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Our Chief Fixed Income Strategist Vishy Tirupattur and U.S. Head of Credit Strategy Vishwas Patkar discuss the implications of private credit's exposure to the software industry.Read more insights from Morgan Stanley.----- Transcript -----Vishy Tirupattur: Welcome to Thoughts on the Market. I am Vishy Tirupattur, Morgan Stanley's Chief Fixed Income Strategist. Vishwas Patkar: I'm Vishwas Patkar, Morgan Stanley's U.S. Head of Credit Strategy. Vishy Tirupattur: While potential disruption from AI has been a key driver for markets [in the] last few weeks, the focus of investor agenda has been in the software sector. On today's podcast, we will talk about software in the credit markets and its implications. It's Monday, March 2nd at 10am in New York. Vishwas, let's start by understanding how the exposure in software manifests in the credit markets. How does it compare to software, say, in the equity market? Vishwas Patkar: Yeah, so the software exposure in credit markets is large, and understandably that's why investors are closely watching what's happening with software in the equity market. But what's interesting and important for investors to note is the exposure in credit is very different from what it is in equities. So, for instance, a good chunk of exposure in the credit market is around private issuers. So, we estimate about 80 percent of companies are private in the whole sample set that we looked at. And that's largely a function of the fact that software is not a big part of the more liquid spaces like Investment Grade and High Yield. But it is heavily represented in the more opaque parts of the market, like leveraged loans, CLOs, and, you know, BDCs. So, our analysis found that about 25 percent of BDC portfolios are in software, closely followed by private credit CLOs. And leveraged loan market was about 16 percent. So, that's an important distinction to keep in mind versus the equity market. The second thing I would flag is – because the software sector grew a lot in the loan market through the LBO wave of 2020 and 2021, it has a weaker credit quality skew to it than the overall market. So about 50 percent of borrowers in the sector are rated B - or lower. So, that's the lowest rungs of the rating spectrum. Many of these software deals were underwritten with higher leverage than the broad market. And as a result of that you also have more front-loaded maturities in the sector, which brings the risks of refinancing, if some of this disruption persists. But Vishy, that's a nice segue to you. Over the past couple of years, you looked at the private credit market in depth and that's where I think the exposure we found is the highest in BDCs, you know, which is the public face of private credit. So, in your assessment, what is the risk of software to private credit, given all of the headlines that are popping up? Vishy Tirupattur: Public face of private credit – Vishwas, that's a great line. BDCs – business development corporations for those who are not familiar – are companies that invest in the debt of small and medium sized companies, sourced through non-bank channels. BDCs fund themselves through equity and debt issuance. So, if you look at the portfolios of BDCs to look at their exposure to software, there's a wide variation across the various BDC portfolios. What makes the assessment of these software risks in BDCs challenging is that many of these companies are private companies without the reporting obligations of public companies. So, no earnings reports, no 10-Ks or cues or broadly publicly available financials look at. So, in effect, these companies need to be re underwritten to evaluate which of these companies would be disrupted from AI; and which companies could actually benefit from AI and see their margins expand. So, in the context of BDCs, liability spreads are something we are watching closely. BDC liability spreads have widened but we think more needs to happen there. The clearing levels need to wait for the full resolution of the companies that benefit and that get hurt by disruption that is still awaited. So, we expect credit spreads of BDCs to remain volatile for some time to come. Vishwas Patkar: Okay. So, seems like this is a significant, or at least a non-trivial risk factor for credit markets, given the growth of the sector, leverage, the skew and quality. But Vishy, do you think this could be systemic for risk markets at large? Vishy Tirupattur: So, I do think that this is a significant risk, but I don't think it's a systemic risk. The amount of leverage in BDC is fairly small. About 2x is the kind of leverage. You compare that to the kind of leverage that existed in the financial system before the financial crisis – that's orders of magnitude smaller risk. And also the linkage to the banking system comes through the back leverage provided to the non-bank lenders. But this leverage is substantially risk remote with very high subordination levels. So, my conclusion here is this is a significant risk but not a systemic risk. So let me turn the same question to you, Vishwas. Taking on a sort of historical perspective as well as a macro perspective, how do you see this risk manifesting in the broader credit space? Vishwas Patkar: Yeah, so I would agree with you Vishy, that we need to see a valuation reset. We think spreads should go wider because of disruption concerns, even if they affect a relatively narrow part of the market. But a lot of that's happening against issuance that's rising. But I would say the risk of systemic concerns really emerging is relatively low. if you look at historical cycles where credit has been the weak link in the economy, those are typically characterized by a lot of corporate re-leveraging. So, think about the late 1990s or from 2004 to 2007 or the early 2000-teens. These are all cycles where corporates were being very aggressive, adding a lot of debt. And you know, when the economy slowed, credit became the source of some default and downgrade concerns. We haven't really seen that type of credit cycle play out at all in the past few years. If you look at corporate debt to GDP, for example, it's gone down each of the last five years. Balance sheet corporate leverage has been flat or actually gone lower in spots. M&A activity, which is usually a good indicator of corporate aggressiveness, still remains below trend. So, I think we have had a fairly restrained credit cycle where in place fundamentals are quite strong. And that's why I think the systemic contagion from any credit spread weakness, I think could be relatively muted. Vishy Tirupattur: So, the key takeaway from us is that software and credit is a significant risk but is not quite systemic risk. Thanks for listening. If you enjoy the podcast, please leave us a review wherever you listen and share Thoughts on the Market with a friend or colleague today.

In this news-style episode, Simon and Dan break down Citrini Research’s The 2028 Global Intelligence Crisis—a “note from the future” dated June 30, 2028 that frames the most bullish AI adoption path as a surprisingly bearish outcome for the real economy. They walk through the core feedback loop: companies deploy AI to boost productivity and margins, layoffs rise (especially in white-collar roles), consumer spending weakens, and the cycle reinforces itself—creating what the piece calls “ghost GDP,” where productivity climbs but wages and demand don’t keep up. From there, the duo digs into the sectors Citrini argues get hit first and hardest: SaaS (seat contraction + customers using AI as renewal leverage), the intermediation layer (agents shopping travel, subscriptions, insurance, delivery, and more), and even payment rails as AI agents chase lower-cost settlement via stablecoins. They also connect the dots to private credit and insurance flywheels—where mark-to-model portfolios can look stable until forced selling and capital needs expose stress—and what rising unemployment could mean for housing in once “prime” white-collar markets. Tickers discussed: V, MA, AXP, DFS, PYPL, AMZN, WMT, EXPE, UBER, DASH, SHOP, GOOGL, PLTR, TRI, OWL, APO, BN, KKR, CRM, ADBE, AIG Citrini research report Subscribe to our Our New Youtube Channel! Check out our portfolio by going to Jointci.com Our Website Our New Youtube Channel! Canadian Investor Podcast Network Twitter: @cdn_investing Simon’s twitter: @Fiat_Iceberg Braden’s twitter: @BradoCapital Dan’s Twitter: @stocktrades_ca Want to learn more about Real Estate Investing? Check out the Canadian Real Estate Investor Podcast! Apple Podcast - The Canadian Real Estate Investor Spotify - The Canadian Real Estate Investor Web player - The Canadian Real Estate Investor Asset Allocation ETFs | BMO Global Asset Management Sign up for Fiscal.ai for free to get easy access to global stock coverage and powerful AI investing tools. Register for EQ Bank, the seamless digital banking experience with better rates and no nonsense.See omnystudio.com/listener for privacy information.

【98有聲書房】開張，訂閱收藏News98精選有聲書：https://apple.co/44KcuRo主持人：阮慕驊 來賓：中央大學台經中心 吳大任教授 主題：2月消費者信心指數微跌 台灣GDP今年7%可期？節目時間：週一至週五 5:00pm-7:00pm本集播出日期：2026.03.02

John Carney clarifies that recent price spikes were driven by volatile service sector margins rather than trade policies, suggesting that underlying inflation remains under control. The conversation transitions into a confident political outlook, noting that a unified Republican leadership and a rebounding GDP create a strong tailwind for the administration. Learn more about your ad choices. Visit megaphone.fm/adchoices

What happens when AI makes intelligence essentially free — and unlimited energy plus humanoid robots make physical labour free too? The economic models we've built our entire civilisation on stop working. In this episode I sit down with Cern Basher — a CFA charterholder, CIO of Brilliant Advice, and one of the sharpest minds at the intersection of AI, Bitcoin, and macroeconomics. Originally from New Zealand, Cern has built a massive following for his work connecting the dots between exponential technology and the future of money. We go deep on his thesis that AI and Bitcoin are two sides of the same coin — AI collapses the cost of intelligence (deflationary), and Bitcoin provides a monetary system that can't be inflated away. We explore Jason Lowery's Softwar thesis (which the US Department of Defence placed under security review), why AI agents will naturally adopt Bitcoin for autonomous transactions, and Cern's provocative argument that infinite output multiplied by zero price equals zero GDP — making our most fundamental economic metric meaningless. If you've ever wondered what the economy actually looks like when abundance replaces scarcity, this is the conversation. In this episode we discuss: Why AI and Bitcoin are "two sides of the same coin" Jason Lowery's Softwar thesis and why the DoD took notice How AI is already contributing more to US GDP growth than consumer spending Why AI agents need Bitcoin — permissionless, no KYC, no intermediaries Cern's "death of GDP" thesis — infinite supply × zero price = zero GDP The dematerialisation of physical products (cameras, maps, books, money) What this means for New Zealand and small economies How abundance economics breaks traditional supply and demand Links mentioned: Cern Basher on X: https://x.com/CernBasher Brilliant Advice: https://www.brilliantadvice.net Cern's GDP post: https://x.com/CernBasher/status/1913993658572984440 Jason Lowery's Softwar thesis: https://dspace.mit.edu/handle/1721.1/153030

Gold just broke above $5,100 — and almost no one is talking about it. While politicians argue over tariffs, the real story is accelerating stagflation. GDP growth collapsed from 4.4% to 1.4%. Core PCE inflation is rising again. The Fed is openly debating rate cuts while inflation runs 50% above target.

What happens when outward success no longer matches your inner truth?

Chris Markowski discusses the realities of the financial world, emphasizing the importance of understanding economic context over short-term market fluctuations. He analyzes recent GDP figures, compares historical economic performance, and critiques government regulations that hinder growth. Markowski also shares his thoughts on the character of the economy, the waste of talent, and proposes solutions for improvement, including tax reform and regulatory changes. The conversation highlights the role of private equity and credit in the current financial landscape, urging listeners to be aware of the risks involved.

When you hear "meal deal" you probably think of fast-food chains, like McDonald's. But as daily life grows more unaffordable, a new tier of chain restaurants are adopting similar options to hang onto their cash-strapped regulars. It's why Panera just launched a new $10 value meal, and analysts expect other fast-casual joints to follow suit. Plus: Data center construction was up nearly 30% in 2025 but had a limited impact on GDP; buy now, pay later for rent payment comes at a price; we discuss the week's economic headlines.Every story has an economic angle. Want some in your inbox? Subscribe to our daily or weekly newsletter.Marketplace is more than a radio show. Check out our original reporting and financial literacy content at marketplace.org — and consider making an investment in our future.

When you hear "meal deal" you probably think of fast-food chains, like McDonald's. But as daily life grows more unaffordable, a new tier of chain restaurants are adopting similar options to hang onto their cash-strapped regulars. It's why Panera just launched a new $10 value meal, and analysts expect other fast-casual joints to follow suit. Plus: Data center construction was up nearly 30% in 2025 but had a limited impact on GDP; buy now, pay later for rent payment comes at a price; we discuss the week's economic headlines.Every story has an economic angle. Want some in your inbox? Subscribe to our daily or weekly newsletter.Marketplace is more than a radio show. Check out our original reporting and financial literacy content at marketplace.org — and consider making an investment in our future.

