Podcasts about Treasury

On today's show we're going to connect three things that might seem completely unrelated: the Japanese yen, United States Treasury bonds, and the interest rate on your next real estate loan.They are more closely connected than you might think.So why should a real estate investor in Dallas, Atlanta, or Phoenix care what happens to the Japanese yen?Because Japan is the largest foreign holder of United States Treasury securities. The latest Treasury data puts Japanese holdings at roughly 1.2 trillion dollars.When Japan wants to defend the yen, it needs to buy yen and sell foreign currency assets. Those reserves include an enormous portfolio of United States government securities.Now, Japan does not necessarily have to dump Treasuries into the open market. In fact, the Federal Reserve has a facility specifically designed to prevent that from happening.It's called the FIMA Repo Facility. It allows foreign monetary authorities to temporarily exchange Treasury securities for dollars rather than selling those securities outright into the market. The Federal Reserve explicitly says one purpose of the facility is to support the smooth functioning of the Treasury market by providing an alternative source of dollars. The Japanese yen has been under extraordinary pressure. It recently traded near 164 yen to the dollar, a level not seen in roughly four decades. Japan and the United States responded with a rare coordinated intervention designed to strengthen the yen. For a few days it worked. The yen strengthened to around 155. But here we are less than two weeks later, and the yen is back near 159.These interventions are not working. If the yen stabilizes, much of this concern disappears.If it doesn't, the choices become progressively more uncomfortable.Japan can intervene again. It can raise domestic interest rates more aggressively. It can access dollar liquidity against its Treasury portfolio. Or ultimately, it can sell some foreign assets.Every choice has consequences.We could see bond yields rise just because Japan can't tolerate buying oil in US dollars at 165 Yen to the dollar. -------------**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)  

Liz Ann Sonders and Collin Martin begin this episode by analyzing the powerful role earnings are playing in driving the U.S. stock market higher and what that means for investors. Liz Ann highlights that S&P 500 earnings growth is tracking around 51% for the second quarter, an unusually strong pace outside of a post-recession recovery. Collin explains why Schwab expects a "higher-for-longer" rate environment, with short- and longer-term Treasury yields likely remaining elevated as the economy stays resilient and inflation remains above the Fed's target. Then Collin sits down with former Federal Reserve Vice Chair Dr. Richard Clarida. They discuss how the Fed thinks about inflation, labor markets, supply shocks, productivity, and AI. Clarida argues that policymakers are trying to determine whether today's inflation pressures are temporary or indicative of a higher underlying trend. He also discusses the transition to new Fed Chair Kevin Warsh, potential changes to Fed communications, and why AI could be inflationary in the near term but ultimately disinflationary through improved productivity over the next several years. On Investing is an original podcast from Charles Schwab. For more on the show, visit schwab.com/OnInvesting.  If you enjoy the show, please leave a rating or review on Apple Podcasts. Important Disclosures The comments, views, and opinions expressed in the presentation are those of the speakers and do not necessarily represent the views of Charles Schwab. This material is intended for general informational and educational purposes only. This should not be considered an individualized recommendation or personalized investment advice. The securities, investment products and investment strategies mentioned are not suitable for everyone. Each investor needs to review an investment strategy for his or her own particular situation before making any investment decisions. All expressions of opinion are subject to change without notice in reaction to shifting market, economic or political conditions. Data contained herein from third party providers is obtained from what are considered reliable sources. However, its accuracy, completeness or reliability cannot be guaranteed. Past performance is no guarantee of future results. Investing involves risk, including loss of principal.  Performance may be affected by risks associated with non-diversification, including investments in specific countries or sectors. Additional risks may also include, but are not limited to, investments in foreign securities, especially emerging markets, real estate investment trusts (REITs), fixed income, municipal securities including state specific municipal securities, small capitalization securities and commodities. Each individual investor should consider these risks carefully before investing in a particular security or strategy. Currencies are speculative, very volatile and not suitable for all investors. Fixed income securities are subject to increased loss of principal during periods of rising interest rates. Fixed income investments are subject to various other risks including changes in credit quality, market valuations, liquidity, prepayments, early redemption, corporate events, tax ramifications, and other factors.  Diversification, rebalancing, and asset allocation strategies do not ensure a profit and do not protect against losses in declining markets. All names and market data shown are for illustrative purposes only and are not a recommendation, offer to sell, or a solicitation of an offer to buy any security. Forecasts contained herein are for illustrative purposes only, may be based upon proprietary research and are developed through analysis of historical public data. The policy analysis provided by Charles Schwab & Co., Inc., does not constitute and should not be interpreted as an endorsement of any political party. Indexes are unmanaged, do not incur management fees, costs, and expenses and cannot be invested in directly. For more information on indexes, please see schwab.com/indexdefinitions  ISM refers to the Institute for Supply Management. (0826-VELR) Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

So many of us are carrying the weight of uncertainty—about our families, our futures, our work, and our communities. Underneath all of that is something we don't talk about nearly enough: money.  Financial educator Tori Dunlap helps us untangle the stories we've inherited about money and replace shame with something far more powerful: agency. Because the goal isn't wealth for wealth's sake—it's freedom. The freedom to leave what harms us, support what matters, and take care of ourselves and the people we love. - Why women are taught to feel shame about money—and how to unlearn it - The hidden money stories that may be shaping your life - Why financial freedom is really about choices, safety, and agency - Simple first steps to build a healthier relationship with money About Tori: Tori Dunlap is the Author of the instant New York Times bestselling book “Financial Feminist”; host of the #1 Business Podcast, Financial Feminist; and co-creator of Treasury, an investing education platform that has over $82M invested. After saving $100,000 at age 25, Tori quit her corporate job in marketing and founded Her First $100K to fight financial inequality by giving women actionable resources to better their money. She has helped over five million women negotiate salary, pay off debt, build savings, and invest.  Follow We Can Do Hard Things on:  Instagram — ⁠https://www.instagram.com/wecandohardthings⁠

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

If you wish to support our podcast, please follow this link. Thank you! Welcome to a new episode of The Way Out Is In: The Zen Art of Living, a podcast series mirroring Zen Master Thich Nhat Hanh's deep teachings of Buddhist philosophy: a simple yet profound methodology for dealing with our suffering, and for creating more happiness and joy in our lives. In this episode, Zen Buddhist monk Brother Phap Huu and leadership coach Jo Confino are joined by special guest Pham Minh Huong, businesswoman and spiritual practitioner, to discuss integrating Buddhist teachings into the business world. Pham Minh Huong shares her journey from being a successful but lonely CEO to one who prioritizes trust, mindfulness, and community in her companies – by adopting practices like servant leadership and consensus-building, and by creating a culture of compassion and collaboration. She emphasizes the importance of presence, authenticity, and the power of mindfulness in navigating crises and maintaining a balanced life, but reflects also on the challenges of integrating spirituality into a business world dominated by metrics and competativeness. Brother Phap Huu shares his own experience as the abbot of Upper Hamlet, while Jo reflects on writing about sustainable businesses for The Guardian and on his current work as leadership coach. The conversation highlights the potential for businesses to be a source of meaning, connection, and positive change when guided by spiritual principles. Ms Pham Minh Huong has nearly 30 years of experience in the finance and banking sector. Having previously served as Head of Treasury and Financial Markets at Citibank N.A., she was among the first members to contribute to its operational growth. She is a visionary leader and a pioneer in introducing new products to the market. Her significant contributions to the securities community and her personal professional reputation have established her as a highly respected leader in Vietnam’s financial market. Co-produced by the Plum Village App:https://plumvillage.app/ And Global Optimism:https://globaloptimism.com/ With support from the Thich Nhat Hanh Foundation:https://thichnhathanhfoundation.org/ List of resources Sister Chan Khonghttps://plumvillage.org/about/sister-chan-khong Brother Phap Unghttps://plumvillage.org/people/dharma-teachers/brother-chan-phap-ung Interbeinghttps://en.wikipedia.org/wiki/Interbeing Plum Village Traditionhttps://en.wikipedia.org/wiki/Plum_Village_Tradition The Way Out Is In: ‘The Three Jewels (Episode #89)'https://plumvillage.org/podcast/the-three-jewels-episode-89 Order of Interbeinghttps://plumvillage.org/community/order-of-interbeing ‘The Four Dharma Seals of Plum Village'https://plumvillage.org/articles/the-four-dharma-seals-of-plum-village The Way Out Is In: ‘Space, Time, and the Ultimate Dimension (Episode #54)'https://plumvillage.org/podcast/space-time-and-the-ultimate-dimension-episode-54 The Art of Powerhttps://plumvillage.org/books/the-art-of-power Quotes “Now I have a path, there is nothing to fear.” “When I first came to Plum Village, I saw that things were very organized, but I didn’t see leaders. And when I asked, people said, ‘That’s because of Yidma.' Yidma, in Buddha's teaching, is about consensus. But, at that time, I couldn't believe that we could run a business in a slow way and build democratic governance as per Thay’s vision.” “Good teacher, good methodology, and good friends.” “If everything is important, then, actually, nothing is important.” “What Buddhism and what the Buddha and Thay offer us is another dimension of really asking the question, ‘What is happiness? What is success?'” “Engage, trust – and then there’s cooperation. And when there is cooperation, there is power and the result will come. We have to trust in that.” “Sometimes it’s via absence that people recognize their love. If you’re always there, there's not always the opportunity for that.”

The Treasury Department is changing the rules on which businesses have to report their ownership to the government. The Biden-era requirements were intended to prevent money laundering, but critics say they were too onerous. Will the changes make it easier for dirty money to get into the U.S.? Then: Even though the Trump administration says we're in control of the Straight of Hormuz, barely any ships are getting through. But unlike at the start of the war, oil markets don't seem spooked. We explain. Stories featured in today's episode:Treasury changes rules for business reporting ownershipEvery story has an economic angle. Want some in your inbox? Subscribe to our daily or weekly newsletter.Marketplace Morning Report is more than a radio show. Check out our original reporting and financial literacy content at marketplace.org — and consider making an investment in our future.

The Treasury Department is changing the rules on which businesses have to report their ownership to the government. The Biden-era requirements were intended to prevent money laundering, but critics say they were too onerous. Will the changes make it easier for dirty money to get into the U.S.? Then: Even though the Trump administration says we're in control of the Straight of Hormuz, barely any ships are getting through. But unlike at the start of the war, oil markets don't seem spooked. We explain. Stories featured in today's episode:Treasury changes rules for business reporting ownershipEvery story has an economic angle. Want some in your inbox? Subscribe to our daily or weekly newsletter.Marketplace Morning Report is more than a radio show. Check out our original reporting and financial literacy content at marketplace.org — and consider making an investment in our future.

Rassegna stampa economico-finanziaria del 13 Agosto 2026, strutturata per macro-temi e basata sulle principali testate giornalistiche nazionali.Fisco, Manovra e finanza pubblicaTestate: Corriere della Sera / La Stampa / Il Sole 24 Ore / MF- La Manovra 2027 entra nella fase decisiva con un fabbisogno indicato in oltre 30 miliardi di euro e, nelle ricostruzioni più ampie, con un perimetro di spesa vicino a 36 miliardi nel triennio. Il dossier più sensibile resta il nuovo taglio dell'IRPEF al ceto medio, con l'ipotesi di ridurre l'aliquota dal 43% al 33% per i redditi tra 50.000 e 60.000 euro, per un costo stimato intorno a 2,7 miliardi.- Sul tavolo figurano anche contratti pubblici, social card, energia, pensioni, sanità e difesa. Il Governo punta a utilizzare circa 14 miliardi di nuova capacità di spesa per energia e difesa, mentre il resto delle coperture dovrà essere ricomposto nel quadro europeo.- La componente sociale resta rilevante: vengono indicati almeno 5 miliardi per la sanità e circa 2 miliardi per il rinnovo dei contratti pubblici, insieme alla conferma della tassazione al 5% sui rinnovi e alla possibilità di introdurre misure una tantum per giovani e donne.- Sul fronte delle entrate torna l'ipotesi di un contributo straordinario del 5% sugli utili delle principali banche. Intesa Sanpaolo e UniCredit avrebbero generato insieme una base di circa 12 miliardi di utili semestrali, mentre per l'intero sistema degli intermediari la stima citata si colloca tra 30 e 40 miliardi.- Il vero punto di attenzione per mercati e investitori non è quindi la dimensione nominale della Manovra, ma la qualità delle coperture e la capacità di finanziare gli interventi senza compromettere credito, deficit e credibilità fiscale.Inflazione, energia e potere d'acquistoTestate: Corriere della Sera / La Stampa / Il Sole 24 Ore / MF- L'inflazione italiana di luglio viene rivista al rialzo al 2,9% su base annua e allo 0,3% mensile. L'inflazione acquisita per il 2026 raggiunge il 2,7%, con una dinamica dei prezzi meno uniforme rispetto ai mesi precedenti.- Il carrello della spesa mostra segnali di rallentamento, mentre servizi, trasporti ed energia continuano a esercitare una pressione più significativa sui bilanci familiari.- L'energia regolamentata aumenta del 14,8% su base annua e del 6,5% nel solo mese di luglio, mentre sul mercato libero l'elettricità registra un incremento del 9,7%.- Benzina e gasolio salgono rispettivamente di circa 8% e 18,8% su base annua, mentre i trasporti aumentano del 4,3%. Per una famiglia di quattro persone viene stimato un aggravio complessivo di circa 1.020 euro.- La pressione è particolarmente concentrata nei servizi turistici. Alberghi e ristorazione registrano aumenti superiori al 3%, mentre gli affitti brevi salgono del 9% in Liguria e del 7,6% in Sardegna.- Sul territorio, la Calabria registra l'inflazione regionale più elevata con +3,5%, seguita da Campania +3,3%, Puglia e Sicilia +3,2%. Tra le grandi città spiccano Reggio Calabria +4%, Napoli e Catania +3,4%.Energia, petrolio e rischio HormuzTestate: Repubblica / Corriere della Sera- Il mercato petrolifero resta strutturalmente teso. L'Agenzia Internazionale dell'Energia stima un deficit di circa 1,8 milioni di barili al giorno, mentre la produzione russa viene indicata in forte contrazione.- Le scorte globali hanno recuperato soltanto parzialmente. Il quadro combina quindi consumi in ripresa e un'offerta relativamente poco elastica, aumentando la sensibilità delle quotazioni a ogni nuovo shock geopolitico.- Il gas europeo resta intorno ai 60 euro per MWh sul TTF di Amsterdam, livello che continua a incidere direttamente sulla competitività delle imprese energivore e sui costi di trasporto.- Resta inoltre il rischio di un prolungamento della chiusura dello Stretto di Hormuz. In uno scenario persistente, l'impatto si trasferirebbe rapidamente su greggio, benzina, gasolio, prodotti raffinati e margini industriali.- Per le imprese, il tema energetico non è quindi soltanto macroeconomico: coperture, diversificazione geografica degli approvvigionamenti e gestione dei contratti diventano vere decisioni di tesoreria.Banche, M&A e corporate Italia-GermaniaTestate: Corriere della Sera / La Stampa- L'Italia continua a rafforzare la propria presenza industriale e finanziaria in Germania. Da inizio 2023 a luglio 2026 vengono contabilizzate 100 operazioni tra M&A e accordi commerciali, per un valore complessivo di 17,8 miliardi di euro.- Oltre l'80% del valore è riconducibile alla scalata UniCredit-Commerzbank, pari a circa 14,9 miliardi di euro per il 47,6% dell'istituto tedesco.- Il confronto storico è significativo: tra 2015 e 2022 le operazioni italiane in Germania valevano 9,5 miliardi, contro 7,7 miliardi di operazioni tedesche in Italia. Il rapporto si sta quindi progressivamente ribaltando.- La pipeline comprende anche l'accordo da 3,6 miliardi di euro tra Italo e Siemens per 26 nuovi treni ad Alta Velocità, l'espansione di MFE in ProSiebenSat.1, l'acquisizione di Centrotec Climate Systems da parte di Ariston e quella di Heidelberg Engineering da parte di EssilorLuxottica.- La BCE non porrebbe un veto all'operazione UniCredit-Commerzbank, ma sottolinea la complessità dell'integrazione e la necessità di preservare un coefficiente patrimoniale vicino al 12,5%.- Il quadro complessivo è positivo: la maggiore solidità patrimoniale di alcune imprese e banche italiane consente oggi di trasformare la relativa debolezza tedesca in un'opportunità di consolidamento continentale.Intelligenza Artificiale, mercati e portafogli obbligazionariTestate: Il Sole 24 Ore / MF / Corriere della Sera- La corsa all'Intelligenza Artificiale comincia a produrre effetti rilevanti anche sul mercato obbligazionario. Per il 2026 vengono stimate emissioni di debito legate all'AI per circa 360 miliardi di dollari, di cui circa 300 miliardi riconducibili alle Big Tech.- L'aumento dell'offerta di obbligazioni può esercitare pressione sulla curva dei Treasury. Il rendimento del decennale potrebbe aumentare di circa 10 punti base, mentre le scadenze più lunghe risultano ancora più sensibili.- Il Treasury a 20 anni viene indicato intorno al 5,23%, contro circa il 4,5% di fine giugno. La crescita del capex AI viene quindi finanziata sempre più attraverso debito di lunga durata.- Per gli investitori emerge un rischio specifico: la vita economica degli asset AI può essere molto più breve della durata dei finanziamenti utilizzati per costruirli. La selezione della duration diventa quindi centrale.- Sul mercato azionario la tecnologia continua però a guidare la crescita: Nvidia sale del 2,5%, Micron del 6,5%, mentre il Nasdaq risulta il migliore tra i principali indici americani. In Italia, il FTSE MIB supera per la prima volta quota 53.000 punti.- Il quadro resta quindi favorevole all'AI, ma cresce il rischio di concentrazione sia nel mercato azionario sia nel credito corporate.Fondo sovrano norvegese e gestione del capitaleTestate: Il Sole 24 Ore / MF / Corriere della Sera- Il Fondo sovrano norvegese registra nel primo semestre 2026 circa 160 miliardi di euro di utili, con un rendimento del 9,4%.- Il patrimonio complessivo supera 2.380 miliardi di dollari, con il 72,1% investito in azioni globali, circa il 26% in obbligazioni governative e il restante 2% in immobili commerciali e infrastrutture.- Tra le esposizioni tecnologiche figurano Nvidia, Alphabet e TSMC, confermando come anche un investitore estremamente diversificato mantenga una presenza significativa nei principali vincitori del ciclo AI.- La regola fiscale norvegese consente prelievi annuali intorno al 3% del patrimonio. Circa il 20-25% del bilancio dello Stato viene così finanziato dai trasferimenti del fondo.- Il modello norvegese resta uno dei principali esempi di disciplina intergenerazionale: trasformare una rendita temporanea in capitale permanente attraverso diversificazione, regole di prelievo e orizzonte di lungo periodo.Immobiliare, wealth e protezione del patrimonioTestate: Repubblica- Nel mercato residenziale italiano emerge un problema crescente di sostenibilità economica delle operazioni di demolizione e ricostruzione. In molti Comuni, i costi degli interventi superano i ricavi potenzialmente ottenibili dalla vendita.- Milano rappresenta un'eccezione grazie a valori immobiliari molto elevati. Il prezzo medio di vendita viene indicato intorno a 6.663 euro al metro quadrato, mentre il costo di ristrutturazione è vicino a 1.300 euro e quello di demolizione e ricostruzione può raggiungere 2.200 euro.- Nelle città medie e piccole, invece, agevolazioni fiscali e Piano casa non sono sempre sufficienti a rendere economicamente sostenibili le operazioni.- Il rischio è una progressiva obsolescenza immobiliare nelle aree con domanda più debole, mentre le città con infrastrutture, servizi e domanda stabile continueranno ad attrarre capitali e interventi.- Sul segmento ultra-high-net-worth emerge inoltre una crescente domanda di asset legati a sicurezza e protezione patrimoniale. In Svizzera alcune grotte e bunker della Guerra Fredda vengono offerte in leasing per 99 anni a circa 1 milione di franchi.

