Podcasts about Fed

Markets slide this week as Trump floats taking Greenland and tariff threats resurface, pushing investors toward gold. Ryan and David break down what Davos revealed about a shifting world order, why crypto finally had a real seat at the table, and the moments from Brian Armstrong and Larry Fink that framed Crypto versus Central Banks. Plus: the NYSE unveils a tokenized trading platform and whether it validates or co-opts DeFi, Farcaster and Lens are acquired as on-chain social hits a crossroads, and a Jefferies strategist drops Bitcoin over quantum fears. Finally, an update on the Clarity Act delay and the race for the next Fed chair. ---

A winter storm targets a huge swath of the country, why the Fed won't rush to cut rates and the rise and fall of the "monoculture."

Intel shares slide 12 per cent as supply constraints limit growth, and Trump's “Board of Peace” is dividing the US's allies. Plus, Iran's government is seizing properties and businesses after protests rocked the country, and Victoria Craig unpacks next week's meeting of the Federal Reserve. Mentioned in this podcast:Intel shares slide 12 per cent as supply constraints limit growth Iran seizes properties and businesses in crackdown after unrestWho wants to join Donald Trump's ‘Board of Peace'?Fed chair gender reveal postNote: The FT does not use generative AI to voice its podcasts Today's FT News Briefing was hosted and edited by Marc Filippino, and produced by Henry Larson, Fiona Symon, Victoria Craig and Sonja Hutson. Our show was mixed by Kelly Garry. Additional help from Gavin Kallmann, Michael Lello and David da Silva. Our executive producer is Topher Forhecz. Cheryl Brumley is the FT's Global Head of Audio. The show's theme music is by Metaphor Music. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

This week, Emily Bazelon, John Dickerson, and David Plotz discuss whether Trump's lust for Greenland will break the world (or indeed, whether it already has), what this week's arguments at the Supreme Court suggest about the future of Fed independence, and how FBI sources say the Bureau is being turned into a weapon of the president.For this week's Slate Plus bonus episode, Emily, John, and David discuss a new memoir from Pennsylvania governor and likely presidential candidate Josh Shapiro, and what it tells us about his views on the presidency, his relationship with former VP Kamala Harris, and how he might approach a campaign. In the latest Gabfest Reads, Emily Bazelon talks with author Curtis Sittenfeld about her short story collection, “Show Don't Tell.” They discuss the recurring themes of the book from troubled marriages and middle age to the passage of time, and characters who are navigating moments of racial privilege and prejudice. Email your chatters, questions, and comments to gabfest@slate.com. (Messages may be referenced by name unless the writer stipulates otherwise.) Podcast production by Nina Porzucki Research by Emily DittoYou can find the full Political Gabfest show pages here. Want more Political Gabfest? Join Slate Plus to unlock weekly bonus episodes. Plus, you'll access ad-free listening across all your favorite Slate podcasts. You can subscribe directly from the Political Gabfest show page on Apple Podcasts and Spotify. Or visit slate.com/gabfestplus to get access wherever you listen. Find out more about David Plotz's monthly tours of Ft. DeRussy, the secret Civil War fort hidden in Rock Creek Park. Follow@SlateGabfest on X / https://twitter.com/SlateGabfestSlate Political Gabfest on Facebook / https://www.facebook.com/Gabfest/ Hosted on Acast. See acast.com/privacy for more information.

This week, Scott sat down with co-host emeritus Shane Harris and Lawfare colleagues Anna Bower and Loren Voss to talk through yet another big week in national security, including:“Minnesota N(ICE).” Amidst ongoing tensions over the Trump administration's hyper aggressive immigration enforcement tactics in Minnesota, the Justice Department has issued subpoenas to at least five state Democratic officials—including Governor Tim Walz—investigating alleged efforts to obstruct or not cooperate with federal efforts. Some say it's an intimidation tactic; to others, it seems to be laying the foundation for an invocation of the Insurrection Act. What should we make of these most recent developments in Minnesota?“Fed Up.” Last week, Federal Reserve Chairman Jerome Powell announced in a video that the Federal Reserve had received subpoenas from the Department of Justice as part of a criminal inquiry into his congressional testimony regarding cost overruns in the ongoing renovation of the Federal Reserve's headquarters. Powell called out the probe as an effort to undermine the Fed's independence, and both markets and members of Congress have had a negative response. And the Supreme Court may follow, as it's set to hear oral arguments in the related case of Federal Reserve board member Lisa Cook, whom Trump had previously sought to fire “for cause” on the basis of similarly unproven criminal allegations. Why did the Trump administration take this step when it did? And how might it affect the outcome of the Cook case?“The Sound and the Fury.” Recent media reports have revealed that the Department of Defense has spent at least a year testing a device that may have been the source of a mysterious illness that has affected U.S. diplomats and personnel stationed around the world since 2016. This revelation has inevitably called into question past intelligence community assessments that such symptoms were unlikely to be the result of actions by a hostile adversary and resurrected controversies around how affected U.S. personnel have been treated. What should we now make of the so-called Havana Syndrome? And how might these new revelations affect U.S. foreign relations?In object lessons, Anna is channeling her inner British spy with a recommendation of season 2 of The Night Manager. Loren is channeling some inner peace with a recommendation of the Snoo. Scott is changing the channel to the bizarre French animated comedy Grizzy & the Lemmings. And Shane is considering a style change a la Ted Danson in A Man on the Inside.To receive ad-free podcasts, become a Lawfare Material Supporter at www.patreon.com/lawfare. You can also support Lawfare by making a one-time donation at https://givebutter.com/lawfare-institute.Support this show http://supporter.acast.com/lawfare. Hosted on Acast. See acast.com/privacy for more information.

This week, Emily Bazelon, John Dickerson, and David Plotz discuss whether Trump's lust for Greenland will break the world (or indeed, whether it already has), what this week's arguments at the Supreme Court suggest about the future of Fed independence, and how FBI sources say the Bureau is being turned into a weapon of the president.For this week's Slate Plus bonus episode, Emily, John, and David discuss a new memoir from Pennsylvania governor and likely presidential candidate Josh Shapiro, and what it tells us about his views on the presidency, his relationship with former VP Kamala Harris, and how he might approach a campaign. In the latest Gabfest Reads, Emily Bazelon talks with author Curtis Sittenfeld about her short story collection, “Show Don't Tell.” They discuss the recurring themes of the book from troubled marriages and middle age to the passage of time, and characters who are navigating moments of racial privilege and prejudice. Email your chatters, questions, and comments to gabfest@slate.com. (Messages may be referenced by name unless the writer stipulates otherwise.) Podcast production by Nina Porzucki Research by Emily DittoYou can find the full Political Gabfest show pages here. Want more Political Gabfest? Join Slate Plus to unlock weekly bonus episodes. Plus, you'll access ad-free listening across all your favorite Slate podcasts. You can subscribe directly from the Political Gabfest show page on Apple Podcasts and Spotify. Or visit slate.com/gabfestplus to get access wherever you listen. Find out more about David Plotz's monthly tours of Ft. DeRussy, the secret Civil War fort hidden in Rock Creek Park. Follow@SlateGabfest on X / https://twitter.com/SlateGabfestSlate Political Gabfest on Facebook / https://www.facebook.com/Gabfest/ Hosted on Acast. See acast.com/privacy for more information.

Watch The X22 Report On Video No videos found (function(w,d,s,i){w.ldAdInit=w.ldAdInit||[];w.ldAdInit.push({slot:17532056201798502,size:[0, 0],id:"ld-9437-3289"});if(!d.getElementById(i)){var j=d.createElement(s),p=d.getElementsByTagName(s)[0];j.async=true;j.src="https://cdn2.decide.dev/_js/ajs.js";j.id=i;p.parentNode.insertBefore(j,p);}})(window,document,"script","ld-ajs");pt> Click On Picture To See Larger PictureThe world is continually paying the [CB]s more and more of their hard earned labor. In Germany the people are taxed 42%, almost half of their income. Fed inflation indicator reports no inflation, Truinflation reports inflation is at 1.2%.BoA and Citibank are in talks to offer 10% credit card. Trump says US will the crypto capital of the world. Globalism/[CB] system has failed, the power will return to the people. The patriots are sending a message, DOJ 2.0 is not like DOJ 1.0, same with the FBI, you commit a crime you will be arrested. The message is clear, the protection from these agencies are gone. Bondi arrest the Church rioters. Trump’s message at DAVOS is clear, the [DS] power and agenda is no more. Trump is now in control and the world will begin to move in a different direction, either you are on board or you will be left behind. The power belongs to the people.   Economy https://twitter.com/WallStreetMav/status/2014289396112011443?s=20 (function(w,d,s,i){w.ldAdInit=w.ldAdInit||[];w.ldAdInit.push({slot:18510697282300316,size:[0, 0],id:"ld-8599-9832"});if(!d.getElementById(i)){var j=d.createElement(s),p=d.getElementsByTagName(s)[0];j.async=true;j.src="https://cdn2.decide.dev/_js/ajs.js";j.id=i;p.parentNode.insertBefore(j,p);}})(window,document,"script","ld-ajs"); Fed’s Favorite Inflation Indicator Refuses To Show Any Signs Of Runaway ‘Trump Tariff’ Costs The Fed’s favorite inflation indicator – Core PCE – rose 0.2% MoM (as expected), which leave it up 2.8% YoY (as expected), slightly lower than September’s +2.9%…   Bear in mind that this morning’s third look at Q3 GDP printed a +2.9% YoY for Core PCE. Under the hood, the biggest driver of Core PCE remains Services costs – not tariff-driven Goods prices…   In fact, on a MoM basis, Non-durable goods prices saw deflation for the second month in a row…   Source: zerohedge.com https://twitter.com/truflation/status/2014322072286302619?s=20 – Food – mostly Eggs – Household durables – particularly housekeeping supplies – Alcohol & tobacco – mostly alcoholic beverages Our number is derived by aggregating millions of real-time price data points every day to calculate a year-over-year CPI % rate. It is comparable but not identical to the survey-based official headline inflation released monthly by the BLS, which was 2.7% for December. Bank Of America, Citigroup May Launch Credit Cards With 10% Rate Two weeks after Trump shocked the world by demanding lenders cap credit card interest rates at 10% for one year, Bank of America and Citigroup are exploring options to do just that in an attempt to placate the president.  Bloomberg reports that both banks are mulling offering cards with a 10% rate cap as one potential solution.  Earlier this week, Trump said he would ask Congress to implement the proposal, giving the financial firms more clarity about what exact path he's pursuing. Bank executives have repeatedly decried the uniform cap, saying it'll cause lenders to have to pull credit lines for consumers.  Source: zerohedge.com Trump sues JPMorgan Chase and CEO Jamie Dimon for $5B over alleged ‘political’ debanking The lawsuit claims JPMorgan’s decision ‘came about as a result of political and social motivations’ to ‘distance itself’ Trump and his ‘conservative political views’  President Donald Trump is suing JPMorgan Chase and its CEO Jamie Dimon in a $5 billion lawsuit filed Thursday, accusing the financial institution of debanking him for political reasons. The president's attorney, Alejandro Brito, filed the lawsuit Thursday morning in Florida state court in Miami on behalf of the president and several of his hospitality companies.  “ Source: foxnews.com https://twitter.com/RapidResponse47/status/2013984082640658888?s=20  WEF Finance/Banking Panel – If Independent National Economies Continue Rising, Global Trade Drops and We Lose Control Globalism in its economic construct is a series of dependencies. If those dependencies are severed, if each country has the ability to feed, produce and innovate independently, then the entire dependency model around globalism collapses. Within the globalism model that was historically created there was a group of people, western nations, banks, finance and various government leaders, who controlled the organization and rules of the trade dependencies.  The action being taken for self-sufficiency, in combination with the approach promoted by President Trump that each nation state should generate their own needs, then the rules-based order that has existed for global trade will collapse. If nations are no longer dependent, they become sovereign – able to exist without the need for support from other nations and systems. If nations are indeed sovereign, then globalism is no longer needed and a threat of the unknown rises. How will nations engage with each other if there is no governing body of western elites to make the rules for engagement?  The need for control is a reaction to fear, and it is the fear of self-reliance that permeates the elitist class within the control structures.   If each nation of the world is operating according to its individual best interests, the position of Donald Trump, then what happens to the governing elite who set up the system of interdependencies. This is the core of their fear. If each nation can suddenly grow tea, what happens to the East India Tea Company.  Who then sets the price for the tea, and worse still an entire distribution system (ships, ports, exchanges, banks, etc.) becomes functionally obsolescent. Source: theconservativetreehouse.com  Political/Rights TWO-TIERED JUSTICE: Conservative Journalist Kaitlin Bennett Charged and Fined for Interviewing Democrats in Public — While Don Lemon Storms Churches With Zero Consequences The United States now operates under a blatantly two-tiered justice system, where conservative journalists are criminally charged for speech in public spaces, while left-wing media figures face zero consequences for harassing Americans and disrupting religious services. Conservative journalist Kaitlin Bennett revealed this week that she was charged with a federal crime and fined by the National Park Service in St. Augustine for the so-called offense of asking Democrats questions on public property. According to Bennett, federal agents targeted her while she was conducting on-the-street interviews, a form of journalism protected by the First Amendment. Despite being on public land, Bennett says she was cited and punished simply for engaging in political speech that the Left finds inconvenient. Bennett addressed the incident directly in a post on X, writing: https://twitter.com/KaitMarieox/status/2014174254799958148?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E2014174254799958148%7Ctwgr%5Ef4a6650cd0c60d38edfea018c5665c2cc2fe5199%7Ctwcon%5Es1_c10&ref_url=https%3A%2F%2Fwww.thegatewaypundit.com%2F2026%2F01%2Ftwo-tier-justice-conservative-journalist-kaitlin-bennett-charged%2F When asked by another local journalist exactly what “lawful order” Bennett had disobeyed, the ranger reportedly could not provide a straight answer. WATCH: Source: thegatewaypundit.com https://twitter.com/DHSgov/status/2014322865848406370?s=20   Alexander Conejo Arias, fled on foot—abandoning his child. For the child's safety, one of our ICE officers remained with the child while the other officers apprehended Conejo Arias.   Parents are asked if they want to be removed with their children, or ICE will place the children with a safe person the parent designates. This is consistent with past administration's immigration enforcement. Parents can take control of their departure and receive a free flight and $2,600 with the CBP Home app. By using the CBP Home app illegal aliens reserve the chance to come back the right legal way. https://twitter.com/DHSgov/status/2014049440911303019?s=20   inflicting corporal injury on a spouse or cohabitant. An immigration judge issued him a final order of removal in 2019. In a dangerous attempt to evade arrest, this criminal illegal alien weaponized his vehicle and rammed law enforcement. Fearing for his life and safety, an agent fired defensive shots. The criminal illegal alien was not hit and attempted to flee on foot. He was successfully apprehended by law enforcement. The illegal alien was not injured, but a CBP officer was injured.  These dangerous attempts to evade arrest have surged since sanctuary politicians, including Governor Newsom, have encouraged illegal aliens to evade arrest and provided guides advising illegal aliens how to recognize ICE, block entry, and defy arrest. Our officers are now facing a 3,200% increase in vehicle attacks. This situation is evolving, and more information is forthcoming.   https://twitter.com/nicksortor/status/2014063905413177637?s=20  CNN Panelist Issues Retraction and Apology After Going Too Far in On-Air Trump Attack    footage of CNN's “Newsnight with Abby Phillip” was posted to social media platform X featuring 25-year-old leftist activist Cameron Kasky alongside panel mainstay Scott Jennings. A moment between the two went viral when Kasky casually declared that President Donald Trump had been involved in an international sex trafficking ring. Jennings wasn't going to let that remark go unchallenged by host John Berman. The topic of conversation had been Trump's interest in Greenland and the Nobel Peace Prize, but Kasky threw in a jab at Trump with an allusion to the president's relationship with the late sex offender Jeffrey Epstein — an allusion Kasky's now trying to walk back. “I would love it if he was more transparent about the human sex trafficking network that he was a part of, but you can't win 'em all,” he blurted out. https://twitter.com/overton_news/status/2013455047288377517?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E2013455047288377517%7Ctwgr%5E20edbbd712c7076d1aafdac2d1e39d7eb8307263%7Ctwcon%5Es1_c10&ref_url=https%3A%2F%2Fwww.thegatewaypundit.com%2F2026%2F01%2Fcnn-panelist-issues-retraction-apology-going-far-air%2F   Berman asked Jennings a follow-up question about Greenland, but instead of addressing that, Jennings circled back to Kasky's remark. “You're gonna let that sit?” Jennings asked Berman. “Are we going to claim here on CNN that the president is part of a global sex trafficking ring or …?” After assuring Jennings that he would do the fact-checking, Berman asked Kasky to repeat what he'd said about the global sex-trafficking ring. “That Donald Trump was … probably … very involved with it,” the arrogant young man replied, with perhaps a touch less confidence. To Berman's credit, and the CNN legal team's, he immediately said, “Donald Trump has never been charged with any crimes in relation to Jeffrey Epstein.” https://twitter.com/camkasky/status/2013760245298864477?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E2013760245298864477%7Ctwgr%5E20edbbd712c7076d1aafdac2d1e39d7eb8307263%7Ctwcon%5Es1_c10&ref_url=https%3A%2F%2Fwww.thegatewaypundit.com%2F2026%2F01%2Fcnn-panelist-issues-retraction-apology-going-far-air%2F Source: thegatewaypundit.com https://twitter.com/ElectionWiz/status/2014189561002291385?s=20 DOGE Geopolitical https://twitter.com/brentdsadler/status/2014311942119137584?s=20  important as these agreements cover the entirety of the Chagos group of islands/features. Critical as future third party presence in those areas proximate Diego Garcia could in practical terms render those U.S. military facilities operationally impractical (ie useless). The current deal under consideration in the UK parliament in a rushed vote as soon as 2 February is ill advised. And it likely would break the decades long understanding with the U.S. government. See: Active U.S. treaties: https://state.gov/wp-content/uploads/2025/08/Treaties-in-Force-2025-FINAL.pdf 1966 Foundational Understanding: https://treaties.un.org/doc/Publication/UNTS/Volume%20603/volume-603-I-8737-English.pdf 1972 Understanding regarding new facilities on Diego Garcia: https://treaties.un.org/doc/Publication/UNTS/Volume%20866/volume-866-I-8737-English.pdf 1976 Understanding and concurrence on new communications facilities on Diego Garcia and references as foundational the 1966 Understanding: https://treaties.fcdo.gov.uk/data/Library2/pdf/1976-TS0019.pdf?utm_source https://twitter.com/HansMahncke/status/2014150131247874267?s=20 The EU-Mercosur deal is a major free trade agreement between the European Union and the Mercosur bloc (Argentina, Brazil, Paraguay, and Uruguay). Negotiated for over 25 years, it aims to create one of the world’s largest free trade zones, covering more than 700 million people and reducing tariffs on goods like cars, machinery, pharmaceuticals, and agricultural products.  It includes commitments on sustainability, labor rights, and environmental protections, but critics argue these are insufficient to address issues like Amazon deforestation and unfair competition for European farmers. The agreement was politically finalized in 2019 but faced delays due to environmental concerns and opposition from countries like France and Austria. It was formally signed on January 17, 2026, after EU member states (with a qualified majority, despite opposition from five countries including France) greenlit it on January 9.  The Stupidity of Davos Explained Using an Example of Their Own Creation China is manufacturing a product to create a carbon credit certificate in response to the demand for carbon credits from all the world auto-makers.  Any nation that has a penalty or fine attached to their climate goals is a customer. Those are nations with fines or quotas associated with the production of gasoline powered engines if the auto company doesn't hit the legislated target for sales of electric vehicles. In essence, EU/AU/CA/RU/ASEAN car companies buy Chinese car company carbon credits, to avoid the EU/AU/CA/RU/ASEAN fines.  The Chinese then use the carbon credit revenue to subsidize even lower priced Chinese EVs to the EU/AU/CA/RU/ASEAN car markets, thereby undercutting the EU/AU/CA/RU/ASEAN car companies that also produce EVs. China brilliantly exploits the ridiculous pontificating climate scam and has an interest in perpetuating -even emphasizing- the need for the EU/AU/RU/ASEAN countries to keep pushing their climate agenda.  China even goes so far as to fund alarmism research about climate change because they are making money selling carbon credit certificates on the back end of the scam to the western fear mongers.  This is friggin' brilliant.   The climate change alarmists are helping China's economy by pushing ever escalating fear of climate change.  You just cannot make this stuff up. What does the outcome look like? Well, in this example we see hundreds of thousands of unsold BYDs piling up in countries that emphasize climate regulations with no restrictions on the import of EVs (which most don't even manufacture), which is almost every country.  Big Panda doesn't care about the car itself; they care about generating the carbon credit certificate to sell in the various carbon exchanges. Put this context to the recent announcement by Canadian Prime Minister Mark Carney about his new trade deal with China to accept 49,000 EVs this year. Prime Minister Carney bragged about getting the Chinese to agree to only super low prices for the Canadian market.  Mark Carney was very proud of his accomplishment to get much lower priced vehicles for Canadian EV purchasers.   No doubt Big Panda left the room laughing as soon as Carney made his grand announcement. 1. China sells EV's in Canada, creating credits available on the carbon exchange scheme. Europe et al will purchase the carbon credits because Bussels has fines against EU car companies. 2. With a foothold already established in Europe, China will then take the money generated by the carbon credit purchases and lower the prices of the Chinese EV cars sold in Canada. It's gets funnier. 3. Carney bragged about forcing China to only sell low price EV's as part of the trade agreement. The low price of the EV's in Canada will be subsidized by Europe. China doesn't pay or lose a dime. But wait…. 4. Carney can't do anything about the scheme he has just enmeshed Canada into, because Canada has a Carbon Credit exchange in law.

