[SPEAKER_00]: All right, this is Peter's shift for the shift goal Friday market rap.
[SPEAKER_00]: Well, today was the day that Kevin Wash got sworn in as the new Fed chairman.
[SPEAKER_00]: And you know, the fact that there was so much media attention on this, there was this, you know, big press conference at the federal, not the White House and the Donald Trump spoke.
[SPEAKER_00]: Of course, he.
[SPEAKER_00]: didn't waste the opportunity to make it all about himself and all of the great accomplices accomplishments he's had as president of course most of them probably all of them were lies in fact I referred him as the liar in chief but he made the press conference more about him than about wash and to the extent that he was complimenting wash it was more about complimenting himself for you know being smart enough to have chosen him.
[SPEAKER_00]: for this coveted job and he was sworn in by Clarence Thomas.
[SPEAKER_00]: The markets were celebrating, at least the stock market, the Dow Jones hit an all-time record high.
[SPEAKER_00]: maybe just while he was up there or just before I think maybe 10 or 15 minutes before he started talking the Dow hit a record high trading above 50,700 for the first time ever something the president mentioned during his talk to take credit for this historic accomplishment that everybody told him was impossible.
[SPEAKER_00]: Trump tells a lot of lies again.
[SPEAKER_00]: I'm going to get to those later in this weekly gold wrap.
[SPEAKER_00]: But one of the lies he likes to tell is that when he was first sworn in as president, all of the experts, all of the greatest pundits in the world stock market pundits, told him
[SPEAKER_00]: that it was an impossible feat that there's no way sir that the Dow can ever hit 50,000 in your term.
[SPEAKER_00]: I mean, you're only going to be president for four years and it's impossible.
[SPEAKER_00]: So don't even think about it, sir.
[SPEAKER_00]: I mean, we know you're great in all, but there's no way the Dow can ever get the 50,000 in just four short years.
[SPEAKER_00]: and now here it is already there and he's taking credit for something that everybody told him was impossible.
[SPEAKER_00]: But Donald Trump, the miracle worker, the economy is just so great that we've done the impossible.
[SPEAKER_00]: Yet when Donald Trump was sworn in, the Dow Jones was just 13% below.
[SPEAKER_00]: 50,000.
[SPEAKER_00]: So you're talking about like a 3% per year, 3.5% annual return.
[SPEAKER_00]: That's all it would have taken to get to a 50,000 down.
[SPEAKER_00]: Yet according to Trump, all the greatest stock market pundits in the world told him that that was impossible, which of course we know is a lie.
[SPEAKER_00]: I don't know if Trump knows it's a lie or not, but he says it every time he makes a speech.
[SPEAKER_00]: Every time he mentions the Dow and 50,000, he reminds everybody how he was told that was impossible.
[SPEAKER_00]: How that could never happen.
[SPEAKER_00]: But lucky for us, we have Donald Trump because he's the miracle worker who does the impossible.
[SPEAKER_00]: But anyway, the stock market investors were celebrating Kevin Walsh, although the S&P,
[SPEAKER_00]: Uh, the, uh, Russell 2000, the NASDAQ, they were all up today, but not at record highs like the Dow.
[SPEAKER_00]: In fact, the Dow did close, uh, at 50,000, 579, I think that's a record close, not exactly sure.
[SPEAKER_00]: But I know the intern day high was a record, but the precious metals investors were not as enthusiastic, although they should be, uh, but their enthusiasm has been tempered somewhat
[SPEAKER_00]: uh... gold was down on the day so was silver in fact on the week gold drop one and a half percent uh... silver dropped two per three percent excuse me on the week gold dude did manage to close above forty five hundred dollars forty five oh eight
[SPEAKER_00]: not bad and silver closed above seventy five dollars and seventy five dollars and thirty nine cents so both gold and silver on the defensive with higher bond yields but I don't think they're going to be on the defensive much longer mining stocks of course also as you would expect.
