Podcasts about us treasury department

This week we talk about money policies, yield curves, and government bonds.We also discuss the Fed, the Treasury Department, and a WWII accord between them.Recommended Book: Paved Paradise by Henry GrabarTranscriptIn April of 1942, a few months after the United States entered World War 2, the US Treasury Department asked the Federal Reserve to help it borrow a truly staggering amount of money, and as cheaply as possible. The Fed agreed, committing itself to holding short-term Treasury bill rates at three-eighths of 1%, while also capping the yield on long-term government bonds at 2.5%.This was a type of yield curve control. Rather than allowing the market to decide how much interest the government would pay, the Fed decided that price and promised to enforce it.That helped finance the war, because the Treasury knew its borrowing costs wouldn't spiral out of control at a moment when it needed to spend unprecedented sums on ships, planes, weapons, soldiers, and all the other machinery of an ongoing global conflict.The downside was that the Fed lost control of an important monetary policy lever.Bond prices and yields move in opposite directions, so keeping yields below a certain level meant the Fed had to stand ready to buy bonds whenever their prices dropped. It couldn't decide in advance how many it would buy, or how much money it would create in the process. The market would thus forth decide that, instead.Consequently, the Fed became, in some ways, an extension of the Treasury's debt-management operation, its inflation-related responsibilities made secondary to the government's need for cheap financing.That arrangement persisted after the war ended, despite the return of inflation, and President Harry Truman's administration pushed to maintain it during the Korean War, as well.Fed officials resisted, though, with inflation running at more than 8%, and after a very public, very contentious standoff, on March 4, 1951, the Treasury and the Fed announced that they had reached what became known as the Treasury-Fed Accord.That agreement did not make the Fed independent all at once, but it established the principle underlying the modern relationship between these institutions: the Treasury manages government borrowing, while the Fed sets monetary policy based on inflation and employment, not on how much that policy costs the government.The market, in other words, would once again be allowed to decide the price of long-term US debt.What I'd like to talk about today is what happens when that price goes up, what's pushing long-term US borrowing costs toward levels we haven't seen in decades, and why two people appointed by the same president are pulling in opposite directions on this issue.—The Federal Reserve's primary interest-rate lever is the federal funds rate, which is the overnight rate banks charge each other to borrow money. The Fed currently targets a range of 3.5 to 3.75 percent for that rate, and while it has other tools, this is the number people are usually talking about when they say the Fed raised, cut, or held rates.The Fed does not directly set the yield on 10- or 30-year Treasuries, though.Those securities are sold at auction and then traded in a huge secondary market, and their yields reflect a combination of what investors expect inflation to look like, where they think short-term rates will go over the life of the bond, and what's called the term premium.The term premium is basically extra compensation for uncertainty. If you lock up your money for 30 years instead of rolling over short-term debt, you accept the risk that inflation, growth, government policy, and other variables will change in ways that make your bond less valuable over that thirty year period. The more uncertain the future seems, the more compensation you're likely to demand.And again, when demand for a bond falls, its price falls and its yield rises. When we say yields are rising, that means borrowers have to offer investors, the people and institutions giving them the money they want to borrow, more money, more interest, to convince them to buy those bonds.That doesn't only affect the government. The 10-year Treasury serves as something like a reference rate for the entire economy, influencing mortgages, business loans, and the value of long-lived assets.As of September 3 of 2026, the average US 30-year fixed mortgage rate was 6.71%, up from 6.5% a year earlier. That increase is the result of yield increases in the bond market.Long-term Treasury yields have been climbing for much of 2026, and that climb accelerated over the summer.The 30-year yield reached about 5.31 percent on August 17, its highest level since 2007. A few days earlier, the Treasury sold 30-year bonds at a yield of 5.216%, the highest borrowing cost at one of those auctions since 2001.The 10-year yield briefly hit about 4.81% this past week, its highest level since early 2025, and ended Friday at about 4.78%. The two-year yield, which tends to track expectations about contemporary Fed policy more closely, ended at about 4.37%.There isn't one clean cut reason for these yield bumps. Instead, there are a bunch of forces pushing in roughly the same direction.The first is government borrowing. The Congressional Budget Office now expects a roughly 2.1 trillion dollar federal deficit this fiscal year, which is 200 billion dollars more than it projected in February. Covering that gap means issuing more debt, and more supply generally means the Treasury has to offer a better return to attract enough buyers.The second is competition from corporations, especially technology companies borrowing to build AI infrastructure and data centers.The Dallas Fed estimates that AI-related investment-grade bond issuance—these companies borrowing money, in the form of bonds, to help build more data centers and other AI-enabling stuff—could total around $300 billion this year, creating long-duration debt equivalent to about an eighth of what the Treasury is expected to issue. Some of the companies selling this debt have extremely strong balance sheets and high credit ratings, so investors who want safe-ish, long-term bonds suddenly have a lot more options, and the US government has to compete with that for a finite pool of investor resources.Third, oil prices have surged following renewed strikes and attacks around the Strait of Hormuz, with US benchmark prices recently climbing above $90 a barrel. More expensive energy can goose inflation across the economy, which makes locking in a fixed return for 10 or 30 years less appealing, because those yields might not keep up with the practical devaluation of the dollar.Fourth, that aforementioned term premium has risen as investors ask to be paid more for uncertainty related to inflation, deficits, geopolitics, and future Treasury issuance.And fifth, the pool of buyers is changing. Foreign investors still own trillions of dollars in Treasuries, but private foreign demand for notes and bonds fell sharply in June, even as corporate bonds attracted more of that finite sum of money.A big shift we seem to be seeing here is that some investors seem to be judging Treasuries less as a bet on the next Fed meeting, and more as a long-term bet on whether the US political system can manage its finances. And that shift is showing up at an awkward moment for the two institutions involved in the 1951 Accord.Kevin Warsh, who became Fed chair in May, used his August 28 speech at Jackson Hole to say that although inflation expectations remain anchored, the Fed still has work to do if underlying inflation is not moving toward its target quickly enough.Markets read that as a warning that a rate hike could be coming, and the unexpectedly strong August jobs report reinforced that interpretation: employers added 162,000 jobs, far more than economists anticipated, while estimates for June and July were revised upward.The Treasury Department, meanwhile, is moving in the opposite direction.On August 19, Treasury Secretary Scott Bessent announced that the government would at least double the size of its long-term bond buybacks, from a maximum of 2 billion dollars to at least 4 billion dollars per operation, beginning September 9 and continuing through November 4.The stated purpose is to improve liquidity, buying older, less frequently traded 10- to 30-year securities. But buying long-term bonds also reduces the supply available to investors, boosting prices and putting downward pressure on yields, which is why Bessent has referred to the approach as a “Treasury twist.”The scale is small in the context of a $40 trillion national debt, and analysts have described it as more signal than substance. It is nonetheless a striking signal: one Trump appointee is telling markets that higher short-term rates may be necessary to control inflation, while another is using the Treasury's balance sheet to push long-term rates in the other direction.These jobs, which again, were separated in 1951, are working against each other. And this matters, first, because long-term government debt is the foundation upon which a lot of other prices are built.When a 30-year Treasury yields more than 5%, companies refinancing debt have to pay more, commercial real estate becomes harder to finance, mortgages become more expensive, and investors have less reason to pay extremely high prices for stocks based on profits those companies might earn many years from now.It also matters because interest on the federal debt has become one of the government's largest expenses. Gross interest expense reached about $1.17 trillion during the first ten months of fiscal 2026, up about 15% from the same period last year. The somewhat narrower CBO measure of net interest reached $963 billion over that span, roughly level with Medicare spending and greater than defense spending.This creates a potentially self-reinforcing loop: higher yields increase the cost of servicing the debt, higher interest costs expand the deficit, larger deficits require more borrowing, and more borrowing can put further upward pressure on yields.Economists use the term fiscal dominance to describe the point at which government financing needs start to constrain monetary policy, pushing the central bank to keep rates lower than it otherwise would, or to buy government debt, even if doing so undermines its effort to control inflation.The US is not necessarily at that point, but this is exactly the kind of pressure the 1951 Accord was meant to prevent.As with everything government money-related, there's also a global dimension to this shift.For decades, Japanese banks, insurers, pension funds, and other institutions bought foreign bonds in part because yields at home were so low. On September 1, though, Japan's 10-year government bond yield touched 3% for the first time since 1996.Japan's government has more debt relative to the size of its economy than any other wealthy country, and it assumed a 3% long-term rate when calculating debt-service costs for its current budget. Rising above that level would strain its finances, but those higher yields also give Japanese investors more reason to keep their money at home.That doesn't mean Japanese institutions will dump all their Treasuries. Currency-hedging costs and the specific needs of different investors complicate that calculation. But when a major source of relatively steady demand becomes more price-sensitive, the marginal buyer of US debt has to be paid more to invest.Finally, the Treasury market itself has become somewhat more fragile.The amount of debt in circulation has grown far faster than the balance sheets of the dealers that traditionally absorb buying and selling. Hedge funds have filled some of that gap using highly leveraged strategies, including something called the cash-futures basis trade.Fed researchers estimate that these positions reached about $830 billion by September 2025, representing 35% of hedge funds' long Treasury exposure. These trades can provide useful liquidity when markets are calm, but because they rely on enormous amounts of borrowed money to capture tiny price differences, they can also unwind pretty quickly when volatility spikes.That sort of unwind contributed to the Treasury-market seizure in March of 2020, and a different leveraged hedge-fund strategy added to turbulence in April of 2025.The assets treated as the world's safest and most liquid can still become difficult to sell when everyone needs cash at the same time, in other words.The next few weeks should partially clarify what's actually driving this unusual market.The expanded Treasury buybacks begin the day after this episode goes live, September 9. Producer-price inflation data arrives on September 10, consumer-price data on September 11, and the Fed meets on September 15 and 16. The Bank of Japan follows on September 17 and 18, when it may increase its policy rate from 1% to around 1.25%.If the Fed hikes and long-term yields fall, that could indicate investors view the move as credible inflation-fighting: short-term borrowing becomes more expensive, but the term premium shrinks because the distant future seems less inflationary.If the Fed holds after a soft inflation report and short-term yields fall while the 30-year barely moves, that would suggest the long end is being driven by deficits, debt supply, oil prices, corporate competition, and global demand more than Fed policy.And if the buybacks begin but long-term yields continue to climb, that would demonstrate the limits of debt-management policy in a market this large. The Treasury could respond by issuing more short-term and less long-term debt, reducing immediate borrowing costs, though that would also mean refinancing more frequently and taking on the risk that rates remain high.It could also draw down some of the around $950 billion in its account at the Fed to fund larger buybacks, but that cash also serves as a buffer against the debt ceiling, which the government is currently expected to reach sometime in 2027. Spending the buffer now would mean rebuilding it later, and rebuilding it would require issuing even more debt.Back in 1951, the Treasury and the Fed reached an agreement that the central bank should not be required to make government borrowing cheap, and that the price of long-term debt should be allowed to reflect what the market believed that debt was worth.Right now, the market is rendering its verdict, and that verdict is that lending the United States money for 30 years has become substantially more expensive. Now we wait to see what Washington decides to do about it.Show Noteshttps://www.federalreservehistory.org/essays/treasury-fed-accordhttps://www.brookings.edu/articles/what-is-the-treasury-fed-accord-of-1951-and-why-is-it-important/https://www.federalreserve.gov/data/three-factor-nominal-term-structure-model.htmhttps://www.freddiemac.com/pmmshttps://www.cbo.gov/publication/61983https://fiscaldata.treasury.gov/datasets/interest-expense-on-the-public-debt-outstanding/interest-expense-on-the-public-debt-outstandinghttps://fiscaldata.treasury.gov/datasets/debt-to-the-penny/debt-to-the-pennyhttps://www.dallasfed.org/research/economics/2026/0210-searls-aifinancinghttps://home.treasury.gov/news/press-releases/sb0606https://home.treasury.gov/news/press-releases/sb0607https://www.federalreserve.gov/newsevents/speech/warsh20260828a.htmhttps://www.bls.gov/news.release/empsit.htmhttps://apnews.com/article/1af16359af43eb8abc66445465f633c8https://apnews.com/article/775d7cf741349c7c8e689c0beb57f074https://apnews.com/article/a27a8d3651ff810b25c610d3e1b6259dhttps://www.federalreserve.gov/econres/notes/feds-notes/decomposing-hedge-funds-u-s-treasury-exposures-20260622.htmlhttps://www.imf.org/en/publications/fandd/issues/2026/03/safeguarding-the-treasury-market-jeremy-steinhttps://www.investing.com/news/economy-news/japans-benchmark-bond-yield-rises-to-3-for-first-time-in-30-years-4883532https://www.boj.or.jp/en/mopo/mpmsche_minu/index.htmhttps://bipartisanpolicy.org/article/when-will-we-reach-the-debt-limit-again/https://home.treasury.gov/policy-issues/financing-the-government/quarterly-refunding/most-recent-quarterly-refunding-documents/https://www.federalreserve.gov/monetarypolicy/fomccalendars.htmhttps://www.bls.gov/schedule/2026/09_sched.htmhttps://www.axios.com/newsletters/axios-markets-a975877a-ddce-4ea0-a735-4b460d37af90.htmlhttps://www.ft.com/content/c96c25c1-b27c-4c08-a2ba-21821b39dd78https://www.axios.com/2026/08/19/rates-treasury-borrowing-bessent This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit letsknowthings.substack.com/subscribe

