Podcasts about deficits

Reagan is the only President to have led a union into a strike. Twice, with two wins. And that's why he knew how to a break a strike when he had to. But in doing so, did he encourage employers to be harsh with workers? Some think that's exactly what happened. This, and the joy of the tax cut passage is turning into concern about deficit numbers. Not even his whiz kid Stockman can find an answer. Learn more about your ad choices. Visit megaphone.fm/adchoices

 Chris Markowski, the Watchdog on Wall Street, delves into the complexities of the financial world, exposing the dark realities of private equity, corporate bureaucracy, and the role of consultants. He discusses the impending reckoning for corporate America, the importance of a personal CFO approach to financial planning, and the future of social security. Markowski also critiques the accountability crisis in business news and addresses misconceptions surrounding tariffs and trade deficits, emphasizing the need for financial literacy and preparation.

Guests: Margareta Dovgal, political commentator and resource industry analyst Richard Zussman, Western Canada Vice President of Public Affairs at Burson Learn more about your ad choices. Visit megaphone.fm/adchoices

Inflation has eased… except where it hasn't. Interest rates were meant to be heading down… until they weren't. And suddenly everyone's blaming government spending.   But is Canberra really the culprit - or is that just a convenient headline?   Today, Ken Raiss and I unpack what's actually driving Australia's sticky inflation, why the RBA is worried about "capacity constraints", and what policy makers could do that would genuinely take pressure off prices - without smashing households and without sabotaging the property market.   Now you've probably read about inflation and heard about it a hundred times by now, but having been involved in financial markets and property for over 50 years each, Ken and I are going to bring you a different perspective today and some new ways of thinking about things.   So please bear with us because I hope we're going to bring you some clarity and direction.   Takeaways  Inflation is the increase in prices over time. Interest rates are used to control inflation but can have negative effects on consumers. Government spending can contribute to inflation, but it's not the sole cause. Capacity constraints in the economy affect productivity and inflation rates. CPI may not accurately reflect the real cost of living for households. Investors should focus on A-grade assets in strong demand areas. Deficits can be acceptable if they lead to productive investments. Consumer confidence is crucial for economic stability. Strategic planning is essential for navigating the property market. Understanding economic fundamentals is key to making informed investment decisions.   Links and Resources:   Answer this week's trivia question here - https://www.propertytrivia.com.au/ ·        Win a hard copy of What Every Property Investor Needs To Know About Finance, Tax And The Law ·        Everyone wins a copy of a fully updated property report – What's ahead for property for 2026 and beyond.   Michael Yardney   Get the team at Metropole Wealth Advisory to create a Strategic Wealth plan for your needs. Click here and have a chat with us     Ken Raiss, Director of Metropole Wealth Advisory     Join Ken Raiss and Michael Yardney, plus a team of experts, at Wealth Retreat 2026 on the Gold Coast in May. Find out more about it here and register your interest www.wealthretreat.com.au It's Australia's premier event for successful investors and business people.   Get a bundle of eBooks and Reports at: www.PodcastBonus.com.au    Also, please subscribe to my other podcast Demographics Decoded with Simon Kuestenmacher – just look for Demographics Decoded wherever you are listening to this podcast and subscribe so each week we can unveil the trends shaping your future.

In this episode of the Kate Hamilton Health Podcast, I return to the basics with an in-depth discussion on calorie deficits, addressing common misconceptions and emphasising the importance of proper nourishment.I explain how a calorie deficit works, clarify the role of basal metabolic rate in calorie burning, and demystify tracking calories for effective fat loss.I introduce practical methods such as the hand portion method for those who prefer not to track calories and offer tips on maintaining a balanced diet.Additionally, I highlight the benefits of gradual, sustainable fat loss and the importance of consistency over restrictive dieting. Tune in to learn how to tailor these insights to your lifestyle and achieve lasting results.00:00 Introduction to Calorie Deficit00:55 Understanding Calorie Deficit01:49 Calories In vs. Calories Out06:11 Tracking Calories: Methods and Tools19:47 Hand Portion Method Explained25:19 Conclusion and Coaching ServicesLinks & Resources: Learn more about KHH coaching here Subscribe to my weekly coaching newsletter here Access my FREE calorie calculator here Connect with me on Instagram here Connect with me on Facebook here Connect with me on TikTok here Connect with me on YouTube hereIf you enjoyed this episode, please subscribe, leave a review, and share it with friends who might benefit.Music b LiQWYD Free download: hypeddit.com/link/xxtopb [http://hypeddit.com/link/xxtopb] Promoted by FreeMusicPromo [https://www.youtube.com/channel/UCbycji-eySnM3WD8mbxPUSQ] / @freemusicpromo

Gold just broke above $5,100 — and almost no one is talking about it.While politicians argue over tariffs, the real story is accelerating stagflation. GDP growth collapsed from 4.4% to 1.4%. Core PCE inflation is rising again. The Fed is openly debating rate cuts while inflation runs 50% above target.This is not a soft landing.Deficits are exploding. Tariff revenue is disappearing. The national debt is surging. The bond market is weakening. And the Federal Reserve is trapped between a weakening economy and rising inflation.That trap has only one historical resolution: monetary expansion.Gold is moving because the market understands what policymakers won't admit. The dollar's purchasing power is deteriorating. Sovereign debt risk is rising. Global capital is repositioning.This is not about daily volatility. It's about systemic imbalance.When growth weakens and inflation accelerates at the same time, the outcome isn't recovery — it's currency stress.Gold is signaling the next phase.Our Sponsors:* Check out GhostBed: https://ghostbed.com/PETER* Check out TruDiagnostic and use my code GOLD20 for a great deal: https://www.trudiagnostic.comPrivacy & Opt-Out: https://redcircle.com/privacy

Professor Richard Epstein predicts the Supreme Court may strike down tariffs, arguing that trade deficits do not constitute legal emergencies, while also discussing the potential for the Court to preserve the Federal Reserve'sindependence from executive control. 161911 SCOTUS

This week: The Supreme Court blocks Trump's emergency tariffs — hours later, he unveils a new 10 percent global levy. What does it mean for Canada and B.C. exporters? Washington correspondent Reggie Cecchini joins us. (1:24) Keith Baldrey drops by to ask: did anyone in the NDP view this budget through a political lens — or just an accounting one? (11:54) Deficits once signalled crisis. Now they're routine. Former B.C. Liberal finance minister Gary Collins explains what it took to balance the books — and whether that kind of discipline is possible today. (20:03) Former Conservative MP crosses the floor to join Mark Carney's Liberals, citing national unity.What does Matt Jeneroux's move signal about fractures on the right and momentum for the government? Global News Ottawa correspondent Mackenzie Gray joins us. (35:54) Learn more about your ad choices. Visit megaphone.fm/adchoices

President Trump is reversing the Biden administration's years of damage to American “family finances” and “federal finances.” When Biden left office in Jan. 2025, “the private sector wasn't adding any jobs at all, but losing them,” explains E.J. Antoni, Ph.D., The Heritage Foundation's chief economist. One year later and Trump is righting the ship: Last month was the best January ever for employment among native-born Americans.  The private sector added 172,000 jobs while government jobs declined by 42,000. All told, Donald Trump has reduced the federal bureaucracy by 323,000 in just one year.

Italian economist Bernardo Ferrero joins Ryan McMaken to discuss the state of European politics over taxes, spending, inflation, and fiscal and monetary policy. Do Europeans claim to care about deficits and debt like Americans? Ferrero is a PhD candidate in economics at Universidad Rey Juan Carlos in Spain. He is also the co-author of The Pandemic and Central Planning (Pandemia e dirigismo) available, in Italian, at Amazon. Be sure to follow Radio Rothbard at https://Mises.org/RadioRothbardRadio Rothbard mugs are available at the Mises Store. Get yours at https://Mises.org/RothMug PROMO CODE: RothPod for 20% off

Italian economist Bernardo Ferrero joins Ryan McMaken to discuss the state of European politics over taxes, spending, inflation, and fiscal and monetary policy. Do Europeans claim to care about deficits and debt like Americans? Ferrero is a PhD candidate in economics at Universidad Rey Juan Carlos in Spain. He is also the co-author of The Pandemic and Central Planning (Pandemia e dirigismo) available in Italian at Amazon. Be sure to follow Radio Rothbard at https://Mises.org/RadioRothbardRadio Rothbard mugs are available at the Mises Store. Get yours at https://Mises.org/RothMug PROMO CODE: RothPod for 20% off

n a world of ongoing and heightened economic uncertainty, Budget 2026 makes careful choices to protect what matters most to British Columbians through investments to protect services, such as health care, education and social supports, while securing B.C.'s future through skills training and targeted investments to spur economic growth. “Over the past eight years, we have built schools, hospitals and invested in the services British Columbians rely on every day,” said Brenda Bailey, Minister of Finance. “Our investments have allowed us to enter these uncertain times from a position of strength, but we need to be realistic about the difficult financial situation we face as a province. We are choosing to safeguard what we've built, while growing our economy to secure good jobs and economic prosperity for people and families.” Budget 2026 opens the door further for people to train for good-paying careers in the skilled trades through $283 million in new funding over three years. This will expand spaces for in-demand trades training programs, increase per-seat funding to training centres, and enhance the B.C. Employer Training Grant to double apprenticeship seats by 2028-29. A new $400-million British Columbia strategic investment fund will help B.C. invest quickly in collaborative opportunities and major projects as the federal government invests in Canada's sovereignty. Budget 2026 supports businesses to leverage new opportunities through a new temporary Manufacturing and Processing Investment Tax Credit for investing in new buildings, machinery and equipment. To support B.C.'s maritime sector, which is the largest in Canada, Budget 2026 extends the Shipbuilding and Ship Repair Industry Tax Credit until the end of 2027. Safeguarding what matters most in turbulent times Budget 2026 protects the most critical services that people rely on every day through $5.1 billion in funding to strengthen health care, K-12 education and supports for people who need care and assistance. This includes funding to recruit and train more health-care professionals, such as doctors, nurses, and long-term care support workers in communities across B.C. Budget 2026 includes $634 million in new funding for K-12 education over three years, including a $167-million investment in the Classroom Enhancement Fund, which will result in more teachers for everyone, as well as special-education teachers and teacher psychologists and counsellors. New investments of $131 million will support intensive, specialized mental-health and addictions treatment for people with concurrent challenges of complex mental illness, addictions and acquired brain injuries. It will also fund involuntary treatment beds in Prince George, Maple Ridge and Surrey. A new $330-million lift to ChildCareBC will protect the child care services families rely on by maintaining lower fees, and the spaces and support for operators and educators achieved over the past eight years. Budget 2026 also provides $25 million in new funding to support the expansion of child care options on school grounds. With $475 million in new funding for children and youth with disabilities, families will get direct funding for support services and better access to more service providers in their communities. Budget 2026 provides $139 million in funding over three years to reduce repeat, violent offending and chronic property crime, and support timely access to justice. Making disciplined spending choices to reduce spending and increase revenue Government has exceeded initial targets set in Budget 2025 for expenditure management through operational and program savings. Budget 2026 continues that work by introducing targets to reduce the size of the public sector, and generates new revenue over the three-year fiscal plan. “We are making careful choices to secure B.C.'s future,” Bailey said. “We are updating the tax system to raise revenue and prevent cuts to critical services, while keeping B.C. one of the lowest-taxed provinces for working and middle-class families. At the same time, we are reducing government spending and carefully repacing our capital plan to deliver services and infrastructure more efficiently.” To improve B.C.'s fiscal outlook and raise revenues to protect critical services, Budget 2026 increases the tax rate of the first income-tax bracket by less than 0.6 percentage points. The average increase will be $76 in 2026, and more than 40% of taxpayers will see savings when combined with an increase to the B.C. Tax Reduction Credit. The credit offsets the tax change for British Columbians with lower incomes. British Columbians with middle incomes will continue to have some of the lowest taxes in the country, and government funding continues to help people with costs through measures such as the BC Family Benefit, more affordable child care and lower car insurance. Budget 2026 also increases the speculation tax for foreign owners and untaxed worldwide earners, as well as taxes on luxury homes worth more than $3 million through changes to the Additional School Tax. Deficits are projected to decline over the fiscal plan from $13.3 billion in 2026-27 to $11.4 billion in 2028-29 as government continues to achieve its targets through the efficiency review, hiring restrictions, and streamlining program and service delivery. B.C.'s deficit-to-GDP ratio is projected to decline from 2.9% in 2026-27 to 2.3% in 2028-29. B.C.'s debt-to-GDP ratio is among the best in Canada and remains affordable relative to provincial peers, even as the Province works to bring it down. A sustainable capital plan The Province is continuing to build infrastructure to create jobs and meet the needs of British Columbians. Over the next three years, government will make nearly $38 billion worth of taxpayer-supported investment to continue construction on 17 major hospitals and acute care facilities, 66 K-12 school additions and improvements, and important transit and transportation expansions. After years of building infrastructure to close gaps and strengthen services, B.C. is adjusting the pace of the capital plan to make sure it is sustainable over the long term. Budget 2026 makes realistic choices to raise revenue and safeguard critical services amid a time of financial challenges and global uncertainty, while making the public sector more efficient to ensure more dollars reach the front lines. Learn More:Read the 2026 Budget and Fiscal Plan: https://www.bcbudget.gov.bc.ca/To learn more about Look West: Jobs and Prosperity for a Stronger BC and Canada, visit: https://gov.bc.ca/LookWest/To learn more about how B.C. is building a strong economy, visit: https://www2.gov.bc.ca/gov/content/employment-business/strong-economyBecome a supporter of this podcast: https://www.spreaker.com/podcast/policy-and-rights--3339563/support.

AP's Lisa Dwyer reports that U.S. deficits and debt are expected to rise.