[SPEAKER_00]: had a bad week with gold and silver down the gdx was down four and a half percent and the gdxj was down five and a half percent on the week the down managed to rise just under one percent so not a huge gain but enough to get it into record territory
[SPEAKER_00]: same thing with the Nasdaq up almost one percent on the week not quite a new record high.
[SPEAKER_00]: S&P didn't do his good up less than a half a percent.
[SPEAKER_00]: Russell 2000 was the star stock market index on the week up 2.7 percent but not enough to get it to a record high.
[SPEAKER_00]: I think what helped the stock market was a slight improvement in the bond market.
[SPEAKER_00]: Bond rallied a bit on the week, but and this is significant.
[SPEAKER_00]: The yield on the 10-year treasury still closed the week above four and a half percent at 4.56.
[SPEAKER_00]: I think that we've had a breakout because there was a lot of resistance just below four and a half and now we're above it.
[SPEAKER_00]: And on the 30-year we closed at 5.06.
[SPEAKER_00]: The highest we got
[SPEAKER_00]: was 5.19 at least that's the highest I happen to notice I don't know if it ever hit 5.2 but I saw 5.19 but the yield improved went down a little bit on the week although mortgage rates now are getting closer and closer to 7% I think they're at a 9 month high think around 6.8% but I think that trend is going to continue in the weeks ahead you're going to see rising yields on the long bond.
[SPEAKER_00]: and rising mortgage rates.
[SPEAKER_00]: The dollar index, I think was relatively flat.
[SPEAKER_00]: Maybe a bit higher close that 9929 oil dropped.
[SPEAKER_00]: And I think that was a big part of the stock market rise was that we got a drop in the price of oil.
[SPEAKER_00]: Oil dropped from above $100 a barrel.
[SPEAKER_00]: to close below close at $97 a barrel, but that's still a high price for oil and the high is not in the wars nowhere near over and even when it does end.
[SPEAKER_00]: who knows when that's going to be, but even when it does end, oil prices are not going to come crashing like the president claims they're not going to drop like a rock.
[SPEAKER_00]: They may drop a little bit although who knows where they're going to drop from.
[SPEAKER_00]: They could be a lot higher than they are now when they drop.
[SPEAKER_00]: And maybe they'll drop down to where we are now.
[SPEAKER_00]: I don't know.
[SPEAKER_00]: But I think any drop will be temporary because I think oil prices are going to continue to rise after the war ends, and they will ultimately make new highs because the war was the catalyst for all this.
[SPEAKER_00]: The same thing with bond yields, bond yields spiked after the war started just like oil prices.
[SPEAKER_00]: But that was just the catalyst for a move that was going to happen anyway.
[SPEAKER_00]: So if it wasn't the war, it would have been something else that would have set it off.
[SPEAKER_00]: and and so were the price oil.
[SPEAKER_00]: By the way, Bitcoin was down on the week down today, down about 1.75%.
[SPEAKER_00]: It's interesting though, because Bitcoin is now decoupled from the Nasdaq.
[SPEAKER_00]: See, first, the decoupled from gold.
[SPEAKER_00]: And it, I don't know if it ever was really correlated with it, but gold went on a huge move up and Bitcoin went down.
[SPEAKER_00]: And so what they marketed as digital gold,
[SPEAKER_00]: didn't perform like actual gold.
[SPEAKER_00]: But it was moving up with the, then as that with text stocks.
[SPEAKER_00]: But now you have, you know, stocks going up and Bitcoin is still going down.
[SPEAKER_00]: So it's to couple and it doesn't go up with gold goes up and it doesn't go up with Bitcoin when, when, when text stocks go up, it kind of just goes down.
[SPEAKER_00]: In fact, as I'm recording this right now,
[SPEAKER_00]: Michael Salars, cost basis.
[SPEAKER_00]: He's been buying Bitcoin for more than five years through strategy.
