely to ultimately lead to the big economic bust. Every big boom leads to a big bust, right? Big credit booms lower interest rates, much more borrowing by households, individuals, companies. It would while the borrowing is going on, the consumption grows and the investment grows, but sooner or later, it hits the point where even with very low interest rates, the consumers wouldn't be able to repay their loans, like we saw in 2008 businesses wouldn't be able to repay their loans, and they would begin defaulting, as they did in 2008 and at that point, everything goes into reverse, and the banks begin to fail when they don't receive their loan repayments. And it leads to a systemic financial sector crisis. The banks lend less when credit starts to contract, then the economy collapses into a very serious recession, or even worse, unless the government intervenes again. So big boom that will last for a few years, followed by a big bust. That's the most probable outcome, but I do see one other possibility of how that outcome could be avoided, on the optimistic side, and this is it. If once President Trump slash Fed Chairman Trump has complete control over US monetary policy, then it won't take him long to realize Stephen Moran has probably already told him that he would then be able to use the Fed to fund his us, sovereign wealth fund. You will remember, back in February, President Trump signed an executive order creating a US sovereign wealth fund. And this was music to my ears, because for years, as you well know, I've been advocating for the US government to finance a multi trillion dollar 10 year investment in the industries and technologies of the future   Keith Weinhold  39:01   including on this show, you laid that out for us a few years ago and made your case for that here, and then Trump made it happen.   Richard Duncan  39:08   Let's try my book from 2022 it was called the money revolution. How to finance the next American century? Well, how to finance the next American Century is to have the US, government finance, a very large investment in new industries and new technologies in things like artificial intelligence, quantum computing, nanotechnology, genetic engineering, biotech, robotics, clean energy and fusion, create fusion and everything, world where energy is free, ultimate abundance. So I was very happy that President Trump created this US sovereign wealth fund. Now that he will soon have complete control over his US monetary policy, he will understand that he can use the Fed to fund this, US sovereign wealth fund. He can have the Fed create money through quantitative easing and. And start investing in fusion. We can speed up the creation of the invention of low cost fusion. We could do that in a relatively small number of years, instead of perhaps a decade or longer, as things are going now, we could ensure that the United States wins the AI arms race that we are in with China. Whoever develops super intelligence first is probably going to conquer the world. We know what the world looks like when the United States is the sole superpower. We've been living in that world for 80 years. Yeah, we don't know what the world would look like if it's conquered by China. And China is the control super intelligence and becomes magnitudes greater in terms of their capacity across everything imaginable than the United States is whoever wins the AI arms race will rule the world. This sort of investment through a US sovereign wealth fund would ensure that the winner is the US and on atop it, so it would shore up US national security and large scale investments in these new technologies would also turbocharge US economic growth and hopefully allow us to avoid the bust that is likely to ultimately occur following The approaching boom, and keep the economy growing long into the future, rather than just having a short term boom and bust, a large scale investment in the industries of the future could create a technological revolution that would generate very rapid growth in productivity, very rapid economic growth, shore up US national security, and result in technological miracles and medical breakthroughs, possibly curing all the diseases, cure cancer, cure Alzheimer's, extend life expectancy by decades, healthy life expectancy. So that is a very optimistic outcome that could result from President Trump becoming Fed Chairman Trump and gaining complete control over monetary policy. And this is all part of the plan of making America great again. If he really followed through on this, then he certainly would be able to restructure the US economy, re industrialize it, create a technological revolution that ensured us supremacy for the next century. That's how to finance the next American century.   Speaker 1  42:23   Oh, well, Richard, I like what you're leaving us with here. You're giving us some light, and you're talking about real productivity gains that really drives an economy and progress and an increased standard of living over the long term. But yes, in the nearer term, this fed takeover, there could be some pain and a whole lot of questions in getting there. Richard, your macro watch piece that caught my attention is so interesting to a lot of people. How can more people learn about that and connect with you and the great work you do on macro watch, which is your video newsletter   Richard Duncan  43:00   Thanks, Keith. So it's really been completely obvious that President Trump was very likely to try to take over the Fed. Nine months ago, I made a macro watch video in December called Will Trump in the Fed, spelling out various ways he could take over the Fed, and why he probably would find it necessary to do so. So what macro watch is is it describes how the economy really works in the 21st Century. It doesn't work the way it did when gold was money. We're in a completely different environment now, where the government is directing the economy and the Fed, or seeing the President has the power to create limitless amounts of money, and this changes the way everything works, and so that's what macro watch explains. It's a video newsletter. Every couple of weeks, I upload a new video discussing something important happening in the global economy and how that's likely to impact asset prices, stocks, bonds, commodities, currencies and wealth in general. So if your listeners are interested, I'd encourage them to visit my website, which is Richard Duncan economics.com that's Richard Duncan economics.com and if they'd like to subscribe, hit the subscribe button. And for I'd like to offer them a 50% subscription discount. If they use the discount coupon code, G, R, E, thank you, GRE, they can subscribe at half price. I think they'll find that very affordable. And they will get a new video every couple of weeks from me, and they will have immediate access to the macro watch archives, which have more than 100 hours of videos. Macro watch was founded by me 12 years ago, and I intend to keep doing this, hopefully far into the future. So I hope your listeners will check that out.   