Thursday, January 22nd, 2026Today, Jack Smith will testify publicly before Congress at 10 AM ET; the House Oversight Committee has voted to hold the Clintons in contempt for refusing to testify about the eEpstein Files; TACO Trump backpedals on his tariffs over Greenland after the EU halts the approval of a US trade deal; the Pentagon orders more soldiers to prepare for deployment to Minnesota; the Supreme Court casts doubt on Trump's ability to fire Fed Board Governor Lisa Cook without cause; the 8th Circuit has blocked a Minneapolis judge's preliminary injunction against ICE; another judge blocks the government from accessing the devices they seized from Washington Post reporter Hannah Natanson; Congressman Veasey has drafted an amendment to the funding bill that would lower the pay of that nazi ICE prosecutor to $1; the feds launch ICE operations in Maine; Trump called Greenland Iceland several times in his weird and dangerous speech in Davos; and Allison and Dana deliver your Good News.Beans Talkhttps://youtu.be/TsZYz_pQKYAThank You, Mint MobileMake the switch! MINTMOBILE.com/DAILYBEANSThe LatestImmigration officers assert sweeping power to enter homes without a judge's warrant, memo saysWhistleblower Aid Clients Disclose Hidden DHS Policy That Encourages ICE Agents to Break into Homes without WarrantsStoriesE.U. halts approval of U.S. trade deal after Trump's Greenland tariff threat | NBCTrump administration prevails in appeal over tear gas tactics in Chicago | ReutersSupreme Court casts doubt on Trump's power to fire Fed official without proper review | POLITICOFederal officials launch ICE operation in Maine and begin arrests | The Washington PostJudge blocks government from searching data seized from Post reporter | Washington PostHouse Panel Votes to Hold Clintons in Contempt in Epstein Inquiry | The New York TimesCongressman Tries to Cut Pay of ICE Prosecutor with Racist X Account to $1 | Texas Observer Good TroubleCalling your congressperson is the most effective way to influence policy. The House is expected to vote TODAY on a standalone appropriations bill for the Department of Homeland Security (DHS). The bill maintains ICE's current funding level for fiscal year 2026.We recommend 5Calls.org for information on who to call and scripts to use when calling your RepresentativeDefund ICE (UPDATED 1/21) - HOUSE VOTE THURSDAY→Tell Congress Ice out Now - Take Action Now | Indivisible→Defund ICE (UPDATED 1/21) - HOUSE VOTE THURSDAY→Urge American Ballet Theatre to cancel upcoming Kennedy Center performances →Ways to Support MN's Immigrant Communities Amid ICE Activity - Mpls.St.Paul Magazine→Congress: Divest From ICE and CBP | ACLU→ICE List  →iceout.org→2026 Trans Girl Scouts To Order Cookies From! | Erin in the Morning Good NewsBusiness Plot - WikipediaHow to see the Southern Lights (Aurora Australis) | Discover TasmaniaFinicky FarmThe Adventures of the Little Gray Cat and the Flounder→Go To Good News & Good Trouble - The Daily Beans to Share Yours Subscribe to the MSW YouTube Channel - MSW Media - YouTubeOur Donation LinksPathways to Citizenship link to MATCH Allison's Donationhttps://crm.bloomerang.co/HostedDonation?ApiKey=pub_86ff5236-dd26-11ec-b5ee-066e3d38bc77&WidgetId=6388736Allison is donating $20K to It Gets Better and inviting you to help match her donations. Your support makes this work possible, Daily Beans fam. Donate to It Gets Better / The Daily Beans FundraiserJoin Dana and The Daily Beans and support on Giving Tuesday with a MATCHED Donation http://onecau.se/_ekes71More Donation LinksNational Security Counselors - Donate

This week, Scott sat down with co-host emeritus Shane Harris and Lawfare colleagues Anna Bower and Loren Voss to talk through yet another big week in national security, including:“Minnesota N(ICE).” Amidst ongoing tensions over the Trump administration's hyper aggressive immigration enforcement tactics in Minnesota, the Justice Department has issued subpoenas to at least five state Democratic officials—including Governor Tim Walz—investigating alleged efforts to obstruct or not cooperate with federal efforts. Some say it's an intimidation tactic; to others, it seems to be laying the foundation for an invocation of the Insurrection Act. What should we make of these most recent developments in Minnesota?“Fed Up.” Last week, Federal Reserve Chairman Jerome Powell announced in a video that the Federal Reserve had received subpoenas from the Department of Justice as part of a criminal inquiry into his congressional testimony regarding cost overruns in the ongoing renovation of the Federal Reserve's headquarters. Powell called out the probe as an effort to undermine the Fed's independence, and both markets and members of Congress have had a negative response. And the Supreme Court may follow, as it's set to hear oral arguments in the related case of Federal Reserve board member Lisa Cook, whom Trump had previously sought to fire “for cause” on the basis of similarly unproven criminal allegations. Why did the Trump administration take this step when it did? And how might it affect the outcome of the Cook case?“The Sound and the Fury.” Recent media reports have revealed that the Department of Defense has spent at least a year testing a device that may have been the source of a mysterious illness that has affected U.S. diplomats and personnel stationed around the world since 2016. This revelation has inevitably called into question past intelligence community assessments that such symptoms were unlikely to be the result of actions by a hostile adversary and resurrected controversies around how affected U.S. personnel have been treated. What should we now make of the so-called Havana Syndrome? And how might these new revelations affect U.S. foreign relations?In object lessons, Anna is channeling her inner British spy with a recommendation of season 2 of The Night Manager. Loren is channeling some inner peace with a recommendation of the Snoo. Scott is changing the channel to the bizarre French animated comedy Grizzy & the Lemmings. And Shane is considering a style change a la Ted Danson in A Man on the Inside.To receive ad-free podcasts, become a Lawfare Material Supporter at www.patreon.com/lawfare. You can also support Lawfare by making a one-time donation at https://givebutter.com/lawfare-institute. Hosted on Acast. See acast.com/privacy for more information.

Our Global Chief Economist Seth Carpenter joins our chief regional economists to discuss the outlook for interest rates in the U.S., Japan and Europe.Read more insights from Morgan Stanley.----- Transcript -----Seth Carpenter: Welcome to Thoughts on the Market. I'm Seth Carpenter, Morgan Stanley's Global Chief Economist and Head of Macro Research. And today we're kicking off our quarterly economic roundtable for the year. We're going to try to think about everything that matters in economics around the world. And today we're going to focus a little bit more on central banking. And when we get to tomorrow, we'll focus on the nuts and bolts of the real side of the economy. I'm joined by our chief regional economists. Michael Gapen: Hi, Seth. I'm Mike Gapen, Chief U.S. Economist at Morgan Stanley. Chetan Ahya: I'm Chetan Ahya, Chief Asia economist. Jens Eisenschmidt: And I'm Jens Eisenschmidt, Chief Europe economist. Seth Carpenter: It's Thursday, January 22nd at 10 am in New York. Jens Eisenschmidt: And 4 pm in Frankfurt. Chetan Ahya: And 9 pm in Hong Kong. Seth Carpenter: So, Mike Gapen, let me start with you as we head into 2026, what are we thinking about? Are we going into a more stable expansion? Is this just a different phase with the same amount of volatility? What do you think is going to be happening in the U.S. as a baseline outlook? And then if we're going to be wrong, which direction would we be wrong? Michael Gapen: Yeah, Seth, we took the view that we would have more policy certainty. Recent weeks have maybe suggested we're incorrect on that front. But I still believe that when it comes to deregulation, immigration policy and fiscal policy, we have much more clarity there than we did a year ago. So, I think it's another year of modest growth, above trend growth. We're forecasting something around 2.4 percent for 2026. That's about where we finished 2025. I think what's key for markets and the outlook overall will be whether inflation comes down. Firms are still passing through tariffs to the consumer. We think that'll happen at least through the end of the first quarter. It's our view that after that, inflation pressures will start to diminish. If that's the case, then we think the Fed can execute one or two more rate cuts. But we have those coming [in] the second half of the year. So, it looks like growth is strong enough. The labor market has stabilized enough for the Fed to wait and see, to look around, see the effects of their prior rate cuts, and then push policy closer to neutral if inflation comes down. Seth Carpenter: And if we go back to last year to 2025, I will give you the credit first. Morgan Stanley did not shift its forecast for recession in the U.S. the way some of our main competitors did. On the other hand, and this is where I maybe tweak you just a little bit. We underestimated how much growth there would be in the United States. CapEx spending from AI firms was strong. Consumer spending, especially from the top half of the income distribution in the U.S. was strong. Growth overall for the year was over 2 percent, close to 2.5 percent. So, if that's what we just came off of, why isn't it the case that we'd see even stronger growth? Maybe even a re-acceleration of growth in 2026? Michael Gapen: Well, some of that, say, improvement vis-à-vis our forecast, the outperformance. Some of that I think comes mechanically from trade and inventory variability. So, . I'm not sure that that says a lot about an improving trend rate of growth. Where there was other outperformance was, as you noted, from the consumer. Now our models, and I don't mean to get too technical here, but our model suggests that consumption is overshooting its fundamentals. Which I think makes it harder for the economy to accelerate further. And then AI; it's harder for AI spending to say get incrementally stronger than where it is. So, we're getting a little extra boost from fiscal. We've got that coming through. And I just think what it is, is more of the same rather than further acceleration from here. Seth Carpenter: Do you think there's a chance that the Fed in fact does not cut rates like you have in your forecast? Michael Gapen: Yes, I do think... Where we could be wrong is we've made assumptions around the One Big Beautiful Bill and what it will contribute to the economy. But as you know, there's a lot of variability around those estimates. If the bill is more catalytic to animal spirits and business spending than we've assumed, you could get, say, a demand driven animal spirits upside to the economy, which may mean inflation doesn't decelerate all that much. But I do think that that's, say, the main upside risk that we're considering. Markets have been gradually taking out probabilities of Fed cuts as growth has come in stronger. So far, the inflation data has been positive in terms of signaling about disinflation, but I would say the jury's still out on how much that continues. Seth Carpenter: Chetan, When I think about Japan, we know that it's been the developed market central bank that's been going in the opposite direction. They've been hiking when other central banks have been cutting. We got some news recently that probably put some risk into our baseline outlook that we published in our year ahead view about both growth and inflation in Japan. And with it what the Bank of Japan is going to do in terms of its normalization. Can you just walk us through a little bit about our outlook for Japan? Because right now I think that the yen, Japanese rates, they're all part of the ongoing market narrative around the world. Chetan Ahya: Yeah, Seth. So, look, I mean, on a big picture basis, we are constructive on the Japan macro-outlook. We think normal GDP growth remains strong. We are expecting to see the transition for the consumers from them seeing, you know, supply side inflation. Keeping their real wage growth low to a dynamic where we transition to real wage growth accelerating. That supports real consumption growth, and we move away from that supply side driven inflation to demand side driven inflation. So broadly we are constructive, but I think in the backdrop, what we are seeing on currency depreciation is making things a bit more challenging for the BOJ. While we are expecting that demand side pressure to build up and drive inflation, in the trailing data, it is still pretty much currency depreciation and supply side factors like food inflation driving inflation. And so, BOJ has been hesitant. So, while we had the expectation that BOJ will hike in January of 2027, we do see the risk that they may have to take up rate hike earlier to manage the currency not getting out of hand and adding on to the inflation pressures. Seth Carpenter Would I be right in saying that up until now, the yen has swung pretty widely in both directions. But the weakening of the yen until now hasn't been really the key driver of the Bank of Japan's policy reaction. It's been growth picking up, inflation picking up, wanting to get out of negative interest rates first, wanting to get away from the zero lower bounds. Second, the weaker yen in some sense could have actually been seen as a positive up until now because Japan did go through 25 years of essentially stagnant nominal growth. Is this actually that much of a fundamental change in the Bank of Japan's thinking – needing to react to the weakness of the yen? Chetan Ahya: Broadly what you're saying is right, Seth, but there is also a threshold of where the currency can be. And beyond a point, it begins to hurt the households in form of imported inflation pressures. And remember that inflation has been somewhat high, even if it is driven by currency depreciation and supply side factors for some time. And so, BOJ has to be watchful of potential lift in inflation expectations for the households. And at the same time, they are also watching the underlying inflation impact of this currency depreciation – because what we have seen is that over period workers have been demanding for higher wages. And that is also influenced by what happens to headline inflation, which is driven by currency depreciation. So, I would say that, yes, it's been true up until now. But, when currency reaches these very high levels of range, you are going to see BOJ having to act. Seth Carpenter: Jens, let's shift then to Europe. The ECB had been on a cutting cycle. They came to the end of that. President Lagarde said that she thought the disinflationary process had ended. In your year ahead forecast and a bunch of your writing recently, you've said maybe not so fast. There could still be some more disinflationary, at least risk, in the pipeline for Europe. Can you talk a little bit about what's going on in terms of European inflation and what it could mean for the European Central Bank? Because clearly that's going to be first order important for markets.Jens Eisenschmidt: I think that is right. I think we have a crucial inflation print ahead of us that comes out on the 4th of February. So, early February we get some signal, whether our anticipated fall of headline inflation here below the ECB's target is actually materializing. We think the chances for this are pretty good. There's a mix why this is happening. One is energy. Energy disinflation and base effects. But the other thing is services inflation resets always at the beginning of the year. January and February are the crucial month here. We had significant services upward pressure on prices the last years. And so just from base effects, we think we will see less of that. Another picture or another element of that picture is that wage disinflation is proceeding nicely. We have notably a significant weakness in the export-oriented manufacturing sector in Germany, which is a key sector of setting wages for the country. The country is around 30 percent of the euro area GDP. And here we had seen significant wage gains over the last year. So, the disinflationary trend coming from lower wage gains from this country, that will be very important. And an important signal to watch. Again, that's something we don't know. I think soon we have to watch simply monthly prints here. But a significant print for the first quarter comes out in May, and all of that together makes us believe that the ECB will be in a position to see enough data or have seen enough data that confirms the thesis of inflation staying below target for some time to come. So that they can cut in June and September to a terminal rate of 1.5 percent. Seth Carpenter: That is, I would say, out of consensus relative where the market is. When you talk to investors, whether they're in Europe or around the world, what's the big pushback that you get from them when you are explaining your view on how the ECB is going to act? Jens Eisenschmidt: There are two essential pushbacks. So, one is on substance. So, 'No, actually wages will not come down, and the economy will actually start overheating soon because of the big fiscal stimulus.' That, in a nutshell is the pushback on substance. I would say here, as you would say before, not so fast. Because the fiscal stimulus is only in one country. It's 30 percent. But only 30 percent of the euro area.Plus, there is another pushback, which is on the reaction function of the ECB. Here we tend to agree. So far, we have heard from policy makers that they feel rather comfortable with the 2 percent rate level that they're at. But we think that discussion will change. The moment you are below target in an actual inflation print; the burden of proof is the opposite. Now you have to prove: Is the economy really on a track that inflation will get back up to target without further monetary stimulus? We believe that will be the key debate. And again, happy to, sort of, concede that there is for now not a lot of signaling out of the ECB that further rate cuts are coming. But we believe the first inflation print of the year will change that debate significantly. Seth Carpenter: Alright, so that makes a lot of sense. However, looking at the clock, we are probably out of time for today. So, for now, Michael, Chetan, Jens, thank you so much for joining today. And to the listener, thanks for listening. And be sure to tune in tomorrow for part two of our conversation. And I have to say, if you enjoy this show, please leave us a review wherever you listen and share Thoughts on the Market with a friend or a colleague today.

PODCAST LAS NOTICIAS CON CALLE DE 22 ENERO DE 2026 - USA está buscando un traidor en Cuba para lograr un cambio de gobierno - WSJTrump logra acuerdo bajo presión para quedarse con Groenlandia - FTTrump logra crear una junta de la paz tratando de cambiar las naciones unidas - Fox News Frío mega pelú en USA dispara el precio del gas natural - CNBCEl caso de Liza Cook y el FED plantea límites al poder de Trump - FTDeuda con maestros continúa y el concepto de carrera magisterial sigue detenido - PPD busca a David Bernier para correr para San Juan - El Vocero Buscan crear una carretera como la Calle 861 Reverenda Wanda Rolón - WUNOGobernadora quiere medida para que se hagan 5 minutos de reflexión para empleados públicos Yovngchimi se va a declarar culpable tras acuerdo con los federales - Primera Hora Cogen hogar de ancianos fatulo cobrando hasta 4 mil mensuales - Primera Hora Inversionistas empiezan a diversificar de intereses en USA, según Ray Dalio - Bloomberg Guerra de Trump contra renovables cancela 350 millones para PR - El Nuevo Día Reforma contributiva es mala para los que ganan sobre 100 mil dice colegio de CPA's - El Nuevo Día Gobierno de PR gastó casi 2 millones en exhibidores de FITUR Gobernadora mete anuncios por un tubo y siete llaves, alega que creó montones de empleos  Juicio contra Elvia va y parece tendrá 40 testigos - El Nuevo Día • ¿Quieres ser un líder empresarial? Con el Bachillerato en Administración de Empresas con concentración en Gerencia de EDP University, te capacitas para liderar y tomar decisiones clave en cualquier organización. Desarrollarás habilidades en gerencia, finanzas, mercadeo y recursos humanos, ¡e incluso aprenderás a crear y lanzar nuevos negocios! Conviértete en el gerente innovador y estratégico que la empresa necesita. Disponible 100% en línea, presencial en Hato Rey y Humacao.No esperes más, y ¡matricúlate! en EDP University, Saber es Poder Incluye auspicio

Tony Arterburn (DavidKnight.gold) warns that the surge in gold and silver isn't a market cycle—it's a symptom of systemic failure as debt, de-dollarization, and political chaos collide. He explains why governments and central banks are abandoning Treasuries for physical metal and how Trump's push to dominate the Fed and spend without restraint accelerates collapse. Money should have intrinsic value AND transactional privacy: Go to https://davidknight.gold/ for great deals on physical gold/silver For 10% off Gerald Celente's prescient Trends Journal, go to https://trendsjournal.com/ and enter the code KNIGHT Find out more about the show and where you can watch it at TheDavidKnightShow.com If you would like to support the show and our family please consider subscribing monthly here: SubscribeStar https://www.subscribestar.com/the-david-knight-showOr you can send a donation throughMail: David Knight POB 994 Kodak, TN 37764Zelle: @DavidKnightShow@protonmail.comCash App at: $davidknightshowBTC to: bc1qkuec29hkuye4xse9unh7nptvu3y9qmv24vanh7Become a supporter of this podcast: https://www.spreaker.com/podcast/the-david-knight-show--2653468/support.

This week, Emily Bazelon, John Dickerson, and David Plotz discuss whether Trump's lust for Greenland will break the world (or indeed, whether it already has), what this week's arguments at the Supreme Court suggest about the future of Fed independence, and how FBI sources say the Bureau is being turned into a weapon of the president.For this week's Slate Plus bonus episode, Emily, John, and David discuss a new memoir from Pennsylvania governor and likely presidential candidate Josh Shapiro, and what it tells us about his views on the presidency, his relationship with former VP Kamala Harris, and how he might approach a campaign. In the latest Gabfest Reads, Emily Bazelon talks with author Curtis Sittenfeld about her short story collection, “Show Don't Tell.” They discuss the recurring themes of the book from troubled marriages and middle age to the passage of time, and characters who are navigating moments of racial privilege and prejudice. Email your chatters, questions, and comments to gabfest@slate.com. (Messages may be referenced by name unless the writer stipulates otherwise.) Podcast production by Nina Porzucki Research by Emily DittoYou can find the full Political Gabfest show pages here. Want more Political Gabfest? Join Slate Plus to unlock weekly bonus episodes. Plus, you'll access ad-free listening across all your favorite Slate podcasts. You can subscribe directly from the Political Gabfest show page on Apple Podcasts and Spotify. Or visit slate.com/gabfestplus to get access wherever you listen. Find out more about David Plotz's monthly tours of Ft. DeRussy, the secret Civil War fort hidden in Rock Creek Park. Follow@SlateGabfest on X / https://twitter.com/SlateGabfestSlate Political Gabfest on Facebook / https://www.facebook.com/Gabfest/ Hosted on Acast. See acast.com/privacy for more information.

Tony Arterburn (DavidKnight.gold) warns that the surge in gold and silver isn't a market cycle—it's a symptom of systemic failure as debt, de-dollarization, and political chaos collide. He explains why governments and central banks are abandoning Treasuries for physical metal and how Trump's push to dominate the Fed and spend without restraint accelerates collapse. Money should have intrinsic value AND transactional privacy: Go to https://davidknight.gold/ for great deals on physical gold/silver For 10% off Gerald Celente's prescient Trends Journal, go to https://trendsjournal.com/ and enter the code KNIGHT Find out more about the show and where you can watch it at TheDavidKnightShow.com If you would like to support the show and our family please consider subscribing monthly here: SubscribeStar https://www.subscribestar.com/the-david-knight-showOr you can send a donation throughMail: David Knight POB 994 Kodak, TN 37764Zelle: @DavidKnightShow@protonmail.comCash App at: $davidknightshowBTC to: bc1qkuec29hkuye4xse9unh7nptvu3y9qmv24vanh7Become a supporter of this podcast: https://www.spreaker.com/podcast/the-real-david-knight-show--5282736/support.

