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Paul Nolte, Senior Wealth Advisor & Market Strategist for Murphy & Sylvest, joins Bob Sirott to explain the process of tariffs and their impacts on the markets. He also talks about the Federal Reserve’s current stance on interest rates, employment numbers, and why stocks are historically better in July.
I know some of you are tired of hearing about Bitcoin and digital currencies. That's not what this week's show is about. This week's podcast conversation is broader—it touches the entire global economy. But…you just can't talk about macroeconomic trends anymore without talking about digital dollars and Bitcoin. Leaving them out today would be like ignoring gold when discussing commodities. There's a section this week in my interview with Ian Reynolds that dives deep into the bond market and the growing influence of stablecoins. And I realized—it might be helpful to give you a bit of context up front. If you're already familiar, consider this a refresher. If not, this will make the second half of our conversation a lot more useful. Let's start with the 10-year U.S. Treasury—arguably the most important interest rate in the world. This one number influences everything from mortgage rates to stock valuations to how much it costs the government to borrow money. Historically, when inflation drops, yields on the 10-year tend to fall as well. That's the standard relationship: lower inflation usually leads to lower yields. But that's not what's happening right now. Despite a year of cooling inflation, the 10-year Treasury yield has stayed surprisingly high. Why? The answer boils down to supply and demand. On the supply side, the U.S. government is flooding the market with Treasuries—over a trillion dollars' worth every quarter—to finance its growing deficits. That's a lot of new bonds entering the market. At the same time, demand isn't keeping up. Foreign central banks like China and Japan, which used to be some of the biggest buyers of our debt, are pulling back. Some are dealing with their own domestic issues. Others are deliberately reducing their exposure to the dollar as a reaction to U.S. foreign policy over the past year. So: more supply, less demand—what happens? Bond prices go down, resulting in higher yields for bond investors. That, in turn, means higher borrowing costs for everyone—including the U.S. government, businesses, and consumers. That's why, even with inflation falling, the 10-year hasn't followed the script. But here's where things get interesting. A new kind of buyer has started stepping in: stablecoin issuers. Stablecoins—like USDC and Tether—are digital tokens pegged to the U.S. dollar. They've become essential plumbing for the crypto economy, but their growth is increasingly relevant to the broader financial system. Why? Because in order to maintain their dollar peg, these companies need to back their coins with something stable—and that “something” is often short-term U.S. Treasuries. It turns out, that's a great business to be in. These stablecoin issuers collect real dollars, turn around, and invest them in T-bills yielding 5% or more. That spread—between what they earn and what they pay out—is pure profit. It's essentially a 21st-century version of a money market fund, just running on blockchain. And it's growing fast. Tether now holds more Treasuries than countries like Australia or Mexico. BlackRock has launched a tokenized Treasury fund that already has nearly $3 billion under management. And just this week, Mastercard announced that it's integrating USDC and other stablecoins for cross-border settlement. In other words, this isn't fringe anymore. It's moved into the mainstream, and it's growing quickly. Even lawmakers are catching up. Just this month, the U.S. Senate passed the GENIUS Act, a bipartisan bill that sets clear regulatory guidelines for stablecoins. It requires full backing by liquid assets—like Treasuries—and regular public disclosures. It's now headed to the House, and while not law yet, the momentum is clearly there. The takeaway? Regulatory clarity is coming, and that opens the door for large institutions, payment processors, and even governments to scale up stablecoin usage with confidence. So why does this matter for bond yields?
Astrology forecast for July 6-12Chris and Almie talk about the planet Uranus entering the sign of Gemini on Monday, July 7th. This will be the first time Uranus has been in Gemini since 1949. Historically speaking, Uranus in Gemini has a connection to U.S-involved wars, including World War II, the American Civil War, and the American Revolutionary War. Uranus in Gemini also suggests even more use of Artificial Intelligence, and big expansion in that world.They also talk about the Full Moon in Capricorn, which will be exact at 1:37pm pacific time on Thursday, July 10th. The Capricorn Full Moon could have us feeling ambitious, focusing on our career, and wanting to make improvements in those areas. And they touch on the Saturn Retrograde that starts on Saturday, July 12th, and they talk about how, believe it or not, “Saturn Retrograde” was once in consideration to be the title of the movie that everyone knows as “The Texas Chainsaw Massacre.” In “Ask a Scorpio,” Chris plays a trivia game with Almie where she needs to guess the names of famous people who were born when Uranus was in Gemini.
Month/Quarter ends and everything is just peachy Banks got some good news - you can't have a prolonged rally without the financial sector Bond yields soften a bit as Trump closer to Shadow Fed announcement ATH for SP 500 and NAS100 (DJIA and Russ2000 still lagging) PLUS we are now on Spotify and Amazon Music/Podcasts! Click HERE for Show Notes and Links DHUnplugged is now streaming live - with listener chat. Click on link on the right sidebar. Love the Show? Then how about a Donation? Follow John C. Dvorak on Twitter Follow Andrew Horowitz on Twitter Warm-Up - More companies are doing this again.. - Make Showering Great Again! MSGA - - - Twitter Poll - - New ways to buy stocks via tokens - Musk/Trump Feuding Again Markets - Month/Quarter ends and everything is just peachy - Banks got some good news - you can't have a prolonged rally without the financial sector - Bond yields soften a bit as Trump closer to Shadow Fed announcement - ATH for SP 500 and NAS100 (DJIA and Russ2000 still lagging) Historically... - Once we know the pattern - we know what usually happens next! Stocks by Month Circle (CRCL) - MONDAY: Circle reverses ground after initially trading lower on JP Morgan initiation at Underweight and $80 price target. - Note that several analysts' targets came in above $200. - Stock down 15% since we mentioned last week (short idea) Good News for Showering? MSGA - As we know, Trump has railed against modern dishwashers, washing machines, light bulbs, showerheads and toilets, claiming that onerous government regulations render them less effective and more expensive. - On April 9, Trump issued an executive order directing certain federal agencies “to incorporate a sunset provision” into a laundry list of energy production regulations, including those covering appliances. A month later, he issued a memorandum, entitled “Rescission of Useless Water Pressure Standards.” - Following that, on May 12, the Department of Energy announced that it was preparing to eliminate or modify 47 federal regulations “that are driving up costs and lowering quality of life for the American people.” - Many of the rules are covered in the Energy Policy and Conservation Act (EPCA), a decades-old law that mandates energy-efficiency and water-conservation standards for home appliances and plumbing fixtures. - Meanwhile, the Environmental Protection Agency said it is planning to eliminate the Energy Star program, a popular voluntary initiative that manufacturers employ to rank their appliances based on energy conservation and cost savings, displayed on familiar blue labeling at retail as comparison-shopping guides. - Twitter Poll Twitter Poll Just in.... - Shares of renewable energy companies are rising after a tax on solar and wind was removed from the Senate version of the One Big Beautiful Bill Act. The Senate narrowly passed the legislation Tuesday and will now be considered by the House of Representatives. The American Clean Power Association had warned that tax would up to $7 billion to the wind and solar industry's burden. Next Level? - Robinhood launches stock tokens, reveals Layer 2 blockchain, and expands crypto suite in EU and US with perpetual futures and staking - With tokenized stocks, our European app transitions from being a crypto-only app to an all-in-one investment app powered by crypto. - European customers will have access to 200+ US stock and ETF tokens. Stock token holders will also receive dividend payments directly in their app. Big Beautiful - Clears first hurdle in the Senate (procedural) - Needs to get going on the rest if they want to have it signed into legislation by July 4th - Musk very vocal about the fact it is it is "utterly insane" - Musk says: will “destroy millions of jobs in America and cause immense strategic harm to our country!” in a post on X. MUSK not happy - Elon does not like the massive spending bill - w...
The guest host for today's show is Brad Bannon. Brad runs Bannon Communications Research, a polling, message development and media firm which helps labor unions, progressive issue groups and Democratic candidates win public affairs and political campaigns. His show, 'Deadline D.C. with Brad Bannon,' airs every Monday from 3-4pm ET. Brad is first joined by CNN Military Analyst Cedric Leighton. Col. Leighton (USAF-Ret.) gives the latest updates on Iran's nuclear program following missile strikes on their nuclear enrichment facilities by the Trump administration. He and Brad also discuss the U.N. nuclear agency disagreeing with the administration that the strikes have fully disabled Iran from enriching uranium for a nuclear weapon in the near future. Then, Alex Lawson, Executive Director of Social Security Works, joins Brad to break down Congressional Republicans' 'Big, Beautiful Bill,' and why it's so intensely unpopular with Americans. Col. Cedric Leighton is the Founder and President of Cedric Leighton Associates, a strategic risk and leadership consultancy serving global companies and organizations. He founded the company in 2010, after serving in the US Air Force for 27 years as an Intelligence Officer and attaining the rank of Colonel. His website is www.CedricLeighton.com and his handle on BlueSky is @CedricLeighton. bsky.social. The 'Social Security Works' website is www.socialsecurityworks.org and their handle on BlueSky is @socialsecurityworks.org. Alex's handle there is @alaw202.bsky.social. Brad writes a political column every Sunday for 'The Hill.' He's on the National Journal's panel of political insiders and is a national political analyst for WGN TV and Radio in Chicago and KNX Radio in Los Angeles. You can read Brad's columns at www.MuckRack.com/Brad-Bannon. His handle on BlueSky is @bradbannon.bsky.social.
The guest host for today's show is Brad Bannon. Brad runs Bannon Communications Research, a polling, message development and media firm which helps labor unions, progressive issue groups and Democratic candidates win public affairs and political campaigns. His show, 'Deadline D.C. with Brad Bannon,' airs every Monday from 3-4pm ET. Brad is first joined by CNN Military Analyst Cedric Leighton. Col. Leighton (USAF-Ret.) gives the latest updates on Iran's nuclear program following missile strikes on their nuclear enrichment facilities by the Trump administration. He and Brad also discuss the U.N. nuclear agency disagreeing with the administration that the strikes have fully disabled Iran from enriching uranium for a nuclear weapon in the near future. Then, Alex Lawson, Executive Director of Social Security Works, joins Brad to break down Congressional Republicans' 'Big, Beautiful Bill,' and why it's so intensely unpopular with Americans. Col. Cedric Leighton is the Founder and President of Cedric Leighton Associates, a strategic risk and leadership consultancy serving global companies and organizations. He founded the company in 2010, after serving in the US Air Force for 27 years as an Intelligence Officer and attaining the rank of Colonel. His website is www.CedricLeighton.com and his handle on BlueSky is @CedricLeighton. bsky.social. The 'Social Security Works' website is www.socialsecurityworks.org and their handle on BlueSky is @socialsecurityworks.org. Alex's handle there is @alaw202.bsky.social. Brad writes a political column every Sunday for 'The Hill.' He's on the National Journal's panel of political insiders and is a national political analyst for WGN TV and Radio in Chicago and KNX Radio in Los Angeles. You can read Brad's columns at www.MuckRack.com/Brad-Bannon. His handle on BlueSky is @bradbannon.bsky.social.
Historically, slavery has always been held together by violence, including slavery in the US. However, the actual history of slavery here is much more complex than what modern academics want to admit. Original article: https://mises.org/mises-wire/political-moralizing-about-history-slavery
Historically, slavery has always been held together by violence, including slavery in the US. However, the actual history of slavery here is much more complex than what modern academics want to admit. Original article: https://mises.org/mises-wire/political-moralizing-about-history-slavery
As we've been examining over the course of Country Week, country music has found a larger audience, in part by widening its sonic palette. For the final episode of this series, we take a look at a genre on the outskirts of country – Americana music – and how it's being used to connect to the scene's musical roots. Historically, Americana has embraced an acoustic sound, traditional repertoire, and an appetite for virtuosic technique. In bluegrass artists like Billy Strings and roots musicians like Sierra Ferrell, Nate and Charlie see if there's an antidote to be found for the issues that plague modern, mainstream country music. Songs discussed: The Punch Brothers – Rye Whiskey Sierra Ferrell – In Dreams Dolly Parton – Jolene Sierra Ferrell – I Could Drive You Crazy Sierra Ferrell, Zach Bryan – Holy Roller Billy Strings – Dust in a Baggie Billy Strings, Willie Nelson – California Sober Tyler Childers – In Your Love Tyler Childers – Phone Calls and Emails Tyler Childers – Rustin' In The Rain Don Gibson – Oh, Lonesome Me Waylon Jennings, Willie Nelson – Mamas, Don't Let Your Babies Grow Up To Be Cowboys The Chicks – Long Time Gone The Steeldrivers – Higher Than the Wall Beyoncé – Texas Hold'em I'm With Her – Espresso Learn more about your ad choices. Visit podcastchoices.com/adchoices
In this interview, we are joined by Michael Jones, founder of Inspiring Philosophy to respond to Rabbi Michael Skobac's objections regarding the reliability of the Gospels.We carefully examine several of Rabbi Skobac's key claims, including:1:15 — The Gospels are religious propaganda, not history18:03 — Mark, Matthew, Luke, and John did not write the Gospels32:18 — Yeshua's disciples did not speak Greek36:57 — The Gospels were written too late to be reliable48:40 — No ancient sources outside the Gospels corroborate the accountsMichael Jones addresses each objection with thoughtful analysis, drawing on biblical scholarship, Jewish and Greek history, and historical evidence from the Gospels.For a deeper dive, check out Michael's full series on the reliability of the GospelsYou can also watch the full video from Jews for JudaismYou can also watch on our YouTube channelFollow us on Social Media: FacebookInstagramIf you are looking for a way to support us and gain early access to our content, you can become a monthly supporter on Subscribestar We also have: PayPal
The US claims successful strikes as Iran’s supreme leader says that the US ‘failed to achieve anything significant’.See omnystudio.com/listener for privacy information.
Self-made righteousness is… 1. Logically foolish 2. Historically incoherent 3. Theologically a curse 4. So that we would receive the promise
The concept of white privilege in America has evolved, taking on new meanings in different social and political contexts. Historically, white privilege referred to systemic advantages granted to white individuals, such as access to citizenship, voting rights, and housing opportunities before the Civil Rights Act of 1964. In more recent discussions, white privilege has been framed as both an unconscious and systemic advantage. Peggy McIntosh's 1988 essay, White Privilege: Unpacking the Invisible Knapsack, helped popularize the idea that white privilege manifests in everyday conveniences, such as seeing one's race widely represented in media or not being racially profiled. However, some scholars argue that this interpretation overshadows the deeper systemic roots of white privilege, which are tied to historical inequities and conscious acts of exclusionBecome a supporter of this podcast: https://www.spreaker.com/podcast/racism-white-privilege-in-america--4473713/support.
The build-to-rent (BTR) sector is wildly successful throughout the Southeast, mainly due to its flexibility, pricing and amenities. While still a relatively new industry, its contribution to the housing market thus far makes it a popular choice for renters, home builders and residential developers. David Howard, chief executive officer with the National Rental Home Council (NRHC), joins Host Carol Morgan on the Atlanta Real Estate Forum Radio podcast to discuss the role of BTR communities in the Atlanta market. Why BTR? Instead of renting a two-bedroom apartment in the city, residents can select a rental with the perks of a traditional, new home community. Popular amenities at BTR communities include clubhouses, pools, dog parks, walking trails, playgrounds and sports courts. These rentals come in all shapes and sizes, from three- and four-bedroom single-family homes to stylish townhomes. “I think people love the flexibility,” shares Howard. “We call them renters by choice, because they're choosing to rent.” What factors impact the “renters by choice” mindset? Howard explains that many renters are not necessarily looking to downsize; often, it's their goal to “right-size.” They are moving to a home with just enough room for their lifestyle. Lawn maintenance is usually included, and onsite maintenance ensures that residents don't have to make repairs or even change lightbulbs, providing the low-maintenance lifestyle that renters seek. “This is not a one-size-fits-all opportunity for residents and families,” said Howard. “You see empty nesters, seniors, singles and families with young kids. You see families with older kids. It's really an interesting mix of residents in these communities.” Build-to-rent communities offer residents affordable housing in desirable locations. Families often move in to put their child in a highly rated school district, while empty nesters choose to rent because it gives them freedom to travel without worrying about the grass growing too high. Housing Statistics Historically, one-third of households rent, and the remaining two-thirds of households own their homes. Of course, this was easier for renters and homebuyers when homes were smaller and cost less. For example, in 1982, 40% of homes sold were starter homes at 1,400 square feet or less and the average home cost around $68,500. These homes don't exist today. From 2010 to 2020, Georgia's population increased by 1 million people, but during this time, the state only added 300,000 in housing stock. Impact of BTR Communities BTR development is still new, bringing a fresh perspective to for-rent construction and also some skeptics. Historically, there have been for-sale home communities and rental apartment complexes, but not much in between. BTR communities bridge that gap with expansive, single-family home communities like never before. Of course, there are always NIMBYs and from Howard's perspective, the best way to calm uncertainties is through education. Howard said, “We're spending a lot of time trying to educate the media, trying to educate policy makers, trying to educate residents about what build to rent is, what it has to offer, what the benefits are, and what its place is across the broader housing spectrum.” Recently, Georgia legislators launched an investigation into large, out-of-state corporations purchasing homes across the state. There is concern that it's affecting home ownership and limiting availability for individual buyers, but how much of that is true? Howard emphasizes that home ownership has grown in the last five years and that the biggest threat to home ownership is lack of supply. BTR communities positively impact the home market, just in a different sector than for-sale homes. Howard said, “We would much rather see policymakers focus on legislation that encourages new home building and makes it easier for people to invest in housing and develop new housing,
Navigating Risk, Noise, and Uncertainty: Barry Ritholtz on Investing in a Volatile World In my conversation with Barry Ritholtz, chairman of Ritholtz Wealth Management and host of Bloomberg's “Masters in Business” podcast, we explored market and real estate cycles, caution, and capital allocation in today's increasingly unpredictable economic environment. Below are the most actionable and provocative takeaways for real estate investors, both passive and professional, drawn from Barry's decades of lessons and market observations. Origins of Insight: From Blog to Bloomberg Ritholtz didn't set out to run a multi-billion-dollar firm. What started as daily trading notes eventually evolved into a blog, a book, Bailout Nation, and a platform that positioned him to correctly call both the top and bottom of the 2008 financial crisis. This journey, grounded in curiosity and behavioral finance, shaped the contrarian and data-driven approach he still employs today. "I just wanted to know why some people made money while others didn't doing the same thing." The 2008 Playbook: Behavioral Edge Over Economic Models Ritholtz attributes his early warning of the Global Financial Crisis (GFC) to non-traditional thinking and real estate roots (his mother was a real estate agent). Observing abnormal refinancing activity and "cash-out mania" led him to investigate securitized debt and derivative risk, well before it was mainstream. He reverse-engineered risk from Reinhart & Rogoff's crisis research and famously predicted the Dow's decline to ~6,800—earning mockery initially, then vindication. Echoes of 2008? Why This Time Feels Precarious While he stops short of predicting a crisis, Ritholtz allows for a 10–15% probability of a self-inflicted depression – a worst-case scenario rooted not in structural weakness, but political mismanagement. “It [is an] asymmetrical risk to take one bullet, put it in a six shooter, spin the wheel, and put it up against your head with a $28 trillion economy.” From tariffs to immigration policy to fiscal gamesmanship, Ritholtz sees signs that the U.S. may be eroding the long-standing trust that underpins reserve currency status and global capital flows. Cash Isn't a Plan, Discipline Is When asked whether it makes sense to sit in cash and wait out the next downturn, Ritholtz counters with behavioral caution. Historically, those who “go to cash” rarely reenter at the right time and often miss the rebound entirely. “If you're going to sit out in cash, do you have the temperament, the discipline to get back in?” Instead, he recommends building resilience: modest leverage, long-term focus, and capital efficiency – hallmarks of legends like Sam Zell, who Ritholtz holds up as a model of disciplined real estate investing. A Word on Leverage: Use with Extreme Care High leverage is the common thread in stories of ruin. Ritholtz referenced the downfall of the Peloton CEO, who borrowed heavily against inflated stock. The same caution applies to over-leveraged real estate investors, especially those who haven't endured a full cycle. “Market crashes are where capital returns to its rightful owners.” For CRE sponsors, now is the time to refinance where possible, preserve cash, and maintain flexibility, even if that means lower IRR projections. How to Filter the Noise: Create an Information Diet Ritholtz emphasized the need to tune out “financial candy from strangers” – the firehose of social media, Substacks, and hot takes by unvetted commentators. “They don't know your zip code, your goals, your tax bracket. Why would you trust them?” He recommends identifying a shortlist of credible voices with defined, rational processes and a record of sound judgment. “Build your A-Team,” he advises. “Then ignore the rest.” Real Estate Today: Not Monolithic, but Multifaceted Unlike equities, real estate behaves very differently depending on location, asset class, and capital structure. While some sectors (e.g., Class B office) remain distressed, others (e.g., data centers, multifamily in select markets, industrial) are faring relatively well. “Literally, there are properties [Zell] held for half a century. He was long term… used modest amounts of leverage, and he bought great properties at even better prices.” Ritholtz warns against painting real estate with a broad brush and urges nuanced thinking about cycles, risk-adjusted return, and operator quality. Sentiment vs. Signals: What to Watch Now While he downplays the predictive power of investor sentiment, Ritholtz monitors: Three-month moving averages of non-farm payrolls Rounded tops in S&P earnings trends Residential real estate supply conditions in key metros Dollar strength (as a proxy for confidence and capital flows) “If the dollar keeps falling and supply starts rising in housing markets, it's time to pay attention.” Dollar, Debt, and the Doomsayers Ritholtz is blunt about the debt debate. He finds most public discourse alarmist and often wrong. With the U.S. still enjoying reserve currency privileges, he sees no imminent collapse but warns against complacency. “We've been hearing the deficit will destroy America for 50 years. It hasn't. But bad policy could.” He is more concerned with underinvestment in infrastructure and human capital than with rising debt levels per se. Closing Counsel for Investors For those sitting on fresh capital, say $1 million, Ritholtz advises: Clarify your goals (retirement, education, housing). Max out tax-advantaged accounts. Build a core of low-cost index exposure. Don't chase alpha before securing beta. Avoid overcomplexity: “Two dozen funds is not a portfolio.” His parting message? Discipline beats prediction. And humility is a superpower. Final Thought “Everyone is faking it to some degree. The real danger isn't what you don't know – it's not knowing what you don't know.” In an age of volatility and noise, Ritholtz's framework stands out: stay informed, stay skeptical, and invest like risk is real – because it is. *** In this series, I cut through the noise to examine how shifting macroeconomic forces and rising geopolitical risk are reshaping real estate investing. With insights from economists, academics, and seasoned professionals, this show helps investors respond to market uncertainty with clarity, discipline, and a focus on downside protection. Subscribe to my free newsletter for timely updates, insights, and tools to help you navigate today's volatile real estate landscape. You'll get: Straight talk on what happens when confidence meets correction - no hype, no spin, no fluff. Real implications of macro trends for investors and sponsors with actionable guidance. Insights from real estate professionals who've been through it all before. Visit GowerCrowd.com/subscribe Email: adam@gowercrowd.com Call: 213-761-1000