Jim Schowalter is the former MMB Commissioner. He joins Blois Olson to discuss the budget forecast for the state of Minnesota. Blois asks about the relevance of macroeconomic trends/data like GDP and unemployment numbers. Jim says that the employment numbers are concerning for the future and that the numbers are a little weaker than last year. Blois references some economic factors he noticed during the Great Recession and asks Jim about the operationality of the budget team. They also discuss the uncertainty around the gubernatorial race/potential elect and how its impacting the state government now.

Last Tuesday Trump gave his 1 hour and 47 minute State of the Union speech to Congress. While most was the theatrical clown show that has come to define SOTU speeches, with lemming like Congresspeople jumping up and clapping at every fragment of sentence, the first 30 minutes or so was about how great the US economy was doing—filled with misrepresentations and outright lies about the US economy's current condition.  Here's the real not to pretty picture about Jobs, Inflation, GDP, stock markets, taxes, deficits and debt, and of course tariffs.

Incoming data support our call for a recoupling of weak job growth to solid GDP gains, driven by a fading of business caution. Beyond this near-term tracking, we consider the types of shocks that could disrupt the outlook further out—with a focus on how to think about AI's impact.   Speakers: Bruce Kasman Joseph Lupton   This podcast was recorded on 27 February 2026. This communication is provided for information purposes only. Institutional clients please visit www.jpmm.com/research/disclosures for important disclosures.  © 2026 JPMorgan Chase & Co. All rights reserved. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. It is strictly prohibited to use or share without prior written consent from J.P. Morgan any research material received from J.P. Morgan or an authorized third-party (“J.P. Morgan Data”) in any third-party artificial intelligence (“AI”) systems or models when such J.P. Morgan Data is accessible by a third-party.

Mexico is the United States' largest trading partner and home to a formidable industrial base. So why has its economy continued to underperform, with GDP growth of just 0.7 percent last year? Roberto Salinas-León, president of the Mexico Business Forum and director of the Atlas Network Initiatives for Latin America, joined “México Centered” host Tony Payan to discuss the structural challenges inhibiting Mexico's economic growth and possible ways forward, from investor uncertainty to low productivity tied to weak public investment and a large informal sector. This conversation was recorded on February 17, 2026.  Featured: Roberto Salinas-León, Ph.D.: https://www.linkedin.com/in/roberto-salinasleon/ Tony Payan, Ph.D.: https://www.bakerinstitute.org/expert/tony-payan  You can follow @BakerInstitute and @BakerInstMexico on X, Instagram, LinkedIn, and YouTube. Learn more about our data-driven, nonpartisan policy research and analysis at bakerinstitute.org.

Trump claims we have the hottest economy in the world and the greatest turnaround in history, but the numbers tell a completely different story—GDP growth actually slowed under his watch, the stock market is the worst performer globally, and he's ignoring the real crisis ahead: a sovereign debt catastrophe that will make 2008 look like a warm-up act.This episode is sponsored by Samsara. - This episode is sponsored by Samsara. Head to https://samsara.com/gold to request a free demo and see how Samsara brings visibility and safety to your operations.This episode is also sponsored by Function. Own your health for $365 a year. That's a dollar a day. Learn more and join using my link. Visit https://www.functionhealth.com/peter and use gift code PETER25 for a $25 credit toward your membership.Peter Schiff delivers a scathing critique of Trump's State of the Union address, systematically debunking what he calls numerous economic lies and misrepresentations. Schiff argues that Trump's claims about achieving the "hottest economy in the world" and a "historic economic turnaround" are completely false, pointing out that GDP growth actually slowed from 2.8% under Biden's final year to 2.4% in Trump's first year. He criticizes Trump's housing policy of keeping prices artificially high while suppressing mortgage rates, calling it the same failed approach that led to the 2008 financial crisis, and disputes claims about record-breaking tax cuts, inflation solutions, and stock market performance.Beyond exposing what he sees as outright fabrications, Schiff condemns Trump's economic policies as fundamentally socialist, including the ban on Wall Street buying single-family homes, government intervention in power plant construction, and various spending programs disguised as tax cuts. He warns that these policies will accelerate inflation and fiscal crisis, predicting that the resulting economic collapse will be blamed on Republicans and capitalism, paving the way for Democratic victories and more socialist policies. Schiff urges listeners to protect themselves by investing in gold, silver, and foreign stocks, noting that gold mining stocks are hitting new highs ahead of the metals themselves, which he sees as a bullish leading indicator.Chapters:00:00 Show Intro Montage00:55 State of the Union Setup03:36 Housing Prices and Rates10:24 Stock Market Bragging15:54 Economy Claims and Inflation31:10 Gas and Economic Bragging32:48 Tariffs Supreme Court and Trade Reality35:56 Taxes Entitlements and Price Claims39:26 Healthcare Drugs and Anti Socialism Rants53:05 Fiscal Cliff and Gold StrategyFollow @peterschiffX: https://twitter.com/peterschiffInstagram: https://instagram.com/peterschiffTikTok: https://tiktok.com/@peterschiffofficialFacebook: https://facebook.com/peterschiffSign up for Peter's most valuable insights at https://schiffsovereign.comSchiff Gold News: https://www.schiffgold.com/newsFree Reports & Market Updates: https://www.europac.comBook Store: https://schiffradio.com/books#Finance #Economics #GoldOur Sponsors:* Check out GhostBed: https://ghostbed.com/PETER* Check out TruDiagnostic and use my code GOLD20 for a great deal: https://www.trudiagnostic.comPrivacy & Opt-Out: https://redcircle.com/privacy

Original Release Date: Feb 6, 2026Our Global Head of Fixed Income Research Andrew Sheets and Global Chief Economist Seth Carpenter unpack the inner workings of the Federal Reserve to illustrate the challenges that Fed chair nominee Kevin Warsh may face.Read more insights from Morgan Stanley.----- Transcript -----Andrew Sheets: Welcome to Thoughts on the Market. I'm Andrew Sheets, Global Head of Fixed Income Research at Morgan Stanley. Seth Carpenter: And I'm Seth Carpenter, Morgan Stanley's Global Chief Economist and Head of Macro Research. Andrew Sheets: And today on the podcast, a further discussion of a new Fed chair and the challenges they may face. It's Friday, February 6th at 1 pm in New York. Seth, it's great to be here talking with you, and I really want to continue a conversation that listeners have been hearing on this podcast over this week about a new nominee to chair the Federal Reserve: Kevin Warsh. And you are the perfect person to talk about this, not just because you lead our economic research and our macro research, but you've also worked at the Fed. You've seen the inner workings of this organization and what a new Fed chair is going to have to deal with. So, maybe just for some broad framing, when you saw this announcement come out, what were some of the first things to go through your mind? Seth Carpenter: I will say first and foremost, Kevin Warsh's name was one of the names that had regularly come up when the White House was providing names of people they were considering in lots of news cycles. So, I think the first thing that's critically important from my perspective, is – not a shock, right? Sort of a known quantity. Second, when we think about these really important positions, there's a whole range of possible outcomes. And I would've said that of the four names that were in the final set of four that we kept hearing about in the news a lot. You know, some differences here and there across them, but none of them was substantially outside of what I would think of as mainstream sort of thinking. Nothing excessively unorthodox at all like that. So, in that regard as well, I think it should keep anybody from jumping to any big conclusions that there's a huge change that's imminent. I think the other thing that's really important is the monetary policy of the Federal Reserve really is made by a committee. The Federal Open Market Committee and committee matters in these cases. The Fed has been under lots of scrutiny, under lots of pressure, depending on how you want to put it. And so, as a result, there's a lot of discussion within the institution about their independence, making sure they stick very scrupulously to their congressionally given mandate of stable prices, full employment. And so, what does that mean in practice? That means in practice, to get a substantially different outcome from what the committee would've done otherwise… So, the market is pricing; what's the market pricing for the funds rate at the end of this year? About 3.2 percent. Andrew Sheets: Something like that. Yeah. Seth Carpenter: Yeah. So that's a reasonable forecast. It's not too far away from our house view. For us to end up with a policy rate that's substantially away from that – call it 1 percentage, 2 percentage points away from that. I just don't see that as likely to happen. Because the committee can be led, can be swayed by the chair, but not to the tune of 1 or 2 percentage points. And so, I think for all those reasons, there wasn't that much surprise and there wasn't, for me, a big reason to fully reevaluate where we think the Fed's going. Andrew Sheets: So let me actually dig into that a little bit more because I know our listeners tune in every day to hear a lot about government meetings. But this is a case where that really matters because I think there can sometimes be a misperception around the power of this position. And it's both one of the most public important positions in the world of finance. And yet, as you mentioned, it is overseeing a committee where the majority matters. And so, can you take us just a little bit inside those discussions? I mean, how does the Fed Chair interact with their colleagues? How do they try to convince them and persuade them to take a particular course of action? Seth Carpenter: Great question. And you're right, I sort of spent a bunch of time there at the Fed. I started when Greenspan was chair. I worked under the Bernanke Fed. And of course, for the end of that, Janet Yellen was the vice chair. So, I've worked with her. Jay Powell was on the committee the whole time. So, the cast of characters quite familiar and the process is important. So, I would say a few things. The chair convenes the meetings; the chair creates the agenda for the meeting. The chair directs the staff on what the policy documents are that the committee is going to get. So, there's a huge amount of influence, let's say, there. But in order to actually get a specific outcome, there really is a vote. And we only have to look back a couple weeks to the last FOMC meeting when there were two dissents against the policy decision. So, dissents are not super common. They don't happen at every single meeting, but they're not unheard of by any stretch of the imagination either. And if we go back over the past few years, lots going on with inflation and how the economy was going was uncertain. Chair Powell took some dissents. If we go back to the financial crisis Chair Bernanke took a bunch of dissents. If we go back even further through time, Paul Volcker, when he was there trying to staunch the flow of the high inflation of the 1970s, faced a lot of resistance within his committee. And reportedly threatened to quit if he couldn't get his way. And had to be very aggressive in trying to bring the committee along. So, the chair has to find a way to bring the committee along with the plan that the chair wants to execute. Lots of tools at their disposal, but not endless power or influence. Does that make sense? Andrew Sheets: That makes complete sense. So, maybe my final question, Seth, is this is a tough job. This is a tough job in… Seth Carpenter: You mean your job and my job, or… Andrew Sheets: [Laughs] Not at all. The chair of the Fed. And it seems especially tricky now. You know, inflation is above the Fed's target. Interest rates are still elevated. You know, certainly mortgage rates are still higher than a lot of Americans are used to over the last several years. And asset prices are high. You know, the valuation of the equity market is high. The level of credit spreads is tight. So, you could say, well, financial conditions are already quite easy, which can create some complications. I am sure Kevin Warsh is receiving lots of advice from lots of different angles. But, you know, if you think about what you've seen from the Fed over the years, what would be your advice to a new Fed chair – and to navigate some of these challenges? Seth Carpenter: I think first and foremost, you are absolutely right. This is a tough job in the best of times, and we are in some of the most difficult and difficult to understand macroeconomic times right now. So, you noted interest rates being high, mortgage rates being high. There's very much an eye of the beholder phenomenon going on here. Now you're younger than I am. The first mortgage I had. It was eight and a half percent. Andrew Sheets: Hmm. Seth Carpenter: I bought a house in 2000 or something like that. So, by those standards, mortgage rates are actually quite low. So, it really comes down to a little bit of what you're used to. And I think that fact translates into lots of other places. So, inflation is now much higher than the committee's target. Call it 3 percent inflation instead core inflation on PCE, rather than 2 percent inflation target. Now, on the one hand that's clearly missing their target and the Fed has been missing their target for years. And we know that tariffs are pushing up inflation, at least for consumer goods. And Chair Powell and this committee have said they get that. They think that inflation will be temporary, and so they're going to look through that inflation. So again, there's a lot of judgment going on here. The labor market is quite weak. Andrew Sheets: Hmm. Seth Carpenter: We don't have the latest months worth of job market data because of the government shutdown; that'll be delayed by a few days. But we know that at the end of last year, non-farm payrolls were running well below 50,000. Under most circumstances, you would say that is a clear indication of a super weak economy. But! But if we look at aggregate spending data, GDP, private-domestic final purchases, consumer spending, CapEx spending. It's actually pretty solid right now. And so again, that sense of judgment; what's the signal you're going to look for? That's very, very difficult right now, and that's part of what the chair is going to have to do to try to bring the committee together, in order to come to a decision. So, one intellectually coherent argument is – the main way you could get strong aggregate demand, strong spending numbers, strong GDP numbers, but with pretty tepid labor force growth is if productivity is running higher and if productivity is going higher because of AI, for example, over time you could easily expect that to be disinflationary. And if it's disinflationary, then you can cut it. Interest rates now. Not worry as much as you would normally about high inflation. And so, the result could be a lower path for policy rates. So that's one version of the argument that I suspect you're going to hear. On the other hand, inflation is high and it's been high for years. So what does that mean? Well. History suggests that if inflation stays too high for too long, inflation psychology starts to change the way businesses start to set. Andrew Sheets: Mm-hmm. Seth Carpenter: Their own prices can get a little bit loosey-goosey. They might not have to worry as much about consumers being as picky because everybody's got used to these price changes. Consumers might be become less picky because, well, they're kind of sick of shopping around. They might be more willing to accept those higher prices, and that's how things snowball. So, I do think that the new chair is going to face a particularly difficult situation in leading a committee in particularly challenging times. But I've gone on for a long, long time there. And one of the things that I love about getting to talk to you, Andrew, is the fact that you also talked to lots of investors all around the world. You're based in London. And so when the topic of the new Fed chair comes up, what are the questions that you're getting from clients? Andrew Sheets: So, I think that there are a few questions that stand out. I mean, I think a dominant question among investors was around the stability of the U.S. dollar. And so, you could say a good development on the back of Kevin Warsh's nomination is that the market response to that has been the price action you would associate with more stability. You've seen the dollar rise; you've seen precious metals prices fall. You've seen equity markets and credit spreads be very stable. So, I think so far everything in the market reaction is to your; to the point that you raised, you know, consistent with this still being orthodox policy. Every Fed chair is different, but still more similar than different now. I think where it gets more divergent in client opinions is just – what are we going to see from the Fed? Are we going to see a real big change in policy? And I think that this is where there are very different views of Kevin Warsh from investors. Some who say, ‘Well, he's in the past talked about fighting inflation more aggressively, which would imply tighter policy.' And he's also talked more recently about the productivity gains from AI and how that might support lower interest rates. So, I think that there's going to be a lot of interest when he starts to speak publicly, when we see testimony in front of the Senate. I think the other, the final piece, which I think again, people do not have as fully formed an opinion on yet is – how does he lead the Fed if the data is unexpected? And you know, you mentioned inflation and, you know, Morgan Stanley has this forecast that: Well, owner's equivalent rent, a really key part of inflation, might be a little bit higher than expected, which might be a distortion coming off of the government shutdown and impacts on data. But there's some real uncertainty about the inflation path over the near term. And so, in short, I think investors are going to give the benefit of the doubt. For now, I think they're going to lean more into this idea that it will be generally consistent with the Fed easing policy over time, for now. Generally consistent with a steeper curve for now. But I think there's a lot we're going to find out over the next couple of weeks and months. Seth Carpenter: Yeah. No, I agree with you. Andrew, I have to say, I'm glad you're here in New York. It's always great to sit down and talk to you. Let's do it again before too long. Andrew Sheets: Absolutely, Seth. Thanks for taking the time to talk. And to our audience, thank you as always for your time. If you find Thoughts the Market useful, let us know by leaving a review wherever you listen. And also tell a friend or colleague about us today.

