Podcasts about Bretton Woods

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

Chris Hughes is an economist and author who now serves as Chair of the Economic Security Project, a leading nonprofit advocating for economic power for all Americans. Chris was a cofounder of Facebook. He is the author of  'Fair Shot: Rethinking Inequality and How We Earn' and 'Marketcrafters'. In this podcast we discuss understanding market crafters that use state power to shape markets, importance of Bretton Woods collapse in late 1960s/1970s, Eurodollar and offshore dollar markets, and much more.    Follow us here for more amazing insights: https://macrohive.com/home-prime/ https://twitter.com/Macro_Hive https://www.linkedin.com/company/macro-hive

What happens if the U.S. dollar loses its dominance on the world stage? In this solo episode, Amy Sylvis breaks down the history of the dollar as the world's reserve currency, what shifting global reserves mean for everyday Americans, and why diversification matters now more than ever. With clarity and warmth, Amy unpacks the complex monetary history, from Bretton Woods to Nixon's decision to take the dollar off gold, and makes it practical for listeners seeking abundance in uncertain times. You'll walk away with a deeper understanding of inflation, the ripple effects of declining dollar demand, and tangible strategies to protect your wealth through real estate, gold, and other hard assets.Connect with Amy Sylvis:https://www.linkedin.com/in/amysylvis/Contact Us:https://www.sylviscapital.comhttps://www.sylviscapital.com/webinarMore Resources & Links:Gold and Silver podcast episodeYouTube seriesLearn about the global monetary system Guide to Gold and Silver bookCreature From Jekyll Island book about the global monetary system00:00 Intro00:26 Welcome to the Secrets to Abundant Living Podcast01:14 Introduction01:56 Current Global Market Updates02:56 College Football Season Excitement04:21 Understanding the Global Monetary System04:26 The Role of Gold in Wealth Preservation09:15 The Decline of the US Dollar as Reserve Currency13:39 Diversification and Asset Protection18:30 Conclusion and Listener Engagement19:32 Final Thoughts

Author, comedian, and economic commentator Dominic Frisby joins The Winston Marshall Show for a sweeping conversation on money, empire, and the collapse of the postwar consensus.Frisby, whose viral songs made him an unlikely folk hero, turns here to the themes of his new book The Secret History of Gold. He explains why money is the “blood of society,” how Nixon's 1971 decision to abandon the gold standard set the stage for endless inflation, and why fiat money is driving inequality, debt, and the anger fuelling populist revolts from Trump's Rust Belt to Javier Milei in ArgentinaThey trace the story back to Bretton Woods, Roosevelt's gold confiscation, and the technocrats who used paper money to expand the modern state. Frisby warns that today's bloated governments, trapped in debt and endless money-printing. But can gold or Bitcoin restore trust and prosperity?All this—the golden age of Britain, the fiat fraud of the 20th century, Javier Milei's revolution, and why fixing money is the key to fixing the West…-----------------------------------------------------------------------------------------------------------------------To see more exclusive content and interviews consider subscribing to my substack here: https://www.winstonmarshall.co.uk/-----------------------------------------------------------------------------------------------------------------------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----------------------------------------------------------------------------------------------------------------------Chapters 0:00 Dominic Frisbee's Introduction and Background 3:12 The Role of Money in Society7:12 Historical Context of Money Systems 11:59 The Impact of the New Deal and World Wars 16:10 The Role of Austrian Economists and Neoliberalism 29:03 The Globalisation Debate35:41 The Success of Javier Milei in Argentina44:20 The Role of Cryptocurrencies and Bitcoin1:01:14 The Success of Trump's Tariffs 1:06:54 Lincoln's Revenue Protection and the American Civil War 1:10:28 The Role of Prohibition and Income Tax 1:13:41 Critique of Income Tax and Wealth Inequality1:19:52 The Pursuit of Wealth and Higher Goals1:20:42 Conclusion and Future Discussion Hosted on Acast. See acast.com/privacy for more information.

Andrew For America welcomes the founder of Paddington Capital Management, former lead portfolio manager of the Ivy Funds at Mackenzie Investments, and author of the book, "Capital Offence: Why Some Benefit at Your Expense," Mr. Paul Musson. Andrew and Paul talk about markets, inflation, central banking, Bretton Woods, Nixon taking us off of the gold standard, and how/if we can somehow hedge our financial bets in this new modern world. Visit allegedlyrecords.com and check out all of the amazing punk rock artists!Visit soundcloud.com/andrewforamerica1984 to check out Andrew's music!Like and Follow The Politics & Punk Rock Podcast PLAYLIST on Spotify!!!Check it out here: https://open.spotify.com/playlist/1Y4rumioeqvHfaUgRnRxsy...politicsandpunkrockpodcast.comhttps://linktr.ee/andrewforamericaFollow Future Is Now Coalition on Instagram @FutureIsOrgwww.futureis.org

Is the US drifting into Peronism? We trace the playbook, tariffs and import substitution, national champions, censorship-by-intimidation, and a war on independent institutions, and map it onto Trump's America: sacking a Fed governor, menacing J-Powell, firing the head of the Bureau of Labor Statistics, deploying the National Guard, and the Treasury taking a slice of Intel. Along the way, we tell the family story that makes the point better than any chart: two Italian brothers leave Lombardy in 1950, one goes to Argentina (then the world's 7th-richest country), the other to the US. Eighty years later, identical genes, opposite outcomes. Why? Institutions. We uncover why “markets” aren't a moral compass; why an emerging-market test now applies to America; what Turkey teaches about politicos capturing central banks; and how a weaker, politicised dollar would rattle Bretton Woods, push allies away, and turn a stock market priced for perfection into kindling. It's part musical, part macro: from Don't Cry for Me, Argentina to Don't Cry for Me, Oklahoma. We'll explain how it starts, how it ends, and what the rest of us in Europe should do while the richest third-world country in history experiments on the global monetary system. Hosted on Acast. See acast.com/privacy for more information.

In our 14th episode with Australian economist Bill Mitchell, the conversation focuses on the MMT perspective on international trade. Bill explains what is meant by the statement “imports are a benefit, and exports are a cost,” where it fits into the history of economic thought, and some of its implications. A significant portion of the conversation is dedicated to explaining the crucial shift from the Bretton Woods fixed exchange rate system to the modern system of floating exchange rates after 1971. Bill clarifies that in a floating regime, a currency-issuing government is not financially constrained in its domestic policy by “trade imbalances,” as it was under Bretton Woods. The episode also touches on bond vigilantes, the IMF, and the shifting status of the US dollar as the world's reserve currency. William Mitchell is Professor of Economics and Director of the Centre of Full Employment and Equity (CofFEE) at the University of Newcastle, NSW Australia. He is also the Docent Professor of Global Political Economy at the University of Helsinki, Finland, and Guest International Professor at Kyoto University, Japan. Follow Bill's work, including his upcoming books, at https://billmitchell.org/blog/

Gold Fever: Myths, Memories, and Market Reality - Guest host Jeff Perry sits down with senior portfolio manager Brian Regan to unpack why gold still captures investors' imaginations and also their dollars. From the historic change in the Gold Standard at Bretton Woods and the Nixon shock to today's headlines and Costco's unexpected bullion boom, Jeff and Brian explore the real drivers behind gold's rise, the role of investor psychology, and the facts (and fictions) about the link to inflation and the dollar. Plus, the geopolitical twists that may shape where gold goes next and why it might be more speculation than an actual safe haven. #financialplanning #investing #gold #retirementplanning #speculation #goldfever #financialrisk #illiquidity See Brian's article on Gold at the link below: https://www.wealthenhancement.com/pdf/gold-beyond-the-myths Click the link below to register for our upcoming webinar, “Don't leave a digital mess.” https://register.gotowebinar.com/register/6040334700710880088 For more information or to reach TEAM AMR, click the following link: https://www.wealthenhancement.com/s/advisor-teams/amr  

Your mid-week commentary is a day early this week because I am putting out a special film tomorrow all about everyone's favourite metal. Watch your inboxes.There is a shift of enormously significant proportions taking place. In magnitude it will prove as significant as Bretton Woods in 1944, when the dollar became the de facto global reserve currency, and the Nixon Shock of 1971, when the US abandoned the last vestiges of its gold standard.This shift is going to shape the global financial landscape over the next few years. You need to understand what is happening, so that you can position yourself and your family.You may even be able to profit handsomely from the transition.Today we explain US dollar policy: what is going on and, more importantly, where it is all going.Ready? Here goes.The Manufacturing Imperative and The Curse of the Reserve CurrencyAmerica wants to bring manufacturing back on shore. We all know this. US President Donald Trump has said it repeatedly, his VP JD Vance has said it, and so has his Treasury Secretary Scott Bessent, who keeps reminding us that it is now time to prioritise Main Street over Wall Street.Part of the reshoring of US manufacturing involves tariffs, as we know all too well. Part of it involves weakening the US dollar to make US exports more competitive. Again Trump, Vance and Bessent have all said it.However, there is a problem, and that problem has a name: Triffin's Dilemma.You might think it's an advantage to issue the global reserve currency. You can issue dollars. Everyone else has to work for them. The French called it "America's exorbitant privilege." But this was a status the US engineered for itself during the Bretton Woods Agreement that determined the monetary order at the end of World War Two.What has happened, however, is that it has made the US fat and lazy, especially since 1971 when the US abandoned the ties of the dollar to gold.To supply the world with dollars, the US must run trade deficits. That is to say it must buy more than it sells. Persistent trade deficits have, over time, eroded its industrial base. Factories and jobs have gone offshore. Foreign nations have used their profits to invest in US capital markets and its debt. Meanwhile financial markets - aka Wall Street - have grown and grown, as America financialized.The Trump administration gets it in a way its predecessors did not. Vance has actually called the dollar's reserve status a "tax" on American producers.What's more, as this process has continued, the credibility of the dollar itself is being called further into doubt.Trump wants to revitalise America's Rust Belt. But there is more to it than that. As the curtains pulled back with Covid, the extent to which the US has been operating with its trousers down was exposed: an excessive dependence on China and its supply chains for too many strategically essential products, especially related to health, tech and the military. Then, during the Ukraine conflict, NATO found itself unable to match Russian production. The US, in short, is struggling to produce critical goods. It's why Trump keeps harping on about rare earth metals. It is vulnerable.The answer is to engineer a "managed decline" of the dollar as global reserve asset.The Golden Exit StrategyThis was already happening organically. China, for example, has been reducing its holdings of US treasuries for ten years now - quite gradually - although its US dollar holdings remain above $3 trillion.Meanwhile, China - and many other countries along the Silk Road besides - have been increasing their gold holdings, and quite dramatically. (In my view China has at least four times as much gold as it says it does. You can read more on this in my book). The process is known as de-dollarisation. Just a few months ago gold overtook the euro to become the second most held asset by central banks, while the dollar itself fell beneath 50% for the first time this century.We are not seeing a move towards any other national currency as global reserve, but towards the neutral but universal asset that is gold, as analyst Luke Groman points out. That suits all the main players. Gold is neutral, and both the US (supposedly) and China have lots of it.Indeed, a gold revaluation would be a "win-win" for both. A higher gold price would strengthen US fiscal flexibility while boosting Chinese consumers' wealth, encouraging domestic consumption and reducing trade imbalances.There is the potential to leverage the US's 261 million ounces (8,133 tonnes) of gold reserves, currently marked to market at just $42/oz. There are two ways this might be done. Economist Judy Shelton has proposed issuing Treasuries that are in part backed by gold to offset the inflation/debasement risk to make them more attractive to buyers. The other possibility (which has gone from, as Bessent put it, "we are not doing this" to "we are not doing this yet") is to revalue the gold from $42 to the current price of $3,300/oz, which would create over $850 billion of reserves without having to incur any extra debt. That would help with the US's current fiscal challenges: true interest expenses (including entitlements and veterans' affairs) currently exceed 100% of Treasury receipts.If you buying gold or silver coins to protect yourself in these “interesting times” - and I urge you to - as always I recommend The Pure Gold Company. Pricing is competitive, quality of service is high. They deliver to the UK, the US, Canada and Europe or you can store your gold with them. More here.In short, the US administration is leaning into a weaker dollar and neutral reserve assets like gold to rebalance trade and rebuild domestic industry, even at the cost of short-term economic pain.Your really should subscribe.Bitcoin's Digital Advantage and The Stablecoin BridgeBitcoin, as the world's best neutral digital currency, is going to have a role to play in all of this as well.The US is quite happy with that, as evidenced by its pro-bitcoin rhetoric. At the national, corporate and individual levels the US has a lot of bitcoin. The US itself has 198,000 coins, the most of any nation, Strategy (NYSE:MSTR) has 630,000 and many other companies besides also hold, and at least 15% of US citizens own bitcoin. Of the eventual 21 million supply, of which probably 15% has been lost and another 1.3 million are locked up by Satoshi Nakamoto and will likely never appear (he is almost certainly dead), the US has a hefty chunk.Which brings us to the recent Genius Act. This effectively nixed CBDCs just as the EU's Christine Lagarde was planning to phase them in (LOL). However, it supported stablecoins (that is coins backed by dollars). The more bitcoin grows the more the stablecoin market will grow. As the stable coin market grows so will its demand for treasuries. Today, roughly half the entire US dollar stablecoin market, estimated at $250 billion, is invested in US treasuries (maybe 2% of the overall treasuries market). Tether is the world's 7th largest buyer.The market is small, but growing rapidly. 2035 projections include $500 billion (J.P.Morgan's projection) to $2 trillion (Standard Chartered) and $4 trillion (Bernstein) by 2035."If the stablecoin market meets these growth projections," says the Kansas City Fed, "it could lead to a substantial redistribution of funds within the financial system."In other words the stablecoin market is going to help the US fund its debt, just as other nations move away from treasuries to gold and bitcoin.Gold might suit the US, but bitcoin suits it better, especially if there are complications surrounding the Fort Knox gold, which it seems there are. Why no audit yet?Tell people about this.Gold vs Bitcoin, Analogue vs Digital: The Coming ShowdownIt's likely a few years from now there is going to be some sort of showdown between gold and bitcoin in the battle for primary reserve asset status. It's unlikely to be both. Governments will favour gold, as they have lots of it. Tradition is on their side. Eternal gold has a track record that is unrivalled. But it is an analogue asset in a digital world. Bitcoin is much more practical. Which will win out? Practical digital or impractical analogue?This is a contest that is still a way off. For now all roads lead to gold and bitcoin as the world de-dollarizes.Own both is what I say.Needless to say the UK is absolutely clueless in all of this, having sold two-thirds of its gold in 1999, made it near impossible for UK citizens to buy bitcoin, now planning to sell its bitcoin holdings, now the largest holder of US treasuries in the world after Japan and making no attempt to buy any gold.With the threat of AI and automation to America's jobs - especially in driving where millions work - there is the risk of mass unemployment coming quite quickly, and with it plentiful defaults on mortgages and loans. This could force the U.S. to print money, driving inflation and providing yet another reason to own gold and bitcoin, which cannot be debased.From October 8th, UK citizens will finally be able to buy bitcoin ETNs.I was lucky enough over the weekend to find myself as a house guest under the same roof as Interactive Investor CEO Richard Wilson. We talked a lot. He knows how landmark the date October 8th is for UK investors and has made sure II are well positioned in a way that other brokerages are not. You might not be able to buy the US ETFs due to FCA nonsense, but anything listed in the UK will be available. So if you don't already have an account at II you might do well to open an account now. Click this link and the first year is free.In short, the dollar will weaken significantly over the next three years. The pound is a basket case. National currencies are not stores of wealth. Gold and bitcoin are. Own both as the Trump administration addresses Triffin's Dilemma through a managed dollar decline. They will use gold and potentially bitcoin to restore US industrial and military strength.You have been warned.Tell people about this post.Watch your inboxes. Tomorrow I'll be putting out a 15-minute film all about gold called The Eternal Metal. On which note, The Secret History of Gold is out now. Got yours yet?The Secret History of Gold is available at Amazon, Waterstones and all good bookshops.Amazon is currently offering 20% off. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.theflyingfrisby.com/subscribe