In Defending Rumba in Havana: The Sacred and the Black Corporeal Undercommons (Duke University Press, 2025), anthropologist and dancer Maya J. Berry examines rumba as a way of knowing the embodied and spiritual dimensions of Black political imagination in post-Fidel Cuba. Historically a Black working-class popular dance, rumba, Berry contends, is a method of Black Cuban struggle that provides the community, accountability, sustenance, and dignity that neither the state nor the expanding private market can. Berry's feminist theorization builds on the notion of the undercommons to show how rumba creates a space in which its practitioners enact deeply felt and dedicatedly defended choreographies of reciprocity, refusal, sovereignty, devotion, and pleasure, both on stage and in their daily lives. Berry demonstrates that this Black corporeal undercommons emphasizes mutual aid and refuses neoliberal development logics, favoring instead a collective self-determination rooted in African diasporic spiritual practices through which material compensation and gendered power dynamics are negotiated. By centering rumba to analyze how poor Black Cubans navigate gendered and racialized life, Berry helps readers better understand the constraints and yearnings that move diasporic Black struggles to seek refuge beyond the bounds of the nation-state. Maya J. Berry is Assistant Professor of African, African American, and Diaspora Studies at the University of North Carolina at Chapel Hill. Reighan Gillam is Associate Professor in the Department of Latin American, Latino, and Caribbean Studies at Dartmouth College. Her research examines the ways in which Afro-Brazilian media producers foment anti-racist visual politics through their image creation. She is the author of Visualizing Black Lives: Ownership and Control in Afro-Brazilian Media (University of Illinois Press). Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/new-books-network
In Defending Rumba in Havana: The Sacred and the Black Corporeal Undercommons (Duke University Press, 2025), anthropologist and dancer Maya J. Berry examines rumba as a way of knowing the embodied and spiritual dimensions of Black political imagination in post-Fidel Cuba. Historically a Black working-class popular dance, rumba, Berry contends, is a method of Black Cuban struggle that provides the community, accountability, sustenance, and dignity that neither the state nor the expanding private market can. Berry's feminist theorization builds on the notion of the undercommons to show how rumba creates a space in which its practitioners enact deeply felt and dedicatedly defended choreographies of reciprocity, refusal, sovereignty, devotion, and pleasure, both on stage and in their daily lives. Berry demonstrates that this Black corporeal undercommons emphasizes mutual aid and refuses neoliberal development logics, favoring instead a collective self-determination rooted in African diasporic spiritual practices through which material compensation and gendered power dynamics are negotiated. By centering rumba to analyze how poor Black Cubans navigate gendered and racialized life, Berry helps readers better understand the constraints and yearnings that move diasporic Black struggles to seek refuge beyond the bounds of the nation-state. Maya J. Berry is Assistant Professor of African, African American, and Diaspora Studies at the University of North Carolina at Chapel Hill. Reighan Gillam is Associate Professor in the Department of Latin American, Latino, and Caribbean Studies at Dartmouth College. Her research examines the ways in which Afro-Brazilian media producers foment anti-racist visual politics through their image creation. She is the author of Visualizing Black Lives: Ownership and Control in Afro-Brazilian Media (University of Illinois Press). Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/gender-studies
In Defending Rumba in Havana: The Sacred and the Black Corporeal Undercommons (Duke University Press, 2025), anthropologist and dancer Maya J. Berry examines rumba as a way of knowing the embodied and spiritual dimensions of Black political imagination in post-Fidel Cuba. Historically a Black working-class popular dance, rumba, Berry contends, is a method of Black Cuban struggle that provides the community, accountability, sustenance, and dignity that neither the state nor the expanding private market can. Berry's feminist theorization builds on the notion of the undercommons to show how rumba creates a space in which its practitioners enact deeply felt and dedicatedly defended choreographies of reciprocity, refusal, sovereignty, devotion, and pleasure, both on stage and in their daily lives. Berry demonstrates that this Black corporeal undercommons emphasizes mutual aid and refuses neoliberal development logics, favoring instead a collective self-determination rooted in African diasporic spiritual practices through which material compensation and gendered power dynamics are negotiated. By centering rumba to analyze how poor Black Cubans navigate gendered and racialized life, Berry helps readers better understand the constraints and yearnings that move diasporic Black struggles to seek refuge beyond the bounds of the nation-state. Maya J. Berry is Assistant Professor of African, African American, and Diaspora Studies at the University of North Carolina at Chapel Hill. Reighan Gillam is Associate Professor in the Department of Latin American, Latino, and Caribbean Studies at Dartmouth College. Her research examines the ways in which Afro-Brazilian media producers foment anti-racist visual politics through their image creation. She is the author of Visualizing Black Lives: Ownership and Control in Afro-Brazilian Media (University of Illinois Press). Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/caribbean-studies
In Defending Rumba in Havana: The Sacred and the Black Corporeal Undercommons (Duke University Press, 2025), anthropologist and dancer Maya J. Berry examines rumba as a way of knowing the embodied and spiritual dimensions of Black political imagination in post-Fidel Cuba. Historically a Black working-class popular dance, rumba, Berry contends, is a method of Black Cuban struggle that provides the community, accountability, sustenance, and dignity that neither the state nor the expanding private market can. Berry's feminist theorization builds on the notion of the undercommons to show how rumba creates a space in which its practitioners enact deeply felt and dedicatedly defended choreographies of reciprocity, refusal, sovereignty, devotion, and pleasure, both on stage and in their daily lives. Berry demonstrates that this Black corporeal undercommons emphasizes mutual aid and refuses neoliberal development logics, favoring instead a collective self-determination rooted in African diasporic spiritual practices through which material compensation and gendered power dynamics are negotiated. By centering rumba to analyze how poor Black Cubans navigate gendered and racialized life, Berry helps readers better understand the constraints and yearnings that move diasporic Black struggles to seek refuge beyond the bounds of the nation-state. Maya J. Berry is Assistant Professor of African, African American, and Diaspora Studies at the University of North Carolina at Chapel Hill. Reighan Gillam is Associate Professor in the Department of Latin American, Latino, and Caribbean Studies at Dartmouth College. Her research examines the ways in which Afro-Brazilian media producers foment anti-racist visual politics through their image creation. She is the author of Visualizing Black Lives: Ownership and Control in Afro-Brazilian Media (University of Illinois Press). Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/performing-arts
In Defending Rumba in Havana: The Sacred and the Black Corporeal Undercommons (Duke University Press, 2025), anthropologist and dancer Maya J. Berry examines rumba as a way of knowing the embodied and spiritual dimensions of Black political imagination in post-Fidel Cuba. Historically a Black working-class popular dance, rumba, Berry contends, is a method of Black Cuban struggle that provides the community, accountability, sustenance, and dignity that neither the state nor the expanding private market can. Berry's feminist theorization builds on the notion of the undercommons to show how rumba creates a space in which its practitioners enact deeply felt and dedicatedly defended choreographies of reciprocity, refusal, sovereignty, devotion, and pleasure, both on stage and in their daily lives. Berry demonstrates that this Black corporeal undercommons emphasizes mutual aid and refuses neoliberal development logics, favoring instead a collective self-determination rooted in African diasporic spiritual practices through which material compensation and gendered power dynamics are negotiated. By centering rumba to analyze how poor Black Cubans navigate gendered and racialized life, Berry helps readers better understand the constraints and yearnings that move diasporic Black struggles to seek refuge beyond the bounds of the nation-state. Maya J. Berry is Assistant Professor of African, African American, and Diaspora Studies at the University of North Carolina at Chapel Hill. Reighan Gillam is Associate Professor in the Department of Latin American, Latino, and Caribbean Studies at Dartmouth College. Her research examines the ways in which Afro-Brazilian media producers foment anti-racist visual politics through their image creation. She is the author of Visualizing Black Lives: Ownership and Control in Afro-Brazilian Media (University of Illinois Press). Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/anthropology
In Defending Rumba in Havana: The Sacred and the Black Corporeal Undercommons (Duke University Press, 2025), anthropologist and dancer Maya J. Berry examines rumba as a way of knowing the embodied and spiritual dimensions of Black political imagination in post-Fidel Cuba. Historically a Black working-class popular dance, rumba, Berry contends, is a method of Black Cuban struggle that provides the community, accountability, sustenance, and dignity that neither the state nor the expanding private market can. Berry's feminist theorization builds on the notion of the undercommons to show how rumba creates a space in which its practitioners enact deeply felt and dedicatedly defended choreographies of reciprocity, refusal, sovereignty, devotion, and pleasure, both on stage and in their daily lives. Berry demonstrates that this Black corporeal undercommons emphasizes mutual aid and refuses neoliberal development logics, favoring instead a collective self-determination rooted in African diasporic spiritual practices through which material compensation and gendered power dynamics are negotiated. By centering rumba to analyze how poor Black Cubans navigate gendered and racialized life, Berry helps readers better understand the constraints and yearnings that move diasporic Black struggles to seek refuge beyond the bounds of the nation-state. Maya J. Berry is Assistant Professor of African, African American, and Diaspora Studies at the University of North Carolina at Chapel Hill. Reighan Gillam is Associate Professor in the Department of Latin American, Latino, and Caribbean Studies at Dartmouth College. Her research examines the ways in which Afro-Brazilian media producers foment anti-racist visual politics through their image creation. She is the author of Visualizing Black Lives: Ownership and Control in Afro-Brazilian Media (University of Illinois Press). Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/music
Historically, traditional and decentralized finance have remained fairly separate, but as these two worlds continue to converge, what are builders prioritizing across the financial landscape and what value might be unlocked by strategic integration? Listen in as the hosts are joined by Sergey Nazarov, co-founder of Chainlink, to discuss his work and vision for the future of blockchain. Learn about on-chain security, permissionless innovation, the role of oracles, and how TradFi and DeFi stakeholders can work together to build better networks. Episode Topics: [0:00] Intro [01:14] GENIUS Act Update [06:52] About Chainlink [13:48] Security On-chain [21:22] Integrating with Solana [26:29] Linking TradFi & DeFi [30:12] Permissionless Innovation [32:16] The Role of the Oracle [46:48] Outro Stay connected with us beyond the podcast by following FCAT on Instagram, LinkedIn, and X where we share additional insights and updates on all things emerging tech. Whether you're crypto-curious or have a crypto foundation, Fidelity may have your next career opportunity. EXPLORE NOW. Please remember: this podcast is solely for informational and educational purposes and is not investment, tax, legal or insurance advice. Digital assets are speculative and highly volatile and you should conduct thorough research before you invest. To learn more, visit: fcatalyst.com FMR LLC. © 2025 FMR LLC. All rights reserved. Chapters (00:00:00) - Intro(00:01:14) - GENIUS Act Update(00:06:52) - About Chainlink(00:13:48) - Security On-chain(00:21:22) - Integrating with Solana(00:26:29) - Linking TradFi & DeFi(00:30:12) - Permissionless Innovation(00:32:16) - The Role of the Oracle(00:46:48) - Outro
In Defending Rumba in Havana: The Sacred and the Black Corporeal Undercommons (Duke University Press, 2025), anthropologist and dancer Maya J. Berry examines rumba as a way of knowing the embodied and spiritual dimensions of Black political imagination in post-Fidel Cuba. Historically a Black working-class popular dance, rumba, Berry contends, is a method of Black Cuban struggle that provides the community, accountability, sustenance, and dignity that neither the state nor the expanding private market can. Berry's feminist theorization builds on the notion of the undercommons to show how rumba creates a space in which its practitioners enact deeply felt and dedicatedly defended choreographies of reciprocity, refusal, sovereignty, devotion, and pleasure, both on stage and in their daily lives. Berry demonstrates that this Black corporeal undercommons emphasizes mutual aid and refuses neoliberal development logics, favoring instead a collective self-determination rooted in African diasporic spiritual practices through which material compensation and gendered power dynamics are negotiated. By centering rumba to analyze how poor Black Cubans navigate gendered and racialized life, Berry helps readers better understand the constraints and yearnings that move diasporic Black struggles to seek refuge beyond the bounds of the nation-state. Maya J. Berry is Assistant Professor of African, African American, and Diaspora Studies at the University of North Carolina at Chapel Hill. Reighan Gillam is Associate Professor in the Department of Latin American, Latino, and Caribbean Studies at Dartmouth College. Her research examines the ways in which Afro-Brazilian media producers foment anti-racist visual politics through their image creation. She is the author of Visualizing Black Lives: Ownership and Control in Afro-Brazilian Media (University of Illinois Press). Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/book-of-the-day
There are losses that can endure for a day or a week or maybe even a year. But there are losses that some fans deal with that last for years, decades and some that they never get over. On this edition of the Historically Speaking Sports podcast, Charles Combs and Dana Auguster will reveal the losses that they have endured as fans which they have never gotten over and may have finally come to terms with. These losses were historically relevant big games, some even championship games. But all of them rank as some of the most memorable moments in the history of sports in this country. We even have a boxing match from the early 1990s that makes the list and no it is not Buster Douglas beating Mike Tyson. Later in the show, we are going to send a shout out to an NFL regular season game from December of 2003. A game that featured a miraculous finish by a team looking to return to the playoffs. However the team that pulled off the gridiron miracle failed to complete the deal. And to this day, some 22 years later, I still somewhat feel responsible for that teams loss.. Simply because I opened my mouth and said something that I shouldn't have. All that and more on this all new edition of the Historically Speaking Sports podcast here on the sports history Network. Don't forget to subscribe to the show and also if you would like to write to the show, you could reach us at Historically.Speaking.Sports@gmail.com.
This week Grant and Brooke consider images as enhancements to memoir. Historically publishers have tended to regard images in memoir with reservation, but that's been changing in recent years. Guest Jennifer Croft's recent memoir, Homesick, is accompanied by her own Polaroids. When should photos be included, or central? And what are some other memoirs that have been improved by the addition of images? Whether to include images involves many considerations—from your reader, to style, to the interplay between words and image, and Jennifer Croft offers thoughtful insights around this and more. Jennifer Croft is the author of the illustrated memoir, Homesick, and the translator of Polish of Nobel laureate Olga Tokarczuk's Flights, for which she won the 2018 International Booker Prize. She won a 2022 Guggenheim Fellowship for her novel The Extinction of Irena Rey, the 2020 William Saroyan International Prize for Writing for Homesick. She is a founding editor of The Buenos Aires Review and has published her own work and numerous translations in The New York Times, The Los Angeles Review of Books, Granta, VICE, n+1, Electric Literature, Lit Hub, BOMB, and many more. Learn more about your ad choices. Visit megaphone.fm/adchoices
This episode of the Lloyd's List Podcast was brought to you by Wirana - visit www.wirana.com/ for more information THERE are tens of thousands of shipowners in the world, but only a handful of them can be properly be classified as major players. Much of the content of Lloyd's List naturally focuses on the MSCs, Frontlines and Maersk's of this world, whose fleet lists run to the hundreds. When they want to pick up some newbuildings or even to buy one of their rivals, they have few problems finding the finance. Banks refer to them as tier one clients and actively court their business, on preferential terms. But the mean average owner is probably a family-owned businesses with maybe half a dozen ships and the median average operator will have perhaps a few dozen. These kinds of guys are the backbone of our industry. Historically, they didn't have too hard a time of time it either. Until the early years of this century, many European banks were up to their neck in ship finance and indeed, some were devoted to it entirely. This was the era of what was known as relationship banking. Shipping bankers actually understood shipping, including its cyclical nature. Owners with a sensible business plan, maybe backed by long-term charter employment, and a decent equity stake could usually negotiate a sustainable mortgage. This lost age disappeared with the onset of the global financial crisis in 2008, when European banks largely quit the scene. In the following decade, private equity moved in and made a small fortune, but only by starting with a large one. Chinese leasing deals became the preferred option – and sometimes the only option - for many. But their S&P choices face increasing constraints. New environmental regulations are coming in thick and fast, and there is still no agreement on what alternative fuels will be standard, or even available at all, a few years from now. Politics is always the wild card, and Trump's decision to introduce hefty port fees on tonnage build in China or legally owned by Chinese lessors will have blindsided many. So if your surname is not Aponte or Fredriksen, how the heck do you make rational S&P decisions? Joining law and insurance editor David Osler this week are: Dagfinn Lunde, co-founder eshipfinance.com Kavita Shah, partner, Watson, Farley and Williams Costas Delaportas, chief executive, DryDel Shipping
What makes The Great Gildersleeve a great radio comedy? Historically, it was the first-ever spinoff series, and its classic sitcom characters were more deeply and warmly drawn than its parent show Fibber and McGee and Molly, but no less funny. Throckmorton P. Gildersleeve was the unforgettably blustery Water Commissioner of Summerfield, portrayed with a famous laugh full of innuendo by Hal Peary (and later Willard Waterman). Gildy's interactions with his nephew Leroy and niece Marjorie; friends like Judge Hooker, Peavey the druggist, and Floyd the barber; and his romantic entanglements with Leila Ransom and others delivered laughs every week. All the regulars are here in this new script penned by Robert L. Mills and recreated by some of Audion's most talented voices: Trevor Rines, in Ontario Canada Julie Hoverson in Washington State Pete Lutz in Texas Mel Rose in Pennsylvania and Randy Kerdoon in Washington State The script was penned by Robert L. Mills in California The production was supervised by Larry Groebe in Texas
In this fiery episode of The Common Knowledge Podcast with Marcus L-Spade Johnson, we ask the real question: Why are folks suddenly wondering where all the Black faces are at these protests? Historically, Black Americans have been on the frontlines of justice, yet we're constantly blamed for the nation's problems—crime, unrest, division. But let's be real: White Americans voted Trump in—twice—and now his reckless actions, like bombing Iran to please Israel, might be dragging us into WW3. Y'all broke it. Y'all go fix it. Black America is just here with popcorn, watching this familiar movie play all over again.#WW3 #TrumpBombsIran #BlackVoicesMatter #BlackPodcast #TheCommonKnowledgePodcast #MarcusLSpade #PoliticalSatire #MiddleEastConflict #AntiWarVoices #WhyWeProtest #TrumpDrama #IranCrisis #IsraelPolitics #SitThisOneOut #BlackCommentary #FlipFlopPresident #ProtestFatigue #WW3Watch #HistoryRepeats #PodcastLife #SpotifyPodcasts #ApplePodcasts #ViralPodcasts #BlackCreators #NoMoreScapegoats
A parade of pauses WAR! Middle East at it again Oracle earnings - wow! Tesla robotaxi spotted PLUS we are now on Spotify and Amazon Music/Podcasts! Click HERE for Show Notes and Links DHUnplugged is now streaming live - with listener chat. Click on link on the right sidebar. Love the Show? Then how about a Donation? Follow John C. Dvorak on Twitter Follow Andrew Horowitz on Twitter ** Look At Album Art ** - So bad Warm-Up - More pausing floated - We have a CHYNA deal - kind of - Saying goodbye to Brian Wilson - Tesla - back in buy mode Markets - War! Middle East again (US seems to be helping ?) - Within 2% if ATH and then... - Oracle blows the roof off - UK economy shrinks - bigly ***A NEW Closest to the Pin! Middle East Again - Israel launched a series of airstrikes against Iran early Friday morning local time, targeting locations it said were related to Iran's nuclear program, sparking market fears of a wider conflict. - Mohammad Hossein Bagheri, chief of the Iranian Armed Forces and the country's most senior military official, was killed during the strikes, alongside the commander-in-chief of Iran's Islamic Revolutionary Guard Corps, Hossein Salami, Iranian state media reported. - The Israeli airstrikes also targeted and killed two of Iran's leading nuclear scientists, Fereydoun Abbasi-Davani and Mohammad Mehdi Tehranchi, according to Iranian news outlets. - Odd timing? - Markets initially took it better than expected - until Iran stuck back Valuations - As of the most recent update on June 5, 2025, the forward P/E ratio of the S&P 500 is 21.70. This reflects a decline from 22.44 in the previous quarter and 25.20 one year ago, 10 -year average is about 19 PE Forward Chart Something we discussed on TDI - Presidential Cycles - The U.S. stock market tends to follow a four-year cycle aligned with presidential terms. Historically, the first year of a president's second term (4 years apart in this case) often mirrors the first year of a new presidency in terms of market behavior—marked by uncertainty, policy re-calibration, and sometimes muted performance - While the first half of the first year can be choppy due to post-election adjustments and early policy moves, the second half—especially Q4—has historically shown stronger performance. This is often attributed to: Stabilizing policy direction after early-year volatility Investor optimism around fiscal planning and budget cycles Seasonal tailwinds like the holiday rally and year-end portfolio rebalancing Presidential Cycle UK Economy- This is why we need to dig further than the headline (more beneath the surface) - The U.K. economy shrank sharply in April as global trade tariffs and domestic tax rises kicked in, data showed Thursday. - The latest monthly growth figures from the Office for National Statistics showed the U.K. economy contracted 0.3% month on month in April, following growth of 0.2% in March. - It was also more than the 0.1% fall economists were expecting. - “After increasing for each of the four preceding months, April saw the largest monthly fall on record in goods exports to the United States with decreases seen across most types of goods, following the recent introduction of tariffs,” --- The real culprit: ----- Domestic tax rises have also been blamed for the steep decline in economic activity. British businesses have been confronted with an increase in national insurance contributions and rise in the minimum age from the start of April, while a temporary tax break on property purchases also came to an end in March. - ----The change in the Stamp Duty Land Tax (paid when buying property or land) in April meant there was a decrease of 63.5% in U.K. residential property transactions from the previous month, the ONS noted, with buyers rushing to complete purchases before the tax break ended. US Economy - U.S. consumer prices increased less than expected in...
In Episode 53 of Redefining Energy TECH, Host Michael Barnard speaks with Tristan Smith, a prominent expert in maritime decarbonization and professor at the University College London Energy Institute. Tristan shares his insights, beginning with an overview of maritime shipping, which accounts for approximately 1 gigaton of CO₂ equivalent annually, making it responsible for about 2-3% of global emissions. Crucially, the regulatory oversight for these emissions sits largely with the International Maritime Organization (IMO) due to the nature of international shipping occurring beyond national jurisdictions.Our conversation moves through the historical context of the IMO, tracing its evolution from a safety standards body established post-Titanic disaster to an organization now deeply involved in global climate policy. Historically, the IMO faced significant challenges in progressing climate regulations due to entrenched disagreements between developed and developing countries around responsibilities. The Paris Agreement in 2015, alongside persistent advocacy from smaller nations like the Marshall Islands, notably shifted this dynamic, leading to the adoption of the IMO's initial climate strategy in 2018.We delve into recent regulatory developments, including the unprecedented IMO vote initiated by Saudi Arabia, resulting in a decisive 63-to-16 vote (with around 29 abstentions) mandating progressive reductions in greenhouse gas intensity for ships over the next 25 years. The regulation sets clear fines for non-compliance—$380 per ton for exceeding the highest threshold and $100 per ton for mid-level breaches—ultimately requiring ships to achieve a 65% reduction in emissions intensity by 2040.The discussion highlights the role of Emissions Control Areas (ECAs), established initially to curb SOx and NOx emissions in sensitive regions like the Baltic Sea, North Sea, and North America, effectively serving as early tests for broader international regulations. Additionally, we critically examine LNG's journey from a touted solution for reducing SOx and NOx emissions to its complicated position as a potential climate liability due to significant methane emissions both onboard and upstream. Norway's influential promotion of LNG and subsequent studies, such as those by the International Council on Clean Transportation, underline these complexities. Finally, Tristan emphasizes the future challenges facing maritime decarbonization, notably the risk of technological lock-in with LNG and the powerful role of the oil and gas industry within the maritime sector. We also explore the shifting political landscape as global fossil fuel transportation—currently 40% of maritime tonnage along with another declining 15% for raw iron ore—faces inevitable structural declines, promising profound implications for industry dynamics and global decarbonization efforts.