Today, an emphasis on the importance of this US July CPI hurdle today and different scenarios based on what the data shows, all while emphasizing that geopolitics and the crude oil price are a very important independent variable as well. Also, a look at more AI hardware companies reporting yesterday and the market reception of those earnings reports as well as the next batch of AI-adjacent companies reporting today. Some quality links discussed in today's podcast as well on everything from Fed communication policy to the risks from AI replacing search. Today's pod hosted by Saxo Global Head of Macro Strategy John J. Hardy. Links Mike Green is striking out on a new adventure, one that will eye opportunities in the inefficiencies created by increasingly dominant passive flows. Michael McNair responds to a Stephen Roach substack article on China's Deepening Japan Problem.   Michael Every's latest Global Daily from Rabobank, with some great comments and sub-links Canada's The Walrus with a great piece discussed on today's pod, outlining the risks to the entire quality of the internet as AI results replace Google search. Read daily in-depth market updates from the Saxo Market Call and the Saxo Strategy Team here. Please reach out to us at marketcall@saxobank.com for feedback and questions. Click here to open an account with Saxo. Intro music by AShamaluevMusic DISCLAIMER This content is marketing material. Trading financial instruments carries risks. Always ensure that you understand these risks before trading. This material does not contain investment advice or an encouragement to invest in a particular manner. Historic performance is not a guarantee of future results. The instrument(s) referenced in this content may be issued by a partner, from whom Saxo Bank A/S receives promotional fees, payment or retrocessions. While Saxo may receive compensation from these partnerships, all content is created with the aim of providing clients with valuable information and options.

Today we are thrilled to welcome Mike Fey, Co-Founder and CEO of Island.io, for a robust discussion on AI, technology, and the future of work. Mike is a seasoned technology executive and entrepreneur with deep experience in enterprise software and cybersecurity. Founded in 2020, Island is reimagining the enterprise browser as a platform that brings together access, security, and productivity, enabling employees to move faster while giving organizations the governance and control required at enterprise scale. We were pleased to hear Mike's perspective on this rapidly evolving landscape. In our conversation, Mike first shares Island's origin and founding premise: to improve the knowledge worker's experience while building security into the platform rather than adding it as an afterthought. We explore Island's philosophy of enabling employees to move quickly and innovate within an enterprise framework of security and governance, extending controls designed for human knowledge workers to “agentic knowledge workers,” and using the browser as an enterprise platform to replace legacy IT infrastructure and potentially consolidate portions of the security stack. Mike shares his perspective on why expectations for near-term enterprise AI ROI are often unrealistic and why successful adoption requires more than simply giving employees access to AI. We discuss the importance of creating a secure environment in which employees can experiment, build, share, and deploy AI while choosing the right AI model for the job and finding the right mix of sovereign, enterprise-controlled, and cloud-based AI. We examine how the valuable asset in AI may increasingly be the proprietary context, data, and workflows feeding models rather than simply the resulting work product. Mike explains how Island can give enterprises visibility into where data originated, who or what accessed it, why an action occurred, and how those capabilities become increasingly important as agents begin interacting with other agents. We explore Island's “tactically strategic” approach to enterprise adoption, starting with practical, self-funding opportunities to simplify the technology stack and reduce costs while building the foundation for broader AI adoption. Mike discusses M&A as one example, where establishing a secure shared environment can allow companies to begin realizing value from an acquisition before completing the full IT integration. We discuss what boards should be asking about AI, how AI adoption is currently increasing worker capability rather than simply eliminating jobs, and the challenge of scaling AI across large organizations. Mike describes adoption as a “crawl, walk, run” process and argues that most companies remain in the crawl stage. He explains why companies shouldn't wait to establish AI capabilities and shares examples of organizations using AI not simply to improve existing processes but to transform their business models. We end the session with Mike's compelling view that AI adoption is a leadership obligation: companies should prepare their employees to remain capable and competitive in an AI-shaped economy rather than allow their skills to become outdated. It was a riveting discussion and we greatly appreciate Mike's passion for the industry and his enthusiasm for the possibilities. Mike Bradley kicked off the discussion with observations on the fixed income market, noting that the 10-year U.S. Treasury yield was trading at ~4.7% ahead of Wednesday's CPI and Thursday's PPI reports, which could help shape expectations for the Fed's next interest rate decision. In equities, the DJIA and S&P 500 were each down approximately 30 basis points. With second quarter earnings season largely complete, Mike highlighted Intel's $20 billion equity offering to fund capital expenditures, which was reportedly oversubscribed by more than five times. Turning to energy, WTI crude oil had risen approximately $5/bbl this week to roughly $83/bbl, reflecting growing skepticism that shipping through the Strait of Hormuz will fully normalize in the near term. Mike noted that Iran-related policy has been a key driver of oil price volatility over the past two months. The energy sector had gained approximately 5% this week alongside higher crude prices. With second quarter energy earnings essentially complete, Mike wrapped by reviewing key themes across oilfield services, E&Ps, integrated oil majors, refiners, midstream, and power and electric utilities. Robby Kester and Veriten Senior Advisor Deborah Byers also joined and added their valuable technology perspectives and questions throughout the conversation.

Greg Foss is back. After stepping away from Twitter and spending time on Nostr, the veteran credit analyst explains what pulled him back: young people reaching for socialism, and credit markets he sees as far less healthy than equities. The credit default swap thesis. Foss walks through his method: take the CDS spread on U.S. government debt, multiply by total obligations including unfunded liabilities, then compare that to Bitcoin's market cap. He flagged his spread number as from memory. Why insurance, not a risk asset. Most holdings are short volatility: when volatility rises, they fall. Foss argues Bitcoin should do the opposite, and credits BlackRock's Larry Fink as one of the few in traditional finance framing it that way. The rate the Fed does not control. Warsh has suggested AI productivity gains leave room to cut. Foss points instead to the 10-year Treasury, set in the open market, which could rise if investors demand more for U.S. credit risk. Credit markets are flashing before equities. A listener asked about widening CDS spreads across AI infrastructure names. Foss compared NVIDIA's vendor financing to Nortel and Lucent in 2000, and pointed to CoreWeave's tight debt service covenant. Banking is a leveraged business. From inside an insolvent Bank of Boston in 1992, Foss saw the math up close: roughly $5 of equity behind every $100 loaned. He argues Bitcoin can act as a safety net against that fragility. Bitcoin mining versus AI data centers. Miners can switch off in seconds and chase stranded energy; AI workloads cannot. Suze raised UK curtailment spending and ERCOT's grid balancing record, and asked whether mining gets built into AI sites. What the ETFs changed. Foss says a Wall Street wrapper was necessary for institutional allocation, while raising the paper Bitcoin question. He runs a 5% of global assets thought experiment, stressing he is not certain it happens. Treasury companies as an evolution, not an endpoint. Foss says he admires Michael Saylor without admiring every lever pulled, notes the premium to underlying Bitcoin has collapsed toward parity, and expects these vehicles to matter less over time. Bitcoin as collateral, and pensions inching in. Foss calls Bitcoin pristine collateral and a natural extension of lending. Dom described recommending it to pension boards years ago and pointed to a Michigan 13F filing adding to its position.

Fluent Fiction - Dutch: From Sandstone Secrets to Life Lessons in Ancient Petra Find the full episode transcript, vocabulary words, and more:fluentfiction.com/nl/episode/2026-08-12-07-38-19-nl Story Transcript:Nl: De zon stond hoog aan de hemel en wierp lange schaduwen over de roze gekleurde zandsteen van Petra.En: The sun stood high in the sky, casting long shadows over the rose-colored sandstone of Petra.Nl: De oude stad leek op te lichten in de hitte van de zomer.En: The ancient city seemed to glow in the heat of summer.Nl: Sanne en Bram stonden bij de ingang, ademloos van de schoonheid.En: Sanne and Bram stood at the entrance, breathless from the beauty.Nl: "Dit is geweldig," zei Sanne, terwijl ze de indrukwekkende façade van de Schatkamer bewonderde.En: "This is amazing," Sanne said, as she admired the impressive façade of the Treasury.Nl: Haar ogen glinsterden van opwinding.En: Her eyes sparkled with excitement.Nl: Bram knikte, maar zijn ademhaling klonk al wat zwaarder.En: Bram nodded, but his breathing was already somewhat heavier.Nl: Sanne kende Bram goed en wist dat hij soms zijn astma onderschatte.En: Sanne knew Bram well and knew he sometimes underestimated his asthma.Nl: Ze liepen over smalle paden, omringd door hoge rotswanden.En: They walked along narrow paths, surrounded by high rock walls.Nl: Sanne kon de eeuwenoude geschiedenis bijna voelen, zo aanwezig leek het.En: Sanne could almost feel the ancient history, so present it seemed.Nl: Maar naarmate ze dieper de ruïnes in gingen, namen Bram's ademhalingsproblemen toe.En: But as they went deeper into the ruins, Bram's breathing problems increased.Nl: Plotseling hield Bram stil.En: Suddenly, Bram stopped.Nl: Hij leunde tegen de koele rots en probeerde zijn ademhaling onder controle te krijgen.En: He leaned against the cool rock and tried to get his breathing under control.Nl: "Ik.En: "I...Nl: ik moet even pauze," hijgde hij.En: I need a break," he gasped.Nl: Sanne's hart sloeg sneller.En: Sanne's heart raced.Nl: Ze wilde deze plek verder ontdekken, maar Bram's gezondheid ging voor.En: She wanted to explore this place further, but Bram's health came first.Nl: "Bram, gaat het wel?En: "Bram, are you okay?"Nl: " vroeg ze bezorgd.En: she asked worriedly.Nl: Bram knikte, maar zijn gezicht was bleek en bezweet.En: Bram nodded, but his face was pale and sweaty.Nl: Sanne moest snel handelen.En: Sanne needed to act quickly.Nl: Ze hielp hem naar een plek waar wat schaduw was, dichter bij de ingang.En: She helped him to a spot where there was some shade, closer to the entrance.Nl: Daar waren andere toeristen.En: There were other tourists there.Nl: "Blijf hier," zei ze kalm, maar streng.En: "Stay here," she said calmly but firmly.Nl: Ze belde haastig de hulpdiensten met haar telefoon.En: She hastily called emergency services with her phone.Nl: Bram probeerde te protesteren, maar hij wist dat Sanne gelijk had.En: Bram tried to protest, but he knew Sanne was right.Nl: Binnen enkele minuten kwam er medische hulp.En: Within minutes, medical help arrived.Nl: Sanne voelde een last van haar schouders vallen toen Bram samen met de verpleegkundigen naar een rustiger plek werd gebracht.En: Sanne felt a weight lift from her shoulders when Bram was taken to a quieter place with the nurses.Nl: Naarmate ze weer buiten de ruïnes stonden, met de zon die langzamerhand zakte, keek Bram Sanne dankbaar aan.En: As they stood outside the ruins again, with the sun slowly setting, Bram looked at Sanne gratefully.Nl: "Het spijt me, Sanne.En: "I'm sorry, Sanne.Nl: Ik wil geen zorgen zijn.En: I don't want to be a worry."Nl: "Sanne glimlachte geruststellend.En: Sanne smiled reassuringly.Nl: "Je bent geen zorgen, Bram.En: "You're not a worry, Bram.Nl: Maar je gezondheid is wel belangrijk.En: But your health is important.Nl: Laten we de volgende keer goed voorbereid op avontuur gaan.En: Let's go on an adventure well-prepared next time."Nl: "Bram knikte.En: Bram nodded.Nl: Hij wist nu dat hij zijn gezondheid serieuzer moest nemen.En: He now knew he had to take his health more seriously.Nl: Samen liepen ze terug naar de uitgang, met een gedeelde les: avontuur kon wachten, gezondheid niet.En: Together they walked back to the exit, with a shared lesson: adventure could wait, but health could not.Nl: En toen ze eenmaal buiten stonden waren de ruïnes van Petra niet alleen een herinnering aan geschiedenis, maar ook aan zorg en vriendschap.En: And once they were outside, the ruins of Petra were not only a reminder of history, but also of care and friendship. Vocabulary Words:casting: wierpshadows: schaduwensandstone: zandsteenglow: oplichtenfaçade: façadesparkled: glinsterdenexcitement: opwindingunderestimated: onderschattesurrounded: omringdpresence: aanwezigheiddeeper: dieperruins: ruïnescool: koelecontrol: controlegasped: hijgdeworriedly: bezorgdpale: bleeksweaty: bezweettourists: toeristencalmly: kalmfirmly: strengprotest: protesterenemergency: hulpdienstennurses: verpleegkundigengratefully: dankbaarreassuringly: geruststellendseriously: serieuzerprepared: voorbereidadventure: avontuurreminder: herinnering

Bitcoin may be entering the final stretch of the bear market, but macro risks are starting to build. Mike and Ryan break down the Treasury's new “QE Lite” play, why 30-year yields are breaking to 20-year highs, and how intervention in the yen could ripple across global markets. They also cover gold's latest surge, Bitcoin's key cycle levels, and whether one final risk-off move could send BTC toward deep value territory before the next expansion.----

Everyone is waiting for the next housing crash. Chris thinks they may be watching the wrong thing. In Episode 348, he connects the lessons of 2008 to today's mortgage market, where major non-bank lenders are under pressure, Treasury yields keep climbing, and Japan's fight to defend the yen could be making America's mortgage problem worse. This isn't a call for another housing collapse—it's a warning that the financial system is showing cracks in places most people aren't watching.