Your mid-week commentary is a day early this week because I am putting out a special film tomorrow all about everyone's favourite metal. Watch your inboxes.There is a shift of enormously significant proportions taking place. In magnitude it will prove as significant as Bretton Woods in 1944, when the dollar became the de facto global reserve currency, and the Nixon Shock of 1971, when the US abandoned the last vestiges of its gold standard.This shift is going to shape the global financial landscape over the next few years. You need to understand what is happening, so that you can position yourself and your family.You may even be able to profit handsomely from the transition.Today we explain US dollar policy: what is going on and, more importantly, where it is all going.Ready? Here goes.The Manufacturing Imperative and The Curse of the Reserve CurrencyAmerica wants to bring manufacturing back on shore. We all know this. US President Donald Trump has said it repeatedly, his VP JD Vance has said it, and so has his Treasury Secretary Scott Bessent, who keeps reminding us that it is now time to prioritise Main Street over Wall Street.Part of the reshoring of US manufacturing involves tariffs, as we know all too well. Part of it involves weakening the US dollar to make US exports more competitive. Again Trump, Vance and Bessent have all said it.However, there is a problem, and that problem has a name: Triffin's Dilemma.You might think it's an advantage to issue the global reserve currency. You can issue dollars. Everyone else has to work for them. The French called it "America's exorbitant privilege." But this was a status the US engineered for itself during the Bretton Woods Agreement that determined the monetary order at the end of World War Two.What has happened, however, is that it has made the US fat and lazy, especially since 1971 when the US abandoned the ties of the dollar to gold.To supply the world with dollars, the US must run trade deficits. That is to say it must buy more than it sells. Persistent trade deficits have, over time, eroded its industrial base. Factories and jobs have gone offshore. Foreign nations have used their profits to invest in US capital markets and its debt. Meanwhile financial markets - aka Wall Street - have grown and grown, as America financialized.The Trump administration gets it in a way its predecessors did not. Vance has actually called the dollar's reserve status a "tax" on American producers.What's more, as this process has continued, the credibility of the dollar itself is being called further into doubt.Trump wants to revitalise America's Rust Belt. But there is more to it than that. As the curtains pulled back with Covid, the extent to which the US has been operating with its trousers down was exposed: an excessive dependence on China and its supply chains for too many strategically essential products, especially related to health, tech and the military. Then, during the Ukraine conflict, NATO found itself unable to match Russian production. The US, in short, is struggling to produce critical goods. It's why Trump keeps harping on about rare earth metals. It is vulnerable.The answer is to engineer a "managed decline" of the dollar as global reserve asset.The Golden Exit StrategyThis was already happening organically. China, for example, has been reducing its holdings of US treasuries for ten years now - quite gradually - although its US dollar holdings remain above $3 trillion.Meanwhile, China - and many other countries along the Silk Road besides - have been increasing their gold holdings, and quite dramatically. (In my view China has at least four times as much gold as it says it does. You can read more on this in my book). The process is known as de-dollarisation. Just a few months ago gold overtook the euro to become the second most held asset by central banks, while the dollar itself fell beneath 50% for the first time this century.We are not seeing a move towards any other national currency as global reserve, but towards the neutral but universal asset that is gold, as analyst Luke Groman points out. That suits all the main players. Gold is neutral, and both the US (supposedly) and China have lots of it.Indeed, a gold revaluation would be a "win-win" for both. A higher gold price would strengthen US fiscal flexibility while boosting Chinese consumers' wealth, encouraging domestic consumption and reducing trade imbalances.There is the potential to leverage the US's 261 million ounces (8,133 tonnes) of gold reserves, currently marked to market at just $42/oz. There are two ways this might be done. Economist Judy Shelton has proposed issuing Treasuries that are in part backed by gold to offset the inflation/debasement risk to make them more attractive to buyers. The other possibility (which has gone from, as Bessent put it, "we are not doing this" to "we are not doing this yet") is to revalue the gold from $42 to the current price of $3,300/oz, which would create over $850 billion of reserves without having to incur any extra debt. That would help with the US's current fiscal challenges: true interest expenses (including entitlements and veterans' affairs) currently exceed 100% of Treasury receipts.If you buying gold or silver coins to protect yourself in these “interesting times” - and I urge you to - as always I recommend The Pure Gold Company. Pricing is competitive, quality of service is high. They deliver to the UK, the US, Canada and Europe or you can store your gold with them. More here.In short, the US administration is leaning into a weaker dollar and neutral reserve assets like gold to rebalance trade and rebuild domestic industry, even at the cost of short-term economic pain.Your really should subscribe.Bitcoin's Digital Advantage and The Stablecoin BridgeBitcoin, as the world's best neutral digital currency, is going to have a role to play in all of this as well.The US is quite happy with that, as evidenced by its pro-bitcoin rhetoric. At the national, corporate and individual levels the US has a lot of bitcoin. The US itself has 198,000 coins, the most of any nation, Strategy (NYSE:MSTR) has 630,000 and many other companies besides also hold, and at least 15% of US citizens own bitcoin. Of the eventual 21 million supply, of which probably 15% has been lost and another 1.3 million are locked up by Satoshi Nakamoto and will likely never appear (he is almost certainly dead), the US has a hefty chunk.Which brings us to the recent Genius Act. This effectively nixed CBDCs just as the EU's Christine Lagarde was planning to phase them in (LOL). However, it supported stablecoins (that is coins backed by dollars). The more bitcoin grows the more the stablecoin market will grow. As the stable coin market grows so will its demand for treasuries. Today, roughly half the entire US dollar stablecoin market, estimated at $250 billion, is invested in US treasuries (maybe 2% of the overall treasuries market). Tether is the world's 7th largest buyer.The market is small, but growing rapidly. 2035 projections include $500 billion (J.P.Morgan's projection) to $2 trillion (Standard Chartered) and $4 trillion (Bernstein) by 2035."If the stablecoin market meets these growth projections," says the Kansas City Fed, "it could lead to a substantial redistribution of funds within the financial system."In other words the stablecoin market is going to help the US fund its debt, just as other nations move away from treasuries to gold and bitcoin.Gold might suit the US, but bitcoin suits it better, especially if there are complications surrounding the Fort Knox gold, which it seems there are. Why no audit yet?Tell people about this.Gold vs Bitcoin, Analogue vs Digital: The Coming ShowdownIt's likely a few years from now there is going to be some sort of showdown between gold and bitcoin in the battle for primary reserve asset status. It's unlikely to be both. Governments will favour gold, as they have lots of it. Tradition is on their side. Eternal gold has a track record that is unrivalled. But it is an analogue asset in a digital world. Bitcoin is much more practical. Which will win out? Practical digital or impractical analogue?This is a contest that is still a way off. For now all roads lead to gold and bitcoin as the world de-dollarizes.Own both is what I say.Needless to say the UK is absolutely clueless in all of this, having sold two-thirds of its gold in 1999, made it near impossible for UK citizens to buy bitcoin, now planning to sell its bitcoin holdings, now the largest holder of US treasuries in the world after Japan and making no attempt to buy any gold.With the threat of AI and automation to America's jobs - especially in driving where millions work - there is the risk of mass unemployment coming quite quickly, and with it plentiful defaults on mortgages and loans. This could force the U.S. to print money, driving inflation and providing yet another reason to own gold and bitcoin, which cannot be debased.From October 8th, UK citizens will finally be able to buy bitcoin ETNs.I was lucky enough over the weekend to find myself as a house guest under the same roof as Interactive Investor CEO Richard Wilson. We talked a lot. He knows how landmark the date October 8th is for UK investors and has made sure II are well positioned in a way that other brokerages are not. You might not be able to buy the US ETFs due to FCA nonsense, but anything listed in the UK will be available. So if you don't already have an account at II you might do well to open an account now. Click this link and the first year is free.In short, the dollar will weaken significantly over the next three years. The pound is a basket case. National currencies are not stores of wealth. Gold and bitcoin are. Own both as the Trump administration addresses Triffin's Dilemma through a managed dollar decline. They will use gold and potentially bitcoin to restore US industrial and military strength.You have been warned.Tell people about this post.Watch your inboxes. Tomorrow I'll be putting out a 15-minute film all about gold called The Eternal Metal. On which note, The Secret History of Gold is out now. Got yours yet?The Secret History of Gold is available at Amazon, Waterstones and all good bookshops.Amazon is currently offering 20% off. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.theflyingfrisby.com/subscribe

Ngày 27/07/2025, Mỹ và Liên Hiệp Châu Âu đã ký kết một thỏa thuận thương mại, dự trù áp thuế 15% với hàng nhập khẩu của Liên Âu vào Mỹ . Chính sách kinh tế quyết liệt này của chính quyền Trump gợi nhắc đến chính sách của Richard Nixon, tổng thống Mỹ từ năm 1969 đến năm 1974. Giống như người tiền nhiệm, Donald Trump sử dụng kinh tế như một công cụ đàm phán để áp đặt các lựa chọn ngoại giao và thương mại. Sự việc bắt đầu vào một ngày Chủ Nhật 15/08/1971, vào lúc các sàn chứng khoán đóng cửa, tổng thống Richard Nixon bất ngờ thông báo « tạm thời » chấm dứt thỏa thuận Bretton Woods ký kết năm 1944, và tuyên bố áp thuế 10% đối với tất cả các loại hàng hóa nhập khẩu vào Mỹ, chủ yếu nhắm vào Đức và Nhật Bản, đang trên đà trỗi dậy. Quyết định này đã gây ra điều mà người ta gọi là « cú sốc Nixon ». 1944 : Thỏa thuận Bretton Woods Để hiểu được hành động của Richard Nixon, cần phải xem xét lại bối cảnh tiền tệ vào thời điểm trước và trong những năm 1940. Tháng 7/1944, Hoa Kỳ cùng với 44 nước đồng minh kinh tế họp tại khách sạn Mount Washington, thành phố Bretton Woods, bang New Hampshire, để chuẩn bị những nền tảng cơ bản cho hệ thống kinh tế toàn cầu. Theo như giải thích của giáo sư kinh tế Sébastien Jean, trường Conservatoire National des Arts et Metiers, trong một chương trình của tuần báo Pháp L'Express, « Tại hội nghị này, những nền tảng sắp xếp, tổ chức các mối quan hệ kinh tế quốc tế thời hậu chiến đã được đặt ra với ba trụ cột : thứ nhất là tài chính – hệ thống tiền tệ, thứ hai là viện trợ cho phát triển với việc thành lập Ngân hàng Thế giới và thứ ba là thương mại, phức tạp hơn một chút, nhưng sau đó, vào năm 1947, được thể hiện qua GATT (General Agreement on Tariffs and Trade - Hiệp ước chung về thuế quan và mậu dịch), một hiệp định sau này cho ra đời WTO – Tổ chức Thương mại Thế giới. » Cũng theo giáo sư Sebastien Jean, trong thỏa thuận này, điều đáng chú ý nhất là các nước tham gia hội nghị quyết định áp dụng một chế độ tỷ giá hối đoái cố định mới dựa vào đồng đô la thay cho cơ chế bản vị vàng, vốn dĩ xác định giá trị các loại tiền tệ dựa theo vàng. « Đồng đô la vẫn sẽ giữ được khả năng chuyển đổi tự do sang vàng. Điều này là khả thi bởi vì trong thời kỳ chiến tranh, do Hoa Kỳ cung ứng cho các nước và bắt họ thanh toán bằng vàng, vì vậy vào thời điểm đó, Mỹ nắm giữ hơn hai phần ba dự trữ vàng của thế giới. Do đó, họ có rất nhiều vàng và có đủ sức thuyết phục để tuyên bố "Chúng tôi muốn đồng tiền của chúng tôi và giá trị của chúng được xác định bằng vàng", bởi vì vào thời điểm đó, vàng được coi là sự đảm bảo tối thượng. Nhưng đô la là đồng tiền duy nhất trong tình huống này. » Bretton Woods và những hạn chế Nhưng hệ thống tiền tệ mới này bắt đầu cho thấy có những hạn chế. Mỹ và đồng đô la phải đối mặt với những « mệnh lệnh đầy mâu thuẫn ». Thứ nhất, khi biến đô la thành đồng tiền dự trữ và được neo theo vàng, Hoa Kỳ trở thành nguồn cung cấp đô la chính cho toàn thế giới : Đô la vừa là tài sản dự trữ quốc tế, vừa là tài sản giao dịch. Hệ quả, theo giáo sư Sebastien Jean, là Mỹ « phải cho lưu hành rất nhiều đô la bởi vì phải có thanh khoản trong hệ thống tiền tệ quốc tế. Và để có thanh khoản, Mỹ phải đi vay : Một đô la lưu hành tương đương với một chứng khoán nợ do Ngân hàng Trung ương Mỹ phát hành, giống như bất kỳ loại tiền tệ nào. » Cùng lúc, Hoa Kỳ phải đối mặt với mệnh lệnh mâu thuẫn thứ hai : Cơ chế neo đồng đô la với vàng. « Để việc neo giá này trở nên đáng tin cậy, để cho giá trị đồng đô la có uy tín trên thế giới, Mỹ không được vay nợ quá mức. Bởi vì mỗi khi mắc nợ, Hoa Kỳ lại phát hành đồng đô la mà họ cho là có một giá trị cố định bằng vàng. Nhưng càng phát hành nhiều, độ tin cậy của đô la càng giảm. » Chỉ có điều, vào cuối những năm 1960, những khoản chi cho cuộc chiến ở Việt Nam khiến tình trạng thâm hụt ngân sách Mỹ ngày càng nặng. Điều này làm dấy lên mối ngờ vực từ nhiều nước về độ tin cậy của khả năng tự do quy đổi đô la thành vàng, trong khi Hoa Kỳ cảm thấy bị bó buộc, bởi vì họ muốn vay nợ nhiều hơn để tài trợ cho cuộc chiến, nhưng lại không thể thực hiện mà không gây nguy hiểm cho sự ổn định của hệ thống tiền tệ, theo như nhận định của giáo sư Sebastien Jean. Trả lời tuần báo Pháp L'Express, ông giải thích : « Như thông lệ trên thị trường tài chính, có thể có những dự báo được thực hiện (tự chứng dự báo), nghĩa là nếu một số tác nhân bắt đầu nghi ngờ giá trị đồng đô la, về khả năng chuyển đổi tự do thành vàng, thì vào lúc đó, tất cả những ai giữ đô la đều sẽ muốn đổi đô la ra vàng và như vậy, họ phá hủy độ tín nhiệm của đồng đô la và điều đó có nguy cơ dẫn đến phản ứng dây chuyền, kết thúc nhanh chóng một cách thảm khốc ». Đây chính là điều Pháp đã thực hiện. Tháng 8/1971, Paris đã cho quy đổi một lượng lớn đô la dự trữ thành vàng, đưa lượng lớn vàng dự trữ từ Mỹ về nước. Hệ quả là lượng vàng dự trữ của Hoa Kỳ sụt giảm mạnh : từ mức 2/3 dự trữ thế giới vào cuối Đệ Nhị Thế Chiến, đến năm 1970 rớt xuống còn 1/6. Mỹ không còn vị thế như xưa để có thể tác động đến cơ cấu hệ thống tiền tệ thế giới. Chính trong bối cảnh bất định này, Hoa Kỳ còn phải đối mặt với một sự cạnh tranh kinh tế khốc liệt với châu Á và châu Âu, những điều kiện tạo nên chiến thắng lợi của ông Richard Nixon, ứng viên đảng Cộng Hòa, trong bầu cử năm 1969. Giáo sư kinh tế Sebastien Jean cho biết : « Vào thời kỳ đó, Hoa Kỳ đương nhiên vẫn là một đại cường về kinh tế, đi đầu về công nghệ. Nhưng đó cũng là thời điểm các nước châu Âu cũng như Nhật Bản, không những đã kết thúc giai đoạn tái thiết đất nước mà còn bắt kịp về cơ bản sự chậm trễ về công nghệ đối với Mỹ. Những nước này có sức tăng trưởng rất nhanh, được giữ vững từ năm 1945. Họ chưa bắt kịp nhưng đã lấp được phần lớn cách biệt với Mỹ đến mức trở thành những cường quốc kinh tế, thương mại, công nghệ, những đối thủ cạnh tranh với Mỹ, điều chưa từng có trong quá khứ ». Cùng một phương pháp Chủ Nhật, ngày 15/08/1971, tổng thống Mỹ Nixon thông báo tạm dừng khả năng quy đổi tự do đô la thành vàng với hiệu lực tức thì. Như vậy, Hoa Kỳ đã có thể in tiền và bơm chúng vào nền kinh tế mà không cần tăng lượng vàng dự trữ. Thông báo này gây chấn động thị trường thế giới. Ngày hôm sau, 16/08/1971, ngay khi thị trường mở cửa, cam kết chuyển đổi đô la sang vàng ở mức 32 đô la/ounce đã bị Hoa Kỳ đình chỉ « tạm thời ». Nhưng trên thực tế, cam kết này sẽ không bao giờ được khôi phục. Richard Nixon : « Tôi chỉ thị cho bộ trưởng Tài Chính tạm dừng cơ chế chuyển đổi đô la sang vàng hay bất kỳ tài sản dự trữ nào khác, ngoại trừ các điều kiện được ấn định vì lợi ích của việc ổn định tiền tệ và vì lợi ích tốt nhất cho nước Mỹ. » Cùng một lúc, tổng thống Nixon tuyên bố áp thuế 10% đối với tất cả các loại hàng hóa nhập khẩu vào Mỹ. Đây là một cách để ông hạ giá đồng đô la một cách giả tạo và tạo ra ngoại hối, cho phép « vực dậy nền kinh tế Mỹ và đồng đô la, để trả lại cho Mỹ vị thế nền kinh tế hàng đầu thế giới ». Quyết định đơn phương này của chính quyền Nixon, đương nhiên đã bị nhiều nước phản đối và đưa ra các biện pháp trả đũa, nhưng lại khá rời rạc và có phần hạn chế. Sự việc cũng đã mở ra một thời kỳ bất ổn kinh tế và những căng thẳng cho các mối quan hệ quốc tế. Giới truyền thông lúc bấy giờ gọi chính sách này của Mỹ là « Nixon Round ». Các hình ảnh tư liệu của Viện Nghe nhìn Quốc gia Pháp (INA) cho thấy rõ lập trường và ý định của Mỹ muốn buộc các cường quốc kinh tế mới nổi (Nhật Bản, Cộng Hòa Liên Bang Đức và Cộng đồng Kinh tế Châu Âu), phải trả giá. Đó là những nước, khu vực đã tự vực dậy nhờ vào viện trợ tài chính của Mỹ và giờ đây đang đe dọa cạnh tranh kinh tế với Mỹ. Hai bối cảnh Hơn nửa thế kỷ sau, Donald Trump, tổng thống thứ 47, cũng thực hiện một cách thức tương tự như người tiền nhiệm áp dụng chính sách bảo hộ khi đơn phương đưa ra các mức thuế quan « chóng mặt » nhắm vào các đối tác, bất kể là đồng minh. Tuy nhiên, trang mạng INA lưu ý thêm rằng, nếu như các phương pháp thực hiện có vẻ giống nhau, thì bối cảnh và các mục tiêu là hoàn toàn khác biệt. Đối với Richard Nixon, tổng thống thứ 37 của Hoa Kỳ, biện pháp này trước hết là nhằm thống trị thị trường thế giới bằng cách tái cân bằng dòng chảy thương mại và buộc các đối tác hung hăng nhất của Mỹ phải tái điều chỉnh giá trị đồng nội tệ của họ so với đô la qua đó, hạn chế lợi thế cạnh tranh của những nước đó. Vào năm 2025, với khẩu hiệu « America First », mục tiêu của tổng thống Donald Trump mang tính ý thức hệ nhiều hơn. Như đã nêu rõ vào ngày 02/04/2025, Donald Trump hy vọng đưa nhà xưởng trở lại Mỹ để tạo ra việc làm, giảm lạm phát và giảm thâm hụt thương mại. Một chính sách mang hơi hướng chủ nghĩa biệt lập. Các quyết định kinh tế của Donald Trump, không hẳn nhằm khôi phục sức mạnh của Mỹ ở bên ngoài, mà là tập trung trở lại vào thị trường nội địa. Ngoài ra, Trump hoạt động trong bối cảnh nền kinh tế toàn cầu hóa và các chuỗi cung ứng quốc tế đã được thiết lập vững chắc. Ngược lại, chính quyền Nixon ban hành các biện pháp thuế quan trong tình trạng mất cân bằng thương mại ngày càng lớn, thế ưu việt của Mỹ đang bị suy giảm dần. Việc sử dụng thuế quan như là một công cụ đàm phán là một khía cạnh chung khác trong cả hai chính sách, nhưng đối với Donald Trump đó là nhằm đạt được các nhượng bộ về những vấn đề không hoàn toàn mang tính kinh tế như việc giám sát biên giới và chống di dân bất hợp pháp. Vào năm 1971, đối với Nixon, đó là nhằm bảo vệ nền kinh tế Mỹ bằng cách tự giải thoát khỏi sự kìm kẹp tiền tệ mà ông cho là quá cứng nhắc ! Những hệ quả Ngoài mục đích chính trị nội bộ, thu hút lá phiếu cử tri, cả hai chính sách này có những tác động đáng kể trong cơ cấu kinh tế thế giới. Những quyết định của chính quyền Nixon năm xưa đã thúc đẩy nhanh quá trình toàn cầu hóa, củng cố các liên minh đối thủ cạnh tranh kinh tế, chẳng hạn như sự ra đời của Liên Hiệp Châu Âu, hay Tổ chức các nước xuất khẩu dầu lửa OPEC… Vào năm 2025, hệ quả toàn cầu từ « học thuyết Mar-a-Lago » do Trump đề xướng là sự bùng phát các đòn trả đũa từ nhiều tác nhân kinh tế. Năm 1971, Hoa Kỳ vẫn chiếm thế độc tôn về kinh tế và nhiều lĩnh vực khác. Nhưng trong thế kỷ XXI này, nước Mỹ của Donald Trump phải đối phó với một đối thủ đáng gờm chưa từng có là Trung Quốc đang trên đà qua mặt Mỹ cả về kinh tế, thương mại, quân sự và công nghệ !