Founder of the Raising Capitalists Foundation and previous co-host of The Real Estate Guys Radio show, Russell Gray, joins Keith to discuss the historical and current devaluation of the U.S. dollar, its impact on investors, and the broader economic implications. Gray highlights how the significant increase in interest rates has trapped equity in properties and affected development. He explains the shift from gold-backed currency to paper money, the role of the Federal Reserve, and the impact of the Bretton Woods Agreement. Gray emphasizes the importance of understanding macroeconomic trends and advocates for Main Street capitalism to decentralize power and promote productivity. He also criticizes the idea of housing as a human right, arguing it leads to inflation and shortages. Resources: Connect with Russell Gray to learn more about his "Raising Capitalists" project and his plans for a new show. Follow up with Russell Gray to get a copy of the Beardsley Rummel speech transcript from 1946. follow@russellgray.com Show Notes: GetRichEducation.com/558 For access to properties or free help with a GRE Investment Coach, start here: GREmarketplace.com GRE Free Investment Coaching: GREinvestmentcoach.com Get mortgage loans for investment property: RidgeLendingGroup.com or call 855-74-RIDGE or e-mail: info@RidgeLendingGroup.com Invest with Freedom Family Investments. You get paid first: Text FAMILY to 66866 Will you please leave a review for the show? I'd be grateful. Search “how to leave an Apple Podcasts review”. For advertising inquiries, visit: GetRichEducation.com/ad Best Financial Education: GetRichEducation.com Get our wealth-building newsletter free— text ‘GRE' to 66866 Our YouTube Channel: www.youtube.com/c/GetRichEducation Follow us on Instagram: @getricheducation Complete episode transcript: Automatically Transcribed With Otter.ai Keith Weinhold 0:01 Welcome to GRE. I'm your host. Keith Weinhold, what's the real backstory on why we have this thing called the dollar? Why it keeps getting debased? What you can do about it and when the dollar will die? It's a lesson in monetary history. And our distinguished guest is a familiar voice that you haven't heard in a while. Today on get rich education. Mid south home buyers, I mean, they're total pros, with over two decades as the nation's highest rated turnkey provider, their empathetic property managers use your ROI as their North Star. So it's no wonder that smart investors just keep lining up to get their completely renovated income properties like it's the newest iPhone. They're headquartered in Memphis and have globally attractive cash flows and A plus rating with a better business bureau and now over 5000 houses renovated. There's zero markup on maintenance. Let that sink in, and they average a 98.9% occupancy rate, while their average renter stays more than three and a half years. Every home they offer has brand new components, a bumper to bumper, one year warranty, new 30 year roofs. And wait for it, a high quality renter. Remember that part and in an astounding price range, 100 to 180k I've personally toured their office and their properties in person in Memphis, get to know Mid South. Enjoy cash flow from day one. Start yourself right now at mid southhomebuyers.com that's mid south homebuyers.com Russell Gray 1:54 You're listening to the show that has created more financial freedom than nearly any show in the world. This is get rich education. Keith Weinhold 2:10 Welcome to GRE from St John's Newfoundland to St Augustine, Florida and across 188 nations worldwide. I'm Keith weinholden. You are inside get rich education. It's 2025. The real estate market is changing. We'll get into that in future. Weeks today. Over the past 100 years plus, we've gone from sound money to Monopoly money, and we're talking about America's currency collapse. What comes next and how it affects you as both an investor and a citizen. I'd like to welcome in longtime friend of the show and someone that I've personally learned from over the years, because he's a brilliant teacher, real estate investors probably haven't heard his voice as much lately, because until last year, he had been the co host of the terrific real estate guys radio show for nearly 20 years. Before we're done today, you'll learn more about what he's doing now, as he runs the Main Street capitalist platform and is also founder of the raising capitalists foundation. Hey, it's been a few years. Welcome back to GRE Russell Gray. Russell Gray 3:19 yeah, it's fun. I actually think it's been maybe 10 years when I think about it, I remember I was at a little resort in Mexico recording with you, I think in the gym. It was just audio back then, no video. Keith Weinhold 3:24 Yeah, I remember we're trying to get the audio right. Then I think you've been here more recently than 10 years ago. But yeah, now there's this video component. I actually have to sit up straight and comb my hair. It's ridiculous. Well, Russ, you're also a buff of monetary history. And before we discuss that, talk about the state of the real estate market today, just briefly, from your vantage point. Russell Gray 1 3:55 I think the big story, and I'm probably not telling anybody anything they don't know, but the interest rate hike cycle that we went through this last round was quite a bit more substantial, I think, than a lot of people really appreciated, you know. And I started talking about that many years ago, because when you hit the zero bound and you have 6,7,8, years of interest rates below half a point, the change when they started that interest rate cycle from point two, 525 basis points all the way up to five and a quarter? That's a 20x move. And people might say, well, oh, you know, I go back to what Paul Volcker did way back in the day, when he took interest rates from eight or nine to 18. That was only a little bit more than double. Double is a far cry from 20x so we've never seen anything like that. Part of the fallout of that, as you know, is a lot of people wisely, and I was on the front end of cheerleading This is go get those loans refinanced and lock in that cheap money for as long as possible, because a loan will actually become an asset. The problem is, when you do that, you're kind of married to that property. Now it's not quite as bad. As being upside down in a property and you can't get out of it, but it's really hard to walk away from a two or 3% loan in a Six 7% market, because you really can't take your same payment and end up getting more house. And so that equity is kind of a little bit trapped, and that creates some opportunities, but I think that's been the big story, and then kind of the byproduct of the story. Second tier of the story was the impact it had on development, because it made it a lot harder for developers to develop, because their cost of funds and everything in that supply chain, food chain, you marry that to the 2020, COVID Supply Chain lockdown and that disruption, which, you know, you don't shut an economy down and just flick a switch and have it come back on. And so there's all of that. And then the third thing is just this tremendous uncertainty everybody has, because we just went from one extreme to another. And I think people, you know, they don't want to, like, rock the boat, they're going to kind of stay status quo for a little bit, whether they're businesses, whether they're homeowners, whether they're anybody out there that's thinking about moving them, unless life forces you to do it, you're going to try to stay status quo until things calm down. And I don't know how close we are to things calming down. Keith Weinhold 6:13 One word I use is normalized. Both the 30 year fixed rate mortgage and the Fed funds rate are pretty close to their long term historic average. It just doesn't feel that way, because it was that rate of increase in 2022 that caught a lot of people off guard, like you touched on Well, Russ, now that we've talked about the present day, let's go back in time, and then we'll slowly bring things up to the present day. The dollar is troubled. It's worth perhaps 3% of what it was 100 years ago, but it's still around since it was established in the Coinage Act of 1792 and it's still the world reserve currency. In fact, only three currencies have survived longer than the dollar, the British pound, the Japanese yen and the Swiss franc. So talk to us about this really relentless debasement of the dollar over time, including the creation of the Fed and the Bretton Woods Agreement and all that. Russell Gray 7:09 That's a big story, as you know, and I always like to try to break it down a little bit. One of my specialties I'd like to believe, is I speak macro and I speak Main Street. And so when I try to break macroeconomics down, I start out with, why do I even care? I mean, if I'm a main street investor, why do I even care? In 2008 as you know, is a wipeout for me. Why? Because I didn't think anything had happened in the macro I didn't think Wall Street bond market. I didn't think that affected me. One thing I really cared about was interest rates. And I had a cursory interest in the bond market. We just try to figure out where interest rates were going. But for the most part, I thought, as a main street real estate investor, I was 100% insulated. I couldn't have been more wrong, because it really does matter, because the value of the dollar, in other words, the purchasing power of the dollar, and usually you refer to that as inflation, right? If inflation is there, the dollar is losing its purchasing power, and so the higher the inflation rate, the faster you're losing that purchasing power. And you might say, well, maybe that matters to me. Maybe it does. But the people who make the money available to the mortgage community, right to the real estate community to borrow that comes out of the bond market. And so when people go to buy a bond, which is an IOU, they're going to get paid back in the currency that they lent in, in this case, dollars. And if they know, if they're making a long term investment in a long term bond, and they're going to get paid back in dollars, they're going to be worth a whole lot less when they get them back. One of the things they're going to want is compensation for that time risk, and that's called higher interest rates. Okay, so now, if you're a main street investor, and higher interest rates impact you, now you understand why you want to pay attention. Okay, so let's just start with that. And so once you understand that the currency is a derivative of money, and money used to be you mentioned the Coinage Act Keith money, which is gold, used to be synonymous with the dollar. The dollar was only a unit of measure of gold, 1/20 of an ounce. It was a unit of measure. So it's like, the way I teach people is, like, if you had a gallon of milk and you traded, I'm a farmer, and I had a lot of milk, and so everybody decided they were going to use gallons of milk as their currency. Hey, where there's a lot of gallons of milk. He's got a big refrigerator. We'll just trade gallons of milk. Hey, Keith, I really like your beef. I you know, will you sell me some, a side of beef, and I'll give you, you know, 100 gallons of milk, you know, like, Oh, that's great. Well, I can't drink all this milk, so I'm going to leave the milk on deposit at the dairy, and then later on, when I decide I want a suit of clothes, I'll say, well, that's 10 gallons of milk. So I'll give the guy 10 gallons of milk. So I just give him a coupon, a claim, a piece of paper for that gallon of milk, or 20 gallons of milk, and he can go to the dairy and pick it up, right? And so that's kind of the way the monetary system evolved, except it wasn't milk, it was gold. So now you got the dollar. Well, after a while, nobody's going to get the milk. They don't care about the milk. And so now. Now, instead of just saying, I'll give you a gallon of milk, you just say, well, I'll give you a gallon. And somebody says, Okay, that's great. I'll take a gallon. They never opened the jug up. They never realized the jug is empty. They're just trading these empty jugs that used to have milk in them. Well, that's what the paper dollar is today. It went from being a gold certificate payable to bearer on demand, a certain amount of gold, a $20 gold certificate, what looks exactly like a $20 FEDERAL RESERVE NOTE. Today they look exactly the same, except one says FEDERAL RESERVE NOTE, which is an IOU backed by nothing, and the other one said gold certificate, which was payable to bearer on demand, real money. So my point is, is he got money which is a derivative of the productivity, the beef, the soot, the milk, whatever, right? That's the real capital. The real capital is the goods and services we all want. Money is where we store the value of whatever it is we created until we want to trade it for something somebody else created later. And it used to be money and currency were one in the same, but now we've separated that. So now all we do is trade empty gallons, which are empty pieces of paper, and that's currency. So those are derivatives, and the last derivative of that chain is credit. And you had Richard Duncan on your show more than once, and he is famous for kind of having this term. We don't normally have capitalism. We have creditism, right? Everything is credit. Everything is claims on wealth, but it's not real wealth, and it's just when we look at what's going on with our current administration and the drive to become a productive rather than a financialized society, again, as part of this uncertainty that everybody has. Because this is not just a subtle little adjustment on the same course. This is like, No, we're we're going down a completely different path. But fundamentally, your system operates on this currency that is flowing through it, like the blood flowing through your body. And if the blood is bad, your body's sick. And right now, our currency is bad, and so it creates problems, not just for us, but all around the world. And now we're exacerbating that. And I'm not saying it's bad. In fact, I think it's actually it's actually good, but change is what it is, right? I mean, it can be really good to go to the gym and work out before we started recording, you talked about your commitment to fitness, and that if you stop working out, you get unfit, and it's hard to start up again. Well, we've allowed our economy to get very unfit. Now we're trying to get fit again, and it's going to be painful. We're going to be sore, but if we stick with it, I think we can actually kind of save this thing. So I don't know what that's going to mean for the dollar ultimately, or if we end up going to something else, but right now, to your point, the dollar is definitely the big dog still, but I think it's probably even more under attack today than it's ever been, and so it's just something I think every Main Street investor needs to pay attention to. Keith Weinhold 12:46 And it was really that 1913 creation of the Fed, where the Fed's mandates really didn't begin to take effect until 1914 that accelerated this slide in the dollar. Prior to that, it was really just periods of war, like, for example, the Civil War, where we had inflation rise, but then after wars abated, the dollar's strength returned, but that ceased to happen last century. Russell Gray 13:11 I think there's a much bigger story there. So when we founded the country, we established legal money in the Coinage Act of 1792 we got gold and silver and a specific unit of measure of gold, a specific unit, measure of silver was $1 and that's what money was constitutionally. Alexander Hamilton advocated for the first central bank and got it, but it was issued by Charter, which meant that it was operated by the permission of the Congress. It wasn't institutionalized. It wasn't embedded in the Constitution. It was just something that was granted, like a license. You have a charter to be able to run a bank. When that initial charter came up for renewal, Congress goes, now we're not going to renew it. Well, of course, that made the bankers really upset, because bankers have a pretty good gig, right? They get to just loan people money. They don't have to do any real work, and then they make money on just kind of arbitraging, you know, other people's money. Savers put their money in, and they borrowed the money out, and then they with fractional reserve, they're able to magnify that. So it's, it's kind of a cool gig. And so what happened? Then he had the first central bank, so then they got the second central bank, and the second central bank was also issued by charter this time when it came up for renewal, Congress goes, Yeah, let's renew it, right? Because the bankers knew we got to go buy a few congressmen if we want to keep this thing going. But President Andrew Jackson said, No, not going to happen. And it was a big battle. Is a famous quote of him just calling these bankers a brood of vipers. And I'm going to put you down. And God help me, I will, right? I mean, it was like intense fact, I do believe he got shot at one point. I think he died from lead poisoning, because he never got the bullet out. So, you know, when you go to up against the bankers, it's not pretty, but he succeeded. He was the last president that paid off all the debt, balanced budget, paid off all the debt, and we got kind of back on sound money. Well, then a little while later, said, Okay, we're going to need, like, something major, and this would. I should put on. I got my, this is my hat, right now, I'll kind of put it on. This is my, my tin foil hat. Okay? And so I put this on when I kind of go down the rabbit trail a little bit. No, I'm not saying this is what happened, but it wouldn't surprise me, right? Because I know that war is profitable, and so sometimes, you know, your comment was, hey, there's the bank, and then there was, you know, the war, or there's the war, then there's a bank, which comes first the chicken or the egg. I think there's an article where Henry Ford and Thomas Edison went to Congress. I think it was December. The article was published New York Tribune, December 4. I think 1921 you can look it up, New York Tribune, front page article Keith Weinhold 15:38 fo those of you in the audio only. Russ started donning a tin foil looking hat here about one minute ago. Russell Gray 15:45 I did, yeah, so I put it on. Just so fair warning. You know, I may go a little conspiratorial, but the reason I do that is I just, I think we've seen enough, just in current, modern history and politics, in the age of AI and software and freedom of speech and new media, there's a lot of weird stuff going on out there, but a lot of stuff that we thought was really weird a little while ago has turned out to be more true than we thought. When you look back in history, and you kind of read the official narrative and you wonder, you kind of read between the lines. You go, oh, maybe some stuff went on here. So anyway, the allegation that Ford made, smart guy, Thomas Edison, smart guy. And they go to Congress, and they go, Hey, we need to get the gold out of the banker's hands, because gold is money, and we need money not to revolve around gold, because the bankers control gold. They control the money, and they make profits, his words, not mine, by starting wars, because he was very upset about World War One, which happened. We got involved right after Fed gets formed in 1913 World War One starts in 1914 the United States sits off in the background and sells everybody, everything. It collects a bunch of gold, and then enters at the end and ends it all. And that big influx created the roaring 20s, as we all know, which ended big boom to big bust. And that cycle, which then a crisis that created, potentially a argument for why the government should have more control, right? So you kind of go down this path. So we ended up in 1865 with President Lincoln suppressing states rights and eventually creating an unconstitutional income tax and then creating an unconstitutional currency. That's what Abraham Lincoln did. And then on the back end of that, you know, it didn't end well for him, and I don't know why, but all I know is that we had a financial crisis in 1907 and the solution to that was the Aldrich plan, which was basically a monopoly on money. It's called a money trust. And Charles Lindbergh, SR was railing against it, as were many people at the time, going, No, this is terrible. So they renamed the Aldrich plan the Federal Reserve Act. And instead of going for a bank charter, they went for a constitutional amendment, and they got it in the 16th Amendment, and that's where we got the IRS. That's where we got the income tax, which was only supposed to be 7% only affect like the top one or 2% of earners, right? And that's where we got, you know, the Federal Reserve. That's where all that was born. Since that happened, to your point, the dollar has been on with a slight little rise up in the 20s, which, you know, there's a whole thing about whether that caused the crash or not. But at the end of the day, if you go look at St Louis Fed, which you go look at all the time, and you just look at the long term trend of the dollar, it's terrible. And the barometer, that's gold, right? $20 of gold in 1913 and 1933 and then 42 in 1971 or two, whatever it was, three, and then eventually as high as 850 but at the turn of the century, this century, it was $250 so at $2,500 it would have lost 90% in the 21st Century. The dollars lost 90% in the 21st Century, just to 2500 that's profound to go. That's right, it already lost more than 90% from $20 to 250 so it lost 90% and then 90% of the 10% that was left. And that's where we're at. We're worse than that. Today, no currency, as far as I understand, I've been told this. Haven't done the homework, but it's my understanding, no currency in the history of the world has ever survived that kind of debasement. So I think a lot of people who are watching are like, okay, it's not a matter of if, it's a matter of when. And then the big question is, is when that when comes? What does the transition look like? What rises in its place? And then you look at things like a central bank digital currency, which is not like Bitcoin, it's not a crypto, it's a centrally controlled currency run by the central bank. If we get that, I would argue that's not good for privacy and security. Could be Bitcoin would be better. I would argue, could go back to gold backing, which I would say is better than what we have, or we could get something nobody's even thought of. I don't know. We don't know, but I do think we're at the end of the life cycle. Historically, all things being equal. And I think all the indication with a big run up of gold, gold is screaming something's broken. It's just screaming it right now, not just because the price is up, but who's buying it. It's just central banks. Keith Weinhold 20:12 Central banks are doing most of the buying, right? It's not individual investors going to a coin shop. So that's really screaming, telling you that people are concerned. People are losing their faith in giving loans to the United States for sure. And Russ, as we talk about gold, and it's important link to the dollar over time, you mentioned how they wanted it, to get it out of the bank's hands for a while. Of course, there was also a period of time where it was illegal for Americans to own gold. And then we had this Bretton Woods Agreement, which was really important as well, where we ended up violating promises that had to do with gold again. So can you speak to us some more about that? Because a lot of people just don't understand what happened at Bretton Woods. Russell Gray 20:56 What happened is we had the big crash in 1929 and the net result of that was, in 1933 we got executive order 6102 In fact, I have a picture of it framed, and that was in the wake of that in 1933 and so what Franklin Delano Roosevelt did in signing that document, which was empowered by a previous act of Congress, basically let him confiscate all The money. It'd be like right now if, right now, you know, President Trump signed an executive order and said, You have to take all your cash, every all the cash that you have out of your wallet. You have to send it all, take it into the bank, and they're going to give you a Chuck E Cheese token, right? And if you don't do it, if you do it, it's a $500,000 fine in 10 years in prison. Right? Back then it was a $10,000 fine, which was twice the price of the average Home huge fine, plus jail time. That's how severe it was, okay? So they confiscated all the money. That happened in 33 okay? Now we go off to war, and we enter the war late again. And so we have the big manufacturing operation. We're selling munitions and all kinds of supplies to everybody, all over the world, right? And we're just raking the gold and 20,000 tons of gold. We got all the gold. We got the biggest army now, we got the biggest bomb, we got the biggest economy. We got the strongest balance sheet. Well, I mean, you know, we went into debt for the war, but, I mean, we had a lot of gold. So now everybody else is decimated. We're the big dog. Everybody knows we're the big dog. Nine states shows up in New Hampshire Bretton Woods, and they have this big meeting with the world, and they say, Hey guys, new sheriff in town. Britain used to be the world's reserve currency, but today we're going to be the world's reserve currency. And so this was the new setup. But it's okay. It's okay because our dollar is as good as gold. It's backed by gold, and so anytime you want foreign nations, you can just bring your dollars to us and we'll give you the gold, no problem. And everyone's like, okay, great. What are you going to say? Right? You got the big bomb, you got the big army. Everybody needs you for everything to live like you're not going to say no. So they said, Yes, of course, the United States immediately. I've got a speech that a guy named Beardsley Rummel did. Have you ever heard me talk about this before? Keith, No, I've never heard about this. So Beardsley Rummel was the New York Fed chair when all this was happening. And so he gave a speech to the American Bar Association in 1945 and I got a transcript of it, a PDF transcript of it from 1946 and basically he goes, Look, income taxes are obsolete. We don't need income tax anymore because we can print money, because we're off the gold standard and we have no accountability. We just admitted it, just totally admitted it, and said the only reason we have income tax is to manipulate behavior, is to redistribute wealth, is to force people to do what we want them to do, punish things and reward others, right? Just set it plain language. I have a transcript of the speech. You can get a copy of you send an email to Rummel R U, M, L@mainstreetcapitalist.com I'll get it to you. So it's really, really interesting. So he admitted it. So we went along in the 40s and the 50s, and, you know, we had the only big manufacturing you know, because everybody else is still recovering from the war. Everything been bombed to smithereens, and we're spending money and doing all kinds of stuff. And having the 50s, it was great, right, right up until the mid 60s. So the mid 60s, it's like, Okay, we got a problem. And Charles de Gaulle, who was the president of France at the time, went to a meeting. And there's a YouTube video, but you can see it, he basically told the world, hey, I don't think the United States is doing a good job managing this world's reserve currency. I don't think they've got the gold. I think they printed too much money. I think that we should start to go redeem our dollars and get the gold. That was pretty forward thinking. And he created a run on the bank. And at the same time, we passed the Coinage Act in 1965 and took all the silver out of the people's money. So we took the gold in 33 and then we took the silver in 65 right? Because we got Vietnam and the Great Society, welfare, all these things were going on in the 60s. We're just going broke. Meanwhile, our gold supply went from 20,000 tons down to eight and Richard. Nixon is like, whoa, time out. Like, this is bad. And so we had inflation in 1970 August 15, 1971 year before August 15, 1971 1970 Nixon writes an executive order and freezes all prices and all wages. It became illegal by presidential edict for a private business to give their employee a raise or to raise their prices to the customers. Keith Weinhold 25:30 It's almost if that could happen price in theUnited States of America, right? Russell Gray 25:36 And inflation was 4.4% and it was a national emergency like today. I mean, you know, a few years ago, like three or four years ago, we if we could get it down 4.4% it'd be Holly. I'd be like a celebration. That was bad. And so that's what happened. So a year later, that didn't work. It was a 90 day thing. It was a disaster. And so in a year later, August 15, 1971 Nixon came on live TV after Gunsmoke. I think it was, and I was old enough I'm watching TV on a Sunday night I watched it. Wow. So I live, that's how old I am. So it's a lot of this history, not the Bretton Woods stuff, but from like 1960 2,3,4, forward. I remember I was there. Keith Weinhold 26:13 Yeah, that you remember the whole Nixon address on television. We should say it for the listener that doesn't know. Basically the announcement Nixon made, he said, was a temporary measure, is that foreign nations can no longer redeem their dollars for gold. He broke the promise that was made at Bretton Woods in about 1945 Russell Gray 26:32 Yeah. And then gold went from $42 up to 850 and a whole series of events that have led to where we're at today were put in place to cover up the fact that the dollar was failing. We had climate emergency. We were headed towards the next global Ice Age. We had an existential threat in two different diseases that hit one right after the other. First one was the h1 n1 flu, swine flu, and then the next thing was AIDS. And so we had existential pandemic, two of them. We also had a oil shortage crisis. We were going to run out of fossil fuel by the year 2000 we had to do all kinds of very public, visible, visceral things that we would all see. You could only buy gas odd even days, like, if your license plate ended in an odd number, you could go on these days, and if it ended on an even number, you could go on the other days. And so we had that. We lowered our national speed limit down to 55 miles an hour. We created the EPA and all these different agencies under Jimmy Carter to try to regulate and manage all of this crisis. Prior to that, Nixon sent Kissinger over to China, and we opened up trade relations. And we'd been in Vietnam to protect the world from communism because it was so horrible. And then in the wake of that, we go over to Communist China, Chairman Mao and open up trade relations. Why we needed access to their cheap labor to suck up all the inflation. And we went over to the Saudis, and we cut the petro dollar deal. Why? Because we needed the float. We needed some place for all these excess dollars that we had created to get sucked up. And so they got sucked up in trading the largest commodity in the world, energy. And the deal was, hey, Saudis, here's the deal. You like your kingdom? Well, we got the big bomb. We got the big army. You're going to rule the roost in the in the Middle East, and we'll protect you. All you got to do is make sure you sell all your oil in dollars and dollars only. And they're like, Well, what if we're selling oil to China, or what if we're selling oil to Japan? Can they pay in yen? Nope, they got to sell yen. Buy dollars. Well, what do we do with all these dollars? Buy our treasuries. Okay, so what if I got this? Yeah, and so that was the petrodollar system. And the world looked at everything went on, and the world is like, Hmm, the United States coming back to Europe, and Charles de Gaulle, they're like, the United States is not handling this whole dollar thing real well. We need an alternative. What if all of us independent nations in Europe got together and created a common currency? We don't want to be like one country, like the United States, but we want to be like an economic union. So let's create a current let's call it the euro. And they started that process in the 70s, but they didn't get it done till 99 and so they get it done in 99 as soon as they get it done, this guy named Saddam Hussein goes, Hey, I'm now the big dog here. I got the fourth largest army in the world. I'm here in, you know, big oil producing nation. Let's trade in the euro. Let's get off the dollar. Let's do oil in the euro. And he's gone. I'm not sure I should put my hat back on. I'm not sure, but somehow we went into Afghanistan and took a hard left and took this guy out. Keith Weinhold 29:44 Some credence to this. Yes, yeah, so. But with that said, Russell Gray 29:47 you know, we ended up with the Euro taking about 20% of the global trade market from the United States, which is about where it sits today. And the United States used to be up over 80% and now we're down below 60% still. The Big Dog by triple and the euro is not in a position to supplant the US, but I think China, whose claim to fame is looking at other people's technology and models and copying it, looked at what the United States did to become the dominant economic force, and I think they've systematically been copying it. I wrote a report on this way back in 2013 when I started really paying attention to it and began to chronicle all the things that they were doing, this big D dollarization movement that I think still has legs. It's the BRICS movement. It's all the central banks buying gold. It's the bilateral trade agreements where people are doing business outside the dollar. There's been not just that, but also putting together the infrastructure, right? The Asian Infrastructure Bank is an alternative to the IMF looking, if you have you read Confessions of an economic hitman. No. Okay, so this is a guy that used to work in the government, I think, CIA or something, and he would go down and he'd cut deals with leaders of countries to get them to borrow from the United States to put in key infrastructure so they could trade with the US. And then, of course, if they defaulted, then the US owned that in the infrastructure. You can look it up. His name is Perkins, right. Look it up confessions of economic hit now, but you see China doing the same thing. China's got their Belt and Road Initiative. And you go through, and if you want to trade with China on that route, you have traded, you're gonna have to have infrastructure. You can eat ports. You're gonna need terminals for distribution. But you, Oh, you don't have the money. We'll loan it to you, and we'll loan it to you and you want. Now we're creating demand for you want, and we also are enslaving borrower servant to the lender. We're beginning to enslave these other nations under the guise of helping them by financing their growth so they can do business with us. It's the same thing the United States did and Shanghai Gold Exchange, as opposed to the London Bullion exchange. So all of the key pieces of infrastructure that were put in place to facilitate Western hegemony in the financial markets the Chinese have been systematically putting in place with bricks, and so there's a reason we're in this big trade war right now. We recognize that they had started to get in a position where they were actually a real threat, and we got to cut their legs out from underneath them before they get any stronger. Again, I should put my hat back on. Nobody's calling me up and telling me, I'm just reading between the lines. Sure, Keith Weinhold 32:23 there certainly are more competitors to the dollar now. And can you imagine what rate of inflation that we would have had if we had not outsourced our labor and productivity over to a low wage place like China in the east? Russ and I have been talking about the long term debasement of the dollar and why. More on that when we come back, including what Russ is up to today. You're listening to get rich education. Our guest is Russell Gray. I'm your host, Keith Weinhold, the same place where I get my own mortgage loans is where you can get yours. Ridge lending group and MLS, 42056, they provided our listeners with more loans than anyone because they specialize in income properties. They help you build a long term plan for growing your real estate empire with leverage. Start your pre qual and even chat with President Chaley Ridge personally while it's on your mind, start at Ridge lendinggroup.com that's Ridge lendinggroup.com. You know what's crazy? Your bank is getting rich off of you. 