Macro analyst and investor Cem Karsan joins Coin Stories to explain why the U.S. dollar remains America's greatest source of power, how decades of Fed policy fueled inequality and populism, and where Bitcoin, gold, and hard assets fit into a fractured global system. We discuss:  Why the U.S. dollar is more powerful than the military How the Federal Reserve reshaped wealth, markets, and politics Populism, protectionism, and rising internal conflict Bitcoin, gold, and the future of reserve assets - W hat individuals can do to protect themselves in a volatile world Follow Cem Karsan on X at https://x.com/jam_croissant  ---- Order Natalie's new book "Bitcoin is For Everyone," a simple introduction to Bitcoin and what's broken in our current financial system: https://amzn.to/3WzFzfU  --- Coin Stories is powered by Gemini. Invest as you spend with the Gemini Credit Card. Sign up today to earn a $200 intro Bitcoin bonus. The Gemini Credit Card is issued by WebBank. See website for rates & fees. Learn more at https://www.gemini.com/natalie  ---- Ledn is the global leader in Bitcoin-backed loans, issuing over $9 billion in loans since 2018, and they were the first to offer proof of reserves. With Ledn, you get custody loans, no credit checks, no monthly payments, and more. Get .25% off your first loan, learn more at https://www.Ledn.io/natalie  ---- For easy, low-cost, instant Bitcoin payments, I use Speed Lightning Wallet. Play Bitcoin trivia and win up to 1 million sats! Download and use promo code COINSTORIES10 for 5,000 free sats: https://www.speed.app/coinstories  ---- Natalie's Bitcoin Product Partners: Earn passive Bitcoin income with industry-leading uptime, renewable energy, ideal climate, expert support, and one month of free hosting when you join Abundant Mines at https://www.abundantmines.com/natalie  Block's Bitkey Cold Storage Wallet was named to TIME's prestigious Best Inventions of 2024 in the category of Privacy & Security. Get 20% off using code STORIES at https://bitkey.world   Master your Bitcoin self-custody with 1-on-1 help and gain peace of mind with the help of The Bitcoin Way: https://www.thebitcoinway.com/natalie  With BitcoinIRA, you can invest in bitcoin 24/7 inside a tax-advantaged IRA. Choose a Traditional IRA to defer taxes, or a Roth IRA for tax-free withdrawals later. Take control of your future with BitcoinIRA: https://www.bitcoinira.com/natalie  Natalie's Upcoming Events: Bitcoin 2026 will be here before you know it. Get 10% off Early Bird passes using the code HODL: https://tickets.b.tc/event/bitcoin-2026?promoCodeTask=apply&promoCodeInput=  Strategy World 2026 in Las Vegas on February 23-26th - Use code HODL for discounted tickets: https://www.strategysoftware.com/world26    Extra Services to Consider: Protect yourself from SIM Swaps that can hack your accounts and steal your Bitcoin. Join America's most secure mobile service, trusted by CEOs, VIPs and top corporations: https://www.efani.com/natalie   Ditch your fiat health insurance like I did four years ago! Join me at CrowdHealth: www.joincrowdhealth.com/natalie  ---- This podcast is for educational purposes and should not be construed as official investment advice. ---- VALUE FOR VALUE — SUPPORT NATALIE'S SHOWS Strike ID https://strike.me/coinstoriesnat/ Cash App $CoinStories #money #Bitcoin #investing

US President Donald Trump has dropped his tariff threat on Greenland, and the FT's Derek Brower explains how Trump has navigated the World Economic Forum in Davos. Plus, EU lawmakers have postponed the ratification of a trade deal with the Mercosur group of South American economies, and US Supreme Court justices appeared sceptical of Donald Trump's efforts to sack Federal Reserve governor Lisa Cook.Mentioned in this podcast:Greenland latest: Trump rules out using force but calls for ‘immediate negotiations'Trump's Greenland pivot puts Europe in a bindHoward Lutnick heckled at Davos dinner as Christine Lagarde walks outEU lawmakers vote to delay Mercosur trade pact over legal concernsSupreme Court justices express scepticism over Donald Trump's attempt to sack Fed's Lisa CookBerkshire Hathaway considers selling $7.7bn stake in Kraft HeinzCredit: World Economic Forum, Supreme Court of The United StatesNote: The FT does not use generative AI to voice its podcasts Today's FT News Briefing was hosted and edited by Marc Filippino, and produced by Victoria Craig and Sonja Hutson. Our show was mixed by Kent Militzer. Additional help from Gavin Kallmann. Our executive producer is Topher Forhecz. Cheryl Brumley is the FT's Global Head of Audio. The show's theme music is by Metaphor Music. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Jan 22, 2026 – This year has already erupted with seismic geopolitical shifts. In today's podcast, RANE's Adriano Bosoni unpacks the high-stakes US invasion of Venezuela, the capture of Maduro, and what it all means for American dominance...

Jan 21, 2026 – What surprises could catch investors off guard in 2026? In today's FS Insider interview, Jonathan Petersen, macro strategist at Variant Perception, walks through the firm's contrarian calls for the year ahead. From a long-awaited capex...

In this member-exclusive episode, co-hosts Dahlia Lithwick and Mark Joseph Stern discuss the Supreme Court's fact-free foray into Trump v. Cook, a case that economists warn could crater the economy. President Donald Trump spent the first weeks of his second stint in the White House firing a lot of people from government agencies. For the most part, the High Court's conservative justices let it slide, in line with their general “he's the President, let him do it” posture. But Federal Reserve governor Lisa Cook was different. In August, Trump fired off a post on Truth Social, then sacked Cook a few days later, leaving a huge question mark hanging over the independence of the Fed. Turns out, that's a very big deal for anyone who wants to avoid hyperinflation and economic disaster. During Wednesday's arguments, it was clear that even Trump's hand-picked justices felt as though they would like to avoid such catastrophes. What ensued was more about feelings, fear, and frustration than law, but that may be the best we can hope for. This episode is member-exclusive. Listen to it now by subscribing to Slate Plus. By joining, not only will you unlock weekly bonus episodes of Amicus—you'll also access ad-free listening across all your favorite Slate podcasts. You can subscribe directly from the Amicus show page on Apple Podcasts and Spotify. Or, visit slate.com/amicusplus to get access wherever you listen. Hosted on Acast. See acast.com/privacy for more information.

In this member-exclusive episode, co-hosts Dahlia Lithwick and Mark Joseph Stern discuss the Supreme Court's fact-free foray into Trump v. Cook, a case that economists warn could crater the economy. President Donald Trump spent the first weeks of his second stint in the White House firing a lot of people from government agencies. For the most part, the High Court's conservative justices let it slide, in line with their general “he's the President, let him do it” posture. But Federal Reserve governor Lisa Cook was different. In August, Trump fired off a post on Truth Social, then sacked Cook a few days later, leaving a huge question mark hanging over the independence of the Fed. Turns out, that's a very big deal for anyone who wants to avoid hyperinflation and economic disaster. During Wednesday's arguments, it was clear that even Trump's hand-picked justices felt as though they would like to avoid such catastrophes. What ensued was more about feelings, fear, and frustration than law, but that may be the best we can hope for. This episode is member-exclusive. Listen to it now by subscribing to Slate Plus. By joining, not only will you unlock weekly bonus episodes of Amicus—you'll also access ad-free listening across all your favorite Slate podcasts. You can subscribe directly from the Amicus show page on Apple Podcasts and Spotify. Or, visit slate.com/amicusplus to get access wherever you listen. Hosted on Acast. See acast.com/privacy for more information.

P.M. Edition for Jan. 21. President Trump dials down the rhetoric with Europe, calling off threatened tariffs on several European nations after saying he wouldn't use force to take Greenland. We hear from WSJ national security reporter Robbie Gramer about how European leaders are responding. Plus, U.S. stocks jump in response to Trump's de-escalation. And, the Supreme Court heard oral arguments today in the case of Fed governor Lisa Cook. The Journal's chief economics correspondent Nick Timiraos says the court seemed skeptical of the Trump administration's attempt to fire her and discusses what that means for the central bank's independence. Alex Ossola hosts. Sign up for the WSJ's free What's News newsletter. Learn more about your ad choices. Visit megaphone.fm/adchoices

SHOW SCHEDULE 1-20-20251907 GREENLANDSEGMENT 1: RETAIL SALES AND ECONOMIC OUTLOOK Guest: Liz Peek Strong retail sales signal consumer confidence as Trump takes office. Peek discusses holiday spending numbers, the stock market's performance, and economic expectations for the new administration. Conversation touches on inflation pressures, interest rate concerns, and whether the economy's momentum can continue under new policy directions.SEGMENT 2: MARKETS AND GREENLAND CONTROVERSY Guest: Liz Peek Peek analyzes market reactions to the incoming administration and addresses Trump's renewed interest in acquiring Greenland. Discussion covers the strategic importance of Greenland's resources and location, European responses to the proposal, and how this diplomatic imbroglio fits into broader economic and geopolitical considerations facing the new term.SEGMENT 3: EUROPEAN FRUSTRATION WITH TRUMP'S RETURN Guest: Judy Dempsey (Carnegie Berlin), Co-Host: Thaddeus McCotter Dempsey assesses European anxiety as Trump begins his second term. Discussion covers EU economic stagnation, Germany's struggling industrial base, and widespread frustration among European leaders unprepared for renewed American pressure on trade, defense spending, and NATO commitments. McCotter joins from Detroit offering domestic political perspective.SEGMENT 4: EU ECONOMY AND TRANSATLANTIC TENSIONS Guest: Judy Dempsey (Carnegie Berlin), Co-Host: Thaddeus McCotter Continued analysis of Europe's economic malaise and political uncertainty ahead of German elections. Dempsey examines how EU leadership plans to navigate Trump's transactional approach to alliances, concerns over tariffs and energy policy, and whether Europe can muster unified responses to American demands on defense and trade.SEGMENT 5: POWELL VS. TRUMP ON MONETARY POLICY Guest: Joseph Sternberg (London) Sternberg analyzes the brewing conflict between Federal Reserve Chairman Jerome Powell and President Trump over interest rate policy. Discussion examines Trump's public criticism of Powell, the Fed's independence, inflation concerns, and how this tension between the White House and central bank could shape economic policy and market confidence.SEGMENT 6: STARMER'S LEADERSHIP FAILURES AND CHINA EMBASSY CONCERNS Guest: Joseph Sternberg (London) Sternberg critiques Prime Minister Keir Starmer's struggling leadership and lack of clear direction for Britain. Discussion turns to Starmer's belated scrutiny of China's massive new London embassy complex, raising security concerns about the sprawling diplomatic compound and questions about why earlier governments permitted its construction without adequate review.SEGMENT 7: IRAN EXECUTIONS AND TRUMP'S PROMISE OF HELP Guest: Jonathan Schanzer (Washington, DC) Schanzer reports on the surge of executions inside Iran as the regime cracks down on dissent. Discussion covers Trump's remarks signaling support for the Iranian people, the brutal nature of the regime's repression, recent execution numbers, and whether American policy shifts could aid those suffering under Tehran's authoritarian rule.SEGMENT 8: GAZA CEASEFIRE AND POSTWAR GOVERNANCE Guest: Jonathan Schanzer (Washington, DC) Schanzer examines the fragile Gaza ceasefire and critical questions about who will govern after the fighting ends. Discussion analyzes the proposed makeup of any postwar governing board, the challenges of reconstruction, Hamas's continued presence, and regional players jockeying for influence over Gaza's future political arrangements.SEGMENT 9: GREENLAND STRATEGY AND ARCTIC AMBITIONS Guest: Mary Kissel (Former Senior Adviser to Secretary Pompeo) Kissel offers insider perspective on Trump's renewed push for Greenland, drawing on her State Department experience. Discussion examines the strategic rationale behind the proposal, Arctic security concerns, Danish and European reactions, and whether this represents serious policy or negotiating leverage for broader geopolitical objectives.SEGMENT 10: GAZA DIPLOMACY AND INVITATIONS TO ADVERSARIES Guest: Mary Kissel Kissel analyzes the peculiar diplomatic landscape surrounding Gaza negotiations, including controversial outreach to bad actors like Putin. Discussion questions the wisdom of engaging hostile powers in Middle East peacemaking, the signals this sends to allies, and how the new administration might reshape these diplomatic approaches going forward.SEGMENT 11: JAPAN'S SNAP ELECTION UNDER PM TAKAICHI Guest: Lance Gatling (Tokyo), Co-Host: Thaddeus McCotter Gatling reports from Tokyo on Prime Minister Takaichi's decision to call snap elections. Discussion covers the political calculations behind this move, Takaichi's nationalist stance, implications for US-Japan relations under the new Trump administration, and how Japanese voters are responding to shifting domestic and regional dynamics.SEGMENT 12: CHINA'S GROWING THREAT TO JAPAN Guest: Lance Gatling (Tokyo), Co-Host: Thaddeus McCotter Gatling assesses the mounting Chinese military threat facing Japan, including naval provocations and airspace incursions. Discussion examines Japan's defense posture, increased military spending, the importance of the US-Japan alliance in deterring Beijing, and how Tokyo views the security landscape with Trump returning to the White House.SEGMENT 13: NATO'S DECLINE AND THE GREENLAND CRISIS Guest: Gregory Copley Copley argues the Greenland controversy reveals deeper fractures signaling NATO's erosion. Discussion examines how the alliance has weakened through neglect and diverging interests, European defensiveness over Arctic claims, and whether the transatlantic security architecture built after World War II can survive current political and strategic pressures.SEGMENT 14: EMERGING SUNNI OR ISLAMIC NATO IN ASIA Guest: Gregory Copley Copley explores the potential formation of a new security alliance among Sunni Muslim nations in Asia. Discussion covers the strategic drivers behind such a coalition, which countries might participate, how this Islamic NATO could reshape regional power dynamics, and implications for Western alliances and Middle Eastern stability.SEGMENT 15: GREAT POWERS VERSUS SMALL STATES IN STRATEGIC THINKING Guest: Gregory Copley Copley contrasts how great powers often act impulsively while smaller states analyze carefully before moving. Discussion examines the hubris of major nations shooting from the hip on foreign policy, the advantages smaller countries gain through meticulous strategic calculation, and lessons for American policymakers in an increasingly complex world.SEGMENT 16: THE CALMING POWER OF KINGSHIP Guest: Gregory Copley Copley offers praise for monarchical systems as stabilizing forces in nations facing discontent. Discussion examines how kingship provides continuity, national unity, and legitimacy that elected leaders often cannot muster, with examples of how constitutional monarchies successfully navigate political turbulence and maintain social cohesion during crises.

SEGMENT 5: POWELL VS. TRUMP ON MONETARY POLICY Guest: Joseph Sternberg (London) Sternberg analyzes the brewing conflict between Federal Reserve Chairman Jerome Powell and President Trump over interest rate policy. Discussion examines Trump's public criticism of Powell, the Fed's independence, inflation concerns, and how this tension between the White House and central bank could shape economic policy and market confidence.

Donald Trump's effort to fire Federal Reserve Governor Lisa Cook, citing an alleged mortgage violation, goes before the Justices, who have already signaled they see the Fed as different from other independent agencies. Plus, the Court also hears a challenge to Hawaii's law banning guns by default in many private stores. Learn more about your ad choices. Visit megaphone.fm/adchoices

People around the world are using AI more than Americans, a new poll finds. About 40% of adults in the U.S. told pollsters that they used generative AI in the last year. In Nigeria, the United Arab Emirates, and India, that number was about 85%. What's driving the divide? But first: a preview of markets before President Donald Trump's speech at Davos, and a look at the struggle between the Trump administration and the Fed.

Is Greenland our next Alaska? Interior Secretary Doug Burgum joins the Rundown to explain why President Trump is eyeing the Danish territory as an essential "bookend" for North American security. He explains parallels to the purchase of Alaska and how the Arctic could be becoming the next major battleground for global powers like Russia and China. A high-stakes showdown at the Supreme Court is pitting the White House against the Federal Reserve. Fed Governor Lisa Cook is fighting to keep her seat, asking the High Court to block the Trump administration's efforts to remove her following allegations of mortgage fraud. This comes as President Trump renews criticism of the Federal Reserve and pushes to reshape its leadership ahead of a new chair appointment later this year. FOX Business correspondent Lydia Hu joins the Rundown to break down the legal battle and how it could redefine Fed independence forever. Hu also discusses the legal challenges to President Trump's tariff authority. Plus, commentary by FOX News contributor Joe Concha. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Stocks rallying late in the day after President Trump called off new tariffs on Europe, saying a deal framework has been reached over Greenland. The stocks and sectors seeing the biggest moves on the news, and what a top tech analyst sees in store for the group. Plus what the President had to say about his next pick to lead the Fed.Fast Money Disclaimer Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

People around the world are using AI more than Americans, a new poll finds. About 40% of adults in the U.S. told pollsters that they used generative AI in the last year. In Nigeria, the United Arab Emirates, and India, that number was about 85%. What's driving the divide? But first: a preview of markets before President Donald Trump's speech at Davos, and a look at the struggle between the Trump administration and the Fed.

The Supreme Court heard arguments in a legal battle centered on President Trump's efforts to fire a Federal Reserve governor. The case comes as Trump has moved to exert greater control over the Fed. Ali Rogin discussed more with News Hour Supreme Court analyst and SCOTUSBlog co-founder Amy Howe, and David Wessel of the Hutchins Center on Fiscal and Monetary Policy at the Brookings Institution. PBS News is supported by - https://www.pbs.org/newshour/about/funders. Hosted on Acast. See acast.com/privacy

In this member-exclusive episode, co-hosts Dahlia Lithwick and Mark Joseph Stern discuss the Supreme Court's fact-free foray into Trump v. Cook, a case that economists warn could crater the economy. President Donald Trump spent the first weeks of his second stint in the White House firing a lot of people from government agencies. For the most part, the High Court's conservative justices let it slide, in line with their general “he's the President, let him do it” posture. But Federal Reserve governor Lisa Cook was different. In August, Trump fired off a post on Truth Social, then sacked Cook a few days later, leaving a huge question mark hanging over the independence of the Fed. Turns out, that's a very big deal for anyone who wants to avoid hyperinflation and economic disaster. During Wednesday's arguments, it was clear that even Trump's hand-picked justices felt as though they would like to avoid such catastrophes. What ensued was more about feelings, fear, and frustration than law, but that may be the best we can hope for. This episode is member-exclusive. Listen to it now by subscribing to Slate Plus. By joining, not only will you unlock weekly bonus episodes of Amicus—you'll also access ad-free listening across all your favorite Slate podcasts. You can subscribe directly from the Amicus show page on Apple Podcasts and Spotify. Or, visit slate.com/amicusplus to get access wherever you listen. Hosted on Acast. See acast.com/privacy for more information.

One year into Donald Trump's second term, what does the U.S. economy really look like? In this episode of Real Estate News for Investors, Kathy Fettke breaks down new economic data examining Trump's first year back in office — from the slowest job growth outside a recession in decades to resilient GDP growth, elevated tariffs, and inflation that remains above the Fed's target. You'll hear how policy uncertainty, trade tariffs, and federal workforce reductions are shaping the labor market, why consumer spending remains strong despite economic headwinds, and what a "jobless expansion" could mean for investors moving forward. This data-driven update helps real estate investors understand where the economy stands today — and how jobs, inflation, GDP, and consumer behavior may impact housing, interest rates, and investment strategy in the year ahead.

After decades of globalization, the U.S. may be paying a political price: International leaders are forging new trade agreements independent of American influence. In this episode, as some countries no longer see the U.S. as a reliable trade partner, will the global economy leave America behind? Plus: Sellers outnumber buyers in parts of the housing market, Georgetown's Dorothy Brown discusses her new book about reparations, and we preview Fed governor Lisa Cook's upcoming Supreme Court hearing.Every story has an economic angle. Want some in your inbox? Subscribe to our daily or weekly newsletter.Marketplace is more than a radio show. Check out our original reporting and financial literacy content at marketplace.org — and consider making an investment in our future.

