Podcasts about Bretton Woods

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? Your bank is getting rich off of you. The average savings account pays less than 1% it's like laughable. Meanwhile, if your money isn't making at least 4% you're losing to inflation. That's why I started putting my own money into the FFI liquidity fund. It's super simple. Your cash can pull in up to 8% returns, and it compounds. It's not some high risk gamble like digital or AI stock trading. It's pretty low risk because they've got a 10 plus year track record of paying investors on time, in full every time. I mean, I wouldn't be talking about it if I wasn't invested myself. You can invest as little as 25k and you keep earning until you decide you want your money back. No weird lockups or anything like that. So if you're like me and tired of your liquid funds just sitting there doing nothing. Check it out. Text family, 266, 866, to learn about freedom family investments, liquidity fund again. Text family, 266, 866,   Garrett Sutton  34:36   hi. 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.

Ronald-Peter Stoeferle, Co-author of the In Gold We Trust Report, joins Kai Hoffmann to break down why we're only halfway through gold's bull market. From central banks quietly hoarding gold, to a possible new Bretton Woods moment, to why silver might explode next—this interview delivers insight that mainstream investors are missing.---------------------Thank you to our #sponsor MONEY METALS. Make sure to pay them a visit: https://bit.ly/BUYGoldSilver------------

In questa puntata raccontiamo il lungo e tormentato percorso dell'Italia verso l'adozione della moneta unica. Dagli anni '70 di stagflazione, inflazione galoppante e scala mobile, alla fine di Bretton Woods, fino al divorzio tra Banca d'Italia e Tesoro nel 1981. Poi gli anni '90, con Tangentopoli, le privatizzazioni, l'austerità, la pressione fiscale crescente e la cessione di pezzi dello Stato. Tutto per rientrare nei parametri di Maastricht. L'Italia ce la fa, ma a quale prezzo?Il debito esplode, la crescita rallenta, e un intero paese si piega sotto il peso del risanamento. Questa è la storia di un'Europa costruita a colpi di sacrifici, di una moneta nata per unire... ma che per l'Italia ha significato una lunga stagione di rinunce. Un racconto complesso, lucido, senza sconti, per capire da dove veniamo – e forse anche dove stiamo andando.

In questa puntata, seguiamo il filo sottilissimo – ma solidissimo – che lega il denaro alla geopolitica. Partiamo dalla fine degli anni '90, nel pieno della corsa dell'Italia per entrare nell'euro, e poi torniamo indietro, molto più indietro, per capire cosa c'è dietro una moneta. Dall'accordo di Bretton Woods al predominio del dollaro, dalla crisi del sistema aureo al patto con l'Arabia Saudita sui petrodollari, scopriamo come gli Stati Uniti abbiano costruito una forma di egemonia non solo militare o culturale, ma monetaria. L'inflazione, i tassi di cambio, le guerre del petrolio, i supermercati e i mercati valutari: tutto è collegato. Perché, come vedremo, chi stampa la moneta che tutti usano… detta le regole del gioco.

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.

The Fed is quietly back to buying billions in treasuries — stealth QE is alive, and nobody's talking about it. Andy Schectman, President of Miles Franklin, returns to Soar Financially to break down the new monetary system being built by BRICS nations, the shift away from the U.S. dollar, and why central banks are loading up on gold and silver at record pace.From suppressed interest rates to Bretton Woods 3.0, Andy reveals the infrastructure behind the biggest financial shift in decades — and why investors ignoring it are walking into a trap.#Gold #Silver #brics ---------------------Thank you to our #sponsor MONEY METALS. Make sure to pay them a visit: https://bit.ly/BUYGoldSilver------------

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

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 –––

Is this the final chapter for the U.S. dollar's dominance? Matthew Piepenburg joins us to break down historic global shifts, surging gold prices, and what he calls the ‘Stalingrad moment' of the U.S. dollar. From tariff wars and autocratic rises to BRICS realignment and bond market breakdowns, Piepenburg outlines why everything is pointing to a new global order.Is gold finally vindicated? Is the Titanic sinking? Why aren't we hearing more about BRICS in 2024?#Gold #USDollar #macroeconomics ------------Thank you to our #sponsor MONEY METALS. Make sure to pay them a visit: https://bit.ly/BUYGoldSilver------------

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

Vị thế của đồng đô la Mỹ - Sức mạnh lịch sử và những mối đe dọa từ nội tạiĐồng đô la Mỹ đã duy trì vị thế thống trị toàn cầu nhờ một loạt yếu tố lịch sử, kinh tế và địa chính trị. Hệ thống Bretton Woods năm 1944 đặt nền móng cho vai trò trung tâm của đồng đô la, khi các quốc gia neo tỷ giá vào nó và Mỹ cam kết quy đổi đô la lấy vàng. Dù hệ thống này sụp đổ vào năm 1973, đồng đô la vẫn là lựa chọn hàng đầu nhờ tính thanh khoản, uy tín của Cục Dự trữ Liên bang (Fed), và thị trường tài chính Mỹ sâu rộng. Quy mô kinh tế khổng lồ, pháp quyền mạnh mẽ, cùng hiệu ứng mạng lưới – với 88% giao dịch ngoại hối liên quan đến đô la – càng củng cố vị trí này. Đặc biệt, “đặc quyền cắt cổ” mang lại lợi ích tài chính đáng kể, từ lợi tức phát hành tiền đến giảm gánh nặng nợ khi đồng đô la mất giá.Không chỉ dựa vào kinh tế, vị thế của đồng đô la còn được hỗ trợ bởi sức mạnh quân sự và “sức mạnh mềm” của Mỹ. Việc cung cấp hàng hóa công toàn cầu và cam kết bảo vệ quyền lợi chủ nợ nước ngoài tạo niềm tin mạnh mẽ. Trái phiếu Kho bạc Mỹ, với tính an toàn và tính thanh khoản cao, đáp ứng nhu cầu tài sản chuẩn của thế giới. Tuy nhiên, chính sự phụ thuộc này cũng đặt ra thách thức: bất kỳ sự sụt giảm niềm tin nào vào Mỹ đều có thể làm lung lay nền tảng của đồng đô la.Dù sở hữu nền tảng vững chắc, đồng đô la đang đối mặt với những nguy cơ lớn, chủ yếu từ nội tại nước Mỹ, đặc biệt dưới các chính sách của Tổng thống Donald Trump. Sự rối loạn tài khóa, với thâm hụt ngân sách và nợ công tăng cao, đe dọa niềm tin vào nợ chính phủ Mỹ. Áp lực của Trump lên sự độc lập của Fed, cùng với việc rút khỏi các thỏa thuận quốc tế và vũ khí hóa các thể chế như Bộ Tư pháp, làm xói mòn uy tín của Mỹ. Những động thái này không chỉ gây bất ổn cho đồng minh mà còn khiến các đối tác quốc tế nghi ngờ độ tin cậy của hệ thống tài chính Mỹ.Chính sách thương mại của Trump, với thuế quan quy mô lớn và cách tiếp cận thất thường, đang làm rung chuyển thị trường tài chính. Thuế quan không chỉ khiến đồng đô la giảm giá mà còn làm tăng lợi suất trái phiếu Kho bạc, báo hiệu sự sụt giảm niềm tin của nhà đầu tư. Đáng lo ngại hơn, ý tưởng về “Hiệp định Mar-a-Lago” – sử dụng thuế quan và cam kết an ninh để ép các nước phá giá tiền tệ – có thể “phá hủy niềm tin” vào đồng đô la. Lịch sử cho thấy các nỗ lực tương tự, như Hiệp định Smithsonian hay Plaza, không mang lại lợi ích lâu dài và có thể gây hậu quả nghiêm trọng.Sự xói mòn niềm tin vào Mỹ có thể đẩy nhanh quá trình phân mảnh tiền tệ toàn cầu. Dù đồng euro và nhân dân tệ chưa đủ sức thách thức, sự suy yếu từ bên trong của Mỹ có thể tạo cơ hội cho các đối thủ. Hơn nữa, việc chính quyền Trump ủng hộ tiền điện tử không kiểm soát và cấm phát triển tiền kỹ thuật số của ngân hàng trung ương (CBDC) có nguy cơ cô lập Mỹ khỏi hệ thống thanh toán toàn cầu, làm suy yếu vai trò của đồng đô la trong tương lai.Vị thế của đồng đô la Mỹ là kết quả của hàng thập kỷ xây dựng dựa trên sức mạnh kinh tế, thể chế đáng tin cậy và vai trò địa chính trị. Tuy nhiên, những chính sách gây bất ổn, đặc biệt từ chính quyền Trump, đang đe dọa làm lung lay nền tảng này. Nếu Mỹ không giải quyết được các vấn đề nội tại – từ rối loạn tài khóa đến xói mòn niềm tin thể chế – đồng đô la có thể mất đi ánh hào quang, kéo theo sự phân mảnh tài chính toàn cầu và suy giảm thịnh vượng chung. Giữ vững vị thế của đồng đô la đòi hỏi không chỉ sức mạnh kinh tế mà còn sự lãnh đạo có trách nhiệm và tầm nhìn dài hạn. To hear more, visit changngocgia.substack.com

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/intellectual-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/book-of-the-day

My guest today is Ben Samocha, founder and CEO of CryptoJungle, a leading platform for Bitcoin education & Media in Israel. Ben shares his journey from using Bitcoin as a payment tool during his poker days to becoming an educator working with the public, regulators, and policymakers. In this conversation, we explore the role of Bitcoin in the broader financial and political landscape, and why education is essential these days. Ben analyzes the influence of global power shifts on monetary systems, and the emerging financial order involving stablecoins, CBDCs, and the potential for a new Bretton Woods moment. Ben outlines the dangers of institutional co-option, the Bank of Israel's digital shekel, and why the coming years are critical for resisting centralized control and fostering a truly decentralized future.► If you got value, please like, comment, share, follow and support my work. Thank you!-- SPONSORS --►► Get your TREZOR wallet & accessories, with a 5% discount, using my code at checkout (get my discount code from the episode - yep, you'll have to watch it): https://affil.trezor.io/SHUn ►► Join me on June 19-21 at BTC Prague! Code EFRAT = 10% discount: https://pages.btcprague.com/ambassador-efrat-fenigson -- SPECIAL OFFERS –►► Join us at BITCOIN VEGAS! May 27-29 - code EFRAT for 10% off: https://bit.ly/4jVtATE ►► Watch “New Totalitarian Order” conference with Prof. Mattias Desmet & Efrat: https://efenigson.gumroad.com/l/desmet_efrat ►► 10% off on all books & accessories at the “Bitcoin Infinity Store” - use code EFRAT: https://bitcoininfinitystore.com/ ►► Join me in any of these upcoming events: https://www.efrat.blog/p/upcoming-events -- LINKS –Ben's Twitter: https://x.com/bensamocha Ben's Linkedin: https://www.linkedin.com/in/ben-samocha/  Efrat's Twitter: https://twitter.com/efenigsonEfrat's Telegram: https://t.me/efenigsonWatch/listen on all platforms: https://linktr.ee/yourethevoiceSupport Efrat's work: ⁠https://www.buymeacoffee.com/efenigson   ⁠Support Efrat with Bitcoin: https://geyser.fund/project/efenigson-- CHAPTERS –00:00 Coming Up...01:15 Intro to Ben and His Role in Israel's Bitcoin Scene05:23 How Ben Orange-Pilled Efrat08:36 Trezor and BTC Prague10:03 Freedom, Censorship, and the Deeper Meaning of Bitcoin13:43 The Israeli Bitcoin Community: Criticism and Cultural Challenges17:34 Ben's Awakening to Fiat and Money Deceptions25:18 Discovering Bitcoin Through Poker32:34 Learning About Bitcoin Through Myths Debunking41:22 Why Is Ben Choosing 'Crypto'?50:35 Ben's Macro Outlook: World War III, Monetary Upheaval, Global Power Shifts57:35 Trump's Strategy and Tariffs1:01:11 The New Monetary Order: USD, Gold, Bitcoin, and the Next Bretton Woods1:11:26 Stablecoins - Another Pillar in the US' New Financial Infrastructure1:13:50 CBDCs - How They Tie Into the New Monetary Order1:23:56 Banking Role in a Bitcoin Reality1:25:38 Resistance to Institutional Adoption and Bitcoin's Growth1:27:41 Past Five Years Started the Great Awakening1:30:09 The Central Bank of Israel and the Digital Shekel (CBDC)1:39:00 Why Do the Next Five Years Matter? The Urgency of Education and Resistance1:42:30 Closing Thoughts, Hope and a Call to Action

#historia #economía Gracias a Borja Montaño @Borjamontano , profesor de Historia Económica, conoceremos el sistema monetario basado en el Oro y el acuerdo de Breton Woods. COMPRA EN AMAZON CON EL ENLACE DE BHM Y AYUDANOS ************** https://amzn.to/3ZXUGQl ************* Si queréis apoyar a Bellumartis Historia Militar e invitarnos a un café o u una cerveza virtual por nuestro trabajo, podéis visitar nuestro PATREON https://www.patreon.com/bellumartis o en PAYPALhttps://www.paypal.me/bellumartis o en BIZUM 656/778/825

