Podcast appearances and mentions of Bear Stearns

CannCon and Alpha Warrior unpack one of the most disorienting twenty four hour stretches of Trump's second term. At sunrise the President posts that the US will be hitting Iran very hard tonight and seizing Karg Island and Iran's oil markets the way it did with Venezuela. Four hours later he cancels the strikes after saying a deal was approved by Israel, Saudi Arabia, UAE, Qatar, Turkey, Pakistan, Bahrain, Kuwait, Jordan, and Egypt. The guys replay the old Ghost in the Machine psyop videos to frame what they are watching and read straight from the Fifth Generation Warfare book on Target Audience analysis. Alpha makes the central argument of the show. The roller coaster is not aimed at us. The red pilled are not the target. The normies are. Trump is balancing global power to a reset point while breaking decades of conditioning about who our allies and enemies are. The second half digs into Jay Clayton being named the permanent DNI. UPenn, Sullivan and Cromwell, the firm of John Foster and Allen Dulles, Bear Stearns, Alibaba, the Tren de Aragua RICO case, and his CNBC appearance hours before the announcement.

The desk at RBC Capital Markets that sits behind 90% of Canada's ETF market has a view of where flows are really going — and it's not what most advisors expect.Pierre Daillie sits down with Valerie Grimba, Head of Global ETF Strategy at RBC Capital Markets, for a wide-ranging conversation about the forces quietly reshaping how Canadian advisors build portfolios. Valerie's team serves as designated broker to roughly 300 ETF mandates and acts as authorized participant across the majority of the Canadian ETF market — giving her a real-time, flow-level view of investor behaviour that almost nobody else has. From the structural fracture that 2022 opened in the 60/40 model, to the liquidity misconceptions her desk corrects every single day, to the explosive rise of asset allocation ETFs, covered call strategies, AAA CLOs, and precision thematic plays, this conversation covers the full terrain of where the ETF market stands today — and where it is heading.CHAPTERS00:00 — Introduction: The 60/40 failure and Canada's ETF rebuild 02:11 — Valerie's career arc: Bear Stearns, New York, New Zealand, RBC 04:21 — How the RBC ETF market making desk actually works 05:36 — What a designated broker does — and why it matters 08:18 — Flash crashes, Liberation Day, and ETFs as a release valve 10:08 — The RBC market view: yellow flags, narrow breadth, and a 12–18 month outlook 13:29 — How ETF flows changed: from net outflows in risk-off to rotation 14:05 — Gold: zero correlation, the incongruent timing, and the 2026 outlook 15:40 — Higher for longer: what advisors are missing about the rate environment 17:46 — How 2022 changed advisor behaviour and launched a new ETF ecosystem 21:49 — Covered call ETFs: what advisors are still getting wrong 24:19 — Retail vs. institutional: why retail has been outperforming 25:20 — Private assets in an ETF wrapper: the square peg, round hole problem 31:11 — What RBC looks for before taking on a designated broker mandate 32:28 — The Pac-Man of Canadian ETF flows: asset allocation ETFs 36:29 — CAGE, XEQT, FBAL: who is actually buying all-in-one ETFs 38:58 — TLT as widowmaker and the search for yield without duration risk 40:36 — AAA CLOs, active fixed income, and aggregate bond ETFs 43:07 — CTAs, trend following, and the rise of alternatives in Canada 44:30 — Why GIC sectors are becoming antiquated — and what's replacing them 45:48 — DRAM, memory chips, and the new thematic precision playbook 47:11 — Single stock ETFs: access, covered call overlays, and trade-offs 49:07 — The #1 ETF liquidity misconception — and the three layers advisors need to know 53:28 — Best execution practices: limit orders, timing, and when to call the desk #ETF #CanadianETF #ETFInvesting #PortfolioConstruction #CoveredCallETF #AssetAllocation #XEQT #FixedIncome #AlternativeInvestments #WealthManagement #FinancialAdvisor #InvestmentStrategy #ETFLiquidity #RBCCapitalMarkets #MarketOutlook #ThematicETF #PassiveInvesting #ETFTrading #InsightIsCapital #AdvisorAnalyst

Stijn Schmitz welcomes Dr. Nomi Prins to the show. Dr. Nomi Prins is Founder of Prinsights Global and Substack. The discussion opens with a broad assessment of global economic headwinds, including the ongoing blockage of the Strait of Hormuz and rising bond yields. Dr. Prins explains that even a hypothetical resolution to the strait crisis would not immediately ease supply backlogs, keeping oil prices elevated and contributing to persistent inflation. She notes a significant dislocation between struggling economic confidence and stock markets reaching all-time highs, fueled by large asset funds and cash waiting on the sidelines. The conversation shifts to the beneficiaries of supply disruptions, where Dr. Prins sees value in oil producers outside the Middle East, such as those in Colombia, which can bypass the strait. She then highlights uranium as a critical, underappreciated story, emphasizing that nuclear energy's role in powering data centers and AI creates surging demand against a backdrop of severely constrained supply, with new mines taking up to 18 years to develop. This supply deficit, she argues, makes current uranium prices appear very low. Addressing inflation and central bank policy, Dr. Prins anticipates that while short-term rates will likely remain unchanged, the Federal Reserve may increase long-term bond purchases, effectively reawakening quantitative easing to manage debt servicing costs. She believes this will not significantly stimulate the broader economy but that real growth will come from hard assets and commodities like copper and silver, which are essential for electrification and in structural deficit. On gold, she remains bullish, citing its stability and the fact that central banks now hold it as their top reserve currency, viewing it as a long-term diversifier. She maintains a year-end gold price target of $6,000. The interview concludes with Dr. Prins pointing to significant investment opportunities in junior mining, particularly in copper, uranium, and rare earth elements, for investors who can look past current geopolitical volatility. Timestamps: 00:00:00 – Introduction 00:00:41 – Global Economy Headwinds 00:01:08 – Strait of Hormuz Disruptions 00:03:20 – Oil Price Outlook 00:06:30 – Oil Producer Opportunities 00:09:43 – Uranium Energy Security 00:13:00 – Commodity Supply Shortages 00:18:28 – Fuel Shortages 00:20:40 – Inflation and QE Outlook 00:26:46 – Gold Market Stability 00:31:33 – Mining Sector Investments 00:35:00 – Concluding Thoughts Guest Links: X: https://x.com/nomiprins Website: https://nomiprins.com Substack: https://prinsights.substack.com Dr. Nomi Prins as a Wall Street insider and outspoken advocate for economic reform, Nomi Prins is a leading authority on how the widespread impact of financial systems continues to affect our daily lives. She has spent decades analyzing and investigating economic and financial events at the ground level and meeting with those that shape the world’s geopolitical-economic framework. She continues to break stories by conducting independent research, writing best-selling books, and traversing the globe to share her knowledge and demystify the world of money. Before becoming a renowned journalist and public speaker, Nomi reached the upper echelons of the financial world where she worked as a managing director at Goldman Sachs, ran the international analytics group as a senior managing director at Bear Stearns in London, was a strategist at Lehman Brothers and an analyst at the Chase Manhattan Bank. During her time on Wall Street, she grew increasingly aware of and discouraged by the unethical practices that permeated the banking industry. Eventually, she decided enough was enough and became an investigative journalist to shed light on the ways that financial systems are manipulated to serve the interests of an elite few at the expense of everyone else.

What is Donald Trump really hiding in the Epstein files? Investigative journalist and author Greg Olear joins Matt Robison for a deep dive into the underreported connections between Jeffrey Epstein, Russian organized crime, intelligence agencies, dark money networks, and Donald Trump.Most people think the Epstein story is simply about sex trafficking. Greg argues it was much bigger than that: a sprawling global network involving money laundering, oligarchs, kompromat, intelligence operations, and some of the most powerful people in the world.Drawing from his explosive new book Another Wonderful Secret: Infrequently Asked Questions About Jeffrey Epstein, Olear explains why Trump may still be desperately trying to suppress the Epstein files — and why the real story may have less to do with sex scandals and more to do with corruption, hidden money, and geopolitical influence.This conversation explores:Epstein's role as a financial fixer and “connector”Russian mob boss Semion Mogilevich and the Russian mafia connectionRobert Maxwell, Ghislaine Maxwell, and intelligence tiesTrump's long history with Russian money and oligarchsWhy the FBI and DOJ may still be protecting explosive informationHow kompromat and elite influence networks actually workThe hidden architecture of modern kleptocracyWhether Epstein's infrastructure still exists todayWhy this story matters for democracy itself0:00 Intro — The Epstein story most people are missing1:10 Epstein as fixer, money mover, and intelligence connector2:15 Why the Epstein files are still being suppressed3:05 America's slide toward kleptocracy3:45 Greg Olear joins the show4:25 Was Epstein more than a sex trafficker?5:20 Dalton School, Bear Stearns, and Epstein's rise8:00 The hidden importance of the 1980s8:45 Arms deals, offshore money, and intelligence agencies10:10 Ehud Barak and intelligence connections11:20 How Epstein became indispensable to powerful people14:00 Epstein's networking power and elite access15:30 Enter the Russian connection16:05 Who was Semion Mogilevich?17:15 Robert Maxwell, organized crime, and trafficking networks19:20 Why Epstein's real business may have been dirty money20:05 Trump, Russia, and 1980s money laundering21:15 Did Trump know the Maxwells earlier than reported?22:10 Trump and Epstein become intertwined23:10 Trust-washing through elite connections25:10 Why Trump's Russia ties are not really disputed26:15 Was Epstein a Russian asset?27:15 How Epstein accumulated elite secrets28:10 The scale of Epstein's financial operations29:15 Suspicious transactions and hidden wealth31:00 Kompromat and control32:15 The power Epstein gained from knowing secrets33:05 JPMorgan, Jess Staley, and financial protection35:15 What is Trump really afraid of in the Epstein files?37:00 Theories about what could still be hidden39:30 Allegations involving Trump and minors41:00 The Katie Johnson allegations explained43:10 ICE threats and intimidation patterns44:00 Does Epstein's infrastructure still exist today?45:00 Jared Kushner and modern influence networks47:00 “Coincidence theory” vs conspiracy theory48:00 Who was really calling the shots?49:00 Where does this story go next?50:15 Global authoritarianism and shifting alliances51:10 What intelligence agencies may still know52:00 Why understanding corruption matters53:15 Signs authoritarians may be hitting resistance54:20 Trump's growing political vulnerabilities55:00 Greg Olear's new book and closing thoughts

Jeffrey Epstein's early financial career is cloaked in mystery, with only fragments of fact piercing through layers of rumor and myth. After leaving Bear Stearns in 1981, he founded Intercontinental Assets Group Inc., a consulting firm where he claimed to “recover stolen money for wealthy clients.” What exactly that meant was never made clear, but the business quickly drew speculation that Epstein was dealing in murky worlds where stolen wealth, corrupt regimes, and shady operators overlapped. In a 2025 DOJ interview, Ghislaine Maxwell went further, alleging that Epstein built his fortune partly by working with or for African warlords in the 1980s. She claimed he once even showed her a photo of himself with such figures, suggesting his reach extended into circles where violence and illicit wealth were the currency.What is confirmed, however, is that Epstein was already operating in shadowy financial arenas, including his lucrative role as a consultant for Steven Hoffenberg's Towers Financial Corporation, a Ponzi scheme where Epstein earned $25,000 a month and received a $2 million loan. The warlord connection remains unproven but symbolically aligns with the trajectory of a man who, from the start, was willing to skirt moral boundaries, exploit opaque systems, and surround himself with power—whether in Wall Street boardrooms or, allegedly, among those who carved fortunes out of bloodshed in Africa.to contact me:bobbycapucci@protonmail.comsource:Records show Jeffrey Epstein's requests for multiple passports, travels to Africa and Middle East - ABC News

Jeffrey Epstein's early financial career is cloaked in mystery, with only fragments of fact piercing through layers of rumor and myth. After leaving Bear Stearns in 1981, he founded Intercontinental Assets Group Inc., a consulting firm where he claimed to “recover stolen money for wealthy clients.” What exactly that meant was never made clear, but the business quickly drew speculation that Epstein was dealing in murky worlds where stolen wealth, corrupt regimes, and shady operators overlapped. In a 2025 DOJ interview, Ghislaine Maxwell went further, alleging that Epstein built his fortune partly by working with or for African warlords in the 1980s. She claimed he once even showed her a photo of himself with such figures, suggesting his reach extended into circles where violence and illicit wealth were the currency.What is confirmed, however, is that Epstein was already operating in shadowy financial arenas, including his lucrative role as a consultant for Steven Hoffenberg's Towers Financial Corporation, a Ponzi scheme where Epstein earned $25,000 a month and received a $2 million loan. The warlord connection remains unproven but symbolically aligns with the trajectory of a man who, from the start, was willing to skirt moral boundaries, exploit opaque systems, and surround himself with power—whether in Wall Street boardrooms or, allegedly, among those who carved fortunes out of bloodshed in Africa.to contact me:bobbycapucci@protonmail.comsource:Records show Jeffrey Epstein's requests for multiple passports, travels to Africa and Middle East - ABC News

Pius Sprenger has a PhD in mathematics and spent twenty-five years on Wall Street. He was hired to Deutsche Bank in 2004 and ended up on Greg Lippmann's derivatives desk — the desk Ryan Gosling's character runs in The Big Short. In February 2007 he co-built the ABX index with Goldman Sachs and Bear Stearns. He held his short position for nearly three years while senior management told him he was wrong. He was right. He left Wall Street in 2020. Today he is a founding member of the Scientific Bitcoin Institute alongside Giovanni Santostasi and Steven Perino — peer-reviewed researchers applying the power law to Bitcoin's growth. Their math says $1M per Bitcoin in 8–9 years. $7–8M in 17 years. Falsifiable. Scientific. Not a guess. And he is sounding the alarm again. Wall Street is now packaging Bitcoin into structured products the way it packaged subprime in 2007. Pius has seen this movie. He has the receipts. If you've heard "$1M Bitcoin" and dismissed it as hyperbole — this is the conversation to send to whoever you're trying to convince. We discuss: The Bitcoin Power Law explained — adoption to the power of 3, network value to the power of 2 — and why the math gives you $1M in 8–9 years What it actually felt like to short subprime from inside Deutsche Bank for three years while conference rooms full of PhDs laughed him out The pattern Pius sees in Wall Street's Bitcoin entry — Strategy, STRC, the ETFs — and what negative price convexity means for the paper market One week in East Germany in 1985 — the Stasi, the whispering — and what a former Deutsche Bank trader recognizes in Western banking surveillance today Subscribe so you never miss an episode. ━━━━━━━━━━━━━

The public reawakening to the Jeffrey Epstein story has exposed not just the scale of his crimes, but how profoundly they were misunderstood and minimized for years. Many who once dismissed deeper reporting on Epstein are now fully engaged as legacy outlets publish long retrospectives on his wealth, social connections, and early career, particularly his time at Bear Stearns. While this shift in coverage may appear overdue, it raises an uncomfortable question: why these stories are being told now, long after Epstein abused victims openly in New York and elsewhere with little sustained scrutiny. For years, major media organizations treated the more troubling implications of Epstein's power as speculative, focusing on isolated scandals rather than the structural forces that allowed him to operate with impunity. The current reporting, much of it recycling information known for half a decade or more, still largely avoids confronting how Epstein repeatedly survived scandals that should have ended his freedom.The missing piece, critics argue, is the role of institutional protection—specifically the possibility that Epstein functioned as a confidential informant for the FBI, explaining his extraordinary immunity from consequences. This framework helps account for the consistent pattern of stalled investigations, lenient treatment, and prosecutorial deference that followed Epstein for decades, culminating in the unprecedented 2008 non-prosecution agreement that shielded both Epstein and unnamed co-conspirators. Rather than interrogating how Epstein escaped accountability at every turn, mainstream coverage has remained fixated on how he made his money, a safer line of inquiry that avoids scrutiny of law enforcement itself. Until journalists squarely address why Epstein was protected—not merely how he accumulated wealth—the story remains fundamentally incomplete, leaving the most consequential questions about power, complicity, and systemic failure unanswered.to contact me:bobbycapucci@protonmail.comBecome a supporter of this podcast: https://www.spreaker.com/podcast/the-epstein-chronicles--5003294/support.