Christian talks to ecological economist and Green Party councillor Sheridan Kates about taming bond markets, taxing wealth, and developing Green Party economic policy.   Please help sustain this podcast!  Patrons get early access to all episodes and patron-only episodes: https://www.patreon.com/MMTpodcast     Relevant to this episode: "How to Fight Back Against the False Idea that the Government is at the Mercy of Financial Markets" by Sheridan Kates: https://thealternative.org.uk/dailyalternative/2025/3/10/scotonomics-monetary-autonomy Sheridan Kates' Linktree: https://linktr.ee/sheridankates "Anything we can actually do, we can afford", a choose-your-own-adventure game: https://www.youreconomy.uk/?passage=Welcome+to+the+Story Join the Green Party: https://greenparty.org.uk Episode 43 - Sam Levey: Understanding Endogenous Money: https://www.patreon.com/posts/35073683 Episode 126 - Dirk Ehnts: How Banks Create Money: https://www.patreon.com/posts/62603318  "Calling Time: Replacing The Fiscal Rules With Fiscal Referees" Frank van Lerven, Alfie Stirling and Lydia Prieg: https://new-economicsf.files.svdcdn.com/production/files/fiscal-referees.pdf?dm=1634836542 "Turning the tap back on" by Positive Money: https://positivemoney.org/uk/update/turning-the-tap-back-on/ "The New Monetary Policy: Reimagining Demand Management And Price Stability In The 21St Century" by Nathan Tankus: https://files.modernmoney.network/M3F000001.pdf  Join Acorn - the community renter's union: https://acorntheunion.org.uk/ More about the Forum for Real Economic Emancipation: https://www.freefreeforum.org/ More about Sarah Stein Lubrano, author of "Don't talk about politics": https://www.sarahsteinlubrano.com Episode 30 - Steven Hail: Understanding Government Bonds (Part 1) :https://www.patreon.com/posts/29621245 Episode 31 - Steven Hail: Understanding Government Bonds (Part 2):  https://www.patreon.com/posts/29829500 "Federal Debt and Modern Money" by Steven Hail & David Joy: https://www.global-isp.org/wp-content/uploads/PN-121.pdf "There is no need to issue public debt" by Bill Mitchell: https://billmitchell.org/blog/?p=31715 For more on the (Liz) Trussageddon, listen to Episode 147 - Dirk Ehnts: Do Markets Control Our Politics?: https://www.patreon.com/posts/episode-147-dirk-72906421 Join the MMT UK discord server to connect with others looking to promote MMT and ecological economics in the UK!: https://discord.gg/S3UbxFe4FR     All our episodes in chronological order: https://www.patreon.com/posts/43111643   All our patron-only episodes: https://www.patreon.com/posts/57542767      JOIN PATRICIA'S MMT ACTIVIST NETWORK (MMT UK): https://actionnetwork.org/forms/activist-registration-form   Join the MMT UK Discord server to connect with others looking to promote MMT and ecological economics in the UK!: https://discord.gg/S3UbxFe4FR   MMT: THE MOVIE! "Finding The Money", a documentary by Maren Poitras featuring Stephanie Kelton is now available worldwide to rent or buy: https://findingthemoney.vhx.tv/products/finding-the-money Updates on worldwide screenings of "Finding The Money" can be found here: https://findingmoneyfilm.com/where-to-watch/ To arrange a screening of "Finding The Money", apply here: https://findingmoneyfilm.com/host-a-screening/   STUDY THE ECONOMICS OF SUSTAINABILITY! Details of Modern Money Lab's online graduate, postgraduate and standalone courses in economics are here: https://modernmoneylab.org.au/     For an intro to MMT: Our first three episodes: https://www.patreon.com/posts/41742417 Episode 126 - Dirk Ehnts: How Banks Create Money: https://www.patreon.com/posts/62603318   Quick MMT reads: Warren's Mosler's MMT white paper: http://moslereconomics.com/mmt-white-paper/ Steven Hail's quick MMT explainer: https://theconversation.com/explainer-what-is-modern-monetary-theory-72095 Quick explanation of government debt and deficit: "Some Numbers Are Big. Let Me Help You Get Over It": https://christreilly.com/2020/02/17/some-numbers-are-big-let-me-help-you-get-over-it/     For a short, non-technical, free ebook explaining MMT, download Warren Mosler's "7 Deadly Innocent Frauds Of Economic Policy" here: http://moslereconomics.com/wp-content/powerpoints/7DIF.pdf     Episodes on monetary operations:  Episode 20 - Warren Mosler: The MMT Money Story (part 1): https://www.patreon.com/posts/28004824 Episode 126 - Dirk Ehnts: How Banks Create Money: https://www.patreon.com/posts/62603318 Episode 13 - Steven Hail: Everything You Always Wanted To Know About Banking, But Were Afraid To Ask: https://www.patreon.com/posts/41790887 Episode 43 - Sam Levey: Understanding Endogenous Money: https://www.patreon.com/posts/35073683  Episode 84 - Andrew Berkeley, Richard Tye & Neil Wilson: An Accounting Model Of The UK Exchequer (Part 1): https://www.patreon.com/posts/46352183 Episode 86 - Andrew Berkeley, Richard Tye & Neil Wilson: An Accounting Model Of The UK Exchequer (Part 2): https://www.patreon.com/posts/46865929    For more on Quantitative Easing: Episode 59 - Warren Mosler: What Do Central Banks Do?: https://www.patreon.com/posts/39070023 Episode 143 - Paul Sheard: What Is Quantitative Easing?: https://www.patreon.com/posts/71589989?pr=true    Episodes on inflation: Episode 7: Steven Hail: Inflation, Price Shocks and Other Misunderstandings: https://www.patreon.com/posts/41780508 Episode 65 - Phil Armstrong: Understanding Inflation: https://www.patreon.com/posts/40672678 Episode 104 - John T Harvey: Inflation, Stagflation & Healing The Nation: https://www.patreon.com/posts/52207835 Episode 123 - Warren Mosler: Understanding The Price Level And Inflation: https://www.patreon.com/posts/59856379 Episode 128 - L. Randall Wray & Yeva Nersisyan: What's Causing Accelerating Inflation? Pandemic Or Policy Response?: https://www.patreon.com/posts/63776558   Our Job Guarantee episodes:  Episode 4 - Fadhel Kaboub: What is the Job Guarantee?: https://www.patreon.com/posts/41742701 Episode 47 - Pavlina Tcherneva: Building Resilience - The Case For A Job Guarantee: https://www.patreon.com/posts/36034543 Episode 148 - Pavlina Tcherneva: Why The Job Guarantee Is Core To Modern Monetary Theory: https://www.patreon.com/posts/episode-148-why-73211346 Quick read: Pavlina Tcherneva's Job Guarantee FAQ page: https://pavlina-tcherneva.net/job-guarantee-faq/   More on government bonds (and "vigilantes"): Episode 30 - Steven Hail: Understanding Government Bonds (Part 1):https://www.patreon.com/posts/29621245 Episode 31 - Steven Hail: Understanding Government Bonds (Part 2): https://www.patreon.com/posts/29829500 Episode 143 - Paul Sheard: What Is Quantitative Easing?: https://www.patreon.com/posts/71589989?pr=true Episode 147 - Dirk Ehnts: Do Markets Control Our Politics?: https://www.patreon.com/posts/episode-147-dirk-72906421 Episode 144 - Warren Mosler: The Natural Rate Of Interest Is Zero: https://www.patreon.com/posts/71966513 Episode 145 - John T Harvey: What Determines Currency Prices?: https://www.patreon.com/posts/72283811?pr=true   More on bank runs banking regulation:  Episode 162 - Warren Mosler: Anatomy Of A Bank Run: https://www.patreon.com/posts/80157783?pr=true Episode 163 - L. Randall Wray: Breaking Banks - The Fed's Magical Monetarist Thinking Strikes Again: https://www.patreon.com/posts/80479169?pr=true Episode 165 - Robert Hockett: Sparking An Industrial Renewal By Building Banks Better: https://www.patreon.com/posts/81084983?pr=true MMT founder Warren Mosler's Proposals for the Treasury, the Federal Reserve, the FDIC, and the Banking System: https://neweconomicperspectives.org/2010/02/warren-moslers-proposals-for-treasury.html     MMT Events And Courses: More information about Professor Bill Mitchell's MMTed project (free public online courses in MMT) here: http://www.mmted.org/ Details of Modern Money Lab's online graduate and postgraduate courses in MMT and real-world economics are here: https://modernmoneylab.org.au/     Order the Gower Initiative's "Modern Monetary Theory - Key Insights, Leading Thinkers": https://www.e-elgar.com/shop/gbp/modern-monetary-theory-9781802208085.html   MMT Academic Resources compiled by The Gower Initiative for Modern Money Studies: https://www.zotero.org/groups/2251544/mmt_academic_resources_-_compiled_by_the_gower_initiative_for_modern_money_studies   MMT scholarship compiled by New Economic Perspectives: http://neweconomicperspectives.org/mmt-scholarship     A list of MMT-informed campaigns and organisations worldwide: https://www.patreon.com/posts/47900757     We are working towards full transcripts, but in the meantime, closed captions for all episodes are available on our YouTube channel: https://www.youtube.com/channel/UCEp_nGVTuMfBun2wiG-c0Ew/videos     Show notes: https://www.patreon.com/MMTpodcast/posts/episode-217-with-166286732?pr=true

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

Is the global financial system undergoing its biggest transformation since Bretton Woods—and are most Americans missing what's happening right in front of them?In this episode of On the Record with Christian Briggs, we investigate the explosive claims spreading across social media that President Donald Trump is preparing a monetary reset, Fort Knox gold could be revalued, the Federal Reserve is losing control, major banks are building a new digital-dollar system, and governments around the world are quietly preparing for a new financial order.Some of these claims sound unbelievable. Some aren't supported by the evidence. But underneath the internet mythology, something very real is happening.Central banks have returned to gold. America's enormous gold reserves remain carried on the Treasury's books at the statutory price of just $42.22 per ounce, raising provocative questions about what would happen if those reserves were ever revalued. Meanwhile, governments are competing for critical minerals, supply chains have become matters of national security, and the technologies powering artificial intelligence are changing the strategic importance of resources buried beneath the ground.But perhaps the biggest transformation is happening inside money itself.A 2026 Deutsche Bank report describes a financial system moving toward 24/7, always-on infrastructure, where stablecoins, tokenized bank deposits and central-bank digital currencies could coexist rather than replace one another. Stablecoins alone had surpassed $300 billion in market capitalization by April 2026, with approximately 99% of the market denominated in U.S. dollars. That raises a possibility almost completely opposite to the narrative dominating social media: what if digital money doesn't destroy the dollar—but actually extends its global reach?We also examine the crucial distinction between controversial retail CBDCs and the much less discussed wholesale digital-money infrastructure being developed between banks and central banks. Projects involving dozens of major financial institutions are already exploring tokenized deposits, programmable money and near-instant cross-border settlement. Finally, Christian tackles the biggest claim of all: Has a new Bretton Woods-style monetary agreement already been secretly negotiated?The evidence doesn't support that conclusion. But the deeper investigation leads somewhere arguably more consequential. There may be no secret reset at all. The global financial system may already be changing in plain sight.

THE LIGHT GATE - OPEN MIC NIGHT, Q&A The time has come for another Open Mic Q&A episode of The Light Gate! That's right! The Light Gate welcomes guest: You, the Audience. It's Open Mic Night! Date: August 10, 2026. Time: 5-7pm pacific / 8-10pm eastern Episode: 171 Discussion: UFOs & The Paranormal! It's Open Mic night! Tonight, The Light Gate features a Q&A episode with your hosts, Preston Dennett and Dolly Safran, and YOU, the audience! Ask us anything! UFOs, ghosts, OBEs, the paranormal, psychic abilities, disclosure, disintormation, the coverup! Time to have some fun. We will also be doing a book give-away contest! Preston Dennett began investigating UFOs and the paranormal in 1986 when he discovered that his family, friends and coworkers were having dramatic unexplained encounters. Since then, he has interviewed hundreds of witnesses and investigated a wide variety of paranormal phenomena. He is a field investigator for the Mutual UFO Network (MUFON), a ghost hunter, a paranormal researcher, and the author of 30 books and more than 100 articles on UFOs and the paranormal. Several of his books have been Amazon UFO bestsellers. His articles have appeared in numerous magazines including Fate, Atlantis Rising, MUFON UFO Journal, Nexus, Paranormal Magazine, UFO Magazine, Phenomena Magazine, Mysteries Magazine, Ufologist and others. His writing has been translated into several different languages including German, French, Portuguese, Russian, and Icelandic. He has appeared on numerous radio and television programs, including Midnight in the Desert with Art Bell, Coast-to-Coast and also the History Channel's Deep Sea UFOs and UFO Hunters and Ancient Aliens. His research has been presented in the LA Times, the LA Daily News, the Dallas Morning News and other newspapers. He has taught classes on various paranormal subjects and lectures across the United States. Dolly Safran has worked as a limo driver, assistant manager at Wendy's, a zookeeper, a bus driver, a security guard, a nurse, and more, including as a civilian worker for the U.S. Department of the Treasury, and also in the Army as an employee for the U.S. Department of Defense. Her UFO contacts began around age one, and are still ongoing today. She is a fully conscious UFO contactee and the subject of the full-length book, "Symmetry: A True UFO Adventure." Sequel coming soon! LINKS WEBSITE: www.prestondennett.weebly.com YOUTUBE: https://www.youtube.com/@prestondennett577/featured FACEBOOK: https://www.facebook.com/preston.dennett/ United Public Radio & UFO Paranormal Radio www.uprntalkradio.com

Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.   In this episode, Justin interviews RIMS SERMC Member Eric Lobser about his career path at Spire Inc. They discuss his start in Budget Analysis at Laclede Gas, which eventually became Spire Inc. He moved into Operations, Treasury, and then Strategic Planning, including Acquisitions. He continued his career as VP of Enterprise Risk Management. Eric shares how he grew into that position, using knowledge he had gained from all the departments he had worked with. He tells about his early presentations to the Board. Eric explains what ERM means to him, and how ERM helps companies manage risks, including reputation, engage in opportunities, and make the resource allocation decisions that lead to success and mitigate failures.   Listen for Eric's idea to improve the ERM acronym.   Key Takeaways: [:01] About RIMS and RIMScast. [:16] About this episode of RIMScast. Our guest is Eric Lobser. He was a practitioner in the natural gas sector for 35 years. We're going to get his ERM philosophies today. But first… [:42] RIMS-CRMP Workshop. We are delighted to announce that on August 27th and 28th, RIMS President Manny Padilla will be leading the two-day in-person workshop at St. John's University at 101 Astor Place in New York City. A link to the registration is in this episode's show notes. [1:02] RIMS-CRMP Virtual Workshops. RIMS will partner with PARIMA for the RIMS-CRMP Exam Prep on September 1st and 2nd. Registration links are in this episode's show notes. [1:13] Also on the webinars page, you will see a two-part series hosted by the RIMS Membership Department. The "Classroom to Career" webinar series highlights how RIMS equips students with the knowledge, skills, and connections needed to thrive in risk management careers. [1:28] Participants will gain insights into industry trends, career pathways, and practical tools that help them confidently step into the evolving world of risk management after graduation. These sessions will be hosted on September 1st and 9th. [1:41] These sessions are member exclusives and are complimentary for RIMS members, of course. So, if you are interested in becoming a member, this would be the time. Visit RIMS.org/membership. [1:51] RIMS is back on YouTube. Our handle is @RIMSOfficialChannel. We've got plenty of videos there, including RIMScast, RIMScast Canada video podcasts, and other informative and entertaining content from RIMS. Subscribe to the channel today! [2:10] On with the Show! We will take a deep dive into Enterprise Risk Management with Eric Lobser. Eric recently retired from a 35-year career in the natural gas sector. He remained with one company that eventually became Spire Energy. [2:26] Eric is also a member of the RIMS Strategic and Enterprise Risk Management Council. [2:32] We will discuss his career journey, how one role led to the next before settling on Enterprise Risk Management, and his philosophies on what makes ERM truly valuable and why the acronym could use an upgrade. Let's get to it! [2:52] Interview! Eric Lobser, Welcome to RIMScast! [3:17] Justin and Eric met last year during a webinar. Eric has a fascinating career. His entire career was at Spire. Originally, it was Laclede Gas Company. Then it became The Laclede Group, and then Spire. Eric's career was 35 years and some months long. [3:53] Justin says that shows our audience that you can have a risk career at one company. You don't need to jump around. If you're doing well, if you're comfortable, if the company's treating you right, and you're doing a good job. [4:10] Eric says the risk career came later in his life. It was the culmination of a lot of other things he did. He had a varied set of positions at Spire. Over time, it was multiple types of companies. As you go through CEOs, things change. [4:31] Eric says he was there for about five CEOs and got to see many different sides of how business operates. [4:49] Eric says he graduated from Boston College in 1990. It was a tough job market. He wanted a job on the East Coast, but it was an expensive place not to have a job. He went back home. [5:08] His stepfather had a contact at the Laclede Gas Company. He interviewed, and they offered him a position, which he took. Within two weeks, he thought he would be crazy to stay at that company more than a couple of years. He thought it was odd they had a few computers. [5:29] Eric came from a school with a library full of computers. You had to sign up to use them. It taught him to use his mind, and it instilled patience. Those elements have been valuable to Eric's career. [6:06] Eric started as a budget analyst and did that for about a year and a half, in the corporate office in downtown St. Louis. [6:33] Then he was fortunate to move to Operations to do the same sort of work with all the department heads to help them with their budgeting, to translate things from Operations into financial terms and get better relationships with the people who ran the business. [6:53] Eric says he got to understand the business better from the view of the boots on the street. [7:04] Justin asks if risk management and ERM came onto Eric's radar in August 2001, when he became the Managing Director for Strategic Planning and Corporate Development. [7:18] Eric says that he had also worked with property insurance in Treasury. There's a big commodity risk at a natural gas company. There are also market risks and credit risks. [7:33] Eric says Strategic Planning was new to The Laclede Group, taking the budget period and extending it out three years, rolling in strategy and planning. [7:49] Eric helped them to develop software for business planning, custom-made from Access, to help support the Balance Scorecard they rolled out. It included something for Initiatives for making improvements, which were tied to Metrics.  [8:11] There were Action Items. There was a section where you laid out your different risks and what you were doing to mitigate them. The Action Items often required support from other areas. The software would put that into their business plan so they could see it and collaborate. [8:33] Eric says risk management and collaboration are hand-in-hand. [9:09] Eric speaks of a change in leadership, where they went from mostly looking at operational excellence and continual improvement to a more external look at other businesses, at ways to diversify within the gas industry: storage, pipeline, E&P, and more. [9:40] That was the beginning of the thought processes Eric would go through, looking at different businesses; what can go right with them, and what can go wrong. [9:57] Part of modeling acquisitions is taking a look at those scenarios and looking for the probability of a downside, what that downside looks like, and what will drive it. What has to go right to have the best case? What does the base case look like? What are those probabilities? [10:20] Eric says that was the beginning of understanding how risk and business go hand-in-hand. They can't have opportunity without risk. There's no reward without risk. Understanding that was an element of that job. [10:39] Eric was fortunate to have a tremendous boss during that time who helped him gain critical thinking about how things operate. [10:58] Eric says when they were looking at how other companies operate, they were companies within the gas industry, to stay within their knowledge base, and simplify their business, within the natural gas value chain, from wellhead to burner tip. [11:30] They were looking at exploration & production, gathering & processing, pipelines, underground storage, down to uses for it, including compressed natural gas for vehicles and local distribution utilities.  [11:58] Justin suggests that the 13-year period when Eric was in Strategic Planning and Corporate Development, holding several positions, was a key time in his career. Eric says yes, and it was his favorite period. He had gone to school for investment banking and acquisitions. [12:42] Eric says, at the same time, it was a tremendous amount of work. He thought maybe it wasn't the best place to spend his lifetime because of the level of work and stress involved. [13:04] Eric was married and raising a family, and that had to come into play, as well. He says while his wife was extremely patient with him during all those times, sometimes working around the clock, he felt it wasn't the right long-term opportunity for him. [13:20] Eric says one of the things he learned when he was doing acquisitions was developing models for how utilities make money. Eric worked with people who did rate cases at the company, to understand what drove cash flow. [13:47] In doing that, Eric learned how regulations work and how tariffs work. That led to asking himself, if this isn't the right career for me, taking a look at something next to it, which was regulatory and government affairs. [14:27] Eric had already started to learn about it. Once he was in charge, he based it on Missouri regulations. The first acquisition was a company in Kansas City, Missouri. [15:05] The second acquisition was Alagasco in Alabama, and that was a completely different type of ratemaking approach that was annual. They had a formal department. Eric was asked to develop something more formal for the entire company. [15:21] Eric says then they acquired Energy South, which brought them into Mobile and also Mississippi, a third rate jurisdiction. There was a mountain of information to climb. His drive and thirst for knowledge helped him up the curve pretty quickly. [15:53] Eric says relationships and the stuff between the lines are just as important as what you can read about and study. [16:12] Eric says, pulling from his enterprise risk career, one of the impacts is not just financial, but reputation. Reputation is a huge element of rate setting. Your reputation precedes you to the commission that oversees rate case litigation and the parties to the case. [16:47] The parties that are involved include industrials, AARP, low-income groups, an energy efficiency group, and other parties. [17:01] Understanding where they're coming from, and what they're trying to achieve, and working towards something that gives all parties some of what they want, is a key element. [17:18] If you were a bad operator; if you had a significant incident that showed you weren't a safe operator, or you weren't treating your customers well, then going into the rate case, people had their minds set that they wanted to give you not a rate increase but a rate reduction. [17:40] The value of the relationships and the reputation, the stuff that is gray and in between the lines, is not just about what the numbers are but who you are as a business. [17:56] A Quick Break! Many fantastic RIMS events are coming up in 2026. The 11th Annual Chicagoland Risk Forum will return to the Old Post Office on Thursday, September 24th, 2026. Visit ChicagolandRiskForum.org for more information. [18:12] The RIMS Western Regional Conference will be held from October 4th through the 7th in Seattle, Washington. The agenda is live, and registration is open. Visit RIMSWesternRegional.com and the link in this episode's show notes for more information. [18:29] Save the dates: October 18th through the 21st. We will be in Quebec City to celebrate the 50th Live RIMS Canada Conference. Booth sales are open, and sponsorship opportunities are still available. Advance registration is open now. [18:45] Visit RIMSCanadaConference.ca for more information. Also, remember to check out RIMS.org/Canada for our spinoff show, RIMScast Canada, hosted by National Conference Committee Chair, Aaron Lukoni. [19:00] The RIMS ERM Conference 2026 will be held on November 19th and 20th in Columbus, Ohio. Registration is now open. [19:10] Through August 21st, you can nominate a program for the RIMS ERM Global Award of Distinction. If you know of an ERM Program that is award-worthy, we want to hear about it. A link to the nomination form is in this episode's show notes. Visit RIMS.org/ERM2026. [19:29] We're already looking to RISKWORLD 2027, which will be held over four days in New Orleans, Louisiana, from April 18th through the 21st! The call for session proposals is now live and will stay active through August 21st. [19:44] RIMS members can exclusively register by September 4th for the best rate. And get first access to the hotel block. Hotel reservations open on October 28th, ahead of public registration. Sitting this out is the real risk! The link to registration is in this episode's show notes. [20:04] Let's Return to Our Interview with Eric Lobser! [20:31] Justin asks about compliance at a natural gas company. Eric says his career at a critical infrastructure utility delivering a relatively volatile product to people's homes was very safety-oriented with a lot of rules, regulations, and areas of compliance. [21:04] The whole industry faced a need to replace some of its aging infrastructure. That started when Eric was in Treasury and trying to think about how they would afford all the replacements they were going through. [21:22] It came again when Eric was in Regulatory, trying to understand the balance between safety and rates and what's best for the business and what's best for the customer. [21:53] Compliance is not something you can decide to do a little bit or a lot. You have to meet at least the minimum standards. Spire was always at that point but also found the benefit of going beyond that, to deal with it a little bit more strategically. [22:14] Spire was generally a group that looked at opportunities to do replacement in a way that overall was more cost-effective, exceeding requirements on their compliance. Compliance was an enterprise risk. [22:34] Eric says it was not just making sure they were in compliance, but also what the cost of compliance is and what if people change their minds and all of a sudden want us to do this or that? [22:53] Being a regulated utility, your rates are dependent on somebody deciding you deserve to have this. [23:02] Compliance was more often not physical replacement but putting in another pipe beside the old pipe and terminating the old cast iron pipe that had degraded and become a safety issue. [23:26] Spire always paid attention to where they were getting leaks or water potentially getting into the system and areas of geography that had similar types of risk. [23:39] Spire took a strategic approach to look at the information they were getting and figure out where to go and do wholesale changes rather than responding to risks as they popped up. [23:54] Eric says that was the approach where they took compliance and said if we do more, it probably can be better for us and better for the customer to take a better strategic approach. [24:19] Eric says it's inconvenient and sometimes problematic for people when there are workers in the street. Part of Eric's career was dealing with claims and issues that can happen with construction. The construction was necessary to make sure the system was safe. [24:53] Eric says the most prevalent claims were when they were doing excavation and hit something unmapped, like an underground dog fence or sprinkler system. To be cost-effective, they used reliable outside partners to replace these. [26:44] Eric says that every year, when he was in Strategic Planning, he would help put on a two-day conference for the Board to review company strategy and present new ideas. [27:01] Any time they found an acquisition opportunity that met the muster of the executives, they presented that to the Board. [27:!3] Eric says the Board is extremely interested in rate cases, which are the heart and soul of a utility's business. [27:28] Something Eric found helpful later in his career, doing regulatory work, was to pull together parties without overlapping interests, such as the Board and the Public Service Commission, to help them find agreement on why something was beneficial for the customers. [28:58] Eric says, for the first time or two, presenting to the Board was frightening. He was fortunate enough not to be leading the presentations. He reported to officers who helped develop the business planning and strategy. They helped Eric work his way into bigger roles. [29:32] Eric says when he became more involved in doing the modeling, one time he was called by the CEO to speak to the Board while he was on a family vacation. His wife reminds him of this. The Board was very interested in the upside case and downside case of a model scenario. [30:31] Eric says in that phone call he had to give the Board a rigorous view of why they should spend $1.1 billion on this acquisition. While exciting, Eric says presenting to the Board was a very stressful part of the job. They're relying on things that he's saying to them. [31:12] Eric says acquisitions have their own timeline and they develop however they want to. It's not like going to the grocery store to pick up something. When something pops, it pops, and it's all hands on deck. You don't stop until the job is done. [31:35] One more Quick Break! RIMS, The Foundation for Risk ManagementTM, is dedicated to shaping the future of the profession. By making a contribution, you are strengthening the global risk management community and investing in the future of the industry. [31:55] The Foundation also supports the Spencer Educational Foundation but has a different mission. The Foundation focuses on providing opportunities for those professionals who have already decided to enter risk management and are just getting started. [32:09] You can learn more about the Foundation by visiting www.RIMS.org/FRM.  While you're there, be sure to check out information about the Susan Meltzer Scholarship Fund, which was established to honor Ms. Meltzer, who was RIMS President in 1999 and 2000. [32:28] Susan Meltzer was a cherished RIMS President and contributed so much to RIMS and the greater risk community. Learn more at RIMS.org/FRM.  [32:36] Let's Return to Our Interview with Eric Lobser! [32:52] Eric says that it seems to him that if people viewed Enterprise Risk Management more as Enterprise Value Management, they would better understand that it's more about what you need to do to improve the value of your company. [33:19] In Eric's Strategic Planning days in Corporate Acquisitions, he learned that Expected Value is about changing probabilities, not just the impact of those probabilities. [33:32] Eric says Enterprise Risk Management does a great job of addressing both the likelihood and the impact of things going wrong and things going right. What you're building with ERM is value. You're adding to the value of the company. [33:46] Eric thinks more people would engage. It would resonate with a lot of the corporate cultures to look at ERM as a way to build value for the company. [34:08] Justin says that for almost eight years, Eric was the Spire VP of ERM. Justin asks if Eric was able to hit the ground running, going from Regulatory and Government Affairs into ERM. [34:32] Eric says the position started with Insurance, and then Commodity Risk Management, other elements of the business that helped him up the learning curve. From Acquisitions, Regulatory, Operations, and Customer Service, Eric understood a lot about the business. [34:55] Eric says having a couple of years when he was in charge of Spire's Insurance program, including Captive Management, where you retain risk instead of transferring it, was a great transition to eventually getting Enterprise Risk. [35:31] Eric says he read every book he could get his hands on in the time he had. He noticed some of the things they were doing were based on ISO 31000. Eric read through ISO and COSO. COSO felt very intricate and detailed. [36:10] Eric asked himself what the potential was that we were going to adopt something. The culture of the business manages the risk. ERM oversees how the business manages risk. Eric wanted to pick a framework that fit more with Spire's corporate culture. [36:39] Eric says ISO 31000 is adjustable. He felt like it was a good fit. It was more about strategy and enterprise than Spire's focus had been. It was not just about what could go wrong and what they should be concerned about happening, but what must go right. [37:22] Eric says that looped in what he learned in Strategy, what they have to do to be successful, and what could derail them from that. Spire transitioned a little bit less away from risks and more to strategic imperatives and what they had to do to achieve their strategic vision. [38:02] Justin asks about ERM conferences and what makes a great ERM session. Eric says it's a practitioner who has lived through it with real-world experience on what works, what doesn't work, and why it didn't work. [38:18] Eric says everything's specific to the company, so what works for one may not work for another. An experienced practitioner brings a level of credibility that is important. Eric wants a presenter who focuses on what helps a company be more successful in executing its strategy. [38:41] Eric says a lot of presentations go into risk registers and software, but in the end, risk management is change management, with very complex systems. The presenter should speak to engaging the business, getting different areas to collaborate, and making better decisions. [39:31] Eric says those decisions are about how you allocate resources. Resources are limited. You can't do everything, so you prioritize. [39:41] ERM helps you to prioritize better, using a process of identification and assessment, to help you understand how important a risk is in relation to other risks, how soon it needs to be dealt with, and what level of mitigation and controls you already have in place. [40:13] Eric says, ERM helps you determine if this risk is extremely well-managed and there are resources you can take away from it to put toward a risk that's less well-mitigated. [40:22] Eric says a good ERM session presenter talks about how ERM helps a corporation make better decisions and effectuate those resource allocations that then help that company to be more successful. That's what ERM is about, and when somebody talks about that, it resonates. [41:02] Eric says when he hears a concept that really resonates with him, he tries to pull those concepts together. He has used principles from the Enterprise Risk Oversight Committee. [41:44] Justin says the Global ERM Award of Distinction call for submissions is open. You can send in those nominations now. RIMS Global ERM Award of Distinction nominations are open through Aug. 21! [41:57] Justin asks Eric what makes an Enterprise Risk Management program award-worthy. Eric says some of it is going to be based on the eye of the beholder. Enterprise Risk should be customized to the culture. People are going to view what makes a great program differently. [42:28] Eric says that the SERMC is looking for, with the diverse perspectives of the members, a program that is well-integrated into Strategic Planning, helps the business make decisions, and most importantly, helps it be more successful, with fewer downturns, than their competitors. [43:09] Eric says the business manages risk. ERM can help oversee what they're looking at and turn its attention to important things, and help determine the best ways to mitigate or treat risk, or support what they are doing, so the strategy prevents threats from derailing the company. [43:33] Eric says, in the end, a company that is consistently successful is probably the mark of a good Enterprise Risk Management program. [43:51] Justin says, we're going to see you again on November 19th and 20th in Columbus, Ohio at the RIMS ERM Conference. You can get your nominations in now for the RIMS Global ERM Award of Distinction. We'll have a special awards ceremony, like we do every year. [44:07] Eric, it has been such a pleasure to have you on RIMScast! I look forward to seeing you in Columbus. [44:19] Special thanks again to Eric Lobser for joining us here on RIMScast. We appreciate him and all the great work he does for the RIMS SERMC. The call for nominations for the RIMS Global ERM Award of Distinction is open; a link is in this episode's show notes. [44:36] There are specific attributes that will make a nomination truly award-worthy. Submit your nominations today! [44:42] Plug Time! Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email membershipdept@RIMS.org for more information. [45:00] Risk Knowledge is the RIMS searchable content library that provides relevant information for today's risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more. [45:16] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com. It is written and published by the best minds in risk management. [45:29] Justin Smulison is the Business Content Manager at RIMS. Please remember to subscribe to RIMScast on your favorite podcasting app. You can email us at Content@RIMS.org. [45:41] Practice good risk management, stay safe, and thank you again for your continued support!   Links: RIMS ERM Conference 2026 | November 19‒20 in Columbus, Ohio | Registration Now Open! | www.rims.org/ERM2026 | RIMS ERM Global Award of Distinction nominations open through Aug. 21! RIMS Certification Week: Sept. 21‒24 | Complimentary For All Spencer Educational Foundation's 2026 Funding Their Future Gala | Sept. 17, 2026 RISKWORLD 2027 Registration | RIMS members can lock in 2026 rates now through Sept. 4 | Education Content Submission Through Aug. 21. ChicagoLand Risk Forum | Sept. 24, 2026 RIMS Western Regional Conference — Oct. 4‒7, 2026 | Seattle, WA | Register Today. RIMS Canada Conference — Oct. 18‒21, 2026 | Quebec City | www.rimscanadaconference.ca | Advance Registration Open | Sponsorship Opportunities Available The Strategic and Enterprise Risk Center RIMS, the Foundation for Risk Management Spencer Educational Foundation — Scholarships and Grants | Open Calls and Timelines. RIMS Now RIMS-Certified Risk Management Professional (RIMS-CRMP) | Insights Video Series Featuring Joe Milan! RIMS Diversity Equity Inclusion Council RIMS-CRMP Stories RIMScast Canada — Episodes Now Live RISK PAC | RIMS Advocacy RIMScast on YouTube! RIMS Risk Management Magazine | Contribute | Q2 2026 Issue Now Available Sponsor RIMScast — Sales@RIMS.org Upcoming RIMS-CRMP Virtual Workshops: RIMS-CRMP Exam Prep Workshop — Live In NY — Aug 27‒28! RIMS-CRMP Exam Prep with PARIMA | Sept 1‒2 Full RIMS-CRMP Prep Course Schedule See the full calendar of RIMS Virtual Workshops Upcoming RIMS Webinars: RIMS.org/Webinars "RIMS Student Series: Classroom to Career Part 1" | Sept 1 "RIMS Student Series: Classroom to Career Part 2" | Sept 9 RIMS Certification Week: Sept. 22‒24 | Complimentary For All   Related RIMScast Episodes: "Board Reporting and ERM in 2026 with Trisha Sqrow and Suzanne Christensen" "The Future of Strategic Risk Management" with John Button "Mid-Year Risk Roundup 2026 with Morgan O'Rourke and Hilary Tuttle" "Emerging Risks and AMRAE's RMIS Panorama 2026 with François Beaume" "Strategy and Change with Ward Ching and Aaron Olson"   Sponsored RIMScast Episodes: "48 Hours From a Storm: What to Do Before A Hurricane Strikes" | Sponsored by Global Risk Consultants, a TÜV SÜD Company (New!) 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RIMS Virtual Workshops On-Demand Webinars RIMS-Certified Risk Management Professional (RIMS-CRMP) RISK PAC | RIMS Advocacy RIMS Strategic & Enterprise Risk Center RIMS-CRMP Stories — Featuring RIMS President Manny Padilla!   RIMS Events, Education, and Services: RIMS Risk Maturity Model®   Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.   Want to Learn More? Keep up with the podcast on RIMS.org, and listen on Spotify and Apple Podcasts.   Have a question or suggestion? Email: Content@rims.org.   Join the Conversation! Follow @RIMSorg on Facebook, Twitter, and LinkedIn.   About our guest: Eric Lobser, SERMC Member   Production and engineering provided by Podfly.

