Podcasts about QE

Keith welcomes back macroeconomist Richard Duncan of Macro Watch to examine where mortgage rates are headed and what's driving them there.  Duncan explains how the U.S. shifted from capitalism to what he calls "creditism" after the dollar left gold in 1971, and why today's AI investment boom, rising defense spending, and a $40 trillion national debt are all pointing inflation and interest rates in the same direction.  He also makes the case for rental property on land as a long-term inflation hedge, and answers a question many have asked: if the government can print currency, why does it collect taxes?  Episode Page: GetRichEducation.com/623 For access to properties or free help with a GRE Investment Coach, start here: GREmarketplace.com GRE Free Investment Coaching: GREinvestmentcoach.com Get mortgage loans for investment property: RidgeLendingGroup.com or call 855-74-RIDGE  or e-mail: info@RidgeLendingGroup.com Invest with Freedom Family Investments.  For predictable 10-12% quarterly returns, visit FreedomFamilyInvestments.com/GRE or text  FAMILY to 66866  Join Mid South Home Buyers' one-time, free live webinar featuring Keith Weinhold on September 30 at GetRichEducation.com/MidSouth to learn how Memphis' economic expansion could create new real estate investment opportunities, and have your questions answered in real time. Will you please leave a review for the show? I'd be grateful. Search "how to leave an Apple Podcasts review"  For advertising inquiries, visit: GetRichEducation.com/ad Best Financial Education: GetRichEducation.com Get our wealth-building newsletter free— GREletter.com  Our YouTube Channel: www.youtube.com/c/GetRichEducation Follow us on Instagram: @getricheducation Complete episode transcript:   Keith Weinhold  0:01   Welcome to GRE. I'm your host Keith Weinhold. You're going to get a good idea of where future mortgage rates are headed as we're talking to one of the world's most brilliant macroeconomists today. Will AI be more inflationary or deflationary? And the profundity of how we're on the brink of moving into a completely new economic system today on Get Rich Education. What if I told you that one of America's strongest cash flow real estate markets is also becoming the new brains and brawn behind AI? That city is Memphis, believe it or not. In September 30th, we're going to show you why the smart money is paying attention now, along with an investing opportunity you won't want to miss. Join me, Terry Kerr and Matthew Van Horn of Mid South Home Buyers, the largest turnkey company in Memphis with more than 6000 homes under management, for a free live webinar the likes of which I've never done before. We're going to look at what billions in new investment could mean for jobs, housing demand, neighborhood appreciation, and your portfolio. Everyone who attends live will also get exclusive access to the best deal terms Mid South has ever offered. Reserve your free seat at getricheducation.com/midsouth again. that september 30. Don't say we didn't tell you. Save your spot at getricheducation.com/midsouth.   Speaker 1  1:34   You're listening to the show that has created more financial freedom than nearly any show in the world. This is Get Rich Education.   Keith Weinhold  1:50   Welcome to GRE from Lancaster, Pennsylvania, to Lancaster, California, and across 188 nations worldwide. I'm Keith Weinhold. You're listening to Get Rich Education, and I really appreciate that you're here. Yes, those two cities, though spelled the same, are pronounced differently. Framing this entire episode today with our brilliant guest, you'll learn which direction future mortgage rates are probably going to move, and it's decidedly either going to be higher or lower. You'll get a clear answer. Now I've said that trying to predict mortgage rates definitively is foolish. We're only talking about probabilities today. Look, have you ever wondered if the government can just print its own currency? Then why do they have to collect taxes from us. We're going to get that answer today. Back in 1971, the U.S. economy left a system of capitalism, in fact, and embarked on a journey of creditism as defined by today's guest. Well, now we're about to leave creditism. You'll learn what is poised to replace it, and it is an AI-fueled answer. You know, to prep you with some context today, I've said it here before. But when you start talking about the enormity of a national economy, the words billion and trillion start to get thrown around a lot. A trillion seconds ago, you know how long ago that was. That takes you further back than the Roman Empire, because a trillion seconds is 31,700 years. Well, 31,700 years ago, that is just about as far back as when the plains of Europe were being roamed by Neanderthals. Yeah, that was a trillion seconds ago. Coming up on the show here, the man who wrote the book on the Pareto principle 30 years ago. That's the 80-20 principle, where 20% of your effort yields 80% of the results. We'll talk to him and learn how those insights can improve your life on a different upcoming episode.   Keith Weinhold  4:08   Here, the book Rich Dad Poor Dad was originally written by two authors. One of those two was Robert Kiyosaki. We had Kiyosaki on the show here with us in June, and by the way, the New York Post recently wrote an article, and they cited the Get Rich Education podcast in how Kiyosaki revealed on the show here that he is 1.2 billion dollars in debt. You can find that in the September 1st edition of the New York Post. That's the June 1st episode of the Get Rich Education podcast that they're citing. Well, a lot of people they don't know who the other author of Rich Dad Poor Dad is, but we're going to have her here with us on the show soon. So some really fascinating episodes coming up. Let's meet today's guest. Returning this week is one of the foremost macroeconomic minds in the world. He was this show's first ever guest nearly 12 years ago on episode seven. A prolific author, he publishes the popular video series Macro Watch at RichardDuncaneconomics.com, and he's really influential. For example, not long ago, he presented his economic policy proposals to congressional members of the House Ways and Means Committee. Hey, it's a warm Get Rich Education. Welcome back to the incomparable Richard Duncan.   Richard Duncan  5:39   Thank you, Keith. Thank you for having me back on.   Keith Weinhold  5:42   I don't know if you and the audience are ready for this. This is some perspective. It recently made news when the U.S. hit its national public debt milestone of $40 trillion. When Richard made his GRE debut here in November of 2014, it was $18 trillion. That national debt has more than doubled since you were first here, Richard.   Richard Duncan  6:07   That's right. The government has been playing probably the leading role in keeping the economy growing, and a couple of times since then has played the sole role in preventing a new Great Depression in the aftermath of the crisis of 2008 and during COVID, it's the massive government budget deficits, often more than a trillion dollars a year. Last couple of years, it's been 1.8 trillion dollars. That's been driving the economy, and whenever it needs some additional support, the Fed steps in and creates a few trillion dollars here and there, and combined they've been keeping the economy growing and, in fact, booming. And wealth has absolutely exploded as a result of the government spending and the Fed money creation. In 2008, the total wealth of all the Americans net worth $60 trillion. Now, it's tripled to $180 trillion. That that is a direct result of the government's intervention through budget deficits and paper money creation by the Fed.   Keith Weinhold  7:14   I will call that the world's least desirable investment portfolio minus 40 t. That is one way to think about it, but when you bring up interventionism, you know something I shared with the audience about a month ago, Richard. It is just remarkable to think about all the crises we've had just since 2020. We had COVID, we had Russia's invasion of Ukraine, we had Israel, Gaza. We had tariffs. Now we've got the war in Iran, and what is the result of all this? Largely due to government interventionism. Oh, both the stock market and real estate market in the U.S. are near all-time highs.   Richard Duncan  7:54   Who would have imagined? But things work very differently now than they did in the old days when money was backed by gold, and the Fed and the government played a much smaller role in the economy. It's a different world now. That was capitalism. This is creditism. Our new economic system is driven by credit growth, and whenever necessary, the government steps in with massive budget deficits, and the Fed steps in with massive money creation to make sure that credit keeps expanding and the economy keeps growing, because if credit doesn't keep expanding, if it even dips a little bit like it started to in 2009, then the whole bubble implodes and we repeat the 1930s Great Depression, probably followed by what happened in the 1940s.   Keith Weinhold  8:39   This is interesting. When you were first here 12 years ago. You talked about how society isn't so much capitalism that it's creditism, and you expounded on that. And before we're done, I know that we have now morphed into a new ism, post-creditism that Richard is going to share with us, it's fascinating. But Richard, since you were last here, the Iran War is new. It's been going on for over six months now. So I'd like to get your thoughts on that, and principally, if the Iran War is going to create lasting inflation or only a temporary energy spike. What are your thoughts?   Richard Duncan  9:20   Let's broaden this out. I know that your listeners are very interested in in real estate, and of course that's very impacted by interest rates. And interest rates are impacted, of course, primarily by inflation. So it is true that the Iran war is pushing up energy prices, and that's pushing up inflation. It's not just Iran alone. Before that, we had trade tariffs, and that's pushing up inflation. And on top of that, we've simultaneously got this extraordinary AI investment boom, and the investment by the hyperscalers is just mind-boggling. The four biggest hyperscalers-Amazon, Alphabet, Microsoft, and Meta-they're expected just the four of them to invest something close to $750 billion this year. 750 billion, just four of them. Now, to put that into perspective, the U.S. military, in one year, the most recent year, only spends half that much on procurement and research and development, roughly 320 billion. You've got these four hyperscalers spending twice as much as the U.S. military does on procurement and research and development. That is just hard to wrap your mind around, and of course, that's pushing up everything from the cost of memory chips to electrical equipment, the cost of electricity itself, power generation equipment, and all the kinds of materials that go into building data centers. So that's another source of inflation. And then there is this wealth effect that I just referred to a minute ago. Wealth has tripled from $60 trillion to $180 trillion since 2008. All that wealth is giving a lot of rich people a lot of money to spend on a very large scale, and that also is inflationary. So all of those things are inflationary, and none of them seem to be going away in the immediate future. Now, on top of that, the inflation is not the only thing that is affecting the interest rates. Other things are affecting the interest rates as well. For instance, the budget deficit this year looks like the U.S. budget deficit is going to be quite close to $2 trillion. So that will be $2 trillion of government borrowing, and this doesn't look like it's going to go down anytime soon either. President Trump is requesting $1.5 trillion for the total defense budget in fiscal year 2027, which starts in October. That's up from just $900 billion in fiscal year 2025, so that's a huge increase in military spending, which makes the percent-   Keith Weinhold  9:20   Increase plus, y   Richard Duncan  10:52   Going to keep growing, and that spending will be inflationary as well. But so the government is going to have to borrow, so the demand for money from the government is enormous, and as I've just mentioned, because of the AI boon, the hyperscalers and many of the other companies in the AI industry or related to the AI industry, they're also tapping the bond market on a very large scale. So demand for borrowing from these AI-related companies, the demand is pushing up interest rates. This is not directly related to inflation, so you've got a lot of demand for borrowing from the government and from the private sector related to artificial intelligence primarily. So that's on the demand side for money, and on the supply side, well, the United States is not making a lot of new friends these days. We seem to be losing friends pretty quickly, and many of the people who were very enthusiastic about buying American government bonds in the past are becoming increasingly reluctant to do so. Most of them still are. Most of them don't really have any viable options, but on the margin, there are fewer friendly buyers of our debt, and so fewer people willing to buy the debt also puts upward pressure on U.S. interest rates. So recently, the 30-year U.S. government bond hit a 19-year high at 5.33% That's a very high number, and this has spooked the Treasury Department. Treasury Secretary Besant has begun doing some very unusual things that suggest that he's very concerned. He has helped stop the yen from weakening by selling some euros that the U.S. government owned and buying yen. He did this to make the yen stronger, and this meant that Japan wouldn't have to sell its U.S. government bonds in order to have dollars to use to buy yen to make the yen stronger. So that was a strange move.   Richard Duncan  9:20   And then more recently, he's announced that the Treasury Department is going to start buying twice as many long-dated bonds as it has been doing. Each operation now, the Treasury Department has been buying $2 billion worth of bonds at the long end and financing it with short-term borrowing. So borrowing at the short end, the say two-year bonds, which have a much lower interest rate, and using that money to buy 10 or 30-year bonds that have a higher interest rate, in order to push up the bond prices and push down the bond yields at the long end, to try to hold down the 30-year bond yield and the 10-year bond yield, which of course directly affects the mortgage. This is beginning to seem like there's some degree of, well, let's call it perhaps not panic, but deep concern in the Treasury about how high interest rates in the U.S. are going, and just moving forward with this idea, all of these pressures, the inflationary pressures are not likely to go away anytime soon. The demand for borrowing is not going to go away anytime soon. So there's going to continue to be this upward pressure on interest rates. And I think ultimately, what we are going to see is another big round of quantitative easing from the Fed. The Fed is going to have to step back in and announce that it's going to create a great deal of money one more time, and use that money that it creates to buy government bonds to push up their price and to drive down their yield. And we shouldn't forget that already the Fed is currently printing, creating money. It launched a new program. What is it called? Reserve management purchases. This was a program they announced in December last year, where they were just going to create some money and inject bank reserves into the financial system, so that they could manage reserves at a good level, so everyone would have plenty of liquidity. Just since December, they have created $210 billion. This is kind of going under the radar, but $210 billion since December is not an insignificant amount of money.   Richard Duncan  14:49   If the budget deficit this year turns out to be 2 trillion, then that's financing 10% of the government's budget deficit, right? More than 10% So we've already got a significant amount of money creation by the Fed going on currently, and that's not enough to prevent the yields from moving sharply higher. So I think what we're going to get is another much bigger round of quantitative easing in the not too distant future, and that's going to have a lot of ramifications.   Keith Weinhold  17:00   That's a really interesting insight, and Richard, one word keeps popping into my head as we have this discussion. Okay, inflationary pressure correlates with higher interest rates, sure, but how much are these high bond yields, which flow right over to our mortgage rates, a result of an erosion in trust. I'm thinking about trust   Richard Duncan  17:24   to some degree, yes, but not overwhelmingly. The reality is, at the end of the day, there is a certain amount of money in the world that has to be invested somewhere, and that is the most important fact to understand. There is a pool of money; it keeps getting larger, and it has to go somewhere. And U.S. government bonds are considered the safest place for it to go. For instance, the United States has a very large trade deficit with the rest of the world. For the last two years, the current account deficit, which is more or less the trade deficit, has been 1.2 trillion dollars a year. It's easier to understand it as a trade deficit. That's been throwing off 1.2 trillion dollars into the surplus countries. The surplus countries sell things in the United States, countries like China and Vietnam and all the others. They sell things in the United States that they make at home. They get paid in dollars. They take their dollars back home to China and Vietnam and all the other countries, and what do they do with the dollars? They own dollars. They've got to do something with those dollars. They're getting 1.2 trillion more dollars every year. Now, the thing they do with it primarily is they buy treasury bonds with it, and so there is an inherent and growing demand for treasury bonds. You may be thinking, okay, they could take those dollars and they could convert them into euros. That's true, they could, but whoever they buy the euros from, they then own dollars, and they would need to buy U.S. dollar-denominated assets with them. The main driver behind the buying of Treasury bonds is just the fact that there are so many dollars in the world, an increasing amount of dollars outside the United States that need to be invested in U.S. dollar-denominated assets. People can lose confidence in "quote unquote, but what are they going to do with their dollars? It has to go somewhere, and so it ultimately ends up going round and round, and an enormous amount of it ends up in U.S. Treasury bonds, and that's not going to change so long as the U.S. has a very large trade deficit with the rest of the world. The rest of the world is going to keep accumulating dollars for that reason, and they're going to keep accumulating Treasury bonds for that reason.   Keith Weinhold  19:44   Well, what do these effects mean for real estate, Richard? I mean, which force you think will ultimately win for housing here with this increased inflationary pressure? Is it more of a damaged affordability problem, or do we see rising? Placement costs that continue to help float real estate values up.   Richard Duncan  20:05   Real estate prices, home prices, have not been performing very well over the last year to two. Pretty flat, unlike in prior years, immediately after COVID when they were booming. I suppose that's what we're going to continue to see for some time. If interest rates remain high, the affordability is not there. But if we do get this new round of quantitative easing, which I think is a real possibility, then that will effectively push down the interest rates, making home affordability better. And at the same time, by creating more money, that does push up asset prices across the board. So over the long run, I do believe that real estate is a very good investment, and also it can be a very good investment from the point of view of providing diversity in your portfolio. I'd like to focus in particular on it can be an inflation hedge. So, if you buy a house and use a say a 30-year fixed mortgage, and then we or a 15-year fixed mortgage to pay for a significant part of that purchase, and then we do get inflation, then the inflation eats away your mortgage. Your mortgage evaporates because of the inflation, so in that way you're somewhat protected from the risk of future inflation by having inflation destroys your debt. In other words, so that helps. So I do believe that buying houses, I think rental income is a very good investment, particularly houses on a piece of land buy the house with a fixed rate mortgage. You rent out the house, and over 10 to 15 years, the house pays for itself, and it keeps appreciating in value over time. Decade after decade, it will become increasingly valuable over the long run, and you'll have also a supply cash flow, and you'll have this inflation hedge that I just described. So I think owning rental property that is on land, I'm not so keen on buying condos. There's no limit as to how many condos can be built in the air, but there is a limited amount of land in the world, and so land is as good as gold because if gold goes up; the land will also go up for the same reasons. So I think owning rental property is a very important part of having a broadly diversified portfolio, which is usually the best thing for most people to do to have a broadly diversified investment portfolio.    Keith Weinhold  22:37   Yeah, in this era of both war and increased interventionism, yeah, we still have a resource here, real estate that is scarce, that is necessary, and is built with this basket of goods and commodities constituting that replacement cost.   Richard Duncan  22:53   I agree.   Keith Weinhold  22:55   Well, Richard and I have a lot more to talk about when we come back, including what phase of the economy that we're in post-creditism and a lot more. You're listening to Get Rich Education. Our guest is the publisher of Macro Watch, Richard Duncan. I'm your host, Keith Weinhold.   Keith Weinhold  23:12   What if you got your mortgage loans the same place I get mine? You sure can at Ridge Lending Group NMLS 42056. They provided GRE listeners with more loans than anyone because Ridge specializes in investment property. They'll help you build a long-term plan for growing your real estate empire with leverage. Start your prequal and even chat directly with President Caeli Ridge while it's on your mind. Start at ridgelendinggroup.com. That's ridgelendinggroup.com. Let me ask you something: If you've worked hard to build wealth, is your money positioned to actually support your goals? A lot of accredited investors leave capital sitting in cash because it feels safe, but inflation and missed income opportunities can quietly erode its value. Freedom Family Investments offers freedom notes for investors seeking structured income backed by real estate. It's a straightforward approach built on real assets, not speculation. In full disclosure, I'm an investor myself. What I like is that their team walks you through how it all works, so you can decide if it aligns with your portfolio and income goals. Every investment carries risk, and nothing is guaranteed. But with a track record of consistent, on-time investor payouts, they built real credibility. Go to freedomfamilyinvestments.com to book a clarity call, or text family 266866. That's family 266866.   Robert Helms  24:44   Hey everybody, it's Robert Helms of the Real Estate Guys Radio Program. So glad you found Keith Weinhold and Get Rich Education. Don't play your daydream.   