This episode examines how the US Treasury thinks about financial crime, sanctions, fraud and protecting the integrity of the financial system. Financial crime, sanctions and illicit finance have become central to national security and economic security. But how can governments and the private sector ensure that the response is effective, risk-based and focused on outcomes? In this opening episode of the new season of the Suspicious Transaction Report, Tom Keatinge is joined by Jonathan Burke, Assistant Secretary for Terrorist Financing and Financial Crimes at the US Treasury Department. Drawing on his experience in both government and financial services, Jonathan discusses why the financial crime agenda must move from compliance to risk management, and why effectiveness should not be confused with simply adding more rules or easing pressure on the system. The conversation explores fraud as a growing financial and national security threat, the role of technology and data in identifying illicit finance networks, and the challenge of modernising frameworks such as the Bank Secrecy Act for a changed financial system. They also examine the Treasury's wider toolkit – including sanctions, Section 311 actions, enforcement and information-sharing – and why success should be measured not by the number of actions taken, but by whether financial threats are disrupted and the integrity of the system is protected.

John Rubino, {Substack https://rubino.substack.com/}, joins us for another wide-ranging discussion around the macroeconomic forces at play between monetary policies and fiscal policies, both domestically and internationally. This is accented by the geopolitical ramifications on the inflation outlook, especially as it relates to the energy sector via rising oil and diesel price trends.  We also get John's outlook on key metals like copper, gold, silver and what kinds of resource stocks that he is animated by in this environment.   We start off dissecting the opposing policy initiatives and stated goals of fiscal policy from the US Treasury Department, versus the monetary policy approaches and messaging by the Federal Reserve.   US Treasury Secretary, Scott Bessent, recently showed a bit of desperation by intervening in the Japanese Yen in early August to stave off potential runs on US treasuries, and tried to intervene in long-dated bonds, to try and bring down the long-end of the yield curve. Kevin Warsh roiled markets some in late August, where his remarks from the Jackson Hole banking symposium were taken as hawkish by the markets, where he has signaled being open to hiking rates to fight the effects of persistent inflation above their stated goal. John points out the incoherent approach in the US between these 2 opposing forces.   Next, we got John's take on the energy sector, in lieu of continued conflict in the Middle East and Persian Gulf, and how it may play into rising inflation.   John points out how diesel prices are woven into the fabric of everyday life through freight, manufacturing, farming equipment, and how the record crack spreads from refining are going to result in higher inflation metrics.   At the same time the US is having a “war of choice” that is causing inflation in the form of higher oil prices and higher crack spreads on diesel pricing; the Fed is still considering hiking rates to fight inflation. Those 2 forces could lead to a recession if the trends don't change in the near-term.   This leads into the observation of the continued strength in the copper price, holding up near all-time highs, despite what should be macroeconomic and geopolitical headwinds.   John shares why he remains longer-term bullish copper price appreciation due to the compelling supply/demand fundamentals. He also shares why he is short-term constructive on copper producers and key junior development assets that may become acquisition targets by the senior companies. The caveat John mentions is the unknowable nature of the medium-term. If there is an economic recession brought about by the softening in AI data center buildouts, or a rolling over of the lofty valuations in US equities, then this could also still pressure copper and copper stocks to the downside.   Wrapping up, we review the strong financial health of the gold and silver producers and highlight that metal producers will need to look to growing production through purchasing more mineral inventories in the ground via advanced development projects or currently producing assets.   PM producers and royalty companies just reported a great Q2 earnings season in August, continuing to highlight increased revenues and rising cashflows, despite many companies seeing flatlining or even declining production metrics. The strong metals prices have been seemingly more germane to earnings than strong fundamental growth has been. Cashed up gold and silver producers will eventually need to replace their depleting reserves, so the environment is present to start seeing more mergers and acquisitions for the balance of this year and next.     Click here to follow John's analysis and articles over at Substack     For more market commentary & interview summaries, subscribe to our Substacks:   The KE Report: https://kereport.substack.com/ Shad's resource market commentary: https://excelsiorprosperity.substack.com/     Investment disclaimer: This content is for informational and educational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security. Investing in equities and commodities involves risk, including the possible loss of principal. Do your own research and consult a licensed financial advisor before making any investment decisions. Guests and hosts may own shares in companies mentioned.  

