Podcasts about us treasury

Today's top stories, with context, in just 15 minutes. On today's podcast: 1) The US and Iran reached an interim agreement to reopen the Strait of Hormuz, halting a war that killed thousands of people and setting the stage for negotiations on the fate of Tehran’s nuclear program. Officials from the two countries will meet in Switzerland to formally sign the agreement, with key sticking points left for the next stage of talks, including the removal of sanctions and financial incentives for Iran. The agreement could bring peace and security to the region, but its details remain unresolved, and both sides are casting the deal in different lights, underscoring the difficulties that may lie ahead in resolving outstanding issues. 2) Inflation is roaring back at the fastest pace in three years, and investors have been dumping US Treasury bonds and piling into bets the Fed will need to start raising rates by December. Federal Reserve Chairman Kevin Warsh is facing an unusually high-stakes test in his first FOMC meeting as Fed chair, with his maiden press conference and the Fed's post-meeting statement and forecasts to be scoured for clues on what's next. Warsh's commitment to maintaining the bank's political independence will be reassured if he sends a convincing message that the Fed is willing to shift back into inflation-fighting mode, but falling short will rattle markets already worried he could jeopardize the Fed's credibility. 3) SpaceX shares jumped in premarket trading Monday, after its blockbuster debut Friday vaulted it into the ranks of the world’s most valuable public companies. The performance helped bolster confidence in the artificial intelligence rally, following SpaceX’s embrace of AI earlier this year with the acquisition of Musk’s xAI. It also boosted the IPO prospects of Anthropic PBC and OpenAI, both of which plan go public themselves.See omnystudio.com/listener for privacy information.

Kia ora. Welcome to Thursday's Economy Watch where we follow the economic events and trends that affect Aotearoa/New Zealand. I'm David Chaston and this is the international edition from Interest.co.nz.  Today we lead with news the US is frustrated with Iran and is promising even more military strikes. The deal Trump thought was close, isn't. The escalation threat has oil and financial markets reacting badly. But first today, American CPI inflation jumped from 3.8% in April to 4.2% in May, largely as expected and largely based on higher fuel costs. This is its highest since April 2023. Today's geopolitical events and markets reactions probably mean it isn't finished with the current trajectory. Actually, for March, April and now May, their CPI index rose +2.0% in just those months, so the rate being experienced by consumers (annualised +8%?) is very much higher than the annual one reported. The White House reaction was very unexpected: Trump said, "You know, I love the inflation." Certainly, financial markets were unimpressed. There was a large jump in American mortgage applications last week even though benchmark home loan interest rates stayed elevated at about 6.6%. After six weeks of holding back, it seems borrowers are coming to accept that they have to pay these higher rates. Remember pre-war, these rates were under 6.1%. The jump in applications this week were from both new borrowers and those needing refinance. For a seventh straight week, and including stocks in their strategic reserve, American crude oil stocks dropped in the latest update, and by almost double the rate expected. Today's US Treasury 10yr bond auction was well supported and yield's rose only modestly for this one, coming in at 4.48% median (4.54% high bid), up from 4.41% at the prior equivalent event a month ago. In Canada, their central bank kept its policy rate unchanged at 2.25% as expected, and for the fifth consecutive time. They had inflation at 2.8% in April so, so far, there is little evidence higher energy prices are being passed on or embedded in their consumer cost base. Data out in Japan yesterday shows their May producer prices rose +6.3% from a year ago, up from 5.3% in April and the fastest rise since the end of the pandemic in March 2023. After the April spurt, they rose another +0.9% in May alone. China's CPI inflation level was low and stable in May, coming in at 1.2% from a year ago, unchanged from April. Beef prices were up +4.2% however and lamb prices up +6.2%. Egg prices are up +6.6% on the same basis and a five year high. These were more than offset by a -16% drop in Chinese pork prices though. And dairy prices fell -1.2% on the same year-ago basis. But China's producer prices are not so calm. In fact they rose an outsized +5.8% in May from a year ago for industrial products, up 3.9% overall when you broaden the categories to include food, clothing and other goods produced for consumers. Apart from the pandemic, the headline 3.9% is the highest they have had since August 2018. In Australia, we should note that their emergency petrol tax concession will end at the end of June. That will juice up their inflation if it isn't extended. The UST 10yr yield is now just on 4.54%, up +1 bp for the day.  The price of gold will start today down another -US$160 from yesterday at US$4098/oz. Silver is down -50 USc at US$64.50/oz. Oil prices are up +US$3 from yesterday at just under US$91.50/bbl in the US, while the international Brent price is now just on US$94.50/bbl. Hormuz transits are almost non-existent today, only 2 in the past 24 hours.. The Kiwi dollar is down -10 bps from this time yesterday at just on 58.1 USc. Against the Aussie we are up +10 bps at 82.9 AUc. Against the euro we are down -10 bps at just on 50.3 euro cents. That all means our TWI-5 starts today at just over 61.8 which is down -10 bps from yesterday. The bitcoin price starts today at just on US$61,781 and little-changed (up +0.3%) from this time yesterday. Volatility over the past 24 hours has been modest at just over +/- 1.7%. You can get more news affecting the economy in New Zealand from interest.co.nz. Kia ora. I'm David Chaston and we'll do this again tomorrow.

Kia ora. Welcome to Wednesday's Economy Watch where we follow the economic events and trends that affect Aotearoa/New Zealand. I'm David Chaston and this is the international edition from Interest.co.nz. Today we lead with news uncertainty swirls in the Middle East as Iran has shot down an American Apache helicopter (and Trump is looking more like Jimmy Carter by the day). But more ships are transiting (paying Iran's toll), and that extra oil is easing the global price. But first locally, the overnight dairy Pulse auction delivered lower prices for the four products offered. AMF was down -4.6% from last week's full auction. Butter was down -0.6%. SMP was down -5.5% and WMP was down -3.5%. But an intervening -2% fall in the NZD took some of the sting out of these retreats. In the US, NFIB Business Optimism Index fell again and to its lowest since October 2024.. These businesses are struggling with "significant and unpredictable hikes in fuel prices", which they find harder to pass on to their customers compared to their larger corporate competitors. The weekly ADP jobs report said new private sector jobs created were lower last week at +29,000, in fact their lowest since the end of March. American existing home sales actually rose in May to an annualised rate of 4.17 mln, its highest of the year. This was impressive because mortgage interest rates rose in the period and seems not to have been the handbrake sometimes assumed. All the same, unsold inventory rose. There was a small but notable increase in demand for the overnight and popular US Treasury 3 year bond which delivered a median yield of 4.15% (high of 4.19%), sharply up on the 3.92% median at the prior equivalent event a month ago. In April, US exports of goods and services rose +2.6% from March +12.5% from a year ago, helped by better exports of crude oil, AI computer gear and aircraft, but most offset by a quite sharp fall in tourism receipts. Imports were up +1.9% from March, up +9.1% from a year ago, dominated by capital goods and rising transport and travel cost by Americans. Their trade deficit narrowed slightly, but big trade deficits remained with Taiwan (-$19.3 nln), Vietnam (-$19.3 bln), Mexico (-$14.8 bln), China (-$12.0 bln), the EU (-$7.2 bln), and Canada (-$6.2 bln). The Texas screwworm outbreak is spreading which will affect their beef trade. The outbreak now includes for a dog. Meanwhile, Canadian exports rose +1.6% from the previous month to C$75.2 bln in April, the highest on record and up +24.7% from the same month a year ago. Imports rose too, but they still managed to report their best monthly trade surplus since January 2025 and their best April since 2008. Across the Pacific, China's exports surged +19.4% in May from a year ago to a record high of US$377 bln, far exceeding forecasts of +15% and accelerating sharply from April's 14.1% rise. It was the fastest increase since February and gave them a trade surplus of +US$105.4 bln. However, Chinese oil imports hit an eight year low in May. Across the strait, Taiwan said its exports rose even more impressively, up +52% from a year ago. Their imports were up +55%. That means a trade surplus for them of +US$17.9 bln, middle-range for what they have had since October 2025 and wildly higher than in any prior period Japanese machine tool orders fell in May from April after falling in April too. But they remain up +37% from a year ago. The monthly easing was for orders from both domestic and foreign customers. Staying in Japan, reports are growing that their central bank will raise its policy rate by +25 bps to 1.0% when they meet on Friday week. And they are likely to pause their JGB bond sell-down program that is underway. And in Indonesia, their central bank held an emergency meeting to assess the economic crisis growing in their financial and fx markets. At that meeting they hikes their policy rate to 5.50%, a hike of +25 bps. They last met only three weeks ago when they raised their rate by +25 bps at that time too. They started 2026 with a 4.75% rate. Their actions are required to stop the Indonesian currency falling sharply, down -7.8% in 2026. In Europe, the Netherlands blocked an American company from buying a local firm that handles its national ID system, saying it would create a “threat to the public interest.” The UST 10yr yield is now just on 4.53%, down -2 bps for the day. The price of gold will start today down -US$75 from yesterday at US$4258/oz. Silver is down a sharp -US$3.50 at just under US$65/oz. Oil prices are down -US$2.50 from yesterday at just under US$88.50/bbl in the US, while the international Brent price is now just on US$91.50/bbl. Hormuz transits are still very low despite the pricing optimism. China's crude imports dropped to around 7.8 million barrels per day last month, the lowest level in more than eight years and nearly 4 million barrels per day below the 2025 average. Weaker shipments to from the world's largest oil importer even if caused by Hormuz, combined with record US exports and emergency reserve releases, has limited the price impact of the Middle East conflict. The Kiwi dollar is up +10 bps from this time yesterday at just on 58.2 USc. Against the Aussie we are up +30 bps at 82.8 AUc. Against the euro we are unchanged at just on 50.4 euro cents. That all means our TWI-5 starts today at just on 61.9 which is up +10 bps from yesterday. The bitcoin price starts today at just on US$61,545 and down -2.95% from this time yesterday. Volatility over the past 24 hours has been moderate at just over +/- 2.6%. You can get more news affecting the economy in New Zealand from interest.co.nz. Kia ora. I'm David Chaston and we'll do this again tomorrow.

In this episode of the Crazy Wisdom Podcast, host Stewart Alsop sits down with software engineer and entrepreneur Arowolo Muritadhor for a wide-ranging conversation that moves from agriculture and manufacturing in Nigeria to the evolving role of crypto in the country's economy. They touch on how hyperinflation, particularly the naira's dramatic drop in 2023, pushed Nigerians toward stablecoins as a practical savings tool, and how informal kiosk networks have stepped in where traditional banking infrastructure falls short. The conversation also covers the tension between government regulation and the permissionless nature of blockchain technology, comparisons between the decline of the Roman Empire and current shifts in US economic dominance, the role of mobile payments in Africa, language learning, and whether AI agents have any real utility in crypto infrastructure yet. You can connect with Arowolo on LinkedIn and X at @armolas_06.Timestamps00:00 - Host welcomes Arowolo Muritadhor, introducing topics of software engineering and animal food production in Nigeria.05:00 - Discussion shifts to manufacturing, components assembly, and China's dominance in low-cost production globally.10:00 - Conversation explores crypto adoption in Nigeria as a network state phenomenon, separating informed users from mainstream population.15:00 - Mobile payments and kiosk ATM replacements emerge as critical financial infrastructure bridging unbanked Nigerians.20:00 - Roman Empire parallels drawn to modern crypto taxation, government control, and inevitable death-and-taxes reality.25:00 - Bitcoin and Ethereum permissionless nature debated against government wallet-level censorship vulnerabilities.30:00 - AI agents examined as crypto infrastructure tools, revealing mostly trading bots rather than foundational builders.35:00 - Nigeria's 2023 naira collapse compared to Argentina's hyperinflation, driving citizens toward stablecoin dollar savings.40:00 - US Treasury history unpacked through FDR gold confiscation and Nixon ending convertibility, paralleling empire decline.45:00 - Crypto reframed as anti-bank rather than purely anti-government, enabling freedom through immutable accountability.50:00 - Transparent blockchain ledgers discussed as potential government accountability tools across democracy, republic, and oligarchy structures.Key Insights1. Nigeria has a significant divide between its northern and southern regions in terms of economic activity. The north, centered around Abuja, is more agricultural with substantial cattle production, while Lagos in the south functions as a dense urban and commercial hub. This geographic and economic split shapes how different financial tools and technologies are adopted across the country.2. China's dominance in low-cost manufacturing has made it nearly impossible for countries like Nigeria, the United States, or Argentina to compete on price alone. The more realistic path for developing economies is to import components and focus on local assembly and creativity, which is where meaningful economic participation becomes possible.3. Crypto adoption in Nigeria accelerated dramatically around 2023 when the naira experienced a sharp devaluation against the US dollar. Before that point, saving in dollars was difficult for many Nigerians, especially those without formal bank accounts, making stablecoins like USDT an attractive and practical alternative for preserving wealth.4. Informal kiosk operators in Nigeria have organically become a substitute for ATMs, giving communities access to basic financial services where traditional banking infrastructure does not reach. This grassroots financial layer is now a key entry point for integrating crypto and stablecoin payments into everyday commerce.5. Governments are increasingly trying to regulate crypto at the wallet and centralized exchange level, using tax compliance as a primary mechanism. While Bitcoin and Ethereum remain largely permissionless, the practical chokepoints for most users remain centralized platforms where identity and transactions can be monitored.6. The historical parallel between the fall of the Roman Empire and current shifts in US economic and geopolitical power offers a useful frame for understanding why crypto matters. Just as Rome debased its currency and struggled to sustain imperial costs, the US faces mounting debt and a financialized economy that may accelerate dollar instability and push more people toward alternative stores of value.7. One genuinely constructive use case for blockchain beyond speculation is immutable accountability, particularly for public institutions and prediction markets. A transparent ledger that governments or officials voluntarily adopt could create verifiable records of decisions and promises, reducing corruption and increasing trust in ways that traditional governance structures have struggled to achieve.