The public reawakening to the Jeffrey Epstein story has exposed not just the scale of his crimes, but how profoundly they were misunderstood and minimized for years. Many who once dismissed deeper reporting on Epstein are now fully engaged as legacy outlets publish long retrospectives on his wealth, social connections, and early career, particularly his time at Bear Stearns. While this shift in coverage may appear overdue, it raises an uncomfortable question: why these stories are being told now, long after Epstein abused victims openly in New York and elsewhere with little sustained scrutiny. For years, major media organizations treated the more troubling implications of Epstein's power as speculative, focusing on isolated scandals rather than the structural forces that allowed him to operate with impunity. The current reporting, much of it recycling information known for half a decade or more, still largely avoids confronting how Epstein repeatedly survived scandals that should have ended his freedom.The missing piece, critics argue, is the role of institutional protection—specifically the possibility that Epstein functioned as a confidential informant for the FBI, explaining his extraordinary immunity from consequences. This framework helps account for the consistent pattern of stalled investigations, lenient treatment, and prosecutorial deference that followed Epstein for decades, culminating in the unprecedented 2008 non-prosecution agreement that shielded both Epstein and unnamed co-conspirators. Rather than interrogating how Epstein escaped accountability at every turn, mainstream coverage has remained fixated on how he made his money, a safer line of inquiry that avoids scrutiny of law enforcement itself. Until journalists squarely address why Epstein was protected—not merely how he accumulated wealth—the story remains fundamentally incomplete, leaving the most consequential questions about power, complicity, and systemic failure unanswered.to contact me:bobbycapucci@protonmail.com

Liquid Funding Ltd. didn't survive the 2008 financial collapse by skill or luck—it survived because the system bent itself into a pretzel to protect elite balance sheets with public money. Chaired by Jeffrey Epstein, Liquid Funding sat on billions in mortgage-linked liabilities just as the global economy imploded. When the government rushed in to stabilize failing institutions, those interventions didn't just rescue household-name banks—they quietly backstopped the opaque offshore machinery that fed off them. As emergency facilities and taxpayer-backed rescues absorbed toxic assets and restored liquidity, Liquid Funding's obligations were made whole. The end result was grotesque: a vehicle overseen by a known predator emerging intact from a crisis that annihilated ordinary people.What makes it sickening is the silence around it. While families lost homes and retirement savings evaporated, bailout architecture designed to “save the system” effectively covered the tab for Epstein's offshore empire—through the rescue of counterparties like Bear Stearns, its fire-sale to JPMorgan Chase, and the emergency actions of the Federal Reserve. No vote asked taxpayers if they were willing to underwrite the continued solvency of a man already accused of unspeakable crimes. No hearing explained why his structure deserved protection while the public absorbed the losses. It was a quiet, revolting transfer of risk upward—proof that when the system panics, it shields the worst actors first and sends the bill to everyone else.to contact  me:bobbycapucci@protonmail.comsource:Epstein's Really Big Short: How US Taxpayers (And Big Bankers) Bailed Him Out - National MemoBecome a supporter of this podcast: https://www.spreaker.com/podcast/the-epstein-chronicles--5003294/support.

Omar Jaffrey has been involved in technology, media and telecommunications ("TMT") investments, mergers and acquisitions, strategic partnerships, public and private capital raises, restructuring and bankruptcies for over 30 years.   Mr. Jaffrey founded Palistar Capital (formerly, Melody Investment Advisers, "Palistar") in 2019 as a specialist digital infrastructure investor as his go-forward investment platform and created Symphony Wireless, an affiliated easements origination platform ("Symphony"). The team successfully raised a $2 billion dedicated digital infrastructure fund at the end of 2021, has built out a specialist team with deep investment and operating expertise and has invested in a number of macro tower investments including Harmoni Towers, Parallel Infrastructure, CTI Towers, and an easements and tower portfolio originated by Symphony.   Prior to Palistar, Mr. Jaffrey co-founded Melody Capital Partners ("Melody") in 2012 where he was also a Managing Partner. The team at Melody raised two fund families – a Structured Credit platform with $1 billion assets under management ("AUM") and a digital infrastructure platform with $700 million AUM ("Melody Wireless Infrastructure"). Mr. Jaffrey crafted the strategy, built Melody Wireless Infrastructure as its CEO and successfully exited Melody Wireless Infrastructure in 2021. Melody is now actively harvesting its remaining investments and is no longer making new investments or fundraising.   Prior to Melody, Mr. Jaffrey was a Managing Director of UBS Investment Bank, most recently serving as Americas Co-head of the Special Situations Group. Mr. Jaffrey was an advisor to some of the leading telecommunications and technology companies globally covering over 50 global clients in the TMT space for their strategic and financing needs. Mr. Jaffrey also helped build UBS's Telecommunications Media and Technology Investment Banking practice and was Global Head of Satellite Investment Banking while specializing in the convergence of TMT sectors between 2003 and 2009. Prior to joining UBS, Mr. Jaffrey was a Managing Director at Merrill Lynch where he built the Global Satellite Investment Banking practice. In the early 1990s, Mr. Jaffrey helped build Bear Stearns' Investment Bank in Asia, and was a founding member of Bear Stearns' Telecommunications sector Investment Banking practice.   Mr. Jaffrey holds a BS magna cum laude in Electrical Engineering from Columbia University and an MBA from Stanford University,  and is a member of Tau Beta Pi and Eta Kappa Nu honor societies.

You can grind for 30 or 40 years building wealth and still get taken out by one bad decade, one tax mistake, or one panic sell. That's why we sat down with Ron Deutsch, a former Wall Street fixed income pro (Bear Stearns) and CFA who now helps families at Magnus Financial Group turn portfolios into durable retirement income machines, not stress machines. We get practical about capital preservation and real-world risk tolerance, including why most people only discover their true comfort level after they lose money. Ron explains how he thinks about diversification when the S&P 500 is dominated by tech, why a long-term wealth management plan beats reactive trading, and how a small 1% to 5% “high beta” sandbox can keep the urge to speculate from infecting the rest of the portfolio. Then we go deep on fixed income and the misunderstood power of bonds. Ron shares how individual bond portfolios, credit risk, preferreds, closed-end funds, and selective covered call strategies can produce meaningful yield, and why the classic 60/40 portfolio isn't “dead” so much as dependent on what's actually inside the 60 and the 40. We also talk alternatives, tax-efficient investing, loss harvesting, MLPs, and what entrepreneurs should do before a liquidity event so they don't waste their one bite at the apple. If you want clearer thinking about retirement planning, portfolio risk, and building income you can live on, subscribe, share this with someone nearing retirement, and leave a review. What part of your financial plan feels most uncertain right now?Join the What if it Did Work movement on FacebookGet the Book!www.omarmedrano.comwww.calendly.com/omarmedrano/15min

WATCH the video on Substack by clicking the play button above or on YouTube (here).STREAM audio only on Apple Podcasts (here), Spotify (here), or your favorite podcast player app.DOWNLOAD a pdf of a lightly edited transcript and the slide deck using the blue Download buttons below.We recorded this video podcast on Wednesday, March 18. This week we address five questions that have arisen regarding our views on the potential long-term impacts of the war in Iran.* Does our Super-Spike oil demand destruction framework need adjusting for an abrupt geopolitical spike?* What advance warning signs are we watching to assess economic damage and risks to capital markets?* How does Iran impact our view of the traditional energy profitability cycle and terminal value recognition?* Does the war change which regions we prefer for future CAPEX?* How does Iran impact our Power Surge (power super-cycle) view?Subscribe to receive all content. Also available at Veriten.com.SLIDE 3: Super-Spike Framework In A Geopolitical Event?Key points:* Our March 2005 “Super-Spike” framework was used to assess how high oil prices could reach in order to slow oil demand growth to levels of available supply in an environment of structurally strong global GDP growth (BRICs expansion).* We chose “super” to indicate the oil upcycle was multi-year in nature. We chose “spike” to remind ourselves and our clients that inevitably oil would surely rollover as cycle dynamics ensured a future period of oversupply (or under-demand).* At the end of the day, the super-cycle is always one of sector profitability, with oil prices just one (important) component along with costs and capital intensity.Current environment:* The War in Iran and closure of the Strait of Hormuz is not analogous to that 2004-2014 period. This is an acute geopolitical disruption.* Therefore, the framework we used over 2004-2014 has its limitations. Most notably, the sudden, dramatic jump in oil prices could mean that absolute levels do not need to reach the heights implied in the table on the right.* It also suggests that “Super Vol” remains the better framing for energy commodity markets, including crude oil, oil products, and global spot LNG prices.* Be wary of perma bears and perma bulls! For the bears: cycles have to play out. For bulls: it is always a cycle.Exhibit 1: “Super-Spike” oil demand destruction frameworkSource: Bloomberg, EIA, Federal Reserve, Veriten.SLIDE 4: What Advance Warning Signs Are We Watching?* Bull to bear can happen quickly and unexpectedly…July to December 2008 saw WTI drop from over $140/bbl to under $40/bbl.* How can one differentiate between the July 2007 collapse of two Bear Stearns credit funds and the March 2023 issues with Silicon Valley Bank?* So why worry this time? The closure of the Strait of Hormuz is simply intolerable if measured in months rather than weeks. The Age of Drones is a game changer, as we see in Russia-Ukraine.* Fortress balance sheet, understanding controls and contracts, and aiming to not only survive but thrive during turmoil is the goal.SLIDE 5: How Does Iran Impact The Profitability CycleKey points:* It remains our view that traditional energy is firmly within a new profitability super-cycle that began in 2021 and would be expected to last 10+ years.* Structural profitability cycles are inherently long-term in nature, 10-15 years up, 10-15 years down. The prior downcycle ran from a 2010 peak to a 2020 trough.* Within the structural up or down cycles, numerous mini-cycles occur along the way. We believe 2025 marked a “normal” trough following a 2.5 years mini-downcycle.* We rejected “oil glut” arguments that have prevailed since Liberation Day (April 2025). We agree that the closure of the Strait of Hormuz renders impossible a true accounting of who was right—oil glutters or us.Current environment:* We have been surprised by the fact that capital discipline at the sector level has remained intact.* A true, multi-year upcycle would undoubtedly test discipline. But let's judge it as we go: so far, so good.* The main risk to seeing a “deep trough” (as opposed to normal) would be an extended closure of the Strait and a collapse in the global economy. We take this risk seriously.* The best case scenario for the profitability cycle would be a quick re-opening that ensured limited adverse global GDP impacts.Exhibit 2: Traditional energy sector profitabilitySource: Bloomberg, FactSet, VeritenSLIDE 6: Does The War Change Regional CAPEX Preferences?* There are no absolutes…it is all opportunity specific.* Oil exploration: Algeria vs UK North Sea circa 1991-1994.* Natural gas import infrastructure: New York state (Appalachia) versus Germany (Russia).* Many areas of the Middle East will attract capital irrespective of how this plays out.* Between COVID, Russia-Ukraine, and now Strait of Hormuz, supply chain security will remain ascendent as an issue. Positive for NAM, power, energy source diversification (new and old tech).SLIDE 7: What Impact Is There On Our Power Surge View?* If a general financial/credit crisis materializes, this is a sector that commonly uses leverage and is now in growth mode.* There will be winners and there will be losers.* Execution: Understanding contracts, supply chains, and liquidity are all critical.* At the end of the day, Power Surge we think persists beyond and through this war due to the need to grow power generation to address aging western world grids, industrial reshoring, electrification, and AI & digital transformation.⚡️On A Personal Note: Super-Spike ReactionsFor On A Personal Note, we refer you to the video where Arjun further reflects on his March 30, 2005 “Super-Spike period may be upon us” report.

Chois Woodman in for Chuck Heinz and Jamie Lent talk about Red Raider baseball weekend, Bear Stearns collapses, Texas Tech pitching, the NCAA tournament bracket, NCAA watch party announcements.

Send a textPart two of my interview with Barbara Adler is as juicy if not juicier than part one and I did not expect that. I start by laying out every single one of Epstein's 46 shell companies — the real estate holdings, the aviation companies, the offshore financing vehicles, the pass-through shells, and the master trust with 40 secret beneficiaries named for his birth year. I name the three people who ran his in-house accounting and compliance — Richard Kahn, Bella Klein, and Harry Beller — and ask why none of them have been brought in front of Congress when Bella literally pleaded the Fifth. I break down Liquid Funding Limited out of Bermuda that was loaded with the exact mortgage-backed securities that caused the 2008 financial crash — and then play you the clip of Epstein bragging about being on the phone with Bear Stearns and JP Morgan simultaneously during the crash FROM PRISON. Then Barbara and I go deeper than part one. She tells me about Naomi Campbell trafficking her best friend Sky to Russell Simmons — LSD, Bahamas weekends, threesomes, and how Russell would pay for their apartments and then replace them when they got boring. She brings up Vladislav Doronin and the mystery island he supposedly built for Naomi in the shape of a horus eye — there are architectural drawings in magazines BUT... I found out who Barbara's modeling agent was — Faith Cates who founded Next Model Management — and when I dug into the Epstein files what I found made my jaw drop. Faith had social emails with Epstein, invited models to his dinner parties, and he's telling her he's spending Thanksgiving with Trump and others in 2017 — years after his conviction. Epstein donated to her cancer charity and a tennis center where her son worked. And Faith is the agent who introduced Stacey Williams to Epstein — and Stacey is the woman who alleges Trump groped her at Trump Tower with Epstein watching and smiling. Jean-Luc Brunel owned 25% of Faith's company. I tell Barbara about Ruslana Korshunova — the Russian model who jumped from a ninth floor balcony in 2008 after visiting Epstein Island two years before. No drugs or alcohol in her system. Her mother believes she was murdered. I tell her about Karen Mulder — one of the biggest supermodels  I connect Paul Marciano from Guess to Mohamed Hadid and explain how the shadow mansion network worked with girls. Barbara tells me about Epstein speaking to her directly — how he was non-emotional with a creepy smile and asked very specific questions about her upbringing and background.  And what about the second Island...Full episode only available at Dishing Drama Dana Patreon, it's only $6.00 a month, join the fun! https://www.patreon.com/cw/DishingDramaWithDanaWilkeySupport the showDana is on Cameo!Follow Dana: @Wilkey_Dana$25,000 Song - Apple Music$25,000 Song - SpotifyTo support the show and listen to full episodes, become a member on PatreonTo send Dana information, show requests and sponsorships reach out to our new email: dishingdramadana@gmail.comDana's YouTube Channel

The public reawakening to the Jeffrey Epstein story has exposed not just the scale of his crimes, but how profoundly they were misunderstood and minimized for years. Many who once dismissed deeper reporting on Epstein are now fully engaged as legacy outlets publish long retrospectives on his wealth, social connections, and early career, particularly his time at Bear Stearns. While this shift in coverage may appear overdue, it raises an uncomfortable question: why these stories are being told now, long after Epstein abused victims openly in New York and elsewhere with little sustained scrutiny. For years, major media organizations treated the more troubling implications of Epstein's power as speculative, focusing on isolated scandals rather than the structural forces that allowed him to operate with impunity. The current reporting, much of it recycling information known for half a decade or more, still largely avoids confronting how Epstein repeatedly survived scandals that should have ended his freedom.The missing piece, critics argue, is the role of institutional protection—specifically the possibility that Epstein functioned as a confidential informant for the FBI, explaining his extraordinary immunity from consequences. This framework helps account for the consistent pattern of stalled investigations, lenient treatment, and prosecutorial deference that followed Epstein for decades, culminating in the unprecedented 2008 non-prosecution agreement that shielded both Epstein and unnamed co-conspirators. Rather than interrogating how Epstein escaped accountability at every turn, mainstream coverage has remained fixated on how he made his money, a safer line of inquiry that avoids scrutiny of law enforcement itself. Until journalists squarely address why Epstein was protected—not merely how he accumulated wealth—the story remains fundamentally incomplete, leaving the most consequential questions about power, complicity, and systemic failure unanswered.to contact me:bobbycapucci@protonmail.comBecome a supporter of this podcast: https://www.spreaker.com/podcast/the-epstein-chronicles--5003294/support.