Since the 1960s, global GDP has been rapidly rising and living standards have reached record highs. But something else has been rocketing up too – carbon emissions. For years, scientists and economists have been asking: is it possible to grow without heating and polluting the Earth? And as the climate becomes more unstable, the issue is only becoming more urgent. Madeleine Finlay hears from two economists arguing for a change in how we measure a country's success. Nick Stern is professor of economics and government at the London School of Economics and an advocate of green growth, an approach to growth that prioritises green industry. Jason Hickel is a political economist and professor at the Autonomous University of Barcelona who advocates degrowth, shrinking parts of the economy that do not advance our social and ecological goals.. Help support our independent journalism at theguardian.com/sciencepod

Despite headwinds from US tariffs and Chinese competition, the European Bank for Reconstruction and Development's latest report shows stronger-than-expected GDP growth, particularly in sub-Saharan Africa as decelerating inflation boosts consumer spending power. In Business, we spoke to the report's lead author, EBRD chief economist Beata Javorcik.

India's warehousing growth has crossed 533 million sq ft — and it's still rising. Behind this surge lies a deeper transformation of India's logistics sector, supply chain infrastructure, e-commerce ecosystem, industrial real estate market, and manufacturing ambitions.In this episode of Eye On Retail By The Core Report, an initiative supported by Flipkart, Financial Journalist Govindraj Ethiraj in conversation with Yogesh Shevade, Head of Logistics & Industrial in India, JLL and Balbirsingh Khalsa, Executive Director – Industrial Capital Markets, National Director, Knight Frank, decode the forces reshaping India's logistics and warehousing landscape.As India aims to move from a $4 trillion economy toward a $30 trillion vision, logistics is no longer a backend function — it is a strategic growth engine. Post-GST reforms, institutional investment inflows, multimodal logistics parks (MMLPs), rail freight corridors, quick commerce, Tier 2 and Tier 3 city expansion, and automation are redefining how goods move across the country.For India-based professionals tracking infrastructure development, supply chain optimization, economic reforms, manufacturing growth, private equity investment, real estate capital markets, and e-commerce logistics, this episode offers deep strategic insight.⏱ Timestamps:(00:00) Introduction: Highlights on India's Logistics Transformation(02:17) The Boom in Tier 2 and Tier 3 Warehousing Ecosystem(06:00) Post-GST Evolution: How Reform Triggered Institutional Investment(09:45) Share of E-commerce in India's Logistics Sector(11:01) Optimizing the Pie: Transportation Costs, Labour Economics & Efficiency Gaps(17:30) Investment Realities: Land Prices, IRR Expectations, Vacancy Trends & Capital Flows(27:45) Future Infrastructure: The Shift from Road to Rail & Multimodal Logistics Parks(29:50) Path Ahead: Core Challenges and Growth Opportunities in Indian Logistics(33:12) Role of Government in Logistics & Infrastructure Development(35:05) Closing: Policy Synergy, Gati Shakti & India's Supply Chain FutureThis discussion explores:• How GST transformed India's supply chain and warehouse strategy• Why transportation contributes nearly 50% of logistics costs• The rapid growth of Tier 2 & Tier 3 warehousing hubs• The rise of quick commerce and 10–15 minute delivery ecosystems• Automation vs labour economics in Indian industrial real estate• Rail vs road freight efficiency and multimodal infrastructure• Land price escalation, IRR expectations, and investment risks• Why manufacturing, exports, and policy reform are critical to India's next growth phaseThe bigger question:Can India reduce logistics costs from 12–14% of GDP toward global benchmarks?Will rail freight and multimodal parks unlock long-term efficiency?Is Tier 2 India the next supply chain frontier?And how sustainable is the quick commerce model?If you follow the India growth story, economic policy, infrastructure investment, industrial corridors, supply chain strategy, or the future of e-commerce, this episode connects macroeconomic ambition with on-ground execution.Watch till the end for a sharp assessment of the opportunities — and the structural challenges — shaping India's logistics future.

Broadcast live from iConnections Global Alts in South Beach, Guy Adami and Dan Nathan are joined by Dan Greenhaus of Solus Alternative Asset Management and later Vincent Daniel to discuss a sharp, risk-off market move tied to the increasingly financialized AI buildout. They review weakness across private credit and alternative lenders after reports of difficulty placing debt to fund CoreWeave's data center, spilling over into names like Blue Owl and into large alternative managers, banks, and high-profile stocks like IBM, which suffers its worst day in decades. The group debates how a viral AI “thought experiment” amplified uncertainty about near-term industry disruption, the circular quid-pro-quo dynamics of AI financing and chip demand, and whether market valuations offer any cushion if the AI narrative falters. With Nvidia reporting the next day, they focus on expectations for growth and margins, the risk that competition could compress gross margins and re-rate the stock, and the broader question of whether AI success could drive major white-collar job losses, “ghost GDP,” and policy responses. The conversation closes with Vinnie describing investor “what if” fears around AI's impact on employment and fee-based industries. —FOLLOW USYouTube: @RiskReversalMediaInstagram: @riskreversalmediaTwitter: @RiskReversalLinkedIn: RiskReversal Media

It's becoming increasingly obvious that Trump's mountain of broken promises, radical foreign policy decisions and unorthodox economic policies are causing deep damage to his MAGA brand.Last week the Supreme Court, with three Trump appointees, ruled against Trump's use of IEEPA to issue tariffs.The court's ruling was only one of many failures for Trump last week as newly revised jobs data showed a major contraction in the labor market last year. The trade deficit in 2025 showed little improvement despite Trump's widespread use of tariffs and the fourth quarter GDP reading was well below expectations.According to multiple polls Americans have tired of Trump's harsh immigration policies, and military threats to foreign countries. Most voters have no interest in conquering Greenland, crushing Cuba, managing Venezuela or invading Iran.Grocery prices and utility bills remain elevated while Trump gaslights the American public insisting that costs for everything have dropped dramatically. Health insurance premiums for millions of Americans have dramatically increased while SNAP and Medicaid benefits have been cut.Meanwhile the president remains obsessed with his gigantic White House ballroom and plans for an oversized monumental arch built in his honor.The glorious leader has lost support among nearly every demographic except for his cultish base of supporters. There are even signs that diehard MAGA fans are losing faith.Underneath all of the spin more sinister details surrounding Trump's possible involvement with Jeffrey Epstein's many heinous crimes and sex trafficking operation remains.Fox News is desperate to keep the Trump myth alive either by ignoring stories that make the president look bad or spending excessive amounts of coverage on segments that aren't political.One sign of the network's panicked approach was the fact that Barack Obama's name appeared 74 times in the transcripts last week. No kidding. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit decodingfoxnews.substack.com/subscribe