In an attempt to tighten the noose on Iran's economic lifeline, the United States administration launched "Operation Economic Outcast: Total Isolation of the Iranian Regime", seeking to sever the country's financial connections around the world. Yet one of the grave consequences of this aggressive restrictive measure is the collateral damage it inflicts on the global economy.为进一步扼住伊朗的经济命脉，美国政府启动了所谓的“经济弃民活动：全面孤立伊朗政权”，企图切断伊朗和全球景荣体系的联系。然而，这种咄咄逼人的限制措施所造成的一个严重后果之一，就是殃及全球经济。By weaponizing the US financial prowess and targeting any entity that allegedly does business with "blacklisted" Iranian companies, the US seems ready to turn a regional conflict it started, along with Israel, into a global economic disruption and a potentially existential threat to the very "rules-based" order it claims to uphold.通过将自身的金融实力武器化，美国对任何被指与遭其列入“黑名单”的伊朗企业开展业务的实体实施打压。如此看来，美国似乎准备将其与以色列共同挑起的一场地区冲突，演变成一场全球性经济动荡，甚至对其口口声声维护的所谓“基于规则的秩序”构成生存性威胁。Kameng Trading Ltd, a Hong Kong-registered company, has become the latest Chinese victim of the US administration's escalating enforcement drive, after the US Treasury Department announced on Friday it would sanction the company over alleged "money-laundering" ties to an Iranian institution — claims that, as ever with such US allegations, have not been substantiated. The move comes only days after the US imposed a fresh round of Iran-related sanctions against multiple Chinese entities. The US administration has also hinted at possible sanctions against major Chinese financial institutions over their alleged "links" to Iran.美国财政部日前宣布，将以涉嫌与一家伊朗机构存在“洗钱”联系为由，对香港注册企业楷萌贸易有限公司（Kameng Trading Ltd）实施制裁，使其成为美国政府不断升级制裁执法行动的最新中国受害者。与美国以往类似指控一样，相关说法并未得到事实证实。就在几天前，美国刚刚以涉伊朗为由对多家中国实体实施新一轮制裁。美国政府还暗示，可能因所谓与伊朗存在“联系”，对中国主要金融机构实施制裁。The reckless moves by the US constitute a flagrant abuse of extraterritorial jurisdiction, and are in blatant violation of international law and the basic norms governing international relations. These measures not only threaten to disrupt global energy markets and exacerbate inflation, but also hurt countries that are not party to the US-Iran conflict. The punishment the US metes out against third parties is about the US leveraging its control over the global financial system to force other countries into doing what it wants.美方这些肆意妄为的举动，是对域外管辖权的公然滥用，严重违反国际法和国际关系基本准则。这些措施不仅可能扰乱全球能源市场、加剧通胀，还将损害那些并非美伊冲突当事方国家的利益。美国之所以惩罚第三方，本质上就是利用其对全球金融体系的影响力，迫使其他国家按照美国的意愿行事。The Chinese government has expressed firm opposition to these unilateral and unlawful sanctions, and has made it clear that it will take all necessary measures to resolutely protect the legitimate rights and interests of Chinese entities.中国政府已明确表示坚决反对这种单边、非法制裁，并强调将采取一切必要措施，坚定维护中国实体的合法权益。Over six months after the US and Israel launched "Epic Fury" against Iran, the promised "quick victory" has failed to arrive. Not a single preset goal — regime change or the dismantling of Iran's nuclear and missile programs, has been met. The White House's prediction that the war would last only "four to six weeks" now stands as proof of strategic miscalculation, shattered by a protracted stalemate that has exposed the limits of the US' military reach. Faced with this impasse and confronted with mounting domestic discontent, the US administration has reverted to its old standby of maximum economic pressure. Yet this coercive approach will likely meet the same dead end as the military campaign that preceded it.美国和以色列对伊朗发动所谓“史诗之怒”行动已经过去半年多，曾经承诺的“速胜”却迟迟没有到来。无论是推动伊朗政权更迭，还是摧毁其核计划和导弹项目，此前设定的目标无一实现。白宫曾预测战争只会持续“四至六周”，如今这一判断已成为战略误判的明证。旷日持久的僵局不仅击碎了这一预期，也暴露出美国军事力量的局限。面对战场僵局和国内日益高涨的不满情绪，美国政府再次祭出其惯用手段，即“极限经济施压”。然而，这种胁迫手段很可能同此前的军事行动一样，最终走进死胡同。Iran has already endured US sanctions for decades, and not been brought to its knees under external pressure. If anything, each new round of restrictions only reinforces its "defiance". Washington's calculus — that squeezing the Iranian people with sanctions will spark a popular uprising — comes at a high cost. The immediate result will be deeper suffering for the Iranian people, and along with that, more resentment toward the US.数十年来，伊朗一直承受着美国制裁，却并未在外部压力下屈服。恰恰相反，一轮又一轮新的限制措施，只会进一步强化其抗争意志。华盛顿的算盘是，通过制裁不断挤压伊朗民众的生存空间，进而激起民众反抗，但这一做法代价高昂。最直接的后果，将是伊朗民众承受更深重的苦难，同时进一步加剧其对美国的不满和怨愤。To coerce other countries into unquestioningly following the US' lead, the US administration is threatening to cut off disobeying nations from the dollar system, a move that will only accelerate the global push for de-dollarization.为了迫使其他国家不加质疑地追随美国，美国政府甚至威胁将不听从其号令的国家排除在美元体系之外。然而，这种做法只会加快全球“去美元化”的步伐。History shows that the more the US imposes unilateral sanctions, the more likely it is to incentivize the rest of the world to build work-arounds, such as creating alternative payment systems, developing parallel financial infrastructure, or conducting trade in currencies other than the dollar. The US is therefore hastening the de-dollarization of the global economy with its economic attack on Iran, undermining the very foundation of its own financial hegemony.历史已经表明，美国越是频繁实施单边制裁，就越会促使世界其他国家寻找规避美元体系制约的替代方案，包括建立替代性支付系统、发展平行金融基础设施，以及更多使用美元以外的货币进行贸易结算。因此，美国对伊朗发动的这场经济攻势，实际上正在加速全球经济“去美元化”，进而动摇其自身金融霸权赖以存在的根基。The US cannot bomb or sanction Iran to shape it to its liking. A true resolution to the hostilities demands a strategic pivot from coercion to diplomacy. Dialogue, not isolation, offers the only viable path to resolve the conflict.美国既无法通过轰炸，也无法依靠制裁，把伊朗塑造成自己想要的样子。真正解决当前敌对局势，需要的是战略转向，即从胁迫转向外交。能够化解冲突的可行道路，是对话，而不是孤立。Military options breed endless cycles of retaliation; and sanctions punish civilians and harm the world economy. Negotiation is the harder choice, yet it is the means to deliver peace and avert another cycle of conflict.军事手段只会催生无休止的报复循环；经济制裁则会惩罚普通民众，并殃及世界经济。谈判或许是更加艰难的选择，却是实现和平、避免冲突再次陷入恶性循环的必由之路。unilateral economic coercion /ˌjuːnɪˈlætrəl ˌiːkəˈnɒmɪk kəʊˈɜːʃn/ n.单边经济胁迫tighten the noose /ˌtaɪtn ðə ˈnuːs/ v.收紧绞索；进一步施压economic lifeline /ˌiːkəˈnɒmɪk ˈlaɪflaɪn/ n.经济命脉collateral damage /kəˌlætərəl ˈdæmɪdʒ/ n.附带损害；连带损失weaponize /ˈwepənaɪz/ v.将……武器化；把……用作施压工具financial prowess /faɪˈnænʃl ˈpraʊəs/ n.金融实力；金融优势

In this episode we answer emails from Pete, Mark, and Jack.  We thank our generous donors and share the preliminary results of the Top of the T-Shirt campaign for the Father McKenna Center, discuss recent machinations of the US Treasury Department and why its more of the same old story, and discuss some basics of accumulation portfolios and the preeminence of the Macro-Allocation Principle, and using risk-parity style portfolios for intermediate accumulation. And THEN we our go through our weekly portfolio reviews of the eight sample portfolios you can find at Portfolios | Risk Parity Radio.Links:Father McKenna Center Donation Page (please mention Risk Parity Radio in the comment section with your donation):  Donate - Father McKenna CenterMark's Claude Discussion Link:  ClaudeTestfolio Comparison of Sample Accumulation Portfolios:  Portfolio Backtester for ETFs and Asset Allocation | testfolioBreathless Unedited AI-Bot Summary:A tiny Treasury headline can spark a full-blown “the system is ending” spiral, and we get why. So we slow it down and look at what actually matters for investors: how policy actions, inflation expectations, and interest-rate narratives ripple through stocks, long-term Treasury bonds, gold, commodities, and managed futures and why trying to predict the next move usually makes portfolios worse, not better.We also share a meaningful community update as our listener donations push the Father McKenna Center's Top of the T-Shirt campaign back into a leading spot. The money helps keep real services running for people who need it, and it also reinforces a theme we come back to often: investing is a tool, not the point. Time is limited, behavior matters, and a steady plan beats a dramatic one.From there we tackle an accumulation-phase question that a lot of DIY investors wrestle with: how to split large-cap growth (VUG) with small-cap value (VIOV or AVUV), where to place each fund across taxable, Roth, and pre-tax accounts, and why we don't assume one style will “win” forever. We dig into the logic of rebalancing and “Shannon's demon,” plus when it makes sense to upgrade fund choices and when switching creates avoidable tax pain. Then we close with our weekly market snapshot and performance across the eight sample portfolios, including the more volatile leveraged experiments.If you found this helpful, subscribe, share it with a friend who's doom-scrolling financial news, and leave us a rating and review so more investors can find the show.Support the show

A.M. Edition for Aug. 25. Two lawmakers detail their bipartisan bill to end personalized dynamic pricing in grocery stores, where AI is increasingly deciding whether Shopper A should pay more for the same product than Shopper B. Plus, the Supreme Court helps clear the way for President Trump's restrictions on mail-in voting. WSJ supreme court reporter James Romoser explains what it could mean for the midterms. And, more companies are preparing to join Wall Street's IPO bonanza. And Luke Vargas hosts. Sign up for the WSJ's free What's News newsletter. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Joe Lavorgna, Chief Economist of SMBC Americas/Former-Counselor to Secretary Scott Bessent at the US Treasury Department in NY reacts to Scott Bessent announcing a US campaign to sever Iran from the global economy, warning that any country doing business with the country risks facing US sanctions. He speaks with Bloomberg's Joe Mathieu and Kailey Leinz. See omnystudio.com/listener for privacy information.

Chris Temple, Editor and Publisher of the National Investor, joins us to review the macroeconomic trends that are moving the markets, and his outlook on gold, silver, copper, critical minerals, oil, and the related resource equities.   We start off discussing recent fiscal and monetary policy in the US and abroad.  Treasury Secretary, Scott Bessent, recently intervened in the Japanese Yen, but it was largely ineffectual, as was the fiscal policy to try and control the long-end of the yield curve. Both initiatives were quickly reversed by the bond vigilantes. New Fed head, Kevin Warsh has lost some of his political capital by failing to hike rates, as inflation has crept higher, and the tone in the market is shifting slightly from shrugging all this off, to considering the challenges ahead. Chris outlines that while the Fed maintains it is an independent organization, there is going to be increased coordination and alliance between the US Treasury Department and theUS central bank.   Shifting over to commodities, we discuss the strong rally throughout the month of August in gold, silver, and precious metals equities in response to those macro forces. Chris had warned subscribers earlier in the year that things had become overbought and gotten ahead of themselves and to fade that rally, anticipating a medium-term sector pullback. He pointed out the corrective move in the PM sector, was then exacerbated by the war in Iran, when many felt that would be a bullish driver for gold and silver. One positive he highlights is that now gold and silver have started to ignore the higher interest rates and war, and focus more on the sovereign debt loads of nations around the world that are running out of options, desperate to stem the selling of bonds, and likely going to try and inflate their way out of the stagflation.   Next we shifted over to trends within copper, and the broad basket of Critical Minerals, where Chris makes the point that one can't paint them all with a broad brush, as some have unique fundamental or macro drivers. With regards to copper, he outlines that beyond the AI data center build out mania, EVs, and many popular narratives, that copper is still mostly needed for basic infrastructure build out, real estate construction, and the electrification of the developing world. Chris flags a few copper companies, preferring the opportunities in the advanced explorers and developers like Gunnison Copper Corp. (TSX: GCU) (OTCQB: GCUMF), Abitibi Metals Corp.(CSE: AMQ) (OTCQB: AMQFF), and Power Metallic Mines Inc. (TSXV: PNPN) (OTCBB: PNPNF) As far as the smaller niche' critical minerals sector, he reiterates that a lot of the reality is still around Chinese export controls, and the lack of viable alternatives for supply and processing in the west. We discuss this administration's policy initiatives, executive orders, and funding support to help advance some domestic projects. While he concedes this is the best tailwind for extractive industries in our lifetime, he also points out that it is not nearly enough money, support, or urgency, and much of what has been announced may very well get reversed if there are sweeping changes in congress for the upcoming mid-term elections.   Wrapping up, we get into the ongoing war with Iran, continued chokepoint in the Strait of Hormuz, longer-term damage to infrastructure, and what it all means to the energy sector. Chris explains what has kept the oil prices more subdued than many would have anticipated considering the supply shock hitting the world, but the highlights the very wide crack spreads between oil and refined products like diesel. The higher prices at the gas pumps, and record diesel prices are going to pressure consumers and businesses as this year progresses, and that inflation is going to impact Fed monetary policy and interest rates in a sustained way. Chris remains animated by the energy stocks and is holding on to them in his portfolio.      Click here to follow along with Chris at the National Investor website.     For more market commentary & interview summaries, subscribe to our Substacks:   The KE Report: https://kereport.substack.com/ Shad's resource market commentary: https://excelsiorprosperity.substack.com/     Investment disclaimer: This content is for informational and educational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security. Investing in equities and commodities involves risk, including the possible loss of principal. Do your own research and consult a licensed financial advisor before making any investment decisions. Guests and hosts may own shares in companies mentioned.    

