Podcasts about Treasury

Reality distortion fields aren't just for Steve Jobs anymore - they're everywhere in our sclerotic institutions, and the latest examples show just how disconnected official narratives are from what's actually happening.

"A gold revaluation isn't a conspiracy theory. It's a legislative door that's already been opened," warns Graham Summers, editor of Money & Markets. In this critical return to the Daniela Cambone show, Summers reveals that the Trump administration could trigger the biggest gold revaluation in history, potentially repricing the nation's gold from $42 an ounce to $10,000 or more. While the media focuses on market volatility, Summers pulls back the curtain on the Treasury's balance sheet. He explains that the real target isn't just paying down debt. It is funding a strategic Bitcoin reserve and winning the AI arms race with China. Watch the video to hear Summers expose how the appointments of key "gold guys" and the precedent set by FDR in 1934 could lead to a seismic shift that unlocks trillions and reshapes the financial system by year's end.✅ FREE RESOURCESDownload The Private Wealth Playbook — a data-backed guide to strategically acquiring gold and silver for maximum protection, privacy, and performance. Plus, get Daniela Cambone's Top 10 Lessons to safeguard your wealth (FREE)

Is China really “dumping” U.S. Treasury bonds—or is that headline missing key context? Lance Roberts examines what Treasury International Capital (TIC) data does (and doesn't) show, why China's reported holdings can shift for reasons that have nothing to do with panic selling, and how custody chains and financial centers can complicate the narrative. Hosted by RIA Advisors Chief Investment Strategist, Lance Roberts, CIO Produced by Brent Clanton, Executive Producer 0:00 - INTRO 0:52 - What to Do w Tariffs Struck Down by SCOTUS 5:35 - GDP Weaker than Expected, except... 12:59 - Coming Attractions - Ten Laws of Money 16:27 - Chat Question: Is China Dumping U.S. Treasuries? 17:48 - The Problem w the Narrative & Lance in France 22:06 - China's Shift in Custodial Relationships 26:13 - Why Luxembourg & Belgium Matter 28:05 - How the Financial Plumbing Works 29:16 - Why They Buy Dollar-denominated Assets 31:55 - Dollar vs Euro Trade 32:48 - How Investors Should Look at U.S. Treasuries 34:08 - U.S. Treasuries Anchor Risk-free Pricing 37:20 - Portfolio is a Toolbox, not a Narrative 39:01 - Focus on the Risk that Matters 41:51 - Tariff Changes & Policy Risks 43:26 - Semper Gumby - Always Flexible ------- Watch Today's Full Video on our YouTube Channel: https://youtube.com/live/fEk6rYGzFkA?feature=share ------- Watch our previous show, "Mega Roth Questions & Senior Deductions," here: https://youtube.com/live/fEk6rYGzFkA?feature=share -------- The latest installment of our new feature, Before the Bell, "Market Rotation Warning - Breadth at 50-Year Extreme," is here: https://youtu.be/Dule_eZoSBY ------- Download Lance's Latest e-book, "Laws of Money & Wealth:"https://realinvestmentadvice.com/ria-e-guide-library/ -------- SUBSCRIBE to The Real Investment Show here: http://www.youtube.com/c/TheRealInvestmentShow -------- Visit our Site: https://www.realinvestmentadvice.com Contact Us: 1-855-RIA-PLAN -------- Subscribe to SimpleVisor: https://www.simplevisor.com/register-new -------- Connect with us on social: https://twitter.com/RealInvAdvice https://twitter.com/LanceRoberts https://www.facebook.com/RealInvestmentAdvice/ https://www.linkedin.com/in/realinvestmentadvice/ #StockMarket #SP500 #MarketBreadth #SectorRotation #RiskManagement #USTreasuries #China #BondMarket #InterestRates #MacroInvesting

In this episode, Craig Jeffery and Paul Galloway discuss treasury aggregators as part of the 2026 Analyst Report series. They cover what these platforms do, how they enable bank connectivity, payment processing, and visibility, and what makes them essential for organizations facing increased scale and complexity. 2026 Treasury Technology Analyst Report: https://strategictreasurer.com/analyst-report-2026

Is China really "dumping" U.S. Treasury bonds—or is that headline missing key context? Lance Roberts examines what Treasury International Capital (TIC) data does (and doesn't) show, why China's reported holdings can shift for reasons that have nothing to do with panic selling, and how custody chains and financial centers can complicate the narrative. Hosted by RIA Advisors Chief Investment Strategist, Lance Roberts, CIO Produced by Brent Clanton, Executive Producer 0:00 - INTRO 0:52 - What to Do w Tariffs Struck Down by SCOTUS 5:35 - GDP Weaker than Expected, except... 12:59 - Coming Attractions - Ten Laws of Money 16:27 - Chat Question: Is China Dumping U.S. Treasuries? 17:48 - The Problem w the Narrative & Lance in France 22:06 - China's Shift in Custodial Relationships 26:13 - Why Luxembourg & Belgium Matter 28:05 - How the Financial Plumbing Works 29:16 - Why They Buy Dollar-denominated Assets 31:55 - Dollar vs Euro Trade 32:48 - How Investors Should Look at U.S. Treasuries 34:08 - U.S. Treasuries Anchor Risk-free Pricing 37:20 - Portfolio is a Toolbox, not a Narrative 39:01 - Focus on the Risk that Matters 41:51 - Tariff Changes & Policy Risks 43:26 - Semper Gumby - Always Flexible ------- Watch Today's Full Video on our YouTube Channel: https://youtube.com/live/fEk6rYGzFkA?feature=share ------- Watch our previous show, "Mega Roth Questions & Senior Deductions," here: https://youtube.com/live/fEk6rYGzFkA?feature=share -------- The latest installment of our new feature, Before the Bell, "Market Rotation Warning - Breadth at 50-Year Extreme," is here: https://youtu.be/Dule_eZoSBY ------- Download Lance's Latest e-book, "Laws of Money & Wealth:"https://realinvestmentadvice.com/ria-e-guide-library/ -------- SUBSCRIBE to The Real Investment Show here: http://www.youtube.com/c/TheRealInvestmentShow -------- Visit our Site: https://www.realinvestmentadvice.com Contact Us: 1-855-RIA-PLAN -------- Subscribe to SimpleVisor: https://www.simplevisor.com/register-new -------- Connect with us on social: https://twitter.com/RealInvAdvice https://twitter.com/LanceRoberts https://www.facebook.com/RealInvestmentAdvice/ https://www.linkedin.com/in/realinvestmentadvice/ #StockMarket #SP500 #MarketBreadth #SectorRotation #RiskManagement #USTreasuries #China #BondMarket #InterestRates #MacroInvesting

The CLARITY Act is on the verge of passing, and clear rules for tokenized stocks and revenue-sharing tokens are about to hit crypto. Instead of waiting for slow, top-down Wall Street adoption, Solana and Jupiter's JUP ecosystem are building from the bottom up: empowering retail, communities, and real users first, so that when compliant tokenized assets and revenue flows arrive, they plug directly into live, high-throughput rails that already work at scale.~This episode is sponsored by Tangem~Tangem ➜ https://bit.ly/TangemPBNUse Code: "PBN" for Additional Discounts!Guest: Kash Dhanda -COO ( and Cat Herder) at JupiterFollow Kash on X ➜  https://x.com/kashdhandaJupiter Exchange ➜ https://bit.ly/JUPonSolana00:00 Intro00:20 Sponsor: Tangem01:15 CLARITY: Does Solana most benefit?02:15 CLARITY affect on Jupiter ecosystem?03:30 JUP's current lineup of products05:20 New product updates06:30 Tokenized Stocks vs TradFi09:30 When will investors trust tokenized stocks?11:00 Are institutions ready for CLARITY?12:15 Will banks try to ban JUP USD vaults?13:20 JUP Vault benefits14:50 HYPE vs JUP16:40 Revenue vs TVL17:30 Vote net zero emissions20:50 $JUP tokenomics22:45 LIGHTING ROUND29:40 CLARITY marks crypto bottom?#Crypto #Solana #Ethereum~Clear CLARITY Winner = $JUP on Solana?

BREAKING: The Supreme Court rules against tariffs under IEEPA — now what?Was this about executive overreach? Revenue strategy? Inflation risk? Or political narrative?Today we break down:• What IEEPA actually is• Why the Court ruled the way it did• How this impacts the $37 trillion deficit• Whether tariffs raise inflation• What this means for Treasury yields & mortgage rates• What happens nextNo hype. No partisan spin. Just facts, market mechanics, and how this affects homeowners and buyers.Every day, we pull real pricing from 30+ lenders and show you exactly what you qualify for — plus lock vs. float guidance tied to CPI, Jobs, MBS & the 10-Year Treasury.Transparent. Data-driven.