Jeffrey Epstein's entry into Bear Stearns in the mid-1970s was unusual from the start, as he was hired despite lacking a college degree and having misrepresented his academic background. He began in a junior role but quickly moved into advising wealthy clients and was eventually made a limited partner, a rise aided more by internal relationships than traditional qualifications. Concerns about his behavior and credibility circulated within the firm, and his tenure ended after roughly five years amid regulatory scrutiny. The firm never publicly explained the precise circumstances of his departure, leaving lingering questions about how and why he was allowed to advance as far as he did.After leaving Bear Stearns, Epstein repeatedly leveraged his association with the firm as a badge of legitimacy, using it to portray himself as a seasoned Wall Street insider. Contacts from that period helped him attract ultra-wealthy clients and establish himself as a private money manager operating largely outside public view. The Bear Stearns connection became central to the financial identity he cultivated, providing credibility and access that far exceeded the scope and substance of his actual work there. That early Wall Street pedigree helped open doors that would later prove critical to the scale of his wealth, influence, and reach.to contact me:bobbycapucci@protonmail.comBecome a supporter of this podcast: https://www.spreaker.com/podcast/the-epstein-chronicles--5003294/support.

Megyn Kelly begins the show by calling out Bill Clinton ahead of his forced deposition related to Jeffrey Epstein, revisiting his long history of connections to Epstein, his obvious lies and spin in public statements over the past couple months, and more. Then Mike Benz, Executive Director of the Foundation for Freedom Online, joins to discuss the critical gaps in the Jeffrey Epstein files between 1999 and 2001, why Epstein's earlier Bear Stearns years are critical to understanding the whole picture, why full declassification of CIA and State Department records is essential to understand Epstein's role and relationships, claims that Alex Acosta said Jeffrey Epstein “belonged to intelligence,” what Acosta has said publicly since, why Epstein's intel connections are so crucial to understanding the truth about him, and more. Then Jim Fitzgerald and Maureen O'Connell, former FBI agents, join to discuss Savannah Guthrie's latest Instagram plea emphasizing that the cash reward can be claimed anonymously, whether her appearance was strategically crafted to appeal directly to the abductors, new Ring camera footage showing a white car leaving Nancy Guthrie's neighborhood around the estimated time of her disappearance, conflicting reports about whether the vehicles could be connected to the case, and more. Then Megyn dives into Megan Rapinoe trashing Team USA men's hockey for taking a call from President Trump, her critique of Kash Patel being in the locker room, her constant hate and hypocrisy, the wild story of a top SCOTUS lawyer gambling millions and now going to jail, and more.   Benz- https://x.com/MikeBenzCyber O'Connell- https://podcasts.apple.com/us/podcast/best-case-worst-case/id1240002929 Fitzgerald- https://www.youtube.com/@ColdRedPodcast-tb2lb/featured   Done with Debt: https://www.DoneWithDebt.com & tell them Megyn Kelly sent you! SaunaSpace: Discover why SaunaSpace's infrared FireLight tech is redefining at‑home wellness—visit https://Sauna.Space/MEGYN and use code MEGYN for 10% off your entire order. PureTalk: Tired of big wireless prices? Switch to PureTalk for unlimited talk and text for $25/month—dial #250 and say MEGYN KELLY for 50% off your first month. Birch Gold: Text MK to 989898 and get your free info kit on gold     Follow The Megyn Kelly Show on all social platforms: YouTube: https://www.youtube.com/MegynKelly Twitter: http://Twitter.com/MegynKellyShow Instagram: http://Instagram.com/MegynKellyShow Facebook: http://Facebook.com/MegynKellyShow  Find out more information at:https://www.devilmaycaremedia.com/megynkellyshow Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

WATCH PREVIOUS EPSTEIN FILES EPISODES: https://youtu.be/MGkQG78NTNI JOIN PATREON FOR EARLY UNCENSORED EPISODE RELEASES: https://www.patreon.com/JulianDorey CLIPPERS DISCORD: https://discord.gg/8QmWEKJ3BT FOLLOW JULIAN DOREY INSTAGRAM (Podcast): https://www.instagram.com/juliandoreypodcast/ INSTAGRAM (Personal): https://www.instagram.com/julianddorey/ X: https://twitter.com/julianddorey JULIAN YT CHANNELS - SUBSCRIBE to Julian Dorey Clips YT: https://www.youtube.com/@juliandoreyclips - SUBSCRIBE to Julian Dorey Daily YT: https://www.youtube.com/@JulianDoreyDaily - SUBSCRIBE to Best of JDP: https://www.youtube.com/@bestofJDP ****TIMESTAMPS**** 0:00 - Intro 0:59 - An Important Message 2:31 - Epstein Files Overdrive 5:08 - “Supra-Gov” Global Elites 9:19 - Epstein Victim on Satanism 17:49 - Epstein, Ehud Barak & Iran 19:41 - Howard Lutnick & Ghislaine Maxwell 23:59 - Howard Lutnick 9/11 27:45 - Epstein Butler FBI Sting 33:14 - Epstein & DARPA 34:00 - Epstein, Bear Stearns & Al-Yamama 39:38 - Epstein Mossad & CIA Links 45:20 - Israelis Installing Epstein Security 51:32 - Epstein Fixer w/ Mossad & CIA 54:33 - Mossad & CIA Relationship 1:03:17 - Trump handling of Epstein 1:09:20 - The Clintons & Epstein 1:14:51 - Epstein Missing 9/11 Files 1:22:13 - Prince Andrew 1:25:01 - Hermes CEO 1:26:53 - Shadow Elite Empire 1:34:43 - Bustamante TV Show 1:36:04 - Rothschild Email 1:37:36 - Next Week CREDITS: - Host, Editor & Producer: Julian Dorey - COO, Producer & Editor: Alessi Allaman - https://www.youtube.com/@UCyLKzv5fKxGmVQg3cMJJzyQ - In-Studio Producer: Joey Deef - https://www.instagram.com/joeydeef/ Julian Dorey Podcast Episode 387 - Julian Dorey Music by Artlist.io Learn more about your ad choices. Visit podcastchoices.com/adchoices

Neste vídeo, eu reconstruo, em ordem cronológica e com base no que é possível documentar com segurança, a trajetória de Jeffrey Epstein: da infância no Brooklyn e a passagem improvável pela Dalton School, ao salto para Wall Street na Bear Stearns, a criação da J. Epstein & Co. e, principalmente, a ascensão meteórica sustentada pela relação com Leslie Wexner. A partir daí, o episódio entra no que torna esse caso tão perturbador: como Epstein construiu uma teia de influência que conectava dinheiro, prestígio e acesso a figuras do alto escalão da política, da realeza e do meio acadêmico — enquanto, em paralelo, operava um sistema estruturado de abuso sexual envolvendo menores.Eu explico como funcionava o método descrito por investigações, o papel atribuído a Ghislaine Maxwell, e por que a resposta institucional demorou tanto a interromper esse esquema. Em seguida, chegamos ao ponto de virada de 2008: o acordo que evitou um processo federal, reduziu drasticamente as consequências imediatas e ainda ampliou a controvérsia ao criar uma imunidade que afetou o caso por quase uma década. A partir daí, analiso os “anos de impunidade”, a reabertura federal em 2019, a prisão em Nova York e, por fim, a morte na cela — incluindo o que se sabe com segurança sobre a conclusão oficial, as falhas graves de custódia descritas em relatórios e por que as dúvidas sobre imagens e cadeia de custódia alimentaram suspeitas duradouras. O objetivo aqui não é sensacionalismo: é entender como poder, reputação, dinheiro e instituições se cruzaram para proteger uma engrenagem de crimes por tempo demais — e o que esse caso revela sobre os pontos cegos da elite e do sistema de justiça.

durée : 00:13:07 - L'Invité(e) des Matins - par : Guillaume Erner - Jeffrey Epstein est né à Brooklyn en 1953. D'abord professeur de mathématiques, il est repéré et intègre la banque Bear Stearns en mentant sur son CV. Grâce aux manipulations et à son ambition, il gravit rapidement les échelons, révélant dès ses débuts une personnalité troublante. - réalisation : Louise André - invités : Nicolas Barré Journaliste français; Marie-Cécile Naves Politiste, directrice de recherche et directrice de l‘Observatoire "Genre et géopolitique" à l'Institut de Relations Internationales et Stratégiques (IRIS)

durée : 00:13:07 - L'Invité(e) des Matins - par : Guillaume Erner - Jeffrey Epstein est né à Brooklyn en 1953. D'abord professeur de mathématiques, il est repéré et intègre la banque Bear Stearns en mentant sur son CV. Grâce aux manipulations et à son ambition, il gravit rapidement les échelons, révélant dès ses débuts une personnalité troublante. - réalisation : Louise André - invités : Nicolas Barré Journaliste français; Marie-Cécile Naves Politiste, directrice de recherche et directrice de l‘Observatoire "Genre et géopolitique" à l'Institut de Relations Internationales et Stratégiques (IRIS)

durée : 00:13:07 - L'Invité(e) des Matins - par : Guillaume Erner - Jeffrey Epstein est né à Brooklyn en 1953. D'abord professeur de mathématiques, il est repéré et intègre la banque Bear Stearns en mentant sur son CV. Grâce aux manipulations et à son ambition, il gravit rapidement les échelons, révélant dès ses débuts une personnalité troublante. - réalisation : Louise André - invités : Nicolas Barré Journaliste français; Marie-Cécile Naves Politiste, directrice de recherche et directrice de l‘Observatoire "Genre et géopolitique" à l'Institut de Relations Internationales et Stratégiques (IRIS)

In this episode of The Winston Marshall Show, I sit down with investigative journalist Mike Benz to break down the latest Epstein files, the intelligence networks surrounding them, and why these revelations are shaking political establishments on both sides of the Atlantic.We examine the newly released documents revealing Epstein's role as a financial fixer for global elites, his deep ties to intelligence agencies, and the revolving door between government power, private finance, and national security. Mike explains how favours, insider access, and influence peddling shaped decisions at the highest levels of American and British politics.The conversation explores CIA connections, the Mandelson affair, crony capitalism, and why Epstein appears less like an isolated criminal and more like a central node in a vast elite network. We also discuss censorship operations, the weaponisation of disinformation laws, and the growing backlash against the digital censorship regime.We then turn to Epstein's death, the unanswered questions surrounding it, newly revealed prison footage, and why official explanations continue to fuel public distrust.A deeply unsettling conversation about power, corruption, secrecy, and why the Epstein scandal may be far bigger than anyone was prepared to admit.-----------------------------------------------------------------------------------------------------------------------WATCH THE FULL CONVERSATION HERE: https://open.substack.com/pub/winstonmarshall/p/the-biggest-revelation-yet-the-epstein?r=18lfab&utm_campaign=post&utm_medium=web&showWelcomeOnShare=true-----------------------------------------------------------------------------------------------------------------------FOLLOW ME ON SOCIAL MEDIA:Substack: https://www.winstonmarshall.co.uk/X: https://twitter.com/mrwinmarshallInsta: https://www.instagram.com/winstonmarshallLinktree: https://linktr.ee/winstonmarshall----------------------------------------------------------------------------------------------------------------------Chapters00:00 Introduction03:33 The “Favour Bank”: How Epstein Bought Influence06:09 Insider Information, Markets & Political Corruption09:00 The Revolving Door Between Power & Money11:26 Why This Evidence Changes Everything15:42 Epstein's FOIA Request to the CIA20:12 Bear Stearns, BCCI & Intelligence Money Laundering28:30 The Iran-Contra Network Explained31:54 New Files That Vindicate Old Suspicions37:41 Was Epstein a Russian or Israeli Agent?44:31 Intelligence “Affinity Networks” vs Formal Agencies50:00 Why Full Disclosure Terrifies the State56:25 National Security as a Cover Story1:03:41 Circumstantial Evidence vs Hard Proof1:12:21 Epstein's Death, Missing Files & What Comes Next Hosted on Acast. See acast.com/privacy for more information.

Stijn Schmitz welcomes Dr. Nomi Prins to the show. Dr. Nomi Prins is Founder of Prinsights Global and Substack. This interview centers on the current state of precious metals markets, particularly gold and silver, highlighting significant market dynamics and future potential. Dr. Prins explains the recent volatility in precious metals, particularly the substantial price drop in silver, as primarily driven by technical trading events rather than fundamental market shifts. Nomi emphasizes that the sell-off was more a result of programmatic trading and margin announcements than actual market valuation changes. A key focus is the growing disconnect between paper and physical silver markets, with Shanghai exchanges showing substantial premiums for physical silver. Dr. Prins attributes this to increased eastern interest in physical metals, driven by geopolitical considerations, store of value concerns, and industrial necessities. She notes that the silver market is experiencing its fifth consecutive year of supply deficits, with the total deficit now equivalent to one year’s demand. Regarding gold, multiple drivers are propelling its momentum, including geopolitical tensions, central bank purchasing, and potential future scarcity. Central banks are increasingly viewing gold as a strategic asset, with some institutions like Morgan Stanley recommending higher gold allocations in investment portfolios. Dr. Prins believes the precious metals market is still in its early stages, comparing it to being in the “first or second innings” of a potential long-term bull market. She highlights the critical minerals landscape, pointing out that 80% of critical minerals are processed outside the West, with China dominating processing capabilities for rare earth elements and other strategic metals. Looking forward, she sees significant investment opportunities in the sector, potentially offering substantial returns for long-term investors who understand the fundamental shifts in global commodity markets. Her analysis suggests that geopolitical tensions, supply chain restructuring, and increasing demand for critical minerals will continue to drive precious metals and related investments. Timestamps: 00:00:00 – Introduction 00:00:47 – Recent Metals Volatility 00:02:51 – Shanghai Silver Premium 00:03:14 – Physical vs Paper Silver 00:06:22 – Silver Supply Deficits 00:08:05 – Incentivizing New Supply 00:09:38 – Industrial Demand Pain Points 00:11:07 – Gold Bull Market Drivers 00:14:15 – Central Bank Gold Buying 00:17:28 – Long-term Investment Strategy 00:19:49 – Global Debt Levels 00:22:07 – Demographics and Economic Growth 00:25:19 – Critical Minerals Supply Chains 00:28:58 – Concluding Thoughts Guest Links: X: https://x.com/nomiprins Website: https://nomiprins.com Substack: https://prinsights.substack.com Dr. Nomi Prins as a Wall Street insider and outspoken advocate for economic reform, Nomi Prins is a leading authority on how the widespread impact of financial systems continues to affect our daily lives. She has spent decades analyzing and investigating economic and financial events at the ground level and meeting with those that shape the world’s geopolitical-economic framework. She continues to break stories by conducting independent research, writing best-selling books, and traversing the globe to share her knowledge and demystify the world of money. Before becoming a renowned journalist and public speaker, Nomi reached the upper echelons of the financial world where she worked as a managing director at Goldman Sachs, ran the international analytics group as a senior managing director at Bear Stearns in London, was a strategist at Lehman Brothers and an analyst at the Chase Manhattan Bank. During her time on Wall Street, she grew increasingly aware of and discouraged by the unethical practices that permeated the banking industry. Eventually, she decided enough was enough and became an investigative journalist to shed light on the ways that financial systems are manipulated to serve the interests of an elite few at the expense of everyone else.