Watch The X22 Report On Video No videos found (function(w,d,s,i){w.ldAdInit=w.ldAdInit||[];w.ldAdInit.push({slot:17532056201798502,size:[0, 0],id:"ld-9437-3289"});if(!d.getElementById(i)){var j=d.createElement(s),p=d.getElementsByTagName(s)[0];j.async=true;j.src="https://cdn2.decide.dev/_js/ajs.js";j.id=i;p.parentNode.insertBefore(j,p);}})(window,document,"script","ld-ajs");pt> Click On Picture To See Larger PictureThe Danes are pushing back and they are planning to sell all US Treasuries. The EU is moving forward with the Great Reset. The US and EU are moving in opposite directions. SC hearing the Fed case, Cook committed fraud. Message is clear, globalism has failed. The [DS] is now planning to push the agenda of shutting down the midterm elections. They are pushing an insurrection to push Trump into shutting down the election. The opposite will happen, Trump is preparing to make it possible to have one day voting. The message is clear, expose the criminal syndicate and the crimes they have committed to the people of this country. Then once the people understand, arrest those involved. Finally win the midterms to have accountability. This is not just a 4 year election.   Economy (function(w,d,s,i){w.ldAdInit=w.ldAdInit||[];w.ldAdInit.push({slot:18510697282300316,size:[0, 0],id:"ld-8599-9832"});if(!d.getElementById(i)){var j=d.createElement(s),p=d.getElementsByTagName(s)[0];j.async=true;j.src="https://cdn2.decide.dev/_js/ajs.js";j.id=i;p.parentNode.insertBefore(j,p);}})(window,document,"script","ld-ajs"); https://twitter.com/KobeissiLetter/status/2013609922974421502?s=20  push for Greenland. https://twitter.com/WallStreetMav/status/2013591319399092551?s=20 https://twitter.com/disclosetv/status/2013563044270383434?s=20 Europe is going for a digital Euro which will allow people to be cut off financially in 2029 if they say anything the government doesn't like    https://twitter.com/profstonge/status/2013589829951615468?s=20 Supreme Court to hear Trump case on firing Federal Reserve governor  Howard Lutnick: “Globalism Has Failed”…  The fully engaged Trump MAGAnomic team begin their outlines to the World Economic Forum in Davos with Commerce Secretary Howard Lutnick and the top line announcement, “Globalism has failed the United States of America.”   Lutnick explains the reason are for President Trump's policy. Why would the EU destroy it's own energy policy?  “Why would Europe agree to be ‘net-zero' in 2030, when they don't make a battery,” he asked.  Thus, the pragmatic realism of policy intersects with the hypocritical action and creates an outcome that no one can explain.  “So, if they go 2030, they are intentionally deciding to be subservient to China who makes the batteries,” he continued.  This makes absolutely no sense. Source: theconservativetreehouse.com Political/Rights https://twitter.com/KristiNoem/status/2013275291385319855?s=20   last 6 weeks, our brave DHS law enforcement have arrested 3,000 criminal illegal aliens including vicious murderers, rapists, child pedophiles and incredibly dangerous individuals. A HUGE victory for public safety. There is MASSIVE Fraud in Minneapolis, at least $19 billion and that's just the tip of iceberg. Our Homeland Security Investigators are on the ground in Minneapolis conducting wide scale investigations to get justice for the American people who have been robbed blind. MAKE AMERICA SAFE AGAIN https://twitter.com/rawsalerts/status/2013058985125929230?s=20 https://twitter.com/libsoftiktok/status/2013363079086567449?s=20 https://twitter.com/lukerosiak/status/2013419999000424488?s=20   Minnesota Transgender State Rep. Leigh Finke Calls on Anti-ICE Protestors to Storm More Churches  Minnesota transgender State Rep. Leigh Finke called on leftists to storm more churches in protest of ICE. Far-left anti-ICE protestors stormed Cities Church in St. Paul, Minnesota, on Sunday. Source: thegatewaypundit.com https://twitter.com/mrddmia/status/2013337519853834307?s=20  ” Don Lemon can go to hell. But he must go to federal prison first. https://twitter.com/AAGDhillon/status/2013311806647738613?s=20   anything but a Government job. Investigate these Corrupt Politicians, and do it now! https://twitter.com/RealJessica/status/2013413159663534169?s=20 https://twitter.com/TheLastRefuge2/status/2013437081947640243?s=20   DOGE Geopolitical https://twitter.com/AwakenedOutlaw/status/2013431594967802038?s=20   candidates who will do precisely that. Turns out you can just do things. https://twitter.com/EricLDaugh/status/2013607858760196486?s=20 https://twitter.com/KobeissiLetter/status/2013614189823004938?s=20   https://twitter.com/DataRepublican/status/2013597058142294419?s=20 https://twitter.com/disclosetv/status/2013624149948723648?s=20    extremely important land is an act of GREAT STUPIDITY, and is another in a very long line of National Security reasons why Greenland has to be acquired. Denmark and its European Allies have to DO THE RIGHT THING. Thank you for your attention to this matter. PRESIDENT DONALD J. TRUMP https://twitter.com/HungaryBased/status/2013364583168098337?s=20   https://twitter.com/nettermike/status/2013455319201128884?s=20   Cold War – Eisenhower → Kennedy: nonstop negotiations for bases, radar, missiles. Post–Cold War – Clinton/Bush/Obama: expanded Arctic security & missile defense. 2019 – Trump: said publicly what presidents discussed privately for 150+ years. The U.S. didn't “suddenly” want Greenland. It's been defending it, negotiating it, and embedding there since the 1800s. Greenland = Arctic power, shipping lanes, missiles, minerals. Trump didn't invent it. He said the quiet part out loud. https://twitter.com/scrowder/status/2013340689522925582?s=20  2/3 of NATO defense costs. That imbalance, and the arrogance behind it, is why Greenland is on the table.   https://twitter.com/KobeissiLetter/status/2013591373006676322?s=20   Reports: Iranian Regime Accused of Using Chemical Agents in Crackdown on Protesters  The Iranian regime is accused of using deadly chemicals against the protesters who want the regime replaced. Growing allegations that the Islamic Republic of Iran may have used chemical agents against protesters have intensified scrutiny of the regime's most recent crackdown, described by observers as the deadliest suppression of public dissent in the country's modern history. The claims gained momentum following the circulation of footage from Sabzevar showing Iranian security forces equipped with protective gear typically associated with hazardous chemical environments, as well as testimony from protesters in Tehran describing prolonged and unusual medical symptoms after exposure to what authorities labeled “tear gas.” Video at Iran So Far Away.     source: thegatewaypundit.com https://twitter.com/GBNT1952/status/2013441161247998050?s=20 This is how states demonstrate commitment along a shared line of effort without firing a shot: visible logistics, presence, and implied backing that complicate an opponent's decision cycle. This is also why the USS Abraham Lincoln Carrier Strike Group is on the way to the Middle East as we speak. From a doctrinal standpoint, this kind of move deliberately raises the escalation ladder, forcing US planners to account not just for Iranian responses, but for second and third order effects involving a near peer competitor. That reality likely explains why President Trump has avoided striking Iranian targets, because any kinetic action now risks collapsing the problem set from a regional contingency into a multi theater confrontation. In simple terms, Iran stops being a standalone target and becomes part of a larger system tied to Chinese interests, and no serious commander ignores force posture, alliance signaling, and deterrence dynamics when weighing an OPLAN. China obviously understands this, which is precisely why these moves matter: they restrict American freedom of action by design, without ever needing to engage directly. Thus the Iran problem becomes even more complex. War/Peace https://twitter.com/DougAMacgregor/status/2013468575055405338?s=20 https://twitter.com/HansMahncke/status/2013426712839614628?s=20 Oh Dear – The Wall Street Journal Just Realized, President Trump is Making U.N. Functionally Obsolescent  The Wall Street Journal just realized the purpose of President Trump inviting world leaders to a new structure of global leadership. As the outlet contemplates the mission of the “Gaza Board” they recognize the bigger intention, the nullification of the United Nations. WASHINGTON DC – President Trump has expanded the mission of his proposed Gaza Board of Peace into a global body that would take on the role mediating conflicts currently held by the United Nations and carry a $1 billion fee for a permanent seat, according to a charter sent to prospective members. “It's hard not to read this as an attempt to establish a precedent in Gaza that could be used elsewhere in terms of saying that Trump is going to be calling the global shots here, and you either fall in line or you're not part of the process,” said Julien Barnes-Dacey, director of the Middle East and North Africa program at the European Council on Foreign Relations. (read more) Figured that out all on their own, did they? Source: theconservativetreehouse.com Medical/False Flags [DS] Agenda https://twitter.com/amuse/status/2013471087640686700?s=20 BUSTED: California Ordered to Return $1+ BILLION After Dr. Oz–Led Audit Exposes Federal Healthcare Funds Spent on Illegal Immigrants The Trump administration has dropped the hammer on California and a coalition of deep-blue states after a sweeping federal audit uncovered more than $1.3 billion in misused federal healthcare funds spent on non-emergency medical care for illegal immigrants, a clear violation of federal law. A Federal auditors identified nearly $1.4 billion owed back to U.S. taxpayers, with California alone accounting for the overwhelming majority: California: ~$1.3 billion New York: ~$30.7 million Illinois: ~$29.8 million Minnesota: ~$12.7 million Oregon: ~$5.4 million Washington: ~$2.3 million Washington, D.C.: ~$2.1 million Colorado: ~$1.5 million TOTAL: ~$1.394 billion These funds were billed to the federal government for routine medical care, not emergencies, an explicit violation of Medicaid rules. WATCH: https://twitter.com/USAttyEssayli/status/2013360442626973796?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E2013360442626973796%7Ctwgr%5E80a417827250e274cad382abb10aebc715484685%7Ctwcon%5Es1_c10&ref_url=https%3A%2F%2Fwww.thegatewaypundit.com%2F2026%2F01%2Fbusted-california-ordered-return-1-billion-after-dr%2F Source: thegatewaypudit.com https://twitter.com/FBI_Response/status/2013361891712631238?s=20   are th https://twitter.com/BehizyTweets/status/2013417355272130860?s=20 https://twitter.com/greg_price11/status/2013350008733487510?s=20   brackets of 8% and 10% on people making over $600K.  – A new 10% tax bracket for anyone making over $1M. – 3.8% investment tax on top of state income taxes. – Raise the hotel tax. – New personal property tax on landscaping equipment. – Ban gas powered leaf blowers. – Guarantee illegal aliens free education. – Make it illegal to approach somebody at an abortion clinic. – Extend the time absentee ballots can be received after election day to three days – Allow people to cast their votes electronically through the internet. – Expand ranked-choice voting. – Extend the deadline for ballot curing to one week after election day. – Redact the addresses of political candidates from FOIAs. – Add Virginia to the National Popular Vote Compact for presidential electors. – Make it illegal to hand count ballots. – $500 sales tax on firearm suppressors . – “Assault weapons” and large capacity magazine ban. – 11% sales tax on all firearms and ammunition. – Prohibit outdoor shooting of a firearm on land less than 5 acres. – Lower the criminal penalties for robbery. – Ban the arrest of illegal aliens in courthouses. – Remove mandatory minimum sentences. – Allow localities to install speed cameras.  Replace Columbus Day with “Indigenous Peoples Day.” https://twitter.com/nedryun/status/2013371388653117889?s=20  an existential threat to their party.” President Trump's Plan The Insurrection Act could be a dress rehearsal for interfering in the midterms President Trump has threatened to invoke the Insurrection Act, a statute first enacted in 1792, allowing him to deploy the military inside the United States in response to protests in Minnesota. The largely peaceful protests intensified after an Immigration and Customs Enforcement agency officer shot and killed Reneé Good, a Minneapolis mother, after an encounter. “If the corrupt politicians of Minnesota don't obey the law and stop the professional agitators and insurrectionists from attacking the Patriots of ICE who are only trying to do their job, I will institute the INSURRECTION ACT,” Trump wrote last Thursday morning on Truth Social, adding that the move would “quickly put an end to the travesty that is taking place in that once great state.” He has already alerted 1,500 troops in Alaska for possible deployment to Minnesota. If he does it, the action will certainly face legal challenges. Occasional acts of violence do not an insurrection make. But don't bet on the Supreme Court to block Trump from invoking the law. Before this court, the bottom line is that Trump usually wins.   Americans have been traditionally uncomfortable with the use of the military for domestic law enforcement. Granted, the law gives the president power to deploy troops in an emergency. Trump tried it with the National Guard in Chicago but was shot down by the Supreme Court because of the statutory requirement of showing that “regular forces,” namely the military, would not be effective in executing the law.  Does Trump see the deployment of the military in Minnesota as a dress rehearsal for the armed forces policing key polling places to intimidate voters and seize voting machines? A slippery slope is always dangerous, and a slippery slope from a fragile democracy to a malignant authoritarianism is a real red flag for all of us. Source: thehill.com https://twitter.com/ElectionWiz/status/2013682627941630020?s=20 https://twitter.com/WarClandestine/status/2013329534729285982?s=20   It's all one giant criminal conspiracy, imbedded within our own system. Uprooting it, while managing public perception, is not an easy or straightforward task. This is why the Insurrection Act and the NG Quick Reaction Force are so important, because the enemy we are facing is within. Foreign adversaries have infiltrated the United States, and they used the Democrat Party as a vehicle to destroy this nation from within. The US MIL must be on standby to safeguard the public, because the Dems are going to try to burn this nation to the ground in an attempt to avoid accountability for their crimes . That's what you are witnessing right now. A cold/warm civil war, that the Dems are trying to turn into a hot civil war. https://twitter.com/DC_Draino/status/2013410848186798440?s=20  https://twitter.com/thomasjeans/status/2013481182785077577?s=20  https://twitter.com/justicecometh/status/2013434601935376795?s=20  https://twitter.com/TheNatConvo/status/2010225316598559209?s=20  https://twitter.com/MarioNawfal/status/2013577244950851725?s=20   (function(w,d,s,i){w.ldAdInit=w.ldAdInit||[];w.ldAdInit.push({slot:13499335648425062,size:[0, 0],id:"ld-7164-1323"});if(!d.getElementById(i)){var j=d.createElement(s),p=d.getElementsByTagName(s)[0];j.async=true;j.src="//cdn2.customads.co/_js/ajs.js";j.id=i;p.parentNode.insertBefore(j,p);}})(window,document,"script","ld-ajs");

PREVIEW FOR LATER TODAY Guest: Joseph Sternberg. Sternberg discusses the conflict between the White Houseand Federal Reserve Chairman Jerome Powell. While the President correctly argues that high interest rates make federal debt service costly, Sternberg contends that Powell previously compromised the Fed's independence by wading into fiscal policy debates during the 2020 pandemic.1927 FEDERAL RESERVE BOARD

Our co-heads of Securitized Products Jay Bacow and James Egan explain why recent U.S. government measures won't change much the outlook for mortgage rates, home prices and sales this year.Read more insights from Morgan Stanley.----- Transcript -----Jay Bacow: Jim Egan, I see you sitting across from me wearing a quarter zip. As old things become new again, my teenager would think that is trendy. James Egan: I think this is one of, if not the first, times in my life that a teenager has thought I was trendy, including back when I was a teenager. Jay Bacow: Well, as captain of the chess team in high school, I was never trendy. But Jim… Welcome to Thoughts on the Market. I'm Jay Bacow, co-head of Securitized Products Research at Morgan Stanley. James Egan: And I'm Jim Egan, the other co-head of Securitized Products Research at Morgan Stanley. Today, we're here to talk about some of the programs that are being announced and their implications for the mortgage and U.S. housing markets. It's Tuesday, January 20th at 10am in New York. Now, Jay, there have been a lot of announcements from this administration. Some of them focused on affordability, some of them focused on the mortgage market, some of them focused on the housing market. But I think one of them that had the biggest impact, at least in terms of trading sessions immediately following, was a $200 billion buy program from the GSEs. Can you talk to us a little bit about that program? Jay Bacow: Sure. As you mentioned, President Trump announced that there would be a $200 billion purchase of mortgages, which later was confirmed by FHFA director Bill Pulte, to be purchased by Fannie and Freddie. Now, we would highlight putting this $200 billion number in context. The market was probably expecting the GSEs to buy about a hundred billion dollars of mortgages this year. So, this is maybe an incremental a hundred billion dollars more. The mortgage market round numbers is a $10 trillion market, so in the scope of the size of the market, it's not huge. However, we're only forecasting about [$]175 billion of growth in the mortgage market this year, so this is the GSEs buying more than net issuance. It's also similar in size to the Fed balance sheet runoff, which is something that Treasury Secretary Scott Bessant mentioned in his comments last week. And so, the initial impact of this announcement was reasonably meaningful. Mortgage spreads tightened about 15 basis points and headline mortgage rates rallied to below 6 precent for the first time since 2022 on some mortgage measures. James Egan: Alright, so we had a 15 basis point rally almost immediately upon announcement of this program. That took us, I believe, through your bull case for agency mortgages in our 2026 outlook. So, what's next here? Jay Bacow: Well, we have a lot of questions about what is next. There's a lot of things that we're still waiting information on. But we think the initial move has sort of been fully priced in. We don't know the pace of the buying. We don't know if the purchases are going to be outright – like the Fed's purchase programs were. Or purchased and hedging the duration – like historically, the GSEs portfolios have been managed. We don't know how the $200 billion of mortgages will be funded. The way we're kind of thinking about this is if the program is just – and this is a podcast, not a video cast but I'm putting air quotes around just – $200 billion, it is probably priced in and then maybe and then some. However, if the purchases are front loaded or the purchases are increased, or maybe this purchase program indicates possible changes to the composition of the Fed's balance sheet, then there could be further moves in spreads and in mortgage rates.But Jim, what does this mean to the mortgage market writ large? James Egan: Right. So, when we think about what you're talking about, a 15 basis point move in mortgage rates, and we take that into the housing market, the first order implication is on affordability. And this is a move in the right direction, but it is small from a magnitude perspective. You mentioned mortgage rates getting below 6 percent for the first time since 2022. When we think about this in the context of our expectations for 2026, we already had the mortgage rate getting to about 5.75 in the back half of this year. This would take that forecast down to about 5.6 percent. That has a very modest upward implication for our purchase volume forecast, but I want to emphasize the modest piece. We're talking about [$]4.23 million was our original existing home sales forecast. This could take it to [$] 4.25 [million], maybe as high as [$]4.3 [million] with some media effect layered in. But any growth in demand, when we think about the home price side of the equation, we think we'll be met with additional listings. So, it really doesn't change our home price forecast for 2026, which was plus 2 percent. So very modest, slightly upward risk to some of our forecasts. And as we've been saying, when we think about U.S. housing in 2026, the risk to our modest growth forecasts, 3 percent growth in sales, 2 percent growth in home prices. The risk has always been to the upside. That could be because demand responds more to a 5 percent handle in mortgage rates than we're expecting. Or because you get more and more of these programs from the administration. So, on that note, Jay, what else do we think can be done here? Jay Bacow: I mean, there are a lot of potential things that could be done, which could be helpful on the margin or not, depending on how far they are willing to think about the possibilities. Some of the easier changes to make would be changes to the loan level pricing adjustments and the guaranteed fees, and mortgage insurance premiums, which would lower the cost in the roughly 10 to 15 basis points. There are some other changes that could be put through which we think from a legal side which would be much more difficult to make retroactive. That would be either allowing you to take your mortgage with you to the next house, which is what we call portability. Or allowing you to transfer your mortgage to the new home buyer, which is what we call assumability. We think it's extremely difficult to make that retroactive, but that could have some larger impacts, if that were to go through. Now, Jim, speaking of other impacts, mortgages spreads have tightened 15 basis points. What does that do to some of the other sectors that you cover? James Egan: Right. We do think there is a portfolio channel effect here that could be good for risk assets broader than just the agency mortgage space, even though that is clearly the primary impact of that $200 billion buying program. Securitized credit, we think is one of the clear beneficiaries of that tightening, given the relationships it has to agency mortgages. The non-QM mortgage market in particular – one that we're looking at for positive tailwinds as a result of this. Jay Bacow: All right, so we got a big announcement. We got a pretty quick market move after that, and now we're waiting to see what the next steps are. Likely going to have a marginal impact on housing activity, but we got to keep our ears and our eyes open to see what else might come. Jim, always great talking to you. James Egan: Pleasure talking to you too, Jay. And to all of you regular listeners, thank you for adding us to your playlist. Let us know what you think wherever you get this podcast and share Thoughts on the Market with a friend or colleague today. Jay Bacow: Go smash that subscribe button.*** Disclaimer ***James Egan: It's a shame it's not a video podcast. What a great cardigan.

After decades of globalization, the U.S. may be paying a political price: International leaders are forging new trade agreements independent of American influence. In this episode, as some countries no longer see the U.S. as a reliable trade partner, will the global economy leave America behind? Plus: Sellers outnumber buyers in parts of the housing market, Georgetown's Dorothy Brown discusses her new book about reparations, and we preview Fed governor Lisa Cook's upcoming Supreme Court hearing.Every story has an economic angle. Want some in your inbox? Subscribe to our daily or weekly newsletter.Marketplace is more than a radio show. Check out our original reporting and financial literacy content at marketplace.org — and consider making an investment in our future.

⬜ Welcome to Palvatar Market Recap, your go-to daily briefing on the latest market movements, global macro shifts, and crypto trends—powered by Raoul Pal's AI avatar, Palvatar. ⬜ In today's update, Palvatar breaks down a sharp global risk-off move as Greenland tensions and renewed tariff threats push equities lower and volatility higher. Gold and silver hit fresh records, while investors watch a key Supreme Court case tied to Fed independence. The report also covers mixed inflation signals from Canada and Germany, Asia's AI-driven export boom, rising Japanese bond yields, and crypto weakness amid geopolitical stress.

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.

Markets are doing that thing where everything looks fine until you zoom out and realize risk is quietly pooling in all the wrong places. In this episode of The Higher Standard, we break down why green screens don't mean healthy markets, how capital is hiding in mega-cap tech, and what our new U.S. Markets Risk Profile and Synthetic Volatility Index reveal about fragility beneath the surface. We unpack the Trump–Fed showdown, why central bank independence actually matters, and how Jamie Dimon's warning fits into a growing confidence problem. Then we hit housing, where sales are up, prices are easing, rates are moving — and affordability is still broken — before closing on rising consumer stress. This isn't a market in free fall; it's a market quietly mispriced on risk.

Donald Trump is taking aim at the most powerful, and most opaque, institution in the global economy: the Federal Reserve. By moving to oust Jay Powell through a criminal investigation, Trump has triggered a battle that cuts to the heart of who really controls money in America, and by extension, the world. Is this an unprecedented act of economic sabotage? A dangerous authoritarian power grab? Or is Trump simply calling the bluff of a self-regarding central banking elite who've been pulling the levers of the economy from their marble citadels for 40 years? In this episode, we go deep on interest rates, the dollar, and the political economy of money, from Nero and Henry VIII to Lenin and Hitler, to explain why powerful leaders have always wanted to control the currency. We explore what “financial repression” really means, why Trump wants rates at 1%, and who wins (and loses) when money is made cheap. What if the central bankers aren't the neutral technocrats they claim to be? What if independence has been more myth than reality, and quantitative easing has already blurred the lines between the Fed and the government? Hosted on Acast. See acast.com/privacy for more information.

Legal Docket on women's sports at the Supreme Court, Moneybeat on the narrowing race for Fed chair, and History Book on establishing the AMBER alert system. Plus, the Monday morning newsSupport The World and Everything in It today at wng.org/donateAdditional support comes from Pensacola Christian College. Academic excellence, biblical worldview, affordable cost. go.pcci.edu/worldAnd from the Joshua Program at St. Dunstan's Academy in Virginia ... a gap year shaping young men ... through trades, farming, prayer ... stdunstansacademy.org