A lot of investors have written off bonds after 2022. In this episode, Paddy Delaney explains why that conclusion is based on a misreading of how bonds work — and what the historical data actually shows. The 10-year US Treasury yield went from under 6% to over 11% during the 1970s. Bonds still returned 5.4% per year. The worst single year was a loss of less than 1%. If bonds survived that rate environment, what does it mean for the environment we are in today? In this episode: - How bond returns are calculated (starting yield and duration) - Why rising interest rates improve your future bond returns, not reduce them - What the 1970s data shows, using Damodaran historical records - What this means practically for anyone with bonds in an ARF or occupational pension - A short note on lifestyling: being moved into bonds automatically is very different from choosing to hold them This episode is relevant if you are approaching retirement, already in retirement, or reviewing an ARF or pension that includes a bond allocation. If you would like to talk through your own situation, book a Clarity Call at www.informeddecisions.ie Full blog post: www.informeddecisions.ie/post/bonds-arf-retirement-ireland  • All Informed Decisions podcast episodes: www.informeddecisions.ie/podcast/   ABOUT THE SHOW The Informed Decisions podcast is hosted by Paddy Delaney QFA RPA APA — independent, fee-only retirement planner in Ireland. The podcast and the blog at informeddecisions.ie are educational resources for Irish professionals, business owners, and high-net-worth individuals navigating retirement, tax efficiency, and investment strategy. Find Paddy at www.informeddecisions.ie   TIMESTAMPS 00:00 Introduction to Bonds and Market Perceptions 02:43 Understanding Bonds: Their Role and Functionality 05:20 The Impact of Interest Rates on Bond Investments 08:20 Predictability of Bond Returns and Historical Context 11:11 The Mechanics of Bond Funds and Their Advantages 14:01 Current Bond Market Landscape and Future Outlook 17:03 Strategic Considerations for Investors and Pension Holders 19:46 Common Misconceptions and Mistakes in Bond Investing 22:25 Key Takeaways and Final Thoughts   DISCLAIMER This podcast is for general educational purposes only. It does not constitute personalised financial advice. Figures and rules referenced reflect the position as at May 2026 and are subject to change. Always speak to a qualified, independent financial advisor about your specific situation.

Every day, billions of transactions settle between strangers who have no idea which bank the other uses. That lack of friction is not automatic. Nine-tenths of the money in daily circulation has been created by commercial banks, but it stays trustworthy only because central banks stand behind it, and keep the system in balance.In this week's episode Tim Phillips talks to Stephen Cecchetti (Brandeis University, CEPR) about what happens when new forms of digital money test that architecture. Cecchetti is one of the authors of the eighth Barcelona Report in The Future of Banking series, part of the Banking Initiative at IESE Business School, just published by CEPR as a free download.Will retail central bank digital currencies, tokenised deposits, and stablecoins upset the delicate balance of system that has been running for decades? Stablecoins, for example, do not create money, but they claim the status of money without the institutional guarantee that makes money trustworthy. Three jurisdictions — the US, the EU, and the UK — are each resolving the same underlying contradiction in different ways. None has fully resolved it.The research behind this episode:Niepelt, Dirk, Stephen G. Cecchetti, Hélène Rey, and Xavier Vives. 2026. Digital Money: The Future of Banking 8. London: CEPR Press. Available as a free download from CEPR.To cite this episode:Phillips, Tim, and Stephen G. Cecchetti. 2026. “The digital money supply.” VoxTalks Economics (podcast). Assign this as extra listening. The citation above is formatted and ready for a reading list or VLE.About the guestStephen Cecchetti is the Rosen Family Chair in International Finance at Brandeis University, a Research Fellow of the Centre for Economic Policy Research (CEPR), and a Research Associate at the NBER. He was previously Economic Adviser and Head of the Monetary and Economic Department at the Bank for International Settlements, and Director of Research at the Federal Reserve Bank of New York. His research spanning monetary policy, financial stability, and banking regulation has shaped both academic and policy debate over three decades. He blogs at moneyandbanking.com.Research cited in this episodeWalter Bagehot's lender of last resort doctrine. In Lombard Street: A Description of the Money Market (1873), Bagehot argued that a central bank under stress should lend freely against good collateral at a penalty rate. The prescription remains the intellectual foundation for how central banks manage runs and systemic crises. Cecchetti invokes it to make the point that no private substitute for a central bank backstop has ever proved durable, and that the doctrine is now, one hundred and fifty years on, being tested by instruments its author could not have imagined.Monetary uniformity, mobility, and elasticity. The three institutional conditions underpinning general acceptance of money, developed in analysis by the Bank for International Settlements and discussed extensively in the report. Uniformity means a pound is a pound regardless of which bank holds it. Mobility means claims move between users and institutions at low cost and settle with finality. Elasticity means the supply of money can expand when it is under stress. Together they explain why we accept a deposit at face value without doing any analysis of the bank that issued it; and together they identify exactly where new forms of digital money create institutional gaps.Silicon Valley Bank failure, March 2023. SVB's collapse illustrates both the lender of last resort functioning and the limits of no-bailout commitments. Cecchetti notes that SVB's liabilities were still trading at par on the Thursday before its Friday failure because the Federal Reserve stood behind them. He also notes that Circle, the issuer of USDC, held $3.3 billion of its reserves at SVB and was effectively bailed out in the resolution. The episode is one of two occasions in the past twenty years where money market fund-like instruments have been backstopped by the Federal Reserve under stress.Genius Act (United States). Principle-based stablecoin regulation expected to come into effect in the US around 2027. Under its provisions, only stablecoins issued by bank-affiliated issuers will have access to the Federal Reserve; only those will therefore have the institutional backing needed to function as money. Stablecoins issued by non-bank entities will not.Markets in Crypto Assets Regulation (MiCA), European Union. The EU framework for crypto assets, which entered into force in 2024. For stablecoins, MiCA requires issuers to hold 30 to 60% of their reserves in bank deposits, with no provision for central bank backing. The stated rationale is to keep deposits within the banking system; Cecchetti notes this creates a different category of vulnerability and leaves the question of what happens under stress unresolved.Bank of England stablecoin proposal (United Kingdom). The Bank of England's approach differs from both US and EU frameworks by explicitly requiring large stablecoin issuers to hold significant reserve deposits at the Bank of England, making them in effect narrow banks with a direct central bank backstop. Cecchetti regards this as the most coherent of the three approaches in terms of institutional logic, though the same fundamental question applies: whether holding to that design under stress would be politically sustainable.Tether and the jurisdictional challenge. Tether, the largest stablecoin issuer, is registered in El Salvador having previously operated out of the British Virgin Islands. Its tokens are held by users in multiple countries, traded on exchanges in multiple jurisdictions, and backed by US Treasury securities. Cecchetti uses this to illustrate why local regulation, however well-designed, is necessary but not sufficient; effective oversight of instruments that are genuinely global requires international standards and coordination.Fractional reserve banking and the goldsmith model. The institutional structure described in the episode has roots in mid-seventeenth century England, when goldsmiths began issuing more paper receipts than they had gold in their vaults. The goldsmiths became bankers; the paper became money; the vulnerability to runs became a structural feature of private money creation that persists today. Cecchetti uses the history to make the point that while technology changes how we store and transmit information, the underlying architecture of trust in private money is as old as Newtonian physics.More VoxTalks Economics episodesMaking banking safe, Stephen Cecchetti and Kermit Schoenholtz. Our financial system is supposed to be more resilient than before the global financial crisis, but that didn't save Silicon Valley Bank, Signature Bank or First Republic. So what went wrong?Related reading on VoxEUNew coins on the block: Digital currencies and the financial system. The authors of the Barcelona Report warn that “Digital money will be reliable only where sound institutions and robust technology come together.”

Today the government is getting sued by an app developer, Capitol Cops, FBI agents, Kilmar Abrego Garcia, California, Daniel Richman, Mike Flynn, and a boatload of January 6 rioters — although those last two are basically sham lawsuits seeking to raid the US Treasury with the help of President Treasonweasel. Two judges in DC seem perilously close to holding the DOJ in contempt. And for subscribers, the unbearable cognitive dissonance of Tina Peters.   Links:   NRSC v. FEC [SCOTUS Docket] https://www.supremecourt.gov/search.aspx?filename=/docket/docketfiles/html/public/24-621.html   Does v. Patel [wrongfully fired FBI agents] https://www.courtlistener.com/docket/72004388/does-v-patel/   Aaron v. Bondi [ICEBlock] https://www.courtlistener.com/docket/72003579/aaron-v-bondi/?order_by=desc   Flynn v. US https://www.courtlistener.com/docket/66930673/flynn-v-united-states/?order_by=desc   Trump Pardoned Them for Jan. 6. Now They Want Millions of Dollars https://www.bloomberg.com/news/articles/2025-12-10/trump-pardoned-them-for-jan-6-now-they-want-millions-of-dollars   Richman v. US https://www.courtlistener.com/docket/71982634/richman-v-united-states/?order_by=desc   Newsom v. Trump https://www.courtlistener.com/docket/70496361/newsom-v-trump/?order_by=desc   J.G.G. v. Trump https://www.courtlistener.com/docket/69741724/jgg-v-trump/?order_by=desc   Show Links: https://www.lawandchaospod.com/ BlueSky: @LawAndChaosPod Threads: @LawAndChaosPod Twitter: @LawAndChaosPod  

In this episode of Capital for Good we speak with Bob Steel, partner and vice chairman of Perella Weinberg Partners, whose career has spanned the pinnacles of business, government and nonprofit leadership. Following nearly three decades at Goldman Sachs, Steel held senior roles at the US Treasury, as Under Secretary for Domestic Finance under President George W. Bush, and in New York City government as Deputy Mayor for Economic Development under Mike Bloomberg; was CEO of Wachovia Corporation and Perella Weinberg; and along the way has served on numerous boards, corporate and civic, including at major universities like Duke, important ideas and policy organizations like the Aspen Institute, and several of New York City's anchor institutions. We begin with some of the formative individuals and institutions that would shape Steel's trajectory: his parents, who set an example of service to their North Carolina community; the attention of Dr. Joel Fleishman, a Duke Professor who challenged Steel to become a more engaged student; and the opportunity to join Goldman Sachs in 1976 when John Whitehead and John Weinberg took over the leadership of the firm. "I got on the bus at the right time," Steel says. Steel describes what it was like to work at Goldman Sachs in a period of extraordinary growth and globalization. Over close to three decades, he built several businesses across the US and Europe — "multiple careers in one institution" — and ultimately served as the firm's vice chairman and member of its management committee. "The moral of the story," he observes, "is that well-led firms that are growing create opportunities that are pretty special." In 2006, at the urging of fellow Goldman Sachs partner — and recently confirmed US Treasury Secretary Hank Paulson — Steel went to Treasury to serve as Under Secretary for Domestic Finance. Within a year, the country was in the throes of the financial crisis, and with the support of Paulson and Fed Chair Ben Bernanke, Steel and his colleagues labored to prevent the worst impacts of the crisis on the American people, and to begin to steer the economy to more stable ground. After Treasury, Steel returned to the private sector as CEO of Wachovia, where he led the bank's sale to Wells Fargo. Soon after Mike Bloomberg recruited him to serve as Deputy Mayor for Economic Development, where he would oversee the administration's five borough economic development strategy and job creation efforts across more than a dozen city agencies: tens of thousands of employees and billions of dollars in annual operating budgets. We discuss a number of the major initiatives that Steel and the Bloomberg team undertook, among them the creation of the Cornell Technion campus, today a center of applied science in the city and region. We also discuss Mayor Bloomberg's vision for long-term investments, and the latitude given to an exceptional and collegial cohort of talented commissioners. "It might be my best job ever, I learned so much," Steel says. Through these experiences, Steel has come to understand the distinct but complementary roles of the private, public, and nonprofit sectors, and their respective and mutually supportive "vectors of leverage." "You can't have successful business without government," he believes, "and you can't have good government without successful businesses. And then you add NGOs that provide exceptional seasoning and consciousness that is beneficial." Although no longer at city hall, Steel remains deeply involved in the life of the city, with board roles at Lincoln Center, Rockefeller University, the Hospital for Special Surgery, the Economic Club of New York, the Partnership for New York City, The Morgan Library, and the New York Climate Exchange. We touch on New York's recovery from the pandemic; why some of today's challenges, including affordability, are a function of the city's success (i.e., not enough housing for all the people who want to be in New York); the competition from smaller cities across the country as attractive places to live and work; and the opportunity and imperative to make long-term investments in the city's future: schools, infrastructure, arts, parks, among them.  We conclude where the conversation began: "I'm so appreciative of the organizations and people that helped me grow," Steel says. "If you did a balance of trade, I've gained so much more than I gave that I feel incredibly fortunate."   Mentioned in this episode: Cornell Tech  