A new report from the Center for American Progress projects that President Donald Trump's so-called “Big Beautiful Bill” could lead to higher federal deficits and significant losses in health care coverage. Critics argue the tax cuts primarily benefit wealthy Americans while increasing financial pressure on working-class and low-income households. Subscribe to our newsletter to stay informed with the latest news from a leading Black-owned & controlled media company: https://aurn.com/newsletter Learn more about your ad choices. Visit megaphone.fm/adchoices

Stroke Effects: What a Hemorrhagic Stroke Did to Jake Stroke effects aren't always obvious. Some show up immediately. Others arrive quietly, long after the hospital discharge papers are signed. For Jake, the stroke effects didn't end when his life was saved; they began there. Four months after a hemorrhagic stroke, Jake can walk, talk, think clearly, and hold a conversation that's thoughtful, articulate, and reflective. To someone passing him in the street, he might look “lucky.” But stroke effects don't ask for permission to be visible. They live beneath the surface, shaping movement, sensation, pain, identity, and recovery in ways few people prepare you for. This is what stroke did to Jake. The Stroke Effects That Came Without Warning Before his stroke, Jake's life was full and demanding. A husband. A father of four. An administrator coordinating drivers and operations. Active. Fit. Always moving toward the next opportunity. But in hindsight, the stroke effects were quietly signaling their arrival. Jake experienced severe headaches with a rapid onset. Nausea. Vomiting. Visual disturbances. At the time, they were dismissed as migraines. His blood pressure had been flagged as “pre-high” years earlier while living overseas, but after returning to Canada, he found himself without a regular doctor in an overloaded medical system. These were early stroke effects masquerading as manageable inconveniences. When the hemorrhagic stroke finally hit, it did so decisively, affecting the right side of his body, disrupting speech, movement, sensation, and cognition all at once. What Stroke Did to His Body One of the most misunderstood stroke effects is how specific and strange the deficits can be. Jake didn't just “lose strength.” He lost motor planning. When he tried to write the letter T, his brain sent the wrong instruction. Instead of a straight downward line, his hand looped as if writing an L. The muscles worked. The intention was there. The signal was wrong. To retrain that connection, he didn't practice ten times. He practiced thousands. This is one of the realities of stroke effects: recovery isn't about effort alone, it's about repetition at a scale most rehab programs don't explain clearly enough. Post-Stroke Pain: The Stroke Effect No One Warns You About If there's one stroke effect that dominates Jake's day-to-day experience, it's pain. Not soreness. Not discomfort. Neuropathic pain. Jake describes it as: Burning sensations Tingling Tightness, like plastic strapping wrapped around his limbs At its worst, a “12 out of 10” pain, like being tased while his hand is on fire This kind of post-stroke pain often resets overnight. One morning, he wakes up and feels almost normal. The next, the pain returns without warning, severe enough to stop him in his tracks. This is a stroke effect that confuses survivors and clinicians alike because it doesn't follow logic, effort, or consistency. It simply exists. And for many survivors, it's one of the hardest stroke effects to live with. The Non-Linear Reality of Stroke Effects Stroke recovery doesn't move forward in a straight line. Jake learned this quickly. One week brings noticeable gains. The next feels like a regression. Then progress returns quietly, unexpectedly. This non-linear pattern is itself a stroke effect. Early on, these fluctuations feel frightening. Survivors worry they're “going backwards.” But over time, patterns emerge. Rest days aren't failures. They're part of recovery. Silent healing days matter just as much as active ones. Understanding this changed how Jake viewed his recovery and how he measured progress. Identity Loss: An Overlooked Stroke Effect Some stroke effects don't show up on scans. Jake wasn't defined by his job, but work still mattered. Structure mattered. Contribution mattered. After the stroke, uncertainty crept in. Would he return to the same role? Could he handle the same responsibility? Should he? Stroke effects often force people to renegotiate identity, not because they want to, but because they must. The question shifts from “What do I do?” to “Who am I now?” For many survivors, this is one of the most emotionally demanding stroke effects of all. Recovery Begins With Action, Not Permission While hospitalized, Jake made a decision. He wouldn't wait passively. He brought in notebooks. Pencils. Hand grippers. Hair clippers. He practiced shaving, writing, and gripping, no matter how long it took. If writing the alphabet took all day, that was the day's work. By discharge, his writing had moved from scribbles to cursive. This wasn't luck. It was intentional engagement with stroke effects, meeting them head-on instead of avoiding them. What Stroke Effects Teach Us Jake's experience reveals something important: Stroke effects are not just medical outcomes. They are lived realities. They affect: How your body moves How pain shows up How progress feels How identity shifts How hope is tested And yet, understanding stroke effects, naming them, and normalizing them can reduce fear and isolation. That's why conversations like this matter. You're Not Alone With These Stroke Effects If you're early in recovery, you might recognize yourself in Jake's story. If you're years in, you might recognize where you've been. Either way, stroke effects don't mean the end of progress. They mean the beginning of a different kind of journey, one that rewards patience, repetition, and perspective. If you want to go deeper into recovery insights, lived experience, and hope-driven guidance: Learn more about the book here: The Unexpected Way That a Stroke Became the Best Thing That Happened Support the podcast and community here: Recovery After Stroke Patreon Final Thought Stroke effects don't define who you are, but they do shape how you recover. Jake's story reminds us that recovery isn't about returning to who you were. It's about learning how to live fully with what remains and discovering what's still possible. Disclaimer: This blog is for informational purposes only and does not constitute medical advice. Please consult your doctor before making any changes to your health or recovery plan. Living With Stroke Effects You Can't Always See Jake reveals the stroke effects that remained after the hospital—pain, motor issues, fatigue, and how he's navigating recovery four months on. Highlights: 00:00 Introduction and Background 05:10 Health Awareness and Signs 16:56 Personal Health Journey and Challenges 23:11 Recovery Process and Emotional Impact 38:28 Attitude Towards Recovery 46:30 Long-Term Recovery and Reflection 55:06 Work and Identity Post-Stroke 01:07:40 Pain Management and Coping Strategies 01:16:16 Community and Shared Experiences Transcript: Introduction and Background Bill Gasiamis (00:00) Today’s episode is one that really stayed with me long after we finished recording. You’re going to meet Jake, a stroke survivor who is very early in recovery and navigating the reality of what stroke actually does to a person long after the emergency has What makes this conversation so powerful isn’t just the hemorrhagic stroke Jake experienced. It’s how openly he talks about the stroke effects that followed. The pain, the confusion. the nonlinear recovery and the parts of stroke that are hard to explain unless you’ve lived them. I won’t give away Jake’s story that’s his to tell, but I will say this. If you’re early in recovery or you’re trying to make sense of symptoms that don’t quite fit the brochures or discharge notes, there’s a good chance you’ll hear something in Jake’s experience that feels confronting and reassuring at the same time. Now, before we get into the conversation, want to pause for a moment and say this, everything you hear, the interviews, the hosting, the editing exists because listeners like you help keep this podcast going. When you visit patreon.com slash recovery after stroke, you’re supporting my goal of recording a thousand episodes. So no stroke survivor has to ever feel like they’re navigating this if you’re looking for something you can lean on throughout your recovery or while supporting someone you love my book, the unexpected way that a stroke became the best thing that happened is available at recovery after stroke.com slash book. It’s the resource I wished I’d had when I was confused, overwhelmed and trying to understand what stroke had done to my life. all right. Now let’s get into the conversation with Jake. Bill (01:40) Jake Bordeaux, welcome to the podcast. Jake (01:42) Hi Bill, how are you this evening? Bill (01:44) I’m very well my friend. It is morning here. Just gone past 9am. We had a late night last night. We went to the opera and we saw Carmen. Jake (01:57) Hmm. How’s that? Bill (01:59) And for those who haven’t seen it, it’s in French and you have to read the subtitles because it has subtitles. I couldn’t read them because I was just a little too far. So I was squinting the whole night. But it’s a great opera, it was a great show, but we got home late so I’m quite tired. Jake (02:20) I couldn’t imagine that. Luckily I do speak French. So I wouldn’t need the subtitles, but that’s something I was afraid of actually, you know, coming out of the stroke is I was afraid almost that I had forgotten how to speak French or that I’d forgotten how to speak both languages. But luckily I speak ⁓ English and French. Bill (02:40) With a name like Bordeaux, I would definitely expect you to at least have some idea of French. Jake (02:45) Yes, indeed, sir. Half English and half French. I’ve been using that largely to my advantage. I’d been working up here in Northern Ontario with Federal Express. So I was working in administration here and sort of coordinating the management and the drivers being the liaison during the two during the day. so, you know, anytime the drivers might have equipment that needs any kind of repair or any kind of issues they might come up with on road as well as when they leave the station and when they come back into the station, I’m the guy that they would deal with. Bill (03:22) Wow, that’s cool. So tell me what was life like before stroke for you? What were you up to? What kind of things did you do? How did you spend your time? Jake (03:33) Well, life has had a lot of ups and downs for me in the last year’s bill. So, ⁓ I had been living for many years in, in Hong Kong and I’m originally from Canada and, I was born in the seventies, born in Ontario here. And by 2009, I had had various, you know, done grit, various career, choices or opportunities, job opportunities here. And I decided to. try my hand at a little something overseas. ⁓ I had an opportunity with a fellow Canadian named Noah Fuller who brought me over wanting to show me how to get into the watch business. And being two ⁓ enthusiasts, you know, being, ⁓ you know, I’d say we were into watch modification, watch restoration, and we were wanting to get a little bit more into building custom parts and building out custom watches. ⁓ working with various ⁓ people, military groups, et cetera, at working on their watch project. So he asked me to come to Hong Kong, learn everything that he knew about the business, and hopefully show me what I was gonna get into over there. That worked out, and while I was over there, I met my wife, I love my wife, I’m still with her. Stroke Effects: Health Awareness and Signs I got together with my wife in 2009 when I had first arrived in Hong Kong and I got married to her in 2010. During that time, Noah unfortunately passed away, so I lost my business partner, but the business continued to grow. So over the years, the business grew with my wife and I running that on our own. ⁓ Unfortunately, maybe it got some of the attention on the world stage. There’s been a lot of political, we’ll say issues in Hong Kong and leading into the pandemic, business was already suffering. ⁓ Once the pandemic hit and Hong Kong was locked down for a ⁓ big chunk of time. that really affected our business and took it down. By the time the pandemic had played its way out, our life over there was looking like it wasn’t panning out the way we’d wanted it to. And a lot of the opportunities that had been unfolding for us all of a sudden came to a close. ⁓ So we moved back to Canada. about two years ago and I started working up here and thinking about our next business opportunity. I’m a lot like you and I’m never really satisfied with what I’m doing and I kind of want to reach for the next thing and I kind of want to reach for more. So I like to work a lot. So while I was working on getting the next thing started, I was working with Federal Express. My days would be really, really busy. I would get up quite early in the morning and I’d chop wood here. I have a dog that I like to walk. I have a golden retriever. I have four children. So I have three girls and a boy and they’re ranging from four years old to 14 years old. They’re all in school. And of course, I was working full time at Federal Express and ⁓ working towards the next thing. So I guess life was pretty active. Bill (07:27) Pretty helpful. Did you have any sense that, you know, with regards to your health, things might take a turn? Was there any information coming to you that you might see now kind of in hindsight and go, well, that was probably a sign. Jake (07:45) Yeah, Bill. So I’ve watched a lot of your podcasts and I found them particularly helpful, especially a lot of the ones relating to hemorrhagic stroke. ⁓ Reason being that’s what happened to me. So ⁓ I had a hemorrhagic stroke ⁓ and it took out a large part of ⁓ my capabilities, I guess, mobility on my right side. So a lot of my body that’s affected is my right side. ⁓ Now, when I got back here from Hong Kong to Canada, unfortunately, I came here to a little bit of an overloaded medical system, to say the least. So I’m hoping that maybe some of what we’re talking today might help people who are in Canada if they suffer the ⁓ same thing as I did to try and get them on track for us, get them back into recovery. ⁓ When I arrived here, the system was overloaded. I didn’t have a doctor. So unfortunately, while I had been warned for several years that I had pre high blood pressure and ⁓ the doctors in Hong Kong had been, you know, monitoring my blood pressure and keeping a pretty close eye on things after arriving here in Canada, that wasn’t a case. And so you know, it would look now that I think about it, that I was having some warning signs. I was having headaches and I’d say that some of those headaches were pretty severe. ⁓ The headaches would come on like a, like a very fast, ⁓ fast onset headache. I would get very nauseated very quickly. ⁓ And then sort of, would, I’d vomit the headache. would pass. At first, I thought I was getting migraine headaches. I’d had one when I was a lot younger. But ⁓ these were coming with some visual disturbance. I was having this horrible headache. was having nausea. So all the things you might expect from a migraine, except that it was going away within minutes and all of a sudden I was back at work. you know, in hindsight, that definitely was ⁓ a warning flashes. And ⁓ had I had a proper physician, if I had somebody watching out for me, they may have caught that. I don’t know, there’s no way for us to know that. So what I would say is, if anybody’s having pretty high blood pressure, keep an eye on that. I would say my blood pressure when I had the stroke was quite high. And if I had been monitoring that, I might’ve been on top of it. So would you like to hear about the day that it happened or? Bill (10:45) Yeah, I would in a moment. So with the blood pressure in Hong Kong, were you being monitored and also medicated or was it just you were being monitored? Bill Gasiamis (10:56) We’ll get back to Jake’s story in just a moment. I want to pause for a second and ask you something important. Why do you listen to this podcast? For many people, it’s because they finally hear someone who understands what they’re going through or because they learn something that helps them make sense of their own stroke effects without feeling overwhelmed or alone. And here’s the part most listeners never really think podcast only exists because people like you help keep it There’s no big company behind it. No medical organization funding the work. It’s just me, a fellow stroke survivor doing everything I can to make sure these conversations are available for the next person who wakes up after a stroke and doesn’t know what comes One of the biggest challenges after stroke is finding reliable information without spending years searching, reading and second guessing yourself. That’s why I want to mention turn2.ai. Turn2 isn’t a sponsor, it’s a tool I personally use. If you choose to sign up using my affiliate link, you’ll get 10 % off and I’ll receive a small commission and no extra cost to you. That commission helps support the podcast and keep these conversations free. What Turn2 does is simple but powerful. It saves you time. Instead of spending years trying to track down research, discussions and updates about stroke, Turn2 brings relevant information straight to you. If you’re already dealing with fatigue, pain or cognitive overload, saving time and mental energy matters. And if you want to go deeper on your recovery journey, you can also grab my book, The Unexpected Way That a Stroke Became the Best Thing That Happened at recoveryafterstroke.com slash book. If this podcast has helped you feel understood even once, consider supporting the mission in whatever way feels right for you. All right, let’s get back to Jake. Jake (12:46) No, so I wasn’t being medicated for high blood pressure at all. was kind of these, well, it’s not quite severe enough to really do anything about it, so we’ll just keep an eye on it. ⁓ I did have pre-existing ⁓ medical issues. When I was quite a lot younger, I had suffered from ⁓ what some people might call Crohn’s disease or an inflammatory bowel issue. and I had some back pain. But other than that, I wasn’t really on any other types of medications. I wasn’t on any kinds of blood pressure medications, any kind of heart medications. ⁓ I wasn’t on any kind of antidepressants or anything like that. ⁓ I would say that I was pretty much feeling like I was in fairly good shape. haven’t gained or lost a heck of a lot of weight since the stroke. So what you see is what you get. wasn’t overweight. I wasn’t eating a lot of junk. I don’t smoke cigarettes. So. Bill (13:56) Yeah. One of those things. I know what you mean. Like I’ve been diagnosed with high blood pressure in the last six months and headaches. Jake, I’ve had headaches for years. I’m talking maybe four or five years. And at the beginning, they were intermittent. They would come and go similar to what you mentioned. And I would be able to get through the day. And I thought they were migraines, although nobody really convinced me that they were migraines. I couldn’t really say. That sounds familiar if I look up what migraine is and all the people who I’ve ever asked about a migraine, it never sounded like, I was never convinced by it. And then a little while ago, was at home, excuse me, I was at home with my wife, feeling really unwell. Did my, checked my blood pressure and it was about 170 over 110, 120, somewhere there. And that was, I knew that’s way too high, know, previously. I’ve checked my blood pressure maybe on the on perfect day and it was 120 over 80. So for me that was pretty serious. We went to the hospital because of all my history and they said your blood pressure is high. It’s probably a migraine causing you to have a migraine which is then causing your blood pressure to go high rather than the other way around. They didn’t say it’s high blood pressure is causing the migraine and or the headache. And then they put me on some migraine medication and they said, if we give you this migraine medication, it’s going to knock you out. You’re going to sleep, but you should wake up without a headache. Well, I woke up with a headache. The migraine medication didn’t do anything. So within a couple of weeks of that particular hospitalization and then going to my general practitioner, he prescribed me a blood pressure medication, came to start on it’s called to help keep the blood pressure down. Now I’m trying to get to the bottom of why do I have high blood pressure? That’s the part that’s frustrating