Hello Interactors,This week, the European Space Agency launched a satellite to "weigh" Earth's 1.5 trillion trees. It will give scientists deeper insight into forests and their role in the climate — far beyond surface readings. Pretty cool. And it's coming from Europe.Meanwhile, I learned that the U.S. Secretary of Defense — under Trump — had a makeup room installed in the Pentagon to look better on TV. Also pretty cool, I guess. And very American.The contrast was hard to miss. Even with better data, the U.S. shows little appetite for using geographic insight to actually address climate change. Information is growing. Willpower, not so much.So it was oddly clarifying to read a passage Christopher Hobson posted on Imperfect Notes from a book titled America by a French author — a travelogue of softs. Last week I offered new lenses through which to see the world, I figured I'd try this French pair on — to see America, and the world it effects, as he did.PAPER, POWER, AND PROJECTIONI still have a folded paper map of Seattle in the door of my car. It's a remnant of a time when physical maps reflected the reality before us. You unfolded a map and it innocently offered the physical world on a page. The rest was left to you — including knowing how to fold it up again.But even then, not all maps were neutral or necessarily innocent. Sure, they crowned capitals and trimmed borders, but they could also leave things out or would make certain claims. From empire to colony, from mission to market, maps often arrived not to reflect place, but to declare control of it. Still, we trusted it…even if was an illusion.I learned how to interrogate maps in my undergraduate history of cartography class — taught by the legendary cartographer Waldo Tobler. But even with that knowledge, when I was then taught how to make maps, that interrogation was more absent. I confidently believed I was mediating truth. The lines and symbols I used pointed to substance; they signaled a thing. I traced rivers from existing base maps with a pen on vellum and trusted they existed in the world as sure as the ink on the page. I cut out shading for a choropleth map and believed it told a stable story about population, vegetation, or economics. That trust was embodied in representation — the idea that a sign meant something enduring. That we could believe what maps told us.This is the world of semiotics — the study of how signs create meaning. American philosopher Charles Sanders Peirce offered a sturdy model: a sign (like a map line) refers to an object (the river), and its meaning emerges in interpretation. Meaning, in this view, is relational — but grounded. A stop sign, a national anthem, a border — they meant something because they pointed beyond themselves, to a world we shared.But there are cracks in this seemingly sturdy model.These cracks pose this question: why do we trust signs in the first place? That trust — in maps, in categories, in data — didn't emerge from neutrality. It was built atop agendas.Take the first U.S. census in 1790. It didn't just count — it defined. Categories like “free white persons,” “all other free persons,” and “slaves” weren't neutral. They were political tools, shaping who mattered and by how much. People became variables. Representation became abstraction.Or Carl Linnaeus, the 18th-century Swedish botanist who built the taxonomies we still use: genus, species, kingdom. His system claimed objectivity but was shaped by distance and empire. Linnaeus never left Sweden. He named what he hadn't seen, classified people he'd never met — sorting humans into racial types based on colonial stereotypes. These weren't observations. They were projections based on stereotypes gathered from travelers, missionaries, and imperial officials.Naming replaced knowing. Life was turned into labels. Biology became filing. And once abstracted, it all became governable, measurable, comparable, and, ultimately, manageable.Maps followed suit.What once lived as a symbolic invitation — a drawing of place — became a system of location. I was studying geography at a time (and place) when Geographic Information Systems (GIS) and GIScience was transforming cartography. Maps weren't just about visual representations; they were spatial databases. Rows, columns, attributes, and calculations took the place of lines and shapes on map. Drawing what we saw turned to abstracting what could then be computed so that it could then be visualized, yes, but also managed.Chris Perkins, writing on the philosophy of mapping, argued that digital cartographies didn't just depict the world — they constituted it. The map was no longer a surface to interpret, but a script to execute. As critical geographers Sam Hind and Alex Gekker argue, the modern “mapping impulse” isn't about understanding space — it's about optimizing behavior through it; in a world of GPS and vehicle automation, the map no longer describes the territory, it becomes it. Laura Roberts, writing on film and geography, showed how maps had fused with cinematic logic — where places aren't shown, but performed. Place and navigation became narrative. New York in cinema isn't a place — it's a performance of ambition, alienation, or energy. Geography as mise-en-scène.In other words, the map's loss of innocence wasn't just technical. It was ontological — a shift in the very nature of what maps are and what kind of reality they claim to represent. Geography itself had entered the domain of simulation — not representing space but staging it. You can simulate traveling anywhere in the world, all staged on Google maps. Last summer my son stepped off the train in Edinburgh, Scotland for the first time in his life but knew exactly where he was. He'd learned it driving on simulated streets in a simulated car on XBox. He walked us straight to our lodging.These shifts in reality over centuries weren't necessarily mistakes. They unfolded, emerged, or evolved through the rational tools of modernity — and for a time, they worked. For many, anyway. Especially for those in power, seeking power, or benefitting from it. They enabled trade, governance, development, and especially warfare. But with every shift came this question: at what cost?FROM SIGNS TO SPECTACLEAs early as the early 1900s, Max Weber warned of a world disenchanted by bureaucracy — a society where rationalization would trap the human spirit in what he called an iron cage. By mid-century, thinkers pushed this further.Michel Foucault revealed how systems of knowledge — from medicine to criminal justice — were entangled with systems of power. To classify was to control. To represent was to discipline. Roland Barthes dissected the semiotics of everyday life — showing how ads, recipes, clothing, even professional wrestling were soaked in signs pretending to be natural.Guy Debord, in the 1967 The Society of the Spectacle, argued that late capitalism had fully replaced lived experience with imagery. “The spectacle,” he wrote, “is not a collection of images, but a social relation among people, mediated by images.”Then came Jean Baudrillard — a French sociologist, media theorist, and provocateur — who pushed the critique of representation to its limit. In the 1980s, where others saw distortion, he saw substitution: signs that no longer referred to anything real. Most vividly, in his surreal, gleaming 1986 travelogue America, he described the U.S. not as a place, but as a performance — a projection without depth, still somehow running.Where Foucault showed that knowledge was power, and Debord showed that images replaced life, Baudrillard argued that signs had broken free altogether. A map might once distort or simplify — but it still referred to something real. By the late 20th century, he argued, signs no longer pointed to anything. They pointed only to each other.You didn't just visit Disneyland. You visited the idea of America — manufactured, rehearsed, rendered. You didn't just use money. You used confidence by handing over a credit card — a symbol of wealth that is lighter and moves faster than any gold.In some ways, he was updating a much older insight by another Frenchman. When Alexis de Tocqueville visited America in the 1830s, he wasn't just studying law or government — he was studying performance. He saw how Americans staged democracy, how rituals of voting and speech created the image of a free society even as inequality and exclusion thrived beneath it. Tocqueville wasn't cynical. He simply understood that America believed in its own image — and that belief gave it a kind of sovereign feedback loop.Baudrillard called this condition simulation — when representation becomes self-contained. When the distinction between real and fake no longer matters because everything is performance. Not deception — orchestration.He mapped four stages of this logic:* Faithful representation – A sign reflects a basic reality. A map mirrors the terrain.* Perversion of reality – The sign begins to distort. Think colonial maps as logos or exclusionary zoning.* Pretending to represent – The sign no longer refers to anything but performs as if it does. Disneyland isn't America — it's the fantasy of America. (ironically, a car-free America)* Pure simulation – The sign has no origin or anchor. It floats. Zillow heatmaps, Uber surge zones — maps that don't reflect the world, but determine how you move through it.We don't follow maps as they were once known anymore. We follow interfaces.And not just in apps. Cities themselves are in various stages of simulation. New York still sells itself as a global center. But in a distributed globalized and digitized economy, there is no center — only the perversion of an old reality. Paris subsidizes quaint storefronts not to nourish citizens, but to preserve the perceived image of Paris. Paris pretending to be Paris. Every city has its own marketing campaign. They don't manage infrastructure — they manage perception. The skyline is a product shot. The streetscape is marketing collateral and neighborhoods are optimized for search.Even money plays this game.The U.S. dollar wasn't always king. That title once belonged to the British pound — backed by empire, gold, and industry. After World War II, the dollar took over, pegged to gold under the Bretton Woods convention — a symbol of American postwar power stability…and perversion. It was forged in an opulent, exclusive, hotel in the mountains of New Hampshire. But designed in the style of Spanish Renaissance Revival, it was pretending to be in Spain. Then in 1971, Nixon snapped the dollar's gold tether. The ‘Nixon Shock' allowed the dollar to float — its value now based not on metal, but on trust. It became less a store of value than a vessel of belief. A belief that is being challenged today in ways that recall the instability and fragmentation of the pre-WWII era.And this dollar lives in servers, not Industrial Age iron vaults. It circulates as code, not coin. It underwrites markets, wars, and global finance through momentum alone. And when the pandemic hit, there was no digging into reserves.The Federal Reserve expanded its balance sheet with keystrokes — injecting trillions into the economy through bond purchases, emergency loans, and direct payments. But at the same time, Trump 1.0 showed printing presses rolling, stacks of fresh bills bundled and boxed — a spectacle of liquidity. It was monetary policy as theater. A simulation of control, staged in spreadsheets by the Fed and photo ops by the Executive Branch. Not to reflect value, but to project it. To keep liquidity flowing and to keep the belief intact.This is what Baudrillard meant by simulation. The sign doesn't lie — nor does it tell the truth. It just works — as long as we accept it.MOOD OVER MEANINGReality is getting harder to discern. We believe it to be solid — that it imposes friction. A law has consequences. A price reflects value. A city has limits. These things made sense because they resist us. Because they are real.But maybe that was just the story we told. Maybe it was always more mirage than mirror.Now, the signs don't just point to reality — they also replace it. We live in a world where the image outpaces the institution. Where the copy is smoother than the original. Where AI does the typing. Where meaning doesn't emerge — it arrives prepackaged and pre-viral. It's a kind of seductive deception. It's hyperreality where performance supersedes substance. Presence and posture become authority structured in style.Politics is not immune to this — it's become the main attraction.Trump's first 100 days didn't aim to stabilize or legislate but to signal. Deportation as UFC cage match — staged, brutal, and televised. Tariff wars as a way of branding power — chaos with a catchphrase. Climate retreat cast as perverse theater. Gender redefined and confined by executive memo. Birthright citizenship challenged while sedition pardoned. Even the Gulf of Mexico got renamed. These aren't policies, they're productions.Power isn't passing through law. It's passing through the affect of spectacle and a feed refresh.Baudrillard once wrote that America doesn't govern — it narrates. Trump doesn't manage policy, he manages mood. Like an actor. When America's Secretary of Defense, a former TV personality, has a makeup studio installed inside the Pentagon it's not satire. It's just the simulation, doing what it does best: shining under the lights.But this logic runs deeper than any single figure.Culture no longer unfolds. It reloads. We don't listen to the full album — we lift 10 seconds for TikTok. Music is made for algorithms. Fashion is filtered before it's worn. Selfhood is a brand channel. Identity is something to monetize, signal, or defend — often all at once.The economy floats too. Meme stocks. NFTs. Speculative tokens. These aren't based in value — they're based in velocity. Attention becomes the currency.What matters isn't what's true, but what trends. In hyperreality, reference gives way to rhythm. The point isn't to be accurate. The point is to circulate. We're not being lied to.We're being engaged. And this isn't a bug, it's a feature.Which through a Baudrillard lens is why America — the simulation — persists.He saw it early. Describing strip malls, highways, slogans, themed diners he saw an America that wasn't deep. That was its genius he saw. It was light, fast paced, and projected. Like the movies it so famously exports. It didn't need justification — it just needed repetition.And it's still repeating.Las Vegas is the cathedral of the logic of simulation — a city that no longer bothers pretending. But it's not alone. Every city performs, every nation tries to brand itself. Every policy rollout is scored like a product launch. Reality isn't navigated — it's streamed.And yet since his writing, the mood has shifted. The performance continues, but the music underneath it has changed. The techno-optimism of Baudrillard's ‘80s an ‘90s have curdled. What once felt expansive now feels recursive and worn. It's like a show running long after the audience has gone home. The rager has ended, but Spotify is still loudly streaming through the speakers.“The Kids' Guide to the Internet” (1997), produced by Diamond Entertainment and starring the unnervingly wholesome Jamison family. It captures a moment of pure techno-optimism — when the Internet was new, clean, and family-approved. It's not just a tutorial; it's a time capsule of belief, staged before the dream turned into something else. Before the feed began to feed on us.Trumpism thrives on this terrain. And yet the world is changing around it. Climate shocks, mass displacement, spiraling inequality — the polycrisis has a body count. Countries once anchored to American leadership are squinting hard now, trying to see if there's anything left behind the screen. Adjusting the antenna in hopes of getting a clearer signal. From Latin America to Southeast Asia to Europe, the question grows louder: Can you trust a power that no longer refers to anything outside itself?Maybe Baudrillard and Tocqueville are right — America doesn't point to a deeper truth. It points to itself. Again and again and again. It is the loop. And even now, knowing this, we can't quite stop watching. There's a reason we keep refreshing. Keep scrolling. Keep reacting. The performance persists — not necessarily because we believe in it, but because it's the only script still running.And whether we're horrified or entertained, complicit or exhausted, engaged or ghosted, hired or fired, immigrated or deported, one thing remains strangely true: we keep feeding it. That's the strange power of simulation in an attention economy. It doesn't need conviction. It doesn't need conscience. It just needs attention — enough to keep the momentum alive. The simulation doesn't care if the real breaks down. It just keeps rendering — soft, seamless, and impossible to look away from. Like a dream you didn't choose but can't wake up from.REFERENCESBarthes, R. (1972). Mythologies (A. Lavers, Trans.). Hill and Wang. (Original work published 1957)Baudrillard, J. (1986). America (C. Turner, Trans.). Verso.Debord, G. (1994). The Society of the Spectacle (D. Nicholson-Smith, Trans.). Zone Books. (Original work published 1967)Foucault, M. (1977). Discipline and Punish: The Birth of the Prison (A. Sheridan, Trans.). Vintage Books.Hind, S., & Gekker, A. (2019). On autopilot: Towards a flat ontology of vehicular navigation. In C. Lukinbeal et al. (Eds.), Media's Mapping Impulse. Franz Steiner Verlag.Linnaeus, C. (1735). Systema Naturae (1st ed.). Lugduni Batavorum.Perkins, C. (2009). Philosophy and mapping. In R. Kitchin & N. Thrift (Eds.), International Encyclopedia of Human Geography. Elsevier.Raaphorst, K., Duchhart, I., & van der Knaap, W. (2017). The semiotics of landscape design communication. Landscape Research.Roberts, L. (2008). Cinematic cartography: Movies, maps and the consumption of place. In R. Koeck & L. Roberts (Eds.), Cities in Film: Architecture, Urban Space and the Moving Image. University of Liverpool.Tocqueville, A. de. (2003). Democracy in America (G. Lawrence, Trans., H. Mansfield & D. Winthrop, Eds.). University of Chicago Press. (Original work published 1835)Weber, M. (1958). The Protestant Ethic and the Spirit of Capitalism (T. Parsons, Trans.). Charles Scribner's Sons. (Original work published 1905) This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit interplace.io