Keith Weinhold  25:04   Welcome back to Get Rich Education. I'm your host Keith Weinhold. We're talking with Richard Duncan. Check out him and his work at RichardDuncanEconomics.com. So much interesting stuff has happened in the macroeconomic world since we last had him here with the Iran War, with the AI arms race heating up, and with hitting that milestone of $40 trillion in total public national debt. Which, by the way, that $40 trillion-that is more than the combined debt of Germany, Japan, France, Italy, the UK, and Canada. That's basically the entire rest of the G7 just to try to get your head wrapped around that $40 trillion number, and you know, Richard, when it comes to the government, their income and their expenses and their assets in their debt, some wonder, including me, if the government can just print its own currency, then why must they collect taxes from us?   Richard Duncan  26:04   Okay, well, to understand the answer to that question, it's necessary to understand that it wasn't always possible for the government to print its own currency. Up until 1968, 1971, the Fed was legally required to back the dollars it created with gold, and the United States had the obligation to allow other countries to convert the dollars they accumulated into U.S. gold. So up until then, that wasn't a possibility for the government to finance its spending by money printing. And so, over the centuries that preceded, the government would tax the people to obtain the money that it needs for spending. So imagine today: here we are. The government now is spending about $7 trillion a year, and its tax revenues are about $5 trillion a year. So if it suddenly said, "Okay, we're not going to tax anyone anymore, that would mean that people would have an extra $5 trillion to spend, and if the people started spending $5 trillion, we would have hyperinflation, because there's only a limited amount of industrial capacity in the United States, or even in the world for that matter. It couldn't absorb a $5 trillion of additional spending from households and businesses, so it's not that they can't technically create the money as much money as they want to pay for everything they want. The constraint is not money creation technically; it's the inflation that it would produce if they just stopped taxing everyone and just created money instead. So that's the reason they can't.   Keith Weinhold  27:46   Just slowly taper it away and give people some income tax relief. Why can't they do that?   Richard Duncan  27:52   Well, that's what they've been doing. Taxes are far lower now than they were under when President Reagan took office, and that's one of the reasons we have $40 trillion in debt.   Keith Weinhold  28:03   Okay, but that is how the income and expenses look on an annual basis, right, Richard? This is how I think of it. Like the United States basically has 5 trillion in annual income, much of it from personal tax collection, and 7 trillion in annual expenses. That's how we get to the annual deficit of about 2 trillion, which rolls into that $40 trillion of overall debt.   Richard Duncan  28:30   That's right. What you said is correct. But we would have much more than $5 trillion income from taxes had the government not reduced the tax rate so often and so radically, starting in the early 1980s under President Reagan, if taxes hadn't been cut so sharply, we wouldn't have a two-trillion-dollar budget deficit, $40 trillion of government debt. So they've already been tapering the amount that they tax by cutting tax rates very sharply over the last decades,   Keith Weinhold  29:02   I guess a lot of people, admittedly me included, haven't been thinking about it that way. Maybe because it's painful, and I do write checks to the IRS. But when we talk about this propensity for continued inflation, one component of this is what's happening with the AI arms race, and I know you've looked at this closely. You know, because one thing I think about is, well, wait, will the AI arms race actually be deflationary over time because it lowers production costs and makes us more efficient, or is it going to be inflationary because it requires enormous capital and electricity and infrastructure in the building of these data centers. So you know I can see it going either way with the AI arms race, inflationary or deflationary. But since you studied it a lot, including talking about it on macrowatch, tell us more about the AI arms race and what this all means, Richard.   Richard Duncan  29:59   So yes. On your point that you just made, in the short term, it looks like the AI boom is going to be inflationary. Yeah, it's driving up electricity prices, land prices, and all of the things that we discussed before. Everything that goes into making artificial intelligence intelligence, including memory chips, which drive up the cost of your iPhone and iPad. So it's inflationary in the short run, but over the long run, it could probably and probably will be quite disinflationary or even deflationary. I think that's several years away. Now, moving on to the next question, the AI arms race. I think it's very helpful to understand the world around us by putting it in the context of how our economic system has evolved since dollars ceased to be backed by gold. 1968, the Fed was no longer required to back dollars with gold. 1971, President Nixon said, "Sorry, Europe, we we said we would let you convert your dollars into gold, but we changed our mind and you can't. So after that, there was no longer any gold backing for the dollar, and here are a list of things that have happened as a result of that change. Our huge trade deficits couldn't have happened if the dollars were backed by gold. The huge budget deficits that we have couldn't have happened. The Fed couldn't have created trillions of dollars through quantitative easing. Inflation rate has fallen from the 1980s, from the the mid teens to well below the Fed's 2% inflation target for most of the last 20 years, and wealth in the United States has exploded, as I mentioned, from 60 trillion to 180 trillion. That wouldn't have happened if dollars had remained backed by gold because credit has exploded. Total debt or total credit, two sides of the same coin. Total debt in the U.S. It's government debt, household debt, corporate debt, Fannie Mae, Freddie Mac debt, all the debt. It first went through $1 trillion in 1960. Now it's 110 trillion. So 110 times increase in my lifetime in total debt. That wouldn't have happened if dollars had remained backed by gold, and because of all of that credit expansion and the massive trade deficits we had with the rest of the world through globalization occurred, and that allowed Asia to industrialize, and Asia wouldn't be industrialized as it is now. China wouldn't be an economic superpower as it is now had dollars remained backed by gold, because it wouldn't have been able to grow through export-led growth. And so, China, instead of looking like it does today, it would look like it did in 1970, basically being a very poor third world country, and globalization has pulled hundreds of millions of people out of poverty.   Richard Duncan  32:47   They would still be in poverty had dollars remained backed by gold. The Soviet Union probably would still be around because the U.S. under President Reagan wouldn't have been able to to spend so much on the military that it bankrupted the Soviet Union trying to keep up with us, and finally, China wouldn't be the national security threat that it's become now because it wouldn't have had a trade surplus and it wouldn't have had any economic growth to speak of for the last 50 years. That's the world that we're living in now. The world we live in now is the direct result of dollars no longer being backed by gold, and to understand the world around us, you have to understand that that's the starting point. Now, coming to your question, this explosion of wealth that has been created under the system that I call creditism-we did have capitalism. It was driven by saving and investment, Capital accumulation, hence capitalism and investment that drove capitalism. That's not how our system works. Our system is driven by credit creation and consumption, and more credit creation and more consumption. That's creditism. It used to be driven by private sector credit growth, but the private sector became too heavily indebted in 2008, and they blew up, and that almost resulted in the complete collapse and bankruptcy of every bank in the United States and probably most of the banks around the world as well. So the government had to step in, and since that time, it's been government borrowing primarily.   Richard Duncan  34:17   This driven creditism and kept credit expanding with the help of the Fed, so this has been the evolution of creditism and has produced extraordinary amounts of wealth. So it's had two consequences that we need to focus in on now. For one, I've mentioned already, it turned China into an economic superpower, which is now on the verge of overtaking us, not just economically, but also technologically and militarily, it's become an extreme national security threat to the United States. But the second thing that has occurred, the creation of all of this wealth has provided the funds that have allowed a. Technological revolution to occur so quickly, this AI revolution that we're now living through, that is the direct result of the ample liquidity that has been created and flowing around the world, originating largely from the Fed's printing press and the government's budget deficits. That's created trillions and trillions and trillions of dollars of wealth that wouldn't have existed otherwise, and that wealth has gone into funding this development of data centers and the technology that's created the artificial intelligence. Now we are experiencing this AI revolution, and it's become quite apparent to everyone that whoever wins the AI arms race is going to rule the world. We're on the verge of machines becoming more intelligent than humans, and then after that point, through self-training and self-improvement, going on 24 hours a day, they're going to become exponentially more intelligent than humans very quickly, so whoever wins this race is going to have dominance of every other country in the world. So, as creditism has evolved, it has created a national security threat in China and has created artificial intelligence. And as a result of the two combined, we now have this artificial intelligence arms race with the United States that must win. That's why President Trump is calling for a 1.5 trillion dollar defense budget.   Richard Duncan  36:30   So this is one of the main themes that MacroWatch has been focused on this year. I've done a series of videos on the new defense spending boom, looking in one video at the traditional titans of defense like Lockheed Martin, RTX, Boeing, in another video looking at the new up-and-coming Silicon Valley challengers in the defense industry, companies like Andrel, Palantir, and most important of all, SpaceX. This is now the driving force in the economy. the The absolute necessity of winning this AI arms race is going to require much greater government spending on the military, and it's going to require what we're seeing extraordinary amounts of money being invested in developing artificial intelligence because whoever gets there first wins, and whoever doesn't is going to be subjugated by the winner. So that's where we are. So that brings us up to we've been discussing the change from capitalism into creditism, and we've seen how creditism has evolved from being first driven by private sector credit to later being driven by government sector borrowing and spending, now leading to this AI arms race, which I think we're now moving toward a different kind of economic system beyond creditism. So let me back up just a minute and say that economic systems are best defined by the constraints that limit what they can do. So we've been talking about capitalism. Capitalism's main constraint was the requirement that money be backed by gold, and when that constraint, when that gold-backed money constraint was removed, the constraint was gone. The economic system evolved into a different kind of economic system. Creditism has created extraordinary amounts of wealth and growth since early 1970s. This is not the first time economic systems have evolved. If you look back through history, there have been many different kinds of economic systems. They've all been defined by the constraints that binded what they could do. If you go back to hunter-gatherer economic system, that economic system was constrained because the people didn't have tools for cultivation or any way to store the food that they created for long-term storage, but once they developed that those tools and the ability to store food, those constraints were removed and they evolved into a different kind of economic system. Ultimately, into feudalism. Feudalism was an economic system that was constrained by very poor roads, so there was very little transportation. There were no banks, so no banking system or credit, and there was very limited legal social mobility.   Richard Duncan  39:28   But eventually, cities developed, and because of cities, trade flourished, and that removed the constraints that had defined feudalism. Okay, so fast forward, capitalism was constrained by gold-backed money. When gold was removed, we moved into creditism. Now here we are in creditism, late-stage creditism, and we're seeing this phenomenal expansion of artificial intelligence. So every economic system throughout history has. Had two constraints in common. There have been labor constraints, a limited labor supply, and there has been the constraint of limited human intelligence. We're now, thanks to artificial intelligence, on the verge of removing those two constraints that have limited every economic system up until today, when artificial intelligence is embedded in humanoid robots, that's going to remove the labor constraint. We will no longer have any labor constraint. Robots will be able to produce all the labor and then some that's required. So there goes the labor constraint, and when we hit superintelligence, that's going to remove the constraint of human intelligence that has bound economic systems. So those have been the two primary binding constraints on every economic system so far, and they're just now about to be removed by artificial intelligence. We're moving into a new era without intelligence constraints and without labor constraints, and this is going to radically change everything. When those constraints are removed, creditism is going to evolve into an economic system that's no longer driven by credit creation. It's going to be driven by intelligence creation, knowledge creation, or an explosion of cognition. So I call the new system that we're moving toward cognitism, because rather than being driven by credit as creditism is, it's going to be driven by exponential expansion of intelligence or cognition, and it's probably going to create undreamt of wealth, but it's going to completely change from bottom to top everything about the world and society and social relations that exist today, and that is what we're very quickly moving into over the next 10 to 20 years. That that's where we're going to go, and I believe it deserves a new name. So I've coined the term cognitism to describe this new economic system. The post-creditism world is cognitivism.   Keith Weinhold  42:12   Wow, this is massive. Ever since we met, you talked about creditism, and really, that's the economic system that we live in, not capitalism, so we're on the brink again of moving from creditism into cognitivism, because oftentimes these forces and their change are defined by having the constraints removed, and we're on the brink of removing the labor constraint and the human intelligence restraint from creditism to move us into cognitivism over the next 10 or 20 years. I'm just reviewing what you said as I'm thinking this through, Richard. Talk to us at least a little about what the ramifications are for us, just everyday people and investors with this cognitimism economic system.   Richard Duncan  43:02   It's very difficult to guess what the consequences are going to be. They're going to be not only economic, but they're going to very quickly become political, and the political consequences are difficult to guess how they will play out. But it does look like when robots can do all the manual labor, and machines can do all of the intellectual work on a much more accurately, much more rapidly, much more flawlessly than humans can. There won't be any need for humans to have work unless legislation is in place to ensure that they do, and if they don't have work, then they're going to not have any income. And if they don't have any income, they're going to start being very unhappy, and they're going to start rioting, and governments are going to begin to fall, and we don't know how that's going to play out. So there's going to have to be arrangements made to ensure that people do have enough income to benefit from all of the extraordinary wealth that could be created through limitless labor and limitless intelligence, but to work in a way that can satisfy our wildest dreams and beyond our wildest dreams is going to be a matter of restructuring the political economy, if you will, to ensure that people benefit from this technological revolution that is now speeding up.   Keith Weinhold  44:30   Yeah, I would say all we do know is we don't know and how it's going to turn out. But you know whether it's been tractors replacing horses or whether it's been the advent of the assembly line, or whether it's been the advent of the internet, people always say it's going to destroy net jobs, and historically, it really hasn't.   Richard Duncan  44:53   You're right, but the replacement of horses with automobiles didn't really work out so well for the horses.   Keith Weinhold  45:00   So, is there any way we can think about this in order to stay nimble as investors and everyday people, Richard? As we move into cognitism.   Richard Duncan  45:10   Absolutely, everyone needs to subscribe to Macro Watch, and they'll be able to follow it very closely there as I map it out as it unfolds from month to month.   Keith Weinhold  45:22   They should, and it's fascinating, and you've really been on the cutting edge of that. Tell us more about subscribing to Macro Watch, something that a lot of listeners should be interested in.   Richard Duncan  45:33   So my background is has been in finance. I started working in Hong Kong in 1986 as a securities analyst, I later on became an economist and then a strategist. I worked for the World Bank for a couple of years in Washington. I was the head of global investment strategy in London for ABN AMRO Asset Management. So my background is in finance, and I have spent most of my career living in Asia for the last 40 years, primarily in Asia. Along the way, I've written four books. The first one was the Dollar Crisis back in 2003. The most recent one was The Money Revolution in 2023. So my background is in finance. But 13 years ago, I launched Macro Watch. Macro Watch is a video newsletter. Every couple of weeks, I upload a new video. It's essentially me making a PowerPoint presentation discussing something important happening in the global economy and how that's likely to impact asset prices. So it's essentially become a compendium of the global economy. Essentially, everything that has happened in the last 13 years at the macro level that matters is discussed in these macro watch videos. For instance, there is a complete history of everything the Federal Reserve has done since it was founded in 1913. There is a complete description of government debt from the beginning, the increase in government debt and budget deficits. It explains things like how the Fed actually creates money, what are bank reserves, what is Japanese monetary policy, what is European monetary policy. All the major macroeconomic developments are described there and are available to subscribers every two weeks. They upload a new video, and so if your listeners would like to check it out, my website is richarddunkeneconomics.com. That's richarduneconomics.com, and if they'd like to subscribe, hit the subscribe button. And I'd like to offer everyone a 50% subscription discount.   Keith Weinhold  47:36   Thank you.   Richard Duncan  47:36   They'll be prompted to put in a discount coupon code if they use the discount code GRE, like Get Rich Education, they can subscribe at a 50% discount. They'll find it very affordable, and at the very least, they can sign up for my free blog while they're there, and they can follow my work that way.    Keith Weinhold  47:57   It is fascinating the AI arms race poised to have us completely change economic systems from criticism to cognitism. Richard, is there any last thing that you would like to leave us with? Whether it has something else to do with AI, maybe I didn't think about asking you, or something with the Iran war and the inflation, or anything else in the economy. Any last thought for what we should do or be aware of?   Richard Duncan  48:24   One thing, of course, I think is very important is for everyone to learn to use AI as much as they possibly can. It's easy to use, and it will teach you how to use it. And as we evolve into this new world is going to be crucial to make use of this most important tool humanity has ever had-the ability to use AI. This suddenly gives you access to all the world's knowledge. All you have to do is ask, and it will tell you in a very friendly way. So, by being able to use AI, you'll be in a much better position to survive the transition and prosper in the decade ahead.   Keith Weinhold  49:09   That is an actionable way to stay on top of it, Richard. It's been valuable as always. Thanks so much for coming back onto the show.   Richard Duncan  49:16   Thank you, Keith. I've enjoyed it.   Keith Weinhold  49:24   Yeah, keen insights from Richard as always. Yeah, the U.S. sure has been making enemies the past couple years. That could make other nations less likely to buy our debt, and then in turn, it takes higher interest rates in order to attract bond buyers. Well, that in turn increases mortgage rates. But to some extent, other nations have to buy our debt. Richard says that a bigger round of future QE is a distinct possibility. That is code for money printing. That's clearly. Inflationary, but few seem to know we've already been involved in liquidity operations since last December. Whether that's called QE or something else, it is taking more government spending to keep up with the AI race. That's inflationary too. What about that? When horses were replaced with cars. How did it work out for the horse? I don't know if that made it better or worse for the horse. Maybe horses were out of work, but then they got to live free. Will AI make that very predicament apply to humans? Nobody knows. The economic system will have moved from creditism to cognitism when the economy is no longer driven by credit creation but intelligence creation, from RichardDuncanEconomics.com, you can hit the subscribe to MacroWatch button and enter the discount code GRE for a 50% discount. Just about everything that you heard today is poised to drive mortgage rates higher, not lower. Big thanks to Macro Watch Mastermind Richard Duncan today. Next week it's a more real estate centered show. I'm your host Keith Weinhold. Don't quit your daydream.   Speaker 2  51:21   Nothing on this show should be considered specific, personal, or professional advice. Please consult an appropriate tax, legal, real estate, financial, or business professional for individualized advice. Opinions of guests are their own. Information is not guaranteed. All investment strategies have the potential for profit or loss. The host is operating on behalf of Get Rich Education LLC exclusively.   Keith Weinhold  51:49   The preceding program was brought to you by your home for wealth building, getricheduceducation.com  