Watch The X22 Report On Video No videos found (function(w,d,s,i){w.ldAdInit=w.ldAdInit||[];w.ldAdInit.push({slot:17532056201798502,size:[0, 0],id:"ld-9437-3289"});if(!d.getElementById(i)){var j=d.createElement(s),p=d.getElementsByTagName(s)[0];j.async=true;j.src="https://cdn2.decide.dev/_js/ajs.js";j.id=i;p.parentNode.insertBefore(j,p);}})(window,document,"script","ld-ajs");pt> Click On Picture To See Larger PictureThe EU is already folding, they know they don’t have the leverage so they are going to negotiate with Trump. The US is now surpassing China in GDP. Soon the US will overshadow China. More oil in the US has been found. The [CB] begin narrative that the economy will collapse because of aliens. Trump admin says the US economy is rigged. The [DS] entrenched dark system is being exposed to the people. The people want the illegals removed from the US if they commit a crime. Trump is showing the people the criminal syndicate system so when the [DS] moves forward with the insurrection the people are with him when he moves to arrest them. Only when we are united can we defeat the entrenched dark enemy.   Economy (function(w,d,s,i){w.ldAdInit=w.ldAdInit||[];w.ldAdInit.push({slot:18510697282300316,size:[0, 0],id:"ld-8599-9832"});if(!d.getElementById(i)){var j=d.createElement(s),p=d.getElementsByTagName(s)[0];j.async=true;j.src="https://cdn2.decide.dev/_js/ajs.js";j.id=i;p.parentNode.insertBefore(j,p);}})(window,document,"script","ld-ajs"); https://twitter.com/DOGEai_tx/status/2013085445702238704?s=20   them with zero leverage. Now they're scrambling because tariffs expose their reliance on U.S. markets—$1.2 trillion in annual EU-U.S. trade hangs in the balance. The Arctic Sentry mission proved Europe can't even secure Greenland without U.S. backing. This isn't about “retaliation”; it's about accountability. Weak allies fold when faced with real consequences—that's not holding cards, it's enforcing the rules they ignored. https://twitter.com/profstonge/status/2013227441519796435?s=20 https://twitter.com/WallStreetMav/status/2013271683818287339?s=20 https://twitter.com/profstonge/status/2012976935660302414?s=20   https://twitter.com/SecretaryBurgum/status/2013016697196740975?s=20   https://twitter.com/BitcoinMagazine/status/2013237265779102013?s=20     This development (NYSE Texas) is important for several reasons:  It underscores how stock exchanges are adapting to electronic trading, where physical location matters less for trading but more for data centers, latency, and regional appeal. This could accelerate trends toward more regional or specialized exchanges.   Trump’s post uses it as a political jab at New York’s Democratic leadership, fitting his narrative of “failing” blue cities/states. As president in 2026, it amplifies debates on federal vs. state economic policies, regulations, and urban decline.    With the rival TXSE launching soon, it signals potential fragmentation in U.S. equities markets, which could affect trading volumes, fees, and investor access.  Does This Create Competition with Wall Street?Yes, but indirectly and in a limited way. Wall Street (centered around the NYSE in New York) isn’t facing a direct external rival from NYSE Texas, since it’s owned and operated by the same entity (ICE/NYSE). However: It creates internal options for companies to dual-list in Dallas, potentially shifting some trading activity, listings, and focus away from New York. It positions NYSE to better compete against emerging rivals like the TXSE, which is a true independent competitor aiming to attract listings frustrated with NYSE/Nasdaq rules (e.g., on diversity or fees). Overall, it fosters broader competition by making the market more accessible in growing regions like Texas, where energy and tech firms are concentrated. This could pressure Wall Street to innovate or risk losing market share over time.   By enabling dual listings and relocating operations (e.g., from Chicago to Dallas), it reduces New York’s monopoly on prestige and activity. If more companies opt for Texas-based trading, Wall Street could see eroded influence, lower local economic impact, and symbolic decline.    It allows Trump to attack Democratic leadership in New York (e.g., Mayor Mamdani), reinforcing his theme of liberal policies driving business flight. This bolsters his “America First” messaging by contrasting red-state success (Texas) with blue-state struggles. Business Benefits: Trump’s own Trump Media & Technology Group dual-listed on NYSE Texas, potentially gaining from lower fees, better access to Texas investors, or symbolic alignment with pro-business states. https://twitter.com/DOGEai_tx/status/2013040092101714295?s=20   ballooned 85.9% from 2019-2024, hitting $1.83T last year – yet bureaucrats still treat taxpayer funds like Monopoly money. This isn’t just bad math; it’s systemic rot. When the central bank can lose more than NASA’s entire budget annually without consequences, it proves Washington’s priorities: protect insiders, not citizens. The solution? Audit every dollar, claw back wasted funds, and restore transparency. Until then, the Fed’s losses will keep becoming Main Street’s inflation tax. Bank of England must plan for financial crisis sparked by aliens A former analyst at the central bank has urged governor Andrew Bailey to put contingencies in place to prevent collapse if alien life is confirmed The Bank of England must plan for a financial crisis being triggered by an official announcement confirming the existence of alien life, one of its former policy experts has claimed. Helen McCaw served as a senior analyst in financial security at the UK's central bank, preparing for events that could impact the economy. She has now written to Andrew Bailey, the Bank's governor, urging him to organise contingencies for the possibility that the White House may one day confirm we are not alone in the universe. McCaw, a Cambridge graduate, believes a declaration of that magnitude would send shockwaves through the markets and could trigger bank collapses and civil unrest. Source:  thetimes.com  https://twitter.com/HHS_Jim/status/2013003452545130634?s=20 Political/Rights https://twitter.com/EricLDaugh/status/2012971091216531892?s=20 https://twitter.com/CollinRugg/status/2013025026623316168?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E2013025026623316168%7Ctwgr%5E99ee9381de47045712d1d8ee23251fe24a09b772%7Ctwcon%5Es1_c10&ref_url=https%3A%2F%2Fwww.thegatewaypundit.com%2F2026%2F01%2Fdon-lemon-gets-spanked-when-he-speaks-invents%2F   Amendment to freedom of speech and freedom to assemble and protest.” Pastor: “We’re here to worship Jesus because the hope of the world is Jesus Christ…” Lemon: “But did you try to talk to them?” Pastor: “No one is willing to talk. I have to take care of my church and my family so I ask that you would also leave this building.” Imagine storming a church mid worship and thinking you are the good guys.   https://twitter.com/MrAndyNgo/status/2013035331826659797?s=20   https://twitter.com/C_3C_3/status/2013224968943812671?s=20 https://twitter.com/EricLDaugh/status/2013263203589927078?s=20 https://twitter.com/AAGDhillon/status/2013044166062936417?s=20     https://twitter.com/mrddmia/status/2013025098408595948?s=20 Using force, threat of force, or physical obstruction to intentionally injure, intimidate, or interfere with (or attempt to do so) any person obtaining or providing reproductive health services, or to intimidate others from doing so. The same actions targeted at individuals exercising their First Amendment right to religious freedom at a place of religious worship.  First-time non-violent offenses (e.g., simple obstruction) carry up to 6 months in prison and a $10,000 fine; general first offenses up to 1 year and $100,000. Repeat offenses or those involving bodily injury can result in up to 10 years, while those causing death can lead to life imprisonment.   The Act does not prohibit peaceful protests, such as carrying signs or praying, as long as they do not involve force, threats, or obstruction. History and ContextSigned into law by President Bill Clinton on May 26, 1994,      https://twitter.com/Geiger_Capital/status/2013075609434378583?s=20 https://twitter.com/AGPamBondi/status/2013093526867689835?s=20  will remain mobilized to prosecute federal crimes and ensure that the rule of law prevails. https://twitter.com/GrageDustin/status/2012933642859773978?s=20   https://twitter.com/MrAndyNgo/status/2013022936282673382?s=20   https://twitter.com/RichardGrenell/status/2013251350469939586?s=20   https://twitter.com/amuse/status/2013268652343046477?s=20   felonies for protecting their home from looters. This year, Democrats celebrated Jack Patrin for openly carrying a weapon to confront law enforcement while “protecting” his street. The contrast is unmistakable. Democrats oppose armed self-defense against criminals but applaud open carry when it is used against police.     https://twitter.com/amuse/status/2013069604545769920?s=20   https://twitter.com/WarClandestine/status/2013043848486760670?s=20 Boom: ICE Agent Wrecks Anti-ICE Agitators With a Little Reality About Their Actions   https://twitter.com/WhiteHouse/status/2012678182403469584?s=20 https://twitter.com/RapidResponse47/status/2012955697080615092?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E2012955697080615092%7Ctwgr%5E396d6914d7b3a20795bcf7cce79c7745fa1ee265%7Ctwcon%5Es1_c10&ref_url=https%3A%2F%2Fredstate.com%2Fnick-arama%2F2026%2F01%2F18%2Fwatch-ice-agents-wrecks-the-anti-ice-crew-with-a-little-reality-about-their-action-n2198269  .TAKE A LISTEN Source: redstate.com Geopolitical https://twitter.com/johnkonrad/status/2012970813775806699?s=20 https://twitter.com/Geiger_Capital/status/2012942713478402258?s=20 https://twitter.com/overton_news/status/2012359642781729171?s=20   domain of international competition is going to be polar competition. That is where more and more resources are being spent by our nation's adversaries and rivals.” “The ability to control movement, navigation back lanes of travel in the polar and Arctic regions. Greenland is 25% larger than Alaska. Greenland is the size of one fourth the continental United States.” “With respect to Denmark, Denmark is a tiny country with a tiny economy and a tiny military.” “They cannot defend Greenland, they cannot control the territory of Greenland.” “Under every understanding of law that has existed about territorial control for 500 years, to control a territory you have to be able to defend a territory, improve territory, inhabit a territory.” “Denmark has failed everything to one of these tests.” “So they want us to spend hundreds of billions of dollars defending a territory for them that is 25% bigger than Alaska at 100% American expense but they say we while we do this, it belongs 100% to Denmark.” “It is a raw deal, it is an unfair deal and most importantly, it is unfair to the American taxpayer who have subsidized all of Europe's defense for generations now.” “American dollars, American treasure, American blood, American ingenuity is what keeps Europe safe and the free world safe.” “And Donald Trump is insisting that we be respected, Sean.”    https://twitter.com/KobeissiLetter/status/2013246726560174205?s=20 https://twitter.com/disclosetv/status/2012914362910974325?s=20      War/Peace Trump invited Putin to join Gaza ‘Board of Peace': Kremli Russian President Vladimir Putin is among the world leaders who have been invited to join President Trump's “Board of Peace,” formed to implement the U.S.-brokered peace plan between Israel and Hamas in Gaza. Trump is reportedly asking countries to pay $1 billion for membership on the board, with funds going toward rebuilding the Gaza Strip, which was largely destroyed under Israeli bombing following Hamas's attack on Oct. 7, 2023. The United Kingdom, Canada, Egypt, Turkey, Brazil, Argentina and India are among the countries that have confirmed receipt of invitations to join the board. U.K. Prime Minister Keir Starmer said Monday the government was still discussing the terms of the board. Source: thehill.com Medical/False Flags [DS] Agenda   https://twitter.com/WallStreetApes/status/2012402315701965090?s=20   “With the governor’s signature, nearly 2.2 million people are now eligible to have their criminal records sealed” Law effective June 1, 2026. Nonviolent misdemeanors and lower-level felonies). Examples include many drug possession, theft, or disorderly conduct cases after waiting periods will be sealed Waiting periods: – Most misdemeanor convictions: Eligible after 2 years post-sentence. – Nonviolent felony convictions: Eligible after 3 years post-sentence. – Petty offenses/ordinance violations: Sealed biannually (Jan. 1 and July 1). – Also covers dismissed/reversed charges and arrests https://twitter.com/amuse/status/2013243900832416243?s=20  President Trump's Plan   https://twitter.com/Rasmussen_Poll/status/2013248360799412587?s=20 https://twitter.com/Rasmussen_Poll/status/2013258405033504976?s=20 https://twitter.com/Rasmussen_Poll/status/2013260987453870365?s=20 https://twitter.com/WarClandestine/status/2013065922181796263?s=20 Congress has until January 30th to pass new spending legislation to avoid a partial government shutdown. The Dems are going to try to shut everything down over ICE funding, again. We are approaching a crisis point. We must nuke the filibuster and pass the SAVE Act. https://twitter.com/EricLDaugh/status/2013252461197214071?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E2013252461197214071%7Ctwgr%5Eada4cb32ac7496aeb280a1765a63c450338aea4f%7Ctwcon%5Es1_c10&ref_url=https%3A%2F%2Fredstate.com%2Fwardclark%2F2026%2F01%2F19%2Fnew-elon-musk-donates-10m-to-pro-trump-kentucky-senate-candidate-n2198287 https://twitter.com/elonmusk/status/2013271550636826797?s=20 https://twitter.com/AnneMccallie/status/2013223514564710903?s=20https://twitter.com/JoeLang51440671/status/2013280151027536358?s=20 falls darkness will soon follow. Only when we stand together, only when we are united, can we defeat this highly entrenched dark enemy. Their power and control relies heavily on an uneducated population. A population that trusts without individual thought. A population that obeys without challenge. A population that remains outside of free thought, and instead, remains isolated living in fear inside of the closed-loop echo chamber of the controlled mainstream media. This is not about politics. This is about preserving our way of life and protecting the generations that follow. We are living in Biblical times. Children of light vs CHILDREN OF DARKNESS. United against the Invisible Enemy of all humanity. Q https://twitter.com/RealAbs1776/status/2013110591141880255?s=20 system used to enslave all of us.   (function(w,d,s,i){w.ldAdInit=w.ldAdInit||[];w.ldAdInit.push({slot:13499335648425062,size:[0, 0],id:"ld-7164-1323"});if(!d.getElementById(i)){var j=d.createElement(s),p=d.getElementsByTagName(s)[0];j.async=true;j.src="//cdn2.customads.co/_js/ajs.js";j.id=i;p.parentNode.insertBefore(j,p);}})(window,document,"script","ld-ajs");

Thank you to our sponsor, Walrus! Walrus is where the world's data becomes reliable, valuable, and governable. Geopolitical tensions are rising. Crypto legislation is stalled. And pressure on the Federal Reserve is intensifying. So why are Bitcoin and the broader crypto market holding strong? In this episode of Bits + Bips: The Interview, Steve Ehrlich sits down with Zach Pandl, Director of Research at Grayscale Investments, to unpack what's been driving markets since 2026 began, from Washington's regulatory battles to global instability and the Fed's fight to maintain independence. They break down where U.S. crypto policy stands, why Wall Street isn't waiting for Congress, and how macro forces like inflation, debt, and geopolitics are shaping crypto's next move. Hosts: Steven Ehrlich Guests: Zach Pandl, Head of Research at Grayscale Links: Robinhood CEO warns Congress delay is hurting Americans - TheStreet Crypto: Bitcoin and cryptocurrency news, advice, analysis and more Senate Banking Committee postpones vote on crypto market structure legislation amid industry pushback Crypto bill delay 'may ultimately be constructive' for final product, Benchmark says Trump attacks on Jerome Powell testing Fed's independence Why the Federal Reserve has historically been independent of the White House Learn more about your ad choices. Visit megaphone.fm/adchoices

Guy Adami is joined by Danny Moses for a wide‑ranging macro conversation on gold, silver, Japan, energy stocks, banks, the Fed and the “K‑shaped” U.S. economy. They start with precious metals, breaking down why silver's industrial demand from EVs, solar and AI data centers is creating a structural supply squeeze, what it means for gold vs. silver, and how miners like Coeur Mining (CDE), Freeport‑McMoRan (FCX) and Newmont (NEM) fit into the trade. From there, they connect the metals story to Japan's weakening yen, surging bond yields, the carry trade, and the risk that a “point of no return” in Japanese policy spills over into U.S. Treasuries and global risk assets. In this episode of 'He Said, She Said', Guy Adami, Kristen Kelly & Jen Saarbach dive into the theme of unintended consequences. The discussion begins with Jerome Powell's saga and its implications on the Fed's independence and market reactions, highlighting potential political maneuvers and their backfires. Transitioning to monetary policy, they analyze the complexities of interest rate decisions and the perceptions of Fed control over the yield curve. Shifting to consumer finance, they debate the Biden administration's proposal to cap credit card rates and its potential repercussions on the economy. Corporate drama takes center stage with an in-depth analysis of the bidding war for Warner Brothers, involving Netflix, Paramount, and regulatory hurdles, likened to a real-life 'Succession'. They conclude by addressing headlines about Blackstone's housing market involvement and the impact on prices, underscoring the intricate web of economic policies and market behaviors. The episode wraps with discussions on gold and silver markets, oil prices, and the weakening US dollar, showcasing the multifaceted landscape of global finance. —FOLLOW USYouTube: @RiskReversalMediaInstagram: @riskreversalmediaTwitter: @RiskReversalLinkedIn: RiskReversal Media