me, because no one can tell you why you have high blood pressure unless they check your arteries and they’re half clogged or you’ve got some other issues with your heart or something like that. And I don’t have any of those issues. So now ⁓ it’s one of those things. It’s kind of like, well, you have high blood pressure. It might be something that runs in your family. When I check with my dad, my dad says that he has high blood pressure. My dad’s 84. So it’s like, you know, and he says, I started taking blood pressure medication at around 50, which is my age. But that’s still, that’s not good enough for me. Like I’m still not comfortable with, well, your dad did. So you are, and then therefore, just move on with life, take this tablet and then move on. Now I’m happy to take the tablet because I do not want to have another hemorrhagic stroke. I’m very comfortable taking a tablet to prevent that, right? No trauma, no traumas. Personal Health Journey, Stroke Effects, and Challenges But ⁓ it’s a very interesting place to find myself in after going through all the three brain hemorrhages that I’ve already had since 2012, brain surgery, learning how to walk again. Now I’ve had enough. I don’t want… I don’t want to be doing this anymore, even though I am finding myself here and I’m tackling it. Part of me is going, man, this is too much. Why do we need to go through this now? Jake (17:29) Yeah, I wanted to ask you something actually, maybe if you’ve had the same, you brought something back to mind here, is that one thing I did have, again, in hindsight, I had visual disturbance. in 2018, my grandmother, bless her shit, my grandmother passed away and I was abroad and I took it pretty hard. was largely raised by my grandfather, my grandmother. And I took it, it was very emotional. And ⁓ when I was grieving, I had an episode where I had a rather bad headache. And again, I had one of these feelings, like I thought I had a migraine headache. Maybe I did, or maybe we’re reading something into it. But coming out of that, I had a visual problem. And it was one of my eyes. in my right eye, you know, again, I have my issues now with my right hand side. My right eye had gotten quite blurry. I was having ⁓ issues with my vision in my right eye. And ⁓ a doctor had decided that, well, maybe it’s a form of macular degeneration. And he decided to do a laser surgery. at the time in Hong Kong. However, it didn’t have any effect. It didn’t help me out at all. And the only thing that helped that was time. And I wonder again now if the reason why treating the eye didn’t take any effect is because he should have been treating or looking at the brain. I think that maybe the issue might have been a small stroke to begin with. and I didn’t realize it at the time. Bill (19:25) That sounds very plausible, right? That’s I think probably a very logical conclusion to get to. Sometimes, you you hear people lose their vision and the way they discovered they’ve had a stroke is they’ll go to the ophthalmologist and they’ll say, I can’t see. And the guy will go, well, your eye looks perfect. I there’s nothing wrong with your lens. There’s nothing wrong with the macula. The eye pressure is fine. Everything’s fine. And that definitely suggests that there is a ⁓ neurological issue of some kind, right? So it’s like, next step is go to the hospital, get it checked out. But ⁓ yeah, well, there’ll be no way of knowing, but I science, I had similar kind of things happen about a year and a half before my first bleed. was at our local football here, which ⁓ my team made the what we call the grand final. There’s usually a playoff series and then the last two teams get to the final game of the year and then the one that wins wins the championship. And my team made it and I was there cheering them on, screaming my head off, you know, just being a really passionate supporter and went home that weekend with a massive headache that lasted about five days and ended up in hospital. They did a lumbar puncture. They checked for a brain hemorrhage or anything along those lines and they didn’t find anything and they also didn’t find the faulty blood vessel that later would cause the first brain hemorrhage. But when I speak to people about it, everyone will say, well, we’ll never know, Bill. There’s no way of knowing whether they were linked. But in my mind, it’s pretty logical to conclude that that first massive five day headache was a sign that something wasn’t right in my brain. And although they had that suspicion of that, they didn’t know what they were looking for. So they couldn’t find the faulty blood vessel. just did a scan, a CT, sorry. Yeah, they just did a CT to actually see if there was any visible signs of a tumor or a bleed or something like that. And since there wasn’t, they weren’t able to diagnose the faulty blood vessel that would later. ⁓ bleed three times. Jake (21:55) That’s incredible, by the way, the three times thing, and that’s got to take a lot of strength to get through. ⁓ I don’t know if I had mentioned to you, how recent this has been. So ⁓ one thing that I’ve noticed with your podcast is that most of the guests who are on have had a considerable amount of time elapse in between when the event has taken place and when they’ve been able to get back lot of their capabilities, a lot of their abilities. So how long exactly did it take you to get back to the stage or the state that you’re in now? Bill (22:36) I would say that I had, ⁓ well, the first three years were tumultuous because every time I was on the road to recovery after the first bleed, then the second bleed happened, that was six weeks apart. And then after the second bleed, I was really unwell. ⁓ Memory issues, couldn’t type an email, couldn’t read, couldn’t drive, couldn’t work. Recovery Process and Emotional Impact angry, really angry. I was probably in that state for the best part of about six to nine months. And then it started to ease and settle down as the blood vessel stopped bleeding. And then the, and then the blood in my head started to dissipate and kind of dissolved, I suppose. And I think I thought everything was going fine. So between February, 2012 and November, 2014, that’s when I had the next bleed November, 2014. the third one. And then when I woke up from that, I had to learn how to walk again. So by the time I got to February 2015, I had been three years in you know, in the dungeon, you know, getting just smashed around by stroke again and again and again, and then brain surgery, then learning how to walk again. And I think personally, I turned the tide maybe at around 2018, 2019. So it took another three to four years for me to feel like even though I’m living with all these deficits, I have got enough of my cognitive function back, my physical function back to be able to go back to my painting company, which had been on pause for a number of years. yeah, so all up, you know, from first bleed, Jake (24:25) incredible. Bill (24:30) to back to the painting company, you know, it seven years. It was quite a long time. And I hear people have similar kind of stories about five, six, seven years. They’re still dealing with everything that the stroke caused, but they have some kind of a turn, like for the better, some kind of like a shift in whether it’s mindset, whether it’s emotionally or whether it’s physically, they have kind of some. Like a fork in the road moment where things change for the better. Jake (25:03) That’s incredibly inspiring for me. So yeah, you give me a lot of hope because I’ve been going through a lot and I’ve only been at this for four months now. so I had this stroke in late July and upon getting into the hospital, again, I wasn’t able to talk. I wasn’t able to use my, couldn’t move my right hand side at all. ⁓ I wasn’t able to go to the washroom, any of the things. I was basically left with kind of like ⁓ a blank slate and everything that I’ve gotten back has been pretty rapid. So I’m really extremely thankful for that, especially that, given that hemorrhagic strokes are rare, ⁓ consequences seem to be more severe and more often fatal. So, yeah, I’ve only been at this for a few months, Bill (26:10) Yeah, I was gonna ask what was it what happened on the day of the strike? What was it like? Jake (26:16) Yeah, so on the day of the stroke, let me get back there for just a second. Right, so on the day of, it was a pretty regular day and I had got up, it was a beautiful day, it was July. ⁓ My family had been on a trip recently, they’d gone to the nation’s capital and visited my family and I was happy to have them back. I just bought my wife a new bike and ⁓ I tuned it up. The dog had been out and I was starting work at 2 p.m. So I was about to go in for 2 p.m. and see the drivers for the whole second part of their day until the closing. ⁓ And I ⁓ was biking into work. again, I was incredibly active. ⁓ So I was biking to work and it would be generally about a 15 minute bike ride and it’s a lot of uphill, et cetera. And some of the route is through some residential areas and even some pathways that go through the woods. Again, I live in Canada and in particular in Northern Ontario in quite a small town named Kirkland called Kirkland Lake, which is a gold mining town. we’re in a gold mining boom right now. And so yeah, I was biking to work, feeling pretty good. ⁓ When I got to work, or when I was just getting to work, I was pretty close to being late ⁓ after messing around with the kids a little bit. And so I pushed myself a little bit harder than I usually do. ⁓ I got to work right on time. I got in a little bit winded. And I started getting my equipment together, got all of my equipment and headed to my office and headed to the window where I’d be greeting all of the drivers as they come into the station. And I started to feel a little bit dizzy. So my thinking was though, I probably just pushed it a little too hard and I probably should have had a drink of water. So I grabbed a drink of water. And ⁓ I sat back down at my desk and the first drivers started to come in. And as they started to come in, I started to feel like it was hard ⁓ to keep track of what they were saying. I was having a hard time concentrating and that’s really not like me. Usually I’m able to concentrate on four children, a wife, a pet, myself. And when I’m at work, I’m able to deal with the whole station full of FedEx workers, drivers, et cetera. So I started asking the drivers, can you just leave your things with me? I’m going to put them aside for a few minutes until I’m back in the game here. I think I’ve winded myself a bit. I’m just going to chill. And the equipment started to pile up, because it was one driver, two drivers. three drivers. And as this was starting to go on, I was looking over at a lady who was working next to me in the office. ⁓ And ⁓ I’m very lucky that she was there. And ⁓ I’ll let you know why in a second. But ⁓ I started to look at her and I started to look at the drivers. And I think at that point, she looked at me and ⁓ it struck her there’s something really not right with Jake. So she came over and started to ask me some questions and she started to try and direct the drivers away from me so that maybe they’d stop asking questions. And it became pretty apparent to her real quick ⁓ that I was having a stroke. Now, thankfully, this lady’s not usually sitting in the office next to me. It was one of those things where she just happened to be there this day and she happens to work with the fire brigade here. and she works with first responders and she’s incredibly well educated as far as first aid and strokes and heart attacks, et cetera. So she was able to recognize what was going on with me right away. ⁓ She had management and she had everybody ⁓ take a look at me and they had the first responders coming right away. The emergency crew showed up within minutes. and they started asking me all the appropriate questions and they started lifting me out of there and driving me away. So I got to work, I guess, at about 2 p.m. That was when my shift started. And ⁓ by 2.25, ⁓ my wife was walking home from the neighborhood park with our kids and heard an ambulance. go by here, not realizing it was me. I’d been taken off in the ambulance. They brought me to a nearby town and then they airlifted me to Sudbury, Ontario. I guess in our nearby town, they determined that yes, I was having a stroke. They did a very quick preliminary scan. They sent me to Sudbury, Ontario, where they started doing more scans and figured out exactly what was going on. Although the medical system had failed me and I didn’t have a doctor going into it, when the rubber hit the road there, they had it together and they got me the appropriate help as fast as possible. That’s probably what helped me to get my recovery online so quick. Bill (32:18) definitely does the time that you take to get to hospital makes a massive difference. That was a good outcome considering everything that was going wrong at the time. So then how does the hospital stay go? How long are you in the hospital and how does it play out? Jake (32:37) Yeah, so I arrived in in the hospital in in Sudbury and I was there for for a few days so ⁓ yeah, I was there for a few days and in that time my My ⁓ my wife and ⁓ one of my good friends one of our children there They managed to come and see me and from what they say I was incoherent at the time So I guess I was still able to talk ⁓ but what was coming out of me was a lot of garbled nonsense. I’ve seen some of your guests say, I thought I was saying, can you please hand me my bag and I need you to bring, and all that was coming out was sort of, blah, blah, blah, blah, like it wasn’t making any sense at all. ⁓ So I was in there for days. And once they had me stabilized in ⁓ Sudbury, Ontario, they decided to transfer me and I had my choice between a couple of different towns. So I would say that by the 25th, 24th, 25th, I was stabilized and I was heading to Sudbury on the 25th. ⁓ Once I arrived in Sudbury, I think I was visited, ⁓ by my folks and my wife and kids. And then I was sent to Timmins, Ontario for my actual recovery. So it was pretty fast. I had the stroke on the 21st and by the 26th, I was in Timmins where I’d spend the rest of my ⁓ recovery time. Bill (34:27) How did they deal with leaking blood vessel? Jake (34:30) ⁓ They didn’t. So they had determined that they were going to probably do a surgery. When they were taking me into the hospital, they had told me that there was a ⁓ brain hemorrhage, ⁓ that it was leaking, that they were going to be monitoring it, that it would be likely there would be a surgery, and that I should probably be be prepared not to make it through. ⁓ So I guess, you know, they gave me some hope. I mean, they told me that we can hope for the best, but they were quite honest with me at the time in saying you might be going for the rest of your life ⁓ wearing diapers or unable to talk. ⁓ And it’s quite probable that you might not make it out of this. Uh, so they monitored it and they continued to bring me while I was in the Sudbury for scans and they continued to monitor the situation. Um, but they didn’t do any surgery. So, uh, I was put on medications to bring the blood pressure down, to keep the blood pressure down. And, uh, and I was placed on those while I was in, in hospital. And I continued to. recover all the way through August. And by the end of August, I had come back home. ⁓ while I was in hospital, I was only visited twice because it was far away from, from my home. And, ⁓ I’m honestly, Bill, I’m glad. ⁓ I was really happy. I was able to see my, my, my wife and kids by phone, obviously, you know, the wonders of modern technology. ⁓ but I was left with a lot of time on my own to reflect and I was left with a lot of time on my own to get better. you know, one of the things I decided once I got to the hospital was I’m not going to spend any time in the lounge. I’m not going to spend any of the time with the other patients who are ⁓ in here, nothing against them or anything like that. But the very first thing I did, was I started to try and find more information about what exactly happened to me and ⁓ what are my chances of getting better and what gives me the best chances. And what I came up with was I had better start working on my recovery immediately. yeah, so one of the very first things that I did is I got my notebook into me. notebook, got pencils, I got a pencil sharpener, I got one of those, ⁓ you know, hand gripper ⁓ exercise, you know, for your hands. ⁓ And I got a razor blade, and I got my wife and kids to bring in a hair trimmer. And I decided that no matter how long it was going to take me to shave, I was going to do that on my own. no matter how long I thought I’m in here, I don’t have anything else to do today. If it’s going to take me all day to cut my hair and shave my face, I’m going to do that. ⁓ If it takes me all day to do the, write the alphabet down, I’m going to get through that. And I went from again, ⁓ scribbles from just scribbles and barely being able to hold onto the pencil to, ⁓ by the time I left the hospital, I was writing in perfect cursive. Attitude Towards Recovery Bill (38:22) Yeah, that’s brilliant. I love that attitude. That attitude is probably ⁓ something that holds people in very, like creates a great outcomes for people, regardless of how much the stroke has affected them, regardless of how bad their deficits are, you know, regardless of what version of stroke they caught, they, they had to experience. And this is what I was doing when I was in rehab as well. So I did the same thing when I came back from hospital. So My first stay, I came back and we were on the internet checking, you know, is a blade in the brain? What is all this stuff? What does it all mean? Trying to get some answers. The second time, ⁓ six weeks later, I was searching for what kind of food should I be eating? If I’ve had a stroke, what should I be avoiding, et cetera? That was pretty cool to find out and learn, wow, there is actually a protocol that you can ⁓ take that supports your brain health instead of one. that doesn’t support your brain health. So that was pretty awesome. And then ⁓ in rehab, I was searching YouTube for videos about neuroplasticity. was searching videos for ⁓ anything that had to do with recovery of a neurological challenge, et cetera. And it was just way better than being ⁓ sort of worrying about my own situation and focusing on me like. internalizing it, you know, I was externalizing it and becoming proactive and I found, ⁓ and I found some great meditations. So I’m lying there. I can’t walk. I’m very sleepy. I need to sleep most of the time because I’m exhausted from all of the rehab. I’ll put on a meditation and just let it do its thing in the background while I was healing, resting, you know, recuperating. ⁓ so I think that approach just changes the way that your body responds as well because your body wants to step up to the plate. If you set an intention, we’re going through the healing process, this is the path that we’re gonna take, the body follows. If you go through the other part, if you take the different path and go, well, things are not going good for us, we’re doing it really tough, we’re feeling sorry for ourselves, we’re not gonna put any extra effort in. the body’s going to go, no, I’m listening. I’ll do exactly what you want. And you get the results that, that your intention has set. Right. So I think that’s brilliant. The way that you went about that and not interacting with other people. kind of get that too, because it can bring you down. Like seeing other people doing it hard can bring you down. And also ⁓ sometimes other people’s attitudes can rub off as well. And they can bring you down if They’re feeling bad about this situation and you don’t want to be around people who are going to ruin your vibe. Doesn’t matter who they are or where they are. Jake (41:27) Right. And one thing that where I think the hospitals and doctors and therapy where I think they really let us down is something that I believe it was on one of your podcasts and someone talking about neuroplasticity is that when we do something for therapy, we should be doing it thousands of times. We shouldn’t be doing it a few times. I think where we’re let down is like, ⁓ for instance, I went for my physiotherapy today and I find it helpful and I definitely do go, I would recommend it to anybody. But we will do each of these exercises 10 times. Do this 10 times, do this 10 times, do this 10 times. But what we’re failing to see is that, you know, To really make those connections, need to do things hundreds or thousands of times. ⁓ I have a, know, a, for instance, for you, you know, I mentioned the writing. So a place where I have an incredible block is, ⁓ I will go to try and begin something, particularly where I’m going to