Podcasts about gdp

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Our strategists Michelle Weaver and Adam Jonas join analyst Christopher Snyder to discuss the most important themes that emerged from the Morgan Stanley Annual Industrials Conference in Laguna Beach.Michelle Weaver: Welcome to Thoughts on the Market. I'm Michelle Weaver, Morgan Stanley's U.S. Thematic Strategist.Christopher Snyder: I'm Chris Snyder, Morgan Stanley's U.S. Multi-Industry Analyst. Adam Jonas: And I'm Adam Jonas, Morgan Stanley's Embodied AI Strategist.Michelle Weaver: We recently concluded Morgan Stanley's annual industrials conference in Laguna Beach, California, and wanted to share some of the biggest takeaways.It's Tuesday, September 16th at 10am in New York.I want to set the stage for our conversation. The overall tone at the conference was fairly similar to last year with many companies waiting for a broader pickup. And I'd flag three different themes that really emerged from the conference. So first, AI. AI is incredibly important. It appeared in the vast majority of fireside conversations. And companies were talking about AI from both the adopter and the enabler angle. Second theme on the macro, overall companies remain in search of a reacceleration. They pointed to consistently expansionary PMIs or a PMI above 50, a more favorable interest rate environment and greater clarity on tariffs as the key macro conditions for renewed momentum. And then the last thing that came up repeatedly was how are companies going to react to tariffs? And I would say companies overall were fairly constructive on their ability to mitigate the margin impact of tariffs with many talking about both leveraging pricing power and supply chain shifts to offset those impacts. So, Chris, considering all this, the wait for an inflection came up across a number of companies. What were some of your key takeaways on multis, on the macro front? Christopher Snyder: The commentary was stable to modestly improving, and that was really consistent across all of these companies. There are, you know, specific verticals where things are getting better. I would call out data center as one. Non-res construction, as another one, implant manufacturing as one. And there were certain categories where we are seeing deterioration – residential HVAC, energy markets, and agriculture.But we came away more constructive on the cycle because things are stable, if not modestly improving into a rate cut cycle. The concern going in was that we would hear about deteriorating trends and a rate cut would be needed just to stabilize the market. So, we do think that this backdrop is supportive for better industrial growth into 2026.We have been positive on the project or CapEx side of the house. It feels like strength there is improving. We've been more cautious on the short cycle production side of the house. But we are starting to see signs of rate of change. So, when we look into [20]26 and [20]27, we think U.S. industrials are poised for decade high growth. Michelle Weaver: You've had a thesis for a while now that U.S. reshoring is going to be incredibly important and that it's a $10 trillion opportunity. Can you unpack that number? What are some recent data points supporting that and what did you learn at the conference? Christopher Snyder: Some of the recent data points that support this view is U.S. manufacturing construction starts are up 3x post Liberation Day. So, we're seeing companies invest. This is also coming through in commercial industrial lending data, which continues to push higher almost every week and is currently at now record high levels. So, there's a lot of reasons for companies not to invest right now. There's a lot of uncertainty around policy. But seeing that willingness to invest through all of the uncertainty is a big positive because as that uncertainty lifts, we think more projects will come off the sidelines and be unlocked. So, we see positive rate of change on that. What I think is often lost in the reassuring conversation is that this has been happening for the last five years. The U.S. lost share of global CapEx from 2000 when China entered the World Trade Organization almost every year till 2019 when Trump implemented his first wave of tariffs. Since then, the U.S. has taken about 300 basis points of global CapEx share over the last five years, and that's a lot on a $30 trillion CapEx base. So, I think the debate here should be: Can this continue? And when I look at Trump policy, both the tariffs making imports more expensive, but also the incentives lowering the cost of domestic production – we do think these trends are stable. And I always want to stress that this is a game of increments. It's not that the U.S. is going to get every factory. But we simply believe the U.S. is better positioned to get the incremental factory over the next 20 years relative to the prior 20. And the best point is that the baseline growth here is effectively zero. Michelle Weaver: And how does power play into the reshoring story? AI and data centers are generating huge demand for power that well outstrip supply. Is there a risk that companies that want to reshore are not able to do so because of the power constraints?Christopher Snyder: It's a great question. I think it's part of the reason that this is moving more slowly. The companies that sell this power equipment tend to prioritize the data center customers given their scale in magnitude of buying. But ultimately, we think this is coming and it's a big opportunity for U.S. power to extend the upcycle.Manufacturing accounts for 26 percent of the electricity in the country. Data center accounts for about 5 percent. So, if the industrial economy returns to growth, there will be a huge pull on the grid; and I view it as a competitive advantage. If you think about the future of U.S. manufacturing, we're simply taking labor out and replacing it with electricity. That is a phenomenal trade off for the U.S. And a not as positive trade off for a lot of low-cost regions who essentially export labor to the world. I'm sure Adam will have more to say about that. Michelle Weaver: And Adam, I want to bring robotics and humanoid specifically into this conversation as the U.S.' technological edge is a big part of the reshoring story. So how do humanoids fit into reshoring? How much would they cost to use and how could they make American manufacturing more attractive? Adam Jonas: Humanoid robots – we're talking age agentic robots that make decisions from themselves autonomously due to the dual purpose in the military. You know, dual purpose aspect of it makes it absolutely necessary to onshore the technologies.At the same time, humanoid robots actually make it possible to onshore those technologies. Meaning you need; we're not going to be able to replicate manufacturing and onshore manufacturing the way it's currently done in China with their environmental practices and their labor – availability of affordable cheap human labor.Autonomous robots are both the cause of onshoring. And the effect of onshoring at the same time, and it's going to transform every industry. The question isn't so much as which industry will autonomous robots, including humanoids impact? It's what will it not.And we have not yet been able to find anything that it would. When you think about cost to use – we think by 2040 we get to a point where to Chris's point, the marginal cost of work will be some factor of electricity, energy, and some depreciation of that physical plant, or the physical robot itself. And we come up with a, a range of scenarios where centered on around $5 per hour. If that can replace two human workers at $25 an hour, that can NPV to around $200,000 of NPV per humanoid. That's discounting back 15 years from 2040.Michelle, there's 160 million people in the U.S. labor market, so if you just substituted 1 percent of that or 1.6 million people out of the U.S. Labor pool. 1.6 million times $200,000 NPV; that's $320 billion of value, which is worth, well, quite a lot. Quite a lot of money to a lot of companies that are working on this. So, when we get asked, what are we watching, well, in terms of the bleeding edge of the robot revolution, we're watching the Sino-U.S. competition. And I prefer to call it competition. And we're also watching the terra cap companies, the Mag 7 type companies that are quite suddenly and recently and very, very significantly going after physical AI and robotics talent. And increasingly even manufacturing talent. So again, to circle back to Chris's point, if you want evidence of reshoring and manufacturing and advanced manufacturing in this country, look at some of these TMT and tech and AI companies in California. And look at, go on their hiring website and watch all the manufacturing and robotics people that they're trying to hire; and pay a lot of money to do so. And that might be an interesting indicator of where we're going.Michelle Weaver: I want to dig in a little bit more there. We're seeing a lot of the cutting-edge tech coming out of China. Is the U.S. going to be able to catch up?Adam Jonas: Uh, I don't know. I don't know. But I would say what's our alternative. We either catch up enough to compete or we're up for grabs. OK?I would say from our reading and working closely with our team in China, that in many aspects of supply chain, manufacturing, physical AI, China is ahead. And with the passage of time, they are increasingly ahead. We estimate, and we can't be precise here, that China's lead on the U.S. would not only last three to five years, but might even widen three to five years from now. May even widen at an accelerating rate three to five years from now.And so, it brings into play is what kind of environment and what kind of regulatory, and policy decisions we made to help kind of level the playing field and encourage the right kind of manufacturing. We don't want to encourage trailing edge, Victorian era manufacturing in the U.S. We want to encourage, you know, to skate to where the puck is going technology that can help improve our world and create a sustainable abundance rather than an unsustainable one. And so, we're watching China very, very closely. It makes us a little bit; makes me a little bit kind of nervous when we – if we see the government put the thumb on the scale too much.But it's invariably going to happen. You're going to have increased involvement of whichever administration it is in order to kind of set policies that can encourage innovation, education of our young people, repurposing of labor, you know. All these people making machines in this country now. They might get, there may be a displacement over a number of years, if not a generation.But we need those human bodies to do other things in this economy as well. So, we; I don't want to give the impression at all in our scenarios that we don't need people anymore. Michelle Weaver: What are the opportunities and the risks that you see for investors as robotics converges with this broader U.S. manufacturing story? Adam Jonas: Well, Michelle, we see both opportunities and risks. There are the opportunities that you can measure in terms of what portion of global GDP of [$]115 trillion could you look at. I mean, labor alone is $40 trillion.And if you really make humanoid that can do the work of two workers, guess what? You're not going to stop at [$]40 trillion. You're going to go beyond that. You might go multiple beyond that. Talking about the world before AI, robotics and humanoid is like talking about the world before electricity. Or talking about business before the internet. We don't think we're exaggerating, but the proof will be in the capital formation. And that's where we hope we can be of assistance to our clients working together on a variety of investment ideas. But the risks will come and it is our professional responsibility, if not our moral responsibility, to work with our partners across research to talk about those risks. Michelle, if we have labor displacement, go too quickly, there's serious problems. And if you don't, if you don't believe me, go look at, look at you know, the French Revolution or the Industrial Revolution, or Age of Enlightenments. Ages of scientific enlightenment frequently cohabitate times of great social and political turmoil as well. And so, we think that these risks must be seen in parallel if we want to bring forth technologies that can make us more human rather than less human. I'm sorry if I'm coming across as a little preachy, but if you studied robots and labor all day long, it does have that effect on you. So, Michelle, how do you see innovation priorities changing for industrials and investors in this environment?Michelle Weaver: I think it's huge as we're seeing AI and technology broadly diffuse across different segments of the market, it's only becoming more important. About two-thirds of companies at the conference mentioned AI in some way, shape, or form. We know that from transcripts. And we're seeing them continue to integrate AI into their businesses. They're trying to go beyond what we've just seen at the initial edge. So, for example, if I think about what was going on within AI adoption a couple years ago, it was largely adding a chat bot to your website that's then able to handle a lot of customer service inquiries. Maybe you could reduce the labor there a little bit. Now we're starting to see a lot more business specific use cases. So, for example, with an airline, an airline company is using AI to most optimally gate different planes as they're landing to try and reduce connection times. They know which staff needs to go to another flight to connect, which passengers need to move to another flight. They're able to do that much more efficiently. You're seeing a lot on AI being adopted within manufacturing to make manufacturing processes a lot more seamless. So, I think innovation is only going to continue to become more important to not only industrials, but broadly the entire market as well.Clearly the industry is being shaped by adaptability, collaboration, and a focus on innovation. So, Chris, Adam, thank you both for taking the time to talk. Adam Jonas: Always a pleasure. Michelle.Christopher Snyder: Thank you for having us on. Michelle Weaver: And to our listeners, thanks for listening. If you enjoy Thoughts on the Market, please leave us a review wherever you listen to the show and share the podcast with a friend or colleague today.

In a conversation about visionary leadership, M-PESA CEO Sitoyo Lopokoiyit speaks with impact investor and Acumen CEO Jacqueline Novogratz about how he grew a nascent mobile payment service into Africa's largest fintech platform — which now handles nearly 60 percent of Kenya's GDP and more than a billion dollars in daily transactions. They draw on insights from both of their careers to explore how trust, innovation and moral imagination can unlock opportunity in overlooked places.For a chance to give your own TED Talk, fill out the Idea Search Application: ted.com/ideasearch.Interested in learning more about upcoming TED events? Follow these links:TEDNext: ted.com/futureyouTEDSports: ted.com/sportsTEDAI Vienna: ted.com/ai-viennaTEDAI San Francisco: ted.com/ai-sf Hosted on Acast. See acast.com/privacy for more information.

主持人：唐湘龍 節目時間：週一至週五 08:00-09:00 ◎節目內容大綱： ●「飛碟早餐 唐湘龍時間」，網路直播 ● 台灣GDP超越韓國！ 背景照片出處：郭定原《雪》攝影集 https://www.facebook.com/soooblue/?locale=zh_TW ▶ 飛碟聯播網Youtube頻道 http://bit.ly/2Pz4Qmo ▶ 飛碟早餐唐湘龍時間 https://www.facebook.com/ufobreakfast/ ▶ 飛碟聯播網FB粉絲團 https://www.facebook.com/ufonetwork921/ ▶ 網路線上收聽 http://www.uforadio.com.tw ▶ 飛碟APP，讓你收聽零距離 IOS：https://reurl.cc/3jYQMV Android：https://reurl.cc/5GpNbR ▶ Podcast SoundOn : https://bit.ly/30Ia8Ti Apple Podcasts : https://apple.co/3jFpP6x Spotify : https://spoti.fi/2CPzneD KKBOX：https://reurl.cc/MZR0K4 -- Hosting provided by SoundOn

In this special episode of The Hydrogen Podcast, we go beyond the headlines with a deep-dive case study on South Africa's energy crisis—and hydrogen's role in building resilience.⚡ Key Topics CoveredGrid Reliability in Crisis: Eskom's reliance on aging coal plants, Stage 6 load shedding, and the economic fallout of outages.Hydrogen as a Solution: Long-duration storage, grid backup, and industrial resilience powered by South Africa's world-class solar & wind resources.Regional Strategies:Northern Cape: Multi-gigawatt projects like Boegoebaai targeting global hydrogen exports.Cape Town, Saldanha, Mossel Bay: Industrial ports ideal for hydrogen hubs.Johannesburg & Gauteng: Emerging hydrogen “valleys” linking transport, power, and heavy industry.Durban & Richards Bay: Maritime and industrial integration.Economic Impact: 30,000+ potential skilled jobs per year, billions in GDP, and domestic supply chains fueled by platinum group metals.Hydrogen Society Roadmap: Targets of 10 GW electrolyzers, 500,000 tonnes of annual green hydrogen, and hundreds of buses/trucks by 2030.Challenges: Infrastructure upgrades, financing gaps, water requirements, and balancing renewables with hydrogen deployment.

Welcome back to another episode of Upside at the EUVC Podcast, where Dan Bowyer, Mads Jensen of SuperSeed, Andrew J Scott of 7percent Ventures, and Lomax unpack the forces shaping European venture capital.This week, veteran journalist Mike Butcher (ex-TechCrunch Europe, The Europas, TechFugees) joins the pod. From the creator economy eating media brands, to Europe's fragmented ecosystem and the capital gap that just won't die, we dive into EU-Inc, Draghi's unfulfilled reforms, ASML's surprise bet on Mistral, Europe's defense awakening, Klarna's IPO, and quantum's hot streak.Here's what's covered:00:01 – Mike's ResetTechCrunch Europe closes; Mike reflects on redundancy, summer off, dabbling in social and video.03:00 – Media Evolution & Creator EconomyFrom '90s trade mags → TechCrunch → The Europas & TechFugees. Blogs as early social media; today's creators (MrBeast, Bari Weiss, Cleo Abram) echo that era. Bloomberg pushes reporters front and center as media becomes personality-driven.06:45 – Europe's Ecosystem & Debate CultureEurope isn't Silicon Valley's 101 highway — it's dozens of fragmented hubs. Conferences like Slush, Web Summit, VivaTech anchor the scene, but the missing ingredient is debate. US VCs spar on stage then grab a beer; Europe is still too polite.12:00 – All-In Summit DebriefMads' takeaways from LA: Musk on robotics (the “hand” bottleneck), Demis Hassabis on AGI (5–10 yrs away), Eric Schmidt on US–China AI race, Alex Karp on Europe's regulatory failures. The Valley vibe captured, but it's only one voice.17:00 – EU-Inc & Draghi ReportDraghi's 383 recommendations, just 11% implemented. €16T in pensions sit mostly in bonds; only 0.02–0.03% flows into VC (vs 1–2% in the US). Permitting bottlenecks: 44 months for energy approvals. Panel calls for a Brussels “crack unit,” employee stock option reform, and fixing skilled migration.35:00 – Deal of the Week: ASML × MistralASML leads a €2B round in Mistral at €11B valuation. Strategic and cultural fit (Netherlands ↔ Paris) mattered more than sovereignty. Mads: 14× revenue is a bargain vs US peers. Andrew: proof Europe's VCs are too small — corporates must fill the gap. Lomax: ASML knows it's a one-trick pony with 90% lithography share; diversifying into AI hedges risk.49:00 – Defense & Industrial BaseRussian drones hit Poland, NATO urgency spikes. UK pledges defense spend to 2.5% GDP by 2027, but procurement bottlenecks persist. Poland cuts red tape under fire; UK moves at peacetime pace. Andrew: real deterrence is industrial capacity. Mike: primes must be forced to buy from startups; dual-use innovators like Helsing show the way.59:00 – Klarna IPO & the Klarna MafiaKlarna IPOs at $15B (down from $46B peak). Oversubscribed; Sequoia nets ~$3.5B; Atomico 12M → 150M. A new “Klarna Mafia” of angels and operators will recycle liquidity back into Europe's ecosystem.01:03:00 – Quantum's Hot StreakPsiQuantum ($7B, Bristol roots), Quantinuum ($10B, Cambridge), IQM (Finland unicorn), Oxford Ionics' $1B exit. Europe has parity in talent but lacks growth capital. Lomax: “Quantum is hot, but a winter will come.” Andrew: Europe can win here — if the money shows up.01:05:00 – Wrap-upThe pod ends on optimism: Europe may not own AGI, but in quantum it has a fair fight.