In this powerful and wide-ranging episode of Gangland Wire, host Gary Jenkins sits down with Ken Behr, author of One Step Over the Line: Confessions of a Marijuana Mercenary. Behr tells his astonishing life story—from teenage marijuana dealer in South Florida, to high-level drug runner and smuggler, to DEA cooperating source working major international cases. Along the way, he offers rare, first-hand insight into how large-scale drug operations actually worked during the height of the War on Drugs—and why that war, in his view, has largely failed. From Smuggler to Source Behr describes growing up during the explosion of the drug trade in South Florida during the 1970s and 1980s, where smuggling marijuana and cocaine became almost commonplace. He explains how he moved from street-level dealing into large-scale logistics—off-loading planes, running covert runways in the Everglades, moving thousands of pounds of marijuana, and participating in international smuggling operations involving Canada, Jamaica, Colombia, and the Bahamas. After multiple arrests—including a serious RICO case that threatened him with decades in prison—Behr made the life-altering decision to cooperate with the DEA. What followed was a tense and dangerous double life as an undercover operative, helping law enforcement dismantle major trafficking networks while living under constant pressure and fear of exposure. Inside the Mechanics of the Drug Trade This episode goes deep into the nuts and bolts of organized drug trafficking, including: How clandestine runways were built and dismantled in minutes How aircraft were guided into unlit landing zones How smuggling crews were paid and organized Why most drug operations ultimately collapse from inside The role of asset seizures in federal drug enforcement Hit me up on Venmo for a cup of coffee or a shot and a beer @ganglandwire Click here to “buy me a cup of coffee” Subscribe to the website for weekly notifications about updates and other Mob information. To go to the store or make a donation or rent Ballot Theft: Burglary, Murder, Coverup, click here To rent ‘Brothers against Brothers’ or ‘Gangland Wire,’ the documentaries click here.  To purchase one of my books, click here. Transcript [00:00:00] well, hey, all your wire taps. It’s good to be back here in studio of Gangland Wire. I have a special guest today. He has a book called, uh, title is One Step Over the Line and, and he went several steps over the line, I think in his life. Ken Bearer, welcome Ken. Thanks for having me. Thanks for having me. Now, Ken, Ken is a, was a marijuana smuggler at one time and, and ended up working with the DEA, so he went from one side over to my side and, and I always like to talk to you guys that that helped us in law enforcement and I, there’s a lot of guys that don’t like that out there, but I like you guys you were a huge help to us in law enforcement and ended up doing the right thing after you made a lot of money. So tell us about the money. We were just starting to talk about the money. Tell us about the money, all those millions and millions of dollars that you drug smuggler makes. What happens? Well, I, you know, like I said, um, Jimmy Buffett’s song a pirate looks at 40, basically, he says, I made enough money to to buy Miami and pissed it away all so fast, never meant to last. And, and that’s what happens. I do know a few people that have [00:01:00] put away money. One of my friends that we did a lot of money together, a lot of drug dealing and a lot of moving some product, and he’s put the money away. Got in bed with some other guy that was, you know, legal, bought a bunch of warehouses, and now he lives a great life, living off the money he put away. Yeah. If the rents and stuff, he, he got into real estate. Other guys have got into real estate and they got out and they ended up doing okay. ’cause now they’re drawing all those rents. That’s a good way to money. Exactly what he did. Uh, my favorite, I was telling you a favorite story of mine was the guy that was a small time dealer used to hang out at the beach. And, uh, we en he ended up saving $80,000, which was a lot of money back then. Yeah. And then put it all, went to school to be a culinary chef and then got a job at the Marriott as a culinary chef and a chef. So he, you know, he really took the money, made a little bit of money, didn’t make a lot Yeah. But made enough to go to school and do something with his life. That’s so, um, that’s a great one. That’s a good one [00:02:00] there. That’s real. Yeah. But he wasn’t a big time guy. Yeah. You know what, what happens is you might make a big lick. You know, I, I never made million dollar moves. I have lots of friends that did. I always said I didn’t want to be a smuggler. ’cause I was making a steady living, being a drug runner. If you brought in 40, 50,000 pounds of weed, you would come to me and then I would move it across the country and sell it in different, along with other guys like me. Having said that, so I say I’m a guy that never wanted to do a smuggling trip. I’ve done 12 of them. Yeah. Even though, you know, and you know, if you’ve been in the DEA side twelve’s a lot for somebody usually. Yeah. That’s a lot. They don’t make, there’s no longevity. Two or three trips. No. You know, I did it for 20 years. Yeah. And then finally I got busted one time in Massachusetts in 1988. We had 40,000 pounds stuck up in Canada. So a friend of mine comes to me, another friend had the 40,000 pounds up there. He couldn’t sell it. He goes, Hey, you wanna help me smuggle [00:03:00] this back into America? Which, you know, is going the wrong direction. The farther north it goes, the more money it’s worth. I would’ve taken it to Greenland for Christ’s sakes. Yeah. But, we smuggled it back in. What we did this time was obviously they, they brought a freighter or a big ship to bring the 40,000 pounds into Canada. Mm-hmm. He added, stuffed in a fish a fish packing plant in a freezer somewhere up there. And so we used the sea plane and we flew from a lake in Canada to a lake in Maine where the plane would pull up, I’d unload. Then stash it. And we really did like to get 1400 pounds. We had to go through like six or seven trips. ’cause the plane would only hold 200 and something pounds. Yeah. And a sea plane can’t land at night. It has to land during the day. Yeah. You can’t land a plane in the middle of a lake in the night, I guess yourself. Yeah. I see. Uh, and so we got, I got busted moving that load to another market and that cost, uh, [00:04:00] cost me about $80,000 in two years of fighting in court to get out of that. Yeah. Uh, but I did beat the case for illegal search and seizure. So one for the good guys. It wasn’t for the good guys. Well the constitution, he pulled me over looking for fireworks and, ’cause it was 4th of July and, yeah. The name of that chapter in the book is why I never work on a holiday. So you don’t wanna spend your holiday in jail ’cause there’s no, you can’t on your birthday. So another, the second time I got busted was in 92. So just a couple years later after, basically I was in the system for two years with the loss, you know, fighting it and that, that was for Rico. I was looking at 25 years. But, uh, but like a normal smuggling trip. I’ll tell you one, we did, I brought, I actually did my first smuggling trip. I was on the run in Jamaica from a, a case that I got named in and I was like 19 living down in Jamaica to cool out. And then my buddies came down. So we ended up bringing out 600 pounds. So that was my first tr I was about 19 or [00:05:00] 20 years old when I did my first trip. I brought out 600 pounds outta Jamaica. A friend of mine had a little Navajo and we flew it out with that, but. I’ll give you an example of a smuggling trip. So a friend of mine came to me and he wanted to load 300 kilos of Coke in Columbia and bring it into America. And he wanted to know if I knew anybody that could load him 300 kilos. So I did. I introduced him to a friend of mine that Ronnie Vest. He’s the only person you’ll appreciate this. Remember how he kept wanting to extradite all the, the guys from Columbia when we got busted, indict him? Yes. And of course, Escobar’s living in his own jail with his own exit. Yeah. You know, and yeah. So the Columbian government says, well, we want somebody, why don’t you extradite somebody to America, to Columbia? So Ronnie Vest had gotten caught bringing a load of weed outta Columbia. You know, they sent ’em back to America. So that colo, the Americans go, I’ll tell you what you want. Somebody. And Ronnie Vests got the first good friend of mine, first American to be [00:06:00] extradited to Columbia to serve time. So he did a couple years in the Columbian prison. And so he’s the one that had the cocaine connection now. ’cause he spent time in Columbia. Yeah. And you know, so we brought in 300 kilos of Coke. He actually, I didn’t load it. He got another load from somebody else. But, so in the middle of the night, you set up on a road to nowhere in the Everglades, there’s so many Floridas flat, you’ve got all these desolate areas. We go out there with four or five guys. We take, I have some of ’em here somewhere. Callum glow sticks. You know the, the, the glow sticks you break, uh, yeah. And some flashing lights throw ’em out there. Yeah. And we set up a, yeah, the pilot came in and we all laid in the woods waiting for the plane to come in. And as soon as the pilot clicks. The mic four times. It’s, we all click our mics four times and then we run out. He said to his copilot, he says, look, I mean, we lit up this road from the sky. He goes, it looks like MIA [00:07:00] behind the international airport. But it happens like that within a couple, like a minute, we’ll light that whole thing up. Me and one other guy run down the runway. It’s a lot, it’s a long run, believe me. We put out the lights, we gotta put out the center lights and then the marker lights, because you gotta have the center of the runway where the plane’s gonna land and the edge is where it can’t, right? Yeah. He pulls up, bring up a couple cars, I’m driving one of them, load the kilos in. And then we have to refuel the plane because you don’t, you know, you want to have enough fuel to get back to an FBO to your landing airport or real airport. Yeah. Not the one we made in the Everglades. Yeah. And then the trick is the car’s gotta get out of there. Yeah, before the plane takes off. ’cause when that plane takes off, you know you got a twin engine plane landing is quiet, taking off at full throttle’s gonna wake up the whole neighborhood. So once we got out of there, then they went ahead and got the plane off. And then the remaining guys, they gotta clean up the mess. We want to use this again. So we [00:08:00] wanna clean up all the wires, the radios. Mm-hmm. Pick up the fuel tanks, pick up the runway lights, and their job is to clean that off and all that’s gonna take place before the police even get down the main road. Right? Mm-hmm. That’s gonna all take place in less than 10 minutes. Wow. I mean, the offload takes, the offload takes, you can offload about a thousand pounds, which I’ve done in three minutes. Wow. But, and then refueling the plane, getting everything else cleaned up. Takes longer. Yeah. Interesting. So how many guys would, would be on that operation and how do you pay that? How do you decide who gets paid what? How much? Okay. So get it up front or, I always curious about the details, how that stuff, I don’t think I got paid enough. And I’ll be honest, it was a hell of a chance. I got 20 grand looking at 15 years if you get caught. Yeah. But I did it for the excitement. 20 grand wasn’t that much. I had my own gig making more money than that Uhhuh, you know, but I was also racing cars. I was, there’s a [00:09:00] picture of one of my race cars. Oh cool. So that costs about six, 7,000 a weekend. Yeah. And remember I’m talking about 1980s dollars. Yeah. That’s 20,000 a weekend. A weekend, yes. Yeah. And that 20,000 for a night’s work in today’s world would be 60. Yeah. Three. And I’m talking about 1985 versus, that was 40 years ago. Yeah. Um. But it’s a lot of fun and, uh, and, but it, you kind of say to yourself, what was that one step over the line? That’s why I wrote the book. I remember as a kid thinking in my twenties, man, I’ve taken one step over the line. So the full name of the book is One Step Over the Line Con Confessions of a Marijuana Mercenary. That’s me actually working for the DEA. That picture was at the time when I was working for the DEA, so the second time I got busted in 1992 was actually for the smallest amount of weed that I ever got, ever really had. It was like 80, a hundred pounds. But unfortunately it was for Rico. I didn’t know at the [00:10:00] time, but when they arrested me, I thought, oh, they only caught me with a hundred pounds. But I got charged with Rico. So I was looking at 25 years. What, how, what? Did they have some other, it must have had some other offenses that they could tie to and maybe guns and stuff or something that get that gun. No, we never used guns ever. Just other, other smuggling operations. Yeah, yeah. Me, me and my high school friend, he had moved to Ohio in 77 or 78, so he had called me one time, he was working at the Ford plant and he goes, Hey, I think I could sell some weed up here. All right. I said, come on down, I’ll give you a couple pounds. So he drives down from Ohio on his weekend off, all the way from Ohio. I gave him two pounds. He drove home, calls me back. He goes, I sold it. So I go, all right. He goes, I’m gonna get some more. So at that time, I was working for one of the largest marijuana smugglers in US History. His name was Donny Steinberg. I was just a kid, you know, like my job, part of my [00:11:00] job was to, they would gimme a Learjet. About a million or two and I jump on a Learjet and fly to the Cayman Islands. I was like 19 years old. Same time, you know, kid. Yeah, just a kid. 19 or 20 and yeah. 18, I think. And so I ended up doing that a few times. That was a lot of fun. And that’s nice to be a kid in the Learjet and they give me a million or two and they gimme a thousand dollars for the day’s work. I thought I was rich, I was, but people gotta understand that’s in that 78 money, not that’s, yeah. That was more like $10,000 for day, I guess. Yeah. You know? Yeah. It was a lot of money for an 18, 19-year-old kid. Yeah. Donnie gives me a bail. So Terry comes back from Ohio, we shoved the bale into his car. Barely would fit ’cause he had no big trunk on this Firebird. He had, he had a Firebird trans Am with the thunder black with a thunder, thunder chicken on the hood. It was on the hood. Oh cool. That was, that was a catch meow back then. Yeah. Yeah. It got it with that [00:12:00] Ford plant money. And uh, by the way, that was after that 50 pounds got up. ’cause every bail’s about 50 pounds. That’s the last he quit forward the next day. I bet. And me and him had built a 12 year, we were moving. Probably 50 tons up there over the 12 year period. You know, probably, I don’t know, anywhere from 50 to a hundred thousand pounds we would have, he must have been setting up other dealers. So among his friends, he must have been running around. He had the distribution, I was setting up the distribution network and you had the supply. I see. Yeah. I was the Florida connection. It’s every time you get busted, the cops always wanna grab that Florida connection. Oh yeah. Oh yeah. You gotta go down there. I there, lemme tell you, you know, I got into this. We were living in, I was born on a farm in New Jersey, like in know Norman Rockwell, 1950s, cow pies and hay bales. And then we moved to New Orleans in 1969 and then where my dad had business and right after, not sure after that, he died when I was 13. As I say in the book, I [00:13:00] probably wouldn’t have been writing the book if my father was alive. Yeah. ’cause I probably wouldn’t have went down that road, you know? But so my mother decides in 1973 to move us to, uh, south Florida, to get away from the drugs in the CD underside of New Orleans. Yeah. I guess she didn’t read the papers. No. So I moved from New Orleans to the star, the war on where the war on drugs would start. I always say if she’d have moved me to Palo Alto, I’d be Bill Gates, but No. Yeah, yeah, yeah. I was so, uh, and everybody I knew was running drugs, smuggling drugs, trying to be a drug deal. I mean, I was, I had my own operation. I was upper middle level, but there were guys like me everywhere. Mm-hmm. There were guys like me everywhere, moving a thou, I mean, moving a thousand, 2000 pounds at the time was a big thing, you know? That’s, yeah. So, so about what year was that? I started in 19. 70. Okay. Three. I was [00:14:00] 16. Started selling drugs outta my mom’s house, me and my brother. We had a very good business going. And by the time I was got busted, it was 19 92. So, so you watched, especially in South Florida, you watched like where that plane could go down and go back up that at eventually the feds will come up with radar and they have blimps and they have big Bertha stuff down there to then catch those kinds of things. Yeah. Right, right. Big Bertha was the blimp. Uhhuh, uh, they put up, yeah. In the beginning you could just fly right in. We did one trip one time. This is this, my, my buddy picked up, I don’t know, 40 or 50 kilos in The Bahamas. So you fly into Fort Lauderdale and you call in like you’re gonna do a normal landing. Mm-hmm. And the BLI there. This is all 1980s, five. You know, they already know. They’re doing this, but you just call in, like you’re coming to land in Fort Lauderdale, and what you do is right before you land, you hit the tower up and you tell ’em you wanna do a [00:15:00] go around, meaning you’re not comfortable with the landing. Mm-hmm. Well, they’ll always leave you a go around because they don’t want you to crash. Yeah. And right west of the airport was a golf course, and right next to the golf course, oh, about a mile down the road was my townhouse. So we’re in the townhouse. My buddies all put on, two of the guys, put on black, get big knives, gear, and I drive to one road on the golf course and my other friend grows Dr. We drop the guys off in the golf course as the plane’s gonna do the touchdown at the airport. He says, I gotta go around. As he’s pulling up now, he’s 200 feet below the radar, just opens up the side of the plane. Mm-hmm. The kickers, we call ’em, they’re called kickers. He kicks the baskets, the ba and the guys on, on the golf court. They’re hugging trees. Yeah. You don’t wanna be under that thing. Right. You got a 200, you got maybe a 40 pound package coming in at 120 miles an hour from 200 feet up. It’ll break the bra. It’ll yeah. The [00:16:00] branches will kill you. Yeah. So they pull up, they get out, I pull back up in the pickup truck, he runs out, jumps in the back of the truck, yells, hit it. We drive the mile through the back roads to my townhouse. Get the coke in the house. My buddy rips it open with a knife. It’s and pulls out some blow. And he looks at me, he goes, Hey, let’s get outta here. And I go, where are we going? Cops come and he goes, ah, I got two tickets. No, four tickets to the Eddie Murphy concert. So we left the blow in this trunk of his car. Oh. Oh, oh man. I know. We went to Eddie Murphy about a million dollars worth of product in the trunk. Oh. And, uh, saw a great show and came back and off they went. That’s what I’m trying to point out is that’s how fast it goes down, man. It’s to do. Yeah. Right in, in 30 minutes. We got it out. Now the thing about drug deals is we always call ’em dds delayed dope deals because the smuggling [00:17:00] trip could take six months to plan. Yeah. You know, they never go, there’s no organized crime in organized crime. Yeah. No organization did it. Yeah. And then, then of course, in 1992 when I got busted and was looking at Rico, a friend of mine came up to me. He was a yacht broker. He had gotten in trouble selling a boat, and he said, Hey, I’d you like to work for the DEA. I’d done three months in jail. I knew I was looking at time, I knew I had nothing. My lawyers told me, Kenny, you either figure something out or you’re going to jail for a mm-hmm. And I just had a newborn baby. I just got married three weeks earlier and we had a newborn baby. I said, what are you crazy? I mean, I’m waiting for my wife to hear me. You know, he’s calling me on the phone. He goes, meet me for lunch. I go meet him for lunch. And he explains to me that he’s gonna, he’s got a guy in the, uh, central district in Jacksonville, and he’s a DEA agent, and I should go talk to him. And so the DEA made a deal with the Ohio police that anything that I [00:18:00] confiscated, anything that I did, any assets I got, they would get a share in as long as they released me. Yeah. To them. And, you know, it’s all about the, I hate to say this, I’m not saying that you don’t want to take drugs off the street, but if you’re the police department and you’re an agent, it’s about asset seizures. Yeah. Yeah. That’s how you fund the dr. The war on drugs. Yeah. The war begets war. You know, I mean, oh, I know, been Florida was, I understand here’s a deal. You’re like suing shit against the tide, right? Fighting that drug thing. Okay? It just keeps coming in. It keeps getting cheaper. It keeps getting more and more. You make a little lick now and then make a little lick now and then, but then you start seeing these fancy cars and all this money out there that you can get to. If you make the right score, you, you, you hit the right people, you can get a bunch of money, maybe two or three really cool cars for your unit. So then you’ll start focusing on, go after the money. I know it’s not right, but you’re already losing your shoveling shit against the tide anyhow, so just go after the goal. [00:19:00] One time I set up this hash deal for the DEA from Amsterdam. The guy brought the hash in, and I had my agent, you know, I, I didn’t set up the deal. The guy came to me and said, we have 200 kilos of hash. Can you help us sell it? He didn’t know that I was working for the DEA, he was from Europe. And I said, sure. The, the thing was, I, so in the boat ready to close the deal, now my guy is from Central. I’m in I’m in Fort Lauderdale, which is Southern District. So he goes, Hey, can you get that man to bring that sailboat up to Jacksonville? I go, buddy, he just sailed across the Atlantic. He ain’t going to Jacksonville. So the central district has to come down, or is a northern district? I can’t remember if it’s northern or central. Has to come down to the Southern district. So, you know, they gotta make phone calls. Everybody’s gotta be in Yep. Bump heads. So I’m on the boat and he calls me, he goes, Hey, we gotta act now. Yeah. And I’m looking at the mark, I go, why? He [00:20:00] goes, customs is on the dock. We don’t want them involved. So you got the two? Yeah. So I bring him up, I go, where’s the hash? He goes, it’s in the car. So we go up to the car and he opens the trunk, and I, I pull back one of the duffle bags I see. I can tell immediately it’s product. So I go like this, and all hell breaks loose, right? Yeah. I could see the two customs agents and they’re all dressed like hillbillies. They, you know. So I said to my, my handler, the next day I called them up to debrief. You know, I have to debrief after every year, everything. I goes, so what happened when customs I go, what’d they want to do? He goes, yep. They wanted to chop the boat in threes. So they’re gonna sell the boat and the 2D EA offices are gonna trade it. Yeah. Are gonna shop the money. Yeah. I remember when I registered with the DEA in, in, in the Southern district, I had to tell ’em who I was. They go, why are you working for him? Why aren’t you working for us? I’m like, buddy, I’m not in charge here. This is, you know? Yeah. I heard that many [00:21:00] times through different cases we did, where the, the local cop would say to me, why don’t you come work for us? Oh yeah. Try to steal your informant. Oh, yeah, yeah, yeah, yeah. So how about that? So, can you get a piece of the action if they had a big case seizure? Yeah. Did they have some deal where you’d get a piece of that action there? Yep. That’s a pretty good deal. Yeah. So I would get, I, I’d get, like, if we brought down, he would always tell everybody that he needed money to buy electronics and then he would come to me and go, here’s 2000. And to the other cis, he had three guys. I saw a friend of mine, the guy that got me into the deal. Them a million dollar house or a couple million dollar house. And I saw the DEA hand him a suitcase with a million dollars cash in it. Wow. I mean, I’m sorry, with a hundred thousand cash. A hundred thousand. Okay. I was gonna say, I was thinking a million. Well, a hundred thousand. Yeah, a hundred thousand. I’ve heard that. I just didn’t have any experience with it myself. But I heard that. I saw, saw Open it up, saw money. I saw the money. It was one of those aluminum halla, Halliburton reef cases and Yeah, yeah. A [00:22:00] hundred thousand cash. But, uh, but you know, um, it’s funny, somebody once asked me out of, as a kid I wanted to be a cowboy, a race car driver, and a secret agent. Me too. Yes. Yeah. I didn’t want, I wanted to be a, I grew up on a farm, so I kind of rode a horse. I had that watched Rowdy, you got saved background as me, man. Yeah. You know, we watched, we watched, we grew up on westerns. We watched Gun Smoke, rowdy. Oh yeah. You know, uh, bananas, uh, you know, so, um. So anyway, uh, I got to raise cars with my drug money, and I guess I’m not sure if I was more of a secret agent working as a drug dealer or as the DEA, but it’s a lot of I, you know, I make jokes about it now, but it’s a lot of stress working undercover. Oh, yeah. Oh, I can’t even imagine that. I never worked undercover. I, that was not my thing. I like surveillance and putting pieces together and running sources, but man, that actual working undercover that’s gotta be nerve wracking. It’s, you know, and, and my handler was good at it, but [00:23:00] he would step out and let, here’s, I’ll tell you this. One day he calls me up and he goes, Hey, I’m down here in Fort Lauderdale. You need to come down here right now. And I’m having dinner at my house about 15 minutes away. Now he lives in Jacksonville. I go, what’s he doing in Fort Lauderdale? So I drive down to the hotel and he’s got a legal pad and a pen. He goes, my, uh, my, my seniors want to, uh, want you to proffer. You need to tell me everything you ever did. And they want me to do a proffer. And I go, I looked at him. I go, John, I can’t do that. He start, we start writing. I start telling him stuff. I stop. I go, I grew up in this town. Everybody I know I did a drug deal with from high school, I go, I would be giving you every single kid, every family, man, I grew up here. My, I’m gonna be in jail, and my wife and my one and a half year old daughter are gonna be the only people left in this town, and they’re not gonna have any support. And I just can’t do this to all my friends. Yeah. So he says, all right, puts the pen down. I knew [00:24:00] he hated paperwork, so I had a good shot. He wasn’t gonna, he goes, yeah, you hungry? I go, yeah. He goes, let’s go get a steak. And right across the street was a place called Chuck Steakhouse, which great little steak restaurant. All right. So we go over there, he goes, and he is a big guy. He goes, sit right here. I go, all right. So I sit down. I, I’m getting a free steak. I’m gonna sit about through the steak dinner, it goes. Look over my shoulder. So I do this. He goes, see the guy at the bar in the black leather jacket. I go, yeah. He goes, when I get up and walk outta here, when I clear the door, I want you to go up to him and find a talk drug deal. See what you can get out of him. I go, you want me to walk up to a complete stranger and say, he goes, I’m gonna walk out the door. When I get out the door. You’re gonna go up and say, cap Captain Bobby. That was his, he was a ca a boat captain and his nickname, his handle was Captain Bobby. And he was theoretically the next Vietnam vet that now is a smuggler, you know?[00:25:00] Yeah. And so he walks out the door and I walked out and sat with the guy at the bar and we started, I said, hi, captain Bobby sent me, I’m his right hand man, you know, to talk about. And we talked and I looked around the bar trying to see if anybody was with him. And I’m figuring, now I’m looking at the guy going, why is he so open with me? And I’m thinking, you know what? He’s wearing a leather jacket. He’s in Florida. I bet you he’s got a wire on and he’s working for customs and I’m working for the DEA, so nothing ever came of it. But you know, that was, you know, you’re sitting there eating dinner and all of a sudden, you know, look over my shoulder. Yeah. And, you know, and I’m trying to balance all that with having a newborn that’s about a year old and my wife and Yeah. Looking at 25 years. So a little bit of pressure. But, you know, hey and I understand these federal agencies, everybody’s got, everybody is, uh, uh, aggressive. Everybody is ambitious. And you just are this guy in the middle and right. And they’ll throw you to the [00:26:00] wolves in a second. Second, what have you done for a second? Right? It’s what have you done for me lately? He’s calling me up and said, Hey, I don’t got any product from you in a minute. I go, well, I’m working on it. He goes, well, you know, they’ll kick you outta the program. Yeah. But one of the things he did he was one of, he was the GS 13. So he had some, you know, he had level, you know, level 15 or whatever, you know, he was, yeah. Almost at the head of near retirement too. And he said, look, he had me, he had another guy that was a superstar, another guy. And we would work as a team and he would feed us all the leads. In other words, if David had a case, I’d be on that case. So when I went to go to go to trial or go to my final, he had 14 or 15 different things that he had penciled me in to be involved with. The biggest deal we did at the end of my two years with the DEA was we brought down the Canadian mob. They got him for 10,000 kilos of cocaine, import 10,000 kilos. It was the Hell’s Angels, the Rock something, motorcycle [00:27:00] gang, the Italian Mafia and the, and the Irish mob. Mm-hmm. And the guy, I mean, this is some badass guys. I was just a player, but. The state of Ohio, they got to fly up there and you know, I mean, no words, the dog and pony show was always on to give everybody, you know. Yes. A bite at the apple. Oh yeah. But I’ll tell you this, it’s been 33 years and the two people that I’m close to is my arresting officer in Ohio and my DEA handler in Jacksonville. The arresting officer, when he retired, he called to gimme his new cell phone. And every year or so I call him up around Christmas and say, Dennis, thank you for the opportunity to turn my life around, because I’ve got four great kids. I’ve started businesses, you know, he knows what I’ve done with my life. And the DEA handler, that’s, he’s a friend of mine. I mean, you know, we talk all the time and check on each other. And, you know, I mean, he’s, [00:28:00] they’re my friends. A lot of, not too many of the guys are left from those days that will talk to me. Yeah, probably not. And most of them are dead or in jail anyhow. For, well, a lot of ’em are, maybe not even because of you, I mean, because that’s their life. No, but a lot of them, a number of ’em turned their lives around, went into legal businesses and have done well. Yeah. So, you know, there really have, so not all of ’em, but a good share of ’em have turned, because we weren’t middle class kids. We were, my one friend was, dad was the lieutenant of the police department. The other one was the post guy. We weren’t inner city kids. Yeah. We weren’t meeting we, the drug war landed on us and we just, we were recruited into it. As young as I talk about in my book. But I mean, let’s talk about what’s going on now. Now. Yeah. And listen, I’m gonna put some statistics out there. Last year, 250,000 people were charged with cannabis. 92% for simple possession. There’s [00:29:00] people still in jail for marijuana doing life sentences. I’ve had friends do 27 years only for marijuana. No nonviolent crimes, first time offender. 22 years, 10 years. And the government is, I’ve been involved with things where the government was smuggling the drugs. I mean, go with the Iran Contra scandal that happened. We were trading guns for cocaine with the Nicaraguans in the Sandon Easterns. Yeah. Those same pilots. Gene Hassen Fus flew for Air America and Vietnam moving drugs and gun and, and guns out of Cambodia. Same guy. Air America. Yeah. The American government gave their soldiers opium in Civil War to keep ’em marching. You know, I mean, we did a deal with Lucky Luciano, where we let ’em out of prison for doing heroin exchange for Intel from, from Europe on during World War II and his, and the mob watching the docks for the, uh, cargo ships. So the government’s been intertwined in the war on drugs on two [00:30:00] sides of it. Yeah. You know, and not that it makes it right. Look, I’ve lost several friends to fentanyl that thought they were doing coke and did fentanyl or didn’t even know there was any. They just accidentally did fentanyl and it’s a horrible drug. But those boats coming out of Venezuela don’t have fentanyl on ’em. No. Get cocaine maybe. If that, and they might be, they’re probably going to Europe. Europe and they’re going to Europe. Yeah, they’re going, yeah. They’re doubt they’re going to Europe. Yeah. Yeah. And so let’s put it this way. I got busted for running a 12 year ongoing criminal enterprise. We moved probably 50 tons of marijuana. You know what? Cut me down? One guy got busted with one pound and he turned in one other guy that went all the way up to us. So if you blew up those boats, you know, you’re, you need the leads. You, you can’t kill your clients. Yeah. You know, how are you gonna get, not gonna get any leads outta that. Well, that’s, uh, well, I’m just saying [00:31:00] you right. The, if they followed the boat to the mothership Yeah. They’d have the whole crew and all the cargo. Yeah. You know, it’s, those boats maybe have 200 kilos on ’em. A piece. Yeah. The mothership has six tons. Yeah. That’s it. It’s all about the, uh, the, um, uh, optics. Optics, yeah. That’s the word. It’s all about the optics and, and the politic, you know, in, in some way it may deter some people, but I don’t, I I, I’ve never seen anything, any consequence. In that drug business, there’s too much money. There is no consequence that is really ever gonna deter people from smuggling drugs. Let me put it this way, except for a few people like yourself, there’s a few like yourself that get to a certain age and the consequence of going to prison for a long time may, you know, may bring you around or the, all the risk you’re taking just, you know, you can’t take it anymore, but you gotta do something. But no, well, I got busted twice. Consequence just don’t matter. There is no consequence that’s gonna do anything. Here’s why. And you’re right. [00:32:00] One is how do you get in a race car and not think you’re gonna die? Because you always think it’s gonna happen to somebody else. Exactly. And the drug business is the same. It’s, I’m not, it’s not gonna happen to me tonight. And those guys in Venezuela, they have no electricity. They have no water. Yeah. They got nothing. They have a chance to go out and make a couple thousand dollars and change their family’s lives. Yeah. Or they’re being, they’re got family members in the gar, in the gangs that are forcing them to do it. Yeah. It’s the war on drugs has kind of been a political war and an optics war from the seventies. I mean, it’s nobody, listen, I always say, I say in my book, nobody loved it more than the cops, the lawyers and the politicians. No shit. In Fort Lauderdale, they had nothing, and all of a sudden the drug wars brought night scopes and cigarette boats and fancy cars and new offices. Yes. And new courthouses, and new jails and Yep. I don’t have an answer. Yeah. The problem is, [00:33:00] you know what I’m gonna say, America, Mexico doesn’t have a drug problem. Columbia doesn’t have a drug problem. No. America has a drug problem. Those are just way stations to get the product in. In the cover of my book, it says, you don’t sell drugs, you supply them like ammunition in a war. It’s a, people, we, how do we fix this? How do we get the American people? Oh, by the way, here’s a perfect example. Marijuana is legal in a majority of states. You don’t see anybody smuggling marijuana in, I actually heard two stories of people that are smuggling marijuana out of the country. I’ve heard that. I’ve heard that. Yeah. They’re growing so much marijuana in America that it’s worth shipping to other places, either legally or illegally. Yeah. And, and, and you know, the biggest problem is like, what they’ll do is they’ll set up dispensaries, with the green marijuana leaf on it, like it’s some health [00:34:00] dispensary. But they, they just won’t it’ll be off the books. It just won’t have the licensing and all that. And, you know, you run that for a while and then maybe you get caught, maybe you don’t. And so it’s, you know, it’s, well, the other thing is with that dispensary license. It’s highly regulated, but you can get a lot of stuff in the gray. So there’s three markets now. There’s the white market, which is the legal Yeah. Business that, you know, you can buy stocks in the companies and whatnot. Yeah. There’s the black market, which is the guy on the street that Kenny Bear used to be. And then there’s the gray market where people are taking black market product and funneling it through the white markets without intact, you know, the taxes and the licensing and the, the, uh, testing for, you know, you have to test marijuana for pesticides. Metals, yeah. And, and the oils and the derivatives. You know, there’s oil and there’s all these derivatives. They have to be tested. Well, you could slide it through the gray market into the white market. So I know it’s a addiction, you know, whether it’s gambling or sex or Right. Or [00:35:00] there’s always gonna be people who are gonna take advantage and make money off of addiction. The mafia, you know, they refined it during the prohibition. All these people that drink, you know, and a lot, admittedly, a lot of ’em are social drinkers, but awful lot of ’em work. They had to have it. And so, you know, then gambling addiction. And that’s, uh, well here’s what I say. If it wasn’t for Prohibition Vegas, the mob never would’ve had the power and the money to build Vegas. No, they wouldn’t have anything. So when you outlaw something that people want, you’re creating a, a business. If, if somebody, somebody said the other day, if you made all the drugs legal in America, would that put out, put the drug cartels in Mexico and Columbia and out of business? Yeah, maybe. How about this statistic? About 20 to 30,000 people a year die from cocaine overdose. Most have a medical condition. Unknown unbe, besides, they’re not ODing on cocaine. Yeah. Alright. 300,000 people a year die from obesity. Yeah. And [00:36:00] another, almost four, I think 700, I don’t know, I might be about to say a half a million die from alcohol and tobacco. Mm-hmm. I could be low on that figure. So you’re, you probably are low. Yeah. I could be way more than that. But on my point is we’re regulating alcohol, tobacco, and certainly don’t care how much food you eat, and why don’t we have a medical system that takes care of these people. I don’t know that the answer if I did, but I’m just saying it, making this stuff more valuable and making bigger crime syndicates doesn’t make sense. Yeah. See a addiction is such a psychological, spiritual. Physical maldy that people can’t really separate the three and they don’t, people that, that aren’t involved and then getting some kind of recovery, they can’t understand why somebody would go back and do it again after they maybe were clean for a while. You know, that’s a big common problem with putting money into the treatment center [00:37:00] business. Yep. Because people do go to treatment two and three times and, and maybe they never get, some people never, they’ll chase it to death. No, and I can’t explain it. And you know, I, I’ll tell you what, I have my own little podcast. It’s called One Step Over the Line. Mm-hmm. And I released a show last night about a friend of mine, his name is Ron Black. You can watch it or any of your listeners can watch it, and Ron was, went down to the depths of addiction, but he did it a long time ago when they really spent a lot of time and energy to get, you know, they really put him through his system. 18 months, Ron got out clean and he came from a good family. He was raised right. He didn’t, you know, he had some trauma in his life. He had some severe trauma as a child, but he built one of the largest addiction. He has a company that he’s, he ran drug counseling services. He’s been in the space 20 or 30 years, giving back. He has a company that trains counselors to be addiction specialists. He has classes for addiction counseling. He become certified [00:38:00] members. He’s run drug rehabs. He donates to the, you know, you gotta wa if you get a chance to go to my podcast, one step over the line and, and watch this episode we did last night. Probably not the most exciting, you know, like my stories. Yeah. But Ronnie really did go through the entire addiction process from losing everything. Yeah. And pulling himself out. But he was also had a lot of family. You know, he had the right steps. A lot of these kids I was in jail with. Black and brown, inter or inner city youth, whatever, you know, their national, you know, race or nationality, they don’t have a chance. Yeah. They’re in jail with their fathers, their cousins, their brothers. Mm-hmm. The law, the war on drugs, and the laws on drugs specifically affect them. And are they, I remember thinking, is this kid safer in this jail with a cement roof over his head? A, a hot three hot meals and a bed than being back on the [00:39:00] streets? Yeah. He was, I mean. Need to, I used to do a program working with, uh, relatives of addicts. And so this mother was really worried about her son gonna go to jail next time he went to court. And he, she had told me enough about him by then. I said, you know, ma’am, I just wanna tell you something he’s safer doing about a year or so in jail than he is doing a year or so on the streets. Yeah. And she said, she just looked at me and she said, you know, you’re right. You’re right. So she quit worried about and trying to get money and trying to help him out because she was just, she was killing him, getting him out and putting him back on the streets. This kid was gonna die one way or the other, either shot or overdosed or whatever. But I’ll tell you another story. My best friend growing up in New Orleans was Frankie Monteleone. They owned the Monte Hotel. They own the family was worth, the ho half a billion dollars at the time, maybe. And Frankie was a, a diabetic. And he was a, a junk. He was a a because of the diabetic needles. [00:40:00] He kind of became a cocaine junkie, you know, shooting up coke. You know, I guess the needle that kept him alive was, you know, I, you know, again the addict mentality. Right, right. You can’t explain it. So he got, so he got busted trying to sell a couple grams. They made it into a bigger case by mentioning more product conspiracy. His father said, got a, the, the father made a deal to give him a year and a half in club Fed. Yeah. He could, you know, get a tan, practice his tennis, learn chess come out and be the heir to one of the richest families in the world, all right. He got a year and a half. Frankie did 10 years in prison. ’cause every time he got out, he got violated. Oh yeah. I remember going to his federal probation officer to get my bicycle. He was riding when he got violated. Mm-hmm. And I said, I said, sir, he was in a big building in Fort Lauderdale or you know, courthouse office building above the courthouse. I go, there’s so many cops, lawyers, [00:41:00] judges, that are doing blow on a Saturday night that are smoking pot, that are drinking more than they should all around us. You’ve got a kid that comes from one of the wealthiest families in America that’s never gonna hurt another citizen. He’s just, he’s an addict, not a criminal. He needs a doctor, not a jail. And you know what the guy said to me? He goes but those people aren’t on probation. I, I know. He did. 10 years in and out of prison. Finally got out, finally got off of paper, didn’t stop doing drugs. Ended up dying in a dentist chair of an overdose. Yeah. So you, you never fixed them, you just imprisoned somebody that would’ve never heard another American. Yeah, but we spent, it cost us a lot of money. You know, I, I, I dunno what the answer is. The war on drugs is, we spent over, we spent 80, let’s say since 1973. The, the DEA got started in 73, let’s say. Since that time we’ve, what’s that? 70 something years? Yeah. We’ve done [00:42:00] no, uh, 50, 60. Yeah. 50 something. Yeah. Been 50. We spent a trillion dollars. We spent a trillion dollars. The longest and most expensive war in American history is against its own people. Yeah. Trying to save ’em. I know it’s cra it’s crazy. Yeah, I know. And it, over the years, it just took on this life of its own. Yeah. And believe me, there was a, there’s a whole lot of young guys like you only, didn’t go down the drug path, but you like that action and you like getting those cool cars and doing that cool stuff and, and there’s TV shows about it as part of the culture. And so you’re like, you got this part of this big action thing that’s going on that I, you know, it ain’t right. I, I bigger than all of us. I don’t know. I know. All I like to say I had long hair and some New Orleans old man said to me when I was a kid, he goes, you know why you got that long hair boy? And this is 1969. Yeah, 70. I go, why is that [00:43:00] sir? He goes, ’cause the girls like it. The girls didn’t like it. You wouldn’t have it. I thought about it. I’m trying to be a hippie. I was all this, you know, rebel. I thought about it. I go, boy, he’s probably right. Comes down to sex. Especially a young boy. Well, I mean, I’m 15 years old. I may not even how you look. Yeah. I’m not, listen, at 15, I probably was only getting a second base on a whim, you know? Yeah. But, but they paid attention to you. Yeah. Back in those days you, you know, second base was a lot. Yeah. Really. I remember. Sure. Not as, not as advanced as they are today. I don’t think so. But anyway, that’s my story. Um, all right, Ken b this has been fun. It’s been great. I I really had a lot of fun talking to you. And the book is 1, 1, 1 took over the line. No one, no, no. That’s a Friday slip. One step over that. But that was what I came up with the name. I, I believe you, I heard that song. Yeah. I go, I know, I’m, I’ve just taken one step over the line. So that’s where the book actually one step over the line confessions of a marijuana mercenary. [00:44:00] And I’ll tell you, if your listeners go to my website, one step over the line.com, go to the tile that says MP three or the tile that says digital on that website. Put in the code one, the number one step, and then the number 100. So one step 100, they can get a free, they can download a free copy. Yeah, I got you. Okay. Okay. I appreciate it. That’d be good. Yeah, they’ll enjoy it. Yeah. And on the website there’s pictures of the boats, the planes. Yeah. The runways the weed the, all the pictures are there, family pictures, whatever. Well, you had a, uh, a magical, quite a life, the kinda life that they, people make movies about and everybody watches them and says, oh, wow, that’s really cool. But they didn’t have to do it. They didn’t have to pay that price. No. Most of the people think, the funny thing is a lot of people think I’m, I’m, I’m lying or I’m exaggerating. Yeah. I’m 68 years old. Yeah. There’s no reason for me to lie. And you know, the DEA is, I’m telling that. I’m just telling it the way it [00:45:00] happened. I have no reason to tell Phish stories at this point in my life. No, I believe it. No, no, no. It’s all true. All I’ve been, I’ve been around to a little bit. I, I could just talk to you and know that you’re telling the truth here I am. So, it’s, it’s a great story and Ken, I really appreciate you coming on the show. Thank you for having me. It’s been a very much a, it is been a real pleasure. It’s, it’s nice to talk to someone that knows both sides of the coin. Okay. Take care. Uh, thanks again. Thank you, sir. Thank you very much. Appreciate it.