Keith Weinhold  44:46   Well, thanks, both here on the show and on macro watch Richard gives you the type of insight that's hard to find anywhere else, and you learn it through him oftentimes before it makes the headlines down the road. So. Richard, this whole concept of a Fed takeover is just unprecedented, as far as I know, and it's been so interesting to talk about it. Thanks for coming back onto the show.   Richard Duncan  45:08   Thank you, Keith. I look forward to the next time.   Speaker 1  45:17   Yeah, fascinating stuff from Richard in the nearer term, we could then see interest rate cuts that would go along with cuts to mortgages and credit card rates and car loan rates and all kinds of bank lending rates. This could pump up the value of real estate, stocks, Bitcoin, gold, nearly everything a wealth bonanza. Now, in polls, most Americans think that the Fed should stay independent from outside control. You really heard about how the President is dismantling the safeguards that protect that fed independence, the strategy he's using to bend the Federal Open Market Committee to His will. And this is not speculation, because, as you can tell, the takeover of the Fed is already underway. A fed governor has been fired. New loyalists are being installed, and key votes are lining up in the President's favor. But as far as the longer term, you've got to ask yourself, if these policies will inflate a giant bubble destined to burst down the road. I mean triggering a crisis as bad as 2008 I mean, these are the very questions that every investor should be asking right now, if you find this in similar content fascinating, and you want to stay on top of what is forward looking what's coming next macroeconomically, check out Richard Duncan's macro watch at Richard Duncan economics.com for our listeners, he's long offered the discount code for a 50% discount that code is GRE, that's Richard Duncan economics.com and the discount code GRE next week here on the show, we're bringing it back closer to home with key us, real estate investing strategies and insights, a lot of ways to increase your income. Until then, I'm your host. Keith Weinhold, don't quit you Daydream.   Speaker 3  47:20   Nothing on this show should be considered specific, personal or professional advice. Please consult an appropriate tax, legal, real estate, financial or business professional for individualized advice. Opinions of guests are their own. Information is not guaranteed. All investment strategies have the potential for profit or loss. The host is operating on behalf of get rich Education LLC, exclusively.   Speaker 1  47:40   You You know, whenever you want the best written real estate and finance info, oh, geez, today's experience limits your free articles access, and it's got paywalls and pop ups and push notifications and cookies disclaimers, it's not so great. So then it's vital to place nice, clean, free content into your hands that adds no hype value to your life. That's why this is the golden age of quality newsletters. And I write every word of ours myself. It's got a dash of humor, and it's to the point, because even the word abbreviation is too long, my letter usually takes less than three minutes to read, and when you start the letter, you also get my one hour fast real estate video. Course, it's all completely free. It's called the Don't quit your Daydream letter. It wires your mind for wealth, and it couldn't be easier for you to get it right now. Just text gre 266, 866, while it's on your mind, take a moment to do it right now. Text gre to 66866,   Keith Weinhold  48:59   The preceding program was brought to you by your home for wealth, building, get richeducation.com you.  

On today’s “Closer Look with Rose Scott,” we discuss the latest quarterly economic report from the Federal Reserve Bank of Atlanta with analysis from President and Chief Executive Officer Raphael Bostic. The report on the southeastern United States shows a slight economic decline, with tariffs rising from 2% to 18% since late 2024. Despite current complexities, Bostic also shares his optimism. Also, we speak with Alexis Aggrey, the director of the new documentary, “Becoming Thurgood: America's Social Architect.” The film follows Marshall’s historic rise from visionary lawyer to civil rights leader and to America’s first Black Supreme Court Justice. A free screening of the documentary will be held on Monday, September 8th at Spelman's Mary Schmidt Campbell Center for Innovation & the Arts. Visit www.wabe.org/events/hbcu-week-now-free-film-screening to RSVP and receive more information. Additionally, the film is scheduled to air on WABE Studios on Thursday, September 18th, at 9:30 PM.See omnystudio.com/listener for privacy information.

A tough morning after July Jobs data disappointed along with some HUGE revisions when it comes to prior months:Sara Eisen and David Faber broke down the latest – plus new data crossing top of the hour – alongside the market impact for stocks already seeing pressure following new tariff rates on over 60 U.S. trading partners from the Trump Administration. Goldman's Chief Economist Jan Hatzius discussed his case for stagflation, and what he calls “an economy that's still growing – but growing very slowly” – but a bit of a different story from Atlanta Fed President Bostic, who joined the team exclusively with a few greenshoots… albeit despite “a very difficult environment right now”.   Also in focus: Big Tech and Crypto. The Head of the SEC discussed the regulator's new “Project Crypto” and what it means for the industry… And don't miss advice on what to do with Amazon and Apple shares, along with the rest of the Mag-7, as the group falls alongside the NASDAQ. 

Global Market Rally and US-Japan Trade Deal Insights In this episode of Dividend Cafe, Brian Szytel reports from The Bahnsen Group's New York City office on a broad-based market rally occurring on July 23rd. Key highlights include the positive impact of finalized trade deals between the US and Japan, and the US and EU. US markets experienced a nearly 1% increase, while Japan's Nikkei saw a 3.5% rise. Fixed income prices dipped slightly as yields rose. The Atlanta Fed's business inflation expectations decreased marginally, while existing home sales in the US fell 2.7% for June. The US-Japan trade deal, featuring a 15% tariff rate and a substantial investment from Japan, is seen as a significant achievement. The episode concludes with insights on ongoing market valuations and upcoming economic indicators. 00:00 Introduction and Market Overview 00:20 Global Market Rally 00:27 US-Japan Trade Deal 01:19 Economic Calendar Highlights 02:48 US-Japan Market Discount Analysis 04:03 Conclusion and Upcoming Events Links mentioned in this episode: DividendCafe.com TheBahnsenGroup.com