Some Canadian clips and synchronicities with the latest hockey losses, CBC and the GDP damage control, PEI in trouble,   DND hiring expert foreigners, CBC showing people wanting to go to Mexico, paid protestors pushing back against separation. MRI's in Canada compared to a state in the USA.   We get esoteric with a time travel cover up, Atlantis, Gold and Cuba, Grails and Arks of the Covenant - electrostatic capacitors, Black Vault hacked?, Finland playing with wireless electricity, El Mencho and some 'trust the plan'.   MK Artichoke back in the news with Jabs, while doctors are baffled in Aussie land with a massive cancer increase. Actually they say it's from 'environmental factors'.   To gain access to the second half of show and our Plus feed for audio and podcast please clink the link http://www.grimericaoutlawed.ca/support.   For second half of video (when applicable and audio) go to our Substack and Subscribe. https://grimericaoutlawed.substack.com/ or to our Locals  https://grimericaoutlawed.locals.com/ or Rokfin www.Rokfin.com/Grimerica Patreon https://www.patreon.com/grimericaoutlawed   Support the show directly: https://open.spotify.com/show/2punSyd9Cw76ZtvHxMKenI?si=ImKxfMHgQZ-oshl499O4dQ&nd=1&dlsi=4c25fa9c78674de3 Watch or Listen on Spotify https://grimericacbd.com/ CBD / THC Tinctures and Gummies https://grimerica.ca/support-2/ Our Adultbrain Audiobook Podcast and Website: www.adultbrain.ca Our Audiobook Youtube Channel:  https://www.youtube.com/@adultbrainaudiobookpublishing/videos Check out our next trip/conference/meetup - Contact at the Cabin www.contactatthecabin.com Other affiliated shows: www.grimerica.ca The OG Grimerica Show Join the chat / hangout with a bunch of fellow Grimericans  Https://t.me.grimerica grimerica.ca/chats   Discord Chats Darren's book www.acanadianshame.ca Eh-List Podcast and site: https://eh-list.ca/ Eh-List YouTube: https://www.youtube.com/@TheEh-List www.Rokfin.com/Grimerica Our channel on free speech Rokfin Leave a review on iTunes and/or Stitcher: https://itunes.apple.com/ca/podcast/grimerica-outlawed http://www.stitcher.com/podcast/grimerica-outlawed Sign up for our newsletter http://www.grimerica.ca/news SPAM Graham = and send him your synchronicities, feedback, strange experiences and psychedelic trip reports!! graham@grimerica.com InstaGRAM https://www.instagram.com/the_grimerica_show_podcast/  Purchase swag, with partial proceeds donated to the show www.grimerica.ca/swag Send us a postcard or letter http://www.grimerica.ca/contact/ ART - Napolean Duheme's site http://www.lostbreadcomic.com/  MUSIC Tru Northperception, Felix's Site sirfelix.bandcamp.com    Links to the stuff we chatted about: https://needtoknow.news/2026/02/gaming-the-system-almost-4-in-10-stanford-students-claim-disability/ https://x.com/FiftyFootNest/status/2026021357205487918?s=20 https://x.com/MrPool_QQ/status/2025947144180416848?s=20 https://x.com/MrPool_QQ/status/2025850198077870248?s=20 https://x.com/JoeLang51440671/status/2025622192210247792?s=20 https://x.com/CaptKylePatriot/status/2025649596203205106?s=20 https://x.com/theblackvault/status/2025284894084260324?s=20 https://x.com/nic_moneypenny/status/2025619549861589351?s=20 https://x.com/JackDan110/status/2025375666561224883?s=20 https://x.com/GuntherEagleman/status/2025254868194148824?s=20 https://x.com/walterkirn/status/2025667689356959875?s=20 https://x.com/AshtonForbes/status/2024641568196510119?s=20 https://x.com/DeDunkingPast/status/2024267072566673630?s=20 https://x.com/digijordan/status/2024352927083638942?s=20 https://x.com/GrassiTrevor/status/2024236413533962628?s=20

Recent analysis from Goldman Sachs indicates that $700 billion in AI investment during 2025 resulted in no measurable U.S. GDP growth, with most AI equipment imports negating domestic benefits and 80% of surveyed firms reporting no productivity or employment improvements. This pattern suggests that AI-related spending has primarily shifted margins from enterprise IT budgets to a small number of infrastructure vendors rather than delivering distributed value. Internal concerns are rising, with 90% of IT leaders questioning AI's return on investment, and 80% citing fragmented data as a primary challenge to measuring outcomes. Further context reveals that agentic AI initiatives face operational headwinds: Gartner expects 40% of such projects to be cancelled by 2027, and S&P Global found nearly half are abandoned before production, most often due to inadequate planning and data foundations. Margin erosion is widespread, attributed to AI implementation costs, and attempts to scale AI agents into production remain limited by inference costs and insufficient infrastructure. Despite increased adoption efforts, sustainable value delivery from AI platforms remains elusive for most organizations. Enterprise AI access is becoming increasingly concentrated. OpenAI's partnership with consulting firms such as BCG, McKinsey, Accenture, and Capgemini consolidates control of the enterprise distribution layer, narrowing competitive opportunities for smaller providers. Meanwhile, Amazon's 13-hour AWS outage, linked to the misconfiguration of an internal AI tool, underscores the liability ambiguity in agentic systems—where vendors may attribute autonomous actions to user error, complicating risk assignment. Additional updates from vendors such as Anthropic, Cloudflare, and New Relic address incremental technical capabilities, with a distinct focus on cost, operational governance, and policy enforcement. The prevailing themes for MSPs and IT leaders are increased scrutiny of AI value, heightened exposure to cost and accountability risk, and the emergence of managed service opportunities around data governance, cost instrumentation, and liability management. With enterprise market channels consolidating and risk shifting toward service providers, integrating robust contractual definitions for autonomy, incident attribution, and financial boundaries is essential to limit harm and clarify responsibility before incidents occur. Four things to know today 00:00 Goldman: $700B AI Spend Delivered Near-Zero U.S. GDP Growth in 2025 03:49 OpenAI Enlists BCG, McKinsey, Accenture to Distribute Enterprise AI Agents 06:44 Report: Amazon's Own Engineers Prefer Claude Over Its Mandated Internal Tools 08:56 AI Inference Costs Are Falling — But Governance Gaps Are Growing This is the Business of Tech.    Supported by: CometBackup  Small Biz Thoughts Community   

A Supreme Court decision wipes out a major tariff mechanism, GDP comes in softer than expected, and AI fears collide with an AI spending boom. On the surface, it feels like three separate stories. In Episode 176 of Facts vs Feelings, Ryan Detrick, Chief Market Strategist, and Sonu Varghese, Chief Macro Strategist at Carson Group, connect the dots and ask a bigger question: what actually changed, and what simply made headlines?They break down the Court's ruling on IEEPA tariffs, what it means for policy going into a midterm year, and why markets barely flinched. From there, the conversation shifts to fourth-quarter GDP, where a weak headline number masked far stronger private demand beneath the surface. The episode then moves into the AI debate, examining the surge in hardware and software investment, the role of energy and power demand, and the viral “AI crash” scenario that sparked fears of a white-collar doom loop. Along the way, they explore global market leadership, sector dispersion, and why human behavior still sits at the center of economic outcomes even in a world shaped by algorithms.Key Takeaways:• Tariff authority reset: The Supreme Court's ruling removed a major executive tariff tool, reinforcing checks and balances while reducing policy uncertainty• GDP weakness needs context: A government shutdown distorted headline growth, while private demand remained solid• AI spending is real: Hardware and software investment tied to AI contributed meaningfully to 2025 growth• Scenario vs. reality: Extreme AI displacement models raise important questions, but macro consistency and demand dynamics matter• Market dispersion is widening: Software weakness, industrial strength, and global outperformance highlight a split beneath the surfaceJump to:0:00 — Tariff Shock And Supreme Court Ruling5:30 — Market Reaction, Odds And Policy Limits9:40 — Tariff Refunds And Who Ultimately Paid13:50 — China, Trade Winners And Political Timelines22:00 — GDP Miss Explained And Core Demand Strength31:00 — AI Capex Surge: Chips, Software And Scale35:00 — Power Demand, Energy And Inflation Pressures38:30 — The AI Doom Loop Scenario Debate47:40 — Market Split: Semis, Software And Global Leaders55:00 — Portfolio Implications And The Human EdgeConnect with Ryan:• LinkedIn: https://www.linkedin.com/in/ryandetrick/• X: https://x.com/RyanDetrickConnect with Sonu:• LinkedIn: https://www.linkedin.com/in/sonu-varghese-phd/• X: https://x.com/sonusvarghese?lang=enQuestions about the show? We'd love to hear from you! factsvsfeelings@carsongroup.com

Stephen Grootes speaks to Duncan Pieterse, Treasury Director-general to unpack Budget 2026 in a nutshell. With inflation-linked personal income tax relief, a higher tax-free savings limit, no VAT or corporate tax hikes, and the withdrawal of the planned R20 billion tax increase, Treasury struck a more optimistic tone. However, fuel and carbon levies will rise, the deficit sits at 4% of GDP, and debt is projected to stabilise at 77.3% of GDP. In other interviews, Motus Chief Executive Officer, Ockert Janse van Rensburg discusses Motus’ improved operational performance, the stronger sales volumes across key markets, and how disciplined strategy execution supported the Group’s robust financial results for the period. 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/TalkRadio702 702 on TikTok: https://www.tiktok.com/@talkradio702 702 on Instagram: https://www.instagram.com/talkradio702/ 702 on X: https://x.com/CapeTalk 702 on YouTube: https://www.youtube.com/@radio702   CapeTalk on Facebook: https://www.facebook.com/CapeTalk CapeTalk on TikTok: https://www.tiktok.com/@capetalk CapeTalk on Instagram: https://www.instagram.com/ CapeTalk on X: https://x.com/Radio702 See omnystudio.com/listener for privacy information.

Anthony Saccaro sees the consumer “cracking a little bit,” and says where we go from here depends on what happens to the consumer. The softening labor market of the last few years is impacting spending, hitting GDP – and putting the Fed “in a pickle.” He thinks the economy is “late cycle.” Anthony notes that wage inflation is very sticky after unusual strength in the labor market a few years ago. He discusses how the Fed can try to hit their inflation target and how they can navigate their dual mandate.======== Schwab Network ========Empowering every investor and trader, every market day.Options involve risks and are not suitable for all investors. Before trading, read the Options Disclosure Document. http://bit.ly/2v9tH6DSubscribe 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

Wes, Eneasz, and David keep the rationalist community informed about what's going on outside of the rationalist communitySupport us on Substack!News links:Grand jury rejected charges against Congresspeople who made the “you can disobey unlawful orders” videoJim O'Neill fired from HHSBut he's going to lead the National Science Foundation?feds leaving Minnesota for realFormer SK President sentenced to life in prisonNewsLiberation Day is canceled!Trump is definitely going to reinstate the tariffs claiming fake authority under some other statuteOriginally IEEPA had a legislative veto, but SCOTUS killed it in the 80'sNo Republican Senate candidate in NMThe FDA is ruining biotechUpdate: Trump intervened and now the review is back on!EPA overturned finding allowing them to regulate greenhouse emissionsTrump is trying to cancel bridge project between US & CanadaThe Snow Mexicans double-touched the stone!They also lost to the US in the closest thing they have to a source of national prideAlso, the Poutine Beaners announced a plan to reach 2% of their GDP being spent on defense, but only buying exclusively from Canadian defense companies. The problem is that Canada doesn't have any of those.Your AI is not a lawyerSeeDance is making full-ass multi-minute films.Anthropic says they'll pay for 100% of the grid upgrades needed to interconnect our data centersCENTCOM continues to collect American military hardware like its pokemonTrump announced a 10-day deadline for Iran to agree to a nuclear deal or “bad things happen”Big military buildup near IranIn retaliation for a Mexican operation that killed the leader of the CJNG leader “El Mencho”, the cartel erected roadblocks of burning cars, engaged in street violence, and issued threats against American tourists.Netherlands taxing unrealized capital gainsThey've actually been doing this for almost a decade, in an even stupider wayHappy News!FDA Commissioner: “everything should be over the counter” unless a drug is unsafe, addictive or requires monitoringSingapore is successfully eliminating mosquitosSan Francisco is working on eliminating zombies!Chinese researchers have created injectable “bone glue”In ten years, Israel almost got rid of cystic fibrosis among newbornsAella has released her Bink Kink Dataset and a tool to play with it!Tesla FSD has saved many lives. Here's another one.Insurance exists that will give you 50% off your premium when you drive with Self-Driving mode onTroop DeploymentDavid - The Mind Killer Podcast's long overdue Land AcknowledgementEneasz - Is your life better or worse due to your use of social media?Got something to say? Come chat with us on the Bayesian Conspiracy Discord or email us at themindkillerpodcast@gmail.com. Say something smart and we'll mention you on the next show!Follow us!Feedburner RSSPocket CastsApple PodcastsIntro/outro music: On Sale by Golden Duck Orchestra This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit mindkiller.substack.com/subscribe

GDP missed expectations, mortgage rates dipped below 6%, and new tariff rulings could impact construction costs — but what does that actually mean for buyers and sellers in the Greater Philadelphia housing market? In this episode of Tom's Take, Tom Toole breaks down the latest economic headlines and local market data across Chester County, Delaware County, Montgomery County, the Main Line, and Philadelphia. With inventory still tight in the suburbs and spring listings expected to rise after winter storms slowed momentum, strategy matters more than ever. You'll learn: * Why sub-6% mortgage rates are bringing buyers back * What rising inventory really means locally * How GDP and tariffs may affect housing and construction costs * What buyers and sellers should do right now to stay competitive If you're thinking about buying, selling, or just trying to understand where the market is heading in 2026, this breakdown will give you a clear game plan.