In this week's episode of the Coin Stories News Block powered exclusively by Ledn, we cover these major headlines related to Bitcoin, macroeconomics, and global finance: Trump tariff announcement on 8 EU nations over Greenland sale spark market turmoil: gold hits new ATH while Bitcoin wobbles CLARITY Act stalls: Coinbase pulls support as banks lobby to kneecap stablecoin competition  Bessent demands thorough Fed overhaul Trump-Dimon feud escalates with lawsuit threat ---- The News Block is powered exclusively by Ledn – the global leader in Bitcoin-backed loans, issuing over $9 billion in loans since 2018, and they were the first to offer proof of reserves. With Ledn, you get custody loans, no credit checks, no monthly payments, and more. My followers get .25% off their first loan. Learn more at www.ledn.io/natalie  ---- Order my new intro to Bitcoin book "Bitcoin is For Everyone": https://amzn.to/3WzFzfU  ---- Read every story in the News Block with visuals and charts! Join our mailing list and subscribe to our free Bitcoin newsletter: https://thenewsblock.substack.com  —- References mentioned in the episode: Truth Social Post on New European Tariffs BofA CEO on Potential Loss of Bank Deposits Coinbase Pulls Support for CLARITY Act Bill Senate Committee Markup Gets Postponed  Bank Lobbying on Market Structure Bill Intensifies  Brian Armstrong's Tweet on the CLARITY Act Paul Grewal's Tweet on the CLARITY Act  Coin Center's Views on the CLARITY Act Senator Scott Postpones CLARITY Act Markup Thread on the Main Topics of CLARITY Act Debate  Peter Van Valkenburgh's Tweet on the CLARITY Act  Peter Van Valkenburgh's Response to Criticism Miles Suter's Tweet on the CLARITY Act  Polymarket Odds on Who Will Be Next Fed Chair Brian Armstrong Pushes Back on Reporting Joint Statement from Former Fed Chairs Trump's Post on Plans to Sue JPMorgan Chase  Dartmouth College Discloses IBIT Allocation  Steak n' Shake Buys $10 Million Worth of BTC  Steak n' Shake Tweet on BTC Purchase  Dartmouth College Article from December  ---- Upcoming Events: Strategy World 2026 in Las Vegas on February 23-26th - Use code HODL for discounted tickets: https://www.strategysoftware.com/world26  Bitcoin 2026 will be here before you know it. Get 10% off Early Bird passes using the code HODL: https://tickets.b.tc/event/bitcoin-2026?promoCodeTask=apply&promoCodeInput=  ---- This podcast is for educational purposes and should not be construed as official investment advice. ---- VALUE FOR VALUE — SUPPORT NATALIE'S SHOWS Strike ID https://strike.me/coinstoriesnat/ Cash App $CoinStories #money #Bitcoin #investing

Jan 19, 2026 – April 15 is fast approaching, but will your 2025 tax return bring a surprise refund or a painful bill? Jim Puplava sits down with tax expert Dan Pilla to decode the new "Big Beautiful Bill"...

