Podcasts about monetary

REGISTER FOR THOUGHTFUL MONEY'S SPRING ONLINE CONFERENCE AT THE EARLY BIRD DISCOUNT PRICE at https://www.thoughtfulmoney.com/conferenceDollar Milkshake Theory developer Brent Johnson has released another report on stablecoins, emphasizing their tremendous potential to upend the global monetary system.He's shouting loudly about this because he sees most of Wall Street vastly unprepared for what's about to happen.It's largely treating stablecoins as a niche amusement, instead of the Omega-level disruptor Brent thinks it will prove to be.In fact, he thinks stablecoins will impact the global monetary order on the same level as the Bretton Woods accord, or when the dollar moved off the gold standard.To learn why, and what the implications will likely be, watch this video.#stablecoin #stablecoins #dollar _____________________________________________ Thoughtful Money LLC is a Registered Investment Advisor Promoter.We produce educational content geared for the individual investor. It's important to note that this content is NOT investment advice, individual or otherwise, nor should be construed as such.We recommend that most investors, especially if inexperienced, should consider benefiting from the direction and guidance of a qualified financial advisor registered with the U.S. Securities and Exchange Commission (SEC) or state securities regulators who can develop & implement a personalized financial plan based on a customer's unique goals, needs & risk tolerance.IMPORTANT NOTE: There are risks associated with investing in securities.Investing in stocks, bonds, exchange traded funds, mutual funds, money market funds, and other types of securities involve risk of loss. Loss of principal is possible. Some high risk investments may use leverage, which will accentuate gains & losses. Foreign investing involves special risks, including a greater volatility and political, economic and currency risks and differences in accounting methods.A security's or a firm's past investment performance is not a guarantee or predictor of future investment performance.Thoughtful Money and the Thoughtful Money logo are trademarks of Thoughtful Money LLC.Copyright © 2026 Thoughtful Money LLC. All rights reserved.

Anastasia Canonica was born in post-Soviet Russia in 1991, the year the USSR collapsed and the monetary system reset overnight, erasing everyone's savings. She was placed in an orphanage at age 4 after her parents turned to alcohol amid the poverty crisis, spending ages 4-16 in Orphanage Number 5 in Novokuznetsk, Siberia. After her father's death when she was 11, she became consumed with anger and resentment, developing a physical growth on her body. At 13, she experienced a miracle healing through Louise Hay's book "Heal Your Body," learning to release resentment and forgive. After a two-year adoption process, Anastasia came to America at 16, right as the 2008 financial crisis hit. Ana shares her awakening journey and Bitcoin adoption, seeing it as a source of hope that the parallel centralized dystopian world doesn't have to be the only option.→ Please like, comment, share & follow — to help me beat the suppressing algo's. Thank you!– SPONSORS –→ Access liquidity without selling your Bitcoin with Ledn — learn more at https://ledn.io/Efrat → Get your TREZOR wallet & accessories, with a 5% discount, using my code at checkout (get my discount code from the episode - yep, you'll have to watch it): https://affil.trezor.io/SHUn→ Have you tried mining bitcoin? Stack sats directly to your wallet while saving on taxes with Abundant Mines: https://AbundantMines.com/Efrat - Claim your free month of hosting via this link– AFFILIATES –→ Get 10% off on Augmented NAC to detox Spike protein, with the code YCXKQDK2 via this link: https://store.augmentednac.com/?via=efrat (Note, this is not medical advice, please consult your MD)→ Join me at Europe's largest bitcoin conference - BTC Prague, June 11-13, 2026. Code EFRAT for 10% off: http://btcprg.me/EFRAT→ Be good to your eyes & health, and get the Daylight tablet - a healthier, more human-friendly computer, zero blue light & flicker. Use code EFRAT for $25 off: https://bit.ly/Efrat_daylight → Get a second citizenship and a plan B to relocate to another country with Expat Money, leave your details for a follow up: https://expatmoney.com/efrat→ Watch “New Totalitarian Order” conference with Prof. Mattias Desmet & Efrat - code EFRAT for 10% off: https://efenigson.gumroad.com/l/desmet_efrat→ Join me in any of these upcoming events: https://www.efrat.blog/p/upcoming-events– LINKS –Ana on X: https://x.com/nastyhodl Ana on Instagram: https://www.instagram.com/anastasia_living_life/ Efrat's X: https://twitter.com/efenigsonEfrat's Channels: https://linktr.ee/efenigsonWatch on all platforms: https://linktr.ee/yourethevoiceSupport Efrat's work: ⁠https://bit.ly/zap_efrat– CHAPTERS –00:00 - Coming Up... 01:33 - Introduction to Ana04:15 - Ana's Backstory, Soviet Collapse & Monetary Reset 09:42 - Ad-Break: Ledn & Trezor 13:00 - Orphanage at Age 4 18:35 - Grandma's Worthless Fiat Money 24:44 - Father's Death at Age 11 31:02 - The Physical Side Effects of Stuck Anger 33:59 - Ad-Break: Abundant Mines & New Totalitarian Order Conference36:20 - Louise Hay's Book: Heal Your Body 41:17 - The Miracle: Physical Healing Through Forgiveness 45:20 - Ana's Brother Adopted by American Family 51:03 - The Adoption Offer59:44 - 2008: Arriving in America During Financial Crisis 01:03:24 - Music School & Finance School 01:05:40 - Learning the Broken Monetary System & Finding Bitcoin 01:09:44 - Covid Started The Great Awakening 01:15:06 - Energy, Bitcoin & Hope

Gemara Chabura - Rabbi Karlinsky - The Letter Of Monetary Laws And Beyond Is It Legal Is It Moral Is It Holy 20 by Shapell's Rabbeim

Israeli Prime Minister Benjamin Netanyahu met with U.S. President Donald Trump behind closed doors on Wednesday in Washington. Five people were killed in crime-related incidents in the Arab community overnight Wednesday going into Thursday, and Arab-Israelis continue to grapple with rising crime.Israeli prosecutors filed an indictment against a civilian and an IDF reservist  for using classified information for placing bets about military actions on the betting website, Polymarket.Hasod Story: IDN10 for 10% off - https://www.hasodstore.com/shopsmall/p/israeldailynewssupportIsrael Daily News website: https://israeldailynews.orgYOUTUBE: https://youtube.com/@israeldailynews?si=UFQjC_iuL13V7tyQIsrael Daily News Patreon: https://www.patreon.com/shannafuldSupport our Wartime News Coverage: https://www.gofundme.com/f/independent-journalist-covering-israels-warLinks to all things IDN:⁠ https://linktr.ee/israeldailynews⁠

Gemara Chabura - Rabbi Karlinsky - The Letter Of Monetary Laws And Beyond: Is It Legal? Is It Moral? Is It Holy? 19 by Shapell's Rabbeim

The American empire—with its global military footprint and permanent war economy—cannot be financed through honest taxation without provoking revolt.Original article: https://mises.org/mises-wire/monetary-decay-and-imperial-survival

The American empire—with its global military footprint and permanent war economy—cannot be financed through honest taxation without provoking revolt.Original article: https://mises.org/mises-wire/monetary-decay-and-imperial-survival

Interview recorded - 12th of February, 2026Substack - https://rubino.substack.com/On this episode of the WTFinance podcast I had the pleasure of welcoming back John Rubino. 0:00 - Introduction1:18 - Overview of economy3:23 - Tech bubble?8:51 - Precious metals major driver?11:31 - Preventing deficits?16:37 - Potential collapse?18:14 - Gold & Silver trend22:57 - Silver volume29:44 - One message to takeaway?John Rubino is a former Wall Street financial analyst and author or co-author of five books, including The Money Bubble: What To Do Before It Pops and Clean Money: Picking Winners in the Green-Tech Boom. He founded the popular financial website DollarCollapse.com in 2004 and sold it in 2022.John's newsletter provides actionable advice, based on a couple of premises:- The financial world is spinning out of control and will get considerably worse before it gets better.- There are things we can do to improve our odds of surviving and thriving as the chaos unfolds.John Rubino - LinkedIn - https://www.linkedin.com/in/john-rubino-a952146/WTFinance - Spotify - https://open.spotify.com/show/67rpmjG92PNBW0doLyPvfniTunes -https://podcasts.apple.com/us/podcast/wtfinance/id1554934665?uo=4LinkedIn - https://www.linkedin.com/in/anthony-fatseas-761066103/Twitter - https://twitter.com/AnthonyFatseas

Gold and silver didn't “break the system.”According to Lyn Alden, this wasn't doomsday; it was a structural rerating that temporarily got ahead of itself.We discuss fiscal dominance, why gold decoupled from real rates, leverage and algorithm-driven momentum, Japan's bond risks, China reducing Treasury exposure, and why she believes gold is structurally undervalued even after the rally.Plus: Bitcoin vs. gold, altcoins, and her current portfolio positioning.#gold #bitcoin #silverprice ------------

Gemara Chabura - Rabbi Karlinsky - The Letter Of Monetary Laws And Beyond: Is It Legal? Is It Moral? Is It Holy? 18 by Shapell's Rabbeim

La BCE abaisse ses taux directeurs de 0,25 point, espérant relancer une économie européenne fragilisée par les tensions commerciales mondiales.Traduction:The ECB cuts key interest rates by 0.25 points, aiming to revive Europe's economy amid global trade tensions. Hosted on Acast. See acast.com/privacy for more information.

This is a free preview of a paid episode. To hear more, visit www.theflyingfrisby.comGood Sunday to you,In case you missed them, I put out two articles this week. Here they are.By now I am sure you will have stumbled across Matt Shumer's essay Something Big Is Happening, which has gone bananas viral. Eighty-one million views on X alone. That's even more than We're All Far Right Now.Shumer describes how AI capability is improving exponentially, meaning that most screen-based jobs face imminent and major disruption. By that he means all but disappearing. His advice is blunt: get good at using AI now; assume much of what you do will be automated, and thus your doing it will soon be redundant; and start saving up, there's economic upheaval coming.It's perhaps the best articulated essay there is describing this bleak view of what is coming.From my own little vantage point, I'm not nearly so pessimistic. I use AI a lot, and I use it more and more. Its rapid improvement over the last six months has been obvious, though it still cannot recognise humour, let alone write it - humour that's actually funny, anyway. So it's rather like the BBC comedy department in that regard.EDIT: Having written that last paragraph, I just watched this. It is a perfect Frat Pack joke. I've now watched a load of other clips made with AI movie generator Seed Dance 2.0 from Byte Dance (parent company of TikTok), and I've a mind to short Disney first thing on Monday morning. The content is breathtaking, even the comedy.I use AI as a sounding board, for legal and regulatory questions, bureaucratic procedures, personal advice, career and business advice, videos, images. I use it to proof read copy, in the case of PR which I hate writing, I use it to actually generate copy; it helps me with titles, SEO summaries and research. I am not at the point where it writes my articles for me, and I like to think I would not let that happen, but I know others are: I am increasingly reading pieces in respectable broadsheets that are clearly written by bots.That represents a lot of work I might once have given to other people.On the other hand, if I had needed to pay someone proper money to do it, I probably would not have done it at all. In that sense it is not so different from the democratisation of media that followed the turn of the 21st century, when filmmaking, podcasting and publishing suddenly became accessible to anyone with a laptop.From a personal point of view I know I have lost a shedload of voiceover work to AI, and what used to be my main source of income no longer is. More annoying, my voice, with the countless documentaries, promos, trailers and ads I've voiced over the years, has been harvested, modelled and copied like mad. Not a lot I can do. But the net result to the world is more content, better content, produced faster and at lower cost.I'm not sure quite how end-of-days it all is. But Shumer's finger is on the pulse in a way mine is not.Let's assume he is more right than I am. What then?Two things follow.First, AI is deflationary. Services get cheaper. Productivity rises. Labour loses bargaining power.Second, governments will not sit back and watch demand collapse. If employment and incomes come under pressure, the political response will be fiscal support, especially if it win s elections. This means more borrowing, therefore lower interest rates, and more money-printing. Different routes, same destination: easy money.That is essentially the conclusion reached by analyst Lyn Alden in her latest newsletter, though her reasoning is more technical. The Federal Reserve has already moved from balance sheet reduction back to ongoing expansion. Not a dramatic “QE moment”, but a structural, steady increase to keep the financial plumbing functioning. She calls it the “gradual print”.Jefferies' Chris Woods, whose Greed & Fear letter I have come to rather like, arrives at a similar place via politics. The US government is now so sensitive to interest costs that sustained tight policy is unrealistic. If markets wobble or growth weakens, intervention returns. Monetary restraint will not survive contact with fiscal reality.Hedge fund billionaire, Ray Dalio's argument, laid out in his latest offering, is similar, though simpler and colder. The United States is late in a long-term debt cycle, with borrowing rising faster than income. There are three ways out: austerity, default or money printing. The US will choose the third. If foreign buyers will not fund the deficits at acceptable rates, the central bank ultimately does. Different language, same conclusion.Which brings me to an interview I listened to this week, between Grant Williams and Rabobank's Michael Every. Every thinks stable coins will act as the funding vehicle. Every's argument is more macro than AI or the Fed. He believes we are seeing a structural shift in the global economic system, comparable to the late Soviet period. With Communism in its final throes, Gorbachev tried to transform the USSR from a military-industrial economy into a consumer one. It failed and the system collapsed.The United States, Every argues, is now attempting the reverse. After decades of financialisation and consumption, it is trying to rebuild industrial and military capacity. That means: industrial policy, trade protection, supply-chain control and capital directed toward production, rather than asset inflation. Instead of buying US treasuries, foreign dollars get recycled into US manufacturing, industry and, yes, its military.This is not the liberal globalisation model of the last thirty years. It is economic statecraft. This means growth may be slower and inflation structurally higher, while financial markets less dominant relative to the real economy.Success is by no means guaranteed, but the direction of travel is toward a more managed, more political, less free market economic system.So … large forces are converging. Different stories, maybe, but the destination is be rather similar.* AI will improve productivity, but lower labour power* Governments will be forced towards fiscal support* No longer independent, central banks will drift towards balance sheet expansion* Geopolitics will drive reindustrialisation and energy demandWhich brings us to the question that matters.What are the implications for your money?Where do you put it?