Market Recap and Economic Insights: June 11 In this episode of Dividend Cafe, Brian Szytel discusses the market performance on a flat trading day, noting minor declines in the S&P 500, Nasdaq, and Dow. Key economic updates include the release of CPI numbers, global growth forecasts cut by the World Bank, and ongoing US-China trade talks. Despite lower-than-expected CPI growth, concerns about inflation from tariffs have not materialized yet. Brian also provides insights on US growth projections, emphasizing the oscillatory nature of the World Bank's estimates and expressing optimism based on real-time data from the Atlanta Fed. 00:00 Introduction and Market Overview 00:37 CPI Numbers and Inflation Insights 01:33 US-China Trade Talks Update 02:02 World Bank Global Growth Forecast 03:06 Conclusion and Upcoming Episodes Links mentioned in this episode: DividendCafe.com TheBahnsenGroup.com

Watch The X22 Report On Video No videos found (function(w,d,s,i){w.ldAdInit=w.ldAdInit||[];w.ldAdInit.push({slot:17532056201798502,size:[0, 0],id:"ld-9437-3289"});if(!d.getElementById(i)){var j=d.createElement(s),p=d.getElementsByTagName(s)[0];j.async=true;j.src="https://cdn2.decide.dev/_js/ajs.js";j.id=i;p.parentNode.insertBefore(j,p);}})(window,document,"script","ld-ajs");pt> Click On Picture To See Larger PictureThe farmers know why electric will not work, its not enough power, so if doesn't work for farming it won't work for most industries. Newscum's tariffs lawsuit dismissed. The OBBB is going to change the economy the way we know it, it is the first phase to show the fake news, economist and D's and Fed have been lying. Fed holds on rates and the Atlanta Fed says the economy is going to boom. The [DS] is doing what ever they can to start WWIII. Trump and Putin had phone call and from the call you can see that Senators and others are interfering in the peace process. Putin admits that terrorists are running the country and he will have to hit Ukraine. This will set the stage to remove all terrorists from Ukraine. Trump is now setting the stage via the autopen, he is showing the public that those people that used the autopen were trying to save themselves and coverup their crimes. The coverup always gets you in the end.   Economy https://twitter.com/WallStreetApes/status/1929901165074100709 TAKE A LISTEN (function(w,d,s,i){w.ldAdInit=w.ldAdInit||[];w.ldAdInit.push({slot:18510697282300316,size:[0, 0],id:"ld-8599-9832"});if(!d.getElementById(i)){var j=d.createElement(s),p=d.getElementsByTagName(s)[0];j.async=true;j.src="https://cdn2.decide.dev/_js/ajs.js";j.id=i;p.parentNode.insertBefore(j,p);}})(window,document,"script","ld-ajs");   Federal Judge Completely Dismisses Governor Newsom's Lawsuit Over President Trump's Tariffs A federal judge completely dismissed California Democrat Governor Gavin Newsom's lawsuit over President Trump's tariffs. US District Judge for the Northern District of California, Jacqueline Scott Corley, a Biden appointee, dismissed the case citing a jurisdiction issue. Rather than punting the case to the US Court of International Trade like another federal judge did last week, Judge Corley completely dismissed the case and allowed California to file an appeal. Source: thegatewaypundit.com https://twitter.com/elonmusk/status/1930149571801559198    THIS! https://twitter.com/StephenM/status/1930072632990302665   https://twitter.com/StephenM/status/1930050833212686798  is what CBO is “scoring” — not spending, TAX CUTS. The ones we campaigned on and pledged!) 3. The largest welfare reform in history, CUTTING almost $2 trillion in spending (net) Item 1 alone (border security + deportation) makes this the most important legislation for the conservative project in the history of the nation. https://twitter.com/TrumpWarRoom/status/1930245108068167895 Here are 50 reasons why President Donald J. Trump's One Big Beautiful Bill is the best chance in a generation to pass critical reforms for which Americans voted:   https://twitter.com/StephenM/status/1930242667025195048  to CBO, the bill cuts spending over $1.6 trillion. So when a libertarian (eg Rand) attacks the “deficit” impact of the bill they are attacking the tax cut. Of course, honestly accounted, extending current tax rates has zero deficit impact which is why the bill, because of its spending cuts, reduces the deficit. A second major point of confusion is what's actually in a reconciliation bill. It is not an appropriations bill, or a general budget bill. It provides no funding or authorization for 99%+ of the operations of government. It was written not by appropriators but some of the most conservative members of the House. It has not a single Democrat provision or vote.

The collapse of the Democrat establishment is accelerating—from the implosion of ActBlue and USAID to the mass exodus from legacy media. Once-powerful funding and propaganda networks are crumbling, and the American public is waking up to a new political reality. Featuring insights from Bret Weinstein and Joe Rogan, plus breaking news of yet another party defection and the surging GOP economy, this episode breaks it all down.--Head to http://twc.health/turley and use code TURLEY to SAVE $75 off plus Free Shipping*The content presented by sponsors may contain affiliate links. When you click and shop the links, Turley Talks may receive a small commission.* Leave a message for Steve! Call now! 717-844-5984Highlights:“Media trust is at an all-time low. Seven in 10 Americans distrust the legacy media.”“The Atlanta Fed, one of the 12 regional banks that make up the Federal Reserve System, is now predicting that the real GDP growth for Q2 is going to hit 4.6%... The economy is exploding!”“This is a new health report that's making the rounds on social media: those who are purported to be in excellent mental health are 51% conservative, all the while those who are in poor mental health, neurotics, are purported to be 45% liberal.”Timestamps: [00:21] Bret Weinstein and Joe Rogan's take on the fall of Democrat-backed institutions[02:53] Media trust implodes, plus their complicity in covering up Biden's decline[05:36] The poll showing the fallout from the total implosion in the Democrat infrastructure[08:38] The populist realignment of working-class voters[12:44] Kentucky Democrat Robin Webb's party switch to GOP--Thank you for taking the time to listen to this episode. If you enjoyed this episode, please subscribe and/or leave a review.FOLLOW me on X (Twitter): https://twitter.com/DrTurleyTalksSign up for the 'New Conservative Age Rising' Email Alerts to get lots of articles on conservative trends: https://turleytalks.com/subscribe-to-our-newsletter**The use of any copyrighted material in this podcast is done so for educational and informational purposes only including parody, commentary, and criticism. See Hosseinzadeh v. Klein, 276 F.Supp.3d 34 (S.D.N.Y. 2017); Equals Three, LLC v. Jukin Media, Inc., 139 F. Supp. 3d 1094 (C.D. Cal. 2015). It is believed that this constitutes a "fair use" of any such copyrighted material as provided for in section 107 of the US Copyright Law.