US President Donald Trump has threatened to impose what he calls "the most crushing economic operation ever" on Iran, while Iran has considered attacking US military targets in Europe if the war escalates (01:21). The Macao chief executive says the special administrative regional government will unite all sectors of society to implement the newly-released Third Five-Year Plan for Economic and Social Development (12:50). The US Treasury Department says the national debt has surpassed 40 trillion dollars for the first time, a milestone reached months earlier than expected (26:07).

Welcome to episode 272 of the Financial Crime Weekly Podcast. I am Chris Kirkbride. In this episode, on sanctions developments, a US manufacturer has settled an apparent Iran sanctions violation with OFAC, while the UK's Office of Financial Sanctions Implementation (OFSI) has amended and extended its Lukoil General Licences. On money laundering enforcement, the US Treasury Department has repealed the beneficial ownership reporting rule for domestic businesses, while on market abuse the SEC has brought charges in respect of an affinity fraud targeting Orthodox Jewish communities. On cybercrime, the UK Information Commissioner's Office (ICO) reprimanded the ACRO Criminal Records Office over system vulnerabilities which exposed sensitive personal data, while Taiwan has disclosed an automated, AI-driven hacking campaign against state targets. Finally, the US government has authorised vetted private sector firms to engage in offensive digital operations under federal supervision.A transcript of this podcast, with links to the stories, will be available at www.crimes.financial. The photograph on the podcast cover art is by Sora Shimazaki at Pexels, and the stinger sample between each news section is ‘Ben Logo 1' by BenKirb from Pixabay.

Ten years after the Regency Hotel attack, and four years after the US Treasury Department imposed sanctions on the leaders of the Kinahan cartel, Daniel Kinahan is back on Irish soil following his extradition from the United Arab Emirates.A major security operation was put in place to transport the 49-year-old from Casement Aerodrome in Baldonnell, County Dublin, to the Special Criminal Court, where he was charged with one count of directing the activities of a criminal organisation between October 18, 2015, and April 6, 2017.Irish Times crime and security editor Conor Lally was in court as Kinahan was charged.Presented by Aideen Finnegan, produced by Suzanne Brennan Hosted on Acast. See acast.com/privacy for more information.

In this week's episode of China Insider, Miles Yu looks into joint maritime exercises conducted by US and Taiwanese coast guard vessels, and details the historic development of joint operations between the US and Taiwan in the strait. Next, Miles reviews White House messaging commemorating the 82nd anniversary of the American liberation of Guam and the 73rd anniversary of National Korean War Veterans Armistice Day, looking back at the history and legacy of US involvement in the war. Finally, Miles covers recent updates from the US Treasury Department related to enhanced designations issued by OFAC targeting global networks that enable Iran's military capabilities and support of the IRGC.   China Insider is a weekly podcast project from Hudson Institute's China Center, hosted by China Center Director and Senior Fellow, Dr. Miles Yu, who provides weekly news that mainstream American outlets often miss, as well as in-depth commentary and analysis on the China challenge and the free world's future. 

IBM Vice Chairman Gary Cohn says, “the market became addicted to knowing what the Fed was going to do” as he discusses market reaction to Federal Reserve Chairman Kevin Warsh’s handling of the US central bank. Cohn also discusses Japan and the US Treasury Department working together to shore up the yen and the instabilities being dealt with by markets. He talks to Bloomberg's Jonathan Ferro and Lisa Abramowicz. See omnystudio.com/listener for privacy information.

The US Treasury Department has announced it will no longer allow Iranian oil sales to be conducted in US dollars on global markets after several tankers were hit by projectiles while attempting to cross the Strait of Hormuz. The move has left more than 60 million barrels of Iranian crude stranded at sea without any clear buyers. Also in this edition, we go inside a Chinese air conditioning factory racing to meet soaring European demand as heatwaves drive up sales.

Business and finance news from the Asia-Pacific.Oil prices rose and Asian stocks were little changed as investors assessed the implications of renewed geopolitical tensions for energy supplies and risk assets. The moves came after US benchmarks fell on Tuesday, with a gauge of chip stocks dropping more than 4%. The Nasdaq 100 slid 1.8%. For more on the market action, we spoke to Paul Dobson, Bloomberg's Executive Editor for Asia Markets.Plus - The US launched airstrikes in Iran and revoked a waiver that allowed it to sell oil globally, further imperiling a peace agreement after a series of attacks on ships in the Strait of Hormuz. The US Treasury Department announced it was barring new sales of Iranian oil after July 7, a key incentive intended to get Tehran to abide by a deal that calls for reopening the strait. The American actions marked the most serious threat yet to the interim agreement signed between the two countries' leaders on June 17, and threatened to scuttle negotiations aimed at achieving a permanent peace. Bloomberg TV host Paul Allen spoke to Jessica Genauer, Public Policy Institute Academic Director and Associate Professor in International Relations at the University of New South Wales (UNSW).See omnystudio.com/listener for privacy information.

President Trump has publicly speculated that resuming military operations against Iran could trigger an economic catastrophe, warning of soaring gas prices and even a global depression. It is rumored that senior officials within the administration are driving this narrative in an effort to steer Trump away from finishing the conflict, as fears of Iranian long term impact on global oil markets appear to be exaggerated. Economist Glenn Hubbard argues that while energy markets and inflation deserve consideration, the role of economists is to analyze tradeoffs and identify ways to mitigate the economic costs of national security decisions; to inform policy, not determine it. On balance, he contends that the long-term costs of failed deterrence outweigh the short-term economic risks. So, as the administration weighs whether to return to combat or settle for an unacceptable status quo, is the greater economic and national security risk resuming the fight or leaving Iran's threats unresolved? And what price does America pay for failing to finish the job?Glenn Hubbard is a nonresident senior fellow at the American Enterprise Institute, where his work is focused on a wide range of economic issues including health care; poverty; public, corporate, and international finance; and financial markets and institutions. A former chairman of the President's Council of Economic Advisers at the White House, Dr. Hubbard concurrently serves as dean emeritus and Russell L. Carson Professor of Economics and Finance at Columbia Business School. He has also served as a deputy assistant secretary at the US Treasury Department and as a consultant to the Federal Reserve Board and the Federal Reserve Bank of New York, among other positions.Read the transcript here.Subscribe to our Substack here.

Kia ora. Welcome to Tuesday'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 Swiss talks between the US and Iran seem to have made progress overnight, from Iran's point of view at least. The fighting in Lebanon has abated. Oil prices have fallen following the 60 days peace deal roadmap is still in place. To keep the momentum, the US Treasury Department has agreed it will not enforce their sanctions on the production, delivery and the sale of Iranian oil - for at least these 60 days. But of course, Iran has been selling oil before and after these sanctions, although it just got easier for them. Having noted that news, ship traffic in the Strait of Hormuz has in fact changed little so far. Over 400 ships are waiting for confirmed safety before their owners will move them. And in turn, they are waiting for insurers to price their cover at more normal terms. In the US, the Fed is actively assessing how its global dominance in financial markets can be enhanced by linking US Treasuries to USD stablecoins. And staying in the US, we should probably note that Alan Greenspan, who led the US Fed from 1987 to 2006, has died, aged 100. His legacy is controversial, being the originator of "whatever it takes" (The Greenspan put), and which many say led to the ensuing real estate bubbles worldwide. Canada's May CPIcame in at 3.2%, higher than expected and the most since December 2023. Driving the rise was fuel costs of course. On a core basis this inflation is running at 2.2%, about what was expected and only marginally different o April's level. The Chinese central bank has kept its key lending rates (Loan Prime Rates) at record lows for a 13th straight month in its June review. Chinese economic momentum has recently sputtered, delivering mixed economic data, so this cautious no-change was widely expected. Meanwhile China's foreign direct investment indicates significant struggles in attracting and keeping investors from outside the country. On a year-to-date basis, FDI fell -8.3% in yuan terms, down -3.1% in USD terms. But the May activity is much weaker coming it at just a third of year-ago levels and the net was a very minor +US$6.3 bln this year. So far in 2026, these levels are the weakest in at least ten years, probably longer, continuing a trend that is off its 2022 peak. They often talk about 'opening up' but for the past three years they have been shunned and those initiatives are failing. In Europe, consumer sentiment has recovered some in June after their deeply negative fall in May. But it is only a minor recovery and remains deeply negative. In Australia, their housing market is slowing noticeability. This past week and weekend their auction clearance rate fell below 50% and to its lowest in six years. In Brisbane it got as low as 33%. In Sydney it was 47.4%. In Melbourne it was 50.6%. Prices are in a falling trend too. And in spite from the full-court press vested business interests have made against recent Canberra budget moves that affect housing, it looks like voters approve. The UST 10yr yield is now just on 4.51%, up +2 bps from this time yesterday. The price of gold has held at US$4180/oz, up a net +US$25/oz from yesterday. Silver is at US$65.50/oz, up +50 USc from yesterday. Oil prices are down -US$4 from yesterday at just under US$73.50/bbl in the US, while the international Brent price is now just on US$77.50/bbl. Hormuz transits are staying modest up with 10 crude or product tankers exiting over the past 24 hours (3 dark with transponders off) and 10 entering for new loads (2 dark). Most are ships heading for China and India. (Normal is 60 in each direction.) The Kiwi dollar is down -30 bps from this time yesterday at just on 57.1 USc. Against the Aussie we are also down -30 bps at 81.6 AUc. Against the euro we are staying lower at just on 50 euro cents. That all means our TWI-5 starts today at just over 60.9 which is down -30 bps from yesterday, and the lowest since November 2025 The bitcoin price starts today at US$63,388 and up +0.4% from this time yesterday. Volatility over the past 24 hours has been moderate at just over +/- 1.8%. 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. Audio soundtrack opening is licensed from Shutterstock, Track 1219389 Monetization ID TFGEPGEI0LHEIJAI