More than any single institution, the US Federal Reserve drives global financial markets with its decisions and communications. While its interest rates are set by the 12-member Federal Open Market Committee (FOMC), for almost a century, the Fed's underlying philosophy and operations approach have been moulded by one person: the Chair of the Board of Governors. Over The Chair's eight episodes, Tim Jones talked to authors of books about the Fed's most consequential chiefs – Marriner Eccles, Bill Martin, Arthur Burns, Paul Volcker, Alan Greenspan, Ben Bernanke, Janet Yellen and Jerome Powell. The Powell podcast was meant to be the last. But, after Kevin Warsh took over from Powell on 22 May 2026 and started preparing for his first FOMC meeting as chairman in mid-June, a ninth episode became irresistible. Who is this Republican hawk-turned-dove? As one policymaker among 12, has he over-promised to a volatile president? To discuss Warsh, Tim is joined by three "Fed watchers" – Claire Jones, Michael Redmond and Catarina Saraiva. Claire, who used to “watch” the European Central Bank for the Financial Times, is now the FT's US economics editor and has transferred her monitoring skills to the Fed. Catarina is a 17-year veteran at Bloomberg News, reporting exclusively on the Fed and US economics since 2019. Michael has been Medley Advisors' Fed analyst since 2022, having worked as an economist at the US Treasury and the Kansas City Fed. "I think [Warsh] has upset a lot of people with the criticisms that he's had of the Fed," says Claire Jones. "I think there's just this sense where people are worried because they're thinking: 'What did you have to say in order to get this job? What have you promised to the administration in order to get this job?' So, there's those issues of trust ... However, he is very charming; he's been at the Fed before; he knows how the game is played. So, I don't think that's necessarily entirely insurmountable". Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/new-books-network

More than any single institution, the US Federal Reserve drives global financial markets with its decisions and communications. While its interest rates are set by the 12-member Federal Open Market Committee (FOMC), for almost a century, the Fed's underlying philosophy and operations approach have been moulded by one person: the Chair of the Board of Governors. Over The Chair's eight episodes, Tim Jones talked to authors of books about the Fed's most consequential chiefs – Marriner Eccles, Bill Martin, Arthur Burns, Paul Volcker, Alan Greenspan, Ben Bernanke, Janet Yellen and Jerome Powell. The Powell podcast was meant to be the last. But, after Kevin Warsh took over from Powell on 22 May 2026 and started preparing for his first FOMC meeting as chairman in mid-June, a ninth episode became irresistible. Who is this Republican hawk-turned-dove? As one policymaker among 12, has he over-promised to a volatile president? To discuss Warsh, Tim is joined by three "Fed watchers" – Claire Jones, Michael Redmond and Catarina Saraiva. Claire, who used to “watch” the European Central Bank for the Financial Times, is now the FT's US economics editor and has transferred her monitoring skills to the Fed. Catarina is a 17-year veteran at Bloomberg News, reporting exclusively on the Fed and US economics since 2019. Michael has been Medley Advisors' Fed analyst since 2022, having worked as an economist at the US Treasury and the Kansas City Fed. "I think [Warsh] has upset a lot of people with the criticisms that he's had of the Fed," says Claire Jones. "I think there's just this sense where people are worried because they're thinking: 'What did you have to say in order to get this job? What have you promised to the administration in order to get this job?' So, there's those issues of trust ... However, he is very charming; he's been at the Fed before; he knows how the game is played. So, I don't think that's necessarily entirely insurmountable". Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

More than any single institution, the US Federal Reserve drives global financial markets with its decisions and communications. While its interest rates are set by the 12-member Federal Open Market Committee (FOMC), for almost a century, the Fed's underlying philosophy and operations approach have been moulded by one person: the Chair of the Board of Governors. Over The Chair's eight episodes, Tim Jones talked to authors of books about the Fed's most consequential chiefs – Marriner Eccles, Bill Martin, Arthur Burns, Paul Volcker, Alan Greenspan, Ben Bernanke, Janet Yellen and Jerome Powell. The Powell podcast was meant to be the last. But, after Kevin Warsh took over from Powell on 22 May 2026 and started preparing for his first FOMC meeting as chairman in mid-June, a ninth episode became irresistible. Who is this Republican hawk-turned-dove? As one policymaker among 12, has he over-promised to a volatile president? To discuss Warsh, Tim is joined by three "Fed watchers" – Claire Jones, Michael Redmond and Catarina Saraiva. Claire, who used to “watch” the European Central Bank for the Financial Times, is now the FT's US economics editor and has transferred her monitoring skills to the Fed. Catarina is a 17-year veteran at Bloomberg News, reporting exclusively on the Fed and US economics since 2019. Michael has been Medley Advisors' Fed analyst since 2022, having worked as an economist at the US Treasury and the Kansas City Fed. "I think [Warsh] has upset a lot of people with the criticisms that he's had of the Fed," says Claire Jones. "I think there's just this sense where people are worried because they're thinking: 'What did you have to say in order to get this job? What have you promised to the administration in order to get this job?' So, there's those issues of trust ... However, he is very charming; he's been at the Fed before; he knows how the game is played. So, I don't think that's necessarily entirely insurmountable". Learn more about your ad choices. Visit megaphone.fm/adchoices

More than any single institution, the US Federal Reserve drives global financial markets with its decisions and communications. While its interest rates are set by the 12-member Federal Open Market Committee (FOMC), for almost a century, the Fed's underlying philosophy and operations approach have been moulded by one person: the Chair of the Board of Governors. Over The Chair's eight episodes, Tim Jones talked to authors of books about the Fed's most consequential chiefs – Marriner Eccles, Bill Martin, Arthur Burns, Paul Volcker, Alan Greenspan, Ben Bernanke, Janet Yellen and Jerome Powell. The Powell podcast was meant to be the last. But, after Kevin Warsh took over from Powell on 22 May 2026 and started preparing for his first FOMC meeting as chairman in mid-June, a ninth episode became irresistible. Who is this Republican hawk-turned-dove? As one policymaker among 12, has he over-promised to a volatile president? To discuss Warsh, Tim is joined by three "Fed watchers" – Claire Jones, Michael Redmond and Catarina Saraiva. Claire, who used to “watch” the European Central Bank for the Financial Times, is now the FT's US economics editor and has transferred her monitoring skills to the Fed. Catarina is a 17-year veteran at Bloomberg News, reporting exclusively on the Fed and US economics since 2019. Michael has been Medley Advisors' Fed analyst since 2022, having worked as an economist at the US Treasury and the Kansas City Fed. "I think [Warsh] has upset a lot of people with the criticisms that he's had of the Fed," says Claire Jones. "I think there's just this sense where people are worried because they're thinking: 'What did you have to say in order to get this job? What have you promised to the administration in order to get this job?' So, there's those issues of trust ... However, he is very charming; he's been at the Fed before; he knows how the game is played. So, I don't think that's necessarily entirely insurmountable". Learn more about your ad choices. Visit megaphone.fm/adchoices

More than any single institution, the US Federal Reserve drives global financial markets with its decisions and communications. While its interest rates are set by the 12-member Federal Open Market Committee (FOMC), for almost a century, the Fed's underlying philosophy and operations approach have been moulded by one person: the Chair of the Board of Governors. Over The Chair's eight episodes, Tim Jones talked to authors of books about the Fed's most consequential chiefs – Marriner Eccles, Bill Martin, Arthur Burns, Paul Volcker, Alan Greenspan, Ben Bernanke, Janet Yellen and Jerome Powell. The Powell podcast was meant to be the last. But, after Kevin Warsh took over from Powell on 22 May 2026 and started preparing for his first FOMC meeting as chairman in mid-June, a ninth episode became irresistible. Who is this Republican hawk-turned-dove? As one policymaker among 12, has he over-promised to a volatile president? To discuss Warsh, Tim is joined by three "Fed watchers" – Claire Jones, Michael Redmond and Catarina Saraiva. Claire, who used to “watch” the European Central Bank for the Financial Times, is now the FT's US economics editor and has transferred her monitoring skills to the Fed. Catarina is a 17-year veteran at Bloomberg News, reporting exclusively on the Fed and US economics since 2019. Michael has been Medley Advisors' Fed analyst since 2022, having worked as an economist at the US Treasury and the Kansas City Fed. "I think [Warsh] has upset a lot of people with the criticisms that he's had of the Fed," says Claire Jones. "I think there's just this sense where people are worried because they're thinking: 'What did you have to say in order to get this job? What have you promised to the administration in order to get this job?' So, there's those issues of trust ... However, he is very charming; he's been at the Fed before; he knows how the game is played. So, I don't think that's necessarily entirely insurmountable". Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance

Konspirasi Dato Vida menyertai politik tanah air, Cik Pui Ting atau Deadpudds mempersoalkan tindakan MAHB dan isu yang melibatkan pasaran global secara menyeluruh iaitu berkaitan dengan pasaran Bon kerajaan amerika syarikat atau lebih dikenali sebagai US Treasuries.---------------Sembang KS ialah sebuah talk show di mana Zaidel akan berkongsi ringkasan berita semasa sebelum menyelami sesuatu isu dengan lebih mendalam.Topik yang dibincangkan merangkumi pelbagai bidang seperti sosial, politik, teknologi dan hiburan, disampaikan dengan gaya yang tajam, santai serta diperkaya dengan analogi yang pantas dan bersahaja.Misi kami adalah untuk memberi pencerahan dan kefahaman tentang isu-isu penting, sesuai ditonton sepanjang perjalanan dalam kesesakan lalu lintas waktu puncak di Malaysia.

The U.S. military says Kuwait intercepted a ballistic missile Iran launched toward the country Wednesday night. It comes after the U.S. targeted a site that posed a threat to U.S. forces and commercial traffic. In response, Iran's military launched an attack targeting an American air base in the area.The Treasury launches 'Trump Accounts' on app stores nationwide, advancing a policy initiative that aims to create millions of investment accounts for children. It seeks to encourage long-term investing from an early age through government-backed starter accounts.