La BCE abaisse ses taux directeurs de 0,25 point, espérant relancer une économie européenne fragilisée par les tensions commerciales mondiales.Traduction:The ECB cuts key interest rates by 0.25 points, aiming to revive Europe's economy amid global trade tensions. Hosted on Acast. See acast.com/privacy for more information.

This is a free preview of a paid episode. To hear more, visit www.theflyingfrisby.comGood Sunday to you,In case you missed them, I put out two articles this week. Here they are.By now I am sure you will have stumbled across Matt Shumer's essay Something Big Is Happening, which has gone bananas viral. Eighty-one million views on X alone. That's even more than We're All Far Right Now.Shumer describes how AI capability is improving exponentially, meaning that most screen-based jobs face imminent and major disruption. By that he means all but disappearing. His advice is blunt: get good at using AI now; assume much of what you do will be automated, and thus your doing it will soon be redundant; and start saving up, there's economic upheaval coming.It's perhaps the best articulated essay there is describing this bleak view of what is coming.From my own little vantage point, I'm not nearly so pessimistic. I use AI a lot, and I use it more and more. Its rapid improvement over the last six months has been obvious, though it still cannot recognise humour, let alone write it - humour that's actually funny, anyway. So it's rather like the BBC comedy department in that regard.EDIT: Having written that last paragraph, I just watched this. It is a perfect Frat Pack joke. I've now watched a load of other clips made with AI movie generator Seed Dance 2.0 from Byte Dance (parent company of TikTok), and I've a mind to short Disney first thing on Monday morning. The content is breathtaking, even the comedy.I use AI as a sounding board, for legal and regulatory questions, bureaucratic procedures, personal advice, career and business advice, videos, images. I use it to proof read copy, in the case of PR which I hate writing, I use it to actually generate copy; it helps me with titles, SEO summaries and research. I am not at the point where it writes my articles for me, and I like to think I would not let that happen, but I know others are: I am increasingly reading pieces in respectable broadsheets that are clearly written by bots.That represents a lot of work I might once have given to other people.On the other hand, if I had needed to pay someone proper money to do it, I probably would not have done it at all. In that sense it is not so different from the democratisation of media that followed the turn of the 21st century, when filmmaking, podcasting and publishing suddenly became accessible to anyone with a laptop.From a personal point of view I know I have lost a shedload of voiceover work to AI, and what used to be my main source of income no longer is. More annoying, my voice, with the countless documentaries, promos, trailers and ads I've voiced over the years, has been harvested, modelled and copied like mad. Not a lot I can do. But the net result to the world is more content, better content, produced faster and at lower cost.I'm not sure quite how end-of-days it all is. But Shumer's finger is on the pulse in a way mine is not.Let's assume he is more right than I am. What then?Two things follow.First, AI is deflationary. Services get cheaper. Productivity rises. Labour loses bargaining power.Second, governments will not sit back and watch demand collapse. If employment and incomes come under pressure, the political response will be fiscal support, especially if it win s elections. This means more borrowing, therefore lower interest rates, and more money-printing. Different routes, same destination: easy money.That is essentially the conclusion reached by analyst Lyn Alden in her latest newsletter, though her reasoning is more technical. The Federal Reserve has already moved from balance sheet reduction back to ongoing expansion. Not a dramatic “QE moment”, but a structural, steady increase to keep the financial plumbing functioning. She calls it the “gradual print”.Jefferies' Chris Woods, whose Greed & Fear letter I have come to rather like, arrives at a similar place via politics. The US government is now so sensitive to interest costs that sustained tight policy is unrealistic. If markets wobble or growth weakens, intervention returns. Monetary restraint will not survive contact with fiscal reality.Hedge fund billionaire, Ray Dalio's argument, laid out in his latest offering, is similar, though simpler and colder. The United States is late in a long-term debt cycle, with borrowing rising faster than income. There are three ways out: austerity, default or money printing. The US will choose the third. If foreign buyers will not fund the deficits at acceptable rates, the central bank ultimately does. Different language, same conclusion.Which brings me to an interview I listened to this week, between Grant Williams and Rabobank's Michael Every. Every thinks stable coins will act as the funding vehicle. Every's argument is more macro than AI or the Fed. He believes we are seeing a structural shift in the global economic system, comparable to the late Soviet period. With Communism in its final throes, Gorbachev tried to transform the USSR from a military-industrial economy into a consumer one. It failed and the system collapsed.The United States, Every argues, is now attempting the reverse. After decades of financialisation and consumption, it is trying to rebuild industrial and military capacity. That means: industrial policy, trade protection, supply-chain control and capital directed toward production, rather than asset inflation. Instead of buying US treasuries, foreign dollars get recycled into US manufacturing, industry and, yes, its military.This is not the liberal globalisation model of the last thirty years. It is economic statecraft. This means growth may be slower and inflation structurally higher, while financial markets less dominant relative to the real economy.Success is by no means guaranteed, but the direction of travel is toward a more managed, more political, less free market economic system.So … large forces are converging. Different stories, maybe, but the destination is be rather similar.* AI will improve productivity, but lower labour power* Governments will be forced towards fiscal support* No longer independent, central banks will drift towards balance sheet expansion* Geopolitics will drive reindustrialisation and energy demandWhich brings us to the question that matters.What are the implications for your money?Where do you put it?

What the bible is all about; Tree of Knowledge of Good and Evil vs Tree of Life; Walls of misunderstanding; Pharisees and Sadducees; The serpent in the garden; Whole truth?; Why Leviticus was written; Pontius Pilate's position; Monetary system in Judea; Decline of Roman republic; Duty to fellowman; Evidence of salvation; Knowing the WHOLE Jesus; Devil believes in Jesus; Have you repented?; Things God hates; Nicolaitans and Baalam; Charity; Levites; Atonement; What we thought we knew that just ain't so; Lev 5:1 Awkward translation; Jewish Christmas lights story; Hating; The "world" God loves; All MIGHT be saved; Bearing witness to iniquity; Carcase?; Unclean things?; Sacrifice?; nun-biet-lamad-hey; Julius Caesar and the Gauls; Unclean bread provided by Rome; Foolish things; Golden calf; Reserve fund?; Oaths; Bound to unknown crimes; Guilt; Confession - to whom?; Making recompense; How to have a healthy community; Unintended consequences; Trespass offerings; Stones of the Levite altars; Touching unclean things; Offering covering the trespass; Taking care of the needy; Social welfare via the altars; Turtledove?; Cheating; Sprinkling blood?; Christ forbade us…; Atonement for sin?; Ransom, price of life, sacrifice; Things of value; The principle: you caused damage; Owning up; Responsibility; Spirit of a free society; v12 - bringing to priest; "fire"; Why the old men wept; Forgiveness; Paying it forward; Reparations?; Freewill offerings; What Christ was doing; Making amends; Forgiven by whom?; Prodigal son example; Whose house do you live in?; Getting back to your father's house; Repent and seek His kingdom and righteousness; Why a priest?; Wise, efficient giving; "Kingdom"; Determining what you owe in recompense; Things forgotten; Injuring someone is a trespass against the LORD; Human resources; Caiaphas and Jesus; Pay it forward.

Statsgælden steg for første gang siden 2020 – med 18 mia. kr. til 235 mia. kr. – efter et år med store og ekstraordinære investeringer. Det er samtidig lykkedes Nationalbanken, Finansministeriet og KommuneKredit i fællesskab at skære én mia. kr. de fremtidige, årlige rentebetalinger på kommunernes gæld.Statsgældsforvaltningen ligger i Nationalbanken, men varetager forvaltningen af Danmarks statsgæld på vegne af Finansministeren. Hvordan det er foregået i 2025 taler Mathias Petersen, senior treasury manager i Statsgældsforvaltningen, med Peter Levring om i den nye episode af Nationalbankens podcast om økonomi. ”Hvis man skal fremhæve en ting, som der både er dansk og internationale interesse om, og som også har en samfundsmæssig betydning, så er det, at vi har overtaget finansieringen af kommuner og regioner via kommunekredit,” siger Mathias Petersen i podcasten, som Nationalbanken udgiver i anledning af den årlige publikation SLOG'en – eller Statens Låntagning og Gæld, der blev udgivet 5. februar.Statsgældsforvaltningen hovedopgave er at hente finansiering i markedet ved at sælge statsgæld, når Staten har brug for det.Men man arbejder også med såkaldt genudlån, hvor staten henter penge i markedet for at låne pengene videre ud til flere statslige selskaber og socialt boligbyggeri – og nu også KommuneKredit. På den måde bruges Danmarks Aaa-kreditvurdering og lave gæld til at sikre at andre dele af den offentlige sektor kan finansiere sig til de samme meget lave renter som staten.

Ray Dalio says the monetary order is breaking down and the signs are everywhere. Yield curve control, exploding debt, CBDCs, and a regulatory battle over Bitcoin are converging fast. Goldman is loading up, banks are fighting over stablecoins, and Washington is racing to lock in the rules. This is not noise. This is the endgame for fiat and the case for Bitcoin.SPONSORS✅ Ledn⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://www.nmj1gs2i.com/9W598/9B9DM/?source_id=podcast⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Simply Bitcoin clients get 0.25% off their first loanNeed liquidity without selling your Bitcoin? Ledn has been the trusted Bitcoin-backed lending platform for 6+ years. Access your BTC's value while HODLing.

Gemara Chabura - Rabbi Karlinsky - The Letter Of Monetary Laws And Beyond: Is It Legal? Is It Moral? Is It Holy? 17 by Shapell's Rabbeim

Will gold, or bitcoin, come out on top in a monetary reset?Given the volatility in precious metals, bitcoin, and AI stocks last week, it's a timely reminder...All investments come with the chance of the price going down instead of up, and if you feel fear when markets wobble, just remember the possibility it might not be what your investing in that's the problem. The best time to change your portfolio is not when you're spiraling and wondering if you were wrong, but when it's clear you were right.The best investments always wobble, the best investors, shouldn't. Read more.Book in a free 15-min phone call with Darcy Ungaro (financial adviser).Sign up to the fortnightly newsletter!Thank You Swyftx: With over 1 million customers across New Zealand and Australia. Ask yourself …”Where can crypto take you?". Check out Swyftx.Provincia: Whether you're looking to invest, or you have a commercial property that needs better management - they the true one-stop shop for wholesale industrial investors. Check out Provincia.co.nz for more.Affiliate Links!The Bitcoin Adviser: Plan for intergenerational digital wealth.Hatch: For US markets.Revolut: For a new type of banking.Sharesies: For local, and international markets.Loan My Coins: Bitcoin lending product.Exodus: Get rewards on your first $2,500 of swapsOnline courses:Take the free, 5-part online course Crypto 101: Crypto with ConfidenceGet Social:Check out the most watched/downloaded episodes hereFollow on YouTube , Instagram, TikTok: @theeverydayinvestor, X (@UngaroDarcy), LinkedIn.www.radicalinvestment.co.nz________________________Disclaimer: Please act independently from any content provided in these episodes; it's not financial advice, because there's no...

Gemara Chabura - Rabbi Karlinsky - The Letter Of Monetary Laws And Beyond: Is It Legal? Is It Moral? Is It Holy? 16 by Shapell's Rabbeim

Summary  Tune into the Prosperity Podcast for a "recalibration" session with host Kim! Whether you're on track with your goals or need a reset, Kim shares tips on how aligning small habits can drive big changes. Don't miss this chance to transform setbacks into successes!