Liquid Funding Ltd. didn't survive the 2008 financial collapse by skill or luck—it survived because the system bent itself into a pretzel to protect elite balance sheets with public money. Chaired by Jeffrey Epstein, Liquid Funding sat on billions in mortgage-linked liabilities just as the global economy imploded. When the government rushed in to stabilize failing institutions, those interventions didn't just rescue household-name banks—they quietly backstopped the opaque offshore machinery that fed off them. As emergency facilities and taxpayer-backed rescues absorbed toxic assets and restored liquidity, Liquid Funding's obligations were made whole. The end result was grotesque: a vehicle overseen by a known predator emerging intact from a crisis that annihilated ordinary people.What makes it sickening is the silence around it. While families lost homes and retirement savings evaporated, bailout architecture designed to “save the system” effectively covered the tab for Epstein's offshore empire—through the rescue of counterparties like Bear Stearns, its fire-sale to JPMorgan Chase, and the emergency actions of the Federal Reserve. No vote asked taxpayers if they were willing to underwrite the continued solvency of a man already accused of unspeakable crimes. No hearing explained why his structure deserved protection while the public absorbed the losses. It was a quiet, revolting transfer of risk upward—proof that when the system panics, it shields the worst actors first and sends the bill to everyone else.to contact  me:bobbycapucci@protonmail.comsource:Epstein's Really Big Short: How US Taxpayers (And Big Bankers) Bailed Him Out - National Memo

Liquid Funding Ltd. didn't survive the 2008 financial collapse by skill or luck—it survived because the system bent itself into a pretzel to protect elite balance sheets with public money. Chaired by Jeffrey Epstein, Liquid Funding sat on billions in mortgage-linked liabilities just as the global economy imploded. When the government rushed in to stabilize failing institutions, those interventions didn't just rescue household-name banks—they quietly backstopped the opaque offshore machinery that fed off them. As emergency facilities and taxpayer-backed rescues absorbed toxic assets and restored liquidity, Liquid Funding's obligations were made whole. The end result was grotesque: a vehicle overseen by a known predator emerging intact from a crisis that annihilated ordinary people.What makes it sickening is the silence around it. While families lost homes and retirement savings evaporated, bailout architecture designed to “save the system” effectively covered the tab for Epstein's offshore empire—through the rescue of counterparties like Bear Stearns, its fire-sale to JPMorgan Chase, and the emergency actions of the Federal Reserve. No vote asked taxpayers if they were willing to underwrite the continued solvency of a man already accused of unspeakable crimes. No hearing explained why his structure deserved protection while the public absorbed the losses. It was a quiet, revolting transfer of risk upward—proof that when the system panics, it shields the worst actors first and sends the bill to everyone else.to contact  me:bobbycapucci@protonmail.comsource:Epstein's Really Big Short: How US Taxpayers (And Big Bankers) Bailed Him Out - National Memo

Liquid Funding Ltd. didn't survive the 2008 financial collapse by skill or luck—it survived because the system bent itself into a pretzel to protect elite balance sheets with public money. Chaired by Jeffrey Epstein, Liquid Funding sat on billions in mortgage-linked liabilities just as the global economy imploded. When the government rushed in to stabilize failing institutions, those interventions didn't just rescue household-name banks—they quietly backstopped the opaque offshore machinery that fed off them. As emergency facilities and taxpayer-backed rescues absorbed toxic assets and restored liquidity, Liquid Funding's obligations were made whole. The end result was grotesque: a vehicle overseen by a known predator emerging intact from a crisis that annihilated ordinary people.What makes it sickening is the silence around it. While families lost homes and retirement savings evaporated, bailout architecture designed to “save the system” effectively covered the tab for Epstein's offshore empire—through the rescue of counterparties like Bear Stearns, its fire-sale to JPMorgan Chase, and the emergency actions of the Federal Reserve. No vote asked taxpayers if they were willing to underwrite the continued solvency of a man already accused of unspeakable crimes. No hearing explained why his structure deserved protection while the public absorbed the losses. It was a quiet, revolting transfer of risk upward—proof that when the system panics, it shields the worst actors first and sends the bill to everyone else.to contact  me:bobbycapucci@protonmail.comsource:Epstein's Really Big Short: How US Taxpayers (And Big Bankers) Bailed Him Out - National MemoBecome a supporter of this podcast: https://www.spreaker.com/podcast/the-moscow-murders-and-more--5852883/support.

Liquid Funding Ltd. didn't survive the 2008 financial collapse by skill or luck—it survived because the system bent itself into a pretzel to protect elite balance sheets with public money. Chaired by Jeffrey Epstein, Liquid Funding sat on billions in mortgage-linked liabilities just as the global economy imploded. When the government rushed in to stabilize failing institutions, those interventions didn't just rescue household-name banks—they quietly backstopped the opaque offshore machinery that fed off them. As emergency facilities and taxpayer-backed rescues absorbed toxic assets and restored liquidity, Liquid Funding's obligations were made whole. The end result was grotesque: a vehicle overseen by a known predator emerging intact from a crisis that annihilated ordinary people.What makes it sickening is the silence around it. While families lost homes and retirement savings evaporated, bailout architecture designed to “save the system” effectively covered the tab for Epstein's offshore empire—through the rescue of counterparties like Bear Stearns, its fire-sale to JPMorgan Chase, and the emergency actions of the Federal Reserve. No vote asked taxpayers if they were willing to underwrite the continued solvency of a man already accused of unspeakable crimes. No hearing explained why his structure deserved protection while the public absorbed the losses. It was a quiet, revolting transfer of risk upward—proof that when the system panics, it shields the worst actors first and sends the bill to everyone else.to contact  me:bobbycapucci@protonmail.comsource:Epstein's Really Big Short: How US Taxpayers (And Big Bankers) Bailed Him Out - National MemoBecome a supporter of this podcast: https://www.spreaker.com/podcast/the-moscow-murders-and-more--5852883/support.

Liquid Funding Ltd. didn't survive the 2008 financial collapse by skill or luck—it survived because the system bent itself into a pretzel to protect elite balance sheets with public money. Chaired by Jeffrey Epstein, Liquid Funding sat on billions in mortgage-linked liabilities just as the global economy imploded. When the government rushed in to stabilize failing institutions, those interventions didn't just rescue household-name banks—they quietly backstopped the opaque offshore machinery that fed off them. As emergency facilities and taxpayer-backed rescues absorbed toxic assets and restored liquidity, Liquid Funding's obligations were made whole. The end result was grotesque: a vehicle overseen by a known predator emerging intact from a crisis that annihilated ordinary people.What makes it sickening is the silence around it. While families lost homes and retirement savings evaporated, bailout architecture designed to “save the system” effectively covered the tab for Epstein's offshore empire—through the rescue of counterparties like Bear Stearns, its fire-sale to JPMorgan Chase, and the emergency actions of the Federal Reserve. No vote asked taxpayers if they were willing to underwrite the continued solvency of a man already accused of unspeakable crimes. No hearing explained why his structure deserved protection while the public absorbed the losses. It was a quiet, revolting transfer of risk upward—proof that when the system panics, it shields the worst actors first and sends the bill to everyone else.to contact  me:bobbycapucci@protonmail.comsource:Epstein's Really Big Short: How US Taxpayers (And Big Bankers) Bailed Him Out - National MemoBecome a supporter of this podcast: https://www.spreaker.com/podcast/the-epstein-chronicles--5003294/support.

Liquid Funding Ltd. didn't survive the 2008 financial collapse by skill or luck—it survived because the system bent itself into a pretzel to protect elite balance sheets with public money. Chaired by Jeffrey Epstein, Liquid Funding sat on billions in mortgage-linked liabilities just as the global economy imploded. When the government rushed in to stabilize failing institutions, those interventions didn't just rescue household-name banks—they quietly backstopped the opaque offshore machinery that fed off them. As emergency facilities and taxpayer-backed rescues absorbed toxic assets and restored liquidity, Liquid Funding's obligations were made whole. The end result was grotesque: a vehicle overseen by a known predator emerging intact from a crisis that annihilated ordinary people.What makes it sickening is the silence around it. While families lost homes and retirement savings evaporated, bailout architecture designed to “save the system” effectively covered the tab for Epstein's offshore empire—through the rescue of counterparties like Bear Stearns, its fire-sale to JPMorgan Chase, and the emergency actions of the Federal Reserve. No vote asked taxpayers if they were willing to underwrite the continued solvency of a man already accused of unspeakable crimes. No hearing explained why his structure deserved protection while the public absorbed the losses. It was a quiet, revolting transfer of risk upward—proof that when the system panics, it shields the worst actors first and sends the bill to everyone else.to contact  me:bobbycapucci@protonmail.comsource:Epstein's Really Big Short: How US Taxpayers (And Big Bankers) Bailed Him Out - National MemoBecome a supporter of this podcast: https://www.spreaker.com/podcast/the-epstein-chronicles--5003294/support.

Craig Unger follows the Epstein money trail from Bear Stearns to offshore banking, tracing how Jeffrey Epsteinmoved funds through complex financial networks to obscure the origins and destinations of his wealth.1946 VAN JOHNSON STORK CLUB