The Wrap with Chris Whalen is back after a summer vacation with a blunt read on the fall ahead: affordability — fuel, housing, food — has already decided the midterms, and the Iran conflict plus the Russia-Ukraine war have created a shortage not just of crude but of refined products, with refinery maintenance season and the shift to heating oil set to push prices higher still. He calls $100 oil and a 5% 10-year Treasury the new normal, argues Scott Bessent's buyback strategy has failed, and expects a quarter-point hike next week while raising the more unsettling question: what happens if the Fed raises short rates and the long end goes up anyway? On gold, Whalen is still accumulating, sees $6,000–$7,000 only after a fiscal catalyst like a bad Treasury auction, and points to Shanghai's gold-linked clearing system and Russia's 100-ton sale to China as evidence of where physical demand really lives. He also answers viewer questions on the exodus at Fannie Mae, the flawed data behind credit scores, how to actually save in gold, why he owns only Flagstar and Schwab, and warns that Florida's home price correction is coming for the rest of the country next year.Thank you to our sponsor, Monetary Metals. Learn more at https://www.monetary-metals.com/THEWRAP/Links:    The Institutional Risk Analyst: https://www.theinstitutionalriskanalyst.com/  Twitter/X: https://twitter.com/rcwhalen    Seeing Around Corners book: https://www.theinstitutionalriskanalyst.com/product-page/seeing-around-corners-achieving-success-in-business-and-life-hardcoverUse the code TheWrap2026 for 25% off your first year of The Institutional Risk Analyst https://www.theinstitutionalriskanalyst.com/plans-pricingTimestamps:0:00 – Welcome back: summer's over, a lot to catch up on0:50 – Energy prices and the midterms: decided at the pump?1:13 – Affordability is the story: diesel, heating oil, Europe's supply crisis2:51 – The $5,000 "Trump dividend" and buying votes4:13 – What nobody in Washington will say about insolvency5:00 – FDICIA, continuing resolutions, and a Congress that can't say no6:34 – Oil near $100: does it get worse from here?7:33 – Rates "going back to normal" after 15 years of Fed subsidy9:24 – Calling 5% on the 10-year — and Bessent's failed buyback strategy10:29 – Warsh rules out QE, spreads tighten anyway11:57 – Why banks are suddenly buying multifamily12:58 – Is 5% a stop along the way or the destination?14:31 – What Chris expects from the Fed next week15:06 – The big question: what if the Fed has lost the long end?16:11 – What losing control of long rates would actually signal17:24 – Gold with David Kotok, and why it's not a trading vehicle18:28 – Tom McClellan on the oil–gold relationship (with a 16-month lag)20:09 – A quiet year: banks, AI trade, and boring winners21:17 – What takes gold from $4–5K to $6–7K22:00 – Russia sells 100 tons of gold to China22:53 – Is the dollar really in decline? CIPS, Shanghai, and sanctions24:12 – How high can diesel and Brent go this winter?25:30 – Iran, the Houthis, and the Red Sea26:59 – Viewer Q: What's happening inside Fannie Mae?28:30 – Pulte, VantageScore, and the bad-data problem in credit scoring29:39 – Viewer Q: How do you actually save in gold?30:45 – Florida home prices are falling — "Misery on the Eights"31:31 – Viewer Q: The big money center banks32:47 – Viewer Q: Book recommendations and the gold book33:23 – Closing thoughts: an age of instability

Kerry Lutz welcomed back veteran trader and market strategist Greg Mannarino for a candid deep dive into the growing disconnect between Wall Street valuations and real-world economic conditions. Throughout the conversation, Greg breaks down the structural flaws of modern monetary policy, explaining how artificially suppressed interest rates and continuous debt expansion conceal a shrinking real economy. We examine the erosion of purchasing power caused by decades of fiat devaluation—demonstrating why cash holders remain at a severe disadvantage to asset owners—and explore how central bank interventions, stealth QE, and corporate bailouts consistently transfer wealth upward while squeezing the middle class. Looking ahead, we pivot to the debt market as the primary engine to watch, warning how a sudden liquidity contraction could trigger a system-wide credit freeze and reset. To navigate these looming risks, Greg makes a strategic case for securing hard assets like gold, silver, commodities, and select cryptocurrencies as vital hedges against currency degradation. Beyond financial positioning, the discussion wraps up with essential, real-world advice on building localized, self-sustaining communities, storing physical reserves like food and fuel, and taking decisive control of your personal wealth. Find Greg here: https://traderschoice.net Find Kerry here:  https://khlfsn.substack.com and here: https://inflation.cafe    All Kerry's books are available here:  Amazon Bookstore  

────────────────────────────────────────[00:02:09]GOP Convention Overrun by Trump Rubber Ducks and Stiletto Purses — Trump 2028 Hats Widely AvailableGaudy rhinestone purses, $10,000 signed guitars, God Bless the USA Bible in public domain; Trump joined Chabad Lubavitch — does his Bible include the New Testament?────────────────────────────────────────[00:31:36]Bessent Said "I Am the House" — He's Set Himself Up as a One-Man Federal ReserveBuying long-term bonds with short-term debt — QE by another name; Bessent says bet against the house if you dare.────────────────────────────────────────[00:33:54]Trump Threatened to Halt Trade With Countries Running a Surplus Unless the Fed Cuts Interest RatesNot connected by any mechanism of policy; you have to speak clown to unpack it; Tony: controlled demolition of the American financial system underway.────────────────────────────────────────[00:39:06]Bessent Is Like Putting a Demolitions Expert in Charge of Security at the World Trade CenterBroke the Bank of England for $1 billion in a day; then the Bank of Japan for $3 billion; specializes in controlled demolitions of overextended economies — now controls ours.────────────────────────────────────────[01:01:03]Missouri and Texas Have Made Gold and Silver Legal Tender — Wise Wolf Can Verify and TransactBusinesses can accept gold or silver; goldbacks show current dollar value via app; Tony: sets precedents and gets into people's minds that gold is money.────────────────────────────────────────[01:39:58]Iran Captured an Anduril Underwater Drone — Pentagon Claims Outdated; Anduril Hasn't Been Around Long EnoughPeter Thiel's company; Hormuz is now a testing ground; military industrial complex needs endless wars to test equipment at cost of American and foreign lives.────────────────────────────────────────[01:39:58]Israeli Arms Company Covenant Backed by Peter Thiel and Netanyahu's Advisor — Cheaper Tomahawk ReplacementsRaytheon makes 60 Tomahawks a year; Pentagon gave them $23 billion; Covenant's backer Michael Eisenberg advises Netanyahu on Gaza and the U.S.; the new MIC is Israeli.────────────────────────────────────────[01:46:48]Israel Spent $730 Million in 2026 Keeping Itself the Victim in the American Mind — Up From $7.3 MillionA factor of 100; Brad Parscale, Trump's former campaign manager, paid to target young Americans through Salem Christian radio.────────────────────────────────────────[01:48:28]The Plan: Follow Americans Into the Pew — The People Being Bombed Are the Danger, the Bombers Under AttackOnce that holds, weapons ship, UN vetoes fall, diplomatic cover never lifts; that is what $730 million is for.────────────────────────────────────────[01:53:26]Former Israeli PM Confirmed Netanyahu Had 10 Days Advance Notice of October 7 — UAE and Egypt Both Warned HimReported in a Jewish newspaper; Israeli pilots admitted difficulty telling gunmen from civilians; Hannibal directive killed Israelis; like 9/11. ──────────────────────────────────────── Money should have intrinsic value AND transactional privacy: Go to https://davidknight.gold/ for great deals on physical gold/silver For 10% off Gerald Celente's prescient Trends Journal, go to https://trendsjournal.com/ and enter the code “KNIGHT” For high quality made in America products go to HomeSteadProducts.shop and use promo code “Knight” for 10% off your purchases Find out more about the show and where you can watch it at TheDavidKnightShow.com If you would like to support the show and our family please consider subscribing monthly here: SubscribeStar https://www.subscribestar.com/the-david-knight-show Or you can send a donation throughMail: David Knight POB 994 Kodak, TN 37764Zelle: @DavidKnightShow@protonmail.comCash App at: $davidknightshowBTC to: bc1qkuec29hkuye4xse9unh7nptvu3y9qmv24vanh7Become a supporter of this podcast: https://www.spreaker.com/podcast/the-david-knight-show--2653468/support.

────────────────────────────────────────[00:02:09]GOP Convention Overrun by Trump Rubber Ducks and Stiletto Purses — Trump 2028 Hats Widely AvailableGaudy rhinestone purses, $10,000 signed guitars, God Bless the USA Bible in public domain; Trump joined Chabad Lubavitch — does his Bible include the New Testament?────────────────────────────────────────[00:31:36]Bessent Said "I Am the House" — He's Set Himself Up as a One-Man Federal ReserveBuying long-term bonds with short-term debt — QE by another name; Bessent says bet against the house if you dare.────────────────────────────────────────[00:33:54]Trump Threatened to Halt Trade With Countries Running a Surplus Unless the Fed Cuts Interest RatesNot connected by any mechanism of policy; you have to speak clown to unpack it; Tony: controlled demolition of the American financial system underway.────────────────────────────────────────[00:39:06]Bessent Is Like Putting a Demolitions Expert in Charge of Security at the World Trade CenterBroke the Bank of England for $1 billion in a day; then the Bank of Japan for $3 billion; specializes in controlled demolitions of overextended economies — now controls ours.────────────────────────────────────────[01:01:03]Missouri and Texas Have Made Gold and Silver Legal Tender — Wise Wolf Can Verify and TransactBusinesses can accept gold or silver; goldbacks show current dollar value via app; Tony: sets precedents and gets into people's minds that gold is money.────────────────────────────────────────[01:39:58]Iran Captured an Anduril Underwater Drone — Pentagon Claims Outdated; Anduril Hasn't Been Around Long EnoughPeter Thiel's company; Hormuz is now a testing ground; military industrial complex needs endless wars to test equipment at cost of American and foreign lives.────────────────────────────────────────[01:39:58]Israeli Arms Company Covenant Backed by Peter Thiel and Netanyahu's Advisor — Cheaper Tomahawk ReplacementsRaytheon makes 60 Tomahawks a year; Pentagon gave them $23 billion; Covenant's backer Michael Eisenberg advises Netanyahu on Gaza and the U.S.; the new MIC is Israeli.────────────────────────────────────────[01:46:48]Israel Spent $730 Million in 2026 Keeping Itself the Victim in the American Mind — Up From $7.3 MillionA factor of 100; Brad Parscale, Trump's former campaign manager, paid to target young Americans through Salem Christian radio.────────────────────────────────────────[01:48:28]The Plan: Follow Americans Into the Pew — The People Being Bombed Are the Danger, the Bombers Under AttackOnce that holds, weapons ship, UN vetoes fall, diplomatic cover never lifts; that is what $730 million is for.────────────────────────────────────────[01:53:26]Former Israeli PM Confirmed Netanyahu Had 10 Days Advance Notice of October 7 — UAE and Egypt Both Warned HimReported in a Jewish newspaper; Israeli pilots admitted difficulty telling gunmen from civilians; Hannibal directive killed Israelis; like 9/11. ──────────────────────────────────────── Money should have intrinsic value AND transactional privacy: Go to https://davidknight.gold/ for great deals on physical gold/silver For 10% off Gerald Celente's prescient Trends Journal, go to https://trendsjournal.com/ and enter the code “KNIGHT” For high quality made in America products go to HomeSteadProducts.shop and use promo code “Knight” for 10% off your purchases Find out more about the show and where you can watch it at TheDavidKnightShow.com If you would like to support the show and our family please consider subscribing monthly here: SubscribeStar https://www.subscribestar.com/the-david-knight-show Or you can send a donation throughMail: David Knight POB 994 Kodak, TN 37764Zelle: @DavidKnightShow@protonmail.comCash App at: $davidknightshowBTC to: bc1qkuec29hkuye4xse9unh7nptvu3y9qmv24vanh7Become a supporter of this podcast: https://www.spreaker.com/podcast/the-real-david-knight-show--5282736/support.

“You cannot have your gold in another country. You've got to have it in your own country.”Gareth Soloway explains why central banks are bringing gold home and predicts prices could reach $13,000 by 2030.

This episode is a compilation of answers to YOUR questions that were asked directly from my listeners who attend my weekly business education YouTube live webcast. I'll be covering the topic on: Stop Trading Time for Money: The 5 Levers That Scale Any Business and more. Refer to chapter marks below for a complete list of topics covered and to jump to a specific section. Book a call with us to help you scale your side hustle: https://harounventures.com/startGet mentored by Chris: Book a Zoom call to discuss joining my Business Academy, Finance Bootcamp (to get a job in finance) or MBA Degree Programs or for investing/business/personal development coaching: https://haroun.short.gy/1on1CallYTWDownload my free "Networking eBook": www.harouneducation.comAttend my weekly YouTube Live every Thursday's 8am-11am PT. Subscribe to my YouTube Channel to receive notifications. Chapter Marks: 0:25 Welcome & Intro 0:38 Turn Your Side Hustle Into a Business That Scales 2:23 My Background and Experience 3:31 What Happens to Your Revenue If You Stop for a Month? 5:33 The Five Levers of a Scalable Business 21:52 Q&A: Trump, Canada, and Trade 23:46 Q&A: Risk Factors & Becoming a Competent New Hire 26:47 Q&A: T-Bills, Yields, and the Fed 30:32 Q&A: Big Tech Power and Unemployment Risk 33:18 Q&A: Education, Debt, and Online Teaching in the AI Era 37:52 Q&A: BYD vs. Tesla, and Trusting Bill Gates 44:21 Q&A: Canada, Programming's Future, and the Bay Area 49:38 Q&A: China Leverage, Trump's Political Power, and Good Presidents 53:23 Q&A: Investing in Europe, Mortgage Careers, and Coaching 57:29 Q&A: Valuing Startups and Reading Nvidia Earnings 1:00:45 Q&A: TikTok, Life Lessons, and the US Surplus 1:09:08 Q&A: Grok vs. Claude, Stock Market Safety 1:14:57 Q&A: Green Screens, Figma, and Getting Into Sales 1:18:55 Q&A: Dream Time Off, Nvidia, and Hedge Fund Careers 1:22:33 Q&A: Writing a Book and Beating Stress 1:27:43 Q&A: Blogs, AI Investing, and Does Banking Age You 1:36:15 Q&A: QE vs. QT and Career Advice for Policy Backgrounds Connect with me: Schedule a 1:1 call with Chris: https://haroun.short.gy/1on1CallYTWYouTube: ChrisHarounVenturesCompleteBusinessEducationInstagram @chrisharounLinkedIn: Chris HarounTwitter: @chris_harounFacebook: Haroun Education Ventures  TikTok: @chrisharoun

Fresh off his episode about crowd pleasing beginner games, Brendan shares insights into how to introduce people to the hobby's mechanisms. Join us for this conclusion, won't you?Introducing the Hobby (episode 20)Introducing the Hobby, part 1 – Crowd Pleasers (episode 860)Forbidden Island (2010)Hanabi (2010)Kingdomino (2016)Between Two Cities (2015)Bärenpark (2017)Lords of Waterdeep (2012)Demon Worker (2016)Legendary: A Marvel Deck Building Game (2012)Dominion (2008)Star Realms (2014)QE (2019)High Society (1995)Canvas (2021)Royals (2014)Through the Desert (2017)Guillotine (1998)What games would you add to the list of mechanism boot camp? Share your thoughts over on boardgamegeek in guild #3269.