Episode SummaryEpisode 126 delivers comprehensive analysis of Australian and international news, politics, and sport. The hosts tackle everything from sovereign citizen movements and government policy disasters to AFL finals and international political chaos, maintaining their trademark blend of serious analysis and wry humor.Listener CorrespondenceGrant ("Tri-Valve") - Multiple TopicsNRL Trainers on Field: Criticism of excessive trainer presence during games, particularly Alfie Langer's extended field time with Broncos and Queensland Origin teamsMedia Language Issues: Channel 9's problematic "Exonerated Child Murderer Folbigg" banner - classic oxymoronInternational Travel: Amusing encounter with Collingwood supporters in the Sahara Desert, Libya (2010)Bike Lane Safety: Melbourne bike lanes creating pedestrian hazards, particularly for country visitors unfamiliar with urban cycling infrastructureAFLW vs Netball: Questions about potential impact of women's AFL on traditional netball participation and viewershipAndrew - Sovereign CitizensCommunity Support: Concerns about significant local support for Paul Punker and Desi Freeman in high country communitiesHidden Numbers: Unexpected prevalence of sovereign citizen ideology among seemingly ordinary citizensMajor News AnalysisSovereign Citizen Movement & WieambillaGeographic Clusters: Identified hotspots including Gladstone/WA Wheatbelt, Albury-Wodonga, Northern Rivers, SW QueenslandPolice Risk: Increased threat assessment protocols required for warrant servicesHistorical Context: Long-standing anti-establishment culture in remote eastern Victoria dating to 1970sFreeman Manhunt: Police belief in community assistance for Desi Freeman; rugged Buckland Valley terrain complicating searchErin Patterson SentencingSentence: Life imprisonment with 33-year non-parole period (eligible 2056)Judge's Reasoning: Justice Chris Beale noted extensive premeditation required for crimeSolitary Confinement: 22 hours daily due to case publicityCommunity Impact: Butchers no longer selling mushroom-based products; "Beef Wellington" renamed "Beef en Croute"Bruce Lehrmann Federal Court AppealAppeal Failure: Federal Court unimpressed with Lehrmann's challengeFiona Brown: Only figure emerging with reputation intact despite career destructionCompensation Disparity: Call for equal treatment compared to Brittany Higgins settlementJacinta Price Immigration CommentsABC Interview Controversy: Claims about Labor's immigration strategy targeting Indian community votesLiberal Response: Julie Bishop apologized on Price's behalf; Price refused personal apologyBusiness Backlash: Harris Park businesses refusing Liberal engagement until unconditional Price apologyElectoral Strategy: Cos Samaras noted elections won/lost in NSW/Victoria, not through minority group alienationPolicy DisastersBlack Market TobaccoMarket Indicators: Small country town (25,000) now has five tobacconists - unprecedentedPolicy Failure: Excise increases creating massive black market, including Iraqi cigarette factories serving Australian marketPrice Comparison: Legal cigarettes $55-60 per pack vs $120 for carton of 10 packs illegallyLaw Enforcement: Hundreds of millions spent on policing sophisticated black marketsHistorical Parallel: Ignoring 20th century prohibition lessons from alcohol and bettingRespectability of Law-breaking: Creating acceptance of illegal activity, similar to SP bookmaking eraVaping PolicyJoint Failure: Bipartisan decision ignoring harm reduction evidenceUnregulated Danger: Current black market vapes potentially more dangerous than regulated alternativesInternational PoliticsThomas Sewell Deportation PetitionPetition Numbers: 117,000+ signatures on Change.org for neo-Nazi leader deportationLegal Challenges: New Zealand citizenship complications; military service precedent (Bertie Kidd case)Current Charges: Violent disorder, assault by kicking, discharge missile, police intimidationUS Politics - Trump/Epstein FilesBirthday Book Evidence: House Oversight Committee confirms Trump birthday message to EpsteinWhite House Response: Claims of forgery; potential legal battle with Wall Street JournalEconomic Concerns: US jobs market weakened (22,000 jobs vs expected higher), unemployment 4.2% to 4.3%Tariff Impact: Goldman Sachs reports 86% absorbed by importers, unsustainable long-termJohn Deere Warning: Agricultural equipment manufacturer's poor results concerning for rural Trump baseEuropean Political ChaosFrance - Government CollapseConfidence Vote: PM François Bayrou lost 364-194, far-right and far-left coalitionSpending Cuts: Proposed welfare caps and public holiday removal triggered downfallFiscal Crisis: 5.8% GDP deficit, 114% debt-to-GDP ratioPolitical Paralysis: No major party willing to make necessary hard economic decisionsUK - Boris Johnson Influence ScandalThe Boris Files: Leaked data reveals post-PM profiteering from office connectionsGreensill Echoes: Similarities to David Cameron lobbying scandalLabour Leadership: Keir Starmer faces deputy leadership election, working-class voters moving to ReformPolling: Reform UK leading but insufficient for parliamentary majorityImmigration Policy: Dublin Agreement unavailable post-Brexit; family reunion advantages drawing Channel crossingsGermany - Migration PoliticsCologne Agreement: All parties except AfD pledge only positive migration discourse in local electionsStrategic Error: Likely to entrench support for far-right AfD by dismissing legitimate concernsInternational RelationsChina EngagementBob Carr & Dan Andrews: Attending 80th anniversary of Japanese defeat in ChinaPhoto Opportunities: Andrews pictured with Kim Jong-un and Vladimir PutinCommercial Motivations: Unnamed political friend claims Andrews "making millions" from China connectionsInfluence Trading: Xi Jinping meetings providing significant business leverageMiddle East & UkraineMarina Hyde Quote: "The path to peace still goes through politicians with power. Many of them are still terrible people. They will still have to have unpleasant and even toxic conversations in which horse trading and moral compromise are inevitable"UN Role: Defense of UN as necessary forum for engaging "terrible people" while criticizing corrupt agenciesSports CoverageNRL Finals Week 1Matchups: Raiders v Broncos (Canberra), Storm v Bulldogs (Melbourne), Warriors v Panthers (Auckland), Sharks v Roosters (Shark Park)Venue Criticism: Shark Park described as "disaster" with rat problems, unfit for purposeForm Analysis: Storm struggling after losses to Roosters and Broncos; Raiders in strong formAFL Finals AnalysisGeelong Dominance: Cats looking "head and shoulders" above competitionUmpiring Controversy: AFL acknowledged mistake in Geelong v Brisbane Lions match; three-goal turnaround from questionable decisionsUpcoming Matches: Hawks v Crows, Suns v Lions at GabbaJai Newcombe: Hawks midfielder top-rated in all three finals appearancesCharlie Curnow: Carlton star's ordinary finals performances raising trade speculationRugby UnionWallabies Form: Positive signs despite slow starts; exciting brand attracting attentionLions Tour Revenue: Significant funds from upcoming British & Irish Lions tourScheduling Issues: Argentina match poorly timed at 2pm North QueenslandMedia & CultureChildren's Humor AnalysisAnne Althaus Insight: Children funny because not yet socialized, willing to take risksComparison: Ricky Gervais model of saying "unsayable" thingsNew Yorker: Magazine quality decline noted, but cartoons "back in form"Comedy RecommendationsStewart Lee: Ricky Gervais' favorite comedian; unconventional styleQueen/Paddington Joke: Stewart Lee's material about marmalade sandwiches and Prince AndrewMedia BusinessThe Free Press Sale: Bari Weiss publication acquired by Paramount/CBS for $100-200 millionEditorial Control: Weiss reportedly getting "free reign" over CBS political coverageAlternative Media Success: Examples include Claire Lehmann's Quillette, Megyn Kelly's expansionDemocratization Concerns: Tendency toward sensationalism in independent mediaContact InformationJack the Insider: X/Twitter DMs @JacktheInsiderHong Kong Jack: hongkongchat.substack.comEmail: theconditionalreleaseprogram@gmail.com

欢迎收听雪球出品的财经有深度，雪球，国内领先的集投资交流交易一体的综合财富管理平台，聪明的投资者都在这里。今天分享的内容叫谈谈银行业绩周期的几个阶段，来自奶牛的天空。很多人在谈银行净资产收益率，净息差会持续下滑，我觉得现在谈论这个没有意义，是因为他们没有认识到银行的经营业绩也有周期性，片面的在降息周期内得到片面的观点。这轮利率降息周期走完后，我们的利率大概率会进入到一个“降息到平稳，平稳到加息，加息到平稳，平稳到再降息”的周期循环，这是经济周期和货币调节政策所决定的。我来带大家了解一个完整的银行业绩周期全貌。首先，我们先来了解利率降息周期。当经济步入调整期后，经济体通常会选择通过降息来提振经济，我们目前就处于这个阶段。降息周期的前中期，贷款市场报价利率和存款利率双降，银行资产端的利率重定价速度会比负债端要快，而且银行还要面临存款定期化、资产质量控制难度大的双重挑战。这个阶段属于银行业绩的承压期。银行要通过卖出长期债券来获取投资收益、释放贷款拨备来对冲利息净收入减少的影响，从而稳住净利润不下滑。如果在降息周期阶段后期，部分未上市的小银行压力太大，经济体就会把贷款市场报价利率和存款利率同等幅度降息政策调整为不对称降息，即银行存款利率的降低幅度会大于贷款市场报价利率，到这个阶段往往预示着接下来的降息幅度有限了，降息周期即将进入尾声。降息周期的末期，贷款市场报价利率的降低接近尾声，降低幅度变小，降息间隔时间变长，那银行就会进入到业绩相对舒适区。因为到了这个阶段，资产端的降息已经进入了尾声，降息幅度有限，而在负债端，降息前中期存款利率的下调还在持续体现出来，这就会开始对银行净息差进行修复，就会让银行的贷款市场报价利率触底回升。在降低贷款市场报价利率和存款利率政策同时出台的时候，LPR的影响速度会更快，比如部分存量个人住房贷款第二个季度就要按新的贷款市场报价利率执行，大部分存量的贷款都会在次年实现重新定价。而存量的定期存款要在到期后才能把利率降下来，全部走完这个过程至少要3年以上。这就是文中说的银行资产端利率重定价速度会比负债端要快的原因。接下来，再来聊一下利率平稳周期。我们的货币政策偏谨慎，一般不会在降息周期走完后马上暴力加息，这对我们的银行和企业非常友好。硅谷银行就是倒在了暴力加息阶段。估计降息周期走完以后会有一个利率平稳期。平稳期的前中期，负债端收益因降息周期存款利率下调的持续影响，负债成本继续走低，风险端受益于企业经营转好，资产质量变好。反应到银行的利润表上利息净收入增加、信用减值损失减少，银行净利润持续提升。这个阶段是银行业绩最舒适的时候，净息差和贷款市场报价利率会有比较好的提升。平稳期的后期，这个阶段银行的资产质量继续转好，负债成本会相对平稳，银行业绩依旧处于舒适区。当然这是一个理想状态下的情况，现实情况下，这个阶段虽然经济体没有提升贷款市场报价利率利率，但是贷款发放的实际利率可能会有一些提高。最后，我们来看一看利率加息周期。当经济过热后，会选择通过加息来抑制经济过热。在加息周期的前中期，贷款市场报价利率和存款利率同步加息，同样银行资产端的利率重定价速度会比负债端要快，银行收益率上升的会比负债成本快，带动净息差提升，且经济处于繁荣期，银行不良率会变低，这会拉升银行的净利润和净资产收益率。而在加息周期的末期，银行存款利率加息的作用逐步体现出来，资产收益率的提升幅度变小，这会压制银行的净息差和净资产收益率。加息周期走完以后，利率周期会短暂的进入平稳期，通常这阶段时间会比较短，最后又会进入新的降息周期。这些年GDP的高速增长淡化了经济周期和利率周期的影响，因为之前经济比较强、利率总体比较高，所以周期中加息周期被平稳周期代替了，但是未来不会，加息周期必然会出现，这是经济周期所决定的，不以人的意志力为转移。对于我们这些银行股的长线投资者，一定要认识到银行业绩的周期性。银行在丰年储备利润提高拨备，在困难期释放拨备平滑利润，这本就是一个正常的现象。虽然现实情况不会完全契合这个周期模型，但是大体上会比较相似。所以在这个时期讨论银行净资产收益率的下滑意义并不大，没有看到银行周期就会陷入线性外推的误区。

On todays Show Mark, James and Dwayne, covered various topics, including the 24th anniversary of 9/11, the weather in Dubai, and the assassination of Charlie Kirk, a controversial figure known for his conservative views. The conversation also delved into the economic implications of a summit involving 10 nations, representing 23% of the global GDP and 43% of the global population. Additionally, they discussed the potential impact of AI on the internet, the concept of the "dead internet," and the advancements in brain research related to ADD. The group also touched on the ethical considerations of curing ADD and the need for better data collection on the effectiveness of medication. The discussion centered on the effectiveness of ADHD medications, noting that Adderall, Ritalin, and Fivants can vary in efficacy and have different effects at different life stages. Personal anecdotes highlighted that only some family members benefited, while others did not. The conversation shifted to the "dead internet theory," explaining how AI and automation generate significant internet traffic without direct human interaction. This includes AI-driven tasks like job searches and data scraping, which could lead to legal issues. The segment concluded with a humorous plug for PJ's Coffee in Louisiana, emphasizing its diverse offerings and free internet. Don't miss it!

In this episode of SparX, Mukesh Bansal speaks with Raghuram Rajan (Former RBI Governor) on India's economic crossroads, tariff wars, shifting geopolitics, AI disruption, and the urgent need for jobs and human capital investment.They discuss:India's position between the U.S. and China.The real impact of tariffs on trade, GDP, and livelihoods.Why 7.8% GDP growth isn't the full story.The jobs crisis and AI's disruption of tech roles.Building human capital: world-class universities, R&D, and upskilling.Strategic autonomy in AI and reducing vulnerabilities.Dr. Rajan's message to India's youth on ambition, learning, and opportunity.If you want to understand the choices shaping India's economic future, this is a must-watch conversation.

Motheo Khoaripe speaks to Patricia de Lille, Minister of Tourism, about South Africa’s first Tourism Investment Summit and its potential to boost GDP and unlock major job creation opportunities. In other interviews, Motheo Khoaripe speaks to Financial Sector Conduct Authority (FSCA) commissioner Unathi Kamlana, who urged leaders to make integrity-driven choices even under pressure and in times of crisis. The Money Show is a podcast hosted by well-known journalist and radio presenter, Stephen Grootes. He explores the latest economic trends, business developments, investment opportunities, and personal finance strategies. Each episode features engaging conversations with top newsmakers, industry experts, financial advisors, entrepreneurs, and politicians, offering you thought-provoking insights to navigate the ever-changing financial landscape. Thank you for listening to a podcast from The Money Show Listen live Primedia+ weekdays from 18:00 and 20:00 (SA Time) to The Money Show with Stephen Grootes broadcast on 702 https://buff.ly/gk3y0Kj and CapeTalk https://buff.ly/NnFM3Nk For more from the show, go to https://buff.ly/7QpH0jY or find all the catch-up podcasts here https://buff.ly/PlhvUVe Subscribe to The Money Show Daily Newsletter and the Weekly Business Wrap here https://buff.ly/v5mfetc The Money Show is brought to you by Absa Follow us on social media 702 on Facebook: https://www.facebook.com/TalkRadio702702 on TikTok: https://www.tiktok.com/@talkradio702702 on Instagram: https://www.instagram.com/talkradio702/702 on X: https://x.com/CapeTalk702 on YouTube: https://www.youtube.com/@radio702 CapeTalk on Facebook: https://www.facebook.com/CapeTalkCapeTalk on TikTok: https://www.tiktok.com/@capetalkCapeTalk on Instagram: https://www.instagram.com/CapeTalk on X: https://x.com/Radio702CapeTalk on YouTube: https://www.youtube.com/@CapeTalk567 See omnystudio.com/listener for privacy information.

With the Fed's next meeting just around the corner, Jeffrey Cleveland and Yelena Shulyatyeva share their thoughts on what to expect. Jeffrey believes the case is strong for a 50-basis-point cut, citing slower job growth, weak labor market indicators, and moderating inflation. However, Yelena thinks a 25-basis-point cut is more likely, citing in-line economic data and concerns about surprising the market. Both agree that the labor picture has weakened, with almost a million jobs fewer than this time last year, and that a further slowdown in GDP growth and a rise in unemployment remain real risks.======== Schwab Network ========Empowering every investor and trader, every market day. Subscribe to the Market Minute newsletter - https://schwabnetwork.com/subscribeDownload the iOS app - https://apps.apple.com/us/app/schwab-network/id1460719185Download the Amazon Fire Tv App - https://www.amazon.com/TD-Ameritrade-Network/dp/B07KRD76C7Watch on Sling - https://watch.sling.com/1/asset/191928615bd8d47686f94682aefaa007/watchWatch on Vizio - https://www.vizio.com/en/watchfreeplus-exploreWatch on DistroTV - https://www.distro.tv/live/schwab-network/Follow us on X – https://twitter.com/schwabnetworkFollow us on Facebook – https://www.facebook.com/schwabnetworkFollow us on LinkedIn - https://www.linkedin.com/company/schwab-network/ About Schwab Network - https://schwabnetwork.com/about

Today's $3 trillion investment in AI is not only rational and beyond inevitable - it's “predestined”. At least according to That Was The Week newletter publisher and techno-determinist Keith Teare. Exuberance is not only required, Keith argues, but absolutely essential in today's AI mad gold rush. And he's particularly critical of all skeptics - from traditional tech naysayers (like myself) to mainstream publications like The Economist - which are all a touch questioning of today's unprecedented boom. What if the $3 trillion AI investment tsunami goes wrong? The Economist asks. But for Keith, it can't possibly go wrong. The investment has already been made, he argues, and the resultant technology will inevitably benefit humanity. He envisions a world where AI adds $20 trillion to global GDP by 2035, where a kid in rural Africa with an Android phone can access the world's best AI, and where economic growth hits an unprecedented 20% annually. I think this type of teleological argument adds up to about $3 trillion worth of madness. But what do I know?1. The Scale Defense: $3 Trillion is Actually Small Teare argues the massive AI investment looks rational when measured against projected returns - $20 trillion added to global GDP by 2035, potentially creating $400 trillion in company value (at 20x multiples). His math: even if the investment seems huge, the predicted gains are exponentially bigger.2. AI's Business Model Advantage Over Previous Tech Booms Unlike the internet (which relied on advertising and attention-grabbing) or early TV (which devolved into reality shows), AI operates on subscriptions and API usage. Teare believes this model doesn't require undermining human outcomes to generate profit - making it fundamentally different from past transformative technologies.3. Individual Failures Don't Equal Systemic Collapse While specific companies (like Perplexity at $20B valuation) might fail, Teare argues the overall AI ecosystem is "failure-proof" because trained models retain their value even if companies go bankrupt. He compares it to the Channel Tunnel - the infrastructure survived financial collapse and eventually thrived.4. The "Western Suicide Wish" Cultural Diagnosis Echoing Elon Musk and Alex Karp, Teare sees Western civilization as increasingly "ashamed" of Enlightenment values - viewing humans as problems rather than solutions. He argues AI represents a return to human agency and innovation as answers to global challenges.5. Content Creators Face a Reckoning The decline of web traffic (8% this year) signals the end of advertising-based content monetization. Creators must either embrace quality/subscription models or find ways to integrate with AI systems through attribution and linking - but the traffic-based economy is dying.Keen On America is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit keenon.substack.com/subscribe

US Treasury Secretary Bessent will meet with Chinese Vice Premier He and other senior Chinese officials next week in Madrid, while Bessent and He are to discuss key US-China national security, economic and trade issues.US equity futures are lower across the board, RTY lags. European bourses began marginally firmer, but have since waned.USD attempts to recover from the pressure seen on Thursday's data, DXY at highs, while the JPY lags.Fixed income is in the red, though USTs are set to end the week near-enough unchanged. Gilts are the relative outperformer post-GDP.Crude began in the red, extending to a new WTD low before bouncing and recouping some of Thursday's pressure. Metals firmer despite the USD strength.Looking ahead, highlights include US University of Michigan Prelim (Sep), CBR Announcement, Credit Rating Reviews for France & Spain. US President Trump on Fox.Read the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk

CBS EYE ON THE WORLD WITH JOHN BATCHELOR SHOW SCHEDULE  9-10-25 Good evening. The show begins in Poland as the government and military respond to drones crossing the Belarus to Poland border... FIRST HOUR 9-915 General Blaine Holt NATO Reacts to Russian Drone Incursions into Poland General Blaine Holt analyzes Russiandrone incursions into Polish airspace from Belarus, triggering a NATO Article 4 meeting. While NATO calls it an "intentional incursion" to allow de-escalation, Poland considers it an "act of war." The incident highlights NATO's rapid response capabilities and the broader "poly crisis" in Europe, requiring diplomatic de-escalation. 915-930 CONTINUED General Blaine Holt NATO Reacts to Russian Drone Incursions into Poland General Blaine Holt analyzes Russiandrone incursions into Polish airspace from Belarus, triggering a NATO Article 4 meeting. While NATO calls it an "intentional incursion" to allow de-escalation, Poland considers it an "act of war." The incident highlights NATO's rapid response capabilities and the broader "poly crisis" in Europe, requiring diplomatic de-escalation. 930-945 Lance Gatling Japan's LDP Prime Minister Race and China's Influence Lance Gatling discusses the race for Japan'snew Prime Minister within the Liberal Democratic Party (LDP) following Ishida's resignation. The LDP lacks a majority, complicating coalition-building. Takaichi Sanae, a conservative candidate critical of China, is opposed by Beijing's propagandists, highlighting China's active influence in the Japanese political landscape .945-1000 Captain James Fanell NATO Article 4 Invoked Amidst Russian Drones, China's South China Sea AggressionCaptain James Fanell discusses NATO's Article 4 invocation after Russian drones entered Polish airspace during Zapad exercises, potentially testing defenses. He also details China's escalating aggression in the South China Sea, where its navy chased a Philippine vessel near Scarborough Shoal. The "poly crisis" necessitates increased US defense spending and alliances. SECOND HOUR 10-1015 Steve Yates Pentagon's National Defense Strategy Amidst Global Crises Steve Yates discusses the Pentagon's new National Defense Strategy (NDS), which prioritizes China as the "pacing challenge" over climate change. The "Fortress America" concept of homeland defense is debated against the need for alliances and extended deterrence. Events like Russian drones in Poland underscore the loss of US initiative and the urgency of adaptive defense strategies. 1015-1030 Charles Burton Canada's Dilemma: Chinese EVs and National Security Charles Burton discusses Canada'sreluctance to link national security with China, specifically regarding Chinese EVs (dubbed "spy machines"). Canadaimposed 100% tariffs at US request, leading to China's retaliation on Canadian canola. This creates a dilemma, as Canada prioritizes economic gain despite China's espionage and potential US border bans on Chinese EVs.1030-1045 Andrea Stricker Iran's Nuclear Program Targeted, Verification Crisis Ensues Andrea Stricker discusses Israel and USstrikes on Iran's nuclear facilities like Fordo, Natanz, and Isfahan, destroying centrifuges and weaponization capabilities. The IAEA cannot verify Iran's nuclear material locations after inspectors were expelled. Iran's 60% enriched uranium poses a proliferation risk, leading to anticipated UN sanctions. The strikes prevented JCPOA-allowed centrifuge surges.1045-1100CONTINUED Andrea Stricker Iran's Nuclear Program Targeted, Verification Crisis Ensues Andrea Stricker discusses Israel and USstrikes on Iran's nuclear facilities like Fordo, Natanz, and Isfahan, destroying centrifuges and weaponization capabilities. The IAEA cannot verify Iran's nuclear material locations after inspectors were expelled. Iran's 60% enriched uranium poses a proliferation risk, leading to anticipated UN sanctions. The strikes prevented JCPOA-allowed centrifuge surges. THIRD HOUR 1100-1115 Professor Josh Blackman Judicial Defiance: Lower Courts Challenge Supreme Court and Trump AdministrationProfessor Josh Blackman details an unprecedented judicial "revolt" where lower federal courts, particularly in Boston, repeatedly defy Supreme Court rulings and temporary restraining orders against the Trump Administration. Cases involve deportation and presidential firing power. Chief Justice Roberts is struggling to make lower courts "get in line," prompting a rare concurrence from Justice Gorsuch criticizing the defiance.1115-1130 Professor Josh Blackman Judicial Defiance: Lower Courts Challenge Supreme Court and Trump AdministrationProfessor Josh Blackman details an unprecedented judicial "revolt" where lower federal courts, particularly in Boston, repeatedly defy Supreme Court rulings and temporary restraining orders against the Trump Administration. Cases involve deportation and presidential firing power. Chief Justice Roberts is struggling to make lower courts "get in line," prompting a rare concurrence from Justice Gorsuch criticizing the defiance. 1130-1145 Bob Zimmerman Space Policy, Launches, and Astronomical Discoveries Bob Zimmerman criticizes the over-budget Artemis lunar program while praising SpaceX's increased launches from Cape Canaveral. He discusses the politically-driven Space Force HQ relocation and NASA's efforts to reduce reliance on Russia for ISS orbit-raising. Global space startups are booming, Starlink cuts prices, and new astronomical discoveries are made.1145-1200CONTINUED Bob Zimmerman Space Policy, Launches, and Astronomical Discoveries Bob Zimmerman criticizes the over-budget Artemis lunar program while praising SpaceX's increased launches from Cape Canaveral. He discusses the politically-driven Space Force HQ relocation and NASA's efforts to reduce reliance on Russia for ISS orbit-raising. Global space startups are booming, Starlink cuts prices, and new astronomical discoveries are made.FOURTH HOUR 12-1215 Simon Constable Global Commodities, French Politics, and 9/11 Reflection Simon Constable discusses commodity trends: copper and gold prices surge due to AI demand and monetary fear, while orange juice falls and coffee rises. He covers France's political crisis, with Sebastien Lecornu becoming the sixth Prime Minister under Macron, and local support for Marine Le Pen's National Rally. He also shares a personal 9/11 account from One World Financial Center.1215-1230CONTINUED Simon Constable Global Commodities, French Politics, and 9/11 Reflection Simon Constable discusses commodity trends: copper and gold prices surge due to AI demand and monetary fear, while orange juice falls and coffee rises. He covers France's political crisis, with Sebastien Lecornu becoming the sixth Prime Minister under Macron, and local support for Marine Le Pen's National Rally. He also shares a personal 9/11 account from One World Financial Center.1230-1245 Grant Newsham Korea's Division, South Korea's Shift, and the Axis of Adversaries Grant Newsham traces Korea's1945 division by US officers, leading to North Korea's establishment. He highlights the pro-North Korea South Korean administration's alignment with China and Russia. The unified appearance of Kim Jong-un, Xi Jinping, and Vladimir Putin at a Beijing parade solidifies them as a formidable "axis of adversaries," intimidating the West.1245-100 AM Michael Bernstam Falling Oil Prices Threaten Russia's Economy, Boost US and Europe Michael Bernstam explains that falling oil prices, forecasted to drop to $50/barrel due to increased OPEC supply, will severely impact Russia'sbudget (based on $70/barrel) and push it towards recession. This benefits US consumers and GDP, while rising US LNGexports fully replace Europe's Russian gas, effectively isolating Russia from the European energy marke

The editors open with an analysis of the killing of Ukrainian refugee Iryna Zarutska by a repeat violent offender, and discuss what it reveals about crime, media spin, and a legacy media more fixated on “Republicans pouncing” than the literally pouncing criminal himself. Follow-up discussion ranges from Europe's disappearing crime stats to the Bureau of Labor Statistics's downward revision of nearly a million jobs during the Biden presidency, probing whether institutions still merit public trust and what a reality-based politics on immigration, safety, and the economy might look like. The editors also touch on an immigration sweep at a Georgia battery plant and the gap between GDP and lived experience before closing with fresh culture picks.Culture recommendations:* The Name of the Rose* Last Summer Boys* Alien: Earth* How to Be a Better Drinker: Cocktail Recipes and Boozy Etiquette This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit claremontinstitute.substack.com

Steve Forbes calls for a major overhaul in how GDP data is interpreted and released, urging the Trump Administration to make a crucial change as it reforms the BLS job growth statistical gathering.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Who stands to be the biggest loser if free trade starts to unwind? Who stands to gain?  Chief Market Strategist Troy A. Gayeski, CFA dives into his latest strategy note on what trade policy may mean for equities and how investors can respond.   Troy joins Content Strategist Harrison Beck to outline his frameworks for understanding the current tariff-inflected environment. He examines the contributing factors of the GDP, U.S. consumer and bank strength, and the concept he coined to describe this kind of market upheaval, “The Galactic Mean Reversion.” Have a question for our experts? Text us for a chance to have your questions answered on the next episode.To watch the video version, go to https://www.youtube.com/@futurestandard_fs For more research insights go to https://futurestandard.com/insights

As Ireland's economy thrives - with record low unemployment and high levels of educational attainment - a new report from McKinsey & Company, commissioned by Generation Ireland and supported by JPMorganChase, highlights the urgent need to close the country's growing tech skills gap through inclusive adult education. Ireland's technology sector is poised for significant growth, with projections indicating the creation of 40,000 new technology roles between 2025 and 2030, subject to changes in the Irish jobs market from international tariffs and AI market disruption. Yet, this promising growth is hindered by a formidable skills gap, as 83% of employers report significant difficulties in reskilling, while fostering social mobility, helping underrepresented groups access careers in technology. Ireland's technology sector is poised for significant growth, with projections indicating the creation of 40,000 new technology roles between 2025 and 2030, subject to changes in the Irish jobs market from international tariffs and AI market disruption. Yet, this promising growth is hindered by a formidable skills gap, as 83% of employers report significant difficulties in sourcing skilled professionals. This report, for the first time, delves into the intricacies of this challenge and proposes bold solutions to ensure Ireland's continued leadership in the tech sector, anchoring on the ability to unlock the opportunity from latent talent pools, with thousands of people who are motivated and intrinsically well suited to these careers, but need a clearer pathway and formalised training to do so. Despite the success of current government initiatives in equipping a large segment of the population with the necessary education and training through delivering industry-leading levels of degrees and apprenticeships, there remain pockets of society where barriers to entry persist. These barriers, which include a lack of formal qualifications and systemic socioeconomic disadvantages, hinder social mobility and exacerbate inequality. There are many education pathways in Ireland, such as Universities, corporate bodies, SOLAS FET initiatives, and NGOs. Each education pathway has inherent access challenges for people with barriers to entry; however, some educational pathways have been proven internationally to lend themselves to be a transformative way to build social mobility. To address these challenges, the report recommends a multifaceted approach to upskilling and reskilling, emphasising the importance of lifelong learning. Key ideas include creating affordable and accessible education pathways, engaging employers in co-creating training curricula, and providing targeted support for individuals most at risk of exclusion from the workforce. The report also highlights the potential economic benefits of improving social mobility, with estimates suggesting that enhancing education and employment opportunities could increase GDP by 3-9% across European countries. In Ireland, addressing childhood disadvantage alone could recover approximately 4% of GDP annually. Drawing inspiration from successful European models, Ireland can implement skills strategies to meet employer needs while fostering social mobility. These programmes have demonstrated the potential to uplift individuals from disadvantaged backgrounds, equipping them with the skills and confidence to access high-quality jobs and achieve economic independence. To maintain its leadership in education and skills, Ireland could establish a pathway to lifelong learning and enable targeted interventions for rapid education to meet the market's evolving demands. This report underscores the critical role of targeted rapid adult education in bridging Ireland's technology skills gap while promoting social mobility. By prioritising the inclusion of underrepresented groups and investing in scalable, targeted training programs, Ireland can unlock the potential of its untapped talent pool, create a more equitab...

In this week's episode of Money Moves, Matty A and Ryan break down the latest economic shifts, market signals, and investment opportunities you need to know about. From the Fed's looming rate cuts to gold's record highs and the evolving crypto landscape, the guys share timely insights to help you navigate today's markets with confidence.What You'll Learn in This Episode:(00:00:00 – 00:02:00) Life beyond money — Tahoe recap, family, and the ROI of meaningful experiences.(00:02:00 – 00:04:00) Last week's economic data: weak jobs report, jobless claims, and why the Fed is almost certain to cut rates (likely 25 bps, not 50).(00:04:00 – 00:07:00) Market optimism: big earnings on deck, GDP growth outlook, and why Q4 could fuel years of expansion.(00:07:00 – 00:15:00) Inflation watch: PPI & CPI explained, and the BLS job revision that erased 911,000 jobs — the largest in U.S. history.(00:15:00 – 00:23:00) Confidence crisis in economic data and its ripple effect on institutional investors and policy.(00:23:00 – 00:27:00) Gold at $3,600/oz: why it still matters for AI, quantum computing, and portfolio diversification.(00:23:00 – 00:30:00) Nasdaq moves toward blockchain-based stock listings. Crypto outlook: Ethereum vs Bitcoin and what the long game looks like.(00:30:00 – 00:37:00) Global instability: France's government collapse, UK post-Brexit struggles, and how bad policies choke investment (feat. Kevin O'Leary).(00:37:00 – 00:40:00) Markets at all-time highs with $7.4T in money market funds waiting to re-enter. Could this spark a new multi-year bull run?(00:40:00 – 00:46:00) U.S. housing insights: price declines in 39 metros, rising foreclosures, climate-driven insurance risks, and why this is a window of opportunity for strategic investors.(00:46:00 – end) Looking ahead: preparing for Q4, 2026 outlook, and details on the upcoming Napa event + portfolio reviews.Final Thought:Whether you're focused on stocks, crypto, or real estate, this episode is packed with data-driven insights to help you position for the next cycle.Resources & Mentions:Apply for the Wise Investor Mastermind in Napa: Text NAPA to 844-447-1555Free wealth-building resources: ⁠www.WiseInvestorVault.com⁠Get your free financial X-ray: Text X-RAY to 844-447-1555Access Matty A's private deals: Text DEALS to 844-447-1555Episode Sponsored By:⁠Discover Financial Millionaire Mindcast Shop⁠: Buy the Rich Life Planner and Get the Wealth-Building Bundle for FREE! Visit: ⁠https://shop.millionairemindcast.com/⁠⁠CRE MASTERMIND⁠: Visit ⁠myfirst50k.com⁠ and submit your application to join!FREE CRE Crash Course: Text “FREE” to 844-447-1555FREE Financial X-Ray: Text  "XRAY" to 844-447-1555

Americans give nearly half a trillion dollars to charity each year—over 2% of GDP. Yet despite this massive scale, charitable giving remains stuck in the past, dominated by donor-advised funds marketed exclusively to the wealthy and clunky processes that make generosity harder than it should be. Today I'm joined by Adam Nash, co-founder and CEO of Daffy, a modern platform that's democratizing charitable giving through technology. Adam brings decades of experience building consumer fintech products as the former CEO of Wealthfront and in leadership roles at LinkedIn, Dropbox, and eBay. During the pandemic, he recognized that while fintech had revolutionized how we save and invest, charitable giving had been largely untouched by innovation. We'll explore why Adam left Wealthfront to tackle charitable giving, how Daffy's membership-based model differs from traditional approaches, and why he believes donor-advised funds will soon be as common as 401ks. Adam will share insights on tax-advantaged giving as more people hold appreciated assets like stock and crypto, how Daffy is incorporating AI, and why they've opened their APIs to partners like Betterment and Robinhood.

As Parliament prepares to resume, a Radio-Canada report says pipelines are nowhere on the Carney cabinet's agenda. That puts Ottawa at odds with Alberta and Saskatchewan, where Premiers Danielle Smith and Scott Moe have been clear: if the federal government wants energy projects to move forward, it must repeal or rewrite C-69, lift the West Coast tanker ban, and scrap the emissions cap. Guest host Kris Sims is joined by Toronto Sun columnist Brian Lilley to break down the politics and the math. Lilley explains why companies won't propose major projects under today's rules — pointing to regulatory uncertainty and past cancellations like Northern Gateway and Energy East — and warns shelving pipelines now would inflame Western alienation and damage national unity. They also dig into the economics: stalled investment, lost revenue, and Canada's widening GDP-per-capita gap with the U.S. Lilley argues predictable rules — not pauses and reviews — are what industry needs across oil and gas, autos, steel and telecom. Finally, the show tackles youth unemployment and immigration policy. After Doug Ford suggested young people should “look harder” for work, Lilley notes Ontario's youth jobless rate is elevated and entry-level markets are squeezed by the temporary foreign worker stream, expanded work rights for international students, and rapid inflows of work-eligible newcomers. Learn more about your ad choices. Visit megaphone.fm/adchoices

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 debt level which was created by the [CB] system is not sustainable, as of right now each household owes $274,000. The BLS was just revised, all the jobs that the Biden admin said they created was a lie. The Fed was using fake data to make all their decisions and since the data was a lie the economy was in a recession during Biden's admin. Trump has the Fed trapped. The [DS] lies are unravelling right in front of their eyes. The people are waking up and the [DS] is bringing the people to the precipice. Trump is letting the enemy do what they do best, destroy themselves and what better way to destroy the [DS], let the people see the truth. The [DS] terrorists are being destroyed. Trump must isolate himself to prevent negative OPTICS.   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/1965127749925999053 the current 123%. To put this into perspective, US Debt-to-GDP has averaged ~69% over the last 50 years. The CBO projects that the budget deficit will exceed 5% of GDP every year until 2055. In US history, deficits this high have only occurred for 5-straight years one time, during World War II. The US debt crisis is set to get even worse. Worst Revision In History: BLS Admits A Record 911K Fewer Jobs Were Added  Two weeks ago, before both Bloomberg and Reuters, we told our subscribers to "brace for another huge negative payrolls revision"...   BLS reported that as part of its preliminary annual benchmark revisions, a record 911K payrolls for the period April 2024-March 2025 would be revised away     last year's stunning 818K negative revision, which was the second biggest since the global financial crisis (and which we also warned ahead of time was coming), virtually nobody expected this year's number to be higher. It was not only higher, but it was the biggest negative revision on record!  fake jobs numbers that were "created" by the Biden admin, and saddled Trump with relentless negative revisions. Expect 1-2 more months of painful job prints, and then another powerful rally higher into the 2026 midterms under a new BLS commissioner as all of Biden's fake baggage is expunged. Trump was absolutely correct to fire the BLS commissioner one month ago: one year of major negative revisions is happenstance; twice is coincidence; three times is enemy action... and in her case, it was just unexcusable incompetence as the most important economic data point the market uses was dead wrong. There was virtually no domestic job creation in the last year of the Biden admin when one excludes the hundreds of thousands of illegal aliens who entered the work force. The Fed should have started cutting rates in February, and would have started cutting rates in February if it knew the true sad state of the US labor market. Just as remarkable: 2 million jobs from the last 3 years of the Biden admin have now been revised away.  Source: zerohedge.com https://twitter.com/KobeissiLetter/status/1965430039681663323 Lacalle: The Fed Caused High Inflation And The Current Jobs Slump  Both the recent spike in inflation and the current decline in US jobs are, in a very significant way,