After the collapse of top Wall Street investment bank Bear Stearns, Lehman Brothers scrambles to convince the world it won't be next, but dirty truths about the firm's finances threaten to destroy what credibility it has left.Be the first to know about Wondery's newest podcasts, curated recommendations, and more! Sign up now at https://wondery.fm/wonderynewsletterListen to American Scandal on the Wondery App or wherever you get your podcasts. Experience all episodes ad-free and be the first to binge the newest season. Unlock exclusive early access by joining Wondery+ in the Wondery App, Apple Podcasts or Spotify. Start your free trial today by visiting wondery.com/links/american-scandal/ now.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The Wealth Formula Podcast is one of the longest-running personal finance podcasts still standing. For more than a decade, I've shown up every single week to talk about investing, markets, and the forces shaping the economy. What's interesting is how much my own thinking has evolved over that time. Early on, I was more rigid. I was—and still am—a real estate guy. But back then, I didn't give much thought to ideas outside that lane. I was dogmatic, and I didn't always challenge my own beliefs. Time has a way of doing that for you. I've now lived through multiple market cycles. I've watched the stock market melt up to valuations that felt absurd—and then keep going. I've seen gold go from flat for a decade to parabolic over a year. I've seen interest rates sit near zero for a decade and then snap higher at the fastest pace in modern history. And I've learned, sometimes the hard way, that diversification is about survival and that every asset class has its day. One lesson I learned that I am thinking a lot about these days is: ignore major technological shifts at your own peril. Back in 2014, I first started hearing people talk seriously about Bitcoin. At the time, I dismissed it. I listened to the critics, was convinced it was a scam, and didn't take the time to truly understand it. That was a mistake—not because everyone should have bought Bitcoin, but because I ignored a structural change happening right in front of me. Bitcoin went from a cypherpunk expression of freedom to the largest ETF owned by BlackRock. Today, the dominant story is artificial intelligence. And whether you love stocks, hate stocks, prefer real estate, or focus exclusively on cash flow, you cannot afford to ignore AI. This isn't a fad. It's a general-purpose technology—on the scale of electricity, the internet, or the industrial revolution itself. That doesn't mean it's easy to invest in. It's hard to look at headline names trading at massive valuations and feel good about buying them today. But investing in AI isn't about chasing a single company. It's about understanding second- and third-order effects: energy demand, data centers, productivity gains, labor displacement, capital flows, and how blockchain and decentralized systems intersect with all of it. What experience has taught me is this: you don't need to be first to invest—but you do need to be early in understanding. If you wait until something feels obvious, most of the opportunity is already gone. This week's episode of the Wealth Formula Podcast is focused squarely on AI and blockchain—what's real, what's noise, and where the long-term implications may lie. Listen to this episode. You'll come away smarter. And years from now, you may look back and realize this was one of those moments where paying attention really mattered. Transcript Disclaimer: This transcript was generated by AI and may not be 100% accurate. If you notice any errors or corrections, please email us at phil@wealthformula.com.  Welcome everybody. This is Buck Joffrey with the Wealth Formula Podcast. Coming to you from Montecito, California. Today we wanna start with a reminder. We are in a new year and we are already doing deals, uh, through the Wealth Formula Accredit Investor Club. You can go and sign up for that for free. Uh, wealth formula.com just hit investor club and you just get on there and, and you’ll get onboarded. And from there, all you gotta do is wait for deal flow and webinars coming to your inbox. And, um, you know, if nothing else, you learn something. So go check it out. Uh, go to. Wealth formula.com and sign up for Investor Club now onto today’s show. Uh, the, it is interesting. I don’t know if you are aware it’s a listener, but we are, wealth Formula is, uh, probably I would say one of the, certainly in the one of the top longest running personal finance podcasts still. Standing. Uh, I’ve been around, well, I think the first episode was on like 2014, so it was a long time, but in earnest, you know, at least for over a decade. And, you know, during that time, I’ve shown up every week, every single week. Don’t Ms. Weeks, but none, none. Isn’t that incredible? I’ve shown up, uh, talked about investing and talked about very way markets are working, forces, shaping the economy, all that kind of stuff. But you know, as you can imagine, as a. As a younger individual versus, um, my crusty self. Now, you know, a lot of my own thinking has evolved over that time, you know, back then. And I, you know, I think this appealed to some people, but, um, you know, I was really dogmatic. I’m a real estate guy, right? And I still am a real estate guy, but back then I wouldn’t give anything else the time of day to even think about, you know, and, and, uh, I, I, you know. I was dogmatic and didn’t always challenge my own belief systems. Um, I’m different now, right? I’ve softened And time is a way of, of changing all of that dogmatic stuff for you. You know, I’ve lived through multiple market cycles. I’ve watched, well, I’ve watched the stock market, which I, which I always maligned, you know, melt up to valuations. Uh, that felt absurd. And then keep going higher. I’ve seen gold, which was kind of ridiculous for the longest time. I watched it for like a decade, just pretty much flat, and then it goes parabolic. Over the last year, I’ve seen interest rates sit near zero for a decade and then snap higher. Uh, not even as time, just launch higher at the fastest space in modern history. And I’ve learned sometimes I guess, the hard way that diversification is about survival and that every class, every asset class has its day. Just like every dog has its day. And um, you know, one other lesson that I learned that I’m thinking a lot about these days is ignore major technological shifts at your own peril. So what am I talking about? Well. It’s kind of a, it is a technological shift, whether you think it about not, but Bitcoin. Okay. Back in 2014, I first started hearing people talk seriously about Bitcoin, and at that time I dismissed it. I was, uh, I was listening to critics beater Schiff that constantly called it a scam, said it was going to zero and so on. I didn’t, I didn’t take the time to truly understand it, to try to understand it the way I understand it now, that makes me a believer in Bitcoin. That, of course was a big mistake, not because, you know, everyone should have bought Bitcoin and, uh, back then, well, they, you know, would’ve been nice if they did, but because fundamentally I ignored something that was a structural change happening right in front of me. And since then, Bitcoin went from a cipher punk expression of freedom to the large CTF owned by BlackRock today. The dominant story is actually artificial intelligence. Now, whether you love stocks, hate stocks, prefer real estate focused exclusively on cab, whatever, you cannot afford to ignore ai. It’s not a fad. It’s a general purpose technology and a technology shift, and the scale of electricity. The internet bigger than the internet, bigger than the industrial revolution. Now, that doesn’t mean it’s easy to invest in. I mean, I’m gonna go invest in AI and make a bunch of money because I mean, what does that even mean? It’s hard to look at headline names, trading at massive valuations like Nvidia and all that right now, and saying, oh, I’m gonna go buy that. Who knows? That’s gonna work out. When I talk about investing in AI isn’t really just investing in stocks or any individual company or data centers or whatever. It’s about understanding. The second and third order effects, energy demand. You know, as I mentioned, data centers, productivity gains, labor displacement, capital flows, and how blockchain and decentralized systems intersect with all of that. It is very, very complicated. Um, but it’s really important to start to try to understand, you know, an experience that stop me is this. You don’t need to be the first to invest, but you do need to be early in understanding. If you wait until something feels obvious, usually the opportunity’s gone by then. And you know, the thing about AI is even if you think it’s obvious now. The reality is that most people haven’t really caught on. Maybe they played with chat GPT, but I don’t think they’re understanding what this whole, you know, this thing is gonna do to our world. Um, anyway, so that is what this week’s episode of Wealth Formula Podcast, uh, is about. It’s about AI and also, um, a little bit about, you know, bitcoin and blockchain and that kind of thing. Um, we’re gonna talk about what’s noise, uh, you know, where the long, what the long-term, uh, implications are all of this stuff. This is a show that, uh, I really enjoy doing really, really good stuff. Um, so make sure you listen in. We’ll have that interview for you right after these messages. Wealth Formula banking is an ingenious concept powered by whole life insurance, but instead of acting just as a safety net. The strategy supercharges your investments. First, you create a personal financial reservoir that grows at a compounding interest rate much higher than any bank savings account. As your money accumulates, you borrow from your own bank to invest in other cash flowing investments. Here’s the key. Even though you borrowed money at a simple interest rate, your insurance company keeps paying you compound interest. On that money, even though you’ve borrowed it, that result, you make money in two places at the same time. That’s why your investments get supercharged. This isn’t a new technique. It’s a refined strategy used by some of the wealthiest families in history, and it uses century old rock solid insurance companies as its backbone. Turbocharge your investments. Visit Wealth formula banking.com. Again, that’s wealth formula banking.com. Welcome back to the show, everyone. Today. My guest on Wealth Formula podcast is Jim Thorne, chief Market strategist at Wellington. L is private wealth with more than 25 years of experience in capital markets. He’s previously served as chief capital market strategist, senior portfolio manager, chief economist, and CIO. Uh, equities at major investment firms and has also taught economics and finance at the university level. Uh, Jim is known for translating complex economic, political, and market dynamics into clear actionable insights to help investors and advisors navigate long-term capital decisions. Uh, Jim, welcome with the program. Thanks for having me Buck. Well, um, Tim, I, I, I, uh, had been following a little bit of, uh, what you discuss on, uh, on X and, um, one of the things that caught my eye is, you know, your, your narrative on, on ai, a lot of people are tend to be still sort of skeptical of AI and what’s going on, uh, with the markets. Um, uh, but at the same time, uh, there’s this. Sense. I think that ignoring AI altogether as an investor is, is, is downright potentially dangerous. So, uh, at the highest level, why is AI something people simply can’t dismiss? Well, we live in an, uh, uh, you know, many other people have coined this term, but we live, we’re living in an exponential age of, of technological innovation. And, you know, AI and I’ll just add into their, uh, blockchain is just the normal evolutionary process that, you know, for me started when I left graduate school and came into the business in the nineties where everybody had this high degree of skepticism of the computer and the, the, the phone, the, the. And the internet. And so, you know, what we do is we go through these cycles and there are periods of time where the stars align. And we have a period of time where we have what I would call an intense period of innovation where I would suggest to you that. People are skeptical. Skeptical, and yet at the same point in time, they very early on in the, in the, in the trade, call it a bubble when it’s not. And so I think it comes from the position of ignorance. One, I think two, fear, and then three. If you think about if you are an active manager, I in a 40 ACT fund, um, you know, and you’re sitting there with, uh, you know, mi. Uh, Nvidia at, you know, eight or 9% of your index. And that’s a big chunk that you’ve gotta put into your fund, uh, just to be market neutral. So there’s a lot of people that hate this rally. There’s a lot of people that are can, going to continue to hate this rally. But the thing I anchor my hat on are a couple of things. Look at if this is no different than the railroad. Canals, any major technological innovation, will it become a bubble? Yes. Just not now. So, so let’s follow up on that, because a lot of people think, or are talking about the, do you know the.com bubble, uh, comparisons, and you’ve argued that that sort of misses the real story. So, so where are we getting it wrong right now? Are those people getting it wrong? In the nineties buck, you’d walk into a bar and there wouldn’t be ESPN on there’d be CNBC on people were getting their jobs to become day traders. Folks didn’t go to the go to university because they were basically getting their white papers financed. You had companies that were trading off of clicks. So I lived that. Anybody who is of a younger generation has no idea what a bubble is, and it’s specious and pedantic for them to use that term when they have no clue about what they’re talking about. But you did mention that it could become a bubble. How do we know when it does become a bubble? Oh, it’ll become a bubble. Well, when, when, when you know, the, what, what I am looking for is, you know, when we, when the good investment opportunities start to dry up, when liquidity starts to dry up. So what I, it’s not about valuation, to me it’s about liquidity. So in 2000, what, and I’m roughly speaking, what went down was you had all these companies that were trading at Strat catastrophic valuation, this stupid valuations, and you walked in one day and they didn’t get financing. And if you read the prospectus or you followed the company, you knew that they were not going to be free cash flow positive for another two or three rounds of financing. All of a sudden you walked in and everybody goes, oh my God, this thing, you know, trading at 250 times sales. And everybody went, yeah, of course. And so what it was is, was when does liquidity dry up? So I’ll give you a date, um, you know, with Trump’s big beautiful bill act. 100% tax deductibility of CapEx and that goes until Jan 1, 20 31. So to me, that’s a very motivating factor for people to, um, invest. The last thing I would say to you in more of a game theoretic context book is, look, if you are a big tech company and you don’t invest in ai. You are ensuring your death. Yahoo, Hela Packard. I can go through the list of companies that cease to invest, so they’re looking. If it was you and I when we were running this company, I would say, dude, we gotta invest because if we don’t have a poll position in this next platform, whatever it is, we’re done. We’re toast. And I think that’s why you’re seeing all these hyperscalers spending as much money as they are. ’cause they get this, they saw it. So, you know, you framed ai not necessarily as a a tech trade, but as a capital expenditure cycle. Can you explain that to people? Well, what we need to do is we need to build out the infrastructure of ai. Then, and that’s the phase that we’re in right now. So it’s more like we’re building out all of the railroads, the railway tracks and the railway stations across the United States back in the 18 hundreds. And then we’re gonna go through that building phase. And then as that building phase goes, some companies, some towns, are going to basically realize and recognize what’s happening and start to basically take ai. Bring it into their business model, into enhanced margins. Right. So right now we’re building it out. I mean, you know, we all focus on the hyperscalers, but the majority of companies, pardon me, governments. Individuals, they haven’t used AI and, and what is interesting about this is back in the nineties, they were talking about how the internet had to evolve to be much more. You know, uh, have critical thinking in, in, in it. And it was more explained when you went to these conferences, as you know, you know, think about this. You’re hearing this in 99, okay? Not today. You go in and you ask Google or dog pile at the same time, or excite, okay? You would say, I wanna go to Florida in the third week of March and I wanna stay here and I wanna spend this amount of money and I wanna rent a car. Plan it for me. And they would come back and they would tell you that it would come back and it would, it would, everything would be there. And you would have your over here and all you would have to do is drop your money and you had your thing planned. So none of this is as, it’s aspirational, but we’ve heard it before. And in technology, what happens is it’s not like it’s new. We’ve been talking to, I did machine learning in in graduate school. Ai, you know, I did neural networks and I’m a terrible Ian. This isn’t, you know, Claude Shannon wrote about this in 1937, right? But it’s about when does it hit, and so it was chat GBT. Can we argue, was that right? As an investor, it’s stop arguing, start investing. Then what you’ve gotta figure out, which is the question you ask, is when does the music stop? I think it goes until the end of the decade. You know, one of the things that, uh, is interesting about this, uh, AI investment, uh, it’s, it’s unfolding in a higher interest rate environment. Why is that detail so important? Understanding its significance? Well, it’s the cost of capital, right? And so this phase that we have right now. It’s funny you say that, right? ’cause our reference point is zero interest rates, right? Yeah, yeah. Right. That’s right. So, you know, you know, so, so think about this, what it happens right now. Now we’re in the phase where you’ve got these hyperscalers that instead of taking all their free cash flow and buying bonds and buying back stock, are increasing CapEx because there’s a great tax deduction on it. So you get a lot of, so we’re in this phase where, for where, where a lot of the money is, you know, was. Was, let me, let me be clear, was a hundred free cashflow. Now we’re getting these guys, these companies like Oracle and what have you, you know, starting to issue debt and look at debt isn’t bad as long as the rate of return on debt is higher than the interest rates. And so, you know, you know, I, I would say historically speaking, for a lot of these high quality names, the interest rates are not, uh, at levels that will stop them from investing. Right. Right. You know, you’ve written that, um, productivity is ultimately the real story behind ai. So why does productivity matter more than the technology headlines themselves? Well, let me just put it this way, right? So we’ve grown, I grew up, I, I joined, I’m up here in Toronto, right? So I’m gonna give it to you in Canadian dollars, right? So I joined, I joined here. You know, I grew up here, went to the states, came back home. Growing this company I joined when we’re about three and a half billion. We’re getting close to 50 billion, and we’re the fastest growing independent platform in the country. I’m a one man band, right? I use three ai. In the old days, I’d have four research assistants. Where’s the margin in that? And so I, that’s how I see it. And let me be clear, it’s, you know, this isn’t we’re, it’s not perfect. But if I wanted to say, instead of you, but hey, write me a 2000 word essay on the counterfactual of what happened with railroads up until 1894 when the, when the bubble popped, give me a f, you know, a a thousand word essay and, and just a general overview. I can get that in less than five minutes. Michael Sailor is writing product on ai, which, which, which you would take, which you would take. He’s in his presentation, say it would take a hundred lawyers. So it’s gonna be more about those. And it’s, it’s no different than Internet of things or, you know, it was, uh, Kasparov that talked about this. Gary Kasparov talking about the melding of, of technology in humans. He would ran, run this chess tournament called freestyle. You could use a computer, you could use, you know, grand Masters. You could use whatever you wanted to compete. And who won? Well, who won it Was that those teams that were generalists that had a little bit of that, the knowledge of the computer and the knowledge of the test. Uh, o of chess, right? That’s what’s gonna happen. So this isn’t we’re, as far as I’m concerned, we’re not, yes, there’s going to be some d some jobs that are going to be replaced, but that is always the case in technology. I’m not a Luddite, okay? I am not Luddite. But the same point in time. I, I would suggest to you that it, it is just a really, for me, it’s a, helps me. Do research no different than when I was an undergrad and they went from cue cards in the, the library at the university to actually having a dummy terminal and I could ask questions in queue. You know, it stalked me from having to go to the basement of the library and going to microfiche. Right. Have helping that way. Now can it, can, will it do other things? I’m sure it is, and I’ll lead that to Elon Musk and the crew. You know, that’s above my pay grade. But for me, I see it as a very helpful way of, you know, allowing me to process and delineate. Much more information a a and not have me waste so much time trying to figure out what got went on in the past or, you know, QMF. Right. You know, summarize me the talk five, you know, academic papers in this area, what are they saying? And then they gimme the papers. Right. It just speeds the process up. Yeah. You know, um, one of the things that I’ve been sort of talking about and thinking about. Is that it’s hard to not see AI as a very, very strong deflationary force. Um, how do you think about that? Yeah. Technology is deflationary, right? Doubt about it. And so I look at it this way, Ray. Um, so I work at the financial services industry, okay. You know, Mr. Diamond of JP Morgan is talking about how they are starting to embrace blockchain and ai. They are going to cut out the back end of that in the, the margins in that, in that company by the end of the cycle are going to be fantastic. People just do not get in. You know, the financial services industry is built on a platform. Of the 1960s, dude. I mean, they’re still running Fortran, cobalt. So you know what I, how I look at this is much more as a margin type story, and there’s going to be a lot of displacement. But at the same point in time, I look at Tesla and automation and ai. And you know, people look at Tesla as a car company. I look at Tesla as an advanced manufacturing company. Elon Musk could basically go into any industry and disrupt it if it wanted to. Right. So that’s how I look at it. And so, you know, the hard part is going to be, you know. Nothing. If we get back to where we were, it’s not going to be perfect, right? Because here’s, here’s where the counter is, here’s where the counter is. Right? If you, if, if you think about, and we’re, I’m gonna take Trump outta the equation and ent outta the equation right now, but if we just went back to the way things were before COVID, we would have strong deflationary forces. Okay. Just with demographics, just with excessive levels of debt. Just with, you know, pushing on a string in terms of, in terms we couldn’t get the growth up, you know, and, you know, and the overregulation of financial institutions. Trump and descent are basically applying what’s called supply side economics, and they’re deregulating. It’s says law, which is John Batiste, that says basically supply creates his own demand and it’s non-inflationary. But really what they’re going to try to do is they’re going to try to run the economy hot and they’re gonna try to pull this way out of the debt. And if you do that and you deregulate the banks. And allow the banks to get back to where they were before the financial crisis. Okay. You know, and, and the Fed takes its interest rates down to neutral, expands the balance sheet. Then I don’t think we’re gonna go back to the zero bound in deflation. I think this thing’s gonna run hot for a long time. And I think it, the real question is, is, is is 2 75 in the United States the neutral rate? I think it is. Uh, but as, as, as Scott be says, and, and, and, and, and let’s be clear, buck, the guy’s a superstar. Okay. Guy is a legend. Just you sit there, just shut up and listen to him. Okay. They keep up, right? Well, so they’re gonna run it hot, but where we are is, in his words, mine, not mine. We’re still in this detox period, you know what I mean? We still got the Biden era. We still got, you know, a over a decade of excessive ca of Central Bank intermediation. That needs to get, you know, go away. So what I say, and what I’ve been writing about is 26 is going to be the year that the baton is passed back to the private sector. Let’s get rates down to 2 75. That’s, I mean, I’m going off the New York Fed model. That says real fed funds, the real, the real neutral rate is 75 to 78 basis points. I think inflation’s at two. That that gets you 2 75. Get the rates there and then get the balance sheet of the Fed to the level so that overnight lending isn’t loose or tight. It’s just normal. And then step back, go away and let Wall Street and the private sector create credit. Create economic growth and let’s get back to the business cycle. And if we do that, we’re gonna have non-inflationary growth. It’s gonna be strong, but we’re not going back to the zero bound and we’re gonna grow our way out of this. And so that’s where I get really excited about. This is a very unique time in history. A very, very, very unique time in history where, and I don’t know how long it’s going to last because of the compression that we have now because of the, you know, we live in such a digital world, but let’s say it’s five years demographic says it’s to 33, 32 to 33. That’s, you know, that’s how long this run is. And, and to me, uh, AI is a massive play. I, I, to me, blockchain is a massive play and to me it’s to those countries and companies that get it is, whereas investors, we wanna think, start thinking about investing. Yeah. You mentioned, um, non non-inflationary growth. Can you drill down on that a little bit just so people understand a little bit where. Usually you think of an economy running super hot, you, you think automatically there’s an, you know, an inflationary growth. So I want you to think in your mind into your list as think in your mind. Go back to economics 1 0 1 with the demand curve. In the supply curve, okay? And there are an equilibrium. And at that equilibrium we have a price at an equilibrium, and we have an output as an equilibrium. Okay? Now what I want you to do is I want you to keep the demand curves stagnant or, or, or anchored. Then I want you to shift the supply curve out. Prices go down, output goes out. We can talk all this esoteric stuff, you know, you know Ronald Reagan and, and Robert Mandel and supply side economics. But it’s really your shift in the supply curve out, and that’s what, and that’s what BeIN’s doing. I mean, this is a w would just sit down and be quiet. He’s talking about, you know, what is deregulation? He’s pushing the supply provider. Oh, hold on. My phone. My, my thing. And what did, since the two thousands, what did, what was the policy? It was kingian, it was all focused on the demand curve. Everything was focused on demand. And so all we’re doing is we’re, we’re getting the keynesians out. I use 2000 ’cause that’s when Ben Bernanke really came in and was very influential. Let me just say he’s a very smart, I learned so much from reading. Smart, smart, smart, smart guy. But his whole thing was Kasan. He came from MIT, his thesis supervisor was Stanley Fisher, right? We’re going back to, you know, Mario Dragons thesis supervisors, Stanley Fisher, all these guys came from MIT, Larry, M-I-T-M-I-T, Yale, and Princeton. Whereas previously it was the University of Chicago. It was Milton Friedman. It was, it was supply side economics. We’re going back, they’re going back to supply side economics and right now we need it. We need balance. But my god, what did we end off with? We ended off with four years of mono modern monetary theory. Deficits matter. That’s insanity. You had mentioned a little bit, uh, you, you’ve talked about blockchain a few times here. Talk about the significance. I mean, it’s sort of, you know, blockchain was a thing that everybody was, everybody was talking about it, you know, three, four years ago, but now it’s all about ai. But you know, now you’ve got, um, but in, but in the background, blockchain has grown, uh, adoption has grown. Uh, tell us what’s going on there, and if you could tie it into the significance of, of where we’re at today. Yeah. Um, uh, Jeff Bezos gave a wonderful speech, I think in two thou, early two thousands, where he basically talked about the fact that, you know, once this innovation is led out of the genie’s, led out of the bottle, whether or not, you know, buck and Jim, like it as an investment, the innovation continues. And so after the internet bubble pop, right? Really smart guys like Jeff Bezos, uh, Zuckerberg, you, you, the whole cast of characters, right? Basically built it out. Okay. And it wasn’t perfect and everybody knew it wasn’t perfect. I mean, that was the whole thing that was so bizarre. But they knew it wasn’t perfect and they knew that they needed to solve some problems. Right. And you know, it was a double spend problem. I mean, the internet that we were dealing with right now was developed in the 1950s and so on and so forth. And so, you know, that always stuck with me. Right. A couple of things stuck with me because I’ve lived through a couple of these cycles. The first one is Buck. When the, when Wall Street coalesces around something just shut up and buy it, right? I mean, I, I spent too much of my life arguing about whether dog pile and Ask Gees was better than Google. Wall Street said Google was the best. Shut up. Invest, right? And so, so look, blockchain solved the double spend problem. Blockchain solved all the problems that the original iteration of the internet could solve, and everybody knew it was coming along okay. So it’s a decentral, it’s decentralized, right? Uh, does, does not need to be reconciled. So no. Not only do you have another iteration of the internet. You have basically introduced into society the biggest innovation in accounting or recordkeeping since double entry. Bookkeeping accounting was introduced in Florence, Italy centuries ago by the Medicis and, and buck. All this is out there like, so this is a profound, right? So think about you’re in an accounting department and you don’t have to reconcile, right? So look. The first use cakes was Bitcoin. And what was the, what was the beautiful thing about it? Well, first off, it grew up by itself. And secondly, it’s got perfect scarcity, right? And so let’s just full stop. And I mean, yes, gold and silver had the run that they should have had decades. So I had been waiting and listening to people, gold bugs, talking about this type of run since the nineties. Okay. Um, but look, you know, and the problem with fi money, right? I mean, this is, this goes back decades. It’s an old argument. The way you solve it is, is Bitcoin. That’s the solution. I mean, forget about it. I mean, if they’re gonna whip it around and do all this stuff, fine. But the other thing that people miss and Sailor hasn’t, and Sailor is brilliant, is look. Bitcoin is pristine collateral in 2008, in September. What caused the, the system to stop was the counter. We could not identify counterparty risk for near cash. It was a settlement problem. Anybody you talk to Buck that says it was, you know, the subprime this and it, yeah, that was crap. I get that. But when the system shut down is you had a $750 million near cash instrument with X, Y, Z, wall Street firm, and you did this for three extra beeps and it was no longer cash. Guess. And guess what? Your institutional money market fund broke the buck. That’s when the system blew sky high. When the money market broke the buck and it was a settlement problem, blockchain and Bitcoin solved that. Sailor knows that, look where Wall Street’s gonna go. They understand now that. Bitcoin is pristine, collateral and capital that is 100% transparent. Let’s lend against it, and that’s what Sadler’s doing. That’s why Wall Street hates the guy so much, right? Think about that. Think of where is he going after he’s going after all the stranded capital on Wall Street. And, and the whole point is he’s sitting there going, I’m too busy for this. And you’ve got all these other people that are gonna live off of other people’s ignorance. Meanwhile, Jing Diamond knows exactly what he’s talking about. We can identify, if I hear one more person on me in, in the meeting say, I don’t know. You know, you know, uh, micro strategies balance sheet is so complicated. Really. Compared to JP Morgans, I mean, you know what his capital is. It says Bitcoin, like, what are you guys talking about? But hey, fucking in this business, people make generational wealth on ignorance of people who think they know what they don’t know. So, you know, just going back to Jamie Diamond, you know, he spent, I don’t know how long. Throwing every insult, uh, he could towards Bitcoin. And now they’ve really kind of, they haven’t backtracked. I think he’s, he’s, you know, his, his, um, I think the way he phrases is the blockchain’s a real thing. He never seems to really say the word Bitcoin, uh, in this regard. Um, banks in general, where do you think they’re headed with this stuff? I mean, I, you know, right now, again, you can kind of see even. Um, I think, you know, some of the big advisory firms suddenly recommending one to, you know, one to 4% of people’s portfolios in Bitcoin. I mean, this is all, I mean, gosh, I, I’ve, you know, been talking about Bitcoin since 2017. This is in unbelievable transformation in less than a decade. Where do you see this going in the next five to 10 years? It’s called the, it’s called, what is it? It’s called, I’m gonna call it the Evolution of Jim. Me, you know, in my business and, and, and, and you know, the thing I have book is I’ve survived and I’ve gone through a lot of cycles. I’ve done a lot, you know, and you ask yourself, you scratch your head a lot and you’re, and you, but you’re continually doing objective research and you’re this, if you, this is why I love this game so much. Right? So let’s just go stop for a second. Let’s get some context. Right. My first summer job, one of my first summer jobs, I worked in the basement of a bank in the in, in downtown Toronto, right up the street from the Toronto Stock Exchange. And my job was to let guys in with beak, briefcases into the cage, into the big vault, to basically bring in certificates. Okay. And, and what? Stock certificates. And so remember, you know, and I remember my grandfather when we, when he died, look at, we couldn’t sell the house because he didn’t believe in the banks. And we were finding certificates all over the house in the walls. Okay? Right. So in the 1960s it was bare based. The whole industry was bare based. And there was the volume in Wall Street started to pick up to the point where they couldn’t handle the volume. There was a paper crisis where almost a third of the companies went down bankrupt because of the cage. The cage. Okay. So basically what happened was, to make a long story short, they came out with, they came, Hey, why don’t we get two computers At one point in time, they said, okay, crisis. Let’s solve it. Well, why don’t we get these two computers and we can solve, or we can sell trades among, amongst each other. Okay. And then we don’t need to have guys riding around Wall Street with bicycles and big briefcases. Okay. And then what we did was, what we did was we sat there and said, well, why don’t we have a centralized clearing, and we’re gonna call it DTC or CDS, depending on what country you’re in. And what we’re gonna do is we’re gonna offer paper, we’re gonna, we’re gonna issue paper rights to the underlying stock that was developed in the early 1970s. That’s the system that we’re on right now. There are a lot of faults with that. Let me give you, when you’ve talked about the GameStop a MC situation, when you have a company that’s basically have more shares outstanding short, sorry, more shares short than outstanding, that shows you that the old system doesn’t work. It’s called ation. The paper writes to the underlying assets, it, it doesn’t match up. There have been guys that make a career outta this and write books about this, right? Dole Pineapple. They had a corporate, a corporate event, right? Hostile takeover. 64,000 for 64 million shares, voted, I think, and there was only 3,200 on. We all know this, so this has to be solved. The way you solve it is you tokenize assets, and this was talked about a decade ago, and they know about it and true tofor, they, and if you’re thinking about it, it’s totally logical, right? But if we allow this innovation to go full stream ahead, we’re wiped out, right? So what did they do? They delayed. They delayed. And as you know, you could talk about, it’s called Operation choke 0.2 0.0. Right. You know, the Fed overreached their bounds, they de banked people. I mean, this is why, why Best it’s going after them. They, yet they stepped over their constitutional mandate. Right. The federal, the Fed Act is not, uh, does not supersede the US Constitution. Elizabeth warned the whole thing. They did it. Okay, so let’s not complain about it. So now Atkins is gonna, we’re gonna have the Clarity Act come out and they’re gonna basically deregulate New York Stock Exchange already there. They’re gonna put everything on the blockchain and when you put everything on the blockchain, trade a settlement. There’s no hypo. Immediate settlement. Immediate, which is a benefit if you can get your act together because it, you know, for Wall Street firms you need less capital, right? So it’s a natural evolutionary process. And then you sit there and go back in history, if you and I were writing it, we’d sit there and go, well, should we be surprised that the incumbents right, the status quo pushed back on innovation? No, there was a guy, there was a prophet, um. At, at Harvard, his name was Clay Christensen, and he wrote this wonderful book called The Innovator’s Dilemma. You know, why does, why don’t companies evolve, or why do they go bankrupt? It’s because they cease to evolve and the status quo doesn’t allow the evolution of the companies to take place. Right? Well, that’s what happened in RA. We’re gonna complain about it. No, it, it is what it is. It’s water under the bridge. And so what I think is happening is, you know, Mr. Diamond is basically saying. He’s pragmatic, he’s a realist. And now he’s saying, we gotta evolve. And hey, by the way, now I’ve gotten to the point where I think I can make a tunnel. Think about that. Yeah. Think about his own stable coins, right? So his own stable coins. And, uh, well think about this. If you trade like internal meetings, right? And I’m hyped this hypothetical, right? I go, fuck, don’t screw this up this time. And you’re gonna go, Jim, what are you talking about? I go. We want a nice bread between bid and ask in these financial price. We don’t wanna go down to pennies. Okay? Can we go back to the old days when we were, you know, trading in quarters and sixteenths and so we can make some skin in the game? I think you’ve got the deregulation of the banking industry where the banks are gonna, they’re fit. It’s gonna be baby steps. But what’s gonna happen is they’re gonna basically say, stop taking all that capital that’s sitting at the Fed, making four or fed funds rate overnights wherever it’s four half, 3 75 right now. And you can now trade it. Go back to prop trading, which is what they did. And they’re gonna start off, they will start off with, its only treasuries. Eventually they’ll be able to expand throughout our lifetime. So the old way you gotta look at it is, you know. We’re bringing the ba, you know, we’re putting the band back together, man. Right. And the banks are gonna deregulate, they’re gonna deregulate the banks, they’re going to innovate, they’re gonna be able to use the capital, their earnings profile going out into the end of the decade. It’s, it’s gonna be monstrous, it’s gonna be, you know, it, it’s, it’s, and, and that’s how I get, you know, when people say, where do you think the s and p goes? You know, I say, you know, 14,000, you know, double from here by the end of the decade. And he goes, well, what about ai? I go, well, they’re gonna, that’s important, but it’s the banks. I think the banks are gonna have a renaissance. Yeah. Yeah. Um, one thing just to get your thoughts on, so when you look at the banks, you talked about sort of the inevitability of tokenization. Um, the stock exchange, uh, we talked about stable coins. I mean, another great way for banks to make money. Uh, essentially where does that, how, how does that help or hurt Bitcoin adoption? Because Bitcoin is a sort of a separate, separate, you’re not, you’re not building on Bitcoin as much as you are, say, Ethereum, Mar Solana or, you know, some of the, some of the blockchain things. So, so is it just that. Is it just a, an adoption issue? Because you live in a, in a different world. You live in a world of blockchain and Bitcoin is, its currency. It’s weird, right? Because I, I’m writing this feed like, so Buck, where are you right now? Where, where, where are you located? I’m in Santa Barbara. You’re in California. So, yeah, so I’m in Toronto, right? Uh, you know, I lived in, worked in the States for, you know, a decade, a couple of decades, and I’m back home and it’s like, man, they don’t get it. Right, and, and, and, and what am I talking about? Well, well, this, this is the, the thing that you’ve gotta understand is this, right. Ethereum was invented by Vladi Butrin in this town, Joe Alozo, who’s the head of one of the largest Ethereum groups. Father is a dentist at Bathurst and Spadina. We’re up here and people are saying, oh, you know, president Trump don’t talk about being a 51st state. We act like a colony, duke. We are a, you know, we forget about calling us one. We are. So, look, it, look, there is no doubt in my mind that Ethereum is going to have a place and, and we’re going to use it. Seems like we’re going to use Ethereum and that’s the smart contract, you know? Um. And that’s fine. Um, you know, but going back in time. But, but remember, there’s not per, there’s not perfect scarcity there. So I like Ethereum, don’t get me wrong, but I look at Bitcoin and I look at the, I look at the scarcity, and I also look at the fact of, you know, what sa, what Sailor, if you sailor did a presentation in the middle of next year and all hell broke loose. What he did, and it’s, you know, and of course I’m hypothesizing. He basically went to New York and said, I am going to create fixed income products and I am going to give yields. On those products, and I’m coming after the stranded capital that sits on Wall Street that you guys have been ripping on for years. In the middle of last year, staler went public and declared war. Okay. Are we surprised that Jim Shane Oaks came out and everybody came out basically guns a blazing. Are we surprised? But what he, what Sailor did and put and slammed on the table is it’s pristine capital, it’s transparent capital. And what are you willing to pay for that? And now you GARP banks trading at. We have no idea what their capital structure really is. Honestly, we have an idea, but it’s very opaque, right? You know, the high quality names are trading at two, two to, you know, two times tangible book. You’ve got fintech’s companies trading at four to five times, right book, and you know, what’s Sailor doing right now? Diluting his stock so he can buy as much Bitcoin as he wants because he sees the next game. He says the hell with what you guys think the next game is going to be. Wall Street’s going to realize that Bitcoin is pristine capital and there’s only 21 million of it. What do you and, and what just happened today? What did Morgan Stanley just file a treasury company. So everything you and I are talking about, they know they’re smart guys, right? They’re real, they’re not. That’s, this is the whole point. They’re really, really, really smart. Okay. They see they’ve gone through the history. They know. Okay, so you’re sitting there, you get around the room, you say, so wait a minute. Wait. Whoa, sailor’s over here. And he’s basically saying he’s gonna give you a a pref that’s basically backed by Bitcoin charging 10%. And he’s going after our corporate clients. I mean, and what’s the pitch Buck? You’ve got a hundred million dollars. Okay, you got a hundred million dollars in the kitty. Okay, buck. What happens is you need $10 million a year for working capital, which is in cash, which means you’ve got $90 million sitting there idle. Hey, buck, I can give you 10% on that. You go to Jamie, he’s giving you two. What are you gonna do? Yeah. I think one of the issues right now is I the, the perceived risk profile of that. Right. Uh, you know. I tend to agree with you about the, uh, pristine nature of Bitcoin s collateral, but just in general, the perception. I don’t know that, that that’s. That’s the case. Well, you gotta go back to the fact that, do you think Bitcoin’s going to zero or not? No, of course not. Yeah. ‘ cause the Bitcoin doesn’t go to zero. There’s no, then, then that are, there’s Bitcoin could go to zero. There’s no, I mean, I don’t think, I mean, non-zero probability, of course, right? I don’t think it is. And if that has been, if it has been selected and now you have Wall Street coalescing it, I haven’t even mentioned the president of the United States or his family. Right. Uh, or the Commerce Secretary and his family, right? Or if you go to New York, wall Street, right, they’re all talking about it, right? So, I, I, you know, to me, I, I, the question about micro strategy, to me it’s not. That it’s a treasury company and it’s got a pile of Bitcoin. What does he do with it? Does he become a bank? Like why does it, this is me. I’m pitching him. Right. Hey, Mike, why don’t you just become a FinTech, say you’re like a FinTech company and you’ll get, and you, you’re gonna instantaneously trade it five to six times book. Why don’t you, why are you, you’re talking like you’re attacking them, but you’re still, you’re still a software company with a, with a big whack of Bitcoin that you are writing pres. Right? So, and, and so that’s, that’s how I look at it. I think the wave is too big. We are going to digitize. And the other thing that we didn’t really touch on with respect to AI and blockchain, and I’m gonna paraphrase the president. Right. Um, Mr. Trump is, look, um, it’s a matter of national security, duke, and when I hear that, I go back to the nineties in the eighties when I was in late eighties when I was an undergrad. Right. And it wasn’t China, it was Japan. And, and you know, what happened was, you know, it, it’s funny, Al Gore did deregulate so that. The internet could become for-profit. We all stood around and said, you know what the hell could, how do we make money on this? That’s, you know, what do we do? And then what did we do? We, we, we threw a ton of money at it and the United States controlled it. And what did we get out of it? We got out, we got, you know, all those companies. Right. The last thing I would say to you, and this is much more of a personal story, is I, when I was younger, I was in New York and it was 2000 and I was at the Grand Hyatt, and it was a tech, it was a tech conference and, uh, Larry Ellison Oracle was there and he gave a, he gave a, he gave a a, a fireside chat. Then, um, we go to a breakout room and, you know, in a break, I don’t know about if you’ve been to one, but you go to a breakout room, it’s a smaller room at the hotel, and you know, sometimes you got 25 people, sometimes you got 50 people, right. And, you know, I went to the, I went to the breakout with Mr. Allison ’cause of Oracle and I went in there and it was absolutely jammed and I was sweating and he just looked at us and he just ripped us. He AP Soly, just, I still have the scars today. I’m talking to you about it. Okay. He called it a bubble. He called it a bubble. He, he was early in calling it a bubble. I never forgot that. And then you sit there and see what he’s doing right now. Where he’s levering up the balance sheet. Now, to me, having survived in this game for such a long period of time, and I call it a game, it’s a game of strategy, whatever, you know, how does that not, you know, I would say to you, we were, your office was next to mine. Fuck. I remember New York, he’s loading the goose loaded in. He go in, he’s borrowing money from his grandmother. He’s, you know, what is going on. And he’s really stinking smart. You know, he’s, he, Larry Allenson just doesn’t do, and people, oh, he’s in, you know, he’s, no, he’s not, he’s, he’s like the mentor of all of these guys. You know what I mean? So there’s a, to me, there’s a discontinuity that these need to believe that we’re still early on because you know, what, if Larry’s, what do we take when Larry or Mr. Ellison is leveraging up to me, it’s profound because I’m anchoring off of my bias to the New York, the New York high at, at the Tech Co. I think it was, I think it was at Bear Stearn. I couldn’t remember Bear Stearns or Lehman. But you know, one of those I carry that experience on with the rest of my life. I do. It’s like, what is Larry thinking? Right? So he’s leveraging up buck. That’s all I know. He’s a priest or guy. Well, that’s probably a good place for us to stop, Jim, uh, chief, uh, market strategist at Wellington Elta Private Wealth. Thank you so much for joining me. Thanks so much and be safe. You make a lot of money but are still worried about retirement. Maybe you didn’t start earning until your thirties. Now you’re trying to catch up. Meanwhile, you’ve got a mortgage, a private school to pay for, and you feel like you’re getting further and further behind. Now, good news, if you need to catch up on retirement, check out a program put out by some of the oldest and most prestigious life insurance companies in the world. It’s called Wealth Accelerator, and it can help you amplify your returns quickly, protect your money from creditors, and provide financial protection to your family if something happens. The concepts here are used by some of the wealthiest families in the world, and there’s no reason why they can’t be used by you. Check it out for yourself by going to wealth formula banking.com. Welcome back to the show everyone. Hope you enjoyed it. Uh, and, uh, as I said before, do not ignore ai. This is something that you need to start using. Have your kids start using it. Uh, make sure that they, you know. They use it every day because this whole world is turning AI and it’s gonna happen. You know, it’s gonna happen in, in a blink of an, uh, blink of an eye. And the world is gonna change and there are gonna be real winners out there. And the winners are gonna be people who knew where there was, was going and kind of used it in their mind’s eye as they looked on navigating how. You know how to allocate their money. Anyway, that is it for me. This week on Wealth Formula Podcast. This is Buck JJoffrey signing off. If you wanna learn more, you can now get free access to our in-depth personal finance course featuring industry leaders like Tom Wheel Wright and Ken McElroy. Visit wealth formula roadmap.com.