Kia ora. Welcome to Friday's Economy Watch where we follow the economic events and trends that affect Aotearoa/New Zealand. I'm David Chaston and this is the international edition from Interest.co.nz. Today we lead with news the US and Iran have apparently agreed a 60 day truce, pending Trump's signoff. All the while, both sides traded attacks in the region. The small number of ships transiting the Strait of Hormuz has virtually dried up. Meanwhile, US jobless claims slipped last week to 185,600 and by about what seasonal factors would have indicated. There are now 1.68 mln people on these benefits, less than one and two years ago. There was a sharp drop in new home sales reported for April, and they were -11.3% lower than year ago levels. Rising mortgage rates is weighing heavily on this sector. But they reported a sharp increase in durable goods orders in April, up +19% from a year ago, up notably from March. This is where we see the full effect of stockpiling as buyers try to get ahead of rising inflation. One reason was a +41% jump in capital goods on the same basis. But excluding defense and aircraft orders, the increase was modest. The second estimate of GDP growth for Q1-2026 is out and it was revised lower, mainly on lower consumer spending and investment levels than in the initial estimate. They now say the US economy expanded +1.6% in the period. They also released the April data for US personal income and personal spending. This showed that personal disposable income fell from March, up +2.5% from a year ago, while personal consumption expenditures rose, up +5.9% from a year ago. In fact, their April PCE inflation measure rose to 3.8%, its highest since May 2023 and the end of the pandemic effect, and prior to that the highest since this data was collated in 2017. Undoubtedly, this has the Fed's attention, especially the accelerating nature of it. US crude oil and petrol stocks fell again last week, but 'only' by about the levels expected. that extends the fall to five consecutive weeks, all substantial, and coming after three prior weeks of modest or no-change outcomes. Retail pump prices for petrol are still +48% higher than at the start of the Iran-US conflict and closure of the Strait of Hormuz. There was a US Treasury 7yr note auction overnight and the yield increase was not as fierce as yesterday's event. This one delivered a median yield of 4.24% (high 4.29%), up from the 4.12% at the prior equivalent event a month ago. In Canada, their central bank has released and updated Financial Stability Report which found that Canada's financial system has functioned well through a challenging year. Households and businesses remain in stable financial condition, and banks have strengthened their capacity to absorb shocks. Meanwhile they reported that average weekly earnings rose +3.5% in March from a year ago, a faster pace of increase. They have CPI inflation of +2.8% at the same time so Canadian employees are generally staying ahead of the cost pressures. The Korean central bank kept its official rate unchanged yesterday at 2.5%, as expected. Updated Australian household spending data for April shows it fell -1.1% month-on-month (on a current price, seasonally adjusted basis) to be +4.9% higher than in April 2025. In the same period CPI inflation rose 4.2%. The weak outcome is being attributed to the sharp hike in fuel costs, and compensating pullbacks elsewhere. It is their first fall in household spending in four months. And staying in Australia, they said private new capital expenditure rose +6.5% in the March quarter to be +14.6% higher than the March 2025 quarter. This strong growth is largely on the back of significant investment in data centers, up +96% and a new record high. Investment in mining was flat. The Middle East war lead to a -3.4% fall in air passenger demand in April. But Asia/Pacific international demand rose +3.0% from a year ago. For air cargo, demand was up +4.0% despite the turmoil, up +11.3% in the Asia/Pacific region. Global container shipping freight rates rose +3.2% last week from the prior week to be +12% higher than year-ago levels. This is largely driven by rates from China to the EU. Transpacific rates from China to the US West Coast actually fell last week. As did trade volumes. Meanwhile bulk cargo rates rose +4.4% last week, to be a massive +140% higher than a year ago. The UST 10yr yield is now just on 4.45%, down -3 bps from this time yesterday. The price of gold will start today up +US$57 at US$4506/oz. Silver is back up +US$1.50 at just under US$76/oz. Oil prices have fallen -50 USc to just on US$89/bbl in the US, while the international Brent price is now at US$93.50/bbl and down -US$1.50/bbl. The Kiwi dollar is up +40 bps from yesterday at this time at 59.3 USc. Against the Aussie we are up +20 bps at 82.8 AUc. Against the euro we are also up +20 bps at just under 50.9 euro cents. That all means our TWI-5 starts today at just under 62.8 which is up +40 bps from yesterday. The bitcoin price starts today at US$73,455 and down -1.8% from this time yesterday. Volatility over the past 24 hours has been moderate at just under +/- 2.0%. You can get more news affecting the economy in New Zealand from interest.co.nz. Kia ora. I'm David Chaston and because Monday is a New Zealand holiday, we'll do this again on Tuesday.

As we near the celebration of our 250th year, America sets new records for unchecked insider trading and corruption. An IRS lawsuit turned into an attempt to take $1.776 Billion of taxpayer funds from the US Treasury, our impotent Congress is begging for a raise, all as rampant conflicts of interest abound. Plus, updates on a tone deaf road trip, more dramatic firings, and an overpriced, gold phone whose most effective feature is alerting the public of its user's issues. Check your voter registration, find your polling location, or contact your representatives via USA.GOV, VOTE.GOV, and/or the "5 Calls" app. All opinions are personal and not representative of any outside company, person, or agenda. This podcast is hosted by a United States citizen, born and raised in a military family that is proud of this country's commitment to free speech. Information shared is for entertainment purposes only and is cited via published articles, legal documents, press releases, government websites, executive orders, public videos, news reports, and/or direct quotes and statements, and all may be paraphrased for brevity, presented satirically, and in layman's terms.“I love America more than any other country in the world and, exactly for this reason, I insist on the right to criticize her perpetually.” - James BaldwinWanna support this independent pod? Links below:Patreon - https://www.patreon.com/cw/BBDBBuyMeACoffee - https://www.buymeacoffee.com/BBDBVenmo @TYBBDB Hosted on Acast. See acast.com/privacy for more information.

Twitch streamer and communist LARPer Hasan Piker has been subpoenaed by the US Treasury over his Cuba trip — and instead of lawyering up, he immediately went on a livestream and started spilling everything. Bridget Phetasy breaks down the Piker legal saga, why the far left has always been allowed to play by different rules, and what it means that Elon's baby mama ended up on a communist's livestream giving away hoodies. Also: a meditation on Podcastistan, the nihilistic slop economy, and why livestreams are the laziest form of entertainment ever invented. #HasanPiker #Podcastistan #DumpsterFire Topics covered: Hasan Piker Cuba subpoena, Treasury sanctions violation, Roy Singham, Code Pink, Ashley St. Claire, Elon Musk, Nick Fuentes, podcast grift, far left media, communist influencers 

Shownotes After the assassination of its leader in September 2024, Hezbollah sank to its weakest point since its founding in 1982. Supporters began to doubt Hezbollah's capabilities, and detractors—inside Lebanon and abroad—planned to dismantle the group. In March of this year, Lebanon's government outlawed Hezbollah's powerful militia. Many of Hezbollah's competitors and critics declared the end of the group's military capability and political base. But Hezbollah's strength has returned. This spring, as Israel has expanded its occupation of southern Lebanon, Hezbollah has fought effectively. It's all looking very much like a comeback. Century International fellow Sima Ghaddar has closely tracked Hezbollah's constituents and power, and shares a granular look at how the group has revived, and how researchers can assess the notoriously opaque organization. Related reading Nathan Brown, “Rubble is Israel's Doctrine, Not a Case of Improvisation,” Carnegie Endowment, May 21, 2026 Sam Heller, “Trump's Lebanon Negotiations Are Breaking the Country,” Foreign Policy, May 15, 2026 Sima Ghaddar, “Doubting the Party, Revering Its Ideology: Hezbollah's Battered Constituencies Reckon with a Year of Loss.”  US Treasury, “Treasury Targets Hizballah-Aligned Officials Obstructing Peace and Disarmament,” May 21, 2026 Mohamad Bazzi, “Is This What War Looks Like Now?” Guardian, April 24, 2026 Participants SIma Ghaddar is a fellow at Century International and a sociologist whose research spans humanitarianism, the politics of international aid, political sociology, and popular mobilization in the Middle East and the Global South. She holds a PhD in Sociology from the University of California, Los Angeles. Her dissertation, “Brokers of the Humanitarian Interface: The Politics of Aid in Lebanon's Urban Peripheries,” examines humanitarian aid, transnational NGO governance, and the intersections of patronage, clientelism, and global aid systems in Lebanon. She is also a policy researcher specializing in Middle East politics. Her policy research focuses on hybrid armed actors, regional Shia politics, and social movements in Lebanon. Thanassis Cambanis is director of Century International.  Date: Tuesday, May 25, 2026 Episode: Order from Ashes 114

In 1923, some of the wealthiest men in the world gathered in a Chicago hotel, collectively controlling more than the entire US Treasury. Twenty-seven years later, two had died penniless, two had been imprisoned, and three had taken their own lives. They knew how to make money. None of them ever had enough to make them happy. That tells us the question "why don't I have enough?" goes much deeper than "I don't make enough." Jesus said to be as shrewd as serpents and as innocent as doves. Shrewdness is clear-eyed, intentional thinking about money. Innocence is the guardrail that keeps shrewdness from becoming greed. Together they produce the kind of financial faithfulness Jesus was pointing toward. So before anything else, here's the honest question: do you actually know where your money is going?Pursuing God with Gene Appel is designed to help you pursue God, build community, and unleash compassion. Grounded in Scripture and shaped by Eastside's conviction that God's grace is for everyone, each episode invites you to discover God's presence and activity in your life.

Could quantum computing become the next AI - or is Wall Street already getting ahead of itself? Hosted by Michelle Martin with guest Cheng Chye Hsern, Head of Investment at Providend, this episode explores whether quantum computing could become the next transformational technology theme after fresh US government support sparked a rally in quantum stocks. Michelle and Cheng examine record S&P 500 profit margins and ask whether US corporate earnings remain genuinely resilient or increasingly dependent on a handful of AI winners. They unpack South Korea's remarkable stock market surge, Samsung's return to a US$1 trillion valuation and why Asia is becoming central to the global AI supply chain. The conversation also looks at rising US Treasury yields, the risks of chasing technology hype and what Singapore investors should watch as the STI consolidates around the 5,000 level. Finally, they discuss whether capital is rotating back into growth markets or if Singapore's next rally may still lie ahead.See omnystudio.com/listener for privacy information.

Billy Pizer discusses how energy security goes beyond the price of oil or liquified natural gas since these prices do not fully capture all the costs of using fossil fuels. One well-known externality, a cost beyond the price at the pump, is global warming and the corresponding climate-related disasters like the 2025 Palisades fire in California or the devastation in North Carolina from Hurricane Helene in 2024. Billy points out that there are other costs as well, including macroeconomic vulnerability from spiking oil prices and the risks associated with the tilting of political and military decisions due to energy needs. He also explains that climate change poses threats to those banks and parts of the financial system that have assets concentrated in places vulnerable to extreme weather events. Billy is the President and CEO of Resources for the Future, a think tank focused on energy and the environment. He previously served as Deputy Assistant Secretary for Environment and Energy at the US Treasury.

Brady and John open on Bitcoin Pizza Day — Laszlo's 10,000 BTC purchase of two Papa John's pizzas now worth roughly $770 million marked Bitcoin's evolution from cryptographic curiosity into a medium of exchange SpaceX's S1 filing discloses 18,712 BTC held at a $35,000 cost basis, making the company the seventh-largest public Bitcoin holder ahead of Coinbase and adding institutional weight to the largest IPO in US history Strategy crossed BlackRock's IBIT this week to become the single largest Bitcoin holder on the planet, adding another 25,000 BTC for $2 billion and out-stacking the most successful ETF in US financial history Strive launched SADA, a perpetual preferred stock paying 13% daily Bitcoin-backed dividends — Joe Burnett frames it as a new product inside an old wrapper, echoing the 1971 money market fund innovation that took decades to find its container The ARMA bill, introduced with 17 co-sponsors, would codify the Strategic Bitcoin Reserve executive order and authorize the US Treasury to buy up to 200,000 BTC per year for five years, targeting one million coins or roughly 5% of global supply Iran launched Bitcoin-settled maritime cargo insurance, a vivid example of a sovereign nation routing around the dollar system and validating Yan Pritzker's 2021 prediction that countries outside the Western axis would adopt Bitcoin first Fed minutes signal higher-for-longer rates with the market now pricing only a 1.5% chance of a December rate cut — John argues Fed hawkishness matters less in a fiscal-dominance regime where Treasury spending sets the tone Bitcoin's implied volatility hit a seven-month low as AI takes the investor spotlight, but long-term holder supply is approaching a record high — Brady and John read this as a healthy floor forming around $70K rather than weakness Mark Cuban sold his Bitcoin claiming it failed as a hedge — John pushes back that you buy hedges before the event, not after, noting Bitcoin is up roughly 650% since February 2020 versus QQQ at 200%, gold at 175%, and the S&P at 145% Harvard trimmed its Bitcoin position to roughly $120 million and exited Ethereum entirely, likely rotating into AI exposure — Brady closes with a look at Vigil Protocol, Swan's first non-Bitcoin product, an AI-powered financial life mapping tool at vigilprotocol.ai ► For high-net-worth individuals and corporations seeking to build generational wealth with Bitcoin, Swan Private is your guide ✔ https://www.swanbitcoin.com/private?utm_campaign=private&utm_medium=sponsorship&utm_source=podcast&utm_content=swan_signal_live ► Secure your bright orange future with the Swan IRA today! Real Bitcoin, no taxes ✔ https://www.swanbitcoin.com/ira?utm_campaign=ira&utm_medium=sponsorship&utm_source=podcast&utm_content=swan_signal_live ► Secure your Bitcoin with Swan Vault ✔ https://www.swanbitcoin.com/vault?utm_campaign=vault&utm_medium=sponsorship&utm_source=podcast&utm_content=swan_signal_live ► Download the all-new Swan Bitcoin App ✔ https://www.swanbitcoin.com/app?utm_campaign=app&utm_medium=sponsorship&utm_source=podcast&utm_content=swan_signal_live ► Want to learn more about Bitcoin? Check out Welcome To Bitcoin a FREE Introductory course. Learn about Bitcoin in under 1 hour! ✔ https://www.swanbitcoin.com/welcome?utm_campaign=welcome_to_bitcoin&utm_medium=sponsorship&utm_source=podcast&utm_content=swan_signal_live ► Connect with Swan Bitcoin: ✔ Twitter: https://twitter.com/Swan ✔ Instagram: https://instagram.com/SwanBitcoin ✔ LinkedIn: https://linkedin.com/company/swanbitcoin ✔ Threads: https://www.threads.com/@swanbitcoin ✔ Facebook: https://www.facebook.com/SwanBitcoin/ ✔ TikTok: https://www.tiktok.com/@realswanbitcoin