Fresh off his episode about crowd pleasing beginner games, Brendan shares insights into how to introduce people to the hobby's mechanisms. Join us for this conclusion, won't you?Introducing the Hobby (episode 20)Introducing the Hobby, part 1 – Crowd Pleasers (episode 860)Forbidden Island (2010)Hanabi (2010)Kingdomino (2016)Between Two Cities (2015)Bärenpark (2017)Lords of Waterdeep (2012)Demon Worker (2016)Legendary: A Marvel Deck Building Game (2012)Dominion (2008)Star Realms (2014)QE (2019)High Society (1995)Canvas (2021)Royals (2014)Through the Desert (2017)Guillotine (1998)What games would you add to the list of mechanism boot camp? Share your thoughts over on boardgamegeek in guild #3269.

Everyone in the financial media is telling you the same story: Scott Bessent's surprise Treasury buyback announcement is a thumb on the scale of the bond market, and it's making Kevin Warsh's job at the Fed harder. But what if the headlines have it exactly backwards? What if the Treasury Secretary is actually running interference for the one thing the Fed Chair can't do himself? Fresh off asking Bessent this question face-to-face at the Charlotte Economic Club, Jen breaks down why she thinks there's a stealth rate hike hiding inside what looks like yield suppression, and why the best way to understand it is a three-act magic trick straight out of The Prestige. To get there, we have to answer the questions most coverage skips entirely. What actually happens at a quarterly refunding, and why does the Treasury auction schedule matter more than almost anyone realizes? What's the difference between an on-the-run and off-the-run bond, and why are aged long bonds from the COVID era trading below 50 cents on the dollar? When the Treasury buys back 30-year paper and funds it with T-bills and short-dated notes, is that QE, or is it something closer to the opposite? And why would Bessent make this move right before the AI hyperscalers flood the corporate bond market in September? Then things get weirder. Why did the US just participate in the biggest coordinated yen intervention in decades, and what does it have to do with Japan's Treasury holdings? How do stablecoins, a resurgent crypto market, and a shaky dollar all fit into the same trade? And what do Bessent and Warsh, supposedly at war, have in common through their shared mentor Stan Druckenmiller, whose AI-generated op-ed became its own scandal?

This is the latest in my series of podcasts explaining how economics works in the credit crunch and now virus pandemic era. This week I give my thoughts on:- Hi Shaun, this may be asking too much but do we have any idea what kind of losses the ECB is sitting on with regard to its various QE programmes? Shaun Just read a blog by Richard Murphy on Substack. Suggesting more quantitative easing. (Cobynomics?) so that UK can spend more. What do you think. Supposes govt will spend it on the right things. Does QE really work?. What the effect on inflation and is it a valid option Some questions for your pod, Shaun: should Japan, and the US, now just let the Yen find its natural level? What level might that be, and what consequences could be expected from it being allowed to settle where the market wants it to?

Brian Szytel recaps a modest market rebound after three down equity sessions, with weak internals and low volume as investors await Friday's non-farm payrolls and next week's CPI. The Dow rose 295 points, the S&P 500 gained 35 points (nearly 0.5%), and the Nasdaq added about 0.4%; rates were largely unchanged with the 10-year near 4.78, oil held around $90 WTI, and the yield curve remained steeper than recent periods. Economic data were mixed: ADP private payrolls missed slightly (38K vs. 47K expected) while July factory orders rose 0.9%. He then addresses whether buying back one's own debt is intrinsically wrong, arguing it's virtuous for individuals paying off loans, but for countries it often reflects refinancing via central bank actions (e.g., QE), which can support liquidity yet distort markets if done excessively. 00:00 Market Rebound Overview 00:24 Key Data Ahead 00:52 Rates Oil And Internals 01:16 Today Economic Prints 01:43 Debt Buyback Question 01:56 Personal Debt Payoff 02:21 Central Bank Mechanics 02:53 QE And Yield Curve Effects 04:05 When It Goes Too Far 04:43 Closing Thoughts Links mentioned in this episode: DividendCafe.com TheBahnsenGroup.com

Mentor Sessions Ep. 091: Tom Luongo explains the 2026 currency war, Scott Bessent's yen bomb, oil collateral, European bond squeeze, and the US Treasury buyback plan.The previously most powerful people in the world are now price takers, not price makers — and Tom Luongo walks through exactly how Scott Bessent flipped that switch. Global markets just witnessed a structural break in the European bond trade, and almost nobody saw the mechanism behind it.In this conversation, Tom Luongo and Nathan break down the currency war unfolding across the FX and bond markets: how Bessent 'bombed the yen' by selling euros instead of dollars, why the euro-yen cross froze the moment Operation Epic Fury began, and how Iranian oil loadings were being used as collateral to fuel the short-yen, short-Treasury trade. You'll learn why the US Treasury buyback expansion is a signal and not QE, how the German Bund fits into Europe's alleged default-and-consolidate endgame, and what John Ratcliffe's open trip to Moscow may be telegraphing. You'll also hear Luongo's falsifiable macro thesis — where the 30-year yield goes next, and what it means for gold, silver and Bitcoin.⏱️ Timestamps:0:00 - Intro0:44 - Bessent's Moves on Yen and Euro1:27 - Shifting From Kinetic to Economic Siege3:06 - The Yen Carry Trade That Shouldn't Exist4:42 - Bessent Blew It Up Selling Euros8:26 - Euro-Yen Cross Freezes After Iran Strikes8:49 - Iranian Oil Used as Trade Collateral11:17 - Traders Trapped After Buying Oil Breakout12:59 - How Bessent Scans 270 Markets for Signals18:05 - Treasury Buyback Expansion Details22:04 - Defending the 5.25 Percent Yield Level23:31 - Buyback Limit Is Just a Market Signal27:15 - Europe's Default and ECB Consolidation Plan28:45 - Financial Warfare and Carney's Trade War29:40 - Abundant Mines Sponsor33:20 - Banks Trading With Iran Cut From Dollars38:01 - US Taxpayers Funding Global Financial Chaos41:24 - Is the Budget Deficit Really Shrinking45:17 - China Iran Canada Oil and Banking Links47:46 - Why Ratcliffe Is Meeting Russia in Moscow50:54 - BRICS as Hedge Not Dollar Replacement53:33 - Gold Silver Bitcoin Surge Explained55:20 - Pushing the Long End of Yields Lower59:00 - Key Markets to Watch Through Election1:00:14 - Reading the Charts That Actually Matter1:01:16 - Luongo's Falsifiable Macro Thesis1:02:38 - Where to Follow Tom LuongoTom Luongo publishes his macro analysis and the Gold, Goats 'n Guns newsletter — links below. ⚡Previous Episode - Jeff Booth & Scott Melker: https://youtu.be/J7ze_lMKbZM

O "Ulrich Responde" é uma série de vídeos onde analiso os recentes acontecimento da economia no Brasil e no Mundo e respondo perguntas enviadas por membros do canal e seguidores, abordando temas de economia, finanças e investimentos. Oferecemos uma análise profunda, trazendo informações para quem quer entender melhor a economia e tomar decisões financeiras mais informadas.A economia brasileira enfrenta um cenário de alerta com R$ 174 bilhões acumulados em pedidos de recuperação extrajudicial apenas em 2026, afetando gigantes como Braskem e, mais recentemente, a rede Habib's. A inadimplência das pessoas físicas atingiu o maior patamar da série histórica (5,81%), enquanto o lucro das empresas de capital aberto caiu 16% no segundo trimestre devido ao peso dos juros. No âmbito fiscal, a dívida pública brasileira piora sua composição, com o Tesouro Nacional recorrendo cada vez mais a títulos atrelados à taxa flutuante (Selic), que já representam 51,1% das emissões. Diante de uma disputa eleitoral mais acirrada entre Lula e Flávio Bolsonaro, grandes fundos da Faria Lima começam a se posicionar via opções no ETF EWZ, apostando em um possível rali de alta da bolsa.No cenário internacional, o Tesouro americano intensificou a intervenção no mercado de dívida, dobrando as recompras de títulos longos e cogitando usar a conta única do Tesouro (TGA) para segurar a curva de juros. Essa manobra foi criticada por grandes nomes do mercado, como Stanley Druckenmiller, que defendem a necessidade de um ajuste fiscal real nos EUA. Durante o Simpósio de Jackson Hole, o novo presidente do FED, Kevin Warsh, adotou um tom duro (hawkish) contra a inflação, anunciando o fim do "Forward Guidance" e resgatando o princípio de que a oferta monetária importa para a economia. O vídeo também aborda o nível crítico das reservas estratégicas de petróleo dos EUA, os riscos no Estreito de Ormuz, a guerra comercial de Trump, o acordo bilionário da Meta sobre redes sociais.00:00 - A onda de Recuperações Judiciais (Habib's, Raízen, Braskem)01:41 - Queda nos lucros corporativos e recorde histórico de inadimplência04:04 - A piora do perfil da dívida pública brasileira (aumento de LFTs)08:53 - Eleições presidenciais e como o mercado está operando opções no EWZ11:28 - Análise do desempenho de Lula no Jornal Nacional13:25 - Intervenção do Tesouro Americano e as críticas de Stanley Druckenmiller15:56 - Discurso de Kevin Warsh no FED: Fim do Forward Guidance e "Money Matters"21:18 - Nível crítico das reservas de petróleo dos EUA e tensão no Estreito de Ormuz24:35 - O "D-Day Econômico" contra o Irã e as guerras comerciais de Trump28:36 - Fato bizarro: Presidente da Síria utilizando cartão Visa30:00 - Acordo de US$ 18 bilhões da Meta e o papel dos pais no controle das redes34:40 - Dúvidas: A manobra do Tesouro dos EUA é um QE disfarçado?35:29 - O papel e as falhas das agências de rating e órgãos reguladores38:28 - Falta de mão de obra, transição de carreira aos 35 anos e riscos do "All-in"40:22 - Conselho final de sobrevivência caso haja um "Lula 4"

The Last Trade: a $20 trillion carry trade sits underneath every market in the world, and when it unwinds, Bitcoin is what gets sold first. Jackson sits down with Roberto Rios, the macro analyst behind The Dollar Endgame, on Japan's $91 billion week defending the yen, the first time any major country has used the Fed's FEMA repo window to fund an intervention, and why Japan has roughly eight interventions left before the reserves run out.---

Larry Lepard's third appearance, and his position has sharpened each time. Days 6 and 21 asked whether the Big Print was coming. This one was about the mechanism, and his answer is the bond market. His central claim: yield curve control is the destination. "It has to be. There's no other choice." The open questions he named are what they call it, how they justify it, and what the politics look like. The mechanism, in his words: once the Fed formally caps a rate, "the entire bond market is going to look at the Fed and say, sold to you. And their balance sheet explodes. And that's the big print." The doom loop, with a number. The average rate across all outstanding US debt is about 3.45%, and every maturity on the curve today prices above it. Each rollover raises interest cost, widening the deficit, forcing more issuance. He pointed at the whole world, not just Treasuries. US, German, French, Italian and Japanese 10-year yields all near multi-year highs. His read: "the bond markets are telling us, we don't believe you." On Warsh: painted into a corner. The speech was hawkish enough that absent very soft data he has to hike on September 16, and Lepard doubts he will. His prediction: Warsh's credibility is gone within six months. Why he thinks the choice is already made: given a trapped chair, "he'll always choose the inflationary path versus the collapse-the-economy path." Brady asked what happens to the institutions legally required to hold bonds. Lepard went to insurers first, flagged private equity buying up insurance businesses, and questioned whether annuity holders get paid what they expect. The World War II precedent was his template. Debt-to-GDP around 120% after the war, a year of roughly 18% inflation in the early 1950s, and yield curve control running through 1952. Inflating out is the historical answer. He drew a careful distinction with Lyn Alden's gradual-print view and conceded her case: absent a crisis, a slow grind is what policymakers prefer. His note: Powell already reversed tightening and called it reserve management, not QE. Asked what would change his mind, he gave a real answer: governments behaving responsibly. Cutting defense, narrowing the footprint, means-testing Social Security and Medicare. He does not expect it. He owned the cost of being early. He compared himself to Michael Burry being right about housing too soon and said plainly that he has suffered stretches of this trade since 2008 and expects more. The close was not doom, and he said so directly. He argued the absence of sound money has cost millions of lives, that his forecast is arithmetic and not pessimism, and that sound money leaves his grandkids better off.

Kevin Muir of The MacroTourist joins Matt Zeigler to break down the bond market, Scott Bessent's Treasury buybacks, the Treasury General Account, AI-driven earnings growth, leveraged ETF risk, gold and the U.S.-Canada trade fight. Kevin explains why rising long-term yields may be less surprising than investors think, how the AI capex boom can inflate earnings before costs show up, and why leveraged ETFs and policy uncertainty could make markets more fragile.Kevin Muir on Xhttps://x.com/kevinmuirThe MacroTouristhttps://themacrotourist.comTopics coveredWhy stronger nominal GDP, large fiscal deficits and record corporate issuance are pressuring long-term Treasury yieldsHow Scott Bessent's Treasury liquidity buybacks work and why investors are comparing them with QE and Operation TwistHow replacing long-dated Treasuries with T-bills could ultimately force reserve management purchases by the Federal ReserveWhy the Treasury General Account matters for liquidity and why attempts to manage the yield curve can distort market signalsJim Chanos's "earnings bubble" argument and how massive AI data-center capex can boost current earnings while costs are amortizedWhy stock prices can fall before forward earnings estimates roll over, and why retail investors may have an advantage over institutionsHow daily-reset leveraged ETFs create reflexive buying and selling and could amplify a semiconductor or single-stock selloffWhy Kevin is bullish on gold again, the role of People's Bank of China demand, and how he combines fundamentals with technical signalsWhy platinum below production cost caught his attention and what rolling mini-bubbles in gold, silver and AI say about investor psychologyWhat 2025 U.S.-Canada trade data says about autos, oil and gas, manufacturing, tariffs and the economic cost of policy uncertaintyTimestamps00:00 Intro06:31 Scott Bessent's Treasury buybacks and the bond market10:39 How T-bill issuance could lead to debt monetization18:25 The AI capex boom and the "earnings bubble"22:27 The giant bet embedded in accelerating AI earnings27:37 Why leveraged ETFs are changing market structure32:00 How forced ETF unwinds can amplify a selloff36:41 Why Kevin is bullish on gold again41:57 Platinum, production costs and the precious metals trade46:08 Sentiment extremes and why popular trades get dangerous51:00 Globalization, manufacturing and America's distribution problem55:00 Why oil and gas dominate the U.S.-Canada trade deficit59:00 How tariff uncertainty can deter U.S. manufacturing investment01:03:10 The trade math Kevin wants investors to seeLearn more about the Excess Returns podcast network:https://excessreturns.coNo information discussed in this podcast should be construed as investment advice. Securities discussed may be held by the hosts and guests, their firms or their clients.