Natalie Brunell and former Federal Reserve insider Danielle DiMartino Booth break down the escalating battle between Trump and Fed Chair Jerome Powell, the explosion in gold prices, and why Bitcoin is still trading like a "risk-on" asset instead of digital gold. We discuss:  Why the Fed–White House showdown could change monetary policy Will Powell be a "shadow Fed Chair" beside Kevin Warsh? Was gold's rally a bubble or the start of a new era  Why Danielle calls Bitcoin the ultimate gauge of risk appetite The labor-market crisis facing young Americans Returning to a gold standard?  Danielle is CEO and Chief Strategy is QI Research: https://quillintelligence.com  ---- Order Natalie's new book "Bitcoin is For Everyone," a simple introduction to Bitcoin and what's broken in our current financial system: https://amzn.to/3WzFzfU  --- Coin Stories is powered by Gemini. Invest as you spend with the Gemini Credit Card. Sign up today to earn a $200 intro Bitcoin bonus. The Gemini Credit Card is issued by WebBank. See website for rates & fees. Learn more at https://www.gemini.com/natalie  ---- Ledn is the global leader in Bitcoin-backed loans, issuing over $9 billion in loans since 2018, and they were the first to offer proof of reserves. With Ledn, you get custody loans, no credit checks, no monthly payments, and more. Get .25% off your first loan, learn more at https://www.Ledn.io/natalie  ---- Earn passive Bitcoin income with industry-leading uptime, renewable energy, ideal climate, expert support, and one month of free hosting when you join Abundant Mines at https://www.abundantmines.com/natalie  ---- Natalie's Bitcoin Product Partners: For easy, low-cost, instant Bitcoin payments, I use Speed Lightning Wallet. Play Bitcoin trivia and win up to 1 million sats! Download and use promo code COINSTORIES10 for 5,000 free sats: https://www.speed.app/coinstories  Block's Bitkey Cold Storage Wallet was named to TIME's prestigious Best Inventions of 2024 in the category of Privacy & Security. Get 20% off using code STORIES at https://bitkey.world   Master your Bitcoin self-custody with 1-on-1 help and gain peace of mind with the help of The Bitcoin Way: https://www.thebitcoinway.com/natalie  With BitcoinIRA, you can invest in bitcoin 24/7 inside a tax-advantaged IRA. Choose a Traditional IRA to defer taxes, or a Roth IRA for tax-free withdrawals later. Take control of your future with BitcoinIRA: https://www.bitcoinira.com/natalie  Natalie's Upcoming Events: Bitcoin 2026 will be here before you know it. Get 10% off Early Bird passes using the code HODL: https://tickets.b.tc/event/bitcoin-2026?promoCodeTask=apply&promoCodeInput=  Strategy World 2026 in Las Vegas on February 23-26th - Use code HODL for discounted tickets: https://www.strategysoftware.com/world26    Extra Services to Consider: Protect yourself from SIM Swaps that can hack your accounts and steal your Bitcoin. Join America's most secure mobile service, trusted by CEOs, VIPs and top corporations: https://www.efani.com/natalie   Ditch your fiat health insurance like I did four years ago! Join me at CrowdHealth: www.joincrowdhealth.com/natalie  ---- This podcast is for educational purposes and should not be construed as official investment advice. ---- VALUE FOR VALUE — SUPPORT NATALIE'S SHOWS Strike ID https://strike.me/coinstoriesnat/ Cash App $CoinStories #money #Bitcoin #investing

Gemara Chabura - Rabbi Karlinsky - The Letter Of Monetary Laws And Beyond: Is It Legal? Is It Moral? Is It Holy? 15 by Shapell's Rabbeim

Yanis Varoufakis and Raphael Arar discuss the Monetary Commons. Find the feed of English episodes only here: https://www.futurehistories-international.com/ You can also import the RSS feed to your favorite app: https://www.futurehistories-international.com/feed.xml   Shownotes Yanis' website: https://www.yanisvaroufakis.eu/ Raphael's website: https://rarar.com/ Iza Romanowska at Aarhus University: https://pure.au.dk/portal/en/persons/iza-romanowska/ Hirad's website: https://hiradsab.com/ the Monetary Commons website: https://monetarycommons.com/ Varoufakis, Y. (2024). Technofeudalism. What Killed Capitalism. Vintage Books. https://www.penguin.co.uk/books/451795/technofeudalism-by-varoufakis-yanis/9781529926095 Varoufakis, Y. (2021). Another Now. Melville House. https://www.mhpbooks.com/books/another-now/ on the 2025 German ‘Sondervermögen'/‘The Special Fund for Infrastructure and Climate Neutrality': https://www.bundesfinanzministerium.de/Web/EN/Issues/Public-Finances/SVIK/special-fund-infrastructure-and-climate-neutrality.html on Wolfgang Schäuble: https://en.wikipedia.org/wiki/Wolfgang_Sch%C3%A4uble Graeber, D. (2011). Debt. The first 5,000 Years. Melville House. https://files.libcom.org/files/__Debt__The_First_5_000_Years.pdf on IOU's: https://en.wikipedia.org/wiki/IOU on the Money Market Multiplier: https://en.wikipedia.org/wiki/Money_multiplier on Ludwig Wittgenstein's argument of the impossibility of a private language: https://plato.stanford.edu/entries/private-language/ on the Digital Renminbi in China: https://en.wikipedia.org/wiki/Digital_renminbi on Universal Basic Income (UBI): https://en.wikipedia.org/wiki/Universal_basic_income Berry, C. (2023). The Case for a Universal Basic Dividend. UCL Institute for Innovation and Public Purpose, Policy Brief series 25. https://www.ucl.ac.uk/bartlett/sites/bartlett/files/berry_c_2023._the_case_for_a_universal_basic_dividend.pdf on fiat money: https://en.wikipedia.org/wiki/Fiat_money Varoufakis, Y. (2013). Bitcoin and the Dangerous Fantasy of ‘Apolitical' Money. https://www.yanisvaroufakis.eu/2013/04/22/bitcoin-and-the-dangerous-fantasy-of-apolitical-money/ on the case of Nicolas Guillou, French ICC judge, being sanctioned by the US: https://www.lemonde.fr/en/international/article/2025/11/19/nicolas-guillou-french-icc-judge-sanctioned-by-the-us-you-are-effectively-blacklisted-by-much-of-the-world-s-banking-system_6747628_4.html on the distributed ledger technology: https://en.wikipedia.org/wiki/Distributed_ledger Mau, S. (2023). Mute Compulsion. A Marxist Theory of the Economic Power of Capital. Verso. https://www.versobooks.com/products/2759-mute-compulsion McCarthy, M. A. (2025). The Master's Tools. How Finance Wrecked Democracy (And a Radical Plan to Rebuild It). Verso. https://www.versobooks.com/products/755-the-master-s-tools Sorg, C. (2025). Finance as a Form of Economic Planning. Competition & Change, 29(1), 17-37. https://journals.sagepub.com/doi/10.1177/10245294231217578 on citizen's assemblies: https://en.wikipedia.org/wiki/Citizens%27_assembly on the International Monetary Fund (IMF): https://en.wikipedia.org/wiki/International_Monetary_Fund on the Digital Euro: https://www.ecb.europa.eu/euro/digital_euro/html/index.en.html the essay that includes the quote by Peter Thiel on the incompatibility of liberalism/capitalism and democracy: https://www.cato-unbound.org/2009/04/13/peter-thiel/education-libertarian/ on the Meidner Plan: https://jacobin.com/2025/08/sweden-socialism-rehn-meidner-plan on the Trump administration buying 10% of Intel shares: https://www.pbs.org/newshour/politics/what-economic-and-policy-experts-think-about-the-u-s-governments-stake-in-intel on Cloud Capital (see also Yanis' ‘Technofeudalism' book): https://youtu.be/3gsGvgrsyOU?si=fQwW5BEHBFDvB980 on Ursula K. Le Guin: https://de.wikipedia.org/wiki/Ursula_K._Le_Guin the speech including the mentioned quote by her: https://youtu.be/Et9Nf-rsALk?si=VCGW4OoDqY0HXa2E on the 1973 Coup in Chile: https://en.wikipedia.org/wiki/1973_Chilean_coup_d%27%C3%A9tat on Modern Monetary Theory (MMT): https://de.wikipedia.org/wiki/Modern_Monetary_Theory on Fernando Haddad: https://en.wikipedia.org/wiki/Fernando_Haddad on pix: https://en.wikipedia.org/wiki/Pix_(payment_system) on the 2008 financial crisis in Iceland: https://en.wikipedia.org/wiki/2008%E2%80%932011_Icelandic_financial_crisis Future Histories Episodes on Related Topics S3E29 | Nancy Fraser on Alternatives to Capitalism https://www.futurehistories.today/episoden-blog/s03/e29-nancy-fraser-on-alternatives-to-capitalism/ S03E21 | Christoph Sorg zu Finanzwirtschaft als Planung https://www.futurehistories.today/episoden-blog/s03/e21-christoph-sorg-zu-finanzwirtschaft-als-planung/ S03E19 | Wendy Brown on Socialist Governmentality https://www.futurehistories.today/episoden-blog/s03/e19-wendy-brown-on-socialist-governmentality/ S02E34 | tante zu Crypto-Imaginaries und alternativen technologischen Infrastrukturen https://www.futurehistories.today/episoden-blog/s02/e34-tante-zu-crypto-imaginaries-und-alternativen-technologischen-infrastrukturen/ S02E28 | Marcus Meindel zum Global Commoning System https://www.futurehistories.today/episoden-blog/s02/e28-marcus-meindel-zum-global-commoning-system/ S01E59 | Joscha Wullweber zu Zentralbankkapitalismus https://www.futurehistories.today/episoden-blog/s01/e59-joscha-wullweber-zu-zentralbankkapitalismus/ S01E34 | Aaron Sahr zu monetärer Souveränität und Modern Monetary Theory (Teil 2) https://www.futurehistories.today/episoden-blog/s01/e34-aaron-sahr-zu-monetaerer-souveraenitaet-und-modern-monetary-theory-teil-2/ S01E33 | Aaron Sahr zu monetärer Souveränität und Modern Monetary Theory (Teil 1) https://www.futurehistories.today/episoden-blog/s01/e33-aaron-sahr-zu-monetaerer-souveraenitaet-und-modern-monetary-theory-teil-1/    Future Histories Contact & Support If you like Future Histories, please consider supporting us on Patreon: https://www.patreon.com/join/FutureHistories Contact: office@futurehistories.today Twitter: https://twitter.com/FutureHpodcast Instagram: https://www.instagram.com/futurehpodcast/ Mastodon: https://mstdn.social/@FutureHistories English webpage: https://futurehistories-international.com   Episode Keywords #YanisVaroufakis, #RaphaelArar #JanGroos, #Interview, #FutureHistories, #FutureHistoriesInternational, #futurehistoriesinternational, #MonetaryCommons, #Commons, #Transition, #Capitalism, #Socialism, #Narratives, #MMT, #CentralBanks, #MoneyCreation, #Commoning, #Finance

Marty sits down with Matthew Mežinskis to discuss their quarterly monetary base update, analyzing Bitcoin's power law trajectory against gold and silver's record-breaking rallies, why Bitcoin remains historically undervalued relative to precious metals, and geopolitical considerations around freedom and autocracy. Matthew on X: https://x.com/1basemoney Porkopolis: https://www.porkopolis.io/topmoney/ STACK SATS hat: https://tftcmerch.io/ Our newsletter: https://www.tftc.io/bitcoin-brief/ TFTC Elite (Ad-free & Discord): https://www.tftc.io/#/portal/signup/ Discord: https://discord.gg/VJ2dABShBz Opportunity Cost Extension: https://www.opportunitycost.app/ Shoutout to our sponsors: Bitkey https://bit.ly/4pOv2L4 Promo Code: TFTC99 Unchained https://unchained.com/tftc/ SLNT https://slnt.com/tftc Lygos: http://bit.ly/3ZtQLwp Salt of the Earth: https://drinksote.com/tftc Join the TFTC Movement: Main YT Channel https://www.youtube.com/c/TFTC21/videos Clips YT Channel https://www.youtube.com/channel/UCUQcW3jxfQfEUS8kqR5pJtQ Website https://tftc.io/ Newsletter tftc.io/bitcoin-brief/ Twitter https://twitter.com/tftc21 Instagram https://www.instagram.com/tftc.io/ Nostr https://primal.net/tftc Follow Marty Bent: Twitter https://twitter.com/martybent Nostr https://primal.net/martybent Newsletter https://tftc.io/martys-bent/ Podcast https://www.tftc.io/tag/podcasts/

My guest today is Russell Napier, an independent financial market strategist, financial historian, author of The Solid Ground investment report, and founder of the charitable venture The Library of Mistakes. In today's episode, Russell explains why investors are asking the wrong questions at a critical turning point in financial history. He how financial repression, shifting monetary regimes, and political priorities are reshaping capital markets. To close, he explains the dangers of yield chasing, why technology won't defeat inflation, and why gold may be signaling what comes next. (0:00) Starts (3:14) Regime change & parallels to post-World War II Europe (8:06) The search for yield is dangerous (17:38) The disconnect between GDP growth and equity returns (23:14) The impact of inflation & deflation on equity valuations (25:56) Technology doesn't defeat inflation (30:20) Monetary system changes, gold prices, and American exceptionalism (37:50) Extrapolation is the opiate of the people (48:26) Book recommendations ----- Follow Meb on X, LinkedIn and YouTube For detailed show notes, click here To learn more about our funds and follow us, subscribe to our mailing list or visit us at cambriainvestments.com ----- Follow The Idea Farm: X | LinkedIn | Instagram | TikTok ----- Interested in sponsoring the show? Email us at Feedback@TheMebFaberShow.com ----- Past guests include Ed Thorp, Richard Thaler, Jeremy Grantham, Joel Greenblatt, Campbell Harvey, Ivy Zelman, Kathryn Kaminski, Jason Calacanis, Whitney Baker, Aswath Damodaran, Howard Marks, Tom Barton, and many more.  ----- Meb's invested in some awesome startups that have passed along discounts to our listeners. Check them out here!  ----- Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Learn more about your ad choices. Visit megaphone.fm/adchoices