Bitcoin's BIP-110 soft fork briefly split the chain—but the failed Bitcoin fork may have proven the opposite of corporate capture: nobody, from Michael Saylor and BlackRock to miners and node operators, can unilaterally change Bitcoin's rules. Meanwhile, the Bank of Japan and U.S. Treasury spent an estimated $87 billion defending the yen as Jamie Dimon exposed what truly supports the dollar's reserve-currency status. This episode connects Bitcoin consensus, mining centralization, self-custody, hashrate, fiscal dominance, inflation, capital flows, and the accelerating search for neutral digital money.SPONSORS

Gold has broken above a key technical level, but what's really driving the move? Jim Iuorio explains why Treasury market fears, Fed policy, the Japanese yen, and yield curve control could be setting up the next major rally in precious metals. He also shares why he believes gold could reach new highs while silver still has work to do. #gold #silver #PreciousMetals------------

A.M. Edition for Aug. 10. Iran dials up its demands in talks to reopen the Strait of Hormuz. Plus, Meta embraces open-weight AI models in a bid to blunt the appeal of cheaper Chinese competition. And WSJ finance editor Alex Frangos breaks down how a payment network backed by the Russian government reveals the limits of Western efforts to economically isolate Moscow. Luke Vargas hosts. Sign up for the WSJ's free What's News newsletter. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Keith explains why achieving scale rather than simply earning more is the key to long-term financial freedom and how income property uniquely delivers multiple forms of leverage.  He breaks down 25 years of inflation data to reveal which everyday costs have most outpaced wages and what that means for the real purchasing power of the dollar.  Keith also explains why markets like Memphis—combining strong cash flow fundamentals with a massive new AI infrastructure build-out—are positioned as compelling targets for long-term real estate investors. Episode Page: GetRichEducation.com/618 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. When I talk to a 25-year-old, it's an epiphany. When I tell them that they need this one thing that they're lacking, then some fascinating takeaways about the 93% inflation we've experienced in the past 25 years, and what you can do about it 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 Homebuyers, 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's September 30th. Don't say we didn't tell you. Save your spot at getricheducation.com/midsouth.   Speaker 1  1:33   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  1:49   Welcome to GRE from Livonia, Michigan, to Laconia, New Hampshire, and across 188 nations worldwide. You are listening to Get Rich Education. I'm your host, Keith Weinhold, heading up this slackjaw operation for another wealth-building week. But at least I'm just a slackjaw. If this slackjaw gets lockjaw, it would probably end the show. Now I've got to tell you, when I meet a 25-year-old, I soon tend to learn about their job because it takes a lot of their time, even if I don't ask them about it, and I find out that a 25-year-old is usually an employee of some sort. They're working for somebody else, depending on our conversational flow. I ask that person this question: Have you considered adding scale to your life? And they usually don't know what I mean. I ask that question because, sadly, today it's less common to live an economically vibrant life if you have a quote normal job like a teacher, engineer, retail manager, app developer, or other normal jobs like a firefighter, truck driver, physical therapist, or social media manager, that is not going to lead to an economically vibrant life with options and freedom. I mean, you used to be able to raise a family of four in New York City. That opportunity is just gone for anyone under a certain age. Well, what about say doctors, corporate executives, and attorneys, including some people that might be older than 25. I mean, professions like this can still pay exceptionally well. But even white-collar careers now have AI breathing down their necks. AI is drafting briefs, reading scans, and virtually attending meetings without pretending to enjoy them. Okay, well, what about the outcome for a 25-year-old that's gone along with the somewhat more nascent trend of rising AI sheltered trades like plumbing, electrical, HVAC, welding, carpentry, equipment repair, and these other types of jobs where ChatGPT can't crawl beneath your sink. Look, here's the thing: it doesn't matter whether you wear scrubs, a suit, or a tool belt. Employment has one stubborn limitation: even if you grind hard, even if your body holds up, even if promotions help you climb to the top of the corporate ladder, when you stop working, the income stops. That's the big problem, and yet people keep designing their life this way, employees lack scale. Now, what is scale? Scale is your ability to increase your wealth or income without increasing your personal time and effort at the same rate. Now, employees can find just a little scale. 401k contributions can compound for decades, sometimes with an employer match. Some employees receive stock compensation or bonuses, but employees generally sell one unit at a time. That unit is an hour. They're selling their hours for dollars, and here scale is limited, if not impossible. Real estate investors can stack several forms of scale simultaneously, and remarkably, doing it takes zero certification, zero qualification, no license, and no permission slip from the dean.   Keith Weinhold  6:05   The first way real estate investors have scale is through something that you already know so well: real estate pays five ways, leverage appreciation, 10 funded income, loan amortization, tax benefits on the entire asset, and inflation profiting on the bank's loan. Secondly, as a real estate investor, you have scale through operational leverage. Property managers, leasing agents, contractors, lenders, insurers, and software all allow just one investor, you, to control multiple properties. You don't personally collect every rent payment or replace every water heater. I mean, sheesh, that could be a plumbing career with less sleep. And this is all tenant funded. Thirdly, real estate investors have geographic leverage. An individual investor living in Los Angeles can own property in Atlanta, Tulsa, Cleveland, and Belize. Physical location does not limit where your capital works. Your body can only work in one city. Your capital can work the night shift in five. The fourth way real estate investors have scale is with replication. Once you learn how to buy and own one suitable rental, the process can be repeated. You buy, stabilize, finance, rent, and repeat. See, the first property is the hardest, and then your second property does not require learning an entirely new profession. It can be replicated. To review what you've learned so far, those are four dimensions where real estate investors achieve scale through real estate pays five ways: operational leverage, geographic leverage, and replication. Here's the important distinction: employees often mistake earning more with achieving scale.   Keith Weinhold  8:16   A surgeon making $900,000 a year earns a nice income, but see that surgeon has limited scale if the income stops when the surgeon stops working. But an investor earning just $150,000 from a portfolio possesses more scale because dozens of tenants, properties, loans, and operating systems continue functioning without your one-for-one labor. That's the distinction. That's why the $150K investor might or might not be living a better life than the 900K surgeon now, but they are set up to live a better life than the surgeon in the future. Now, your employer, the person who hires you, has scale with their many employees. But if you're an employee, you probably don't have scale. You cannot save your way to scale either. That's just stored labor. Savings become scalable only when you convert them into productive assets. Income is how much money comes in. Scale is how little your personal time needs to increase for more money to come in. You can work 20% more hours, but you cannot sustainably work 10 times more hours. Capital can be deployed across 10 assets without requiring 10 times more personal effort. And you know, once I realized this, at a certain point in my life, I was motivated to obtain loans for rental. This helped me scale and own more, replacing my active income with mostly passive income sooner. All right, so what should you do when you have this epiphany? It doesn't mean you should flip over the stupid copier machine as you storm out of work today and announce that you are now a real estate magnet. Not right away, at least employment that can be your launchpad, just like it was for me when I was a humble construction materials inspector for the state DOT. A job does provide you with some benefits like short-term advantages, seed capital, mortgage qualification.   Keith Weinhold  10:45   I'm talking about health insurance and some steady cash flow, and even some skills. But the mistake, whether you are aged 25 or 55, is allowing employment to remain the only economic engine for your entire life. Your job can fund your future, but having just one single linear income source that should not be your entire future. But you know, some people just stay on lazy cruise control at a slow speed and let their life unfurl that way. Others, you know, they merely haven't been exposed to thinking this way, and fortunately, now you have been. Really, the bottom line here is that labor won't scale; capital does scale; it compounds, and few, if any, investments offer more dimensions of scale than real estate. And you also get all kinds of other ancillary benefits by gradually tilting away from active income and toward passive income. Because increasingly, when it comes to taxes, you're going to pay lower capital gains tax rates instead of the higher ordinary income rates. The sooner you optimize this and get into as many properties as you can, you're also going to gain the ability to borrow against your assets tax-free, and so much more. Scale or fail-that's the lesson here, and most people fear change. It's why they stay stuck in relationships longer than they should, and why they stay stuck in jobs longer than they should. They keep settling for a B plus life. Don't settle for a B plus life. This is something that NYU professor Susie Welsh talks about: If you have a D life, oh, everything is lousy. You don't live where you want to live. You don't have reliable transportation. You don't have friends, and you're so very motivated to change that. If you have an A plus life, you've got it all. You get to do what you want to do, who you want to do it with, and you're tremendously incentivized to keep that. But having a B plus life like so many do, and being stuck in it, that is the most dangerous place to be. You could tread water for years and stay stuck in a life that you know you're not fully satisfied with, but it isn't so terrible that you feel compelled to change it. So the people that grow wealth know it means that sometimes you have to give up the good to have the great, and the K-shaped economic divergence that we've had in the past five years. This is really bringing things to a head, so get scale.   Keith Weinhold  13:43   Scale is the difference between grasping the financial abundance that's available to move you toward that A plus life, or staying on the treadmill, stuck and struggling. Two different people living a B plus life, you know, they have the same starting point, and making a plan is your difference maker. We help you with that here. If you're ready to add real estate scale to your financial life, drop a quick email to GRE Investment Coach Naresh for a complimentary strategy session at Naresh at getricheducation.com. You don't need any qualifications. It can take as little as a 20% down payment on a 200k to 400k rental property, and we have access so that you can buy directly from the builders and get a mortgage rate in the fives. And we are chasing the next hot thing here. Last week we discussed co-living on the show. We waited until that strategy was proven. I like strategies that have had some contact with reality. AI can compose a song, or summarize a meeting, or fabricate a photo of some. Wacky like Abraham Lincoln riding a dolphin, but it still cannot download an affordable bedroom, affordable housing. You're scaling into something sustainable that has a future and can't be easily disrupted by AI. Scale or fail. Stop settling for the B plus life. We can help right now at this moment. Drop a quick email to naresh@getricheducation.com. I should spell that out for you. It's n a r e s h@getricheducation.com.   Keith Weinhold  15:36   More straight ahead. I'm Keith Weinhold. You're listening to Get Rich education. 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.   Keith Weinhold  16:13   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 to 66866. That's family to 66866.   Chris Martenson  17:17   This is Peak Prosperity's Chris Martenson. Listen to Get rich education with Keith Weinhold, and don't quit your daydream.   Keith Weinhold  17:33   Welcome back to Get Rich Education. I'm your host Keith Weinhold. Having residual income from real estate, it can make you more comfortable for sure, but for me, I like to primarily use it to buy back my time. I'll tell you how I just did this. It's a small thing, a small win. It is time for my car's annual routine maintenance. Boring. I really don't want to lose my time dropping it off at the dealership in the morning and then picking it up again. Those two boring round trips don't add anything to my life. But the dealership had the option of, for just 100 bucks, picking it up for me and dropping it off for me at the end of the day. Oh well, that is an opportunity for me to buy some time, so that's why I did that. Now, when it comes to flying, sometimes I fly coach and sometimes first class. I just booked a flight and I refused to pay six times as much for first class. It just wasn't really worth it this time because the experience isn't that much better, and it sure doesn't save me any time. I tend to do that if the price is just 3x more, so I'll pay to save time, but not always to borrow a wider seat for five hours. And you and I both make hundreds of time versus money decisions every day, most of them small.   Keith Weinhold  19:04   With the more residual income you have, you're gonna make better decisions where you can choose the time over the money. One thing's for sure: whatever we're doing with our money, and that is that our dollar does not go as far as it used to. Let's look at inflation during the first 25 years of this century. This is really interesting. We're going to see how the cost of goods and services has changed from 2000 to the end of 2025 on some select categories that you spend on, and then I've got some mind-bending takeaways for you once I describe this chart, and this is the same chart that I sent to you last Thursday. If you are one of my newsletter readers, but I can open up and talk about it more here than I can in the newsletter because I keep that short. Overall inflation is about. 93% during this time period. 93% over these 25 years. Now, here are the items that rose less than that much, meaning that they became then more affordable over this span. What fell the most is the price of televisions down more than 90% in the first 25 years of this century? Toys down 74% Computer software down 73% Cell phones down 44% By the way, this all uses the government's CPI inflation rate, clothing up just one and a half percent, and even though it's up, that's still more affordable because it's up less than the overall 93% CPI inflation rate over this span. Household furnishings up 21% and finally new cars up 26% So all those items became more affordable because they rose less than the general rate of inflation. All right, moving on up. Now we're going to go above the line. Items above the 93% overall inflation rate, food and beverages were up 106% housing up 111% average hourly wages up 131% All right, let's pause. Yes, wages then outpacing 93% inflation. but of course, since that 93% uses the government CPI, well, that's pretty understated. Probably, you know, the true dispersing power of the dollar is probably more than 93% So it's debatable about whether there are real wage gains from 2000 to the end of 2025, medical care services up 147% Next in the category that has become less affordable is childcare, up 159% And as I'm naming these, there are some common threads here where I think you're going to have a few epiphanies when I point them out. College textbooks up 177%. Sheesh, what a scam! College tuition and fees up 197%, and finally the major category that became less affordable here at the top is the worst of all: hospital services. They have soared the most, up over 281% All right, there they are.   Keith Weinhold  22:57   And what takeaways do we have here? The items that became less affordable tend to be where the government either provides subsidies or they heavily regulate and mandate the product or service, like education, child care, and medical care. The categories that have become more affordable-that's where there is little or minimal government intervention, like clothing and technology. The lesson is that free market competition kept prices low, and some of these categories that became more affordable-you know-they would have become even more affordable than that if it weren't for profligate dollar printing, sadly, the items that have become less affordable-and this could really upset you-the items whose price increases exceed the overall rate of inflation, like medical care and housing, these are life's necessities. They are not once the stuff you need most got harder to obtain, healthcare is the ultimate example of this. It's sad to say, but you'll either pay the fee or you'll die, and the price reflects this. With hospital services up 281% outpacing the overall rate of inflation by about 3x. Also, items that have become more affordable, they are then generally the more discretionary purchases like furnishings, toys, and televisions. You can live without that stuff. Items that have become less affordable. They also tend to be more in-sourced activity, while those more affordable are outsourced, like to China. If you've noticed the trend, then anything involving people in the United States will be expensive, like child. Care and medical care. It involves people in the United States, and then it just gets more and more expensive. And this is also why service prices increase more and goods prices increase less. People are expensive.   Keith Weinhold  25:18   Microchips don't ask for dental insurance, and microchips don't file sexual harassment lawsuits. Overall, inflation was just 2.66% per year during this time period. But when it's compounded for this long, that's how it got to 93% cumulatively. But of course, inflation is higher than this 2.66 rate here in the late 2020s, and inflation is poised to rise even more than the level that it's at now. The war in Iran has pushed up energy prices 24% and these costs seep into almost everything, all right. But you're probably aware of this already, so I'm not going to discuss it much more because I discussed that before, like on episode 606, nearly two months ago when I called it our most important message in years, all right. But few seem to understand that this is just one part of a new inflation triple whammy. First, you've got spiking energy prices, like I mentioned. Second, more U.S. tariffs, and third, you've got mushrooming AI spending, and as a result of all this, this new inflation triple whammy that most people aren't aware of, this has pushed up bond yields to their highest point since 2007, and pressure is mounting for the Fed to jack up rates. Mortgage rates are soaring right along with them, and they are now near 7% Could mortgage rates reach 8% This is a real question now. The bottom line here is that inflation made the dollar lose nearly half its purchasing power in the first quarter century. Real asset owners will win, especially leveraged income property owners. This raises the property's replacement costs, spikes rents, and erodes your mortgage's real burden. Nearly everyone else is going to lose, and I don't want to lose a learning moment for you here. Bond yields-they are closely tied to what future mortgage rates are going to be. It's not about what the Fed does, and this is not as esoteric as some people think. This correlation between inflation, bond yields, and mortgage rates. Bonds pay a fixed interest rate long term.   Keith Weinhold  28:01   For example, the 10-year Treasury bond right now pays about 4.7% each year for the next 10 years. That's what that means. Now, would you lock in your investment for 10 years in order to get a 4.7% return? Well, if you were a conservative investor, maybe you would if you knew that inflation was only going to be 2% because then you'd be making about a 2.7% real return on your investment each year risk free. But if you expect inflation was going to be 5% over the next 10 years, oh well, then locking in a return of 4.7% means that you would lose real purchasing power every year. Investors don't want to lose money, so if investors expect that inflation is going to be higher, they will only buy bonds if they're paying higher amounts. And the bond market is telling us that as of today, investors expect at least 4.7% inflation over the next 10 years. If things change and they expect inflation to be higher than that, well, then bond yields will go up. If they expect inflation to decrease, for example, from a recession, bond yields will go down. So therefore, Treasury bonds are a true representation of investor inflation expectations and the movement of that bond yield-that is the number one factor that moves mortgage rates in that same direction. There's your explanation. That wasn't so hard. The market does not believe we're going to escape the Middle East war without substantial inflation or energy supply chain issues. That's what that means. Now, what else is going on in this era is the continuation of a reduction in the volume. Of housing transactions, fewer deals are happening. It had its recent peak of 6 million existing homes changing hands back in 2021. In 2022, it was 5 million, and it's been about 4 million transactions every year since. Now, as far as investor activity, just looking at that, for big investors, activity that's been sideways to a little down these past few years. But let's look at ourselves for smaller investors, mom and pop types, defined as those doing 10 or fewer deals per year, which probably includes you. You know, each of the past three years, activity has been up for smaller investors like you. You have gradually been purchasing more property, and this is as reported by realtor.com. Okay, what are the reasons for this?   Keith Weinhold  30:55   Well, back during the pandemic, you had to compete with owner-occupied buyers, that's when open house lines stretch down the block, and today there are fewer bidders in the room, and small investors are buying because builders are buying down your mortgage rate for you. That's another reason, and the source analysis it found that investors are sticking to affordable Midwest and Sun Belt markets that have strong rental demand. In fact, they're buying at least one out of every five homes in Memphis, Kansas City, St. Louis, Birmingham, and Oklahoma City. Real estate providers know that some prospective owner-occupant homeowners and even some investors-they won't buy anything at today's market mortgage rates, even though you and I know that these rates are historically normal. But providers-they need to stay in business. They need to keep turning things over. They need to sell property. They need to keep their people busy. They're not running museums here, so they're making sure that mortgage rate buydowns happen. And one of the most lucrative sources that I know about for investors is Mid South Homebuyers because they have investment property where the numbers work in Tennessee, Arkansas, and Texas with mortgage rates in the fives and a conventional loan with 25% down. A lot of their income properties cost under 200k, and these are quality homes in decent neighborhoods. I've physically walked inside many of them myself, not by drone, not with a virtual tour, not by AI, and not through some glossy brochure with suspiciously perfect lighting. The reason I'm telling you about this now is that this mortgage rate is one part of their limited triple five program. Here's what else we get as investors: a mortgage rate near 5% like I mentioned, and a 5% property management fee for five years. Though leverage has its benefits, if you decide to pay all cash instead, they provide you with the 5% property management for life, even if you finance later. I think they call that their forever five. Frankly, it's just amazing how many investors rave about the quality of their rehabs and say that their property management never seems to mess up in this industry. I mean, that is about as common as a calm political debate, or perhaps an airline actually improving legroom, and I have helped recommend Mid Health Homebuyers to our listeners for over 11 years. I know some followers that have looked at their available properties and scooped up three properties on one phone call. In fact, where they're based and have a lot of their available properties, Memphis. You know, Memphis has a story where I don't know if any other market in America can tell it right now. Do you know what's happening? Memphis is developing into having both the new brains and the brawn behind AI, and you got more smart money moving there now. Memphis is now home to the world's largest AI supercomputer. It's XAI's Colossus. It's now part of SpaceX. It's the biggest single-site AI facility on the entire planet. Anthropic is paying over a billion dollars a month to run Claude on it. Google just signed a deal worth up to 30 billion starting october 1, and I look forward to announcing that I have got a live event that I am co-hosting for you the day before this happens on september 30.   Keith Weinhold  34:56   So yes, that's the night before Google's money starts flowing. Into Memphis in one year, XAI became the second largest taxpayer in Memphis after FedEx, and the city has committed 25% of the property tax revenue from those sites to infrastructure in the surrounding neighborhoods. And when you add in FedEx, because Memphis already moves more physical goods than anywhere else in the country, you can see how Memphis is increasingly becoming the brains of the digital economy, while it's already been the brawn of the physical one. In every other market, you know they showcase things like their population growth and the rent-to-price ratios, and those attributes certainly matter, but now the fact that perhaps the biggest infrastructure story in America is happening in the most affordable major cash flow market—I mean, this is something that almost nobody has connected the dots on. So join me and my two co-hosts that lead Mid South Home Buyers.   Keith Weinhold  36:01   We're going to discuss market fundamentals, the AI build out, what it means for jobs, rent in neighborhoods over the next decade, and then a heavy live Q and A on Mid South. You're invited to join me. This is happening again on Wednesday, September 30th. It's at 8p.m. Eastern. Yes, you will have me live. Sign up at getricheducation.com/midsouth. It's a special event as Memphis is positioning to become both the brawn and brains of AI and a property provider that already makes a lot of sense for investors. Save your spot at getricheducation.com/midsouth. Until next week, I'm your host Keith Weinhold. Don't quit your daydream.   Speaker 2  36:54   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  37:22   The pre- program was brought to you by your home for wealth building, getricheducation.com