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

Acquista il mio nuovo libro, “Anche Socrate qualche dubbio ce l'aveva”: https://amzn.to/3wPZfmCLa voglia di pace nell'immediato dopoguerra portò anche a ridefinire il mondo dal punto di vista economico.Diventa un supporter di questo podcast: https://www.spreaker.com/podcast/dentro-alla-storia--4778249/support.

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

In this episode, we dive deep into the world of commodity trading with Stephane Bernhard, CEO/CIO of CAM Multi-Strat Asset Management. Drawing from his 30+ years of experience starting at Louis Dreyfus through commodity trading house ETG, Stephane shares how commodity trading has evolved from pure fundamental analysis to today's complex intersection of physical, financial, and systematic trading.The conversation explores the world of commodity houses and physical trading of commodities, before diving into CAM's unique approach to building a commodity-focused multi-strategy fund that bridges physical and financial markets. Stephane details their innovative risk management framework that gives commodity traders more flexibility than traditional pod shops while maintaining portfolio stability. You'll hear why VAR doesn't work for commodity risk management and how they've developed an anti-fragile approach to drawdown management.Throughout the discussion, Stephane weaves in fascinating historical perspective - from his early days in the Madrid sovereign debt crisis to parallels between the end of Bretton Woods and today's shifting monetary landscape. Whether you're interested in commodity markets, multi-strategy fund construction, or the intersection of physical and financial trading, this episode offers unique insights into an increasingly important corner of the investment world – SEND IT!00:00-01:06 = Intro01:07-13:42 = Commodity Trading Houses: Bridging Time and Risk in Global Commodity Markets at Louis Dreyfuss and ETG13:43-29:50 = Commodity Trading Dynamics: Navigating Physical Footprints, Basis Risk, and Market Complexity29:51-40:51 = Constructing a Multi-Strategy Commodity Trading Platform: Exploring ETG's Strategic Vision40:52-53:29= Commodity Market Dynamics: Weather, Volatility, and Global Supply Chains53:30-01:13:51 = Risk Management and Trader Psychology: Mastering the Art of Commodity Trading01:13:52-01:18:50 = Trading Psychology and Market Excitement: Navigating High-Stress Moments01:18:51-01:29:34 = Lessons from the 1971 Gold Standard: Adapting to Historical Market ShiftsFrom the episode: The Secret Club That Runs the WorldFollow along with Stephane on X @TCS_Trader and LinkedIn, and be sure to check out ETG and CAM on LinkedIn as well for more information!Don't forget to subscribe to⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠The Derivative⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, follow us on Twitter at⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠@rcmAlts⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ and our host Jeff at⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠@AttainCap2⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, or⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠LinkedIn⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ , and⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Facebook⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, and⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠sign-up for our blog digest⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠.Disclaimer: This podcast is provided for informational purposes only and should not be relied upon as legal, business, or tax advice. All opinions expressed by podcast participants are solely their own opinions and do not necessarily reflect the opinions of RCM Alternatives, their affiliates, or companies featured. Due to industry regulations, participants on this podcast are instructed not to make specific trade recommendations, nor reference past or potential profits. And listeners are reminded that managed futures, commodity trading, and other alternative investments are complex and carry a risk of substantial losses. As such, they are not suitable for all investors. For more information, visit⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠www.rcmalternatives.com/disclaimer⁠

Ein Wirtschaftsberater von Donald Trump schlägt den Mar-a-Lago-Accord für die Weltwirtschaft vor. Was steckt dahinter? Bo und Marcus fangen ganz vorne an und lernen, dass große Währungsabkommen überraschend oft nach luxoriösen Orten benannt werden. #Währungsabkommen #Goldstandard #BrettonWoods #Plaza**********In dieser Folge:00:02:40 - Today - Stephen Miran und die Theorie hinter dem Mar-a-Lago-Accord00:09:58 - 1944 - Was in Bretton Woods beschlossen wurde00:14:36 - 1971 und 1985 - Nixon, der Goldstandard und das Plaza Hotel00:18:10 - Blick in die Kristallkugel - Was die Pläne der USA für die Zukunft Europas bedeuten (können)00:21:22 - Wahres für Bahres - Das Fazit**********An dieser Folge waren beteiligt: Gesprächspartnerin: Andrea Binder, Politökonomin, FU Berlin Hosts und Autoren: Bo Hyun Kim und Marcus Wolf Faktencheck: Jule Dieterle, Merle Körber, Andreas Schöllig Produktion: Marcell Christmann Redaktion: Anne Göbel**********Die Quellen zur Folge:Stephen Mirans Papier zum Mar-a-Lago-Accord (11/2024)Historische Videoaufnahmen zum Bretton-Woods-Abkommen (1944)Jeffrey Frankel: The Plaza Accord, 30 Years Later**********Weitere Beiträge zum Thema:Breaking Bank: Wie neue Bezahlsysteme Banken herausfordernAuf Crush-Kurs: Wieso viele Dating-Apps in der Krise steckenKryptowährung: Wie Bitcoin durch Rechenpower entstehen **********Habt ihr auch manchmal einen WTF-Moment, wenn es um Wirtschaft und Finanzen geht? Wir freuen uns über eure Themenvorschläge und Feedback an whatthewirtschaft@deutschlandfunknova.de.**********Den Artikel zum Stück findet ihr hier.**********Ihr könnt uns auch auf diesen Kanälen folgen: TikTok und Instagram .

In this episode of Soar Financially, Clive Thompson, a retired Swiss wealth manager with 50 years of experience, reveals the real strategy behind a potential gold revaluation reset. Could the U.S. use a massive gold price reset to erase its debt?We explore the brewing battle between Trump and Powell, the Fed's next move, and why Jerome Powell's sudden exit could spark a gold and equity market boom. From Basel III and COMEX deliveries to Bretton Woods 3.0 and dollar devaluation, Clive connects the dots between central banks, debt relief, and gold manipulation.#Gold #Powell #debtcrisis

In this episode, I chat with American HODL, a legendary voice in the Bitcoin space. He opens up about how Bitcoin helped secure his family's financial future, and why most of us underestimate the radical transformation $100 million Bitcoin will bring. ––– 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 Guest––– • HODL on X: https://x.com/americanhodl8 • HODL on X: npub1rtlqca8r6auyaw5n5h3l5422dm4sry5dzfee4696fqe8s6qgudks7djtfs ––– 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 ––– 00:00 - Intro 01:18 – Welcome Back, HODL 03:30 – Bear Market Conviction 04:40 – Trade Wars & Uncertainty 07:16 – Bitcoin as an Infinite Game 09:57 – From Speculating to Saving 11:56 – Orange-Pilling Family 15:37 – Leading with Self-Custody 21:03 – Security & Simple Living 23:47 – Resentment from the Fiat World 26:02 – Emotional Toll of Volatility 29:27 – Spartan Class Bitcoiners 32:37 – Capital Allocation Strategy 35:17 – Rise of the Bitcoin Mafia 37:47 – $100M BTC & Global Shifts 40:59 – ETFs, Self-Custody & Citizenship 45:02 – Governments Want Your Keys 47:52 – Fourth Turning Vibes 50:58 – Bretton Woods 2.0 55:39 – Helping Others with Bitcoin 58:22 – Bitcoin's Emotional Rollercoaster 01:05:02 – Lessons from Past Cycles 01:11:32 – Long-Term Wealth Tactics 01:14:57 – Bitcoin & Relationships 01:18:12 – Prepping for the Bull Run 01:21:27 – Final Wisdom 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!

“It ends with the banks looking like they did at the end of World War II... half of their book was government bonds,” says R. Christopher Whalen, investment banker and author. In a conversation with Daniela Cambone, he breaks down the systemic risks emerging in the treasury market. “Today the treasury market is basically a carry trade with a lot of hedge funds using 100 to 1 leverage. That's the market for treasury debt,” he explains, pointing to the fragility of the current system. Whalen also argues that the Bretton Woods framework has eroded and that the dollar's dominance is waning. “This dollar Imperium has run its course.” He believes central banks — including the U.S. Federal Reserve — should diversify their reserves to include gold alongside major currencies like the dollar, euro, and yen. He views gold as a strategic reserve asset with untapped financial utility. “I hope... the BIS is going to recognize gold as a high-quality liquid asset... it would become eligible to be collateral in swaps,” he says. Key Topics: - President Trump and Powell were going to cross swords.- The Fed struggles to manage the economy and rates.- Multifamily real estate is the subprime today.- The Fed should be holding gold.- The dollar is attractive because of our marketplace.- National debt has tripled in 15 years.

In this explosive episode of Soar Financially, Dr. Judy Shelton—former economic advisor to President Trump and Senior Fellow at the Independent Institute—joins us to deliver a sharp critique of the Federal Reserve and propose bold reforms that could reshape the global financial system.We unpack the true role of the Fed, gold-backed bonds, currency manipulation, Bretton Woods 2.0, and how to restore monetary integrity in America.-Why is the Fed too powerful?- Could gold-backed 50-year bonds anchor the dollar?- And is the U.S. actually “cheating” in global markets?#Gold #federalreserve #goldstandard ------------

This week, in a special experiment, we've gone live on Twitter Spaces. As Trump's tariffs bite, and the current account deficit zooms to the front of modern political economy, we're revisiting the idea of a new Bancor, a complete resetting of the global monetary system.