- perspective https://x.com/EricBalchunas/status/2016287855509680261 - 1m mau bitchat https://primal.net/e/nevent1qqswxnrd0gkawyz5s0r08sru88gdzxugv4nkgpv8z7v3zdfa8cahdagrgntay - tether gold https://www.bloomberg.com/news/articles/2026-01-28/tether-is-shaking-up-the-gold-market-with-massive-metal-hoard - sni dinner https://primal.net/e/nevent1qqstcm3mgphzvg2q8yaxqj4jl57u0j5644gmd394gd260836gmn482c5s8lju - Nicaragua | Economic Control Sustains the Ortega-Murillo Regime In an investigative series published by Confidencial, reporters identify economic control as one of the four central pillars sustaining the dictatorship of Daniel Ortega and Rosario Murillo. The regime increasingly relies on restrictive controls over civil society's monetary flows to punish dissent. In 2023, the regime froze the bank accounts of institutions affiliated with the Catholic Church, which led a Nicaraguan seminary to cease operations. Since 2018, thousands of NGOs have been forced to close or had their assets seized for alleged financial violations. In Nicaragua, authoritarian financial control is a primary way to stifle civil society. FinancialFreedomReport.org - cove android https://x.com/covewallet/status/2016172119751594243?s=46 - opensats year in review https://opensats.org/blog/2025-year-in-review - Trump's acting cyber chief uploaded sensitive files into a public version of ChatGPT https://www.politico.com/news/2026/01/27/cisa-madhu-gottumukkala-chatgpt-00749361 - tiktok us immediately starts data collection after acquisition https://primal.net/e/nevent1qqsw56zur9g00dq55xlsawjgyh7yd4syd34zdy8a7ek6aavkhnnq5zs8ed70a 3:59 - No dooming 12:14 - Perspective 16:29 - Dashboard & demand response 34:34 - 1M active bitchat 42:29 - Tether gold 51:29 - SNI Dinner 53:59 - HRF Story of the Week 55:34 - Cove Wallet 1:02:24 - OpenSats 1:05:39 - Boosts 1:10:29 - CISA GPT goof 1:15:24 - TikTok spying in new ways 1:17:04 - The Banter Section™ Shoutout to our sponsors: Coinkite https://coinkite.com/ Stakwork https://stakwork.ai/ Obscura https://obscura.net/ Salt of the Earth https://drinksote.com/rhr Follow Marty Bent: Twitter https://twitter.com/martybent Nostr https://primal.net/marty Newsletter https://tftc.io/martys-bent/ Podcast https://tftc.io/podcasts/ Follow Odell: Nostr https://primal.net/odell Newsletter https://discreetlog.com/ Podcast https://citadeldispatch.com/

Why did Tether launch a U.S. stablecoin now? Why does Coinbase have so much influence in Congress? And what's really behind the SEC–CFTC harmonization push? Bitcoin Policy Hour breaks down the biggest regulatory stories shaping Bitcoin's future plus a deep look at the debasement trade driving gold, silver, and potentially Bitcoin higher.

Gemara Chabura - Rabbi Karlinsky - The Letter Of Monetary Laws And Beyond: Is It Legal? Is It Moral? Is It Holy? 14 by Shapell's Rabbeim

The Monetary Trap That's Destroying Nations Without a Shot Fired delves into the devastating consequences of hyperinflation, as witnessed in the infamous Weimar Republic, where the value of money plummeted, leaving a nation on the brink of collapse. This video explores the historical context and the eerie similarities with modern-day economies, highlighting the dangers of unchecked monetary policies and the potential for economic catastrophe. By examining the lessons of the past, we can better understand the risks of hyperinflation and the importance of sound economic management in preventing such disasters from occurring again. The Monetary Trap That's Destroying Nations Without a Shot Fired is a thought-provoking analysis of the economic threats facing nations today, and the need for prudent decision-making to avoid the pitfalls of hyperinflation, as seen in the Weimar Republic's tragic experience.

In this week's episode of the Coin Stories News Block powered exclusively by Ledn, we cover these major headlines related to Bitcoin, macroeconomics, and global finance: Shutdown fears are back -- Bitcoin & stocks are feeling the pressure Gold and silver just hit fresh all-time highs as Davos screamed "uncertainty" Ray Dalio's warning goes mainstream: print money or face a debt crisis Japan's bond stress could spill into U.S. Treasuries and push global rates higher Who's likely to be next Fed Chair? We explain. Bitcoin reenters the spotlight, plus rapid-fire: UBS crypto, debanking lawsuit drama, and BitGo's IPO moment --- The News Block is powered exclusively by Ledn – the global leader in Bitcoin-backed loans, issuing over $9 billion in loans since 2018, and they were the first to offer proof of reserves. With Ledn, you get custody loans, no credit checks, no monthly payments, and more. My followers get .25% off their first loan. Learn more at www.ledn.io/natalie  ---- Order my new intro to Bitcoin book "Bitcoin is For Everyone": https://amzn.to/3WzFzfU  ---- Read every story in the News Block with visuals and charts! Join our mailing list and subscribe to our free Bitcoin newsletter: https://thenewsblock.substack.com  —- References mentioned in the episode: Treasury Rate Check Boosts Yen, Weakens Dollar Speculation Mounts: Japan to Buy Yen with U.S. Help? Ray Dalio Warns of Breakdown in the Monetary Order Dollars' Shrinking Role in Global FX Reserves Institutions are Reducing Dollar FX Exposure Ken Griffin: Japan Bond Market is "Explicit Warning" French Central Bank Governor Dismisses Bitcoin  Coinbase CEO Spars With Central Bank Governor BlackRock CIO's Fed Chair Nomination Odds Skyrocket  BlackRock CIO's Bid for Fed Chair Gaining Traction Rick Rieder's Comments on Bitcoin Allocation U.S. Market Structure Bill Faces Weeks of Delay BitGo IPO's on the New York Stock Exchange UBS Plans to Offer Crypto Trading to Clients PwC Survey on Bitcoin's Institutional Adoption Trump Sues JPMorgan Chase for Debanking ---- Upcoming Events: Strategy World 2026 in Las Vegas on February 23-26th - Use code HODL for discounted tickets: https://www.strategysoftware.com/world26  Bitcoin 2026 will be here before you know it. Get 10% off Early Bird passes using the code HODL: https://tickets.b.tc/event/bitcoin-2026?promoCodeTask=apply&promoCodeInput=  ---- This podcast is for educational purposes and should not be construed as official investment advice. ---- VALUE FOR VALUE — SUPPORT NATALIE'S SHOWS Strike ID https://strike.me/coinstoriesnat/ Cash App $CoinStories #money #Bitcoin #investing

Gemara Chabura - Rabbi Karlinsky - The Letter Of Monetary Laws And Beyond: Is It Legal? Is It Moral? Is It Holy? 13 by Shapell's Rabbeim

The Monetary Trap That's Destroying Nations Without a Shot Fired delves into the devastating consequences of hyperinflation, as witnessed in the infamous Weimar Republic, where the value of money plummeted, leaving a nation on the brink of collapse. This video explores the historical context and the eerie similarities with modern-day economies, highlighting the dangers of unchecked monetary policies and the potential for economic catastrophe. By examining the lessons of the past, we can better understand the risks of hyperinflation and the importance of sound economic management in preventing such disasters from occurring again. The Monetary Trap That's Destroying Nations Without a Shot Fired is a thought-provoking analysis of the economic threats facing nations today, and the need for prudent decision-making to avoid the pitfalls of hyperinflation, as seen in the Weimar Republic's tragic experience.

Interview recorded - 19th of January, 2026On this episode of the WTFinance podcast I had the pleasure of welcoming back Jim Bianco. Jim is the is President and Macro Strategist at Bianco Research, L.L.C.During our conversation we spoke about Jim's overview for 2025, inflationary fear, demand decreasing, liquidity issues, impact on the markets and more. I hope you enjoy!0:00 - Introduction1:22 - Overview of 20254:51 - Inflation fear6:36 - Disinflationary trends14:06 - Return to 2010's?16:16 - Demand decrease19:22 - Yield curve control22:56 - Liquidity25:06 - Monetary responsible32:29 - Impact on the markets?34:42 - Precious metals37:54 - AI infrastructure 45:57 - One message to takeaway?Jim Bianco is President and Index Manager at Bianco Research Advisors. He is also the President of Bianco Research LLC. Since 1990, Jim's commentaries have offered a unique perspective on the global economy and financial markets. Unencumbered by the biases of traditional Wall Street research, Jim has built a decades long reputation for objective, incisive commentary that challenges consensus thinking.Jim appears regularly on CNBC, Bloomberg, and Fox Business, and is often featured in the Wall Street Journal, Bloomberg News, Grants Interest Rate Observer, and MarketWatch. Jim has a Bachelor of Science degree in Finance from Marquette University (1984) and an MBA from Fordham University (1989).Jim Bianco: Research: https://www.biancoresearch.com/visitor-home/ETF: https://www.biancoadvisors.com/X: https://twitter.com/intent/follow?screen_name=biancoresearch&tw_p=followbuttonLinkedIn: https://www.linkedin.com/in/james-bianco-117619152/WTFinance -Instagram - https://www.instagram.com/wtfinancee/Spotify - https://open.spotify.com/show/67rpmjG92PNBW0doLyPvfnTikTok - https://vm.tiktok.com/ZMeUjj9xV/iTunes - https://podcasts.apple.com/us/podcast/wtfinance/id1554934665?uo=4Linkedin - https://www.linkedin.com/in/anthony-fatseas-761066103/Twitter - https://twitter.com/AnthonyFatseas

Here's what we're reading, recommending, and revisiting this week.Catherine's library find is a nonfiction series for kids that starts with What If You Had Animal Teeth? and moves on through animal hair, scales, feet, eyes, and more. The author is Sandra Markle and the illustrator is Howard McWilliam, and we congratulate them on finding a hook and running with it.​Terri's random recommendation is twofold: First, the Big A## Calendar, which is currently organizing her life from its place on her office wall. But her second recommendation is to be more cautious with Facebook ads than she was. Think, and verify, before you buy!In the archives, we checked in on an episode from 2022 on monetary motivation for kids.Next week's lineup:Lost S4 E11, "Cabin Fever" on Tuesday, January 27A Man on the Inside, season 2, on Wednesday, January 28Weekly roundup on Thursday, January 29Until then (and anytime you're in need), the archives are available.

BUY GOLD HERE: https://firstnationalbullion.com/schedule-consult/ Avoid CBDCs and work with Mark Gonzales! HELP SUPPORT US AS WE DOCUMENT HISTORY HERE: https://gogetfunding.com/help-keep-wam-alive/# Josh Sigurdson talks with Mark Gonzales about gold hitting a new all time high above $4800 an ounce as we see a historic rush into precious metals including silver. This comes on the heels of the World Economic Forum at Davos. During the WEF meeting, President of the European Commission Ursula Von der Leyen said something extremely important that may lay out the road map for the rest of this year. She invoked 1971 and Nixon pulling the US dollar off the "Gold Standard" and the shift to fiat currency. She called this the most important move into a world order at the time. Now she's comparing this to today as the dollar falters and we see the move into a cashless society with CBDCs. This is not something that would be brought up unless to tell us, "we are moving from one world order to a new world order." The World Economic Forum's entire blueprint is technocracy. As we've reported, both sides of politics are speaking on the issue of moving from one order to another at Davos. Whether that be BRICS or something else, they all acknowledge the move into a central bank digital currency with digital IDs. With recent moves by the Trump Administration, there is now an open door to social credit as well with the 5 year social media history mandate to enter the country. All of this is happening to replace a system that was manufactured to eventually collapse. Problem, reaction, solution, repeat. The banks are bankrupt. The dollar is being replaced as the world reserve currency. Inflation is high. There are countless volatile issues happening worldwide simultaneously. Mark Gonzales breaks down his thoughts in this video on the admitted and manufactured move into this system and what it means for those rushing into gold and silver as salvation from it all. Stay tuned for more from WAM! BUY TICKETS HERE! https://anarchapulco.com/ Use Code WAM & Save 10%! Get Your SUPER-SUPPLIMENTS HERE: https://vni.life/wam Use Code WAM15 & Save 15%! Life changing formulas you can't find anywhere else! GET HEIRLOOM SEEDS & NON GMO SURVIVAL FOOD HERE: https://heavensharvest.com/ USE Code WAM to save 25% plus free shipping! Get local, healthy, pasture raised meat delivered to your door here: https://wildpastures.com/promos/save-20-for-life/bonus15?oid=6&affid=321 USE THE LINK & get 20% off for life and $15 off your first box! DITCH YOUR DOCTOR! https://www.livelongerformula.com/wam Get a natural health practitioner and work with Christian Yordanov! Mention WAM and get a FREE masterclass! You will ALSO get a FREE metabolic function assessment! GET YOUR APRICOT SEEDS at the life-saving Richardson Nutritional Center HERE: https://rncstore.com/r?id=bg8qc1 Use code JOSH to save money! SIGN UP FOR HOMESTEADING COURSES NOW: https://freedomfarmers.com/link/17150/ Get Prepared & Start The Move Towards Real Independence With Curtis Stone's Courses! GET YOUR WAV WATCH HERE: https://buy.wavwatch.com/WAM Use Code WAM to save $100 and purchase amazing healing frequency technology! GET ORGANIC CHAGA MUSHROOMS HERE: https://alaskachaga.com/wam Use code WAM to save money! See shop for a wide range of products! GET AMAZING MEAT STICKS HERE: https://4db671-1e.myshopify.com/discount/WAM?rfsn=8425577.918561&utm_source=refersion&utm_medium=affiliate&utm_campaign=8425577.918561 USE CODE WAM TO SAVE MONEY! GET YOUR FREEDOM KELLY KETTLE KIT HERE: https://patriotprepared.com/shop/freedom-kettle/ Use Code WAM and enjoy many solutions for the outdoors in the face of the impending reset! PayPal: ancientwonderstelevision@gmail.com FIND OUR CoinTree page here: https://cointr.ee/joshsigurdson PURCHASE MERECHANDISE HERE: https://world-alternative-media.creator-spring.com/ JOIN US on SubscribeStar here: https://www.subscribestar.com/world-alternative-media For subscriber only content! Pledge here! Just a dollar a month can help us alive! https://www.patreon.com/user?u=2652072&ty=h&u=2652072 BITCOIN ADDRESS: 18d1WEnYYhBRgZVbeyLr6UfiJhrQygcgNU World Alternative Media 2026