On Friday's Mark Levin Show, the Supreme Court majority issued a very messy and problematic decision on tariffs. The fact is the majority agreed on an outcome but not so much on the reasoning for the outcome. It struck tariffs under a single statute, yet created chaos or, actually, left it to the president to decide if and/or how to treat the revenue those tariffs already created for the federal Treasury. The question is not who has the power to tax per se, but a more complicated question about where the separation of powers is. The majority, apparently, chose to duck the question and stick with the indirect tax characterization and focus on a single statute, which is outrageous. Also, Tucker Carlson is an indecent grifter with inexplicable ties to Qatar and an attraction to the Third Reich. He is gravely damaging the Republican Party, the midterm elections, and the Trump administration. Later, Jon Levine of the Washington Free Beacon calls in to explain that NYC Mayor Mamdani is fulfilling his campaign promises by staffing his administration with individuals from radical Islamist and far-left progressive circles, united by a shared hatred of the West and Jews. Mamdani is also pressuring Governor Hochul to impose a wealth tax by threatening massive property tax increases on roughly 3 million homeowners—effectively holding the entire city hostage in a "look what you made me do" tactic. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Today Alan and Mark step back from the noise to examine a market environment that feels subtly but meaningfully different. From AI euphoria giving way to harder questions, to gold's steady rise and a surprising divergence between US and emerging market inflation, the conversation centers on rotation, uncertainty, and shifting assumptions about safety. They explore whether Treasuries still anchor portfolios the way they once did, how fiscal pressures could reshape monetary policy, and why regime thinking matters for systematic investors. Beneath it all is a reminder that correlations change, narratives evolve, and adaptability remains the most durable edge in uncertain markets.-----50 YEARS OF TREND FOLLOWING BOOK AND BEHIND-THE-SCENES VIDEO FOR ACCREDITED INVESTORS - CLICK HERE-----Follow Niels on Twitter, LinkedIn, YouTube or via the TTU website.IT's TRUE ? – most CIO's read 50+ books each year – get your FREE copy of the Ultimate Guide to the Best Investment Books ever written here.And you can get a free copy of my latest book “Ten Reasons to Add Trend Following to Your Portfolio” here.Learn more about the Trend Barometer here.Send your questions to info@toptradersunplugged.comAnd please share this episode with a like-minded friend and leave an honest Rating & Review on iTunes or Spotify so more people can discover the podcast.Follow Alan on Twitter.Follow Mark on LinkedIn.Episode TimeStamps:00:00 – Introduction & market check-in02:52 – February performance: CTAs, trend following & commodities04:53 – Peak bubble? AI, metals & speculative excess07:10 – Gold demand, central banks & safe-haven flows10:40 – The AI narrative shift & tech repricing13:22 – Global rotation: US vs Europe & emerging markets15:22 – EM inflation now lower than US — why it matters21:48 – Why macro still matters (regime thinking vs stock picking)31:49 – Fiscal vs monetary dominance explained41:59 – $700B in Treasury issuance — scale of the debt...

Guy Adami interviews Michael Kao (@UrbanKaoboy), discussing the historic moves in gold and silver, the debate over fiat debasement versus speculative positioning, and why charts showing central bank gold eclipsing Treasury holdings can be misleading because much of the change is price appreciation rather than new buying. Kao argues true de-dollarization is unlikely due to the lack of a rival fiat ecosystem with comparable liquidity and deep bond markets, and says a shift from Treasuries to gold as a reserve anchor would imply economic austerity and slower global GDP growth. They explore how geopolitics (including post-Ukraine reserve seizure fears) and Trump-related tariff and deficit narratives have fueled gold, while Kao outlines a contrarian view that Trump 2.0 policies plus AI could be deflationary and potentially restore productivity-driven disinflationary growth similar to the late 1990s; he also critiques CBO debt projections for assuming low productivity growth. The conversation covers AI's disruptive impact on industry moats and equity multiple compression versus immediate default risk, touches briefly on Japan's bond market and the yen carry trade, and examines the “sanctity” of large AI CapEx plans and whether AI expands total addressable markets or mainly drives cost cutting. Kao highlights his thesis from his piece on AI electrification: U.S. electricity demand may accelerate sharply after decades of flat growth, creating an energy bottleneck that increases reliance on natural gas (given limits to coal and nuclear), amplified by data center buildouts and LNG exports. He explains his preference for natural gas mineral strategies that distribute cash flow over trading commodities or owning E&P equities due to capital allocation risks, and notes recent oil spikes have often faded since 2022. Show Notes AI, Electrification, and the Hidden Energy Bottleneck | Michael Kao The Fourth Turning by Strauss & Howe —FOLLOW USYouTube: @RiskReversalMediaInstagram: @riskreversalmediaTwitter: @RiskReversalLinkedIn: RiskReversal Media

Today's Post - https://bahnsen.co/4tNvJGE David Bahnsen opens Dividend Cafe after a volatile week marked by a weaker-than-expected GDP report and a Supreme Court ruling striking down President Trump's tariff rationale under the Economic Emergency Act (with a deeper tariff discussion coming Monday). His core thesis: disinflation is likely in 2026—and it may not feel positive. He clarifies the difference between inflation (rising prices), disinflation (slower price increases), and deflation (falling prices). Bond markets are signaling softer expectations, with the 10-year Treasury near 4.07% and five-year inflation breakevens around 2.4%, suggesting modest real growth ahead. Recent GDP registered about 1.4% annualized, distorted in part by a government shutdown, while core PCE inflation is roughly 3% year-over-year versus 2.9% a year ago. Bahnsen expects services-driven disinflation, particularly as rent measures catch up to real-time data. However, that may not improve affordability given tight housing inventory and a frozen resale market. He also warns that business investment is overly concentrated in AI and data centers—echoing the fracking-era CapEx surge—while broader investment remains subdued. Risks to growth include a weak labor market with low hiring, a personal saving rate near 3.4% (raising the chance tax refunds rebuild savings instead of fuel spending), and muted bank lending despite lower rates. 00:00 A wild news week 01:48 Cutting through economic spin 03:23 Why 2026 disinflation may disappoint 04:36 Bond market signals 07:16 GDP and data distortions 10:49 Services-led disinflation 14:05 Concentrated CapEx risk 16:38 Labor, savings, and lending 20:09 Tariffs and demand drag 22:24 What to watch next Links mentioned in this episode: DividendCafe.com TheBahnsenGroup.com

In this episode, Lex chats to Joseph Chalom, CEO of SharpLink, a Nasdaq-listed leader in digital asset treasury management focused on Ethereum. Joseph shares his journey from BlackRock and the Aladdin platform to pioneering digital asset strategies, including staking and tokenization. The discussion explores the evolution of fintech, the integration of crypto into institutional finance, and the future of decentralized finance (DeFi) and AI-powered financial agents.  Joseph highlights SharpLink approach to making Ether productive for investors and the growing institutional adoption of blockchain technologies. NOTABLE DISCUSSION POINTS: SharpLink's scale and “productivity” pitch for ETH We hear that SharpLink (Nasdaq listed since July 2025) has raised a little over $3B in equity, holds ~$3B of ETH, and claims it stakes nearly 100% of its ether—framing itself as a public equities “one click” way to get both ETH upside and yield. A rare behind the scenes look at BlackRock's crypto playbook We get specifics on how BlackRock approached digital assets through three pillars—Circle/USDC reserves, the Coinbase integration (announced Aug 4, 2022) to make crypto trading “boring” for institutions, and tokenization via BUIDL on Ethereum with Securitize, which he calls the largest tokenized fund. The next wave thesis AI agents + Ethereum rails Chalom argues the underestimated unlock is autonomous AI agents using Ethereum for programmable settlement, continuously reallocating capital across staking, lending, liquidity, and DeFi while monitoring smart contract risk—replacing manual “yield farming” with always on optimization. TOPICS Sharplink, BlackRock, FutureAdvisor, Ethereum, ETH, Buidl, Aladdin, digital assets, treasury management, decentralized finance, tokenization, Bitcoin, AI, AI Agents, Roboadvisors, Autonomous Agents   ABOUT THE FINTECH BLUEPRINT