What's up, everybody? It's Tom Bilyeu here: If you want my help... STARTING a business: join me here at ZERO TO FOUNDER:  https://tombilyeu.com/zero-to-founder?utm_campaign=Podcast%20Offer&utm_source=podca[%E2%80%A6]d%20end%20of%20show&utm_content=podcast%20ad%20end%20of%20show SCALING a business: see if you qualify here.:  https://tombilyeu.com/call Get my battle-tested strategies and insights delivered weekly to your inbox: sign up here.: https://tombilyeu.com/ ********************************************************************** If you're serious about leveling up your life, I urge you to check out my new podcast, Tom Bilyeu's Mindset Playbook —a goldmine of my most impactful episodes on mindset, business, and health. Trust me, your future self will thank you. ********************************************************************** FOLLOW TOM: Instagram: https://www.instagram.com/tombilyeu/ Tik Tok: https://www.tiktok.com/@tombilyeu?lang=en Twitter: https://twitter.com/tombilyeu YouTube: https://www.youtube.com/@TomBilyeu In this must-hear episode of Impact Theory, Tom Bilyeu is joined by renowned macroeconomist and financial author Lyn Alden for a hard-hitting look at the structural forces impacting your wallet and America's future. As someone who has built a reputation for cutting through economic jargon to reveal what actually matters for everyday people, Lyn Alden is here to demystify why government debt, reckless fiscal policy, and the mechanics of inflation are rapidly eroding the power and stability of the middle class. Together, Tom and Lyn explain critical concepts like fiscal dominance vs. monetary dominance, why debt ratios matter, and how budget imbalances fuel asset inflation and wealth inequality. They discuss the long-term trends that have quietly shifted America's economic landscape, delve into the hidden dangers of modern deficit spending, and set the stage for what's coming as fiscal policy spins out of control. Get ready to rethink the very nature of money and the risks we all face. SHOWNOTES00:00 – Tom introduces Lyn Alden and the reality of fiscal dominance00:17 – Lyn explains monetary vs. fiscal dominance; fiat currency dilution01:52 – The evisceration of the American middle class through inflation02:49 – Why fiscal dominance is more dangerous than monetary dominance04:16 – How the Fed historically controlled inflation—and why that no longer works07:31 – America's deficit spiral and interest expenses09:22 – What's different now from past debt scares (debt-to-GDP, demographics, end of low rates)11:18 – Surging deficits outside of crisis times: what's new and why it matters13:38 – Why Americans are ignoring the debt danger despite mounting consequences15:50 – Populism, currency debasement, and consequences for society18:25 – How debasement fuels wealth inequality and social unrest20:42 – Trump's diagnosis of the trade deficit, policy responses, and real solutions23:36 – Tariffs, tax policy, and political polarization—why it's so tough to fix28:38 – How the global reserve currency role both helps and hurts American prosperity FOLLOW LYN ALDEN:Twitter: https://twitter.com/LynAldenContactWebsite: https://www.lynalden.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Donate (no account necessary) | Subscribe (account required) Join Bryan Dean Wright, former CIA Operations Officer, as he dives into today's top stories shaping America and the world. In this episode of The Wright Report, we cover the shocking stabbing death of a Ukrainian refugee in North Carolina, fresh polling on America's youth drifting toward socialism, and global headlines from South Korea, Argentina, France, and China. From crime and ideology at home to economic and political turmoil abroad, today's brief shows how policies and power struggles are reshaping America and the world.   North Carolina Stabbing Case and Media Silence: Ukrainian refugee Iryna Zarutska was murdered by Decarlos Brown, a repeat offender with schizophrenia and over 14 arrests. Released by Judge Teresa Stokes under restorative justice policies, Brown stabbed her on a Charlotte light rail after muttering, “I got the white girl.” Bryan argues, “This case isn't just about one victim and one perp. It's about a nation that is broken.”   America's Youth Drift Left — Socialism Rising: NBC, Rasmussen, and Gallup reveal stark generational divides. Democrat youth rank money and emotional stability above marriage, children, or faith, while Trump-voting men list kids as their top priority. Polling shows 53 percent of Americans under 40 favor a socialist president in 2028. Bryan warns, “We are living in the midst of a Leftist Revolution.”   South Korea Furious Over Georgia ICE Raid: Seoul condemns ICE for arresting 475 illegal Korean workers at Hyundai's battery plant. Trump responded, “[We] don't have people in this country who know about batteries… Maybe we should help them along and let some [Korean] people come in and train our people.” Critics warn expanded H1-B visas could enrage Trump's working-class base.   Argentina's Marxists Make a Comeback: Markets tank after the Peronist Party's unexpected win in Buenos Aires. President Javier Milei admitted the result was “much worse than expected” but vowed to continue his reforms, calling for “deep self-criticism.”   France's Government Collapses Again: Prime Minister François Bayrou lost a no-confidence vote, the third government collapse in a year. With debt at 114 percent of GDP, President Macron faces the choice of a new prime minister, snap elections, or stepping down.   LeBron James Pens Op-Ed for China: The NBA star praised China as “passionate and friendly” in a CCP newspaper essay, aiming to restore NBA access to the Chinese market after years of bans. Bryan calls it a clear case of “red Communist money turning bright American green.”   "And you shall know the truth, and the truth shall make you free." - John 8:32     Keywords: Iryna Zarutska North Carolina stabbing, Decarlos Brown schizophrenia restorative justice, Judge Teresa Stokes Second Chances, NBC youth priorities socialism, Rasmussen Gallup socialism poll, Trump voters family priorities, South Korea ICE raid Hyundai plant, Trump H1-B visas batteries, Argentina Peronist Party comeback Milei, France government collapse Bayrou Macron, LeBron James China op-ed NBA

Many Americans struggle with the rising cost of healthcare. Analysts Terence Flynn and Erin Wright explain how AI might bend the cost curve, from Morgan Stanley's 23rd annual Global Healthcare Conference in New York.Read more insights from Morgan Stanley.----- Transcript -----Terence Flynn: Welcome to Thoughts on the Market. I'm Terence Flynn, Morgan Stanley's U.S. Biopharma Analyst.Erin Wright: And I'm Erin Wright, U.S. Healthcare Services Analyst.Terence Flynn: Thanks for joining us. We're actually in the midst of the second day of Morgan Stanley's annual Global Healthcare Conference, where we hosted over 400 companies. And there are a number of important themes that we discussed, including healthcare policy and capital allocation.Now, today on the show, we're going to discuss one of these themes, healthcare spending, which is one of the most pressing challenges facing the U.S. economy today.It is Tuesday, September 9th at 8am in New York.Imagine getting a bill for a routine doctor's visit and seeing a number that makes you do a double take. Maybe it's $300 for a quick checkup or thousands of dollars for a simple procedure.For many Americans, those moments of sticker shock aren't rare. They are the reality.Now with healthcare costs in the U.S. higher than many other peer countries on a percentage of GDP basis, it's no wonder that everyone – not just investors – is asking; not just, ‘Why is this happening?' But ‘How can we fix it?' And that's why we're talking about AI today. Could it be the breakthrough needed to help rein in those costs and reshape how care is delivered?Now I'm going to go over to you, Erin. Why is U.S. healthcare spending growing so rapidly compared to peer countries?Erin Wright: Clearly, the aging population in the U.S. and rising chronic disease burden here are clearly driving up demand for healthcare. We're seeing escalating demand across the senior population, for instance. It's coinciding with greater utilization of more sophisticated therapeutics and services. Overall, it's straining the healthcare system.We are seeing burnout in labor constraints at hospitals and broader health systems overall. Net-net, the U.S. spent 18 percent of GDP on healthcare in 2023, and that's compared to only 11 percent for peer countries. And it's projected to reach 25 to 30 percent of GDP by 2050. So, the costs are clearly escalating here.Terence Flynn: Thanks, Erin. That's a great way to frame the problem. Now, as we think about AI, where does that come in to help potentially bend the cost curve?Erin Wright: We think AI can drive meaningful efficiencies across healthcare delivery, with estimated savings of about [$]300 to [$]900 billion by 2050.So, the focus areas include here: staffing, supply chain, scheduling, adherence. These are where AI tools can really address some of these inefficiencies in care and ultimately drive health outcomes. There are implementation costs and risks for hospitals, but we do think the savings here can be substantial.Terence Flynn: Great. Well, let's unpack that a little bit more now. So, if you think about the biggest cost buckets in hospitals, where can AI help out?Erin Wright: The biggest cost bucket for a hospital today clearly is labor. It represents about half of spend for a hospital. AI can optimize staffing, reduce burnout with a new scribe and some of these scribe technologies that are out there, and more efficient healthcare record keeping. I mean, this can really help to drive meaningful cost savings.Just to add another discouraging data point for you, there's estimated to be a shortage of about 10,000 critical healthcare workers in 2028. So, AI can help to address that. AI tools can be used across administrative functions as well. That accounts for about 15 to 20 percent of spend for a hospital. So, we see substantial savings as well across drugs, supplies, lab testing, where AI can reduce waste and improve adherence overall.Terence Flynn: Great. Maybe we'll pivot over to the managed care and value-based care side now. How is AI being used in these verticals, Erin?Erin Wright: For a healthcare insurer – and they're facing many challenges right now as well – AI can help personalize care plans. And they can support better predictive analytics and ultimately help to optimize utilization trends. And it can also help to facilitate value-based care arrangements, which can ultimately drive better health outcomes and bend the cost curve. And ultimately that's the key theme that we're trying to focus on here.So, I'll turn it over to you, Terence, now. While hospitals and payers could see notable benefits from AI, the biopharma side of the equation is just as critical here. Especially when it comes to long-term cost containment. You've been closely tracking how AI is transforming drug development. What exactly are you seeing?Terence Flynn: Yeah, a number of key constituents are leaning in here on AI in a number of different ways. I'd say the most meaningful way that could help bend the cost curve is on R&D productivity. As many people probably know, it can take a very long time for a drug to reach the market anywhere from eight to 10 years. And if AI can be used to improve that cycle time or boost the probability of success, the probability of a drug reaching the market – that could have a meaningful benefit on costs. And so, we think AI has the potential to increase drug approvals by 10 to 40 percent. And if that happens, you can ultimately drive cost savings of anywhere from [$]100 billion to [$]600 billion by 2050.Erin Wright: Yeah, that sounds meaningful. How do you think additional drug approvals lead to meaningful cost savings in the healthcare system?Terence Flynn: Look, I mean, high level medicines at their best cure disease or prevent people from being admitted to a hospital or seeking care to doctor's office. Equally important medicines can get people out of the hospital quicker and back to contributing or participating in society. And there's data out there in the literature showing that new drugs can reduce hospital stays by anywhere from 11 to 16 percent.And so, if you think about keeping people out of hospitals or physician offices or reducing hospital stays, that really can result in meaningful savings. And that would be the result of more or better drugs reaching the market over the next decades.Erin Wright: And how is the FDA now supporting or even helping to endorse AI driven drug development?Terence Flynn: If companies are applying for more drug approvals here as a result of AI discovery capabilities without modernization, the FDA could actually become the bottleneck and limit the number of drugs approved each year.And so, in June, the agency rolled out an AI tool called Elsa that's looking to improve the drug review timelines. Now, Elsa has the potential to accelerate these timelines for new therapies. It can take anywhere from six to 10 months for the FDA to actually approve a drug. And so, these AI tools could potentially help decrease those timelines.Erin Wright: And are you actually seeing some of these biopharma companies actually investing in AI talent?Terence Flynn: Yes, definitely. I mean, AI related job postings in our sector have doubled since 2021. Companies are increasingly hiring across the board for a number of different, parts of their workflow, including discovery, which we just talked about. But also, clinical trials, marketing, regulatory – a whole host of different job descriptions.Erin Wright: So, whether it's optimizing hospital operations or accelerating drug discovery, AI is emerging as a powerful lever here – to bend the healthcare cost curve.Terence Flynn: Exactly. The challenge is adoption, but the potential is transformative. Erin, thanks so much for taking the time to talk with us.Erin Wright: Great speaking with you, Terence.Terence Flynn: And thanks everyone for listening. If you enjoy Thoughts on the Market, please leave us a review wherever you listen and share the podcast with a friend or colleague today.

It's Tuesday, September 9th, A.D. 2025. This is The Worldview in 5 Minutes heard on 140 radio stations and at www.TheWorldview.com.  I'm Adam McManus. (Adam@TheWorldview.com) By Kevin Swanson Nigerian Muslims kill and injure Christian farmers On August 27th, when five Nigerian Christians went to check on their farms  located in Bauchi State, they found Fulani Muslim herdsmen grazing their cattle on the land owned by the Christians.  The argument led to the Muslims killing a Christian farmer and wounding three others, reports Morning Star News. Rev. Samson Habila, local chairman of the Christian Association of Nigeria, said, “We solicit that we all go on our knees for prayers to our loving God to bring this conflict to a swift end for the betterment of our land and people.” In a separate incident on the same day, Muslim herdsmen assaulted two Christian women and a teenager who were on their way back from their farm. Naomi Sabo, was cut on her hand with a machete, her teenage son was cut with a machete, and a third victim, another Christian woman, had her ear cut off by the Muslims. In a span of two weeks in late August, hundreds of Nigerian Christian farmers lost their crops to Muslim Fulani herdsmen who took their cattle to graze on them. According to Open Doors' 2025 World Watch List, Nigeria is the 7th most dangerous country on Earth for Christians. Of the 4,476 Christians killed for their faith worldwide during the reporting period, 3,100 of those Christians -- or 69% -- lived in Nigeria. Russia launched 800 drones against Ukraine Russia has stepped up its drone attacks on Ukraine, in its largest salvo since the beginning of the war, reports KGOU Radio. The aggressor launched 800 drones over the weekend — hitting the government building in Kyiv for the first time. Japanese Prime Minister resigns Japanese Prime Minister Shigeru Ishiba has announced his resignation.   Japan's economy is still hurting. The nation's real Gross Domestic Product is just now recovering to 2019 levels, after an extended 5-year recession. Japan's national debt is the highest in the world, at 255% of GDP.   The Japanese government's proposed budget for 2026 represents another 8% increase, year over year.  Indeed, 27% of the budget is set aside just to service the nation's debt. G7 vs BRICS The Group of 7 or “G7” nations includes Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States.  BRICS is now recognized as the competing force opposing the G7 nations. BRICS includes Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Indonesia, Iran, and the United Arab Emirates. In a BRICS summit, spearheaded by Brazil's socialist president, Luiz Lula, the mostly southern and eastern world powers worked on what they called “joint responses to tariffs and sanctions under the Trump administration and discussions on a multipolar world order.” Thousands of Brazilian protestors object to trial of Jair Bolsonaro Tens of thousands of Brazilians have taken the streets over in the last week, protesting the trial of Brazil's former president, Jair Bolsonaro, reports the Associated Press. He is facing 46 years in prison for allegedly supporting an attempt to overturn the 2022 election. Plus, Bolsonaro's opponents also claim that he encouraged a protest on January 8, 2023 that resulted in several millions of dollars of damage to the capital building. Brazil's Supreme Court is expecting to sentence the former president later this week. Bolsonaro was a pro-life president, and opposed homosexual marriage for his country. The current president, Luiz Lula, has committed himself to the pro-abortion and LGBTQ agenda for the nation since his election in 2022. 47% of Brazilians receive welfare In a related story, 47% of Brazilians receive a welfare check from the government. The most welfare dependent states are in the north and northeast of the country. These twelve states record more welfare recipients than jobs among their residents. The socialist candidate in the last election, Lula de Silva, won 10 out of 12 of these states. He only won the votes with three other states in the election. God is sovereign over all. Jesus told Pontius Pilate, “You would have no authority over Me at all unless it had been given you from above.” Company that profits from porn fined $5 million The Canadian company Aylo has been fined $5 million by the US Federal Trade Commission for portraying certain egregious forms of sexual sin on its websites (which include PornHub).   This amounts to a slap on the wrist for a company operating on an estimated $700 million of annual income. That's about 0.7%. The Federal Trade Commission has charged the company with allowing non-consensual and child-abuse related material on its websites. Democrats blocking all Trump's civilian nominees The U.S. government has come to loggerheads. Thus far, not a single Trump civilian nominee has been confirmed by a voice vote through the US Senate — due to Democrat filibusters. That's the first time this has occurred in the nation's government in a century. That compares to 65% of Trump's nominees clearing the Senate by voice vote in his first term and 57% of Joe Biden's nominees confirmed by voice vote.   GOP Senate Majority Leader John Thune is considering pulling the nuclear option, or a rule change, to speed up the approval process, according to the Daily Caller. Few Americans, Christians included, believe we are sinful American Christians are pretty much agreed on this statement: “Sin is real, but people are basically good at heart.” That according to the latest George Barna survey. The pollsters discovered that 82% of Catholics and 70% of self-identified born-again Christians believe in “The basic goodness of humanity.” And only 57% of Catholics and 85% of self-identified born again Christians believe Romans 3:23 — that “All have sinned and come short of the glory of God.”  Meryl Streep to voice Aslan in new “Chronicles of Narnia” And finally, Netflix plans to release the next movie installment of C.S. Lewis' Chronicles of Narnia story in November of 2026. Filming began last month which included a well-publicized street chase of Jadis, “the White Witch” last weekend. Brace yourself. Greta Gerwig, best known for directing the feminist hit film “Barbie” released in 2023, is directing this next Narnia release. Not surprisingly, Meryl Streep is slated to voice Aslan.  (The character of Aslan, Lewis's Lion, is meant as a personification of Jesus Christ). Movieguide, the Christian ministry led by founder Ted Baehr, calls this “a dangerous cultural shift,” and has initiated a petition to "respect the theological foundation of the story.” Close And that's The Worldview on this Tuesday, September 9th, in the year of our Lord 2025. Follow us on X or subscribe for free by Spotify, Amazon Music, or by iTunes or email to our unique Christian newscast at www.TheWorldview.com.  I'm Adam McManus (Adam@TheWorldview.com). Seize the day for Jesus Christ.

Stephen Grootes speaks to Miningmx Editor, David McKay, and Dawid Heyl, co-portfolio manager for Global Natural Resources at Ninety One, about the landmark merger between Anglo American and Teck. The deal, structured as a merger of equals, will create a global mining powerhouse with a dominant position in critical minerals vital for the energy transition. In other interviews, Sifiso Mkwanazi, Chief Economist at Alexforbes, chats about South Africa’s sluggish economy, after Stats SA reported 0.8% growth in the second quarter of 2025, the strongest in over a year and well above the 0.1% seen in the first quarter, driven by mining, manufacturing and household spending, though overall growth remains uneven, with GDP up just 0.6% year-on-year. The Money Show is a podcast hosted by well-known journalist and radio presenter, Stephen Grootes. He explores the latest economic trends, business developments, investment opportunities, and personal finance strategies. Each episode features engaging conversations with top newsmakers, industry experts, financial advisors, entrepreneurs, and politicians, offering you thought-provoking insights to navigate the ever-changing financial landscape. Thank you for listening to a podcast from The Money Show Listen live Primedia+ weekdays from 18:00 and 20:00 (SA Time) to The Money Show with Stephen Grootes broadcast on 702 https://buff.ly/gk3y0Kj and CapeTalk https://buff.ly/NnFM3Nk For more from the show, go to https://buff.ly/7QpH0jY or find all the catch-up podcasts here https://buff.ly/PlhvUVe Subscribe to The Money Show Daily Newsletter and the Weekly Business Wrap here https://buff.ly/v5mfetc The Money Show is brought to you by Absa Follow us on social media 702 on Facebook: https://www.facebook.com/TalkRadio702702 on TikTok: https://www.tiktok.com/@talkradio702702 on Instagram: https://www.instagram.com/talkradio702/702 on X: https://x.com/CapeTalk702 on YouTube: https://www.youtube.com/@radio702 CapeTalk on Facebook: https://www.facebook.com/CapeTalkCapeTalk on TikTok: https://www.tiktok.com/@capetalkCapeTalk on Instagram: https://www.instagram.com/CapeTalk on X: https://x.com/Radio702CapeTalk on YouTube: https://www.youtube.com/@CapeTalk567 See omnystudio.com/listener for privacy information.

On today's Front Page: The story of a Ukrainian refugee killed in an unprovoked attack by an ex-convict in Charlotte is drawing national attention, European leaders are scrambling to meet the new 5% of GDP benchmark for defense spending, and more.

The collapse of PM François Bayrou's government after losing a confidence vote in the French National Assembly on Monday is casting a long shadow over the country's public finances. The eurozone's second-largest economy's debt pile currently accounts for over 114 percent of its GDP and the lack of a consensus on how to restore public finances will increase that number further. Also in this edition: Norway's Labour Party wins a general election focused on a wealth tax debate.