Donald Trump’s whirlwind trip to Europe; Indian couple in USA compensated after food racism claim; Russia’s foreign minister questions the “Great” Great Britain. Adam Gilchrist shares details on these stories with Lester Kiewit. Good Morning Cape Town with Lester Kiewit is a podcast of the CapeTalk breakfast show. This programme is your authentic Cape Town wake-up call. Good Morning Cape Town with Lester Kiewit is informative, enlightening and accessible. The team’s ability to spot & share relevant and unusual stories make the programme inclusive and thought-provoking. Don’t miss the popular World View feature at 7:45am daily. Listen out for #LesterInYourLounge which is an outside broadcast – from the home of a listener in a different part of Cape Town - on the first Wednesday of every month. This show introduces you to interesting Capetonians as well as their favourite communities, habits, local personalities and neighbourhood news. Thank you for listening to a podcast from Good Morning Cape Town with Lester Kiewit. Listen live on Primedia+ weekdays between 06:00 and 09:00 (SA Time) to Good Morning CapeTalk with Lester Kiewit broadcast on CapeTalk https://buff.ly/NnFM3Nk For more from the show go to https://buff.ly/xGkqLbT or find all the catch-up podcasts here https://buff.ly/f9Eeb7i Subscribe to the CapeTalk Daily and Weekly Newsletters https://buff.ly/sbvVZD5 Follow us on social media CapeTalk on Facebook: https://www.facebook.com/CapeTalk CapeTalk on TikTok: https://www.tiktok.com/@capetalk CapeTalk on Instagram: https://www.instagram.com/ CapeTalk on X: https://x.com/CapeTalk CapeTalk on YouTube: https://www.youtube.com/@CapeTalk567See omnystudio.com/listener for privacy information.

Gemara Chabura - Rabbi Karlinsky - The Letter Of Monetary Laws And Beyond: Is It Legal? Is It Moral? Is It Holy? 12 by Shapell's Rabbeim

The Space Show Presents Dr. Armen Papazian, Friday, 1-16-26NOTE: THERE WERE TECHNICAL VIDEO DIFFICULTIES WITH ARMEN'S SYSTEM NEAR THE END OF THE PROGRAM BUT THEY WERE RESOLVED.Quick SummaryThis Friday morning space show featured Armen Papazian, a financial economist discussing his research on cryptocurrency and its limitations for space development. Armen explained how the current monetary system, based on debt and calendar time, restricts space exploration funding and proposed a new concept of “public capitalization notes” to enable more effective space investment. The discussion explored how traditional banking systems and central banks are adapting to cryptocurrency technology while maintaining debt-based money systems, and how space property rights might be structured in a lunar or Martian context. The conversation addressed practical questions about funding space projects, with Armen emphasizing that current financial models are inadequate for supporting large-scale space development. The meeting included technical difficulties with Armen's connection but concluded with a productive discussion about monetary reform and space finance.Detailed SummaryDavid and Armen discussed Armen's 72-page paper and its potential adaptation to include space-related themes, given the current interest in cryptocurrency among tech enthusiasts and space industry figures. Note that his paper has been uploaded to The Space Show blog page for this program on this date. Armen explained that his paper explores whether cryptocurrency could transform monetary systems to enable space exploration, but concluded that current crypto systems are not viable due to their reliance on pseudorandomness rather than debt logic. The conversation ended with Armen agreeing to a longer discussion if the topic continued to interest Space Show participants.Pre-program discussion notes: Armen discussed the recent crypto market downturn, noting that Bitcoin lost 35% while others lost up to 62%, with Monero being the only top 30 cryptocurrency to gain value. He explained that Monero's success was due to its commitment to anonymous, untraceable payments, which appeals to dark money transactions. The group discussed the U.S. government's stance on cryptocurrencies, with Armen mentioning ongoing debates about central bank digital currencies and President Trump's crypto. John Jossy inquired about Monero's location, to which Armen responded that it is decentralized but has some presence in Singapore, South Africa, and Australia. The conversation ended with David announcing the start of the program and providing an update on blog comment issues, suggesting Substack as an alternative for posting comments.Dr. Armen Papazian discussed his research on the limitations of the current monetary system in funding space exploration, highlighting how the debt-based and Earth-centric nature of the financial framework hinders investments in off-planet projects. He explained that the entire money supply is linked to Earth's fixed movements, making it challenging to invest in leaving Earth's orbit. Armen also presented a recent study on cryptocurrencies, analyzing the top 30 as of September 2025, and concluded that while cryptocurrencies have improved money's technology, they have not yet offered a better logic than the debt-based system.David and Armen discussed the limitations of cryptocurrency in funding large-scale projects like space colonization, noting that crypto remains tied to terrestrial economic systems and calendar time. Armen explained his study on the top 30 cryptocurrencies, highlighting their diverse creation logics, including pre-minted supplies, stablecoins, and randomness-based issuance. He concluded that while cryptocurrencies offer a payments revolution, they lack true monetary evolution and are still largely controlled by developers rather than democratizing finance.The discussion focused on the challenges of financing space development, with Armen and John Hunt agreeing that the main issue is the lack of profitable products in space, similar to Starlink's success. Armen explained that the space economy is Earth-bound, with only a small fraction focused on human expansion into outer space, and highlighted the need for a new monetary framework that values space-based activities differently from Earth-bound ones. Marshall contributed by noting the difficulty of valuing space activities compared to traditional commodities, while David raised practical concerns about how to implement Armen's ideas in the current financial system.Phil discussed the concept of non-linear growth and debt, comparing it to personal and industrial contexts, and suggested adapting Earth-based growth experiences to space-based enterprises. Arman agreed with Phil's points, emphasizing that the logic of debt, rather than the amount, influences prioritization and policy actions, and highlighted how debt can undermine economies if not sustained by growth. David asked if there is a natural evolution of current systems or if intervention is necessary, to which Arman responded that humans typically change only when faced with significant pain, and he expressed concern about the need for transformative change. Arman also noted that the crypto phenomenon has led to the reinvention of the fiat architecture, with banks and central banks adopting blockchain technology while maintaining the logic of debt-based money.Marshall and Armen discussed the causes and solutions for inflation, focusing on the role of central banks and commercial banks in money creation. Armen explained that quantitative easing involves typing new digits into banks' accounts, but the actual source of inflation lies in banks' credit policies and loan decisions. He proposed a new monetary instrument called public capitalization notes, which would direct new money into productive capacity and technology creation rather than banking systems. They also touched on the impact of cryptocurrencies and stablecoins on traditional banking systems, with Armen suggesting that central banks may eventually need to reinvent the framework of money.Armen discussed the challenges of financing space exploration, arguing that current financial systems are too dependent on calendar time and risk, which limit investment in risky ventures like space travel. He proposed creating a new type of money that is not tied to calendar time or risk, but rather to the impact of space exploration. Armen also touched on the historical impact of the gold standard and the potential effects of returning to it, suggesting that it would limit economic growth and innovation. The discussion was cut short due to technical issues with Armen's connection.The group discussed the potential impact of a SpaceX IPO on space infrastructure development, with Armen explaining that while the capital raised could be significant, it would still be subject to regulatory requirements and profit expectations for new investors. David noted connectivity issues with Armen, who was experiencing technical difficulties. John Jossy raised a question about how central banks might be involved in financing space companies, particularly regarding property rights and resource value in the solar system.The group discussed the challenges of financing space exploration and property rights in outer space. Armen proposed a new model for financing space projects called public capitalization notes, which would be based on responsible space value creation rather than debt. This model would involve a public-private partnership to prioritize and allocate funding for space projects. The group also touched on the need for accountability in managing public capitalization notes. Armen emphasized that this new approach would help overcome the limitations of current debt-based monetary systems and enable more sustainable development in space.Special thanks to our sponsors:American Institute of Aeronautics and Astronautics, Helix Space in Luxembourg, Celestis Memorial Spaceflights, Astrox Corporation, Dr. Haym Benaroya of Rutgers University, The Space Settlement Progress Blog by John Jossy, The Atlantis Project, and Artless EntertainmentOur Toll Free Line for Live Broadcasts: 1-866-687-7223 (Not in service at this time)For real time program participation, email Dr. Space at: drspace@thespaceshow.com for instructions and access.The Space Show is a non-profit 501C3 through its parent, One Giant Leap Foundation, Inc. To donate via Pay Pal, use:To donate with Zelle, use the email address: david@onegiantleapfoundation.org.If you prefer donating with a check, please make the check payable to One Giant Leap Foundation and mail to:One Giant Leap Foundation, 11035 Lavender Hill Drive Ste. 160-306 Las Vegas, NV 89135Upcoming Programs:Broadcast 4489 Zoom Robert (Bob) Zimmerman | Tuesday 20 Jan 2026 700PM PTGuests: Robert ZimmermanZoom Bob brings us news and perspective unique only to himBroadcast 4490 Hotel Mars with Doug Messier | Wednesday 21 Jan 2026 930AM PTGuests: John Batchelor, Dr. David Livingston, Douglas MessierDoug updates us on global launch informationBroadcast 4491 Zoom Dr. Antonio Del Popolo | Friday 23 Jan 2026 930AM PTGuests: Dr/. Antonio Del PopoloZoom: Dr. Popolo talks about hs new booik, “Extraterrestrial Life: We are not alone.”Broadcast 4492 Zoom Dr. Ajay Kothari | Sunday 25 Jan 2026 1200PM PTGuests: Dr. Ajay KothariZoom Dr. Kothari on “MUCH NEEDED CARGO TO MOON” Get full access to The Space Show-One Giant Leap Foundation at doctorspace.substack.com/subscribe

Visit us at Network2020.org. The U.S. dollar has long anchored global trade, investment, and financial stability. Yet, in recent years, forces both within and outside of the United States are rethinking dollar dominance. President Trump's proposed Mar-a-Lago Accord aims to devalue the dollar while retaining its global reserve status. Simultaneously, threats to Federal Reserve independence and Washington's growing debt are eroding the value of the dollar, which is down over 5% in the last year vs other major currencies. Internationally, the BRICS nations are expanding trade in local currencies, to reduce exposure to U.S. sanctions and policies. These trends are prompting policymakers to reexamine the role of the dollar in the global economy. Is the era of uncontested dollar dominance ending? What would a more multipolar monetary order mean?Join us for a discussion with Dr. Otaviano Canuto, Senior Fellow at the Policy Center for the New South and Former Vice-President and Executive Director of the World Bank, and Dr. Jeffrey A. Frankel, Professor of Capital Formation and Growth at Harvard Kennedy School and former member of the Council of Economic Advisors. This conversation will unpack the drivers of de-dollarization, assess the real prospects for BRICS and other challengers, and explore the policy choices that will shape the future of the international monetary system.Music by Aleksey Chistilin from Pixabay.