write something down and I’ll have the intention of writing one thing and something different will come. So, I would try and begin a word with the letter T and instead of beginning by going up and then straight down and crossing my T, instead I’m doing a loop like it’s an L. So in order to, you know, retrain, sort of get that, get that connection made, to go and start doing words that begin with the letter T. Bill (43:17) I have Jake (43:24) and a lot of times, mean like thousands of times before I could sit down and write a letter T. if people are feeling like they’re not getting anywhere or it’s not coming along for them and they are doing the exercises, I would say don’t give up and do them more. Don’t give up and do them less, do them more. Bill (43:33) Wow. Jake (43:53) ⁓ If you’re going to be doing something like walking, if you’re finding that difficult, then I think maybe if you walked around the block on Tuesday, go another 10 steps further and do that for the following week and always just keep adding to it because it does get better. And I don’t know about you, do you find Bill like I know one of your recent guests mentioned that it was a challenge for him to deal with how non-linear the recovery is. And I think that only hearing that from other people allowed me to accept that. Because a lot of the time I’ll feel like I’m doing great and things are incredibly better. And then maybe I have a week where I’m doing in respects, I’m doing worse than I was when I was in hospital. And I think that that’s really hard to deal with. you have that too, or did you find that? The non-linear kind of feeling? Yeah. Bill (44:55) Indeed, and then what happens four months, five months, six months, 10 months, is you start seeing the pattern and the pattern is, okay, I’ve made some inroads, okay, here’s the quiet time or the downtime coming and then you feel better about it because it’s not a big deal. You see the pattern and you notice it and it’s less frustrating because that’s actually, it appears as though you’re doing nothing to your head. Your head might be going, oh, I’m not doing anything. Long-Term Recovery and Reflection sitting on my butt, I’m not able to get through a day of physical exertion or anything like that. I must be going backwards. Well, in fact, your body’s just doing a different version of recovery and it looks different. It looks still and it looks silent and it looks fatigued, but it isn’t going backwards. It’s just a different phase and it needs all of it. You need to do that silent, still, quiet, fatigued resting one. And then you need to do the one which is to whatever extent you can, full on, full out, doing too much, going too far, ⁓ over-exerting yourself. And they kind of, you can’t have one without the other. You have to have them both. And ⁓ if you understand that, then you don’t get anxious or upset about it or bothered about it. And you start playing the long game. You stop focusing on today, I didn’t have a lot of effort, but… If I reflect on my last six months or nine months, there was maybe only seven days that I was really low or didn’t feel great. The rest were better days or I felt okay or whatever it was. if you start playing when you’re only four months out, it’s hard to play the long game. But when you get to a year or 12 months out, you look back and reflect, you can see that majority of what you were doing was getting. outcomes that were favorable and therefore, you know, and therefore you can sort of be okay with the quiet days, rest, the rest of all those. I used to go to loud events, whether they were a concert, a family event, a party, wedding, whatever. If they were long drawn out days, I would have to plan for the next day to be completely a write off, nothing on the calendar. No going anywhere, seeing anybody, doing anything so that I could rest properly and get my brain back online so that I could have a good day, the third day, you know? And that’s how we did it for many, many years. And I remember one time when the shift came, when I said to my wife, I am not doing anything tomorrow. You make sure that whatever you do, you do without me. You’re going to go and do your thing, but I’m not going to be involved. And then waking up in the morning and going, hey, I feel fantastic. What are we doing today? And she’s like, I didn’t plan for you, but okay. ⁓ let’s get the ball rolling on something. So we did something minor, but it was more than nothing. And that was my, okay. My moment of things are shifting and I’m able to recover overnight with a good night’s sleep quicker than I was. doing previously. Jake (48:19) That’s great. That’s great. Yeah. A lot of this, I really appreciate talking to you and I appreciate hearing your guests who have been at this a lot longer than I have. ⁓ I’m incredibly encouraged by how well I’ve done so far, but it’s also, there’s a lot of questions. ⁓ For instance, I’m in this stage where I don’t know, Bill, if I’m going to make it back to the same job as I was doing before, don’t know whether it’s reasonable to think that. Right now I’m doing, you know, going through all the steps that I need to go through and doing all the evaluations that I need to do. ⁓ But I’m not sure what the outcome is going to be. And that’s a little bit hard because I’m, you know, like most people who are entrepreneurs or, you know, have large families, we like to have an element of control, you know, with things. So it’s been hard to just sort of sit back here and not know what’s coming along. As far as work goes, I don’t know. Luckily, you know, I have a building here where I do own the building and I do have commercial space downstairs. So maybe I have the option to now use that space for myself. And ⁓ maybe I’ll have to be, maybe I’ll be forced to go back into. entrepreneurship and open my own business. Maybe going back to work ⁓ is not the path for me. We’ll have to wait and see. Bill (49:56) It will emerge. You’ll get a sense of it. I had ⁓ three years where I worked for another organization and it was a completely different field and they were, the role was a very entry level administrative role. Very, we’re talking a role that would probably be replaced by AI now. ⁓ So we, I was doing that for three years and what was good about planning and trying to get back to that level of effort and work was that it served a purpose. And part of the purpose was talking to people, traveling, ⁓ doing work on the computer. It was retraining me as I was getting comfortable with the role, getting used to traveling, getting back to being in loud environments, et cetera. So it was difficult, was tiresome, it was challenging, but it was… kind of like its own therapy. And when it served its purpose after three years, I was done. I just said, okay, I’m out of here. going back to running my own business again. And I’ll be, I’ll do that as slowly or at my own pace in any other way that I can so that ⁓ I create the whole, all the rules around the amount of hours that I attend, the type of work that I take on. You know, so if I was too tired to work the following week, I would just tell my clients I’m busy for a week and I can book you in two weeks down the road, you know. So that was what was good about going back to my business. And also what was good about going back to a job for somebody else because their expectations, you know, working for a corporation, the expectations are far lower than the ones that we put on ourselves when we’re working. for ourselves. So I know some people think working for a corporation is really stressful and all that kind of stuff. And it probably is. No. But I mean, I was barely working six hours a day. Whereas working for myself six hours a day that the day’s just starting, you six hours. You haven’t even hit lunchtime yet. So it’s interesting to think about work and how ⁓ and how you can use it as a therapy. Jake (52:23) It is well, I mean the difference for me is that I was actually in that role that you’re explaining right now when I had the stroke so I I’d gone through a whole bunch of very difficult things in Hong Kong and upon coming back here to Canada, I was almost feeling like I I had a lot of stress going on and I had a lot of things that I needed to sort out and ⁓ there was a lot of things that we need to settle with the kids. There was all sorts of stuff that needed to be done. So the job that I was working was actually, it was already fulfilling that role that you explained. I was having that less responsibility. was going in for a specific amount of hours that they were letting me know. So that was exactly it. was an administration job, but it was really not close to the amount of responsibility that I was used to having. ironically, now that this has happened to me, it might be the amount of control that I have over the amount of worked that might be an advantage after going to stroke. I’d be interested to see or to hear more about ⁓ how people deal with the change that comes with the different type of work they might be forced into, forced out of, and how they deal with that. Because I think that a lot of people deal with, ⁓ they think of their employment or they deal with their life in this sort of way, like people often ask, especially in Asia. What do you do? The first thing that people do if you’re in Hong Kong is they hand you a business card. They call it a name card there. And the very first thing that you do when you meet somebody before you even speak is you hand them the card and you each examine each other’s cards. So this idea of like, what I do is who I am. And I, and I think that when you have something like this happen to you often what you do must change. when you’re identifying with what you do, you’re sort of declaring that as your title, who you are, I would imagine that’s pretty tough. Luckily, I wasn’t tied to Federal Express, thankfully. Work and Identity Post-Stroke Bill (55:00) Yeah, I hear you. is, people will work as a lawyer for 20 years or 30 years, have a stroke, and then it’s like, well, who am I now? What am I now? And that’s the challenge with working and identifying as the work that you do. know, those days are gone in theory. You know, you don’t get named John lawyer anymore. You don’t get named John banker. anymore, you you don’t get the your surname from the occupation that you do back in the day, you know, Baker, carpenter, plumber, you know, all those people, they were their entire job, they did it for 3040 5060 years, that was what they did. And then when they couldn’t work anymore, well, they still identified as john plumber, because they had the name, the name was given to them or John Carpenter or whomever. The thing about it is now with jobs being so ⁓ not long term anymore, you get a job or you go to a particular employer and then two, three years you’re in another role or another title, et cetera, ⁓ or you’ve moved up the corporate ladder, et cetera. Well, if you’ve never even done that, if you’ve only ever worked and you haven’t explored your interests, ⁓ hiking, walking, running, playing ball, ⁓ becoming a poker player, ⁓ whatever, whatever it is other than my job, you’re very, it’s understandable that it’s very narrow how you can explain to somebody how you occupy your time. Like what do you do? Well, I do plumbing, but I also do poker. ⁓ I do this, but I also do that. I’m that guy. Like when you ask me, sometimes I will literally be in a painting outfit, not so often now, but my painting clothes, and then I’ll take them off and I’ll sit in front of the computer and I’ll record a podcast episode. And then at the end of the day, I’ll be doing a presentation somewhere, speaking publicly on a particular topic at the moment. My favorite topic is post-traumatic growth. When somebody asks me, what do you do? If they know me, they know I do podcasting. They know I do painting. They know I do speaking. They know I’ve written a book. ⁓ they know all these things about me. If they don’t know me, depending on which room I’m in, I’m a podcaster. If I’m in one room, I’m an author. If I’m in another room, if I’m in another room, I’m a painter and so on. And what that allows me to do is. not be tied down to my entire existence being about only one thing, because I think that would be boring as, and I would hate to be the guy that only knows something about painting, how to paint the wall fantastically. mean, great, maybe, but not really rewarding, and not a lot of ⁓ spiritual and existential growth in painting a wall. I solve a problem for you, but I haven’t gained anything. other than money for me. It’s not really, you know, it’s not my cup of tea anymore. Now I get to have a podcast, I get to make way less money out of a podcast episode and yet reach hundreds and thousands of people and feel really amazing about that. And what that does is that fills up my cup. That allows me to fill up my cup on the down days where I’m not earning a living. And then it allows me to go earn a living. and then not feel like all I’m doing is working and going through the maze all day every day and just being on the constant cycle of the boredom and the sameness and all that kind of stuff. So I sprinkle a little bit of this and that into my life so that I don’t have ⁓ the same day twice because I can’t cope with the same day three times. Twice is a real bad sign for me. If there’s a third day coming, that’s gonna be the same as yesterday. I’m not up for that, I don’t want to know about it. Jake (59:21) Right. Well, that also helps with your recovery. I think like, as you say, you do a lot of different things and that helps a lot. Right. So, you know, one, for instance, is, know, the, of the first things I started to think of when I was in the hospital in Sudbury and thinking of getting home is my gosh, it’s going to start getting cold soon. Winter’s going to hit. And I really have to start getting that wood all stacked. Right. So So, you know, here I am, I’m benefiting from it now. I burn wood all winter, but, ⁓ you know, I spent a lot of my rehab ⁓ stacking wood. And I mean, that’s incredibly great physiotherapy, right? Whether you’re stacking wood or like you said, you made me think when you’re talking about painting, I’m thinking about like the karate kid, right? Like with wax on wax on paint on, this is the kind of stuff that gets you out of one particular mold. And with your brain sort of like focused on recovering in one single area, you can recover in all these different areas. And I think they contribute to like a big picture of your recovery. Bill (1:00:34) I agree with that. It’s exactly right. It’s you know standing on the ladder which I do less of these days because I Felt off about a year and a half ago. So standing on the ladder and Getting down the ladder holding a paint can and applying paint ⁓ Putting drop shades down and picking up tubs of paint, you know ⁓ That whole every part of that physical activity is using a different part of the brain. Writing a book, even if it’s only 10 minutes a day, writing half a page or 10 paragraphs or whatever it is, that uses a different part of the brain. ⁓ Public speaking, that trains and uses a different part of the brain. Everything that I do definitely kind of helps to rewire the brain in many, different ways and supports my ongoing recovery and… ⁓ is and the idea behind it amongst other things, the idea behind it from a neurological kind of perspective is that it activates more of the brain. The more of the brain that’s activated, the more chance you are of creating new neuronal pathways and having ⁓ more options for healing or recovery. And then it works emotionally for me, it works mentally for me. Do you know, so I get… the emotional fitness and the mental fitness out of it. Speaking on the podcast, meeting people gives back. you know, that serves my, I need to serve other people purpose. Do you know, like, it’s just so much, everyone ⁓ who knows me kind of knows that I wear a lot of hats. I kind of. I kind of like, I do it. I show people like when they’re saying, what are you up to today? I’ve been wearing a lot of hats today. And if I’m not wearing a hat, like I pretend that I put another one off or just took one off when I’m sitting with them or talking with them. It’s crazy how many things I do. And about the only hat I would prefer not to wear right now is I prefer to put the painting hat down. and just hand that over to somebody else and just go, I think that part of my life’s done and I’ll move on to other things. Jake (1:02:57) If you don’t mind, have one, there’s one more thing that right now that I’d like to mention just before I forget. Is that all right? All right. All right. So the only other thing, the thing that I’ve been dealing with myself and I don’t know how many people deal with it or don’t deal with it. I know that not everybody does. don’t, I deal with a lot of post, uh, post stroke pain. So while I don’t have Bill (1:03:04) Yeah, of course. Jake (1:03:25) ⁓ the misfortune of losing use of my feet or losing use of my hand. I mean, it’s limited. do therapy, but I’m able to use my hands. I’m able to write and all this. But coming along with that is an incredible amount of ⁓ burning, tingling ⁓ sort of ⁓ feelings like there is ⁓ almost like the, know, if you can think of newspapers when they’re delivered in a bundle and they’ve got this kind of plastic strapping around it. ⁓ It’s usually it’s yellow, you know, this sort of plastic strapping. I feel often like that is wrapped around my arms, like it’s wrapped around my leg. I deal with a lot of this kind of stuff, unfortunately. So again, I mean, I’m not going to sit here and whine about it because again, ⁓ I can walk, I can do all the things that I need to do and I’d rather have that than what I do. But I’m wondering if it’s really common for a lot of people to have this, you know, post stroke pain. Bill (1:04:44) If 10 was the worst pain you’ve ever experienced in your life, that’s like we’re talking about 10 is somebody’s cut your limb off ⁓ and one is no pain at all. Like where would the pain be for you? Jake (1:05:00) Well, thankfully, again, thankfully ⁓ I’ve had some progress in this. So when I first came to, when I was first starting to get all the feeling back, ⁓ I started to notice that some feeling wasn’t coming back. But while I was in the hospital, I was on quite a lot of medication. So I was on some pretty heavy painkillers. ⁓ I think hydro-morphone, things like this. And I came off of those when I was coming home and a lot of the feelings started coming back. I would say that some days and at some times that pain can be what I would say maybe it’s a 12 out of 10. Like it’s bad. at some points I’ve been left doing nothing but be able to just really just sit there and cry. I’m going to be honest with you. And the pain could be quite severe. Now luckily those days are few and far between. It’s not all the time. ⁓ And here’s the deal. The thing that’s very strange with the post stroke pain or the intensity of it is that it’s like going to sleep or it’s like the start of a new day, the beginning of a new day is like a reset button’s been hit. So for instance, I could wake up on a Monday and I could be hit with the worst pain that I’ve ever had in my life. It feels literally like I’m being hit with a taser gun on the right side of my body and that while somebody’s hitting it with the taser gun, they’ve lit my hand on fire. And, ⁓ And then the very next day after I’ve gone to sleep, I woke up and I’ve had the rest. I wake up almost scared to move because for me, sort of when I wake up and I haven’t moved yet, it’s almost like nothing’s happened to me. It’s like I wake up and I don’t know that I’m numb. don’t know that I’m in pain. don’t know that all this is going on. And then I start to move and sometimes I can sit there and feel a relief. Think, wow. There’s nothing severe going on. This is pretty good and it’s going to be a great day. Or sometimes I can be struck with a type of debilitating pain that I can’t even describe. Yeah. Pain Management and Coping Strategies Bill (1:07:34) Well, what you’re describing is very common. I know a lot of people going through post stroke pain. ⁓ It is a thing. I have a very minor version of exactly the thing that you described about how the tightness and things wrapped around ⁓ your hand, like the newspaper. that’s kind of what I feel on my left side, the whole left side all the time and the burning and tingling sensation all the time. And okay, on my worst days, these days, like it’s probably, you know, I know, it’s probably a four and a terrible one would be a five, but it doesn’t get there much. And what I’ve noticed is that the, either I’ve become more tolerant of it or my my pain has decreased in my awareness. Like I’m aware of the fact that my limb is in the state that it’s in. And sometimes I’ll go to get a massage to get the muscles loo