Today's top stories, with context, in just 15 minutes. On today's podcast: 1) Iran would be allowed to start oil exports immediately under an interim deal with the US and gain access to a $300 billion economic development program. The US Treasury Department will issue waivers for exports of Iranian crude oil and petrochemical products immediately after the memorandum is signed, and the US will end its naval blockade of Iranian ports. The US and its regional partners would create a plan to rehabilitate Iran and allow for its economic development, with financing of at least $300 billion, according to the draft document. 2) Voters headed to the polls in four states and the District of Columbia. The biggest races to watch were two runoff elections in Georgia, where President Trump's endorsement led to mixed results. In the Republican Senate race, Trump-backed Congressman Mike Collins defeated former University of Tennessee football coach Derek Dooley by an 11 point margin - 55.5% to 44.5%. Meanwhile, in the governor's race, President Trump's favored candidate, Lieutenant Governor Burt Jones, lost to billionaire Rick Jackson, 52.7% to 47.4%. It was also a historic primary night in Washington DC. For the first time in 36 years, Democrats have picked a nominee for delegate to Congress who is not Eleanor Holmes Norton. Councilmember Robert White ran away with the nomination with 63.2% of the vote. 3) Federal Reserve policymakers are expected to hold interest rates steady, posing a test for new chairman Kevin Warsh as inflation erodes households' purchasing power. Several officials have outlined scenarios that could warrant rate hikes and want to eliminate language suggesting their next move is likely to be a cut. Investors will be listening for how strongly Warsh expresses support for the central bank's commitment to returning inflation to the Fed's 2% goal.See omnystudio.com/listener for privacy information.

Is it Finally Time to Restructure Venezuela's Debt? Ever since Venezuela was allowed to hire advisors on its debt restructuring, rumors have been swirling about whether the restructuring might be attempted even before an IMF Debt Sustainability Analysis. Such a scenario is plausible, given the current context. But is it good for the Venezuelan people? Hell no. This is potentially going to be the most complicated debt restructuring in history. And it is going to be done without the involvement of the only competent institution (despite our frequent criticisms of it) in this space? In prior eras, we'd count on the US Treasury Department to insist on IMF oversight and active involvement. But can we count on that today? Producer: Leanna Doty

The US Department of Justice this week dropped criminal fraud charges against Gautam Adani. On Monday, the US Treasury Department said that it had sealed a $275 million settlement with Adani Enterprises over alleged violations of sanctions on Iran. These developments followed last week's announcement by SEC on Gautam Adani & Sagar Adani paying $18 million to settle another separate civil case. #CutTheClutter details the three cases, charges and what these developments signify. ThePrint Editor-In-Chief Shekhar Gupta also explains what these bunch of orders mean, and what they don't. -------------------------------------------------------------------------------------------- To know more about the SEC case involving Gautam Adani and Sagar Adani, read these official court consent filings: https://www.sec.gov/files/litigation/litreleases/2026/consents26554-sadani.pdf https://www.sec.gov/files/litigation/litreleases/2026/consents26554-gadani.pdf -------------------------------------------------------------------------------------------- To CTC Episode 1557: https://www.youtube.com/watch?v=ltYUfrgUZog --------------------------------------------------------------------------------------------  @AmityUniversityOnline 

Is a global debt emergency on the horizon?   Big Tech's bond-issuing spree is helping to pay for its massive artificial intelligence buildout. And it's not expected to slow down this year.  Meanwhile, the US federal deficit has swelled to about $39 trillion, according to the US Treasury Department. That's raising red flags about the potential impact on the Treasuries market. Government and corporate debt are growing but for different reasons. How should investors think about it?   Dominic Pappalardo is the chief multi-asset strategist for Morningstar Wealth. It's part of registered investment advisor, Morningstar Investment Management.     Why Bonds Still Have Long-Term Appeal Despite Recent Wobbles     On this episode: 00:00:00 Welcome 00:01:29 Big Tech's AI bond-issuing spree explained 00:03:51 What's driving the US federal deficit higher 00:06:04 Calls to prepare for a bond market emergency  00:07:38 Government vs. corporate debt key differences 00:08:45 Potential risks lurking in today's bond market 00:10:33 Bond portfolio opportunities and investor takeaways   Watch more from Morningstar: 10 Exceptional Stocks With Double-Digit Dividend Raises Investors May Be Ignoring Big Market Disruptions. Is There Risk to the Rebuff? Vanguard Wrote the Playbook for Success. Now, It Must Evolve to Stay on Top   Follow Morningstar on social: Facebook https://www.facebook.com/MorningstarInc/ X https://x.com/MorningstarInc Instagram https://www.instagram.com/morningstarinc/?hl=en LinkedIn https://www.linkedin.com/company/morningstar/posts/?feedView=all Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Tax reform.  It's one of the most hotly debated issues around the world.  And as global tax expert Viva Hammer notes, the biggest barrier to tax reform in Australia is not policy – it is the pursuit of perfection.  In this episode of With Interest, she brings a global perspective shaped by her work on significant tax reforms in recent US history.  Her message is clear: progress comes from doing something better, not waiting for something perfect.  Main learnings include:  lessons from US tax reform and what Australia can apply  why "better, not perfect" is critical for improving tax reform  how predictability drives investment more than headline tax rates  how to provide certainty for international investors  the role of GST as a more efficient and sustainable tax base  the fairness of corporate tax versus consumption and land taxes  where Australia sits in the global tax competition landscape  As we head toward the 2026 Federal Budget, it's clear that governments, businesses, and the accounting profession are grappling with complex and interconnected challenges – from investment certainty to intergenerational fairness and the future of our tax mix.  This episode is a timely look at a key issue with one of the most respected global voices in tax.  Tune in now.  Host: Jenny Wong, tax lead, CPA Australia  Guest: Viva Hammer, a leading global tax policy expert. Most of her career was spent in the US as partner in New York and Washington law and consulting firms as well as at the US Treasury Department and US Congress. She now brings that international perspective back to Australia.  For more, head to Viva's website.  And don't forget to check out CPA Australia's YouTube channel for the upcoming live Federal Budget 2026 webinar.  Loving this episode?  Listen to more With Interest episodes and other CPA Australia podcasts on YouTube. https://www.youtube.com/@CPAaustralia/podcasts  And don't forget to click subscribe to the channel for a wide range of content that will help your career.  CPA Australia publishes four podcasts, providing commentary and thought leadership across business, finance and accounting:  With Interest https://www.cpaaustralia.com.au/tools-and-resources/podcasts/with-interest  INTHEBLACK https://www.cpaaustralia.com.au/tools-and-resources/podcasts/intheblack  INTHEBLACK Out Loud https://www.cpaaustralia.com.au/tools-and-resources/podcasts/intheblack-outloud  Excel Tips https://www.cpaaustralia.com.au/tools-and-resources/podcasts/excel-tips  Search for them in your podcast platform. Email the podcast team at podcasts@cpaaustralia.com.au 

Foreign Entity of Concern, or FEOC, rules and energy tax credits are reshaping how companies evaluate eligibility and structure investments across the energy sector. In this episode, we explore how the foreign entity of concern framework—introduced under the One Big Beautiful Bill Act—applies at both the taxpayer and project level across the energy sector. We cover recent IRS and Treasury guidance and highlight practical challenges related to supply chain tracing, compliance, and financing. Looking for the latest developments in sustainability reporting? Follow this podcast on your favorite podcast app and subscribe to our weekly newsletter to stay in the loop for the latest thought leadership on sustainability standards.About our guest Jennifer Bernardini is a managing director in our Specialized Tax Services Washington National Tax Services Federal Tax Services practice with a primary focus on energy resilience and sustainability taxation matters. Jennifer has over 20 years of experience in energy tax law and policy. Prior to joining PwC, Jennifer served for over 20 years in the US Treasury Department. Jennifer's practice focuses on tax issues related to renewable energy, regulated utilities, natural resources, and manufacturing. In recent years, Jennifer was heavily involved in the drafting of Inflation Reduction Act (IRA) credit guidance and provided technical assistance to the drafters of the One Big Beautiful Bill Act (OB3). About our guest host Diana Stoltzfus is a sustainability partner in the Professional Practice Group within the National Office. Diana helps to shape our firm's perspective on regulatory matters, responses to rulemakings, and policy development and implementation related to significant new rules and regulations. Diana was previously the Deputy Chief Accountant in the Office of the Chief Accountant (OCA) of the Professional Practice Group in the OCA at the SEC. She focused on providing guidance related to auditing, independence, and internal controls. 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.

Rakeem Mabud speaks with This Is Hell! about her new essay for Common Wealth that she co-wrote with Melanie Brusseler titled “The Power Grab: The Authoritarian Coalition's Strategy of Power Consolidation”. https://www.common-wealth.org/publications/the-power-grab Rakeen is an expert on how economic trends impact people's everyday lives. She was most recently the Chief Economist at Groundwork Collaborative, and has also held roles in the US Treasury Department, Roosevelt Institute and Time's Up. She holds a PhD in Government from Harvard University, and a BA from Wellesley College. We will have new installments of Rotten History and Hangover Cure. We will also be sharing your answers to this week's Question from Hell! from Patreon. Help keep This Is Hell! completely listener supported and access bonus episodes by subscribing to our Patreon: www.patreon.com/thisishell

During President Trump's second term, the administration has taken unprecedented action in the US private sector. The federal government's investments in critical mineral mining and chip manufacturing are two examples. The Trump administration has also embraced tariffs, framing them as tools for economic security and a domestic industrial revival. This shift toward state intervention into private markets, done in the name of national security and economic security, has some bipartisan support. It also has major implications for energy security and the clean energy transition. So how can this new form of American state capitalism be conceptualized? Is the Trump administration's use of these tools different from prior US government programs to support critical industries, like the Biden-era investments under the CHIPS Act? And what are the best strategies for aligning industrial policy with goals around energy security, supply chain resilience, and innovation? Today on the show, Jason Bordoff speaks with Daleep Singh about how the US deploys economic statecraft and the need for a framework to guide its use. Daleep Singh is vice chair and chief global economist at asset management firm PGIM and a thought leader on global policy and macroeconomic trends. He first joined PGIM in 2022, before serving the Biden administration as deputy national security advisor for international economics and deputy director of the National Economic Council. Earlier in his career, he held roles at the New York Federal Reserve and the US Treasury Department. Credits: Hosted by Jason Bordoff and Bill Loveless. Produced by Mary Catherine O'Connor, Caroline Pitman, Alice Manos, and Kyu Lee. Engineering by Gregory Vilfranc.  