Episode 473: More good economic news you're not hearing about in the media- 25Q1 S&P 500 earnings likely 13%; Atlanta Fed forecasting 25Q2 GDP growth of 4.6%; all that and more. Sign up for free ALERTs & Market Commentary at:  https://www.investablewealth.com/subscribe/ ------------------------------------------------------

Sensational headlines scream that tariffs and buyer fatigue are crushing new‑home construction, but the data tell a more nuanced story. In this episode, we'll dissect the latest MarketWatch report, unpacks regional construction trends, and walk you through the Atlanta Fed's Home Ownership Affordability Monitor (HOAM) to show why inventory shifts, interest rates, and affordability, not celebrity gossip, should guide your real‑estate strategy. WHAT YOU'LL LEARN FROM THIS EPISODE   Why scary housing headlines often ignore key data points and how to spot the omissions How March housing‑start numbers can dip while building permits rise—and what that signals for investors The real impact of interest‑rate swings on buyer sentiment and affordability Los Angeles vs. Kansas City: Regional affordability gaps and how they drive builder activity Practical tactics for staying opportunistic when rates, tariffs, or media noise create market paralysis   RESOURCES MENTIONED IN THIS EPISODE Home Ownership Affordability Monitor MarketWatch   CONNECT WITH US: If you need help with anything in real estate, please email invest@rpcinvest.com  Reach Ron: RP Capital Leave podcast reviews and topic suggestions: iTunes Subscribe and get additional info: Get Real Estate Success Facebook Group: Cash Flow Property Facebook Community Instagram: @ronphillips_ YouTube: RpCapital Get the latest trends and insights: RP Capital Newsletter    

Stocks aren't the only assets in the financial markets that were beat up this week by President Trump's tariffs. Bonds suffered too. After 3-year Treasury yields rose in the face of disappointing demand, bond investors are scrutinizing Treasury auctions for signs of further weakness. Also in this episode: Trump's anti-DEI push could hurt minority contractors, Atlanta Fed chief Raphael Bostic counsels caution and a millennial in Texas dreams of becoming a homeowner. 

Stocks aren't the only assets in the financial markets that were beat up this week by President Trump's tariffs. Bonds suffered too. After 3-year Treasury yields rose in the face of disappointing demand, bond investors are scrutinizing Treasury auctions for signs of further weakness. Also in this episode: Trump's anti-DEI push could hurt minority contractors, Atlanta Fed chief Raphael Bostic counsels caution and a millennial in Texas dreams of becoming a homeowner. 

Keith shares some historical perspective on inflation highlighting the cost of a Taco Bell meal in 1999 to its cost today. He also touches on the concept of service inflation, where services like mail delivery and self-checkout at grocery stores have become less convenient but not cheaper. Keith reviews the historical performance of real estate during the last eight recessions, noting that housing prices usually rise during recessions. He explains the concept of the Inflation Triple Crown: asset price inflation, debt debasement, and cash flow enhancement. Housing prices usually rise during recessions, as demonstrated by historical data. Resources: To learn more about the Inflation Triple Crown go to: getricheducation.com/itc. Show Notes: GetRichEducation.com/547 For access to properties or free help with a GRE Investment Coach, start here: GREmarketplace.com GRE Free Investment Coaching:GREmarketplace.com/Coach Get mortgage loans for investment property: RidgeLendingGroup.com or call 855-74-RIDGE  or e-mail: info@RidgeLendingGroup.com Invest with Freedom Family Investments.  You get paid first: Text FAMILY to 66866 Will you please leave a review for the show? I'd be grateful. Search “how to leave an Apple Podcasts review”  For advertising inquiries, visit: GetRichEducation.com/ad Best Financial Education: GetRichEducation.com Get our wealth-building newsletter free— text ‘GRE' to 66866 Our YouTube Channel: www.youtube.com/c/GetRichEducation Follow us on Instagram: @getricheducation Complete episode transcript:   Automatically Transcribed With Otter.ai    Keith Weinhold  0:01   Welcome to GRE. I'm your host. Keith Weinhold, is higher inflation or even hyper inflation now in our future, and is an imminent recession, or even worse, a depression lurking. What's it all mean for your investments and your real estate? We'll investigate exactly what happens to real estate during recessions, historically today, on get rich education,   since 2014 the powerful get rich education podcast has created more passive income for people than nearly any other show in the world. This show teaches you how to earn strong returns from passive real estate investing in the best markets without losing your time being a flipper or landlord. Show Host Keith Weinhold rights for both Forbes and Rich Dad advisors and delivers a new show every week since 2014 there's been millions of listener downloads of 188 world nations. He has a list show guests and key top selling personal finance author Robert Kiyosaki, get rich education can be heard on every podcast platform, plus it has its own dedicated Apple and Android listener phone apps build wealth on the go with get rich education podcast. Sign up now for the get rich education podcast or visit get rich education.com   Corey Coates  1:19   You're listening to the show that has created more financial freedom than nearly any show in the world. This is get rich education.   Keith Weinhold  1:35   Welcome to GRE from Hartsdale, New York to Springdale, Utah and across 488 nations worldwide. I'm Keith Weinhold. I think you know that by now, you are inside one of America's longest running and most listened to real estate investing shows. This is get rich education. Most people have two plans. Plan a get rich. If that doesn't work out, the alternative is Plan B, which is hate rich people.   We are firmly rooted in plan a for you here. So yes, we're about building your wealth, but ultimately we are a lifestyle improvement show. I'm going to get to high inflation and the potential for a recession or depression in just a minute. But I recently got a reminder on the fragility of life and its finite nature. My oldest friend recently died. He was almost like a mentor to me, a friend of mine's grandmother recently died, shattering her world, and it's a reminder that you won't be remembered for the money that you make. You won't even be remembered the real estate portfolio that you build. I mean, that surely won't last. The tennis that you serve, they'll die as well. I will be forgotten. This show will be forgotten. The people that love you, their opinions will die with them. Your Haters, their opinions will die with them. You can confirm that this is true right now by naming your eight great grandparents for me, there. Go ahead. You can't do it. I can't either. So what can you do, at least in this finite life that you have on earth? What you can do is enjoy your existence. The good news is, because you can control this, you can control enjoying your life and existence as get rich education is ultimately a lifestyle improvement show, and we are squarely helping you do that right here. And one way that I've done that over the years is by pointing out how inflation is actually advantageous to real estate investors. Well, it impoverishes most people. You're initiated on that by now. That's something that you really found out tangibly back during the pandemic. Now today, though, wow, people are frightened. I've got some contemporaneous material to share with you today, but I'll give you some lessons