Interview with Arturo Préstamo Elizondo, Executive Chairman & CEO of Santacruz Silver Mining Ltd.Our previous interview: https://www.cruxinvestor.com/posts/santacruz-silver-tsxvscz-strong-cash-generation-funds-debt-free-growth-8019Recording date: 13th February 2026Santacruz Silver Mining (TSXV:SCZ) represents a transformed investment opportunity following the elimination of all debt obligations and completion of its NASDAQ listing in January 2026. The multi-metal producer operates four mines across Bolivia and Mexico, generating substantial cash flows with an $80 million treasury position after paying $70 million in Glencore obligations and tax liabilities during 2025.The company's debt-free, streaming-free, royalty-free capital structure directs 100% of operational cash flows to equity holders during a period of elevated silver and zinc prices. This clean balance sheet distinguishes Santacruz from leveraged competitors and producers with streaming obligations that divert metal production at below-market prices, creating immediate margin expansion as commodity prices strengthen.Management projects 5-7% production growth from operational efficiencies independent of metal price assumptions or acquisition execution. The Zimapan mine in Mexico delivered a $2.5 million investment in flotation cell circuits that improved silver recoveries by 500 basis points, generating approximately $5 million in incremental monthly cash flow—a 20-month payback demonstrating disciplined capital allocation. The mine's advancement to Level 960 encounters wider ore bodies with silver grades of 80-90 grams per tonne and zinc content of 2.5-3.5% across the 2,800-tonne-per-day operation.In Bolivia, the Bolivar mine is recovering from 2025 flooding through systematic dewatering infrastructure that increased capacity to over 700 litres per second—five times pre-flooding levels and nearly double peak flood conditions. Fourth quarter 2025 production showed quarter-over-quarter silver increases as access to flooded veins improves, whilst development work necessitated by the flooding discovered new high-grade veins creating unanticipated exploration upside.Near-term production catalysts include the Soracaya project targeting full permitting by June-July 2026 with production commencement in the fourth quarter, utilizing existing Bolivian milling infrastructure for low-capital-intensity cash flow generation. The Esperanza mine at the Caballo Blanco complex approaches commercial production as the third operating mine within that group, leveraging existing infrastructure for brownfield expansion.The Bolivian operating environment transformed following the 2025 election of President Rodrigo Paz, whose administration declared mining a strategic industry and announced constitutional reforms to encourage foreign investment. As Bolivia's largest underground mining company, Santacruz occupies a prominent position during this regulatory evolution, with improved political conditions creating potential M&A opportunities whilst reducing political risk for existing operations.The January 2026 NASDAQ listing provides strategic access to US institutional investors and family offices, expanding the investor base beyond Canadian venture shareholders whilst early trading data demonstrates volume improvements. US institutional capital historically applies higher valuation multiples to Latin American precious metals producers than Canadian venture markets alone.Management employs a distinctive operational approach tracking per-tonne costs rather than conventional all-in sustaining cost metrics, maintaining five-year rolling budgets with detailed weekly mining plans to prevent short-term high-grading that compromises long-term mine life. This disciplined capital allocation framework, combined with direct executive operational involvement demonstrated through systematic site visits and hands-on crisis management during the Bolivar flooding, distinguishes the approach from volume-focused competitors.For investors seeking exposure to silver and base metals through an established producer with near-term growth catalysts, operational leverage to metallurgical improvements, and exposure to transformative Bolivian political changes, Santacruz presents a differentiated opportunity with multiple risk mitigation factors relative to earlier-stage developers or debt-burdened producers.View Santacruz Silver's company profile: https://www.cruxinvestor.com/companies/santacruz-silver-miningSign up for Crux Investor: https://cruxinvestor.com

Modern Lessons from the Fed-Treasury Accord. Drawing parallels between 1951 and today, John Cochrane examines the tension between presidential administrations and the Federal Reserve during crises. He emphasizes that the Fed must maintain its independence, warning against perpetually funding government spending and urging a strict focus on inflation control over politically motivated easy money. #41918 VERDUN

Truman, the Fed, and the 1951 Accord. Professor John Cochrane explores the 1951 Treasury-Fed Accord during the Korean War. Fearing another World War II-style crisis, President Harry Truman pressured Fed Chairman Thomas McCabe to keep interest rates low. Instead, the Fed fought for its independence to combat inflation, establishing modern monetary policy precedents. #31918 AMERICANS IN LONDON