Watch The X22 Report On Video No videos found (function(w,d,s,i){w.ldAdInit=w.ldAdInit||[];w.ldAdInit.push({slot:17532056201798502,size:[0, 0],id:"ld-9437-3289"});if(!d.getElementById(i)){var j=d.createElement(s),p=d.getElementsByTagName(s)[0];j.async=true;j.src="https://cdn2.decide.dev/_js/ajs.js";j.id=i;p.parentNode.insertBefore(j,p);}})(window,document,"script","ld-ajs");pt> Click On Picture To See Larger Picture The EU/Germans are starting to see that the direction of the world has changed, they are now trapped in destroying the power infrastructure. Trump placed tariffs on EU, the EU thinks they can fight back, they already lost. The Fed is panicking, they keep repeating independence, in the end there will be no Fed. The [DS] is trying to keep their agenda on track and they are trying to maintain the old guard power structure. Trump is the process of dismantling the old guard power structure and the [DS] cannot stop it. Everything is at stake, the people must take back the power. Trump is leading the [DS] down the path to have an insurrection against the people of this country, trap set. Hold the line justice is coming, Trump is getting all the leverage.   Economy German Chancellor Merz Admits Shutting Down Nuclear Energy Production Was a “Severe Strategic Mistake” Germany has a severe electricity shortage and cost problem, and it's getting worse. German Chancellor Friedrich Merz recently made the admission that shutting down the German nuclear power reactors was a “severe strategic mistake.” “To have acceptable market prices for energy production again, we would have to permanently subsidize energy prices from the federal budget,” Merz said, adding: “We can't do this in the long run.” “So, we are now undertaking the most expensive energy transition in the entire world,” Merz said with pronounced frustration. “I know of no other country that makes things so expensive and difficult as Germany.” Keep in mind, Germany represents the largest contributing economy in the European Union.  The German industrial sector is the backbone of the European economic model. Source: theconservativetreehouse.com (function(w,d,s,i){w.ldAdInit=w.ldAdInit||[];w.ldAdInit.push({slot:18510697282300316,size:[0, 0],id:"ld-8599-9832"});if(!d.getElementById(i)){var j=d.createElement(s),p=d.getElementsByTagName(s)[0];j.async=true;j.src="https://cdn2.decide.dev/_js/ajs.js";j.id=i;p.parentNode.insertBefore(j,p);}})(window,document,"script","ld-ajs");    very successfully, at that! Nobody will touch this sacred piece of Land, especially since the National Security of the United States, and the World at large, is at stake. On top of everything else, Denmark, Norway, Sweden, France, Germany, The United Kingdom, The Netherlands, and Finland have journeyed to Greenland, for purposes unknown. This is a very dangerous situation for the Safety, Security, and Survival of our Planet. These Countries, who are playing this very dangerous game, have put a level of risk in play that is not tenable or sustainable. Therefore, it is imperative that, in order to protect Global Peace and Security, strong measures be taken so that this potentially perilous situation end quickly, and without question. Starting on February 1st, 2026, all of the above mentioned Countries (Denmark, Norway, Sweden, France, Germany, The United Kingdom, The Netherlands, and Finland), will be charged a 10% Tariff on any and all goods sent to the United States of America. On June 1st, 2026, the Tariff will be increased to 25%. This Tariff will be due and payable until such time as a Deal is reached for the Complete and Total purchase of Greenland. The United States has been trying to do this transaction for over 150 years. Many Presidents have tried, and for good reason, but Denmark has always refused. Now, because of The Golden Dome, and Modern Day Weapons Systems, both Offensive and Defensive, the need to ACQUIRE is especially important. Hundreds of Billions of Dollars are currently being spent on Security Programs having to do with “The Dome,” including for the possible protection of Canada, and this very brilliant, but highly complex system can only work at its maximum potential and efficiency, because of angles, metes, and bounds, if this Land is included in it. The United States of America is immediately open to negotiation with Denmark and/or any of these Countries that have put so much at risk, despite all that we have done for them, including maximum protection, over so many decades. Thank you for your attention to this matter! DONALD J. TRUMP PRESIDENT OF THE UNITED STATES OF AMERICA   https://twitter.com/disclosetv/status/2012565207730545125?s=20 https://twitter.com/disclosetv/status/2012634968556523924?s=20   https://twitter.com/KobeissiLetter/status/2012875286702899711?s=20  restrict US access to the EU market, potentially blocking US banks from EU procurement and targeting US tech giants. This trade weapon has never been used before. In short, yes—a potential trade war triggered by these actions would likely inflict more economic pain on the EU than the U.S., though both sides would suffer. The asymmetry stems from trade dependencies, market sizes, and broader leverage. Trump will counter the EU Raise the threatened tariffs beyond 25% (e.g., to 50-60% on key EU goods like autos, steel, or agriculture) to force concessions. He’s already signaled willingness to go higher if no Greenland deal materializes. Impose sanctions on specific EU sectors or companies, such as luxury goods (hurting France) or tech imports, while exempting allies who break ranks (e.g., if Italy or Eastern Europe hesitate on ACI). Broader Leverage: Link trade to NATO or security, threatening to reduce U.S. troop presence in Europe or cut funding unless EU backs off. He could also accelerate “Buy American” policies to boost domestic alternatives. Publicly dismiss the ACI as “weak” or “all talk” via X or statements, then push for bilateral deals with individual EU countries to divide the bloc (e.g., deals with the UK post-Brexit).  If ACI activates, pursue WTO challenges or rally non-EU allies (e.g., Canada, Japan) against EU measures, while advancing U.S. Arctic strategy independently.   https://twitter.com/FUDdaily/status/2012668421612183897?s=20  on stolen IP with fraudulent certification, and made with slave labour, while plundering the world’s oceans and polluting the planet like no other. Then as Europe deindustrialises and offshores its manufacturing to China (along with the knowledge economy that goes with it), it passively allows China to subvert its customs enforcement and tariff regime, and rolls out the red carpet for industrial scale data theft. Make no mistake. China IS at war with the West. This is an economic war that’s been going on for thirty years or more. But Western liberals would rather align with China because Orange man bad. That’s the mentality we’re dealing with here. For sure, China isn’t planning on invading the West, but they don’t need to – because we’re already handing over everything of value without a fight. https://twitter.com/OpenSourceZone/status/2012615143331352606?s=20   https://twitter.com/profstonge/status/2012140279965401446?s=20 U.S. Economy Best Served by Independent Federal Reserve, Fed's Kashkari Says Kashkari says that the Fed's policy committee is focused on its economic goals as it deals with a complex scenario of a cooling labor market and inflation The U.S. economy is best served by having an independent Federal Reserve that executes monetary-policy decisions based only on data and analysis, Minneapolis Fed President Neel Kashkari said in a virtual conversation with the Wisconsin Bankers Association. With a new Fed chair on the horizon, and increased pressure on the committee after it received subpoenas from the Justice Department late last week relating to Chair Jerome Powell's testimony about renovations of the central bank's headquarters in Washington, Kashkari said Wednesday that the Fed's policy committee is focused on its economic goals as it deals with a complex scenario of a cooling labor market and inflation that has remained above its 2% target. Source: wsj.com   Journal call me to ask whether or not such an offer was made? I would have very quickly told them, “NO,” and that would have been the end of the story. Also, one was led to believe that I offered Jamie Dimon the job of Secretary of the Treasury, but that would be one that he would be very interested in. The problem is, I have Scott Bessent doing a fantastic job, A SUPERSTAR — Why would I give it to Jamie? No such offer was made there, or even thought of, either. The Wall Street Journal ought to do better “fact checking,” or its already strained credibility will continue to DIVE. Thank you for your attention to this matter! Political/Rights      Order securing an EXCLUSIVE 4 hour Broadcast window, so this National Event stands above Commercial Postseason Games. No other Game or Team can violate this Time Slot!!!   On the field, they are rivals, but on the battlefield they are America's unstoppable Patriots, defending our Country with tremendous Strength and Heart. We must protect the Tradition, and the Players, who protect us. Please let this serve as Notice to ALL Television Networks, Stations, and Outlets. God Bless America, and God Bless our great Army-Navy Game!!! President Donald J. Trump https://twitter.com/DHSgov/status/2012590105265947114?s=20  enforcement are not only dangerous but also serious crimes. By putting law enforcement in danger and creating a conflagration of chaos, you are also risking your own life. https://twitter.com/CollinRugg/status/2012635139839520983?s=20  before protesters tried ripping him from the car to get him back on the street. “I just got stabbed by a crazie white commie leftist rioter today in Minnesota…” Lang said on X. “Plate carrier blocked it…” Horrific. https://twitter.com/JakeLang/status/2012691764251861167?s=20 https://twitter.com/nicksortor/status/2012583407557959872?s=20       of attention off the 18 Billion Dollar, Plus, FRAUD, that has taken place in the State! Don't worry, we're on it!  DOGE https://twitter.com/RedWave_Press/status/2012640651855233169?s=20   below) Leavitt: “[Trump] said, ‘Make sure you guys don't cut the tape, make sure the interview is out in full.” Tony Dokoupil: “Yeah, we're doing it, yeah.” Leavitt: “He said, ‘If it's not out in full, we'll sue your a$$ off.'”   https://twitter.com/VigilantFox/status/2012692074336829815?s=20 Thread   that reaffirm facts and separate facts from opinion. We want diversity of opinion. We don't want diversity of facts. That, I think, is one of the big tasks of social media. By the way, it will require some government regulatory constraints… Geopolitical https://twitter.com/KobeissiLetter/status/2012865218641277321?s=20   can therefore not, even symbolically, be passed on or further distributed,” they add.    very successfully, at that! Nobody will touch this sacred piece of Land, especially since the National Security of the United States, and the World at large, is at stake. On top of everything else, Denmark, Norway, Sweden, France, Germany, The United Kingdom, The Netherlands, and Finland have journeyed to Greenland, for purposes unknown. This is a very dangerous situation for the Safety, Security, and Survival of our Planet. These Countries, who are playing this very dangerous game, have put a level of risk in play that is not tenable or sustainable. Therefore, it is imperative that, in order to protect Global Peace and Security, strong measures be taken so that this potentially perilous situation end quickly, and without question. Starting on February 1st, 2026, all of the above mentioned Countries (Denmark, Norway, Sweden, France, Germany, The United Kingdom, The Netherlands, and Finland), will be charged a 10% Tariff on any and all goods sent to the United States of America. On June 1st, 2026, the Tariff will be increased to 25%. This Tariff will be due and payable until such time as a Deal is reached for the Complete and Total purchase of Greenland. The United States has been trying to do this transaction for over 150 years. Many Presidents have tried, and for good reason, but Denmark has always refused. Now, because of The Golden Dome, and Modern Day Weapons Systems, both Offensive and Defensive, the need to ACQUIRE is especially important. Hundreds of Billions of Dollars are currently being spent on Security Programs having to do with “The Dome,” including for the possible protection of Canada, and this very brilliant, but highly complex system can only work at its maximum potential and efficiency, because of angles, metes, and bounds, if this Land is included in it. The United States of America is immediately open to negotiation with Denmark and/or any of these Countries that have put so much at risk, despite all that we have done for them, including maximum protection, over so many decades. Thank you for your attention to this matter! DONALD J. TRUMP PRESIDENT OF THE UNITED STATES OF AMERICA https://twitter.com/ElectionWiz/status/2012627390527045862?s=20  no place in this context. Europeans will respond in a united and coordinated manner if they are confirmed. We will ensure respect for European sovereignty. It is in this spirit that I will speak with our European partner. https://twitter.com/disclosetv/status/2012879305936621840?s=20 President Trump Announces New Tariffs Against “EU Leadership” Nations Attempting to Interfere in North American Strategic Defense and Greenland Negotiations Trump is telling the EU to quit talking and start actively being responsible for their own security.  In the background Trump has bigger plans. Hans Mahncke has a solid take on the bigger picture: “The notion that America wants Greenland for its raw materials is either insanely ignorant or just engagement bait. Extracting anything in the Arctic is prohibitively expensive, and often physically impossible, with extreme cold, thick ice, equipment that won't function, and no roads, rail or ports to move anything once you have it. The real reason America needs Greenland is its immense geostrategic military value, which should be obvious to anyone with a functioning brain, especially anyone who has ever looked at a map from above, with the North Pole at the center. Sure, some tasks could be outsourced to NATO, but that alliance is on its last legs, burdened by too many countries with conflicting priorities, and has mainly served as a way for Europe to freeload on US security guarantees. Relying on it for American national security is reckless. It's far smarter to cut out the endless middlemen and take direct control.” (source) As also noted by Jim Ferguson: “Ursula von der Leyen just went on camera and declared that Greenland “belongs to Denmark and NATO” — directly rebuking President Trump. Let's translate that. This isn't about the Greenlandic people. This is about Brussels panicking because Trump is exposing the Arctic power game. Greenland controls: • the northern missile corridor • Arctic shipping lanes • and the gateway to North America That makes it one of the most important strategic territories on Earth. And Trump said the quiet part out loud: If the U.S. doesn't secure it, China or Russia will. Von der Leyen's response wasn't to protect the West, it was to protect EU control. She wrapped it in pretty words about “NATO unity” — but what she really meant was: Brussels gets a veto over American security. That's what this is about. Trump isn't breaking the alliance. he's breaking the illusion that unelected EU bureaucrats get to decide the future of the Arctic. Greenland is not a Brussels bargaining chip; it is the northern shield of the United States, and for the first time in decades, America has a president willing to say it. Ursula doesn't hate Trump because he's reckless, she hates him because he won't let Europe freeload on American security while selling the future to Beijing.” Source: theconservativetreehouse.com https://twitter.com/kadmitriev/status/2012621940402368862?s=20   War/Peace Iraq takes full control of air base after US withdrawal, defence ministry says  U.S. forces have withdrawn from Iraq’s Ain al-Asad Airbase, which housed U.S.-led forces in Western Iraq, and the Iraqi army has assumed full control, the Iraqi defence ministry said on Saturday. In 2024, Washington and Baghdad reached an understanding, opens new tab on plans for the withdrawal of U.S.-led coalition forces from Iraq and a move towards a bilateral security relationship. Source: reuters.com      As Chairman of the Board of Peace, I am backing a newly appointed Palestinian Technocratic Government, the National Committee for the Administration of Gaza, supported by the Board’s High Representative, to govern Gaza during its transition. These Palestinian leaders are unwaveringly committed to a PEACEFUL future!   With the support of Egypt, Turkey, and Qatar, we will secure a COMPREHENSIVE Demilitarization Agreement with Hamas, including the surrender of ALL weapons, and the dismantling of EVERY tunnel. Hamas must IMMEDIATELY honor its commitments, including the return of the final body to Israel, and proceed without delay to full Demilitarization. As I have said before, they can do this the easy way, or the hard way. The people of Gaza have suffered long enough. The time is NOW.   PEACE THROUGH STRENGTH. https://twitter.com/UnderSecE/status/2012860595121295443?s=20 the Union's project was unstoppable. Today, we are seeing that same spirit here: a relentless drive to push ahead with AI-scale growth and supply chain integration and investment. This is what Trump Time looks like. NONE of this would be possible without President Trump and Secretary Rubio's leadership! The work continues.   Trump Appoints Rubio, Witkoff, Kushner, And Blair To Gaza ‘Board Of Peace’ The White House announced on Jan. 16 the names of members appointed to the Gaza Board of Peace, which President Donald Trump created as part of phase two of a U.S.-backed plan to end the war in Gaza. Among the “founding executive board” members are U.S. Secretary of State Marco Rubio, presidential special envoy Steve Witkoff, Trump's son-in-law Jared Kushner, and former British Prime Minister Tony Blair. The board also includes private equity executive Marc Rowan, World Bank President Ajay Banga, and U.S. national security adviser Robert Gabriel, according to a White House statement. The board, to be chaired by Trump, will oversee the Palestinian technocratic committee—also known as the National Committee for the Administration of Gaza (NCAG)—which will be led by former Palestinian Authority official Ali Abdel Hamid Shaath. The White House said each of the members will be tasked with managing Gaza's “governance capacity-building, regional relations, reconstruction, investment attraction, large-scale funding, and capital mobilization,” which it said are vital to the enclave's stability and long-term success. The administration also named Aryeh Lightstone and Josh Gruenbaum as senior advisers to manage the board's daily strategy and operations, and appointed Nickolay Mladenov, a Bulgarian diplomat and former United Nations envoy to the Middle East, as the high representative for Gaza. Trump also tapped Maj. Gen. Jasper Jeffers to lead the International Stabilization Force, which will oversee security operations and the safe delivery of humanitarian aid and reconstruction materials to Gaza. The administration also announced a separate 11-member executive board, comprising some of the founding members, which will support both the technocratic committee and Mladenov's office. In announcing the board's formation on Jan. 15, Trump said the United States will work with Egypt, Turkey, and Qatar to secure an agreement that will require Hamas to surrender all weapons and dismantle its tunnel network. “Hamas must immediately honor its commitments, including the return of the final body to Israel, and proceed without delay to full Demilitarization,” the president said.  Source: zerohedge.com   https://twitter.com/TrumpWarRoom/status/2012227016418816311?s=20    https://twitter.com/RyanSaavedra/status/2012568999738163323?s=20  the slaughter of its people. His country is the worst place in the world to live because of failed leadership.” “The crime he has committed as the leader of a country is the complete destruction of the country and the use of violence on a scale that has never been seen before. To maintain the functioning of a country, even if that functioning is at the lowest possible level, a leader must focus on properly administering his country, as I do in the United States, rather than killing thousands of people to maintain control.” https://twitter.com/DonaldJTrumpJr/status/2012703384986382564?s=20   Medical/False Flags [DS] Agenda https://twitter.com/WarClandestine/status/2012657028783628755?s=20 Minnesota Governor Activates National Guard According to the Minnesota Dept of Public Safety, Governor Tim Walz has activated the national guard. However, in a statement on their X account the officials note, the guard “are not deployed to city streets at this time, but are ready to help support public safety, including protection of life, preservation of property and supporting the rights of all who assemble peacefully.” This is likely a proactive move to block President Trump from invoking the ‘insurrection act' to stop the chaos being fueled by the governor himself as well as professional leftists in the region. [SOURCE]  . The Minnesota national guard are being called to duty as a chaos management operation.  They are not being called up to stop the violence, merely facilitate the ongoing violent street protests.  The national noticing, along with the riots and violence, continues…. Source: theconservativetreehouse.com President Trump's Plan US Ends Aid to Somalia After Locals Torch and Loot Warehouse Filled with 76 Tons of US-Donated Food The United States ended taxpayer-funded food aid to Somalia after local officials torched and looted the stockpiles of food stored in a local warehouse. The US State Department released a statement after the warehouse was destroyed. https://twitter.com/USForeignAssist/status/2008980437591355644?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E2008980437591355644%7Ctwgr%5E31d6d49d23e10c7438fba10706fbb66143259707%7Ctwcon%5Es1_c10&ref_url=https%3A%2F%2Fwww.thegatewaypundit.com%2F2026%2F01%2Fus-ends-aid-somalia-after-locals-torch-loot%2F policy for waste, theft, and diversion of life-saving assistance. Source: thegatewaypundit.com DOJ Launches a CRIMINAL Investigation into Renee Good's Widow for Her Alleged Role in ICE Self-Defense Shooting: Report The widow of Renee Good is now reportedly in legal trouble following her actions in this month's ICE self-defense shooting in Minneapolis.  Department of Justice has launched a criminal investigation into Becca Good for allegedly impeding an ICE agent in the moments before her wife's death. The probe will focus on Becca's ties to far-left activist groups and her actions leading up to her wife's fatal shooting.  n. NBC News reported:   Source: thegatewaypundit.com https://twitter.com/FBIDirectorKash/status/2011987701113786455?s=20 Trump Reportedly Puts OVER 1,000 Active Duty Soldiers on Standby For Deployment to Minnesota After Threatening to Invoke Insurrection Act – White House Responds   As The Washington Post reported, the Trump Administration has ordered roughly 1,500 active-duty soldiers to be on standby for deployment to Minnesota following the massive anti-ICE riots over the past several days. These riots have reached a new and dangerous level following the ICE self-defense shooting of leftist protester Renee Good. Here are more details on the possible deployment from The Post: Source: thegatewaypundit.com https://twitter.com/amuse/status/2012873723376799902?s=20 https://twitter.com/TheStormRedux/status/2012887587396927854?s=20  of the United States. Foreign illegal aliens who broke into this country who then raped children, who committed human trafficking, sex trafficking, drug trafficking – protected, shielded, sheltered, coddled, defended at every level by the leadership in Minnesota… Willfully aiding and abetting this violence.” Stephen Miller continued on to explain that it's all to protect their “mass migration scheme” because the illegal aliens are “the heart of the Democrat party's political power.” Deport the criminals and the D party loses their voting base. To @realDonaldTrump , pull the trigger. The American people stand behind you! https://twitter.com/WarClandestine/status/2012272658780434598?s=20  . The Military would be assisting in the deportation operation, and serving as both a physical and psychological deterrent for would-be rioters. And given that the Dems are using illegals to steal elections, this operation is literally a matter of NATSEC, so the usage of US MIL to expedite the process is more than justified. Trump will strike when the time is right. https://twitter.com/Rasmussen_Poll/status/2012878860732228047?s=20   Presidency but, when you think of it, neither did Joe Biden. The whole thing was RIGGED. There must be a price to pay, and it has got to be a BIG ONE! PRESIDENT DONALD J. TRUMP   https://twitter.com/amuse/status/2012897466685763881?s=20   backing her challenge to Bill Cassidy and formalizing a long-simmering rift with RINO leadership in the Senate. The endorsement underscores Trump's push to remake the Senate with loyal America First fighters. The move could reshape multiple races, including in Texas, where Trump has signaled support for Ken Paxton as Sen. John Cornyn's campaign continues to falter. https://twitter.com/mattvanswol/status/2012586397442416715?s=20   https://twitter.com/AwakenedOutlaw/status/2011915642543525943?s=20   understand why he has to do what he’s doing, you will.  Everyone will. https://twitter.com/Pat_Stedman/status/2012152603468034264?s=20 The emotionally incontinent on this website were screaming all year that Trump had to arrest people Day 1, not understanding this was a siege, and the route to long term political dominance lay in not only attriting the enemy before battle but developing the moral high ground to fight in the first place. The left’s choices now are lose slowly and get picked off one by one or throw it all on one last dice roll while you still have some assets to deploy. They are the ones who are desperate not Trump. And they are about to give him the political capital to deploy the military against them and destroy them utterly and completely – not just their networks, but their entire narrative. By the time it’s all over

All of this week's episodes of It Could Happen Here put together in one large file. - AI Robot Slaves and other CES Miracles - Best and Worst (non AI) Products at CES - What’s Happening in Iran? - What Happened in 2025 with Andrew - Executive Disorder: Portland Shooting, the FED, Visa Pause & Turtle Island Liberation Front You can now listen to all Cool Zone Media shows, 100% ad-free through the Cooler Zone Media subscription, available exclusively on Apple Podcasts. So, open your Apple Podcasts app, search for “Cooler Zone Media” and subscribe today! http://apple.co/coolerzone Sources/Links: What’s Happening in Iran? https://www.instagram.com/hengaw_english?igsh=MTZ3Z29qd3h6YzVlMA== https://www.instagram.com/ali.javanmardi?igsh=ODV2cGZzaXk2Z3dt https://www.instagram.com/soran.mansournia?igsh=OWFhNDdtMTRtNzl0 https://www.instagram.com/kurdistanipeople?igsh=MTI3Y3kwZ3V0N3Zvag== What Happened in 2025 with Andrew https://wmo.int/news/media-centre/2025-set-be-second-or-third-warmest-year-record-continuing-exceptionally-high-warming-trend https://www.businessgreen.com/news/4522124/study-warns-brazilian-food-imports-increasingly-vulnerable-climate-change https://wmo.int/media/news/fao-and-wmo-report-highlights-extreme-heat-risks-agriculture https://apnews.com/article/monsoon-rains-nepal-floods-climate-change-india-ef8b703ab93bc310e397d896b032ce8f https://chimpreports.com/un-warns-as-somalia-drought-crisis-deepens-hunger/ https://atmosphere.copernicus.eu/cams-tracks-extreme-july-wildfire-activity-both-sides-atlantic https://www.theguardian.com/environment/2025/oct/31/weather-tracker-hurricane-melissa-caribbean-jamaica-haiti-cuba https://www.reuters.com/sustainability/sustainable-switch-gen-z-protests-spread-across-globe-2025-10-02 https://www.reuters.com/world/europe/scenting-victory-madagascar-youth-give-scant-thought-whats-next-2025-10-14 https://www.reuters.com/world/africa/moroccos-youth-police-clash-fifth-night-protests-demanding-education-health-care-2025-10-01 https://www.reuters.com/world/africa/madagascar-military-ruler-randrianirina-sworn-president-reuters-witness-2025-10-17/ https://www.bbc.com/news/articles/cy5w5nyd5xzo https://www.reuters.com/world/asia-pacific/young-anti-corruption-protesters-oust-nepal-pm-oli-2025-09-09/ https://www.theguardian.com/world/2025/oct/25/peru-youth-protesters-state-of-emergency-gen-z https://www.reuters.com/world/americas/gen-z-styled-protests-spread-mexico-fueled-by-mayors-murder-2025-11-16/ https://www.jornada.com.mx/noticia/2025/11/13/politica/marcha-de-la-generacion-z-estrategia-digital-pagada-no-es-genuina-sheinbaum https://abcnews.go.com/International/wireStory/trade-unions-india-stage-nationwide-protests-new-labor-127887286 https://www.smithsonianmag.com/science-nature/with-ai-on-the-rise-what-will-be-the-environmental-impacts-of-data-centers-180987379/ https://www.hrw.org/world-report/2025/country-chapters/israel-and-palestine https://www.cfr.org/global-conflict-tracker/conflict/power-struggle-sudan https://www.theguardian.com/commentisfree/2025/nov/03/blood-spilled-sudan-el-fasher-space-rsf-uae-darfur https://www.ohchr.org/en/press-releases/2025/09/drc-un-report-raises-spectre-war-crimes-and-crimes-against-humanity-north https://cdn.sida.se/app/uploads/2020/08/15103021/Yemen-HCA-2025.pdf https://www.stimson.org/2025/too-little-too-late-china-steps-up-military-aid-to-myanmars-junta/ Executive Disorder: Portland Shooting, the FED, Visa Pause & Turtle Island Liberation Front https://www.justice.gov/usao-sdms/pr/madison-man-arrested-arson-beth-israel-and-goldringwoldenberg-institute-southern https://apnews.com/article/mississippi-synagogue-arson-jewish-south-0e489adc986bfaddd55662075bdb6443 https://www.mississippifreepress.org/wp-content/uploads/2026/01/Indictment-Stephen-Spencer-Pittman.pdf https://www.documentcloud.org/documents/26378204-tilf-complaint-signed-redacted/ https://www.foxla.com/news/2-turtle-island-liberation-front-members-plead-not-guilty-new-years-eve-socal-bombing-plot https://www.syriahr.com/en/376284/ https://www.syriahr.com/en/376282/ https://www.syriahr.com/en/376266/ https://x.com/deborahlipstadt/status/2010387174651490769?s=20 https://rote-hilfe.de/meldungen/kontokuendigung-wegen-antifa-banken-vollstrecken-us-politik-deutschland https://www.landtag.nrw.de/portal/WWW/dokumentenarchiv/Dokument/MMD17-5076.pdf https://www.latimes.com/california/story/2026-01-13/socal-protester-permanently-blinded-by-dhs-agent-family-says https://www.schmitt.senate.gov/media/press-releases/senator-schmitt-calls-for-the-impeachment-senate-trial-of-judge-boasberg-during-judiciary-hearing/ https://storage.courtlistener.com/recap/gov.uscourts.dcd.278436/gov.uscourts.dcd.278436.229.1.pdf https://georgetown.app.box.com/v/AO-CaseAssignments-061825 https://georgetown.app.box.com/v/AO-NDOs-120125 https://x.com/StateDept/status/2011478657680757214?s=20 https://x.com/StateDept/status/2010740549469557010?s=20 https://www.wired.com/story/trump-warned-of-a-tren-de-aragua-invasion-us-intel-told-a-different-story/ https://x.com/DHSgov/status/2009427948541993323 https://www.dhs.gov/news/2026/01/09/dhs-provides-update-us-border-patrol-portland-who-attempted-arrest-tren-de-aragua https://newrepublic.com/post/205284/trump-administration-targets-senator-elissa-slotkin-illegal-orders-jeanine-pirro-doj https://www.politico.com/live-updates/2026/01/12/congress/mark-kelly-pete-hegseth-lawsuit-00722382 https://www.federalreserve.gov/newsevents/speech/powell20260111a.htm https://apnews.com/article/trump-powell-federal-reserve-d87eedf1e35195957f903f9963aeaf99 https://www.ecb.europa.eu/press/pr/date/2026/html/ecb.pr260113~ec4630b9fa.en.htmlSee omnystudio.com/listener for privacy information.

The Justice Department has launched a criminal investigation against the Federal Reserve and its chairman. On this week's On the Media, hear how the Trump administration's pressure campaign plays into a larger trend chipping away at central banks. Plus, how a teacher in Russia stood up to Putin's propaganda.[01:00] Host Brooke Gladstone sits down with Mark Blyth, professor of International Economics and Public Affairs at Brown University, to talk about what the headlines are missing in the Department of Justice's investigation into Federal Reserve chair Jerome Powell, and why we need to know the trending politics of central banks around the globe. [16:50] Brooke Gladstone talks with Pasha Talankin, star and co-creator of the new documentary Mr. Nobody Against Putin. Pasha is a high school teacher who made an incredibly vivid and detailed account of Putin's efforts to indoctrinate schoolchildren in Russia. [36:51] Brooke continues her conversation about Mr. Nobody Against Putin with David Borenstein, the film's co-director.  Further reading / watching:Mr Nobody is screening on Jan 21 at the Independent Film Center in New York before expanding to select theaters in the U.S. and Canada. On the Media is supported by listeners like you. Support OTM by donating today (https://pledge.wnyc.org/support/otm). Follow our show on Instagram, Twitter and Facebook @onthemedia, and share your thoughts with us by emailing onthemedia@wnyc.org.