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 seeds of destruction of the world's global order were sewn in 1944 at the Bretton Woods conference. Government plans that were hatched there led directly to the IMF and the World Bank. The people of the United States were locked into a trajectory that would ultimately collapse in failure, why? The answer could explained this way. To carry out a system of coercion and force, it must appear to work, at least for a while. If not, the people won't support it and it wouldn't last long enough to pass on to future generation to carry on the deception. But these schemes always collapse in failure because they are man's attempt to evade reality. To escape the discipline that life naturally imposes on human beings. As Bastiat said, the LAW is perverted so that the few can plunder the many. The problem is that we ended up promoting democracy where everybody votes and now everybody plunders everybody. It's all an attempt to escape the inevitable. There is no free lunch and man must provide for himself and his family. WE have let collectivism and guilt get the best of us and it is coming to a rapid end.Ray Dalio on CNBC on the Structural Issues with the World Orderhttps://www.youtube.com/watch?v=WeKu1D1qSR8

Lenin quipped that "there are decades where nothing happens; and there are weeks where decades happen." The post Liberation Day drama of early April 2025, That Was The Week's Keith Teare suggests, will be remembered as one of those weeks. While the world isn't exactly ending, Keith suggests, the “West” - or at least a post Bretton Woods American centric west - is finished. He may well be right in seeing Trump's clownish tariffs as a symptom of American decline. But if the United States is the past and China the future, then where - Keith and I discuss - does that leave Silicon Valley? What becomes of supposedly pioneering American AI technology in a China centric world? And can traditional Big Tech leviathans like Apple and Google survive the end of the West? FIVE TAKEAWAYS * Shift in global economic power: Our conversation highlights a dramatic change in global trade patterns from 2000 to 2024, with China replacing the US as the dominant trading partner for most countries. This is visualized through maps showing the world changing from predominantly "blue" (US) to "red" (China).* Trump's tariff policy: Keith Teare argues that while Trump's tariffs may seem irrational, they represent a rational (though potentially harmful) attempt to slow America's relative economic decline. He suggests these policies aim to protect America's position even if they shrink the global economic pie.* Impact on Big Tech: We discuss how companies like Apple are vulnerable to tariffs due to their global supply chains, with predictions that an American-made iPhone would cost $3,000-$5,000 instead of $1,000. We also note that even service-oriented tech companies could face European tariffs in retaliation.* Historical significance: Keith characterizes the recent economic shifts as comparable to major historical events like the Bretton Woods agreement, suggesting this represents the end of the post-WWII economic order where America was the unambiguous world leader.* Silicon Valley's political divide: We touch on how Silicon Valley has shifted politically, with many tech elites supporting Trump's "America first" approach, while noting exceptions like Elon Musk who has criticized specific tariff policies. The Palo Alto based Keith observes that AI development remains a bigger topic of conversation in the Valley than politics.Keen On America is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit keenon.substack.com/subscribe

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

US President Donald Trump wants to use tariffs as part of a plan to save the dominance of the dollar as the global reserve currency. His top economic advisor Stephen Miran outlined the Trump administration's strategy to force other countries to pay the USA to maintain its imperial financial and military order. Ben Norton explains the idea behind the hypothetical "Mar-a-Lago Accord". VIDEO: https://www.youtube.com/watch?v=VnajhDMAWVA Topics 0:00 Trump's top economic advisor 0:42 Trump wants to save dollar hegemony 1:04 (CLIP) Trump on US dollar 1:21 Dedollarization 2:01 BRICS 2:46 (CLIP) Trump threatens BRICS 3:15 Tariffs 3:50 Bretton Woods system 4:38 Keynes' Bancor proposal 5:07 US exorbitant privilege 5:39 Nixon shock, gold standard, petrodollar 6:43 Financialization 7:35 Billionaires 8:01 Deindustrialization 8:10 Current account deficit 8:33 Trump advisor Stephen Miran 9:17 Overvaluation of US dollar 10:30 Stephen Miran's plan 11:16 Mar-a-Lago Accord 12:59 Economic nuclear war 14:07 Trump admin's goals 15:20 Paying for US empire 17:30 Trump admin's 5 demands 20:25 (CLIP) Sharing costs of US empire 21:13 China 21:32 (CLIP) Decoupling from China 21:55 Hudson Institute 23:58 US financial crisis of 2008 25:42 Manufacturing 26:02 Trump hits China with 104% tariffs 27:23 Economic game of chicken 27:50 Can USA win trade war? 30:04 (CLIP) Miran: US has leverage over China 30:59 China vows "to fight to the end" 32:00 US economic dependence on China 33:00 Chinese exports 34:01 China's top export destinations 34:36 ASEAN is China's top trading partner 35:16 Indonesia 36:08 China is world's top trading partner 36:54 China's trade with Russia 38:34 Can USA reindustrialize? 38:52 (CLIP) "We can make stuff at home" 39:09 Reindustrialization is very difficult 41:40 Trade war will hurt Americans 42:17 Moving taxes from rich to poor 43:15 Do other countries pay US tariffs? 43:34 Dollar falls 44:38 Yield on US Treasury securities 46:10 Mortgage rate spread 46:42 Credit card interest rate 47:14 Interest payments on US national debt 48:37 Backlash on US economy 49:51 Danger of blowback 50:31 Plaza Accord revisited 51:16 Changes in global economy 52:50 China learned from Japan crisis 54:33 Imperial hubris 55:12 Vietnam in a multipolar world 58:07 Outro

Scarce Assets // Jackson Mikalic on X // Kane McGukin on X // The Mesh PointScarce Assets: a biweekly podcast presented by Onramp which delves into the emergent role of bitcoin in finance professionals' strategies and outlooks. Hosted by Jackson Mikalic, Scarce Assets provides invaluable insights for wealth managers aiming to outperform their peers in the decades ahead. Finance professionals everywhere know about stocks and bonds, but the macroeconomic outlook requires that serious investors pay close attention to another category: Scarce Assets.00:00-Introduction to Kane McGukin06:18-Understanding Market Dynamics and Bitcoin's Role09:15-The Impact of Central Banks on Financial Systems15:29-The Future of Bitcoin and Digital Currencies18:33-Geopolitical Forces and Economic Restructuring21:17-The Role of Stablecoins in the New Economy32:29-The Utility of Bitcoin and Fiat in Global Transactions38:17-Derivatives and Bitcoin Price Manipulation43:14-Investing in Bitcoin: Strategies and Considerations48:15-Inflation, Liquidity, and Bitcoin's Future52:03-Bitcoin as a Store of Value and Its Liquidity Advantage01:02:45-Outro & DisclaimerPlease subscribe to Onramp Media channels and sign up for weekly Research & Analysis to get access to the best content in the ecosystem weekly.

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. 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The Storm Skiing Journal and Podcast is a reader-supported publication. To receive new posts and to support independent ski journalism, please consider becoming a free or paid subscriber.WhoTyler Fairbank, General Manager of Jiminy Peak, Massachusetts and CEO of Fairbank GroupRecorded onFebruary 10, 2025 and March 7, 2025About Fairbank GroupFrom their website:The Fairbank Group is driven to build things to last – not only our businesses but the relationships and partnerships that stand behind them. Since 2008, we have been expanding our eclectic portfolio of businesses. This portfolio includes three resorts—Jiminy Peak Mountain Resort, Cranmore Mountain Resort, and Bromley Mountain Ski Resort—and real estate development at all three resorts, in addition to a renewable energy development company, EOS Ventures, and a technology company, Snowgun Technology.About Jiminy PeakClick here for a mountain stats overviewOwned by: Fairbank Group, which also owns Cranmore and operates Bromley (see breakdowns below)Located in: Hancock, MassachusettsYear founded: 1948Pass affiliations:* Ikon Pass: 2 days, with blackouts* Uphill New EnglandClosest neighboring ski areas: Bousquet (:27), Catamount (:49), Butternut (:51), Otis Ridge (:54), Berkshire East (:58), Willard (1:02)Base elevation: 1,230 feetSummit elevation: 2,380 feetVertical drop: 1,150 feetSkiable acres: 167.4Average annual snowfall: 100 inchesTrail count: 42Lift count: 9 (1 six-pack, 2 fixed-grip quads, 3 triples, 1 double, 2 carpets – view Lift Blog's inventory of Jiminy Peak's lift fleet)About CranmoreClick here for a mountain stats overviewOwned by: The Fairbank GroupLocated in: North Conway, New HampshireYear founded: 1937Pass affiliations: * Ikon Pass: 2 days, with blackouts* Uphill New EnglandClosest neighboring ski areas: Attitash (:16), Black Mountain (:18), King Pine (:28), Wildcat (:28), Pleasant Mountain (:33), Bretton Woods (:42)Base elevation: 800 feetSummit elevation: 2,000 feetVertical drop: 1,200 feetSkiable Acres: 170 Average annual snowfall: 80 inchesTrail count: 56 (15 most difficult, 25 intermediate, 16 easier)Lift count: 7 (1 high-speed quad, 1 fixed-grip quad, 2 triples, 1 double, 2 carpets – view Lift Blog's inventory of Cranmore's lift fleet)About BromleyClick here for a mountain stats overviewOwned by: The estate of Joseph O'DonnellOperated by: The Fairbank GroupPass affiliations: Uphill New EnglandLocated in: Peru, VermontClosest neighboring ski areas: Magic Mountain (14 minutes), Stratton (19 minutes)Base elevation: 1,950 feetSummit elevation: 3,284 feetVertical drop: 1,334 feetSkiable Acres: 300Average annual snowfall: 145 inchesTrail count: 47 (31% black, 37% intermediate, 32% beginner)Lift count: 9 (1 high-speed quad, 1 fixed-grip quad, 4 doubles, 1 T-bar, 2 carpets - view Lift Blog's of inventory of Bromley's lift fleet)Why I interviewed himI don't particularly enjoy riding six-passenger chairlifts. Too many people, up to five of whom are not me. Lacking a competent queue-management squad, chairs rise in loads of twos and threes above swarming lift mazes. If you're skiing the West, lowering the bar is practically an act of war. It's all so tedious. Given the option – Hunter, Winter Park, Camelback – I'll hop the parallel two-seater just to avoid the drama.I don't like six-packs, but I sure am impressed by them. Sixers are the chairlift equivalent of a two-story Escalade, or a house with its own private Taco Bell, or a 14-lane expressway. Like damn there's some cash floating around this joint.Sixers are common these days: America is home to 107 of them. But that wasn't always so. Thirty-two of these lifts came online in just the past three years. Boyne Mountain, Michigan built the first American six-pack in 1992, and for three years, it was the only such lift in the nation (and don't think they didn't spend every second reminding us of it). The next sixer rose at Stratton, in 1995, but 18 of the next 19 were built in the West. In 2000, Jiminy Peak demolished a Riblet double and dropped the Berkshire Express in its place.For 26 years, Jiminy Peak has owned the only sixer in the State of Massachusetts (Wachusett will build the second this summer). Even as they multiply, the six-pack remains a potent small-mountain status symbol: Vail owns 31 or them, Alterra 30. Only 10 independents spin one. Sixers are expensive to build, expensive to maintain, difficult to manage. To build such a machine is to declare: we are different, we can handle this, this belongs here and so does your money.Sixty years ago, Jiminy Peak was a rump among a hundred poking out of the Berkshires. It would have been impossible to tell, in 1965, which among these many would succeed. Plenty of good ski areas failed since. Jiminy is among the last mountains standing, a survival-of-the-fittest tale punctuated, at the turn of the century, by the erecting of a super lift that was impossible to look away from. That neighboring Brodie, taller and equal-ish in size to Jiminy, shuttered permanently two years later, after a 62-year run as a New England staple, was probably not a coincidence (yes, I'm aware that the Fairbanks themselves bought and closed Brodie). Jiminy had planted its 2,800-skier-per-hour flag on the block, and everyone noticed and no one could compete.The Berkshire Express is not the only reason Jiminy Peak thrives in a 21st century New England ski scene defined by big companies, big passes, and big crowds. But it's the best single emblem of a keep-moving philosophy that, over many decades, transformed a rust-bucket ski area into a glimmering ski resort. That meant snowmaking before snowmaking was cool, building places to stay on the mountain in a region of day-drivers, propping a wind turbine on the ridge to offset dependence on the energy grid.Non-ski media are determined to describe America's lift-served skiing evolution in terms of climate change, pointing to the shrinking number of ski areas since the era when any farmer with a backyard haystack and a spare tractor engine could run skiers uphill for a nickel. But this is a lazy narrative (America offers a lot more skiing now than it did 30 years ago). Most American ski areas – perhaps none – have failed explicitly because of climate change. At least not yet. Most failed because running a ski area is hard and most people are bad at it. Jiminy, once surrounded by competitors, now stands alone. Why? That's what the world needs to understand.What we talked aboutThe impact of Cranmore's new Fairbank Lodge; analyzing Jiminy's village-building past to consider Cranmore's future; Bromley post-Joe O'Donnell (RIP); Joe's legacy – “just an incredible person, great guy”; taking the long view; growing up at Jiminy Peak in the wild 1970s; Brian Fairbank's legacy building Jiminy Peak – with him, “anything is possible”; how Tyler ended up leading the company when he at one time had “no intention of coming back into the ski business”; growing Fairbank Group around Jiminy; surviving and recovering from a stroke – “I had this thing growing in me my entire life that I didn't realize”; carrying on the family legacy; why Jiminy and Cranmore joined the Ikon Pass as two-day partners, and whether either mountain could join as full partners; why Bromley didn't join Ikon; the importance of New York City to Jiminy Peak and Boston to Cranmore; why the ski areas won't be direct-to-lift with Ikon right away; are the Fairbank resorts for sale?; would Fairbank buy more?; the competitive advantage of on-mountain lodging; potential Jiminy lift upgrades; why the Berkshire Express sixer doesn't need an upgrade of the sort that Cranmore and Bromley's high-speed quads received; why Jiminy runs a fixed-grip triple parallel to its high-speed six; where the mountain's next high-speed lift could run; and Jiminy Peak expansion potential.What I got wrong* I said that I didn't know which year Jiminy Peak installed their wind turbine – it was 2007. Berkshire East built its machine in 2010 and activated it in 2011.* When we recorded the Ikon addendum, Cranmore and Jiminy Peak had not yet offered any sort of Ikon Pass discount to their passholders, but Tyler promised details were coming. Passholders can now find offers for a discounted ($229) three-day Ikon Session pass on either ski area's website.Why now was a good time for this interviewFor all the Fairbanks' vision in growing Jiminy from tumbleweed into redwood, sprinting ahead on snowmaking and chairlifts and energy, the company has been slow to acknowledge the largest shift in the consumer-to-resort pipeline this century: the shift to multi-mountain passes. Even their own three mountains share just one day each for sister resort passholders.That's not the same thing as saying they've been wrong to sit and wait. But it's interesting. Why has this company that's been so far ahead for so long been so reluctant to take part in what looks to be a permanent re-ordering of the industry? And why have they continued to succeed in spite of this no-thanks posture?Or so my thinking went when Tyler and I scheduled this podcast a couple of months ago. Then Jiminy, along with sister resort Cranmore, joined the Ikon Pass. Yes, just as a two-day partner in what Alterra is labeling a “bonus” tier, and only on the full Ikon Pass, and with blackout dates. But let's be clear about this: Jiminy Peak and Cranmore joined the Ikon Pass.Unfortunately (or perhaps fortunately), for me and my Pangea-paced editing process, we'd recorded the bulk of this conversation several weeks before the Ikon announcement. So we recorded a post-Ikon addendum, which explains the mid-podcast wardrobe change.It will be fascinating to observe, over the next decade, how the remaining holdouts manage themselves in the Epkon-atronic world that is not going away. Will big indies such as Jackson Hole and Alta eventually eject the pass masses as a sort of high-class differentiator? Will large regional standouts like Whitefish and Bretton Woods and Baker and Wolf Creek continue to stand alone in a churning sea of joiners? Or will some economic cataclysm force a re-ordering of the companies piloting these warships, splintering them into woodchips and resetting us back to some version of 1995, where just about every ski area was its own ski area doing battle against every other ski area?I have guesses, but no answers, and no power to do anything, really, other than to watch and ask questions of the Jiminy Peaks of the world as they decide where they fit, and how, and when, into this bizarre and rapidly changing lift-served skiing world that we're all gliding through.Why you should ski Jiminy PeakThere are several versions of each ski area. The trailmap version, cartoonish and exaggerated, designed to be evocative as well as practical, a guide to reality that must bend it to help us understand it. There's the Google Maps version, which straightens out the trailmap but ditches the order and context – it is often difficult to tell, from satellite view, which end of the hill is the top or the bottom, where the lifts run, whether you can walk to the lifts from the parking lot or need to shuttlebus it. There is the oral version, the one you hear from fellow chairlift riders at other resorts, describing their home mountain or an epic day or a secret trail, a vibe or a custom, the thing that makes the place a thing.But the only version of a ski area that matters, in the end, is the lived one. And no amount of research or speculation or YouTube-Insta vibing can equal that. Each mountain is what each mountain is. Determining why they are that way and how that came to be is about 80 percent of why I started this newsletter. And the best mountains, I've found, after skiing hundreds of them, are the ones that surprise you.On paper, Jiminy Peak does not look that interesting: a broad ridge, flat across, a bunch of parallel lifts and runs, a lot of too-wide-and-straight-down. But this is not how it skis. Break left off the sixer and it's go-forever, line after line dropping steeply off a ridge. Down there, somewhere, the Widow White's lift, a doorway to a mini ski area all its own, shooting off, like Supreme at Alta, into a twisting little realm with the long flat runout. Go right off the six-pack and skiers find something else, a ski area from a different time, a trunk trail wrapping gently above a maze of twisting, tangled snow-streets, dozens of potential routes unfolding, gentle but interesting, long enough to inspire a sense of quest and journey.This is not the mountain for everyone. I wish Jiminy had more glades, that they would spin more lifts more often as an alternative to Six-Pack City. But we have Berkshire East for cowboy skiing. Jiminy, an Albany backyarder that considers itself worthy of a $1,051 adult season pass, is aiming for something more buffed and burnished than a typical high-volume city bump. Jiminy doesn't want to be Mountain Creek, NYC's hedonistic free-for-all, or Wachusett, Boston's high-volume, low-cost burner. It's aiming for a little more resort, a little more country club, a little more it-costs-what-it-costs sorry-not-sorry attitude (with a side of swarming kids).Podcast NotesOn other Fairbank Group podcastsOn Joe O'DonnellA 2005 Harvard Business School profile of O'Donnell, who passed away on Jan. 7, 2024 at age 79, gives a nice overview of his character and career:When Joe O'Donnell talks, people listen. Last spring, one magazine ranked him the most powerful person in Boston-head of a privately held, billion-dollar company he built practically from scratch; friend and advisor to politicians of both parties, from Boston's Democratic Mayor Tom Menino to the Bay State's Republican Governor Mitt Romney (MBA '74); member of Harvard's Board of Overseers; and benefactor to many good causes. Not bad for a "cop's kid" who grew up nearby in the blue-collar city of Everett.Read the rest…On Joe O'Donnell “probably owning more ski areas than anyone alive”I wasn't aware of the extent of Joe O'Donnell's deep legacy of ski area ownership, but New England Ski History documents his stints as at least part owner of Magic Mountain VT, Timber Ridge (now defunct, next-door to and still skiable from Magic), Jiminy, Mt. Tom (defunct), and Brodie (also lost). He also served Sugar Mountain, North Carolina as a vendor for years.On stroke survivalKnow how to BE FAST by spending five second staring at this:More, from the CDC.On Jiminy joining the Ikon PassI covered this extensively here:The Storm explores the world of lift-served skiing year-round. Join us. Get full access to The Storm Skiing Journal and Podcast at www.stormskiing.com/subscribe