Our Global Head of FX and EM Strategy James Lord and Global Chief Economist Seth Carpenter discuss what's driving the U.S. policy for the dollar and the outlook for other global currencies.Read more insights from Morgan Stanley.----- Transcript -----James Lord: Welcome to Thoughts on the Market. I'm James Lord, Global Head of FX and EM Strategy at Morgan Stanley. Seth Carpenter:  And I'm Seth Carpenter, Morgan Stanley's Global Chief Economist and Head of Macro Research. James Lord: Today we're talking about U.S. currency policy and whether recent news on intervention and nominations to the Fed change anything for the outlook of the dollar. It's Thursday, February 19th at 3pm in London. So it's been an interesting few weeks in currency markets. Plenty of dollar selling going on But then, we got news that Kevin Warsh is going to be nominated to Chair of the Board of Governors. And that sent the dollar back higher, reminding everybody that monetary policy and central bank policy still matter. So, in the aftermath of the dollar-yen rate check, investors started to discuss whether or not the U.S. might be starting to target a weaker currency. Not just be comfortable with a weaker currency, but actually explicitly target a weaker currency, which would presumably be a shift away from the stronger strong dollar policy that Secretary Bessent referenced. So, what is your understanding? What do you think the strong dollar policy actually means? Seth Carpenter: Strong dollar policy, that's a phrase, that's a term; it's a concept that lots of Secretaries of the Treasury have used for a long time. And I specifically point to the Secretary of the Treasury because at least in the recent couple of decades, there has been in standard Washington D.C. approach to things, a strong dichotomy that currency policy is the policy of the Treasury Department, not of the central bank. And that's always been important. I remember when I was working at the Treasury Department, that was still part of the talking points that the secretary used. However, you also hear Secretaries of the Treasury say that exchange rates should be market determined; that that's a key part of it. And with the back and forth between the U.S. and China, for example, there was a lot of discussion: Was the Chinese government adjusting or manipulating the value of their currency? And there was a push that currencies should be market determined. And so, if you think about those two things, at the same time – pushing really hard that the dollar should be strong, pushing really hard that currencies should be market determined – you start to very quickly run into a bit of an intellectual tension. And I think all of that is pretty intentional. What does it mean? It means that there's no single clear definition of strong dollar policy. It's a little bit of the eye of the beholder. It's an acknowledgement that the dollar plays a clear key role in global markets, and it's good for the U.S. for that to happen. That's traditionally been what it means. But it has not meant a specific number relative to any other currency or any basket of currency. It has not meant a specific value based on some sort of long run theoretical fair value. It is always meant to be a very vague, deliberately so, very vague concept. James Lord: So, in that version of what the strong dollar policy means, presumably the sort of ambiguity still leaves space for the Treasury to conduct some kind of intervention in dollar-yen, if they wanted to. And that would still be very much consistent with that definition of the strong dollar policy. I also, in the back of my head, always wonder whether the strong dollar policy has anything to do with the dollar's global role. And the sort of foreign policy power that gives the Treasury in sanctions policy. And other areas where, you know, they can control dollar flows and so on. And that gives the U.S. government some leverage. And that allows them to project strength in foreign policy. Has that anything to do with the traditional versions of the strong policy? Seth Carpenter: Absolutely. I think all of that is part and parcel to it. But it also helps to explain a little bit of why there's never going to be a very crisp, specific numerical definition of what a strong dollar policy is.So, first and foremost, I think the discussion of intervention; I think it is, in lots of ways, consistent, especially if you have that more expansive definition of strong dollar, i.e. the currency that's very important, or most important in global financial markets and in global trade. So, I think in that regard, you could have both the intervention and the strong dollar at the same time. I will add though that the administration has not had a clear, consistent view in this regard, in the following very specific sense. When now Governor Myron was chair of the Council of Economic Advisors, he penned a piece on the Council of Economics website that said that the reserve currency status of the dollar had brought with it some adverse effects on the U.S., and in terms of what happened in terms of trade flows and that sort of thing.So again, this administration has also tried to find ways to increase the nuance about what the currency policy is, and putting forward the idea that too strong of a dollar in the FX sense. In the sense that you and your colleagues in FX markets would think about is a high valuation of the dollar relative to other currencies – could have contributed to these trade deficits that they're trying to push back against. So, I would say we went from the previous broad, perhaps vague definition of strong dollar. And now we're in an even murkier regime where there could be other motivations for changing the value of the dollar. Seth Carpenter: So, James, that's been our view in terms of the Fed, but let me come back to you because there are lots of different forces going on at the same time. The central bank is clearly an important one, but it's only one factor among many. So, if you think about where the dollar is likely to go over the next three months, over the next six months, maybe over the next year, what is it that you and your team are looking for? Where are the questions that you're getting from clients? James Lord: Yeah, so when we came into the start of this year, we did have a bearish view on the dollar. I would say that the drivers of it, we'd split up into two components. The first component was a lot more of the conventional stuff about growth expectations, what we see the Fed doing. And then there was another component to it where – what we defined as risk premia, I suppose. The more unconventional catalysts that can push the dollar around, as we saw, come very much to market attention during the second quarter of last year, when the Liberation Day tariffs were announced and the dollar weakened far in excess of what rate differentials would imply. And so, I would say so far this year, the majority of the dollar move that we've seen, the weakening in the dollar that we've seen, has been driven by that second component. What we've kind of called risk premia. And the conversations that, you know, investors have been having about U.S. policy towards Greenland, and then more recently, the conversations that people have been having around FX intervention following the dollar-yen rate check. These sorts of things have been really driving the currency up until , when the Kevin Warsh nomination was announced. When we look at the extent of the risk premia that we see in the dollar now, it is pretty close to the levels that we saw in the second quarter of last year, which is to say it's pretty big. Euro dollar would probably be closer to 1-10, if we were just thinking about the impact of rate differentials and none of this risk premia stuff over the past year had materialized. That's obviously a very big gap. And I think for now that gap probably isn't going to widen much further, particularly now that market attention is much more focused on the impact that Kevin Warsh will have on markets and the dollar. We also have, you know, the ECB and the Bank of England; , house call for those two central banks is for them to be cutting rates. That could also put some downward pressure on those currencies, relative to the dollar. So all of that is to say for some of the major currencies within the G10 space, like sterling, like euro against the dollar, this probably isn't the time to be pushing a weaker dollar. But I think there are some other currencies which still have some opportunity in the short term, but also over the longer run as well. And that's really in emerging markets. So all of that is to say, I think there is a strong monetary policy anchor for emerging market currencies. This is an asset class that has been under invested in for some time. And we do think that there are more gains there in the short term and over the medium term as well. Seth Carpenter: So on that topic, James, would you then agree? So if I think about some of the EM central banks, think about Banxico, think about the BCB – where the dollar falling in value, their currency gaining in value – that could actually have a couple things go on to allow the central bank, maybe to ease more than they would've otherwise. One, in terms of imported inflation, their currency strengthening on a relative basis probably helps with a bit lower inflation. And secondly, a lot of EM central banks have to worry a bit about defending their currency, especially in a volatile geopolitical time. And you were pointing to sort of lower volatility more broadly. So is this a reinforcing trend perhaps, where if the dollar is coming down a little bit, especially against DM currencies, it allows more external stability for those central banks, allowing them to just focus on their domestic mandates, which could also lead to a further reduction in their domestic rates, which might be good for investors. James Lord: Yeah, I think there's something to that. given the strength of emerging market currencies. There should be, over time, more space for them to ease if the domestic conditions warrant it. But so far we're not really seeing many EM central banks taking advantage of that opportunity. There is a sort of general pattern with a lot of EMs that they're staying pretty conservative and more hawkish than I think what markets have generally been expecting, and that's been supporting their currencies. I think it's interesting to think about what would happen if they're on the flip side. What would happen if they did start to push monetary easing at a faster pace? I'm sure on the days where that happens, the currencies would weaken a little bit. However, if the market backdrop is generally constructive on risk, and investors want to have exposure to EM – then what could ultimately happen is that asset managers will simply buy more bonds as they price in a lower path for central bank policy over time. And that causes more capital inflows. And that sort of overwhelms the knee jerk effect from the more dovish stance of monetary policy on the currency. You get more duration flows coming into the market and that helps their currency. So, yes, if EM central banks push back with more dovish policy, significantly, it could pose some short-term volatility. But assuming we remain a low-vol environment globally, I would use those as buying opportunities. Seth Carpenter: Thanks, James. It's been great being on the show with you. Thank you for inviting me, and I hope to be able to come back and join you at some point in the future if you'll have me. James Lord: Thank you, Seth, for making the time to talk. And to all you listening, thank you for lending us your ears. Let us know what you think of this podcast by leaving us a review. And if you enjoy Thoughts on the Market, tell a friend or colleague about us today.

Patricia and Christian talk to economist and author Dr Phil Armstrong about the least useful pieces of economic commentary from the last 12 months.   In this episode: "Sure, the government *can* create money… (but it shouldn't)" "It's okay for the government to 'borrow'… if it's investing" "The national debt is a time bomb!" "Government 'borrowing' is okay… when interest rates are low"   More to follow in part 2   Full conversation here: https://www.patreon.com/posts/150931987?pr=true   Please help sustain this podcast!  Patrons get early access to all episodes and patron-only episodes: https://www.patreon.com/MMTpodcast   ******************************** STOP PRESS!!  JOIN PATRICIA AND MMT CO-FOUNDER PROFESSOR BILL MITCHELL AT THE LAUNCH OF A NEW DEDICATED MODERN MONETARY THEORY THINK TANK - MMTUK POLICY RESEARCH GROUP!  7pm on Wednesday 25 February at Friends Meeting House, London Click here to register as an attendee: https://actionnetwork.org/events/mmtuk-launch-event/ MMTUK will be publishing its Job Guarantee policy on 25th February - read a short intro here: https://mmtuk.org/job-guarantee  ********************************   Relevant to this episode: Join Patricia and Phil (and many more) at Scotland's Festival of Economics (Edinburgh and online) 19th - 21st March 2026: https://www.scoteconfest.org/#learnmore Join the new MMT UK discord server to connect with others looking to promote MMT and ecological economics in the UK!: https://discord.gg/S3UbxFe4FR "The self-financing state: An institutional analysis of government expenditure, revenue collection and debt issuance operations in the United Kingdom" (Berkeley et al, 2022): https://www.ucl.ac.uk/bartlett/sites/bartlett/files/the_self-financing_state_an_institutional_analysis_of_government_expenditure_revenue_collection_and_debt_issuance_operations_in_the_united_kingdom.pdf 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 "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 "There is no need to issue public debt" by Bill Mitchell: https://billmitchell.org/blog/?p=31715 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/ 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 "Is exchange rate depreciation inflationary?" by Bill Mitchell: https://billmitchell.org/blog/?p=32922     Podcast Description In this compelling first part of their annual Fauxbel Prize discussion, Patricia Pino and Christian Reilly are joined by economist Dr Phil Armstrong to dissect the most deceptive economic talking points of 2026. What emerges is a masterclass in identifying the subtle linguistic tricks that maintain public misunderstanding about how government finance actually works. The conversation begins with Christian's astute observation about the phrase 'the government *can* create money' - a seemingly innocent statement that actually perpetuates dangerous misconceptions. As the panel explores, there's a world of difference between saying the government 'can' create money versus acknowledging that it 'does' create money with every pound it spends. This distinction matters because it allows economists and pundits to maintain outdated frameworks whilst appearing to acknowledge MMT insights. Dr Armstrong brings his characteristic clarity to explaining the consolidated view of government and central bank operations, illustrating why all government spending necessarily involves money creation. Using vivid analogies - from goldfish that must swim in water to the government's unique relationship with the Bank of England - he demonstrates why currency-issuing governments are fundamentally different from currency users like households or businesses. The discussion then tackles the politically damaging notion that governments should only 'borrow to invest'. Patricia explains why this framing misunderstands the true function of deficits whilst inadvertently supporting neoliberal arguments for privatisation. The panel reveals how this seemingly progressive talking point actually reinforces the household analogy and hands ammunition to fiscal conservatives. In his analysis of the 'public debt time bomb' narrative, Phil turns conventional wisdom on its head by pointing out that if foreign debt holdings were truly a source of power, then Britain - as the second-largest holder of US Treasury securities - would presumably have a decisive degree of control over America's economic destiny. Throughout, the conversation illuminates core MMT principles: the operational reality of government spending, the true nature of government bonds as private sector savings, and why exchange rate concerns, whilst legitimate, shouldn't drive us back to defunct fiscal rules. The panel's analysis reveals how even well-intentioned progressive economists can inadvertently perpetuate harmful misconceptions about monetary sovereignty.   =========== Key Topics with Timestamps [02:15] Introduction to the Fauxbel Prize concept[05:30] "Government can create money" vs "does create money"[12:45] The consolidated view of government and central bank[18:20] Why all government spending is money creation[25:10] "Borrowing to invest" - the progressive own goal[35:45] Historical context: Keynes and bifurcating budgets[42:30] The "Tap" system vs bond auctions[48:15] "Public debt = time bomb" narrative analysis[55:40] Exchange rate concerns and industrial policy   ========= Guest Bio Dr Phil Armstrong - Economist and author of "Can Heterodox Economics Make a Difference?". Researcher with expertise in monetary operations and MMT analysis. Key Takeaways Language matters: The difference between "can" and "does" in describing government money creation shapes public understanding All government spending creates new money: Currency-issuing governments cannot spend previously collected money - every expenditure creates new money The "government borrowing to Invest" narrative is counterproductive: This framing reinforces household analogies and supports privatisation arguments A government "debt" clock is a national SAVINGS clock: Government debt represents private sector savings, not a burden Exchange rate policy needs strategy: Arbitrary fiscal rules won't address structural economic vulnerabilities   ===============   All our episodes in chronological order: https://www.patreon.com/posts/43111643   All our patron-only episodes: https://www.patreon.com/posts/57542767   Scotland's Festival of Economics (Edinburgh and online)  19th - 21st March 2026: https://www.scoteconfest.org/#learnmore   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/posts/151023856