What's driving the rise in US Treasury yields, and what could be ahead for the bond market? Phillip Lee, head of Real Money Rate Sales in Goldman Sachs Global Banking & Markets, shares his outlook with Chris Hussey. Recorded on May 21, 2026. The opinions and views expressed herein are as of the date of publication, subject to change without notice, and may not necessarily reflect the institutional views of Goldman Sachs or its affiliates. The material provided is intended for informational purposes only, and does not constitute investment advice, a recommendation from any Goldman Sachs entity to take any particular action, or an offer or solicitation to purchase or sell any securities or financial products. This material may contain forward-looking statements. Past performance is not indicative of future results. Neither Goldman Sachs nor any of its affiliates make any representations or warranties, express or implied, as to the accuracy or completeness of the statements or information contained herein and disclaim any liability whatsoever for reliance on such information for any purpose. Each name of a third-party organization mentioned is the property of the company to which it relates, is used here strictly for informational and identification purposes only and is not used to imply any ownership or license rights between any such company and Goldman Sachs. A transcript is provided for convenience and may differ from the original video or audio content. Goldman Sachs is not responsible for any errors in the transcript. This material should not be copied, distributed, published, or reproduced in whole or in part or disclosed by any recipient to any other person without the express written consent of Goldman Sachs. Disclosures applicable to research with respect to issuers, if any, mentioned herein are available through your Goldman Sachs representative or at http://www.gs.com/research/hedge.html Goldman Sachs does not endorse any candidate or any political party. © 2026 Goldman Sachs. All rights reserved. Learn more about your ad choices. Visit megaphone.fm/adchoices

Jon Herold comes in Thursday admittedly light on show prep and heavy on improvisation, which turns out to be a feature not a bug. Colorado Democrats just censured their own governor at a 90% vote for having the audacity to commute Tina Peters' sentence, and Jon asks whether this is a genuine internal party revolt or a coordinated effort to rehab Polis as a future national candidate. Former Biden deputy attorney general Lisa Monaco is now facing a DOJ referral alleging she shielded Microsoft from cybersecurity enforcement actions that her own office pursued against other, smaller contractors. Jon also picks up Joshua Bittle's thread on the $1.776 billion anti-weaponization fund: the real story is not the political optics, it is whether Trump used the Judgment Fund to bypass standard congressional appropriations, and what that means for executive power going forward. The American Reserve Modernization Act would authorize the US Treasury to acquire up to one million Bitcoin over five years and codify Trump's strategic Bitcoin reserve into law. Jon is skeptical Congress will pass it and loves the idea anyway. Trump also appeared somewhere with a man whose belly button demanded and received the full attention of the show for approximately fifteen minutes. Jon has no regrets.

European and US stock markets rallied yesterday after President Trump hinted that the US administration is in the final stages of an agreement to end the war with Iran. The 10-year US Treasury shaved 9 basis points off the previous session's yield. Asian markets were further boosted overnight by an impressive set of results from NVIDIA. Warnings did come in from the Fed though, in the form of the minutes of its last meeting, which revealed a heightened level of disagreement about where rates should go next and a majority of participants highlighting that rates will need to rise if inflation runs persistently above 2%. Head of Economics & Next Generation Research, Norbert Rücker, joins today's podcast to discuss not only the outlook for oil and energy prices, but also to explain why he is so constructive on the theme of Clean Energy. Tune in to find out more.(00:00) - Introduction: Mike Rauber, Product & Investment Content (00:49) - Markets wrap-up: Bernadette Anderko, Product & Investment Content (08:11) - (Clean) energy update: Norbert Rücker, Head of Economics & Next Generation Research (13:33) - Closing remarks: Mike Rauber, Product & Investment Content Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

A review of the week's major US international tax-related news. In this edition:  US Senate moves forward on budget reconciliation 2.0 – Bipartisan digital asset tax bill released – US Treasury official discusses Pillar One and Pillar Two.

Wednesday, May 20th, 2026 Today, The Senate finally advances a War Powers Resolution after eight tries; Todd Blanche refuses to block slush fund payouts for convicted sex offenders and rioters that assaulted police on January 6th; the DOJ adds a stipulation to the slush fund that ends the IRS audits into Trump's taxes; Donald has endorsed Ken Paxton for Senate and Republicans are livid; Trump is pressuring John Thune to fire the parliamentarian over his $1B Ballroom budget provision; the top lawyer at the US Treasury has resigned after DOJ established the $1.7B slush fund; and Allison and Dana deliver your Good News. Thank You, Coyuchi Get 15% off your first order when you visit Coyuchi.com/dailybeans Thank You, HomeServe Go to HomeServe.com to find the plan that's right for you. Not available everywhere. Most plans range between $4.99 to $11.99 a month your first year. Terms apply on covered repairs. California Rising - It was a powerful night to launch the fight to win back the House! The show is over but you can still help us reach our fundraising goal! bluewavecalifornia.org/concert Guest: Oliver Larkin  Democratic Socialist running for U.S. House FL-25https://www.oliverforcongress.com/ The Latest Breakdown:Retired Judge Blasts Trump's $1.7B Slush Fund for Allies | The Breakdown StoriesThe IRS Thought it Could Fight Trump's Lawsuit, but it Struck a Deal Anyway | NYT Trump Is Pressuring John Thune to Fire the Parliamentarian Over Ballroom Funding - NOTUS | News of the United States Trump shows off White House ballroom construction as funding stalls in Congress | Washington Post Republican Senators Are Livid at Trump's Endorsement of Paxton | The New York Times Senate advances bill aimed at ending Iran war as Cassidy, after primary loss, flips to support | AP News Good Trouble ⭑ 5 Calls → Stop Trump's $1.8B Political Slush Fund   →Dump Data Centers MAY 23, UTAH STATE CAPITOL · Indivisible →Recall Gov. Jeff Landry - Louisianadeservesbetter.com →STOP the deportation proceedings against Mohsen Mahdawi - Action Network →SusanRogan - how-to-help-win-the-midterms →detentionwatchnetwork.org →FieldTeam6.org →Standwithminnesota.com →Tell Congress Ice out Now | Indivisible, Defund ICE | 5Calls →Congress: Divest From ICE and CBP | ACLU →ICE List  →iceout.org Good NewsSome Colorado Democrats seek to censure Governor Polis over Tina Peters clemency See Dana Sept 23 in Chicago →Share your Good News & Good Trouble - The Daily Beans →Beans Talk audio -beans-talk.simplecast.com →Email Dana LGBTQ Owned eating establishments in your area - hello@mswmedia.com Subject: “Dana's Project” Subscribe to the MSW YouTube Channel - MSW Media - YouTube Harry Dunn is running for CongressHarry Dunn for Maryland Our Donation Links The Daily Beans is donating $10,000 and invites you to give what you can to support their life-affirming work - Donate to It Gets Better / The Daily Beans Fundraiser The Daily beans is donating $10,000 and invites you to give what you can to support their life-affirming work - Donate to It Gets Better / The Daily Beans Fundraiser Pathways to Citizenship link to MATCH Allison's Donationhttps://crm.bloomerang.co/HostedDonation?ApiKey=pub_86ff5236-dd26-11ec-b5ee-066e3d38bc77&WidgetId=6388736 Join Dana and The Daily Beans in support of Human Rights Campaign http://onecau.se/_ekes71 More Donation LinksNational Security Counselors - Donate, ActBlue.com/donate/msw-bwc, WhistleblowerAid.org/beans Dr. Allison Gill - The Breakdown | Allison Gill, Mueller, She Wrote @muellershewrote.com - Bluesky, MSW & The Daily Beans Podcast @muellershewrote - Instagram, MSW Media - YouTube →Federal workers - email AG at fedoath@pm.me and let me know what you're going to do, or just vent. I'm always here to listen.  Dana Goldberg - Dana is on Patreon! At Dana's Dugout, @dgcomedy - Bluesky, @dgcomedy - IG, Dana Goldberg - Facebook,  DanaGoldberg.com More from MSW Media - Shows - MSW Media, Cleanup On Aisle 45 pod, The Breakdown | Allison Gill Reminder - you can see the pod pics if you become a Patron. The good news pics are at the bottom of the show notes of each Patreon episode! That's just one of the perks of subscribing! patreon.com/muellershewrote Listener Survey:http://survey.podtrac.com/start-survey.aspx?pubid=BffJOlI7qQcF&ver=shortFollow the Podcast on Apple:https://apple.co/3XNx7ckWant to support the show and get it ad-free and early?https://patreon.com/thedailybeanshttps://dailybeans.supercast.com/https://apple.co/3UKzKt0 Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

In 1993, the World Bank published a report on a remarkable development story.East Asia's post-war growth — Japan, South Korea, Taiwan, Hong Kong and their neighbours — had lifted millions out of poverty in a generation. The report documented the influence of export subsidies, state-directed credit, land reform, and government-business dialogue. But the bank, constrained by the Washington Consensus of the time, underplayed the industrial policies that were at the heart of this miracle.Nancy Birdsall was head of the department that produced the report. In this week's VoxDev Talk, she looks back, talking to Tim Phillips about whether this stance affected policy in other developing countries.Birdsall tells Tim Phillips how the report came to exist at all — financed by the Japanese government as a deliberate strategy to expose the bank's economists to a success story their prevailing framework couldn't explain. With industrial policy back at the centre of economic debate, Birdsall's new article in the Journal of Economic Perspectives asks whether the bank missed its moment to embed those lessons into its operational work. The research behind this episode:Birdsall, Nancy. 2025. "The World Bank's East Asian Miracle: Too Much a Product of Its Time?" Journal of Economic Perspectives 39(4): 127–48. A free download is available at the Center for Global Development.To cite this episode:Phillips, Tim, and Nancy Birdsall. 2026. "The World Bank's East Asian Miracle." VoxDev Talk (podcast). [Episode URL].Assign this as extra listening. The citation above is formatted and ready for a reading list or VLE.About Nancy BirdsallNancy Birdsall is president emerita of the Center for Global Development, which she co-founded in 2001. She was previously executive vice president of the Inter-American Development Bank and, before that, director of the Policy Research Department at the World Bank, where she oversaw the department responsible for the East Asian Miracle report. Her research spans development finance, inequality, economic growth and the role of multilateral institutions in the global economy.Research cited in this episodeThe East Asian Miracle (World Bank, 1993). A 400-page study of the economic performance of eight high-performing Asian economies — Japan, South Korea, Taiwan, Hong Kong, Singapore, Indonesia, Malaysia and Thailand — covering the period 1965 to 1990. Commissioned with Japanese government funding, the report documented both market fundamentals and a range of active state policies; its handling of industrial policy was carefully hedged to remain within the bounds of what the bank's dominant Washington Consensus framework could accept. The full report is available from the World Bank Open Knowledge Repository.The Washington Consensus. A term coined by economist John Williamson in 1989 to describe the package of macroeconomic and structural reforms — fiscal discipline, trade liberalisation, privatisation, deregulation and market-determined prices — that the IMF, World Bank and US Treasury broadly promoted as the framework for development in the late 1980s and 1990s. The consensus was dominant inside the bank during the period the East Asian Miracle report was written; countries following activist state policies did not fit its categories easily.MITI (Japan's Ministry of International Trade and Industry). The Japanese government body responsible for coordinating industrial and trade policy during Japan's post-war growth period, including the direction of credit, protection of infant industries and promotion of heavy manufacturing exports. MITI was widely known inside the bank, but its role in Japan's development was not systematically studied or incorporated into the bank's policy advice until the East Asian Miracle report. It was abolished and reorganised as the Ministry of Economy, Trade and Industry (METI) in 2001.Performance-based credit subsidies. A mechanism used across several East Asian economies in which exporters could access subsidised credit conditional on demonstrating actual export orders. The conditionality — credit only if you are already performing — was central to why the policy worked: it rewarded productive firms and withdrew support from those that failed to deliver. The East Asian Miracle report described this approach in detail without classifying it as industrial policy.Japan's postal savings system. A government-run savings scheme that channelled household deposits through post offices into state-directed investment, providing below-market returns to savers while funding subsidised credit to targeted sectors. Birdsall notes it as a mechanism worth studying for developing countries seeking to finance industrial support without relying on private capital markets.Indonesia and the airplane sector. The Indonesian government under Suharto sought to develop a domestic aerospace industry, with state subsidies to Industri Pesawat Terbang Nusantara (IPTN). The World Bank's East Asia regional department, which managed the bank's lending relationship with Indonesia, was concerned that the East Asian Miracle report might be read as endorsing this approach. Their pressure to limit the report's treatment of industrial policy is the episode's opening anecdote — and the source of what is possibly the best line in the show.IDB report on public-private dialogue in Latin America. Birdsall references work by the Inter-American Development Bank on the conditions under which structured dialogue between government bureaucrats and private-sector firms can support industrial policy; she notes that access at the highest levels of government — including the president — appears to be a factor in whether such dialogues produce results. More VoxDev Talks on this topicIndustrial policy for economic development, Dani Rodrik on the evidence for active state roles in directing investment and exports, and the institutional prerequisites for making them work.The future of the World Bank: Why knowledge is power, Penny Goldberg on the bank's role as a producer and broker of development knowledge, and how that function has evolved since the Washington Consensus era.Related reading on VoxDevModern industrial policy: The Asian miracles' blueprint, a VoxDev Talk examining how the principles behind East Asian industrial success — performance conditionality, export orientation, technology learning — can be translated into policy frameworks for today's developing economies.Where are we in the economics of industrial policies?, what three decades of research have established about when and why industrial policy works, and what conditions determine whether government intervention helps or hinders.Implementing industrial policy effectively: Lessons from shipbuilding in China, how policy design and performance conditionality determine whether sector-level support produces lasting productivity gains — the same question at the heart of the East Asian Miracle debate.