欢迎收听雪球出品的财经有深度，雪球，国内领先的集投资交流交易一体的综合财富管理平台，聪明的投资者都在这里。今天分享的内容叫罕见持续了18个月的慢牛，来自思想钢印9999。这一波行情以来，一直有人说，A股开启了慢牛时代。这话并不准确，就算慢牛时代真的来了，最多也是“再度”开启了慢牛时代。2016下半年和2017全年也是这样的慢牛行情，这一年半沪深300连涨六个季度，而且涨幅控制在27.8%，18个月中有14个月上涨，只有4个月下跌，月胜率不低于牛市。这一年半的A股历史上罕见的长期慢牛，特别是2017年，12月中只有2个月下跌，最大月跌幅仅-0.47%，是赚钱效应非常好的一年。但这个赚钱效应仅仅针对大盘股。2017年的另一个特点是极致的大票风格。当年的上证指数、深成指，沪深300分别上涨6.56%，8.48%，21.78%，看上去是牛市，但当年个股涨跌幅中位数为-20.4%，相比之下，2022年这种标准熊市，个股中位数才下跌了18%。2016到2017年这轮大票风格和慢牛走势是如何形成的？这种极致大票风格与慢牛之间有没有什么关系呢？我们首先来看看2016到2017年宏观经济的变化。2017年被称为“白马蓝筹复兴元年”，自2009年的4万亿行情后，大盘蓝筹股就一蹶不振，持续多年跑输小票和科技股，就算是经过了小票遭重创的2015年，2016年也是小票略占上风。所以在2016年下半年大票刚刚跑赢时，投资者并没有想到2017年风格颠覆，完全从一个极端走向另一个极端。大小票风格变化最根本的原因还是宏观经济方面的，2016-2017年的棚改推动一轮经济复苏，并由房地产驱动，造成了大小票业绩的此消彼涨。2016年，虽然GDP增速仍然下降，但规模以上工业企业利润结束了连续两年下降的趋势，主要供给汰落后产能，如钢铁、煤炭行业，推升了工业品价格。引发的新一轮房价上涨带来的财富效应，带动消费升级，家电、食品饮料行业权益净利率稳步提升，龙头业绩增长，引发大盘股估值修复。但改革对小票业绩影响更偏负面，周期品价格上涨，强化环保政策，中小型企业成本上升，下游的通胀又不明显，挤压了中游制造业的利润，削弱了估值支撑，面临戴维斯双杀，而这一部分又是以中小企业为主。2016到2017年，大部分时间，大企业的采购经理指数都是50荣枯线以上，小企业在50以下。另一方面，创业板在2014-2015年资产重组带来的业绩高增速不可持续，特别是跨行业重组的泡沫破裂，传媒、计算机等 T M T 行业亏损扩大。这一分化在财务数据上体现得非常明显，主板上市公司的利润增速从2016年的5%上升到2017年的20%，而中小板从37%下降至20%，创业板更明显，从2015年的增长55%下降到2016年的增长38%，再变成2017年的下降 21%。但2017年的业绩要到2018年4月才全部公布完毕，市场不会等到那个时候再变，而是有了边际变化就开始逐季定价，所以从2016年开始，大小票的风格转换就开始了。这两年虽然都是慢牛，但2016年的“慢”大于“牛”，市场成交量小，波动极低，可以看成巨幅波动的2015年的对立面，市场非常乏味，也没有明显的风格，大小盘风格不明显，成长价值风格也不明显，也没有什么板块机会。所以，市场风格的变化仍然准确地反映了宏观经济的变化，更重要的是从自下向上发现变化，再从这些纷繁复杂的变化中找到主线的能力。我们再来看看当时监管风格的变化。以前提到这种风格转移，总是把估值当成第一原因。的确，2016年底大市值股票估值处于历史低位，而小市值股在2015年牛市中估值泡沫化。但估值从来不是风格转换的条件，A股市场的估值弹性极大，高的可以更高，低的可以更低。大小盘风格转换这种变化要从监管的变化上找原因。首先2016年的监管环境，可谓史上最严。同时，宏观经济的调控风格也开始转向“去杠杆”，2017年发生对未来金融体系影响重大的是资管新规，虽然真正的“信用收紧”要到2018年，但中小企业在2017年就开始感受到寒意。再来聊聊那时资金的变化。过去在分析2017年慢牛行情的原因，总是归结为外资和公募基金对白马股的推动，但数据对两者的支持程度不同。2017年的股票类基金和混合型基金虽然净收益亮眼，分别为13.6%和10.7%，但并没有体现在规模上，分别增长4.13%和下跌-1.78%，所以公募基金只是风格转换的受益者，而非推动者。再看外资，2017年6月，M S C I 宣布将纳入A股，但实际是直到2018年才开始，大规模提升占比是2019年的事，但的确存在一部分外资想提前“坐轿子”，加大了净流入力度。2017年北向资金的净流入1997亿，开通三年历史积累净流入3475亿元，2017年增长明显，当年深股通的净流入金额是沪股通的2倍，所以深成指涨幅迅于上证指数，另外，当时占主导的合格的境外机构投资者持仓规模也有明显的增长。虽然几千亿的增量资金并不足以改变存量资金结构，但新增资金的买入方式却是2017年慢牛的资金方面的根本原因。2017年的北上交易规则限制还比较严格，此时进入的外资明显是长期配置型风格的看多资金，采用无视市场的持续买入策略，小跌小买，大跌大买，买入后即锁仓。深股通当年前11大成交活跃股，去掉万科A后恰好就是深股通年终持有市值的前十，也证明了外资“买入并持有”型策略。A股此前并没有这一类“长期配置型”风格的资金，因此给市场带来了巨大的变化。市场资金规模并没有增长多少，但结构发生了巨变，另一个原因是监管对游资的打击，市场流动性大幅下降，流动性是小盘股炒作的前提。小盘股题材股的炒作高度依赖流动性，失去“流动性”这个炒作的土壤，管你什么世纪题材都炒不起来。这时大量游资开始谋求转型，A股进入“游资、公募机构和外资”共同定价的时代，这三种力量的定价能力，以及哪一个成为增量资金的主要来源，成为市场风格变化的决定性因素。2017年增量资金的天平只是略微倾向外资，风格已经到转到了大盘股这里，大盘股凭借稳健的资产负债表和更低的换手率，更容易对抗流动性下降的风险，而散户资金流出小票，加剧了小市值股的流动性危机。所以，这种业绩分化 + 资金重配 + 监管引导的组合，推动了16到17年的慢牛。

9月5日金曜日発表の非農業部門雇用者数は、米国経済がローリング・リセッションからローリング・リカバリーに移行しているとの見方を裏付ける内容でした。では、米国株は今後どうなるのか。弊社の最高投資責任者兼米国チーフ株式ストラテジスト、マイク・ウィルソンが見通しをお話しします。このエピソードを英語で聴く。トランスクリプト 「市場の風を読む」（Thoughts on the Market）へようこそ。このポッドキャストでは、最近の金融市場動向に関するモルガン・スタンレーの考察をお届けします。本日は、先日発表された雇用統計と、米国株にとってのその意味について、弊社の最高投資責任者兼米国チーフ株式ストラテジストのマイク・ウィルソンがお話しします。このエピソードは9月8日 にニューヨークにて収録されたものです。英語でお聞きになりたい方は、概要欄に記載しているURLをクリックしてください。大いに注目されていた9月5日金曜日発表の非農業部門雇用者数は、労働市場は弱いという弊社の見立てを裏付ける内容でした。しかし、弊社は何ヵ月も前からこのことを論じており、株式市場にとっては言わば古いニュースです。第1に、ひょっとしたら雇用統計は最も後ろ向きな、つまり過去に目を向けている経済指標かもしれません。第2に、この統計は大幅に改定されることが特に多く、リアルタイムでは最新のデータが当てにならない傾向があります。全米経済研究所(NBER)が景気後退の始まりを宣言するころには、ほとんどの人が景気後退期にあることを意識しなくなっているのが普通であるのはそのためです。また過去の実績からは、非農業部門雇用者数の改定がプロシクリカルであることがうかがえます。景気後退に向かっている局面では下方修正の幅が大きくなりがちで、景気回復が始まれば上方修正の幅が大きくなりがちだという意味です。今回もこのパターンに沿っているように見えます。実際、金曜日の改定は前月のそれより大幅に良い内容であり、労働市場が第2四半期に「底を打った」ことを示唆しています。このことは、私が何年も前からお話ししている、景気と市場に対する弊社の基本的な説を裏書きしてくれます。 具体的に言えば、米国では2022年に「ローリング・リセッション」が始まり、今年4月の「解放の日」に相互関税が発表されたことをもってようやく底を打ったと私は考えています。このローリング・リセッションの初期段階は、新型コロナによるハイテク製品や消費財の需要前倒しの反動が主導する形で進みましたが、やがて他のセクターもそれぞれ異なるタイミングで不況に突入していきました。従来型のリセッションの判定に用いられる指標で典型的な変化が観察されなかったのに、今になってそれらの改定値で変化がより明確になっているのは、それが主な理由です。新型コロナ後に移民の流入が歴史的な大幅増になったことと、今年になってその取り締まりが行われていることも、労働市場の多くの指標をさらにゆがめることになりました。弊社はここ数年、こうした話題を広く取り上げてきましたが、金曜日に発表された弱い雇用統計は、米国経済がローリング・リセッションから「ローリング・リカバリー」に移行しつつあるという弊社の説を裏付ける証拠だと言えます。つまり、景気は新たな循環に入りつつあり、4月に始まった新しい強気相場が今後どこまで続くかについてはFRBの利下げがカギを握ることになるでしょう。弊社の見解で何よりも重要なのは、過去3年間の景気は多くの企業や消費者にとって、GDPや雇用のような総合的な経済統計が示唆するものよりはるかに弱かったということです。景気の強さを測る際には、消費者や企業の景況感調査に加え、企業の利益成長とその広がり方に着目する方がよいと弊社ではみています。ひょっとしたら、景気の良し悪しを判断する最もシンプルな方法は、今の景気は幅広い層に繁栄をもたらしているのかと問うことかもしれません。この物差しに照らして言うなら、答えは「ノー」だと弊社では考えます。ここ3年間はほとんどの企業で利益がマイナス成長になっているからです。ただ、良い知らせがあります。過去2四半期では、この利益成長がようやくプラスに転じているのです。そして同時に、ここ数ヵ月間弊社が強調してきたように、企業の業績見通しのV字回復も広がりを見せています。このことも、ローリング・リセッションが最悪期を脱したこと、おそらく「谷」は4月だったことを裏付けていると思われます。株式市場はいつものようにこれを正確に把握し、底を打ったのです。さて、これから本物の利下げサイクルが始まる公算が大きく、この新たな強気相場が続くためにはそのような利下げが必要だと弊社ではみています。ただ、FRBは遅行指標である労働市場のデータの弱さよりもインフレの方をまだ重視している可能性があり、利下げは株式投資家の願望よりも緩やかなペースで進むことになるかもしれません。また、企業と財務省の両方が資金調達を増やすために流動性資金が少し干上がるかもしれない兆しもあることから、株価が軟調になりやすい季節に相場が一服したり、さらに進んで調整したりしても、私は驚かないでしょう。もしそうなったら、弊社なら押し目買いに入るでしょうし、FRBがさらにハト派的になることや財務省と連携することも見込んで、クオリティで劣る銘柄にも物色の幅を広げることすら検討するかもしれません。結論を申し上げれば、2022年に始まったローリング・リセッションの底打ちをもって、株式市場では新しい強気相場が始まりました。この相場はまだ初期段階にあり、株価の下落には押し目買いで臨むべきです。最後までお聴きいただきありがとうございました。今回も「市場の風を読む」Thoughts on the Market 、お楽しみいただけたでしょうか？もしよろしければ、この番組について、ご友人や同僚の皆さんにもシェアいただけますと幸いです。

Morgan Stanley's CIO and Chief U.S. Equity Strategist Mike Wilson discusses the outlook for U.S. stocks after Friday's nonfarm payroll data reinforced the thesis of a transition from a rolling recession to a rolling recovery.Read more insights from Morgan Stanley.----- Transcript -----Welcome to Thoughts on the Market. I'm Mike Wilson, Morgan Stanley's CIO and Chief U.S. Equity Strategist. Today on the podcast I'll be discussing Friday's Payroll report and what it means for equities. It's Monday, Sept 8th at 11:30am in New York. So let's get after it. The heavily anticipated nonfarm payroll report on Friday supports our view that the labor market is weak. However, this is old news to the equity market as we have been discussing for months. First, the labor market data is perhaps the most backward-looking of all the economic series. Second, it's particularly prone to major revisions that tend to make the current data unreliable in real time, which is why the National Bureau of Economic Research typically declares a recession started at a time when most were unaware we were in one. Furthermore, history suggests these revisions are pro-cyclical, meaning they get more negative going into a recession and then more positive once the recovery's begun. It appears this time is no different. Indeed, Friday's revisions were better than last month's by a wide margin suggesting the labor market bottomed in the second quarter. This insight adds support to our primary thesis on the economy and markets that I have been maintaining for the past several years. More specifically, I believe a rolling recession began in 2022 and finally bottomed in April with the tariff announcements made on “Liberation Day.” After the initial phase of this rolling recession, that was led by a payback in Covid pull-forward demand in tech and consumer goods, other sectors of the economy went through their own individual recessions at different times. This is a key reason why we never saw the typical spike in the metrics used to define a traditional recession, although the revisions data is now revealing it more clearly. The historically significant rise in immigration post-covid and subsequent enforcement this year have also led to further distortions in many of these labor market measures. While we have written about these topics extensively over the past several years, Friday's weak labor report provides further evidence of our thesis that we are now transitioning from a rolling recession to a rolling recovery. In short, we're entering a new cycle environment and the Fed cutting interest rates will be key to the next leg of the new bull market that began in April. Central to our view is the notion that the economy has been much weaker for many companies and consumers over the past 3 years than what the headline economic statistics like nominal GDP or employment suggest. We think a better way to measure the health of the economy is earnings growth, and breadth; as well as consumer and corporate confidence surveys. Perhaps the simplest way to determine if an economy is doing well or not is to ask: is it delivering prosperity broadly? On that score, we think the answer is “no” given the fact that earnings growth has been negative for most companies over the past 3 years. The good news is that growth has finally entered positive territory the past 2 quarters. This coincides with the v-shaped recovery in earnings revisions breadth we have been highlighting for months. We think this supports the notion that the worst of the rolling recession is behind us and likely troughed in April. As usual, equity markets got this right and bottomed then, too. Now, we think a proper rate cutting cycle is likely and necessary for the next leg of this new bull market. Given the risk that the Fed may still be focused on inflation more than the weakness in the lagging labor market data, rate cuts may materialize more slowly than what equity investors want. Combined with some signs that liquidity may be drying up a bit as both corporate and Treasury issuance increases, it would not surprise me if equity markets go through some consolidation or even a correction during the seasonally weak time of the year. Should that happen, we would be buyers of that dip and likely even consider moving down the quality curve in anticipation of a more dovish Fed and coordinated action with the Treasury. Bottom line, a new bull market for equities began with the trough in the rolling recession that began in 2022. It's still early days for this new bull which means dips should be bought. Thanks for tuning in; I hope you found it informative and useful. Let us know what you think by leaving us a review. And if you find Thoughts on the Market worthwhile, tell a friend or colleague to try it out!