18-year-olds wake up fresh because their repair system still works. This episode shows you how stem cell decline quietly drives fatigue, inflammation, and faster aging, and how fasting can reactivate your body's natural ability to repair itself without expensive stem cell procedures. Grab a generous 30% discount on any STEMREGEN product with: http://stemregen.co/dave30 Dave Asprey sits down with Christian Drapeau, a neuroscientist trained at McGill University and a leading researcher in stem cell science. Christian pioneered a therapeutic approach called Endogenous Stem Cell Mobilization, authored the bestselling book Cracking the Stem Cell Code, and developed the concept of stem cell enhancement. He is the Founder and CSO of STEMREGEN, where his work focuses on helping the body release and use its own stem cells more effectively. Together, they break down why many injected stem cells never survive long enough to help, how the lungs trap a large percentage of IV stem cells, and why releasing your own stem cells into arterial circulation changes the outcome. They explore stem cell decline as a core driver of aging, tissue degeneration, and chronic inflammation, and explain why fasting is currently the only intervention shown to rejuvenate stem cells through autophagy. You'll hear why a three-day fast has measurable effects on bone marrow aging, how stem cells act as signaling molecules that coordinate repair across the body, and why mitochondria play a massive and underappreciated role in stem cell renewal and tissue regeneration. The conversation also covers scar tissue, fibrosis, recovery from injury, and why healing quality matters just as much as healing speed. You'll Learn: • Why stem cell decline, not simple wear and tear, drives aging • How fasting supports stem cell rejuvenation through autophagy • Why many injected stem cells die in the lungs before helping tissue • How releasing your own stem cells differs from IV stem cell therapy • Why mitochondria are central to stem cell function and repair • How scar tissue and fibrosis form when repair fails • Why recovery quality determines long-term resilience and longevity Dave Asprey is a four time New York Times bestselling author, founder of Bulletproof Coffee, and the father of biohacking. With over 1,000 interviews and 1 million monthly listeners, The Human Upgrade is the top podcast for people who want to take control of their biology, extend their longevity, and optimize every system in the body and mind. Each episode features cutting edge insights in health, performance, neuroscience, supplements, nutrition, hacking, emotional intelligence, and conscious living. Thank you to our sponsors! • TRU KAVA | Go to https://trukava.com/ and use code DAVE10 for 10% off. • Generation Lab | Go to http://generationlab.com/, use code DAVE20 for $20 off, and see what your body's really doing behind the surface. • Puori | Use code DAVE at https://puori.com/DAVE to get 32% off your Puori Fish Oil when you start a subscription. • Screenfit | Get your at-home eye training program for 40% off using code DAVE at https://www.screenfit.com/dave. Dave Asprey is a four-time New York Times bestselling author, founder of Bulletproof Coffee, and the father of biohacking. With over 1,000 interviews and 1 million monthly listeners, The Human Upgrade brings you the knowledge to take control of your biology, extend your longevity, and optimize every system in your body and mind. Each episode delivers cutting-edge insights in health, performance, neuroscience, supplements, nutrition, biohacking, emotional intelligence, and conscious living. New episodes are released every Tuesday, Thursday, Friday, and Sunday (BONUS). Dave asks the questions no one else will and gives you real tools to become stronger, smarter, and more resilient. Keywords: stem cell longevity, fasting stem cell rejuvenation, three day fast science, biohacking stem cells, endogenous stem cell mobilization, stem cell decline aging, autophagy fasting longevity, mitochondria stem cells, tissue repair aging, inflammation and aging science, functional medicine longevity podcast, human performance longevity, anti-aging fasting protocol, metabolism and aging, ketosis fasting science, supplements longevity debate, Dave Asprey longevity, Christian Drapeau stem cells, biohacking podcast longevity Resources: • Learn More About Everything STEMREGEN at: http://stemregen.co/dave30 • Get My 2026 Biohacking Trends Report: https://daveasprey.com/2026-biohacking-trends-report/ • Join My Low-Oxalate 30-Day Challenge: https://daveasprey.com/2026-low-ox-reset/ • Dave Asprey's Latest News | Go to https://daveasprey.com/ to join Inside Track today. • Danger Coffee: https://dangercoffee.com/discount/dave15 • My Daily Supplements: SuppGrade Labs (15% Off) • Favorite Blue Light Blocking Glasses: TrueDark (15% Off) • Dave Asprey's BEYOND Conference: https://beyondconference.com • Dave Asprey's New Book – Heavily Meditated: https://daveasprey.com/heavily-meditated • Upgrade Collective: https://www.ourupgradecollective.com • Upgrade Labs: https://upgradelabs.com Timestamps: 0:00 — Trailer 1:20 — Stem Cell Basics & IV vs Release 7:41 — Bone Marrow Conversion & Fasting 11:01 — Stem Cell Decline vs Exhaustion 12:39 — Releasing Stem Cells 14:01 — Stem Cells as Signaling Molecules 18:13 — Stacking Interventions 23:31 — Dosing & Duration 40:42 — Daily Repair & Deficits 48:20 — Resilience & Testing 53:17 — Inflammation as Signal 57:45 — Closing See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Every February, I see the same thing: high-performing nonprofit leaders suddenly feeling like everything is falling apart. After the December push and the excitement of new-year, reality hits — and it hits hard.In this micro-series of the Nonprofit Mastermind Podcast, I talk about what's really behind that collapse.Spoiler: it's not your fault — and you didn't plan wrong. What you're experiencing is the breaking point of unsustainable systems, not a leadership failure.I unpack the concept of the “design deficit” — the hidden lack of infrastructure that becomes painfully clear when the adrenaline fades. And I walk you through exactly how to rebuild: with systems, structure, and sustainable leadership practices.If you've ever felt like your team is slipping before the year even gets going, this one's for you.What You'll LearnWhy chaos and burnout are a systems issue — not a personal failingThe hidden psychological trap of “cognitive simplification”How to transition from hustle to sustainable infrastructureA step-by-step: how to step off the tightropeWant to work together? Apply for the Next Level Nonprofit Mastermind, a high-touch coaching and training accelerator for established organizations with $1M+ budgets that are ready to design for impact sustained at scale. Budget under $1M? Join Elevate and get proven step-by-step playbooks + coaching support to build each of the core elements of your nonprofit's operating system - strategic clarity, a fundraising engine, a high-performance team, and an active and engaged board! Connect with me! LinkedIn Instagram YouTube