On Episode 879 of The Core Report, financial journalist Govindraj Ethiraj talks to Abhishek Bisen, Head- Fixed Income at Kotak Mahindra AMC as well as Yashwant Deshmukh, Founder-Director of C-Voter.SHOW NOTES(00:00) Stories of the Day(00:50) Could there be curbs on dollar outflows?(06:01) The markets look up as the rupee hits fresh low(06:56) US Treasury yields are in the danger zone, what the India impact could be?(14:04) A leading economist says the Government is winning elections but losing the economy. A deep dive.Check out our Live Earnings tracker: https://earnings.thecore.in/For more of our coverage check out ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠thecore.in⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Subscribe to our Newsletter⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Follow us on:⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Twitter⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ |⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Instagram⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ |⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Facebook⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ |⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Linkedin⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ |⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Youtube⁠⁠⁠⁠⁠⁠

Bonds are crashing and rates are going higher. That is not what the administration wants. And if you think bonds stay near the low end of their recent range, there is a simple short put trade that pays you $11 a day in theta to wait. Jamal walks through a live short put on the 108 strike of the US Treasury bond futures with 44 days to go. The bond is trading at 111-16, sitting at the very low end of its range. The 108 strike is about one standard deviation away, 18 deltas, 87% probability of profit, and $390 in max credit for roughly $2,700 in buying power. A bond point is worth $1,000 and each tick is $15.62, all explained live on the tastytrade platform.

Minera Alamos has announced a series of board and management changes alongside a proposed name change to Mining Americas Inc. Heliostar has a record quarter. We have new drill results from Mithril Silver and Gold, Fortune Bay, 1911 Gold and Provenance Gold. Yukon Metals has acquired a 100% interest in the KLM Property in northern British Columbia. Tudor Gold has reported positive metallurgical test results for the Treaty Creek gold-copper-silver project in BC's Golden Triangle.This episode of Mining Stock Daily is brought to you by... ⁠⁠⁠Revival Gold ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Vizsla Silver⁠⁠⁠⁠⁠⁠Equinox Gold⁠⁠⁠⁠⁠⁠Integra Resources ⁠

A currency becomes “internationalized” when it is widely used beyond its home economy for trade, financial transactions, and as a store of value. Achieving that status can lower transaction costs and exchange rate risks, while also enhancing the issuing country's geopolitical influence. Today, the global financial system remains overwhelmingly dollar-centric, with China's renminbi playing a comparatively modest role. Yet over the past decade, Beijing has taken steps to expand its global use, expanding offshore renminbi markets, establishing bilateral swap lines, and developing alternative payment infrastructure.  To help us unpack where China's renminbi internationalization efforts stand today, we are joined by Zongyuan Zoe Liu, a senior fellow at the Council on Foreign Relations. Zoe's research centers on international political economy and global financial markets, with a focus on China and East Asia, as well as the Middle East. She is the author of Can BRICS De-dollarize the Global Financial System? and Sovereign Funds: How the Communist Party of China Finances Global Ambitions.   Timestamps:  [00:00] Introduction  [01:54] Strategic Motivations for Beijing  [04:55] Progress Report on RMB Internationalization  [08:16] Main Mechanisms Used to Promote the RMB  [11:08] RMB in the Belt and Road Initiative  [13:46] Using Clean Energy Supply Chains to Promote RMB in Key Commodities  [15:57] RMB as a Reserve Currency?  [21:23] Xi's Fourth Term Goals with the RMB  [27:26] How Global Conflicts Impact RMB Internationalization 

Bloomberg Intelligence's chief US interest-rate strategist Ira Jersey lays out his latest views on the Federal Reserve and the US Treasury market in this solo Macro Matters edition of the FICC Focus podcast. Jersey discusses why he expects the Fed to remain on hold for at least the next several months, even after Jay Powell's departure and Kevin Warsh's expected arrival as chair. He examines the significance of recent FOMC dissents, the challenges Warsh may face in building support for rate cuts, and why shrinking the balance sheet while easing policy could prove difficult without broader changes to bank regulation. Jersey also explains how uneven job growth, inflation expectations and developments in oil prices could shape the path of policy and rates. He reviews his outlook for the Treasury curve, including why he expects the long end to remain rangebound and the front end to be driven by inflation breakevens and Fed expectations. Jersey closes with his view that Treasury coupon issuance will remain manageable through continued reliance on Treasury bills.

In this episode of The Get Down: Beyond Bitcoin, Ritzy P and Cleve Mesidor host a masterclass on digital asset taxation. The conversation features Sulolit "Raj" Mukherjee, Founder and CEO of Bodin Advisory LLC and former head of the IRS Office of Digital Assets. Raj provides a "360 view" of tax policy—bridging the gap between the US Treasury and decentralized finance. Raj explains why regulatory certainty is an asset for innovation.All Things ButterscotchCleve Mesidor shares updates on the Butterscotch Media ecosystem and the importance of financial literacy.Financial Education Month: Why April's focus is critical for the crypto space to move past "FOMO."Enterprise Blockchain: Insights on FedEx and Johnson & Johnson leveraging private blockchain for supply chain management.The Chews Tip Sheet: Updates on the weekly newsletter reaching over 10,000 subscribers.Interview with Raj MukherjeeRaj shares his journey from traditional finance to the center of US crypto policy efforts.The 1099-DA Framework: A deep dive into confusion surrounding new reporting requirements and why "cost basis" is more complex than traditional equities.Regulatory Arbitrage: The danger of the US failing to align with the OECD's Crypto-Asset Reporting Framework (CARF).Prediction Markets: Upcoming research on regulatory treatment as they move mainstream.Embedded Compliance: Taxation logic built directly into blockchain code.Certainty as an Asset: Why jurisdictions pulling ahead are those with the clearest rules.About RajSulolit “Raj” Mukherjee is the Founder and CEO of Bodin Advisory LLC, a strategy consulting firm that helps Fintech, crypto, and emerging tech companies navigate global regulatory frameworks through policy, tax, and compliance advisory. Most recently, Raj served as Head of the IRS Office of Digital Assets, where he led the US Treasury's Digital Asset strategy through tax policy development and regulatory rulemaking. He co-authored the U.S. Treasury's Digital Asset Broker Regulations.Before his government service, Raj built tax and compliance functions at major blockchain and digital asset companies. As Global Head of Tax at ConsenSys, he managed the firm's domestic and international tax interests. Earlier, he held similar roles at Binance US and Coinbase. Raj came to crypto after 14+ years in traditional finance at JP Morgan, and HSBC, EY and KPMG.Raj is a member of the Forbes Business Council, a Policy Expert to Cambridge Digital Innovation for Regulation (CDIR), and an Ambassador at Global Business Blockchain Council (GBBC) and has been recognized by Forbes as an Asian American Crypto Leader to Watch (2023) and by Butterscotch Media as a DeFi & Web3 Changemaker to Watch (2025). Raj holds a J.D. from the University of Kansas School of Law and B.A. degrees in International Relations and English Literature from Washington College in Maryland. He splits his residence between Washington, D.C., and Madrid, Spain.Links from the episodeCONNECT WITH RAJ MUKHERJEE:Website: www.bodin-advisory.comEmail: raj@bodinadvisory.ioCONNECT WITH BUTTERSCOTCH MEDIA:Website: butterscotch.mediaSubscribe to Chews Tipsheet: Subscribe HereFollow us on X: @butterscotch360

Michael Saylor is buying at a pace that could trigger a historic Bitcoin supply shock. At the same time, the Bank of England is quietly warning of a major market correction while governments freeze stablecoins and push dollar dominance. This breaks down why Bitcoin thrives through all of it, from quantum panic to financial system cracks. The shift is already happening and most people still do not see it.SPONSORS✅ Ledn⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://www.nmj1gs2i.com/9W598/9B9DM/?source_id=podcast⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Simply Bitcoin clients get 0.25% off their first loanNeed liquidity without selling your Bitcoin? Ledn has been the trusted Bitcoin-backed lending platform for 6+ years. Access your BTC's value while HODLing.

With less than nine months to go until the first US Treasury clearing mandates come into force, BlackRock's Tyler Wellensiek and BNY's Nate Wuerffel discuss industry progress. Hosted on Acast. See acast.com/privacy for more information.

There's a story my teacher told about a person. In this case it is a man, Scott. Poor Scott, he put his money in the wrong bank account. He was investing over many years. He was 37 years old, and had been investing since he was seven. He got a US Treasury bond and he invested that when he was a kid—he got it for his birthday, and he kept saving his whole life. When he went to make a withdrawal, he realized he had been putting his money in the wrong bank account his whole life, and there was nothing in it. Knowing the difference between reality and illusion is really important because if you invest in illusion, first of all, there's no compound interest. Second of all, there's nothing there to draw upon. So, what's the practicality of knowing the difference between yourself and your life situation? Well, that's indicated in the next slide—'the money slide': Take time to invest in Sat. If you're doing an experiment with this and you're setting goals, find out what's eternal, what is always existing, and what will be there after this body is finished. I set a five-year goal that culminates in 2026, and I'm working on it right now to make sure that it happens. Those five years went by so fast; I don't even know where they went. It's just, all of a sudden, 2026, and I say, "Okay, this is the year." If everyone set a five-year goal, it would go by really fast. But what if you set a 125-year goal? JM, why don't you write down a goal that you'd like to see come to fruition in 125 years? Manu, why are you smiling when I say that? Why does that seem so funny? Manu: "I think it just makes me think that I can write some impossible goals, also, which I think is impossible. Well, it does bring your mind to the question: Where will I be in 125 years? Doesn't it? It's possible to live to 125, but okay, stretch it out to 150. Where will you be 150 years from now? For that matter, where will you be100 years from now? Where were you 100 years ago? (None of you are 100 years old now.) So this is a consideration. We don't know, but what the Bhagavad-gītā is telling us is that you were somewhere. You—the person you are now—you were somewhere. Not the body 'you'. Not the American, Canadian, man, woman... or for any cats listening to this program today. We do have a few cat fans that tune in; Chuck's looking for the cat. Yeah, they listen too! But you might not have been a cat in your last life, cats who are listening today. You could have been a dog. I hate to freak any of the cats out here today, but that's a fact. It's because we are Sat and the body is not sat. So, invest in Sat. That's the idea. That's satisfying. You're putting the money in the right bank account. There are a couple of excuses there. Somebody did a graffiti down there at the bottom; it must have been with a spray can. It says: "But I'm too busy." And then somebody else came along with another spray paint can and said: "Busy doing what?" That's the big question.We're always busy. This is something..(41:32) ------------------------------------------------------------ To connect with His Grace Vaiśeṣika Dāsa, please visit https://www.fanthespark.com/next-steps/ask-vaisesika-dasa/?utm_source=youtube&utm_medium=video&utm_campaign=launch2025 https://vaisesikadasayatra.blogspot.com/ ------------------------------------------------------------ Add to your wisdom literature collection: https://iskconsv.com/book-store/?utm_source=youtube&utm_medium=video&utm_campaign=launch2025 https://www.bbtacademic.com/books/?utm_source=youtube&utm_medium=video&utm_campaign=launch2025 https://thefourquestionsbook.com/?utm_source=youtube&utm_medium=video&utm_campaign=launch2025