China's holdings of U.S. Treasuries have fallen to their lowest level since 2008. That's not a headline — that's a structural shift. In today's episode, we break down what it means when one of America's largest foreign creditors reduces exposure to U.S. government debt. Is this geopolitical strategy? Currency management? Diversification? Or a warning sign for the U.S. dollar and bond market? We'll explore: Why China is cutting back on U.S. Treasury holdings How this impacts the bond market and interest rates What it means for the U.S. dollar (DXY) Who is stepping in to buy U.S. debt? Whether this signals a long-term shift in global capital flows The implications for stocks, gold, and global markets When foreign demand for Treasuries shifts, the ripple effects can be massive. If you trade bonds, equities, commodities, or currencies — this is required listening. Listen now and understand what's happening beneath the surface of global finance.     #TraderMerlin #China #USTreasuries #BondMarket #USDebt #DollarIndex #DXY #InterestRates #GlobalMarkets #Geopolitics #MacroTrading #TreasuryYields #FederalReserve #FinancialEducation #MarketAnalysis #CurrencyMarkets #Gold #SafeHaven #InvestingPodcast   Email – TraderMerlin@gmail.com Follow TraderMerlin: Twitter: TraderMerlin - https://twitter.com/TraderMerlin IG: TraderMerlin - https://www.instagram.com/tradermerlin/ FB: TraderMerlin  - https://www.facebook.com/TraderMerlin Live Daily Show:  - https://www.youtube.com/channel/UCczw6L9MSllTvWDK1fNlLrg Trading Applications used: -          Tradingview -           

What happens when record stock prices meet record government debt — and nobody really knows what's under the hood? This week on The Puck, Jim Baer sits down with Mark Zandi, Chief Economist at Moody's Analytics, for a wide-ranging conversation on bubbles, private credit, shadow banking, AI exuberance, and the growing tension inside the Treasury market. Zandi explains: - Why today's equity valuations are historically stretched - Whether AI enthusiasm is becoming institutionalized speculation - How serious the private credit and shadow banking risks really are - Why commercial real estate and crypto may be deflating “gracefully” - The real fragility inside the U.S. bond market - Whether government debt is manageable — or quietly destabilizing Is the economy stronger than it looks? Or more fragile than we think? A thoughtful, honest debate about systemic risk, fiscal reality, and what could derail 2026.

US equity futures are pointing modestly higher, with Asian markets broadly stronger and European equities trading lower. US equities finished higher on Wednesday, led by strength in big tech, high-beta names and most-shorted stocks, with memory, semis and software also rebounding. Treasury yields moved higher and the dollar strengthened following hawkish-leaning FOMC minutes, though markets continue to price in two additional rate hikes. Oil rallied sharply on concerns around potential US-Iran hostilities, supporting energy shares, while precious metals also advanced. Economic data came in broadly better than expected. Attention now turns to upcoming earnings, jobless claims, trade data and potential developments on tariffs.Companies Mentioned: OpenAI, eBay, Etsy, Live Nation Entertainment

The futures markets are living multiple lifetimes in just a few short weeks! Join host Mark Longo from the Options Insider Radio Network and special guest Carley Garner of DeCarley Trading as they navigate the volatile landscape of the early 2026 markets. In this episode, the duo dives deep into the "symmetrical madness" of the week, analyzing why thin markets like Oats and Orange Juice are leading the charge while heavy hitters like Bitcoin and Cocoa face massive pullbacks. Is the Bitcoin double-top signaling a broader correction for the Nasdaq and S&P 500? And is Coffee poised to follow in the footsteps of Cocoa's historic boom-and-bust cycle? Highlights include: The Trading Pit: Breaking down the 16% surge in OJ and the surprising resilience of Oats. Crypto & Equities: Carly discusses the correlation between Bitcoin and the Nasdaq—and why $30,000 might be on the horizon. The Ags & Softs: A deep dive into the 45% year-to-date crash in Cocoa and why "Coffee is the new Cocoa." Energy Update: Why the "textbook" Nat Gas trade actually worked this year. The Active 15: A look at the volume leaders, from the Japanese Yen to the Treasury five-year note. Guest: Carley Garner, DeCarley Trading Host: Mark Longo, The Options Insider Media Group This episode is brought to you by tastytrade. Recently named the #1 Options Trading Platform for 2026 by StockBrokers.com and the Best Overall Options Broker by Investopedia. Go to https://tastytrade.com/podcasts.    

News from the labor market and on the inflation front has been consistent with a fairly low-volatility environment, says Will Marshall, Goldman Sachs head of US Rates Strategy. On this Macro Matters episode of the FICC Focus podcast series, Marshall joins host Ira Jersey, BI's chief US rates strategist, to discuss rate volatility's move lower, expectations for the Federal Reserve's monetary and balance sheet policy, the Treasury yield curve and the relationship of swap spreads and Treasury yields. They also examine Goldman's outlook for Treasury supply. The Macro Matters podcast is part of BI's FICC Focus series.

Bitcoin schommelt deze week rond de $67.000. In deze aflevering een breed scala aan onderwerpen. Bert duikt in BIP 360, de eerste stap richting quantumbestendig Bitcoin, en de ECB lijkt steeds opener te staan tegenover stablecoins. Abu Dhabi en Hong Kong stapelen ondertussen rustig bitcoin in. Ook bespreken we het verbod op Polymarket in Nederland en de vraag: hoe meet je eigenlijk het nut van AI-modellen? Bart neemt de nieuwe Box 3-wetgeving onder de loep die voor hysterische reacties zorgt bij beleggers (aldus het FD), en legt uit waarom Base afscheid neemt van Optimism. Tot slot: de Umbrel Pro is gelanceerd. Veel luisterplezier!Probeer Bitcoin Alpha 2 weken gratis!Luister het Crypto Journaal hier: elke week op maandag het laatste crypto nieuws in 15 minuten, door de mannen van Satoshi Radio.Satoshi Radio wordt mede mogelijk gemaakt door: Firefish, Watson Law en onze hoofdsponsor Bitvavo.Thumbnail:Polymarket verboden in NederlandTimestamps(00:00:00) Welkom en Podcast Introductie(00:18:00) Bookmark van Bart: Nieuwe BOX 3 belasting goedgekeurd door de kamer(01:01:00) Bookmark van Bart: Umbrel Pro aangekondigd(01:06:00) Bookmark van Bert: Polymarket verboden in Nederland(01:25:00) Bookmark van Bert: Bitcoin developers merge BIP 360 in first move to address quantum computing risks(01:38:00) Bookmark van Bert: “Growing open-mindedness at ECB” over stablecoins(01:41:00) Bookmark van Bart: The next chapter for base(01:49:00) Bookmark van Bert: Abu Dhabi vergrootte bitcoin-positie in Q4 2025(01:56:00) MarktupdateBookmarksBert:Draadje Bert over box 3 & verliesverrekening met grafiekenBitcoin developers merge BIP 360 in first move to address quantum computing risksBIP-360 op Githubbip360.org“growing open-mindedness at ECB” over stablecoinsAbu Dhabi vergrootte bitcoin-positie in Q4 2025Hong-Kong enters the chatPolymarket verboden in NederlandCFTC Chairman Mike Selig: I have some big news to announce…I don't remember the CFTC having authority over the “derivative market” of LeBron James rebounds“Couldn't be more clear.”Hoe meet je het nut van AI-modellen?Bart:Wet werkelijk rendement box 3 aangenomen in de Tweede Kamer.Box 3-hervorming zorgt voor ‘hysterische' reacties bij beleggersThe next chapter for baseAs a COIN shareholder I'm deeply concernedUmbrel Pro gelanceerdBeursgang bitcoinbedrijf Treasury loopt spaak na eisen van AFMGemini maakt verlies, halve board eruit en weg uit EU/VKPeter:

U.S. equities closed modestly higher Wednesday but finished off best levels, with gains led by select mega-cap tech (AMZN, NVDA) while defensives lagged. Oil and precious metals moved sharply higher alongside a stronger dollar and slightly higher Treasury yields amid geopolitical headlines, firmer economic data, and a modestly hawkish tilt in the FOMC minutes. Earnings were mixed, with notable moves in ADI and CDNS on the upside and PANW on the downside, as focus shifts to WMT Thursday and a potential SCOTUS tariff ruling Friday.

“It's always Day One” sounds like a startup cliché… until you hear it from someone who's spent his career on the front lines of threat finance.In this episode of Fraud Forward, host Hailey Windham sits down with Ari Redbord (Global Head of Policy & Government Affairs at TRM Labs) to unpack how financial crime prevention is evolving as crypto, traditional finance, and AI-driven scams collide. Ari's path spans federal prosecution in D.C., the U.S. Treasury, sanctions and terrorism financing, giving him a rare view of where policy, investigations, and technology actually meet.Hailey and Ari get real about what “public–private partnership” should mean in practice (spoiler: not more roundtables), and why real-time disruption networks are the model forward. They break down why “crypto crime” is a misleading label, how blockchain transparency changes investigations, and what TradFi still does better when it comes to governance and mature controls.They also dig into the operational reality teams are wrestling with right now: AI moving faster than regulation, scams scaling with generative tooling, and the risk of falling behind if fraud and compliance don't learn how to harness new tech without losing human judgment.The core takeaway is simple: the threats are moving faster, across more rails, and complacency is the real risk, so the mindset has to stay Day One.Guest lineup:Ari Redbord: Global Head of Policy & Government Affairs at TRM LabsHailey Windham: Host of Fraud Forward and Community Banking Lead at Sardine

Todd Klapprodt joins the podcast to provide a practical primer on stablecoins, tokenized deposits, and other digital assets—what they are, why commercial banking is paying attention, and how financial institutions can explore use cases safely. Related Link [LinkedIn] Todd Klapprodt https://www.linkedin.com/in/tklapprodt/ 

Mike Armstrong and Marc Fandetti examine whether artificial intelligence will meaningfully change long-term economic growth — or simply reshuffle industries and jobs. They also discuss falling Treasury yields, Fed rate-cut expectations, rising inflation pressures from AI-related shortages, and what those forces could mean for consumers, housing, and markets.

What separates a treasury leader from a scorekeeper?In this episode, you'll learn how to step out of the traditional treasury box and drive strategic, high-impact results across your organization - straight from Scott Paredes who's done it across multiple industries.Scott Paredes is a seasoned finance and risk management executive known for his innovative strategies and for leading high-performing treasury teams across global organizations. Throughout his career, Scott has consistently positioned treasury departments at the forefront of business transformation.He pioneered multiple first-of-their-kind capital markets transactions - including the first Sustainability-Linked Asset Based Loan and was recognized with a 2022 Alexander Hamilton Award by Treasury & Risk for developing a cutting-edge cyber-fraud prevention solution.Host Mike Richards sits down with Scott to explore his multifaceted treasury journey - from leading funding strategies in Latin America to pioneering sustainability-linked lending and combatting cyber fraud. Scott shares how thinking differently, collaborating internally, and continually evolving treasury strategy can move the function from back-office to business-critical.What We Cover in This Episode:Scott's unique journey working alongside his twin brother in treasuryLessons from managing liquidity and FX through 9/11 and global crisesLaunching new asset classes in underdeveloped capital marketsHow Scott approached massive M&A integration and refinancing at EnscoImplementing the first sustainability-linked asset-based loan at SouthwireReal-world fraud prevention strategies that won awardsCreative cash flow improvements through customer partnershipsWhy AI and cyber controls are central to treasury's futureCareer-building strategies for aspiring treasury leadersYou can connect with Scott Paredes on LinkedIn.---

THE LIGHT GATE – OPEN MIC NIGHT, Q&A The time has come for another rare 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: February 17th, 2026. Time: 5-7pm pacific / 8-10pm eastern Episode: 146 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, disinformation, 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 co-workers 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/

Questions to Ministers CAMERON BREWER to the Minister of Finance: What is the Treasury's recommended ceiling for New Zealand's net core Crown debt? Rt Hon CHRIS HIPKINS to the Prime Minister: Does he stand by all his Government's statements and actions? Hon MARAMA DAVIDSON to the Prime Minister: E tautoko ana ia i nga korero me nga mahi katoa a tona Kawanatanga? Does he stand by all of his Government's statements and actions? KATIE NIMON to the Minister for Infrastructure: What reports has he seen on New Zealand's infrastructure? Hon BARBARA EDMONDS to the Minister of Finance: Does she stand by her statement in July 2024 that "cost of living relief is on its way"; if so, have prices come down since then? TOM RUTHERFORD to the Minister of Justice: How is the Government committed to fixing the basics in law and order? Dr DAVID WILSON to the Minister for Oceans and Fisheries: What actions has the Government taken to protect rock pools? Hon Dr MEGAN WOODS to the Minister for Energy: What analysis, if any, shows that his LNG-levy model is cheaper over 20 years for households than a programme of wind, solar, storage, and demand-side management? DEBBIE NGAREWA-PACKER to the Prime Minister: Does he stand by all his Government's statements and actions? CHLÖE SWARBRICK to the Prime Minister: E tautoko ana ia i nga korero me nga mahi katoa a tona Kawanatanga? Does he stand by all of his Government's statements and actions? Hon GINNY ANDERSEN to the Minister for Economic Growth: Does she stand by her statement, "I take responsibility for my decisions" in the context of the thousands more New Zealanders out of work under this Government? Dr CARLOS CHEUNG to the Minister for Tourism and Hospitality: What recent announcements has the Government made about supporting major events in New Zealand?

Faheema Adia from Momentum Securities on Telkom's upbeat update – and whether the telecoms sector still has room to run. Seithati Bolipombo of Mulilo on what lies ahead for South Africa's renewables as they move from backup solution to the backbone of the energy mix. 10X Investments's Caroline Naylor-Renn with the latest on two-pot withdrawals, and Treasury's plans to introduce auto-enrolment for pension funds across the workforce.

In this episode, Paul Galloway of Strategic Treasurer discusses why treasury projects stall internally. He explores common causes such as scope creep, system connectivity challenges, competing priorities, staffing changes, and M&A activity. The discussion also outlines how stalled initiatives should be framed with executives and what it takes to successfully restart a paused project. Company Website: Strategic Treasurer: https://strategictreasurer.com

The jury is still out for many analysts on the outlook for economic growth, inflation and the labor market this year.Some see lots of reasons for concern for the road ahead.Others are much more convinced 2026 is going to be a blockbuster year.Which is more likely?To find out, we have the good fortune to talk today with Dr Anna Wong, Chief U.S. Economist for Bloomberg Economics. Prior to her current role, Anna also worked at the Federal Reserve Board, the White House Council of Economics Advisers, and the U.S. Treasury.Anna and her team started the year quite bullish, seeing many of last year's headwinds turning into tailwinds in 2026.But, in light of recent developments, she's starting to turn more cautious.To find out why, watch this video.Follow Anna on Bloomberg by typing BECO + "Go"Or on X at @AnnaEconomistREGISTER FOR THOUGHTFUL MONEY'S SPRING ONLINE CONFERENCE AT THE EARLY BIRD DISCOUNT PRICE at https://www.thoughtfulmoney.com/conference#gdp #inflation #unemploymentrate _____________________________________________ Thoughtful Money LLC is a Registered Investment Advisor Promoter.We produce educational content geared for the individual investor. It's important to note that this content is NOT investment advice, individual or otherwise, nor should be construed as such.We recommend that most investors, especially if inexperienced, should consider benefiting from the direction and guidance of a qualified financial advisor registered with the U.S. Securities and Exchange Commission (SEC) or state securities regulators who can develop & implement a personalized financial plan based on a customer's unique goals, needs & risk tolerance.IMPORTANT NOTE: There are risks associated with investing in securities.Investing in stocks, bonds, exchange traded funds, mutual funds, money market funds, and other types of securities involve risk of loss. Loss of principal is possible. Some high risk investments may use leverage, which will accentuate gains & losses. Foreign investing involves special risks, including a greater volatility and political, economic and currency risks and differences in accounting methods.A security's or a firm's past investment performance is not a guarantee or predictor of future investment performance.Thoughtful Money and the Thoughtful Money logo are trademarks of Thoughtful Money LLC.Copyright © 2026 Thoughtful Money LLC. All rights reserved.