[SPEAKER_00]: His cost basis is 75,700.
[SPEAKER_00]: We're now at 75,800.
[SPEAKER_00]: He has no gains.
[SPEAKER_00]: In fact, by the time I finished this, you know, podcast, Bitcoin can be below $75,700.
[SPEAKER_00]: It's only a hundred dollars above it.
[SPEAKER_00]: He's been buying for six years.
[SPEAKER_00]: He has zero return over or five years, zero return.
[SPEAKER_00]: Remember, the premise that he's built the Ponzi scheme called Stretch on is that Bitcoin is going to go up by 30% per year.
[SPEAKER_00]: And so,
[SPEAKER_00]: they can keep paying the 11.5% dividend on stretch because they're just giving up the first 11.5% of that 30% expected return.
[SPEAKER_00]: So one third is going to the preferred and the equity holders are still going to get two thirds of what they expect.
[SPEAKER_00]: Um, Bitcoin to do, but you know what they say about expectations, right?
[SPEAKER_00]: I mean, what you expect to happen is generally not what's going to happen.
[SPEAKER_00]: And I don't know how strategy or sailor can expect that Bitcoin will go up 30% a year compounded over the next five years when it's compounded return over the last five years for him is zero.
[SPEAKER_00]: strategy has made no money over five years of Bitcoin buying.
[SPEAKER_00]: So why should it make 30 percent a year over the next five years?
[SPEAKER_00]: But the one thing that they're going to have to do is pay 11 percent per year, 11 and a half percent to stretch holders whether they make any money or not.
[SPEAKER_00]: How much does 11.5% compound to over 5 years?
[SPEAKER_00]: That's more than 50%.
[SPEAKER_00]: And it's basically going to be even bigger number because they're going to keep issuing more preferred.
[SPEAKER_00]: And the dollar value of that commitment is going to keep on rising.
[SPEAKER_00]: So this thing is just going to explode and nobody is pointing this out, but me.
[SPEAKER_00]: And the SEC is asleep at the switch, probably on purpose, and allowing this fraudulent scheme to continue.
[SPEAKER_00]: But anyway, I want to talk about, oh, before I get to the Trump speech.
[SPEAKER_00]: to celebrate the swearing-in of Kevin Walsh.
[SPEAKER_00]: I want to talk about an economic data point that came out today, and this, of course, flies in the face of everything Donald Trump said earlier today.
[SPEAKER_00]: This is consumer sentiment for the month of May, and the prior estimate, I guess this
[SPEAKER_00]: So the first estimate was consumer confidence index was 48.2, which in and of itself is pretty low.
[SPEAKER_00]: The expectation was that it would stay at 48.2.
[SPEAKER_00]: Instead, it collapsed to 44.8.
[SPEAKER_00]: Nobody had a number that low on their bingo card.
[SPEAKER_00]: That is an all-time record low.
[SPEAKER_00]: The range of expectations was 47.9 to 49.
[SPEAKER_00]: And we came in way under the under.
[SPEAKER_00]: So in the history of this sentiment index, and I really am not sure when it started, obviously we haven't been doing it for 250 years.
[SPEAKER_00]: I forget when they started doing it.
[SPEAKER_00]: But this is the lowest it's been.
[SPEAKER_00]: Um, oh, um, say this, they've been keeping keep in score.
[SPEAKER_00]: Now, one of the reasons that consumers are in such a bad mood and are so pessimistic about their future is because of inflation.
[SPEAKER_00]: And inflation was the thing that Donald Trump ran to eliminate.
[SPEAKER_00]: And remember, Donald Trump didn't just promise that the rate of inflation would come down, meaning that prices would keep going up.
[SPEAKER_00]: They would just go up slower under his administration than they rose under Biden's.
[SPEAKER_00]: No, no, Trump promised to reverse the Biden inflation.
[SPEAKER_00]: He promised lower prices the day he was sworn in.