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Get rich education with Keith Weinhold, don't quit your Daydream. Keith Weinhold 34:52 Welcome back to get rich education. We're talking with the main street capitalists Russell gray about this long term debasement of the dollar. It's an. Inevitable. It's one of the things we actually can forecast with pretty good predictability that the dollar will continue to debase. It's one of the few almost guarantees that we have in investing. So we can think about how we want to play that Russ one thing I wonder about is, did we have to completely de peg the dollar from gold? Couldn't we have just diluted it where we could instead say, Well, hey, now, instead of just completely depegging the dollar from gold, we could say, well, now it takes 10 times as many dollars as it used to to redeem it for an ounce of gold. Did it make it more powerful that we just completely de pegged it 100% Russell Gray 35:36 it would disempower the monopoly. Right? In other words, I think that the thing from the very beginning, was scripted to disconnect from the accountability of gold, which is what sound money advocates want. They want some form of independent Accountability. Gold is like an audit to a financial system. If you're the bankers and you're running the program, the last thing in the world you want is a gold standard, because it limits your ability to print money out of thin air and profit from that. So I don't think the people who are behind all of this are, in no way, shape or form, interested in doing anything that's going to limit their power or hold them accountable. They want just the opposite. I think if they could wave a magic wand and pick their solution to the problem, it would be central bank digital currency, which would give them ultimate control. Yeah. And it wouldn't surprise me if we maybe, perhaps, were on a path where some crises were going to converge, whether it's opportunistic, meaning that the crisis happened on its own, and quote Rahm Emanuel and whoever he was quoting, you know, never let a good crisis go to waste, and you're just opportunistic, or, you know, put the conspiracy theory hat on, and maybe these crises get created in order to facilitate the power grab. I don't know. It really doesn't matter what the motives are or how it happens at the end of the day, it's what happens. It happened in 33 it happened in 60. In 71 it's what happens. And so it's been a systematic de pegging of any form of accountability. I mean, we used to have a budget ceiling. We used to talk about now it's just like, it's routine. You blow right through it, right, right. There's you balance. I mean, when's the last time you even had a budget? Less, less, you know, much less anything that looked like a valid balanced budget amendment. So I think there's just no accountability other than the voting booth. And, you know, I think maybe you could make the argument that whether you like Trump or not, the public's apparent embrace of him, show you that the main street and have a lot of faith in Main Street. I think Main Street is like, you know what? This is broken. I don't know what's how to fix it, but somebody just needs to go in and just tear this thing down and figure out a new plant. Because I think if you anybody paying attention, knows that this perpetual debasement, which is kind of the theme of the show is it creates haves and have nots. Guys like you who understand how to use real estate to short the dollar, especially when you marry it to gold, which is one of my favorite strategies to double short the dollar, can really magnify the power of inflation to pull more wealth onto your balance sheet. Problem is the people who aren't on that side of the coin are on the other side of the coin, and so the poor get poorer and the rich get richer. Well, the first order of business in a system we can't control is help as many people be on the rich get richer. That's why we had the get rich show, right? Let's help other people get rich. Because if I'm the only rich guy in the room, all the guns are pointed at me, right? I wanted everybody as rich as possible. I think Trump and Kiyosaki wrote about that in their book. Why we want you to be rich, right? When everybody's prospering, it's it's better, it's safer, you have people to trade with and whatnot, but we have eviscerated the middle class because industry has had to go access cheap labor markets in order to compensate for this inflation. And you know, you talk about the Fed mandate, which is 2% inflation, price inflation, 2% so if you say something that costs $1 today, a year from now, is going to cost $1 too, you think, well, maybe that's not that bad. But here's the problem, the natural progression of Business and Technology is to lower the cost, right? So you have something cost $1 today, and because somebody's using AI and internet and automation and robots and all this technology, right? And the cost, they could really sell it for 80 cents. And so the Fed looks at and goes, Let's inflate to $1.02 that's not two cents of inflation. That's 22 cents of inflation. And so there's hidden inflation. The benefits of the gains in productivity don't show up in the CPI, but it's like deferred maintenance on an apartment building. You can make your cash flow look great if you're not setting anything aside for the inevitable day when that roof is going to go out and that parking lot is going to need to be repaved, right? And you don't know how far out you are until you get there and you're like, wow, I'm really short, and I think that we have been experiencing for decades. The theft of the benefit of our productivity gains, and we're not just a little bit out of position. We're way out of position. That's Keith Weinhold 40:07 a great point. Like I had said earlier, imagine what the rate of inflation would be if we hadn't outsourced so much of our labor and productivity to low cost China. And then imagine what the rate of inflation would be as well, if you would factor in all of this increased productivity and efficiency, the natural tendencies of which are to make prices go lower as society gets more productive, but instead they've gone higher. So when you adjust for some of these factors, you just can't imagine what the true debased purchasing power of the dollar is. It's been happening for a long time. It's inevitable that it's going to continue to happen in the future. So this has been a great chat about the history and us understanding what the powers that be have done to debase our dollar. It's only at what rate we don't know. Russ, tell us more about what you're doing today. You're really out there more as a champion for Main Street in capitalism. Russell Gray 41:04 I mean, 20 years with Robert and the real estate guys, and it was fantastic. I loved it. I went through a lot, obviously, in 2008 and that changed me a little bit. Took me from kind of being a blocking and tackling, here's how you do real estate, and to really understanding macro and going, you know, it doesn't matter. You can do like I did, and you build this big collection. Big collection of properties and you lose it all in a moment because you don't understand macro. So I said, Okay, I want to champion that cause. And so we did that. And then we saw in the 2012 JOBS Act, the opportunity for capital raisers to go mainstream and advertise for credit investors. And I wrote a report then called the new law breaks Wall Street monopoly. And I felt like that was going to be a huge opportunity, and we pioneered that. But then after my late wife died, and I had a chance to spend some time alone during COVID, and I thought, life is short. What do I really want to accomplish before I go? And then I began looking at what was going on in the world. I see now a couple of things that are both opportunities and challenges or causes to be championed. And one is the mega trend that I believe the world is going you know, some people call it a fourth turning whatever. I don't consider that kind of we have to fall off a cliff as Destiny type of thing to be like cast in stone. But what I do see is that people are sick and tired of monopolies. We're sick and tired of big tech, we're sick and tired of big media, we're sick and tired of big government. We're sick and tired of big corporations, we don't want it, and big banks, right? So you got the rise of Bitcoin, you got people trying to get out from underneath the Western hegemony, as we've been talking about decentralization of everything. Our country was founded on the concept of decentralization, and so people don't understand that, right? It used to be everything was centralized. All powers in the king. Real Estate meant royal property. That's what real estate it's not like real asset, like tangible it's royal estate. It's royal property. Everything belonged to the king, and you just got to work it like a serf. And then you got to keep 75% in your produce, and you sent 25% you sent 25% through all the landlords, the land barons, and all the people in the hierarchy that fed on running things for the king, but you didn't own anything. Our founder set that on, turn that upside down, and said, No, no, no, no, no, it's not the king that's sovereign. It's the individual. The individual is sovereign. It isn't the monarchy, it's the individual states. And so we're going to bring the government, small. The central government small has only got a couple of obligations, like protect the borders, facilitate interstate commerce, and let's just have one common currency so that we can do business together. Other than that, like, the state's just going to run the show. Of course, Lincoln kind of blew that up, and it's gotten a lot worse after FDR, so I feel like we're under this big decentralization movement, and I think Main Street capitalism is the manifestation of that. If you want to decentralize capitalism, the gig economy, if you want to be a guy like you, and you can run your whole business off your laptop with a microphone and a camera, you know, in today's day and age with technology, people have tasted the freedom of decentralization. So I think the rise of the entrepreneur, I think the ability to go build a real asset portfolio and get out of the casinos of Wall Street. I think right now, if we are successful in bringing back these huge amounts of investment, Trump's already announced like two and a half or $3 trillion of investment, people are complaining, oh, the world is selling us. Well, they're selling stocks and they're selling but they're putting the money actually into creating businesses here in the United States that's going to create that primary driver, as you well know, in real estate, that's going to create the secondary and tertiary businesses, and the properties they're going to use all kinds of Main Street opportunity are going to grow around that. I lived in Silicon Valley, when a company would get funded, it wasn't just a company that prospered, it was everything around that company, right? All these companies. I remember when Apple started. I remember when Hewlett Packard, it was big, but it got a lot bigger, right there. I watched all that happen in Silicon Valley. I think that's going to happen again. I think we're at the front end of that. And so that's super exciting. Wave. The second thing that is super important is this raising capitalist project. And the reason I'm doing it is because if we don't train our next generation in the principles of capitalism and the freedom that it how it decentralizes Their personal economy, and they get excited about Bitcoin, but that's not productive. I'm not putting it down. I'm just saying it's not productive. You have to be productive. You want to have a decentralized currency. Yes, you want to decentralize productivity. That's Main Street capitalism. If kids who never get a chance to be in the productive economy get to vote at 1819, 2021, 22 before they've ever earned a paycheck, before they have any idea, never run a business. Somebody tells them, hey, those guys that have all that money and property, they cheated. It's not fair. We need to take from them. We need to limit them, not thinking, Oh, well, if I do that, when I get to be there, that what I'm voting for is going to get on me. Right now, Keith, there are kids in ninth grade who are going to vote for your next president, right? Keith Weinhold 45:56 And they think capitalism is evil. This is part of what you're doing with the raising capitalists project, helping younger people think differently. Russ, I have one last thing to ask you. This has to do with the capitalism that you're championing on your platforms now. And real estate, I continue to see sometimes I get comments on my YouTube channel, especially maybe it's more and more people increasingly saying, Hey, I think housing should be a human right. So talk to us about that. And maybe it's interesting, Russ, if I take the other side of it and play devil's advocate, people who think housing is a human right, they say something like, the idea is that housing, you know, it's a fundamental need, just like food and clean water and health care are without stable housing. It's incredibly hard for a person to access opportunities like work and education or health care or participate meaningfully in society at all. So government ought to provide housing for everybody. What are your thoughts there? Russell Gray 46:54 Well, it's inherently inflationary, which is the root cause of the entire problem. So anytime you create consumption without production, you're going to have more consumers than producers, and so you're going to have more competition for those goods. The net, net truth of what happens in that scenario are shortages everywhere. Every civilization that's ever tried any form of system where people just get things for free because they need them, end up with shortages in poverty. It doesn't lift everybody. It ruins everything. I mean, that's not conjecture. That's history, and so that's just the way it works. And if you just were to land somebody on a desert island and you had an economy of one, they're going to learn really quick the basic principles of capitalism, which is production always precedes consumption, always 100% of the time, right? If you're there on that desert island and you don't hunt fish or gather, you don't eat, right? You don't get it because, oh, it's a human right to have food. Nope, it's a human right to have the right to go get food. Otherwise, you're incarcerated, you have to have the freedom of movement to go do something to provide for yourself, but you cannot allow people to consume without production. So everybody has to produce. And you know, if you go back to the Plymouth Rock experiment, if you're familiar with that at all, yeah, yeah. So you know, just for anybody who doesn't know, when the Pilgrims came over here in the 1600s William Bradford was governor, and they tried it. They said, Hey, we're here. Let's Stick Together All for one and one for all. Here's the land. Everybody get up every day and work. Everybody works, and everybody eats. They starved. And so he goes, Okay, guys, new plan. All right, you wine holds. See this little plot of land, that's yours. You work it. You can eat whatever you produce. Over there, you grace. You're going to do yours and Johnson's, you're going to do yours, right? Well, what happened is now everybody got up and worked, and they created more than enough for their own family, and they had an abundance. And the abundance was created out of their hunger. When they went to serve their own needs, they created abundance forever others. That's the premise of capitalism. It's not the perfect system. There is no perfect system. We live in a world where human beings have to work before they get to eat. When I say eat, it could be having a roof over their head. It could be having clothes. It could be going on vacation. It could be having a nice car. It could be getting health care. It doesn't matter what it is, whatever it is you need. You have the right, or should have, the right, in a free system to go earn that by being productive, but the minute somebody comes and says, Oh, you worked, and I'm going to take what you produced and give it to somebody else who didn't, that's patently unfair, but economically, it's disastrous, because it incentivizes people not to work, which creates less production, more consumption. I have another analogy with sandwich makers, but you can imagine that if you got a group if you got a group of people making sandwiches, one guy starts creating coupons for sandwiches. Well then if somebody says, Okay, well now we got 19 people providing for 20. That's okay, but then all the guys making sandwiches. Why making sandwiches? I'm gonna get the coupon business pretty soon. You got 18 guys doing coupons, only two making sandwiches. Not. Have sandwiches to go around all the sandwiches cost tons of coupons because we got way more financialization than productivity, right? That's the American economy. We have to fix that. We can't have people making money by just trading on other people's productivity. We have to have people actually being productive. This is what I believe the administration is trying to do, rebuild the middle class, rebuild that manufacturing base, make us a truly productive economy, and then you don't have to worry about these things, right? We're going to create abundance. And if you don't have the inflation is which is coming from printing money out of thin air and giving to people who don't produce, then housing, all sudden, becomes affordable. It's not a problem. Health care becomes affordable. Everything becomes affordable because you create abundance, because everybody's producing the system is fundamentally broken. Now we have to learn how to profit in it in its current state, which is what you teach people how to do. We also have to realize that it's not sustainable. We're on an unsustainable path, and we're probably nearing that event horizon, the path of no return, where the system is going to break. And the question is, is, how are you going to be prepared for it when it happens? Number two, are you going to be wise enough to advocate when you get a chance to cast a vote or make your voice heard for something that's actually going to create prosperity and freedom versus something that's going to create scarcity and oppression? And that's the fundamental thing that we have to master as a society. We got to get to our youth, because they're the biggest demographic that can blow the thing up, and they're the ones that have been being indoctrinated the worst. Keith Weinhold 51:29 Yes, Fed Chair Jerome Powell himself said that we live in a economic system today that is unsustainable. Yes, the collectivism we touched on quickly descends into the tyranny of the majority. And in my experience, historically, the success of public housing projects has been or to mixed at best, residents often don't respect the property when they don't have an equity stake in it or even a security deposit tied up in it, and blight and high crime rates have often followed with these public housing projects. When you go down that path of making housing as a human right, like you said earlier, you have a right to go procure housing for yourself, just not to ask others to pay for it for you. Well, Russ, this has been great. It's good to have your voice back on the show. Here again, here on a real estate show. If people want to connect with you, continue to see what you've been up to and the good projects that you're working on, promoting the virtues of capitalism. What's the best way for them to do that? Russell Gray 52:31 I think just send an email to follow at Russell Gray, R, U, S, S, E, L, L, G, R, A, y.com, let you know where I am on social media. I'll let you know when I put out new content. I'll let you know when I'm a guest on somebody somebody's show and I'm on the cusp of getting my own show finally launched. I've been doing a lot of planning to get that out, but I'm excited about it because I do think, like I said, The time is now, and I think the marketplace is ripe, and I do speak Main Street and macro, and I hope I can add a nuance to the conversation that will add value to people. Keith Weinhold 53:00 Russ, it's been valuable as always. Thanks so much for coming back onto the show. Thanks, Keith. Yeah, terrific, historic outline from Russ about the long term decline of the dollar. It's really a fresh reminder and motivator to keep being that savvy borrower. Of course, real estate investors have access to borrow giant sums of dollars and short the currency that lay people do not. In fact, lay people don't even understand that it's a viable strategy at all. Like he touched on, Russ has really been bringing an awareness about how decentralization is such a powerful force that reshapes society. In fact, he was talking about that the last time that I saw him in person a few months ago. Notably, he touched on Nixon era wage and price controls. Don't you find it interesting? Fascinating, really, how a few weeks ago, Trump told Walmart not to pass tariff induced price increases onto their customers. Well, that's a form of price control that we're seeing today to our point, when we had the father of Reaganomics, David Stockman here on the show, five weeks ago, tariffs are already government intervention into the free market, and then a president telling private companies how to set their prices, that is really strong government overreach. I mean, I can't believe that more people aren't talking about this. Maybe that's just because this cycle started with Walmart, and that's just doesn't happen to be a company that people feel sorry for. Hey, well, I look forward to meeting you in person in Miami in just four days, as I'll be a faculty member for when we kick off the terrific real estate guys Investor Summit and see and really getting to know you, because we're going to spend nine days together. Teaching, learning and having a great time on a cruise ship in the Caribbean. Until then, I'm your host. Keith Weinhold, don't quit your Daydream. Speaker 3 55:13 Nothing on this show should be considered specific, personal or professional advice. Please consult an appropriate tax, legal, real estate, financial or business professional for individualized advice. Opinions of guests are their own. Information is not guaranteed. All investment strategies have the potential for profit or loss. The host is operating on behalf of get rich Education LLC, exclusively. Keith Weinhold 55:36 You know whatever you want, the best written real estate and finance info. Oh, geez, today's experience limits your free articles access and it's got pay walls and pop ups and push notifications and cookies disclaimers. It's not so great. So then it's vital to place nice, clean, free content into your hands that adds no hype value to your life. That's why this is the golden age of quality newsletters, and I write every word of ours myself. It's got a dash of humor, and it's to the point because even the word abbreviation is too long, my letter usually takes less than three minutes to read. And when you start the letter, you also get my one hour fast real estate video. Course, it's all completely free. It's called the Don't quit your Daydream letter. It wires your mind for wealth, and it couldn't be easier for you to get it right now. Just text. GRE to 66866, while it's on your mind, take a moment to do it right now. Text, GRE to 66866 The preceding program was brought to you by your home for wealth, building, getricheducation.com.
Munaf Manji and Mackenzie Rivers talk NBA Finals Game 5 betting. best bets as always. The latest episode of RJ Bell's Dream Preview podcast features Munaf Manji and Mackenzie Rivers breaking down Game 5 of the 2025 NBA Finals and pivotal offseason developments. They begin by analyzing the Desmond Bane trade, where Memphis sent Bane to Orlando for Kentavious Caldwell-Pope, Cole Anthony, four unprotected first-round picks, and a pick swap. The Magic, previously last in the league in three-point percentage and makes, addressed a dire shooting need. While Bane strengthens the backcourt alongside Paolo Banchero and Franz Wagner, both hosts agree Orlando still lacks a true playmaker to fully optimize the roster. Turning to Memphis, the trade signals a possible rebuild despite the Grizzlies surpassing expectations last season with a +5 net rating. The franchise had already fired head coach Taylor Jenkins. Ja Morant, despite off-court controversies, recorded his best statistical season per estimated plus-minus, but trade value concerns and injury history complicate future decisions. Jaren Jackson Jr., on a one-year deal, might be easier to move but would likely require a max extension. Mackenzie suggests Memphis may be following Oklahoma City's “draft capital” model to rebuild in a Western Conference crowded with rising powers like the Thunder, Mavericks, and Spurs. The conversation shifts to Kevin Durant's future. Odds favor Minnesota, Miami, Houston, and San Antonio as potential trade destinations. Mackenzie argues Houston offers the best fit, balancing defense and the need for a closer. The Rockets' roster is full of youth and effort but lacks a go-to scorer in crunch time. However, Munaf notes the potential cost—losing Jalen Green, Jabari Smith, or Cam Whitmore—may be steep for an aging Durant with limited prime years remaining. Both agree that while the trade could elevate Houston, it does not guarantee championship contention. In analyzing Game 5 of the NBA Finals, the Thunder return home with the series tied 2–2 and are listed as 9.5-point favorites. Game 4 was pivotal—Oklahoma City finally covered a road playoff game, aided by Shea Gilgeous-Alexander's late-game scoring surge. The Pacers attempted a record number of full-court press possessions, forcing OKC to shift SGA off-ball. This change, emphasizing scoring over playmaking, resulted in SGA posting zero assists. His potential assists have dropped from 15.3 earlier in the playoffs to just 10.3 in the Finals. Mackenzie recommends betting under 6.5 assists for SGA in Game 5. Statistical betting trends further back the Thunder. Teams favored by eight or more points at home in a tied 2–2 playoff series are 20–2 straight up and 17–5 against the spread. Historically, such teams cover at a 62 percent rate in Game 5 scenarios. Munaf adds that OKC is 9–2 straight up and 8–3 ATS at home this postseason, further reinforcing confidence in them to win and cover. Among player props, Aaron Neesmith is spotlighted for Indiana. He's averaging 15.4 points per game in road contests this postseason. Munaf recommends the over on both his points and three-point props, noting his consistency when Halliburton struggles to create. The episode closes by revisiting odds and possible futures for Durant and the teams in play. With the draft looming on June 25, both hosts suggest the next big move could come sooner than expected. Game 6 will shift back to Indiana, but Game 5 is set to be decisive. Listeners are offered a promo code for discounted picks, and the hosts preview a busy offseason ahead. Learn more about your ad choices. Visit megaphone.fm/adchoices
Psalm 88,O Lord, God of my salvation, I cry out day and night before you.2 Let my prayer come before you; incline your ear to my cry!3 For my soul is full of troubles, and my life draws near to Sheol.4 I am counted among those who go down to the pit; I am a man who has no strength,5 like one set loose among the dead, like the slain that lie in the grave,like those whom you remember no more, for they are cut off from your hand.6 You have put me in the depths of the pit, in the regions dark and deep.7 Your wrath lies heavy upon me, and you overwhelm me with all your waves. Selah8 You have caused my companions to shun me; you have made me a horror to them.I am shut in so that I cannot escape;9 my eye grows dim through sorrow.Every day I call upon you, O Lord; I spread out my hands to you.10 Do you work wonders for the dead? Do the departed rise up to praise you? Selah11 Is your steadfast love declared in the grave, or your faithfulness in Abaddon?12 Are your wonders known in the darkness, or your righteousness in the land of forgetfulness?13 But I, O Lord, cry to you; in the morning my prayer comes before you.14 O Lord, why do you cast my soul away? Why do you hide your face from me?15 Afflicted and close to death from my youth up, I suffer your terrors; I am helpless.16 Your wrath has swept over me; your dreadful assaults destroy me.17 They surround me like a flood all day long; they close in on me together.18 You have caused my beloved and my friend to shun me; my companions have become darkness.Psalm 88 is similar to many other psalms in that first, it's a prayer, and second, it's a lament — the psalmist is struggling. We see this often in the psalms. But Psalm 88 is dissimilar to other psalms — or really, it's unlike any other psalm in that it has no resolution. Other psalms will feature moments of disorientation and darkness, but by the last verse, they spring forward, they bounce back, they recite hope. But that's not the case in Psalm 88. The very last verse, where we're expecting the light to break through, says, verse 18:“You have caused my beloved and my friend to shun me; my companions have become darkness.” We can see it there on the page in verse 18. Darkness literally gets the last word in Psalm 88, which is why this psalm has been called “the saddest psalm of the Psalter.”It's uncomfortable to read; it's uncomfortable to preach; it's uncomfortable to listen to, but here we are this morning, and I want to know: Why does God give us Psalm 88?Now, we know the answer to that question is because somehow it's good for us. By God's grace, he loves us and he's committed to our everlasting good in Christ — we know that's true and that's where we should start any time we ask “why” about anything: God is good. He loves you. And he's sovereign. So a better question might be: Why is Psalm 88 good for us? In God's wisdom and love, why do we need Psalm 88?I think there are three reasons. We're going to look at each one, but first let's pray again and ask God for help.Father in heaven, by your grace we are here with your Word open before us, and we ask for your help. We reject any assumptions that there's nothing here for us, and we reject any pretense that thinks we can gain anything from you in our own strength. Our souls are needy and you must feed us. Do that, please, in Jesus's name, amen. The first reason we need Psalm 88 …1. Soul trouble is a real experience in Christian life.We don't know the historical details behind this psalm. The superscript tells us that it's from a son of Korah named Heman the Ezrahite — and there are a couple different “Hemans” in the Old Testament; we're not 100% sure which one this is, but he's not to be confused with He-Man, the cartoon from the 1980s. This is Heman the psalmist, but beyond that, we don't know much about what's going on. We don't know of a certain event he's responding to. And that's on purpose.It's important for us to see that the trouble in Psalm 88 is not an external physical enemy, but it's personal and spiritual … and the thing with personal, spiritual trouble is that it can happen anywhere at any time — in the Middle East in 600BC or here, today — and it can happen for all kinds of reasons, some that make sense and others that make no sense.In Need of a CategoryThe fact is it's trouble. The psalmist says in verse 3,“My soul is full of troubles.”And we can understand that … he has a troubled soul. Soul trouble. And this a category we need. There is such a thing as a condition of soul that's like being on the edge of the grave, he says in verse 3. He uses lots metaphors to describe the experience …Verse 4:“I am counted among those who go down to the pit, I am a man who has no strength.”To paraphrase him, he's saying, I've been betted against and drained of life, verse 4. I'm like a zombie and useless — discarded with the dead, verse 5. I'm forgotten and forsaken by God, verse 6.And this is the psalm. You heard it read. It's this kind of talking pretty much the whole way through, and it just goes from bad to worse, to finally darkness. This is soul trouble — it's a condition.Or, it's what some have called “spiritual depression.” That's the title that Martyn Lloyd-Jones gave it back in the 1960s (the word “depression” was not used back then like it is today). But he explained it as an experience in the Christian life when you're in a prolonged state of spiritual discouragement, heaviness, or lack of joy — and not because of some sin, but it just is. This experience has also been called “the dark night of the soul.” Or also “divine absence.”They're all talking about the same thing. It's an experience of intense spiritual dryness, disorientation, and darkness — it's when God has permitted himself to seem far from you.We need a category for this. So call it what you want — “spiritual depression” or “dark night of the soul” or “divine absence” — I'm calling it soul trouble (to use the words of verse 3). But the main thing is that you know it's a thing. It's a real experience in the Christian life, and some of you know about it all too well because you've been there … or you are there now. And we don't like to be there. We don't want to be here. But we can't just make it stop. Others Have Been There, TooWell, first thing we all should know about this experience is that when you find yourself there, you're not alone and it's not uncommon. Historically, we have lots of examples of past saints who've been there.Charles Spurgeon spoke openly of his own soul trouble. In 1858, he preached a sermon to his church titled, “The Christian's Heaviness and Rejoicing,” and in that sermon he said, I was lying upon my couch during this last week, and my spirits were sunken so low that I could weep by the hour like a child, and yet I knew not what I wept for …He battled this all throughout his ministry. Spurgeon can help us. But personally, I've been most helped by John Bunyan, another Baptist ancestor and pastor. Bunyan lived in the 1600s but we can read him today, and he talks about his struggles openly in his autobiography. He called his experience “many turnings and goings” upon his heart. That's another way to say Ups and downs. Back and forth. I want to read to you an extended quote from Bunyan, and it's in Old English, so hang with me (it's printed in the handout if you want to follow). He writes this: I have wondered much at this one thing, that though God doth visit my soul with never so blessed a discovery of himself, yet I have found again, that such hours have attended me afterwards, that I have been in my spirit so filled with darkness, that I could not so much as once conceive what that God and that comfort was with which I have been refreshed.I have sometimes seen more in a line of the Bible than I could well tell how to stand under, and yet at another time the whole Bible hath been to me as dry as a stick; or rather, my heart hath been so dead and dry unto it, that I could not conceive the least dram of refreshment, though I have looked it all over.Do you hear him? His Christian life is like a roller coaster. He sees and then he can't see. He has affections and then no affections. Rivers of refreshment; dry as a desert. And it doesn't make sense. You ever been there before?Brothers and sisters, you're not alone. As the Word of God!We can read about the experiences of past saints, but even better than that, God gave us Psalm 88. We can read the experience here as the word of God. We can walk with this psalmist as he's in the darkest part of the valley. Verse 7:“Your wrath lies heavy upon me, and you overwhelm me with all your waves.”You've isolated me, verse 8. I'm shunned.I pray to you every day but you don't listen. Why do you reject me? Why are you hiding from me?I'm overwhelmed. I'm exhausted. I'm being destroyed and I can't get a break. I'm in the dark.Soul trouble. That's what this is. And we need Psalm 88 because soul trouble is a real experience in the Christian life. God gave us this psalm so that we know what to do with it.That's the second reason we need Psalm 88.2. We learn to take our soul trouble to God. Okay, so Psalm 88 is bleak and despairing at face-value, but when we look closer, we can see that it's not without hope, and that's because of the most obvious fact of this psalm: it is a prayer. Which means, everything that is said here is said to God. Look at this with me, verse 1: “O Yahweh, God of my salvation, I cry out day and night before you. Let my prayer come before you; incline your ear to my cry!”Verse 9: “Every day I call upon you, O Yahweh; I spread out my hands to you.”Verse 13:“But I, O Yahweh, cry to you; in the morning my prayer comes before you.”Do see that? You, you, you! The psalmist is bringing his soul trouble to God even as he knows that God is the one in control of it. The God We Can TrustThat's the amazing thing of the very first line in verse 1. He starts this whole psalm with, “O Yahweh, God of my salvation.”Now why is that important? It's that he addresses God by his covenant name, Yahweh. The name “Yahweh” is the name that God revealed to Moses (and the people of Israel) as the grounds by which he can be trusted. This revelation is one of the highest moments in all the Bible. It is Exodus 34, on Mount Sinai: God passed before Moses and proclaimed his name:“Yahweh, Yahweh, a God merciful and gracious, slow to anger, and abounding in steadfast love and faithfulness…”God proclaimed himself to be the God who is there, and who is there to save. He is the present, saving God — Yahweh. That's his name! That's who he is! He is the present, saving God even when we can't see, even when we may not feel it. The psalmist acknowledges this reality right from the start. He's in the dark, but even in the dark he comes to the God of promise, the God of covenant faithfulness, the God of his salvation. That's what it means to call God by his name, “Yahweh” — which he does in verse 1, verse 9, and verse 13.The psalmist feels forgotten, but he has not forgotten who to tell it to. Verses 1, 9, and 13 frame this psalm. He's saying, Yahweh, I'm a mess, look at me. This is where I am. I'm a mess, but I'm your mess … And I'm coming to you. We are taught here to do the same thing. Three Possible ScenariosThere are really three possible scenarios we could be in. Track with me here:1. The best scenario — this is not to have soul trouble — this is when God is close and clear. It's what John Bunyan was talking about when he said “God doth visit my soul with blessed discoveries of himself.” We read the Bible and we can see! And we're mainly thankful! Don't you want that? It is “heaven on earth” (that's what the Puritan Thomas Brooks called it). It's the best scenario.2. The worst scenario — this is to have soul trouble, to feel all the things Psalm 88 feels, but it's to run away from God. It's to abandon God, reject God, refuse to pray. That is “hell on earth.” God, keep us from that. It's the worst scenario.So there's the best scenario and the worst scenario, and Psalm 88 is neither of those. So what is it?3. It's the second-best scenario. It's to have the soul trouble, but to bring the soul trouble to the God who ‘feels' far away. It's to call him by his name, Yahweh, the God of my salvation. It's to say, I'm a mess, but I'm your mess. It's not the best place to be, but it's the second-best place to be, and sometimes God calls us to second best.Part of Our Vocab?And again, in terms of a category, this is one that I want us to have in our church. I think it's a big problem in the local church when everyone pretends like they're in the best scenario when they're not. Everybody we see, we say, “Hey, how are you?” And it's constantly, “Great! Great! Great!” I want us all to know: we don't have to say “great” if it's not great. But then what do we say? If it's not great and somebody asks you, “Hey, how are you?” You can say, “I'm doing second-best.”Could we make that part of our vocabulary?If we're doing second-best, let's tell one another, and help one another. God loves you right there, in that valley, in second-best. He loves you. He is the God of your salvation. Take your soul trouble to him. Psalm 88 shows us how to do that.Third reason God gives us this psalm …3. Jesus has endured the darkness for us.The Book of Psalms overall is meant to be a guide for our worship. The psalms model for us how to live the life of real faith with all its ups and downs, turnings and goings. And it's amazing how we can identify with such an ancient text. We forget sometimes that this was written thousands of years ago. And yet, we can read it and we get where the writers are coming from. That's astounding. We have an ancient faith, and the psalms are for our faith. But the psalms are not about us and our faith. The psalms are mainly about the Messiah. Some psalms are more overt here than others, but every psalm, taken in context, is meant to point us to Jesus. The same goes for Psalm 88.And I think that becomes clearer the more we slow down and hear what the psalmist is saying. As dark as our own situation might be, there are parts of Psalm 88 that stretch beyond our experience. Wait, It's Not That DarkAs it turns out, I ran into my own soul trouble this past week. True story. I didn't cry for an hour like a child, like Spurgeon did, but I hit a snag, I was spinning my wheels for a bit, and providentially, I'm in Psalm 88. But the more I meditated on it, I was like, Yeah, I'm not there. It's not that dark. And I think we all have to say that by the time we get to verse 7. This is one we need to see together. Can everybody find verse 7? If you don't have a Bible, we'd love to give you one, but for now look on with a neighbor if you need to. We all need to see verse 7,“Your wrath lies heavy upon me, and you overwhelm me with all your waves. Selah”Now notice he doesn't say, “It feels like your wrath is upon me.” No, he says, “Your wrath” — ḥēmāh, your fury, your rage — “your wrath lies heavy upon me.” And I read that this week and said, I've never been there. Some of us in this room have been in some really dark places, but none of us have ever been there. When you get to Psalm 88, verse 7 — the wrath of God heavy upon me — you read that and realize: there's only one person who's ever been there and lived to talk to about it. His name is Jesus. And look, he went there for you. We can say, he went there for me.He Went There For YouHe went there, to that ultimate place of darkness, and he suffered that wrath, so that we don't have to. Which means: as dark as it might get for you, you can remember that Jesus has already gone there and beyond there — on the darkest of days, from a hill called the Skull, after he cried forsaken, after he said It was finished, after they sealed the tomb with a stone, he went there, to the grave where his companions became darkness … but then he looked Death in the face and he said You're done. … And he left. He got up.He was raised in death-defeating, indestructible life which he has right now, for you, where you are. You might feel alone, but you are not alone. He will never leave you. He will never forsake you. Jesus is not afraid of the dark, and because of him we don't have to be either. Praise him! Praise him! What a Savior!Jesus, thank you for your great love for us. And thank you that the proof of your love is in your wounds. We know that you've not abandoned us. You've not forgotten us. But you're here with us always and you hold us even when we hurt. And we can't see. You've got us. We praise you, Jesus. We praise you.