You've probably heard that pensions are dying, but have you ever wondered why they were so effective in the first place? Research shows that traditional defined benefit pensions deliver the same retirement income at 49% less cost than typical 401(k) plans. Even the most efficient 401(k) plans still require 27% more funding to match pension benefits. The difference comes down to three main factors: lower investment costs, access to institutional-grade investments, and longevity risk pooling. Large pension funds pay just 25-41 (.25-.41%) basis points for professional management compared to 130+ basis points( 1.30%) in many 401(k) plans. Some 401(k) fees are so high they completely eliminate the tax benefits for younger workers. Insurance companies operate on the same principles as pension funds, managing trillions in assets with access to private placement bonds that yield 25-45 basis points more than public bonds. You can't buy these investments individually, no matter how much money you have. The insurance industry holds over 90% of all privately issued debt in the United States. This scale advantage directly impacts products like annuities and whole life insurance. When you buy a lifetime income annuity, you join a risk pool of hundreds of thousands of people. The insurance company only needs to fund the average outcome across the pool, not your individual maximum lifespan. The numbers are striking: a 65-year-old funding $15,000 per year of income needs $278,000 in Treasury bonds but only $202,000 with an annuity. That's a $76,000 difference from mortality credits alone. We walk through the research showing how institutional investors achieve results that retail investors simply cannot replicate on their own. ______________________________ Have questions about how these concepts apply to your retirement planning? Reach out to us—we're here to help you understand your options.

In this episode of The Wrap, Chris Whalen argues that the AI narrative is stalling and we're witnessing a sustained rotation from tech, AI, and crypto into safer, income-generating stocks. Chris points out that JPMorgan — arguably the best-run bank in America — has fallen from the top of his rankings to 87th place in just six months, a dramatic shift showing managers are rotating into smaller cap names. He describes this as a "manic, momentum-driven market" where the extraordinary gains of 2025 are now being given back. Chris is skeptical of both the AI and crypto narratives, calling them "driven by Wall Street hype," and notes that crypto is suffering specifically because the AI story has broken down. For 2026, he advises looking for safety and income rather than growth, remains long gold and silver despite volatility, and cautions that "this year is going to be a much more difficult year" for most sectors. On housing and the Fed, Chris lays out what Kevin Warsh and Scott Besant must do: swap the Fed's $2 trillion MBS portfolio to Treasury, restructure low-coupon securities into CMOs, and bury them in insurance company balance sheets to unlock the housing market.Links:    The Institutional Risk Analyst: https://www.theinstitutionalriskanalyst.com/  Inflated book (2nd edition): https://www.barnesandnoble.com/w/inflated-r-christopher-whalen/1146303673Twitter/X: https://twitter.com/rcwhalen    Website: https://www.rcwhalen.com/   Timestamps:0:00 Welcome and intro 01:00 AI narrative stalling, tech's worst week since November 1:59 Is this a healthy correction or something bigger? 4:58 JPMorgan now ranks 87th — what does that tell you? 6:36 Small caps rule right now — managers rotating to safety 7:30 What does it mean if managers won't own the best bank in America?8:30 The link between crypto and AI 11:32 Chris is skeptical of both AI and crypto narratives 11:57 What's the next legitimate growth story for the US? 13:15 All that trapped private equity capital in tech 14:55 Fannie and Freddie earnings — but where's the growth? 17:00 What Warsh and Bessent need to do to fix housing 19:00 Should the Fed engage in fiscal issues? 21:54 The Fed's real mandate — keeping the Treasury market open 23:00 What should Warsh do with the MBS on the balance sheet? 24:58 Why we haven't seen a typical crash cycle 26:17 What's the trade for 2026? Safety and income 28:08 PennyMac's mistake — buying Cenlar 31:58 Viewer mail34:39 Gold and silver portfolio — lots of opportunity despite volatility35:00 Closing

Morse code transcription: vvv vvv British couple held by Taliban describe culture shock returning to UK Six possible outcomes of Trumps climate policy change Democrats ask Mandelson to cooperate with Jeffrey Epstein probe Andrew facing claim he shared Treasury document with banking contact Why I stopped saying no to my toddler Two Britons among three dead in French Alps avalanche We are not protected says Hebron mayor, as Israel expands control of West Bank Jesy Nelson in tears as 100,000 sign SMA petition in one day Men jailed over plot to attack Jewish community in Manchester Who is on helmet that led to Ukrainian athlete and x27 s Winter Olympics ban

Veronique de Rugy of the Mercatus Center discusses Kevin Warsh's potential Fed chairmanship, highlighting his focus on price stability and a proposed accord to reduce Treasury pressure on the central bank.1903

In a newsmaking interview, U.S. Treasury Secretary Scott Bessent discusses the government's plan to incentivize whistleblower tips on fraud, money laundering, and sanctions violations following the Trump administration's focus on federally funded social welfare programs in Minnesota. Sec. Bessent also shares his expectation that the Senate confirmation of Fed chair nominee Kevin Warsh to proceed, despite Sen. Thom Tillis's effort to block it. Plus, at the AT&T Pebble Beach Pro-Am, Joe Kernen sits down with AT&T Chairman & CEO John Stankey to discuss the infrastructure of the future internet, including fiber optics and satellites. Sec. Scott Bessent - 04:33John Stankey - 33:17 In this episode:Scott Bessent, @SecScottBessentJoe Kernen, @JoeSquawkCameron Costa, @CameronCostaNY Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

As the first Secretary of the Treasury, Founding Father Alexander Hamilton created a financial revolution, laying the foundation for America's ability to become the richest and most powerful nation in history. WEALTHTRACK episode 2233, broadcast on 2/13/2026

Eric Criscuolo, NYSE Market Strategist, recaps a week where AI‑driven fears triggered sharp selloffs across software, finance, logistics, and data‑heavy industries. Despite the pressure, broader market rotations held up as the Dow pushed past 50,000 and mid‑ and small‑cap indexes outperformed beneath the surface. Defensive sectors took the lead as the S&P slipped back below key moving averages. Treasury yields swung on mixed macro signals while metals cooled, crypto wavered, and oil's rally stalled. With CPI, major earnings, and key economic data ahead, markets enter the holiday‑shortened week navigating renewed volatility and rising AI uncertainty.

US equity futures are pointing modestly lower, with Asian markets sharply weaker and European equities trading mixed. AI-related disruption fears remained the dominant market theme. Investors rotated further into defensive sectors as volatility picked up and the VIX moved above 20. Economic data showed weekly jobless claims broadly in line, continuing claims slightly higher, and existing home sales falling sharply month over month despite some improvement in affordability. Treasury auctions drew strong demand at the long end following earlier mixed results. Market attention now turns to January CPI, with expectations centered on a modest monthly increase in both headline and core inflation. Market has pared back Fed rate cut expectations to July move versus June.Companies Mentioned: Humana, Sumitomo Forestry, Tri Pointe Homes, OpenAI, DeepSeek

The truth of the matter is, the country is nuts about true-crime dramas and Stigall contends that's what the media is subjecting us to as opposed to ACTUAL scandal and success in Washington and beyond. Stigall calls in one of his favorite legal minds today to discuss the public food fight between Democrats and AG Pam Bondi yesterday. Mark Weaver is a prosecutor - of sex crimes, as a matter of fact. So what's REAL versus fiction in the Epstein story? Today unpacks it from an unemotional and sincere question-filled point of view. Have you heard about TrumpRX.com? May prescriptions are coming down in price thanks to the negotiations of President Trump, RFK Jr, and some pharmaceutical companies. Hear how it will impact you. Plus, Treasury's Joe Lavorgna return to discuss new jobs, cheaper mortgages and rents, Trump accounts, and will tax season change American's economic mood? -For more info visit the official website: https://chrisstigall.comInstagram: https://www.instagram.com/chrisstigallshow/Twitter: https://twitter.com/ChrisStigallFacebook: https://www.facebook.com/chris.stigall/Listen on Spotify: https://tinyurl.com/StigallPodListen on Apple Podcasts: https://bit.ly/StigallShow See omnystudio.com/listener for privacy information.