National security is becoming inextricably linked with cloud computing and AI—and this year's Munich Security Conference solidified that fact. International statesmen met with technology leaders to discuss cloud infrastructure resilience, AI and automated defense systems, and the evolving dynamic between digital sovereignty and interoperability. But how will defense institutions balance the pressure to automate quickly without outrunning the workforce's ability to trust the systems they depend on? And what developments in AI aren't getting nearly enough attention from defense and policy leaders?Shane interviews Michael Greenwald, Director of Global Executive Relations at Amazon Web Services. Michael Greenwald joins us to discuss Munich, global defense alliances, and how AWS's unique sovereign-by-design architecture powers innovation is secure, scalable AI and Cloud infrastructure. His previous experience as the US Treasury Department's financial attaché to Qatar and Kuwait, paired with his deep understanding of technology systems, makes him an ideal guest to discuss the future of national security and automation.

Amias Gerety, Partner at QED Investors, brings an unconventional perspective to venture capital shaped by his eight years at the US Treasury Department during the financial crisis. A mechanical thinker, Amias applies an essentialist approach to understanding how businesses work. He explains why QED looks for companies that triple every six months at Series A, how inverted AI creates new opportunities in financial services, and why the best advice for founders remains timeless: build something people want and charge more than it costs to make. With insights on the AI bubble, the application layer renaissance, and why saying no 99 times out of 100 is the real job of a VC, Amias offers a masterclass in disciplined, thesis-driven investing.In this episode, you'll learn:[01:24] Amias's unique path from politics and Treasury to venture capital[05:13] The lever theory: how government and VC create systemic change[07:12] Why mechanical thinking and first principles matter in VC[14:48] QED's investment sweet spot: Series A and series B with undeniable momentum[19:25] What product-market fit really means and how to recognize it[22:14] Inverted AI: Why the world needs financial services for the AI economy[26:43] The AI bubble paradox: overvalued companies, transformative technology[32:57] Why early-stage founders should ignore the macro and focus on customers[34:31] The brutal math of ventureThe nonprofit organization Amias is passionate about: EastersealsAbout Amias GeretyAmias Gerety is a Partner at QED Investors, where he focuses on FinTech and InsurTech investments. Before joining QED in 2017, Amias spent eight years at the US Treasury Department from the first day of the Obama administration through its final day. During his tenure, he helped write the Dodd-Frank Act and built the Financial Stability Oversight Council, the organization responsible for monitoring systemic risk in the US financial system. His government experience during the financial crisis gives him a unique perspective on market dynamics and regulatory frameworks. A mechanical thinker who approaches investments with an essentialist mindset, Amias has invested in companies like Kin Insurance, Prosper, and Tint. He previously worked as a management consultant and with Save the Children in East Africa.About QED InvestorsQED Investors is one of the most successful venture capital firms focused on FinTech investments globally. As a multi-stage, global firm with a $650 million early-stage fund and $300 million growth fund, QED specializes in Series A and B investments in companies demonstrating exceptional momentum and product-market fit. The firm requires portfolio companies to show dramatic growth—expecting tripling in six months for Series A and tripling in a year for Series B investments. QED's partners bring deep domain expertise from building and scaling financial services companies, with a particular focus on companies that are reshaping financial services through technology. The firm is known for its rigorous, thesis-driven approach to investing and its high conviction in backing founders who have found authentic product-market fit in large, expanding markets.Subscribe to our podcast and stay tuned for our next episode.

Doug McHoney (PwC's International Tax Services Global Leader) is joined by Beth Bell, a Principal in PwC's Washington National Tax Services Policy Office. She previously served as a Senior Advisor to the US Treasury Department, Tax Counsel for the US House Committee on Ways and Means, and Policy Director and Tax Counsel in the United States Senate. Doug and Beth discuss the OECD's January 2026 side‑by‑side package: why consensus formed, how the side‑by‑side and UPE safe harbors operate, and why QDMTTs are taking center stage. They cover the simplified ETR safe harbor, the one‑year extension of the transitional CbCR safe harbor, elections and 2024–2025 compliance, enacted‑law accounting effects, the key footnote on UTPR allocation, and the new qualified tax incentives safe harbor, including both expenditure-based and production‑based credits, plus implications for inbound investment and the 2029 stocktake. 

Charles is joined by FFTT LLC Founder & President, Luke Gromen, to discuss the US Treasury Department's bond auction, the paradox of long-dated bond yields not behaving as expected, and how a weaker US dollar could help ease financial conditions. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Luke Pettit from the US Treasury Department joins Jeff to talk about things the Trump administration is working on.

The US Treasury Department is phasing out the penny, ending production of the coin. Eben Brown reports on the justifications cited behind the decision, although pennies remain legal currency and may still be in use for a while.

The US Treasury Department announced on Friday that it is sanctioning Colombian President Gustavo Petro, accusing him of playing a “role in the global illicit drug trade.” Also sanctioned are Petro's wife and son, and Colombia's interior minister. Learn more about your ad choices. Visit podcastchoices.com/adchoices

There was a time when economic expertise ruled policy debates at virtually all levels of government. And while trade, taxation, and other important policies are still guided by economic analysis, economists increasingly feel sidelined by politics. In her former roles as chief economist at the US Treasury Department and senior economist at the White House Council of Economic Advisers, Harvard professor Karen Dynan has seen too much solid economic research be rejected due to overly dense presentations. In this podcast, Dynan says economists need to engage with policymakers and the public at a level that they can understand if they want to be part of the policy conversation. Transcript: https://bit.ly/4ojNbA6 Read the article in Finance & Development magazine: www.imf.org/fandd

This Flashback Friday is from episode 345, published last November 5, 2013. Karen Hudes studied law at Yale Law School and economics at the University of Amsterdam. She worked in the US Export Import Bank of the US from 1980-1985 and in the Legal Department of the World Bank from 1986-2007. She established the Non Governmental Organization Committee of the International Law Section of the American Bar Association and the Committee on Multilateralism and the Accountability of International Organizations of the American Branch of the International Law Association. In 1999 Karen reported the corrupt take-over of the second largest bank in the Philippines. The Bank's Country Director in the Philippines reassigned Karen when she asked him to sign a letter warning the Philippines' government that the Bank could not disburse its loan. Two days after informing the Board's Audit Committee of the cover-up in the Philippines, Karen was reprimanded and placed on probation. The Chair of the World Bank's Audit Committee requested an inquiry into the World Bank's Institutional Integrity Department. The Senate Committee on Foreign Relations followed up with three letters to the World Bank. The World Bank forged documents and fired Karen in contempt of Congress. In 2007 Karen advised the US Treasury Department and US Congress that the US would lose its right to appoint the President of the World Bank if the current American President of the World Bank did not play by the rules. The 66 year old Gentlemen's Agreement that Europe would appoint the Managing Director of the IMF and US would appoint the World Bank President ended in 2010.   Follow Jason on TWITTER, INSTAGRAM & LINKEDIN Twitter.com/JasonHartmanROI Instagram.com/jasonhartman1/ Linkedin.com/in/jasonhartmaninvestor/ Call our Investment Counselors at: 1-800-HARTMAN (US) or visit: https://www.jasonhartman.com/ Free Class:  Easily get up to $250,000 in funding for real estate, business or anything else: http://JasonHartman.com/Fund CYA Protect Your Assets, Save Taxes & Estate Planning: http://JasonHartman.com/Protect Get wholesale real estate deals for investment or build a great business – Free Course: https://www.jasonhartman.com/deals Special Offer from Ron LeGrand: https://JasonHartman.com/Ron Free Mini-Book on Pandemic Investing: https://www.PandemicInvesting.com  

Marvin Barth is the creator of Thematic Markets and ‘Seriously, Marvin?!' Thematic Markets is rigorous, institutional-quality research aimed at market professionals, while Seriously, Marvin?! presents more accessible takes on contrarian musings Marvin does not have time to research at Thematic Markets. Both publications benefit from the uniquely broad perspective on the global political economy Marvin has gained from a three-decade career spanning nearly every asset class, academia, central banking, a finance ministry, and international institutions. This includes working at Barclays Investment Bank, Citi, the Federal Reserve Board, the US Treasury Department, and the Bank for International Settlements. In this podcast we discuss working at the Fed and what made Greenspan good, historical context for Trump revolution, core MAGA policies, and much more.    Follow us here for more amazing insights: https://macrohive.com/home-prime/ https://twitter.com/Macro_Hive https://www.linkedin.com/company/macro-hive

In this episode, part of Indu Viswanathan's Hindu at Heart series, she talks with Vindhya Adapa, an attorney at the US Treasury Department who is also a professional singer and producer, who merges her identities to create impactful music. Vindhya earned her JD at the University of Pennsylvania, and two bachelor's degrees from the University of Maryland. Listen to Vindhya's music on SpotifyFollow Vindhya on Instagram Hosted on Acast. See acast.com/privacy for more information.

Have any spare change? Do you still use cash and coins? The US Treasury Department and US Mint announced that it will stop making pennies after it runs out of the blank templates used to make the coins, saving the government $56 million a year in materials costs.  There is no indication that pennies will be taken out of circulation, only that new pennies will not be produced. This move should have no impact on electronic purchases - ACH, Wire, Debit, Credit, etc.  A few news articles on the subject: https://www.axios.com/2025/05/22/penny-coins-end-production-2026 https://www.axios.com/2025/05/24/treasury-penny-production-trump-shopping-change This issue is not unique to the United States. Canada, Australia and New Zealand stopped producing their penny-equivalents years ago. The cost to produce $0.01 is now approximately $0.0369 per penny, causing a loss to the US Mint of approximately $85.3 million.  And our other coins are similarly expensive to produce: $0.05 nickel costs $0.1378 per coin $0.10 dime costs $0.0576 per coin $0.25 quarter costs $0.1468 per coin It may be time to start using all those pennies we're currently saving in jars and piggybanks. What do you think? How will stopping the production of the penny impact you? Let us know if you enjoy this episode and, if so, please share it with your friends! Please also visit our sponsor Sam Cohen of Attorneys First Insurance for Attorneys and Title Companies looking to get a quote on Errors & Ommissions (malpractice) Insurance coverage. www.AttorneysFirst.com.   Or, you can support the show by visiting our Patreon page: https://www.patreon.com/crushingDebt   To contact George Curbelo, you can email him at GCFinancialCoach21@gmail.com or follow his Tiktok channel - https://www.tiktok.com/@curbelofinancialcoach   To contact Shawn Yesner, you can email him at Shawn@Yesnerlaw.com or visit www.YesnerLaw.com.  