so that even if you're listening to this 10 years from now, you're going to learn some lessons. Americans inflation expectations for the next five years. They just hit the highest level since 1993 Yeah, expecting a lot of inflation, tariff pressures are a huge concern now. Last week, inside our newsletter, I sent you something that gave you some perspective on inflation. I sent you a photo of a Taco Bell receipt from 1999that might have left your mouth agape if you didn't see it. I'll tell you about it here and expand on this. And yes, it could leave you aghast, stupefied, gobsmacked, or even flabbergasted. In a sense, 1999 was not that long ago. It's sure not like ancient history. I mean, I was alive then, yes, I am here, and I'm from the 1900s. Well, this 1999 Taco Bell receipt that someone found perfectly preserved in the pages of a book. It shows a complete meal that was purchased for $3.50 it was actually just $3.26 and then the rest was tax added in. That's 350 for a chili cheese burrito, a taco nachos and a 16 ounce Pepsi. That's not the price for each item. That is the combined total from 1999 All right, how much do you think those same items would cost today? I don't eat there. I went to the Taco Bell website and found out. I mean, what an inflation measuring stick. This is what cost, 350 A Taco Bell in 1999 costs $11.44 today I use the same sales tax rate to come up with that. So today it's 1144 and today they also ask you a question a Taco Bell, if you want to round up for the kids or something like that, and then just watch, pretty soon, they're gonna request a tip too. That's a 327% price increase, and few people's wages have risen that much since 1999See, I told you that you would be left slack job and flabbergasted. All right, so let's look at where we are today. Now it's not an apples to apples comparison, but you know, Taco Bell is a fast food restaurant. Let's look at the price of a consumer item at a sports stadium today. All right, because both are places that everyday Americans frequent college basketball's March Madness tournaments have been taking place the last few weeks. Well, for the first time ever, the SEC is selling beer at its tournament. The price for one large premium draft beer is $17.50 so before tax or tip, 1750 for one beer all in that might be $20 or more, and I doubt that the beer is really that premium. I mean, you know what kind of beer you get at stadiums. So we look at inflation, one beer today is at least five times the cost of a complete Taco Bell meal in 1999   that's price inflation, and that's the stuff that's highly perceptible. Okay, you've been seeing that effect all of your life. It's making most people poorer. It's making real estate investors wealthier. And then there's the inflation that few people consider the less perceptible stuff, service inflation. And what are some examples of service inflation growing up the postal service delivered mail right to my parents porch, and they still do deliver mail right to my parents porch. Their neighborhood was built more than 100 years ago, but look, when new neighborhoods are built today, like places I've lived and perhaps where you live now, the postal service doesn't deliver your mail right to the individual mailbox on your porch. Today, you've got to walk both ways to your neighborhood's mailbox cluster. Some people even have to drive to get their mail. So your mail is no longer being delivered. Really, you have to go pick it up. Well, they don't lower the price for that reduced service level. That's service inflation. A second example is more obvious, grocery self checkout. You're taking the time and doing the work of scanning your groceries, but yet, they sure aren't lowering the prices of your lettuce and your beef jerky. And look service, inflation is here to stay. That is because companies make investments in it. The Postal Service bought those mailbox clusters, the supermarket bought those self checkout kiosks.    All right, so with this ramp and price inflation and service inflation, along with it, and the other forms of inflation that I've talked about on the show before, like stagflation, tip inflation and Shrink flation and skimpflation. What is an individual investor like you supposed to do? Well, stock and mutual fund investors get killed by inflation. I mean, think about it this way, just killed if the Sp5, 100 gains 10% but there's 5% inflation. That's a 50% hidden tax on your gain, plus you might pay capital gains tax. On top of that, savers really get obliterated. I mean, just destroyed if your bond yield or your savings account pays 4% interest, and there's 5% inflation. That is a 125% hidden tax on your gain, and then you might pay regular tax on top of that. So stocks and mutual funds and savings accounts are not the answer. What is the answer? Real Estate and borrowing the opposite of saving. And let me address now, whenever people get fearful that another wave of inflation is coming, whether that's tariff induced or otherwise, let's not get carried away and think that Hyperinflation is right around the corner, although definitions of hyperinflation vary, the most accepted one by economists is a 50% inflation rate per month, not annually, per month. So that would be over 600% a year, with compounding. I mean, that would be really hard to get, but what we do know is that inflation is still elevated above the Fed's 2% target. It's 2.8% today. And what we do know is that more inflation is coming at what rate nobody knows. These facts almost necessitate that you have either got to start your own business, which is tough, or become a real estate investor which is easier, in order to escape this and acquire some lasting wealth. Any devoted listener here knows that the formula for beating it is luckily, not highly sophisticated, not esoteric, not anything that you need a degree or certification for, just own income properties with loans, and that's when inflation produces three profit centers. As we know that is something that I coined as the inflation triple crown. So if you're new, you're learning something. If you've been around here for a while, here's a little comprehension test for you. What are the three crowns in the inflation Triple Crown, you win with asset price inflation, debt debasement and cash flow enhancement. Asset price inflation benefits you because you have leverage gains debt debasement passively lightens our debt burden for us, and then cash flow enhancement, that boosts our cash flow above the inflation rate, because our principal and interest payment stays fixed. And you can learn more about that totally free. You don't even have to leave your email address or anything. You can watch the three videos of the inflation Triple Crown at get rich education.com/itc. For inflation, Triple Crown, it's just good free learning for you there I've made available at get rich education.com/itc, it is a foundational financial education. Is a recession or even a depression eminent, that's straight ahead. I'm Keith Weinhold. You're listening to get rich education.   