Keith discusses the factors driving rent growth, emphasizing income growth, supply constraints, and affordability.  He highlights that population growth has a weak correlation with rent growth, citing examples like Austin and San Francisco. The fastest rent growth is in San Francisco (4.6%), Fresno (4.6%), and Chicago (4%), while Austin (-6.8%), Denver (-5%), and Phoenix (-4.1%) show declines.  GRE Coach, Naresh Vissa, joins the conversation to talk about the administration's focus on lowering rates and the potential for higher inflation as a result. He encourages investors to stay informed and take advantage of opportunities when rates are low. Resources: Book a free coaching session with Naresh at GREinvestmentcoach.com Show Notes: GetRichEducation.com/570 For access to properties or free help with a GRE Investment Coach, start here: GREmarketplace.com GRE Free Investment Coaching: GREinvestmentcoach.com Get mortgage loans for investment property: RidgeLendingGroup.com or call 855-74-RIDGE  or e-mail: info@RidgeLendingGroup.com Invest with Freedom Family Investments.  You get paid first: Text FAMILY to 66866 Will you please leave a review for the show? I'd be grateful. Search “how to leave an Apple Podcasts review”  For advertising inquiries, visit: GetRichEducation.com/ad Best Financial Education: GetRichEducation.com Get our wealth-building newsletter free— text ‘GRE' to 66866 Our YouTube Channel: www.youtube.com/c/GetRichEducation Follow us on Instagram: @getricheducation Complete episode transcript:   Keith Weinhold  0:01   Welcome to GRE. I'm your host. Keith Weinhold, vital trends are moving the rental real estate market. And learn what really drives rent growth. It's probably not what you think. Then inflate, baby. Inflate. Why this administration wants inflation today on get rich education.   Speaker 1  0:22   Since 2014 the powerful get rich education podcast has created more passive income for people than nearly any other show in the world. This show teaches you how to earn strong returns from passive real estate investing in the best markets without losing your time being a flipper or landlord. Show Host Keith Weinhold writes for both Forbes and Rich Dad advisors, and delivers a new show every week since 2014 there's been millions of listener downloads of 188 world nations. He has a list show guests and key top selling personal finance author Robert Kiyosaki, get rich education can be heard on every podcast platform, plus it has its own dedicated Apple and Android listener phone apps build wealth on the go with the get rich education podcast. Sign up now for the get rich education podcast, or visit get rich education.com   Corey Coates  1:08   You're listening to the show that has created more financial freedom than nearly any show in the world. This is get rich education.   Keith Weinhold  1:18   You Keith, welcome to GRE from Whippany New Jersey to Parsippany New Jersey. Not much distance there and across 188 nations worldwide. I'm Keith Weinhold, and you're listening to this week's episode of Get rich education, where it's not just about your ROI. It's about your roti, your return on time invested, and your return on life. Everyone says that population growth is what drives rents, yes, but that's just one part of it, and it probably isn't even the most important factor. There is evidence of this, from Harvard research to what HUD has found. Austin, Texas recently added 500,000 people, rents spiked, and then supply flooded in and rents stalled. Head count wasn't enough. I discussed that in depth when I walked the streets of Austin last year. San Francisco lost population, but yet rents rebounded and remain among the highest in the nation. Harvard's housing research shows that population growth only has a weak correlation with rent growth. So what actually does drive rents? Well, income growth, supply constraints, and then staying under the 30% affordability ceiling, which is HUD's definition of what a cost burdened household is, right? That means that a tenant spends more than 30% of their income on rent. That is cost burden, and this pattern holds from ancient Rome to modern Manhattan, rents follow paychecks, not head counts and on the supply side, well, not all metros are created equal. Some have quantified it with what's called a supply elasticity score, places like Houston can seemingly build endlessly, while Manhattan and San Francisco cannot. So it's that difference that explains why incomes turn into rent growth in one market but not in the other. So if you're chasing fast growing metros, okay, but be careful, because headcount does not equal pricing power. Paychecks are what do well today, rents are falling in boom towns, but they're climbing in what we would call legacy, established metros, the year over year, rent change across US, metro areas really has a striking contrast. The three with the fastest rent growth are San Francisco up 4.6% Fresno also up 4.6% and Chicago up 4% and the three biggest declines in rent are Austin down 6.8% Denver down 5% and Phoenix Down 4.1% rent contraction in those three cities. And here's the problem during that 2020, to 2022, real estate surge. Years ago, investors piled into Sun Belt markets, and they sort of expected this endless growth, but then new supply flooded Austin, Phoenix and Denver, pushing rents down and vacancies up, and all three of those are cities that I visited during the boom and I saw the. Cranes in the air myself, and yet, at the same time, older supply constrained metros, like in the northeast, in Chicago and in San Francisco, they are quietly regaining momentum. That's where demand is steady. Construction is limited, and that's why rents are ticking higher. So this is why, like I've talked about before, it's good for you to invest in some Sunbelt areas, say, like Florida and then others that have this steady demand, like, say, a place in Ohio. And it's worth pointing out, too, how unusual it is that a city like Austin has a 6.8% rent contraction. We all know that housing prices are more stable than stocks, sure, but real estate rents are even more stable than housing prices, so this rent aberration that was caused by such wild overbuilding in Austin. Now, I recently attended a presentation on the rental housing market. It was put together by John Burns. He's the one that presented it, and he's the owner of the eponymous John Burns research and consulting. And people pay good money to attend these presentations, and he's a guy worth listening to, always with good housing market insights, and some of his insights while they're the same ones I've shared with you for a while, like how there's been a persistent lack of housing supply in the Northeast and Midwest, and still an abundant supply in the south. The Northeast is the only region of the nation that's adding more jobs than new homes at this time, the top amenities that tenants want today are a driveway in a yard. Pretty simple things. They're not a pool in a clubhouse. They're a driveway in a yard. And if you think about them, it totally makes sense, and that's why single family rentals have become such a booming industry, because that's where tenants are getting a driveway and a yard and burns. Also pointed out that most US job growth is in low income jobs. The presentation talked mostly in terms of headwinds versus tailwinds. Lower immigration. Well, that's a headwind. That's a bad thing for real estate investing, since immigrants tend to be renters. The tailwinds The good thing that includes less future supply coming out of the market, fewer apartments and fewer build to rent, deliveries coming online, fewer being added between today and 2028 and another positive for the next two decades at least, is the fact that since people are having fewer kids, that makes people less likely to settle down, buy a home and need a good school district. Well, that is good for people renting longer, longer tenancy durations, and John Burns also spotlighted how building material cost inflation is up 40% from pre pandemic times fully 40% more in material costs. But that Spike has since flattened out. However, it is just another reason why home prices can't really fall substantially. Today's prices are baked in, and his summary overall is to be bullish and bet on the tailwinds those real estate investing positives that is mostly due to future rent growth because the new supply is going away, and it's going to continue to stay difficult to buy a home, more rent growth, and that's the end of what he had to say. So as you're out there, targeting the right areas and renters for your properties, I've talked before about how new build rental property is a sweet spot, since your builder will often buy down your mortgage rate. For you, new build is where you can attract a good quality tenant. Look for a moment, just forget finding a tenant that can just barely afford your unit because they're spending 30 to 33% of their income to pay you rent, because, see, in that condition, there's no room for you to get a rent increase. If you can offer great value to your residents and target a 10 to 15% rent to income ratio, aha, you are really in good shape, because the easiest rent growth is retaining happy residents that are conditioned to accept 5% rent increases. Well, that is more likely in a nice new build property. That's where you attract a better tenant. And if they were to move out, they would have to take a lesser property so they will stay and pay the rent in. Increase, and they're going to have the capacity to do so when the rent is only 10 to 20% of their income.    Keith Weinhold  5:25   Now, when we talk about a major factor that trickles down to rents, the level of inflation, a lot of this comes down to the Fed chair and even the president, to some extent. And you know what's interesting, half the nation bashes whoever is president, and the entire nation bashes whoever is the Fed chair. Look, every recent Fed Chair has been maligned and bashed more than a pinata at a toddler's birthday party, bashed open more than an umpire at a little league game. Well, since 1980 there have been five of them, Volker, then Greenspan, then Bernanke, then Yellen and now Jerome Powell, most of that group is known for substantially lowering interest rates, yet they've remained unpopular anyway. And you know the irony here? The most popular of these five is Paul Volcker. He's the only Fed chair that's celebrated, and yet he jacked rates in the 1980s to up near 20% yes, 20% he really made borrowers feel the pain, but yet he's the only guy that's celebrated, because that's how he stomped that out of control inflation fire, 45 years ago, in 1981 mortgage rates peaked between 18 and 19% yet Somehow he's the Fed share that we celebrate? Well, here in more modern times, will the Fed eventually have to do the same thing? This is because Trump wants inflation now. The short term, talk is about lowering interest rates, but there are so many inflationary forces that you've got to wonder about how interest rates could very well go much higher later to get on top of this inflation that I'm telling you Trump actually wants. Now, of course, no one is going to come out and explicitly say that they want inflation, but that is now so implied, there are a ton of policies that the administration favors that are super inflationary. Some are a little deflationary, like deregulation, but they are overwhelmingly inflationary. Look tariffs, that's inflation on goods, mass deportations, that's labor inflation, reshaping the Fed in order to lower rates. That's inflation, the one big, beautiful bill, act that's lots of spending and largely inflationary. I'm telling you, Trump wants inflation now I'm not here to evaluate these policies for being good or bad. This is about policies, not politics, and understand it's not just the US government. It's every government everywhere that secretly wants inflation. And why do they want that? Well, first, it fuels spending. If you know that your dollars are going to shrink in purchasing power tomorrow, well then you're going to spend today, and consumer spending makes up 68% of us. GDP, yes, Amazon, thanks, you. Secondly, inflation shrinks the government's debt. The third reason that governments everywhere want inflation is because it foils deflation. In a deflationary world, people hoard cash like its gold bullion, tax revenue dries up and the economy stalls, and also inflation. It facilitates wage adjustments. It helps the labor market function. If economic conditions are weak, well, then employers can implement real wage cuts just by keeping salaries flat right where they're at. I mean, that is so preferable to cutting nominal wages directly and giving employees a pay cut notice. Everyone hates seeing that. So those are what four big reasons why governments will take their gloves off and fight in a steel cage match to the death to ensure inflation. So most expect a rate cut at the Feds meeting next week. But if this continues and there were massive cuts, you know, there's something else you've got to ask yourself, do you really want to live in an economy where massive rate cuts occur. I mean, that's what the 2008 global financial crisis and the covid pandemic in 2020 brought to us. So massive cuts mean there's some giant problem out there. Therefore, although the Trump and Powell rivalry, it might make you. Interesting theater and headlines. You know, let's not get carried away. Let's put things in perspective. What matters to you more is how many dollars you're leveraging, the efficiency of your property operations and the quality of your business relationships. Really, the bottom line is that fed tweaks are background noise inflation, that is the long term engine that makes your real estate profitable. Focus there, and let the politicians keep doing the yelling concerns about ongoing inflation and what that means for real estate investors, that's next. I'm Keith Weinhold. You're listening to get rich education.    Keith Weinhold  8:57   The same place where I get my own mortgage loans is where you can get yours. Ridge lending group and MLS, 42056, they provided our listeners with more loans than anyone because they specialize in income properties. They help you build a long term plan for growing your real estate empire with leverage. Start your prequel and even chat with President Chaley Ridge personally while it's on your mind, start at Ridge lendinggroup.com. That's Ridge lendinggroup.com.    Keith Weinhold  8:57   You know what's crazy your bank is getting rich off of you. The average savings account pays less than 1% it's like laughable. Meanwhile, if your money isn't making at least 4% you're losing to inflation. That's why I started putting my own money into the FFI liquidity fund. It's super simple. Your cash can pull in up to 8% returns, and it compounds. It's not some high risk gamble like digital or AI stock trading. It's pretty low risk because they've got a 10 plus year track record of paying investors on time in full every time. I mean, I wouldn't be talking about it if I wasn't invested myself. You can invest as little as 25k and you keep earning until you decide you want your money back, no weird lockups or anything like that. So if you're like me and tired of your liquid funds just sitting there doing nothing, check it out. Text family. 266, 866, to learn about freedom. Family investments, liquidity fund again. Text family, to 66866,   Ken McElroy  17:26   this is Rich Dad advisor Ken McElroy. Listen to get rich education with Keith Weinhold, and don't quit your Daydream.    Keith Weinhold  17:34   we have a familiar voice back on the show. It's an in house discussion here with our own GRE investment coach since 2021 he's helped you completely free, usually over the phone, learning your own personal goals and then helping you find the market that's the right fit for you, and even help connect you with the exact property address that helps you win the inflation Triple Crown, like say, 321, Mulberry Street in Chattanooga, Tennessee. They say that formal education will make you a living self education will make you a fortune. Well, he's got them both. He's slinging an MBA, and he's an active real estate investor just like you and I. Hey, welcome back to the show investment coach and race Vista.    Naresh Vissa  18:25   Hey, Keith pleasure, to be back on.    Keith Weinhold  18:27   Inflation is something that affects real estate investors even more so than it does the general public. Since we're borrowing large sums of money and the inflation discussion sure has been interesting lately, you just can't quite get rates back down to 2% still, they've been elevated for years. So talk to us from your vantage point about inflation and future inflation concerns.   Naresh Vissa  18:51   Well, Keith, I am concerned about inflation. This is the first time in a year or so that I'm concerned with the direction and with the policy surrounding inflation, here's why. And I brought this up when I was on your podcast in July, the current administration is not talking at all about the fact that inflation is rising. We saw the CPI, for example, hit 2.3% which was four year low earlier this year, and since then, inflation has gone up. That is concerning, that inflation is going back up without any rate cuts. Yet it's gone back, I don't want to say gone back up, but it's gone up. And remember, the Federal Reserve inflation target is 2% so we want to get as close to 2% as possible. And the number one issue in the 2024 election, and the number one issue today is still the cost of everything is right, is too much, which we'll talk about, from gas prices to home values to rents to grocery that's the. Big one, the cost of groceries, the stuff that you buy at grocery stores, etc, everything is just too expensive. Of course, education, you name, childcare, everything is just too expensive. Inflation is still, I think the administration needs to really tackle this problem. They need to really, really tackle it, because it is the number one issue. It is what people essentially, their vote is, is based on it's not necessarily based on some peace agreement in a foreign nation. It's not based on some social issue. The number one issue is going to be this inflation problem. It's are things affordable? Do I have money in my bank account to pay for X, Y and Z? So I am concerned because, yes, tariffs are inflationary. That's kind of common sense. Now I think tariffs can be good. Tariffs can keep inflation in check. If they're handled the right way, we will see that. But my bigger concern is that inflation has been rising. We're not anywhere close to that 2% and we know with a very high degree of certainty that the Federal Reserve is beginning their rate cutting cycle next week with the September rate cut, and that's going to be extended. We've seen President Trump. He's very public, his Treasury Secretary, his Secretary of Commerce, all the economic advisors who he has, they're very transparent about the fact that they want rates slashed, and they want rates slashed quickly. And so we know that we're going to get a rate this is going to be a rate slashing cycle. It's going to be great for the upper class, if you want to call it, it's going to be great for real estate investors, but for the common man, the byproduct of that is going to be higher inflation. There's just no way that you can cut rates so quickly, so low, and you're not going to see inflation. That's my concern. Now on the other hand, and again, we have to see how this plays out. On the other hand, I brought up earlier this year, I've referenced Doge. I think Doge is doing a good job cutting government spending, trying to scale back some of the government initiatives, not that the government's always going to spend we know that, but it's you need to cut back, and doges is trying to do that. That's a plus. But even bigger, I talked about some foreign wars, right? Well, I think that the Middle Eastern conflict and the Russia Ukraine conflict, both of those actually are disinflationary, or fixing those conflicts, creating peace. We've seen a ceasefire in the Middle East. We've seen a peace agreement in Ukraine, and they're disinflationary because of some of the items that I brought up. I think oil is going to dip below $50 a barrel as a result of these peace agreements, these ceasefires. So we're going to see oil prices go down. When you see oil and energy prices go down, you see the cost of almost everything else go down, because you need oil and energy to transport everything else. If you're building a house, you have wood and steel and lumber and and all sorts of materials. And it's you need a truck to transport all that. And the truck is probably it's not an EV truck. You're getting these big trucks that are using diesel fuel. So if we can bring down the cost of of oil and gas and electricity, which these taking care of these conflicts will do, creating peace will do the price of those products, oil, the natural gas, the electricity, the wheat, the grains, those are your groceries. The cost of those are going to come down. So I think it's very positive what we're seeing with this idea of peace in regions that make a huge difference to the global economy. So I'm curious to see, like I think we could see greater than 100 basis point decrease in inflation just by solving these conflicts 1% or more, like I legitimately think so, and that's without the tariffs. That's without the federal rate cut. So even if we're at, let's say, two and a half percent inflation today, and you shave off 100 basis points up now you're at one and a half, and then you throw in tariff inflation, you throw in the rate cut inflation, and we're around 2% so that's the ideal scenario that the administration is hoping for. It's let's create peace, let's have a freer market, and then they can scale back a lot of these tariffs too, because many of these tariffs against India, for example, they can scale back the United States can scale back the 50% tariff on India. That tariff was India got hit with because they're buying Russian oil, and you take care of the Russia conflict. Now it's we say, oh, India, you know, we'll scale back to go back to your 25% tariff, or maybe even less, if you do X, Y and Z. For us, we can expect to see many of these tariffs scaled back. We can expect to see the price of specific goods and services, the prices decrease, which will bring down inflation. That's what I'm optimistic about. Hopefully all these agreements hold, which I think they will, and we can expect that, and the Fed can begin its rate cutting cycle, and everything will be booming, and everything will be great. This is the. Deal scenario. I'm not predicting this. This is the ideal scenario for the administration,   Keith Weinhold  25:05   when both war and terrorists get as bad as they can possibly get. From there, they can only get better, each of which would be disinflationary. Now, the CPI inflation has been reported at 2.7% each of the past two months. But when we talk about rates, Trump wants lower rates, of course, and I think we all know that the Fed's fear of lowering rates is that high inflation could resurface. One thing though, that few think about is that lower rates lead to higher inflation, which kills off the national debt faster. But when we think about upcoming federal reserve rate cuts anytime, whether this was 10 years ago today or 10 years into the future, these are the type of lessons that I like to talk about. All right, when we look at the last Fed meeting, there was no rate cut, but then awful jobs numbers were reported right after that. That's why some think that there could be a 50 point rate cut at the next meeting. The Fed meets eight times a year, so there's about a month and a half between meetings. Now, the Fed doesn't have to wait for a meeting to make a rate cut. They can do an emergency rate cut between meetings, like we saw during covid, but sometimes they're reluctant to do that because that really spooks markets, and that makes people think, oh my gosh, there was an emergency rate cut. Maybe things are worse than we thought. What's going on that triggers concern?   Naresh Vissa  26:24   Well, I think that would be a huge mistake to have an emergency. Yeah, anatomic was obviously an emergency. That was a global emergency. Makes sense. 2008 I remember, I was just college student, but that was an emergency because we saw people lining up on the streets of Manhattan with all their boxes of laid off work, and we saw that on Phoebe. You know, that was a trying time. I think that's out of the question. It's completely unnecessary, especially when the Fed meets every 45 to 50 days. It's, you know, you can wait another 20 days until the next meeting and then make a decision when you have lower rates than the cost, the borrowing costs on the debt, it goes down so the government can refinance its debt, and they would pay less keyword interest dollars. That's a plus, the other plus with tariffs. And I really hope, again, this is just my opinion. I hope this is what happens. But the government is raising quite a lot of tariff revenue, so close to $30 billion last month. And we can expect, in the first full year, next year, it's going to have raised close to half a trillion dollars just for fiscal year 2026 that's the expectation, about half trillion dollars worth of tariff revenue. And I hope that the government uses that pair of revenue to pay down the debt, because when you're paying down the debt, you're dissipating inflation. What I actually don't want them to do is to give us back that money, because they've been floating that around, saying, Oh, we got all this tariff revenue. Let's get it back as a tariff dividend, and every American gets hex, you know, $100 in their bank account or something   Keith Weinhold  28:01   very altruistic. Of you patriotic,   Naresh Vissa  28:04   I would much rather that they use 100% of it to pay down that debt, because the country is going to be better off as a whole over the long term, and in turn, the people will be better off over the long term. The people may not see it. They may want their $200 check or $100 check or whatever it might be, but over the long term, I think the tariffs are overall working out quite well. We're not seeing the crazy inflation that the mainstream expert predicted. I don't think we're going to see the crazy inflation that the experts predicted, if you it's not going to be because of the tariffs, in my opinion, I think it's going to be if there's this aggressive rate cutting cycle that juices the markets and the cost of everything just just goes up. And this ties into real estate investing, because when the Fed starts cutting, that's a very good time for real estate investors to pay attention when the Fed stops cutting immediately. That's a an even better time to pay attention when the rates have bottomed. And this has to deal with timing the real estate market. I'll give you an example. I own several properties. Of one of my properties when the Fed was cutting in 2020 it took about a year for all those cuts to permeate into the mortgage market and into the the market as a whole. It took it. The inflation didn't go up overnight. The inflation didn't go up in April of 2020 or or May of 2020 it went up in April of 2021, it took about a year. So I actually refinanced one of my properties in July of 2021, I refinanced my my property, and I saved about 110 basis points on that refinance. And that's what I mean by timing the market. Because, if you're paying attention, part of it was I knew, Okay, the Fed has stopped. It's cutting. And you know, let's follow the more. Good market. Let's follow the Treasury yield curve and all that. And I jumped in. I literally refinanced at the bottom, like at the absolute bottom. There was about a three month window that was the bottom, and I refinanced. I did the application all that at the beginning of those three months, and it was and I got that great rate at the end of those three months. And I think there's going to be a tremendous opportunity for real estate investors. And I'm sure the Bane This is why I'm a little concerned about inflation as well, because the big hedge funds, the big real estate investment firms, the big banks, the blackstones, the blackrocks, they're going to be ready, and they're going to buy up. They're going to buy up real estate again, and investors, including our GRE investors, they're going to start buying up too. So pay attention. We're going to cover it here. We're going to cover it here, on the podcast and in the newsletter. But pay attention to these rates, because it'll be, I don't want to say, a once in a lifetime opportunity, but it will be a once in a cycle type of opportunity to jump in and get some bottoming real estate values as well as bottoming real estate mortgage rates at the same time. So that equilibrium point is only, like I said, about three or four months long. So we're going to be coming to that point and timing it sometime, I think next year, 2026   Keith Weinhold  31:21   talk to us about the vibe that you're getting from GRE listeners that contact you for a free coaching session. It's really hard to time the real estate market. Why don't you help us out with that? Let us know about a listener or two that you recently helped.   Naresh Vissa  31:37   Well, we have free real estate investment coaching here at GRE. It's absolutely free of charge. You can call, text me, email me whenever you'd like. People can book a free meeting with me, and it's a session. It's an immersive session on real estate investing. So we can go over all of that on our call. You can reach out to me unlimited times, like I said, it's I'm here just to help you throughout and along your real estate investment journey, I've helped hundreds of people invest in real estate, hundreds so it's buying turnkey, cash flowing real estate properties, so our investors can buy properties, and use my guidance and advice to help them buy properties. I also help them if they already own properties, how to optimize their portfolio, how to find new markets. I help them with their existing properties, dealing with property managers, with contractors, even with issues that things aren't always great in real estate, sometimes things can be bad. So listener Paul, for example. Listener Paul, he had a problem with the builder, and he submitted earnest money, and he wanted his earnest money back. Many, many years had gone by, and he came to me and he said, Hey, Naresh, you know, I've got all this money tied up, and the builder's not giving me the money back. Can you help me? And so I got him in touch with the right people, and within three or four months, he got all of his money back, plus interest on all the missed payments. So he got everything back as a lump sum, and then he thanked me and said, Thank you so much. I can sleep better at night, and I'm just I'm doing very well now, and he was ready to buy his next property.   Keith Weinhold  33:15   That's an example of where a deal went wrong and the builder didn't perform and build a property.   Naresh Vissa  33:19   Yes, exactly. Think of me as a trusted advisor, but also as a super connector, someone who can get you in touch with all the right companies and people to make real estate investing very sound. We have listener Joe, who bought many properties through us. He bought his first property through me and through GRE through our coaching program, and that first property worked out really well. So then he said, Hey, I want to buy a second property about six months later. So he bought a second property, and that worked out well. And then he said, let's go with it. And he bought all these with the same provider. So once he reached four, because my rule is, you don't want to go more than four or five in one market. Then he asked me for the next he said, what market do you recommend next? So then I recommended the next market, and then he bought another three or four in that market, and he built a nice little portfolio of seven or I mean, some people think it's little, some people think it's big, of seven or eight properties. So that's very common with the coaching program, where our listeners are really happy. If things are going great, I'm here for them. If things are not going the way that they expected, I'm here to help fix that problem.   Keith Weinhold  34:30   Maurice, is there to help you start building and grow a portfolio. Now, how do you yourself analyze deals and find properties before you let our listeners know about them?   Naresh Vissa  34:40   Well, we work with 15 to 20 different providers around the country, 15 to 20. So these providers are always reaching out to me, emailing me, calling me, leading me voicemails, texting me, saying we've got this great deal. We've got this great incentive. So I parse through all of that, and I find a handful of what I think is best. US and many of these deals, I send them to you, Keith, to promote in your Don't quit your Daydream newsletter, which people can subscribe if they go to get rich education.com. I send them there, and I let our listeners know on the phone when they set up calls, or I have notes on every meeting. So I'm able to send all of these deals to them, and that's how I put the best deals in front of them.   Keith Weinhold  35:25   Most of the coaching calls are over the phone rather than zoom the race. Sure can arrange a zoom call with you if you prefer. You really don't need to do too much to prepare for the call either.   Naresh Vissa  35:38   No, not at all. Just sign up for the meeting, and I'll run things. I'll run the meeting, I'll run the call. It's very straightforward. It's a session. It's very immersive, very interactive.   Keith Weinhold  35:49   Yeah, and you just have to book a time with Naresh once there and afterward. Yeah, it's really casual. Naresh is very open to you text messaging him if you have any ideas, or if you just heard about something on the show that you want to know more of. But yeah, booking that first coaching call is really what opens the door to the communication. And you really staying up to date on things. You can find a race through GRE marketplace. And alternatively, you can learn more about him with his bio. And importantly, book a time on his calendar by going directly to GREinvestment coach.com for a while now he's had times available Monday through Friday, and even some weekend slots available, and yeah, keep in touch with him, because property inventory is ever changing, especially with late breaking news like we've had this year of Home Builders Offering major incentives like buying down your mortgage rate to about 5% so staying up to date has hopefully brought you, the listeners, some really big wins already this year. Naresh, do you have any last thoughts?   Naresh Vissa  35:49   Definitely book a meeting with me. You won't regret it. I think even if you think that you own all these properties, you have all this experience, I think you'll find that the resources we offer it through our free coaching program, there will be one or two nuggets that you didn't know about that will still help you. So it doesn't harm anybody to book that free session with me. If you don't think you need my help, maybe it's just a five minute call and we touch base and we're good to go. That's fine too, but I highly recommend that people get in touch with me. We go from there so that you can continue to have a fruitful investment journey.   Keith Weinhold  37:28   Naresh has been valuable as always. Thanks for coming back out of the show.    Naresh Vissa  37:31   Thank you very much, Keith.   Keith Weinhold  37:38   Yeah, some sharp insight from Naresh as always. Now, when you think about making your next property move, consider how, compared to a few years ago, uncertainty has largely abated and real estate has stabilized. Think about how back in 2020 covid was the big uncertainty concern 2021 it was this real estate boom and an inventory shortage. You would get 50 or 80 offers on one property, and buyers were waiving inspections. That was tough. That was such a seller's market in 2022 that's when you had inflation and the supply chain chaos. That's when CPI inflation peaked at 9.1% in 2023 the big uncertainty concern was interest rate shock and the affordability crisis. And last year and this year, they've pivoted more to macro economic concerns. So therefore today's chief concern gets somewhat more buffered from real estate. Now I discussed the direction of rents earlier in today's show, the recently released Kay Shiller numbers came out, and they show that national home prices are up almost 2% annually, 13 cities or higher and seven or lower. By the way, this continued nominal price appreciation that frustrates the bejesus out of those perpetually wrong crash predictors. They have been wrong even longer than the people waiting for flying cars to show up. And where will prices continue to go from here, probably even higher now, America just hit somewhat of a milestone in this cycle. You might remember that mortgage rates peaked at 7.8% almost two years ago. Well, mortgage rates have now slid down to six and a half 6.5% and here's why this has become significant, right? Just compared to when rates were 7% per the nar 2.8 million Americans now qualify to buy a home. 5.5 million more will qualify at 6% and 7.7 more will qualify at five and a half percent. My gosh. Now. Now, of course, not every newly qualified buyer is going to pounce on a property, but only if a fraction of those do. Can you imagine how this demand increase will stoke prices? There are still only about 1.1 million homes available today. So not only are mortgage rates at a fresh low, but inventory choices, although they're still historically low, they are now at a six year high, and this is all while there's less buyer competition. So today's buyer conditions are really improving, and the bottom line here is that you are in the best position in more than five years to find the right property while still avoiding a bidding war, you have really got some properties to choose from. That is the takeaway, and you don't need to do much to prepare for an immersive free call with Naresh. You know what your situation is, although you probably do want to have about a 20% down payment for a property ready to go, some of which cost as little as 200k in these investor advantage markets, whether you've never bought any property in your life, or if you have dozens, it probably will benefit you. You can easily book a time that works best for you right on a GRE investment coaches calendar that way. There's no back and forth, and you can set it up now. Should you so choose at GRE investment coach.com Until next week, I'm your host, Keith Weinhold, don't quit your Daydream.   Speaker 3  41:38   Nothing on this show should be considered specific, personal or professional advice, please consult an appropriate tax, legal, real estate, financial or business professional for individualized advice. Opinions of guests are their own. Information is not guaranteed. All investment strategies have the potential for profit or loss. The host is operating on behalf of get rich Education LLC, exclusively.   Keith Weinhold  42:02   You know, whenever you want the best written real estate and finance info, oh, geez, today's experience limits your free articles access, and it's got paywalls and pop ups and push notifications and cookies disclaimers. It's not so great. So then it's vital to place nice, clean, free content into your hands that adds no hype value to your life. That's why this is the golden age of quality newsletters. And I write every word of ours myself. It's got a dash of humor, and it's to the point, because even the word abbreviation is too long. My letter usually takes less than three minutes to read, and when you start the letter, you also get my one hour fast real estate video. Course, it's all completely free. It's called the Don't quit your Daydream letter. It wires your mind for wealth, and it couldn't be easier for you to get it right now. Just text gre, 266, 866, while it's on your mind, take a moment to do it right now. Text gre, 266, 866,   Keith Weinhold  43:18   The preceding program was brought to you buy your home for wealth, building, get richeducation.com