Gemara Chabura - Rabbi Karlinsky - The Letter Of Monetary Laws And Beyond: Is It Legal? Is It Moral? Is It Holy? 11 by Shapell's Rabbeim

Gemara Chabura - Rabbi Karlinsky - The Letter Of Monetary Laws And Beyond: Is It Legal? Is It Moral? Is It Holy? 10 by Shapell's Rabbeim

Interview recorded - 8th of January, 2026On this episode of the WTFinance podcast I had the pleasure of welcoming on Jeff Park. Jeffs serves as Chief Investment Officer at ProCap Financial.During our conversation we spoke about the current outlook of the markets, shifting monetary policy, impacting markets, end to markets cyclicality and more. I hope you enjoy!0:00 - Introduction1:01 - Current outlook of the markets2:35 - Shifting monetary policy12:01 - Impacting markets?16:32 - End to markets cyclicality?21:09 - Ideological investing24:11 - Any assets to outperform?29:47 - One message to takeawayJeffrey (Jeff) Park is a portfolio manager and Bitcoin-focused investor known for bridging traditional credit and hedge fund strategies with the emerging digital asset class. He serves as Chief Investment Officer at ProCap BTC, where he leads investment research and portfolio construction dedicated to Bitcoin and adjacent infrastructure. Previously, he was Head of Alpha Strategies & Portfolio Manager at Bitwise Asset Management, and earlier held roles at Corbin Capital Partners, the Harvard Management Company, and Morgan Stanley.Across traditional and crypto markets, Park has managed mandates spanning opportunistic credit, multi-strategy hedge fund solutions, and digital asset investments. His recent work concentrates on institutional-grade approaches to Bitcoin exposure—combining macro, market microstructure, and risk management with an emphasis on liquidity, custody, and operational controls.Jeff Park - X - https://x.com/dgt10011Substack - https://t.co/nPu4vrn9M8WTFinance -Spotify - https://open.spotify.com/show/67rpmjG92PNBW0doLyPvfniTunes -https://podcasts.apple.com/us/podcast/wtfinance/id1554934665?uo=4LinkedIn - https://www.linkedin.com/in/anthony-fatseas-761066103/Twitter - https://twitter.com/AnthonyFatseas

Original Release Date: December 3, 2025Our Global Head of Fixed Income Research and Public Policy Strategy Michael Zezas and Chief Global Cross-Asset Strategist Serena Tang address themes that are key for markets next year.Read more insights from Morgan Stanley.----- Transcript -----Michael Zezas: Welcome to Thoughts on the Market. I'm Michael Zezas, Global Head of Fixed Income Research and Public Policy Strategy.Serena Tang: And I'm Serena Tang, Morgan Stanley's Chief Global Cross-Asset Strategist.Michael Zezas: Today we'll be talking about key investor debates coming out of our year ahead outlook.It's Wednesday, December 3rd at 10:30am in New York.So, Serena, it was a couple weeks ago that you led the publication of our cross-asset outlook for 2026. And so, you've been engaging with clients over the past few weeks about our views – where they differ. And it seems there's some common themes, really common questions that come up that represent some important debates within the market.Is that fair?Serena Tang: Yeah, that's very fair. And, by the way, I think those important debates, are from investors globally. So, you have investors in Europe, Asia, Australia, North America, all kind of wanting to understand our views on AI, on equity valuations, on the dollar.Michael Zezas: So, let's start with talking about equity markets a bit. And one of the common questions – and I get it too, even though I don't cover equity markets – is really about how AI is affecting valuations. One of the concerns is that the stock market might be too high, might be overvalued because people have overinvested in anything related to AI. What does the evidence say? How are you addressing that question?Serena Tang: It is interesting you say that because I think when investors talk about equities being too high, of valuations – AI related valuations being very stretched, it's very much about parallels to that 1990s valuation bubble.But the way I approach it is like there are some very important differences from that time period, from valuations back then. First of all, I think companies in major equity indices are higher quality than the past. They operate more efficiently. They deliver strong profitability, and in general pretty solid free cash flow.I think we also need to consider how technology now represents a larger share of the index, which has helped push overall net margins to about 14 percent compared to 8 percent during that 1990s valuation bubble. And you know, when margins are higher, I think paying premium for stocks is more justified.In other words, I think multiples in the U.S. right now look more reasonable after adjusting for profit margins and changes in index composition. But we also have to consider, and this is something that we stress in our outlook, the policy backdrop is unusually favorable, right? Like you have economists expecting the Fed to continue easing rates into next year. We have the One Big Beautiful Bill Act that could lower corporate taxes, and deregulation is continuing to be a priority in the U.S.And I think this combination, you know, monetary easing, fiscal stimulus, deregulation. That combination rarely occurs outside of a recession. And I think this creates an environment that supports valuation, which is by the way why we recommend an overweight position in U.S. equities, even if absolute and relative valuation look elevated.Michael Zezas: Got it. So, if I'm hearing you right, what I think you're saying is that comparisons to some bubbles of the past don't necessarily stack up because profitability is better. There aren't excesses in the system. Monetary policy might be on the path that's more accommodative. And so, when compared against all of that, the valuations actually don't look that bad.Serena Tang: Exactly.Michael Zezas: Got it. And sticking with the equity markets, then another common question is – it's related to AI, but it's sort of around this idea that a small set of companies have really been driving most of the growth in the market recently. And it would be better or healthier if the equity market were to perform across a wider set of companies and names, particularly in mid- and small cap companies. Is that something that we see on the horizon?Serena Tang: Yes. We are expecting U.S. stock earnings to sort of broaden out here and it's one of the reasons why our U.S. equity strategy team has upgraded small caps and now prefer it over large caps. And I think like all of this – it comes from the fact that we are in a new bull market. I think we have a very early cycle earnings recovery here. I mean, as discussed before, the macro environment is supportive. And Fed rate cuts over the next 12 months, growth positive tax and regulatory policies, they don't just support valuations. They also act as a tailwind to earnings.And I think like on top of that, leaner cost structures, improving earnings revisions, AI driven efficiency gains. They all support a broad-based earnings upturn. and our U.S. equity strategy team do see above consensus 2026 earnings growth at 17 percent. The only other region where we have earnings growth above consensus in 2026 is Japan; for both Europe and the EM we are below, which drive out equal weight and slight underweight position in those two indices respectively.Michael Zezas: Got it. And so, since we can't seem to get away from talking about AI and how it's influencing markets, the other common question we get here is around debt issuance related to AI.So, our colleagues put together a report from earlier this year talking about the potential for nearly $3 trillion of AI related CapEx spending over the next few years. And we think about half of that is going to have to be debt financed. That seems to be a lot of debt, a lot of potential bonds that might be issued into the market – which, are credit investors supposed to be concerned about that?Serena Tang: We really can't get away from AI as a topic. And I think this will continue because AI-related CapEx is a long-term trend, with much of the CapEx still really ahead. And I think this goes to your question. Because this really means that we expect nearly another [$]3 trillion of data center related CapEx from here to 2028. You know, while half of the spend will come from operating cash flows of hyperscalers, it still leaves a financing gap of around [$]1.5 trillion, which needs to be sourced through various credit channels.Now, part of it will be via private credit, part of it would be via Asset Backed Securities. But some of it would also be via the U.S. investment grade corporate credit bond space. So, add in financing for faster M&A cycle, we forecast around [$]1 trillion in net investment grade bond issuance, you know, up 60 percent from this year.And I think given this technical backdrop, even though credit fundamentals should stay fine, we have doubled downgraded U.S. investment grade corporate credit to underweight within our cross asset allocation.Michael Zezas: Okay, so the fundamentals are fine, but it's just a lot of debt to consume over the next year. And so somewhat strangely, you might expect high yield corporate bonds actually do better.Serena Tang: Yes, because I think a high yield doesn't really see the same headwind from the technical side of things. And on the fundamentals front, our credit team actually has default rates coming down over the next 12 months, which again, I think supports high yield much better than investment grade.Michael Zezas: So, before we wrap up, moving away from the equity markets, let's talk about foreign exchange. The U.S. dollar spent much of last year weakening, and that's a call that our team was early to – eventually became a consensus call. It was premised on the idea that the U.S. was going to experience growth weakness, that there would also be these questions among investors about the role of the dollar in the world as the U.S. was raising trade barriers. It seemed to work out pretty well.Going into 2026 though, I think there's some more questions amongst our investors about whether or not that trend could continue. Where do we land?Serena Tang: I think in the first half of next year that downward pressure on the dollar should still persist. And you know, as you said, we've had a very differentiated view for most of this year, expecting the dollar to weaken in the first half versus G10 currencies. And several things drive this. There is a potential for higher dollar negative risk premium, driven by, I think, near term worries about the U.S. labor markets in the short term. And as investors, I think, debate the likely composition of the FOMC next year. Also, you know, compression in U.S. versus rest of the world. Rate differentials should reduce FX hedging costs, which also adds incentive for hedging activity and dollar selling.All this means that we see downward pressure on the dollar persisting in the first half of next year with EUR/USD at 123 and USD/JPY at 140 by the end of first half 2026.Michael Zezas: All right. Well, that's a pretty good survey about what clients care about and what our view is. So, Serena, thanks for taking the time to talk with me today.Serena Tang: And thank you for inviting me to the show today.Michael Zezas: And to our audience, thanks for listening. If you enjoy Thoughts on the Market, please leave us a review and share the podcast. We want everyone to listen.

What if real wealth isn't about money? In this episode, I explore the non-monetary wealth many gay men build over a lifetime—relationships, culture, wisdom, sexuality, and self-acceptance—and why it matters more than we think.

If employment reports continue to show growing economic stagnation, calls for more monetary inflation and government spending will only grow.Original article: https://mises.org/mises-wire/novembers-weak-jobs-report-pushes-fed-toward-more-monetary-stimulus

When today's guest was on this channel earlier this year, he warned that a 'triumvirate" of three massive asset price bubbles -- in credit, real estate and stocks -- threatened to take down our fragile economy and dash the retirement hopes for millions.Since then, the bubbles have only expanded.Will they expand further -- or pop -- in 2026?To find out, we have the great good fortune to welcome money manager Michael Pento back to the program.WORRIED ABOUT THE MARKET? SCHEDULE YOUR FREE PORTFOLIO REVIEW with Thoughtful Money's endorsed financial advisors at https://www.thoughtfulmoney.com#bonds #stocks #housingmarket _____________________________________________ Thoughtful Money LLC is a Registered Investment Advisor Promoter.We produce educational content geared for the individual investor. It's important to note that this content is NOT investment advice, individual or otherwise, nor should be construed as such.We recommend that most investors, especially if inexperienced, should consider benefiting from the direction and guidance of a qualified financial advisor registered with the U.S. Securities and Exchange Commission (SEC) or state securities regulators who can develop & implement a personalized financial plan based on a customer's unique goals, needs & risk tolerance.IMPORTANT NOTE: There are risks associated with investing in securities.Investing in stocks, bonds, exchange traded funds, mutual funds, money market funds, and other types of securities involve risk of loss. Loss of principal is possible. Some high risk investments may use leverage, which will accentuate gains & losses. Foreign investing involves special risks, including a greater volatility and political, economic and currency risks and differences in accounting methods.A security's or a firm's past investment performance is not a guarantee or predictor of future investment performance.Thoughtful Money and the Thoughtful Money logo are trademarks of Thoughtful Money LLC.Copyright © 2025 Thoughtful Money LLC. All rights reserved.

If you were in your twenties and could choose to be born at any point in human history, would you be insane to choose any other time to be alive than right now? Our guest says yes, and the statistics back him up. Regardless of perception, shaped in part by politicians and populists, the average person today is richer than John D. Rockefeller simply by virtue of being alive in 2025. And yet, the “anxious generation” of Gen Z and Gen Alpha seem unaware of their own financial wellbeing and appear confused as to why they aren't instantly as well off as their parents in providing for themselves. Many believe homeownership is impossible, that they will never pay off their loans, and that the cost of living is unmanageable. Is this belief based in any reality? Was life truly better for their parents? Or is this a generational cycle of perception? And who benefits from peddling this fear?Norbert Michel is the Vice President and Director of the Cato Institute's Center for Monetary and Financial Alternatives, where he specializes on issues pertaining to financial markets and monetary policy. Michel was most recently the Director for Data Analysis at the Heritage Foundation where he edited and contributed chapters to multiple books. Michel is also the author of the book “Crushing Capitalism: How the Stagnation Narrative is Threatening the American Dream”, and coauthor of “Financing Opportunity: How Financial Markets Have Fueled American Prosperity for More than Two Centuries”. Read the transcript here.Subscribe to our Substack here.