Chris Whalen, chairman of Whalen Global Advisors and author of The Institutional Risk Analyst blog, returns to The Julia La Roche Show for episode 247 to discuss tariffs, markets, and the economy. Sponsor: This episode is brought to you by Monetary Metals. ⁠https://monetary-metals.com/julia⁠ Chris Whalen explains why the tariff debate is largely a distraction - part of Trump's "shock and awe" strategy to force trading partners to negotiate fairer terms as America attempts to end the Bretton Woods system after 75 years. He sees credit deterioration emerging in auto loans and credit cards while warning about multi-family housing defaults, particularly in smaller urban properties where market indicators show values 50% below their last sale. Despite market fears, Whalen believes the bond market is already cutting rates regardless of Fed action, with the 10-year yield dropping to 3.94% due to strong demand for risk-free collateral and Treasury's efforts to reduce auction sizes. He predicts financial consolidation will continue, pointing to the mortgage industry shrinking to just five major lender/servicer groups, while suggesting investors should look for stock opportunities despite current volatility.Links: Twitter/X: https://twitter.com/rcwhalen Website: https://www.rcwhalen.com/ The Institutional Risk Analyst: https://www.theinstitutionalriskanalyst.com/ Inflated book (2nd edition): https://www.amazon.com/Inflated-Money-Debt-American-Dream/dp/139428571XStanley Middleman book: https://www.amazon.com/Seeing-Around-Corners-Achieving-Business/dp/B0D5PTSJVC/ 0:00 Introduction1:27 Tariffs 3:03 Market reaction assessment5:11 Investment strategy amid volatility7:40 Historical context of tariffs10:37 Main Street vs Wall Street priorities11:17 Impact and distribution of tariff costs13:30 Consumer credit and lending trends15:34 Multi-family housing defaults17:36 Real estate overbuilding concerns18:17 Consumer recession outlook20:46 Job market and recession dynamics22:57 Fed outlook and rate environment24:52 Balance sheet impact discussion26:56 Treasury market outlook29:36 Client questions about market positioning30:57 Closing remarks and contact information