Today's Post - https://bahnsen.co/47uuMdO Monday Market Update: Analyzing Housing, Jobs, and Fed Policies In this Monday edition of the Dividend Cafe, host David Bahnsen discusses the latest market movements, job figures, and housing market dynamics. He highlights the Fed's anticipated rate cut decisions, sector performances, and policy updates. Boson also provides insights into nominal GDP expectations and the impact of tariffs on various sectors. Listeners are encouraged to visit DividendCafe.com for detailed analyses and a philosophical discussion on the U.S. free market economy from last Friday's special edition. 00:00 Welcome to Dividend Cafe 02:13 Market Recap and Insights 04:02 Public Policy Updates 05:58 Economic Indicators and Job Market 08:21 Housing Market Analysis 10:56 Federal Reserve and Interest Rates 12:25 Oil Market and Health Statistics 13:47 Closing Remarks and Special Mentions Links mentioned in this episode: DividendCafe.com TheBahnsenGroup.com

今年下半年，有兩家世界級的公司市值超過了40,000兆美金！ 能夠超過這個級別並不容易。這個世界上GDP可以超過40,000兆的國家，只有美國、中國、日本和德國！ 而這些國家人口，以德國來說至少也有8千萬以上。 這兩家公司的其中一家，員工只有三萬多人！竟然可以擠身在這個行列，可以算是真的「富可敵國」。原因在於他們都創造了獨特的「價值」！ 這意味著傳統的產品經濟，已經被價值經濟顛覆了… 猜猜看是哪兩個公司如此「富可敵國」？又創造了哪些顛覆性的價值？ / 台灣最大網路書店-博客來閱讀器，首次合作有史以來最低價，每一台再加贈購書金 1000 元、暢聽 60 天、暢讀 60 天、博客來提袋、吳淡如手繪設計提袋。限量300組，網站上只要還看得到圖片，就表示還有名額！ 優惠連結

Drew Allen, CEO of Grace Technologies, shares real stories from the floor, the ideas shaping safer plants, and why culture matters more than slogans. Drew's background stretches from a family line linked to Samuel Morse to teenage years in China to global business development at 3M. That range shows up in how he leads. He listens, he moves fast, and he expects teams to work on things that matter. In his world that means saving electricians from shocks and arc flash while helping manufacturers modernize without losing their soul. Grace started with mechanical and analog products, then took the hard road into fully digital systems. The shift took time and patience. Today their platform brings sensors, AI, and cloud tooling into maintenance and safety. The example that stuck with me is a proximity band for electricians. It lights, beeps, and vibrates as a worker approaches live voltage. At TriCity, that band prevented three near misses in a three month pilot. A fourth incident still ended in a hospital visit and a costly outage because the worker left the band in his car. Another apprentice nearly placed a hand on a live bus bar until the band told him something was wrong. These moments remind you that technology can change a day and a life. Drew's take on culture is refreshingly direct. Values are not a poster. They are a filter for who you hire. He looks for customer obsession, ownership, curiosity, and candid communication. Then he pairs that with high expectations and real care. Autonomy comes with accountability. Impact matters. If someone does not want to work on meaningful problems, this is not their place. It sounds firm. It also explains why the company keeps earning top workplace recognition while raising the bar on performance. We also talked about Maple Studios, the startup incubator Drew launched in Davenport, Iowa. He sees gaps in the industrial ecosystem. Fewer big exits. Slow adoption cycles. Founders stuck inside large companies. Maple gives them tools, space, and hard feedback so they can iterate faster and build things factories will actually deploy. His advice is simple. Ship, learn, and repeat. Do customer reviews early. Expect a thousand small gotchas. Move through them rather than pretending they will not appear. Looking ahead, Drew expects robotics to accelerate for a very practical reason. Companies cannot find enough people. Dangerous work will be automated. He imagines maintenance tasks shifting toward humanoid robots, with machines designed so robotic agents can service them. He also references GM's self healing language to point at a coming blend of sensing, prediction, and automated repair.  On AI, he shares Satya Nadella's challenge. Measure productivity and GDP impact rather than hype. The promise is there. The scoreboard will tell the story. If you work in industrial tech, this conversation lands close to home. You will hear how to bring digital tools into legacy environments, how to design for safety from the start, and how to keep teams motivated without losing kindness. You will also catch an open invitation. Drew wants to partner with builders who care about this space. If that is you, reach out to him on LinkedIn or visit graceport.com. And if you are curious about the band that vibrates before a bad day begins, this episode is a good place to start. ********* Visit the Sponsor of Tech Talks Network: Land your first job  in tech in 6 months as a Software QA Engineering Bootcamp with Careerist https://crst.co/OGCLA

Latest jobs report shows Employment is no longer a 'lagging' indicator. Summer jobs (last 3 mos) virtually stagnant at 12k per mo. Total unemployment 8.1% officially (U-6). Inflation higher than 2.7% official number (4%) and real wages barely growing 1-1.5% when 50m part time/temp/gig workers included. Review of Europe's economy shows major Europe economies now contracting or stagnant (Germany, UK, France). Entire EU area GDP stalled at 0.1% (officially and actually contracting). Europe trade head says EU can't afford to buy $750 billion of US oil and gas per recent US-EU trade deal; US producers say can't drill that much as well. What next for Trump's US-EU trade deal? Main reason why Trump has sent US naval taskforce to Venezuela.              

Josh Dorrell is the CEO of the Wyoming Business Council.  I've long been an opponent of this agency because it's not the proper role of government to be monkeying around in the free-market.  Over it's existence, Wyoming taxpayers have dumped over half-a-billion dollars into it.  All the while Wyoming's GDP actually went down.  And, yes, I asked him about that.  Josh was kind enough to sit down and have a frank discussion about his agency and its proper place.

Michael Underhill points out that the latest GDP was driven more by AI spending than consumer spending. Investors are looking for defensive positions as “surgical” job cuts and tariffs hit the U.S. consumer; Michael points to utilities as a traditionally interest rate sensitive and defensive sector, even calling them “sexy” right now. On the current market: “It's a hated rally, but you have to be on balance.”======== Schwab Network ========Empowering every investor and trader, every market day. Subscribe to the Market Minute newsletter - https://schwabnetwork.com/subscribeDownload the iOS app - https://apps.apple.com/us/app/schwab-network/id1460719185Download the Amazon Fire Tv App - https://www.amazon.com/TD-Ameritrade-Network/dp/B07KRD76C7Watch on Sling - https://watch.sling.com/1/asset/191928615bd8d47686f94682aefaa007/watchWatch on Vizio - https://www.vizio.com/en/watchfreeplus-exploreWatch on DistroTV - https://www.distro.tv/live/schwab-network/Follow us on X – https://twitter.com/schwabnetworkFollow us on Facebook – https://www.facebook.com/schwabnetworkFollow us on LinkedIn - https://www.linkedin.com/company/schwab-network/ About Schwab Network - https://schwabnetwork.com/about

FAN MAIL--We would love YOUR feedback--Send us a Text MessageGermany's defeat in World War II wasn't merely a matter of battlefield losses but rather a predictable outcome rooted in fundamental strategic, economic, and leadership failures. Drawing from Victor Davis Hanson's masterful analysis in "The Second World Wars," this episode reveals the three decisive factors that sealed Nazi Germany's fate from the beginning.The first fatal flaw was Germany's profound economic weakness. Despite creating Europe's most formidable military machine, Germany simply lacked the industrial capacity to sustain a global conflict against enemies with vastly superior resources. The production disparities were staggering—by 1945, America's GDP alone exceeded all Axis powers combined. While German engineers developed advanced weapons, their resource constraints prevented effective mass production, creating an insurmountable disadvantage against Allied manufacturing might.Hitler's strategic overreach represents perhaps his most catastrophic error. After succeeding in limited border wars against weaker European states between 1939-1941, Hitler transformed what should have remained regional conflicts into a global war Germany couldn't possibly win. The critical turning point came with Operation Barbarossa in June 1941—invading the Soviet Union while still fighting Britain—a decision Hanson calls "probably the biggest blunder in military history." When Hitler then declared war on America following Pearl Harbor, he ensured Germany would face enemies whose combined population and industrial capacity made Allied victory mathematically inevitable.Most damning was Hitler's own strategic incompetence. Having never visited America, Britain, or Russia, he made decisions based on maps rather than understanding of terrain, climate, or logistics. He routinely overruled his generals, diverted resources from military objectives to implement the Holocaust, and relied on emotional fantasy rather than strategic reality. As Hanson notes, Hitler had "no blueprint to end the war-making power" of his enemies, dooming Germany from the moment he abandoned limited objectives for impossible global ambitions. Key Points from the Episode:• Economic weakness and limited industrial capacity made Germany unable to sustain a prolonged global conflict• By 1945, US GDP alone exceeded all Axis powers combined, creating an insurmountable production advantage• Operation Barbarossa created a fatal two-front war while Germany was still fighting Britain• Hitler's declaration of war against America brought the world's largest industrial power into the conflict• German forces lacked critical resources, especially oil, while facing enemies with superior manufacturing capabilities• Hitler had never visited America, Britain or Russia - the very countries he chose to fight• Resources were diverted from military objectives to implement the Holocaust• Germany's early victories (1939-1941) created a dangerous illusion of invincibility• The war was preventable, facilitated by Soviet collusion, American isolationism, and British-French appeasement• Once Allied industrial potential fully mobilized by 1942-43, Germany's defeat was mathematically certainBe sure to check out our show page at teammojoacademy.com, where we have everything we discussed in this podcast, as well as other great resources.Other resources: Liberty Minute #62--An Empire of WealthWant to leave a review? Click here, and if we earned a five-star review from you **high five and knuckle bumps**, we appreciate it greatl

Less than a year after The Economist labeled the U.S. economy the 'envy of the world,' concerns are arising from disappointing jobs reports, slowing GDP growth, and rising prices. In this EconoFact Chats episode, Mark Zandi notes that tariffs and a restrictive immigration policy are contributing to the likelihood of recession and inflation, although he discounts the possibility of a return to the severe stagflation of the 1970s. He also highlights the risks posed by a ballooning national debt. On a positive note, Mark notes the contributions of the AI boom to the economy. Mark is the Chief Economist of Moody's Analytics. He serves on the board of directors of MGIC, the nation's largest private mortgage insurance company, and is the lead director of Reinvestment Fund, one of the nation's largest community development financial institutions.