Doug McHoney (PwC's International Tax Services Global Leader) is joined by Professor Itai Grinberg, a faculty member at Georgetown University Law Center and a former Deputy Assistant Secretary at the US Treasury Department during the Biden administration. In that role, Itai served as the United States' lead negotiator for the global corporate minimum tax initiative. Doug and Itai discuss the behind-the-scenes history of Pillar Two from the US perspective, exploring its policy rationale, global negotiations, and shifting political dynamics. The conversation begins with how Itai's got his role at Treasury and builds a detailed timeline tracing the Biden administration's early support for global minimum tax rules through the 2021 G7 agreement and the development of the Under-Taxed Profits Rule (UTPR). They also delve into the impact of the Build Back Better legislation which was not enacted, the rationale behind the US safe harbor under UTPR, international political tensions including Brexit and US-China relations, and the implications of the April 2025 Trump executive order. The episode closes with reflections on the OECD Inclusive Framework's future and whether multinational enterprises can expect a workable consensus moving forward. 

After a career in investment management and some time as a credit risk specialist at the US Treasury Department, Jill Eicher has written her first book titled, "Melon vs. Churchill: The Untold Story of Treasury Titans at War." It's all about the collection of war debts from World War I, which was fought between 1914 and 1918. Andrew Mellon, a wealthy industrialist, served as Secretary of the Treasury for Presidents Harding, Coolidge, and Hoover. 11 years total. He took on Chancellor of the Exchequer Winston Churchill. Jill Eicher tells a story that will be new to most readers. Learn more about your ad choices. Visit megaphone.fm/adchoices

After a career in investment management and some time as a credit risk specialist at the US Treasury Department, Jill Eicher has written her first book titled, "Melon vs. Churchill: The Untold Story of Treasury Titans at War." It's all about the collection of war debts from World War I, which was fought between 1914 and 1918. Andrew Mellon, a wealthy industrialist, served as Secretary of the Treasury for Presidents Harding, Coolidge, and Hoover. 11 years total. He took on Chancellor of the Exchequer Winston Churchill. Jill Eicher tells a story that will be new to most readers. Learn more about your ad choices. Visit megaphone.fm/adchoices

Anna Wong is the Chief US Economist at Bloomberg and previously worked at the Federal Reserve, White House Council of Economic Advisors, and US Treasury Department. I can imagine few people in the world better suited to analyze and forecast the impact of the tariffs. — For a deeper dive into these insights and more, be sure to listen to the full episode of the Onward podcast. Have questions or feedback about this episode? Drop us a note at Onward@Fundrise.com.  Onward is hosted by Ben Miller, co-founder and CEO of Fundrise. Podcast production by The Podcast Consultant. Music by Seaplane Armada.  About Fundrise  With over 2 million users, Fundrise is America's largest direct-to-investor alternative asset investment platform. Since 2012, our mission has been to build a better financial system by empowering the individual. We make it easier and more efficient than ever for anyone to invest in institutional-quality private alternative assets — all at the touch of a button.  Please see fundrise.com/oc for more information on all of the Fundrise-sponsored investment funds and products, including each fund's offering document(s).  Want to see the specific assets that make up and power Fundrise portfolios? Check out our active and past projects at www.fundrise.com/assets.

In this episode of TP Talks, Kristina Novak sits down with Brett York, a Principal in PwC's NTS Mergers and Acquisitions practice and former Deputy Tax Legislative Counsel at the US Treasury Department. Kristina and Brett discuss Brett's experiences at Treasury, the implications of the Trump administration's regulatory freeze, and how political appointments influence tax policy. They explore the tax guidance process, IRS leadership changes, how the US engages in OECD tax negotiations, and what the future may hold for transfer pricing—particularly under a second Trump administration.Support the show

Taxes on wages make up the bulk of federal revenue every year. Where does that money go, and who decides how much you should pay?The process is extremely complicated - and deeply political - which is why it's important for everyday taxpayers to understand how the people they elected choose to spend the money voters give out of their paychecks every year. We talk with tax policy expert Beverly Moran, a Paulus fellow at Boston College Law School and professor emerita at Vanderbilt, about how budget reconciliation works: where Congress decides where it will cut taxes, and how it will make up for those cuts. We also talk about how those decisionsaffect the vast majority of taxpayers, who earn most of their wealth from salary or wages... and how it looks different for the wealthiest Americans. Find Beverly's research on the impact of the 2017 TCJA here.  Listen to our episodes on the history of the income tax in the United States, and how the tax return process works. We used a number of sources in this episode. Here are some, in order of appearance: How much revenue has the US  government collected this year? from the US Treasury Department. Reconciliation explainer from the Congressional Budget Office.Budget Reconciliation: Tracking the 2025 Trump Tax Cuts from the Tax Foundation. What are itemized deductions and who claims them? from the Tax Policy Center. How did the TCJA change taxes of families with children? from the Tax Policy Center. The 2017 Tax Law Was Skewed to the Rich, Expensive, and Failed to Deliver on Its Promises from the Center on Budget and Policy Priorities. Lifting the SALT Cap: Estimated Budgetary Effects, 2024 and Beyond from Penn Wharton Budget Model at the University of Pennsylvania Wharton School of Business. Differences between the traditional CPI and Chained CPI from the Congressional Budget Office. Republicans say Medicaid cuts won't happen. But does their budget work without them? from NPR. Republicans want to lower taxes. The hard part is choosing what to cut. from the New York Times.  Want our new "Civics is my cup of tea" mug? CLICK HERE TO DONATE AND GET YOURS!CLICK HERE: Visit our website to see all of our episodes, donate to the podcast, sign up for our newsletter, get free educational materials, and more! To see Civics 101 in book form, check out A User's Guide to Democracy: How America Works by Hannah McCarthy and Nick Capodice, featuring illustrations by Tom Toro.Check out our other weekly NHPR podcast, Outside/In - we think you'll love it!

US Treasury Department sanctions Iranian national accused of running the Nemesis criminal marketplace. Hunters International threatens to leak data stolen from Tata Technologies. Apple challenges U.K.'s iCloud encryption backdoor order. UK competition regulator says no investigation into Microsoft's OpenAI partnership. Stealthy malware campaign targets the UAE's aviation and satellite industry. This week on our CertByte segment, N2K's Chris Hare is joined by Troy McMillan to break down a question targeting the Cisco Certified Network Associate (CCNA) exam. And hackers hit the books. Remember to leave us a 5-star rating and review in your favorite podcast app. Miss an episode? Sign-up for our daily intelligence roundup, Daily Briefing, and you'll never miss a beat. And be sure to follow CyberWire Daily on LinkedIn. CertByte Segment Welcome to CertByte! On this bi-weekly segment hosted by Chris Hare, a content developer and project management specialist at N2K. This week, Chris is joined by Troy McMillan to break down a question targeting the Cisco Certified Network Associate (CCNA) exam, 201-301, version 1.1 exam. Today's question comes from N2K's Cisco Certified Network Associate (CCNA 200-301) Practice Test.  According to Cisco, the CCNA is the industry's most widely recognized and respected associate-level certification. To learn more about this and other related topics under this objective, please refer to the following resource: https://learningnetwork.cisco.com/s/article/protection-techniques-nbsp-from-wardriving-attack  To get the full news to knowledge experience, learn more about our N2K Pro subscription at https://thecyberwire.com/pro.  Please note: The questions and answers provided here, and on our site, are not actual current or prior questions and answers from these certification publishers or providers. Additional source: https://www.cisco.com/site/us/en/learn/training-certifications/certifications/enterprise/ccna/index.html Selected Reading Treasury sanctions Iranian national behind defunct Nemesis darknet marketplace (The Record) Ransomware Group Claims Attack on Tata Technologies (SecurityWeek)  Apple is challenging U.K.'s iCloud encryption backdoor order (TechCrunch) UK's competition regulator says Microsoft's OpenAI partnership doesn't qualify for investigation (TechCrunch)   Call It What You Want: Threat Actor Delivers Highly Targeted Multistage Polyglot Malware (Proofpoint) Snail Mail Fail: Fake Ransom Note Campaign Preys on Fear (GuidePoint Security) Fake police call cryptocurrency investors to steal their funds (Bitdefender) Microsoft Teams tactics, malware connect Black Basta, Cactus ransomware (Bleeping Computer)   Investigator says differing names for hacker groups, hackers studying investigative methods hinders law enforcement (CyberScoop)  Share your feedback. We want to ensure that you are getting the most out of the podcast. Please take a few minutes to share your thoughts with us by completing our brief listener survey as we continually work to improve the show.  Want to hear your company in the show? You too can reach the most influential leaders and operators in the industry. Here's our media kit. Contact us at cyberwire@n2k.com to request more info. The CyberWire is a production of N2K Networks, your source for strategic workforce intelligence. © N2K Networks, Inc. Learn more about your ad choices. Visit megaphone.fm/adchoices

One of President Donald Trump's many actions in his first three weeks included directing the US Treasury Department to stop minting new pennies. There's been a movement to get rid of the pennies of years, partly because, according to some estimates, the one-cent coin costs nearly four cents to produce, and the US Mint reported they lost $85.3 million last year making them. Former Director of the United States Mint, Philip Diehl, joined Dave Anthony to discuss why he's long been advocating for getting rid of the penny, Diehl explained how the change could impact the American economy. He also discussed why there's a case to get rid of the nickel and why coin and paper currencies will serve a purpose despite the popularity of crypto. We often must cut interviews short during the week, but we thought you might like to hear the full interview. Today on Fox News Rundown Extra, we will share our entire interview with Former Director of the United States Mint, Philip Diehl, allowing to learn more about the penny, and the potential future of American currency. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Hosts Ramses Ja and Q Ward discuss the growing involvement of Elon Musk in the US Treasury Department.See omnystudio.com/listener for privacy information.