Alternative Assets Appear to Be a House of Cards I remember using that same terminology back before the tech bust about 25 years ago. I was maybe a little bit early back then, but the house of cards collapsed. The more I read about alternative assets the more I scratch my head and ask how is Wall Street getting away with this? In the end, I believe the small investor will end up paying dearly for investing in these alternative assets. I learned something new over the weekend, a company called Hamilton Lane Private assets can buy private stakes from other holders at a discounted price, but then they can magically increase the value to the net asset value. This also reminds me of the mortgage crisis in 2008 with collateralized mortgage obligations better known as CMO‘s that also had major difficulties. Hamilton Lane Private assets can disregard the discounted price they paid no matter how they paid for it, even if it was in a competitive auction and again mark it up to net asset value. In 2024 there were $162 billion in secondary deals with an average discount of 11%. My question is how can they magically create $18 billion of value on those secondary deals. The incentive fees that private equity firms like Hamilton Lane earn range from 10 to 12 1/2%. If it sounds complicated, it is and if you don't understand something, you should not be investing in it no matter how simple your broker tries to make it sound. The greed on Wall Street appears to be running rampant, I would highly caution investors to avoid any type of private equity in their portfolio. Tariffs Are Still Not Impacting Inflation The May Consumer Price Index, also known as CPI, showed little impact from tariffs. Headline CPI came in at 2.4%, which was right in line with expectations and core CPI, which excludes food and energy, came in at 2.8%, which was actually below the expectation of 2.9%. The headline CPI continues to remain softer than core CPI due to falling energy prices. Compared to last year, energy prices were down 3.5% and gasoline in particular fell 12.0%. The core prices do remain a little bit stuck at the 2.8% level considering it was at that level in both the March and April reports as well, but considering the concern around tariffs I would say this was a really strong report. It will be interesting to see the coming months as economists are pointing to the fact that companies brought in excess inventory before the tariffs were implemented so they are still working through pre tariff inventory and have not needed to raise prices yet. I do wonder if inflation does not substantially increase at what point will economists say that the tariffs maybe aren't as impactful as they once thought? My belief remains that we will see a small uptick in inflation in the coming months, but there are other forces reducing inflation in some areas so I think it will be more muted than many believe. Health and Human Services Is Receiving a Major Makeover Back in the 60s, the world looked to America's health regulators for guidance because they had a reputation for integrity, scientific impartiality and a strong defense of patient welfare. Today and for probably the last couple of decades, HHS has lost trust among many people. This week, a major shakeup of the advisory committee for immunization practices known as ACIP is retiring all 17 of the current members on the committee. In the past, the committee had many persistent conflicts of interest and approved every vaccine that came through. The committee met behind closed doors and without transparency the public had no faith in their decisions. Some of the members had financial stakes or received substantial funding from the pharmaceutical companies. I'm happy to report with all 17 of the committee members being forced into retirement we should see big changes on the approval of vaccines and hopefully in a few years, the HHS and the committee can regain public trust. This could have an impact on some pharmaceutical stocks if vaccines go through a more rigorous approval process. Financial Planning: What If There's a Recession While in Retirement? With 8 in 10 Americans already changing their spending habits and 58% expecting a recession, it's clear that economic uncertainty is weighing heavily on people's minds. But the reality is if you're retiring soon, or already retired, you should assume you'll face multiple recessions, market corrections, and bear markets during your retirement. It's not a matter of it, but when. Historically, recessions occur about every 6 to 10 years and typically last 10 to 18 months. Market corrections, defined as a drop of 10% or more, happen about once every 1 to 2 years, and bear markets, declines of 20% or more, occur roughly every 5 to 6 years, lasting on average about 10 months, though the recovery to previous highs can take up to 2 years or more depending on the severity. The point isn't to try and time retirement around these events, it's to build an income strategy that expects them. A well-structured retirement income plan includes diversified investment portfolio that will provide long-term growth, cash reserves to avoid selling investments at a loss, a sustainable withdraw rate, and flexibility to adjust withdrawals from various sources when needed. By accepting volatility as a normal part of retirement, you can build a plan that weathers it and sleep better when the markets are volatile. Companies Discussed: Lululemon Athletica Inc. (LULU), Petco Health and Wellness Company, Inc. (WOOF), Brown-Forman Corporation (BF.B) & DocuSign, Inc. (DOCU)
Modern life bombards us with stresses our bodies are not physically equipped (or evolved) to handle. It's no wonder so many of us are overwhelmed and struggling. Luckily, there are effective strategies and tools to help manage and reduce stress. You just need to learn how to tap into them. Here today to help us better navigate life's stressors is Dr. Robyne Hanley-Dafoe, an internationally acclaimed speaker and resiliency expert. With over 18 years of experience in education and psychology, Dr. Robyne is renowned for her transformative approach to stress management and personal wellness. She is also the award-winning author of Calm Within the Storm: A Pathway to Everyday Resiliency and her latest book, Stress Wisely: How to Be Well in an Unwell World. In today's conversation, you'll hear Robyne share her expert insights as we delve into practical methods for building resilience and finding balance amidst the chaos. We discuss the five pillars of resilience, from belonging and acceptance to hope and humor, before unpacking the pivotal role of each in maintaining our well-being. Robyne also shares her powerful thoughts on self-compassion, why you can't shame yourself into doing better, and how our historical ability to adapt continuously inspires her to feel hope for the future. Tune in to discover how to break free from the stress cycle, build periods of rest into your routine, and harness emotional intelligence to create a healthier, happier life! Key Highlights From This Episode: Defining resiliency and our innate ability to show up for those who depend on us. [05:32] Unpacking the power of hope and how it fits into resiliency. [08:28] Signs of toxic positivity and the self-awareness required to reach your goals. [13:17] Why we aren't physically equipped for modern life and how to build in periods of rest. [15:52] Tuning into self-awareness and your body's attempts to reregulate. [21:17] The five pillars of resilience: belonging, perspective, acceptance, hope, and humor. [23:47] How to acknowledge and address deep existential fears. [35:31] Where you can find Dr. Robyne and her latest book online. [39:04] For More Information: Dr. Robyne Hanley-Dafoe Dr. Robyne Hanley-Dafoe on LinkedIn Dr. Robyne Hanley-Dafoe on X Dr. Robyne Hanley-Dafoe on Facebook Links Mentioned in Today's Episode: Check out Dr. Robyne's award-winning book Calm Within the Storm: A Pathway to Everyday ResiliencyDiscover life-changing lessons in her latest work Stress Wisely: How to Be Well in an Unwell World ——————— Take a 10% discount off of Kathy's 6-session Career & Leadership Breakthrough coaching program IS IT FINALLY TIME FOR A TRUE SHIFT IN YOUR CAREER AND LEADERSHIP? Do you feel ready and excited to make the essential changes you've been longing for in your career but need some empowering support to begin? That help is here! Join me as I coach and guide you through powerful, proven steps that unlock your fullest and most rewarding career potential. For a limited time, take advantage of my 10% discount for you, my amazing Finding Brave listeners. Save 10% on both my top-rated one-on-one 6-session Career & Leadership Breakthrough coaching program or my 3-session Jumpstart Your Career Success program. Participate from the comfort of your own home, at your own pace. Now's the time. Don't wait! Build the career you've been longing for this year. I'd love to support you. REGISTER NOW and use the 10% discount code BRAVEPOD10 to save 10% on these programs TODAY! Career & Leadership Breakthrough 6-session programJumpstart Your Career Success 3-session program ——————— Join us June 13th, 2025 for a LIVE, calming in-person retreat in NYC's iconic Central Park - hosted by Kathy Caprino and Jordan Friedman Connect with Your Inner Calm on June 13th with Kathy and Jordan, in NYC's iconic Central Park I'm thrilled to share an event that's truly special coming up on June 13th, designed for folks who would like a stress-reducing, calm and enlivening retreat experience in NYC's Central Park! For the first time, I'm teaming up with my dear friend and top stress management expert, Jordan Friedman (who I've had the honor of interviewing on my podcast twice now) to offer a live retreat and tour experience on June 13th in the heart of New York City's iconic Central Park. We'll start with a 2 and ½ -hour walking tour guided by Jordan (who is also a fabulous licensed New York City tour guide) of some of the most beautiful and relaxing spots in the park, followed by an energizing and supportive Q&A session, where Jordan and I will help you directly address and navigate some of the biggest stressors you're facing today — in your life, career, and family. We cannot wait to spend this special and meaningful time with you, surrounded by the nature, beauty and deep calm of the urban oasis of Central Park. Spots are limited, so check out the details and register today at thestresscoach.com/central-park-retreat. Jordan and I would love to offer you this special experience on June 13th! ——————— Sponsor Highlight I'm thrilled that both Audible.com and Amazon Music are sponsors of Finding Brave! Take advantage of their great special offers and free trials today! Audible Offer Amazon Music Offer Quotes: “Not everything happens for a reason. Some things are just awful. It's what you do with the pieces afterward that's really going to talk about the quality of your life.” — @dr_robynehd [0:09:47] “Motivational quotes only work if you put in the work. Simply sticking those post-it notes on your mirror [isn't] going to do anything unless you action it.” — @dr_robynehd [0:15:02] “We are very much addicted to this stress-cycle behavior that I'm seeing in my work right now – we were meant to have a lot more ease.” — @dr_robynehd [0:17:16] “Living the dream shouldn't kill you. And it was burning me out.” — @dr_robynehd [0:19:40] “You can't hate yourself healthy. That's probably the biggest misconception about all of this. We can't shame ourselves into doing better. We can't guilt ourselves into changing behavior.” — @dr_robynehd [0:23:01] “Historically, as a species, we have been able to rally. We have grown, we've learned, we've evolved, we've adapted, and I am so hope-filled for the future for my children, [and] for my grandchildren.” — @dr_robynehd [0:36:17] Watch our Finding Brave episodes on YouTube! Don't forget – you can experience each Finding Brave episode in both audio and video formats! Check out new and recent episodes on my YouTube channel at YouTube.com/kathycaprino. And please leave us a comment and a thumbs up if you like the show! Kathy Caprino AI is here! Don't forget to take full advantage of Kathy's new digital coaching tool - Kathy Caprino AI. Get instant, personalized support and answers to your pressing career, leadership, and professional growth questions, anytime you need it - 24/7 - via audio chat or text.
RJ Bell, Scott Seidenberg and Mackenzie Rivers talk NBA Finals betting and NFL this week. The "Dream Podcast NBA Finals Game 3 Reaction & NFL Wind Report" is a sports discussion hosted by RJ Bell alongside Scott Seidenberg and Mackenzie Rivers. The conversation begins with light banter and references to “Happy Days” before transitioning to a Father's Day promo and hot betting streaks by Andre Gomes and Fezik. RJ highlights their impressive records—49-21 and 25-7 respectively—with total units gained standing at +59 and +37. The analysis then turns toward the NBA Finals Game 3, where the Oklahoma City Thunder (OKC) lost to the Indiana Pacers. Mackenzie breaks down the collapse, emphasizing OKC's rotational rigidity as a critical flaw. Although Shai Gilgeous-Alexander (SGA) played 42 minutes, his brief rest early in the fourth allowed a 10-0 Pacers run, turning a 103-100 OKC lead into a loss. RJ critiques OKC's systemic inexperience, noting their league-second-fewest 24 clutch games in the regular season. Meanwhile, Indiana's superior poise in tight games continues, now boasting a 9-1 playoff record in clutch situations, defined as within five points during the final five minutes. Scott lauds Pacers coach Rick Carlisle for implementing a Spurs-like approach—balanced scoring and consistent fourth-quarter performances. The Pacers have scored 32 or more points in every fourth quarter of the series so far. Indiana's Benedict Mathurin came off the bench to score 27, bolstering the team's depth. RJ discusses the market perception of the Thunder and Pacers, suggesting OKC was overvalued due to their youth and playoff inexperience. Historically, NBA teams favored by -600 or more have gone 10-1 over the last 50 years; should Indiana win, it would rival the 2011 Mavericks' upset and perhaps even eclipse it. The discussion transitions into betting market mechanics, specifically the zigzag theory, which expects teams to rebound after a loss. While this strategy is currently hitting at 66% against the spread in these playoffs, RJ notes it's not profitable long-term due to line adjustments. The team cites that home dogs in Game 3 receive an average 4.5-point boost, and home favorites see about 8.5 points. They then preview Game 4, citing that OKC is 5-0 after playoff losses, averaging a +8 first-quarter margin. Yet, the Thunder are 0-8 against the spread on the road during the postseason. The podcast closes with a detailed look at NFL betting trends related to wind. Since 1999, games played in over 25 mph winds have gone 33-10-2 to the under, a 77% rate, averaging 8 fewer points than the line. Even at 15-19 mph, the under holds a 2-point edge. Finally, they briefly touch on Aaron Rodgers' surprise marriage and his move to Pittsburgh, noting that Vegas markets had already priced in his team change, keeping the Steelers' win total at 8.3 and showing no Super Bowl odds shift. The Dolphins' win total dropped from 8.1 to 7.5, the largest decline in the NFL, potentially due to depth issues or quarterback concerns. Learn more about your ad choices. Visit megaphone.fm/adchoices
Colorado Rockies television voice Drew Goodman joins Papa & Silver to discuss whether the Rockies would consider trading Ryan McMahon before the deadline and why the Rockies have performed at a historically bad level this yearSee omnystudio.com/listener for privacy information.
The U.S. Supreme Court is the final word on what happens in this country. Historically the nine justices decide what is constitutional and legal by looking at the law, legal precedent and judicial philosophy. But these days it seems like the high court is running on grievance, fringe theories and bad vibes. We get an explainer on why the Supreme Court is now so politically powerful and unpredictable.
Colorado Rockies television voice Drew Goodman joins Papa & Silver to discuss whether the Rockies would consider trading Ryan McMahon before the deadline and why the Rockies have performed at a historically bad level this yearSee omnystudio.com/listener for privacy information.
Making Instagram work smarter for your business, repurposing old content, and making the most out of DM automation tools with Lindsay Ostrom from Pinch of Yum. ----- Welcome to episode 522 of The Food Blogger Pro Podcast! This week, Bjork interviews Lindsay Ostrom from Pinch of Yum. How Pinch of Yum Uses Instagram to Grow Their Email List Welcome to the kickoff episode of our new mini-series, sponsored by Grocers List! In this conversation, Bjork and Lindsay are diving into how Pinch of Yum is rethinking its Instagram strategy, especially when it comes to using Reels, DM automation tools, and driving email list growth. They chat about how to balance creativity with conversion, and Lindsay shares why her opinion of DM automation tools has completely changed over time. Lindsay also gets into the nitty-gritty of repurposing blog content and using Grocers List as a strategic bridge to get Instagram followers into the email ecosystem. If you're looking to work smarter with your content and make Instagram actually work for your business, this episode is for you! Three episode takeaways: How to repurpose old content — Lindsay discusses how she has been breathing new life into older recipes by organizing and packaging her existing content into resources and opt-ins that can a) provide value to readers and b) drive followers to sign up for the Pinch of Yum email list. Pinch of Yums' current Instagram process and strategy — Lindsay shares her current content strategy for Instagram and how she's been rethinking the value of Instagram in her business. Historically, she viewed Instagram primarily as a means to build awareness around the brand and new recipes, but she is now being more strategic about the Instagram to email pipeline. She explains her practical tips for getting started with this mindset shift in this discussion! How to make the most out of DM for automation tools — Lindsay first tried out a DM for automation tool to drive site traffic a few years ago, but didn't like how it cluttered her Instagram inbox and made engaging with readers more difficult. So she abandoned it! Recently, however, she tried again (this time with Grocers List) and has had great success building her email list. In this interview, she explains what changed her opinion on these tools (and shares the Instagram inbox organization tip you need)! Resources: Pinch of Yum Skinnytaste Grocers List Grace and Vine Studios 22 Healthy Freezer Meals (That You'll Actually Love) Freezer Meals Instagram Post Follow Lindsay on Instagram and Pinterest Join the Food Blogger Pro Podcast Facebook Group Thank you to our sponsors! This episode is sponsored by Grocers List. Interested in working with us too? Learn more about our sponsorship opportunities and how to get started here. If you have any comments, questions, or suggestions for interviews, be sure to email them to podcast@foodbloggerpro.com. Learn more about joining the Food Blogger Pro community at foodbloggerpro.com/membership.
It's Tuesday, June 10th, A.D. 2025. This is The Worldview in 5 Minutes heard on 140 radio stations and at www.TheWorldview.com. I'm Adam McManus. (Adam@TheWorldview.com) By Kevin Swanson Panama grants asylum to 11 Iranian Christians Eleven Christian asylum seekers from Iran have been given a 6-month reprieve in Panama. A 27-year-old woman, Artemis Ghasemzadeh, told International Christian Concern that “If you're a Muslim and you convert to Christianity, it's a problem. The police want to catch you.” The Christians will continue searching for a country that will take them to avoid repatriation, imprisonment, and possibly death if they return to Iran. According to Open Doors, Iran is the ninth most dangerous country worldwide for Christians. Cuban prosecutors threatening pastor and wife with prison Cuban prosecutors are threatening eight years of imprisonment for a Christian pastor and his wife who mentioned God in a public trial. Pastor Luis Guillermo Borjas and his wife, Roxana Rojas, of the Assemblies of God, were detained on May 19th for mentioning God's justice in a trial involving their son. The trial for the couple is scheduled for this week. Please keep Pastor Luis and his wife Roxana n your prayers. Open Doors reports that Cuba is the 26th most difficult country worldwide in which to be a Christian. Franklin Graham: We need evangelists who are unafraid and unapologetic A thousand delegates attended the European Congress on Evangelism in Berlin, Germany at the end of last month. Fifty-nine years ago, Evangelist Billy Graham addressed the first European Congress on Evangelism in Berlin. BILLY GRAHAM: “The city of Berlin has influenced the world in every field. What a place from which to shout to the world: Christ is the Savior.” On May 30th, Evangelist Franklin Graham, his son, addressed the conference as well. FRANKLIN GRAHAM: “The Gospel has power. We're going to reach Europe. We need an army -- an army of evangelists -- unafraid, unashamed, unapologetic, uncompromising.” In his closing remarks, Graham spoke of the opposition he received in England recently. He said, “When we were losing our contracts in the U.K., it was coming from the LGBT+ community. They were the ones opposing us, who have the rainbow flags, which I see as the flags for the anti-Christ. And they wanted to have victory. Well, God gave us victory! … This is the group coming after us. … “So, don't compromise, and be strong. Fulfill your ministry. We know there's going to be suffering and challenges, some fights, but let's be strong. We go in the power of the name of Jesus Christ, King of kings and Lord of lords.” Conservative Columbian presidential candidate shot in head The conservative candidate for President in Columbia, Miguel Turbay, was shot three times on Saturday, twice in the head. The 39-year-old senator remains in serious condition in a Bogota hospital. U.S. Secretary of State Marco Rubio said, “We stand in prayer with Miguel's family, loved ones, and his supporters. Those responsible for this attack must face justice.” Lenin statue toppled in Kyrgyzstan The legacy of atheist tyrants does not last forever. Kyrgyzstan is removing a 75-foot-tall monument of Vladimir Lenin in the city of Osh. Photos showing Lenin's statue face down on the ground were made public over the weekend. This comes as Moscow has just installed a large monument to the communist dictator Joseph Stalin in a city subway. Keep in mind Psalm 49:12-13, 16. It says, “Man in his pomp yet without understanding is like the beasts that perish. This is the path of those who have foolish confidence; yet after them people approve of their boasts. … Be not afraid when a man becomes rich, when the glory of his house increases. For when he dies, he will carry nothing away; his glory will not go down after him.” (ESV) CA protestors clash with ICE over illegals; Trump send 2,000 troops California protestors who are at odds with the Trump administration's policy on arresting illegal immigrants have taken to the streets, creating mayhem in major cities, reports The EpochTimes.com. Police arrested 150 protesters in San Francisco, and about 60 in Los Angeles over the weekend. The riots started with protestors attempting to thwart Immigration and Custom Enforcement's arrests in Los Angeles on Friday. President Trump has deployed 2,000 National Guard troops. California Democratic Governor Gavin Newsom is calling for a withdrawal. Plus, California Attorney General Rob Bonta filed a court order attempting to gain a restraining order on the deployment. Silver hits an all-time high Silver has hit a 13-year high — topping out around $36.70 per ounce on Monday. Gold is still hovering around $3,330 per ounce. The gold to silver ratio is still about the highest it has been in history — right around 90:1. The ratio has averaged around 65:1 since the year 2000. Historically, prior to the 1920s, the ratio was about 20:1. Michael Tait of Christian band Newsboys confesses to sexual sin The Contemporary Christian Music band, Newsboys, revealed over the weekend that lead singer, Michael Tait confessed to having been leading a “double life.” This comes after a lengthy investigative report was released from the Julie Roys organization, alleging drug abuse and the sin of homosexual behavior on the part of the lead singer. The report included multiple testimonies of scandalous behavior dating back as far as 2005. Michael Tait was a founding member of dc Talk, another big Christian Contemporary band from the 1990s. The two bands won 20 Dove Awards and four Grammys combined. The Newsboys group was featured in the films God's Not Dead, God's Not Dead 2, and God's Not Dead: A Light in Darkness. Actor Tim Allen reading through whole Bible Tim Allen, known for his role in the sitcom Home Improvement, is reading through the whole Bible. He posted on X that since beginning the challenge last year, he's finished reading the whole Old Testament. He called the read a “humbling overwhelming experience.” And, he said, “What a treasure!” Allen just posted that he is in the book of Romans. He announced last year that this would be the first time he has ever read the Bible. Psalm 19:8, 10-11 says, “The statutes of the Lord are right, rejoicing the heart; The commandment of the Lord is pure, enlightening the eyes. More to be desired are they than gold, Yea, than much fine gold; Sweeter also than honey and the honeycomb. Moreover, by them, Your servant is warned. And in keeping them, there is great reward.” See The American Miracle movie tonight Last night, I brought my family to see The American Miracle docudrama in San Antonio, Texas. It's in 1,000 theaters through Wednesday, June 11th. We loved it. It was inspirational to learn about God's providential intervention in human history to enable America to win the War for Independence against seemingly insurmountable odds. We especially enjoyed hearing a portion of Daniel Webster's speech given on July 4, 1826, on the 50th anniversary of the birth of America and the deaths that day of Thomas Jefferson, age 83, and John Adams, age 90. TAYLOR: “My name is James Arnold Taylor. I played Daniel Webster in The American Miracle. The most powerful thing is the power of Providence on this country that we have forgotten. I can't wait for everybody to be blessed by this film and to know that we're here for a purpose and that God has a plan.” The people who have seen the film, including this homeschool mom, have raved. HOMESCHOOL MOM: “I was very inspired by this film. I'm just a home school mama who just finished 25 years of homeschooling my three kids. And as I was watching this film, I thought, ‘I've poured into my kids. Now, I wish so many other people could hear this story.' This message could go out to so many kids who don't have the privilege of homeschooling.” MOM #2: “This movie will help you equip your children to understand the true history of America.” Go to www.AmericanMiracleMovie.com, watch the trailer, click on the Tickets tab, type in your zipcode, and purchase tickets for tonight or Wednesday night since it's only in the theaters for a total of three days. 21 Worldview listeners gave $2,439.20 to fund our annual budget And finally, toward our midpoint goal of $61,750 to fund half of The Worldview newscast's annual budget by this Friday, June 13th, 21 listeners stepped up to the plate. We surpassed our 20-donor goal by one donor. Our thanks to Esther in Bolivar, Missouri, Joseph in Blountville, Tennessee, and Augustine in Auburn, California – each of whom gave $25 as well as Tim in Derby, New York who gave $49.20. We appreciate Linda in Lutz, Florida, Katherine in Reddick, Florida, Jeff in Boise, Idaho, and Janna in Midvale, Idaho – each of whom gave $50. We're grateful to God for Heather in LaGrange Park, Illinois, Katherine in Derby, New York, Kara in Granbury, Texas, Jeanne in Thomasville, North Carolina, Raymond in Fort Worth, Texas, Eric in Lakewood, Colorado, Justin in Cary, North Carolina, and Casey in Wilmington, North Carolina – each of whom gave $100. And we were touched by the generosity of Todd in Interlaken, New York who gave $200, Keith in Longview, Texas who gave $240, Karl in Grand Rapids, Michigan who gave $250, Daniel in Raleigh, North Carolina who gave $300, and Michelle in Lexington Park, Maryland who gave $325. Those 21 Worldview listeners gave a total of $2,439.20. Ready for our new grand total? Drum roll please. (Drum roll sound effect) $14,671.20 (People clapping sound effect) That means we still need to raise $47,078.80 by this Friday, June 13th to hit the half-way mark, to stay on the air, and fund our 6-member Worldview newscast team for another fiscal year. Listen to this. On Saturday night, I spoke to Scooter in Naples, Florida who was moved by God to give something bigger due to the challenge from my Michigan friend to consider larger gifts. He has generously offered to match, dollar for dollar, the next 12 Worldview listeners who give a one time gift of $1,000. But, if that's not in your budget, just give the amount that God has placed on your heart. Just go to TheWorldview.com and click on Give on the top right. Click on the button that indicates a recurring donation if you want to give monthly. Invest in a newscast that's succinct, factual, and Biblically based. Close And that's The Worldview on this Tuesday, June 10th, in the year of our Lord 2025. Subscribe for free by Spotify, Amazon Music or by iTunes or email to our unique Christian newscast at www.TheWorldview.com. Or get the Generations app through Google Play or The App Store. I'm Adam McManus (Adam@TheWorldview.com). Seize the day for Jesus Christ. Print story South Korean federal and local governments are offering up to $29,000 in cash to couples who agree to get married. The Korean Times also reports that government-provided benefits intending to stir up romantic interest include $370 for dating expenses, $750 for engagement meeting costs, and $7,500 for travel subsidies. Korean and other Asian societies maintain a very low illegitimacy rate. So, marriage is supposed to help the birth dearth. South Korea's fertility rate is just about the lowest in the world — 0.75 child per woman.