[SPEAKER_00]: Instead, inflation is now the biggest problem on the minds of consumers, even though Donald Trump in his mind, he solved inflation.
[SPEAKER_00]: The problem no longer exists.
[SPEAKER_00]: So, year ahead, inflation expectations, the first read was four and a half percent.
[SPEAKER_00]: That's now 4.8 percent for the next year.
[SPEAKER_00]: The Fed is targeting two, and the consumers are prepared for almost five.
[SPEAKER_00]: Now the reality is that consumers are probably still too optimistic about inflation.
[SPEAKER_00]: It's probably going to be higher than 4.8 for the year, but at least they're closer than the Fed.
[SPEAKER_00]: Which means any random person that you just grabbed off the street would probably do better than anybody on the FOMC.
[SPEAKER_00]: So what do we get rid of all these guys with these fancy economics degrees and these long resumes?
[SPEAKER_00]: Because they don't know what they're talking about.
[SPEAKER_00]: And just grab some random people off the street and fill out the board of the FOMC.
[SPEAKER_00]: Right?
[SPEAKER_00]: That's all you need.
[SPEAKER_00]: But anyway, the...
[SPEAKER_00]: 10 year forecast though.
[SPEAKER_00]: This is the one that really shouldn't be a problem for the Fed.
[SPEAKER_00]: Consumers now expect inflation over the next 10 years, although how they held with they know, of course, how they held with the Fed know.
[SPEAKER_00]: So their gas is probably even better than the Fed's gas.
[SPEAKER_00]: All right, but consumers are expecting inflation to average 3.9% over the next 10 years.
[SPEAKER_00]: That's every year.
[SPEAKER_00]: That's almost 4%.
[SPEAKER_00]: Now, according to the Fed, according to Drone Powell, who's now just a regular FOMC member, right?
[SPEAKER_00]: He's not chair anymore.
[SPEAKER_00]: But when he's been saying for the past couple of years, probably more.
[SPEAKER_00]: is that the consumer expectations remain well anchored at 2%.
[SPEAKER_00]: He keeps saying this, long-term inflation expectations, despite the fact that we're above 2% now, he feels good about the fact that expectations
[SPEAKER_00]: remain well anchored at 2%, what the hell is he talking about?
[SPEAKER_00]: They're not anchored at all.
[SPEAKER_00]: We've been drifting far away from 2%.
[SPEAKER_00]: We're almost at 5%, I mean almost 4%, for 10 years out, double.
[SPEAKER_00]: How can he say we're anchored at 2 when people are expecting 4?
[SPEAKER_00]: So again, it's just all these lies that the Fed is telling.
[SPEAKER_00]: I mean, maybe they're taking their cues from Trump.
[SPEAKER_00]: But anyway, consumers think the economy is lousy.
[SPEAKER_00]: In fact, they've never thought it was this bad.
[SPEAKER_00]: including of course during the four years that a Biden was president.
[SPEAKER_00]: And we know I want to get to the the Trump lies the the the conference because I you know I was trying to write down all the lies and I couldn't even write him down that fast because he kept spew him out one after another.
[SPEAKER_00]: You know he's he's good at it.
[SPEAKER_00]: And that's because he's had a lot of practice.
[SPEAKER_00]: You know, that's how he was able to tell so many lies about Thomas Massey.
[SPEAKER_00]: I talked about that on my last podcast a couple of days ago, which is getting a lot of traction on YouTube.
[SPEAKER_00]: It's got almost 150,000 views in two days.
[SPEAKER_00]: So if you didn't watch that podcast, it's probably a pretty good one.
[SPEAKER_00]: So you should check it out.
[SPEAKER_00]: and you should go subscribe to that YouTube channel.
[SPEAKER_00]: If you haven't already subscribed, then by the way, make sure you subscribe to this channel right now.
[SPEAKER_00]: Go ahead, take a second and subscribe, hit the subscribe button, give it a like, and maybe at the end you could leave me a comment.