In this special episode of The Negotiation, WPIC CEO Jacob Cooke steps in as host to interview Bijan Ahmadi, Executive Director & COO at the Canada China Business Council—one of the leading organizations supporting Canadian businesses in China and strengthening bilateral commercial ties.This episode offers a unique perspective: Jacob was in Beijing during Prime Minister Mark Carney's recent visit to China—the first by a Canadian leader in years—giving him firsthand insight into the trip's significance. Together, Jacob and Bijan unpack what the visit means for Canadian business and Canada-China relations, with Bijan's deep expertise in trade policy, market access, and bilateral economic engagement complementing Jacob's on-the-ground observations.This conversation comes at a critical moment: as the U.S. administration raises questions about Canada's engagement with China, this episode cuts through the noise to focus on the facts—what was actually agreed, what it means for jobs and GDP, and why China remains a vital market for Canadian exporters and businesses.Discussion Points·       The historical context and significance of Prime Minister Mark Carney's visit to China·       Whether the visit achieved a meaningful reset in Canada-China relations·       Specific outcomes and agreements from the trip—sector-by-sector wins for the Canadian economy·       CCBC's role during the visit and how members have reacted·       How Canadian businesses are reassessing their perceptions of China post-visit·       Next challenges CCBC will work to solve for Canadian business·       Clarifying misconceptions around a potential "deal" with China and U.S. political concerns·       The strategic importance of China to Canada's economy—jobs, GDP, and export opportunities

Last night’s State of the Union Address was, though indirectly, in many ways largely indicative of the ‘State of our Union’; irascible, beleaguered, gaslighted, schizophrenic. Despite getting sidetracked for a bit on today’s episode, below you’ll find my extensive coverage of last night’s SOTU, including a timestamped breakdown of my live observations while watching. You’re sure to find some things the MSM has obfuscated or ignored… #Links American civil religion, ceremonial deism, apotheosis American civil religion – Wikipedia The Apotheosis of Washington – Wikipedia Ceremonial deism – Wikipedia Biblical Religion and Civil Religion in America by Robert N. Bellah The Network / Enterprise / Octopus Unlimited Hangout podcast, Ep. #37, One Nation Under Blackmail[1] Bruce Hemmings quote 37-Audiogram.mp4 Linda McMahon – Wikipedia #SOTU 2026 Coverage Online sources: Video: C-SPAN LIVE: Trump delivers State of the Union address (full speech) – AP – YouTube Video + Transcript: Donald Trump: State of the Union Address – Roll Call SOTU Donald Trump: State of the Union Address – Roll Call Donald Trump’s State of the Union Address, 2026 – Ballotpedia President Donald J. Trump’s 2026 State of the Union Address – The White House – YouTube President Trump 2026 State of the Union Address & Democratic Response – C-SPAN – YouTube WATCH: Trump delivers State of the Union address, Va Gov. Spanberger gives Dem response – Fox News – YouTube Rebuttal Democratic Response to State of the Union Address | Video | C-SPAN.org State of the Union Democratic Response: Virginia Gov. Abigail Spanberger to deliver party’s rebuttal | FOX 5 DC Reaction Pelosi Joins CNN Following The State of The Union Address – Nancy Pelosi – YouTube WATCH: Key moments from Trump’s 2026 State of the Union – PBS NewsHour – YouTube Key moments from Trump’s State of the Union – Washington Post – YouTube Jimmy Kimmel Reacts to Donald Trump’s State of the Union Address 2026 – Jimmy Kimmel Live – YouTube Pod Save America Hosts on Trump’s State of the Union, the Epstein Files & Writing Speeches for Obama – Jimmy Kimmel Live – YouTube LIVE Monologue: A Dark Speech Filled With Divisive Lies | USA Women’s Hockey Gets A Better Offer – The Late Show with Stephen Colbert – YouTube Fact-Checking Fact checking Trump’s State of the Union address | CNN Politics PolitiFact | Live fact-check: Donald Trump’s 2026 State of the Union address Fact-checking Trump’s State of the Union address | ABC News Fact checking Trump’s SOTU speech live: His remarks on Iran, tariffs, ICE, Supreme Court, and more | Hindustan Times Live fact-checking Trump’s 2026 State of the Union address | PBS News Follow PolitiFact’s live fact-check of President Donald Trump’s State of the Union – Poynter A look at Trump’s false and misleading claims in his State of the Union address | AP News Fact checking President Trump’s State of the Union address A Pre-SOTU Guide to Trump’s Economic Claims – FactCheck.org The State of the Union (According to Trump): Live Updates Protests Democratic Lawmakers Protest Pres. Trump’s State of the Union Address | Video | C-SPAN.org Celebrities, Lawmakers & Fmr. Gov’t Officials Gather to Protest State of the Union Address | Video | C-SPAN.org WATCH LIVE: Epstein survivors join House Democrats ahead of Trump’s State of the Union – PBS NewsHour – YouTube Epstein Saga Lawmakers & Epstein Survivors Hold Briefing Ahead of State of the Union | Video | C-SPAN.org Epstein Abuse Survivor Attending State of the Union Asks, “Where Are the Rest of the Files?” | Video | C-SPAN.org SOTU Related Headlines Trump boasts of a ‘golden age’ in State of the Union amid sharp partisan divisions | LA Times Trump says State of the Union will be ‘long speech’: What’s the record? | The Hill Trump set an all-time record with his second joint address on March 4, 2025, clocking in at one hour, 39 minutes and 32 seconds. Viewers disturbed by Trump’s ‘joyous look’ describing graphic violence and murder | Alternet Iran reacts to Trump’s 2026 State of the Union, accuses him of “big lies” | CBS News Trump brutally shut down when he tried to give himself the Medal of Honor | The Mirror Woman severely injured by Trump’s ICE thrown out of State of the Union | Raw Story Trump’s stare down with Mark Kelly ignites MAGA meltdown | Alternet Trump defends immigration crackdown at State of Union as approval ratings plummet | LA Times Speechwriters split after Trump’s record-breaking SOTU: ‘Living in his own reality’ vs. ‘Resounding speech’ | Fox News Here are all the awards Trump announced during his State of the Union | CBS News Yelling Trump Gets Into Wild Screaming Match with Democrats | The Daily Beast I went to Trump’s State of the Union. This was the moment when the room’s mood shifted. | Business Insider Pelosi explains white buttons at State of the Union address | The Hill Takeaways from Trump’s State of the Union address to Congress | Reuters Other Headlines Regarding the ‘State of the Union’ Judge Aileen Cannon bars the release of special counsel report on Trump’s handling of classified documents | CNN Politics Ro Khanna Claimed Epstein Visited ‘CIA Headquarters.’ It Was Almost Certainly An Hermès Design Studio. Another Black Man Found Hanging Quickly Ruled a Suicide Grandfather kidnapped from his bed and murdered in case of mistaken identity, police say 4 people fatally stabbed outside home near Seattle, suspect shot dead by deputy 2 Missouri deputies killed, 2 wounded after suspect opens fire Kristi Noem, DHS violated 1st Amendment by using facial recognition software to intimidate citizens observing them, complaint says Discord cuts ties with Peter Thiel–backed verification software after its code was found tied to U.S. surveillance efforts BMW to recall nearly 59,000 vehicles in US over damaged wiring harness, NHTSA says | Reuters US senators demand answers about utility companies’ ‘secret contracts’ with tech giants: ‘Forcing local communities to sign NDAs’ Bill Gates admits he had 2 affairs with Russian women, apologizes to staff over Jeffrey Epstein ties Trump’s ICE Is Quietly Stockpiling Weaponry—and It Should Alarm Us All Trump Administration Moves to Allow Intelligence Agencies Easier Access to Law Enforcement Files Son turns on his lawmaker dad for using ‘Epstein loophole’ to avoid jail for allegedly touching kids: ‘Inexplicable trauma’ ‘This should terrify you’: Meta Superintelligence safety director lost control of her AI agent—it deleted her emails Nearly two-thirds of companies have lost track of their data just as they’re letting AI in through the front door to wander around #Fact Check Drawn from CNN’s Fact checking Trump’s State of the Union address. For more balanced, detailed coverage, see PolitiFact article. Claim Rebuttal Source Rebuttal ‘$18 trillion’ in investments CNN’s Daniel Dale “…the White House’s own website said the figure for “major investment announcements” during this Trump term was “$9.7 trillion,” and even that is a major exaggeration; a detailed CNN review in [Oct 2025] found [WH counting trillions in] vague investment pledges, pledges that were about “bilateral trade” or “economic exchange” rather than investment in the US and vague statements that didn’t even rise to the level of pledges.” Low gas prices (2.30, 1.99, 1.85) CNN’s Daniel Dale According to AAA: only 2 states w/ avg < $2.50/gal; GasBuddy: 4:150k (.003%) gas stations w/ gas < $2/gal Inherited record inflation CNN’s Daniel Dale Dec, 2024 Y-O-Y inflation (CPI): 2.9% Inherited stagnant economy CNN’s Daniel Dale False (see details) Passed largest tax cuts (GBBB) in American history CNN’s Tami Luhby “It ranks seventh in terms of share of GDP since 1918, according to Chris Towner, policy director for the Committee for a Responsible Federal Budget, a nonpartisan watchdog group.” Biden allowed ‘11,888 murderers’ to enter US as migrants CNN’s Daniel Dale ““11,888” number is about non-citizens who entered the US not just under Biden but over the course of multiple decades, including during Trump’s own first administration.” Foreign countries are paying T47 tariffs CNN’s Daniel Dale “In an analysis released in February, officials at the Federal Reserve Bank of New York wrote, “We find that nearly 90 percent of the tariffs’ economic burden fell on U.S. firms and consumers.”