01:02:26 – Nixon Ends the Gold Standard: A Controlled Demolition of the DollarMarking the anniversary of August 15, 1971, the host recounts how Nixon severed the dollar's tie to gold, ending the Bretton Woods system. He details the lead-up, including the removal of silver from U.S. coinage, France's gold repatriation under De Gaulle, and the resulting shift from a stable bi-metallic economy to a fiat system fueling inflation, de-industrialization, and wealth transfer. 01:17:13 – De-Industrialization, Debt Expansion, and the Rise of Crony CapitalismExplains how taking the dollar off gold dovetailed with free trade policies and the 1973 formation of the Trilateral Commission. America's manufacturing base was hollowed out, trade surpluses ended, and debt skyrocketed from $371 billion in 1971 to $37 trillion today. The conversation ties this to corporate consolidation, zombie companies kept alive by central bank policy, and a rigged system benefiting elites. 01:22:33 – The Petrodollar's Decline and Global De-DollarizationReviews the 1970s Kissinger-brokered petrodollar agreement with Saudi Arabia, its quiet disappearance last year, and the shift toward multi-currency oil sales. Discusses BRICS expansion, the ruble's rebound after being gold-linked in 2022, and the dollar's shrinking share of global trade from 53% to the low 40s. Notes that central banks are hoarding gold over their own currencies. 01:44:06 – National Security State Origins and the Truman LegacyReads and comments on a Lou Rockwell article tracing the 1947 creation of the CIA, NSA, and the modern national security state. Argues that Truman's policies institutionalized interventionism, subverted the republic's founding principles, and laid the groundwork for perpetual war and surveillance. Links these shifts to Israel's 1948 recognition, Cold War militarization, and the influx of Nazi scientists under Operation Paperclip. 01:52:06 – The 80-Year Cycle, Operation Paperclip, and Cultural TransformationReflects on how the summer of 1947 reshaped U.S. governance through security agencies, covert power structures, and foreign entanglements. Notes the cultural influence of imported Nazi scientists, with Wernher von Braun as a public face, and draws connections to Cold War propaganda and the militarization of space. 02:00:58 – JFK's Secret Societies SpeechReading and analysis of JFK's 1961 warning about “secret societies” and “monolithic conspiracies,” framing it as timeless advice against government secrecy and press complicity. 02:07:44 – Operation Paperclip & Nazi InfluenceReview of how former Nazi scientists were integrated into U.S. programs after WWII, influencing aerospace, weapons development, and Cold War strategy, with Wernher von Braun as a central figure. 02:15:39 – CIA & MKUltra OriginsExposes early CIA abuses, including the MKUltra mind-control program, as part of a broader national security state agenda to manipulate populations and undermine dissent. 02:47:09 – Trump, Tariffs, and Trade RisksCritiques Trump's tariff strategy as potentially damaging to consumers and allies, warning it could backfire by pushing more nations toward BRICS-style trade blocs. 03:07:17 – NASA Moon Base Plans & Apollo SkepticismNASA's push for a 100-kilowatt lunar reactor sparks analysis of the Artemis program, U.S.–China competition, and a deeper dive into why America hasn't returned to the moon in decades, despite having done so multiple times in the past. 03:33:56 – Space Race & Global Power ShiftReflection on how space exploration intersects with geopolitical changeovers, comparing today's “fourth turning” to post-WWII institution building, and speculating on the existence of a secret space program. 03:45:54 – Red Heifer Prophecy & Third TempleMr. Anderson connects current events in Israel to biblical prophecy, questioning modern evangelical support for temple reconstruction and warning about theological and political implications. 03:50:56 – Decline of Religious ActivismCritique of modern Christian leadership for failing to visibly oppose cultural trends such as the transgender movement, contrasting this with past Catholic and evangelical activism. 03:58:52 – Gold Standard Anniversary & Fiat Currency WarningMarking the anniversary of Nixon taking the U.S. off the gold standard, the host warns about the destructive effects of fiat currency and urges listeners to consider precious metals. Follow the show on Kick and watch live every weekday 9:00am EST – 12:00pm EST https://kick.com/davidknightshow Money should have intrinsic value AND transactional privacy: Go to https://davidknight.gold/ for great deals on physical gold/silverFor 10% off Gerald Celente's prescient Trends Journal, go to https://trendsjournal.com/ and enter the code KNIGHTFind out more about the show and where you can watch it at TheDavidKnightShow.com If you would like to support the show and our family please consider subscribing monthly here: SubscribeStar https://www.subscribestar.com/the-david-knight-showOr you can send a donation throughMail: David Knight POB 994 Kodak, TN 37764Zelle: @DavidKnightShow@protonmail.comCash App at: $davidknightshowBTC to: bc1qkuec29hkuye4xse9unh7nptvu3y9qmv24vanh7Become a supporter of this podcast: https://www.spreaker.com/podcast/the-david-knight-show--2653468/support.

01:02:26 – Nixon Ends the Gold Standard: A Controlled Demolition of the DollarMarking the anniversary of August 15, 1971, the host recounts how Nixon severed the dollar's tie to gold, ending the Bretton Woods system. He details the lead-up, including the removal of silver from U.S. coinage, France's gold repatriation under De Gaulle, and the resulting shift from a stable bi-metallic economy to a fiat system fueling inflation, de-industrialization, and wealth transfer. 01:17:13 – De-Industrialization, Debt Expansion, and the Rise of Crony CapitalismExplains how taking the dollar off gold dovetailed with free trade policies and the 1973 formation of the Trilateral Commission. America's manufacturing base was hollowed out, trade surpluses ended, and debt skyrocketed from $371 billion in 1971 to $37 trillion today. The conversation ties this to corporate consolidation, zombie companies kept alive by central bank policy, and a rigged system benefiting elites. 01:22:33 – The Petrodollar's Decline and Global De-DollarizationReviews the 1970s Kissinger-brokered petrodollar agreement with Saudi Arabia, its quiet disappearance last year, and the shift toward multi-currency oil sales. Discusses BRICS expansion, the ruble's rebound after being gold-linked in 2022, and the dollar's shrinking share of global trade from 53% to the low 40s. Notes that central banks are hoarding gold over their own currencies. 01:44:06 – National Security State Origins and the Truman LegacyReads and comments on a Lou Rockwell article tracing the 1947 creation of the CIA, NSA, and the modern national security state. Argues that Truman's policies institutionalized interventionism, subverted the republic's founding principles, and laid the groundwork for perpetual war and surveillance. Links these shifts to Israel's 1948 recognition, Cold War militarization, and the influx of Nazi scientists under Operation Paperclip. 01:52:06 – The 80-Year Cycle, Operation Paperclip, and Cultural TransformationReflects on how the summer of 1947 reshaped U.S. governance through security agencies, covert power structures, and foreign entanglements. Notes the cultural influence of imported Nazi scientists, with Wernher von Braun as a public face, and draws connections to Cold War propaganda and the militarization of space. 02:00:58 – JFK's Secret Societies SpeechReading and analysis of JFK's 1961 warning about “secret societies” and “monolithic conspiracies,” framing it as timeless advice against government secrecy and press complicity. 02:07:44 – Operation Paperclip & Nazi InfluenceReview of how former Nazi scientists were integrated into U.S. programs after WWII, influencing aerospace, weapons development, and Cold War strategy, with Wernher von Braun as a central figure. 02:15:39 – CIA & MKUltra OriginsExposes early CIA abuses, including the MKUltra mind-control program, as part of a broader national security state agenda to manipulate populations and undermine dissent. 02:47:09 – Trump, Tariffs, and Trade RisksCritiques Trump's tariff strategy as potentially damaging to consumers and allies, warning it could backfire by pushing more nations toward BRICS-style trade blocs. 03:07:17 – NASA Moon Base Plans & Apollo SkepticismNASA's push for a 100-kilowatt lunar reactor sparks analysis of the Artemis program, U.S.–China competition, and a deeper dive into why America hasn't returned to the moon in decades, despite having done so multiple times in the past. 03:33:56 – Space Race & Global Power ShiftReflection on how space exploration intersects with geopolitical changeovers, comparing today's “fourth turning” to post-WWII institution building, and speculating on the existence of a secret space program. 03:45:54 – Red Heifer Prophecy & Third TempleMr. Anderson connects current events in Israel to biblical prophecy, questioning modern evangelical support for temple reconstruction and warning about theological and political implications. 03:50:56 – Decline of Religious ActivismCritique of modern Christian leadership for failing to visibly oppose cultural trends such as the transgender movement, contrasting this with past Catholic and evangelical activism. 03:58:52 – Gold Standard Anniversary & Fiat Currency WarningMarking the anniversary of Nixon taking the U.S. off the gold standard, the host warns about the destructive effects of fiat currency and urges listeners to consider precious metals. Follow the show on Kick and watch live every weekday 9:00am EST – 12:00pm EST https://kick.com/davidknightshow Money should have intrinsic value AND transactional privacy: Go to https://davidknight.gold/ for great deals on physical gold/silverFor 10% off Gerald Celente's prescient Trends Journal, go to https://trendsjournal.com/ and enter the code KNIGHTFind out more about the show and where you can watch it at TheDavidKnightShow.com If you would like to support the show and our family please consider subscribing monthly here: SubscribeStar https://www.subscribestar.com/the-david-knight-showOr you can send a donation throughMail: David Knight POB 994 Kodak, TN 37764Zelle: @DavidKnightShow@protonmail.comCash App at: $davidknightshowBTC to: bc1qkuec29hkuye4xse9unh7nptvu3y9qmv24vanh7Become a supporter of this podcast: https://www.spreaker.com/podcast/the-real-david-knight-show--5282736/support.

In this episode, author and journalist Puja Mehra speaks to Neelkanth Mishra, Chief Economist at Axis Bank, about the lessons India can draw from past currency wars to navigate the turbulent years ahead. They discuss how, in the decade after the collapse of the Bretton Woods system, countries devalued their currencies to gain trade advantages—and how similar pressures are resurfacing today as major economies look to depreciate their exchange rates. Drawing on global historical patterns, Mishra explains why India's medium-term balance of payments outlook is relatively stable, but also why access to foreign capital and careful currency calibration will be crucial for sustaining growth.He argues that the current period of global economic flux is a rare opportunity for India to take difficult but necessary reform decisions—removing barriers for entrepreneurs and farmers, improving access to technology, and building resilience against a more protectionist world order. Without such reforms, sustaining current growth rates could become a challenge.Tune in for insights on how India can use a moment of global turbulence to drive structural change, sustain economic momentum, and emerge stronger in an era of competitive currency moves.For more of our coverage check out ⁠⁠⁠⁠thecore.in⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Subscribe to our Newsletter⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Follow us on:⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Twitter⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ |⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Instagram⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ |⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Facebook⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ |⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Linkedin⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ |⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Youtube

Há 54 anos o mundo financeiro mudava. Nixon, anunciou a suspensão da conversão do dólar em ouro. Este momento histórico marcou o fim do sistema de Bretton Woods e abriu caminho ao sistema monetário que temos hoje baseado essencialmente… na confiança. No podcast MoneyBar desta semana, explicamos o que era o padrão ouro, o que mudou com o fim desse sistema e que impacto ainda tem nos nossos dias. Inscreva-se na Masterclass “Investir Agora”: https://bit.ly/MasterclassInvestirAgora  Inscreva-se na Lista de Espera do Curso “Do Zero à Liberdade Financeira”: https://bit.ly/Lista-de-Espera-Curso  Subscreva a Newsletter: Newsletter MoneyLab – https://bit.ly/NewsletterMoneyLab  Junte-se ao grupo de Telegram: https://bit.ly/moneylab-telegram  Redes Sociais Instagram: https://www.instagram.com/barbarabarroso  Facebook: https://www.facebook.com/barbarabarrosoblog/  Subscreva os canais de Youtube: https://www.youtube.com/barbarabarroso  https://www.youtube.com/moneylabpt    Para falar sobre eventos, programas e formação: https://www.moneylab.pt/  Disclaimer: Todo o conteúdo presente neste podcast tem apenas fins informativos e educacionais e não constitui uma recomendação ou qualquer tipo de aconselhamento financeiro.

We discuss a paper on the political economy of geoeconomic power and discuss what theory means when applied to real world empirics.  In an New York Times guest essay authored by US Trade Representative Jamieson Greer titled "Why We Remade the Global Order," Greer argues that the agreement between the EU and the US made at Turnberry resort is a new world order much like Bretton Woods set the postwar world order.  Is the comparison valid?  We discuss the essay and assess its claims.

Americans are often told that they benefit from the privilege of the dollar serving as the world's currency. A strong dollar makes imports cheaper, facilitates demand for American companies, and is tied to cheap government borrowing. But what happens when this powerful privilege weakens? What does it even mean for the dollar to be “strong” or “weak” as a medium of exchange and investment? Why should Americans care that the dollar serves as the reserve currency for the world's central banks?In his new book “Our Dollar, Your Problem,” Ken Rogoff, a Harvard professor and former chief economist for the International Monetary Fund, argues that the dollar is past “middle age” and that its global dominance will erode in the coming years. He predicts the dollar will eventually share power with the European Union's euro and Chinese renminbi in a “tripolar” world.Rogoff joins Bethany and Luigi to discuss why the dollar's shifting dominance matters so much to the United States and what implications this has for the rest of the world's payment network. He describes how the dollar has come under pressure from multiple directions, both now and in the past. Outside the U.S., these include past and current international challengers, such as the Soviet ruble, the Japanese yen, and the European euro. From within, the current instigators are rising federal debt, increased use of economic sanctions, and growing political dysfunction. The three also discuss if President Donald Trump's boisterous support for cryptocurrency further undermines the U.S. dollar. Ultimately, they tease out how the dollar has underpinned American economic prowess for the last half century and what the consequences will be for the American economy – and the world at large – if the dollar is dethroned.Read a review of Rogoff's book by Capitalisn't team member Matt Lucky in ProMarket: https://www.promarket.org/2025/07/24/what-happens-after-the-dollars-hegemony-ends/

With the US dollar battered by stop-start tariff policy, fiscal profligacy and questions about the independence of the Federal Reserve, where should investors turn? The dollar index, which measures the currency's strength against a basket of six others including the pound, euro and yen, slumped more than 10% in the first half of 2025, the worst start to the year since the end of the gold-backed Bretton Woods system in 1973.For more insights, visit Viewpoint: https://viewpoint.bnpparibas-am.com/Download the Viewpoint app: https://onelink.to/tpxq34Follow us on LinkedIn: https://bnpp.lk/amHosted by Ausha. See ausha.co/privacy-policy for more information.

Central bank cooperation during global financial crises has been anything but consistent. While some crises are arrested with extensive cooperation, others are left to spiral. Going beyond explanations based on state power, interests, or resources, in Bankers' Trust: How Social Relations Avert Global Financial Collapse (Cornell University Press, 2025) Dr. Aditi Sahasrabuddhe argues that central bank cooperation—or the lack thereof—often boils down to ties of trust, familiarity, and goodwill between bank leaders. These personal relations influence the likelihood of access to ad hoc, bilateral arrangements with more favorable terms. Drawing on archival evidence and elite interviews, Sahasrabuddhe uncovers just how critical interpersonal trust between central bankers has been in managing global financial crises. She tracks the emergence of such relationships in the interwar 1920s, how they helped prop up the Bretton Woods system in the 1960s, and how they prevented the 2008 global financial crisis from turning into another Great Depression. When traditional signals of credibility fell short during these periods of crisis and uncertainty, established ties of trust between central bank leaders mediated risk calculations, alleviated concerns, and helped innovate less costly solutions. Dr. Sahasrabuddhe challenges the idea that central banking is purely apolitical and technocratic. She pinpoints the unique transnational power central bank leaders hold as unelected figures who nonetheless play key roles in managing states' economies. By calling attention to the influence personal relationships can have on whether countries sink or swim during crises, Bankers' Trust asks us to reconsider the transparency and democratic accountability of global financial governance today. This interview was conducted by Dr. Miranda Melcher whose book focuses on post-conflict military integration, understanding treaty negotiation and implementation in civil war contexts, with qualitative analysis of the Angolan and Mozambican civil wars. You can find Miranda's interviews on New Books with Miranda Melcher, wherever you get your podcasts. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/new-books-network

Central bank cooperation during global financial crises has been anything but consistent. While some crises are arrested with extensive cooperation, others are left to spiral. Going beyond explanations based on state power, interests, or resources, in Bankers' Trust: How Social Relations Avert Global Financial Collapse (Cornell University Press, 2025) Dr. Aditi Sahasrabuddhe argues that central bank cooperation—or the lack thereof—often boils down to ties of trust, familiarity, and goodwill between bank leaders. These personal relations influence the likelihood of access to ad hoc, bilateral arrangements with more favorable terms. Drawing on archival evidence and elite interviews, Sahasrabuddhe uncovers just how critical interpersonal trust between central bankers has been in managing global financial crises. She tracks the emergence of such relationships in the interwar 1920s, how they helped prop up the Bretton Woods system in the 1960s, and how they prevented the 2008 global financial crisis from turning into another Great Depression. When traditional signals of credibility fell short during these periods of crisis and uncertainty, established ties of trust between central bank leaders mediated risk calculations, alleviated concerns, and helped innovate less costly solutions. Dr. Sahasrabuddhe challenges the idea that central banking is purely apolitical and technocratic. She pinpoints the unique transnational power central bank leaders hold as unelected figures who nonetheless play key roles in managing states' economies. By calling attention to the influence personal relationships can have on whether countries sink or swim during crises, Bankers' Trust asks us to reconsider the transparency and democratic accountability of global financial governance today. This interview was conducted by Dr. Miranda Melcher whose book focuses on post-conflict military integration, understanding treaty negotiation and implementation in civil war contexts, with qualitative analysis of the Angolan and Mozambican civil wars. You can find Miranda's interviews on New Books with Miranda Melcher, wherever you get your podcasts. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/world-affairs

Central bank cooperation during global financial crises has been anything but consistent. While some crises are arrested with extensive cooperation, others are left to spiral. Going beyond explanations based on state power, interests, or resources, in Bankers' Trust: How Social Relations Avert Global Financial Collapse (Cornell University Press, 2025) Dr. Aditi Sahasrabuddhe argues that central bank cooperation—or the lack thereof—often boils down to ties of trust, familiarity, and goodwill between bank leaders. These personal relations influence the likelihood of access to ad hoc, bilateral arrangements with more favorable terms. Drawing on archival evidence and elite interviews, Sahasrabuddhe uncovers just how critical interpersonal trust between central bankers has been in managing global financial crises. She tracks the emergence of such relationships in the interwar 1920s, how they helped prop up the Bretton Woods system in the 1960s, and how they prevented the 2008 global financial crisis from turning into another Great Depression. When traditional signals of credibility fell short during these periods of crisis and uncertainty, established ties of trust between central bank leaders mediated risk calculations, alleviated concerns, and helped innovate less costly solutions. Dr. Sahasrabuddhe challenges the idea that central banking is purely apolitical and technocratic. She pinpoints the unique transnational power central bank leaders hold as unelected figures who nonetheless play key roles in managing states' economies. By calling attention to the influence personal relationships can have on whether countries sink or swim during crises, Bankers' Trust asks us to reconsider the transparency and democratic accountability of global financial governance today. This interview was conducted by Dr. Miranda Melcher whose book focuses on post-conflict military integration, understanding treaty negotiation and implementation in civil war contexts, with qualitative analysis of the Angolan and Mozambican civil wars. You can find Miranda's interviews on New Books with Miranda Melcher, wherever you get your podcasts. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/sociology

Central bank cooperation during global financial crises has been anything but consistent. While some crises are arrested with extensive cooperation, others are left to spiral. Going beyond explanations based on state power, interests, or resources, in Bankers' Trust: How Social Relations Avert Global Financial Collapse (Cornell University Press, 2025) Dr. Aditi Sahasrabuddhe argues that central bank cooperation—or the lack thereof—often boils down to ties of trust, familiarity, and goodwill between bank leaders. These personal relations influence the likelihood of access to ad hoc, bilateral arrangements with more favorable terms. Drawing on archival evidence and elite interviews, Sahasrabuddhe uncovers just how critical interpersonal trust between central bankers has been in managing global financial crises. She tracks the emergence of such relationships in the interwar 1920s, how they helped prop up the Bretton Woods system in the 1960s, and how they prevented the 2008 global financial crisis from turning into another Great Depression. When traditional signals of credibility fell short during these periods of crisis and uncertainty, established ties of trust between central bank leaders mediated risk calculations, alleviated concerns, and helped innovate less costly solutions. Dr. Sahasrabuddhe challenges the idea that central banking is purely apolitical and technocratic. She pinpoints the unique transnational power central bank leaders hold as unelected figures who nonetheless play key roles in managing states' economies. By calling attention to the influence personal relationships can have on whether countries sink or swim during crises, Bankers' Trust asks us to reconsider the transparency and democratic accountability of global financial governance today. This interview was conducted by Dr. Miranda Melcher whose book focuses on post-conflict military integration, understanding treaty negotiation and implementation in civil war contexts, with qualitative analysis of the Angolan and Mozambican civil wars. You can find Miranda's interviews on New Books with Miranda Melcher, wherever you get your podcasts. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