President Trump's administration is facing numerous legal challenges to their executive orders, with the end to birthright citizenship, a freeze on federal funding, and others that are currently tied up in the courts. FOX News Contributor, attorney Andrew McCarthy, joins the Rundown to discuss the legal background behind some of the court cases and why he feels that the Trump administration has strong chances of legal victory in most instances. Later, Special Counsel to President Trump, Alina Habba, joins to share her thoughts on “activist judges” and the actions that President Trump has signed off on so far. Earlier this week, President Donald Trump directed the US Treasury Department to stop minting new pennies. The one-cent coin costs nearly four cents to produce, and the US Mint reported they lost $85.3 million last year producing pennies. In 2023, Congress proposed legislation to alter the coin's composition to cut costs. Former Director of the United States Mint, Philip Diehl, joins to discuss how getting rid of the penny will impact the American economy and what this will look like. Plus, commentary from FOX News contributor Joe Concha. Photo Credit: AP Learn more about your ad choices. Visit podcastchoices.com/adchoices

Newt talks with Dr. Weifeng Zhong, about the significant cybersecurity breach involving the US Treasury Department, where a hacker accessed security keys to override protocols and access unclassified documents. The US Treasury has since placed sanctions on a Beijing-based cybersecurity company for its alleged involvement in multiple hacking incidents targeting critical US infrastructure. Dr. Zhong provides insights into the broader implications of Chinese state-sponsored hacking activities, including the notorious Salt Typhoon group, which has infiltrated major US telecommunications companies. They discuss the historical context of Chinese cyber espionage, the sophisticated methods employed, and the challenges in countering these threats. Additionally, their discussion touches on the controversial role of TikTok in data collection and propaganda, and the strategic considerations for the US in addressing these multifaceted cyber threats.See omnystudio.com/listener for privacy information.

New details emerge about Chinese hackers breaching the US Treasury Department. The Supreme Court considers the TikTok ban. Chinese hackers exploit a zero-day flaw in Ivanti Connect Secure VPN. A new credit card skimmer malware targets WordPress checkout pages. The Banshee macOS info-stealer has been updated. A California health services organization reports a data breach. A Florida firm pays a $337,750 HIPAA settlement following a 2018 breach. Samsung patches Android devices. A Proton Mail outage hits users worldwide. A popular e-card site recovers from malware. CertByte segment host Chris Hare interviews our guest Casey Marks, ISC2's Chief Qualifications Officer, about the future of certifications. That's a feature, not a hack.  Remember to leave us a 5-star rating and review in your favorite podcast app. Miss an episode? Sign-up for our daily intelligence roundup, Daily Briefing, and you'll never miss a beat. And be sure to follow CyberWire Daily on LinkedIn. CyberWire Guest CertByte segment host Chris Hare interviews our guest Casey Marks, ISC2's Chief Qualifications Officer, about certifications and where they could be heading. You can check out their 2024 ISC2 Cybersecurity Workforce study here.  Selected Reading Chinese hackers breached US government office that assesses foreign investments for national security risks (CNN) Supreme Court considers whether to allow TikTok ban to take effect (NBC News)  Ivanti VPN zero-day exploited by Chinese hackers (SC Media) New Skimmer Malware Hijacking WordPress Websites to Steal Credit Cards (Cyber Security News) Banshee macOS Malware Expands Targeting (SecurityWeek) BayMark Health Services Reports Data Breach, Exposing Patient Information (The Cyber Express) Florida Firm Fined $337K by Feds for Data Deleted in Hack (BankInfo Security) Samsung Patches Multiple Vulnerabilities That Let Attackers Execute Arbitrary Code (Cyber Security News) Proton Mail still down as Proton recovers from worldwide outage (Bleeping Computer) GroupGreeting e-card site attacked in “zqxq” campaign (Malwarebytes) Microsoft DRM Hacking Raises Questions on Vulnerability Disclosures (SecurityWeek) Facebook awards researcher $100,000 for finding bug that granted internal access (RocketNews) Developers sent into security panic by 'useful feature' (The Register) Share your feedback. We want to ensure that you are getting the most out of the podcast. Please take a few minutes to share your thoughts with us by completing our brief listener survey as we continually work to improve the show. Want to hear your company in the show? You too can reach the most influential leaders and operators in the industry. Here's our media kit. Contact us at cyberwire@n2k.com to request more info. The CyberWire is a production of N2K Networks, your source for strategic workforce intelligence. © N2K Networks, Inc. Learn more about your ad choices. Visit megaphone.fm/adchoices

What I learned from rereading James J. Hill: Empire Builder by Michael P. Malone. ----Ramp gives you everything you need to control spend, watch your costs, and optimize your financial operations —all on a single platform. Make history's greatest entrepreneurs proud by going to Ramp and learning how they can help your business control your costs and save more. ----Founders Notes gives you the ability to learn from history's greatest entrepreneurs on demand. You can search all my notes and highlights from every book I've ever read for the podcast. Get access to Founders Notes here. ----Join my free email newsletter to get my top 10 highlights from every book----Notes and highlights from the episode: —He had unlimited energy, was stubborn, had a temper, was supremely arrogant and he did more to transform the northern frontier of the United States than any other single individual.—One of the things he learned from history and biography: The power of one dynamic individual: Like so many other nineteenth-century youths, young Jim Hill fell under the spell of Napoleon. He came to believe in the strength of will, the power of one dynamic individual to change the world, the conquering hero. (He says that the railroad entrepreneurs conquered the distance between remote communities in the American west)—He accustomed himself to handle a large workload.—If you want to know whether you are destined to be a success or a failure in life, you can easily find out. The test is simple and it is infallible: Are you able to save money? If not, drop out. You will lose. You may think not, but you will lose as sure as you live. The seed of success is not in you. –James J. Hill—He held people's attention as he engaged them in characteristic rapid-fire, highly animated conversation, gesturing expansively and driving home his point with jabbing motions of his hands—the embodiment of high energy.—He worked incredibly hard, sometimes laboring late into the night, falling asleep at the desk, then getting up for a swim in the river and a cup of black coffee, then going back to work.—“Rebates existed in other industries. I just applied them to oil.” Rockefeller said. [Don't copy the what, copy the how]  —John D: The Founding Father of the Rockefellers by David Freeman Hawke. (Founders #254)—"The very best employee at any job at any level of responsibility is the person who generally believes that this is their last job working for someone. The next thing they'll start will be their own. — Max Levchin in The Founders: The Story of PayPal and the Entrepreneurs Who Shaped Silicon Valley by Jimmy Soni. (Founders #233)—Hill drank little, worked hard, and confined his socializing to respectable settings. As always, he read incessantly. He permitted himself few distractions in his relentless drive to achieve wealth and status.—Inefficiency disturbs him greatly.—James J. Hill loved eliminating steps.—Genius has the fewest moving parts.—Hill limited the number of details. Then he makes every detail perfect.—Hill called vertical integration, rational integration.—Hill always gets out quickly in front of the emerging trend.—Hill had an entirely pragmatic business personality. When competition suited him in a market, he competed fiercely. But when competition became wasteful to him, he did not hesitate to end it, even if this meant joining with old enemies and creating a monopoly.—Hill was making profits owning steamboats. Then a competitor from Canada starts running the same route and the rates and profits dwindle. Hill discovers a neglected maritime law that prohibited foreign ships from operating in American waters. Hill then persuades the US Treasury Department to enforce the law against his competitor. The competitor has to transfer ownership to an American. After that Hill then merges with that competitor and forges another monopoly.—This railroad is my monument. — James J Hill—As man emerged into history, he became a road maker; the better the road, the more advanced his development. — James J. Hill.—By 1885 Railroads brought in twice the revenue than the federal government.Railroads were the nations largest employer.The railroaders were the largest private land holders in the country.They owned more than 10% of land in the United States.—Hill identified an opportunity hiding in plain sight: Unlike most who viewed the Saint Paul and Pacific as a near-worthless derelict, Hill viewed it as a miracle waiting to happen, a potentially wondrous enterprise simply lacking competent leadership. He studied the road constantly, reading every scrap of information he could find about it and boring anyone who would listen with endless detail as to what it could one day be.—He possessed a priceless advantage compared with most other nineteenth-century rail titans. Rather than coming from the outside world of finance, as most of them did, he arose from the inside world of freighting and transportation, and he knew this world in all its complexities. He was about to demonstrate how certain well-established, regional capitalists on the frontier could challenge and even best larger eastern interests.—Being obsessed is an edge. Hill was obsessed getting control of the bankrupt Saint Paul & Pacific rail line:  Hill, who knew the road better than anyone else, constantly argued to his friends, the potential prize defied description. He seemed completely fixated on the project. Many years later, his friend recalled that Jim had spoken of it to him “probably several hundred times” during the mid-1870s.—James J. Hill finds what he is best at in the world at, at 40 years old, in a field where he had no direct experience.—“It pays to be where the money is spent” — James J Hill—James J. Hill was very easy to interface with. He had an easy to understand organizing principle for his company. Hills credo: What we want is the best possible line, shortest distance, lowest grades, and least curvature that we can build.—He had appreciation for those who had dirt underneath their fingernails.—Many observers would later compare Hill with Villard. The comparison was inevitable. “While Hill was building carefully and checking his costs minutely Villard built in ignorance of costs.” Like other transcontinental plungers, Villard did in fact build rapidly and poorly, much of his main line would later have to be torn up and rebuilt. He had rushed to get the massive land grants. Amid mounting deficits and acrimony, Villard was then forced to resign the presidency of the NP in 1884.—Find what you are good at and pound away at it forever.—He simply could not delegate authority and live with the outcome.—Hill on how to build a railroad: Work, hard work, intelligent work, and then more work. — James J Hill.—They managed the finances of the railroad in a highly conservative and prudent manner.  Hill advocated and practiced a policy of plowing large percentages of profits directly back into the property, knowing that the best defense against invading railroads was a better-built system that could operate at lower rates.—Give me Swedes, snuff and whiskey, and I'll build a railroad through hell. — James J. Hill—From the Hour of Fate: James J. Hill had built the Great Northern with deliberate thrift and brutal efficiency. His railroad would become among the most profitable in the Northwest. He didn't need JP Morgan the way other railroad executives did. (Financial strength was kryptonite to JP Morgan)—He cared most about freight, never frills.—The life of James J. Hill certainly demonstrates the impact one willful individual can have on the course of history.—I've made my mark on the surface of the earth and they can't wipe it out. — James J Hill.----“I have listened to every episode released and look forward to every episode that comes out. The only criticism I would have is that after each podcast I usually want to buy the book because I am interested so my poor wallet suffers. ” — GarethBe like Gareth. Buy a book: All the books featured on Founders Podcast