…[CBO] wrote in a February report that “the net effect of tariffs is to raise U.S. consumer prices by the full portion of the cost of the tariffs borne domestically (95 percent)”…” Fraud in Minnesota CNN’s Daniel Dale “…Walz admin official said in December that they had “evidence of tens of millions of dollars in fraud to this point,” not $9[/18/19] billion…” US elections claims CNN’s Daniel Dale Disputed (see details) More Americans are working today than ever CNN’s Daniel Dale “The labor force participation rate, which measures the percentage of the population that is employed or actively looking for work, has been almost unchanged…” Ended eight wars CNN’s Daniel Dale Largely disputed (see details) Achieved no tax on Social Security CNN’s Tami Luhby Disputed, misleading (see details) Balancing the federal budget by ending fraud CNN’s Tami Luhby 2024 GAO estimate “found that [$233–521B] is lost to fraud annually. But the federal budget deficit came in at just under $1.8 trillion for the most recent fiscal year, which ended in September, according to the Treasury Department – more than triple the highest estimated fraud total.” #Contemporaneous Notes Duration: 01:47:43 (longest SOTU in history – breaking the modern record he set last year.) Timestamp (approx. w/ lag) CH Notes N/A No mention of Epstein or Trump / Epstein Files! Despite many survivors in chamber. No mention of Renee Good, Alex Pretti. T19:13:57-07:00 …our nation is back, bigger, better, richer and stronger than ever before. T19:13:58-07:00 “This is the Golden age of America.” T19:14:36-07:00 “…we have achieved a transformation like no one has ever seen before and a turnaround for the ages. It is indeed a turnaround for the ages.” T19:15:04-07:00 And we will never go back to where we were just a very short time ago. We’re not going back. T19:16:03-07:00 “Illegal aliens” / border T19:16:35-07:00 past 9 mo “ZERO illegal aliens admitted” T19:18:22-07:00 Inflation: 1.7% T19:18:37-07:00 Gas as low as 2.30 – 1.99 – 1.85 T19:19:08-07:00 Mortgage rates T19:20:25-07:00 $18T [in foreign investment] “pouring in from all over the globe.” T19:21:14-07:00 70k new construction jobs (AI Data centers?) T19:21:34-07:00 Oil, ‘new partner’, Venezuela: 80M barrels of oil T19:22:35-07:00 100% of all new jobs created, private sector T19:22:42-07:00 We ended DEI in America T19:23:32-07:00 The State of our Union is Strong T19:23:43-07:00 Our country is winning again. In fact, we’re winning so much that we really don’t know what to do about it. People are asking me, please, please, please, Mr. President, we’re winning too much. We can’t take it anymore. We’re not used to winning in our country. Until you came along, we were just always losing, but now we’re winning too much. And I say no, no, no, you’re going to win again. You’re going to win big; you’re going to win bigger than ever. (Narcissistic rant) T19:24:40-07:00 U.S. Men’s Olympic (Gold Medal) Hockey Team… Connor Hellebuyck… T19:26:22-07:00 U.S. Women’s Olympic hockey team “will soon be coming to the White House” (the team declined invitation to attend WH SOTU)[2][3] T19:28:57-07:00 I will soon be presenting Connor with … the highest civilian honor in our country, the Presidential Medal of Freedom T19:31:05-07:00 World Cup and Olympics coming to America T19:36:20-07:00 …government answers to the people, not the powerful… T19:37:27-07:00 GBBB, Republicans voted for it, all Democrats voted against it. T19:38:04-07:00 only if car is made in America T19:38:29-07:00 Megan [Hemhauser]’s story (child tax credit) T19:39:44-07:00 Trump Accounts, “Tax-free child investment accounts”, supporters; Michael & Susan Dell, Brad Gerstner (“hedge fund mgr”, founder, Altimeter Capital) T19:41:14-07:00 “$100k by the time they turn 18 – or a lot more (Uh…??) – go to TrumpAccounts.gov” T19:41:55-07:00 Dow hit 50k, S&P hit 7k T19:43:43-07:00 Tariffs: ‘country-saving, peace-protecting, time-tested and approved’… taking the great financial burden off the people… T19:44:47-07:00 A POTUS who put’s America first. I love America T19:45:11-07:00 For decades before I came along… T19:45:47-07:00 11,888 (illegal alien) murders T19:46:46-07:00 “They [Democrats] knew their statements were a dirty, rotten, lie.” T19:47:13-07:00 ” The cost of chicken, butter, fruit, hotels, automobiles, rent, is lower today than when I took office, by a lot. And even beef, which was very high, is starting to come down significantly.” T19:47:56-07:00 Crushing cost of healthcare. I want to stop large pmts to healthcare co’s, and give it to the people. (Isn’t it already the peoples’ money??) T19:49:25-07:00 Deflating prescription drug costs… Other presidents said they would, tried… didn’t do it… I got it done… T19:50:29-07:00 “So in my first year of the second term, should be my third term, but strange things happen.” (doublespeak, like Whitney Webb’s Bruce Hemmings quote[1:1]) T19:50:54-07:00 “… price differences of 300, 400, 500, 600 percent and more, (impossible) all available right now at a new website called TrumpRX.gov – and I didn’t name that one either, BTW.” T19:51:15-07:00 Catherine Rayner (IVF) story T19:54:34-07:00 We want homes for people, not corporations T19:54:49-07:00 Making it easier for people to save. Protecting Social Security & Medicare T19:55:24-07:00 Avg. 401k bal up $30k (How the AF can they possibly know that??? WH / POTUS should NOT know those numbers! If they know that, what else do they know??) T19:56:11-07:00 Members of Congress should not benefit (What about WH & friends???) from using inside information (ironic! Based on last point) Pass the Insider Trading Act right away. T19:57:19-07:00 MN – members of Somali community pillaging community, $19B. War on Fraud to be led by JD Vance. T19:59:32-07:00 Dalilah Coleman’s story (child, hit by illegal alien w/ CDL – interesting NOTE: spelling variations: Delilah / Dalilah Law) T20:01:34-07:00 Angel moms & families. Lizbeth Medina’s story (stabbed 25+ times by Rafeal Govea Romero) T20:04:00-07:00 Democrat(‘s) shutdown. Helping people clean up the snow. T20:05:20-07:00 First responsibility of American Gov is to protect American citizens, not illegal aliens. T20:07:13-07:00 You should be ashamed of yourself for not standing up (Heckling: Justice Democrats [Omar, Tlaib][4][5][6][7] primarily shouting back) T20:08:11-07:00 I’m asking you to approve the SAVE America Act. It’s very simple: all voters must show voter ID, proof of citizenship to vote. No more crooked mail-in ballots, except for… Polling at 89%, incl Dems. Even Communist NY Mayor wants shovelers to show 2 forms of ID + SS card T20:11:37-07:00 Sage Blair (& mom, Michelle), gender transition story T20:13:47-07:00 Look – nobody stands up. These people are crazy. … Democrats have destroyed the country. But we’ve stopped it, just in time. T20:14:27-07:00 First Lady – now a movie star. T20:15:29-07:00 Sierra Burns (Melania Trump Foster Youth to Independence Program participant) and Everest Nevraumont (11-year-old Alpha School student, AI-advocate, and TedX speaker) representing Melania Trump’s BE BEST Fostering the Future initiative.[8] T20:16:22-07:00 [Then, immediately after] …Christianity, and belief in God. … My great friend, Charlie Kirk. … martyred… Erika is with us tonight. [Fake Tammy Faye tears – and did she mouth ‘I miss you’ to Trump??] T20:17:35-07:00 America is one nation under God, and we must reject political violence of any kind T20:17:59-07:00 We love religion. It’s making a great comeback T20:18:50-07:00 [Aug 22, 2025 killing of 23-year-old Ukrainian refugee] Iryna Zarutska T20:20:41-07:00 Starting last summer, I deployed National Guard and federal law enforcement to restore law and order to our most dangerous cities, incl.; Memphis TN, New Orleans LA, Washington DC T20:22:15-07:00 Sarah Beckstrom’s story T20:27:23-07:00 In my first 10 months I ended eight wars, incl.; (1) Cambodia and Thailand, (2) Pakistan and India, (3) Kosovo and Serbia, (4) Israel and Iran, 5 Egypt and Ethiopia, (6) Armenia and Azerbaijan, (7) the Congo and Rwanda “and, of course, (8) the war in Gaza”. Isn’t it funny? They’re sick people. Cambodia and Thailand… Thank you Steve Witkoff and Jared Kushner for your help. And I also want to thank the man they report to; Sec. of State, Marco Rubio. … I think he’ll go down as the best ever. Under the cease fire, every hostage, living & dead, has been returned home. T20:31:42-07:00 And we’re working very hard to end the ninth war, the killing and slaughter between Russia and Ukraine… 25k soldiers die each mo. T20:32:12-07:00 Operation Midnight Hammer (Iranian attack) T20:33:57-07:00 [Iran] building weapons that will soon reach America… Renewing their sinister efforts… We haven’t heard those words; ‘We will never have a weapon…’ I will never allow the world’s #1 sponsor of terror (U.S.?!?) to have a nuclear weapon. (Are we de-nuking, then???) T20:35:43-07:00 we call ‘peace through strength’… and it’s been very effective. (and Orwellian) T20:38:06-07:00 We got a lotta money… (Really??? Not the American people???) T20:40:39-07:00 In January (Venezuela) …one of the most spectacular and impressive military feats. … Space Force is my baby. Nicolas Maduro, to face justice… New Pres. of Venezuela, Delcy Rodriguez. T20:42:24-07:00 Alejandra Gonzalez (Venezuela) and her uncle story. Uncle released – and here tonight! Enrique, please come down. … Thank you, Enrique. Have a good time. (CREEPY! Esp. since I was thinking ‘Epstein Files’ – unmentioned, BTW! – in back of mind as Alejandra & Enrique embraced, but mostly emotionless) T20:46:34-07:00 CWO Eric Slover (Venezuelan invasion) story, wife Amy [Slover]‘s holy water… Nation’s highest military award: Congressional Medal of Honor T20:50:19-07:00 Met w/ [Slovers] at Fort Bragg – we got the name back. … Eric’s fellow warriors will soon be receiving awards @ WH. T20:51:14-07:00 One last living legend to honor before we go… WWII / Korean ‘War’ Navy pilot, Royce Williams (100 yr-old): Congressional Medal of Honor T20:54:54-07:00 [Draft dodger!] I’ve always wanted the Congressional Medal of Honor, they say I can’t give it to myself. But, if they ever open that up… T20:58:18-07:00 “And when God needs a nation to work his miracles, He knows exactly who to ask. There is no challenge Americans cannot overcome, no frontier too vast for us to conquer, no dream too bold for us to chase, no horizon too distant for us to claim. For our destiny is written by the hand of Providence and these first 250 years were just the beginning.” T20:59:07-07:00 From TX to MI to FL to Dakotas, from Philly to DC, “the Golden Age of America is upon us.” The Revolution that began in 1776 has not ended… b/c Flame of Liberty and independence still burns… Thank you, God Bless you, and God Bless America. #Footnotes Unlimited Hangout podcast with Whitney Webb, Ep. #37, One Nation Under Blackmail (Aug 10, 2022) ︎ ︎ Why Team USA women’s hockey turned down invitation to White House State of the Union address – Yahoo Sports ︎ Trump joked he is being forced to invite the women’s hockey team to DC. Now, they’ve turned down his request ︎ WATCH: Ilhan Omar, Rashida Tlaib Heckle Trump During State Of The Union, ‘You Killed Americans’ | US News – Times Now ︎ Ilhan Omar And Rashida Tlaib Leave State Of The Union Early After Heckling Trump ︎ ‘You have killed Americans’: Ilhan Omar tries to shout down Trump’s immigration attacks | CNN Politics ︎ Midwest ‘Squad’ members shout down Trump during GOP’s biggest State of the Union applause lines: ‘You’re killing Americans’ | The Independent ︎ First Lady Melania Trump’s State of the Union Guests Reflect Her Impact on Education, Tech, and the Foster Community – The White House ︎