Jeffrey Epstein manipulated financial markets not by traditional trading fraud but through influence, opacity, and access. He embedded himself inside the financial empires of billionaires like Les Wexner and Leon Black, gaining control of vast capital reserves under the guise of “exclusive money management.” By structuring himself as a gatekeeper rather than a trader, Epstein positioned his network at the intersection of elite capital and secrecy. Through Financial Trust Company, registered in the U.S. Virgin Islands, he exploited generous tax shelters, confidentiality protections, and regulatory blind spots to quietly move and obscure assets. These offshore structures let Epstein shift funds globally, mask ownership trails, and shield beneficiaries — creating the illusion of legitimate financial sophistication while actually leveraging loopholes and relationships.Epstein's real power lay in his ability to manipulate liquidity and market perception through shell entities and credit instruments like repos and mortgage-backed securities. His Bermuda-based vehicle Liquid Funding Ltd. — partially financed by Bear Stearns — operated in debt and derivatives markets that allowed him to obscure leverage ratios and offload risk to counterparties. He also had historical ties to Towers Financial, a company later revealed to be a massive Ponzi scheme, where Epstein reportedly advised founder Stephen Hoffenberg on structuring debt packages that misled investors. Taken together, these networks enabled Epstein to influence pricing, conceal illicit inflows, and present himself as a mysterious financial genius while effectively manipulating money flows that blurred the line between investment and laundering.to contact me:bobbycapucci@protonmail.comBecome a supporter of this podcast: https://www.spreaker.com/podcast/the-moscow-murders-and-more--5852883/support.