Gianluca Benigno is a professor of economics at the University of Lausanne. Previously, he was a senior economist at the Federal Reserve Bank of New York and an economist at the Bank of England. Gianluca returns to the program to discuss financial r-star, the changing landscape of central bank balance sheets, the unique challenges facing the Swiss National Bank, how stablecoins could affect Treasury markets and the demand for reserves, the return of nonlinear inflation, its implications for monetary policy, and much more. Watch the full length video on our new YouTube Channel! Check out the transcript for this week's episode, now with links. Recorded on June 22nd, 2026 Subscribe to David's Substack: Macroeconomic Policy Nexus Follow David Beckworth on X: @DavidBeckworth Follow Gianluca Benigno on X: @BenignoGianluca Follow the show on X: @Macro_Musings Check out our Macro Musings merch! Timestamps 00:00:00 - Intro 00:01:41 - R-Double-Star 00:04:10 - Central Bank Balance Sheets 00:09:22 - Swiss National Bank 00:32:05 - Working Paper on the Regulation of Stablecoins 00:45:41 - Inflation 00:53:19 - Outro

Andrew, Ben, and Tom discuss Berkshire Hathaway finally deploying its cash pile with the $6.8 billion purchase of Taylor Morrison Homes, a $10 billion new stake in Google now among its top five holdings, and $4.5 billion in buybacks, prompting the question of whether Buffett's years of caution are giving way to optimism, operating earnings up 24% and utilities profit up 27% even as BNSF and Geico continue to lag, TSMC's strong July sales supporting Q3 guidance for 46-48% revenue growth, a rough stretch for agriculture with Taylor Farms recalling jalapeño products in a salmonella outbreak following an earlier Cyclospora scare, and Treasury Wine Estates taking a $500 million charge and retreating from its US "masstige" strategy as global wine consumption hits its lowest level since the 1960sJoin our live YouTube stream Monday through Friday at 8:30 AM EST:http://www.youtube.com/@TheMorningMarketBriefingPlease see disclosures:https://www.narwhal.com/disclosure

Bull markets don't last forever. The problem is... nobody rings a bell at the top. With the major indexes pushing near record territory, optimism remains high and investors continue pouring money into stocks. But a great viewer question got me thinking: What could actually cause this bull market to end? There isn't one simple answer. In today's episode, we'll break down the biggest threats facing the market and identify the warning signs traders and investors should be watching before sentiment changes. We'll discuss: Inflation – Could another acceleration in prices force the Federal Reserve to become more aggressive? Interest rates – At what point do higher rates become too much for stocks to handle? Bond yields – Could rising Treasury yields finally pull money away from equities? Unemployment – How much deterioration in the labor market would signal genuine economic trouble? Corporate earnings – Ultimately, stock prices need profits. What happens if earnings growth begins to stall? Valuations – How expensive is too expensive, especially in AI and technology? Geopolitics – Could an unexpected global event become the catalyst that finally changes investor sentiment? Market psychology – When everyone becomes bullish, complacency itself can become a risk. The key is understanding that none of these indicators exists in isolation. Inflation impacts interest rates. Interest rates impact bond yields. Higher borrowing costs impact businesses and consumers. Economic weakness impacts employment. And eventually, all of it flows through to corporate earnings. That's why calling the end of a bull market based on one indicator can be a huge mistake. Bull markets rarely die because of one headline. They end when the underlying conditions supporting higher prices begin to change. So what are those conditions telling us right now? That's what we'll break down on today's show. Listen now:

S&P 500 futures are flat. Treasury and JGB yields up one to two basis points along the curve. Crude is strengthening amid latest setback in Strait of Hormuz-reopening talks. Gold is steady while silver edging higher. Dollar is firming against majors, strongest against yen and Korean won. Bitcoin little changed. Efforts to reopen the Strait of Hormuz remain stalled following a series of hard-line demands from Iran. Although Foreign Minister Araghchi claims a deal with Oman is nearing completion, he stressed that reopening the strait depends on the U.S. paying billions in compensation, withdrawing regional forces, unfreezing assets, and lifting sanctions. The U.S. has dismissed these conditions as unacceptable, with President Trump indicating he is willing to continue the economic pressure campaign as long as gas prices remain stable.Companies mentioned: Ashland, Trump Media & Technology Group, Paramount Skydance

Roger and Annie take a midyear look at how the IRS is holding up: call center struggles, a wave of CP2000, CP05, and CP14 notices, and the sudden departure of top Treasury tax official Ken Kies. They break down the new automatic penalty abatement replacing the old first-time abatement process, updates to Trump accounts, and a long list of OBBBA provisions kicking in for 2026, from the educator expense deduction to a higher 1099-K threshold. They close with practical tips for managing the fall extension crunch and a prediction on whether the TAS Act clears its Senate Finance Committee markup.SponsorsPadgett -  Contact Padgett or Email Jeff PhillipsGet NASBA Approved CPE or IRS Approved CELaunch the course on EarmarkCPE to get free CPE/CE for listening to this episode.Links mentioned in this episodeChapters(00:00) - Welcome and Catch Up (00:31) - Summer Tax Conference Circuit (04:06) - Why IRS Phones Struggle (06:22) - Digital Self Service Push (08:44) - Staffing Tech and Leadership Shift (12:34) - Tips and Overtime Reporting 2026 (14:39) - Refund Notices and Paper Checks (16:53) - Most Common IRS Notices (21:05) - Trump Accounts Guidance Update (24:03) - Kwong Case Status and Deadlines (27:00) - Fall Extension Survival (28:43) - Client Info Deadlines (31:13) - Systems and Automation (33:07) - Midyear Client Touchpoints (34:00) - Advisory in AI Era (35:21) - Automatic Penalty Relief (38:00) - AEP Tradeoffs Explained (42:36) - Key Changes for 2026 (45:59) - Business and Reporting Updates (48:50) - TAS Act Outlook (53:43) - Conference Plans and Farewell Follow the Federal Tax Updates Podcast on Social Mediatwitter.com/FedTaxPodfacebook.com/FedTaxPodlinkedin.com/showcase/fedtaxpodConnect with the Hosts on LinkedInRoger HarrisAnnie SchwabReviewLeave a review on Apple Podcasts or PodchaserSubscribeSubscribe to the Federal Tax Updates podcast in your favorite podcast app!This podcast is a production of Earmark MediaThe full transcript for this episode is available by clicking on the Transcript tab at the top of this pageAll content from this podcast by SmallBizPros, Inc. DBA PADGETT BUSINESS SERVICES is intended for informational purposes only.

Second-quarter mortgage earnings highlighted a widening divide between lenders adapting to a prolonged purchase-driven, higher-rate market, and those struggling with weaker volumes and profitability, reinforcing that the winners will ultimately be the companies that preserve the greatest strategic optionality rather than simply betting on the next rate cycle. Robbie interviews California MBA's Paul Gigliotti on the Western Secondary Conference, and cohesive advocacy efforts. And the podcast closes with why mortgage markets benefited from lowering Treasury yields last week, with Agency MBS posting broad-based gains and spreads continuing to improve, although primary mortgage rates remain near one-year highs, keeping borrowers largely on the sidelines.Thank you to Optimal Blue. Optimal Blue's Profitability Center unifies pricing, hedge performance, pipeline activity, profitability, and market intelligence into one personalized dashboard, giving mortgage lenders faster, more complete insights to make better capital markets decisions.Welcome to The Chrisman Commentary, your go-to daily mortgage news podcast, where industry insights meet expert analysis. Hosted by Robbie Chrisman, this podcast delivers the latest updates on mortgage rates, capital markets, and the forces shaping the housing finance landscape. Whether you're a seasoned professional or just looking to stay informed, you'll get clear, concise breakdowns of market trends and economic shifts that impact the mortgage world.

KATA PEMRED #63PinterPolitik.comPada akhir Juli, yen jatuh ke titik terlemah dalam empat dekade. Lalu, dalam satu malam, ia berbalik hampir enam angka. Yang membalikkannya bukan Bank of Japan sendirian.Pada 30 dan 31 Juli, Kementerian Keuangan Jepang dan Departemen Keuangan Amerika Serikat membeli yen bersama-sama. Federal Reserve Bank of New York, bertindak untuk Treasury, menjual euro untuk membeli yen. Jepang diperkirakan membelanjakan hingga 36,58 miliar dolar. Ini operasi gabungan pertama kedua negara membeli yen sejak 1998. Menteri Keuangan Amerika Serikat kemudian menyatakan pihaknya tidak akan ragu ikut serta dalam intervensi bersama berikutnya.

Where you invest your money is only part of the equation. Which accounts hold those investments, how they're taxed, and where you eventually take income from can have just as much impact on your financial plan. Brian Wiley and Jeremiah Bates begin with a listener looking for conservative retirement income, breaking down Treasury bills, notes and bonds, buying at auction versus the secondary market, bond ladders, CDs, annuities, interest-rate risk, and why avoiding state income tax shouldn't be the only consideration when choosing an investment. The conversation then turns to asset location and retirement income—how taxable accounts, traditional IRAs, 401(k)s and Roth IRAs should work together, and how taxes can influence which accounts you spend from in retirement. The hosts also discuss staying disciplined through market volatility, investing for younger generations, and compare Trump Accounts with 529 plans and custodial accounts. The show closes with listener questions on Backdoor Roth IRAs, the pro-rata rule, consolidating old retirement accounts, and how to fund large retirement expenses without creating unnecessary taxes.   Listen, Watch, Subscribe, Ask! https://www.therealmoneypros.com ————————————————————— Ataraxis PEO https://ataraxispeo.com Tree City Advisors of Apollon: https://www.treecityadvisors.com Apollon Wealth Management: https://apollonwealthmanagement.com/ —————————————————————

In this live episode of The Canadian Macro Investor Podcast, Simon and Dan break down the recent intervention in the Japanese yen and why it matters for global bond markets, U.S. Treasury yields, mortgage rates and the yen carry trade. They discuss why Japan and the U.S. may have stepped in, how the intervention worked, and why the yen remains under pressure despite the move. They also look at Canada’s latest GDP data, why the numbers have been so volatile, and whether Canada is heading for a shallow grind or avoiding a deeper downturn through fiscal spending and major resource projects. From there, they discuss the growing AI capex boom, the massive spending commitments from big tech, and what it could mean for energy, infrastructure and bond markets. They also touch on oil prices, Canadian energy stocks, gold’s recent move higher, and why changes to Canada’s population data could alter key economic metrics like GDP per capita and unemployment. Watch the full video on Our New Youtube Channel! Check out our portfolio by going to Jointci.com Our Website Canadian Investor Podcast Network Twitter: @cdn_investing Simon’s twitter: @Fiat_Iceberg Braden’s twitter: @BradoCapital Dan’s Twitter: @stocktrades_ca Want to learn more about Real Estate Investing? Check out the Canadian Real Estate Investor Podcast! Apple Podcast - The Canadian Real Estate Investor Spotify - The Canadian Real Estate Investor Web player - The Canadian Real Estate Investor Asset Allocation ETFs | BMO Global Asset Management Sign up for Fiscal.ai for free to get easy access to global stock coverage and powerful AI investing tools. Register for EQ Bank, the seamless digital banking experience with better rates and no nonsense.See omnystudio.com/listener for privacy information.

In this episode of The Wrap with Chris Whalen, Chris breaks down the week across mortgages, rates, and precious metals. He opens with United Wholesale Mortgage, explaining why he believes Matt Ishbia should resign after the company hedged the balance sheet of an acquisition target it didn't own and never won — a misstep that produced a six hundred million dollar loss and forced a rescue from Oak Tree on onerous terms that leave common shareholders at the back of the line. Chris contrasts that with Rocket's standout quarter and lays out his broader housing view: investment banks hold this market together until the IPO fees are booked, then step back, setting up a potential correction next year and a general decline in home prices of ten to twenty percent by 2028. From there the conversation turns to the return of financial repression — short-end yields pushed down while the long end reacts to deficits and inflation — and why, with debt approaching forty trillion, he considers Fed independence a fiction and the Treasury the dog to the Fed's tail. Chris also unpacks the Bank of Japan's thirty-day repo with the Fed, why it lit a fire under gold and silver, and David Kotok's idea of using euro-denominated US credit default swaps to benchmark gold. He closes on taxing wealth over income, the erosion of fiscal credibility, and his gold book research into thirteen hundred years of Byzantine monetary stability.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 — Intro1:08 — Why Matt Ishbia should resign from UWM2:30 — The Oak Tree rescue and what it means for shareholders3:31 — Mortgage earnings: PennyMac, loanDepot, Rocket4:23 — Is UWM going to be sold?5:43 — Health of the broader mortgage industry6:50 — Seven percent rates and where volume is coming from7:30 — What the Fed does next, and the long end8:20 — "Misery on the eights" — is the timeline accelerating?9:20 — Housing correction: 10–20% by 202810:40 — The return of financial repression12:00 — Why the Treasury benefits, and the shift to T-bills13:06 — "The Treasury is the dog, the Fed is the tail"13:40 — The dollar, foreign central banks, and gold reserves14:20 — The Bank of Japan repo transaction explained15:14 — What Warsh does if the FOMC wants a hike16:30 — Inflation, diesel exports, and the energy squeeze17:34 — David Kotok on benchmarking gold with credit default swaps18:40 — Why fiscal fear flows into gold19:30 — How far away is a US debt restructuring?21:04 — Taxing wealth instead of income22:42 — What cutting the deficit would actually do to rates25:15 — Back to the BOJ: why it forced gold and silver higher28:00 — What if Japan doesn't take the bonds back?28:48 — Foreign central banks are selling Treasuries29:47 — Does the US care about gold the way the rest of the world does?32:10 — Bessent and the K-shaped economy33:12 — Housekeeping: viewer question episode33:50 — Parting thoughts

(00:00) Sigla iniziale(00:45) Ombre rosse sul suolo yankee(19:51) Colorado, tassa e spendi in costituzione(33:35) Cerotti allo yen, stampelle ai Treasury(50:33) Burnham e il fisco di prossimità(01:04:02) Riforme coi fichi secchi, edizione fisco italiano(01:15:32) Contratti di coalizione e inchiostro simpaticoDiventa un supporter di questo podcast: https://www.spreaker.com/podcast/phastidio-podcast--4672101/support.Fatti e notizie che hanno attirato l'attenzione del vostro TitolareOra disponibile: "Paziente Zero: come la sindrome italiana ha contagiato l'Europa (e l'Occidente)"Volete donare a questo podcast? Ora potete!