This week, on Tuesday, India announced a sweeping overhaul of how it calculates GDP, fixing a measurement system the IMF had flagged as outdated just last November. It includes a new base year, better price data, and a wider net to count the informal economy. The number seems to be getting closer to reality.But that raises a harder question. For a country that has built its global identity around being the world's fastest growing major economy, what happens when the arithmetic changes? And does any of it actually reach 1.4 billion people?Host Snigdha Sharma explores.Tune in.If you have any thoughts on this episode write to us at podcasts@the-ken.com with Daybreak in the subject line. You can also leave us a comment on our website or the YouTube channel here.Daybreak is produced from the newsroom of The Ken, India's first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

This week on REKT Vision, Mando, Rekt co-founder and author of the Mando Minutes newsletter, is joined by Spencer Gordon-Sand, founder of Orange Cap Capital and head of Moonbirds. Together, they break down the latest GDP print, crypto's price action across majors and alts, and the key technical levels that could define the next move. They also dive into the Supreme Court's ruling on tariffs and what it means for macro risk assets, alongside the latest developments in the NFT market. Binance is the world's leading blockchain ecosystem, trusted by over 300M users in 100+ countries. It offers an unmatched portfolio of digital asset products such as trading, finance, Web3, payments, and more.  

Monday, February 23, 2026 In this episode: The European Union demanded that the U.S. honor last summer's EU-U.S. trade deal, saying “a deal is a deal,” after the Supreme Court struck down Trump's emergency tariffs and he moved to replace them with new, temporary global levies; U.S. economic growth slowed in the fourth quarter, with real GDP up at a 1.4% annual rate; a federal judge permanently blocked the Justice Department from releasing Volume II of former special counsel Jack Smith's final report on Trump's handling of classified records at Mar-a-Lago; the Supreme Court agreed to hear an appeal from Exxon Mobil and Suncor Energy that could decide whether cities and states can sue fossil fuel companies for climate-damages in state court under state law; 32% of Americans said Trump has had the right priorities, while 68% said he hasn't paid enough attention to the country's most important problems; and 39% of Americans said they approve of Trump's job performance, while 60% said they disapprove. Read more: Day 1861: "Obnoxious." Newsletter: Get the daily edition of WTFJHT in your inbox Feedback? Let me know what you think AI Policy: My AI policy

In this week's episode of the Coin Stories News Block powered exclusively by Ledn, we cover these major headlines related to Bitcoin, macroeconomics, and global finance: Supreme Court rules Trump's tariffs illegal — but will the $130B already collected ever be refunded? GDP slowing, inflation rising, and the CBO's new deficit numbers are grim Abu Dhabi sovereign wealth fund bought the Bitcoin dip while Goldman's CEO admitted he got it wrong Ledn closes the first-ever investment-grade Bitcoin-backed deal on Wall Street — zero losses through the crash --- The News Block is powered exclusively by Ledn – the global leader in Bitcoin-backed loans, issuing over $9 billion in loans since 2018, and they were the first to offer proof of reserves. With Ledn, you get custody loans, no credit checks, no monthly payments, and more. My followers get .25% off their first loan. Learn more at www.ledn.io/natalie  ---- Order my new intro to Bitcoin book "Bitcoin is For Everyone": https://amzn.to/3WzFzfU  ---- Read every story in the News Block with visuals and charts! Join our mailing list and subscribe to our free Bitcoin newsletter: https://thenewsblock.substack.com  ---- References mentioned in the episode: Supreme Court Strikes Down Trump's Tariffs in 6–3 Ruling Supreme Court Opinion: Learning Resources, Inc. v. Trump Bessent Says Tariff Revenue to Be "Virtually Unchanged" in 2026 What Happens to Tariff Refunds After Supreme Court Ruling Trump Increases Global Tariff from 10% to 15% After Ruling Trump Increases Global Tariff to 15%, Invoking Section 122 Trump Lost on Tariffs, But American Trade Will Never Be the Same Brad Setser's X Thread on Trump's Tariffs and Court Ruling U.S. GDP Rose at Slower-Than-Forecast Pace of 1.4% Last Quarter U.S. Economic Growth Slows Sharply in the Fourth Quarter US PCE Inflation Rises Above Expectations in December CBO Boosts U.S. Deficit Forecast by $1.4 Trillion on Trump Policies CBO Projects U.S. Debt Will Reach New Record by 2030 CBO: The Budget and Economic Outlook: 2026 to 2036 WSJ: Why the Federal Deficit Is Set to Balloon U.S. Budget Hole Set to Deepen Under New CBO Projections Abu Dhabi's Mubadala Increases Bitcoin ETF Position in Q4 Goldman Sachs CEO, Long a Skeptic, Says He Owns BTC Ledn Closes First-Ever Investment-Grade Rated BTC-Backed ABS Ledn Sells $188 Million in Bitcoin-Backed Bonds in ABS Market First ---- Upcoming Events: Bitcoin 2026 will be here before you know it. Get 10% off Early Bird passes using the code HODL: https://tickets.b.tc/event/bitcoin-2026?promoCodeTask=apply&promoCodeInput=  ---- This podcast is for educational purposes and should not be construed as official investment advice. ---- VALUE FOR VALUE — SUPPORT NATALIE'S SHOWS Speed App coinstories@speed.app  Strike ID https://strike.me/coinstoriesnat/ Cash App $CoinStories #money #Bitcoin #investing

It's Tuesday, February 24th, A.D. 2026. 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 and Timothy Reed Early Rain Covenant Church Hit Again China Aid reports of more communist persecution of the Early Rain Covenant Church in Chengdu, China.   Pastor Wang Yi is entering his seventh year in prison -- of a nine-year sentence.   But now, elder Li Yingqiang and his wife have been arrested for their commitment to Christ. His wife was released on bail, and encouraged friends on social media that “God's arrangements are always good.” Multiple churches in North America, and an organization in Australia, have designated the ninth of each month as a “Day of Fasting and Prayer for the Persecuted Church in China.”  Mexican National Guardsmen killed the most wanted cartel leader in the country Mexico is in turmoil this week, after Mexican National Guardsmen killed the most wanted cartel leader in the country, Nemesio Cervantes, a criminal known as “El Mencho.” So far, 34 drug cartel members are dead. Sadly, another 25 federal troops were killed in the ongoing conflict. European immigration numbers down Immigration numbers have dropped sharply in Europe. Britain records only 200,000 immigrants in 2025, down from 900,000 in 2023.  Eurostat's Migration and Asylum report indicates a 13% drop in asylum applicants to European Union countries in 2024. That's the first drop since 2020.  And October 2025 numbers indicate a 28% drop compared with October 2024. European Parliament refused to affirm only women can get pregnant The Parliament of the European Union voted 340-141 to artificially redefine the definition of what a woman is. The Parliament also refused to affirm the biological fact “that only women can become pregnant.” German Parliament member Tomasz Froelich blasted the new guidance. He said, “This isn't about courtesy or pronouns. It's about law, language, and the destruction of biological clarity in public policy.” The new law opens the continent up to “the full recognition of trans women as women,” directly opposing God's created gender roles. In Matthew 19:4, Jesus asked, “Have you not read, that He which made them at the beginning made them male and female?” Reform UK lacked traction; Will Restore Britain thrive? As The Worldview reported on February 19th, Britain has a new populist political party called the Restore Britain party. The previous nationalist party, Reform UK, gained 14% of the vote in the 2024 election, but only holds eight seats which is a little over 1% of the seats in parliament. Back in 2002, the UK populist parties had only 2% of the national vote. More debt and more inflation for the U.S. In President Donald Trump's first year in office in his second term, the US Debt to Gross Domestic Product ratio spiked to 122%. That's the highest since Joe Biden's first year in office during the COVID spend-a-thon.   Today's U.S. federal debt stands at $38.7 trillion — exactly double what it was 10 years ago during the first Trump term, and quadruple the size of the debt 18 years ago during the 2008 recession.   Also in economic news, despite all the political noise and hand waving coming out of Washington, inflation is up in the U.S. The core Personal Consumption Expenditures inflation index is up to 3% — back up to where it was two years ago.   The GDP inflator reached 3.7%, the worst it's been in three years. And yet, the average 30-year mortgage rate has dropped to 6%, That's the lowest it's been in two and a half years. Deuteronomy 15:6 ties in here. It says, “For the LORD your God will bless you just as He promised you; you shall lend to many nations, but you shall not borrow; you shall reign over many nations, but they shall not reign over you.” Kansas legislature overturns veto on transgender Law KANSAS LEADER: “The motion prevails and the bill passes.” (Gavel comes down) And with that announcement, the Kansas Legislature, dominated by Republicans, voted to overturn Democratic Governor Laura Kelly's veto on a bill that banned men, including men pretending to be women, from entering women's spaces. The Kansas House voted 87-37 and the Kansas Senate voted 31-9 to overturn the veto.  Republican Kansas State Senator Virgil Peck, Jr. spoke from the Senate floor. PECK: “I'm amazed that we're not hearing from more of those who are, if you will, feminists standing up for young ladies.” The bill allows for criminal charges to be brought against biological men who intrude on women's bathrooms and locker rooms, and holds to the birth gender or biological definition of male and female. 118,000 applications submitted for tax-funded school vouchers Texas parents have submitted 118,000 applications since Texas Freedom Education Accounts opened up on February 4th. The Houston public school district is looking at closing down 12 of its schools for the next school year, reports The Chronicle. The Texas Homeschool Coalition estimates there are 500,000 homeschooled students in the state. Add to that 422,000 children enrolled in Texas charter schools, and another 279,000 children enrolled in Texas private schools. That adds up to 1,200,000 Texas students not attending public school, representing 21% of school-aged children in Texas. Study reveals cancer linked to COVID-19 shot A new scientific study has linked the rise in certain types of cancer to the mRNA COVID-19 shots.  The study, published by Oncotarget, marks the spike in cancers, including highly aggressive cancers, in correspondence with certain lipid nanoparticles that were in the COVID vaccines.  The study evidenced that the modRNA in the COVID shot, along with the lipid nanoparticles, could “affect various tissues and organs, including the bone marrow and other blood-forming organs.”  The study also found a link between rising mortalities worldwide and the rollout of the COVID shot. In one Italian province, for example, “vaccination was associated with a 23% increased risk of cancer hospitalization after receiving one or more doses.”  U.S. Men's Hockey team wins gold in overtime And finally … (Audio of Olympic theme song) Norway has captured the highest number of gold medals in the 2026 Winter Olympics this year — taking home 18 medals (so far). The United States comes in second with 12 golds. That's a record for America — this time including a top medal for the Men's and Women's Hockey competition.   The U.S. Men's Hockey Team won the gold medal for the first time in 46 years in a 2-1 overtime win on the final golden goal knocked in by Jack Hughes, who played center. Listen. ANNOUNCER: “Jack Hughes wins it. The golden goal for the United States. For the first time since the 1980 Miracle, the United States takes the gold.” Jack will be remembered for having taken a high stick and losing multiple teeth before scoring the winning goal. Close And that's The Worldview on this Tuesday, February 24th, in the year of our Lord 2026. 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.  Plus, you can get the Generations app through Google Play or The App Store. I'm Adam McManus (Adam@TheWorldview.com). Seize the day for Jesus Christ. Extra print stories Elderly farmer refuses to sell farm to data company 86-year-old farmer Mervin Raudabaugh refused to sell his Pennsylvania farm to data company developers, even though his farm was valued at over $15 million. Raudabaugh has lived in Silver Springs Township in Cumberland County and been a farmer for more than 60 years. He exclaimed, “I was not interested in destroying my farms. That was the bottom line. It really wasn't so much the economic end of it. I just didn't want to see these two farms destroyed.”  Raudabaugh instead sold his property for a much lower price to the Silver Springs Township's Land Preservation Program, which protects farmland, woodland, and wetlands. He explained, “I love this land. It's been my life. And I realized… if it wasn't built on or dug up, another set of families could live here—and that's what I wanted to do. And I got it done.” Micah 4:4 promises, “But they shall sit every man under his vine and under his fig tree; and none shall make them afraid: for the mouth of the LORD of hosts hath spoken it.” 10 major British cities have Muslim mayors 46 million Muslims now live in Europe, as migrants from third world countries continue overwhelming the European system.  Muslims are taking over political offices in European nations, including in the United Kingdom, where 10 major cities now have Muslim mayors. The massive influx in illegal immigration to Europe, while condemned and hated by its people, is being celebrated by its leaders. Newsmax reports, “They've chosen to stand with radical Muslims over their own people. It's because of all of these reasons these countries are falling apart and failing as the attack on Western civilization continues.” Muslim infiltration has also reached the United States, evidenced by Muslim influence in states like Texas and Minnesota. Chase Bank admits to debanking Trump JPMorgan Bank has admitted to freezing President Donald Trump's bank account following the January 6, 2021 protests. Trump had sued the bank for $5 billion in damages. The admission came after JPMorgan initially dodged the question of whether it debanked the President, and is yet another confirmation that conservatives were in fact targeted and persecuted under the Biden administration.  CNBC reported, “This is not the first lawsuit Trump has filed against a big bank, alleging that he was debanked. The Trump Organization sued credit card giant Capital One in March 2025 for similar reasons and allegations.” However, some have pointed out that the Trump administration is working towards digital currencies, which run a large risk of being controlled.