Most people assume IPO shares are allocated based on demand and fairness. In reality, access to IPOs is tightly controlled, with most shares going to a small group of large institutions while retail investors, employees, and customers are left out. In this episode of Test Optimize and Scale, we sit down with Matt Venturi and Kayle Watson of ClearingBid to break down how IPO allocation actually works today. They explain why the process has barely changed in decades, how conflicts of interest shape pricing and allocations, and why only a small percentage of investors ever receive shares at the IPO price. Matt and Kayle also walk through ClearingBid's auction-based approach to IPOs, which plugs into existing broker infrastructure, shows real demand in real time, and aims to create a more transparent and balanced allocation process. The conversation also covers how this model fits into the broader capital markets ecosystem, including the path from crowdfunding and private raises to public listings. Guests Matt Venturi is the Founder and CEO of ClearingBid. After a long Wall Street career spanning Merrill Lynch, Salomon Smith Barney, and Houlihan Lokey, he left investment banking to address long-standing inefficiencies and access issues in the IPO market. Kayle N. Watson III is Head of Business Development at ClearingBid. A former Navy SEAL, he spent years in institutional equity sales at Bear Stearns and Guggenheim before leading ETF sales and distribution at BlackRock. He joined ClearingBid to help modernize how companies access public markets. Social and Website ClearingBid website: https://www.clearingbid.com/ Matt Venturi on LinkedIn: https://www.linkedin.com/in/matt-venturi-63b29913/ Kayle Watson on LinkedIn: https://www.linkedin.com/in/kayle-watson-28043716/

The public reawakening to the Jeffrey Epstein story has exposed not just the scale of his crimes, but how profoundly they were misunderstood and minimized for years. Many who once dismissed deeper reporting on Epstein are now fully engaged as legacy outlets publish long retrospectives on his wealth, social connections, and early career, particularly his time at Bear Stearns. While this shift in coverage may appear overdue, it raises an uncomfortable question: why these stories are being told now, long after Epstein abused victims openly in New York and elsewhere with little sustained scrutiny. For years, major media organizations treated the more troubling implications of Epstein's power as speculative, focusing on isolated scandals rather than the structural forces that allowed him to operate with impunity. The current reporting, much of it recycling information known for half a decade or more, still largely avoids confronting how Epstein repeatedly survived scandals that should have ended his freedom.The missing piece, critics argue, is the role of institutional protection—specifically the possibility that Epstein functioned as a confidential informant for the FBI, explaining his extraordinary immunity from consequences. This framework helps account for the consistent pattern of stalled investigations, lenient treatment, and prosecutorial deference that followed Epstein for decades, culminating in the unprecedented 2008 non-prosecution agreement that shielded both Epstein and unnamed co-conspirators. Rather than interrogating how Epstein escaped accountability at every turn, mainstream coverage has remained fixated on how he made his money, a safer line of inquiry that avoids scrutiny of law enforcement itself. Until journalists squarely address why Epstein was protected—not merely how he accumulated wealth—the story remains fundamentally incomplete, leaving the most consequential questions about power, complicity, and systemic failure unanswered.to contact me:bobbycapucci@protonmail.com

Jeffrey Epstein's entry into Bear Stearns in the mid-1970s was unusual from the start, as he was hired despite lacking a college degree and having misrepresented his academic background. He began in a junior role but quickly moved into advising wealthy clients and was eventually made a limited partner, a rise aided more by internal relationships than traditional qualifications. Concerns about his behavior and credibility circulated within the firm, and his tenure ended after roughly five years amid regulatory scrutiny. The firm never publicly explained the precise circumstances of his departure, leaving lingering questions about how and why he was allowed to advance as far as he did.After leaving Bear Stearns, Epstein repeatedly leveraged his association with the firm as a badge of legitimacy, using it to portray himself as a seasoned Wall Street insider. Contacts from that period helped him attract ultra-wealthy clients and establish himself as a private money manager operating largely outside public view. The Bear Stearns connection became central to the financial identity he cultivated, providing credibility and access that far exceeded the scope and substance of his actual work there. That early Wall Street pedigree helped open doors that would later prove critical to the scale of his wealth, influence, and reach.to contact me:bobbycapucci@protonmail.com

The public reawakening to the Jeffrey Epstein story has exposed not just the scale of his crimes, but how profoundly they were misunderstood and minimized for years. Many who once dismissed deeper reporting on Epstein are now fully engaged as legacy outlets publish long retrospectives on his wealth, social connections, and early career, particularly his time at Bear Stearns. While this shift in coverage may appear overdue, it raises an uncomfortable question: why these stories are being told now, long after Epstein abused victims openly in New York and elsewhere with little sustained scrutiny. For years, major media organizations treated the more troubling implications of Epstein's power as speculative, focusing on isolated scandals rather than the structural forces that allowed him to operate with impunity. The current reporting, much of it recycling information known for half a decade or more, still largely avoids confronting how Epstein repeatedly survived scandals that should have ended his freedom.The missing piece, critics argue, is the role of institutional protection—specifically the possibility that Epstein functioned as a confidential informant for the FBI, explaining his extraordinary immunity from consequences. This framework helps account for the consistent pattern of stalled investigations, lenient treatment, and prosecutorial deference that followed Epstein for decades, culminating in the unprecedented 2008 non-prosecution agreement that shielded both Epstein and unnamed co-conspirators. Rather than interrogating how Epstein escaped accountability at every turn, mainstream coverage has remained fixated on how he made his money, a safer line of inquiry that avoids scrutiny of law enforcement itself. Until journalists squarely address why Epstein was protected—not merely how he accumulated wealth—the story remains fundamentally incomplete, leaving the most consequential questions about power, complicity, and systemic failure unanswered.to contact me:bobbycapucci@protonmail.comBecome a supporter of this podcast: https://www.spreaker.com/podcast/the-epstein-chronicles--5003294/support.

Jeffrey Epstein's entry into Bear Stearns in the mid-1970s was unusual from the start, as he was hired despite lacking a college degree and having misrepresented his academic background. He began in a junior role but quickly moved into advising wealthy clients and was eventually made a limited partner, a rise aided more by internal relationships than traditional qualifications. Concerns about his behavior and credibility circulated within the firm, and his tenure ended after roughly five years amid regulatory scrutiny. The firm never publicly explained the precise circumstances of his departure, leaving lingering questions about how and why he was allowed to advance as far as he did.After leaving Bear Stearns, Epstein repeatedly leveraged his association with the firm as a badge of legitimacy, using it to portray himself as a seasoned Wall Street insider. Contacts from that period helped him attract ultra-wealthy clients and establish himself as a private money manager operating largely outside public view. The Bear Stearns connection became central to the financial identity he cultivated, providing credibility and access that far exceeded the scope and substance of his actual work there. That early Wall Street pedigree helped open doors that would later prove critical to the scale of his wealth, influence, and reach.to contact me:bobbycapucci@protonmail.comBecome a supporter of this podcast: https://www.spreaker.com/podcast/the-epstein-chronicles--5003294/support.

Jeffrey Epstein's life makes little sense when viewed through the lens of a rogue financier or even a Mossad agent, but it becomes coherent when understood as the creation of the CIA. From his early placement at the Dalton School by Donald Barr, to his sudden leap into finance at Bear Stearns, to his inexplicable relationship with Leslie Wexner, Epstein's career looks less like chance and more like cultivation. His fortune was smoke and mirrors, likely bolstered by covert funding, and his so-called philanthropy in genetics and AI neatly overlapped with U.S. intelligence interests. His homes wired with cameras, his blackmail operations ensnaring politicians, scientists, and billionaires, and his sweetheart deal in Florida that shielded not just him but his co-conspirators—all of it suggests he was protected because he was too valuable to the intelligence state to lose.While Mossad connections through Ghislaine Maxwell cannot be denied, foreign services couldn't have orchestrated the decades-long media suppression, the unprecedented non-prosecution agreement, or the circumstances of Epstein's death in federal custody. Only U.S. intelligence had the power to build and protect him, then silence him when he became a liability. Epstein was not simply a predator; he was a CIA instrument of blackmail and control, designed to compromise America's own elites and keep them in line. His death was not the end of a scandal—it was the final act of a cleanup operation, ensuring that the files, tapes, and evidence he gathered would never see daylight, and leaving the public with a scapegoat narrative while the machinery of secrecy rolled on.to contact  me:bobbycapucci@protonmail.comBecome a supporter of this podcast: https://www.spreaker.com/podcast/the-epstein-chronicles--5003294/support.