In part two of the all-viewer-question edition of The Wrap, Chris Whalen and Julia tackle everything from gold confiscation to credit union safety. Chris argues that a 1933-style seizure is possible in a debt crisis, since heavy government borrowing effectively encumbers every asset in the country, and that offshore physical gold is the only real protection. He explains why rising gold prices pressure the Treasury and gradually erode the dollar's role as the world's medium of exchange, drawing parallels to the monetary fragmentation of post-Roman Europe that he's been researching for his upcoming book. Along the way he critiques Jerome Powell for extending QE long after credit spreads normalized in 2020, pushes back on fears of a boomer-driven market selloff, breaks down how Annaly Capital actually makes money, flags private-credit takeovers of insurance companies as a genuine risk to annuity holders, and shares his own portfolio split. He closes with thoughts on land value taxes, the likelihood of a US VAT, and life in Florida versus New York.Thank you to our sponsor, Monetary Metals. Learn more at https://www.monetary-metals.com/THEWRAP/Links:    The Institutional Risk Analyst: https://www.theinstitutionalriskanalyst.com/  Twitter/X: https://twitter.com/rcwhalen    Seeing Around Corners book: https://www.theinstitutionalriskanalyst.com/product-page/seeing-around-corners-achieving-success-in-business-and-life-hardcoverUse the code TheWrap2026 for 25% off your first year of The Institutional Risk Analyst https://www.theinstitutionalriskanalyst.com/plans-pricingTimestamps:0:00 - Cold open: "No democracy can have sound money"0:25 - Welcome back — viewer questions only1:31 - Could the government confiscate gold again like 1933?4:50 - Inside Chris's new book on gold6:37 - Gold price outlook: 2026, 2027, 20288:30 - Best ways to own metals without holding physical9:27 - Why we ran surpluses from 1998-200110:30 - What Jerome Powell should have done differently13:44 - Will retiring boomers crash the market?15:42 - Equal-weight S&P funds at current valuations16:04 - Nvidia financing its own customers: circular financing?18:06 - Annaly (NLY) explained: leverage, servicing, and lending20:51 - Common shares or preferred?21:41 - Is the 60/40 portfolio dead? Chris's actual allocation23:47 - Are credit unions safer than banks?25:22 - Annuity owners: how to protect yourself from insolvency27:07 - Land value taxes, wealth taxes, and the case for a VAT28:37 - Florida vs. New York: an honest review30:00 - Wrap-up and housekeeping

Book a call: https://remnantfinance.com/calendarEmail us at info@remnantfinance.com or visit https://remnantfinance.com for more informationFOLLOW REMNANT FINANCEYoutube: @RemnantFinance (https://www.youtube.com/@RemnantFinance)Facebook: @remnantfinance (https://www.facebook.com/profile.php?id=61560694316588)Twitter: @remnantfinance (https://x.com/remnantfinance)TikTok: @RemnantFinanceDon't forget to hit LIKE and SUBSCRIBEIn 1933, a Harvard-trained lawyer walked into Chase National Bank with signed receipts for twenty-seven numbered bars of gold and was told he could not have them. Two days after he sued, a federal grand jury indicted him. He never got the gold back. Hans opens with an update on Brian, who may be home temporarily in September or October but likely stays on active duty orders, then turns to the Treasury's announcement that it is doubling its long end buyback operations from two billion to four billion. The dollar figure is a rounding error against forty trillion in debt. The signal is not, and it is the same move Scott Bessent spent the last two years criticizing Janet Yellen for making.Chapters 00:00 – Opening segment 02:20 – No end in sight and why nobody negotiates with America anymore 06:35 – Reading the macro tape without becoming a permabear 07:55 – The Treasury doubles its long end buybacks 09:15 – The economic equivalent of no new foreign wars 11:50 – Where Hans actually sits on the political spectrum13:10 – Two billion to four billion: the substance of the move 14:05 – Bills, notes, and bonds, and why the distinction matters here 16:35 – Off-the-run long bonds and a disorderly long end 17:35 – What they are buying and what is paying for it 19:00 – One leg of QE, not the money printing leg 20:15 – Yellen's trillion dollar mistake and the two percent mortgage analogy 22:40 – Bessent criticized this exact move, then made it 23:55 – Yield curve control and how far away it actually is 24:25 – Intervening into a record high market with no visible fever 26:00 – The debasement trade and the stock market as pressure release valve 28:30 – The yen intervention and why Japan matters 29:15 – The repo facility and keeping Treasuries out of foreign hands 32:20 – What all three moves have in common 33:30 – Hormuz closed, oil creeping, and an empty petroleum reserve 36:45 – Japan as the roadmap for where this road ends 37:50 – Homeschooling, wristbands, and the safe and inclusive playground 43:35 – Frederick Barber Campbell walks into Chase National Bank 46:05 – The lawsuit, the indictment, and the demurrer 49:50 – When a dollar was a bearer claim on gold 51:55 – Benjamin Strong, the Bank of England, and the boom that had to bust 53:10 – How the Fed was sold to America in 1913 55:50 – Nine thousand banks fail and the money supply drops a third 58:50 – The Fed as an instrument of extraction 01:00:35 – Where America sits in the line, and the prison hierarchy analogy 01:03:50 – Hamilton, specie, and the principle of productive credit 01:06:05 – The bank holiday and the Emergency Banking Act 01:07:45 – Five words added to the Trading with the Enemy Act 01:10:20 – Executive Order 6102 defines hoarding as owning 01:16:20 – The markup from twenty dollars to thirty-five 01:17:35 – The Gold Reserve Act and the Exchange Stabilization Fund 01:18:35 – Marriner Eccles and the fight over the lever of power 01:21:25 – Carter Glass fights the bill he made possible 01:22:30 – The FOMC is created and open market operations take over 01:24:45 – Killing the regional discount rate and the governor it provided 01:27:30 – Half a Keynesian equation with no brakes on the other sideKey TakeawaysThe size of the buyback is not the story. Doubling from two billion to four billion per operation is meaningless against forty trillion in debt. What matters is that the Treasury told the market, in a public press release, that it will step in and buy the long end when demand thins out. 

Scott Bessent just called gold a sanctionable asset — the first time the Treasury has said that since 1971 — while Trump simultaneously classified gold as a strategic mineral and the Treasury bought back $4 billion in long-term bonds in what Tony Arterburn of Wise Wolf Gold calls a roundabout QE the Fed didn't authorize. Gold has moved from $4,000 to $4,600 in 60 days, silver is back near $70, and the Volcker option that stopped the last gold spike is off the table: U.S. debt-to-GDP is at 144%, and quintupling interest payments to fight inflation would make debt service larger than Social Security and defense combined. Money should have intrinsic value AND transactional privacy: Go to https://davidknight.gold/ for great deals on physical gold/silver For 10% off Gerald Celente's prescient Trends Journal, go to https://trendsjournal.com/ and enter the code “KNIGHT” For high quality made in America products go to HomeSteadProducts.shop and use promo code “Knight” for 10% off your purchases Find out more about the show and where you can watch it at TheDavidKnightShow.com If you would like to support the show and our family please consider subscribing monthly here: SubscribeStar https://www.subscribestar.com/the-david-knight-show Or you can send a donation throughMail: David Knight POB 994 Kodak, TN 37764Zelle: @DavidKnightShow@protonmail.comCash App at: $davidknightshowBTC to: bc1qkuec29hkuye4xse9unh7nptvu3y9qmv24vanh7Become a supporter of this podcast: https://www.spreaker.com/podcast/the-david-knight-show--2653468/support.

Scott Bessent just called gold a sanctionable asset — the first time the Treasury has said that since 1971 — while Trump simultaneously classified gold as a strategic mineral and the Treasury bought back $4 billion in long-term bonds in what Tony Arterburn of Wise Wolf Gold calls a roundabout QE the Fed didn't authorize. Gold has moved from $4,000 to $4,600 in 60 days, silver is back near $70, and the Volcker option that stopped the last gold spike is off the table: U.S. debt-to-GDP is at 144%, and quintupling interest payments to fight inflation would make debt service larger than Social Security and defense combined. Money should have intrinsic value AND transactional privacy: Go to https://davidknight.gold/ for great deals on physical gold/silver For 10% off Gerald Celente's prescient Trends Journal, go to https://trendsjournal.com/ and enter the code “KNIGHT” For high quality made in America products go to HomeSteadProducts.shop and use promo code “Knight” for 10% off your purchases Find out more about the show and where you can watch it at TheDavidKnightShow.com If you would like to support the show and our family please consider subscribing monthly here: SubscribeStar https://www.subscribestar.com/the-david-knight-show Or you can send a donation throughMail: David Knight POB 994 Kodak, TN 37764Zelle: @DavidKnightShow@protonmail.comCash App at: $davidknightshowBTC to: bc1qkuec29hkuye4xse9unh7nptvu3y9qmv24vanh7Become a supporter of this podcast: https://www.spreaker.com/podcast/the-real-david-knight-show--5282736/support.

Bitcoin finally broke $80K, but it could not hold it. That makes today's price action a rejection, not a confirmed breakout. The good news is that Bitcoin has real demand underneath it: U.S. spot ETFs took in another $232 million Wednesday, extending their positive streak to eight trading sessions and roughly $2.8 billion. The bad news is hotter inflation has markets reconsidering Fed tightening just as Bitcoin is trying to turn $80K into support. The most interesting story now is Kevin Warsh. His Fed philosophy isn't simply lower rates and more money. Warsh wants to shrink the Fed balance sheet while potentially creating room for lower interest rates, meaning Bitcoin could get cheaper money without getting another giant round of QE. That makes tomorrow's Jackson Hole speech important because crypto traders need to start watching the Fed balance sheet, Treasury liquidity, yields and the dollar together, not just whether Warsh cuts rates. For price, $80K remains the wall, but the bigger breakout zone is increasingly looking like $81K-$86K, with roughly $83K an important confirmation level. If ETF inflows continue and Warsh does not turn aggressively hawkish, Bitcoin gets another shot. If inflation pushes the Fed toward tighter policy and ETF demand fades, Bitcoin could spend more time consolidating in the upper $70Ks.Happy HODLing. Hosted on Acast. See acast.com/privacy for more information.

The Last Trade: Bitcoin just posted its second best week since February 2021, up about 24% from roughly 62,000 to a high near 80,000, and Brian calls it the biggest dollar magnitude move ever inside a three to five day span. Gold and Bitcoin ETFs pulled a combined $7 billion in a single week, a record for any five day period. Jackson, Michael, and Brian trace it back to the Treasury's bond buybacks and Stanley Druckenmiller's op-ed calling out his own former protege.---

The U.S. Treasury quietly doubled the size of its bond buyback operations in August. The market called it QE-lite, a nod to the Federal Reserve's crisis-era quantitative easing program of creating new money to buy bonds. Philip Petursson, Chief Investment Strategist at IG Wealth Management, explains why that label is wrong, what the Treasury is actually doing and why the relief lasted about a day before disappearing. He breaks down what it means for investors, why the two-to-seven-year range offers the best balance of income and risk right now, and why Canadian bond yields follow U.S. long-term rates whether we like it or not.

Sintana Energy CEO Robert Bose joined Steve Darling from Proactive to discuss the company's agreement to acquire a 44% interest in Maravilla Oil and Gas, a privately held Namibian exploration company focused on high-impact energy opportunities across West Africa. The transaction provides Sintana with indirect exposure to Petroleum Exploration License 37 (PEL 37) offshore Namibia, one of the largest and most prospective exploration licenses in the Walvis Basin. Maravilla owns an 80% controlling interest in Paragon Oil and Gas, which holds a 100% operated interest in PEL 37. Through its investment in Maravilla, Sintana will gain an indirect 35% interest in the offshore license. PEL 37 covers approximately 17,295 square kilometres in relatively shallow offshore waters ranging from 100 to 1,500 metres in depth. The block benefits from extensive technical work already completed, including more than 2,800 square kilometres of 3D seismic coverage, approximately 1,000 kilometres of 2D seismic data, and historical drilling activity. Multiple large fan structures have been identified above a proven oil-prone Aptian source rock, creating what management believes is a compelling exploration opportunity. A key attraction for Sintana is PEL 37's strategic location adjacent to acreage where major international energy companies are preparing for future exploration activity. The license sits near PEL 82, operated by an affiliate of Chevron, where Sintana already has indirect exposure through its 49% ownership stake in Custos Energy. Chevron has indicated that exploration activities, including a potential inaugural exploration well, could take place in 2027. On PEL-83 and the Mopane discovery, Bose says both Galp and Total have publicly indicated a crescendo of activity beginning in late Q4, comprising an initial three-well exploration and appraisal programme. The programme is aimed at adding volumetrics to existing discoveries and appraising wells ahead of a potential FID in 2028. Bose says the campaign appears on track based on both public statements from the operators and what Sintana sees from the inside. Bose also highlights Sintana's Uruguay position, where partners alongside Sintana include APA, ENI, Shell, and QE, describing the strategy in both countries as finding jurisdictions where opportunity scale attracts major partners and creates M&A optionality. #proactiveinvestors #sintanaenergyinc #tsxv #sei #otcqb #seusf #invest #investing #PEL83 #RobertBose #GalpEnergia #SintanaEnergy #NamibiaOil #OffshoreExploration #WalvisBasin #OilAndGas #EnergyStocks #WestAfricaEnergy #PEL37 #EnergyInvestment #ResourceInvesting

Stijn Schmitz welcomes Matthew Piepenburg to the show. Matthew Piepenburg is Partner – Von Greyerz Gold Switzerland, Author – Gold Matters. Piepenburg argues that despite 2026 volatility, including war, a historic gold correction, and US government debt surpassing $40 trillion, the secular gold bull market remains in its early chapters. He sees shakeouts and price interventions as features, not an end, and believes conditions today are stronger than the 1970s run, driven by $265 trillion global debt, negative real rates, and currency debasement. He contends that governments and central banks have narrowed options and increasingly rely on hidden QE, misleading inflation and employment data, and dollar debasement to manage debt, while Main Street suffers a real recession and middle-class erosion, and stock market gains mostly benefit top wealth. Piepenburg highlights central bank gold accumulation at record levels, especially after dollar weaponization, as a sign gold is replacing Treasuries as global collateral. He notes the shift in physical gold flows from Western exchanges to Eastern central banks and sovereign funds, and the development of Shanghai-Hong Kong physical settlement, challenging paper price discovery. He expects continued eastward shift, not dollar collapse, but a significant repricing. Matthew discusses possible US gold revaluation, either marking gold certificates to market or letting gold run, as a form of “gold QE” that would further debase the dollar. He sees miners as leveraged opportunity after sentiment lows, and stresses patience and education. For high-net-worth investors, physical gold outside the banking system in Switzerland and Singapore serves as wealth preservation. He closes that gold won't get one rich quickly but protects from getting poor. Timestamps: 00:00:00 – Introduction 00:01:10 – Volatile Year Market Overview 00:03:48 – Gold Bull Market Status 00:08:20 – Mining Sector Investor Interest 00:18:55 – Global Debt & Demographics 00:28:30 – Inflation & Conflicts 00:35:55 – Central Banks & Gold Holdings 00:45:30 – Gold Revaluation Mechanics 00:54:17 – Gold & Gov’t Debt Doubling 01:01:12 – Preparing for Coming Risks 01:07:34 – Von Greyerz Storage Services Guest Links: X: https://twitter.com/GoldSwitzerland Website: https://goldswitzerland.com/ Articles: https://signalsmatter.com/ Book (Amazon): https://tinyurl.com/pvpfmy8c Matthew Piepenburg is a Partner of Von Greyerz and the author of the popular book, “Rigged to Fail”. Matt is fluent in French, German, and English. He is a graduate of Brown (BA), Harvard (MA), and the University of Michigan (JD). His widely-respected reports on macro conditions and the changing behavior of risk assets are published regularly at SignalsMatter.com

Ryan Detrick, Chief Market Strategist at Carson Group, and Sonu Varghese, Chief Macro Strategist at Carson Group, mark episode 202 with "It's All About the Base(ment)," digging into last week's surprise Treasury announcement to double buybacks of long-end bonds after the 30-year yield hit 5.33%, its highest since 2007.Ryan and Sonu explain why this move — an operation-twist-style intervention rather than QE or yield curve control — spooked markets into the "debasement trade," sending gold up 5-6% and Bitcoin up more than 20% on the week while the dollar fell roughly 1%. They break down Stanley Druckenmiller's sharply critical Wall Street Journal op-ed on Bessent's approach, along with pushback from economist Guy Berger, and debate whether today's 10-year yield near 4.7% is simply normalizing back toward 1990s levels or whether nominal GDP growth suggests rates should go even higher.The conversation also covers a blowout Philly Fed manufacturing report and strong flash PMI data pointing to continued economic strength, market breadth and sentiment signals suggesting the bull market remains intact above key S&P 500 support, and a broader look at the $40 trillion national debt in context of rising household net worth. Ryan closes with thoughts on market technicals, portfolio diversifiers, and previews of Jackson Hole and Nvidia earnings coming later in the week.[Key Takeaways]Treasury's move to double long-end bond buybacks starting September 9, following the 30-year yield's spike to 5.33% (highest since 2007), sparked what Ryan and Sonu call the "debasement trade" — a rotation into gold and Bitcoin and out of the dollar.Gold rose 5-6% and Bitcoin surged more than 20% over the week, while the U.S. dollar index fell about 1%, an unusual reaction given that rising yields typically strengthen a currency rather than weaken it.Sonu frames the Treasury action as closer to a 1960s/2011-style "Operation Twist" than true quantitative easing, since it shifts duration without expanding the money supply, but notes it still risks pushing short-term yields and imported inflation higher.Stanley Druckenmiller's Wall Street Journal op-ed argued Treasury's buybacks amount to artificial suppression of the "only fiscal disciplinarian" left in Washington, sparking debate over whether the intervention is as powerful as he suggests.Comparing current nominal GDP growth (~5.5%) to the late 1990s (~5.8%) with today's lower 10-year yield (~4.3% average vs. ~6% then), Sonu argues rates may need to move even higher than current levels to reach true equilibrium.A blowout Philly Fed manufacturing report (47.4, highest since 2021) and strong flash PMI data (56, highest since April 2022) point to renewed industrial strength, largely tied to AI-driven investment.Jump to:0:00 - Welcome And A Playful Title1:22 - The 1,000-Point Dow Day Memory4:01 - Personal Low Moments And Path Dependency7:06 - Treasury Steps In As Yields Surge14:18 - Druckenmiller Critiques Yield Defense20:40 - Operation Twist And A Falling Dollar23:12 - Gold And Bitcoin Jump On Debasement27:54 - Are Rates Simply Back To Normal36:02 - AI Boom Data Signals Real Strength39:20 - Jackson Hole Expectations And Nvidia Setup41:49 - Market Breadth Levels And Investor Sentiment44:10 - The $40 Trillion Debt Context Check49:30 - Portfolio Diversifiers And Final Takeaways53:00 - Closing Thanks And How To SupportConnect with Ryan:• LinkedIn: https://www.linkedin.com/in/ryandetrick/• X: https://x.com/RyanDetrickConnect with Sonu:• LinkedIn: https://www.linkedin.com/in/sonu-varghese-phd/• X: https://x.com/sonusvarghese?lang=enQuestions about the show? We'd love to hear from you! factsvsfeelings@carsongroup.com