The Looming Crisis Few Want to Confront Paul Daneshrad, CEO of StarPoint Properties and author of Money and Morons, is sounding the alarm: the United States is barreling toward a sovereign debt reckoning – and real estate professionals are not nearly prepared. Citing economists Reinhart and Rogoff, along with voices as diverse as Jamie Dimon, Jerome Powell, and Ray Dalio, Daneshrad warns that the U.S. has not only crossed the 100% debt-to-GDP threshold, widely viewed as a critical danger zone, but has kept accelerating. "We're at 120 to 140% on-balance-sheet," he notes. "If you include off-balance-sheet liabilities, we're at 300%." While the exact timing of the crisis is unknowable, Daneshrad argues that its inevitability is not. “It's not a question of if – it's when.” Politics, Populism, and Normalcy Bias Daneshrad is quick to dismiss the conventional partisan narrative. The deficit is no longer a left-right issue, it's a bipartisan affliction. Both political parties, he argues, are fueling structural imbalances. Worse, the electorate, while voicing concern, refuses to vote for hard choices. This disconnect is the heart of his book's provocative title: Money and Morons. “86% of Americans say they're worried about the debt,” he says. “But they won't vote for politicians willing to solve it, because that solution involves pain.” The result is what psychologists call “normalcy bias” – an instinct to ignore looming threats and retreat into the comfort of the familiar. Fixed-Rate Fortresses: Real Estate's First Line of Defense If the debt crisis triggers hyperinflation and a spike in interest rates, as Daneshrad expects, the implications for real estate will be seismic. His response? Radical preparation. StarPoint has already begun shifting its portfolio into 20+ year fixed-rate debt and is moving toward 30-year structures. “It's painful. It's more expensive. But if the crisis comes in eight years, and you've got two years left on a 10-year loan, you're vulnerable.” He emphasizes that this is not a fringe view. “Even Powell, whose mandate doesn't include the deficit, felt compelled to warn the public. That's how serious it is.” Deleveraging with Purpose Debt levels at StarPoint are also coming down – fast. The firm is targeting 40% leverage, down from a peak of 70%. They currently sit at 54%, and the journey continues. The rationale is clear: when interest rates jump from 6% to 15%, the re-pricing of real estate will be brutal. “That's trillions in lost value,” says Daneshrad. “You have to de-risk now.” The Forgotten Asset: Cash Cash, often derided for its lack of yield in boom times, plays a central role in Daneshrad's playbook. “The Rockefellers, Kennedys, Guggenheims – they had cash when it mattered. They bought at two cents on the dollar.” Berkshire Hathaway's record cash holdings reinforce this strategy. “Buffett sees limited opportunity right now and high risk. That should tell you something.” Daneshrad recommends targeting cash reserves as a percentage of either AUM or annual free cash flow, steadily building them over time. "Public companies get punished for it. Private firms like ours have more flexibility and we're using it." Why He's Not Buying (Yet) Despite market dislocation, Daneshrad says StarPoint is mostly sitting on the sidelines. Cap rate spreads don't justify the risk, and few deals offer the deep value he's targeting. “We're looking for rebound plays where sellers are on their third buyer and need certainty of close. That's where the discounts are. But those opportunities are rare.” Asked whether the mispricing stems from short-term underwriting or optimism bias, he shrugs. “We've flooded the system with liquidity. Asset prices are artificially propped up.” Diversification and the Limits of Real Estate Daneshrad is not betting the farm on U.S. real estate. He's pursuing modest geographic diversification abroad and expanding into non-real estate asset classes. “Historically, real estate hedges inflation well but a debt crisis changes everything.” He's candid about the difficulty: “We're not that smart. Timing a crisis is hard. But we can prepare for one.” The Aging America Conundrum One of the more nuanced points Daneshrad raises is the intersection of demography and fiscal sustainability. Aging, he agrees, is inevitable. But the care infrastructure it requires is not financially supported. “The trustees for Social Security and Medicare, not politicians, say the funds go bankrupt in under ten years. That's $90 trillion in off-balance-sheet liabilities.” Senior housing? “A great idea if the elderly can pay. But with savings rates at historic lows, I'm not optimistic.” Market Signals That Matter Daneshrad watches for three early signs of crisis: A gradual rise in interest rates – not driven by Fed hikes but by market demands for higher risk premiums. Breakdown of the flight-to-safety dynamic – if equities fall but bond yields rise, that's a red flag. The ‘bang moment' – as coined by Reinhart and Rogoff, when confidence evaporates overnight. As Hemingway once said about bankruptcy, it happens "gradually, then suddenly." What He'd Do with $1 Million Today If handed an extra million in cash, Daneshrad says he'd hold 80% in cash and invest the rest. “Protect the capital. Diversify over multiple asset classes. Liquidity is opportunity.” Final Word Paul Daneshrad's message is sobering but clear: “Protect. Prepare. Don't pretend.” He doesn't claim to predict the future. But if you accept the warnings from the smartest voices in finance and economics, the case for defensive posturing is overwhelming. And if they're wrong? You lose a few basis points. But if they're right you survive the bang. *** In this series, I cut through the noise to examine how shifting macroeconomic forces and rising geopolitical risk are reshaping real estate investing. With insights from economists, academics, and seasoned professionals, this show helps investors respond to market uncertainty with clarity, discipline, and a focus on downside protection. Subscribe to my free newsletter for timely updates, insights, and tools to help you navigate today's volatile real estate landscape. You'll get: Straight talk on what happens when confidence meets correction - no hype, no spin, no fluff. Real implications of macro trends for investors and sponsors with actionable guidance. Insights from real estate professionals who've been through it all before. Visit GowerCrowd.com/subscribe Email: adam@gowercrowd.com Call: 213-761-1000
Jesús Luzardo looked not only like an NL All-Star a week ago, but he looked like a NL Cy Young candidate.So, what's happened since then? Well, Luzardo has allowed 20 runs in just 5 2/3 innings in his last two starts. Historically, the Phillies haven't had a pitcher do that in consecutive starts in almost 100 years. What the heck is happening? Even he doesn't know, but he knows he's got to fix it soon.We talk Luzardo, Taijuan Walker, Mick Abel … and the Phillies' struggling offense. Is it time to make a change in the leadoff spot?They say Delco's a lot … and they're right. Find a full list of weekend events at VisitDelco.com, including Saturday's 7th annual Havertown Irish Festival at 50 E. Eagle Road from noon to 8 p.m., and Sunday's Delco League Baseball Open House at the Radnor Township Municipal Building in Wayne from 11 a.m. to 3 p.m. Get 20% off your first Slab Pack or card purchase by going to ArenaClub.com/FOUL and use code FOUL.Love The Phillies Show? You can purchase your very own Phillies Show t-shirt by 47 Brand here! We've got maroon and powder blue shirts in stock!@The Phillies Show Subscribe to the show on YouTube and follow us on social media!@Foul Territory We're part of the Foul Territory Network. Follow FT and find more shows, including Fair Territory!If you like The Phillies Show, subscribe and give us a five-star review!
The Colorado Rockies got their first series sweep in over a year, but how fascinating is it that the Miami Marlins have actually won two World Series while the Mariners haven't even been to one?
Today I've got a lot to share: my recent trip to Western, new educational tables from Daryl Bahls, a must-read article by Ben Carlson, a fantastic free resource called Rebel Finance, and some takeaways from the latest Bogleheads meeting. Last week, I spent two full days at Western, meeting with students, faculty, and staff. I gave presentations to graduating seniors, a personal finance class, and the Financial Management Association Club. These students were eager to learn about building a strong financial future, and it was inspiring to see so much enthusiasm.To get students excited, I sponsored a $1,000 drawing—no strings attached. If the winner wanted, I offered to personally help them set up a Roth IRA and invest the money for long-term growth. The goal was to show how even a single investment can grow over a lifetime.That brings me to two new tables created by Daryl Bahls. These tables make the power of compound growth real. The first table shows what happens if you invest $1,000 at age 22 in a Roth IRA and let it grow at 8%, 10%, or 12% annually. At 8%, that $1,000 could become $30,000 after 45 years—and even more when you factor in distributions and inheritance. At 12%, the total benefit can reach over $3 million! The second table looks at saving $100 a month for 45 years. With steady returns, this strategy can result in a retirement nest egg of hundreds of thousands—even millions—of dollars, plus generational wealth for your heirs.A key lesson: with lump sum investing, the sequence of returns doesn't matter much. But with regular monthly investing, buying more shares when prices are low can significantly boost your long-term results. This is especially true in volatile markets like small-cap value stocks.Of course, many people face hurdles getting started—thinking it's too complex, not having enough money, or fearing loss. My advice is: start small, stay consistent, and use the resources available to you.Speaking of resources, I want to highlight Rebel Finance, a free 10-week course led by Alan and Katie, a couple who retired early and now teach others how to manage money and invest. Their sessions are interactive, practical, and archived on YouTube. If you—or someone you know—needs a supportive, step-by-step introduction to personal finance, Rebel Finance is a fantastic place to start.I want to highlight the Merriman Financial Literacy Program at Western. This initiative is close to my heart and is designed to give every student—regardless of their background—the tools and knowledge they need to make smart financial decisions for life. Thanks to the program, all graduating students at Western receive free access to iGrad, a comprehensive suite of financial education tools and courses. I also want to mention Ben Carlson's article, “On the Inevitability of Bear Markets.” Carlson shows that bear markets are unavoidable—there's a 77% chance you'll experience one in any 5-year period, and a 95% chance over 10 years. But the longer you stay invested, the greater your odds for positive returns. Historically, holding the S&P 500 for 20 years has always resulted in gains.Finally, I had the pleasure of attending a Bogleheads local chapter dinner. It was inspiring to meet others interested in index investing and financial education. We shared ideas, discussed financial planning tools, and talked about helping our families build wealth. I'll also be speaking at the Bogleheads Conference in October—check the show notes for details.Before I sign off, a quick note: AI is changing how we learn and teach about investing. I'm using it to organize my thoughts and create better presentations. If you have thoughts or experiences using AI in your financial journey, I'd love to hear from you.Thank you for listening! If you found today's episode helpful, please like, subscribe, and share it with someone who could benefit. Your support helps us reach more people and make a bigger impact. Good fortune, and happy investing!
Episode OverviewJoin hosts David Niles and Adam Minahan on The Catholic Man Show as they welcome Dr. Kent Lasnoski, a theology professor and key figure in founding San Damiano College for the Trades. In this lively episode, recorded with David's godson Luke present for the first time, the trio explores the dignity of work, the role of masculinity in Catholic life, and the interplay of work, leisure, and virtue. From ultimate Frisbee to speculative theology about the Garden of Eden, this episode blends humor, faith, and deep insights into living as a Catholic man.Key Themes and DiscussionsMasculinity and Feats of Strength: The episode kicks off with a lighthearted recount of an impromptu ultimate Frisbee game, sparking a discussion on how friendly competitions—like stone-throwing or wiffle ball derbies—foster community and allow men to embrace their God-given strength. Dr. Lasnoski highlights how such activities echo the heroic spirit of figures like King David, who boasted of slaying bears and lions.The Dignity of Work: Drawing from Genesis and Pope St. John Paul II's Laborem Exercens, Dr. Lasnoski explains work as a fundamental human vocation to imitate God's creative act. Work involves earning daily bread, extending dominion over creation, and elevating culture toward God. The subjective element—who performs the work—gives it value, distinguishing human labor from robotic tasks.Work Before and After the Fall: The hosts dive into speculative theology, debating whether work existed before the Fall. Dr. Lasnoski argues that Adam's role to “tend and till” the Garden was work, but without the toil introduced by sin. Post-Fall, work became punitive due to man's interior disorder, yet it retains a redemptive quality through participation in Christ's restoration of creation.Home as a Place of Production: Dr. Lasnoski challenges the modern view of the home as merely a place of consumption (e.g., entertainment, food). Historically, homes were productive spaces where men and women collaborated in family economies. He encourages Catholics to see the home as a domestic church, fostering virtue and fruitfulness in alignment with God's plan.Work, Leisure, and Contemplation: Referencing Josef Pieper, the discussion distinguishes work (done for extrinsic goods) from leisure (done for its own sake, touching the foundation of reality). Leisure prepares the soul for contemplation and union with God, while a consumerist mindset can hinder true rest. The hosts also explore whether prayer or routine tasks like tying shoes qualify as work.Men's and Women's Roles in Work: Dr. Lasnoski reflects on the complementary roles of men and women in work, rooted in their biological and spiritual natures. Women's work often involves nurturing and making a home, while men's work is more extroverted, pouring themselves out to make creation fruitful, as seen in Genesis and John Paul II's Theology of the Body.Retirement and Multigenerational Living: The modern concept of retirement—focused on leisure without purpose—can lead to a loss of meaning. Dr. Lasnoski advocates for a retirement that continues giving oneself through service, like volunteering or mentoring. He also champions multigenerational households as a gift, fulfilling the biblical call to honor parents and enrich family life.San Damiano College for the Trades: Dr. Lasnoski shares the mission of San Damiano College, a three-year program integrating trade skills,
Author and financial expert, Chris Whelan, joins Keith as they explore the intricacies of the housing market's potential future. Chris drops an intriguing prediction of a possible 20% price correction. They dive deep into the complex world of real estate, examining the pandemic's significant impact on mortgages and economic trends. The conversation reveals the behind-the-scenes challenges of the housing market, from government interventions to the nuanced effects of interest rates and forbearance programs. They unpack the struggles in commercial real estate, particularly highlighting the unique challenges in markets like New York's rent-controlled properties. Chris's new book "Inflated: Money, Debt, and the American Dream" promises an insightful journey through America's economic transformation, tracing how the nation evolved from an agrarian society to a global economic powerhouse. Show Notes: GetRichEducation.com/556 For access to properties or free help with a GRE Investment Coach, start here: GREmarketplace.com GRE Free Investment Coaching: GREinvestmentcoach.com Get mortgage loans for investment property: RidgeLendingGroup.com or call 855-74-RIDGE or e-mail: info@RidgeLendingGroup.com Invest with Freedom Family Investments. You get paid first: Text FAMILY to 66866 Will you please leave a review for the show? I'd be grateful. Search “how to leave an Apple Podcasts review” For advertising inquiries, visit: GetRichEducation.com/ad Best Financial Education: GetRichEducation.com Get our wealth-building newsletter free— text ‘GRE' to 66866 Our YouTube Channel: www.youtube.com/c/GetRichEducation Follow us on Instagram: @getricheducation Complete episode transcript: Automatically Transcribed With Otter.ai Keith Weinhold 0:01 Welcome to GRE. I'm your host. Keith Weinhold, what's the state of the housing market for the next five years, and could what's happening in the foreclosure market affect it? I see relative housing market price stability. My guest sees cracks. This could be somewhat of a debate today, then two great new cash flow and real estate markets in the same state that we're helping your portfolio with on get rich education, mid south home buyers, I mean, they're total pros, with over two decades as the nation's highest rated turnkey provider. Their empathetic property managers use your ROI as their North Star. So it's no wonder that smart investors just keep lining up to get their completely renovated income properties like it's the newest iPhone. They're headquartered in Memphis and have globally attractive cash flows and A plus rating with the Better Business Bureau and now over 5000 houses renovated. There's zero markup on maintenance. Let that sink in, and they average a 98.9% occupancy rate, while their average renter stays more than three and a half years. Every home they offer has brand new components, a bumper to bumper, one year warranty, new 30 year roofs. And wait for it, a high quality renter, remember that part and in an astounding price range, 100 to 180k I've personally toured their office and their properties in person in Memphis, get to know Mid South. Enjoy cash flow from day one. Start yourself right now at mid southhomebuyers.com that's mid south homebuyers.com. Corey Coates 1:56 You're listening to the show that has created more financial freedom than nearly any show in the world. This is get rich education. Keith Weinhold 2:12 Welcome to GRE from Edison, New Jersey to Edinburgh, Scotland, where I am today, and across 188 nations worldwide, I'm Keith Weinhold, and you are back for another wealth building week on get rich education. Today's guest came to me recommended. It came from a guest that we've had on the show here before, Jim Rickards and his daughter Ally Rickards. His name is Christopher Whelan. He has a distinguished background. Comes from a prominent family, and he's the author of a new book that just published a few weeks ago. His father, Richard Whelan, was the biographer of Joe Kennedy, and was advisor to presidents and Fed chairman and today's guest, his son there, Chris. He has done a lot of work in DC. He lives just north of New York City today. So I guess coming recommended from Jim Rickards and learning a few things about today's guest helped me want to host him on the show. So though I'm just meeting him for the first time right here on the show, as it turns out, I learned that he has mentioned on other channels that real estate prices could correct down 20% and fall back to 2020 levels. I absolutely don't see how that's possible in any way. I'm going to bring that up with him, so we'll see. This could turn into somewhat of a debate. Like I said last week, I believe that significantly falling housing prices. That's about as likely as grocery store prices falling back to 2020 levels. Yes, I am in Edinburgh, Scotland today. It's my first time here. My mom, dad and also my brother's entire family came over from the US to meet up. It's been great. We're taking in all the best sites, Edinburgh Castle, other castles, the Scottish Highlands, Loch Ness, though I don't believe in any Loch Ness monster at all. I mean, come on, what a hoax. And we're seeing some other sites, though it didn't really interest the others, which I could understand. I visited the home where Adam Smith once resided, and I might put my video about that on our get rich education YouTube channel, so you could check that out over there. Of course, Adam Smith is considered the father of modern day economics for his work on supply versus demand and the GDP concept, the invisible hand, concept, much of that work conveyed in his magnum opus, The Wealth of Nations, published in 1776 as for the present day, let's meet this week's guest, including me, meeting him for the first time. I'd like to welcome in a first time guest. He's the author of a widely acclaimed new book. It's named inflated money, debt and the American dream. It just released, and the book couldn't be more timely with the multitude of challenges related to inflation, many involving the housing market in his earlier books, he's been known, frankly, for just telling his readers the truth. He's worked at the Federal Reserve Bank of New York in politics and as an investment banker for more than 30 years. Today, he runs Whalen Global Advisors. You've seen him on CNBC in the Wall Street Journal, and now you're hearing him on GRE Welcome to the show. Chris Whalen. Chris Whalen 5:43 Thank you, Keith, appreciate your invitation. Keith Weinhold 5:45 Whalen is spelled W, H, A, l, e, n, if you're listening in the audio only, Hey, Chris, we're in a really interesting time in the economic cycle. We all know the Fed has a dual mandate, high employment and stable prices. What's interesting to me is, late last year, they cut rates by a full 1% and this is despite inflation being above target. Makes me wonder if they care more about high employment and they're rather willing to let inflation float higher. What are your thoughts? Chris Whalen 6:18 I think historically, that's been the case. You know, the dual mandate Humphrey Hawkins, that drives the Fed's actions today was a largely socialist compromise between the Republicans and the Democrats. The Democrats wanted to guarantee everybody a job after World War Two, the legislation was really about soldiers and people who had served their country in many, you know, places around the world, for a long time, and then you would have the depression. So you had a whole generation or more of people that were looking for help when they came home. And that's what this was. But today, you know, there's another mandate, which is called keeping the treasury bond market open. We saw it was during COVID in 2020 President Trump got up, declared that people didn't have to pay their rent or their mortgages, and then didn't do anything. There was no follow up. At the time, folks in mortgage industry kind of looked at each other funny for about 60 days and said, What's going to happen? Because they have to advance principal, interest, taxes and insurance to protect the house. The first rule in mortgage finances protect the asset. But it all worked because the Fed dropped interest rates to zero and we had a boom. We refinanced two thirds of every mortgage in the United States, and that cash flow allowed the finance forbearance for millions of Americans. Now the unfortunate part, of course, was home prices went up double digits for six years. So why we had no affordability today? So, you know, it helped, but it certainly didn't help in some ways, Keith Weinhold 7:48 mortgage loan forbearance back in the COVID era about five years ago, where you could basically just skip your mortgage payment and then they increase the overall duration of your loan period. Chris Whalen 8:00 That's right. So you know, your government market, your conforming market, were falling. They also had various schemes, state forbearance for non agency loans. Nobody thought at all about the multifamily sector and the developers that didn't get paid for two years. And we're feeling the impact of that. Of course, today, that's probably the biggest pain point in US economy today is commercial real estate and multi family real estate, and neither one of them involves a consumer. So it gets no attention at all. You read about it in the specialty press, but that's about it. Keith Weinhold 8:34 And by talking about multi family not affecting the consumer, you're just talking about who's on the owner side there? Chris Whalen 8:40 precisely if all of the consumers have problems, you'd hear about it, and you do, especially in some of the blue states. I live in New York, so we have some of the more aggressive rent stabilization, rent control laws in the country. And they go back to World War Two. They go back almost a century, Keith Weinhold 8:58 right? It's those people in the one to four unit space in residential real estate investing that really got the help there. Chris Whalen 9:06 Well, at least, you know, the world didn't end. Imagine if all of those people had gone to foreclosure. The industry wouldn't have done that. Of course, they would have thrown up their hands and cried for help. But the point is, they made it work. But the cost of making it work that zero interest rate regime that the Fed put in place is still being felt today. If you look at banks which typically have prime large mortgages on their books, the loss given default is zero. Home prices are so high that if somebody actually goes to foreclosure, they sell the house, they pay off the loan easily, and there's usually a large residual left, which would go to the homeowner. So today, you know, if somebody gets in trouble, we do a short sale, we do a deed in lieu, and off they go. And that's why the stats don't show you the pain that many American families are feeling today, because about 60% of all payoffs of one to four family mortgages are people who. Are exiting the market, they're not going to buy another house. So what that means is that the cost of home ownership, or whatever other factors are involved, has made them make the decision not to go to another home mortgage. Keith Weinhold 10:13 Yes, we have this historically low affordability that's beginning to be reflected in the home ownership rate. It's trended down from about 66 to 65% recently, we continue to be in this environment here, Chris in the one to four unit space, where those existing homeowners are in really good shape. They have record high equity levels of over 300k A lot of them have their home paid off. About 40% of American homeowners own their home free and clear, and of the remainder, those borrowers, 82% still have a mortgage rate of under 5% and of course, that principal and interest payment stays fixed. So even if there's economic hardship, it's pretty easy for people to make their payments and stay in their homes. Chris Whalen 11:02 Well, it certainly is for most of the marketplace. If you look at the bottom 20% the FHA market, also the VA market, there's a little more stress there. There's still an awful lot of people who are in various types of forbearance in that market. That's going to end in October. So the Trump administration is pushing most of the rules back to pre COVID approaches for delinquency, for example, what we call the waterfall. And what that basically means is that if an FHA borrower gets in trouble, they'll have one shot at a modification where they lower the loan cost and stick part of the loan out the back to be paid off when the house is sold. If that doesn't take, if they don't re perform, then they're going to go to a foreclosure. We just ended another program for veterans. You know, they had three weeks notice, so now you're going to see a lot of veterans going to foreclosure. Unfortunately. Keith Weinhold 11:56 yes, this administration is basically making sure that people are responsible or resume their payments. We've seen that student loan repayments needing to resume as well. Most foreclosure rate types are still pretty low, but yes, FHA foreclosure rates are higher than those for conventional loans. Chris Whalen 12:15 Yeah, the interesting thing is, the veterans delinquency rate is half of the FHA rate, and even though people in uniform don't make a lot of money, they pay their bills. Yeah, it's quite striking. Keith Weinhold 12:25 Why don't you talk to us more about areas where you see distress in the housing market before we talk about more inflation? Chris, the Chris Whalen 12:34 key areas of housing stress at the moment are commercial real estate that has become underutilized. COVID drove a lot of this, but also the fact that industries could change their work practices. It could have people work from home. Look at housing. We sent everybody home in 2020 while we increased headcount by a third to address a surge in lending volume. It was insane. I gotta tell you, we were hiring people that we didn't see for months that changed the business model assumptions for a lot of industries. A lot of them moved out of blue states and went down to Florida and Texas. In the mortgage industry particularly, and so we have a lot of older real estate particularly, that is suffering. It has dropped in terms of appraised values. You also have higher interest rates and higher cap rates, that is