The Supreme Court just struck down Donald Trump's tariffs. But instead of taking the win, Trump doubled down. In today's livestream, Matt Robison breaks down what may be the most revealing moment of Trump's second term so far — and why it goes far beyond trade policy.The Court ruled that Trump's sweeping tariffs were unconstitutional under the emergency powers he claimed. That decision gave him a political off-ramp: blame the Court, let inflation cool, stabilize markets, and boost economic growth ahead of the midterms.Instead, within minutes, Trump announced new tariffs — escalating economic chaos all over again.Why?We examine:

The latest GDP and inflation data expose vulnerabilities in Trump's economy, raising stagflation concerns.Subscribe to our Newsletter:https://politicsdoneright.com/newsletterPurchase our Books: As I See It: https://amzn.to/3XpvW5o How To Make AmericaUtopia: https://amzn.to/3VKVFnG It's Worth It: https://amzn.to/3VFByXP Lose Weight And BeFit Now: https://amzn.to/3xiQK3K Tribulations of anAfro-Latino Caribbean man: https://amzn.to/4c09rbE

This week the stagflation theme refused to fade. On Friday the Bureau of Economic Analysis released the PCE price index, the Federal Reserve's preferred gauge of inflation. Headline and core PCE rose 2.9 per cent and 3.0 per cent respectively. More troubling than the levels was the recent momentum. Inflation has firmed over the past three months, an unwelcome development that further complicates the Fed's path forward. The same release cycle brought a softer than expected Q4 2025 GDP report. Headline growth registered just 1.4 per cent, unsettling markets. Consumption cooled from recent quarters, but the reaction to the top line number appears excessive. The government shutdown alone shaved nearly a full percentage point from growth, distorting the underlying signal. Taken together, the data reinforce a familiar and uncomfortable mix: slower activity alongside renewed price pressures. For central bankers, it is the most awkward of combinations.

Mike Dickson thinks AI is no longer driving the market, arguing nominal GDP growth, fundamentals, and earnings breadth are the main factors pushing stocks higher. To back his point, he examines the equal-weight SPX. Mike notes that a lot of the ‘picks and shovels' companies in the AI buildout trade are also in cyclical sectors. He likes mid-caps for 2026, saying the sector is often ignored but there are “a lot of interesting companies in that space,” including industrials.======== 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 – / schwabnetwork Follow us on Facebook – / schwabnetwork Follow us on LinkedIn - / schwab-network About Schwab Network - https://schwabnetwork.com/about

Guest Brittany Madni, Executive Vice President of EPIC, joins to discuss government spending levels and increasing government debt. Discussion of inflation, GDP growth, and social program spending set to bankrupt the nation. What's the future of the country look like? President Trump preps for the upcoming State of the Union tonight. What can we expect? Many Democrats plan to boycott the SOTU and prepare "alternative programming". 

Tom Bilyeu and co-host DREW dive headfirst into some of the most pressing and controversial news stories shaking the globe. They kick things off by unpacking the arrest of Prince Andrew—highlighting the unprecedented legal scrutiny on the British royal family and its deep connections to the infamous Epstein saga. The conversation peels back the layers of power, secrecy, and the changing nature of accountability in the age of hyper-velocity information, asking whether true justice can ever be achieved when the world's elites are involved. But the episode doesn't stop there. Tom Bilyeu and DREW pivot to the bizarre timing of President Trump's announcement to “give us the aliens,” raising questions about whether disclosures about extraterrestrial life are just next-level distractions from more uncomfortable truths. From Nobel Prize-winning physics experiments that challenge our understanding of reality itself, to politicians and military personnel testifying under oath about UFOs, this discussion is a whirlwind journey through the places where science fiction meets political theater. As always, expect sharp analysis, biting humor, and a fearless willingness to address the issues others avoid. Whether it's the unraveling of global conspiracies, the fate of democracy in an era of fractured narratives, or the economic chess game of international tariffs, this episode promises to make you think deeper and question everything. Buckle up—this is Impact Theory at its thought-provoking best. Huel: High-Protein Starter Kit 20% off for new customers at https://huel.com/impact code impactKetone IQ: Visit https://ketone.com/IMPACT for 30% OFF your subscription orderQuince: Free shipping and 365-day returns at https://quince.com/impactpodShopify: Sign up for your one-dollar-per-month trial period at https://shopify.com/impactPique: 20% off at https://piquelife.com/impact Cape: 33% off your first 6 months with code IMPACT at https://cape.co/impact Plaud: Get 10% off with code TOM10 at https://plaud.ai/tomDuck.Ai: Protect your privacy at https://duck.ai/impactRaycon: 15% off at https://buyraycon.com/impact 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 Prince Andrew arrest, Epstein files, Jeffrey Epstein, misconduct in public office, British royal family, information censorship, aliens, extraterrestrial disclosure, Trump administration, political distraction, royal scandal, government secrets, Virginia Giuffre, sexual abuse allegations, whistleblower testimony, House Oversight Committee, UAP (Unidentified Aerial Phenomena), alien technology, Nobel Prize physics, quantum entanglement, Obama alien remarks, Trump tariffs, Supreme Court ruling, International Emergency Economic Power Act (IEPA), tariff lawsuits, government shutdown, GDP numbers, deregulation, energy prices, U.S. manufacturing jobs Learn more about your ad choices. Visit megaphone.fm/adchoices

Let's talk about Trump blaming the GDP on democrats....

US equity futures are pointing sharply lower to start the week, with Asian markets broadly higher and European equities trading a weaker open. Markets are reacting to Friday's Supreme Court ruling striking down the IEEPA tariffs, followed immediately by President Trump announcing a new global tariff rate of 10%, later raised to 15% under a different authority. The move has injected fresh uncertainty into the trade landscape, with expectations that the administration will pursue additional trade investigations to restore its effective tariff rate. Questions also remain around potential tariff refunds after the court offered no clear guidance. The ruling and subsequent policy shift come against a backdrop of mixed macro data, including softer flash PMIs, hotter-than-expected core PCE, and below-consensus fourth-quarter GDP. Fed commentary leaned hawkish, with officials highlighting upside inflation risks and signaling that further tightening could return to the table if price pressures reaccelerate. Geopolitical tensions remain elevated amid discussions of a potential limited US strike on Iran, though risk assets had largely shrugged off the headlines late last week.Companies Mentioned: Netflix, TPG, KKR, Fortune Brands Innovations

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

1.Jeff Bliss reports a deadly avalanche in Lake Tahoe claimed nine lives due to dry uncompacted snow, severe storms are causing heavy snowfall at Donner Pass and flooding the Los Angeles River, while Las Vegas faces declining foot traffic and Los Angeles battles rampant copper wire theft. 12.Jeff Bliss covers California's upcoming gubernatorial jungle primary with Democrat Eric Swalwell and Republican Steve Hilton as early frontrunners, Spencer Pratt challenging Mayor Karen Bass in Los Angeles, and Governor Gavin Newsom positioning himself for a 2028 presidential run on an anti-Trump platform. 23.Gene Marks reports that despite a disappointing fourth-quarter GDP growth rate of 1.4 percent and sluggishness in shipping and chemical sectors, small businesses remain surprisingly resilient with optimism above average and continued hiring plans even as AI integration remains limited. 34.Gene Marks discusses the Supreme Court ruling the administration's April 2025 emergency tariffs unconstitutional, leaving billions in collected funds in limbo, though the administration will likely utilize the Trade Acts of 1962 and 1974 to continue imposing targeted tariffs without congressional approval. 45.Jim McTague reports Lancaster County reflects the national 1.4 percent GDP slowdown with flat retail, consumer price fatigue, and plummeting restaurant traffic due to rising costs and weight-loss drugs, while Washington DC lobbying and local health and construction sectors remain strong. 56.Lorenzo Fiori reports the Milan Winter Olympics are proceeding successfully amidst beautiful snow with rumors of a Donald Trump visit for the hockey finals, while extreme weather has caused dangerous Alpine avalanches and the tragic collapse of the historic Lover's Arch on the Adriatic coast. 67.Bob Zimmerman of Behind the Black reports NASA successfully completed a wet dress rehearsal for the Artemis IImission targeting a March 6th launch, while a NASA report classified Boeing's Starliner failure as a severe Type A emergency prompting tighter control as SpaceX competition thrives. 78.Bob Zimmerman reports Japanese private space startup ispace is struggling with severe engine development problems for its lunar landers, while archival images from New Horizons reveal Pluto's bizarre splotched surface and floating ice mountains, and a newly discovered dim galaxy hints at dark matter's vastness. 89.Sir Max Hastings details the daring glider assault to capture the Orne River bridge, where Major John Howard'stroops achieved total surprise, securing a vital link for British airborne and seaborne forces on D-Day itself. 910.Sir Max Hastings discusses General Montgomery's expanded vision for D-Day and the initial chaos of the airborne landings, noting that despite the shambles at Merville battery, paratroopers' bravery confused German defenders and secured the mission's early vital stages. 1011.Sir Max Hastings highlights Major General Richard Gale's calm leadership during the chaotic airborne drops, with success relying on British deception plans and Rommel's absence preventing early German counterattacks against the beaches on D-Day. 1112.Sir Max Hastings describes specialized armored funnies that supported British landings on Sword Beach, noting that while technically successful, heavy traffic and Montgomery's overly ambitious objectives prevented the Allies from capturing Caen on D-Day. 1213.Henry Sokolski of the Nonproliferation Policy Education Center critiques the inconsistency of threatening war against Iran over its nuclear program while simultaneously considering a deal to allow Saudi Arabia uranium enrichment capabilities under less stringent international oversight. 1314.Veronique de Rugy of the Mercatus Center explains how bipartisan spending on entitlement programs like Social Security and Medicare drives national debt, arguing that American consumers, not foreign nations, primarily bear the economic burden of tariffs. 1415.Professor Richard Epstein of the Hoover Institution analyzes constitutional limits of presidential authority to fire independent agency officials, discussing historical precedents like Humphrey's Executor and critiquing legal reasoning behind maintaining quasi-judicial independence within the executive branch. 1516.Professor Richard Epstein predicts the Supreme Court may strike down tariffs, arguing that trade deficits do not constitute legal emergencies, while also discussing the potential for the Court to preserve the Federal Reserve'sindependence from executive control. 16

Savage speaks with David Bahnsen — founder of The Bahnsen Group, host of the Capital Record, and a leading voice at National Review. They confront the collapse of fiscal conservatism in an era of runaway spending — and the ticking time bomb of America's national debt blowing past $38 trillion. Bahnsen sounds the alarm on what soaring deficits and a swelling debt-to-GDP ratio mean for your savings, your investments, and the country's future. Then the pair cover the top economic trends of our modern era: The real reason gold is surging — and whether a financial panic is brewing The crypto mania: revolution or mirage? The AI stock boom — historic opportunity or the next bubble ready to burst? A high-stakes financial reality check you won't want to miss.   Go to get.stash.com/SAVAGE to see how you can receive TWENTY-FIVE DOLLARS towards your first stock purchase and to view important disclosures. Protect your wealth with Goldencrest Metals at https://reports.goldencrestmetals.com/savagegold For a limited time only, head to Rugiet.com/SAVAGE to get 15% off your order.

Gene Marks reports that despite a disappointing fourth-quarter GDP growth rate of 1.4 percent and sluggishness in shipping and chemical sectors, small businesses remain surprisingly resilient with optimism above average and continued hiring plans even as AI integration remains limited. 31949 STORK CLUB

Jim McTague reports Lancaster County reflects the national 1.4 percent GDP slowdown with flat retail, consumer price fatigue, and plummeting restaurant traffic due to rising costs and weight-loss drugs, while Washington DC lobbying and local health and construction sectors remain strong. 51879 GRAND ARMY OF THE REPUBLIC

Kevin Duffy of Bearing Asset Management joins me to discuss the true state of the economy, what GDP conceals, the challenges AI companies are facing, the strength of Chinese competition, and plenty more. Sponsors: Monetary Metals Persist SEO CrowdHealth: Code: WOODS for $99 per month for the first 3 months. Guest's Website: The Coffee Can Portfolio Show notes for Ep. 2736 The Tom Woods Show is produced by Podsworth Media. Check out the Podsworth App: Use code WOODS50 for 50% off your first order at Podsworth.com to clean up your voice recordings, sound like a pro, and also support the Tom Woods Show! My full Podsworth ad read BEFORE & AFTER processing: https://youtu.be/tIlZWkm8Syk