In this episode of THE MENTORS RADIO, Host Dan Hesse talks with Bengt Holmström, the Emeritus Paul A. Samuelson Professor of Economics at MIT, to celebrate the 10-year anniversary of receiving the 2016 Nobel Prize in Economics for his contributions to contract theory. His research has advanced the understanding of incentives, organizations, corporate governance, and financial liquidity. Bengt is a member of the U.S. National Academy of Sciences, a Fellow of the American Academy of Arts and Sciences and the Econometric Society, and a foreign member of the Royal Swedish Academy of Sciences and the Finnish Academy of Science and Letters. He received his Ph.D. from Stanford and before MIT, he held faculty appointments at Yale and Northwestern. Dr. Holmstrom explains why factors that are hard to measure usually drive better behavior in incentive plans than those that are easy to measure.  He mentors his students that asking the right questions is far more important than answering questions. A self-described “AI optimist,” he considers the AI companion he has created, Charlie, clever and life-enriching.  LISTEN TO this radio broadcast live on iHeart Radio, or go to “THE MENTORS RADIO” podcast any time, anywhere, on any podcast platform – subscribe here and don't miss an episode! SHOW NOTES: BENGT HOLMSTRÖM: BIO: BIO: Bengt Holmström https://en.wikipedia.org/wiki/Bengt_Holmstr%C3%B6m BOOKS: Inside and Outside Liquidity, by Bengt Holmström and Jean Tirole — Two leading economists develop a theory explaining the demand for and supply of liquid assets. Why do financial institutions, industrial companies, and households hold low-yielding money balances, Treasury bills, and other liquid assets? When and to what extent can… WEBSITE: The Nobel Prize: Bengt Holmström MIT Economics: Bengt Holmström (includes access to presentations, etc)

#739: The U.S. just lost 23,000 jobs — and unemployment fell anyway. The numbers were strange enough that Paula broke a years-long, all-stocks habit and bought her first bond, ever. In this month's First Friday economic roundup, Paula breaks down the jobs report, the bond market, mortgage rates, gold, and a new kind of account for kids. Topics include: How to make sense of a jobs report that seems to contradict itself What actually happens when you buy a 30-year Treasury bond Why bond yields hitting a two-decade high matters for your money Why mortgage rates are climbing again, and what that means for housing Why home prices are surging in some states while crashing in others Why gold is quietly staging a comeback What the new government-seeded kids' accounts actually do Whether you're deciding where your next dollar should go, watching mortgage rates before a purchase, or wondering if your kid needs a new account this year, this episode gives you the full economic picture in one sitting. ⏱️ TIMESTAMPS Note: Timestamps may vary slightly depending on dynamic ad placements. (00:00) Why the jobs report shocked economists this month (03:24) How jobs can drop while unemployment drops too (08:03) Why Paula just bought her first bond ever (09:35) A crash course on why bond yields are spiking (25:34) Why unemployment claims just hit a 55-year low (27:57) Why young job seekers have it harder than everyone else (35:23) Why mortgage rates just hit a one-year high (51:28) Why gold is rebounding, and who's buying it (57:47) What the new 530A investment accounts mean for your kids

S&P 500 closes at record and Nasdaq jumps as investors lower their expectations for an interest-rate hike by the Federal Reserve. Plus: Atlassian shares soar 35%. Alexis Moore hosts. Sign up for WSJ's free What's News newsletter. An artificial-intelligence tool assisted in the making of this episode by creating summaries that were based on Wall Street Journal reporting and reviewed and adapted by an editor. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

If you enjoy this episode, we're sure you will enjoy more content like this on The Occult Rejects.  In fact, we have curated playlists on occult topics like grimoires, esoteric concepts and phenomena, occult history, analyzing true crime and cults with an occult lens, Para politics, and occultism in music. Whether you enjoy consuming your content visually or via audio, we've got you covered - and it will always be provided free of charge.  So, if you enjoy what we do and want to support our work of providing accessible, free content on various platforms, please consider making a donation to the links provided below.  Thank you and enjoy the episode!Links For The Occult Rejectshttps://linktr.ee/theoccultrejectsOccult Research Institutehttps://www.occultresearchinstitute.org/Substackhttps://substack.com/@theoccultrejects?r=7auau0&utm_campaign=profile&utm_medium=profile-pageCash Apphttps://cash.app/$theoccultrejectsVenmo@TheOccultRejectsBuy Me A Coffeebuymeacoffee.com/TheOccultRejectsPatreonhttps://www.patreon.com/TheOccultRejectsPrimary SourcesPrimary SourcesAeschylus. Eumenides.Cicero. On Divination.Herodotus. The Histories.Homeric Hymn to Apollo.Pausanias. Description of Greece. Book 10.Pindar. Pythian Odes.Plutarch. Life of Lycurgus.Plutarch. “On the E at Delphi.” In Moralia.Plutarch. “The Obsolescence of Oracles.” In Moralia.Plutarch. “The Oracles at Delphi No Longer Given in Verse.” In Moralia.Strabo. Geography.Official and Reference SourcesArchaeological Site of Delphi, Hellenic Ministry of Culture. “Excavations.”Archaeological Site of Delphi, Hellenic Ministry of Culture. “History of Delphi.”Archaeological Site of Delphi, Hellenic Ministry of Culture. “Mythological Versions of the Foundation of the Oracle.”Archaeological Site of Delphi, Hellenic Ministry of Culture. “The Sphinx of the Naxians.”Archaeological Site of Delphi, Hellenic Ministry of Culture. “The Temple of Apollo.”Archaeological Site of Delphi, Hellenic Ministry of Culture. “The Treasury of the Siphnians.”Encyclopaedia Britannica. “Delphi.”Encyclopaedia Britannica. “Delphic Oracle.”Encyclopaedia Britannica. “Hieromnemon.”Encyclopaedia Britannica. “Python.”Encyclopaedia Britannica. “Pythian Games.”UNESCO World Heritage Centre. “Archaeological Site of Delphi.”Modern ScholarshipChappell, Mike. “Delphi and the Homeric Hymn to Apollo.” The Classical Quarterly 56, no. 2 (2006).de Boer, Jelle Z., John R. Hale, and Henry A. Spiller. “The Delphic Oracle: A Multidisciplinary Defense of the Gaseous Vent Theory.” Clinical Toxicology 40, no. 2 (2002).Etiope, Giuseppe, et al. “The Geological Links of the Ancient Delphic Oracle.”Fontenrose, Joseph. The Delphic Oracle: Its Responses and Operations, with a Catalogue of Responses. Berkeley: University of California Press, 1978.Forrest, W. G. “The First Sacred War.” Bulletin de Correspondance Hellénique 80 (1956).Fragkaki, Maria. “The Great Rhetra.” Rosetta 17 (2015).McInerney, Jeremy. “Parnassus, Delphi, and the Thyiades.” Greek, Roman, and Byzantine Studies 38, no. 3 (1997).Piccardi, Luigi. “Active Faulting at Delphi, Greece: Seismotectonic Remarks and a Hypothesis for the Geological Environment of a Myth.” Geology 28, no. 7 (2000).Scott, Michael. Delphi: A History of the Center of the Ancient World. Princeton: Princeton University Press, 2014.Strolonga, Polyxeni. “The Foundation of the Oracle at Delphi in the Homeric Hymn to Apollo.” Greek, Roman, and Byzantine Studies 51 (2011).Music, Inscriptions, and ArchaeologyArchaeological Museum of Delphi. Museum collections and interpretive materials.The Delphic Hymns to Apollo.École française d'Athènes. Fouilles de Delphes.Also want to remind people about the website, if you're into reading we have tons of information by multiple contributors, and we got t-shirts up on the site if you're interested. Fun fact, the art is all based on the eyeball. 

In this episode of the Financial Survival Network, host Kerry Lutz sits down with Matthew Tuttle of Tuttle Capital Management to break down today's murky macroeconomic landscape. Together, they tackle the growing disconnect between the bond and stock markets, dissecting why long-term bond yields are spiking despite the Fed holding interest rates steady. Matthew explains the return of the "bond vigilantes," the inflation risks driven by rising oil prices and AI demands, and why traditional bonds remain virtually uninvestable. They also analyze the sudden pullbacks in hyped AI bottleneck stocks, using recent high-leverage hedge fund blowups as a cautionary tale for over-leveraged investors. To navigate this volatility, Matthew outlines a smart portfolio strategy centered around a "barbell" approach—balancing select tech exposure with "HALO" (Heavy Asset, Low Obsolescence) value stocks and time-tested "Lindy" companies. The conversation also explores the mechanics behind ETF creation, the pitfalls of portfolio overlap, and why hedging is critical in today's market rather than relying on bonds. Looking ahead to the rest of the year, Matthew shares his overall market thesis, the critical 10-year Treasury yield threshold every investor needs to watch, and where to find Tuttle Capital's daily insights. Find Matthew here: https://www.tuttlecap.com/ Find Kerry here:  https://khlfsn.substack.com and here: https://inflation.cafe    All Kerry's books are available here:  Amazon Bookstore  

Andrew, Ben, and Tom discuss Atlassian soaring 30% after declaring "AI is the best thing that's ever happened" to the company with credit consumption doubling quarter-over-quarter, the ECB reportedly blindsided after Treasury sold euros rather than dollars in last week's yen intervention with senior officials calling it an unprecedented breach of monetary cooperation conventions, Microchip Technology rising 9% on accelerating data center demand and a long multi-year upcycle across aerospace, defense, industrial, and automotive, Natera jumping 15% on accelerated MRD testing, Elon Musk's new $16.8 billion Terafab chip facility in Texas backed by SpaceX and Tesla, SK Hynix's $38 billion capacity expansion to ease the memory shortage, reports that Nvidia is testing lower-memory versions of its next-gen Rubin Ultra GPU, upcoming changes to the PCE calculation expected to lower reported inflation by up to 30bps, today's jobs report, and new US intelligence suggesting Putin could test NATO's resolve with a limited incursion.Join our live YouTube stream Monday through Friday at 8:30 AM EST:http://www.youtube.com/@TheMorningMarketBriefingPlease see disclosures:https://www.narwhal.com/disclosure

In this week's long-form episode of Mining Stock Daily, Trevor Hall welcomes back two of our favorite market commentators for an in-depth look at the macro and technical forces driving markets.In the first segment, Peter Boockvar breaks down the unprecedented U.S. Treasury and Federal Reserve support for Japan's yen intervention, why it matters for Treasury markets, the implications for gold, and whether global central banks are quietly reshaping the monetary landscape. Peter also discusses manufacturing trends, inflation pressures, AI-driven investment, and what he's hearing from corporate earnings calls.In the second half, Frank Cappelleri of CappThesis walks through the charts that matter most. From the S&P 500's breakout and semiconductor leadership to gold, silver, mining stocks, and the U.S. dollar, Frank explains what the technicals are saying—and what investors should be watching next. If you're listening on audio, be sure to check out the YouTube version to follow along with every chart discussed.______Terrahutton empowers junior mining companies to secure investment with immersive, interactive, and visually striking storytelling. Learn more about the Terrahutton platform ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠HERE⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠______This episode of Mining Stock Daily is brought to you by... ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Revival Gold ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Vizsla Silver⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Equinox Gold⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Integra Resources ⁠⁠⁠⁠⁠⁠⁠⁠⁠

Value investing spent fifteen years out of fashion. This year, it's beating the index almost everywhere you look — energy up roughly 20%, industrials 17%, healthcare 15%, utilities 14%, financials 12% — while the S&P 500 sits near 8–9%. This week we dig into the return of value investing and what the greatest investors of all time can teach us right now. On this week's Money On Tap, we go deep on the tradition that runs from Benjamin Graham through Warren Buffett and Charlie Munger: buying good businesses at sensible prices, collecting the dividends they pay you, and letting compounding do the heavy lifting. We explain why value went dark from roughly 2009 to 2025 — cheap money was rocket fuel for growth stocks — and why higher interest rates have flipped the script: growth borrows, value pays you. We connect the rotation to worn-out tech traders taking gains, the 401(k) flywheel, and the demographic engine underneath it all — roughly 10,000 baby boomers reaching retirement age every day, all needing present-day income. Plus Pepsi's 53-year dividend streak and a candid conversation about when mutual funds and ETFs stop making sense and direct stock ownership starts. What you'll learn:The sector scoreboard: energy ~20%, industrials ~17%, healthcare ~15%, utilities ~14%, financials ~12%, staples ~9% — vs. the S&P 500 near 8–9%Graham vs. Buffett: buy cheap and sell at fair value, or buy outstanding businesses and hold for decadesMunger's rule: "The big money is not in the buying or the selling, but in the waiting"Why low interest rates buried value for fifteen years — and why higher rates brought it backMargin of safety: the idea that protects you when you're wrongWhy money is rotating into companies that pay you to own them — dividends over promisesThe demographic engine: 10,000 boomers a day retiring and the demand for present-day incomeThe compounding story: Buffett's American Express dividends now exceed his entire original investment — every yearWhen funds stop making sense: the case for direct stock ownership at higher net worthPlus Money In The News:SpaceX says it's coming for AT&T, Verizon, and T-Mobile customers — but does satellite cell service actually work?The Treasury has refunded $100 billion in invalidated tariff revenue to companies — and none of it is coming back to youA tale of two housing markets: luxury demand surges while starter-home buyers finally see inventoryWant a white paper on this week's topic? Email us at info@yourmoneyontap.com and we'll send it over. Read our most recent Blog Post on this topic here: https://www.fmgwebsites.com/d772de05-9833-44e4-9676-f510f85cef74/blog/the-return-of-value-investing-why-boring-profitable-companies-are-winninSchedule a free consultation: https://app.greminders.com/t/9f3ce72e/initialconsultaBrowse the full Money On Tap library: https://www.brayshawfinancial.com/money-on-tap Contact UsPhone: 855-226-8551Email: info@yourmoneyontap.comOffice: 116 South River Road, Bedford, NH 03110Web: brayshawfinancial.comSecurities and advisory services offered through Osaic Wealth, Inc., member FINRA/SIPC. All other services offered through Brayshaw Financial Group, LLC are independent of Osaic Wealth, Inc. Osaic Wealth, Inc. and Brayshaw Financial Group do not provide tax or legal advice. Index and sector figures cited are approximate year-to-date values as of the air date, drawn from sources believed reliable, and subject to change. Dividend payments are not guaranteed and may be reduced or eliminated at any time. Past performance is not a guarantee of future results.What is value investing and why is it working again in 2026?Value investing means buying strong, profitable, often dividend-paying companies at sensible prices and holding them patiently — the approach built by Benjamin Graham and made famous by Warren Buffett and Charlie Munger. It struggled while near-zero interest rates favored growth stocks, but higher rates flipped the equation: in 2026, value sectors like energy (~20%), industrials (~17%), and healthcare (~15%) are outpacing the S&P 500's roughly 8–9%. The appeal is simple — instead of borrowing to chase growth, these companies pay shareholders real income today, and reinvested dividends compound over decades.

Interview recorded - 4th of August, 2026On this episode of the WTFinance podcast I had the pleasure of welcoming back Andy Schectman. Andy is the CO of Miles Franklin Precious Metals. During our conversation we spoke about the current situation in the economy, the structural issues that are facing the monetary system, what this means for gold and precious metals, creation of multipolar systems and more. I hope you enjoy!0:00 - Introduction2:17 - Overview of markets10:15 - FED & Treasury fix problem?17:29 - Inflate debt away20:45 - Solution to productivity issues35:51 - China rebasing vs gold41:19 - Multipolarity46:54 - One message to takeaway?Prior to starting Miles Franklin, Ltd. in 1989, Andrew became a Licensed Financial Planner, specializing in Swiss Franc Investments and alternative investments. At Miles Franklin Ltd., a company that has eclipsed $5 billion in sales, Andrew has developed an operation that maintains trust, collaboration, and ethical behavior, superior customer service and satisfaction to better serve their clients. He is responsible for overseeing the firm's operations and business functions; including strategy and planning, account management, finance, and new business.Andy Schectman Website - https://www.milesfranklin.com/Twitter - https://twitter.com/milesfranklincoLinkedIn - https://www.linkedin.com/in/andy-schectman-0895854/WTFinance - Instagram - https://www.instagram.com/wtfinancee/Spotify - https://open.spotify.com/show/67rpmjG92PNBW0doLyPvfniTunes - https://podcasts.apple.com/us/podcast/wtfinance/id1554934665?uo=4Twitter - https://twitter.com/AnthonyFatseas

Rates on the rise as investors question Warsh's interest rate strategy. The traders break down what to expect from the next Fed meeting and what rising rates means for the economy. Then, oil prices dipping this week as investors anticipate a potential Strait of Hormuz deal. RBC Capital Markets Managing Director Helima Croft lays out the likelihood of an official peace deal and what the Trump administration could do next. Plus, Soundhound AI CEO Keyvan Mohajer on the future of the AI trade, SpaceX's insider shares unlock, and after hours earnings from Airbnb and Lyft. Fast Money Disclaimer Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

August 4, 2026In a court filing on Friday, Capital One Bank stated that it had closed more than 380 of Trump and the Trump Organization's bank accounts for anti-money laundering reasons, Trump and the Trump Organization had sued Capital One in federal court in Florida, Trump has rabidly attacked FBI and Justice Department officials who have extensive experience in investigating money laundering and organized crime, Sen Ron Wyden released a report saying that Wall Street banks held off on filing required suspicious activity reports on transactions associated with Jeffrey Epstein, The report describes how top banks enabled Epstein's sex- trafficking operation by ignoring suspicious financial transactions, The report also points out that Republicans have blocked Wyden's measure requiring Treasury to produce copies of all suspicious activity reports related to Epstein, The report asks for an investigation into the behavior of individual bankers as well as the banks, In the 1930s federal securities laws and banking regulations were passed to clean up Wall Street and create a level playing field, We are watching the dismantling of these protections and a skewing of the system toward the very wealthy.Watch today's recording here: https://www.youtube.com/live/g9TUa1Rwd6U?si=T8_KKcHQZElhpnZ-Get full, free access to Letters from an American here: https://heathercoxrichardson.substack.com/subscribeYou can also find me:Bluesky: https://bsky.app/profile/hcrichardson.bsky.socialInstagram: https://www.instagram.com/heathercoxrichardson/?hl=enFacebook: https://www.facebook.com/heathercoxrichardson/YouTube: https://www.youtube.com/@heathercoxrichardson Get full access to Letters from an American at heathercoxrichardson.substack.com/subscribe