to say the assumption of returns on the part of investors. So that hurdle has made a lot of these properties impaired, essentially. And then the other subclass is older multifamily properties. Think about those beautiful old apartments in the middle block up on the east side or the west side of Manhattan. They're not big enough to be viable, and so they have become this kind of subprime asset class, much in the way if you recall the signature bank failure, they typically bank these sorts of real estate properties, and now there's nobody that wants them. I think you're going to see some very specific pain coming out of HUD, and also Fannie Mae and Freddie Mac because they bank some of these smaller properties that really aren't bankable by commercial banks. That's what it comes down to. If you're going to read about this and hear about it a lot in the commercial market over next several years. And again, you know, the losses on bank owned multifamily properties today are averaging 100% so that means that there are a lot that have more expenses than simply losing the full loan amount. And you know, if you want to have a bank loan, they're not taking these properties. They don't want them, right? So the bank, REO rate, if you look at the data from the FDIC, is zero. And what that tells you is that they can't sell the properties they don't want them, because if they take ownership, the city's not going to let them abandon the property. They'll have to keep it and maintain it. It's a tough situation. This is. Has evolved over the last 20 years or so, because consumer incomes have been kind of stagnant in real terms. But the cost of operating a property in New York City is not going down. It's going up quite a lot, and the legislation we've seen from Albany doesn't allow owners to recapture expenses, doesn't allow them to renovate apartments. So if I have a rent stabilized apartment, I'll use a real example, in a beautiful building on Central Park South right, to renovate a unit that's been occupied for 20 years, new kitchen, new bathroom, sir, everything services. That's $150,000 so if I'm the owner and I can't recapture that cost. What do I do? I lock the door, I gut the apartment, and I lock the door, and I hope that the laws will change in the future, because I can't rent it, my insurance underwriter will not allow me to rent out an apartment that's not brought up to code. That's New York law, but the folks in Albany don't care about that. We have some really unreasonable people in positions of authority, unfortunately, in some of these states, and you talk to them about these issues, and they don't care. They just pander to consumers, regardless of whether or not it makes sense or not. And that's just the way it is. Keith Weinhold 16:15 Those evil landlords, quote, unquote, most right evil. They're just mom and pop investors that are trying to beat inflation with real assets, and they have real expenses. Rent Stabilization basically just being a genteel term for rent control, which gives no one an incentive to improve a property for sure Chris Whalen 16:35 and it reduces the availability of housing ultimately, because nobody builds. You see that in New York right now the home market is pretty tight, up to the conforming limit for Fannie Mae and Freddie Mac so you figure a million, 1,000,002 here in New York. But above that, it's quieted down quite a lot. There's compression in some of the higher end homes. And you know, if you go down south, you see a different problem, which is over building. They didn't want to build here, so they went down to the Carolinas and Texas and Florida. There's a huge amount of both multi family condo type developments and single family homes too. But above that average price level way above half a million dollars. Keith Weinhold 17:15 Sure, it's made this dynamic where things have been flip flopped in the Northeast and Midwest, where the populations aren't growing very fast, those markets have been appreciating more than those in the high growth southeast, all coming back to supply. They're not bringing on enough new supply in the Northeast and Midwest, Chris has just laid out a few reasons for that, due to this high regulation. And then in the southeast, a high growth area, even though that's where people are moving, we're not getting much appreciation there, because you're able to build and that supply is able to keep up with demand. Well, Chris and I are going to talk more about the housing market and about inflation. When we come back, you're listening to get rich education. Our guest is Chris Whelan, the author of a great new book. I'm your host. Keith Weinhold. the same place where I get my own mortgage loans is where you can get yours. Ridge lending group and MLS, 42056, they provided our listeners with more loans than anyone because they specialize in income properties. They help you build a long term plan for growing your real estate empire with leverage. Start your pre qual and even chat with President Caeli Ridge personally. While it's on your mind, start at Ridge lendinggroup.com. That's Ridge lendinggroup.com. You know what's crazy? Your bank is getting rich off of you. The average savings account pays less than 1% it's like laughable. Meanwhile, if your money isn't making at least 4% you're losing to inflation. That's why I started putting my own money into the FFI liquidity fund. It's super simple. Your cash can pull in up to 8% returns and it compounds. It's not some high risk gamble like digital or AI stock trading. It's pretty low risk because they've got a 10 plus year track record of paying investors on time in full every time. I mean, I wouldn't be talking about it if I wasn't invested myself. You can invest as little as 25k and you keep earning until you decide you want your money back. No weird lockups or anything like that. So if you're like me and tired of your liquid funds just sitting there doing nothing, check it out. Text family to 66866, to learn about freedom. Family investments, liquidity fund again. Text family to 66866. Kathy Fettke 19:45 this is the real wealth network's Kathy Fettke, and you are listening to the always valuable get rich education with Keith Weinhold. Keith Weinhold 20:00 You welcome back to get rich education. We're talking with the author of a great new book, Chris Whelan, it's called inflated money, debt and the American dream. Chris, I see the residential housing market and their price points as being resilient. I'm kind of looking around and seeing if you have any places where you think that there are any cracks in that? I've heard you talk elsewhere about a housing price correction. Were you talking in the one to four unit space? And how do you think that could happen? Chris Whalen 20:31 I didn't come up with that idea. I did a biography of my good friend Stan middleman, who's the founder of freedom mortgage. It's a real rags to riches story of a successful entrepreneur, a great guy, by the way, is a beloved man in the mortgage industry. And so what he believes is that cycles are about a decade in terms of human behavior. And he says misery on the eights, which is kind of a cute way of saying it. And what Stan is basically saying is you eventually see so much price appreciation that affordability goes to zero. You run out of buyers, is another way to put it. And then once the Fed gooses it, he thinks we see an interest rate decline this year next year, perhaps you get rates to run a little bit. You get volumes to jump the way they did last summer. You remember, in the third quarter, we had great volumes in the mortgage industry, carried everybody through to the end of the year, and then after that, he says, we get a price correction, maybe back down to 2020 21 levels. So we're talking about a 20% price correction, and we're talking about the loans that have been made in the last few years being underwater. That's something we haven't talked about in a long time. We haven't talked about that since 2008 so I think that Americans inevitably have to see some kind of a correction. What the Fed did was wrong, what they did was excessive. I write about that in the end of my book, but unfortunately, the result is home prices that have galloped along, and eventually you got to reset it. Part of its supply coming online. Part of it is simply, like, I say, you run out of buyers, and when it's simply that purchase buyer who is either all cash or happens to have the deposit, and that's all you have. And there's no flexibility for people that want to get into the market. You know, that's tough. I could recall Paul Volcker years ago, we were talking about that in the book too. He ratcheted down home prices. He raised interest rates so much that home prices went down, and a lot of builders went out of business who had had a lot of snls go out of business, and, you know, the previous decade. So that was a tough time. We didn't even start to do that this time around, because they were afraid to the Fed is worried about keeping the Treasury market open, so they are afraid of deflation, which unfortunately means you don't get those opportunities to get into the market. I remember my parents, when I was very young, they would buy busted homes in Washington, DC. It was a great way to make a lot of money, and in five years, the House would double. That's the kind of market Washington was Keith Weinhold 23:05 in my opinion, I don't see how there could be any substantial residential home price correction. Historically that happens when there's a wide swath of homeowners that get into financial trouble, like I was talking about earlier, the homeowner is in great financial shape today. In fact, since World War Two, we've only seen home prices drop substantially during one period. That was that period around 2008 and that's when we had conditions that are opposite of what they are today. We had loans underwritten with liar loans. We had an over supply of homes, like I was saying earlier, inflation can't touch one's principal and interest payment. We're still under supplied with homes. Most experts don't think we'll get that into balance for at least five years. I really don't see how home prices could fall substantially. I also don't see how they could rise substantially, like, say, 10% due to that low affordability, but I expect continued stability in prices? Chris Whalen 24:02 Well, we'll see. I'm not as sanguine about that, because a lot of people feel house rich on paper, but when the bottom of the stack is really hurting as it is now, FHA delinquency rates really are in probably the mid teens. You don't see that yet in the middle with the 727, 40 FICO type borrowers. But I think over time you could, and if, again, it depends on the economy and some other factors, but I'll tell you right now, you're already seeing a correction in the hyad the bottom half, no. And there's a supply problem here, which I agree with you on. It's going to keep those home price is pretty firm. And even where I am in New York, for God's sake, Keith, there's no construction here. So we just had a house across the street from me go from million one. I live in Sleepy, hollow New York, and you know, this is typically around the conforming limit for prices for most of these homes, and it went for 150 $1,000 over the ask, it was crazy. Went in two weeks now, during COVID, we saw this sort of behavior, and we thought, Well, okay, you had zero interest rates. I got a 3% mortgage, by the way, awesome. But here we have a situation when markets cooled down a lot, and yet the lack of availability is really the driver. So in that sense, I agree with you, but I do think the high end could correct rather substantially. Keith Weinhold 25:24 And of course, in multi family apartments, that's different. That's where values in a lot of markets have been depressed by more than 30% they were subject to those interest rates being jacked up, and we're still going to see balloon loans mature and people default on those in apartments. The pain is not over with air, but at some point that's going to bottom out, and that'll be a buyer opportunity in apartments. Chris Whalen 25:47 Well, the thing is, new stuff is going fine. It's what happens is when the new gets built, the older assets down the road get discounted. That's really what's going on. People love new as you know, these kids love a new house, as opposed to an older house. Keith Weinhold 26:02 Yes, that'll help reset the prices in the new market when you can compare those to what existing values are. Well, Chris, talk to us more about your new book and what the overall thesis of the book is in these critical times. Chris Whalen 26:16 Inflated is meant to help people understand how our country went from agrarian, sleepy, isolationist America in the 1900s to being the dominant economy in the world and the provider of global money. We talk about how we got here. We talk about Abraham Lincoln and Franklin Roosevelt and many other characters. Obviously, we had to talk about Andrew Jackson, who is now embodied in our president, Donald Trump. We try and frame how this is all going to evolve in the future. And my thesis is basically the global currency role is something you get during or after a war. We took the baton from Great Britain after the First World War, and then by the end of World War Two, everybody in the world was broke, except for us. It was last man standing. And so rebuilt the world. We let everybody take advantage of us, and now President, who's saying, Nope, we got to change this. I think if it wasn't Trump, it would be somebody else. To be honest with you, Americans are tired of high inflation. They're tired of some of the other costs that come along with being the global reserve currency, so we try and frame all of this in an understandable way. And I particularly talk about housing during COVID and how that all really, I think, changed things for many Americans. Home ownership has been one of the basic ways we create wealth in this country, and the fact that we didn't have an opportunity for people to get in cheap with a fixer upper or a house that was foreclosed. You know, I think it's unfortunate, but the system just can't tolerate it. We've gone in 2008 and then in 2020 through two very significant crises when the government bond market stopped working. So we talk about that as well. Keith Weinhold 28:03 I don't predict interest rates. I think it is really difficult to do you mentioned earlier about the prospect for lower interest rates coming. Everyone wants to know about coming. What's your outlook for the future of interest rates and inflation for just say the next five years? Chris, Chris Whalen 28:19 I think interest rates will drop. That is to say what the Fed controls, which is short term interest rates. In the next year or so, we'll have a little bit of a boom as a result. But I think the concern about the federal deficit and US debt, the volatility caused by President Trump's trade strategy, and just general I think a sense of uncertainty among investors is going to keep long term interest rates higher than we saw during COVID And really the whole period since 2008 the Fed bought a lot of duration and took it out of the market, so they kept rates low. They're not going to do that as much in the future. I don't think they'll buy mortgage securities again, they are very chastened by that experience. So if they don't buy mortgage backed securities, and if the banks don't become more aggressive buyers, and I don't think they will, then you know, the marginal demand that would drive mortgage rates down is just not going to be there. Banks have been holding fewer and fewer mortgages and mortgage backed securities on their books for 35 years. If you look at the growth in the industry, the dollar amount of one to four family mortgages hasn't changed very much. So when you look at it that way, it's like, you know what's wrong? Two things. They want to only make mortgages to affluent households. They want to avoid headline risk and litigation and fines and all of that. And I think also, too some of the Basel capital rules for banks discourage them from holding mortgages and mortgage servicing rights, which is an area I work in quite a lot. Keith Weinhold 29:55 It seems to me, like increasingly, the powers. It be the United States government just won't let the homeowner fail. They want to do so much to promote home ownership over the long term, we see relative ease with getting a mortgage. We've seen lower down payment requirements during other times, including COVID. We see the government jump in with things like mortgage loan forbearance and an eviction moratorium for renters. They just don't want to let people lose their homes. It just seems like there's more propensity to give homeowners a greater safety net than ever. Well, Chris Whalen 30:29 we've turned it into an entitlement. Yeah, and Trump is changing that at the federal level. The states, the blue states, are going to continue to play that game at the state level, and they can even have state moratoria. But what's going to happen, and I think sooner rather than later, is you may see the federal agencies start to tier the states in terms of servicing fees, simply to reflect the cost. It takes over 1400 days to do a foreclosure in New York. Gosh, that is a big problem. You can lose the lien in New York now, it takes so long. So I think that, you know, from an investor perspective, from a developer perspective, it's not an attractive venue. That's just the reality. Then you even California is as progressive and as activists as it is, you can still get a foreclosure done very quickly using the trustees. It's just a totally different situation. If there are complications, you can get into a judicial foreclosure, which will take longer. But still, California works. New York is deliberately dysfunctional. We have people in the state legislature who are in foreclosure themselves, and they keep passing these laws. So, you know, I think at the federal level, you're going to see it roll back to pre COVID, but I will say that forbearance, both with respect to the agency and conventional market and private loans, is kind of the rule. Now we work with the borrower much more than we would in the past. It's it is really night and day. Keith Weinhold 32:00 Chris, your new book has gotten a lot of acclaim. Let us know anything else that we should know about this book, and then if we can get it in all the usual places Chris Whalen 32:10 you can buy it at Barnes and Noble Amazon. I have a page on my website, RC, waylon.com, with all the relevant links. But the online is the best way to get it. Most of the sales are on Kindle anyway, but well over 90% are online, so we don't have to worry about physical books. I think we'll be doing some book signings in the New York area. So we'll definitely let you know about that. Keith Weinhold 32:33 One last thought is that the rate of inflation means more to a real estate investor than it does to a layperson, maybe five times as much or more, because when we borrow for an income property, our asset floats up with inflation. That part's really just a hedge on inflation. Our debt gets debased by inflation, which is really a mechanism for profiting from inflation over time. And then, thirdly, our cash flow tends to go up even faster than the rate of inflation, since our principal and interest stays fixed, so real estate investors can often be the beneficiary of inflation. It's sort of strange to go root for a force like inflation that can impoverish so many people. But what are your thoughts with respect to real estate investors and inflation? Chris Whalen 33:19 Well, you know, it's funny when Jerome Powell at the Fed says that they have a 2% inflation target, my response is, well, we better have at least 2% inflation if we're going to make commercial real estate work. Commercial real estate went up for 75 years after World War Two. I can remember when I was in the rating business at Crowell bond ratings going to see some of the banks here in New York, their multifamily books had only seen the equity underneath the asset go up and up and up. In other words, the land ended up being 90% of the value, you know, 1520, years after the purchase and the improvements were almost worthless simply because the land appreciated so much. Now that has changed since COVID. A lot of commercial real estate, particularly has gotten under a bit of a cloud. You've seen falling prices. However, in parts of the country that are growing where you have a positive political environment, positive economic environment, you're still seeing fantastic growth in both commercial and multifamily markets. So I think being very careful and patient in doing your homework in terms of picking venues is more important now than ever before. You know, I'll give you an example. Down in Florida, we're building new malls every day. The mall down the road that's 15 years old. There's nothing wrong with it, but it's 15 years old. And so the price discounts that you're seeing for existing assets are rather striking. Same thing down in the Carolinas, down in, you know, Atlanta, and going down to the Texas growth spectacle, I'm always astounded by what's going on in Texas. They built so much in that whole area around South Lake, out by the airport. It, they're going to basically subsume used it. So, you know, in those markets, you have great opportunities, but you also have over building. And so we're going to see some cycles where they're going to be deals out there for projects that maybe were a little too ambitious have to get restructured, and astute investors can come in and do very well on that Keith Weinhold 35:20 like we often say around here, in real estate investing, the market is typically even more important than the property itself. The name of Chris's new book, again, is inflated money, debt and the American dream. It has an awful lot of intersections with real estate investors and how they can play inflation. Uh, Chris has been a terrific conversation about the real estate market and larger market forces. It's been great having you here on the show. Chris Whalen 35:47 Thank you, Keith. Let's do it again. Keith Weinhold 35:49 Yeah, some good insights from Chris, a smart guy. And gosh, what a really sad state for rent stabilized apartments in New York City, where landlords of some of those properties, they would have to spend sometimes hundreds of 1000s of dollars in order to bring them up to code, but then they couldn't charge enough rent to offset those expenses due to government intervention and price fixing, so landlords just lock up the property vacant. And this sort of harkens back to when we were talking about some of this last year, when we had documentary film maker jen siderova on the show with her film called shopification, and it was about how rent control slowly makes neighborhoods fall into disrepair. All right, Chris and I had some difference of opinion there on the prospects for a home price correction. I think I made most of my points. He did, though, talk about running out of home buyers. If I have him back, maybe I'll pick up right there. More buyers are baked into the demographics, like I think I shared with you one time the US had its highest ever birth rate years between 1990 and 2010 more than 4 million births per year for a lot of those years. Just to review this with you, you might remember that 2007 was the US is peak birth year. Add 38 years to that for the average first time homebuyer age, and that housing demand won't even peak until 2045 and it will continue to stay high for a few years after that. So that's where the demand is just going to keep coming from, just piling on. And when I say that loan conditions have eased for American homeowners, like I did there during the interview, of course, what I'm talking about is the long term. I mean, lending conditions got more rigid after 2008 and with the adoption of Dodd Frank. What I'm talking about is, before the Great Depression, it was most common to have to make 50% to 60% down payments on property, and you had to repay the entire note in five to 10 years. I mean, can you imagine how that would hurt affordability today and then later, by 1950, 15, year loans were the common one. I mean, even that would impair affordability today. Today, 30 year loans are the common one, and you can put as little as 3% down on a primary residence. A lot of people don't know that either. It does not take 20% on a primary residence. So that's what I mean about the relative ease of credit flow today. Now, Chris has knowledge about other parts of the real estate market that I don't for his work inside DC and in other places like the foreclosure market. We talked about some of that right after the interview. For example, He was letting acronyms like NPL roll off his tongue, and I had to ask him what that meant. That's a non performing loan. Check out Chris's new book. Again, it's called inflated money debt in the American dream. And again, his website is RCwhalen.com and Chris also has a great sense of history, which we didn't get into, longtime real estate guys radio show co host Russell gray and I will discuss monetary history here on the show soon. Like I said, I'm coming to you from Edinburgh, Scotland this week, even if you don't see great sites, you know, it's interesting just walking the historic streets here, if you're an American that's visited here before, you surely know what I mean. And I told you that I'd let you know, the current real estate transaction I'm involved in is paying $650 a night for the hotel here in Edinburgh. Yes, that's a lot. I've actually paid less for fancier places in Dubai, but this hotel here is on the Royal Mile. Of course, I could have found less expensive accommodations elsewhere. Speaking of less expensive, here's an announcement. And we have new investment property providers at GRE marketplace, two of them, the markets are both in Oklahoma, and they are Oklahoma City and Tulsa, Oklahoma as a state, is known for landlord friendly eviction processes and legal systems, kind of the opposite of New York. So this makes your property management more predictable. Now, when we look at this city, OKC has the lowest priced new single family rentals. I can think of it under 160k Yes, that really puts the exclamation point on inexpensive and favorable rent to price ratios often exceeding 1% which is obviously attractive for cash flow, meaning a 150k single family rental could yield over $1,500 in rent. There's high rental demand in certain sub markets. We have scouted out those exact places for you in the OKC metro, like Edmond Moore spelled M, O, O, R, E, and Midwest City, all supporting consistent rent income, though it was once really oil dependent, OKC has diversified economically, reducing your risk tied to commodity cycles and ok sees local economy that's supported by industries including aerospace, energy, health care and logistics. Then there's Tulsa. Tulsa has the highest cash flowing new build duplexes, perhaps anywhere in the US that I know about. On the single family rental side, a lot of Tulsa investors can find properties under 150k with monthly rents again exceeding 1% of the purchase price, clearly ideal. So yes, both Oklahoma City and Tulsa are now on GRE marketplace. You can either visit the pages and see them there, or one of our qualified, experienced GRE investment coaches. Meet with them. They can help guide you to the very best deals and show you the specific property addresses available right at this time for whatever best meets your needs. If you're looking to either start or expand to another market and you seek cash flow, you really need to consider Oklahoma. Yes, it is free to have a strategy session with an investment coach, whether that's for Oklahoma or other investor advantage regions. I often like to leave you with something actionable. You can start at GREinvestment coach.com start book a meeting for a free strategy session remotely. That's at GREinvestment coach.com, until next week, I'm your host. Keith Weinhold, don't quit your Daydream. Dolf Deroos 42:51 Nothing on this show should be considered specific, personal or professional advice. Please consult an appropriate tax, legal, real estate, financial or business professional for individualized advice. Advice, opinions of guests are their own. Information is not guaranteed. All investment strategies have the potential for profit or loss. The host is operating on behalf of get rich Education LLC exclusively. Keith Weinhold 43:14 You know, whenever you want the best written real estate and finance info, oh, geez, today's experience limits your free articles access and it's got pay walls and pop ups and push notifications and cookies disclaimers. It's not so great. So then it's vital to place nice, clean, free content into your hands that adds no hype value to your life. That's why this is the golden age of quality newsletters, and I write every word of ours myself. It's got a dash of humor, and it's to the point because even the word abbreviation is too long, my letter usually takes less than three minutes to read, and when you start the letter, you'll also get my one hour fast real estate video. Course, it's all completely free. It's called the Don't quit your Daydream letter. 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May 31st, 2025 Jason "Killer" Kellison and Tyler Samsel look at where the Rangers rank statistically and what trades could be made. Listen to past episodes on The Ticket’s Website And follow The Ticket Top 10 on Apple, Spotify or Amazon Music See omnystudio.com/listener for privacy information.