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For a limited time, upgrade to ‘The Storm's' paid tier for $5 per month or $55 per year. You'll also receive a free year of Slopes Premium, a $29.99 value - valid for annual subscriptions only. Monthly subscriptions do not qualify for free Slopes promotion. Valid for new subscriptions only.WhoIain Martin, Host of The Ski PodcastRecorded onJanuary 30, 2025About The Ski PodcastFrom the show's website:Want to [know] more about the world of skiing? The Ski Podcast is a UK-based podcast hosted by Iain Martin.With different guests every episode, we cover all aspects of skiing and snowboarding from resorts to racing, Ski Sunday to slush.In 2021, we were voted ‘Best Wintersports Podcast‘ in the Sports Podcast Awards. In 2023, we were shortlisted as ‘Best Broadcast Programme' in the Travel Media Awards.Why I interviewed himWe did a swap. Iain hosted me on his show in January (I also hosted Iain in January, but since The Storm sometimes moves at the pace of mammal gestation, here we are at the end of March; Martin published our episode the day after we recorded it).But that's OK (according to me), because our conversation is evergreen. Martin is embedded in EuroSki the same way that I cycle around U.S. AmeriSki. That we wander from similarly improbable non-ski outposts – Brighton, England and NYC – is a funny coincidence. But what interested me most about a potential podcast conversation is the Encyclopedia EuroSkiTannica stored in Martin's brain.I don't understand skiing in Europe. It is too big, too rambling, too interconnected, too above-treeline, too transit-oriented, too affordable, too absent the Brobot ‘tude that poisons so much of the American ski experience. The fact that some French idiot is facing potential jail time for launching a snowball into a random grandfather's skull (filming the act and posting it on TikTok, of course) only underscores my point: in America, we would cancel the grandfather for not respecting the struggle so obvious in the boy's act of disobedience. In a weird twist for a ski writer, I am much more familiar with summer Europe than winter Europe. I've skied the continent a couple of times, but warm-weather cross-continental EuroTreks by train and by car have occupied months of my life. When I try to understand EuroSki, my brain short-circuits. I tease the Euros because each European ski area seems to contain between two and 27 distinct ski areas, because the trail markings are the wrong color, because they speak in the strange code of the “km” and “cm” - but I'm really making fun of myself for Not Getting It. Martin gets it. And he good-naturedly walks me through a series of questions that follow this same basic pattern: “In America, we charge $109 for a hamburger that tastes like it's been pulled out of a shipping container that went overboard in 1944. But I hear you have good and cheap food in Europe – true?” I don't mind sounding like a d*****s if the result is good information for all of us, and thankfully I achieved both of those things on this podcast.What we talked aboutThe European winter so far; how a UK-based skier moves back and forth to the Alps; easy car-free travel from the U.S. directly to Alps ski areas; is ski traffic a thing in Europe?; EuroSki 101; what does “ski area” mean in Europe; Euro snow pockets; climate change realities versus media narratives in Europe; what to make of ski areas closing around the Alps; snowmaking in Europe; comparing the Euro stereotype of the leisurely skier to reality; an aging skier population; Euro liftline queuing etiquette and how it mirrors a nation's driving culture; “the idea that you wouldn't bring the bar down is completely alien to me; I mean everybody brings the bar down on the chairlift”; why an Epic or Ikon Pass may not be your best option to ski in Europe; why lift ticket prices are so much cheaper in Europe than in the U.S.; Most consumers “are not even aware” that Vail has started purchasing Swiss resorts; ownership structure at Euro resorts; Vail to buy Verbier?; multimountain pass options in Europe; are Euros buying Epic and Ikon to ski locally or to travel to North America?; must-ski European ski areas; Euro ski-guide culture; and quirky ski areas.What I got wrongWe discussed Epic Pass' lodging requirement for Verbier, which is in effect for this winter, but which Vail removed for the 2025-26 ski season.Why now was a good time for this interviewI present to you, again, the EuroSki Chart – a list of all 26 European ski areas that have aligned themselves with a U.S.-based multi-mountain pass:The large majority of these have joined Ski NATO (a joke, not a political take Brah), in the past five years. And while purchasing a U.S. megapass is not necessary to access EuroHills in the same way it is to ski the Rockies – doing so may, in fact, be counterproductive – just the notion of having access to these Connecticut-sized ski areas via a pass that you're buying anyway is enough to get people considering a flight east for their turns.And you know what? They should. At this point, a mass abandonment of the Mountain West by the tourists that sustain it is the only thing that may drive the region to seriously reconsider the robbery-by-you-showed-up-here-all-stupid lift ticket prices, car-centric transit infrastructure, and sclerotic building policies that are making American mountain towns impossibly expensive and inconvenient to live in or to visit. In many cases, a EuroSkiTrip costs far less than an AmeriSki trip - especially if you're not the sort to buy a ski pass in March 2025 so that you can ski in February 2026. And though the flights will generally cost more, the logistics of airport-to-ski-resort-and-back generally make more sense. In Europe they have trains. In Europe those trains stop in villages where you can walk to your hotel and then walk to the lifts the next morning. In Europe you can walk up to the ticket window and trade a block of cheese for a lift ticket. In Europe they put the bar down. In Europe a sandwich, brownie, and a Coke doesn't cost $152. And while you can spend $152 on a EuroLunch, it probably means that you drank seven liters of wine and will need a sled evac to the village.“Oh so why don't you just go live there then if it's so perfect?”Shut up, Reductive Argument Bro. Everyplace is great and also sucks in its own special way. I'm just throwing around contrasts.There are plenty of things I don't like about EuroSki: the emphasis on pistes, the emphasis on trams, the often curt and indifferent employees, the “injury insurance” that would require a special session of the European Union to pay out a claim. And the lack of trees. Especially the lack of trees. But more families are opting for a week in Europe over the $25,000 Experience of a Lifetime in the American West, and I totally understand why.A quote often attributed to Winston Churchill reads, “You can always trust the Americans to do the right thing, after they have exhausted all the alternatives.” Unfortunately, it appears to be apocryphal. But I wish it wasn't. Because it's true. And I do think we'll eventually figure out that there is a continent-wide case study in how to retrofit our mountain towns for a more cost- and transit-accessible version of lift-served skiing. But it's gonna take a while.Podcast NotesOn U.S. ski areas opening this winter that haven't done so “in a long time”A strong snow year has allowed at least 11 U.S. ski areas to open after missing one or several winters, including:* Cloudmont, Alabama (yes I'm serious)* Pinnacle, Maine* Covington and Sault Seal, ropetows outfit in Michigan's Upper Peninsula* Norway Mountain, Michigan – resurrected by new owner after multi-year closure* Tower Mountain, a ropetow bump in Michigan's Lower Peninsula* Bear Paw, Montana* Hatley Pointe, North Carolina opened under new ownership, who took last year off to gut-renovate the hill* Warner Canyon, Oregon, an all-natural-snow, volunteer-run outfit, opened in December after a poor 2023-24 snow year.* Bellows Falls ski tow, a molehill run by the Rockingham Recreation in Vermont, opened for the first time in five years after a series of snowy weeks across New England* Lyndon Outing Club, another volunteer-run ropetow operation in Vermont, sat out last winter with low snow but opened this yearOn the “subway map” of transit-accessible Euro skiingI mean this is just incredible:The map lives on Martin's Ski Flight Free site, which encourages skiers to reduce their carbon footprints. I am not good at doing this, largely because such a notion is a fantasy in America as presently constructed.But just imagine a similar system in America. The nation is huge, of course, and we're not building a functional transcontinental passenger railroad overnight (or maybe ever). But there are several areas of regional density where such networks could, at a minimum, connect airports or city centers with destination ski areas, including:* Reno Airport (from the east), and the San Francisco Bay area (to the west) to the ring of more than a dozen Tahoe resorts (or at least stops at lake- or interstate-adjacent Sugar Bowl, Palisades, Homewood, Northstar, Mt. Rose, Diamond Peak, and Heavenly)* Denver Union Station and Denver airport to Loveland, Keystone, Breck, Copper, Vail, Beaver Creek, and - a stretch - Aspen and Steamboat, with bus connections to A-Basin, Ski Cooper, and Sunlight* SLC airport east to Snowbird, Alta, Solitude, Brighton, Park City, and Deer Valley, and north to Snowbasin and Powder Mountain* Penn Station in Manhattan up along Vermont's Green Mountain Spine: Mount Snow, Stratton, Bromley, Killington, Pico, Sugarbush, Mad River Glen, Bolton Valley, Stowe, Smugglers' Notch, Jay Peak, with bus connections to Magic and Middlebury Snowbowl* Boston up the I-93 corridor: Tenney, Waterville Valley, Loon, Cannon, and Bretton Woods, with a spur to Conway and Cranmore, Attitash, Wildcat, and Sunday River; bus connections to Black New Hampshire, Sunapee, Gunstock, Ragged, and Mount AbramYes, there's the train from Denver to Winter Park (and ambitions to extend the line to Steamboat), which is terrific, but placing that itsy-bitsy spur next to the EuroSystem and saying “look at our neato train” is like a toddler flexing his toy jet to the pilots as he boards a 757. And they smile and say, “Whoa there, Shooter! Now have a seat while we burn off 4,000 gallons of jet fuel accelerating this f****r to 500 miles per hour.”On the number of ski areas in EuropeI've detailed how difficult it is to itemize the 500-ish active ski areas in America, but the task is nearly incomprehensible in Europe, which has as many as eight times the number of ski areas. Here are a few estimates:* Skiresort.info counts 3,949 ski areas (as of today; the number changes daily) in Europe: list | map* Wikipedia doesn't provide a number, but it does have a very long list* Statista counts a bit more than 2,200, but their list excludes most of Eastern EuropeOn Euro non-ski media and climate change catastropheOf these countless European ski areas, a few shutter or threaten to each year. The resulting media cycle is predictable and dumb. In The Snow concisely summarizes how this pattern unfolds by analyzing coverage of the recent near loss of L'Alpe du Grand Serre, France (emphasis mine):A ski resort that few people outside its local vicinity had ever heard of was the latest to make headlines around the world a month ago as it announced it was going to cease ski operations.‘French ski resort in Alps shuts due to shortage of snow' reported The Independent, ‘Another European ski resort is closing due to lack of snow' said Time Out, The Mirror went for ”Devastation” as another European ski resort closes due to vanishing snow‘ whilst The Guardian did a deeper dive with, ‘Fears for future of ski tourism as resorts adapt to thawing snow season.' The story also appeared in dozens more publications around the world.The only problem is that the ski area in question, L'Alpe du Grand Serre, has decided it isn't closing its ski area after all, at least not this winter.Instead, after the news of the closure threat was publicised, the French government announced financial support, as did the local municipality of La Morte, and a number of major players in the ski industry. In addition, a public crowdfunding campaign raised almost €200,000, prompting the officials who made the original closure decision to reconsider. Things will now be reassessed in a year's time.There has not been the same global media coverage of the news that L'Alpe du Grand Serre isn't closing after all.It's not the first resort where money has been found to keep slopes open after widespread publicity of a closure threat. La Chapelle d'Abondance was apparently on the rocks in 2020 but will be fully open this winter and similarly Austria's Heiligenblut which was said to be at risk of permanently closure in the summer will be open as normal.Of course, ski areas do permanently close, just like any business, and climate change is making the multiple challenges that smaller, lower ski areas face, even more difficult. But in the near-term bigger problems are often things like justifying spends on essential equipment upgrades, rapidly increasing power costs and changing consumer habits that are the bigger problems right now. The latter apparently exacerbated by media stories implying that ski holidays are under severe threat by climate change.These increasingly frequent stories always have the same structure of focusing on one small ski area that's in trouble, taken from the many thousands in the Alps that few regular skiers have heard of. The stories imply (by ensuring that no context is provided), that this is a major resort and typical of many others. Last year some reports implied, again by avoiding giving any context, that a ski area in trouble that is actually close to Rome, was in the Alps.This is, of course, not to pretend that climate change does not pose an existential threat to ski holidays, but just to say that ski resorts have been closing for many decades for multiple reasons and that most of these reports do not give all the facts or paint the full picture.On no cars in ZermattIf the Little Cottonwood activists really cared about the environment in their precious canyon, they wouldn't be advocating for alternate rubber-wheeled transit up to Alta and Snowbird – they'd be demanding that the road be closed and replaced by a train or gondola or both, and that the ski resorts become a pedestrian-only enclave dotted with only as many electric vehicles as it took to manage the essential business of the towns and the ski resorts.If this sounds improbable, just look to Zermatt, which has banned gas cars for decades. Skiers arrive by train. Nearly 6,000 people live there year-round. It is amazing what humans can build when the car is considered as an accessory to life, rather than its central organizing principle.On driving in EuropeDriving in Europe is… something else. I've driven in, let's see: Iceland, Portugal, Spain, France, Switzerland, Italy, Slovenia, Croatia, and Montenegro. That last one is the scariest but they're all a little scary. Drivers' speeds seem to be limited by nothing other than physics, passing on blind curves is common even on mountain switchbacks, roads outside of major arterials often collapse into one lane, and Euros for some reason don't believe in placing signs at intersections to indicate street names. Thank God for GPS. I'll admit that it's all a little thrilling once the disorientation wears off, and there are things to love about driving in Europe: roundabouts are used in place of traffic lights wherever possible, the density of cars tends to be less (likely due to the high cost of gas and plentiful mass transit options), sprawl tends to be more contained, the limited-access highways are extremely well-kept, and the drivers on those limited-access highways actually understand what the lanes are for (slow, right; fast, left).It may seem contradictory that I am at once a transit advocate and an enthusiastic road-tripper. But I've lived in New York City, home of the United States' best mass-transit system, for 23 years, and have owned a car for 19 of them. There is a logic here: in general, I use the subway or my bicycle to move around the city, and the car to get out of it (this is the only way to get to most ski areas in the region, at least midweek). I appreciate the options, and I wish more parts of America offered a better mix.On chairs without barsIt's a strange anachronism that the United States is still home to hundreds of chairlifts that lack safety bars. ANSI standards now require them on new lift builds (as far as I can tell), but many chairlifts built without bars from the 1990s and earlier appear to have been grandfathered into our contemporary system. This is not the case in the Eastern U.S. where, as far as I'm aware, every chairlift with the exception of a handful in Pennsylvania have safety bars – New York and many New England states require them by law (and require riders to use them). Things get dicey in the Midwest, which has, as a region, been far slower to upgrade its lift fleets than bigger mountains in the East and West. Many ski areas, however, have retrofit their old lifts with bars – I was surprised to find them on the lifts at Sundown, Iowa; Chestnut, Illinois; and Mont du Lac, Wisconsin, for example. Vail and Alterra appear to retrofit all chairlifts with safety bars once they purchase a ski area. But many ski areas across the Mountain West still spin old chairs, including, surprisingly, dozens of mountains in California, Oregon, and Washington, states that tends to have more East Coast-ish outlooks on safety and regulation.On Compagnie des AlpesAccording to Martin, the closest thing Europe has to a Vail- or Alterra-style conglomerate is Compagnie des Alpes, which operates (but does not appear to own) 10 ski areas in the French Alps, and holds ownership stakes in five more. It's kind of an amazing list:Here's the company's acquisition timeline, which includes the ski areas, along with a bunch of amusement parks and hotels:Clearly the path of least resistance to a EuroVail conflagration would be to shovel this pile of coal into the furnace. Martin referenced Tignes' forthcoming exit from the group, to join forces with ski resort Sainte-Foy on June 1, 2026 – teasing a smaller potential EuroVail acquisition. Tignes, however, would not be the first resort to exit CdA's umbrella – Les 2 Alpes left in 2020.On EuroSkiPassesThe EuroMegaPass market is, like EuroSkiing itself, unintelligible to Americans (at least to this American). There are, however, options. Martin offers the Swiss-centric Magic Pass as perhaps the most prominent. It offers access to 92 ski areas (map). You are probably expecting me to make a chart. I will not be making a chart.S**t I need to publish this article before I cave to my irrepressible urge to make a chart.OK this podcast is already 51 days old do not make a chart you moron.I think we're good here.I hope.I will also not be making a chart to track the 12 ski resorts accessible on Austria's Ski Plus City Pass Stubai Innsbruck Unlimited Freedom Pass.The Storm explores the world of lift-served skiing year-round. Join us. Get full access to The Storm Skiing Journal and Podcast at www.stormskiing.com/subscribe