April 21, 2026Trump makes confusing statements about where things stand in Iran, Iranian officials say they are not sure about going to Pakistan for talks with the US this week, Reports indicate that Trump is considering using money from the US Treasury to shore up the finances of the UAE, Trump extends ceasefire with Iran, but Iran responds by saying it means nothing, Trump's approval rating sinks to a new low, Administration demands election records from Wayne County and Detroit, MI, Mike Johnson suffers two embarrassing losses in the House, Virginia passes a redistricting referendum that may boost Democrats' chances of winning four more seats in the House.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

Ransomware sanctions are something most companies never think about — until they're staring down a ransom demand from a group the US government has already put on a sanctions list. In this episode, Dr. Mike Saylor walks us through a real incident involving a construction company, hundreds of millions in active contracts, and the Lazarus Group — a North Korean state-sponsored threat actor. Before that company could pay a single dollar in ransom, they had to figure out whether doing so would trigger federal penalties that dwarfed the ransom itself. We're talking fines of 10x to 100x the payment amount, and in some jurisdictions, jail time.This is one of those episodes where the story alone is worth your time. Mike was in the room for this incident, negotiating directly with the Lazarus Group over a weekend — and yes, it turns out North Korean cybercriminals have a surprisingly functional help desk. But beyond the story, there's real actionable information here about OFAC (the Office of Foreign Asset Control), how the US Treasury tracks Bitcoin wallets to identify sanctioned actors, and what you actually need to do the moment ransomware hits your organization.We also get into why paying a ransom paints a target on your back — 70% of companies that pay get hit again within six months — and why immutable backups are the only thing that truly keeps you out of this situation.Chapters:0:00 Intro1:31 Meet the Guests: Curtis, Prasanna, and Dr. Mike Saylor4:10 Case Study: A Construction Company and the Lazarus Group6:34 Are These Bad Guys Sanctioned? Introducing OFAC8:05 Why Ransomware Funds Terrorism, Drug Trafficking, and Worse11:00 Sanctions Penalties: Fines That Can Put You Out of Business12:24 Colonial Pipeline and Exceptions for Critical Infrastructure13:26 How the Government Tracks Bitcoin Wallets16:27 Global Sanctions: UK and Australia Have Their Own Rules18:31 Pay Once, Pay Again: The 70% Re-Attack Rate20:43 Proof of Life: Don't Pay Without It23:38 What To Do When You Get Hit: The Right Order of Operations25:17 Immutable Backups: The Only Real Answer27:07 How the Construction Company's Backups Got Wiped33:07 Build Your Team Before the Bad Day: FBI InfraGard and More

President Donald Trump said Lebanon and Israel had agreed to a 10-day ceasefire, the US Treasury's status as the world's lowest-cost dollar borrower is facing a fresh challenge, and Netflix's chair and founder is stepping down. Plus, Iran secretly acquired a Chinese spy satellite that has helped it target US military bases across the Middle East during the war, and shares in the world's biggest chocolate maker aren't looking so sweet.Mentioned in this podcast:Israel and Lebanon agree 10-day ceasefire, Trump saysUS's status as lowest-cost dollar borrower challenged as investors shun Trump riskNetflix founder Reed Hastings to step down from boardIran used Chinese spy satellite to target US basesShares at world's biggest chocolate maker Barry Callebaut plunge as cocoa prices collapseCredit: BBCNote: The FT does not use generative AI to voice its podcasts Today's FT News Briefing was hosted by Sonja Hutson, and produced by Saffeya Ahmed, Victoria Craig, and Fiona Symon. Our show was mixed by Sam Giovinco. Additional help from Gavin Kallmann, David da Silva, and Michela Tindera. Our executive producer is Topher Forhecz. Cheryl Brumley is the FT's Global Head of Audio. The show's theme music is by Metaphor Music. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

In Episode 476 of Hidden Forces, Demetri Kofinas speaks with Marvin Barth, founder of Thematic Markets and former head of FX and EM macro research at Barclays, and Chief Economist for International Affairs at the US Treasury about the ongoing US-Israeli military campaign against Iran and its implications for the global economy, global security, and the future of American military, economic, and financial power. The first hour begins with an update on the status of Operation Epic Fury, how the evolution of the conflict has aligned with Marvin's initial expectations, and the analytical framework he uses to assess US strategic objectives and the incentives that inform the decision-making of its principal agents—most notably the President himself. They draw historical analogies to previous Middle Eastern conflicts, assess risks to maritime security and global trade, and examine the evolving incentive structures of the US, Israel, the Gulf States, Saudi Arabia, and China. The conversation also explores the broader geopolitical implications of the conflict, including the fracturing of the post-war liberal order, Europe's precarious position, and the possibility of a far-reaching strategic realignment that could reshape America's alliances and its role as the world's dominant maritime and economic power. The second hour opens with a psychological portrait of Donald Trump—his reliance on inductive reasoning, his strategic use of misdirection, his narcissism, and what Marvin describes as a genuine ambition to secure his place among history's greatest presidents. They discuss how the skills that made Trump successful in business and on the campaign trail may fall short of what is required to navigate international crises and lead America through this Fourth Turning, and how an unpopular war is eroding his political base and risks turning him into a lame duck president before he reaches the midpoint of his second term. The episode concludes with a discussion of markets and the economy, including Europe's energy vulnerabilities, Marvin's bearish views on gold, and his innovation-cycle framework, which he believes explains why the US dollar remains near all-time highs on a real, effective basis despite widespread predictions of decline. Subscribe to our premium content—including our premium feed, episode transcripts, and Intelligence Reports—by visiting HiddenForces.io/subscribe. If you'd like to join the conversation and become a member of the Hidden Forces Genius community—with benefits like Q&A calls with guests, exclusive research and analysis, in-person events, and dinners—you can also sign up on our subscriber page at HiddenForces.io/subscribe. If you enjoyed today's episode of Hidden Forces, please support the show by: Subscribing on Apple Podcasts, YouTube, Spotify, Stitcher, SoundCloud, CastBox, or via our RSS Feed Writing us a review on Apple Podcasts & Spotify Join our mailing list at https://hiddenforces.io/newsletter/ Producer & Host: Demetri Kofinas Editor & Engineer: Stylianos Nicolaou Subscribe and support the podcast at https://hiddenforces.io. Join the conversation on Facebook, Instagram, and Twitter at @hiddenforcespod Follow Demetri on Twitter at @Kofinas Episode Recorded on 04/14/2026

The OECD's January 2026 Administrative Guidance on Pillar Two introduces new safe harbor provisions that could significantly affect how US multinationals are taxed globally. This episode breaks down the key provisions and their accounting and financial reporting implications.In this episode, we discuss:1:13 – Background on Pillar Two and core concepts 6:57 – Overview of the OECD Administrative Guidance 17:10 – Criteria for the Side-by-Side Safe Harbor 21:46 – Ultimate Parent Entity Safe Harbor overview 25:25 – Key accounting and financial reporting considerations33:21 – Extension of the Country-by-Country Safe Harbor35:15 – Final reminders and key takeaways For more information on accounting for Pillar Two, read our In depths, OECD Pillar Two: Time to act on the global minimum tax and Accounting for Pillar Two: Frequently asked questions. Also, check out our Income taxes guide for additional background on existing guidance.Be sure to follow this podcast on your favorite podcast app and subscribe to our weekly newsletter to stay in the loop.About our guestsPat Brown is PwC's National Tax Office Co-Leader. Prior to joining PwC, he spent 16 years in the private sector, including as the director of tax policy for a Fortune 50 company. Pat has also served in the US Treasury's Office of Tax Policy as an attorney-advisor and as Associate International Tax Counsel.Jennifer Spang is PwC's National Office income tax accounting leader, specializing in tax accounting under US GAAP and IFRS. She has over 30 years of experience helping companies in a variety of industries navigate complex tax accounting matters.About our guest hostKyle Moffatt is PwC's Professional Practice leader, leading a team responsible for working with standard setters and regulators as well as delivering brand-defining thought leadership and educational materials. He also consults with engagement teams and audit clients on SEC reporting matters. Before PwC, Kyle spent almost 20 years with the SEC, most recently as Chief Accountant and Disclosure Program Director in the Division of Corporation Finance.Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to us_podcast@pwc.com Did you enjoy this episode? Text us your thoughts and be sure to include the episode name.

Bitcoin keeps running into a wall of selling above $70K — roughly $20M/hour in profit-taking — and now that wall has geopolitical weight behind it after the Islamabad peace talks collapsed, Iran's Strait of Hormuz stays effectively closed, and Trump ordered a naval blockade of Iranian ports starting this morning. That's pushing oil toward $100/barrel and forcing tanker traffic into a full reroute away from the Gulf, which benefits US energy exports but hammers Japan, South Korea, and India hardest. Meanwhile the dollar's long-term slide continues — now just 46% of global FX and gold reserves, a 26-year low — even as M2 keeps expanding at 4.8% YoY, and central bank gold holdings have officially eclipsed US Treasury holdings for the first time since '96. And on the crypto side, the WLFI vs. Justin Sun feud is turning into a full legal brawl over a $75M loan dispute, backdoor token blacklisting, and accusations flying both ways — exactly the kind of circus that undermines crypto's push for institutional credibility. Learn more about your ad choices. Visit megaphone.fm/adchoices

──────────────────────────────────────── [00:03:36] Philippines Declares National Emergency — Fuel Supplies Measured in Days, Not Months The Philippines has declared a national state of emergency due to war-related supply chain disruptions. Jet fuel reserves are down to 38 days, LPG to 23 days, with the IEA confirming the current disruption already exceeds the combined supply losses of both 1970s oil shocks. ──────────────────────────────────────── [00:09:25] US Only Has Two Months of Rare Earths Left — Trump Cut the Supply Chain Before Securing a Domestic Source China's rare earth embargo following Trump's tariff war has left the US with approximately two months of the materials needed to manufacture precision guided weapons — the same weapons being consumed at record rates in the Iran campaign — with no domestic replacement source established. ──────────────────────────────────────── [00:14:24] The Real Strategic Goal: US Control of All Major Oil Export Resources Outside Russia Analysis presented argues that the war's actual objective is to use Iran's destruction of Gulf State infrastructure as a pretext for the US to seize control of Middle Eastern oil resources — giving Washington the power to turn energy on or off for any country that resists its economic agenda. ──────────────────────────────────────── [00:18:13] Bank of America Warns European Gas Could Jump 17-Fold — Mortgage-Sized Monthly Energy Bills Ahead Bank of America has warned that European natural gas prices could surge from 29 euros to as high as 500 euros this winter — a 17-fold increase — which would produce monthly energy bills potentially exceeding mortgage payments and trigger a full economic emergency across Europe and large parts of Asia. ──────────────────────────────────────── [00:22:05] NASDAQ and NYSE Moving to Tokenize the Entire $126 Trillion Equity Market on Blockchain Wall Street's two largest exchanges are partnering with crypto platforms to tokenize the entire US equity market, with analysts warning this adds another layer of abstraction between investors and actual ownership — and that in a crisis, token holders would be last in line behind brokers and the Depository Trust Company. ──────────────────────────────────────── [00:37:38] US Treasury Officially Declared the United States Insolvent — Media Missed It A Forbes headline reports that the US Treasury's own numbers amount to an official declaration of insolvency, with real debt estimated at $143 trillion rather than the reported $38–39 trillion when unfunded liabilities like Social Security are included. ──────────────────────────────────────── [01:01:49] Trump Reversed on FISA 702 — Now Pushing Warrantless Surveillance He Campaigned Against Trump, who called for abolishing FISA Section 702 warrantless surveillance during his 2024 campaign, is now pushing to extend it — described as part of a broader pattern of paving the way for a police state, AI-driven technocracy, and permanent emergency powers under war conditions. ──────────────────────────────────────── [01:20:00] Trump's FDA Chief Seamlessly Moved to Pfizer Board While Simultaneously on DoD Biodefense Contractor Board Former FDA Commissioner Scott Gottlieb, who approved COVID interventions under Trump, transitioned directly to Pfizer's board while simultaneously sitting on the board of a DoD-subsidized biomanufacturing firm — cited as the structural model now being replicated with glyphosate immunity and AI deregulation. ──────────────────────────────────────── [01:23:04] Joe Kent's Resignation Torches the Bridge — FBI Investigation, Graham Calls Him a Traitor Joe Kent resigned from the National Counterterrorism Center directorship amid a firestorm, with Lindsey Graham and Laura Loomer immediately branding him an anti-Semite and traitor. The segment frames this as a loyalty litmus test revealing who in Washington serves Israeli interests over American ones. ──────────────────────────────────────── [01:32:17] United Airlines CEO: Jet Fuel Has More Than Doubled — $11B Extra Annual Cost on Best Year of $5B Profit United Airlines CEO reports jet fuel costs have more than doubled in three weeks, projecting an additional $11 billion in annual fuel costs against a record best-year profit of under $5 billion — making current ticket prices structurally unsustainable and signaling imminent airline sector collapse. ──────────────────────────────────────── [01:46:50] Scott Ritter: US Military Bases Across Seven Countries Are Being Evacuated — This Is a Military Collapse Former military intelligence officer Scott Ritter details the systematic evacuation of 13 US military bases across Kuwait, Qatar, Bahrain, Saudi Arabia, Iraq, and Syria, with Iran having destroyed the billion-dollar radar array that was the heart of the anti-missile defense system — calling Pentagon language about "strategic redeployment" an institutional deception. ──────────────────────────────────────── [01:41:09] No Authorization, No Goals, No Plan — $200B Iran War Supplemental Sought With Zero Congressional Oversight The Iran war has entered its fourth week with no congressional authorization, no declared war, no stated strategic objectives, and no clarity from the Pentagon — while the White House is now requesting $200 billion in supplemental war funding that Republicans in both chambers have already voted not to weigh in on. ──────────────────────────────────────── Money should have intrinsic value AND transactional privacy: Go to https://davidknight.gold/ for great deals on physical gold/silver For 10% off Gerald Celente's prescient Trends Journal, go to https://trendsjournal.com/ and enter the code KNIGHT Find out more about the show and where you can watch it at TheDavidKnightShow.com If you would like to support the show and our family please consider subscribing monthly here: SubscribeStar https://www.subscribestar.com/the-david-knight-showOr you can send a donation throughMail: David Knight POB 994 Kodak, TN 37764Zelle: @DavidKnightShow@protonmail.comCash App at: $davidknightshowBTC to: bc1qkuec29hkuye4xse9unh7nptvu3y9qmv24vanh7Become a supporter of this podcast: https://www.spreaker.com/podcast/the-david-knight-show--2653468/support.