Mortgage rates are in play this week as the Federal Reserve and the U.S. Treasury both step in to try to bring rates down, and I'm breaking down exactly what that means for you. If you're a homebuyer, homeowner, or realtor trying to figure out where mortgage rates are headed, this is the episode to watch before the week's economic data starts rolling in.In today's show, I cover:• The Treasury's new bond buying plan (what some are calling "QE light") and how it's designed to push mortgage rates lower • The difference between the federal funds rate and the 10 year Treasury, and why only one of them actually controls your mortgage rate • This week's full economic calendar, including ADP jobs, Case Shiller home prices, PCE inflation, jobless claims, and the Jackson Hole symposium • Why oil prices are the number one thing to watch right now, and what happens to rates if the Iran conflict drags on or resolves • How to track your own rate and payment automatically with our free RateWatch toolRead the full breakdown on the blog: https://therateupdate.com/blogCHAPTERS 0:00 The Treasury Is Buying Its Own Debt 1:47 What Actually Controls Your Mortgage Rate 3:35 This Week's Economic Calendar 6:10 Why Oil Is the Number to Watch 8:05 RateWatch and What to Do Next

Adam Haman returns to discuss the Japan/US bailout of the yen, and Japan's relation to the US position. What does it signify for QE and deficit spending?Mentioned in the Episode and Other Links of Interest:The YouTube version of this episode.This episode's sponsor, The Swan Bros.The HamanNature substack.Help support the Bob Murphy Show.

Good Sunday to you,This week I'm talking to the goldbugs' goldbug, Alasdair Macleod.I'm more of a continued decline, muddle through guy, but Alasdair, as you shall see, is very much in the outright collapse camp and he sees that outright collapse coming soon, as you shall hear - within the next 18 months!Alasdair has spent decades studying financial markets, monetary history and the role of gold, and his argument is uncompromising: gold is money; pounds, dollars and euros are credit. I could not agree more. Confidence in fiat currencies is approaching breaking point, he says, and any currency that hopes to survive will ultimately have to become a credible substitute for gold through a proper gold standard.We also look at the fragility of the bond markets, starling, Japan, China and what a 21st-century gold standard might actually look like. My thanks as ever go to The Pure Gold Company for making these interviews possible. If you live in a third world country such as the UK, I urge you to own gold or silver. The pound will be further devalued, as will the euro and dollar. The bullion dealer I use and recommend is The Pure Gold Company. They deliver to the UK, the US, Canada and Europe. More here.This is the last of the videos for a while, as we take stock and evaluate. Broadly speaking, most of you seem to like them, so that's good.As always you watch the video above, or listen via the Substack app, Apple podcasts, Spotify et al.And if you want to follow Alasdair and read his immensely popular Substack, you can do that here: In other news, the latest edition of Charlie Morris's Atlas Pulse is out now. It's free, so get your copy here. Gold smells QE, he says. Well worth reading …And, finally, here is this week's piece - not on gold, but on copper. It's telling us something. Disclaimer:Nothing in this programme is intended as investment advice. It is an expression of opinion only. We do not know your financial circumstances. Do your own research. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.theflyingfrisby.com/subscribe

In part one of The Wrap's viewer question special, Chris Whalen takes on a full slate of audience questions about the Fed, the Treasury, and where rates go from here. He explains why Kevin Warsh and Scott Bessent have largely written off war-driven inflation as something monetary policy can't fix, and what it would actually take to change that posture. From there he walks through the plumbing most commentary skips: why shrinking bank reserves would push short-term yields down rather than up, how the Treasury can run its own version of quantitative easing through repurchase agreements, and why the Fed's mortgage-backed securities book — much of it now carrying an average life measured in decades — represents what he calls a study in hubris. He also fields the practical questions: whether long Treasuries are worth owning (his answer is no), where he'd park cash instead, what a 5% 10-year does to the deficit math, and how big the next crisis-era bailout would have to be. The episode closes on the yen carry trade, the limits of what Washington can do about it, and Whalen's expectation that nothing difficult gets attempted before the midterms.Thank you to our sponsor, Monetary Metals. Learn more at https://www.monetary-metals.com/THEWRAP/Links:    The Institutional Risk Analyst: https://www.theinstitutionalriskanalyst.com/  Twitter/X: https://twitter.com/rcwhalen    Seeing Around Corners book: https://www.theinstitutionalriskanalyst.com/product-page/seeing-around-corners-achieving-success-in-business-and-life-hardcoverUse the code TheWrap2026 for 25% off your first year of The Institutional Risk Analyst https://www.theinstitutionalriskanalyst.com/plans-pricingTimestamps:0:00 — Cold open: shrinking reserves and the Treasury's repo plan0:33 — Welcome + what this episode is (part one of viewer Q&A)1:10 — How long will the Fed stay indifferent to inflation?4:08 — Could we cut the Fed out of rate decisions and just use SOFR?5:02 — Would you buy a 30-year bond at these rates?6:35 — If the Fed shrinks its balance sheet, don't rates go up?9:43 — What does "Treasury doing QE on the short end" actually mean?12:30 — A word from Monetary Metals13:56 — Can the Treasury handle 5% on the 10-year?15:26 — T-bills — pros, cons, and better alternatives16:25 — How big does the next bailout have to be?18:48 — The yen, intervention, and the carry-trade squeeze21:16 — The biggest macro story of the back half of the year23:37 — Parting thoughts: Florida, earnings season, and UWM next week

Long rates hit their highest level since 2007, the national debt topped $40 trillion, and Treasury Secretary Scott Bessent announced he's doubling long-dated bond buybacks. Karl breaks down what that move actually is (hint: it isn't QE), why it looks a lot like 2011's Operation Twist, and why the 10-year is higher now than before the announcement. Plus: gold's rebound, Bitcoin's big week, and why earnings growth is the one thing holding this market up. He closes with a reminder that risk management still matters, even when it feels unnecessary.

1:30 長債殖利率緩步創高不意外，從EP1講到現在 4:15 QE與財政赤字常態化，這是長線利空雙核心 5:38 財政部長債回購擴大至40億/次，流動性管理 8:00 長債利率壓不住，就更仰賴發短債，行之有年 11:32 短期干預沒有實質改變本質，非孳息資產大漲 16:39 中期川普上任，反全球化也是長債不利因子 17:47 進入2026年，AI發公司債尤其CSP廠商足以發長債，正在擠壓長天期公債的需求 23:18 公司債利率高於同天期公債，債券基金持股已移動 28:00 大膽預測，一些主觀且有趣的觀點，要考慮選舉 29:00 貝森特年底前是否壓抑AI增發公司債？ 30:52 貝森特年底前可能擴大支持NVIDIA這類擔保融資體系 相關文章與連結： https://www.big-econ.com/index.php?sec=article&ID=4113 -- Hosting provided by SoundOn

Peter Schiff breaks down the Treasury's panic move to rescue the bond market, the $40 trillion debt milestone, and gold's $185 reversal day.This episode is sponsored by Noom. The Noom GLP-1 Program starts at $39 and is delivered to your door in as little as seven days. Go to https://noom.com to learn more.This episode is also sponsored by Ground News. Go to http://groundnews.com/schiff to get 40% off the unlimited access Vantage plan and unlock world-wide perspectives on the stories shaping our world.The Treasury just doubled its bond buybacks. Peter Schiff says that's the government admitting the bond market is broken.On the same day the national debt topped $40 trillion, the Treasury announced it is doubling its long-term bond buybacks from $2 billion to $4 billion... buying the bonds everybody else is selling, and funding it by issuing more short-term debt. Peter calls it what it is: a panic move, a Hail Mary to suppress rising yields after the 30-year hit 5.3%, its highest in over 19 years. Refinancing debt locked in at a 3.44% average coupon with 4% T-bills makes no financial sense, which is exactly why it's happening... the government is scared, not stupid.The market rendered its verdict immediately. Gold reversed off a $185 rally to close above $4,500, silver cleared $66, and the miners surged 8-12%, while hawkish FOMC minutes were shrugged off entirely. Peter explains why this Treasury version of Operation Twist forces the Fed to follow with real QE... a program that will have to dwarf 2008's... why Bitcoin's pop above $70,000 is built on hope, and why the housing data shows the panic is justified.Chapters:00:00 Treasury Panic Move01:05 Bond Yields Hit New Highs02:58 Debt Explosion Politics07:00 Treasury Buyback Twist10:23 QE Next And Fed Cornered16:04 Hawkish Minutes Gold Surge24:03 Markets React Unevenly24:20 Dollar Drops Oil Jumps25:08 Fed Inflation Bind26:30 Debt Era Comparison27:40 Jobs Data Media Spin29:17 Bitcoin Versus Metals31:19 Housing Slump Mortgages33:59 Tariffs Canada Trade37:50 Buybacks Won't Work42:26 QE Addiction Ahead44:34 Boat Update FarewellFollow @peterschiffX: https://twitter.com/peterschiffInstagram: https://instagram.com/peterschiffTikTok: https://tiktok.com/@peterschiffofficialFacebook: https://facebook.com/peterschiffOur Sponsors:* Check out Blinds.com and use my code GOLD for a great deal: https://www.blinds.com* Check out Chilipad and use my code GOLD for $255 off: https://sleep.me* Check out Factor and use my code gold50off for a great deal: https://www.factor75.com* Check out Fast Growing Trees and use my code GOLD for a great deal: https://www.fast-growing-trees.com* Check out Plaud AI and use my code GOLD for a great deal: https://www.plaud.ai* Check out Quince and use my code quince.com/GOLD for a great deal: https://www.quince.com* Check out TruDiagnostic and use my code GOLD for a great deal: https://www.trudiagnostic.comPrivacy & Opt-Out: https://redcircle.com/privacy

It's QE-lite!!!! Yield curve control!!!! Money printer go brrrrrr!!!! What's the truth about the Treasury buyback program? Well, it's starts with understanding what a buyback truly is and also how the government has been operating it for over two years already. In a sea of misinformation, here's the plain truth about the buybacks, starting with how misinformation is actually the whole point...on both sides.Eurodollar University's Money & Macro Analysis----------------------------------------------------------------------------------What if your gold could actually pay you every month… in MORE gold?That's exactly what Monetary Metals does. You still own your gold, fully insured in your name, but instead of sitting idle, it earns real yield paid in physical gold. No selling. No trading. Just more gold every month.Check it out here: https://monetary-metals.com/snider----------------------------------------------------------------------------------Eurodollar University Live 2October 9-12, West Palm Beach, Florida40 seats exist. Application only.https://eurodollar-university.com/edu-conference-2026----------------------------------------------------------------------------------https://www.eurodollar.universityTwitter: https://twitter.com/JeffSnider_EDUI'll also be active on Bravais Social - a new AI-centered social network designed for professionals and knowledge workers. The platform aims to bring together a wider range of tools and functionalities tailored specifically for professional interaction, research, and knowledge exchange in one place. You can find me here: https://bravais.social/profile/edu

On August 20, I'm going to be hosting a webinar on how to use AI to validate the quotes you receive from contractors and subcontractors. To register for the webinar click HERE. Even if you can't attend live, we will send you the recording. --------------Today we're talking about an announcement from the U.S. Treasury Department that has generated a surprising amount of noise in the financial markets.The two words getting attention are Treasury buybacks.Treasury announced today, August 19, that beginning September 9 it will increase, by at least double, the size of its liquidity support buyback operations for longer-dated Treasury securities. Specifically, the maximum size for operations in the 10-to-20-year and 20-to-30-year sectors will increase from $2 billion to at least $4 billion per operation.It might be coincidence, but this happened on the same day that US debt topped $40T. The country's “total public debt outstanding” officially hit $40.047 trillion on Tuesday, the Treasury Department reported Wednesday, ticking up from $39.987 trillion a day earlier.Immediately, people started describing this as quantitative easing, QE light, yield curve control, and even a new version of Operation Twist.I think we need to separate the mechanics from the headlines.A Treasury buyback is not the same thing as Federal Reserve quantitative easing. The Treasury is already issuing enormous quantities of debt. In a buyback operation, Treasury can issue securities in one part of the market and use some of those proceeds to repurchase securities that are already outstanding.The important distinction is which securities they are buying.The liquidity support program primarily targets what are called off-the-run Treasury securities.When Treasury issues a new 10-year note, for example, that newly issued security becomes the on-the-run Treasury. It tends to trade very actively. The older 10-year securities that were issued previously become off-the-run securities.They're still Treasury obligations. Their credit quality hasn't changed. But they don't necessarily trade with the same liquidity. That becomes important during periods of market stress. If a large investor needs to sell a significant quantity of an older Treasury security, there may not be as deep a pool of buyers as there is for the newest issue.--------------**Real Estate Espresso Podcast:** Spotify: [The Real Estate Espresso Podcast](https://open.spotify.com/show/3GvtwRmTq4r3es8cbw8jW0?si=c75ea506a6694ef1)   iTunes: [The Real Estate Espresso Podcast](https://podcasts.apple.com/ca/podcast/the-real-estate-espresso-podcast/id1340482613)   Website: [www.victorjm.com](http://www.victorjm.com)   LinkedIn: [Victor Menasce](http://www.linkedin.com/in/vmenasce)   YouTube: [The Real Estate Espresso Podcast](http://www.youtube.com/@victorjmenasce6734)   Facebook: [www.facebook.com/realestateespresso](http://www.facebook.com/realestateespresso)   Email: [podcast@victorjm.com](mailto:podcast@victorjm.com)  **Y Street Capital:** Website: [www.ystreetcapital.com](http://www.ystreetcapital.com)   Facebook: [www.facebook.com/YStreetCapital](https://www.facebook.com/YStreetCapital)   Instagram: [@ystreetcapital](http://www.instagram.com/ystreetcapital)  

Yesterday I said Treasury would need a bigger boat and compared buybacks to the Cheeto as a door lock - today (faster than expected!) that became clear. So I cover the buyback fail and the need for QE, the economic war against Iran, the China/Switzerland trade deal, Walmart earnings, and more supply coming thanks to the giant Anthropic IPO.Pinecone Macro Research aims to provide unique, well researched analysis of the global markets using a macro framework. Find us here: www.pineconemacro.com Follow us and the show on Twitter: @PineconeMacro & @TaylorMadeMacroSubscribe on Substack: https://substack.com/@pineconemacroresearch--Bulwark Capital Management: https://bulwarkcapitalmgmt.com/Disclaimer: --The information provided is for educational and informational purposes only and does not constitute investment advice and it should not be relied on as such. It should not be considered a solicitation to buy or an offer to sell a security. It does not take into account any investor's particular investment objectives, strategies, tax status or investment horizon. You should consult your attorney or tax advisor

John Haar, back for his first Café appearance since leaving Swan for Blockware, opens on the 55th anniversary of the Nixon Shock. His argument: gold's own physical properties, the time, trust, and armed transport required to settle in it, are what let the 1971 dollar-gold break happen and stick. No one could credibly refuse. Asked whether the US might literally "back" the dollar with Bitcoin, John pushes back on the framing. He doesn't see explicit convertibility returning; more likely a sovereign-wealth-fund-style holding that supports confidence in the currency without any fixed exchange rate. Confiscation history, and 1971 counted as one. Executive Order 6102 in 1933, a little-known 1959 Australian law forcing gold surrender to the Reserve Bank, and a 1966 UK law capping residents at four gold coins. John's read: severing convertibility was itself an indirect seizure, since dollar holders lost access to the metal without a single coin being confiscated. The confiscation trade-off, stated plainly: Bitcoin can vanish in an instant through a mistake; fiat vanishes slowly through inflation. John argues neither risk profile is fully solved, which is why he expects Bitcoin and fiat to coexist for a long time, and why he points listeners toward collaborative multisig self-custody (Vault, Unchained, Casa) over solo cold storage. The debt numbers, from three directions at once. US debt crossed $40 trillion this week; annual interest has passed defense spending and sits behind only Medicare and Social Security. Suze: UK debt interest is running around £109 billion a year, more than the entire education and defence budgets combined, about £3,220 per working person. Roxana adds a year-by-year US/UK comparison back to 2021, the pandemic as the shock that reset the baseline. ⭐ A genuinely sharp MMT critique from John, anchored to a receipt: Larry Summers, a mainstream economist with no sound-money priors, posted in 2022 that 2022's CPI would have peaked near 18% under the old inflation methodology instead of the reported 9%. John's broader point: Modern Monetary Theory's post-2008 "QE doesn't cause inflation" claim was really about QE backfilling a contracting money supply, and MMTers overextended that into a general rule that collapsed against 2022's numbers. Frank Corva's field report from a 2023 screening of the MMT documentary "Finding the Money": a viral clip of establishment economist Jared Bernstein fumbling a question on how money is created was cut by MMT advocates to claim the mainstream doesn't understand money either, while, per Frank, the film's own thesis pushes further left than the Keynesian it mocks. His two go-to informed politicians on this material: Nick Begich (introduced the Bitcoin Act) and Warren Davidson. Frank's number of the day: minimum wage measured in gold. Federal minimum wage has gone from $1.60/hour in July 1971 to today's rate; priced in gold instead of dollars, that 1971 wage would be roughly $198/hour, about $8,000 a week now. Cory joins from Istanbul to argue the dollar remains "the cleanest shirt in the dirty laundry" globally, that gold has again overtaken Treasuries as the top central-bank reserve asset, and that today's AI capex bubble likely resolves in a Bitcoin-negative risk-off phase before capital rotates back in, on a multi-year timeline. ⭐ Mining block: John lays out five reasons Bitcoin's 2021-2025 hashrate growth won't repeat, tied throughout to the AI buildout competing for the same capital, chips, and power contracts: the unrepeatable 2021 mining economics, public miners pivoting to AI/HPC data centers, slowing ASIC development as chipmakers prioritize AI silicon, AI's ability to lock long-duration power contracts miners can't match, and the sheer physical scale needed to double an already-large network. At current ~920 exahash, he estimates a nation-state attack would require roughly 2 million frontier ASICs and $10 billion in capex, still a high bar.