From this week's Moneyweek Magazine …Two rumours have been swirling around the gold markets for many years. Some have called them conspiracy theories. Others note that conspiracy theories often prove true. What's the difference between conspiracy and truth? About 30 years.The first is that China has far more gold than it says it does. We actually now know this to be true. The other is that America has far less than the 8,133 tonnes of gold it says it possesses.This rumour has been doing the rounds since 1971, when Peter Beter, a lawyer and financial adviser to former president John F. Kennedy, said he had been informed that gold in Fort Knox had been removed. He went on to write a best-selling book about it: The Conspiracy Against the Dollar.The problem is a total lack of transparency on the part of the US authorities, something that according to current US president Donald Trump, and the head of the Department of Government Efficiency, Elon Musk, will not be the case for much longer.Roosevelt triggers a boomBut to understand this situation we need to go back in time, all the way to 1933, when US president Franklin D. Roosevelt famously devalued the US dollar and revalued gold upwards by 70%, from $20 an ounce (oz) to $35/oz, in order to bolster growth. US gold reserves would increase to unprecedented levels in the next 15 years.Some of the gold came from US citizens. It was now illegal for them to own gold and they had to hand any they owned over to the authorities. Some came from the fact that the government then bought all US mined supply (the upwards revaluation of gold triggered a mining boom) and any gold imported to the US assay office. The US even began buying gold on foreign markets to protect the new higher price.Thus US official holdings in 1939 on the eve of World War II totalled 15,679 tonnes. They would only increase. With Nazi invasions, European nations sent all the gold they could across the Atlantic, either for safekeeping or to buy essential supplies; 1949 saw the high watermark of US gold holdings – 22,000 tonnes, as much as half of all the gold ever mined.In July 1944, with it clear that the Allies were going to win the war, representatives from the 44 Allied nations met at the Mount Washington Hotel in Bretton Woods for the United Nations Monetary and Financial Conference to design a new system of money for the new world order.International accounts would be settled in dollars, and those dollars were convertible to gold at $35/oz. Countries had to maintain exchange rates within 1% of the US dollar. In effect, the US was on a gold standard, and the rest of the world was on a dollar standard.The system relied on the integrity of the US dollar to work, and that integrity was in question, even before the end of the war. The June 1945 Federal Reserve Act reduced required gold reserves for notes outstanding from 40% to 25%, and against deposits from 35% to 25%. Between 1944 and 1954, because of increased supply, the dollar lost a third of its purchasing power, though the $35 Bretton Woods price remained.“Six major European countries,along with the UK, co-ordinated sales to suppress the gold price”US government spending was soaring, and it began running balance of payments deficits – made worse by the costs of foreign aid, America's new welfare systems and maintaining a military presence in Europe and Asia. Gold began leaving the US. By 1965 reserves had fallen by 9,500 tonnes, down 40% from the 1949 peak.Successive US administrations tried to stop the outflow, without success. Dwight D. Eisenhower banned Americans from buying gold overseas, Kennedy imposed the “equalisation tax” on foreign investments, and Lyndon B. Johnson discouraged Americans from travelling altogether. “We may need to forgo the pleasures of Europe for a while,” he said.Fears that the dollar would devalue following the election (won by Kennedy) sent the gold price in London to $40/oz. The Bank of England, in collusion with the Federal Reserve, began increasing gold sales to keep the price down.Thus did the London gold pool begin, with the addition of six major European nations the following year (Belgium, France, the Netherlands, West Germany, Italy and Switzerland), which co-ordinated sales to suppress, or “stabilise”, to use their word, the gold price and defuse unwanted, upward market pressure.But the pool struggled against growing demand. In 1965, an ounce of gold was still $35, but the purchasing power of the dollar had decreased by 57% from 1945, while gold reserves had also fallen sharply. The culprit was the costs of the US government, in particular the Vietnam War and president Johnson's enormous welfare spending.If you are buying gold to protect yourself in these uncertain times - and you should if you do not already own some - 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.Bretton Woods under pressureWith inflation rising at home and international confidence in the dollar waning, these programmes were not just costly – they undermined Bretton Woods. Non-American nations felt aggrieved that they had to produce $100 worth of goods and services to get a $100 bill, when the US could just print one. French finance minister Valéry Giscard d'Estaing called it “America's exorbitant privilege”.President de Gaulle, meanwhile, had had enough. He ignored the pool to turn all French dollars and sterling balances into gold. The French even sent battleships to New York to collect their gold. De Gaulle became the target of several assassination attempts – coincidence, I'm sure. There were rather more US dollars in the world than there was gold to back them, he felt, and he was right.By 1967, US foreign liabilities were $36bn, but it only had $12bn in gold reserves – a third of what was needed to back the dollar. West Germany, Spain and Switzerland began demanding gold for their dollars. Even the British, with sterling going through one of its quadrennial collapses, asked the Americans to prepare $3bn worth of Fort Knox gold for withdrawal. Private gold demand was overwhelming.“The floor of the Bank of England's weighing room collapsed under the weight of all the bullion”In November 1967, the British government devalued the pound by 14%, from $2.80 to $2.40, in order to “achieve a substantial surplus on the balance of payments consistent with economic growth and full employment”.In that month, the London market saw greater bullion demand than it would typically see in nine: as much as 100 tonnes per day. To stem demand they banned forward buying, leverage and the purchase of gold with credit. The pool still lost 1,400 tonnes that year, more than a whole year's mined supply.Selling pressure on the US dollar only increased when the Viet Cong and North Vietnamese People's Army of Vietnam launched the first of a series of surprise attacks on US armed forces in South Vietnam in January 1968.Desperate to prop up the system, US military aircraft flew tonne after tonne of gold to RAF Lakenheath from where it was trucked in military convoys to the back entrance of the Bank of England: at one point the floor of the Bank of England's weighing room collapsed under the weight of all the gold.You really should subscribe to this amazing publication.Shoring up the systemIn the four days between 11 March and 14 March 1968, some 780 tonnes were sold to market. The effort to protect the price was deemed hopeless. On 15 March, UK chancellor Roy Jenkins declared a bank holiday, and the gold market was closed for a fortnight, “at the request of the United States”.Zurich also closed. Paris stayed open with gold trading at a 25% premium. All in all, the final 15 months saw over 3,000 tonnes sold to market to protect that $35 price. The pool had lost more than an eighth of its reserves.Two days later, in the rushed-through Washington Agreement, governors of the central banks in the gold pool declared there would be one fixed gold marketfor official government transactions at $35/oz and another, free-market, price for private transactions. Not for the last time, central bankers were living in a world of their own.Gold is one thing. Gold standards are another. They tend not to last, particularly bogus ones such as this one, under which citizens themselves did not handle gold. Keynes called them barbarous – ironic, perhaps, given that he was one of the architects of this one.In August 1971, president Nixon took the US off the gold standard, a “temporary” measure that remains more than 50 years later. For the first time in history, gold – Switzerland aside – played no part in the global monetary system.Of course it was the fault of the speculators. It always is. “I have directed the secretary of the Treasury to take the action necessary to defend the dollar against the speculators,” Nixon said, deflecting responsibility, and “to suspend temporarily the convertibility of the dollar into gold”.High time for a US gold auditThe US keeps its gold in four places: at Fort Knox, Kentucky (roughly 56% of its 8,133 tonnes); at the Federal Reserve Bank of New York (8%); and the remaining 36% at the mints in Denver and West Point. There has not been a proper public audit of this gold since 1953. There have been internal audits, especially between 1974 and 1986, but these were not transparent.There are many people, among them gold experts, who do not believe the gold is there. The US spent it trying to suppress the gold price in the 1960s, theysay. But in this new age of American transparency, both Trump and Musk have repeatedly pledged that this gold will be audited.There is talk of it being done on a livestream. Trump has even suggested the gold has been stolen. “We're actually going to Fort Knox to see if the gold is there,” he said, “because maybe somebody stole the gold. Tonnes of gold.”They've been making such light of it, one has to assume they know the gold is there. Musk was laughing about the conspiracies on podcasts, and he even posted a picture of a Fort Knox starter kit: a brick and some gold spray. I can't see how they would be joking if there were any serious doubts.Secretary of the Treasury, Scott Bessent, has said quite categorically that the gold is there. The last audit was in September 2024, he said in a recent Bloomberg interview, before looking down the camera and assuring the US people that “all the gold is present and accounted for”. But this would only have been an internal audit, and it would not have been a full audit.According to the US Mint, “the only gold removed has been very small quantities used to test the purity of gold during regularly scheduled audits”. No other gold has been transferred to or from the depository “for many years”. How long is many years, though? As far back as the 1960s?It's quite astonishing just how secretive the whole thing is. They opened the vaults for a congressional delegation and certain members of the press to view the gold in 1974. There were rumours swirling about then too. “We've never done this before and we'll probably never do it again,” said the then director of the US Mint Mary Brooks.“The gold commonly confiscated under Roosevelt contained some copper, and is not pure enough for sale”Then in 2017, during Trump's first administration, Treasury secretary Steven Mnuchin and Senate majority leader Mitch McConnell were invited to view the gold. “The gold was there,” Mnuchin said. He is “sure” nobody's moved it. There are “serious security protocols in place”. But there are more than 4,000 tonnes in Fort Knox. A tonne would be about the size of a medium to large suitcase. Did he see all 4,000 of them?The other big issue is the purity of the gold. What is there might not all be of good delivery quality, meaning it would not be readily accepted in international bullion markets. If much of the gold is the bullion Roosevelt confiscated in the 1930s, it will be in the form of “coinmelt”: melted down coins.The commonly confiscated coins, such as the $20 double eagle, were only 90% pure and mixed with copper to make them harder. When melted down, they were not always properly refined to modern standards, while the bars they were melted into weighed 320-330 ounces, not the 400 oz bars of good delivery standard today. In practice, this means Fort Knox gold would not be accepted without additional processing.But, until a proper audit takes place, this is all speculation, albeit reasoned speculation. We don't know the full facts. The reasons given for not conducting a full audit are flimsy: we don't need to, it would be too much of an undertaking. Please!If the US gold turns out not to be there, then the gold price goes up – potentially a lot. If it is there, it's business as usual.For now, I'd say the markets are behaving as though it is business as usual. They are climbing, and every dip is being bought, largely, it seems, by central banks (especially in Asia), who are diversifying their holdings and de-dollarising. But this audit cannot come quickly enough.Large volumes of physical gold - over 1,000 tonnes by some counts - have recently been transferred from London to New York. One theory is that was the gold was transferred in anticipation of tariffs. Another is that it was the US buying ahead of its audit. We will soon find out.Finally, I would just like to debunk one theory doing the rounds. US gold is currently marked to market at $42/oz. After the audit, those 8,133 tonnes – assuming they are there and of good delivery quality – could be marked to market at current prices, meaning a significant uplift in the value of holdings.The theory doing the rounds is that Treasury ecretary Bessent will use some of the upwards revaluation to monetise the balance sheet – not unlike how Roosevelt did in 1933 – to create funds for, among other things, the strategic bitcoin reserve. But Bessent has quite clearly stated that is not his intention.This article first appeared in Moneyweek Magazine. 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

Tom welcomes back Jan Nieuwenhuijs to explore the dynamics of the global gold market and its implications for global monetary systems. Key topics include the movement of gold from London to Comex, driven by concerns over tariffs and geopolitical shifts. Jan explains that this flow reflects both physical arbitrage and strategic reshuffling of gold reserves, with banks moving gold into the U.S. for potential future use or resale in Asia. The discussion also delves into the lack of transparency around U.S. gold audits, particularly at Fort Knox. Jan highlights issues with the auditing process, noting that compartments have been reopened multiple times without proper justification, raising questions about the integrity of the audits. He argues for an independent audit to ensure accountability and reassurance regarding the nation's gold holdings. Another significant point is the valuation of U.S. gold reserves at $42 per ounce, a relic from the Bretton Woods era aimed at demonetizing gold. Jan suggests that revaluing gold could unlock substantial funds but warns this would be inflationary. He also touches on the role of gold in China's financial strategy, noting that while official reports understate their purchases, they are actively accumulating gold to diversify away from the dollar. The conversation concludes with Jan emphasizing the importance of tracking central bank gold buying and developments in alternative payment systems like the BRICS M-Bridge, which could challenge the dollar's dominance. Time Stamp References:0:00 - Introduction0:54 - Tariffs & LBMA Flows5:30 - Gold Demand & Lease Rates9:01 - Import Code Changes10:30 - U.S. Gold Reserve Audits20:14 - Time Req'd to Audit21:37 - Encumbrance Concerns24:35 - $42 U.S. Gold Valuation26:36 - U.S. Dollar Vs. Gold29:09 - Revaluing & Funding32:10 - Sovereign Wealth Fund?33:25 - Uncertainties & Credit37:50 - Deleveraging & Dollar41:00 - Eastern Perspective44:32 - China's Gold Holdings46:30 - Gold & Dollar Flight49:49 - Concluding Thoughts51:30 - Wrap Up Guest Links:Twitter: https://x.com/JanGold_Website: https://moneymetals.com Originally a sound engineer in the Dutch movie industry, Jan Nieuwenhuijs has devoted the last decade to in-depth gold market research. His commentary and analysis has earned him international recognition as a top expert on the Chinese gold market, the COMEX futures market, the London Bullion Market, and the Turkish gold market. At Money Metals, he writes about the international monetary system, central bank gold policies, the mechanics of the global gold market, the gold price, and economics in general.