Central bank cooperation during global financial crises has been anything but consistent. While some crises are arrested with extensive cooperation, others are left to spiral. Going beyond explanations based on state power, interests, or resources, in Bankers' Trust: How Social Relations Avert Global Financial Collapse (Cornell University Press, 2025) Dr. Aditi Sahasrabuddhe argues that central bank cooperation—or the lack thereof—often boils down to ties of trust, familiarity, and goodwill between bank leaders. These personal relations influence the likelihood of access to ad hoc, bilateral arrangements with more favorable terms. Drawing on archival evidence and elite interviews, Sahasrabuddhe uncovers just how critical interpersonal trust between central bankers has been in managing global financial crises. She tracks the emergence of such relationships in the interwar 1920s, how they helped prop up the Bretton Woods system in the 1960s, and how they prevented the 2008 global financial crisis from turning into another Great Depression. When traditional signals of credibility fell short during these periods of crisis and uncertainty, established ties of trust between central bank leaders mediated risk calculations, alleviated concerns, and helped innovate less costly solutions. Dr. Sahasrabuddhe challenges the idea that central banking is purely apolitical and technocratic. She pinpoints the unique transnational power central bank leaders hold as unelected figures who nonetheless play key roles in managing states' economies. By calling attention to the influence personal relationships can have on whether countries sink or swim during crises, Bankers' Trust asks us to reconsider the transparency and democratic accountability of global financial governance today. This interview was conducted by Dr. Miranda Melcher whose book focuses on post-conflict military integration, understanding treaty negotiation and implementation in civil war contexts, with qualitative analysis of the Angolan and Mozambican civil wars. You can find Miranda's interviews on New Books with Miranda Melcher, wherever you get your podcasts. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance

Central bank cooperation during global financial crises has been anything but consistent. While some crises are arrested with extensive cooperation, others are left to spiral. Going beyond explanations based on state power, interests, or resources, in Bankers' Trust: How Social Relations Avert Global Financial Collapse (Cornell University Press, 2025) Dr. Aditi Sahasrabuddhe argues that central bank cooperation—or the lack thereof—often boils down to ties of trust, familiarity, and goodwill between bank leaders. These personal relations influence the likelihood of access to ad hoc, bilateral arrangements with more favorable terms. Drawing on archival evidence and elite interviews, Sahasrabuddhe uncovers just how critical interpersonal trust between central bankers has been in managing global financial crises. She tracks the emergence of such relationships in the interwar 1920s, how they helped prop up the Bretton Woods system in the 1960s, and how they prevented the 2008 global financial crisis from turning into another Great Depression. When traditional signals of credibility fell short during these periods of crisis and uncertainty, established ties of trust between central bank leaders mediated risk calculations, alleviated concerns, and helped innovate less costly solutions. Dr. Sahasrabuddhe challenges the idea that central banking is purely apolitical and technocratic. She pinpoints the unique transnational power central bank leaders hold as unelected figures who nonetheless play key roles in managing states' economies. By calling attention to the influence personal relationships can have on whether countries sink or swim during crises, Bankers' Trust asks us to reconsider the transparency and democratic accountability of global financial governance today. This interview was conducted by Dr. Miranda Melcher whose book focuses on post-conflict military integration, understanding treaty negotiation and implementation in civil war contexts, with qualitative analysis of the Angolan and Mozambican civil wars. You can find Miranda's interviews on New Books with Miranda Melcher, wherever you get your podcasts. Learn more about your ad choices. Visit megaphone.fm/adchoices

Ende des zweiten Weltkriegs trafen sich in Bretton Woods die Finanzminister und Notenbankgouverneure bzw. -präsidenten von 44 Staaten. Ergebnis war das #Bretton-Woods-Abkommen. Doch der resultierende Dollar als Weltreservewährung unterliegt dem #Triffin-Dilemma (#Paradoxon), nachdem ein einziges Land, so groß es auch sein mag, niemals langfristig eine stabile Weltreservewährung stellen kann. - ✘ Werbung: Mein Buch Politik für Wähler ► https://amazon.de/dp/B0F92V8BDW/ Mein Buch Katastrophenzyklen ► https://amazon.de/dp/B0C2SG8JGH/ Kunden werben Tesla-Kunden ► http://ts.la/theresia5687 Mein Buch Allgemeinbildung ► https://amazon.de/dp/B09RFZH4W1/ - Dubai ► https://youtu.be/ysxURPZYWbQ Handelswährung ► https://youtu.be/GewisSSlcFk FAQ Handelswährung ► https://youtu.be/VjZFU4wg0MY Gold-Zock ► https://youtu.be/lVfydLMmTWo Schulden der G7 ► https://youtu.be/hs5jumTjff4 -

En este episodio, exploramos el patrón oro, un sistema monetario que durante siglos respaldó el valor de las divisas con reservas de oro físico. Analizamos sus ventajas, como la estabilidad de precios y la limitación de la inflación, pero también sus desventajas, como la rigidez ante crisis económicas. El episodio se centra en el "Shock de Nixon" (1971), cuando el presidente estadounidense Richard Nixon suspendió unilateralmente la convertibilidad del dólar en oro, poniendo fin al sistema de Bretton Woods. Bibliografia: https://wtfhappenedin1971.com/

SPONSORS: 1) GhostBed: Use Code "JULIAN" to get 10% off your new GhostBed Mattress https://ghostbed.com/julian PATREON: https://www.patreon.com/JulianDorey (***TIMESTAMPS in Description Below) ~ Eric Czuleger is a Diplomat, Author, & Renegade Country Explorer. For the past 11 years, Czuleger has lived and traveled across Europe, Asia, and Africa –– getting himself into wild situations that include managing diplomatic relationships between unrecognized countries. Eric insists he is *not* in the CIA –– but absolutely no one believes him. His life memoir, “You Are Not Here” came out in 2023. ERIC'S LINKS: Instagram: https://www.instagram.com/eczuleger/?hl=en X: https://x.com/eczuleger BUY HIS BOOK: https://www.amazon.com/You-Are-Not-Here-Countries/dp/B0C87SH7Q8 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 - Istanbul detention, Turkey ban, Google mistake 4:07 - Smoky room, waterboarding fear, book sales joke 8:01 - Interrogation, Kurdistan book, Erbil questions 13:08 - Kurdish statehood history, Sykes-Picot 18:16 - Nation-state illusion, Westphalia, social constructs 23:01 - Internet, crypto, digital citizenship 28:00 - Bretton Woods, U.S. power, dollar dominance 34:18 - Globalization, wealth inequality, systemic failure 42:00 - Climate change, Tower of Babel, fragmentation 50:15 - 5th-Generation warfare, influence, mind battles 59:11 - China, psychological/economic/legal warfare, TikTok 1:09:17 - Info wars, U.S. polarization, social media 1:24:13 - Transparency, government trust, speech tension 1:40:02 - U.S. soft power, sitcoms, cultural influence 1:54:16 - Micro-states, Liberland, Somaliland, Bitcoin embassy 2:01:05 - Ambassadorship, aid logistics, geopolitics 2:08:00 - China tension, soft power argument, desert escape 2:15:00 - Intelligence secrecy, accountability, governance trust 2:21:00 - USAID, aid misuse, soft power repair 2:27:00 - Development vs. geopolitical aid, system reform 2:32:00 - Statecraft illusions, collective action 2:45:07 - Patriotism vs. cynicism 2:53:54 - Czuleger's Work 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 315 - Johnny Mitchell Music by Artlist.io Learn more about your ad choices. Visit podcastchoices.com/adchoices

In this episode, I dive deep into the rise and enduring dominance of the U.S. dollar in the global economy.I walk you through its journey—from Bretton Woods to the creation of the petrodollar system—and explain how the dollar became the backbone of international trade and a powerful tool for economic sanctions.But things are shifting. Countries around the world are actively looking for alternatives to the dollar, and I explore what that means for the future of our financial influence.Whether you're new to global economics or just want a better understanding of how money moves the world, this episode breaks down the complexities of the “dollar empire” in a way that's clear, thought-provoking, and timely.Bretton Woods and the Blueprint for Dominance (00:02:35)The Dollar as the World's Reserve Currency (00:05:42)Dollar Dominance and Economic Sanctions (00:08:22)Global Pushback and Alternatives to the Dollar (00:09:27)NEWSLETTER (WHAT NOW): https://substack.com/@9icapitalr=2eig6s&utm_campaign=profile&utm_medium=profile-page Follow Us: youtube: / @9icap Linkedin: / kevin-thompson-ricp%c2%ae-cfp%c2%ae-74964428 facebook: / mlb2cfp Buy MLB2CFP Here: https://www.amazon.com/MLB-CFP%C2%AE-90-Feet-Counting-ebook/dp/B0BLJPYNS4 Website: http://www.9icapitalgroup.com Hit the subscribe button to get new content notifications. Corrections: Editing by http://SwoleNerdProductions.com Disclosure: https://sites.google.com/view/9idisclosure/disclosure

How did Heath end up calling an election on the question of who governed the country? Especially as the choice he seemed to be offering was between him and the minders. This episode traces the impact of two major shocks, the ending of Bretton Woods in 1971 and the oil shock of 1973, combined with the inflation that followed a last Tory attempt to manufacture a boom from Keynesian economics, that drove Heath to that decision. It also shows how all this led to the unravelling of the postwar consensus, particularly on economic policy, and the emergence of a new, radical current in the Conservative Party seeking to replace the consensus by a new departure in economic thinking.When Heath, having lost the February 1974 election, lost the next one, in October, too, the pressure against him became irresistible. He called a leadership election for early 1975. The self-destruction of the campaign of the initial darling of the right, Sir Keith Joseph, opened the door to the first possible ascent to leadership of a major British party by a woman. The brilliant election tactics of Airey Neave, ex-intelligence operative, ensured that she achieved it.Illustration: A Tory leader and his successor: Ted Heath and Margaret Thatcher. Photo from the Guardian, PA Archive/Press AssociationMusic: Bach Partita #2c by J Bu licensed under an Attribution-NonCommercial-No Derivatives (aka Music Sharing) 3.0 International License

O mundo está diante de um grande reset econômico global. Nesse vídeo você vai assistir a uma palestra da ExpoGestão 2025, onde apresentei como o sistema monetário internacional, criado em Bretton Woods e transformado em 1971, levou os EUA a um privilégio perigoso: consumir mais do que produzem, acumulando déficits e vulnerabilidades.Analisei o diagnóstico de Trump e sua equipe para enfrentar esse desequilíbrio, destacando as estratégias para reestruturar o sistema global e os desafios de manter o dólar como moeda hegemônica, mas enfraquecida.Entenda por que esse movimento pode redefinir o futuro da economia mundial e como investidores e empresários podem se preparar para as mudanças que vêm por aí.Palestra proferida no dia 11 de junho de 2025 na Expogestão de Joinville.

Entre 1943 y 1945, las conferencias aliadas de Casablanca, Teherán, Yalta y Potsdam, junto con la reunión económica de Bretton Woods, marcaron el tránsito de una alianza militar contra el fascismo a una rivalidad geopolítica que daría forma al orden mundial de posguerra. En Yalta se delinearon acuerdos sobre la división de Alemania, la creación de la ONU y el futuro de Europa, mientras que en Potsdam, ya con nuevos líderes y la bomba atómica como carta oculta de EE.UU., se reafirmaron posturas que evidenciaron la creciente desconfianza entre los aliados. Notas del episodio Este episodio fue traído a ustedes gracias a Boston Scientific  Las conferencias que diseñaron el mundo contemporáneo: Yalta y Potsdam El camino hacia el final de la guerra: las conferencias aliadas Las divisiones entre los Aliados “El niño ha nacido bien” el anunció de la bomba atómica en Potsdam Un nuevo orden económico: los acuerdos de Breton-Woods El reparto del mundo a partir de Potsdam ¡Síguenos en nuestras redes sociales!  Facebook:https://www.facebook.com/DianaUribe.fm/?locale=es_LA Instagram:https://www.instagram.com/dianauribe.fm/ Twitter: https://twitter.com/dianauribe.fm?lang=es Pagina web: https://www.dianauribe.fm TikTok: https://www.tiktok.com/@dianauribe.fm?is_from_webapp=1&sender_device=pc LinkedIn: https://www.linkedin.com/in/diana-uribe-/?originalSubdomain=co