[SPEAKER_00]: But I talked about the lies that Trump was telling about Thomas Massey.
[SPEAKER_00]: Of course, the biggest one was that he was really
[SPEAKER_00]: He's, you know, he's not just a rhino.
[SPEAKER_00]: He's of, he's an outright Democrat because according to Trump, he always votes with the Democrats.
[SPEAKER_00]: So he secretly just a Democrat.
[SPEAKER_00]: The reality is, if you look at the Biden term, Thomas Massey voted with Democrats fewer, fewer than any other
[SPEAKER_00]: A nasty is further away from any of the Democrats than the rest of the Republicans in Congress.
[SPEAKER_00]: In fact, there's not that much distance between most Democrats and most Republicans.
[SPEAKER_00]: They're virtually the same.
[SPEAKER_00]: That's why they wanted to get rid of Thomas Massey because he's actually what a Republican is supposed to be.
[SPEAKER_00]: The other Republicans are basically Democrats in disguise because they all want big government.
[SPEAKER_00]: Massey was the one that wanted small government and that's why they had to get rid of him.
[SPEAKER_00]: He was the one that wanted fiscal responsibility.
[SPEAKER_00]: He didn't want us starting wars that we couldn't afford and that Congress didn't declare.
[SPEAKER_00]: Yeah, get rid of that guy.
[SPEAKER_00]: And he was the one guy in Congress who voted his conscience who wasn't a political hack.
[SPEAKER_00]: and who honored his oath of office for the Constitution.
[SPEAKER_00]: Yep, that guy's got to go.
[SPEAKER_00]: We can't have any honest people like that.
[SPEAKER_00]: Screwed up, but we're trying to do.
[SPEAKER_00]: Right, that's why they had it.
[SPEAKER_00]: They had to get rid of him.
[SPEAKER_00]: But it was easy for Donald Trump to tell those lies.
[SPEAKER_00]: Because again, he's the liar and chief.
[SPEAKER_00]: But anyway, so let me get back to his remarks today.
[SPEAKER_00]: So first of all, the first thing he said,
[SPEAKER_00]: had to be alive.
[SPEAKER_00]: So the first thing he said was that he wants Kevin Walsh to be completely independent.
[SPEAKER_00]: He said, Kevin, don't look at me.
[SPEAKER_00]: Doesn't matter what I say, you do what you think is right.
[SPEAKER_00]: You do whatever you want really?
[SPEAKER_00]: Because if he was happy with that, then why was he constantly criticizing Powell for not cutting rates enough or not printing as much enough money?
[SPEAKER_00]: Does that mean he's not going to criticize Kevin Walsh when he does
[SPEAKER_00]: will see or does he know is there a secret deal.
[SPEAKER_00]: Hey, I'm not going to have to criticize walls because he's already agreed to do whatever I want.
[SPEAKER_00]: But I know for sure that he's lying about that.
[SPEAKER_00]: He does not want Kevin Walls to be independent if that independence means he starts hiking interest rates and shrinking the balance sheet and crashing the markets or crashing housing or the economy.
[SPEAKER_00]: He obviously does not want that.
[SPEAKER_00]: So, to claim that he wants an independent Fed is clearly a lie.
[SPEAKER_00]: The next thing he did was he accused the Biden administration of blowing out the deficit.
[SPEAKER_00]: The prior administration blew out the deficit.
[SPEAKER_00]: Well, yes, but so did his prior administration and his current administration.
[SPEAKER_00]: The deficit skyrocketed under Trump's first term.
[SPEAKER_00]: It kept skyrocketing under Biden's, and that was skyrocketing again.
[SPEAKER_00]: In fact, when Trump finishes his second term,
[SPEAKER_00]: the national debt will have risen more under Trump than any other president.
[SPEAKER_00]: In fact, Trump has the record for a single term.