You know what's crazy? Your bank is getting rich off of you, the average savings account pays less than 1% it's like laughable. Meanwhile, if your money isn't making at least 4% you're losing to inflation. That's why I started putting my own money into the FFI liquidity fund. It's super simple. Your cash can pull in up to 8% returns, and it compounds. It's not some high risk gamble like digital or AI stock trading. It's pretty low risk because they've got a 10 plus year track record of paying investors on time in full every time. I mean, I wouldn't be talking about it if I wasn't invested myself. You can invest as little as 25k and you keep earning until you decide you want your money back. No weird lockups or anything like that. So if you're like me and tired of your liquid funds just sitting there doing nothing, check it out. Text family to 66866, to learn about freedom. Family investments. Liquidity fund again. Text family, to 66866   hey, you can get your mortgage loans at the same place where I get mine at Ridge lending group NMLS, 42056, they provided our listeners with more loans than any provider in the entire nation because they specialize in income properties, they help you build a long term plan for growing your real estate empire with leverage. You can start your pre qualification and chat with President Chaley Ridge personally. Start Now while it's on your mind at Ridge lendinggroup.com that's Ridge lendinggroup.com   you   Dani-Lynn Robison  15:45   This is freedom. Family investments. Co founder, Danny Lynn Robinson, listen to get rich education with Keith Weinhold, and don't quit your Daydream.   Keith Weinhold  16:00   Welcome back to get rich Education. I'm your host. Keith Wynne Holland, you are inside episode 547. I'll tell you, being a landlord or real estate investor can really change you now. I was using the stair climber at the gym just before talking to you today, I like to set up a big fan down on the floor to keep me cool before running or climbing. Plug it in, set up a fan. When I'm done, I turn off the fan. It's just a habit. I don't pay the electricity bill at my gym, but it's just the way that I would want to be treated. But you know what? When I find a fan that's already set up before I grab it and start on the treadmill. That fan is always running when no one is using it. No one turns off their fans when they don't have to pay for the electricity. And this reminds me of when I owned apartment buildings in Anchorage, Alaska, and tenants kept their windows open, even during the frigid winter, so that they could get fresh air. Yeah, you can guess who was paying the heating bill. It wasn't the tenant. It was me. The larger the apartment building is, the more likely that the owner is the one that pays for more of the utilities. And of course, in that case, you can look into utility sub metering. That process can be costly, but it might be worth it. It can increase your cash flow and your net operating income, which, when it increases your net operating income, that means that it also increases the apartment buildings value. And you know, in real estate today, you've got to look for where the opportunities are. There are opportunities in every market today. For places where there are specifically good opportunities are apartment buildings where their values have fallen 20 to 30% in some markets, it's wise to invest in beaten down sectors that you just know are going to come back like you know, the demand for apartment buildings is going to be there long term. This doesn't mean that you want to invest in any beaten down sector, like Office real estate in general. I don't see how that's coming back. A second strong real estate opportunity today is to find over built pockets, especially ones that exist in Texas and Florida. I mean, this is why they call them buyers markets. A Texas or Florida seller might make you a deal, and that doesn't mean everywhere in these states. For example, Southwest Florida is one area that's specifically over built, even amidst the national landscape that's under built. A third and a fourth area of specific real estate opportunity today are two that I have mentioned before, but they persist. That is still brand new, properties where many builders are still motivated to buy down your mortgage rate to about 5% even 4.75% in some cases, and new builds have low insurance premiums too. And then a fourth opportunity. That's something that we've covered a good bit here these past few weeks. BRRRR, real estate investing, buy, rehab, rent, refinance and repeat. That's a specifically good strategy if you don't have, say, hundreds of 1000s of dollars in liquidity to invest. Now you might ask, do those four strategies have validity? Do they have cogency in today's market, where there are these fears of an economic slowdown. Oh, yes, they do, or I would not have gone over them, but these palpable recession Fears are growing, and some are even asking, is a new Great Depression eminent? There is tons of bad economic news right now, not just in the US, but the global economy is on the edge, starting earlier this month, stock market tremors have turned into full blown convulsions. Trillions of dollars in wealth have just vaporized, wiped out. Investors are rattled, consumers are anxious. Business owners are confused, and those in power in the administration, they insist that tariffs and policy swings are all just part of a transition period, but a transition to what some have even asked, Is the everything bubble finally about to pop. Is this the brink of a recession or something even deeper, a D pressure? Well, one thing is undeniable, from stocks to crypto asset prices recently made a free fall, and I've got some long term lessons for you today, even if you're listening to this years from now, including what a phenomenon like this historically means for the real estate market, it's about what really happens to property values during an economic recession. Stocks recently had their worst week since 2023 barreling toward an all out bear market crash. A bear market means when 20% of the value has been lost from a recent high. Even Bitcoin, the poster child of speculative excess, has cratered. The carnage has been everywhere. But yet, instead of taking steps to prevent an economic meltdown, the administration in power, whether you like them or not, they have introduced more and more radical policies that could accelerate the crisis. Now, some of the tariffs could help long term, but the short term pain is perceptible, and you've got to be able to survive it. We've got new tariffs on multiple countries, and these are our biggest trading partners, even if these import taxes diminish, this is already strained friendships long term, especially with Canada. These countries keep retaliating with tariffs of their own, Canada, Mexico, China and the EU government spending is being slashed. Mass layoffs of federal employees have been underway for a while now. This is not just an economic experiment. I mean, this is a high stakes gamble with global consequences. So is this a detox period, or is it an economic freefall? Treasury Secretary Scott tebescent described this economic shift as a necessary detox period. That's the phrase that he used, and yes, I need to acknowledge there is no more grandma Yellen running the Treasury for long time, listeners, that is a reference to the long running joke about how my late grandmother resembled former Fed chief and former Treasury Secretary, Janet Yellen, but anyway, according to Besant, the US must break free from what he calls its addiction to government spending in return to private sector growth. Now, hey to me, that sounds good. Actually, that sounds like a good plan for the long term. But here's the problem, that addiction has been the lifeblood of the US economy for decades. And you know, this is something that regular GRE guest macroeconomist Richard Duncan has talked about when he's here. Remember what he's told us for over a decade here on the show, if the US doesn't have 2% real credit growth, credit expansion, well then we go into a recession. Well, what happens when the government cuts spending during soaring consumer prices due to trade wars? What happens when businesses hesitate to invest in the face of extreme uncertainty? Well, the bad news is that tariff whiplash and massive layoffs mean that businesses can't plan, and when