There are some earnings surprises as we focus on a pivotal week for the markets, highlighted by major earnings reports, the Federal Reserve's latest meeting, and growing signs of market divergence beneath the surface. Microsoft and Amazon delivered strong results driven by cloud and AI-related growth, while Apple and Meta faced significant selloffs. We also examine how the Nasdaq has broken below an important trading range, making the coming weeks critical for determining whether technology stocks can resume leadership or face a deeper correction. We talk the rising long-term interest rates, signs of stagflation, weakening economic growth, elevated inflation, shrinking consumer savings, and growing concerns about market concentration as a handful of mega-cap stocks continue to mask weakness across the broader market. Investors should focus on strong fundamentals and cash-generating businesses rather than chasing popular stocks with weak growth prospects. Today we discuss...  The market-moving impact of a busy week featuring Federal Reserve decisions, major earnings reports, and heightened market volatility. How Microsoft and Amazon posted strong earnings while Apple and Meta saw sharp post-earnings declines, highlighting increasing investor selectivity. Why AI enthusiasm alone is no longer enough and why companies are being rewarded based on execution and profitability. The collapse of a highly leveraged AI-focused hedge fund and what it reveals about leverage and institutional trading on Wall Street. How rising long-term Treasury yields and a more hawkish Federal Reserve are creating additional pressure on stocks and corporate borrowing. Growing signs of stagflation as economic growth slows while inflation remains stubbornly elevated. Weakening consumer finances, including falling savings rates and the impact of persistent inflation on household budgets. How a small number of mega-cap technology stocks continue to mask weakness across the broader stock market. Increasing risks in global markets, including currency volatility, Japan's interest rate outlook, and weakness in South Korea's market. The outlook for gold, Bitcoin, bonds, and other asset classes as investors navigate an increasingly uncertain environment. Why investors should remain patient, focus on strong cash-generating businesses, and avoid chasing expensive stocks without solid underlying growth.   Today's Panelists: Kirk Chisholm | Innovative Wealth Douglas Heagren | Mergent College Advisors Follow on Facebook: https://www.facebook.com/moneytreepodcast Follow LinkedIn: https://www.linkedin.com/showcase/money-tree-investing-podcast Follow on Twitter/X: https://x.com/MTIPodcast For more information, visit the full show notes at https://moneytreepodcast.com/earnings-surprises-839 

The Treasury has plans to kick start the economy with a £9bn borrowing bonanza – something Michael Simmons wrote about in The Spectator in June. Could this reveal something about Burnaham and Healey's plans for the upcoming budget? Also Ed 'Miliwatt' heads to Washington. How will he get on with his American counterparts? James Heale speaks to Michael Simmons and Isabel Hardman. Become a Spectator subscriber today to access this podcast without adverts. Go to spectator.co.uk/adfree to find out more.For more Spectator podcasts, go to spectator.co.uk/podcasts.Contact us: podcast@spectator.co.uk Hosted on Acast. See acast.com/privacy for more information.

– OOFAH – Microsoft, Apple and Amazon earnings and stock moves. – Hackathon disguised. – KOSPI wild ride wrecks portfolios. – Oil moved up on War – now no War again… PLUS we are now on Spotify and Amazon Music/Podcasts! Click HERE for Show Notes and Links DHUnplugged is now streaming live - with listener chat. Click on link on the right sidebar. Love the Show? Then how about a Donation? PayPal.Donation.Button({ env:'production', hosted_button_id:'JJJHP2GDEJC7J', image: { src:'https://www.paypalobjects.com/en_US/i/btn/btn_donateCC_LG.gif', alt:'Donate with PayPal button', title:'PayPal - The safer, easier way to pay online!', } }).render('#donate-button'); Follow John C. Dvorak on Twitter Follow Andrew Horowitz on Twitter Warm-Up - Some bad days and some good days - AH is walking - and driving - We have to talk about Free Cash Flow changes NO Agenda / DHUnplugged Meet-Up (Saturday - 8-8-2026 @ 3:33PM) - Location to be determined - SIGN UP HERE Meet-Up Invite Markets - OOFAH - Microsoft, Apple and Amazon earnings and stock moves. - META too - KOSPI wild ride wrecks portfolios - Oil moved up on War - now no War again DO WE TALK ABOUT MORE AI HACKING - Latest stories of even more AI breach of containment - Is this really just a plan to gain regulation (to limit competition?) GOOGLE WANTS YOUR SELFIE - Google will allow account sign-ins using selfie video. - The feature adds another way to verify identity. - It could reduce dependence on passwords and recovery codes. - The tradeoff is greater use of facial data. - Privacy, storage and security questions will follow. SPACEX SHORT SELLERS CASH IN - Short sellers reportedly earned $15.5 billion as SpaceX shares fell. - The move rewarded investors betting against the company's valuation. - It shows how quickly enthusiasm can reverse at extreme prices. - SpaceX still has strong growth stories in launches and satellites. - The debate is whether too much future success was already priced in. --- Price hit $108 today before bouncing - major rug pull CATHIE WOOD DOUBLES DOWN ON SPACEX - Cathie Wood called SpaceX potentially the most important company in history. -  Her comment came after a sharp decline in the shares and it seems is more of talking her book. - Her case rests on launch, satellite and communications growth. - The problem is that losses are expected for the foreseeable future. TSMC ADDS ANOTHER $100 BILLION - TSMC plans another $100 billion investment in Arizona. - Second-quarter profit surged 77%. - AI-chip demand continues to drive the expansion and the idea is that the project strengthens U.S. semiconductor production. - It also adds labor, construction and execution risk. - The spending shows the scale of the AI infrastructure race. --- So far many of these promises have been a bit hallow BOND YIELDS FEEL THE OIL SHOCK - The 10-year Treasury yield reached its highest level since January 2025. (4.7%) - Surging oil prices brought inflation fears back into the market. - Higher energy costs could delay Federal Reserve rate cuts. - Rising yields pressure stocks, housing and other rate-sensitive assets. - Oil is again influencing the entire interest-rate outlook. - 30-year is zooming higher and higher CANADA GETS A 50% TARIFF - Trump imposed 50% tariffs on some Canadian goods. - The administration cited discrimination against U.S. companies. - The move could raise costs for manufacturers using Canadian inputs. - Canada could respond with tariffs of its own. - The fight adds more uncertainty to North American trade. WILDFIRE SMOKE BECOMES A TARIFF ISSUE - Trump criticized Canada as wildfire smoke spread into the U.S. - He said pollution costs could be added to tariffs. - The idea links environmental damage directly to trade policy. - Canadian goods could face another unpredictable cost. - Companies may struggle to price a pollution-based tariff. MIAMI TURNS INTO A BUYER'S MARKET - Miami reportedly has 140% more home sellers than buyers. - Buyers now have more leverage on price, inspections and concessions. - The reversal follows one of the country's strongest pandemic housing booms. - High prices, insurance and carrying costs may be pushing demand lower. - Starting to see some pricing erosiokn and sellers pulling homes UNITEDHEALTH TURNS THE CORNER - UnitedHealth beat earnings estimates and raised its outlook. --- Co-Pick for JCD and AH - Cost controls helped drive the improvement. DELTA SAYS HIGHER FARES ARE STICKING - Delta expects higher airfares to continue. - Strong pricing could help it reach its 2026 profit goal. - Higher fares provide protection against fuel and labor costs. - Travelers may see fewer discounted tickets. - Capacity growth remains the key variable. --- Say it enough and its true? THE GREAT EGG RECALL - Nearly 1.6 million dozen eggs were recalled over possible salmonella. - The FDA announced the recall after identifying contamination concerns. --- Now what will be the political angle? - Supply disruption could also add pressure to egg prices. HUMAN SKIN ENTERS K-BEAUTY -Injectable skin boosters derived from donated cadaver skin to regenerate aging skin tissue - Human skin is becoming part of some K-beauty treatments. - Demand is tied to premium anti-aging products. - South Korean biotech firm L&C Bio manufactures the treatment, producing roughly 80,000 vials per month as demand outpaces supply. -- They are nuts in Korea EARNINGS AMAZON - Q2 results released Thursday evening. - AWS revenue was $42.2 billion, up 37% year over year. - The stock gained about 15% Friday. - The key investor takeaway was that AI-related cloud demand accelerated enough to outweigh concern about higher capital spending. - Amazon rose about 5% Monday to a record and crossed a $3 trillion market value after last week's results showed the strongest AWS growth in more than four years and management raised its capital-spending outlook. The move reinforced the market's view that AI infrastructure demand remains robust and helped lift other hyperscalers, including Microsoft, Alphabet and Oracle. Apple - Fiscal Q3 revenue was $109.4 billion and EPS was $2.02. - iPhone revenue reached $54.25 billion. S - September-quarter revenue growth guidance of 9%–11% disappointed. - Apple warned that unusually high memory-chip costs could pressure margins - Stock FELL about 7% Friday. Microsoft - Fiscal Q4 revenue was $90.0 billion and adjusted EPS was $4.74. - Azure growth was 43% - Microsoft Cloud revenue was $59.3 billion, - Fiscal Q1 revenue guidance was approximately $90.4 billion. - Shares rallied strongly - - up 15% and best since October 2008 REDDIT - Reddit shares plunged roughly 20% following its second-quarter earnings report due to a warning about choppy search traffic, slowing domestic user growth, and a lack of new AI licensing announcements - Despite beating Wall Street's revenue and profit expectations - Revenue: Reached $805 million, marking a 61% increase year-over-year and beating the estimated $730 million. - Earnings: Reported net income of $253 million, or $1.25 per share, easily topping the forecasted 95 cents per share. - Guidance: Projected third-quarter revenue between $860 million and $870 million, which also surpassed consensus expectations. Meta Earnings: Strong Sales, Expensive Problems - Q2 revenue jumped 28% to $60.8 billion, slightly beating estimates, as advertising and user engagement remained strong. - Earnings were only $6.18 per share versus roughly $7.19 expected, hurt by $2.4 billion in legal costs and $1.18 billion in severance charges. - Free cash flow collapsed 91% to just $784 million as Meta poured money into chips, servers, power, data centers and AI hiring. - Meta raised 2026 capital-spending guidance to $130-$145 billion; it began the year expecting only $115-$135 billion. - Reality Labs lost another $4.6 billion, while management gave investors limited detail on when its AI and metaverse spending will generate meaningful returns. - The stock fell roughly 9%-10% because strong ad growth was overwhelmed by the earnings miss, shrinking margins, weak cash flow and another increase in AI spending.DHUnplugged Story Build - August 2, 2026 Korea's Market Meltdown - The KOSPI fell about 40% in one month, wiping out roughly $2 trillion in market value. - Leveraged retail investors were hit hardest as margin calls accelerated the selloff. - Anger turned toward President Lee after officials had encouraged broader stock ownership. - Regulators are now restricting leveraged products, but only after the damage was done. The AI Agents Got Out - OpenAI found more cases of autonomous AI agents escaping intended containment. - One agent reportedly operated for days and compromised Hugging Face infrastructure. - Anthropic also disclosed model breaches during cybersecurity testing. - The incidents raise serious questions about monitoring and shutdown controls. Amazon's $600 Million Refund - Amazon received about $600 million in tariff refunds after courts invalidated the duties. - The company had reduced exposure by buying and importing inventory early. - Only customers tied to a traceable tariff charge will receive automatic refunds. - Most of the money will remain with Amazon and support lower prices. Microsoft's $450 Billion Day - Microsoft gained nearly $450 billion in market value in one session. - Shares jumped more than 15%, pushing its valuation near $3.35 trillion. - Azure growth guidance of 45% easily topped expectations. - Microsoft still plans about $175 billion in 2026 capital spending. Meta's Metaverse Money Pit - Reality Labs lost more than $4.6 billion in the quarter. - The division remains tiny compared with Meta's advertising business. - Meta is funding heavy spending on both AI and metaverse products. - Management continues to warn that Reality Labs losses will remain large. Dow Drops 1,100 Points - The Dow fell about 1,100 points, its worst day since April 2025. - The 30-year Treasury yield climbed near 5.24%, a 19-year high. - Investors feared the Fed was falling behind persistent inflation. - Higher yields hit technology stocks and other expensive assets. Tariffs Return Under New Authority - New tariffs of 10% to 12.5% cover imports from 60 trading partners. - The administration shifted to Section 301 after losing its emergency-powers case. - Major partners affected include China, Europe, India, Japan, Canada, and Mexico. - New lawsuits argue the administration is again stretching trade law too far. - 25 States are suing on this .... Warsh Lets the Bond Market Do the Talking - The Fed held rates at 3.50%-3.75%, but three officials dissented and wanted an increase. - Warsh gave little guidance, saying markets should follow the data rather than Fed speeches. - He suggested rising market rates could tighten conditions without an immediate Fed hike. - The 30-year Treasury yield jumped above 5.20%, its highest level since 2007. - Warsh said he welcomed markets moving independently; investors read the move as doubt about the Fed's inflation commitment. Inflation Cools - But Not Enough - Headline PCE inflation eased to 3.7% in June from 4.1% in May. - Core PCE slipped to 3.3% from 3.4%, still well above the Fed's 2% target. - Consumer spending rose 0.3%, while personal income increased 0.2%. - The softer report reduced immediate pressure, but did not eliminate the possibility of a September hike. Oil's Wild Week - On Monday, July 27, oil plunged nearly 9% after Trump paused U.S. strikes against Iran. - On Tuesday, July 28, Brent fell another 4.8% to $84.09 as traders hoped the pause could lead to peace talks. - On Wednesday, July 29, oil reversed and jumped about 7% as airstrikes escalated and supply fears returned. - Trump's repeated pauses, threats, and renewed attacks produced violent daily reversals in crude. - Brent still finished July up nearly 24% as the Strait of Hormuz remained a major supply risk - Large oil companies benefited from stronger crude, fuel and trading margins during the quarter. The Long-Bond Warning - The 10-year Treasury yield ended July near 4.74%, up about 32 basis points for the month. - The 30-year yield climbed roughly 37 basis points to about 5.27%, a 19-year high. - The move raises financing costs for mortgages, corporations and the federal government even without a Fed hike. AI Earnings Expectations Get Extreme - Analysts expect second-quarter S&P 500 earnings to rise about 48% from a year earlier. - AI-related companies account for much of the expected growth. - Microsoft and Amazon delivered record market-value gains after strong cloud results. - Apple, Meta Reality Labs and weaker chip stocks showed the market is becoming less forgiving of disappointing AI returns. Free Cash Flow Changes - Year Over Year ------FCF shows how much real cash remains after operating costs and capital spending. Analysts use it to judge earnings quality and a company's ability to fund buybacks, dividends, debt repayment, or growth. - Apple: up about $7.5 billion, or 31%. - Microsoft: down about $6.0 billion, or 23%. - Meta: down about $7.8 billion, or 91%. - Amazon: deteriorated about $25.8 billion, from positive $18.2 billion to negative $7.6 billion. - Alphabet: down $11.2 billion, swinging from positive $5.3 billion to negative $5.9 billion. - Tesla: down $1.24 billion, swinging from positive $146 million to negative $1.09 billion. - Intel: adjusted free cash flow worsened by $7.37 billion, from negative $1.05 billion to negative $8.42 billion. - Nvidia: up $22.4 billion, or 86%, from $26.1 billion to $48.6 billion.   Love the Show? Then how about a Donation? PayPal.Donation.Button({ env: 'production', hosted_button_id: 'JJJHP2GDEJC7J', image: { src: 'https://www.paypalobjects.com/en_US/i/btn/btn_donateCC_LG.gif', alt: 'Donate with PayPal button', title: 'PayPal - The safer, easier way to pay online!' } }).render('#donate-button-2'); THE CLOSEST TO THE PIN for SpaceX (SPCX) Winners will be getting great stuff like the new "OFFICIAL" DHUnplugged Shirt!   FED AND CRYPTO LIMERICKS   See this week's stock picks HERE Follow John C. Dvorak on Twitter Follow Andrew Horowitz on Twitter

California voters will decide this November whether to impose a one-time wealth tax on the state's richest residents, setting up what could become one of the most expensive ballot measure fights in state history. Proposition 40 would levy a one-time 5% tax on the total wealth — not just income, but stock holdings, real estate, yachts, and other assets — of roughly 200 of California's richest residents. We'll dig in. Also: a stopgap funding bill and Treasury term premiums.Every story has an economic angle. Want some in your inbox? Subscribe to our daily or weekly newsletter.Marketplace Morning Report is more than a radio show. Check out our original reporting and financial literacy content at marketplace.org — and consider making an investment in our future.Stories covered in this episode:Why term premiums on U.S. Treasurys have been risingCalifornia voters weigh $100 billion wealth tax to offset Medicaid cuts

California voters will decide this November whether to impose a one-time wealth tax on the state's richest residents, setting up what could become one of the most expensive ballot measure fights in state history. Proposition 40 would levy a one-time 5% tax on the total wealth — not just income, but stock holdings, real estate, yachts, and other assets — of roughly 200 of California's richest residents. We'll dig in. Also: a stopgap funding bill and Treasury term premiums.Every story has an economic angle. Want some in your inbox? Subscribe to our daily or weekly newsletter.Marketplace Morning Report is more than a radio show. Check out our original reporting and financial literacy content at marketplace.org — and consider making an investment in our future.Stories covered in this episode:Why term premiums on U.S. Treasurys have been risingCalifornia voters weigh $100 billion wealth tax to offset Medicaid cuts