Global markets are leaning into growth. Following the upside surprise in U.S. non-farm payrolls — with 130,000 jobs added and unemployment falling to 4.3% — investors are focusing on economic resilience rather than fading hopes of aggressive rate cuts. MSCI's All-World index is trading near record highs, while South Korea's Kospi has crossed 5,500 for the first time. Attention now turns to initial jobless claims and the upcoming CPI print, which could shape expectations for the Federal Reserve's June decision. CME FedWatch odds for a rate hold have climbed to 40%. In the UK, GDP expanded just 0.1% in Q4, while industrial production fell unexpectedly. Meanwhile, Nuveen has agreed to acquire asset manager Schroders for $13.5 billion. In digital assets, crypto markets remain steady despite Blockfills halting withdrawals. BlackRock is deepening its move into tokenized finance, bringing its Treasury-backed BUIDL token to Uniswap through Securitize. Court drama surrounding FTX has resurfaced, and Kraken has replaced its CFO ahead of its public listing. A busy macro backdrop with institutional crypto developments accelerating beneath the surface.

Is commercial real estate setting up for a comeback in 2026? In this episode of The Real Wealth Show, Kathy Fettke sits down with Henry Chin, Global Head of Research at CBRE, to break down the latest outlook for U.S. and global property markets. Despite ongoing economic uncertainty, investor demand for U.S. commercial real estate is strengthening. Henry shares why multifamily remains the top asset class, how Sunbelt oversupply compares to gateway city recovery, what "flight to quality" really means, and why office and retail could become surprising contrarian opportunities. He also explains what investors should expect from cap rates, Treasury yields, and potential Fed rate cuts in 2026. If you're underwriting deals or deciding when to buy or sell, this episode offers data-driven insights to help you invest smarter in the year ahead.

Carl Quintanilla, Sara Eisen, and David Faber kicked off the hour with a look at inflation - including a new alternative data source cited by the Treasury - ahead of tomorrow's CPI report. Citi Wealth's CIO joined the team with more on what it all could mean for markets, and possible rate cuts ahead... Before the team did a deep-dive on software: spanning the names worth buying here, according to a longtime veteran in the space (who's also in investor in Anthropic) - and what the AI buildout means for private credit as concerns grow over possible contagion risks... Goldman's Head of Corporate Credit is bullish as ever here. Plus: more on the day's biggest earnings reports - spanning exclusive commentary from the CFO of McDonalds, to what the street's saying about Cisco's numbers (as shares look for their worst day since April of last year).  Squawk on the Street Disclaimer Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Kevin Warsh has officially been nominated to replace Jerome Powell as Federal Reserve Chairman and the big question now is what this means for interest rates, mortgage rates, housing, and the broader economy.In this episode, we cut through the political noise and focus on what actually matters for borrowers and investors.I break down who Kevin Warsh is, his background at the Federal Reserve, and whether he is likely to lean more hawkish or dovish. More importantly, we discuss why the bond market reaction matters more than headlines and how the 10 year Treasury ultimately drives mortgage rates.We also cover:How jobs, inflation, and consumer spending will determine future rate cutsWhy small businesses are struggling despite strong economic dataThe difference between Fed rate cuts and mortgage rate movementsOther policy levers that could bring mortgage rates down beyond the FedWhy affordability not politics is the real issue heading into 2026If you are a homebuyer, investor, homeowner, or self employed borrower, understanding how this leadership transition could impact rates is critical. Mortgage markets respond to data, confidence, and forward guidance not just announcements.As we move deeper into 2026, the real drivers will be the labor market, consumer strength, inflation trends, and bond market belief. That is where the focus should be.

Guest: Joseph Sternberg. Sternberg assesses potential Fed Chair Kevin Warsh, highlighting his "realist" approach to monetary policy and desire to reduce the Federal Reserve's balance sheet.1880 TREASURY

Talking Real Money opens with a stark illustration of why Bitcoin fails as a usable currency, showing how volatility can destroy real-life budgets overnight. Don and Tom compare crypto to historic speculative bubbles, argue that stability—not hype—is the core function of money, and dismantle the “store of value” narrative. The show then shifts to practical listener calls covering CD ladders, Treasury yields, retirement readiness, estate planning, and early-retirement balance. Throughout, they emphasize boring, diversified, evidence-based investing over speculation, reminding listeners that long-term financial security comes from discipline, planning, and emotional restraint—not chasing the next hot trend. 0:04 Bitcoin paycheck scenario and real-world income collapse 1:04 Currency volatility vs. household budgeting reality 2:22 Bitcoin's 45% drop and “currency vs. speculation” argument 3:24 Hyperinflation examples and why stability matters 4:03 “Greater fool” theory and vanishing crypto hype 4:47 Why Bitcoin fails as a functional currency 5:59 Tulip mania and historical bubbles comparison 6:59 Tangible assets vs. pure speculation 7:39 “At least you can live in a house” argument 8:26 Michael Saylor, HODL culture, and empty promises 9:30 NFT collapse and Beeple example 10:11 Crypto returns vs. real assets 11:14 Listener question: CDs vs. Treasuries 12:22 Current CD rates and Bankrate reference 13:56 Risks of long-term bonds and rate changes 15:32 Don's real CD ladder example 16:37 Fixed income diversification strategy 18:35 Hot money leaving crypto for prediction markets 19:45 Generational blind spots and bubble psychology 21:08 Retirement planning call: housing proceeds and savings 23:57 Social Security timing and cash-flow planning 25:41 Importance of fee-only fiduciary planning 27:32 Vernita Toll Bridge digression (classic TRM) 30:33 Estate planning: wills vs. trusts 33:49 RetireMeet promotion and resources 35:43 FIRE listener call: saving vs. living balance 38:58 Permission to spend responsibly Learn more about your ad choices. Visit megaphone.fm/adchoices

In this episode of Dividend Cafe, Brian Szytel covers the market performance on February 10th, highlighting mixed results with slight gains in the DOW and declines in the S&P and NASDAQ. He discusses significant moves in the bond market, including a drop in 10-year Treasury rates, and comments on the anticipated impacts of incoming Fed Chair Kevin Walsh. Szytel also reviews economic data, noting a lower-than-expected Small Businesses Optimism Survey and flat retail sales for December. He touches on the potential effects of upcoming CPI data and AI-related market volatility, projecting that AI will be a transformative technology despite the current volatility in its investment landscape. 00:00 Introduction and Market Overview 00:34 Bond Market Movements 01:29 Economic Data Insights 02:37 Upcoming CPI Report 04:00 AI Volatility Discussion 05:06 Conclusion and Sign-Off Links mentioned in this episode: DividendCafe.com TheBahnsenGroup.com

In this episode of The Grant Williams Podcast, I'm joined by Rabobank's Michael Every for a provocative exploration of why the post-Cold War liberal world order is breaking down — and what may replace it. Michael argues that decades of hyper-market economics hollowed out America's industrial and military base, and that Trump's project represents a radical attempt to reverse that trajectory by fusing national security and economic policy. Drawing on deep historical parallels with the collapse of the Soviet Union, he sets out his ‘reverse Gorbachev' thesis: an effort to impose a form of capitalism with a national-security face, subordinating markets to strategic necessity, elevating the Treasury over the Federal Reserve, and accepting higher inflation, heavier state intervention, and intensified political conflict at home and abroad in order to rebuild power and resilience. Every episode of the Grant Williams podcast, including This Week In Doom, The End Game, The Super Terrific Happy Hour, The Narrative Game, Kaos Theory, Shifts Happen and The Hundred Year Pivot, is available to Copper and Silver Tier subscribers at my website www.Grant-Williams.com.  Copper Tier subscribers get access to all podcasts, while members of the Silver Tier get both the podcasts and my monthly newsletter, Things That Make You Go Hmmm…