Jeffrey Epstein's early financial career is cloaked in mystery, with only fragments of fact piercing through layers of rumor and myth. After leaving Bear Stearns in 1981, he founded Intercontinental Assets Group Inc., a consulting firm where he claimed to “recover stolen money for wealthy clients.” What exactly that meant was never made clear, but the business quickly drew speculation that Epstein was dealing in murky worlds where stolen wealth, corrupt regimes, and shady operators overlapped. In a 2025 DOJ interview, Ghislaine Maxwell went further, alleging that Epstein built his fortune partly by working with or for African warlords in the 1980s. She claimed he once even showed her a photo of himself with such figures, suggesting his reach extended into circles where violence and illicit wealth were the currency.What is confirmed, however, is that Epstein was already operating in shadowy financial arenas, including his lucrative role as a consultant for Steven Hoffenberg's Towers Financial Corporation, a Ponzi scheme where Epstein earned $25,000 a month and received a $2 million loan. The warlord connection remains unproven but symbolically aligns with the trajectory of a man who, from the start, was willing to skirt moral boundaries, exploit opaque systems, and surround himself with power—whether in Wall Street boardrooms or, allegedly, among those who carved fortunes out of bloodshed in Africa.to contact me:bobbycapucci@protonmail.comsource:Records show Jeffrey Epstein's requests for multiple passports, travels to Africa and Middle East - ABC News

Jeffrey Epstein's early financial career is cloaked in mystery, with only fragments of fact piercing through layers of rumor and myth. After leaving Bear Stearns in 1981, he founded Intercontinental Assets Group Inc., a consulting firm where he claimed to “recover stolen money for wealthy clients.” What exactly that meant was never made clear, but the business quickly drew speculation that Epstein was dealing in murky worlds where stolen wealth, corrupt regimes, and shady operators overlapped. In a 2025 DOJ interview, Ghislaine Maxwell went further, alleging that Epstein built his fortune partly by working with or for African warlords in the 1980s. She claimed he once even showed her a photo of himself with such figures, suggesting his reach extended into circles where violence and illicit wealth were the currency.What is confirmed, however, is that Epstein was already operating in shadowy financial arenas, including his lucrative role as a consultant for Steven Hoffenberg's Towers Financial Corporation, a Ponzi scheme where Epstein earned $25,000 a month and received a $2 million loan. The warlord connection remains unproven but symbolically aligns with the trajectory of a man who, from the start, was willing to skirt moral boundaries, exploit opaque systems, and surround himself with power—whether in Wall Street boardrooms or, allegedly, among those who carved fortunes out of bloodshed in Africa.to contact me:bobbycapucci@protonmail.comsource:Records show Jeffrey Epstein's requests for multiple passports, travels to Africa and Middle East - ABC NewsBecome a supporter of this podcast: https://www.spreaker.com/podcast/the-epstein-chronicles--5003294/support.

Stijn Schmitz welcomes Christopher Whalen to the show. Christopher Whalen is an Investment Banker, Author, and Chairman Whalen Global Advisors. The discussion centers on the current economic landscape, with a particular focus on gold, monetary policy, and the future of the global financial system. Whalen argues that the world is in the early stages of a gold up-cycle, primarily driven by central banks increasingly adopting gold as a key reserve asset. He emphasizes that while the US dollar remains crucial for global trade, its dominance is gradually shifting. Whalen provides insights into the current economic challenges, highlighting inflation as a significant concern. He suggests that the federal deficit and monetary expansion are primary drivers of economic instability. The conversation explores the potential for alternative monetary approaches, including gold-linked bonds and revaluing gold stocks, though Whalen remains skeptical about a complete return to a gold standard. Regarding global currency dynamics, Whalen believes the BRICS settlement currency and attempts to challenge the US dollar’s supremacy are unlikely to succeed in the near term. He argues that the dollar’s utility in financing transactions and its widespread acceptance make it difficult to replace. However, he anticipates a gradual decline in the dollar’s global share, moving towards a more multilateral system reminiscent of the pre-World War II era. On investment strategies, Whalen recommends diversification, particularly advocating for 10-20% of portfolios to be allocated to gold. He is cautious about current equity markets, especially tech stocks driven by artificial intelligence hype. The banking sector presents mixed prospects, with consumer banking relatively stable but commercial real estate posing significant challenges. Ultimately, Whalen remains optimistic about the United States’ economic potential. He believes the country’s natural resources, economic flexibility, and inherent strengths will help manage current financial challenges. The discussion concludes with a nuanced view of economic transformation, suggesting adaptation rather than catastrophic decline. Timestamps: 00:00:00 – Introduction 00:00:54 – Gold’s Long-Term Cycle 00:01:21 – Central Banks Buying Gold 00:03:13 – Inflation and AI Hype 00:05:44 – Monetary Inflation Defined 00:07:04 – Metals as Safe Havens 00:11:13 – Commodity Supercycle Thesis 00:13:03 – Treasury Debt Issuance Strategy 00:15:44 – Gold-Linked Bonds Proposal 00:19:12 – Gold Remonetization Incentives 00:21:36 – BRICS Currency Challenge 00:26:56 – Outgrowing US Debt 00:32:41 – Equities in Inflation 00:36:26 – Banking Sector Health 00:38:32 – Concluding Thoughts Guest Links: Website: https://www.rcwhalen.com/ X: https://x.com/rcwhalen Books (Amazon): https://tinyurl.com/mv3wctcr LinkedIn: https://www.linkedin.com/in/rcwhalen/ Over three decades, Chris has worked as an author, financial professional, and journalist in Washington, New York, and London. After graduating, he served under Rep. Jack Kemp (R-NY) at the House Republican Conference Committee. In 1993, he was the first journalist to report on secret FOMC minutes concealed by Alan Greenspan. His career included roles at the Federal Reserve Bank of New York, Bear Stearns & Co., Prudential Securities, Tangent Capital, and Carrington Mortgage Holdings. Christopher holds a B.A. in History from Villanova University. He is the author of three books: “Ford Men: From Inspiration to Enterprise” (2017), published by Laissez Faire Books; “Inflated: How Money and Debt Built the American Dream” (2010) by John Wiley & Sons; and co-author of “Financial Stability: Fraud, Confidence & the Wealth of Nations,” also with Wiley. He served on FINRA’s Economic Advisory Committee from 2011 to 2023 and was an advisor on Season 5 of SHOWTIME's “Billions.” Additionally, he was a fellow at Indiana State University (2008-2014), a member of Villanova School of Business' Finance Department Advisory Council (2013-2016), and a board member of the Global Interdependence Center (2017-2019). Christopher edits The Institutional Risk Analyst and contributes to other publications and forums. He has testified before Congress, the SEC, and FDIC. A regular media commentator on CNBC, Bloomberg, and Fox News, Chris is active on social media under “rcwhalen.” He is also a member of The Mortgage Bankers Association and The Lotos Club of New York.

After Epstein's death, the SEC opened a probe into whether his network or affiliated entities had been operating as unregistered brokers or investment advisers, particularly focusing on whether he provided financial services or investment advice without proper registration and oversight. The inquiry looked at how Epstein's complex web of trusts, funds, offshore entities, and financial relationships might have skirted regulatory requirements, and whether investors or third-parties were exposed to irregularities. Though the investigation's full scope, findings, and status remain largely non-public, the existence of the probe marks one of the few regulatory actions documented in the wake of Epstein's criminal and financial scandals.Rumors have long circulated that Jeffrey Epstein served as a confidential informant or “snitch” for government and intelligence agencies, beginning as far back as his Wall Street days at Bear Stearns, where he was alleged to have cooperated with federal investigators during financial-crime inquiries, including insider-trading probes. Additional allegations claim that Epstein was later protected because he provided information to U.S. authorities and possibly foreign intelligence networks, including suggestions of ties to the CIA, FBI, and Israeli Mossad. These rumors intensified after his 2008 sweetheart plea deal and again following his death, with whistleblowers, journalists, former prosecutors, and survivor advocates arguing that such preferential treatment only made sense if Epstein was leveraging intelligence value. According to these allegations, Epstein's trafficking network doubled as an influence-operation designed to collect kompromat on powerful political, financial, and academic figures, giving him leverage and explaining why investigations into him were repeatedly derailed or buried.to contact me:bobbycapucci@protonmail.com

After Epstein's death, the SEC opened a probe into whether his network or affiliated entities had been operating as unregistered brokers or investment advisers, particularly focusing on whether he provided financial services or investment advice without proper registration and oversight. The inquiry looked at how Epstein's complex web of trusts, funds, offshore entities, and financial relationships might have skirted regulatory requirements, and whether investors or third-parties were exposed to irregularities. Though the investigation's full scope, findings, and status remain largely non-public, the existence of the probe marks one of the few regulatory actions documented in the wake of Epstein's criminal and financial scandals.Rumors have long circulated that Jeffrey Epstein served as a confidential informant or “snitch” for government and intelligence agencies, beginning as far back as his Wall Street days at Bear Stearns, where he was alleged to have cooperated with federal investigators during financial-crime inquiries, including insider-trading probes. Additional allegations claim that Epstein was later protected because he provided information to U.S. authorities and possibly foreign intelligence networks, including suggestions of ties to the CIA, FBI, and Israeli Mossad. These rumors intensified after his 2008 sweetheart plea deal and again following his death, with whistleblowers, journalists, former prosecutors, and survivor advocates arguing that such preferential treatment only made sense if Epstein was leveraging intelligence value. According to these allegations, Epstein's trafficking network doubled as an influence-operation designed to collect kompromat on powerful political, financial, and academic figures, giving him leverage and explaining why investigations into him were repeatedly derailed or buried.to contact me:bobbycapucci@protonmail.comBecome a supporter of this podcast: https://www.spreaker.com/podcast/the-epstein-chronicles--5003294/support.

UBS is reportedly closing down not one but two hedge funds, in a more that raises a lot of questions but also some very uncomfortable parallels to 2007. One of those funds is exposed to First Brands, so understandable. The other...isn't. And that raises the prospect of the R-word; in this case, that does not stand for recession, rather its uglier monetary twin. Bloomberg UBS Winds Down O'Connor Funds in Sign of First Brands Strainhttps://www.bloomberg.com/news/articles/2025-11-06/ubs-to-wind-down-o-connor-funds-with-first-brands-exposureNYT $3.2 Billion Move by Bear Stearns to Rescue Fundhttps://www.nytimes.com/2007/06/23/business/23bond.htmlhttps://eurodollar.university

Send us a text 45 minutes of Ep 258 - 2 hour special, I'm diving deep into the real life monsters in this Halloween Episode. I start with Real Housewives of Salt Lake City and deliver some serious gossip that I promised you about the latest drama on Season 6 Ep 6 unfolding with the cast. I break down the current storylines and give you my insider take on what's really happening behind the scenes in Salt Lake with Bronwyn's felonies, Lisa Barlow take down and Mary Cosby's demons, but then I shift gears into something much darker. I've just finished reading Virginia Giuffre's new book, Nobody's Girl and I'm breaking down the most shocking revelations about her experiences with Jeffrey Epstein and Ghislaine Maxwell. I walk you through how Ghislaine first approached Virginia when she was just sixteen years old working at the Mar-a-Lago spa, how she was groomed and manipulated into Epstein's world, and the disturbing details about his properties from El Brillo Way mansion to Zorro Ranch to his infamous island Little St. James. I also expose what's happening now with Sarah Kellen, one of Epstein's alleged accomplices who's living in luxury at the Continuum in Miami while victims demand justice. I reveal details about Epstein's background from Virginia's perspective, his time teaching at the Dalton School sleeping with girls for grades, his connections to Bear Stearns, and his calculated methods of control. There are shocking revelations about Prince Andrew, Donald Trump, George Clooney and the web of powerful people in Epstein's orbit that you won't want to miss. We learn about all Virginia's abuse from a child to when she meets Epstein. This is only the first part of the book, so we're just getting started with Virginia's full testimony. Full episode here: https://www.patreon.com/cw/DishingDramaWithDanaWilkey

Jeffrey Epstein manipulated financial markets not by traditional trading fraud but through influence, opacity, and access. He embedded himself inside the financial empires of billionaires like Les Wexner and Leon Black, gaining control of vast capital reserves under the guise of “exclusive money management.” By structuring himself as a gatekeeper rather than a trader, Epstein positioned his network at the intersection of elite capital and secrecy. Through Financial Trust Company, registered in the U.S. Virgin Islands, he exploited generous tax shelters, confidentiality protections, and regulatory blind spots to quietly move and obscure assets. These offshore structures let Epstein shift funds globally, mask ownership trails, and shield beneficiaries — creating the illusion of legitimate financial sophistication while actually leveraging loopholes and relationships.Epstein's real power lay in his ability to manipulate liquidity and market perception through shell entities and credit instruments like repos and mortgage-backed securities. His Bermuda-based vehicle Liquid Funding Ltd. — partially financed by Bear Stearns — operated in debt and derivatives markets that allowed him to obscure leverage ratios and offload risk to counterparties. He also had historical ties to Towers Financial, a company later revealed to be a massive Ponzi scheme, where Epstein reportedly advised founder Stephen Hoffenberg on structuring debt packages that misled investors. Taken together, these networks enabled Epstein to influence pricing, conceal illicit inflows, and present himself as a mysterious financial genius while effectively manipulating money flows that blurred the line between investment and laundering.to contact me:bobbycapucci@protonmail.com

Ben Hunt returns to Excess Returns to break down the hidden risks building inside private credit and the parallels between today's “alternative asset managers” and the shadow banking system that triggered the 2008 financial crisis. Using the Godfather's Tessio as a metaphor for betrayal and broken trust, Ben explains how opacity, leverage, and narrative collapse can turn small defaults into systemic crises. He and Matt Zeigler explore what's really happening beneath the surface of private markets, how common knowledge shifts shape investor behavior, and how Perscient Pro's “storyboards” and “semantic signatures” help track the narratives driving markets in real time.Main topics coveredWhy Ben believes we're at a “trust-breaking” moment similar to 2007The Godfather analogy and what frauds reveal about human behaviorHow private credit has evolved into today's “shadow banking” systemFlow machines, hidden leverage, and why opacity is intentionalThe dangers of informational asymmetry between investors and lendersHow broken trust creates chain reactions in financial systemsThe link between narrative collapse and liquidity crisesCommon knowledge, crowd reactions, and market psychologyDoom loops between Wall Street and the real economyHow Perscient Pro tracks financial narratives using semantic signaturesWhy gold's current rally is about safety, not debasementWhat investors should monitor next in credit, housing, and macro narrativesTimestamps0:00 Hidden leverage and the trust problem1:04 Introduction to Ben Hunt and Epsilon Theory2:12 The Tessio analogy – betrayal and the structure of fraud6:10 How private credit became today's shadow banking system10:55 Flow machines and why opacity is intentional14:48 Trust breaks and the “funding stops first” dynamic18:35 The Biden “common knowledge” moment explained21:00 What happens when narratives collapse24:26 Apollo, asymmetric information, and shorting First Brands28:00 Hidden leverage and the domino effects of default33:40 The “doom loop” between Wall Street and the real economy39:10 Why Silicon Valley Bank was different44:18 What a “run on Wall Street” could look like48:00 Perscient Pro and tracking financial storyboards53:32 Semantic signatures and narrative detection57:10 Housing, inflation, and gold storyboards1:00:48 Where to follow Ben Hunt and learn more about Perscient Pro