──────────────────────────────────────── [00:03:36] Philippines Declares National Emergency — Fuel Supplies Measured in Days, Not Months The Philippines has declared a national state of emergency due to war-related supply chain disruptions. Jet fuel reserves are down to 38 days, LPG to 23 days, with the IEA confirming the current disruption already exceeds the combined supply losses of both 1970s oil shocks. ──────────────────────────────────────── [00:09:25] US Only Has Two Months of Rare Earths Left — Trump Cut the Supply Chain Before Securing a Domestic Source China's rare earth embargo following Trump's tariff war has left the US with approximately two months of the materials needed to manufacture precision guided weapons — the same weapons being consumed at record rates in the Iran campaign — with no domestic replacement source established. ──────────────────────────────────────── [00:14:24] The Real Strategic Goal: US Control of All Major Oil Export Resources Outside Russia Analysis presented argues that the war's actual objective is to use Iran's destruction of Gulf State infrastructure as a pretext for the US to seize control of Middle Eastern oil resources — giving Washington the power to turn energy on or off for any country that resists its economic agenda. ──────────────────────────────────────── [00:18:13] Bank of America Warns European Gas Could Jump 17-Fold — Mortgage-Sized Monthly Energy Bills Ahead Bank of America has warned that European natural gas prices could surge from 29 euros to as high as 500 euros this winter — a 17-fold increase — which would produce monthly energy bills potentially exceeding mortgage payments and trigger a full economic emergency across Europe and large parts of Asia. ──────────────────────────────────────── [00:22:05] NASDAQ and NYSE Moving to Tokenize the Entire $126 Trillion Equity Market on Blockchain Wall Street's two largest exchanges are partnering with crypto platforms to tokenize the entire US equity market, with analysts warning this adds another layer of abstraction between investors and actual ownership — and that in a crisis, token holders would be last in line behind brokers and the Depository Trust Company. ──────────────────────────────────────── [00:37:38] US Treasury Officially Declared the United States Insolvent — Media Missed It A Forbes headline reports that the US Treasury's own numbers amount to an official declaration of insolvency, with real debt estimated at $143 trillion rather than the reported $38–39 trillion when unfunded liabilities like Social Security are included. ──────────────────────────────────────── [01:01:49] Trump Reversed on FISA 702 — Now Pushing Warrantless Surveillance He Campaigned Against Trump, who called for abolishing FISA Section 702 warrantless surveillance during his 2024 campaign, is now pushing to extend it — described as part of a broader pattern of paving the way for a police state, AI-driven technocracy, and permanent emergency powers under war conditions. ──────────────────────────────────────── [01:20:00] Trump's FDA Chief Seamlessly Moved to Pfizer Board While Simultaneously on DoD Biodefense Contractor Board Former FDA Commissioner Scott Gottlieb, who approved COVID interventions under Trump, transitioned directly to Pfizer's board while simultaneously sitting on the board of a DoD-subsidized biomanufacturing firm — cited as the structural model now being replicated with glyphosate immunity and AI deregulation. ──────────────────────────────────────── [01:23:04] Joe Kent's Resignation Torches the Bridge — FBI Investigation, Graham Calls Him a Traitor Joe Kent resigned from the National Counterterrorism Center directorship amid a firestorm, with Lindsey Graham and Laura Loomer immediately branding him an anti-Semite and traitor. The segment frames this as a loyalty litmus test revealing who in Washington serves Israeli interests over American ones. ──────────────────────────────────────── [01:32:17] United Airlines CEO: Jet Fuel Has More Than Doubled — $11B Extra Annual Cost on Best Year of $5B Profit United Airlines CEO reports jet fuel costs have more than doubled in three weeks, projecting an additional $11 billion in annual fuel costs against a record best-year profit of under $5 billion — making current ticket prices structurally unsustainable and signaling imminent airline sector collapse. ──────────────────────────────────────── [01:46:50] Scott Ritter: US Military Bases Across Seven Countries Are Being Evacuated — This Is a Military Collapse Former military intelligence officer Scott Ritter details the systematic evacuation of 13 US military bases across Kuwait, Qatar, Bahrain, Saudi Arabia, Iraq, and Syria, with Iran having destroyed the billion-dollar radar array that was the heart of the anti-missile defense system — calling Pentagon language about "strategic redeployment" an institutional deception. ──────────────────────────────────────── [01:41:09] No Authorization, No Goals, No Plan — $200B Iran War Supplemental Sought With Zero Congressional Oversight The Iran war has entered its fourth week with no congressional authorization, no declared war, no stated strategic objectives, and no clarity from the Pentagon — while the White House is now requesting $200 billion in supplemental war funding that Republicans in both chambers have already voted not to weigh in on. ──────────────────────────────────────── Money should have intrinsic value AND transactional privacy: Go to https://davidknight.gold/ for great deals on physical gold/silver For 10% off Gerald Celente's prescient Trends Journal, go to https://trendsjournal.com/ and enter the code KNIGHT Find out more about the show and where you can watch it at TheDavidKnightShow.com If you would like to support the show and our family please consider subscribing monthly here: SubscribeStar https://www.subscribestar.com/the-david-knight-showOr you can send a donation throughMail: David Knight POB 994 Kodak, TN 37764Zelle: @DavidKnightShow@protonmail.comCash App at: $davidknightshowBTC to: bc1qkuec29hkuye4xse9unh7nptvu3y9qmv24vanh7Become a supporter of this podcast: https://www.spreaker.com/podcast/the-real-david-knight-show--5282736/support.

Marty breaks down the real winners and losers as Middle East tensions create massive market volatility and reshape global energy flows.

SHOW SCHEDULE 3-10-20261953 MOSSADEQH TRIAL TEHRAN### 1. Elizabeth Peek: Global Oil Resilience and AI Elizabeth Peak analyzes the global oil market's resilience, highlighting high US production and predicting short-term price volatility. She also explains how AI is rapidly improving corporate productivity, which she believes will drive stock market gains.,, (1)### 2. Elizabeth Peek: California's Economic Exodus Elizabeth Peak critiques Governor Gavin Newsom's management of California, citing high taxes and burdensome climate regulations. She notes a "steady exodus" of businesses and people to states like Texas and Florida due to extreme unaffordability. (2)### 3. Judy Dempsey: European Divisions and Energy Costs Judy Dempsey examines how the Iran conflict has divided European leaders. She highlights the immediate domestic impact of rising energy costs, noting that global oil prices act as a direct tax on families and inflation.,, (3)### 4. Judy Dempsey: German Political Shifts Judy Dempsey discusses the surprising resilience of the Green Party in a German economic powerhouse. While the Greens won pragmatically, she warns about the alarming rise of the far-right AfD party in upcoming Eastern elections. (4)### 5. Joseph Sternberg: Keir Starmer's Indecision Joseph Sternberg describes Prime Minister Keir Starmer as a "reluctant warrior" struggling with military readiness. He critiques Starmer's legalistic indecision and the lack of a credible economic growth plan to fund promised increases in defense.,, (5)### 6. Joseph Sternberg: Rise of the British Greens Joseph Sternberg explores the British Green Party's emergence as a socialist alternative to Labor. He explains how aggressive renewable energy targets have left the UK vulnerable to high prices and less resilient during international conflicts.,, (6)### 7. Mariam Waba: Egypt's Economic and Refugee Crisis Mariam Waba reports on Egypt's massive domestic fuel hikes amid regional turmoil. She analyzes President Sisi's challenge in managing multiple crises, including Muslim Brotherhood threats, military dominance of the economy, and nine million Sudanese refugees.,,, (7)### 8. Max Meizlish: Hezbollah's Illicit Financial Networks Max Meizlish exposes Al-Qard al-Hassan, Hezbollah's unregulated bank, as a hub for money laundering and gold smuggling. He urges the US Treasury to better resource investigators to track illicit funds used for funding terrorist activities.,,, (8)### 9. Joseph Sternberg: Starmer's Leadership Challenges Joseph Sternberg reiterates that Keir Starmer remains in a "state of total confusion" regarding Britain's role in the Iran conflict. He notes that Starmer's inability to unite his party undermines the country's strategic military standing.,, (9)### 10. Joseph Sternberg: Fragmentation of British Politics Joseph Sternberg analyzes the realignment of British politics, highlighting the Green Party's success with a socialist platform. He explains that while bi-elections show fragmentation, the UK's electoral system makes it difficult for small parties.,, (10)### 11. Daniel Mahoney: The Legacy of Norman Podhoretz Professor Daniel Mahoney honors Norman Podhoretz as a "man of letters" who defended high culture. He details Podhoretz's journey to neoconservatism and his fearless opposition to the cultural radicalism and nihilism of the 1960s., (11)### 12. Daniel Mahoney: Warnings of Rising Anti-Semitism Daniel Mahoney reflects on Podhoretz's warnings regarding rising anti-Semitism and "western self-hatred." He critiques the resurgence of anti-Semitic rhetoric in modern podcast culture and pleads for the defense of the Western inheritance and Israel., (12)### 13. Bud Weinstein: AI Data Centers and Electricity Bud Weinstein addresses the "half-truth" that AI data centers are causing electricity price hikes. He argues that grid congestion, lack of transmission investment, and regulatory issues—not AI—are the primary culprits for rising consumer bills., (13)### 14. Bud Weinstein: The Necessity of Coal and Petroleum Bud Weinstein stresses an "all of the above" energy strategy, noting that petroleum and coal remain vital for grid reliability during winter emergencies. He critiques the premature closing of coal plants as a driver of higher costs.,, (14)### 15. Bruce Bechtol: Iran-North Korea Missile Partnership Professor Bruce Bechtol details the strategic partnership between Iran and North Korea. He warns that North Korea has proliferated ICBM technology to Iran, providing them with systems capable of reaching the entire continental United States.,, (15)### 16. Bruce Bechtol: The Iranian Missile Arsenal Bruce Bechtol analyzes Iran's arsenal of North Korean-engineered missiles, including modified Scuds and Nodongs. He explains the challenge of locating mobile underground launchers and notes that North Korean technicians likely remain on the ground in Tehran.,,, (16)

### 8. Max Meizlish: Hezbollah's Illicit Finance Max Meizlish exposes Al-Qard al-Hassan, Hezbollah's unregulated bank, as a tool for money laundering and gold smuggling. He urges the US Treasury to better resource investigators to track and dismantle these illicit financial networks. (9)1933 TEHRAN