Founder of the Raising Capitalists Foundation and previous co-host of The Real Estate Guys Radio show, Russell Gray, joins Keith to discuss the historical and current devaluation of the U.S. dollar, its impact on investors, and the broader economic implications. Gray highlights how the significant increase in interest rates has trapped equity in properties and affected development. He explains the shift from gold-backed currency to paper money, the role of the Federal Reserve, and the impact of the Bretton Woods Agreement.  Gray emphasizes the importance of understanding macroeconomic trends and advocates for Main Street capitalism to decentralize power and promote productivity. He also criticizes the idea of housing as a human right, arguing it leads to inflation and shortages. Resources: Connect with Russell Gray to learn more about his "Raising Capitalists" project and his plans for a new show. Follow up with Russell Gray to get a copy of the Beardsley Rummel speech transcript from 1946. follow@russellgray.com Show Notes: GetRichEducation.com/558 For access to properties or free help with a GRE Investment Coach, start here: GREmarketplace.com GRE Free Investment Coaching: GREinvestmentcoach.com Get mortgage loans for investment property: RidgeLendingGroup.com or call 855-74-RIDGE  or e-mail: info@RidgeLendingGroup.com Invest with Freedom Family Investments.  You get paid first: Text FAMILY to 66866 Will you please leave a review for the show? I'd be grateful. Search “how to leave an Apple Podcasts review”.  For advertising inquiries, visit: GetRichEducation.com/ad Best Financial Education: GetRichEducation.com Get our wealth-building newsletter free— text ‘GRE' to 66866 Our YouTube Channel: www.youtube.com/c/GetRichEducation Follow us on Instagram: @getricheducation Complete episode transcript:   Automatically Transcribed With Otter.ai  Keith Weinhold  0:01   Welcome to GRE. I'm your host. Keith Weinhold, what's the real backstory on why we have this thing called the dollar? Why it keeps getting debased? What you can do about it and when the dollar will die? It's a lesson in monetary history. And our distinguished guest is a familiar voice that you haven't heard in a while. Today on get rich education.   Mid south home buyers, I mean, they're total pros, with over two decades as the nation's highest rated turnkey provider, their empathetic property managers use your ROI as their North Star. So it's no wonder that smart investors just keep lining up to get their completely renovated income properties like it's the newest iPhone. They're headquartered in Memphis and have globally attractive cash flows and A plus rating with a better business bureau and now over 5000 houses renovated. There's zero markup on maintenance. Let that sink in, and they average a 98.9% occupancy rate, while their average renter stays more than three and a half years. Every home they offer has brand new components, a bumper to bumper, one year warranty, new 30 year roofs. And wait for it, a high quality renter. Remember that part and in an astounding price range, 100 to 180k I've personally toured their office and their properties in person in Memphis, get to know Mid South. Enjoy cash flow from day one. Start yourself right now at mid southhomebuyers.com that's mid south homebuyers.com   Russell Gray  1:54   You're listening to the show that has created more financial freedom than nearly any show in the world. This is get rich education.   Keith Weinhold  2:10   Welcome to GRE from St John's Newfoundland to St Augustine, Florida and across 188 nations worldwide. I'm Keith weinholden. You are inside get rich education. It's 2025. The real estate market is changing. We'll get into that in future. Weeks today. Over the past 100 years plus, we've gone from sound money to Monopoly money, and we're talking about America's currency collapse. What comes next and how it affects you as both an investor and a citizen.   I'd like to welcome in longtime friend of the show and someone that I've personally learned from over the years, because he's a brilliant teacher, real estate investors probably haven't heard his voice as much lately, because until last year, he had been the co host of the terrific real estate guys radio show for nearly 20 years. Before we're done today, you'll learn more about what he's doing now, as he runs the Main Street capitalist platform and is also founder of the raising capitalists foundation. Hey, it's been a few years. Welcome back to GRE Russell Gray.   Russell Gray  3:19   yeah, it's fun. I actually think it's been maybe 10 years when I think about it, I remember I was at a little resort in Mexico recording with you, I think in the gym. It was just audio back then, no video.    Keith Weinhold  3:24   Yeah, I remember we're trying to get the audio right. Then I think you've been here more recently than 10 years ago. But yeah, now there's this video component. I actually have to sit up straight and comb my hair. It's ridiculous. Well, Russ, you're also a buff of monetary history. And before we discuss that, talk about the state of the real estate market today, just briefly, from your vantage point.   Russell Gray 1  3:55    I think the big story, and I'm probably not telling anybody anything they don't know, but the interest rate hike cycle that we went through this last round was quite a bit more substantial, I think, than a lot of people really appreciated, you know. And I started talking about that many years ago, because when you hit the zero bound and you have 6,7,8, years of interest rates below half a point, the change when they started that interest rate cycle from point two, 525 basis points all the way up to five and a quarter? That's a 20x move. And people might say, well, oh, you know, I go back to what Paul Volcker did way back in the day, when he took interest rates from eight or nine to 18. That was only a little bit more than double. Double is a far cry from 20x so we've never seen anything like that. Part of the fallout of that, as you know, is a lot of people wisely, and I was on the front end of cheerleading This is go get those loans refinanced and lock in that cheap money for as long as possible, because a loan will actually become an asset. The problem is, when you do that, you're kind of married to that property. Now it's not quite as bad. As being upside down in a property and you can't get out of it, but it's really hard to walk away from a two or 3% loan in a Six 7% market, because you really can't take your same payment and end up getting more house. And so that equity is kind of a little bit trapped, and that creates some opportunities, but I think that's been the big story, and then kind of the byproduct of the story. Second tier of the story was the impact it had on development, because it made it a lot harder for developers to develop, because their cost of funds and everything in that supply chain, food chain, you marry that to the 2020, COVID Supply Chain lockdown and that disruption, which, you know, you don't shut an economy down and just flick a switch and have it come back on. And so there's all of that. And then the third thing is just this tremendous uncertainty everybody has, because we just went from one extreme to another. And I think people, you know, they don't want to, like, rock the boat, they're going to kind of stay status quo for a little bit, whether they're businesses, whether they're homeowners, whether they're anybody out there that's thinking about moving them, unless life forces you to do it, you're going to try to stay status quo until things calm down. And I don't know how close we are to things calming down.   Keith Weinhold  6:13   One word I use is normalized. Both the 30 year fixed rate mortgage and the Fed funds rate are pretty close to their long term historic average. It just doesn't feel that way, because it was that rate of increase in 2022 that caught a lot of people off guard, like you touched on Well, Russ, now that we've talked about the present day, let's go back in time, and then we'll slowly bring things up to the present day. The dollar is troubled. It's worth perhaps 3% of what it was 100 years ago, but it's still around since it was established in the Coinage Act of 1792 and it's still the world reserve currency. In fact, only three currencies have survived longer than the dollar, the British pound, the Japanese yen and the Swiss franc. So talk to us about this really relentless debasement of the dollar over time, including the creation of the Fed and the Bretton Woods Agreement and all that.   Russell Gray 7:09   That's a big story, as you know, and I always like to try to break it down a little bit. One of my specialties I'd like to believe, is I speak macro and I speak Main Street. And so when I try to break macroeconomics down, I start out with, why do I even care? I mean, if I'm a main street investor, why do I even care? In 2008 as you know, is a wipeout for me. Why? Because I didn't think anything had happened in the macro I didn't think Wall Street bond market. I didn't think that affected me. One thing I really cared about was interest rates. And I had a cursory interest in the bond market. We just try to figure out where interest rates were going. But for the most part, I thought, as a main street real estate investor, I was 100% insulated. I couldn't have been more wrong, because it really does matter, because the value of the dollar, in other words, the purchasing power of the dollar, and usually you refer to that as inflation, right? If inflation is there, the dollar is losing its purchasing power, and so the higher the inflation rate, the faster you're losing that purchasing power. And you might say, well, maybe that matters to me. Maybe it does. But the people who make the money available to the mortgage community, right to the real estate community to borrow that comes out of the bond market. And so when people go to buy a bond, which is an IOU, they're going to get paid back in the currency that they lent in, in this case, dollars. And if they know, if they're making a long term investment in a long term bond, and they're going to get paid back in dollars, they're going to be worth a whole lot less when they get them back. One of the things they're going to want is compensation for that time risk, and that's called higher interest rates. Okay, so now, if you're a main street investor, and higher interest rates impact you, now you understand why you want to pay attention. Okay, so let's just start with that. And so once you understand that the currency is a derivative of money, and money used to be you mentioned the Coinage Act Keith money, which is gold, used to be synonymous with the dollar. The dollar was only a unit of measure of gold, 1/20 of an ounce. It was a unit of measure. So it's like, the way I teach people is, like, if you had a gallon of milk and you traded, I'm a farmer, and I had a lot of milk, and so everybody decided they were going to use gallons of milk as their currency. Hey, where there's a lot of gallons of milk. He's got a big refrigerator. We'll just trade gallons of milk. Hey, Keith, I really like your beef. I you know, will you sell me some, a side of beef, and I'll give you, you know, 100 gallons of milk, you know, like, Oh, that's great. Well, I can't drink all this milk, so I'm going to leave the milk on deposit at the dairy, and then later on, when I decide I want a suit of clothes, I'll say, well, that's 10 gallons of milk. So I'll give the guy 10 gallons of milk. So I just give him a coupon, a claim, a piece of paper for that gallon of milk, or 20 gallons of milk, and he can go to the dairy and pick it up, right? And so that's kind of the way the monetary system evolved, except it wasn't milk, it was gold. So now you got the dollar. Well, after a while, nobody's going to get the milk. They don't care about the milk. And so now. Now, instead of just saying, I'll give you a gallon of milk, you just say, well, I'll give you a gallon. And somebody says, Okay, that's great. I'll take a gallon. They never opened the jug up. They never realized the jug is empty. They're just trading these empty jugs that used to have milk in them. Well, that's what the paper dollar is today. It went from being a gold certificate payable to bearer on demand, a certain amount of gold, a $20 gold certificate, what looks exactly like a $20 FEDERAL RESERVE NOTE. Today they look exactly the same, except one says FEDERAL RESERVE NOTE, which is an IOU backed by nothing, and the other one said gold certificate, which was payable to bearer on demand, real money. So my point is, is he got money which is a derivative of the productivity, the beef, the soot, the milk, whatever, right? That's the real capital. The real capital is the goods and services we all want. Money is where we store the value of whatever it is we created until we want to trade it for something somebody else created later. And it used to be money and currency were one in the same, but now we've separated that. So now all we do is trade empty gallons, which are empty pieces of paper, and that's currency. So those are derivatives, and the last derivative of that chain is credit. And you had Richard Duncan on your show more than once, and he is famous for kind of having this term. We don't normally have capitalism. We have creditism, right? Everything is credit. Everything is claims on wealth, but it's not real wealth, and it's just when we look at what's going on with our current administration and the drive to become a productive rather than a financialized society, again, as part of this uncertainty that everybody has. Because this is not just a subtle little adjustment on the same course. This is like, No, we're we're going down a completely different path. But fundamentally, your system operates on this currency that is flowing through it, like the blood flowing through your body. And if the blood is bad, your body's sick. And right now, our currency is bad, and so it creates problems, not just for us, but all around the world. And now we're exacerbating that. And I'm not saying it's bad. In fact, I think it's actually it's actually good, but change is what it is, right? I mean, it can be really good to go to the gym and work out before we started recording, you talked about your commitment to fitness, and that if you stop working out, you get unfit, and it's hard to start up again. Well, we've allowed our economy to get very unfit. Now we're trying to get fit again, and it's going to be painful. We're going to be sore, but if we stick with it, I think we can actually kind of save this thing. So I don't know what that's going to mean for the dollar ultimately, or if we end up going to something else, but right now, to your point, the dollar is definitely the big dog still, but I think it's probably even more under attack today than it's ever been, and so it's just something I think every Main Street investor needs to pay attention to.    Keith Weinhold  12:46   And it was really that 1913 creation of the Fed, where the Fed's mandates really didn't begin to take effect until 1914 that accelerated this slide in the dollar. Prior to that, it was really just periods of war, like, for example, the Civil War, where we had inflation rise, but then after wars abated, the dollar's strength returned, but that ceased to happen last century.   Russell Gray  13:11   I think there's a much bigger story there. So when we founded the country, we established legal money in the Coinage Act of 1792 we got gold and silver and a specific unit of measure of gold, a specific unit, measure of silver was $1 and that's what money was constitutionally. Alexander Hamilton advocated for the first central bank and got it, but it was issued by Charter, which meant that it was operated by the permission of the Congress. It wasn't institutionalized. It wasn't embedded in the Constitution. It was just something that was granted, like a license. You have a charter to be able to run a bank. When that initial charter came up for renewal, Congress goes, now we're not going to renew it. Well, of course, that made the bankers really upset, because bankers have a pretty good gig, right? They get to just loan people money. They don't have to do any real work, and then they make money on just kind of arbitraging, you know, other people's money. Savers put their money in, and they borrowed the money out, and then they with fractional reserve, they're able to magnify that. So it's, it's kind of a cool gig. And so what happened? Then he had the first central bank, so then they got the second central bank, and the second central bank was also issued by charter this time when it came up for renewal, Congress goes, Yeah, let's renew it, right? Because the bankers knew we got to go buy a few congressmen if we want to keep this thing going. But President Andrew Jackson said, No, not going to happen. And it was a big battle. Is a famous quote of him just calling these bankers a brood of vipers. And I'm going to put you down. And God help me, I will, right? I mean, it was like intense fact, I do believe he got shot at one point. I think he died from lead poisoning, because he never got the bullet out. So, you know, when you go to up against the bankers, it's not pretty, but he succeeded. He was the last president that paid off all the debt, balanced budget, paid off all the debt, and we got kind of back on sound money. Well, then a little while later, said, Okay, we're going to need, like, something major, and this would. I should put on. I got my, this is my hat, right now, I'll kind of put it on. This is my, my tin foil hat. Okay? And so I put this on when I kind of go down the rabbit trail a little bit. No, I'm not saying this is what happened, but it wouldn't surprise me, right? Because I know that war is profitable, and so sometimes, you know, your comment was, hey, there's the bank, and then there was, you know, the war, or there's the war, then there's a bank, which comes first the chicken or the egg. I think there's an article where Henry Ford and Thomas Edison went to Congress. I think it was December. The article was published New York Tribune, December 4. I think 1921 you can look it up, New York Tribune, front page article   Keith Weinhold  15:38   fo those of you in the audio only. Russ started donning a tin foil looking hat here about one minute ago.    Russell Gray  15:45   I did, yeah, so I put it on. Just so fair warning. You know, I may go a little conspiratorial, but the reason I do that is I just, I think we've seen enough, just in current, modern history and politics, in the age of AI and software and freedom of speech and new media, there's a lot of weird stuff going on out there, but a lot of stuff that we thought was really weird a little while ago has turned out to be more true than we thought. When you look back in history, and you kind of read the official narrative and you wonder, you kind of read between the lines. You go, oh, maybe some stuff went on here. So anyway, the allegation that Ford made, smart guy, Thomas Edison, smart guy. And they go to Congress, and they go, Hey, we need to get the gold out of the banker's hands, because gold is money, and we need money not to revolve around gold, because the bankers control gold. They control the money, and they make profits, his words, not mine, by starting wars, because he was very upset about World War One, which happened. We got involved right after Fed gets formed in 1913 World War One starts in 1914 the United States sits off in the background and sells everybody, everything. It collects a bunch of gold, and then enters at the end and ends it all. And that big influx created the roaring 20s, as we all know, which ended big boom to big bust. And that cycle, which then a crisis that created, potentially a argument for why the government should have more control, right? So you kind of go down this path. So we ended up in 1865 with President Lincoln suppressing states rights and eventually creating an unconstitutional income tax and then creating an unconstitutional currency. That's what Abraham Lincoln did. And then on the back end of that, you know, it didn't end well for him, and I don't know why, but all I know is that we had a financial crisis in 1907 and the solution to that was the Aldrich plan, which was basically a monopoly on money. It's called a money trust. And Charles Lindbergh, SR was railing against it, as were many people at the time, going, No, this is terrible. So they renamed the Aldrich plan the Federal Reserve Act. And instead of going for a bank charter, they went for a constitutional amendment, and they got it in the 16th Amendment, and that's where we got the IRS. That's where we got the income tax, which was only supposed to be 7% only affect like the top one or 2% of earners, right? And that's where we got, you know, the Federal Reserve. That's where all that was born. Since that happened, to your point, the dollar has been on with a slight little rise up in the 20s, which, you know, there's a whole thing about whether that caused the crash or not. But at the end of the day, if you go look at St Louis Fed, which you go look at all the time, and you just look at the long term trend of the dollar, it's terrible. And the barometer, that's gold, right? $20 of gold in 1913 and 1933 and then 42 in 1971 or two, whatever it was, three, and then eventually as high as 850 but at the turn of the century, this century, it was $250 so at $2,500 it would have lost 90% in the 21st Century. The dollars lost 90% in the 21st Century, just to 2500 that's profound to go. That's right, it already lost more than 90% from $20 to 250 so it lost 90% and then 90% of the 10% that was left. And that's where we're at. We're worse than that. Today, no currency, as far as I understand, I've been told this. Haven't done the homework, but it's my understanding, no currency in the history of the world has ever survived that kind of debasement. So I think a lot of people who are watching are like, okay, it's not a matter of if, it's a matter of when. And then the big question is, is when that when comes? What does the transition look like? What rises in its place? And then you look at things like a central bank digital currency, which is not like Bitcoin, it's not a crypto, it's a centrally controlled currency run by the central bank. If we get that, I would argue that's not good for privacy and security. Could be Bitcoin would be better. I would argue, could go back to gold backing, which I would say is better than what we have, or we could get something nobody's even thought of. I don't know. We don't know, but I do think we're at the end of the life cycle. Historically, all things being equal. And I think all the indication with a big run up of gold, gold is screaming something's broken. It's just screaming it right now, not just because the price is up, but who's buying it. It's just central banks.   Keith Weinhold  20:12   Central banks are doing most of the buying, right? It's not individual investors going to a coin shop. So that's really screaming, telling you that people are concerned. People are losing their faith in giving loans to the United States for sure. And Russ, as we talk about gold, and it's important link to the dollar over time, you mentioned how they wanted it, to get it out of the bank's hands for a while. Of course, there was also a period of time where it was illegal for Americans to own gold. And then we had this Bretton Woods Agreement, which was really important as well, where we ended up violating promises that had to do with gold again. So can you speak to us some more about that? Because a lot of people just don't understand what happened at Bretton Woods.   Russell Gray  20:56   What happened is we had the big crash in 1929 and the net result of that was, in 1933 we got executive order 6102 In fact, I have a picture of it framed, and that was in the wake of that in 1933 and so what Franklin Delano Roosevelt did in signing that document, which was empowered by a previous act of Congress, basically let him confiscate all The money. It'd be like right now if, right now, you know, President Trump signed an executive order and said, You have to take all your cash, every all the cash that you have out of your wallet. You have to send it all, take it into the bank, and they're going to give you a Chuck E Cheese token, right? And if you don't do it, if you do it, it's a $500,000 fine in 10 years in prison. Right? Back then it was a $10,000 fine, which was twice the price of the average Home huge fine, plus jail time. That's how severe it was, okay? So they confiscated all the money. That happened in 33 okay? Now we go off to war, and we enter the war late again. And so we have the big manufacturing operation. We're selling munitions and all kinds of supplies to everybody, all over the world, right? And we're just raking the gold and 20,000 tons of gold. We got all the gold. We got the biggest army now, we got the biggest bomb, we got the biggest economy. We got the strongest balance sheet. Well, I mean, you know, we went into debt for the war, but, I mean, we had a lot of gold. So now everybody else is decimated. We're the big dog. Everybody knows we're the big dog. Nine states shows up in New Hampshire Bretton Woods, and they have this big meeting with the world, and they say, Hey guys, new sheriff in town. Britain used to be the world's reserve currency, but today we're going to be the world's reserve currency. And so this was the new setup. But it's okay. It's okay because our dollar is as good as gold. It's backed by gold, and so anytime you want foreign nations, you can just bring your dollars to us and we'll give you the gold, no problem. And everyone's like, okay, great. What are you going to say? Right? You got the big bomb, you got the big army. Everybody needs you for everything to live like you're not going to say no. So they said, Yes, of course, the United States immediately. I've got a speech that a guy named Beardsley Rummel did. Have you ever heard me talk about this before? Keith, No, I've never heard about this. So Beardsley Rummel was the New York Fed chair when all this was happening. And so he gave a speech to the American Bar Association in 1945 and I got a transcript of it, a PDF transcript of it from 1946 and basically he goes, Look, income taxes are obsolete. We don't need income tax anymore because we can print money, because we're off the gold standard and we have no accountability. We just admitted it, just totally admitted it, and said the only reason we have income tax is to manipulate behavior, is to redistribute wealth, is to force people to do what we want them to do, punish things and reward others, right? Just set it plain language. I have a transcript of the speech. You can get a copy of you send an email to Rummel R U, M, L@mainstreetcapitalist.com I'll get it to you. So it's really, really interesting. So he admitted it. So we went along in the 40s and the 50s, and, you know, we had the only big manufacturing you know, because everybody else is still recovering from the war. Everything been bombed to smithereens, and we're spending money and doing all kinds of stuff. And having the 50s, it was great, right, right up until the mid 60s. So the mid 60s, it's like, Okay, we got a problem. And Charles de Gaulle, who was the president of France at the time, went to a meeting. And there's a YouTube video, but you can see it, he basically told the world, hey, I don't think the United States is doing a good job managing this world's reserve currency. I don't think they've got the gold. I think they printed too much money. I think that we should start to go redeem our dollars and get the gold. That was pretty forward thinking. And he created a run on the bank. And at the same time, we passed the Coinage Act in 1965 and took all the silver out of the people's money. So we took the gold in 33 and then we took the silver in 65 right? Because we got Vietnam and the Great Society, welfare, all these things were going on in the 60s. We're just going broke. Meanwhile, our gold supply went from 20,000 tons down to eight and Richard. Nixon is like, whoa, time out. Like, this is bad. And so we had inflation in 1970 August 15, 1971 year before August 15, 1971 1970 Nixon writes an executive order and freezes all prices and all wages. It became illegal by presidential edict for a private business to give their employee a raise or to raise their prices to the customers.    Keith Weinhold  25:30   It's almost if that could happen price in theUnited States of America, right?    Russell Gray  25:36   And inflation was 4.4% and it was a national emergency like today. I mean, you know, a few years ago, like three or four years ago, we if we could get it down 4.4% it'd be Holly. I'd be like a celebration. That was bad. And so that's what happened. So a year later, that didn't work. It was a 90 day thing. It was a disaster. And so in a year later, August 15, 1971 Nixon came on live TV after Gunsmoke. I think it was, and I was old enough I'm watching TV on a Sunday night I watched it. Wow. So I live, that's how old I am. So it's a lot of this history, not the Bretton Woods stuff, but from like 1960 2,3,4, forward. I remember I was there.    Keith Weinhold  26:13   Yeah, that you remember the whole Nixon address on television. We should say it for the listener that doesn't know. Basically the announcement Nixon made, he said, was a temporary measure, is that foreign nations can no longer redeem their dollars for gold. He broke the promise that was made at Bretton Woods in about 1945   Russell Gray  26:32   Yeah. And then gold went from $42 up to 850 and a whole series of events that have led to where we're at today were put in place to cover up the fact that the dollar was failing. We had climate emergency. We were headed towards the next global Ice Age. We had an existential threat in two different diseases that hit one right after the other. First one was the h1 n1 flu, swine flu, and then the next thing was AIDS. And so we had existential pandemic, two of them. We also had a oil shortage crisis. We were going to run out of fossil fuel by the year 2000 we had to do all kinds of very public, visible, visceral things that we would all see. You could only buy gas odd even days, like, if your license plate ended in an odd number, you could go on these days, and if it ended on an even number, you could go on the other days. And so we had that. We lowered our national speed limit down to 55 miles an hour. We created the EPA and all these different agencies under Jimmy Carter to try to regulate and manage all of this crisis. Prior to that, Nixon sent Kissinger over to China, and we opened up trade relations. And we'd been in Vietnam to protect the world from communism because it was so horrible. And then in the wake of that, we go over to Communist China, Chairman Mao and open up trade relations. Why we needed access to their cheap labor to suck up all the inflation. And we went over to the Saudis, and we cut the petro dollar deal. Why? Because we needed the float. We needed some place for all these excess dollars that we had created to get sucked up. And so they got sucked up in trading the largest commodity in the world, energy. And the deal was, hey, Saudis, here's the deal. You like your kingdom? Well, we got the big bomb. We got the big army. You're going to rule the roost in the in the Middle East, and we'll protect you. All you got to do is make sure you sell all your oil in dollars and dollars only. And they're like, Well, what if we're selling oil to China, or what if we're selling oil to Japan? Can they pay in yen? Nope, they got to sell yen. Buy dollars. Well, what do we do with all these dollars? Buy our treasuries. Okay, so what if I got this? Yeah, and so that was the petrodollar system. And the world looked at everything went on, and the world is like, Hmm, the United States coming back to Europe, and Charles de Gaulle, they're like, the United States is not handling this whole dollar thing real well. We need an alternative. What if all of us independent nations in Europe got together and created a common currency? We don't want to be like one country, like the United States, but we want to be like an economic union. So let's create a current let's call it the euro. And they started that process in the 70s, but they didn't get it done till 99 and so they get it done in 99 as soon as they get it done, this guy named Saddam Hussein goes, Hey, I'm now the big dog here. I got the fourth largest army in the world. I'm here in, you know, big oil producing nation. Let's trade in the euro. Let's get off the dollar. Let's do oil in the euro. And he's gone. I'm not sure I should put my hat back on. I'm not sure, but somehow we went into Afghanistan and took a hard left and took this guy out.   Keith Weinhold  29:44   Some credence to this. Yes, yeah, so. But with that said,   Russell Gray  29:47   you know, we ended up with the Euro taking about 20% of the global trade market from the United States, which is about where it sits today. And the United States used to be up over 80% and now we're down below 60% still. The Big Dog by triple and the euro is not in a position to supplant the US, but I think China, whose claim to fame is looking at other people's technology and models and copying it, looked at what the United States did to become the dominant economic force, and I think they've systematically been copying it. I wrote a report on this way back in 2013 when I started really paying attention to it and began to chronicle all the things that they were doing, this big D dollarization movement that I think still has legs. It's the BRICS movement. It's all the central banks buying gold. It's the bilateral trade agreements where people are doing business outside the dollar. There's been not just that, but also putting together the infrastructure, right? The Asian Infrastructure Bank is an alternative to the IMF looking, if you have you read Confessions of an economic hitman. No. Okay, so this is a guy that used to work in the government, I think, CIA or something, and he would go down and he'd cut deals with leaders of countries to get them to borrow from the United States to put in key infrastructure so they could trade with the US. And then, of course, if they defaulted, then the US owned that in the infrastructure. You can look it up. His name is Perkins, right. Look it up confessions of economic hit now, but you see China doing the same thing. China's got their Belt and Road Initiative. And you go through, and if you want to trade with China on that route, you have traded, you're gonna have to have infrastructure. You can eat ports. You're gonna need terminals for distribution. But you, Oh, you don't have the money. We'll loan it to you, and we'll loan it to you and you want. Now we're creating demand for you want, and we also are enslaving borrower servant to the lender. We're beginning to enslave these other nations under the guise of helping them by financing their growth so they can do business with us. It's the same thing the United States did and Shanghai Gold Exchange, as opposed to the London Bullion exchange. So all of the key pieces of infrastructure that were put in place to facilitate Western hegemony in the financial markets the Chinese have been systematically putting in place with bricks, and so there's a reason we're in this big trade war right now. We recognize that they had started to get in a position where they were actually a real threat, and we got to cut their legs out from underneath them before they get any stronger. Again, I should put my hat back on. Nobody's calling me up and telling me, I'm just reading between the lines. Sure,   Keith Weinhold  32:23   there certainly are more competitors to the dollar now. And can you imagine what rate of inflation that we would have had if we had not outsourced our labor and productivity over to a low wage place like China in the east? Russ and I have been talking about the long term debasement of the dollar and why. More on that when we come back, including what Russ is up to today. You're listening to get rich education. Our guest is Russell Gray. I'm your host, Keith Weinhold, the same place where I get my own mortgage loans is where you can get yours. Ridge lending group and MLS, 42056, they provided our listeners with more loans than anyone because they specialize in income properties. They help you build a long term plan for growing your real estate empire with leverage. Start your pre qual and even chat with President Chaley Ridge personally while it's on your mind, start at Ridge lendinggroup.com that's Ridge lendinggroup.com. You know what's crazy? 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This is Rich Dad advisor, Garrett Sutton. You're listening to the always valuable. Get rich education with Keith Weinhold, don't quit your Daydream.    Keith Weinhold  34:52   Welcome back to get rich education. We're talking with the main street capitalists Russell gray about this long term debasement of the dollar. It's an. Inevitable. It's one of the things we actually can forecast with pretty good predictability that the dollar will continue to debase. It's one of the few almost guarantees that we have in investing. So we can think about how we want to play that Russ one thing I wonder about is, did we have to completely de peg the dollar from gold? Couldn't we have just diluted it where we could instead say, Well, hey, now, instead of just completely depegging the dollar from gold, we could say, well, now it takes 10 times as many dollars as it used to to redeem it for an ounce of gold. Did it make it more powerful that we just completely de pegged it 100%   Russell Gray  35:36   it would disempower the monopoly. Right? In other words, I think that the thing from the very beginning, was scripted to disconnect from the accountability of gold, which is what sound money advocates want. They want some form of independent Accountability. Gold is like an audit to a financial system. If you're the bankers and you're running the program, the last thing in the world you want is a gold standard, because it limits your ability to print money out of thin air and profit from that. So I don't think the people who are behind all of this are, in no way, shape or form, interested in doing anything that's going to limit their power or hold them accountable. They want just the opposite. I think if they could wave a magic wand and pick their solution to the problem, it would be central bank digital currency, which would give them ultimate control. Yeah. And it wouldn't surprise me if we maybe, perhaps, were on a path where some crises were going to converge, whether it's opportunistic, meaning that the crisis happened on its own, and quote Rahm Emanuel and whoever he was quoting, you know, never let a good crisis go to waste, and you're just opportunistic, or, you know, put the conspiracy theory hat on, and maybe these crises get created in order to facilitate the power grab. I don't know. It really doesn't matter what the motives are or how it happens at the end of the day, it's what happens. It happened in 33 it happened in 60. In 71 it's what happens. And so it's been a systematic de pegging of any form of accountability. I mean, we used to have a budget ceiling. We used to talk about now it's just like, it's routine. You blow right through it, right, right. There's you balance. I mean, when's the last time you even had a budget? Less, less, you know, much less anything that looked like a valid balanced budget amendment. So I think there's just no accountability other than the voting booth. And, you know, I think maybe you could make the argument that whether you like Trump or not, the public's apparent embrace of him, show you that the main street and have a lot of faith in Main Street. I think Main Street is like, you know what? This is broken. I don't know what's how to fix it, but somebody just needs to go in and just tear this thing down and figure out a new plant. Because I think if you anybody paying attention, knows that this perpetual debasement, which is kind of the theme of the show is it creates haves and have nots. Guys like you who understand how to use real estate to short the dollar, especially when you marry it to gold, which is one of my favorite strategies to double short the dollar, can really magnify the power of inflation to pull more wealth onto your balance sheet. Problem is the people who aren't on that side of the coin are on the other side of the coin, and so the poor get poorer and the rich get richer. Well, the first order of business in a system we can't control is help as many people be on the rich get richer. That's why we had the get rich show, right? Let's help other people get rich. Because if I'm the only rich guy in the room, all the guns are pointed at me, right? I wanted everybody as rich as possible. I think Trump and Kiyosaki wrote about that in their book. Why we want you to be rich, right? When everybody's prospering, it's it's better, it's safer, you have people to trade with and whatnot, but we have eviscerated the middle class because industry has had to go access cheap labor markets in order to compensate for this inflation. And you know, you talk about the Fed mandate, which is 2% inflation, price inflation, 2% so if you say something that costs $1 today, a year from now, is going to cost $1 too, you think, well, maybe that's not that bad. But here's the problem, the natural progression of Business and Technology is to lower the cost, right? So you have something cost $1 today, and because somebody's using AI and internet and automation and robots and all this technology, right? And the cost, they could really sell it for 80 cents. And so the Fed looks at and goes, Let's inflate to $1.02 that's not two cents of inflation. That's 22 cents of inflation. And so there's hidden inflation. The benefits of the gains in productivity don't show up in the CPI, but it's like deferred maintenance on an apartment building. You can make your cash flow look great if you're not setting anything aside for the inevitable day when that roof is going to go out and that parking lot is going to need to be repaved, right? And you don't know how far out you are until you get there and you're like, wow, I'm really short, and I think that we have been experiencing for decades. The theft of the benefit of our productivity gains, and we're not just a little bit out of position. We're way out of position. That's   Keith Weinhold  40:07   a great point. Like I had said earlier, imagine what the rate of inflation would be if we hadn't outsourced so much of our labor and productivity to low cost China. And then imagine what the rate of inflation would be as well, if you would factor in all of this increased productivity and efficiency, the natural tendencies of which are to make prices go lower as society gets more productive, but instead they've gone higher. So when you adjust for some of these factors, you just can't imagine what the true debased purchasing power of the dollar is. It's been happening for a long time. It's inevitable that it's going to continue to happen in the future. So this has been a great chat about the history and us understanding what the powers that be have done to debase our dollar. It's only at what rate we don't know. Russ, tell us more about what you're doing today. You're really out there more as a champion for Main Street in capitalism.   Russell Gray  41:04   I mean, 20 years with Robert and the real estate guys, and it was fantastic. I loved it. I went through a lot, obviously, in 2008 and that changed me a little bit. Took me from kind of being a blocking and tackling, here's how you do real estate, and to really understanding macro and going, you know, it doesn't matter. You can do like I did, and you build this big collection. Big collection of properties and you lose it all in a moment because you don't understand macro. So I said, Okay, I want to champion that cause. And so we did that. And then we saw in the 2012 JOBS Act, the opportunity for capital raisers to go mainstream and advertise for credit investors. And I wrote a report then called the new law breaks Wall Street monopoly. And I felt like that was going to be a huge opportunity, and we pioneered that. But then after my late wife died, and I had a chance to spend some time alone during COVID, and I thought, life is short. What do I really want to accomplish before I go? And then I began looking at what was going on in the world. I see now a couple of things that are both opportunities and challenges or causes to be championed. And one is the mega trend that I believe the world is going you know, some people call it a fourth turning whatever. I don't consider that kind of we have to fall off a cliff as Destiny type of thing to be like cast in stone. But what I do see is that people are sick and tired of monopolies. We're sick and tired of big tech, we're sick and tired of big media, we're sick and tired of big government. We're sick and tired of big corporations, we don't want it, and big banks, right? So you got the rise of Bitcoin, you got people trying to get out from underneath the Western hegemony, as we've been talking about decentralization of everything. Our country was founded on the concept of decentralization, and so people don't understand that, right? It used to be everything was centralized. All powers in the king. Real Estate meant royal property. That's what real estate it's not like real asset, like tangible it's royal estate. It's royal property. Everything belonged to the king, and you just got to work it like a serf. And then you got to keep 75% in your produce, and you sent 25% you sent 25% through all the landlords, the land barons, and all the people in the hierarchy that fed on running things for the king, but you didn't own anything. Our founder set that on, turn that upside down, and said, No, no, no, no, no, it's not the king that's sovereign. It's the individual. The individual is sovereign. It isn't the monarchy, it's the individual states. And so we're going to bring the government, small. The central government small has only got a couple of obligations, like protect the borders, facilitate interstate commerce, and let's just have one common currency so that we can do business together. Other than that, like, the state's just going to run the show. Of course, Lincoln kind of blew that up, and it's gotten a lot worse after FDR, so I feel like we're under this big decentralization movement, and I think Main Street capitalism is the manifestation of that. If you want to decentralize capitalism, the gig economy, if you want to be a guy like you, and you can run your whole business off your laptop with a microphone and a camera, you know, in today's day and age with technology, people have tasted the freedom of decentralization. So I think the rise of the entrepreneur, I think the ability to go build a real asset portfolio and get out of the casinos of Wall Street. I think right now, if we are successful in bringing back these huge amounts of investment, Trump's already announced like two and a half or $3 trillion of investment, people are complaining, oh, the world is selling us. Well, they're selling stocks and they're selling but they're putting the money actually into creating businesses here in the United States that's going to create that primary driver, as you well know, in real estate, that's going to create the secondary and tertiary businesses, and the properties they're going to use all kinds of Main Street opportunity are going to grow around that. I lived in Silicon Valley, when a company would get funded, it wasn't just a company that prospered, it was everything around that company, right? All these companies. I remember when Apple started. I remember when Hewlett Packard, it was big, but it got a lot bigger, right there. I watched all that happen in Silicon Valley. I think that's going to happen again. I think we're at the front end of that. And so that's super exciting. Wave. The second thing that is super important is this raising capitalist project. And the reason I'm doing it is because if we don't train our next generation in the principles of capitalism and the freedom that it how it decentralizes Their personal economy, and they get excited about Bitcoin, but that's not productive. I'm not putting it down. I'm just saying it's not productive. You have to be productive. You want to have a decentralized currency. Yes, you want to decentralize productivity. That's Main Street capitalism. If kids who never get a chance to be in the productive economy get to vote at 1819, 2021, 22 before they've ever earned a paycheck, before they have any idea, never run a business. Somebody tells them, hey, those guys that have all that money and property, they cheated. It's not fair. We need to take from them. We need to limit them, not thinking, Oh, well, if I do that, when I get to be there, that what I'm voting for is going to get on me. Right now, Keith, there are kids in ninth grade who are going to vote for your next president, right?   Keith Weinhold  45:56   And they think capitalism is evil. This is part of what you're doing with the raising capitalists project, helping younger people think differently. Russ, I have one last thing to ask you. This has to do with the capitalism that you're championing on your platforms now. And real estate, I continue to see sometimes I get comments on my YouTube channel, especially maybe it's more and more people increasingly saying, Hey, I think housing should be a human right. So talk to us about that. And maybe it's interesting, Russ, if I take the other side of it and play devil's advocate, people who think housing is a human right, they say something like, the idea is that housing, you know, it's a fundamental need, just like food and clean water and health care are without stable housing. It's incredibly hard for a person to access opportunities like work and education or health care or participate meaningfully in society at all. So government ought to provide housing for everybody. What are your thoughts there?   Russell Gray  46:54   Well, it's inherently inflationary, which is the root cause of the entire problem. So anytime you create consumption without production, you're going to have more consumers than producers, and so you're going to have more competition for those goods. The net, net truth of what happens in that scenario are shortages everywhere. Every civilization that's ever tried any form of system where people just get things for free because they need them, end up with shortages in poverty. It doesn't lift everybody. It ruins everything. I mean, that's not conjecture. That's history, and so that's just the way it works. And if you just were to land somebody on a desert island and you had an economy of one, they're going to learn really quick the basic principles of capitalism, which is production always precedes consumption, always 100% of the time, right? If you're there on that desert island and you don't hunt fish or gather, you don't eat, right? You don't get it because, oh, it's a human right to have food. Nope, it's a human right to have the right to go get food. Otherwise, you're incarcerated, you have to have the freedom of movement to go do something to provide for yourself, but you cannot allow people to consume without production. So everybody has to produce. And you know, if you go back to the Plymouth Rock experiment, if you're familiar with that at all, yeah, yeah. So you know, just for anybody who doesn't know, when the Pilgrims came over here in the 1600s William Bradford was governor, and they tried it. They said, Hey, we're here. Let's Stick Together All for one and one for all. Here's the land. Everybody get up every day and work. Everybody works, and everybody eats. They starved. And so he goes, Okay, guys, new plan. All right, you wine holds. See this little plot of land, that's yours. You work it. You can eat whatever you produce. Over there, you grace. You're going to do yours and Johnson's, you're going to do yours, right? Well, what happened is now everybody got up and worked, and they created more than enough for their own family, and they had an abundance. And the abundance was created out of their hunger. When they went to serve their own needs, they created abundance forever others. That's the premise of capitalism. It's not the perfect system. There is no perfect system. We live in a world where human beings have to work before they get to eat. When I say eat, it could be having a roof over their head. It could be having clothes. It could be going on vacation. It could be having a nice car. It could be getting health care. It doesn't matter what it is, whatever it is you need. You have the right, or should have, the right, in a free system to go earn that by being productive, but the minute somebody comes and says, Oh, you worked, and I'm going to take what you produced and give it to somebody else who didn't, that's patently unfair, but economically, it's disastrous, because it incentivizes people not to work, which creates less production, more consumption. I have another analogy with sandwich makers, but you can imagine that if you got a group if you got a group of people making sandwiches, one guy starts creating coupons for sandwiches. Well then if somebody says, Okay, well now we got 19 people providing for 20. That's okay, but then all the guys making sandwiches. Why making sandwiches? I'm gonna get the coupon business pretty soon. You got 18 guys doing coupons, only two making sandwiches. Not. Have sandwiches to go around all the sandwiches cost tons of coupons because we got way more financialization than productivity, right? That's the American economy. We have to fix that. We can't have people making money by just trading on other people's productivity. We have to have people actually being productive. This is what I believe the administration is trying to do, rebuild the middle class, rebuild that manufacturing base, make us a truly productive economy, and then you don't have to worry about these things, right? We're going to create abundance. And if you don't have the inflation is which is coming from printing money out of thin air and giving to people who don't produce, then housing, all sudden, becomes affordable. It's not a problem. Health care becomes affordable. Everything becomes affordable because you create abundance, because everybody's producing the system is fundamentally broken. Now we have to learn how to profit in it in its current state, which is what you teach people how to do. We also have to realize that it's not sustainable. We're on an unsustainable path, and we're probably nearing that event horizon, the path of no return, where the system is going to break. And the question is, is, how are you going to be prepared for it when it happens? Number two, are you going to be wise enough to advocate when you get a chance to cast a vote or make your voice heard for something that's actually going to create prosperity and freedom versus something that's going to create scarcity and oppression? And that's the fundamental thing that we have to master as a society. We got to get to our youth, because they're the biggest demographic that can blow the thing up, and they're the ones that have been being indoctrinated the worst.   Keith Weinhold  51:29   Yes, Fed Chair Jerome Powell himself said that we live in a economic system today that is unsustainable. Yes, the collectivism we touched on quickly descends into the tyranny of the majority. And in my experience, historically, the success of public housing projects has been or to mixed at best, residents often don't respect the property when they don't have an equity stake in it or even a security deposit tied up in it, and blight and high crime rates have often followed with these public housing projects. When you go down that path of making housing as a human right, like you said earlier, you have a right to go procure housing for yourself, just not to ask others to pay for it for you. Well, Russ, this has been great. It's good to have your voice back on the show. Here again, here on a real estate show. If people want to connect with you, continue to see what you've been up to and the good projects that you're working on, promoting the virtues of capitalism. What's the best way for them to do that?   Russell Gray  52:31   I think just send an email to follow at Russell Gray, R, U, S, S, E, L, L, G, R, A, y.com, let you know where I am on social media. I'll let you know when I put out new content. I'll let you know when I'm a guest on somebody somebody's show and I'm on the cusp of getting my own show finally launched. I've been doing a lot of planning to get that out, but I'm excited about it because I do think, like I said, The time is now, and I think the marketplace is ripe, and I do speak Main Street and macro, and I hope I can add a nuance to the conversation that will add value to people.   Keith Weinhold  53:00   Russ, it's been valuable as always. Thanks so much for coming back onto the show. Thanks, Keith.   Yeah, terrific, historic outline from Russ about the long term decline of the dollar. It's really a fresh reminder and motivator to keep being that savvy borrower. Of course, real estate investors have access to borrow giant sums of dollars and short the currency that lay people do not. In fact, lay people don't even understand that it's a viable strategy at all. Like he touched on, Russ has really been bringing an awareness about how decentralization is such a powerful force that reshapes society. In fact, he was talking about that the last time that I saw him in person a few months ago. Notably, he touched on Nixon era wage and price controls. Don't you find it interesting? Fascinating, really, how a few weeks ago, Trump told Walmart not to pass tariff induced price increases onto their customers. Well, that's a form of price control that we're seeing today to our point, when we had the father of Reaganomics, David Stockman here on the show, five weeks ago, tariffs are already government intervention into the free market, and then a president telling private companies how to set their prices, that is really strong government overreach. I mean, I can't believe that more people aren't talking about this. Maybe that's just because this cycle started with Walmart, and that's just doesn't happen to be a company that people feel sorry for. Hey, well, I look forward to meeting you in person in Miami in just four days, as I'll be a faculty member for when we kick off the terrific real estate guys Investor Summit and see and really getting to know you, because we're going to spend nine days together. Teaching, learning and having a great time on a cruise ship in the Caribbean. Until then, I'm your host. Keith Weinhold, don't quit your Daydream.   Speaker 3  55:13   Nothing on this show should be considered specific, personal or professional advice. Please consult an appropriate tax, legal, real estate, financial or business professional for individualized advice. Opinions of guests are their own. Information is not guaranteed. All investment strategies have the potential for profit or loss. The host is operating on behalf of get rich Education LLC, exclusively.   Keith Weinhold  55:36   You know whatever you want, the best written real estate and finance info. Oh, geez, today's experience limits your free articles access and it's got pay walls and pop ups and push notifications and cookies disclaimers. It's not so great. So then it's vital to place nice, clean, free content into your hands that adds no hype value to your life. That's why this is the golden age of quality newsletters, and I write every word of ours myself. It's got a dash of humor, and it's to the point because even the word abbreviation is too long, my letter usually takes less than three minutes to read. And when you start the letter, you also get my one hour fast real estate video. Course, it's all completely free. It's called the Don't quit your Daydream letter. It wires your mind for wealth, and it couldn't be easier for you to get it right now. Just text. GRE to 66866, while it's on your mind, take a moment to do it right now. Text, GRE to 66866   The preceding program was brought to you by your home for wealth, building, getricheducation.com.