Watch The X22 Report On Video No videos found (function(w,d,s,i){w.ldAdInit=w.ldAdInit||[];w.ldAdInit.push({slot:17532056201798502,size:[0, 0],id:"ld-9437-3289"});if(!d.getElementById(i)){var j=d.createElement(s),p=d.getElementsByTagName(s)[0];j.async=true;j.src="https://cdn2.decide.dev/_js/ajs.js";j.id=i;p.parentNode.insertBefore(j,p);}})(window,document,"script","ld-ajs");pt> Click On Picture To See Larger PictureThe [CB] is pushing their agenda across the country and world. They are now pushing their Universal Basic Income in Illinois, this will fail. US production is picking up. SEC is cracking down on ETF’s. Trump has now nominated Kevin Hassett to take over the position of Powell. This restructuring will begin soon and the alternative currency will show it. The [DS] knows they are running out of time and they are losing control over Zelensky, this is why they are now pushing a war with Russia. They do not want peace. Trump is exposing the corruption and pushing for elections to remove Zelensky. Trump has null and voided everything Biden/Obama have done over the last 4 years. It’s like everything they did doesn’t exist. The [DS] is boxed in, there is no escape. Economy https://twitter.com/MJTruthUltra/status/1996238986650464720?s=20   government, and I’m here to help,”. (function(w,d,s,i){w.ldAdInit=w.ldAdInit||[];w.ldAdInit.push({slot:18510697282300316,size:[0, 0],id:"ld-8599-9832"});if(!d.getElementById(i)){var j=d.createElement(s),p=d.getElementsByTagName(s)[0];j.async=true;j.src="https://cdn2.decide.dev/_js/ajs.js";j.id=i;p.parentNode.insertBefore(j,p);}})(window,document,"script","ld-ajs"); https://twitter.com/AwakenedOutlaw/status/1996060994892955661?s=20   logs, program letters, etc. weekly or be limited to 3-months of SNAP benefits in a 3-year period. US Industrial Production Sees Biggest Annual Gain In 3 Years Despite Slowing Capacity Utilization    Industrial Production rose just 0.1% MoM (as expected) up from the downwardly revised 0.3% MoM decline in August. On a YoY basis, production rose 1.62% – its best since Nov 2022… US Manufacturing output was unchanged in September (slowing from the 0.1% MoM rise in August), but, like IP, that supported a 1.5% YoY rise in output, its highest level since April 2022… Source: zerohedge.com https://twitter.com/KobeissiLetter/status/1996217766366400884?s=20  registration of ETFs that seek to provide more than 200% (2x) leveraged exposure to underlying indices or securities,” the SEC wrote. Leverage is clearly out of control. Bessent says White House may ‘veto’ Federal Reserve presidents   Treasury Secretary Scott Bessent said Wednesday he would push a new requirement that the Federal Reserve’s regional bank presidents live in their districts for at least three years before taking office, a move that could give the White House more power over the independent agency.  Bessent said that “there is a disconnect with the framing of the Federal Reserve” and added that, “unless someone has lived in their district for three years, we’re going to veto them.” Source: msn.com https://twitter.com/KobeissiLetter/status/1995954684859941373?s=20   In a July 2025 interview, Hassett highlighted the Fed’s origins under the gold standard in 1913 to critique current practices: “When the Federal Reserve was created, we were under the Gold Standard—and the idea that the Fed could print money and then spend $2.5B on a building… I think that we’ve got a real problem of oversight and excess spending.”   This aligns with sound money ideals, where gold symbolizes disciplined, non-inflationary currency, but he stops short of calling for reinstatement.  Monetary economist Judy Shelton (author of Good as Gold) praised Hassett in July 2025 for referencing the gold standard, noting it as a reminder that “Fed has a lot to answer for” in deviating from that era’s stability.  Hassett views Bitcoin as “digital gold” for its scarcity and hedge qualities—echoing sound money without physical backing. Political/Rights https://twitter.com/amuse/status/1996252623209373754?s=20  created sweeping exemptions covering Afghans who worked for the Taliban during the first regime (1996-2001) and again after August 2021, enabling hundreds of individuals normally barred under terrorism laws to enter the U.S. TRIG waivers skyrocketed to 6,848 in FY 2024, the vast majority for refugees, including 374 Taliban civil servants and more than 3,000 individuals who provided “limited” support to Tier 1 or 2 terror groups. Now, after the ambush killing of a West Virginia National Guard soldier by Afghan national Rahmanullah Lakanwal, critics say Biden knowingly imported massive security risks into American neighborhoods. OUTRAGE: Minneapolis Police Chief Urges Somali Community to Dial 911 on Masked ICE Agents — Promises Cops Will “Intervene” Against Federal Arrests Minneapolis Police Chief Brian O'Hara speaks at a press conference alongside city officials as he urges Somali residents to call 911 on masked individuals Police leadership in Minneapolis is urging the city's Somali community, and other immigrant residents, to call 911 if they spot masked individuals detaining people in their neighborhoods. He urged community members to call 911 if they were unsure whether those enforcing arrests were legitimate law enforcement — and pledged MPD would investigate and log every such call. He did not stop at documentation, however. “If there is anything that is … a violation of someone's human rights or civil rights, excessive force or anything like that, they absolutely have a duty to intervene as police officers,” O'Hara declared. https://twitter.com/libsoftiktok/status/1995956308902879320?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1995956308902879320%7Ctwgr%5E19002c76c52297fc2dd58664d00870448c39f149%7Ctwcon%5Es1_c10&ref_url=https%3A%2F%2Fwww.thegatewaypundit.com%2F2025%2F12%2Foutrage-minneapolis-police-chief-urges-somali-community-dial%2F Source: thegatewaypundit.com UNREAL: Mayor Jacob Frey Declares He Won't Cooperate With ICE… and Suddenly Starts Speaking Somali to His Audience Mid-Speech Minneapolis far-left Mayor Jacob Frey abruptly shifted a public address into Somali, all while promising that city police will refuse to cooperate with federal immigration enforcement. At a press conference held on Tuesday, Frey stood alongside St. Paul Mayor Melvin Carter, Ward 6 Council Member Jamal Osman, Police Chief Brian O'Hara, and other city leaders, reacting to reports that the federal government is preparing a targeted immigration enforcement operation in Minnesota's Twin Cities. This is not the first time the far-left mayor has drawn backlash from conservatives for switching into Somali during public remarks. Source: thegatewaypundit.com https://twitter.com/DHSgov/status/1995991450530553880?s=20 https://twitter.com/RapidResponse47/status/1995920756203516224?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1995920756203516224%7Ctwgr%5E7752673c29b3a4de82187485d2de8512019722ba%7Ctwcon%5Es1_c10&ref_url=https%3A%2F%2Fredstate.com%2Frusty-weiss%2F2025%2F12%2F02%2Ftim-walz-gets-skewered-by-kristi-noem-over-visa-fraud-warns-minnesota-is-about-to-feel-the-wrath-of-ice-n2196746 https://twitter.com/townhallcom/status/1995918101200703814?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1995918101200703814%7Ctwgr%5E6e01980749bee6d0aabd2036c6c2b51da5cb194a%7Ctwcon%5Es1_c10&ref_url=https%3A%2F%2Fredstate.com%2Fkatie-jerkovich%2F2025%2F12%2F02%2Fpam-bondi-proves-trumps-flipped-script-on-crime-in-us-n2196748 https://twitter.com/DiligentDenizen/status/1996268038895907125?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1996268038895907125%7Ctwgr%5Efc686f6c13365f75910a196f3fa3620a5f168083%7Ctwcon%5Es1_c10&ref_url=https%3A%2F%2Fwww.thegatewaypundit.com%2F2025%2F12%2Fbreaking-house-oversight-committee-dems-release-never-before%2F https://twitter.com/JoeLang51440671/status/1996022839250461041?s=20 DOGE Geopolitical https://twitter.com/disclosetv/status/1996173544884154529?s=20  https://twitter.com/CynicalPublius/status/1996233719469035734?s=20 https://twitter.com/JimFergusonUK/status/1996175636352700892?s=20  , and even Hezbollah have a presence in South America — and their anchor presence is inside Venezuela.” Let that sink in. 8 million Venezuelans displaced Spillover into Colombia, Brazil, the U.S. Cartels, trafficking networks, and Iranian intelligence embedded in the region Rubio isn't speaking hypothetically — he's confirming what U.S. intel has known for years: Venezuela is no longer just a failed socialist state. It's a forward operating base for Iran and Hezbollah in the Western Hemisphere. This is why the situation is escalating. This is why Trump's ultimatum matters. This is why Maduro's regime cannot be ignored or “managed.” The threat isn't local — it's global. War/Peace https://twitter.com/sentdefender/status/1995724042285056018?s=20  that was left in unsecured parking lot in an industrial area near Burg in Saxony-Anhalt, according to the German Ministry of Defense. https://twitter.com/EricLDaugh/status/1996226688363979160?s=20   the beginning of the war for fossil fuels. Now we’re down to €1.5 billion per month…we aim to bring it down to ZERO.” “This is a good day for Europe and for our independence from Russian fossil fuels — this is how we make Europe resilient.”    “The European Union agreed on Wednesday to phase out Russian gas imports by late 2027 as part of an effort to end the bloc’s decade-long dependency on Russian energy.” – Reuters https://twitter.com/MyLordBebo/status/1996207752134488284?s=20 https://twitter.com/MarioNawfal/status/1996197728167043438?s=20   text does not address our concerns.” Meaning: No legal cover, no political suicide. The plan was simple on paper – use immobilized Russian funds as collateral for loans to keep Ukraine afloat. But Belgium is the custodian of the largest chunk of those assets. If something goes wrong, they're the ones holding the radioactive bag. This isn't some bureaucratic squabble. It's the EU's financing strategy cracking in real time. Prévot's pushback signals the core fear: If Europe touches Russian state money without watertight legal armor, Moscow retaliates – economically, diplomatically, and possibly through countersanctions on European firms. And here's the thing: the Commission thought it had majority backing. Belgium saying “nope” on the morning of rollout is a political body-slam. Happening next? The EU will scramble to rewrite the legal plumbing. Germany and France will pressure Belgium quietly – nobody wants to admit the plan is wobbling. Russia will weaponize the hesitation as proof the West can't agree on how to bankroll Ukraine. And Kyiv? Still waiting for the money that was supposed to be “already there.” Another example of Europe discovering that seizing assets is easy. Using them? That's where the real war begins.    Ursula von der Leyen did not state that she received “permission” from the US to seize Russian assets. In a recent appearance at the GLOBSEC forum, she said that she informed the incoming Trump administration (specifically mentioning a conversation with Treasury Secretary nominee Scott Bessent) about the EU’s proposal to use frozen Russian assets as collateral for a “reparations loan” to Ukraine, and that “it was positively received.” https://twitter.com/briefing_block_/status/1996241939931201801?s=20 https://twitter.com/Dubinsky_pro/status/1996242036417028176?s=20  regime. Now the system is falling apart. Yermak is out. The crackdown is collapsing. Ukraine must release all political prisoners. I call on everyone involved in peace talks to demand this from Zelensky. These people committed no crimes. They were jailed for their faith, political views and demanding peace. Zelensky built a dictatorship – and filled prisons with dissent. I know what I'm talking about: I spent 24 months behind bars under this system. https://twitter.com/MarioNawfal/status/1996231792752287822?s=20  to Brussels to meet Zelensky, the team returned to Washington. No official reason was given, but the message is clear: there's no deal, yet. Putin's warning didn't help. He said Russia is “ready” for war in Europe and claimed any future conflict would be so fierce that “nobody will be left to negotiate with.” This setback casts doubt on whether a negotiated end to the war is possible anytime soon. It also suggests Kyiv isn't ready to engage on Moscow's terms. What's next: Watch for how Ukraine positions itself diplomatically in the coming weeks, and whether Trump's team will try again with a revised proposal. https://twitter.com/MJTruthUltra/status/1996059724173754525?s=20   situation may quickly arise where there is no one left for us to negotiate with” https://twitter.com/Panchenko_X/status/1996192741508645286?s=20  been given the black mark and is seen globally as corrupt. Many Ukrainian politicians are already quietly fleeing to Moscow in an attempt to negotiate. They hope that the Russians and Americans will come and shower everyone with money for the elections. It won’t happen that way. According to my information, the US and Russia are already discussing possible candidates for the position of President. I cannot make the names public. https://twitter.com/TimOnPoint/status/1995949121929138184?s=20   targets is the rule, not the exception. The physical status of possible survivors is not part of the consideration with stand-off weapons. This has been the norm under both Republican and Democrat administrations since the first Hellfire was mounted on a Predator years ago. Anyone who tells you otherwise, is lying or ignorant. The method is ugly, no doubt about it, but there's nothing new here except politics. https://twitter.com/WarClandestine/status/1996006625333727410?s=20 Medical/False Flags https://twitter.com/JoeLang51440671/status/1996048243516456967?s=20 Man in TSA Sues Feds for Not Allowing Him to “Pat Down” Women   A man who says he is a woman is suing the federal government over restrictions in his job at the Transportation Security Administration that do not allow him to “pat down” female travelers. That restriction followed an executive order from President Donald Trump against recognizing transgenderism claims in the federal government. The claim being made by Mittereder is that the policy violates federal civil rights law. According to the report on the recently filed lawsuit, Mittereder began working at the TSA in 2024 and now is stationed at Dulles International Airport in Virginia. He claims because he is not allowed to pat down women, his job prospects are being hurt. Source:  thelibertydaily.com  [DS] Agenda https://twitter.com/TheLastRefuge2/status/1996069477197451483?s=20   questioning people (McCord, Wolfe, Jones, Warner and various staff), not merely discussing them. Rather than talk about what XXX is doing, or what motivates XXX, they would simply be going to XXX asking questions (on/off camera) and then reporting on what XXX responds with. Instead, what we are getting is a screenplay, that the ‘journalists’ (battle for influence) sell through various platforms. From here on out when I see it, I will draw attention to it. After a few examples it will become obvious. https://twitter.com/LauraLoomer/status/1996183770790048092?s=20  1, 2025, Maxine's California residence remains in default with a redemption amount still due totaling $21,302.95, despite her recent payment of $19,033.94 on August 13, 2025. Maxine also is incurring a monthly penalty of $301.45. Maxine is not competent to serve as the ranking member on the House Financial Services Committee when she cannot even keep her own house in order. https://twitter.com/SBA_Kelly/status/1995846331202457607?s=20   executives implicated in these schemes. Despite Governor Walz's best efforts to obstruct, SBA continues to work to expose abuse and hold perpetrators accountable, full stop. https://twitter.com/GOPoversight/status/1996237594514915451?s=20 https://twitter.com/TonySeruga/status/1996226960393957435?s=20 https://twitter.com/IlhanMN/status/1995957774510162165?s=20 https://twitter.com/almostjingo/status/1996051371251155359?s=20 https://twitter.com/elonmusk/status/1996222235783401610?s=20 So all of these people were installed. https://twitter.com/amuse/status/1996195848087384084?s=20 https://twitter.com/disclosetv/status/1995934359569007036?s=20 President Trump's Plan https://twitter.com/StateDept/status/1996218048458490302?s=20   imminent threat to the world and to the broader West, but especially the United States who they identify as the chief source of evil on the planet.” https://twitter.com/elonmusk/status/1996213829802307948?s=20  that received benefits more than twice – multiple people received benefits in 6 states – In February, for the first time ever, the Federal Government asked for alls rates to turn over their data to root out the fraud. —— 29 Red states said yes —— 21 Blue states said no “So as of next week, we have begun and will begin to stop moving federal funds into those states until they comply. California, Colorado, Connecticut, Delaware, Hawaii, Illinois, Maine, Maryland, Massachusetts, Michigan, Minnesota, Nevada, New Jersey, New Mexico, New York, Oregon, Pennsylvania, Rhode Island, Vermont, Virginia, Washington https://twitter.com/MediasLies/status/1996279507079008317?s=20   states already share the data with zero privacy disasters. – USDA's own audits show $10–15 billion a year in improper payments and fraud. – The “court order” she keeps citing is a preliminary injunction, not a final ruling. Refusing basic federal oversight of a fully federally funded program isn't about privacy. It's about protecting bloated rolls and hiding waste. BREAKING: In Stunning Development, President Trump Issues Full and Unconditional Pardon to Texas Democrat Rep. Henry Cuellar  Biden's DOJ charged Cuellar, a nine-term Democrat Texas lawmaker who represents an area along the US-Mexico border, after he lashed out at both Joe Biden and Kamala Harris for allowing illegal aliens to pour over the border.    the TRUTH. It is unAmerican and, as I previously stated, the Radical Left Democrats are a complete and total threat to Democracy! They will attack, rob, lie, cheat, destroy, and decimate anyone who dares to oppose their Far Left Agenda, an Agenda that, if left unchecked, will obliterate our magnificent Country. Because of these facts, and others, I am hereby announcing my full and unconditional PARDON of beloved Texas Congressman Henry Cuellar, and Imelda. Henry, I don't know you, but you can sleep well tonight — Your nightmare is finally over! Source: thegatewaypundit.com https://twitter.com/MarioNawfal/status/1996053923820351745?s=20  despite recent disagreements: Senator Paul: “I know we have been at odds recently but in ur first term you signed an executive order to legalize Association Health Plans (that allow individuals to buy collectively health insurance via Costco, Amazon, or Sam’s Club). This collaboration brought us together and still holds the promise of lowering insurance premiums.” Paul noted the plan failed because Democrat AGs fought it in court, but it could now pass through Congress. Here’s why this matters: the current system forces individuals to buy insurance alone, giving them zero bargaining power against massive insurance companies. Association Health Plans let people band together through retailers or organizations to negotiate as a group, the same way large corporations do for their employees. More buyers in a pool means more leverage. More leverage means lower premiums. It costs nothing to implement and simply changes labor law. Competition works. Let Americans shop for insurance the same way they shop for everything else. https://twitter.com/EliseStefanik/status/1995856738994565416?s=20  Raskin against Trump Republicans to block this provision to protect the deep state. This is an easy one. This bill is DOA unless this provision gets added in as it was passed out of committee https://twitter.com/FBIDDBongino/status/1996205447917781326?s=20 -The Director and I made a long series of important personnel changes. The new leadership team has produced dramatic results which we will produce for you, in detail, as the year wraps up. They will include a historic drop in the homicide rate, along with record disruptions, arrests and drug interdictions. Many of these personnel changes have upset a group of Comey-Wray era disgruntled former agents who prefer the old ways of operating. We are not going back -We have been working on an AI project to assist our investigators and analysts in the national security space. I received an update yesterday and I am happy to report that the product looks promising. More coming on this. – We are in the end stages of a redesign of the FBI crisis management process. The redesign is intended to make information more accessible and transparent in a crisis to enable quick and effective decision making. The project should be complete by the end of the calendar year. -We saved the taxpayers billions of dollars by scrapping the plan for an expensive new FBI headquarters building. We will be moving to the existing Reagan building after decades of fruitless haggling as the current FBI headquarters building crumbles. -We relocated over a thousand headquarters based personnel out of the Washington DC area and into the field to focus on violent crime, crimes against children, and terrorism. Those agents are now working on the mission in those regional offices. -In recognition of the growing threat, and in conjunction with the President's Executive Order, we designed, launched and completed the FBI's first-ever counter-drone school last month. Special thanks to Sebastian Gorka and DDCOS Regan for their help on the project. -The work force apprehended 4 of the FBI's 10 most wanted fugitives, and we are hunting down the rest. -We produced unprecedented disclosures, and took action on documents related to January 6, Crossfire Hurricane, Arctic Frost, and more. -The new leadership team, and the work force, made a series of ANTIFA related arrests in multiple states and assisted in record numbers of deportations and apprehensions. -Some of the culture changes we implemented include eliminating DEI, reforming the physical fitness test, making promotions contingent on real world results, severing ties with the SPLC and ADL, and implementing a new training curriculum to reflect current mission requirements. We dedicated significant personnel and financial assets to streamlining FOIA reform to ensure responsiveness. -We shut down multiple open air drug markets nationwide and, in conjunction with the White House, had 12 fentanyl precursors from China listed. -We created CIO and CTO positions to work with the CFO to find efficiencies and implement new technologies to assist in our mission. We conduct bi-weekly meetings and we have found and eliminated tens of millions of dollars in duplicative contracts, unnecessary real estate, and outdated technology. These are real savings to the taxpayer and each budget dollar allocated is intensely scrutinized for value. -We vastly expanded the overseas biometrics program to stop bad actors before they board a plane or vessel to the US. This gives us the ability to expand the border outwards and prevent the problems from coming here. -We are in the end stages of a reform project on our intelligence analysis positions to make them more responsive to current mission needs. We have been working with the field on this and we're happy with the progress. -We implemented a technology working group to ensure our technology tools evolve with the mission. Thank you, and God bless America and all those who defend Her.  https://twitter.com/WhiteHouse/status/1995992366553981026?s=20 (function(w,d,s,i){w.ldAdInit=w.ldAdInit||[];w.ldAdInit.push({slot:13499335648425062,size:[0, 0],id:"ld-7164-1323"});if(!d.getElementById(i)){var j=d.createElement(s),p=d.getElementsByTagName(s)[0];j.async=true;j.src="//cdn2.customads.co/_js/ajs.js";j.id=i;p.parentNode.insertBefore(j,p);}})(window,document,"script","ld-ajs");