A conservative report confirms immigrants reduced U.S. deficits by $14.5T. The lies collapse, the data speaks, and the scapegoating is exposed.Subscribe to our Newsletter:https://politicsdoneright.com/newsletterPurchase our Books: As I See It: https://amzn.to/3XpvW5o How To Make AmericaUtopia: https://amzn.to/3VKVFnG It's Worth It: https://amzn.to/3VFByXP Lose Weight And BeFit Now: https://amzn.to/3xiQK3K Tribulations of anAfro-Latino Caribbean man: https://amzn.to/4c09rbE

Thank you Stuart Cohen, Lynette, Marg KJ, Kevin Lawrence, Jane B In NC

Bob responds to James Rickards' recent tweet on record U.S. gold exports driving an improved trade balance, walking through the official data on non-monetary gold, Trump-era tariff uncertainty, and the broader question of what chronic trade deficits really mean in a post-gold-standard world. Related:The Charts Used in this Episode: Mises.org/HAP535aPoliticians don't build prosperity. Entrepreneurs do. Join Keith Smith, Caitlin Long, Ryan McMaken, Per Bylund, and Timothy Terrell for our first event of 2026: Mises.org/HAHCThe Mises Institute is giving away 100,000 copies of Hayek for the 21st Century. Get your free copy at Mises.org/HAPodFree

Bob responds to James Rickards' recent tweet on record U.S. gold exports driving an improved trade balance, walking through the official data on non-monetary gold, Trump-era tariff uncertainty, and the broader question of what chronic trade deficits really mean in a post-gold-standard world. Related:The Charts Used in this Episode: Mises.org/HAP535aBob's Recent Talk on Trade Deficits: Mises.org/HAP535bBob's Econlib Article on Oil Prices: Mises.org/HAP535cPoliticians don't build prosperity. Entrepreneurs do. Join Keith Smith, Caitlin Long, Ryan McMaken, Per Bylund, and Timothy Terrell for our first event of 2026: Mises.org/HAHCThe Mises Institute is giving away 100,000 copies of Hayek for the 21st Century. Get your free copy at Mises.org/HAPodFree

Trey Wasser, CEO of Dryden Gold (OTCQB: DRYGF | TSXV: DRY) explains why the gold market paradigm is changing course, as fundamental factors meet tectonic shifts in geopolitics and monetary policy, leading to a perfect storm for the metal that could see much higher gold prices ahead. Trey breaks down how Dryden Gold fits into the picture, with their 100% interest in a dominant strategic land position in the Dryden District of Northwestern Ontario and a property package that includes historic gold mines but has seen limited modern exploration.Dryden Gold Website: https://drydengold.comFollow Dryden Gold on X: https://x.com/DrydenGoldTrey Wasser's Substack: https://treywasser.substack.comDisclaimer: Commodity Culture was compensated by Dryden Gold for producing this interview. Jesse Day is not a shareholder of Dryden Gold. Nothing contained in this video is to be construed as investment advice, do your own due diligence.Follow Jesse Day on X: https://x.com/jessebdayCommodity Culture on Youtube: https://youtube.com/c/CommodityCulture

It's claimed urgent action needs to be taken on the installation of bus stops in the Cratloe area as a matter of public safety. At this week's meeting of Shannon MD, Clare County Council was requested to liaise with the NTA with the aim of installing bus stops at Cratloe Cross, Portdrine, Laghile, Gallows Hill Cross and O Gorman's Cross. Calls have also been made for the installations of shelters on both sides of the road at Setrights Cross and for the reinstatement of the bus stop and pole at Ballymorris Hill. Cratloe Fianna Fail Councillor Pat O'Gorman, who proposed the motion, says the lack of bus stop signs is leading to children walking long distances along the N18.

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

Chicago can't go bankrupt… and the Fed is “not doing QE” while buying tens of billions in Treasuries to keep the funding markets from cracking. So what happens next: higher inflation, higher long rates, and a steeper yield curve — or a policy pivot that no one wants to admit?In this episode of the Future's Edge, Jim Iuorio and Bob Iaccino are joined by Jim Bianco (Bianco Research) for a fast, blunt conversation on what's really happening beneath the headlines:What we cover:- Chicago's fiscal trap: why investors still buy Chicago bonds, and the Chicago Public Schools as a massive junk issuer- The real issue: Illinois' constitution and why “no Chapter 9” changes everything- Why 40% of Chicago's budget is effectively paying for the past (pensions, retiree healthcare, and debt service)- Two alarming datapoints: 911 call response deterioration and low murder clearance rates- The Fed's “Reserve Management Purchases” (RMP): why it looks and behaves like QE even if the label changes- Repo market stress explained in plain English: how funding the Treasury market actually works- The bigger problem: a $38T Treasury market growing alongside persistent deficits- Fiscal dominance: why “issue more T-bills and cut rates to 1%” is a hand-grenade strategy- Rates & the long end: why Bianco sees the curve steepening and long-term yields staying pressured- AI and jobs: productivity vs disruption, and why the timeline may be longer than the hype suggests- Population growth shock: what negative net immigration could mean for payroll expectations and markets- Bitcoin & crypto: why Bianco is long-term bullish — and why he thinks the space “loses the plot” when it chases short-term “number go up”If you want a clear, no-BS walkthrough of why the Fed is intervening, why deficits matter, and why long rates may not come down the way most expect, this one's for you.Follow/Find Jim Bianco: @biancoresearchhttps://www.biancoresearch.com/Follow along on social media: Twitter:    https://x.com/bob_iaccinoTwitter:   https://x.com/jimiuorioLinkedIn:  https://www.linkedin.com/in/bob-iaccino/LinkedIn:   https://www.linkedin.com/in/james-iuorio/Newsletter:  http://theunfilteredinvestor.com/Chapters: 00:00 Intro + why this episode matters02:00 Chicago bonds, pensions, and “why anyone buys this paper”05:00 Where it ends: services cut to pay the past11:00 Why cities mattered historically — and why that's changing14:40 “Not QE” explained: Reserve purchases & how the Fed creates money18:30 Repo market stress + financing the Treasury machine20:50 Deficits, inflation, and the Fed as enabler35:10 Population growth, immigration, and payroll math39:10 Stagflation risk + why 3% inflation doesn't “fix” affordability41:20 Fiscal dominance + the long end and steepener trade45:00 Bitcoin: adoption, disruption, and why the real enemy isn't ETH

Trump ways he wants to spend half a trillion more dollars on military spending, even as federal spending persists at Biden-Era levels and interest on the debt climbs ever upward. Original article: https://mises.org/mises-wire/trump-wants-500-billion-more-pentagon-deficits-mount

Trump ways he wants to spend half a trillion more dollars on military spending, even as federal spending persists at Biden-Era levels and interest on the debt climbs ever upward. Original article: https://mises.org/mises-wire/trump-wants-500-billion-more-pentagon-deficits-mount

As the long era of neoliberal certainty frays, Mark Blyth argues that we are drifting back toward a 19th century world of rival blocs, imperial habits and dangerous illusions. In this conversation, he traces how repeated “software crashes” of capitalism produced inflation, austerity, populism and now a return to industrial policy and great power confrontation. He connects deficits, demographics, migration, and housing with the lived reality of stagnant wages and rising prices. Along the way, he questions central bank mythology, challenges deficit obsession, and asks whether politics can adapt before events force a far harsher reset.-----50 YEARS OF TREND FOLLOWING BOOK AND BEHIND-THE-SCENES VIDEO FOR ACCREDITED INVESTORS - CLICK HERE-----Follow Niels on Twitter, LinkedIn, YouTube or via the TTU website.IT's TRUE ? – most CIO's read 50+ books each year – get your FREE copy of the Ultimate Guide to the Best Investment Books ever written here.And you can get a free copy of my latest book “Ten Reasons to Add Trend Following to Your Portfolio” here.Learn more about the Trend Barometer here.Send your questions to info@toptradersunplugged.comAnd please share this episode with a like-minded friend and leave an honest Rating & Review on iTunes or Spotify so more people can discover the podcast.Follow Alan on LinkedIn.Follow Mark on Twitter.Episode TimeStamps: 00:00 - Cold open and warning on a return to 19th century style imperialism00:23 - Niels and Alan introduce Mark Blyth and set the macro context02:24 - From Scottish childhood to monetarism and the politics of macro ideas08:33 - Capitalism as hardware and software and the recurring crashes of each regime15:32 - The slow death of neoliberalism and the rise of populist reactions18:57 - Deficits, austerity, bond vigilantes and why the house is on fire anyway23:49 - Affordability, grocery prices, housing and the disconnect in elite dashboards29:02 - Generational conflict, asset concentration and the missing left...

283: UFC World Champion, mother and nutrition activist Miesha Tate is here to talk about what women actually need when it comes to food, strength, and recovery. We break down why calories in vs. calories out doesn't always work for women, how hormones completely change the nutrition conversation, and why nutrient density matters more than restriction. Miesha shares her journey in a male-dominated sport, how she rebuilt her health and performance after having kids, and what she's learned about food as fuel, and how to raise healthy kids in an unhealthy world.  Topics Discussed: → Is calories in vs. calories out the best framework for women's nutrition? → How should women eat differently than men for strength, hormones, and longevity? → What does eating nutrient-dense food do for performance and recovery? → How does Miesha use red light therapy and HBOT to improve recovery?  → How can moms rebuild strength, metabolism, and bone density after having kids? Sponsored By: → Function | Own your health for $365 a year. That's a dollar a day. Learn more and join using my link. Visit https://www.functionhealth.com/realfoodology and use gift code REALFOODOLOGY25 for a $25 credit toward your membership. → Our Place | Our Place is having their biggest sale of the year right now! Save up to 35% sitewide now through December 2nd. Head to https://www.fromourplace.com to see why more than a million people have made the switch to Our Place kitchenware. And with their 100-day risk-free trial, free shipping, and free returns, you can shop with total confidence. Shop the Our Place Black Friday Sale right now, no code needed. → Beekeepers Naturals | Today, Beekeeper's Naturals is giving my listeners an exclusive offer: Go to https://beekeepersnaturals.com/realfoodology or enter code REALFOODOLOGY to get 20% off your order. → Qualia | Take control of your cellular health today. Go to https://www.qualialife.com/realfoodology and save 15% to experience the science of feeling younger. → YAYA'S EVOO | YAYA'S is offering 15% off your order, and it even stacks on subscriptions. Go to https://www.yayasevoo.com/realfoodology. → Just Thrive | Get your health in check and save 20% on your first order at https://www.justthrivehealth.com/realfoodology. Timestamps:  → 00:00:00 - Introduction  → 00:05:15 - Making the Right Healthy Choices   → 00:10:20 - Miesha's MMA Roots   → 00:14:29 - First Fight  → 00:24:17 - Preventive Care: HBOT + Red Light  → 00:32:52 - Nutrient Density  → 00:39:53 - Women's Health, Calorie Deficits & Whole Foods  → 00:54:20 - Diet, Performance & Thyroid Health    → 01:01:52 - Protein Obsession in Athletes  → 01:13:11 - Reframing Nutrition + Raising Healthy Kids  Show Links: → Miesha Tate  → Built For Growth | Podcast   → “The Period Brain” by Dr. Sarah Hill  Check Out Miesha: → Instagram  → Facebook  Check Out Courtney:  →  LEAVE US A VOICE MESSAGE →  Check Out My new FREE Grocery Guide! →  @realfoodology →  www.realfoodology.com →  My Immune Supplement by 2x4 →  Air Dr Air Purifier →  AquaTru Water Filter →  EWG Tap Water Database Produced By: Drake Peterson

Legendary investor Bill Fleckenstein warns that the financial system is under far more stress than markets admit.We break down inflation psychology, passive investing distortions, mounting debt, and why the bond market is losing faith in the Federal Reserve. As confidence in currencies weakens, Fleckenstein explains why gold and silver are sending a clear warning.#Gold #FinancialCrisis #FederalReserve------------