If you are in any way interested in precious metals, you need to see what today's video sponsor, Monetary Metals, is doing with them at the link below: http://www.monetary-metals.com/Snider/Germany. France. New Zealand. Singapore. ECB. Rising unemployment. Falling employment. Lowering interest rates. Technical recession. Historically low territory up next. There is almost no one left in the official world in the same thinking as the Fed as the world more clearly and completely tilts against "inflation."Eurodollar University's Money & Macro AnalysisWSJ Germany's Jobless Numbers Tick Higherhttps://www.wsj.com/economy/central-banking/germanys-jobless-numbers-tick-higher-27a99b18Le Monde France's great consumption slumphttps://www.lemonde.fr/en/economy/article/2024/10/10/france-s-great-consumption-slump_6728864_19.htmlBloomberg ECB Faces Greater Risk Inflation Will Undershoot 2%, Simkus Sayshttps://www.bloomberg.com/news/articles/2025-05-26/ecb-faces-greater-risk-inflation-will-undershoot-2-simkus-sayshttps://www.eurodollar.universityTwitter: https://twitter.com/JeffSnider_EDU
Discover powerful strategies to maximize your rental property returns and minimize costly vacancies. Learn how top investors are transforming their approach to property management, from tenant retention techniques to smart staffing solutions. Key Insights: Master the art of keeping great tenants and reducing turnover Understand when to scale your property management approach Explore innovative investment opportunities beyond traditional real estate Market Trends Spotlight: Rental demand is on the rise Emerging investment options offer unique wealth-building potential Strategic diversification is key to long-term financial success Explore alternative investment opportunities like sustainable teak forestry - a generational wealth strategy that offers: Low entry point Long-term growth potential International diversification Whether you're a seasoned investor or just starting out, these insights will help you make more informed, profitable real estate decisions. Resources: Learn more about the teak tree investment opportunity at Gremarketplace.com/teak Show Notes: GetRichEducation.com/555 For access to properties or free help with a GRE Investment Coach, start here: GREmarketplace.com GRE Free Investment Coaching: GREinvestmentcoach.com Get mortgage loans for investment property: RidgeLendingGroup.com or call 855-74-RIDGE or e-mail: info@RidgeLendingGroup.com Invest with Freedom Family Investments. You get paid first: Text FAMILY to 66866 Will you please leave a review for the show? I'd be grateful. Search “how to leave an Apple Podcasts review” For advertising inquiries, visit: GetRichEducation.com/ad Best Financial Education: GetRichEducation.com Get our wealth-building newsletter free— text ‘GRE' to 66866 Our YouTube Channel: www.youtube.com/c/GetRichEducation Follow us on Instagram: @getricheducation Complete episode transcript: Automatically Transcribed With Otter.ai Keith Weinhold 0:01 Welcome to GRE. I'm your host. Keith Weinhold, learn how to reduce a giant operational expense that you'll have over time your tenant vacancy and turnover, including how many units you must own before you hire your own on site property manager as your employee. Whatever happened to agent commissions in light of last year's NAR settlement, then a timely update on teak tree investing today on Get Rich Education. Mid South home buyers. I mean, they're total pros, with over two decades as the nation's highest rated turnkey provider. Their empathetic property managers use your ROI as their North Star. So it's no wonder that smart investors just keep lining up to get their completely renovated income properties like it's the newest iPhone. They're headquartered in Memphis and have globally attractive cash flows and A plus rating with the Better Business Bureau and now over 5000 houses renovated their zero markup on maintenance. Let that sink in, and they average a 98.9% occupancy rate, while their average renter stays more than three and a half years. Every home they offer has brand new components, a bumper to bumper, one year warranty, new 30 year roofs. And wait for it, a high quality renter. Remember that part and in an astounding price range, 100 to 180k I've personally toured their office and their properties in person in Memphis. Get to know Mid South. Enjoy cash flow from day one. Start yourself right now at mid southhomebuyers.com that's mid south homebuyers.com You're listening to the show that has created more financial freedom than nearly any show in the world. This is get rich education. Welcome to GRE from Manchester, New Hampshire to Manchester, England and across 188 nations worldwide, I'm Keith Weinhold, and you are back inside one of America's longest running and most listened to shows on real estate investing. This is get rich education. What's all that stuff really mean? I'm just another slack jawed and snaggletooth podcaster, a shaved mammal with a microphone. I'm joining you from here in London, England this week for the first time ever on the show. More on that later. Let's talk about reducing the biggest operational expense that you're ever going to have as a real estate investor, at least the one that you can exert a good measure of control over. That is reducing your tenant vacancy and turnover, that constant menace. Now, I suppose you might say that property tax is your biggest ongoing ops expense, but you've got less control over your property tax rate. So yeah, we're talking about increasing your net income by lowering your VIMTUM operating expenses. Vacancy is the V in that acronym. This is big because this can make or break your ability to have your property create positive cash flow and getting tenant turnover right both increases your income and reduces your expenses. It is springtime currently, and it's soon going to be summer, so it is the right time to talk about this. It's when there is more tenant turnover. The goal here is for you to really move the dial in increase the likelihood that your tenant is going to renew their lease. Now, sure if your tenant gets a new job out of town, they're going to move out. But if they're moving because of too many maintenance issues, well then that's something that you could have fixed. The average tenancy duration in the US over time is two to three years. And of course, that's going to be longer in single family rentals and shorter in apartments. And how long your tenant stays is driven by three factors, the price of your unit, the quality of your maintenance and the quality of your management. Let's say that your tenant moves out. To be conservative, that your vacancy period is two months between tenants. Okay, that's the turnover and the time to lease. It two months is a somewhat longish vacancy period. But come on, it happens sometimes, especially if you're going to make upgrades between tenancies and you're busy with other things in your life, if you have a move out every year at that rate, well, that is too often. That would amount. To a vacancy percentage of 14% you might think it's 17% but it isn't, because it's a 12 month vacancy plus two vacant months, all right, but if instead that tenant moves out every two years, that's just 8% vacancy, and every three years that's just 5% vacancy. Of course, if you keep your vacancy period to only one month rather than two, you can have all those numbers. You can really see how you are increasing your income by retaining the tenant. The most vital thing for you to keep in mind is that fast quality maintenance and good communication are by far the best forms of customer service that a property manager can provide, so prompt, quality maintenance. That's a retention strategy. Being a proactive helps. One strategy you can engage in is to reach out to the tenants two months before their lease is set to renew, and that's the time to give them the new lease price and ask them if they intend to stay. If they say, No, they're not, ask them why. And occasionally, you can sway them if there's been a misunderstanding in your relationship, for example, a lingering maintenance issue that hasn't been addressed, and perhaps they didn't bother to contact you about that, if nothing else, I think I mentioned this to you one time before offering a small reward, like a gift card helps. I mean, creating this sense of reciprocation is really one of the best retention tactics out there, even if the items being reciprocated aren't anywhere near equal value, like the value of a 12 month lease versus you giving them, say, a $50 gift card now, say you've tried those strategies, and none of that works, and your tenant does decide to leave, perhaps 45 days from now, but you know that you've got time in your life to turn over the unit now, and You know that you're going to be really busy with other things in 45 days. One thing that you can do then is shift your strategy to pay the tenant. Say you can pay them as little as 10 or 20 bucks a day to leave early. This way they'll vacate during a period where you've got the time to devote to the vacancy and the turnover and the showings to prospective new tenants, and that way, it's not going to linger vacant as long now, a technique like this is a little similar to an eviction, where if a tenant has violated their lease or becomes non paying, without you having to go through the length of Your court driven formal eviction process, you can pay them a lump sum to leave early. Hopefully that's not your situation, but that can come up. And I think you've heard of it before. This is known as the Cash for Keys strategy. That means to get a tenant that's made some violation against their lease, and you want to have them vacate the unit sooner. This means that you get the keys in your hand and the right to enter when you pay them to leave, rather than having to go through the not so fun eviction process and see a tenant wants to avoid a formal eviction as well, because that goes on their record, and then it can make it tough for that tenant to get rental housing elsewhere. But I dislike the Cash for Keys strategy in order to hold off from a formal eviction, because what that does is that rewards a person that violated a lease, although we know that that might also shorten your economic vacancy period, and it could actually be economically beneficial to you, Cash for Keys. It's just not ethical, though. I know it might be tempting for you, the landlord, the cash for key strategy. It rewards societally immoral behavior. Now, of course, you might be using a professional property manager that does all of this stuff for you, like I do today, but still, these are often the best practices for your manager. And I started out self managing, just like a lot of real estate investors do in the beginning, and that's where I learned strategies and techniques like this for reducing your tenant vacancy and turnover. Now, here's a really interesting question that you may not have had to ask yourself yet, but you may down the road, if you've grown your portfolio to a certain size and you're serious about reducing your vacancy and turnover expense, it might be time to ask yourself one big question, and that is for your management and maintenance. Should you use contractors, or should you start to hire your own employees? Now, if you have a small portfolio, it won't be enough work for you to keep an employee busy, so you should go with contract. Contractors. On the other hand, if you have an apartment complex with on site property management, I would definitely recommend having a make ready crew on site, because it's just so easy for them to get to and from a job site. Now, you should still maintain relationships with contractors as a backup, of course, and you should also have specialists like plumbers, electricians and HVAC people ready to call now, most investors are small and they use off site management, but if you grow big enough someday, or maybe it's two day, the important point about employees is that you really need to stay on them, because every extra hour costs you. You don't want anyone out there who's thinking that speed isn't essential, because they're like, ah, you know, I get paid by the hour. Contractors, on the other hand, they quote you or your manager a job up front. So while an extra day hurts because it's one more day you can't lease the unit, it hurts less than it does if you have your own employees. One problem with contractors is they often can't start right away, and this tends to be more true if you're self managing. See if you use a professional manager. They might have their own in house people so you can leverage their employees without having to manage employees yourself, even if your manager brings in an off site contractor, like an electrician or a plumber. Well, that contractor probably gets a lot of business from your property manager, and they have some sense of loyalty to your property manager, therefore, they're incentivized to show up on time faster than if you're trying to self manage, say, your small portfolio of five properties, and you or your tenant are the ones that call the electrician or the plumber. Well, those contractors are going to be less likely to prioritize you and your infrequent requests, and this is just another reason that I like to employ professional management and not self manage. Now, virtually no new real estate investor is going to hire their own employees, and most are never going to at all. All right, but how do you know? How would you know when it's time to hire your own property manager or your own contractor, and have them on your own payroll and you are their boss, if you've got under 20 to 30 units, all right, typically third party property management or self management with contractors, that's going to make more sense, because having a full time, dedicated employee, it's just not financially justifiable. Below 20 or 30 units, you're not going to be able to keep that employee busy. And I'm generally talking about if you have one apartment building here, or a bunch of single family rentals, only if they're in small, close proximity to each other. What about if you grow up to 30 to 60 units? All right now you're in a gray area. If the property is something that's pretty management intensive, like high turnover, or you own an older building, or you generate a lot of work orders, or you're in a challenging area. Well, at 30 to 60 units, you might justify a part time on site person. So how that could practically work in this 30 to 60 unit gray area, what you can do is have a resident manager that gets free rent, plus perhaps a small stipend from you. Okay, so that's a strategy that you can play in this gray area zone. That way they can be responsive to tenant requests, and you can keep your vacancy and turnover costs down. All right, how about when you're going even bigger and you reach 60 to 100 units. Now you're in the range where a full time on site manager or a maintenance person, starts to make financial and operational sense, because here it's 60 to 100 units. Your staffing model, it might be that you have one full time manager, they do the leasing, the tenant relations, in the admin stuff, and you'll also have a second person, a full time maintenance tech if they're needed, all right? And the final tier here, if you reach more than 100 units, oh, okay, now it is standard for you to have a full on site team. You could be in the hundreds of units. So we're talking about a property manager, a leasing agent, a maintenance lead, a groundskeeper and sometimes also a part time assistant manager. So that's it. That's the hierarchy of how, based on your portfolio size and where they're located, how you can serve tenants well and reduce your vacancy and turnover expense. Yes. All right now, what are some things that can shift those thresholds, those unit counts? Well, high rent or luxury buildings, they often need on site staff at a smaller unit count, very low rent or section eight properties, they may need more intensive oversight, buildings that have amenities, like some of these newer apartment buildings that have a pool and a gym, okay, that can trigger some more staffing needs. And if you own multiple properties that are nearby to each other, well, then you can share employees across those properties. And you've got to look at local labor costs in places like New York City, northeastern New Jersey, parts of New England, Miami or LA, those high cost places. Then breaking even on staffing. That probably takes a bigger property than those numbers that I talked about. But here, we tend to invest in those investor advantage areas, the inland northeast, the South, in the southeast, in the Midwest. Now, if you've got, say, even 50 smaller properties, but they're scattered all over the place, in multiple states, well then of course, you're not going to hire employees. A good general metric to leave you with here is that one on site employee for every 50 to 80 units that you own in the same area, that is common, that is a common industry practice in market rate multifamily apartments right now, these are pretty timeless strategies I've been talking about with you here. As for what's happening in The market lately, I continue to slowly get more optimistic about the long beleaguered apartment market. A few weeks ago, I talked about how there's finally been greater apartment rent increases, although those rent increases are still historically low. What recently we learned that apartments are seeing a longer duration of tenancy and today, per real page, every single one of the 50 largest apartment markets has posted month over month occupancy gains, and then that's somewhat commensurate with what we're seeing on the one to four unit side, because the home ownership rate has fallen. It just fell from 65.7% down to 65.1 quarter over quarter. Now that doesn't sound like much, but that's actually a substantial drop in the home ownership rate in just one quarter. And fewer homeowners means more renters. So this basically means that the percent of Americans, renting has gone up because you just take the flip side of those numbers. So the rentership rate has essentially risen from 34.3 up to 34.9 in just one quarter. Something that completely makes sense, because we all know that home ownership affordability, especially for that first time, home buyer is lower, more renters. Is good for rental property owners. It's bringing more rental demand, more occupancy and more future pressure on rising rents. Now I want to follow up with you on a story from last year that made a lot of waves in the larger real estate world, but not so much for real estate investors. You surely remember this. That is the NAR settlement that a lot of people thought would result in lower real estate agent fees. Lowered commissions were coming. That's what everybody thought last year. Stories about that were all over the place that realtor fees are about to shrink. What's happened since then? Well, not much realtor fees, they still haven't fallen in any significant way, although the settlement was more than a year ago and this went into effect nine months ago. So to back up for a moment, in case you missed it, what happened is that a group of sellers accused the NAR, the National Association of Realtors, of inflating home costs by letting buyer side and seller side agents communicate about commission rates on the MLS home database, which only agents can see. And a jury agreed, so the NAR settled the lawsuit for over $400 million in damages, and it barred agents from sharing commission rates on those MLS databases. So that was a huge change that was expected to extinguish the globally high five to 6% realtor fee in the United States, because global averages are between one and 3% so as a result, the US real estate industry, they were bracing themselves for up to a 30% drop in the commissions that Americans pay annually in fees. But the new rules. Things have been nothing other than a big nothing burger. It only took a matter of weeks, really, for most agents to realize, you know, what did the agents do? They just simply moved their conversations off the NAR website and over to phone, text and email. That's it. Yes, that's all they did. So since that time, the average commission for buyers agents has barely budged. It ticked down less than 110 of 1% so for example, it ticked down less than 500 bucks on a 500k home that's per Redfin. So agents still expect sellers to pay five to 6% now I'm not against agents. Not only can an agent guide you through the process, what they can do is get you a higher sale price than they could have otherwise, because they really know how to market and advertise your property and reach a greater pool of buyers, but their commission rates have hardly budged. And of course, here at GRE marketplace, we typically use a direct model where agent compensation isn't priced into your properties anyway. To review what you've learned so far today, being proactive can help reduce your tenant vacancy and turnover expense and increase your income. Prompt, quality maintenance, that is a retention strategy in itself, as can having one on site employee for every 50 to 80 apartment units. And one year later, changes at the NIR really haven't reduced aging commissions appreciably. I'm coming to you from London, England today, taking in all the top sites, Buckingham Palace and watching the changing of the guard over there, Big Ben a Thames river cruise and the London Bridge, which is actually called Tower Bridge. The real estate transaction that I'm currently involved in here is paying $550 a night to stay here at a nice hotel in the center of the city. It's right near the Thames, kind of a steep rate, and I sure didn't have to stay right in the city center, where everything is more pricey. But that's the experience that I want to have. Next week, I'll bring you the show from Edinburgh, Scotland, where I'll be paying even more for a well located hotel right on the Royal Mile, and I'll tell you how much more then I am here to boost their economies, I suppose more next, including a really timely update. I'm Keith Weinhold. You're listening to Episode 555, of get rich education. The same place where I get my own mortgage loans is where you can get yours Ridge lending group NMLS, 42056, they provided our listeners with more loans than anyone because they specialize in income properties. They help you build a long term plan for growing your real estate empire with leverage. Start your pre qual and even chat with President Chaley Ridge personally while it's on your mind, start at Ridge lendinggroup.com. That's Ridge lendinggroup.com. You know what's crazy? Your bank is getting rich off of you. The average savings account pays less than 1% it's like laughable. Meanwhile, if your money isn't making at least 4% you're losing to inflation. That's why I started putting my own money into the FFI liquidity fund. It's super simple. Your cash can pull in up to 8% returns and it compounds. It's not some high risk gamble like digital or AI stock trading. It's pretty low risk because they've got a 10 plus year track record of paying investors on time in full every time. I mean, I wouldn't be talking about it if I wasn't invested myself. You can invest as little as 25k and you keep earning until you decide you want your money back. No weird lockups or anything like that. So if you're like me and tired of your liquid funds just sitting there doing nothing. Check it out. Text family to 66866, to learn about freedom. Family investments, liquidity fund again. Text family to 66866. Tom Wheelwright 24:21 this is Rich Dad advisor, Tom wheelwright. Listen to get rich education with Keith Weinhold, and don't quit your Daydream. Keith Weinhold 24:37 Welcome back to Episode 555, of get rich Education. I'm your host, Keith Weinhold, with an episode number like 555, you would expect me to go deep with you on real estate pays five ways, but we did that five weeks ago on episode 550 with your audio masterclass right here on the show today, we're talking about something with less upside. Than say that or the inflation triple crown, and instead on reducing your downside, vacancy and turnover expense, next week here on the show, I expect to sit down with a guest that's a highly regarded financier and author of a fairly hot new finance book, Christopher Whelan, and next week's show could get really interesting, because I've heard Chris say something about how real estate prices could fall back to 2020 levels. In my opinion, that is so many levels of unlikely that happening is about as likely as your grocery bills falling back to 2020 levels. So we'll see it could turn into a debate next week with Christopher Whelan and I. He is a sharp, well informed guy that also used to work at the New York Fed. That's next week down the road, longtime and former co host of the real estate guys radio show, Russell gray will join us again here, and we'll see what he's been up to in his post real estate guys, radio life that's coming up in a few weeks. Lots of great future content here, monologs, yes, those slack jawed monologs For me, repeat guests and new guests joining in as well. Back to this week now, there's an intriguing and potentially lucrative investment that we've discussed on the show here before, and I do have a timely and crucial update about it. A little while back, I sat down with the teak operations principle when we were in New Orleans together. These are yes, those Panama teak tree plantations that so many of you have already invested in. Yes. So as it is here. I am an American in London today talking about teak trees in Panama and I interviewed our upcoming guest here when we were in New Orleans together, the teak investment has a long time horizon, because trees have to grow. There's also a low cost of entry and no loans available. This is a real estate investment. You can own the land with the title to it and the trees that grow on top of them. Historically, teak returns have been five and a half percent, which doesn't sound like much, but see it grows in board foot volume at the same time that the unit price grows. And if inflation runs high over the next 25 years, your return might be higher. But the reason that we're discussing this now is because the principal, Mike Cobb here meeting with me, he is going to mention a price, and this is key two weeks from today, on June 9, the price for the teak parcels increases substantially. I'll tell you about that shortly. So for GRE followers, you can get locked into the lower price for just two more weeks. Here's my chat from a little while back with the teak tree investment principle, and then I'll return to bring you more. Hey, did you know that you can own a quarter acre parcel of a producing teak plantation, you own the title to the land, and you get the growth in the trees. On top of that, this is something that you can do as an investor. And teak trees are a valuable hardwood that you own, typically in Central America. So there's a very low cost of entry to this investment, and that's what attracts a lot of people to it. And I am with Mike Cobb, the CEO. He's also the author of the new book how to buy your home overseas and get it right the first time. But Mike, a lot of people are interested in the teak investment because it is so approachable. Tell us about it. Give us a general overview. Mike Cobb 28:42 absolutely, you know, thanks for having me on. It's always nice to be with you. We're, we're having some fun here in New Orleans, which is terrific, you know, yeah, the teak plantation is something that I envisioned back in 1998 so what's that like 26 years ago? Right? And in 1999 we planted our very first 100 Acre teak plantation. Because what we thought about at the time, which has now proven true 25 years later, is that, you know, I was either going to need the money in 25 years and be really glad I did this, or I wasn't going to need the money in 25 years and I was going to be really glad I did this. You know what? I don't really need the money now, but I'm really glad I did this. And 25 years comes. And I think that's been really the challenge for a lot of people looking at teak. They're just like, ah, 25 years. It's too long, but 25 years comes. 25 years will come, and you can either have planted the trees and be ready to take this huge windfall of return, or you won't be getting a windfall return. So I think that's the challenge, the mental challenge, I think maybe an average investor has, but I know you work with superior investors because they're paying attention to what you're writing, they're watching your podcast, they're reading your newsletter. You have far superior investors than I would say, the average investor. So I think this is a great thing for folks to check out. Keith Weinhold 30:00 All right, so you're talking about the investment timeline, from the time a tea tree seed is planted until the harvest time that can feel like quite a while. You have been doing this over 25 years, and that is key when you as an investor go offshore or go overseas to have trust in a stable company that's been around for a long time. That's why, really, you're one of the few people that I work with who are outside of the United States real estate like the teak trees. Mike Cobb 30:25 Thank you. Yeah, we've been around for 31 years. I've been working in the region. 31 our development company is 28 years old. Our plantation is now 26 years old. 25 with the trees, but we bought the land 26 years ago. But the bottom line, you're right and and the other thing that we should care about. And you brought this up earlier, when we're kind of chatting, is country, what country are you planting trees in that you got to wait 25 years for them to mature and harvest? By the way, the Panama. By the way, Panama, and of all the countries in the region where I feel the most comfortable as an investor, Panama's yet, because Panama's got the canal. And I know people say, oh, yeah, that's right. It's a vital strategic US interest. It's a vital world interest. The Chinese care about it as much as we do. The Europeans care about it. Anybody who wants commerce to happen cares about that canal being open. And so you've got this country, Panama, that has the canal stable, economically stable, politically stable. And when starting to talk about 2550 7500, year time frames, because you own the land, you get the harvest in 25 years, you replant, and then your children get the next harvest, and your grandchildren get the next harvest. It is truly generational wealth. Stewardship Keith Weinhold 31:41 Panama is a little bit like investing overseas with training wheels on their well developed, first Central American nation. They even use the United States dollars. They do is that familiar? Absolutely well. But as the investors thinking about investing in teak plantations, just tell us about the properties of teak wood, of all wood types. Why teak? Tell us about the value there. Mike Cobb 32:00 Yeah, teak has been grown in plantations, starting with the British back about 400 years ago. And so you've got centuries of plantation growing of teak as a crop, right? And so you've got this incredible longevity of information and things like that. And I know some of the stats off the top of my head, since 1972 the average price of teak lumber has has risen about five and a half percent a year over a 52 year period. Talk about track record, centuries of growing as a crop, right? 52 years as a lumber commodity. Look, people been using it to make ships. Its hardness is its most valuable characteristic is an extremely hard wood. It's resistant to rot fungus, so it's used in outdoor furniture, for example, right? Some of the stuff on the Titanic they pulled up from the bottom of the ocean, you know, chairs made a teak, right? Teak. But ship builders fine furniture, outdoor furniture and and they're cutting teak down. This is so important, they are cutting teak down eight to 10 times faster than anybody in the world is replanting it. So just imagine what that does to supply and demand and prices based on just basic economics, right? Keith Weinhold 33:13 Yeah, that is some scarcity. That is a really good point. Tell us about what you're surely interested in. What do the investor returns look like. Mike Cobb 33:21 Yeah. So you know, to own one of these quarter acre parcels, by the way, you said it before you own the land, you get title to the land you own the trees. $6,880 that's your that's your entry. Gosh. So for less than $7,000 you own a quarter acre of teeth trees that in 25 years projected returns. We all projections right about $94,000 a little over $94,000 so 7000 turns into $90,000 over 25 years, harvest, plant the trees again, and in 25 years, your kids or your grandkids will get the next harvest, and so on and so on. It is a powerful generational wealth stewardship. In fact, right now we have what we call give the gift of teak because look, you know, you got kids, you got grandkids. What are you gonna get them? Right? I mean, they got everything they want, presumably, right? You buy them a teak parcel, right? Buy that kid, buy that grandkid, a teak parcel. What a cool idea. Oh my gosh, in 25 years, you might be gone, right, but they're gonna get this big windfall, and they're gonna thank grandma or grandpa, right for for thinking of them 25 years into the future? Keith Weinhold 34:27 Yeah? Oh, I love that. And you're so proud about what you do. You regularly offer investor tour so that they come and see the teak. But maybe you know, for you, the investor, you're wondering, okay, if you're used to investing in us real estate, you might be making two leaps here. You'd be going from residential real estate to agricultural, and you'd also be investing in a nation outside your home country. And when it comes to those sort of questions, I think any savvy investor asks, okay, what are the risks involved with this investment? Can you tell us about that? Mike Cobb 34:59 Yeah, sure. Look, you've got political risk, country risk, political risk, which, I think again, of all the countries in the region, Panama, dollar, economy, canal, safe, stable. So the political risk is minimal. It's there. It's real. You know, fire risk is an issue, right? Trees burn. The good thing about teak is that after about year three, they're up. And you keep them trimmed, trim all the low branches off. So fire risk really drops incredibly low after about year three or four. But ultimately, it's about professional management. We have a company called Heyo Forrestal that we hired 25 years ago, 26 years ago, actually, to help us find the land, do the analysis of the land, make sure it was good for teak. And when you hire professionals, you get professional results. I mean, we stayed with this company for 26 years now, and the guy that we met early on, a little forestry engineer, is now General Manager and partner in the business. So we've watched that business grow up alongside ours at the same time. Those relationships, you know, Dolly Parton and Kenny Rogers have a song you can't make old friends. So here we are with Jacobo and some of the Luis that we've worked with for, you know, 26 years, and the relationships matter, especially in that part of the world, but professionalism and professional management is the key, and you have that alongside the relationships. Both are important. Keith Weinhold 36:20 yes. So we're talking about how the property manager is such an important part of your team, and you think about your single family homes or your apartment buildings. And Mike here is talking about the importance of professional management, because teak trees need a little management and pruning, and sometimes there are thinnings which can give you some income so that you don't have to wait 25 years. Correct another way in which you might not have to wait 25 years for the full harvest cycle is at times you can buy trees that are, say, already seven years old, so you can only be waiting 18 years, or that are teens, so you might only be waiting 10 years, or some things about that, those are some of the options. But Mike, before I ask you if you have any last word, if you want to learn more about this, get some information, learn more about it, and learn how to connect with Mike's team. He is one of our GRE marketplace providers, and he's the owner of that company. You can do that at gre marketplace.com/teak, any last thing someone should know about teak before they consider investing? Mike? Mike Cobb 37:16 Yeah, well, two things you mentioned the tour. So we do run discovery tours. We have one coming up in January, end of January, two days, we go out to the plantation, the teenage teat plantation, by the way, oak, which is eight or nine more years to harvest. Then we're going to the sawmill, because all of our logs go through a sawmill to convert to lumber, which enhances the return to the investor. Keith Weinhold 37:36 Do the teens sleep until noon? Or can we visit them Mike Cobb 37:38 and then they're on their phones all day If we're gonna go visit them. We'll wake them up and, like, get on their phones. But here's, here's the last parting word. I think it's scary for a lot of people. It is scary. You're going overseas, you're outside of, you know, residential you're going into a new industry. You're going to a new country. The reason this works for so many people, over 1000 now, have done this, is it's such a small bite, $7,000 and if that's maybe one or 2% of your portfolio, what I hate to say, put it on the table and roll the dice, but you'll be happy you did. I'm happy I did. It's a small bite, but that international diversification is so important. And then you put it in something that's absolutely not correlated to the market. It's not correlated to us real estate. I mean, in 2008 to 2012 when real estate was dying in the US, our trees just kept growing. So non correlated, non US, right? And non residential. I think that's the reason you want to take a little tiny piece of your portfolio and put it overseas in something like teak. Keith Weinhold 38:42 We know over the long term that it has grown in value 5.5% a year, but at the same time, it grows in volume, in the amount of board fees you're getting a crease, an increase in both unit value and volume. It's really growing a couple ways. At the same time, you've had over 1000 different individual investors invest in the teak now, several dozen, maybe even more than 100 of those have been you the get rich education follower. So again, thanks for joining me, Mike. If you want to learn more, start at gre marketplace.com/teak. I'm Keith Weinhold. I'll see you next time. Yeah, good information from Mike there again for GRE followers, that 6880 price deadline is Monday, June 9, and then it goes to 8680, that is a 26% price increase, and this is because land and planting costs have skyrocketed. And you know, I have long wondered about when they were going to change that same lower price that they've had for a lot of years. The provider recently added a sawmill to convert logs to lumber, and that enhances investment returns. So when you inquire for more info, you can ask about that, and that could very well put them above the 94k per part. Possible projected payout. Teak, hardwood, it just has some amazing physical properties. It's not your run of the mill. Backyard. Maple, it is a real asset. Think of it as a forest that fights back against Fiat and the provider reputation and continuity are almost impeccable. They've even had the same forestry manager, yeah, sort of like a property manager for trees, because trees take things like prunings and thinnings, the same manager for all 26 years of the teak operation. In the future, I might join one of their teak investor tours in Panama, and if I do, I'll be sure to let you know so that we can meet up that might even be a GRE exclusive tour. What you really need to know now is that, again, the lower price is good until Monday, June 9, to get started or simply learn more, visit gre marketplace.com/teak, that's t, e, a, k, until next week, I'm your host. Keith Weinhold, don't quit your Daydream. Unknown Speaker 41:10 Nothing on this show should be considered specific, personal or professional advice. Please consult an appropriate tax, legal, real estate, financial or business professional for individualized advice. Opinions of guests are their own. Information is not guaranteed. All investment strategies have the potential for profit or loss. The host is operating on behalf of get rich Education LLC exclusively. Keith Weinhold 41:34 You know, whenever you want the best written real estate and finance info, oh, geez, today's experience limits your free articles access and it's got pay walls and pop ups and push notifications and cookies disclaimers. It's not so great. So then it's vital to place nice, clean, free content into your hands that adds no hype value to your life. That's why this is the golden age of quality newsletters. And I write every word of ours myself. It's got a dash of humor, and it's to the point because even the word abbreviation is too long, my letter usually takes less than three minutes to read, and when you start the letter. You also get my one hour fast real estate video. Of course, it's all completely free. It's called the Don't quit your Daydream letter. It wires your mind for wealth, and it couldn't be easier for you to get it right now. 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