The Storm Skiing Journal and Podcast is a reader-supported publication. To receive new posts and to support independent ski journalism, please consider becoming a free or paid subscriber.WhoErik Mogensen, Director of Indy Pass, founder of Entabeni Systems, and temporary owner and General Manager of Black Mountain, New HampshireRecorded onFebruary 25, 2025About Entabeni SystemsEntabeni provides software and hardware engineering exclusively for independent ski areas. Per the company's one-page website:Entabeni: noun; meaning: zulu - "the mountain"We take pride in providing world class software and hardware engineering in true ski bum style.About Indy PassIndy Pass delivers two days each at 181 Alpine and 44 cross-country ski areas, plus discounts at eight Allied resorts and four Cat-skiing outfits for the 2024-25 ski season. Indy has announced several additional partners for the 2025-26 ski season. Here is the probable 2025-26 Alpine roster as of March 2, 2025 (click through for most up-to-date roster):Doug Fish, who has appeared on this podcast four times, founded Indy Pass in 2019. Mogensen, via Entabeni, purchased the pass in 2023.About Black Mountain, New HampshireClick here for a mountain stats overviewOwned by: Indy PassLocated in: Jackson, New HampshireYear founded: 1935Pass affiliations: Indy Pass and Indy+ Pass – 2 days, no blackoutsClosest neighboring ski areas: Attitash (:14), Wildcat (:19), Cranmore (:19), Bretton Woods (:40), King Pine (:43), Pleasant Mountain (:48), Sunday River (1:00), Cannon (1:02), Mt. Abram (1:03)Base elevation: 1,250 feetSummit elevation: 2,350 feetVertical drop: 1,100 feetSkiable acres: 140Average annual snowfall: 125 inchesTrail count: 45Lift count: 5 (1 triple, 1 double, 1 J-bar, 1 platter pull, 1 handletow – view Lift Blog's inventory of Black Mountain's lift fleet)Why I interviewed himI first spoke to Mogensen in the summer of 2020. He was somewhere out west, running something called Entabeni Systems, and he had insight into a story that I was working on. Indy Pass founder and owner-at-the-time Doug Fish had introduced us. The conversation was helpful. I wrote the story and moved on.Mogensen didn't. He kept calling. Kept emailing. There was something he wanted me to understand. Not about any particular story that I was writing, but about skiing as a whole. Specifically, about non-megapass skiing. It wasn't working, he insisted. It couldn't work without sweeping and fundamental changes. And he knew how to make those changes. He was already making them, via Entabeni, by delivering jetpack technology to caveman ski areas. They'd been fighting with sticks and rocks but now they had machine guns. But they needed more weapons, and faster.I still didn't get it. Not when Mogensen purchased Indy Pass in March 2023, and not when he joined the board at teetering-on-the-edge-of-existence Antelope Butte, Wyoming the following month. I may not have gotten it until Mogensen assembled, that October, a transcontinental coalition to reverse a New Hampshire mountain's decision to drop dead or contributed, several weeks later, vital funds to help re-open quirky and long-shuttered Hickory, New York.But in May of that year I had a late-night conversation with Doug Fish in a Savannah bar. He'd had no shortage of Indy Pass suitors, he told me. Fish had chosen Erik, he said, not because his longtime tech partner would respect Indy's brand integrity or would refuse to sell to Megaski Inc – though certainly both were true – but because in Mogensen, Fish saw a figure messianic in his conviction that family-owned, crockpots-on-tabletops, two-for-Tuesday skiing must not be in the midst of an extinction event.Mogensen, Fish said, had transformed his world into a laboratory for preventing such a catastrophe, rising before dawn and working all day without pause, focused always and only on skiing. More specifically, on positioning lunch-bucket skiing for a fair fight in the world of Octopus Lifts and $329 lift tickets and suspender-wearing Finance Bros who would swallow the mountains whole if they could poop gold coins out afterward. In service of this vision, Mogensen had created Entabeni from nothing. Indy Pass never would have worked without it, Fish said. “Elon Musk on skis,” Fish called* him. A visionary who would change this thing forever.Fish was, in a way, mediating. I'd written something - who knows what at this point – that Mogensen hadn't been thrilled with. Fish counseled us both against dismissiveness. I needed time to appreciate the full epic; Erik to understand the function of media. We still disagree often, but we understand and appreciate one another's roles. Mogensen is, increasingly, a main character in the story of modern skiing, and I – as a chronicler of such – owe my audience an explanation for why I think so.*This quote hit different two years ago, when Musk was still primarily known as the tireless disruptor who had mainstreamed electric cars. What we talked aboutWhy Indy Pass stepped up to save Black Mountain, New Hampshire; tripling Black's best revenue year ever in one season; how letting skiers brown bag helped increase revenue; how a beaten-up, dated ski area can compete directly with corporate-owned mountains dripping with high-speed lifts and riding cheap mass-market passes; “I firmly believe that skiing is in a bit of an identity crisis”; free cookies as emotional currency; Black's co-op quest; Black's essential elements; skiing's multi-tiered cost crisis; why the fanciest option is often the only option for lifts, snowcats, and snowguns; what ski areas are really competing against (it isn't other ski areas); bringing big tech to small skiing with Entabeni; what happened when teenage Mogensen's favorite ski area closed; “we need to spend 90 percent of our time understanding the problem we're trying to solve, and 10 percent of our time solving it”; why data matters; where small skiing is in the technology curve; “I think it's become very, very obvious that where you can level the playing field very quickly is with technology”; why Entabeni purchased Indy Pass; the percent of day-ticket sales that Indy accounts for at partner ski areas; limiting Indy Pass sales and keeping prices low; is Indy Pass a business?; and why Indy will never add a third day.Questions I wish I'd askedMogensen's tenure at Indy Pass has included some aggressive moves to fend off competition and hold market share. I wrote this series of stories on Indy's showdown with Ski Cooper over its cheap reciprocal pass two years ago:These are examples of headlines that Indy Pass HQ were not thrilled with, but I have a job to do. We could have spent an entire podcast re-hashing this, but the story has already been told, and I'd rather move forward than back.Also, I'd have liked to discuss Antelope Butte, Wyoming and Hickory, New York at length. We glancingly discuss Antelope Butte, and don't mention Hickory at all, but these are both important stories that I intend to explore more deeply in the future.Why now was a good time for this interviewHere's an interesting fact: since 2000, the Major League Baseball team with the highest payroll has won the World Series just three times (the 2018 Red Sox, and the 2000 and '09 Yankees), and made the series but lost it three additional times (the 2017 Dodgers and 2001 and '03 Yankees). Sure, the world champ rocks a top-five payroll about half the time, and the vast majority of series winners sit in the top half of the league payroll-wise, but recent MLB history suggests that the dudes with the most resources don't always win.Which isn't to say it's easy to fight against Epic and Ikon and ski areas with a thousand snowguns and chairlifts that cost more than a fighter jet. But a little creativity helps a lot. And Mogensen has assembled a creative toolkit that independent ski area operators can tap to help them spin-kick their way through the maelstrom:* When ski areas join Indy Pass, they join what amounts to a nationally marketed menu for hungry skiers anxious for variety and novelty. “Why yes, I'll have two servings of the Jay Peak and two Cannon Mountains, but I guess I'll try a side of this Black Mountain so long as I'm here.” Each resulting Indy Pass visit also delivers a paycheck, often from first-time visitors who say, “By gum let's do it again.”* Many ski areas, such as Nub's Nob and Jiminy Peak, build their own snowguns. Some, like Holiday Valley, install their own lifts. The manly man manning machines has been a ski industry trope since the days of Model T-powered ropetows and nine-foot-long skis. But ever so rare is the small ski area that can build, from scratch, a back-end technology system that actually works at scale. Entabeni says “yeah actually let me get this part, Bro.” Tech, as Mogensen says in our interview, is the fastest way for the little dude to catch up with the big dude.* Ski areas can be good businesses. But they often aren't. Costs are high, weather is unpredictable, and skiing is hard, cold, and, typically, far away from where the people live. To avoid the inconvenience of having to turn a profit, many ski areas – Bogus Basin, Mad River Glen, Bridger Bowl – have stabilized themselves under alternate business models, in which every dollar the ski area makes funnels directly back into improving the ski area. Black Mountain is attempting to do the same.I'm an optimist. Ask me about skiing's future, and I will not choose “death by climate change.” It is, instead, thriving through adaptation, to the environment, to technological shifts, to societal habits. Just watch if you don't believe me.Why you should ski Black MountainThere's no obvious answer to this question. Black is surrounded by bangers. Twin-peaked Attitash looms across the valley. Towering Wildcat faces Mt. Washington a dozen miles north. Bretton Woods and Sunday River, glimmering and modern, hoteled and mega-lifted and dripping with snowgun bling, rise to the west and to the east, throwing off the gravity and gravitas to haul marching armies of skiers into their kingdoms. Cranmore gives skiers a modern lift and a big new baselodge. Even formerly beat-up Pleasant Mountain now spins a high-speeder up its 1,200 vertical feet. And to even get to Black from points south, skiers have to pass Waterville, Loon, Cannon, Gunstock, and Ragged, all of which offer more terrain, more vert, faster lifts, bigger lodges, and an easier access road.That's a tough draw. And it didn't help that, until recently, Black was, well, a dump. Seasons were short, investment was limited. When things broke, they stayed broken – Mogensen tells me that Black hadn't made snow above the double chair midstation in 20 years before this winter. When I last showed up to ski at Black, two years ago, I found an empty parking lot and stilled lifts, in spite of assurances on social media and the ski area's website that this was a normal operating day.Mogensen fixed all that. The double now spins to the top every day the ski area is open. New snowguns line many trunk trails. A round of explosives tamed Upper Maple Slalom, transforming the run from what was essentially a cliff into an offramp-smooth drag-racer. The J-bar – America's oldest continuously operating overhead cable lift, in service since 1935 – spins regularly. A handle tow replaced the old rope below the triple. Black has transformed the crippled and sad little mid-mountain lodge into a boisterous party deck with music and champagne and firepits roaring right beneath the double chair. Walls and don't-do-this-or-that signs came down all over the lodge, which, while still crowded, is now stuffed with families and live music and beer glasses clinking in the dusk.And this is year one. Mogensen can't cross five feet of Black's campus without someone stopping him to ask if he's “the Indy Pass guy” and hoisting their phone for selfie-time. They all say some version of “thank you for what you're doing.” They all want in on the co-op. They all want to be part of whatever this crazy, quirky little hill is, which is the opposite of all the zinger lifts and Epkon overload that was supposed to kill off creaky little outfits like this one.Before I skied Black for three days over Presidents' weekend, I was skeptical that Mogensen could summon the interest to transform the mountain into a successful co-op. Did New England really have the appetite for another large throwback ski outfit on top of MRG and Smuggs and Magic? All my doubt evaporated as I watched Mogensen hand out free hot cookies like some orange-clad Santa Claus, as I tailed my 8-year-old son into the low-angle labyrinths of Sugar Glades and Rabbit Run, as I watched the busiest day in the mountain's recorded history fail to produce lift lines longer than three minutes, as Mt. Washington greeted me each time I slid off the Summit double.Black Mountain is a special place, and this is a singular time to go and be a part of it. So do that.Podcast NotesOn Black Mountain's comebackIn October 2023, Black Mountain's longtime owner, John Fichera, abruptly announced that the ski area would close, probably forever. An alarmed Mogensen rolled in with an offer to help: keep the ski area open, and Indy and Entabeni will help you find a buyer. Fichera agreed. I detailed the whole rapid-fire saga here:A year and dozens of perspective buyers later, Black remained future-less heading into the 2024-25 winter. So Mogensen shifted tactics, buying the mountain via Indy Pass and promising to transform the ski area into a co-op:On the Mad River Glen co-opAs of this writing, Mad River Glen, the feisty, single-chair-accessed 2,000-footer that abuts Alterra's Sugarbush, is America's only successful ski co-op. Here's how it started and how it works, per MRG's website:Mad River Glen began a new era in 1995 when its skiers came together to form the Mad River Glen Cooperative. The Cooperative works to fulfill a simple mission;“… to forever protect the classic Mad River Glen skiing experience by preserving low skier density, natural terrain and forests, varied trail character, and friendly community atmosphere for the benefit of shareholders, area personnel and patrons.” …A share in the Mad River Cooperative costs $2,000. Shares may be purchased through a single payment or in 40 monthly installments of $50 with a $150 down payment. The total cost for an installment plan is $2,150 (8.0% Annual Percentage Rate). The installment option enables anyone who loves and appreciates Mad River Glen to become an owner for as little as $50 per month. Either way, you start enjoying the benefits immediately! The only other cost is the annual Advance Purchase Requirement (APR) of $200. Since advance purchases can be applied to nearly every product and service on the mountain, including season passes, tickets, ski school and food, the advance purchase requirement does not represent an additional expense for most shareholders. In order to remain in good standing as a shareholder and receive benefits, your full APR payment must be met each year by September 30th.Black is still working out the details of its co-op. I can't share what I already know, other than to say that Black's organizational structure will be significantly different from MRG's.The Storm explores the world of lift-served skiing year-round. Join us. Get full access to The Storm Skiing Journal and Podcast at www.stormskiing.com/subscribe

In this conversation, Trevor welcomes in Santiago Capital's Brent Johnson to delve into the complexities surrounding the Mar-A-Lago Accord, a conceptual restructuring of US debt and the implications of a new monetary system under the Trump administration. The idea is a theoretical, and as of yet unconfirmed, plan under consideration by the Trump administration. It aims to restructure global trade and financial systems, specifically addressing the U.S. national debt and trade imbalances. Key objectives include weakening the U.S. dollar, incentivizing domestic fixed-asset investment, and fundamentally altering the terms of international security arrangements. It draws comparisons to historical currency accords like Bretton Woods and the Plaza Accord, suggesting a potentially profound impact on the global economic order.Brent and Trevor discuss the potential revaluation of the US dollar, the challenges of de-dollarization, and the intertwining of economic and national security policies. The dialogue emphasizes the need for a coordinated approach to address the urgent issues facing the US economy and the global financial system. In this conversation, Brent Johnson discusses the complexities of the U.S. economy, focusing on the monetization of the balance sheet, the implications of tariffs, and the evolving dynamics of global trade, particularly with China and Russia. He emphasizes the potential for a gold revaluation and its impact on financial markets, while also exploring investment strategies in uncertain times.This episode of Mining Stock Daily is brought to you by... Vizsla Silver is focused on becoming one of the world's largest single-asset silver producers through the exploration and development of the 100% owned Panuco-Copala silver-gold district in Sinaloa, Mexico. The company consolidated this historic district in 2019 and has now completed over 325,000 meters of drilling. The company has the world's largest, undeveloped high-grade silver resource. Learn more at⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠https://vizslasilvercorp.com/⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Calibre Mining is a Canadian-listed, Americas focused, growing mid-tier gold producer with a strong pipeline of development and exploration opportunities across Newfoundland & Labrador in Canada, Nevada and Washington in the USA, and Nicaragua. With a strong balance sheet, a proven management team, strong operating cash flow, accretive development projects and district-scale exploration opportunities Calibre will unlock significant value.⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://www.calibremining.com/⁠Integra is a growing precious metals producer in the Great Basin of the Western United States. Integra is focused on demonstrating profitability and operational excellence at its principal operating asset, the Florida Canyon Mine, located in Nevada. In addition, Integra is committed to advancing its flagship development-stage heap leach projects: the past producing DeLamar Project located in southwestern Idaho, and the Nevada North Project located in western Nevada. Learn more about the business and their high industry standards over at integraresources.com