Part 1 of this essay was published by rediff.com at https://www.rediff.com/news/column/rajeev-srinivasan-trumps-huge-venezuela-gamble/20260114.htmPart 2 of this essay was published by rediff.com at https://www.rediff.com/news/column/rajeev-srinivasan-was-maduros-capture-a-warning-shot-to-china/20260124.htmIt is hard to judge whether the US regime-change operation in Venezuela is a stroke of genius or an act of pure recklessness. This is completely orthogonal to the questions of morality and legality involved in such, well, coups, to put it bluntly. The real issue at hand is twofold: why did they do it? And what is the long-term fallout from it?I consider several perspectives below: the moral/legal angle, the alleged oil bonanza, the alleged drug trafficking, geo-politics and geo-economics. In sum, I am inclined to believe that the Venezuela adventure may not be an indication of American strength, alas, but rather of American weakness. To someone like me who is deeply supportive of the US (especially in opposition to China, the G2 condominium notwithstanding), this is a disheartening conclusion.The morality and legality angleLet us summarily dispose of the entire morality-legality question. At the end of the day, international relations, despite flowery marketing language, is essentially Chanakyan matsya-nyaya, i.e. the big fish eat the little fish, the law of the jungle. Might is right, and that's just the way realpolitik is, let us accept that and move on. The United Nations and the so-called ‘liberal rules-based international order' are syntactic sugar hiding this bitter fact of life. There are a few implications for the little or medium-sized fish: deter the big fish. 1. Bulk up, build up your military and economic strength, including your ability to produce lots of military hardware, 2. Build your economic leverage, so that you are an indispensable trading partner nobody can afford to alienate, 3. Build a nuclear arsenal.This last is significant. Let us consider all the recent (and near-future) invasions by big fish. Iraq. Libya. Iran. Panama. Vietnam. Afghanistan. Ukraine. And soon, alas, Taiwan. Ok, I may have missed some here, but none of them have nukes. If you have working nuclear weapons, and the means to deliver them (such as nuclear-capable missiles, submarines lurking in the ocean depths with nuclear warheads), then it is risky for the invading big fish. No big fish likes body bags, and they certainly don't like mushroom clouds over their cities.In addition, there was the stunning silence from the European Union and Britain, which have been moralizing to everybody about how wicked it was for Russia to invade Ukraine. No clutching pearls this time, eh, Eurocrats in Brussels? In fact, EU leaders were positively ecstatic about Trump's intervention in Venezuela. It is indeed the end of the European century.Ditto with the United Nations, which, by the way, is pretty much on its last legs so far as I can tell: on 7th January President Trump exited 31 UN agencies and a grand total of 66 multilateral entities.This of course hurts the UN's budget, not to mention its relevance.In January the US will formally exit the Paris Climate Agreement and the WHO, and it has already exited the UNHRC, UNESCO, and UNRWA. The newly announced exits include the UN Framework Convention on Climate Change, the Intergovernmental Panel on Climate Change, the UN Women's Fund, the UN Population Fund, the International Solar Alliance, the International Renewable Energy Alliance, and so on.All this fits in with the ‘Fortress America' part of the National Security Strategy, which I wrote about at some length recently. In my opinion, it is not in the US' long-term interests. The post-WW II “liberal, rules-based international order” with America as its center was good for the US, and its precipitous end will erode pre-eminence, Manifest Destiny notwithstanding. The problem is that the dollar, sanctions, SWIFT and US Treasury debt are losing their clout. Pax Americana too.Summary: Nobody is bothered about morality or legality.The oil colony: is it for real?It could be argued that the unabashed Trump statements about Venezuela's oil are exactly like the British and other European colonization of many lands in the 19th century. It can be summarized as: “we have the guns, we're going to take your butter”. That may well be true, although it is not discussed in genteel circles, where they pretend the Euros were on an, um… civilizing mission.Trump, to his credit, makes no bones about it: he says in so many words that he will henceforth consider Venezuela's oil to be his, and that it will be used for the benefit of both Venezuelans and Americans. To be honest, there is some rationale behind this: the infamous Resource Curse, where resource-rich countries end up with the riches being grabbed by both foreigners and kleptocratic local elites, and miserable citizens get virtually nothing.I am not quite sure how Arab OPEC countries managed to keep their money, and spend it on their own nationals: possibly because their populations were low, and they were used to authoritarian rulers anyway. The same with Norway. But the Resource Curse is a fairly universal phenomenon. I bet the global money managers are laughing all the way to the bank.When I first went to the US in the late 1970s, I had a graduate student friend, a woman from Venezuela. She was there on a generous scholarship funded by oil revenues, just like the Iranians who had studied with me in India. At least some of the money was going to actual citizens, and wasn't disappearing into tax havens. I guess socialism did Venezuela in over decades, as we have seen in West Bengal and Kerala.The country's finances are an absolute mess, through years of economic collapse, US sanctions, and a sovereign default in 2017. There are enormous debts owed by Venezuela to foreign investors, add up to more than $150 billion, or twice GDP; this includes interest, penalties for default, and arbitration awards for the expropriation (nationalization) of oil infrastructure. Venezuelan assets abroad (e.g. the CITGO oil retailer) are at risk.So far as I can tell, the country owes the following:* Bond default in 2017 (sovereign and state oil company PDVSA bonds): face value $60 billion, now up to $100 billion with accrued interest and penalties. Owed mostly to international asset managers such as Fidelity, Greylock, T Rowe Price (often US based)* Oil-backed loans of about $15 billion, to be paid off in oil shipments (China and Russia)* Arbitration awards often based on nationalization/expropriation of (especially oil-related) assets: around $30 billion (US and Canada based creditors such as ConocoPhillips and Crystallex owed around $8-10 billion)This means there's a lot of issues that needs to be settled before Venezuela becomes a normal and substantial player in the world oil market. Besides, despite the exertions of Chevron, an American oil major that still has operations in Venezuela, I don't think it will be easy to ramp up production there, which has collapsed due to a variety of factors, including the non-availability of naphtha to make the very viscous, heavy crude from the Orinoco Belt more easily transportable.It is said, however, that a number of US refineries can indeed handle this heavy crude (incidentally Indian refineries such as Reliance's Jamnagar can as well) and so, over time, the oil will begin to flow, although it is going to cost quite a bit to get there. Their production was of the order of 3.5 million barrels per day in the 2010s, but it has fallen to about 1.1 million barrels now, as the result of infrastructure decay, mismanagement, corruption, and US sanctions.I have read estimates that it might take as much as $180 billion in investments over the next 10-15 years to bring Venezuela back online at scale. This means that any dreams of the US tapping Venezuela's vast oil reserves any time soon are unrealistic. Besides, that could lead to an oil glut, depressing global prices even below the current $50-60 levels, which has the side effect of making America's own shale-based oil production unviable.There is one good outcome, though: for neighboring Guyana. Venezuela had been threatening to go to war over Guyana's oil fields. Given that Guyana has a large Indian origin population, I am glad that at least some diaspora people are becoming oil rich. But then again, Trump may feel free to claim their oil too, who knows?All this suggests that, despite all the talk of seizing the largest oil reserves in the world, this is not the real reason behind the regime change.Summary: The oil issue is overblown, and nothing dramatic will happen short-term.What about the drug-running?There was a lot of noise about how Venezuelan gangs pushing drugs in the US was a major threat, and how that needs to be taken care of. However, on closer scrutiny, Venezuela is not a major producer of cocaine (production is almost entirely in Colombia, with smaller amounts from Peru and Bolivia). It serves as a minor transit country for some cocaine, mostly headed to Europe or the Caribbean rather than directly to the streets of America.Data from the UNODC (UN Office on Drugs and Crime) and the US DEA (Drug Enforcement Agency) show no significant direct sea routes from Venezuela to the US; the only known direct route is limited air trafficking.DEA reports (including the 2025 National Drug Threat Assessment) and UNODC (World Drug Report 2025) consistently show Colombia as the overwhelming source of cocaine entering the US (around 84%+ of samples). Venezuela ranks low in direct contributions, with most US-bound cocaine transiting through Mexico/Central America via Pacific routes.Fentanyl trafficking into the United States follows a distinct supply chain, very different from plant-based drugs like cocaine. The overwhelming consensus from US authorities is that Mexico is the primary source of finished illicit fentanyl reaching the US, while China remains the main origin for the precursor chemicals needed to produce it.The fentanyl crisis is overwhelmingly a China to Mexico to US southwest border pipeline not linked to Venezuela or South America in any substantial way, per DEA, State Department, and congressional reporting.Summary: The talk about Venezuela's drug-running is a smoke-screen.Is it geopolitics then?The most interesting thing about the extraction of former Venezuelan President Maduro was not the dramatic flair with which it was done, though that was indeed very Youtube-ready. The helicopter gunships, the silenced air defences, the Cuban bodyguard eliminated (by a sonic weapon?): all the elements of a pretty exciting Hollywood film. I'm sure one is coming up soon.What was even more interesting, though, was that a delegation from the Chinese Communist Party had met him just a few hours before. China has been rather chummy with a fellow-socialist, and has been a good customer as an oil buyer. The fact that Maduro was extricated while the Chinese were still in Venezuela was a warning shot: besides, it suggests that they had no clue what was going to happenIn effect, it was a slap on the face of China, and it goes back to my belief that the US is investing in a G2 condominium with them. Stick and carrot, maybe? Collaborate in general in the spheres of influence concept, but hey, you better keep out of my sphere, ok? As I said earlier, China has made serious inroads into Latin America, which the US may now be hinting is simply not ok: stay in your lane, Xi! In simple terms, China will no longer have access to Venezuelan oil.The prognosis is grim: Russia and the EU are mired in the Ukraine mess, China is rampant (certainly in Asia, with their declared intent of invading Taiwan by 2027), the QUAD is more or less defunct. Trump refused to support Japanese premier Takaichi Sanae when she was bullied by the Chinese over her remark that if Taiwan were to be attacked by China, this would create a survival-threatening situation for Japan, which is literally true as Taiwan is only 70 miles away.Parenthetically, India has also realized the same about the US – that it is on its own – after what was quite likely a US-supported regime-change operation in Bangladesh has put the Hindu minority there in real danger of genocide and ethnic cleansing, with daily incidents of burning alive, murder, rape and abduction and threats of capturing Indian territory.The emerging situation in Iran is also likely to be a blow to China: they would lose one more source of cheap oil. But then, they do have buyer power: in other words, major oil producers do have to sell their stuff to somebody, and as China demonstrated in the case of soybeans from the US, its refusal to buy the stuff has severe consequences for the seller.So it is true that the US and China in general have to respect each other and trade with each other. This is perfectly feasible under the G2 condominium, the principal role of which is to give each of them a ‘playpen' if you will, and prevent a new power, e.g. India, from forcing its way into a G3. It appears they both are applying the Thucydides Trap to India.The US is still ahead of China in the geopolitical game, but if it continues to burn its bridges with its erstwhile allies and partners (such as the EU and Quad members) it will accelerate its relative decline. This is hardly the time to alienate potential partners, especially now that a belligerent NATO has pushed a reluctant Russia into the dhritarashtra-alinganam of China.Unfortunately, in geo-politics America is becoming less exceptional, and Henry Kissinger's quip that “it is dangerous to be America's enemy, but fatal to be its friend” is taking on a new urgency. The action in Venezuela (and possibly in Cuba before long) does not encourage other nations to look to the US for partnerships.Summary: The geopolitical fallout is not particularly good for America's image as an ally.It may well be economics, and a desperate fin-de-siecle lungeThe final issue is that of economics and economic history. Over the past several centuries, we have seen how those countries that hold the global reserve currency have prospered and have been financial hegemons to begin with, based on some substantial competitive advantage, but then a strange malady (“the Dutch disease”) sets in, and over time their financial clout diminishes, until at one point they become major debtors and then, they become irrelevant.This has happened several times in the past 800 or so years, and the patterns are strikingly similar, so there is a fair chance that it is happening again. The countries in question are:* Spain in the 16th century onwards* The Netherlands in the 17th century onwards* Britain in the 19th century onwards* And alas, the US in the 20th century onwardsNow, I would dearly wish the US could avoid this vicious cycle, partly because it is a continent-sized nation with immense resources, but I believe that economic profligacy, wasting money on unnecessary things like wars, and complacency fostered by easy money is leading to a mountain of debt, which usually is a bad place to be in. In each of these European examples, initial success inevitably led to collapse. I hope the US can avoid this fate, especially as warnings have been sounded for some time by experts such as Ray Dalio.Great economic powers, particularly those issuing the world's primary reserve currency, tend to follow a recurring historical cycle of rise, peak dominance, gradual (or sometimes rapid) decline, loss of competitiveness, mounting debt burdens, and eventual marginalization on the global stage. This pattern has repeated over the last 500+ years.The archetypal cycle often unfolds in phases:* Rise and dominance: Because of strong education, innovation, productivity, trade dominance, military power, and financial innovation create a virtuous cycle (this is the model that I have in mind of the US. But there is a second model: colonial loot. Spain stole trillions from Latin America, Britain from India. This too leads to (unearned) privilege). This leads to the currency becoming the preferred global medium for trade, reserves, and debt denomination.* Peak and overextension: Success breeds complacency, wealth inequality widens, debt accumulates (often to fund wars, welfare, or consumption), and costs rise relative to competitors. Besides, there is a form of the Resource Curse: the colonial loot or digging things out from a hole in a ground is so easy that all other industries wither away and die. We see this in Kerala today: remittances are easy money, so everybody wants to go to the Persian Gulf (skilled and unskilled labor) or Europe (nurses). Maybe the generativeAI bubble falls into the same category: the money is too easy.* Decline in competitiveness: Education and innovation lag, unit labor costs rise, trade shares erode, and emerging rivals catch up or surpass in productivity and technology. Too much by way of wokeness, social justice and related illnesses means the smart ones leave, and the dumb ones keep congratulating each other. Ruchir Sharma just wrote in the Financial Times about how the continuing exodus of skilled Indians is a big negative.* Debt buildup and financial strain: The “exorbitant privilege” of reserve status allows cheap borrowing, encouraging more debt. Deficits grow, and the currency is printed or devalued to manage burdens. Print, baby, print. But one day you have to pay the piper.* Marginalization: Confidence erodes (via inflation, devaluations, defaults, or crises), foreigners reduce holdings, and a new power's currency gains primacy. The reserve status lingers due to network effects and habit, but the issuing power loses geopolitical and economic centrality.Spain had its colonies in the Americas from which it extracted enormous amounts of gold and silver; the Dutch started the Amsterdam stock exchange and stepped into the vacuum of finance when Spain faltered; the British outcompeted the Dutch in colonization and in industrialization and defeated them in wars; and the US took over when Britain lost its colonies and had nowhere to dump its goods, and was in debt for its spending in World Wars I and II.Some of the symptoms of the “Dutch disease” are showing in the US: enormous debt, wars that have no clear benefit to the nation, loss of manufacturing, geopolitical challenges, loss of competitiveness and brand superiority in industry after industry.US investors are quietly moving their funds to other countries, while foreigners are quietly moving their money out of US treasuries (e.g. China has reduced its holdings from a high of $1.3 trillion in 2013 to $688 billion now) and into gold, the BRICS group is creating an alternative currency and a non-SWIFT settlement mechanism, and many countries are trading with each other bilaterally in local currencies. De-dollarization is a little far off but no longer implausible.Now, as a big supporter of the US, I do hope the dollar will continue to be supreme, but I am beginning to have my doubts. I have had faith in the US and its ability to re-invent itself on the brains of its immigrants, but I wonder if a post-MAGA US will be the beacon, the “City on the Hill”, “Give me your tired, your poor/Your huddled masses yearning to breathe free”. Maybe not any more. Perhaps cyclical decline, and the rot, are already too deep.This, in my opinion, is the real reason for Trump's little adventure in Venezuela: to be relevant in global finance for a little longer. The petrodollar has been the lifeline allowing the US to run substantial deficits for a long time. Because all transactions for oil have traditionally been mandated to be in dollars, there has been constant demand for the dollar, despite the loss of manufacturing (in other words, nobody needs dollars to buy US goods except a few like weapons, aircraft, and Big Tech software). But everybody needs it to buy oil.Trump is ensuring that Venezuela's giant oil reserves (the largest in the world) will now be sold in dollars, contrary to Maduro's plans to trade in yuan. This is deja vu: when Iraq's President Saddam Hussein planned to trade his oil in Euros in 2000, he found himself deposed. When Libya's President Muammar Gaddafi planned to trade his oil in a new currency called the ‘gold dinar' around 2009, he found himself deposed. Coincidence? Perhaps.This is why I have had the feeling that the Venezuela adventure does not show American strength, but rather American weakness. The dollar is in trouble, and thus the US welfare state. This is an attempt to shore it up.Summary: The real rationale behind the Venezuela regime-change is to ensure that de-dollarization is postponed at least for a while.3450 words, Jan 12, 2026. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit rajeevsrinivasan.substack.com/subscribe