Peter Schiff on plunging retail sales, sticky inflation, the Fed's stealth QE, and why the world is now leaving the dollar standard.This episode is sponsored by NetSuite. For the first time ever you can try NetSuite Next for free. If your revenues are at least in the seven figures, Go to https://netsuite.com/goldThis episode is also sponsored by Function. Join at https://functionhealth.com/peter and use code PETER25 for a $25 credit.Retail sales just plunged, producer prices are still rising, and the Fed is quietly expanding its balance sheet again.The July data tells the story the markets keep ignoring. Retail sales fell 0.6 percent, the biggest drop in over a year, and since those numbers are not adjusted for inflation, real spending fell even further. Consumer sentiment sank to 51 as households braced for 4.3 percent inflation, more than double the Fed's 2 percent target. Producer prices rose 4.7 percent year over year, and instead of rallying on the weak data, the bond market sold off to its lowest weekly close of the year, with the 30-year at 5.27 percent. Meanwhile the Fed expanded its balance sheet by more than 21 billion dollars in two weeks, with the national debt about 80 billion dollars away from 40 trillion.Peter marks 55 years since Nixon closed the gold window and calls it what it was: a 100 percent default on America's creditors. His father Irwin testified against removing gold backing in 1968, and the 1970s proved him right. Now the sequel is underway. The world is going off the dollar standard the way America went off gold, and the next leg down in the American standard of living has already started. Gold near 4,400 dollars and silver above 66 are the market's verdict.Chapters:00:00 Middle Class Squeeze01:01 PPI Breakdown04:08 Fed Balance Sheet Surge05:23 Stagflation Signals08:28 Bond Market Warning11:39 Greenspan and 1987 Echoes14:48 Stocks vs Bonds Diverge15:33 Gold Shines Bitcoin Slips18:16 Bitcoin Bear Case21:08 Iran Sanctions and Oil26:30 Nixon Gold Standard Legacy28:52 Inflation Math Reality29:30 Video Plug Fiat Failure30:19 Electric Catamaran Tour34:30 Cruising Plans Tax Credit37:02 Gold Standard Break Explained48:09 Dollar Standard EndingFollow @peterschiffX: https://twitter.com/peterschiffInstagram: https://instagram.com/peterschiffTikTok: https://tiktok.com/@peterschiffofficialFacebook: https://facebook.com/peterschiff#Stagflation #InflationOur Sponsors:* Check out Blinds.com and use my code GOLD for a great deal: https://www.blinds.com* Check out Chilipad and use my code GOLD for $255 off: https://sleep.me* Check out Factor and use my code gold50off for a great deal: https://www.factor75.com* Check out Fast Growing Trees and use my code GOLD for a great deal: https://www.fast-growing-trees.com* Check out Plaud AI and use my code GOLD for a great deal: https://www.plaud.ai* Check out Quince and use my code quince.com/GOLD for a great deal: https://www.quince.com* Check out TruDiagnostic and use my code GOLD for a great deal: https://www.trudiagnostic.comPrivacy & Opt-Out: https://redcircle.com/privacy

Strong Market Breadth The market typically begins to experience greater volatility around this point in midterm election years. However, one encouraging development is the strength and breadth of current market momentum. The S&P 500 continues to show broad participation, with the highest percentage of stocks trading above their 200-day technical moving average since 2024. Currently, approximately 74% of stocks are above their 200-day moving average. Broad participation like this is generally a positive sign for the overall health of the market. The internal momentum of the S&P 500 is also strengthening. Nine of the 11 sectors are showing better momentum than they were on June 22, with only energy and utilities showing weaker momentum. Taken together, these indicators point to a market with strong underlying momentum. While volatility can increase as the midterm elections approach, the current breadth of participation provides an encouraging foundation. For now, momentum is our friend. Inflation Continues to Evolve The latest Consumer Price Index, or CPI, provided some encouraging news on the inflation front. July CPI increased 0.1%, in line with expectations, bringing the year-over-year increase to approximately 3.5%. The fact that inflation did not come in higher than expected is important. While inflation remains elevated, the latest reading does not suggest that prices are accelerating rapidly. For investors and consumers, however, the headline CPI number is only part of the story. Two important questions are what the Federal Reserve makes of the data and how inflation is affecting people in their everyday lives. The outlook for Federal Reserve policy has shifted as inflation data has evolved. At one point, markets were pricing in roughly a 50% chance of a rate hike at the Fed's September 16 meeting. Those odds rose to approximately 52% about a week ago but have since fallen to around 30%. Current expectations suggest that there may be one rate hike toward the end of the year, although there is still significant time for the outlook to change. Another useful measure is the “Common Man's CPI,” a proprietary index from Strategas that focuses on essential expenses, including food, energy, shelter, insurance, and children's clothing. These are expenses consumers generally cannot avoid or easily postpone. The Common Man's CPI increased 3.5% year-over-year in July, down from 3.7% in June and 4.6% in May. That deceleration is encouraging, but the longer-term impact of inflation remains significant. Since the middle of 2020, the Common Man's CPI has increased approximately 32%, while wages have risen about 28%. That gap helps explain why many consumers continue to feel the effects of inflation even as the rate of price increases slows. Prices may be rising more slowly, but wages have not yet fully caught up with the cumulative increase in the cost of essential goods and services. The trajectory of both inflation and wages will remain important as the year progresses. The Fed's Other Inflation Tool The Federal Reserve has several tools available to influence the economy, but two of the most important are interest rates and the Fed's balance sheet. Interest rates influence economic activity by making borrowing more or less expensive. The balance sheet works differently. When the Fed adds money to the financial system, it can support economic growth. When it reduces the amount of money in the system, it can help restrain growth and inflation. This second tool receives considerably less attention because its effects are less visible to consumers. Interest rates are relatively easy to understand because they directly affect mortgages, savings accounts, credit cards, and other forms of borrowing. The balance sheet is much less tangible. Earlier this year, the Federal Reserve was expanding its balance sheet through a process referred to as monthly net reserve management. The terminology is intentional because quantitative easing, or QE, has developed a negative association following the significant monetary stimulus implemented during the COVID-19 pandemic. Through net reserve management, the Fed injects capital into the banking system by purchasing Treasury securities from banks and replacing those securities with cash. Maintaining sufficient liquidity in the banking system is important, particularly during periods when large amounts of money are flowing out of the system for purposes such as tax payments. Beginning in December, the Fed was injecting approximately $40 billion per month into the banking system. That pace subsequently began to taper as leadership at the Federal Reserve changed. New Fed Chair Kevin Warsh has written extensively about the size of the Federal Reserve's balance sheet and the importance of eventually reducing it. One concern with simultaneously raising interest rates while expanding the balance sheet is that the two policies can work against one another. Higher rates are intended to slow economic activity, while an expanding balance sheet can add liquidity to the financial system. Under the current approach, the Federal Reserve has moved toward stopping the expansion of its balance sheet before relying more heavily on interest-rate increases. August marks the first month since the beginning of the year in which the balance sheet is not expected to expand. The implications could be important for consumers and the broader economy. Consider a simple example. If a consumer earns $100 per week and spends $50 on gasoline and $50 on groceries, an increase in gasoline prices to $60 would leave only $40 available for groceries. Unless the consumer has additional money to spend, higher costs in one area can lead to reduced spending elsewhere. Economists refer to this as demand destruction. For broad-based inflation to persist across the economy, there generally needs to be enough money available to sustain demand even as prices rise. If the money supply increases, a consumer who previously had $100 to spend might instead have $110, allowing spending to continue despite higher prices. That dynamic has been evident in recent economic data. As gasoline prices increased, spending in areas such as leisure and hospitality and retail sales remained surprisingly resilient. Ordinarily, higher gasoline costs might be expected to reduce spending elsewhere, but that demand destruction has been limited. One possible explanation is the additional liquidity that has been present in the financial system. August provides an important test. For the first time this year, the economy is facing higher energy prices without the same additional expansion of the Fed's balance sheet. That creates an opportunity to observe whether demand begins to weaken in other areas of the economy. How that dynamic develops could have meaningful implications for economic growth, inflation, and ultimately the stock market. Greg Powell, CIMA® President and CEO Wealth Consultant Email Greg Powell here Bobby Norman, CFP®, AIF®, CEPA® Managing Director Wealth Consultant Email Bobby Norman here Trey Booth, CFA®, AIF® Chief Investment Officer Wealth Consultant Email Trey Booth here Ty Miller, AIF® Vice President Wealth Consultant Email Ty Miller here Fi Plan Partners is an independent investment firm in Birmingham, AL, with a team of professionals serving clients across the nation through financial planning, wealth management and business consulting. The team at Fi Plan Partners creates strategies in the best interest of their clients using fee based investing. The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. All performance referenced is historical and is no guarantee of future results. All indices are unmanaged and may not be invested into directly. Economic forecasts set forth in this presentation may not develop as predicted. No strategy can ensure success or protect against a loss. Stock investing involves risk including potential loss of principal. Securities and advisory services offered through LPL Financial, Member FINRA/SIPC and a registered investment advisor.The post Momentum is our Friend first appeared on Fi Plan Partners.

A record $432B July deficit, $40 trillion in debt days away, gold above $4,400... last week's fireworks were just the opening act.This episode is sponsored by Odoo. Sign up for free at https://www.odoo.com/r/peterThis episode is also sponsored by Pebl. Go to https://hipebl.ai to get a free estimate.This episode is also sponsored by Rockwell Automation. Download their 11th Annual State of Smart Manufacturing Report at https://rok.auto/sosmThe CPI came in tame. Hours later the Treasury reported a $432 billion July deficit... the worst single month in US history.Peter breaks down why the benign 0.1% July CPI is an accounting illusion: the BLS compares monthly averages, so June's oil collapse masked July's crude rebound, and August is set up to run hot. The real inflation news came later that day from the Treasury: a record $432 billion July deficit, $1.8 trillion in just ten months, and a national debt now less than $150 billion from $40 trillion. Bigger deficits mean more pressure on the Fed to choose inflation, which is exactly why the bond market refused to rally on the "good" CPI number.Gold holds above $4,400 and silver above $65 as heavy Asian buying signals the de-dollarization trade is back on, while Bitcoin sits dead at $63,500 and misses the entire rally. Peter also covers the yen back above 159 and the Fed's swap-line backdoor QE for Japan, both parties drifting left after the latest primaries, Trump family corruption from Truth Social premium access to Barron's $150 million, and the Iran endgame: no deal, a closed Strait of Hormuz, and a president claiming victory in a war America clearly lost.Chapters:00:00 Inflation Signals Not Prices01:22 CPI Print And Market Bets04:24 CPI Math Masks Energy Surge10:37 Deficits The Real Inflation Driver19:54 Gold Surge Debt And Yen QE31:09 Radical Left Wins Primaries32:00 Both Parties Shift Left34:17 Trump Corruption Claims37:51 Bitcoin Stalls vs Gold44:13 Iran War Reality CheckFollow @peterschiffX: https://twitter.com/peterschiffInstagram: https://instagram.com/peterschiffTikTok: https://tiktok.com/@peterschiffofficialFacebook: https://facebook.com/peterschiffOur Sponsors:* Check out Blinds.com and use my code GOLD for a great deal: https://www.blinds.com* Check out Chilipad and use my code GOLD for $255 off: https://sleep.me* Check out Factor and use my code gold50off for a great deal: https://www.factor75.com* Check out Fast Growing Trees and use my code GOLD for a great deal: https://www.fast-growing-trees.com* Check out Quince and use my code quince.com/GOLD for a great deal: https://www.quince.com* Check out TruDiagnostic and use my code GOLD for a great deal: https://www.trudiagnostic.comPrivacy & Opt-Out: https://redcircle.com/privacy

Michael Howell, CEO of CrossBorder Capital, an investment advisory firm, and author of Capital Wars, returns to explain why the global liquidity cycle peaked in late Q3/early Q4 of last year — and what that means for the rest of 2026. His core argument: money is fungible but finite, and a booming real economy is now pulling liquidity out of financial assets, which compresses P/E multiples even as earnings look fine. That puts us in what he calls the speculation phase: rising bond yields, strong commodities, pressured crypto, and low-quality equity returns where index gains mask widespread underperformance. He also pushes back hard on the popular "debasement trade" explanation for gold, arguing the real driver is the People's Bank of China injecting liquidity to devalue the yuan internally while holding it steady externally — with Chinese retail locked out of crypto and the Shanghai Gold Exchange now setting the marginal price. On the bond side, he lays out how the Treasury is quietly monetizing through front-end issuance and buybacks — private-sector QE under Treasury direction — a strategy that works until it doesn't, with Japan's move from 50bps to nearly 3% as the cautionary tale. His bottom line: range-bound Wall Street, no bonds, gold and silver on weakness, and watch commodities for the first sign the boom is ending.Thank you to our partners Augusta Precious Metals — To learn more, visit https://juliabuysgold.com/ or text “Julia" to 35052Monetary Metals - learn more at https://www.monetary-metals.com/julia/Links:  Website: http://www.crossbordercapital.com/ Twitter/X https://x.com/crossbordercapSubstack: https://capitalwars.substack.com/ Book: https://www.amazon.com/Capital-Wars-Rise-Global-Liquidity/dp/30303929020:00 The call: range-bound market, own gold0:20 Welcome back, Michael Howell1:19 Two pools of money: markets vs. the real economy2:30 The liquidity cycle has peaked3:20 What this phase looks like4:48 Why a booming economy is bad for stocks5:22 The P/E multiple is where liquidity shows up6:34 Late cycle, explained7:38 Augusta Precious Metals9:29 Global liquidity vs. the world business cycle10:45 Atlanta Fed nowcast near 6%11:54 The K-shaped economy is global12:45 Monetary inflation vs. Main Street inflation14:45 Speculation now, turbulence next15:15 The cycle map17:55 Monetary Metals19:49 Gold: it isn't the debasement trade20:30 It's China: PBOC liquidity22:15 Why gold and not crypto23:14 Inside the PBOC balance sheet25:00 Yuan gold and the 27,000 line26:15 Bond yields track nominal GDP27:40 NGDP at 7-8% vs. a 4.7% ten-year28:18 Treasury QE: funding at the front end30:20 Who's actually buying the debt?30:51 The beach ball under water32:35 The two-year note leads the Fed34:30 The 2022 analogue36:00 Why MOVE matters more than VIX37:08 Treasury buybacks and the volatility cap38:30 Margin debt and the 2026 range call39:31 Parting thoughts: commodities as the warning40:30 Gold, silver, and the ratio to watch