businesses can't plan, they freeze. Look, just the other day, I talked to the President of a manufacturing company they make stainless steel tube valves and fittings. Due to all the tariff uncertainty, he's had to set up a reserve account based on what happens next, all right. Well, with that reserve account, that means that that's not money that's going into equipment reinvestment, that's not money that's going into making new hires. What happens when more confidence shatters and markets spiral lower? We may be about to find out. So has the recession, which is a precursor to any depression, already begun? Well, the warning signs are multiplying. Most ominously at last check, the respected Atlanta Fed tracker is now forecasting a more than 2% contraction in US GDP this quarter. That is quite a drawdown and two negative GDP quarters in a row. I mean, that is the definition of what a technical recession is. And here's a quick history piece for you in 1930 to try to quell the effects of the Great Depression, tariffs were passed. Alright. Do you know how badly that turned out back then in 1930 it was called the Smoot Holly Tariff Act. It raised tariffs to try to collect more revenue for the government. It didn't work, and the US sunk deeper into the Great Depression, with rampant unemployment and poverty and social unrest. There was a rise in crime, there were bank failures, even hunger and malnutrition. That's what a depression looks like, right there. Well, back to today. Right now, consumer confidence is collapsing. Retail Sales are plunging. The bond market is signaling distress, and yet those in power appear kind of oblivious to the magnitude of the risk. So what if it's not a transition and it is a start of something far worse? And see, this is just part of what's made investors raise their bets on a recession. Stocks are down like a global trade war has begun. Crypto has fallen like risk appetite has collapsed. Bond prices are rising like inflation is declining, and experts have priced in a 52% chance of a recession in the next 12 months. Okay, 52 that's like flipping a coin and just hoping that it lands on good news. Now in the real estate world, when we talk about direct threats from tariffs, as I've touched on before, the biggest direct threats are tariffs on lumber and on gypsum board. The lumber is used in house framing and trusses. Gypsum board, that just means drywall, the base case for tariffs on Canadian lumber alone, that adds about $10,000 to the cost of a new build typical single family home, which in turn jacks up all existing housing prices and their replacement cost. But let's look beyond that now at market factors. How is real estate adversely affected if the economy slows? Though historically. Let's look at how recessions really affect housing prices, and this is, again, as I like to say, where we take history over hunches. It's easy to have a hunch about what you think is going to happen, but let's look at what has really happened. How do real estate prices perform during recessions. When we look at the last eight recessions, okay? And the most current of those was in 2020, and then when we go back eight recessions ago, that is the 1960s Okay. Well, let me move along in chronological order here, during those eight recessions, starting in the 1960s leading up to today, housing prices, and this includes single family homes up to multifamily apartment buildings, they were just rounding to the nearest whole number here, up 5% there in The late 60s, in that recession, and then up 18% up 14% in the next recession, and then no change, down 1% and then up 6% and then down 13% that was during the 18 month recession, around 2008 and then finally, home prices were up 8% in the latest recession, alright. So in our total of eight recessions since the 1960s home prices only fell significantly one time, and they usually rise that one timethey fell. Let's explore that. That was during the 2008 global financial crisis, which involved more than just the recession. It was a deep recession, that's why it's called the Great Recession, but it also involved more than that. 2008 was special because that was a time of housing oversupply and low homeowner equity positions and a complete mortgage meltdown backed by flimsy liar loans. Well today we are in the opposite of all three of those conditions. We have a housing under supply. Americans have a record 300k plus in protective equity that they are not going to walk away from. And more.   Underwriting is stringent, the opposite of a liar loan. So housing prices usually rise in recessions, and if we're teetering on the brink of a recession, there are a lot of reasons to think that housing prices will go up yet again. And by the way, I felt what was happening back in 2008 I invested through it. I think I let you know before that, that's when I owned two four Plex buildings, 2008 but it didn't feel that bad to me, because my properties were temporarily suppressed in value, and that part didn't feel good, but my rents and rental demand went up because no banks would give loans to borrowers to buy properties, so I wouldn't want to sell when the buildings were paying me a higher than ever monthly income. But let's not lose the greater point what I'm telling you here that housing only fell significantly one time through the last eight recessions. That demonstrates the resilience of the housing market. And by the way, those stats were sourced by the NAR and the NB er National Bureau of Economic Research. All right, so why is this? Why is housing resilient in the face of a recession? There are a few reasons, but a main one is see, even if and when times get tough, people still need a place to live, and they will pay for it, especially now, when they have record equity, people are motivated to make mortgage payments and make rent payments, or else they are going to be homeless. So tough times when consumers they get less likely to pay for their car loan are less likely to pay for student loans, and when they default on credit card payments, that's when this stuff happens, but people will fight like heck to avoid losing their home. I mean, people will pay for food, shelter and safety. And also, when it comes to recessions, let's not forget how many bad just God, awful, wrong recession calls there were from over the past two to three years. I mean, the so called experts were wrong, wrong, wrong. Today, the economy is actually starting from a good place. And what do I mean here today, consumers still have money to spend, and they probably will. This is huge, because consumer spending is 70% of the economy, but how will they respond when these higher tariff induced prices hit more shelves at Walmart and Target? We'll see unemployment is still so low that it's practically down there doing squats. But you know these numbers, they're always backward looking, so it does only aim to get worse. The labor market is firm. Interest rates have been pretty steady. They've fallen a little. Energy prices are still down. So really, the bottom line with what I've shown you so far is that federal policies have induced economic trauma, and it does increase the chance of recession over the next 12 months. During recessions, housing is a top performer, and interest rates usually fall as well, and specifically interest rates of all types, including the Fed funds rate, mortgage rates, pretty much every interest rate type, they tend to fall in the mid and late stages of a recession. So this is what you can expect based on history, not hunches. But as for a depression, that is super unlikely. We haven't had one in 90 years, and today. I mean, come on, we have seen what the powers that be do. We can see how they respond to crises. They will just print and print and print more dollars to help pave over any problem. And that's not responsible long term, and it creates more inflation, but that's exactly what the government did to pull us out of the Great Recession and to pull us out of the COVID slowdown. We'll review what you've learned today in just a minute, but let me tell you, though you may very well have the majority of your capital smartly invested in real estate, since that's where the long term wealth creation is, those funds are not very liquid. So what about your liquid funds? Like I pointed out early in the show today, amidst higher inflation expectations, inflation really destroys those in the stock market, and it absolutely crushes savers. Savers really get destroyed, because if your bond yield or your savings account pays you 4% interest, and there's 5% inflation, that is a 125% hidden tax on your gain. And if that's the. Damaging enough there might be tax that you have to pay on that gain, which is not really a gain. This whole thing was a big loss.   