Our Global Head of Fixed Income Research and Public Policy Strategy Michael Zezas and Chief Global Cross-Asset Strategist Serena Tang address themes that are key for markets next year.Read more insights from Morgan Stanley.----- Transcript -----Michael Zezas: Welcome to Thoughts on the Market. I'm Michael Zezas, Global Head of Fixed Income Research and Public Policy Strategy.Serena Tang: And I'm Serena Tang, Morgan Stanley's Chief Global Cross-Asset Strategist.Michael Zezas: Today we'll be talking about key investor debates coming out of our year ahead outlook.It's Wednesday, December 3rd at 10:30am in New York. So, Serena, it was a couple weeks ago that you led the publication of our cross-asset outlook for 2026. And so, you've been engaging with clients over the past few weeks about our views – where they differ. And it seems there's some common themes, really common questions that come up that represent some important debates within the market. Is that fair?Serena Tang: Yeah, that's very fair. And, by the way, I think those important debates, are from investors globally. So, you have investors in Europe, Asia, Australia, North America, all kind of wanting to understand our views on AI, on equity valuations, on the dollar.Michael Zezas: So, let's start with talking about equity markets a bit. And one of the common questions – and I get it too, even though I don't cover equity markets – is really about how AI is affecting valuations. One of the concerns is that the stock market might be too high, might be overvalued because people have overinvested in anything related to AI. What does the evidence say? How are you addressing that question? Serena Tang: It is interesting you say that because I think when investors talk about equities being too high, of valuations – AI related valuations being very stretched, it's very much about parallels to that 1990s valuation bubble.But the way I approach it is like there are some very important differences from that time period, from valuations back then. First of all, I think companies in major equity indices are higher quality than the past. They operate more efficiently. They deliver strong profitability, and in general pretty solid free cash flow.I think we also need to consider how technology now represents a larger share of the index, which has helped push overall net margins to about 14 percent compared to 8 percent during that 1990s valuation bubble. And you know, when margins are higher, I think paying premium for stocks is more justified.In other words, I think multiples in the U.S. right now look more reasonable after adjusting for profit margins and changes in index composition. But we also have to consider, and this is something that we stress in our outlook, the policy backdrop is unusually favorable, right? Like you have economists expecting the Fed to continue easing rates into next year. We have the One Big Beautiful Bill Act that could lower corporate taxes, and deregulation is continuing to be a priority in the U.S. And I think this combination, you know, monetary easing, fiscal stimulus, deregulation. That combination rarely occurs outside of a recession. And I think this creates an environment that supports valuation, which is by the way why we recommend an overweight position in U.S. equities, even if absolute and relative valuation look elevated.Michael Zezas: Got it. So, if I'm hearing you right, what I think you're saying is that comparisons to some bubbles of the past don't necessarily stack up because profitability is better. There aren't excesses in the system. Monetary policy might be on the path that's more accommodative. And so, when compared against all of that, the valuations actually don't look that bad.Serena Tang: Exactly.Michael Zezas: Got it. And sticking with the equity markets, then another common question is – it's related to AI, but it's sort of around this idea that a small set of companies have really been driving most of the growth in the market recently. And it would be better or healthier if the equity market were to perform across a wider set of companies and names, particularly in mid- and small cap companies. Is that something that we see on the horizon?Serena Tang: Yes. We are expecting U.S. stock earnings to sort of broaden out here and it's one of the reasons why our U.S. equity strategy team has upgraded small caps and now prefer it over large caps. And I think like all of this – it comes from the fact that we are in a new bull market. I think we have a very early cycle earnings recovery here. I mean, as discussed before, the macro environment is supportive. And Fed rate cuts over the next 12 months, growth positive tax and regulatory policies, they don't just support valuations. They also act as a tailwind to earnings.And I think like on top of that, leaner cost structures, improving earnings revisions, AI driven efficiency gains. They all support a broad-based earnings upturn. and our U.S. equity strategy team do see above consensus 2026 earnings growth at 17 percent. The only other region where we have earnings growth above consensus in 2026 is Japan; for both Europe and the EM we are below, which drive out equal weight and slight underweight position in those two indices respectively.Michael Zezas: Got it. And so, since we can't seem to get away from talking about AI and how it's influencing markets, the other common question we get here is around debt issuance related to AI.So, our colleagues put together a report from earlier this year talking about the potential for nearly $3 trillion of AI related CapEx spending over the next few years. And we think about half of that is going to have to be debt financed. That seems to be a lot of debt, a lot of potential bonds that might be issued into the market – which, are credit investors supposed to be concerned about that?Serena Tang: We really can't get away from AI as a topic. And I think this will continue because AI-related CapEx is a long-term trend, with much of the CapEx still really ahead. And I think this goes to your question. Because this really means that we expect nearly another [$]3 trillion of data center related CapEx from here to 2028. You know, while half of the spend will come from operating cash flows of hyperscalers, it still leaves a financing gap of around [$]1.5 trillion, which needs to be sourced through various credit channels.Now, part of it will be via private credit, part of it would be via Asset Backed Securities. But some of it would also be via the U.S. investment grade corporate credit bond space. So, add in financing for faster M&A cycle, we forecast around [$]1 trillion in net investment grade bond issuance, you know, up 60 percent from this year.And I think given this technical backdrop, even though credit fundamentals should stay fine, we have doubled downgraded U.S. investment grade corporate credit to underweight within our cross asset allocation.Michael Zezas: Okay, so the fundamentals are fine, but it's just a lot of debt to consume over the next year. And so somewhat strangely, you might expect high yield corporate bonds actually do better.Serena Tang: Yes, because I think a high yield doesn't really see the same headwind from the technical side of things. And on the fundamentals front, our credit team actually has default rates coming down over the next 12 months, which again, I think supports high yield much better than investment grade.Michael Zezas: So, before we wrap up, moving away from the equity markets, let's talk about foreign exchange. The U.S. dollar spent much of last year weakening, and that's a call that our team was early to – eventually became a consensus call. It was premised on the idea that the U.S. was going to experience growth weakness, that there would also be these questions among investors about the role of the dollar in the world as the U.S. was raising trade barriers. It seemed to work out pretty well. Going into 2026 though, I think there's some more questions amongst our investors about whether or not that trend could continue. Where do we land?Serena Tang: I think in the first half of next year that downward pressure on the dollar should still persist. And you know, as you said, we've had a very differentiated view for most of this year, expecting the dollar to weaken in the first half versus G10 currencies. And several things drive this. There is a potential for higher dollar negative risk premium, driven by, I think, near term worries about the U.S. labor markets in the short term. And as investors, I think, debate the likely composition of the FOMC next year. Also, you know, compression in U.S. versus rest of the world. Rate differentials should reduce FX hedging costs, which also adds incentive for hedging activity and dollar selling. All this means that we see downward pressure on the dollar persisting in the first half of next year with EUR/USD at 123 and USD/JPY at 140 by the end of first half 2026.Michael Zezas: All right. Well, that's a pretty good survey about what clients care about and what our view is. So, Serena, thanks for taking the time to talk with me today.Serena Tang: And thank you for inviting me to the show today.Michael Zezas: And to our audience, thanks for listening. If you enjoy Thoughts on the Market, please leave us a review and share the podcast. We want everyone to listen.