CBS EYE ON THE WORLD WITH JOHN BATCHELOR SHOW SCHEDULE  9-5 GOOD EVENING: The show begins in Las Vegas as the Strip struggles with decline. FIRST HOUR 9-915 Jeff Bliss, Las Vegas Tourism Decline and Anaheim Development Jeff Bliss reports a significant decline in Las Vegas tourism, with a 12% drop in visitors, which he attributes to the city's nickel and diming practices by major corporations like MGM and Caesar's Palace, coupled with the rise of online gambling. Despite increased gaming revenue, the broader city economy, including restaurants and hotels not part of the strip, is suffering. Vegas resorts are now offering discounts and food credits to attract visitors. Nevada's unique lack of a state lottery, forcing residents to cross state lines for games like Powerball, also highlights a peculiar disadvantage. In Anaheim, a proposed skyway/gondola system aims to connect Disneyland, hotels, and sports venues. 915-930 Brandon Weichert, Artificial Intelligence, Quantum Computing, and Economic Impact Brandon Weichert and John Batchelor discuss artificial intelligence and quantum computing, with Weichert expressing optimism for AI's long-term economic benefits, though he finds a 7% GDP growth projection very optimistic. He believes AI will augment, not replace, human work, leading to positive productivity gains over time, especially in manufacturing and tech sectors. The conversation touches on AI's current competitiveness in generating novel research hypotheses, nearly matching humans in a Science magazine study, but humans still slightly lead in designing experiments. Weichertsees quantum computing as the next breakthrough 930-945  Professor Richard Epstein, Federal Power, National Guard Deployment, and University Funding Professor Richard Epstein discusses two cases involving the Trump administration's use of federal power. First, he analyzes Judge Charles Brier's ruling that Trump's deployment of National Guard troops for immigration enforcement in Southern California was partially illegal, citing the 1878 Posse Comitatus Act. Epstein distinguishes between protecting federal interests and overstepping into local policing, as with traffic violations or raids far from Los Angeles. He criticizes the political polarization between Trump and Governor Gavin Newsom for hindering cooperation during emergencies. Second, Epstein addresses Judge Allison Burroughs' interim decision against Trump's freezing of Harvard's research funds over anti-Semitism allegations, warning of long-term damage to US medical research. 945-1000 CONTINUED Professor Richard Epstein, Federal Power, National Guard Deployment, and University FundingProfessor Richard Epstein discusses two cases involving the Trump administration's use of federal power. First, he analyzes Judge Charles Brier's ruling that Trump's deployment of National Guard troops for immigration enforcement in Southern California was partially illegal, citing the 1878 Posse Comitatus Act. Epstein distinguishes between protecting federal interests and overstepping into local policing, as with traffic violations or raids far from Los Angeles. He criticizes the political polarization between Trump and Governor Gavin Newsom for hindering cooperation during emergencies. Second, Epstein addresses Judge Allison Burroughs' interim decision against Trump's freezing of Harvard's research funds over anti-Semitism allegations, warning of long-term damage to US medical research. SECOND HOUR 10-1015 Bradley Bowman, Chinese Military Parade and US Security Bradley Bowman discusses a recent massive Chinese military parade, noting the presence of Xi Jinping, Vladimir Putin, and Kim Jong-un, with the president of Iran also in attendance. He views the parade as a demonstration of China's decades-long effort to build a military capable of defeating the US in the Pacific, highlighting the erosion of American security and increased likelihood of a Taiwan Strait conflict. Specific concerns include modernized hypersonic YJ seriesanti-ship missiles challenging US naval interception, the DF61 intercontinental ballistic missile aimed at the US, and a low-observable tailless drone for manned fighters.1015-1030 Conrad Black, Canadian Politics, Mr. Carney's Government, and Regional Challenges Conrad Black discusses the challenges facing Mr. Carney's new Canadian government, particularly the unrest in Alberta. Carney's extreme green views threaten Alberta's oil and ranching economy, leading to a significant separatist movement that could see the province join the United States if its energy exports aren't facilitated. Black notes that Carney has yet to reveal his plans to address this or the historical cultural and political challenges posed by Quebec, a wealthy province with aspirations for independence. Carney has been robust on national security, agreeing with President Trump that Canada needs increased defense spending.1030-1045 Jim McTague, Lancaster County Economy and National Job Market Jim McTague provides an optimistic view of Lancaster County's economy, contrasting with national job market slowdowns. He notes low unemployment at 3.4% and no personal reports of job losses. The county's economy is buoyed by affluent retirees, who contribute millions to local restaurants and businesses, and a booming tourism sector attracting 10 million visitors annually. McTague highlights the importance of agriculture and the Amish culture as economic backbones. However, housing prices are significantly elevated, posing a challenge for younger, lower-wage workers. Growth is concentrated in suburban townships due to a superior healthcare industry and expanding data centers and pharmaceutical companies attracting professionals.1045-1100 CONTINUED Jim McTague, Lancaster County Economy and National Job Market Jim McTague provides an optimistic view of Lancaster County's economy, contrasting with national job market slowdowns. He notes low unemployment at 3.4% and no personal reports of job losses. The county's economy is buoyed by affluent retirees, who contribute millions to local restaurants and businesses, and a booming tourism sector attracting 10 million visitors annually. McTague highlights the importance of agriculture and the Amish culture as economic backbones. However, housing prices are significantly elevated, posing a challenge for younger, lower-wage workers. Growth is concentrated in suburban townships due to a superior healthcare industry and expanding data centers and pharmaceutical companies attracting professionals. THIRD HOUR 1100-1115 Molly Beer, Angelica Schuyler Church and the American Revolution Molly Beer discusses Angelica Schuyler Church (1755-1814), a prominent figure during the American Revolution. Born to the influential Schuyler family in Albany, Angelica was well-educated, a trait uncommon for women of her time but typical for Dutch families. She eloped with John Carter (later John Barker Church), much to her family's dismay, a decision perhaps driven by love for the cosmopolitan Englishman. Angelica was deeply involved in the revolutionary cause, supporting the French army and maintaining a strong patriotic identity even while living in London after the war. She cultivated extensive connections with key figures like George Washington, Alexander Hamilton, Thomas Jefferson, and Lafayette .1115-1130 CONTINUED Molly Beer, Angelica Schuyler Church and the American Revolution 1130-1145 CONTINUED Molly Beer, Angelica Schuyler Church and the American Revolution Molly Beer discusses 1145-1200 CONTINUED Molly Beer, Angelica Schuyler Church and the American Revolution Molly Beer . FOURTH HOUR 12-1215 Henry Sokolski, Plutonium, Nuclear Proliferation, and International Debate Henry Sokolski discusses the global debate surrounding plutonium, a highly poisonous substance used in nuclear weapons, especially by China, South Korea, and Britain. He explains that plutonium can be extracted from nuclear power reactors and quickly used to make a bomb, similar to the Nagasaki weapon. Sokolski criticizes the US Energy Department for suggesting that new reactor designs like Natrium and Ollo can extract plutonium while leaving enough radionuclides to prevent bomb-making, a claim previously debunked by studies. He highlights proliferation risks, citing South Korea's historical attempts to use civil reprocessing to acquire nuclear weapons.1215-1230 Jack Burnham, Manhattan Project Lessons for AI and US-China Talent Competition Jack Burnham explains that China views the Manhattan Project as a key lesson in harnessing international talent for national strategic goals, particularly in artificial intelligence. The US successfully recruited theoretical physicists fleeing Nazi Germany, nurturing a scientific reserve for the atomic bomb project. Burnham notes that after World War II, the US continued to prioritize basic science funding, leading to its technological edge. However, he suggests the US is currently struggling with this, as funding issues and regulatory uncertainty are driving American scientists abroad and limiting foreign talent attraction while countries like China, the EU, France, and Canada actively recruit US scientists.1230-1245 Nathaniel Peters, The Nature of Murder and Evil in Andrew Klavan's "The Kingdom of Cain" Nathaniel Peters reviews Andrew Klavan's "The Kingdom of Cain," which explores murder and evil through fiction and real-life examples. Klavan, a former atheist, was propelled to faith by Klavan, a former atheist, was propelled to faith by pondering evil, suggesting that recognizing objective moral order is necessary to condemn acts like those of the Marquis de Sade. The book examines Leopold and Loeb, who murdered to prove their superiority and live beyond good and evil, but left a crucial clue, highlighting their human fallibility. Klavan also considers Dostoevsky's Raskolnikov, whose rationalized yet pointless murder leads to a breakdown of his self-deception. Klavan argues artistic creation, like Michelangelo's Pietà, can redeem or transform the subject of art.1245-100 AM CONTINUED Nathaniel Peters, The Nature of Murder and Evil in Andrew Klavan's "The Kingdom of Cain" Nathaniel Peters reviews Andrew Klavan's "The Kingdom of Cain," which explores murder and evil through fiction and real-life examples. Klavan, a former atheist, was propelled to faith by pondering evil, suggesting that recognizing objective moral order is necessary to condemn acts like those of the Marquis de Sade. The book examines Leopold and Loeb, who murdered to prove their superiority and live beyond good and evil, but left a crucial clue, highlighting their human fallibility. Klavan also considers Dostoevsky's Raskolnikov, whose rationalized yet pointless murder leads to a breakdown of his self-deception. Klavan argues artistic creation, like Michelangelo's Pietà, can redeem or transform the subject of art.

• Guest Name: Veronique de Rugy • Affiliation: Mercatus Center • Summary: Veronique de Rugy strongly critiques the proposal for a US sovereign wealth fund, arguing it's a poor idea given the US's high debt-to-GDP ratio and existing budget deficits. She contends that borrowing to invest would be fiscally unsound and would lead to "cronyism on steroids," as government investment decisions are driven by political priorities rather than viable market opportunities, unlike private sector investments. 1910 JUNEAU ALASKA

SHOW SCHEDULE  9-4 The show begins in the EU, fretting Kyiv, Paris, London, Berlin. 1578 ALEX-TRAIMAN-JNS-9-4.mp3 Guest Name: Alex TRAIman MALCOLM HOENLEIN @CONF_OF_PRES @MHOENLEIN1 Affiliation: CEO and Jerusalem Bureau Chief for Jewish News Service (JNS) Summary: The discussion focuses on the Israel-Hamas conflict, emphasizing the Israeli government's preference for all hostage releases and Hamas's surrender for an end to the war. It details the IDF's military campaign in Gaza City, the challenges of urban warfare, and the ongoing threat from Iranian-backed proxies like Hamas and the Houthis. The long-term outlook suggests a complex, "unclean" end to the conflict, with continued terror attacks likely. ANATOL-LIEVEN-KYIV-9-4.mp3 Guest Name: Anatol LIeven Affiliation: Eurasia Project Director of the Quinsey Institute for Responsible Statecraft Summary: The conversation critically examines a proposal for a Eurocentric security force in Ukraine, highlighting its practical unfeasibility given European military limitations and domestic fiscal challenges, particularly in France. It suggests the proposal might be political grandstanding or a strategy to "trap" the US. Ukraine's strategy aims to wear Russia down to concede on demands, recognizing they cannot achieve a full military victory. ANNA-BORSCHEVSKAYA-9-4.mp3 Guest Name: Anna Borschevskaya MALCOLM HOENLEIN @CONF_OF_PRES @MHOENLEIN1 Affiliation: The Washington Institute Summary: This segment discusses Vladimir Putin's vision for a multipolar world with diminished US influence, emphasizing a strategic triangle of Russia, China, and India. It highlights Russia's increasing cooperation with Iran and Belarus, despite conventional wisdom. Putin is seen as willing to accept Russia's junior position to China, viewing it as a necessary alliance against a perceived Western attack on Russia. CHRIS-RIEGEL-HBM-9-4.mp3 Guest Name: Chris RIEGEL Affiliation: CEO of #SCALAREPORT: CHRIS RIEGEL CEO, SCALA.COM @STRATACACHE.  Summary: The discussion centers on High Bandwidth Memory (HBM) as a critical innovation driving the AI revolution. SK Hynix has surpassed competitors by vertically stacking memory chips, overcoming the "memory wall" to allow faster data access for AI processors. This technology is crucial for AI development, with the US leading innovation. Strict US and EU export controls aim to prevent China from acquiring advanced chip-making tools. CLIFF-MAY-ENERGY-9-4.mp3 Guest Name: Cliff May Affiliation: Founder and President of the Foundation for Defense of Democracies Summary: The conversation challenges current energy policies, noting that fossil fuels still provide over 81% of global energy despite decades of renewables promotion. Cliff May argues that climate policy often weakens the US while adversaries like China and Russia continue to rely on coal and hydrocarbons without climate concerns. He emphasizes energy security as intrinsic to national security, criticizing government subsidies as ineffective and prone to cronyism. COL-GRANT-NEWWSHAM-ROK-DPRK-9-4.mp3 Guest Name: Grant NEWSHam Affiliation: Colonel, United States Marine Corps retired, and author of "When China Attacks" Summary: The discussion traces the cynical division of Korea at the 38th parallel and the resulting prosperity of South Korea versus the starvation in North Korea. It highlights the current South Korean administration's pro-North Korea stance and its alignment with China and Russia. Kim Jong-un's presence at a Beijing military parade signifies a strengthening, serious alliance among these adversarial nations, aiming to intimidate the West. DALLAS-BIENHOFF-DSVID-LIVINGSTON-MARS-9-4.mp3 Guest Name: Dallas BIEnhof and David Livingston Affiliation:  Space Systems Architect for Offworld.ai; David Livingston: Dr. Space of The Space Show Summary: The discussion defines cis-lunar space as the volume around the Moon, highlighting planned missions and the Artemis program as a key driver. It explores the utility of Lagrange points for stable orbital stations and the need for extensive infrastructure, including transportation nodes and propellant depots, to support a permanent human presence on the Moon and Mars. Future plans also include resource utilization and space tourism. JULIA-CARTWRIGHT-HOUSING-9-4.mp3 Guest Name: Julia Cartwright Affiliation: Senior Research Fellow in Law and Economics at the American Institute for Economic Research Summary: The conversation examines the California Environmental Quality Act (CEQA) as a major impediment to housing development, particularly for rebuilding after wildfires. Julia Cartwright details how CEQA, along with restrictive building and zoning codes, creates costly delays, making California the most expensive state for construction. This bureaucracy disproportionately impacts affordable housing and is exacerbated by entities like the California Coastal Commission. MICHAEL-BERNSTAM-9-4.mp3 Guest Name: Michael Bernstam Affiliation: Hoover Institution Summary: The segment discusses Russia's energy deals with China, including the Power of Siberia pipelines, noting financing and pricing disputes. Michael Bernstam highlights Russia's struggle with declining oil prices, leading to budget deficits and losses for major oil companies. China and India are benefiting from discounted Russian crude, processing it for sale to Europe, bypassing sanctions. Secondary sanctions on China could disrupt this trade. MOHSEN-SAZEGARA-IRAN-9-4.mp3 Guest Name: Mohsen Sazagara Affiliation: Democracy activist from Iran Summary: Mohsen Sazagara confirms Iran's rearmament efforts, fueled by its leadership's belief in success against Israel and continued anti-US policies. Iran is seeking arms from Russia (via Belarus) and China (via North Korea), though Russia is reportedly less generous than expected. The speaker notes growing internal opposition within Iran and a high probability of another military conflict with Israel, especially concerning nuclear development or air defense rebuilding. SADANAND-DHUME-MODI-9-4.mp3 Guest Name: Sadanand Dhume Affiliation: American Enterprise Institute, writes "East to East" column for the Wall Street Journal Summary: The discussion analyzes Indian Prime Minister Narendra Modi's visit to China for the Shanghai Cooperation Organization, amidst declining US-India relations due to tariffs. India's large farm lobby, especially dairy, heavily influences trade policy. Despite diplomatic gestures, India maintains vigilance against Chinese aggression due to deep-rooted border disputes and China's close ties with Pakistan, indicating India won't align closely with China. VERONIQUE-DERUGY-9-4.mp3 Guest Name: Veronique de Rugy Affiliation: Mercatus Center Summary: Veronique de Rugy strongly critiques the proposal for a US sovereign wealth fund, arguing it's a poor idea given the US's high debt-to-GDP ratio and existing budget deficits. She contends that borrowing to invest would be fiscally unsound and would lead to "cronyism on steroids," as government investment decisions are driven by political priorities rather than viable market opportunities, unlike private sector investments.

Brandon Weichert, Artificial Intelligence, Quantum Computing, and Economic Impact Brandon Weichert and John Batchelor discuss artificial intelligence and quantum computing, with Weichert expressing optimism for AI's long-term economic benefits, though he finds a 7% GDP growth projection very optimistic. He believes AI will augment, not replace, human work, leading to positive productivity gains over time, especially in manufacturing and tech sectors. The conversation touches on AI's current competitiveness in generating novel research hypotheses, nearly matching humans in a Science magazine study, but humans still slightly lead in designing experiments. Weichertsees quantum computing as the next breakthrough

The world of artificial intelligence continues to profoundly impact the stock markets and create investment opportunities. Despite a brief setback earlier this year, AI continues to push the boundaries of human ingenuity and drive market dynamics.Oscar Pulido welcomes Tony Kim, head of the BlackRock Fundamental Equities Global Technology Team, and Michael Gates, lead portfolio manager of BlackRock's target allocation models. Fresh from their interactions with technology leaders in San Francisco and Silicon Valley, Tony and Michael share their insights on the rapid advancements in AI, the efficiencies it brings to the economy, and the promising investment opportunities it unveils across various sectors.Key moments from this episode:00:00 Introducing AI's Unprecedented Investment Surge03:03 The Three Layers of AI Investment Opportunity08:21 AI's Impact on Labor and Services10:34 Exponential Growth and Humanoid Robots14:41 Quantum Computing and Cybersecurity18:48 Considering The Societal Impact and Future Outlook

Imagine a world where AI outsmarts you at work—scary, right? From the Philippines to the US, AI is changing the economic landscape, increasing the GDP of rich nations (5.4% in the US) while putting millions of jobs at risk in developing countries. Will machines leave you behind, or can you fight back? Dive into this wild ride of job threats, global gaps, and the race to adapt—spoiler: the future's already here! Learn more about your ad choices. Visit megaphone.fm/adchoices

Altcoin froth meets political theater. The team dissects World Liberty Financial's explosive debut: a $22B token backed by the Trump family, a disputed Aave partnership, insider buybacks, and a “gold paper” instead of a whitepaper. We break down Justin Sun's role, why critics call it crypto's “garbage moat,” and how WLFi could become the Thanksgiving dinner debate of 2025. Plus: Gavin Newsom's meme coin tease, GDP data going on-chain, and the CFTC reopening U.S. markets to global exchanges. Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest in crypto. This week, the crew dives into the wild debut of World Liberty Financial — Trump's $22B DeFi token that launched with a “gold paper,” insider allocations, and buybacks despite no product. We break down the Trump family's $5B paper fortune, the disputed Aave deal, and whether WLFi is a serious stablecoin project or just another garbage fire in crypto's moat. From Justin Sun's backing to Thanksgiving dinner debates, we unpack what WLFi means for politics, memes, and markets. Then we zoom out to Gavin Newsom's meme coin tease, the U.S. Commerce Department posting GDP on-chain, and fresh CFTC moves that could reshape crypto exchanges and ETFs. Show highlights

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 is feeling the pressure, without the US the EU economy is nothing, same goes with most of the countries around the world. Trump is reversing the [CB] trade policies. The Fed is panicking, Trump is going after the Fed and they are trying to stop him, so they ruled on his parallel system, this will fail. Trump and the patriots are putting everything place to make sure the [DS] cannot cheat the midterms. Trump is doing everything he can without congress passing laws. The pieces are coming together and it will be difficult for the [DS] to cheat. This has to be done to take back full control. The [DS] is building the narrative to counter this by pushing the idea that Russia is responsible for immigration and cyber attacks in the EU. Playbook known.   Economy Eurozone's Economic Outlook Worsens Amid U.S. Tariffs, Domestic Pressures the Eurozone's economic outlook has indeed deteriorated, driven by a combination of external pressures from U.S. tariffs and internal domestic issues. Recent data from the European Commission shows a decline in economic sentiment, signaling broader pessimism among businesses and consumers.   The tariffs target key EU exports, leading to reduced demand and higher costs.Key quantitative impacts from analyses include:  Estimates vary by scenario, but a baseline tariff increase could reduce EU GDP by 0.2% to 0.8%. For instance, in a symmetric tariff war, GDP might fall by 0.8-1.2%, with Germany facing a 0.4% contraction.   The EU's trade surplus with the U.S. is shrinking amid surging imports, exacerbated by trade diversion from China (e.g., a 12% year-on-year increase in Chinese exports to the EU as of May 2025).   The automotive industry faces double-digit hits to earnings, with potential 53% drops in export demand for machinery and equipment under a 10% tariff hike. Pharmaceuticals and chemicals are also at risk, though some exemptions apply. Sector 2023/2024 EU Exports to U.S. (EUR billion) Potential Impact from Tariffs Machinery & Equipment 157.7 High vulnerability; 53% export demand drop per 10% tariff Automotive Not specified (major exposure) Double-digit EBIT declines for key firms Pharmaceuticals 54.6 Exempt currently, but risk if targeted Chemicals & Metals Significant (part of broader exposure) Asset quality deterioration in banking Employment effects are notable, with 8,000-10,000 job losses estimated per EUR 1 billion reduction in exports, potentially raising unemployment by 0.1% in hard-hit countries like Germany and Ireland. Source: wsj.com Trump Canceling $679M in Federal Funding for Offshore Wind Projects The Trump administration said on Friday it was canceling $679 million in federal funding for 12 offshore wind projects, including $427 million for a California project. U.S. Transportation Secretary Sean Duffy announced that the department was canceling or terminating awards made under the administration of former President Joe Biden. Source: newsmax.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"); https://twitter.