So for some people, including me, what I do is become a lend. Lord, yes, I get a higher yield by lending to others a lend. Lord. I mean, why settle for just a, say, four and a half percent yield on your liquid funds? I mean, that's the level at both the 10 year bond and the savings account yield today, about four and a half percent. I've parked my own liquid funds for a steady 8% yield that I've been getting for years with a long time established real estate company. I make the loan to them, they have paid on time, every time, for that steady 8% return. And see, when you understand that directly investing in real estate pays five ways, and that a 20 to 30% total ROI, therefore is common and even expected. You can understand how they can pay you and me an 8% return on your liquid funds. You can see where the arbitrage is. Just a little insider tip here. It's called Freedom family investments. If you want to learn more, text family to 66 866. Their minimums are pretty low to 25k and you don't have to be accredited. So for steady 8% returns from the same place in the same vehicle where I've been getting my 8% you can just do it right now. What's on your mind? Text the word family to 66866.    Let's review what you've learned today, Americans have higher long term inflation expectations than they've had since 1993 a 1999 Taco Bell receipt really brings to light how much inflation you have experienced in your life. Though, higher inflation can come. Hyper inflation is unlikely. Let's not get carried away. The prospects for a recession are 52% in the next 12 months, per a plurality of experts, but a depression is really unlikely. Now you know how real estate performs in recessions and why it holds up so well it even tends to appreciate coming up here on the show are some prominent guests, including the leader of rezzy club. You might know about them. Sometimes I share their great charts in our newsletter. Yes, rezzy Club's Lance Lambert will be with us. Also, Legacy finance expert Laurel Langemeier will be here with us on another upcoming episode. Thanks for being here, but you weren't here for me. You were here for you. I'm Keith Weinhold. Don't quit your Daydream.   Dolf Deroos  37:53   Nothing on this show should be considered specific, personal or professional advice. Please consult an appropriate tax, legal, real estate, financial or business professional for individualized advice. Opinions of guests are their own. Information is not guaranteed. All investment strategies have the potential for profit or loss. The host is operating on behalf of get rich Education LLC exclusively.   Keith Weinhold  38:16   You know, whenever you want the best written real estate and finance info. Oh, geez, today's experience limits your free articles access, and it's got paywalls and pop ups and push notifications and cookies disclaimers. It's not so great. So then it's vital to place nice, clean, free content into your hands that adds no hype value to your life. That's why this is the golden age of quality newsletters. And I write every word of ours myself. It's got a dash of humor, and it's to the point because even the word abbreviation is too long, my letter usually takes less than three minutes to read. And when you start the letter, you also get my one hour fast real estate video. Course, it's all completely free. It's called the Don't quit your Daydream letter. It wires your mind for wealth, and it couldn't be easier for you to get it right now. Just text. GRE to 6866 while it's on your mind, take a moment to do it right now. Text, GRE to 6866   The preceding program was brought to you by your home for wealth, building, get rich, education.com.    

-- On the Show: -- Congressman Jake Auchincloss (D-MA) joins David to discuss the trajectory of the Trump economy, the future of Social Security and Medicare, and much more -- Another downward GDP revision from the Atlanta Fed as Donald Trump's tariffs take effect and the economy appears to be on a clear downward trajectory -- Donald Trump crashes the stock market with his new tariffs -- Serious health fears grow about Donald Trump as his strange gait and limp become increasingly pronounced -- Donald Trump has halted all aid to Ukraine in a major gift to Russian President Vladimir Putin -- Social Security payments are facing disruption under Donald Trump and Elon Musk's DOGE interference -- The Trump administration is caught pathetically and obviously lying about border crossing numbers -- On the Bonus Show: Trump supporters lose $12 billion as his cryptocurrency collapses, US Customs cracks down on egg smuggling as prices soar, Andrew Cuomo attempting political comeback in running for NYC Mayor's race, much more...

New Mummy items in the new Bob Cesca Show Mall! Donald's joint session address tonight. Donald's meltdown in the Oval Office upended the world order and empowered Russia. The Wall Street Journal rips the White House a new one. A word about offending Trump voters by saying "I told you so". Hang on tight, the economic is about to fall apart. Donald imposes 25 percent tariffs on Canada and Mexico. Once again, the WSJ pushes back. Social Security might collapse. The Atlanta Fed is forecasting a retraction in the economy. You Were Warned. Elon needs air traffic controllers. RIP the First Amendment. Good news about trans athletes. With Jody Hamilton, David Ferguson, music by Marina Rocks, Matt Jaffe, and more!See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

-- On the Show: -- Reviewing the embarrassing and globally humiliating Oval Office fiasco in which Donald Trump and JD Vance yell at Ukrainian President Volodymyr Zelenskyy -- Brian Glenn, the boyfriend of Marjorie Taylor Greene, dresses up like a reporter and asks Ukrainian President Volodymyr Zelenskyy why he isn't wearing a suit -- The Atlanta Fed predicts a GDP decline in the first quarter of 2025, suggesting growing concern over a potential Trump economic collapse -- Elon Musk appears on the Joe Rogan podcast and it does not go well -- New questions surface about Donald Trump's reading ability after Trump appears to hand a letter from King Charles back to British Prime Minister Keir Starmer and asks Starmer to read it out loud -- Director of National Intelligence Tulsi Gabbard gives an interview to Fox News that is indistinguishable from the interview a Kremlin spokesperson would give -- David explains why Plato's concerns about democracy are suddenly very salient -- Donald Trump's Department of Defense appears to have blocked The David Pakman Show -- On the Bonus Show: High school graduate who can't read or write is suing, Microsoft announces Skype will close, alarms raised over Fyre Festival 2, much more...