RUSSIA'S OIL CRISIS AND REGIONAL DEFICITS Colleague Michael Bernstam, Hoover Institution. Russiafaces a financial crisis as oil prices drop below $60 per barrel. Michael Bernstam explains that increased global supply forces Russia to sell at deep discounts to China and India, often below cost. This revenue loss prevents the Kremlinfrom paying soldiers, sparking severe regional budget deficits. NUMBER 141906 BAKU

FF: Deficits DO Matter! We talk about holiday spending in the U.S. and Canada, which can add to the monthly deficit and overall debt for the consumer. Governments are continuously increases their debt and running deficits every year. While some may say that deficits don't matter or "in the long run, we'll all be dead," but the truth is that the only way to increase the monetary supply without inflation is to create enough value to account for the increase. That is not what is going on in the world today. The government deficit is added to GDP, but the government isn't actually producing anything, so the calculation for GDP is seriously flawed. The greatest trick the Fed ever did was to convince the world that 2% inflation was good. It just makes it take more currency to get the goods and services you need and steals your purchasing power. We talk about how you can plan ahead to make your world a better place! Sponsors: American Gold Exchange Our dealer for precious metals & the exclusive dealer of Real Power Family silver rounds (which we finally got in!!!). Get your first, or next bullion order from American Gold Exchange like we do. Tell them the Real Power Family sent you! Click on this link to get a FREE Starters Guide. Or Click Here to order our new Real Power Family silver rounds. 1 Troy Oz 99.99% Fine Silver Abolish Property Taxes in Ohio: www.AxOHTax.com  Get more information about abolishing all property taxes in Ohio. Our Links: www.RealPowerFamily.com Info@ClearSkyTrainer.com 833-Be-Do-Have (833-233-6428)

Join Jim and Greg for the Thursday 3 Martini Lunch as they break down President Trump rolling back Joe Biden's fuel-economy mandates on automakers, a stunning new report on widespread Obamacare fraud, and Gov. Gavin Newsom's push to tax former California residents to plug his state's massive budget deficit.First, they applaud President Trump for scrapping the Biden administration's burdensome fuel-economy standards. The move will likely lower costs and will almost certainly save lives. Jim and Greg unload on Democrats who want to limit our choices on the vehicles we drive and in other areas of life.Next, they groan as a Government Accountability Office (GAO) report shows that the government accepted 100 percent of fraudulent Obamacare exchange applications that the GAO submitted as part of its investigation. In addition, the actual Obamacare fraud happening in the system is costing taxpayers billions of dollars and much of it happens when applicants use the Social Security numbers of dead people.Finally, they laugh as California Gov. Gavin Newsom attempts to fix his state's budget disaster by taxing people who have already moved away. Jim turns to a classic song to underscore how absurd the idea is, and he hopes someone sues the state if lawmakers actually pass the plan.Please visit our great sponsors:Give your liver the support it deserves with Dose Daily.  Save 35% on your first month when you subscribe at https://DoseDaily.co/3ML or enter code 3ML at checkout.  For a limited time, try OneSkin for 15% off with code 3ML at https://OneSkin.co/3ML — please support our show and mention we sent you!New episodes every weekday. 

LISTEN and SUBSCRIBE on:Apple Podcasts: https://podcasts.apple.com/us/podcast/watchdog-on-wall-street-with-chris-markowski/id570687608 Spotify: https://open.spotify.com/show/2PtgPvJvqc2gkpGIkNMR5i WATCH and SUBSCRIBE on:https://www.youtube.com/@WatchdogOnWallstreet/featured  Tariffs bringing in “hundreds of billions” sounds impressive—until you compare it to trillion-dollar interest payments and the size of the modern federal government. This episode calls out the magical thinking behind claims that income taxes can be eliminated, and explains why comparing today's America to the pre-income-tax era is economic nonsense.

Calorie deficits can feel confusing, triggering, or downright exhausting—especially when you're trying to honor God with both your body and your mindset. In this episode, we explore a Christian, grace-filled approach to calorie deficits that removes the fear, pressure, and perfectionism. You'll walk away with clarity, peace, and practical ways to support your body without slipping back into diet culture. Get your show notes: https://gracefilledplate.com/christian-approach-to-calorie-deficits/ Links mentioned: Get your Overcoming Weight Loss Idols For a deep dive, check out Grace Filled Plate Platinum and be sure to get on the waiting list You may also love: Let's Talk, God! About Body Image Season 1 Episode 2: Ditching the Diet Mindset Season 2 Episode 21: The Keto Diet: Is It Biblical? Season 3 Episode 6: How to Align Your Weight Loss Goals and Values Season 4 Episode 2: 3 Inspiring Tips for When You Feel Weight Loss Discouragement Get a FREEBIE: Get your FREE Faith [is greater than] Food Jumpstart

Dr. Gregg Day and Professor Jonathan Rohrer discuss the significance of studying individuals at risk of developing genetic frontotemporal dementia, focusing on how early cognitive changes before symptoms appear can inform research and future therapeutic trials.  Show citation: Russell LL, Bouzigues A, Convery RS, et al. Executive Function Deficits in Genetic Frontotemporal Dementia: Results From the GENFI Study. Neurol Genet. 2025;11(4):e200248. Published 2025 Jul 21. doi:10.1212/NXG.0000000000200248 

Today's podcast is about Europe's exploding deficits. Growth is weak, fiscal positions are fragile, and we are spending a lot more money on defence and Ukraine, all funded through debt.

Dr. Gregg Day talks with Professor Jonathan Rohrer about the significance of studying individuals at risk of developing genetic frontotemporal dementia, focusing on how early cognitive changes before symptoms appear can inform research and future therapeutic trials.  Read the related article in Neurology®Genetics. Disclosures can be found at Neurology.org.    

This episode explores the shift from the “attention economy” to the emerging “trust economy,” why we're all overwhelmed, and how creators can stand out in an era of AI-generated content. Meredith's Husband breaks down practical ways website owners can build trust, create pattern-breaking content, and avoid blending in with generic AI blogs.Timestamps[0:00] Introduction[0:24] The rise of social media and attention as currency[1:33] Spending 110% of our attention[2:28] ADHD-like overwhelm in modern life[3:27] Phones and constant content access[4:27] AI's coming explosion in content creation[4:51] Oversaturation and the end of the attention economy[5:11] The trust recession[6:07] Trust as the new currency[6:54] How to create content AI cannot replicate CONTACTLeave Feedback or Request Topics:https://forms.gle/bqxbwDWBySoiUYxL7 ---

Dr. Robert Murphy explains why America's chronic trade deficits trace to Nixon's 1971 gold exit—not China—and how a popular reading of Triffin's “dilemma” confuses the issue.Sponsored by Dan Johnson and Randee Laskewitz.Recorded at the Mises Supporters Summit in Delray Beach, Florida, on October 17, 2025.

Send us a textDo Deficits Make You Rich?The uncomfortable truth: fiscal stimulus creates wealth, not consumer inflation.Sat pondering in a Caribbean bar, thinking about intelligence, the Fed, deficits, and why inflation lives in Wall Street not in your supermarket basket. When the government runs a deficit, it injects reserves into the system, an automatic overdraft with the banking system. Later it issues Treasuries that drain those reserves. Economists call it a swap. Net financial wealth in the private sector rises because no one in the private sector owes that shortfall. The government owes it. Not another private entity.So does government spending make you rich? Deficits don't spill into the supermarket, they seep into the trading book. Treasuries move through repo markets, pledged and rehypothecated, transformed into money-like instruments that lubricate leverage. CPI stays calm while portfolios swell. Fiscal deficits expand collateral, leverage builds, and asset prices rise. The inflation we should fear isn't at the checkout counter. It's in the mirror of prudence we call Wall Street.Support the show⬇️ Subscribe on Patreon or Substack for full episodes ⬇️https://www.patreon.com/HughHendryhttps://hughhendry.substack.comhttps://www.instagram.com/hughhendryofficialhttps://blancbleustbarts.comhttps://www.instagram.com/blancbleuofficial⭐⭐⭐⭐⭐ Leave a five star review and comment on Apple Podcasts!

The US Fiscal Crisis: Spending Cuts Are the Only Way Out GUEST NAME: Adam Michel Adam Michel, director of tax policy at the Cato Institute, discusses the US fiscal crisis stemming from large deficits and overwhelming debt. He recalls the 1980s Ronald Reagan tax cut where promised spending cuts never materialized. The deficit is the annual gap between taxes and spending, accumulating into the national debt. Michel identifies a "deficit hawk coalition" split between deficit hawks (agnostic on revenues/spending) and budget hawks (concerned with government size), advocating for spending cuts to solve the crisis. Entitlement programs like Social Security, Medicare, and Medicaid are the root of fiscal problems. 1903

The US Fiscal Crisis: Spending Cuts Are the Only Way Out GUEST NAME: Adam Michel Adam Michel, director of tax policy at the Cato Institute, discusses the US fiscal crisis stemming from large deficits and overwhelming debt. He recalls the 1980s Ronald Reagan tax cut where promised spending cuts never materialized. The deficit is the annual gap between taxes and spending, accumulating into the national debt. Michel identifies a "deficit hawk coalition" split between deficit hawks (agnostic on revenues/spending) and budget hawks (concerned with government size), advocating for spending cuts to solve the crisis. Entitlement programs like Social Security, Medicare, and Medicaid are the root of fiscal problems. 1936

Fiscal Irresponsibility, the Cost of Debt, and the Loss of Welfare Reform Lessons Veronique De Rugy of the Mercatus Center criticized Washington's fiscal irresponsibility and the mounting cost of debt, arguing that enormous deficits create an anti-growth drag on the economy. She noted that failing to cut spending is a future tax hike. De Rugy lamented the loss of lessons from the 1996 welfare reform, which showed that work requirements reduced poverty, as politicians now prioritize spending checks over fiscal prudence.D 1937

Deficits & “Stimulus” Checks = More Inflation & A Huge Bubble That Will Burst by Ron Paul Liberty Report

As our national debt continues to balloon wider and wider, rarely does the government take active steps to rein it in. In this episode, we speak to a national debt expert about how the Trump Administration can still course-correct. - - - Wake up with new Morning Wire merch: https://bit.ly/4lIubt3 - - - Today's Sponsor: HelloFresh - Go to https://HelloFresh.com/MORNINGWIRE10FM now to Get 10 Free Meals + a Free Item for Life! - - - Privacy Policy: https://www.dailywire.com/privacy morning wire,morning wire podcast,the morning wire podcast,Georgia Howe,John Bickley,daily wire podcast,podcast,news podcast Learn more about your ad choices. Visit megaphone.fm/adchoices