O "Ulrich Responde" é uma série de vídeos onde respondo perguntas enviadas por membros do canal e seguidores, abordando temas de economia, finanças e investimentos. Oferecemos uma análise profunda, trazendo informações para quem quer entender melhor a economia e tomar decisões financeiras mais informadas.00:00 - Hoje, no Ulrich Responde...01:00 – M2 acelerando, ainda dá pra chamar de aperto monetário ou estamos disfarçando um colapso fiscal?03:05 – Trump x Musk: até onde pode chegar?08:44 – Quais as características são determinantes para um investidor de sucesso?12:33 – Renda fixa em dólar com esse dólar ainda é viável?15:29 – Onde investir com mais 4 anos de PT?18:59 – Os aspectos positivos da nova One Big Beautiful Bill de Donald Trump20:57 – Os ciclos do Bitcoin podem se transformar daqui pra frente?23:29 – O dólar pode colapsar mais rápido do que esperamos?26:00 – No momento atual, o que fazer com liquidez em dólar?28:35 – Com restrições no aumento da carga tributário no Brasil, qual é a próxima carta na manga do governo?30:24- Qual é o IOF na compra de stablecoin?30:44 – Dólar pra proteger do Brasil e Bitcoin pra proteger do dólar?31:11 – Trump e dívida americana estariam manchando a imagem da direita no mundo?33:34 – Um novo Bretton Woods desvaloriza o BTC?34:32 – Um crash pior que 1929?38:06 – A dívida externa da Argentina pode vir a ser um problema?39:40 – Existe algum projeto na Câmara que pode influenciar muito os investimentos?41:38 – Como faço para entender melhor um relatório empresarial como os balanços empresariais?42:30 – Tá todo mundo desesperado

The Spanish-American War of 1898 marked the first milestone of the US making an appearance as a global power. But the period between the two World Wars was one of isolation for the US. However, once it entered WWII in 1941, the US showed it military, economic and financial might, emerging as a global Super power, by the end of the War.