Peter Schiff breaks down July's negative jobs report, Japan's yen crisis, and the Fed's stealth QE bailout as gold and silver surge.This episode is sponsored by DripDrop. Stock up now at http://dripdrop.com and use promo code GOLD for 20% offThis episode is also sponsored by Upwork. Visit https://upwork.com right now and post your job for free to connect with top talent ready to help your business grow.Recording from his boat in Rhode Island, Peter Schiff covers a week that vindicated his forecasts. The July jobs report showed a loss of 23,000 jobs, with prior months revised down another 105,000 and labor force participation falling to 61.4%, a level unseen outside COVID lockdowns in 50 years. Full-time jobs have declined in six of the last seven months while wages lag inflation, confirming the stagflation Peter has long warned about. The bigger story is Japan: with the yen at a 40-year low and JGB yields at record highs, the US executed its first yen intervention since 1998, roughly ten times larger, using euros instead of dollars and blindsiding the ECB. The Fed also took Japan's Treasuries via repo and printed the dollars, a stealth form of quantitative easing that contradicts its inflation-fighting rhetoric. Markets got the message: gold jumped 7.8% to 4,341, silver surged 12.3% to 63.46 after holding above the old $50 ceiling, and GDX rocketed 22% in one week, all far outpacing Bitcoin's 3.7% gain. Peter argues the intervention is just the beginning, the Fed will not hike before the midterms, and a currency and sovereign debt crisis is approaching. He urges listeners to prepare with gold, silver, miners, and foreign stocks, and to understand the coming crisis is caused by government, not capitalism.Chapters:00:00 Fed Japan Bond Backstop01:11 Back At Sea Intro01:59 Week Ahead Jobs Japan03:23 Stocks Metals Surge06:23 Bitcoin Strategy Warning09:15 Bonds Dollar Fed Odds14:00 July Jobs Shock15:33 Revisions Participation Drop19:51 Wages Inflation Stagflation24:09 Trump Ballroom Rant26:49 Japan Crisis Tease29:24 Japan Yen Breakdown31:30 Debt Trap And Rates32:23 Treasury Selling Threat34:35 Fed And BOJ Coordination36:08 Swap Line QE Explained41:15 Euro Intervention Twist44:29 Inflation Signals And Metals47:51 Storm Warning Ahead49:18 Blame Government Not Markets52:07 Prepare And Spread The WordFollow @peterschiffX: https://twitter.com/peterschiffInstagram: https://instagram.com/peterschiffTikTok: https://tiktok.com/@peterschiffofficialFacebook: https://facebook.com/peterschiffFree Reports & Market Updates: https://www.europac.comBook Store: https://schiffradio.com/booksSign up for Peter's most valuable insights at https://schiffsovereign.comSchiff Gold News: https://www.schiffgold.com/newsOur Sponsors:* Check out Chilipad and use my code GOLD for $255 off: https://sleep.me* Check out Factor and use my code gold50off for a great deal: https://www.factor75.com* Check out Fast Growing Trees and use my code GOLD for a great deal: https://www.fast-growing-trees.com* Check out Quince and use my code quince.com/GOLD for a great deal: https://www.quince.com* Check out TruDiagnostic and use my code GOLD for a great deal: https://www.trudiagnostic.comPrivacy & Opt-Out: https://redcircle.com/privacy

John is joined by Susheel Kirpalani, partner in Quinn Emanuel's New York office, Head of Special Situations, and founder of the firm's Bankruptcy and Restructuring Group.  They discuss the increasingly important role of liability management exercises, or LMEs, as tools that financially distressed companies use to raise capital and avoid bankruptcy.  These transactions frequently involve granting favorable treatment to certain creditors in connection with new financing, often at the expense of other creditors.  Although such arrangements may preserve companies through periods of severe distress, they also generate disputes over whether the underlying loan agreements permit unequal treatment. Susheel explains the landmark Serta Simmons Bedding litigation, which arose after the company undertook an LME during the COVID-19 pandemic.  Serta wanted to raise additional capital and capture discount from its lenders.  A majority of lenders participated in the transaction and received new, higher-priority debt, while a minority of lenders received nothing. The excluded lenders, represented by a QE team headed by Susheel, argued that the transaction violated the longstanding principle that the same class of lenders must be treated the same, or “ratably.”The case proceeded through years of state and federal litigation, bankruptcy proceedings, an appeal to the Fifth Circuit, and a remand to the Southern District of Texas.  After the Fifth Circuit held Serta's purchase of the majority group's loans was not a permissible open-market purchase, the bankruptcy court held a five-day trial to decide whether the transaction breached the credit agreement and, if so, what damages flowed from that breach.  The court ultimately concluded that the disproportionate payoff breached the governing credit agreement and exposed the majority to $400M in damages.  After accounting for recent settlements and other adjustments, the court then awarded $160M+ to QE's clients based upon the requirement of equal treatment among lenders. The decision has broad implications.  The ruling highlights the growing importance of litigation risk in restructuring transactions, encourages parties to scrutinize contractual language more carefully, and will likely influence the drafting of future credit agreements.  It also demonstrates how traditional principles of contract law continue to govern even highly sophisticated financial transactions and underscores the increasingly central role of litigation in modern restructuring practice.Podcast Link: Law-disrupted.fmHost: John B. Quinn Producer: Alexis HydeMusic and Editing by: Alexander Rossi

Nomi Prins joins Kai Hoffmann at the Rule Symposium to explain why she believes the recent pullback in gold doesn't change the bigger picture. She discusses the Federal Reserve's balance sheet, central bank gold buying, inflation, the U.S. dollar, copper, uranium, and why long-term commodity investors should ignore short-term headlines.#gold #FED #inflation ---------------------Thank you to our sponsor: First Majestic SilverMake sure to pay them a visit: https://www.firstmajestic.com/---------------------

FREEDOM - HEALTH - HAPPINESSFor the full episodes, bonus content, back catalogue, and monthly Live Streams, please subscribe to either:The paid Spotify subscription here: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://creators.spotify.com/pod/show/docmalik/subscribe⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ The paid Substack subscription here: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://docmalik.substack.com/subscribe⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Thank you to all the new subscribers for your lovely messages and reviews! And a big thanks to my existing subscribers for sticking with me and supporting the show! ABOUT THIS CONVERSATION: Alex returns on the show and blows the lid on wealth management, QE, bond markets and pensions, and how the rich and powerful enrich themselves at our expense. EnjoyDocLinks Website https://www.berkshirewilliams.com/MY CONSULTATION SERVICEIn a world of rushed consultations and endless referrals, I offer you something rare: time, context, and clear guidance.I can help you:• Understand your diagnosis in plain English• Simplify treatment plans and medical jargon• Prepare for surgery and optimise recovery• Improve chronic illness through lifestyle and mindset• Explore holistic approaches alongside conventional care• Ask better questions and get unbiased guidance• Obtain an independent second opinionReady to Take Control?Book here today ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ https://docmalik.com/consultations/ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Check out my AFFILIATE LINKS - visit my website ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://docmalik.com/affiliates/⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ for more detailsSeagreenUse the code DOCMALIK⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://seagreens.shop/go/docmalik/⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Heracles Wellness SaunaUse the code DOCMALIK3 at checkout to get 3% off all products⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://heracleswellness.co.uk⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Hunter & Gather Foods⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://hunterandgatherfoods.com/?ref=DOCHG BUY HERE TODAY⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Use DOCHG to get 10% OFF your purchaseNudum SkincareUse my code DocMalik10 at checkout to get 10% off your order.⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://www.nudumskincare.co.uk/⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Greenscents Laundry LiquidUse code GSAHMADMALIK when ordering to receive a discount.⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://greenscents.co.uk?bg_ref=pmW7ecKqjq⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠IMPORTANT NOTICEIf you value my podcasts, please support the show by making a one-off donation⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://www.buymeacoffee.com/docmalik⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠

In an interview with SBS Kurdish, Rev Bill Crews spoke about the increasing pressure on homelessness and community support services across Sydney as the cost-of-living crisis continues. He said the Rev Bill Crews Foundation currently provides around 1,600 meals each day through its kitchen, restaurant, and mobile food vans operating across 16 locations. Alongside food services, the organisation delivers free medical, dental, social work, and literacy programs, while also supporting refugees and disadvantaged communities. - Di hevpeyvîneke li gel SBS Kurdî de, Qeşe Bill Crews li ser daxwaza zêde ji bo xizmetên piştgiriya civakî li seranserê Sydney di nav krîza lêçûnên jiyanê yê berdewam de nîqaş kir. Wî vegot ku weqfa Rev Bill Crews niha rojane nêzîkî 1,600 xwarinan bi rêya metbex, xwaringeh û otombêlên xwarinê yên mobîl li 16 cihan dixebitin peyda dibe. Rêxistin her weha bernameyên bijîşkî, diranan, karê civakî û xwendin û nivîsandinê yên belaş jî pêşkêş dike, di heman demê de piştgiriyê dide penaberan jî.

────────────────────────────────────────[00:02:09]EMS Worker Reports "Chronic Cancer" as New Medical Term — Knight: It's Turbo Cancer Being NormalizedA patient with three COVID jabs developed rapidly spreading colon cancer and leukemia within months of his last shot; Knight: the industry is rebranding what it caused.────────────────────────────────────────[00:14:00]Sony Deleting 551 Movies Customers Paid Full Price For — Buy Button Was a LieDeletion begins September 1 with no refunds; Knight: same model as CBDCs — they can delete your money the same way they're deleting your movies.────────────────────────────────────────[00:22:06]GTA 6 Ships as a Download Code in an Empty Box — Physical Discs Eliminated$80 for a cardboard sleeve; the game lives on their cloud and can be revoked at any time; Knight: "you will own nothing" is already the video game business model.────────────────────────────────────────[00:41:18]Trump's Advisors Openly Praise Caesarism — His Harvard Law Appointee Says Liberty Is Not the GoalAdrian Vermule wrote the constitutional order exists to promote "good rule," not protect liberty; Notre Dame advisor Patrick Deneen calls for Platonic aristocracy.────────────────────────────────────────[00:49:03]Trump Signed 143 Executive Orders in First 100 Days — More Than Any President in History21 national emergencies declared; troops sent to cities without local authority; immigrants shipped overseas to prisons in defiance of courts.────────────────────────────────────────[01:03:28]Supreme Court Loosens Campaign Finance Restrictions — Knight: AIPAC Corruption Now Has Fewer GuardrailsKnight reversed his position on Citizens United after watching AIPAC openly buy congressional seats; political money is a magnet for prostitutes, not politicians.────────────────────────────────────────[01:25:25]NY Post Calls Out Trump Crime Family's Biden-Esque CorruptionTrump's net worth tripled to $6.5B; $1.4B in crypto ventures; Salente: the Lutnik-Witkoff-Trump network is a crime syndicate operating in plain sight.────────────────────────────────────────[01:31:10]92% of Israelis Believe Iran Won the War — Trends Journal vs. US Media NarrativeCelente's polling contradicts everything Hegseth and Trump claimed; Knight: they lied about destroying Iran's missiles, wiping out their military, and forcing a surrender.────────────────────────────────────────[01:51:35]Real US Debt Is $176 Trillion When Unfunded Liabilities Are IncludedUnfunded Medicare, Social Security, pensions, and retirement healthcare dwarf the official figure; Salente: the plan is to tokenize public lands and launch a digital currency to paper over the collapse.────────────────────────────────────────[01:54:09]Quantitative Easing Is Roaring Back — Nobody Is Reporting ItMoney supply is expanding rapidly while the Fed fixates on interest rates; Knight: they always pump QE just before the next economic lockdown or crisis. ──────────────────────────────────────── Money should have intrinsic value AND transactional privacy: Go to https://davidknight.gold/ for great deals on physical gold/silver For 10% off Gerald Celente's prescient Trends Journal, go to https://trendsjournal.com/ and enter the code “KNIGHT” For high quality made in America products go to HomeSteadProducts.shop and use promo code “Knight” for 10% off your purchases Find out more about the show and where you can watch it at TheDavidKnightShow.com If you would like to support the show and our family please consider subscribing monthly here: SubscribeStar https://www.subscribestar.com/the-david-knight-show Or you can send a donation throughMail: David Knight POB 994 Kodak, TN 37764Zelle: @DavidKnightShow@protonmail.comCash App at: $davidknightshowBTC to: bc1qkuec29hkuye4xse9unh7nptvu3y9qmv24vanh7Become a supporter of this podcast: https://www.spreaker.com/podcast/the-david-knight-show--2653468/support.

────────────────────────────────────────[00:02:09]EMS Worker Reports "Chronic Cancer" as New Medical Term — Knight: It's Turbo Cancer Being NormalizedA patient with three COVID jabs developed rapidly spreading colon cancer and leukemia within months of his last shot; Knight: the industry is rebranding what it caused.────────────────────────────────────────[00:14:00]Sony Deleting 551 Movies Customers Paid Full Price For — Buy Button Was a LieDeletion begins September 1 with no refunds; Knight: same model as CBDCs — they can delete your money the same way they're deleting your movies.────────────────────────────────────────[00:22:06]GTA 6 Ships as a Download Code in an Empty Box — Physical Discs Eliminated$80 for a cardboard sleeve; the game lives on their cloud and can be revoked at any time; Knight: "you will own nothing" is already the video game business model.────────────────────────────────────────[00:41:18]Trump's Advisors Openly Praise Caesarism — His Harvard Law Appointee Says Liberty Is Not the GoalAdrian Vermule wrote the constitutional order exists to promote "good rule," not protect liberty; Notre Dame advisor Patrick Deneen calls for Platonic aristocracy.────────────────────────────────────────[00:49:03]Trump Signed 143 Executive Orders in First 100 Days — More Than Any President in History21 national emergencies declared; troops sent to cities without local authority; immigrants shipped overseas to prisons in defiance of courts.────────────────────────────────────────[01:03:28]Supreme Court Loosens Campaign Finance Restrictions — Knight: AIPAC Corruption Now Has Fewer GuardrailsKnight reversed his position on Citizens United after watching AIPAC openly buy congressional seats; political money is a magnet for prostitutes, not politicians.────────────────────────────────────────[01:25:25]NY Post Calls Out Trump Crime Family's Biden-Esque CorruptionTrump's net worth tripled to $6.5B; $1.4B in crypto ventures; Salente: the Lutnik-Witkoff-Trump network is a crime syndicate operating in plain sight.────────────────────────────────────────[01:31:10]92% of Israelis Believe Iran Won the War — Trends Journal vs. US Media NarrativeCelente's polling contradicts everything Hegseth and Trump claimed; Knight: they lied about destroying Iran's missiles, wiping out their military, and forcing a surrender.────────────────────────────────────────[01:51:35]Real US Debt Is $176 Trillion When Unfunded Liabilities Are IncludedUnfunded Medicare, Social Security, pensions, and retirement healthcare dwarf the official figure; Salente: the plan is to tokenize public lands and launch a digital currency to paper over the collapse.────────────────────────────────────────[01:54:09]Quantitative Easing Is Roaring Back — Nobody Is Reporting ItMoney supply is expanding rapidly while the Fed fixates on interest rates; Knight: they always pump QE just before the next economic lockdown or crisis. ──────────────────────────────────────── Money should have intrinsic value AND transactional privacy: Go to https://davidknight.gold/ for great deals on physical gold/silver For 10% off Gerald Celente's prescient Trends Journal, go to https://trendsjournal.com/ and enter the code “KNIGHT” For high quality made in America products go to HomeSteadProducts.shop and use promo code “Knight” for 10% off your purchases Find out more about the show and where you can watch it at TheDavidKnightShow.com If you would like to support the show and our family please consider subscribing monthly here: SubscribeStar https://www.subscribestar.com/the-david-knight-show Or you can send a donation throughMail: David Knight POB 994 Kodak, TN 37764Zelle: @DavidKnightShow@protonmail.comCash App at: $davidknightshowBTC to: bc1qkuec29hkuye4xse9unh7nptvu3y9qmv24vanh7Become a supporter of this podcast: https://www.spreaker.com/podcast/the-real-david-knight-show--5282736/support.

Arthur Hayes from Consensus Miami. BitMEX co-founder and Maelstrom CIO Arthur Hayes took the Consensus Miami mainstage to make a provocative case: crypto regulation is irrelevant to Bitcoin's price performance. Hayes argues that fiat liquidity, not legislation, is the only variable that matters. He breaks down how money printing drove Bitcoin's historic gains, why the CLARITY Act won't move the needle, and where he thinks the crypto community should actually focus its political energy. - Timecodes: 0:00 - Why Arthur Hayes Doesn't Care About Crypto Regulation 02:09 - Bitcoin's Value Proposition: Technology + Fiat Liquidity 04:50 - Obama, QE, and the Birth of Bitcoin 7:48 - Janet Yellen's Reverse Repo and the 200% Bitcoin Rally08:50 - Transformation in Trump's Rhetoric Around Bitcoin 11:12 - Why Regulation Is Irrelevant to Bitcoin's Price 12:10 - The Fed Balance Sheet vs. Bitcoin: The Only Chart That Matters13:16 - The Case for Supporting Open Source Developers