The Dollar Standard, Global Liquidity, and the Coming Economic Reckoning In my expansive and highly accessible conversation with renowned economist Richard Duncan, we discuss the logic behind his long-running critique of the international monetary system, a system Richard calls the Dollar Standard where he explains why current U.S. policy moves, the system could come crashing down.   The Origins of the Dollar Standard and America's “Exorbitant Privilege” The Dollar Standard, Duncan explains, evolved out of the collapse of the Bretton Woods system (implemented after WWII) in 1971. Under Bretton Woods, currencies were pegged to the U.S. dollar, and the dollar was pegged to gold. But when other countries accumulated more dollars than the U.S. had gold, President Nixon suspended dollar convertibility, effectively ending the gold standard.   What replaced it was a floating currency regime and the birth of the Dollar Standard. Crucially, the U.S. began running persistent trade deficits, importing goods and sending dollars abroad. These dollars, in turn, were recycled by foreign central banks, especially in trade surplus countries like China and Japan, into U.S. dollar-denominated assets, primarily Treasuries, but also equities and real estate.   This loop, Duncan argues, created America's “exorbitant privilege”: the ability to fund government spending and consumer imports at artificially low interest rates, because foreign buyers are constantly reinvesting in U.S. debt and assets.   The phrase "exorbitant privilege" was first coined by Valéry Giscard d'Estaing, who later became President of France, but at the time was serving as France's Minister of Finance under President Charles de Gaulle in the 1960s.   He used the term to criticize the unique advantages enjoyed by the United States under the Bretton Woods system, particularly the ability to run persistent deficits by issuing debt in its own currency (the U.S. dollar), while foreign nations had to hold and use those dollars to trade and build reserves.   Giscard and de Gaulle saw this as an unfair financial hegemony that allowed the U.S. to “live beyond its means” at the expense of others. The phrase was intended as a critique but, ironically, it's now often used in a neutral or even admiring tone by economists.   How Global Credit Became a Bubble Machine Duncan makes the case that this system, while benefiting the U.S. enormously, has been fundamentally destabilizing for the rest of the world.   As surplus countries absorb dollar inflows, their central banks convert them into local currency, often by printing their own money. That liquidity ends up in domestic banking systems, fueling excessive credit growth, asset bubbles, and financial crises.   It happened in Japan in the late 1980s. It triggered the Asian Financial Crisis in the late 1990s. And it helped fuel China's real estate boom and the global credit bubble that preceded the 2008 collapse.   Notably, Duncan predicted the 2008 financial crisis in his 2003 book, The Dollar Crisis, warning that runaway global imbalances would eventually lead to a systemic shock. He now argues that post-2008 bailouts and quantitative easing (QE) only expanded the bubble rather than fixing the problem.   Trump's Trade Doctrine: Potential to Destabilize the System Fast forward to 2025: Trump is back in office, and his administration is moving quickly to reshape global trade.   Duncan's concern is that the Trump administration's effort to eliminate the U.S. trade deficit by imposing high tariffs and pursuing a strategic devaluation of the dollar, undermines the very structure that has sustained U.S. prosperity and global financial stability for decades. Why? Because every U.S. trade deficit is matched by a capital inflow. It's a balance-of-payments identity: if the U.S. runs a $1.1 trillion current account deficit, there must be a $1.1 trillion capital surplus (i.e., inflows) to finance it.   Take that away and you choke off the supply of global liquidity that props up asset prices worldwide.   The Doom Loop: What Happens If Capital Stops Flowing In Duncan walks through the scenario: If tariffs succeed in shrinking the trade deficit, dollars stop flowing abroad. Without those dollars, foreign central banks have fewer reserves to recycle into U.S. assets. This reduces demand for Treasuries, pushing interest rates up. Rising rates crush real estate, stocks, and credit-dependent sectors. Simultaneously, trade-surplus economies face a liquidity crunch, leading to job losses, bankruptcies, and potential financial crises. The result? A global depression triggered not by market excess this time, but by deliberate government policy.   Duncan notes that the Trump administration has already blinked once in rolling back tariffs on China after markets began to seize. But the damage to global confidence in the dollar's stability and America's reliability as a trading partner may already be done.   CRE-Specific Risks For CRE professionals, Duncan's framework suggests several key risks: Interest Rate Volatility: If capital inflows decline, Treasury demand will fall and rates may rise, increasing financing costs and repricing assets downward. Foreign Capital Flight: A weakening dollar and escalating trade tensions could lead to foreign divestment from U.S. real estate, especially in coastal gateway cities where foreign investors are dominant. Liquidity Shock: Reduced global liquidity may tighten credit markets, making debt financing harder to access for new acquisitions or refis. Wealth Effect Reversal: Falling stock prices and higher rates could curb consumer spending and investor confidence, affecting retail, hospitality, and housing-linked CRE. Is There a Way Out? Despite the dire tone, Duncan offers a constructive alternative. In his more recent book, The Money Revolution, he advocates using the U.S. government's borrowing capacity, enabled by dollar dominance and low rates, to invest aggressively in future-focused industries: AI, biotech, quantum computing, green energy.   In short: inflate productively, not destructively. Use fiat-financed public investment to grow out of the debt bubble, rather than letting it implode through austerity or protectionism. But he acknowledges that political will may be lacking and that, without it, the only other option will be another round of massive QE when the next crisis hits.   Final Thought Duncan's message is clear: we are not playing by gold standard rules anymore. The U.S. economy, and the world's, runs on confidence, liquidity, and the flow of capital. Disrupt that system and we may find ourselves testing whether the Fed and Treasury can reflate the bubble one more time. *** You may not agree with Richard's perspective but, as a real estate investor, understanding differing points of view helps in underwriting investment risk by incorporating possible downsides into exit strategies.   This is a fascinating and accessible discussion. Tune in if you want to understand the real risks underpinning your real estate investment decisions in the coming months.   *** In this series, I cut through the noise to examine how shifting macroeconomic forces and rising geopolitical risk are reshaping real estate investing.   With insights from economists, academics, and seasoned professionals, this show helps investors respond to market uncertainty with clarity, discipline, and a focus on downside protection.    Subscribe to my free newsletter for timely updates, insights, and tools to help you navigate today's volatile real estate landscape. You'll get: Straight talk on what happens when confidence meets correction - no hype, no spin, no fluff. Real implications of macro trends for investors and sponsors with actionable guidance. Insights from real estate professionals who've been through it all before. Visit GowerCrowd.com/subscribe Email: adam@gowercrowd.com Call: 213-761-1000    

Natalie Brunell is joined by renowned economist and monetary scholar Judy Shelton, former advisor to President Trump and outspoken advocate for sound money. Judy shares her deep insights on the Federal Reserve, gold-backed monetary policy, and the future of economic stability in the U.S. and abroad. She also reflects on her controversial Fed nomination, the collapse of Bretton Woods, and her views on Bitcoin as a potential reserve asset. Topics discussed include: Why Judy Shelton believes the Fed is unaccountable and whether it can be reformed The case for returning to sound money principles  Her proposal for gold-backed U.S. Treasury bonds How marking gold to market could address national debt The collapse of the Bretton Woods system and lessons from it Currency manipulation, trade imbalances, and tariffs The rise of Bitcoin and how it compares to gold Why her Fed nomination was blocked and what it revealed The future of the dollar as a global reserve currency How alternative currencies like Bitcoin could restore market integrity ---- This interview provides a powerful look at fixing or replacing today's broken monetary system. Guest Bio: Judy Shelton is a former economic advisor to President Trump, and a Senior Fellow at the Independent Institute and the author of "Good as Gold: How to Unleash the Power of Sound Money." She is known for her advocacy for a return to the gold standard, and for her criticisms of the Federal Reserve. President Trump nominated Shelton to the Fed in 2019. She holds a Ph.D. in business administration, with an emphasis on finance and international economics, from the University of Utah. Follow Judy on X at https://x.com/judyshel  ---- Coin Stories is powered by Bitwise. Bitwise has over $10B in client assets, 32 investment products, and a team of 100+ employees across the U.S. and Europe, all solely focused on Bitcoin and digital assets since 2017. Learn more at https://www.bitwiseinvestments.com  ---- Natalie's Bitcoin Product and Event Links: Secure your Bitcoin with collaborative custody and set up your inheritance plan with Casa: https://www.casa.io/natalie  Block's Bitkey Cold Storage Wallet was named to TIME's prestigious Best Inventions of 2024 in the category of Privacy & Security. Get 20% off using code STORIES at https://bitkey.world   Master your Bitcoin self-custody with 1-on-1 help and gain peace of mind with the help of The Bitcoin Way: https://www.thebitcoinway.com/natalie  For easy, low-cost, instant Bitcoin payments, I use Speed Lightning Wallet. Get 5000 sats when you download using this link and promo code COINSTORIES10: https://www.speed.app/sweepstakes-promocode/  Safely self-custody your Bitcoin with Coinkite and the ColdCard Wallet. Get 5% off: https://store.coinkite.com/promo/COINSTORIES  River is where I DCA weekly and buy Bitcoin with the lowest fees in the industry: https://partner.river.com/natalie   Earn 2% back in Bitcoin on all your purchases with the Gemini credit card: https://www.gemini.com/natalie   Bitcoin 2025 is heading to Las Vegas May 27-29th! Join me for my 4th Annual Women of Bitcoin Brunch! Get 10% off Early Bird passes using the code HODL: https://tickets.b.tc/affiliate/hodl/event/bitcoin-2025    Protect yourself from SIM Swaps that can hack your accounts and steal your Bitcoin. Join America's most secure mobile service, trusted by CEOs, VIPs and top corporations: https://www.efani.com/natalie   Your Bitcoin oasis awaits at Camp Nakamoto: A retreat for Bitcoiners, by Bitcoiners. Code HODL for discounted passes: https://massadoptionbtc.ticketspice.com/camp-nakamoto   ---- This podcast is for educational purposes and should not be construed as official investment advice. ---- VALUE FOR VALUE — SUPPORT NATALIE'S SHOWS Strike ID https://strike.me/coinstoriesnat/ Cash App $CoinStories #money #Bitcoin #investing

Arthur Hayes returns to Bankless for a wide-ranging macro and crypto conversation. We cover why ETH ripped, why the Trump administration might walk away from US treasuries as the global reserve asset, and why capital controls—not tariffs—could redefine the global economic order. Arthur lays out his full thesis on how a massive shift in global liquidity is unfolding, what it means for crypto, and why he's betting big on Bitcoin, gold, and “buying everything” as the money printers rev up again. ------

This week on International Horizons, RBI Director John Torpey interviews historian Tara Zahra, author of Against the World: Anti-Globalism and Mass Politics Between the World Wars (W.W. Norton, 2023). Zahra reflects on the historical parallels between the current backlash against globalization and the anti-globalist movements of the interwar period. She highlights how economic insecurity, the rise of mass politics, and anxieties over immigration and trade shaped political reactions in both eras, while noting key differences—such as the role of environmentalism today and the absence of a world war in recent memory. Zahra also discusses the collapse of the international economic system in the 1930s, the ideological diversity of anti-globalist movements, and the legacy of Bretton Woods. She proposes that revisiting elements of the post-WWII international order, including regional cooperation and economic stabilization, may offer insight into managing today's fractured global landscape. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/history

This week on International Horizons, RBI Director John Torpey interviews historian Tara Zahra, author of Against the World: Anti-Globalism and Mass Politics Between the World Wars (W.W. Norton, 2023). Zahra reflects on the historical parallels between the current backlash against globalization and the anti-globalist movements of the interwar period. She highlights how economic insecurity, the rise of mass politics, and anxieties over immigration and trade shaped political reactions in both eras, while noting key differences—such as the role of environmentalism today and the absence of a world war in recent memory. Zahra also discusses the collapse of the international economic system in the 1930s, the ideological diversity of anti-globalist movements, and the legacy of Bretton Woods. She proposes that revisiting elements of the post-WWII international order, including regional cooperation and economic stabilization, may offer insight into managing today's fractured global landscape. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/political-science

Tom welcomes back Lyn Alden, Founder of Lyn Alden Investment Strategy, to the show to discuss the intricacies of trade deficits, the role of the US dollar as a global reserve currency, and the broader economic implications for the United States. Lyn explains that a trade deficit occurs when a country imports more than it exports, and while some countries experience this cyclically, others, like India, have managed structural deficits by investing in long-term growth rather than overconsumption. The US, however, faces a unique challenge: its trade deficit is deeply tied to its status as the world's reserve currency, which creates an excess demand for dollars and makes it difficult to manufacture competitively. Lyn highlights that the dollar's strength perpetuates this cycle, making imports expensive and exports cheaper, while also forcing the US to rely on foreign investment to fund its deficits. This dynamic has contributed to deindustrialization and a shift in economic power globally. She contrasts this with historical examples like the UK during the Bretton Woods era, where a similar situation led to stagnation before the rise of new powers like the US. The discussion shifts to fiscal dominance, where large government deficits constrain monetary policy, making central banks more reliant on fiscal authorities. Lyn notes that the Fed is increasingly limited in its ability to control inflation due to these fiscal pressures. She also addresses Trump's tariff policies, arguing they harm domestic industries and shift costs onto American consumers while failing to address the root causes of trade imbalances. Inflationary pressures from tariffs are uneven, with specific sectors facing price increases while others experience disinflation. Lyn emphasizes that sustained inflation requires broader money supply growth, which has not been a significant factor in recent years. She concludes by exploring alternatives like gold and Bitcoin as potential reserve assets, suggesting that diversification into neutral reserves could help mitigate risks but remains largely theoretical at this stage. Time Stamp References:0:00 - Introduction0:40 - Trade Deficits & Tariffs5:02 - Sustainable Economics?10:33 - Dollar & Liquidity14:02 - Fiat Currency 'Growth'15:49 - Fed & Fiat Deflation?21:40 - Tariff Model & Truth25:05 - Gold, Bitcoin, & Dollar28:30 - Trade, Tariffs, & Conflict33:04 - Bond Market Impacts36:36 - Taxes & Gradual Tariffs39:05 - DOGE & Reducing Deficits42:00 - Fiscal Dominance46:23 - Devaluing/Lower Dollar?49:43 - U.S. Gov't Buying Gold?52:20 - Bitcoin Reserve?56:09 - Tariffs & Inflation Effects59:40 - Watch for Fiscal Issues1:00:50 - Wrap Up Guest Links:Twitter: https://x.com/LynAldenContactWebsite: https://www.lynalden.com/ Lyn Alden is editor and publisher of LynAlden.com, where she has both a subscription and a free financial newsletter. She says, "Her background lies at the intersection of engineering and finance." Her site provides investment research and strategy, covering stocks, precious metals, international equities, and alternative investments, with a specialization in asset allocation. Whether you're new to investing or experienced, there's a lot there for you. Lyn has a bachelor's degree in electrical engineering and a master's degree in engineering management, focusing on engineering economics and financial modeling. She oversees the finances and day-to-day operations of an engineering facility. She has been performing investment research for over fifteen years in various public and private capacities. Her work has been editorially featured or cited on Business Insider, Marketwatch, Time's Money Magazine, The Daily Telegraph, The Philadelphia Inquirer, The Street, CNBC, US News and World Report, Kiplinger, and The Huffington Post. She has also appeared on Real Vision, The Investor's Podcast Network, The Rebel Capitalist Show, The Market Huddle, and many other podcasts.

In this episode of the Bitcoin Matrix, I chat with Preston Pysh who brings clarity as we explore the unraveling of the petrodollar system and the seismic shift toward a Bitcoin-centric financial future. ––– Offers & Discounts –––

This week on International Horizons, RBI Director John Torpey interviews historian Tara Zahra, author of Against the World: Anti-Globalism and Mass Politics Between the World Wars (W.W. Norton, 2023). Zahra reflects on the historical parallels between the current backlash against globalization and the anti-globalist movements of the interwar period. She highlights how economic insecurity, the rise of mass politics, and anxieties over immigration and trade shaped political reactions in both eras, while noting key differences—such as the role of environmentalism today and the absence of a world war in recent memory. Zahra also discusses the collapse of the international economic system in the 1930s, the ideological diversity of anti-globalist movements, and the legacy of Bretton Woods. She proposes that revisiting elements of the post-WWII international order, including regional cooperation and economic stabilization, may offer insight into managing today's fractured global landscape. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/new-books-network

In this episode , I chat with Brandon Quittem, Lawrence Lepard, Dave Collum, and American HODL in an all-star fourth turning roundtable. We dive deep into generational cycles, societal shifts, economic collapses, and what the peak of this fourth turning might look like. ––– Offers & Discounts ––– ⭐ Get 10% OFF Blockhunters — the ultimate Bitcoin board game. Visit https://blockhuntersgame.com/ and use code btcmatrix at checkout! Get 10% off your ticket for the Bitcoin Conference 2025 in Vegas! Use the promo code MATRIX at https://tickets.b.tc/affiliate/matrix/event/bitcoin-2025 Theya is the world's simplest Bitcoin self-custody solution. Download Theya Now at theya.us/cedric Get up to $100 in Bitcoin on River at river.com/Matrix  The best Team Bitcoin merch is at HodlersOfficial.com. Use the code Matrix for a discount on your order. Become a sponsor of the show: https://thebitcoinmatrix.com/sponsors/ ––– Get To Know Today's Guests –––  • Brandon Quittem on X: https://x.com/Bquittem • Lawrence Lepard on X: https://x.com/LawrenceLepard • Lawrence Lepard on Nostr: npub1d3f4m9dgvkdjxn26pqzsxn6lpfn78sxwllxyt8mp76q0a9zyyjlswhr4xv • American Hodl on X: https://x.com/americanhodl8 • American Hodl on Nostr: npub1rtlqca8r6auyaw5n5h3l5422dm4sry5dzfee4696fqe8s6qgudks7djtfs • Dave Collum on X: https://x.com/DavidBCollum ––– Socials ––– • Check out our new website at https://TheBitcoinMatrix.Com • Follow Cedric Youngelman on X: https://x.com/cedyoungelman • Follow The Bitcoin Matrix Podcast on X: https://x.com/_bitcoinmatrix • Follow Cedric Youngelman on Nostr: npub12tq9jxmt707gd5vnce3tqllpm67ktr0mqskcvy58qqa4d074pz9s4ukdcs ––– Chapters ––– 02:11 - Fourth Turning Basics 04:50 - Reaction vs Trigger 06:12 - Start of the Current Fourth Turning 09:17 - Past Fourth Turnings: Civil War, Witches, More 10:52 - Peak Predictions: Collapse or Revolution? 12:56 - Monetary Breakdown & Inflationary Depression 14:51 - Controlled Demolition of the Economy 20:56 - Nuclear Risks and Cold War 2.0 24:51 - Mass Mobilization Catalysts 28:51 - Global Trade Divorce: U.S. vs China 32:08 - Reviving U.S. Manufacturing 35:14 - Dollar Weaponization & Trust Collapse 36:06 - Wealth Transfer: Fiat to Bitcoin 39:00 - Bitcoin as an Elite Revolution 42:51 - Fort Knox: Missing Gold? 44:51 - Bretton Woods 2.0 & Bitcoin Standard 54:51 - Bitcoin in a Post-Fiat World 01:00:51 - Energy, AI, and Decentralization 01:12:51 - BRICS and Global Power Shifts 01:20:51 - Innovation Amidst Collapse 01:24:51 - Bitcoin vs The State 01:30:51 - Preparing for Sovereignty 01:36:51 - Final Fourth Turning Reflections I want to take a moment to express my heartfelt gratitude to all of you for tuning in, supporting the show, and contributing. Thank you for listening!

Stephan & Vijay discuss the current state of Bitcoin, its market cycle, and its comparison with gold. They explore the implications of geopolitical factors on gold and Bitcoin, the rise of Bitcoin treasury companies, and the evolving liquidity channels in the market. The discussion also touches on speculation in Bitcoin and how it contributes to its growth, while emphasizing the importance of understanding the underlying economic theories. They also explore the evolving landscape of Bitcoin, the implications of MNAV (Market Net Asset Value) in the context of Bitcoin companies, and the transformative potential of AI on the economy. AI could lead to hyperabundance, affecting various sectors and potentially changing the role of money. The conversation also touches on the risks posed by quantum computing to Bitcoin's security and the need for proactive measures in the Bitcoin community.Takeaways

NLW discusses market reactions to US tariff negotiations, potential tariff reductions with China, and Bretton Woods institutions facing criticism from the Trump administration for mission creep. He explores Bitcoin's reduced volatility, increased institutional adoption—including the controversial SoftBank-Tether Bitcoin venture—and ends on Trump's meme coin gala announcement driving speculative crypto behavior. Sponsored by: Crypto Tax Calculator Accurate Crypto Taxes. No Guesswork. Say goodbye to tax season headaches with Crypto Tax Calculator: Generate accurate, CPA-endorsed tax reports fully compliant with IRS rules. Seamlessly integrate with 3000+ wallets, exchanges, and on-chain platforms. Import reports directly into TurboTax or H&R Block, or securely share them with your accountant. Exclusive Offer: Use the code BW2025 to enjoy 30% off all paid plans. Don't miss out - offer expires 15 April 2025! Ledger Ledger, the world leader in digital asset security, proudly sponsors The Breakdown podcast. Celebrating 10 years of protecting over 20% of the world's crypto, Ledger ensures the security of your assets. For the best self-custody solution in the space, buy a LEDGER™ device and secure your crypto today. Buy now on Ledger.com. Enjoying this content? SUBSCRIBE to the Podcast: https://pod.link/1438693620 Watch on YouTube: https://www.youtube.com/nathanielwhittemorecrypto Subscribe to the newsletter: https://breakdown.beehiiv.com/ Join the discussion: https://discord.gg/VrKRrfKCz8 Follow on Twitter: NLW: https://twitter.com/nlw Breakdown: https://twitter.com/BreakdownNLW

Donald Trump is attempting something no leader has done before—unwind the global economic order. In this episode, Financial Times columnist and CNN analyst Rana Foroohar joins us to unpack Trump's economic strategy, the unraveling of Bretton Woods, and whether America is becoming an emerging market. From soaring bond yields to declining dollar strength, we explore what markets are signaling, how business leaders are reacting, and why this may mark the end of the neoliberal era. ------

The Trump Admin has made clear that they end game for tariffs is a total restructuring of the global economic order. As countries start to come to the negotiating table, are we headed for a Bretton Woods 2.0? A Mar-a-Lago accord? Sponsored by: Ledger Ledger, the world leader in digital asset security, proudly sponsors The Breakdown podcast. Celebrating 10 years of protecting over 20% of the world's crypto, Ledger ensures the security of your assets. For the best self-custody solution in the space, buy a LEDGER™ device and secure your crypto today. Buy now on Ledger.com. Enjoying this content? SUBSCRIBE to the Podcast: https://pod.link/1438693620 Watch on YouTube: https://www.youtube.com/nathanielwhittemorecrypto Subscribe to the newsletter: https://breakdown.beehiiv.com/ Join the discussion: https://discord.gg/VrKRrfKCz8 Follow on Twitter: NLW: https://twitter.com/nlw Breakdown: https://twitter.com/BreakdownNLW

This week we talk about taxes, reciprocity, and recession.We also discuss falling indices, stagflation, and theories of operation.Recommended Book: The Serviceberry by Robin Wall KimmererTranscriptStagflation, which is a portmanteau of stagnation and inflation, is exactly what it sounds like: a combination of those two elements, usually with high levels of unemployment, as well, that can cause a prolonged period of economic sluggishness and strain that slows growth and can even lead to a recession.The term was coined in the UK in the 1960s to describe issues they were facing at the time, but it was globally popularized by the oil shocks of the 1970s, which sparked a period of high prices and slow growth in many countries, including in the US, where inflation boomed, productivity floundered, and economic growth plateaud, leading to a stock market crash in 1973 and 1974.Inflation, unto itself, can be troubling, as it means prices are going up faster than incomes, so the money people earn and have saved is worth less and less each day. That leads to a bunch of negative knock-on effects, which is a big part of why the US Fed has kept interest rates so high, aiming to trim inflation rates back to their preferred level of about 2% as quickly as possible in the wake of inflation surges following the height of the Covid pandemic.Stagnant economic growth is also troubling, as it means lowered GDP, reduced future outlook for an economy, and that also tends to mean less investment in said economy, reduced employment levels—and likely even lower employment levels in the future—and an overall sense of malaise that can become a self-fulfilling prophecy, no one feeling particularly upbeat about where their country is going; and that's not great economically, but it can also lead to all sorts of social issues, as people with nothing to look forward to but worse and worse outcomes are more likely to commit crimes or stoke revolutions than their upbeat, optimistic, comfortable kin.The combination of these two elements is more dastardly than just the sum of their two values implies, though, as measures that government agencies might take to curb inflation, like raising interest rates and overall tightening monetary policy, reduces business investment which can lead to unemployment. On the flip-side, though, things a government might do to reduce unemployment, like injecting more money into the economy, tends to spike inflation.It's a lose-lose situation, basically, and that's why government agencies tasked with keeping things moving along steadily go far out of their way to avoid stagflation; it's not easily addressed, and it only really goes away with time, and sometimes a very long time.There are two primary variables that have historically led to stagflation: supply shocks and government policies that reduce output and increase the money supply too rapidly.The stagflation many countries experienced in the 1970s was the result of Middle Eastern oil producing nations cutting off the flow of oil to countries that supported Israel during the 1973 Yom Kippur War, though a sharp increase in money supply and the end of the Bretton Woods money management system, which caused exchange rate issues between global currencies, also contributed, and perhaps even more so than the oil shock.What I'd like to talk about today is another major variable, the implementation of a huge package of new tariffs on pretty much everyone by the US, that many economists are saying could lead to a new period of stagflation, alongside other, more immediate consequences.—A tariff is a type of tax that's imposed on imported goods, usually targeting specific types of goods, or goods from a particular place.Way back in the day these were an important means of funding governments: the US government actually made most of its revenue, about 90% of it, from tariffs before 1863, because there just wasn't a whole of lot other ways for the young country to make money at the time.Following the War of 1812, the US government attempted to double tariffs, but that depleted international trade, which led to less income, not more—gross imports dropped by 71%, and the government scrambled to implement direct and excise taxes, the former of which is the tax a person or business pays that isn't based on transactions, while the latter is a duty that's paid upon the manufacture of something, as opposed to when it's sold.Tariffs resurfaced in the following decades, but accounted for less and less of the government's income as the country's manufacturing base increased, and excise and income taxes made up 63% of the US's federal revenue by 1865.Tax sources have changes a lot over the years, and they vary somewhat from country to country.But the dominant move in the 20th century, especially post-WWII, has been toward free trade, which usually means no or low tariffs on goods being made in one place and sold in another, in part because this tends to lead to more wealth for everyone, on average, at least.This refocus toward globalized free trade resulted in a lot of positives, like being able to specialize and make things where they're cheap and sell them where they're precious, but also some negatives, like the offshoring of jobs—though even those negatives, which sucked for the people who lost their jobs, have been positive for some, as the companies who offshored the jobs did so because it saved them money, the folks who were hired were generally paid more than was possible in their region, previously, and the people consuming the resulting goods were able to get them cheaper than would otherwise be feasible.It's been a mixed bag, then, but the general consensus among economists is that open trade is good because it incentivizes competition and productivity. Governments are less likely to implement protectionist policies to preserve badly performing local business entities from better performing foreign versions of the same, and that means less wasted effort and resources, more options for everyone, and more efficient overall economic operation, which contributes to global flourishing. And not for nothing, nations that trade with each other tend to be less likely to go to war with each other.Now that's a massively simplified version of the argument, but again, that's been the outline for how things are meant to work, and aside from some obvious exceptions—like China's protection of its local tech sector from foreign competition, and the US's protection of its aviation and car industries—it's generally worked as intended, and the world has become massively wealthier during this period compared to before this state of affairs was broadly implemented, post-WWII; there's simply no comparison, the difference is stark.There are renewed concerns about stagflation in the United States, however, because of a big announcement made by US President Trump on April 2, 2025, that slapped substantial and at times simply massive new tariffs on just about everyone, including the country's longest-term allies and most valuable trading partners.On what the president called “Liberation Day,” he announced two new types of tariff: one is a universal 10% import duty on all goods brought into the US, and another that he called a reciprocal tariff on imports from scores of countries, including 15 that will be hit especially hard—a list that includes China, EU nations, Canada, and Japan, among others.The theory of these so-called reciprocal tariffs is that Trump thinks the US is being taken advantage of, as, to use one example that he cited, the US charges a 2.5% tariff on imported cars, while the EU charges a 10% tariff on American cars imported to their union.The primary criticism of this approach, which has been cited by most economists and entities like the World Trade Organization, is that the numbers the US administration apparently used to make this list don't really add up, and seem to include some made-up measures of trade deficits, which some analysts suspect were calculated by AI tools like ChatGPT, as the same incorrect measures are spat out by commonly use chatbots like ChatGPT when they're asked about how to balance these sorts of things. But the important takeaway, however they arrived at these numbers, is that the comparisons used aren't really sensical when you look at the details.Some countries simply can't afford American exports, for instance, while others have no use for them. The idea that a country that can't afford American goods should have astoundingly large tariffs applied to their exports to the US is questionable from the get-go, but it also means the goods they produce, which might be valuable and important for Americans, be they raw materials like food or manufactured goods like car parts, will become more expensive for Americans, either because those Americans have to pay a higher price necessitated by the tax, or because the lower-price supplier is forced out of the market and replaced by a higher-price alternative.In short, the implied balance of these tariffs don't line up with reality, according to essentially everyone except folks working within Trump's administration, and the question then is what the actual motivation behind them might be.The Occam's Razor answer is that Trump and/or people in his administration simply don't understand tariffs and global economics well enough to understand that their theory on the matter is wrong. And many foreign leaders have said these tariffs are not in any way reciprocal, and that the calculation used to draw them up was, in the words of Germany's economic minister, “nonsense.” That's the general consensus of learned people, and the only folks who seem to be saying otherwise are the one's responsible for drawing these tariffs up, and defending them in the press.Things have been pretty stellar for most of the global economy since free trade became the go-to setup for imports and exports, but this administration is acting as if the opposite is true. That might be a feigned misunderstanding, or it might be genuine; they might truly not understand the difference between how things have been post-WWII and how they were back in the 1800s when tariffs were the go-to method of earning government revenue.But in either case, Trump is promising that rewiring the global order, the nature of default international trade in this way, will be good for Americans because rather than serving as a linchpin for that global setup, keeping things orderly by serving as the biggest market in the world, the American economy will be a behemoth that gets what it's owed, even if at the expense of others—a winner among losers who keep playing because they can't afford not to, rather than a possibly slightly less winning winner amongst other winners.This theory seems to have stemmed from a 1980s understanding of things, which is a cultural and economic milieu from which a lot of Trump's views and ideas seem to have originated, despite in many cases having long since been disproved or shown to be incomplete. But it's also a premise that may be more appealing to very wealthy people, because a lot of the negative consequences from these tariffs will be experienced by people in lower economic classes and people from poorer nations, where the price hikes will be excruciating, and folks in the middle class, whose wealth is primarily kept in stocks. Folks in the higher economic echolons, including those making most of these decisions, tend to make and build their wealth via other means, which won't be entirely unimpacted, but will certainly be less hurt by these moves than everyone else.It's also possible, and this seems more likely to me, but it's of course impossible to know the truth of the matter right now, that Trump is implementing a huge version of his go-to negotiating tactic of basically hurting the folks on the other end of a negotiation in order to establish leverage over them, and then starting that negotiation by asking what they'll do for him if he limits or stops the pain.The US is expected to suffer greatly from these tariffs, but other countries, especially those that rely heavily on the US market as their consumer base, and in some cases for a huge chunk of their economy, their total GDP, will suffer even more.There's a good chance many countries, in public or behind closed doors, will look at the numbers and decide that it makes more sense to give Trump and his administration something big, up front, in exchange for a lessening of these tariffs. That's what seems to be happening with Vietnam, already, and Israel, and there's a good chance other nations have already put out feelers to see what he might want in exchange for some preferential treatment in this regard—early reports suggest at least 50 governments have done exactly that since the announcement, though those reports are coming from within the White House, so it's probably prudent to take them with a grain of salt, at this point. That said, this sort of messaging from the White House suggests that the administration might be hoping for a bunch of US-favoring deals and will therefore make a lot of noise about initial negotiations to signal that that's what they want, and that the pain can go away if everyone just kowtows a little and gestures at some new trade policies that favor the US and make Trump look like a master negotiator who's bringing the world to heel.There's been pushback against this potentiality, however, led by China, which has led with its own, very large counter-tariffs rather than negotiating, and the EU looks like it might do the same. If enough governments do this, it could call Trump's bluff while also making these other entities, perhaps especially China, which was first out the door with counter-tariffs and statements about not be cowed by the US's bluster, seem like the natural successors to the US in terms of global economic leadership. It could result in the US giving away all that soft power, basically, and that in turn could realign global trade relationships and ultimately other sorts of relationships, too, in China's favor.One other commonly cited possibility, and this is maybe the grimmest of the three, but it's not impossible, is that Trump and other people in his administration recognize that the world is changing, that China is ascendent and the US is by some metrics not competing in the way it needs to in order to keep up and retain its dominance, and that's true in terms of things like manufacturing and research, but also the potential implications of AI, changing battlefield tactics, and so on. And from that perspective, it maybe makes sense to just shake the game board, knocking over all the pieces rather than trying to win by adhering to what have become common conventions and normal rules of play.If everyone takes a hit, if there's a global recession or depression and everything is knocked asunder because those variables that led to where we are today, with all their associated pros and cons, are suddenly gone, that might lead to a situation in which the US is hurt, but not as badly as everyone else, including entities like China. And because the US did the game board shaking, the US may thus be in a better position as everything settles back into a new state of affairs; a new state of affairs that Trump and his people want to be more favorable to the US, long-term.There's some logic to this thinking, even if it's a very grim, me-first, zero-sum kind of logic. The US economy is less reliant on global trade than the rest of the G20, the wealthiest countries in the world; only about 25% of its GDP is derived from trade, while that number is 37% for China, 63% for France, and a whopping 88% for Germany.Other nations are in a relatively more vulnerable position than the US in a less-open, more tariff-heavy world, then, and that means the US administration may have them over a barrel, making the aforementioned US-favoring negotiations more likely, but also, again, potentially just hurting everyone, but the US less so. And when I say hurting, I mean some countries losing a huge chunk of their economy overnight, triggering a lot more poverty, maybe stagflation and famines, and possibly even revolutions, as people worldwide experience a shocking and sudden decrease in both wealth and future economic outlook.Already, just days after Trump announced his tariffs, global markets are crashing, with US markets on track to record its second-worst three-day decline in history, after only the crash of 1987—so that's worse than even the crashes that followed 9/11, the Covid-19 pandemic, the debt crisis, and many others.Foreign markets are doing even worse, though, with Hong Kong's recently high-flying Hang Seng falling 13% in trading early this week, and Japan's Nikkei dropping 8%.Other market markers are also dropping, the price of oil falling to a pandemic-era level of $60 per barrel, Bitcoin losing 10% in a day, and even the US dollar, which theoretically should rise in a tariff scenario, dropping 0.1%—which suggests investors are planning for a damaging recession, and the US market and currency as a whole might be toxic for a while; which could, in turn, lead to a boom for the rest of the world, the US missing out on that boom.There are also simpler theories, I should mention, that tariffs may be meant to generate more profits to help pay for Trump's expanded tax cuts without requiring he touch the third-rails of Medicare or Social Security, or that they're meant to address the US's booming debt by causing investors to flee to Treasury bills, which has the knock-on effect of reducing the interest rates that have to be paid on government debt.That flight toward Treasuries is already happening, though it seems to be primarily because investors are fleeing the market as stocks collapse in value and everyone's worrying about their future, about stagflation, and about mass layoffs and unemployment.It may be that all or most of these things are true, too, by the way, and that this jumble of events, pros and cons alike, are seen as a net-positive by this administration.For what it's worth, too, the US Presidency doesn't typically get to set things like tariffs—that's congress' responsibility and right. But because Congress is currently controlled by Republicans, they've yet to push back on these tariffs with a veto, and they may not. There are rumblings within the president's party about this, and a lot of statements about how it'll ultimately be good, but that maybe they would have done things differently, but there hasn't been any real action yet, just hedging. And that could remain the case, but if things get bad enough, they could be forced by their constituents to take concrete action on the matter before Trump's promised, theoretical positive outcomes have the chance to emerge, or not.Show Noteshttps://www.everycrsreport.com/files/20060925_RL33665_4a8c6781ce519caa3e6b82f95c269f73021c5fdf.pdfhttps://en.wikipedia.org/wiki/Tariffhttps://www.washingtonpost.com/business/2025/03/31/tariffs-affect-consumer-spending/https://www.wsj.com/tech/exempt-or-not-the-chip-industry-wont-escape-tariffs-a6c771dbhttps://www.wsj.com/economy/central-banking/goldman-sachs-lifts-u-s-recession-probability-to-35-ce285ebchttps://www.axios.com/newsletters/axios-am-9d85eb00-1184-11f0-8b11-0da1ebc288e3.htmlhttps://apnews.com/article/trump-tariffs-democrats-economy-protests-financial-markets-90afa4079acbde1deb223adf070c1e98https://www.wsj.com/economy/trade/trade-war-explodes-across-world-at-pace-not-seen-in-decades-0b6d6513https://www.mufgamericas.com/sites/default/files/document/2025-04/The-Long-Shadow-of-William-McKinley.pdfhttps://x.com/krishnanrohit/status/1907587352157106292https://www.nytimes.com/2025/04/04/business/trump-stocks-tariffs-trade.htmlhttps://www.nytimes.com/2025/04/05/opinion/trump-tariffs-theories.htmlhttps://www.nytimes.com/2025/04/06/world/asia/vietnam-trump-tariff-delay.htmlhttps://www.nytimes.com/2025/04/06/world/europe/trade-trump-tariffs-brexit.htmlhttps://marginalrevolution.com/marginalrevolution/2025/04/why-do-domestic-prices-rise-with-tarriffs.htmlhttps://www.foxnews.com/politics/how-we-got-liberation-day-look-trumps-past-comments-tariffshttps://www.pbs.org/wgbh/frontline/article/trumps-tariff-strategy-can-be-traced-back-to-the-1980s/https://www.nytimes.com/2024/12/12/us/politics/trump-tv-stock-market.htmlhttps://www.hudsonbaycapital.com/documents/FG/hudsonbay/research/638199_A_Users_Guide_to_Restructuring_the_Global_Trading_System.pdfhttps://economictimes.indiatimes.com/news/international/us/over-50-countries-push-for-tariff-revisions-will-donald-trump-compromise-heres-what-the-white-house-said/articleshow/120043664.cmshttps://www.nytimes.com/2025/04/06/business/stock-market-plunge-investment-bank-impact.htmlhttps://www.wsj.com/livecoverage/stock-market-trump-tariffs-trade-war-04-07-25https://www.wsj.com/world/china/china-trump-tariff-foreign-policy-6934e493https://www.wsj.com/economy/in-matter-of-days-outlook-shifts-from-solid-growth-to-recession-risk-027eb2b4https://asia.nikkei.com/Business/Markets/Asia-Pacific-stocks-sink-from-Trump-s-tariff-barrage-Hong-Kong-down-13https://www.reuters.com/markets/eu-seeks-unity-first-strike-back-trump-tariffs-2025-04-06/https://www.washingtonpost.com/politics/2025/04/07/trump-presidency-news-tariffs/https://www.nytimes.com/2025/04/07/world/asia/china-trade-war-tariffs.htmlhttps://www.bloomberg.com/news/newsletters/2025-04-07/global-rout-carries-whiff-of-panic-as-trump-holds-fast-on-tariffshttps://en.wikipedia.org/wiki/Stagflationhttps://finance.yahoo.com/news/economists-fed-recent-projections-signal-120900777.htmlhttps://en.wikipedia.org/wiki/1973_oil_crisishttps://en.wikipedia.org/wiki/Economic_stagnation This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit letsknowthings.substack.com/subscribe