[SPEAKER_00]: There has been no president.
[SPEAKER_00]: Oh, actually, no, maybe Biden might have beat him.
[SPEAKER_00]: I think Biden did beat him.
[SPEAKER_00]: uh... with one but trump is gonna win after check my facts on one but trump is definitely get a win by far obama has the record because obama served eight years and trump and by the only had four but trump is gonna blow away by his record so it's ridiculous for trump to accuse any other president
[SPEAKER_00]: of blowing out the deficit.
[SPEAKER_00]: When you live in a glass White House, you don't throw stones.
[SPEAKER_00]: He is the biggest deficit spender of them all.
[SPEAKER_00]: He is the king of blowing out the deficit.
[SPEAKER_00]: So how do you accuse Biden of doing it?
[SPEAKER_00]: When you're doing the same thing, I mean if it was bad for Biden, isn't it bad for you?
[SPEAKER_00]: and of course you know he's promising to make that deficit a whole lot better bigger and i'll get to that because i'm taking these lies in the order in which they were told and you can see this on youtube so if you know if you're not sure what i'm you want to fact check me checking uh... jumps lies you go to youtube and and watch the speech
[SPEAKER_00]: So he said we have more people working now than ever before.
[SPEAKER_00]: That may be true.
[SPEAKER_00]: The problem is that working part-time jobs, because I know full-time employment is lower now than it was when Trump took office.
[SPEAKER_00]: So there may be more people working part-time jobs for low rates of pay.
[SPEAKER_00]: But we don't have more full-time jobs.
[SPEAKER_00]: In fact, he kept bragging about all the jobs he's creating when he is probably as far as job creation.
[SPEAKER_00]: This is the lowest.
[SPEAKER_00]: It's way below any of the years of Biden.
[SPEAKER_00]: I mean job creation is far below what we had under Biden, not that it was great under Biden.
[SPEAKER_00]: It's just worse under Trump.
[SPEAKER_00]: Um, then he said that one of the reasons that he's appointing Kevin Walsh is because he's going to restore Fed in dependence, that Fed in dependence has been, you know, in question recently and Kevin Walsh is going to restore it, which he claimed was really, really important.
[SPEAKER_00]: Okay.
[SPEAKER_00]: Well, if Fed in dependence was in question, why was that?
[SPEAKER_00]: The reason that people were questioning fed independence was because of the actions of Donald Trump.
[SPEAKER_00]: He's the reason that people were worried about fed independence.
[SPEAKER_00]: And now he's saying, we need to fix that problem.
[SPEAKER_00]: The problem that he created, now he's claiming credit.
[SPEAKER_00]: for picking walls because he's going to fix the problem that he that he created.
[SPEAKER_00]: And of course, he doesn't really want Fed independence because he didn't like Fed independence when power was president of the Fed or chairman of the Fed, not president.
[SPEAKER_00]: Then he said something
[SPEAKER_00]: about economics that was not a lie until he made it a lie, but he said, Kevin knows when the economy is booming, you let it boom.
[SPEAKER_00]: So we can grow our way out of debt.
[SPEAKER_00]: Now, what he was talking about is growth doesn't cause inflation, which it doesn't.
[SPEAKER_00]: So that's true.
[SPEAKER_00]: But when you have a boom that is a speculative mania, that is a bubble that is the consequence of cheap money, that is not actual economic growth, you don't let that continue, you don't let that bubble get bigger because that's not how we get out of debt, that's how we get into more debt when the bubble pops.
[SPEAKER_00]: In fact, according to Donald Trump, the US economy is booming right now, right?
[SPEAKER_00]: It's anything but booming.
[SPEAKER_00]: Um, again, yes, he said, he could on a growth doesn't cause inflation.
[SPEAKER_00]: That is correct, except when the economic growth is phony, when there is no really economic growth, it's just an illusion that was created by inflation.
[SPEAKER_00]: And that's not the kind of illusion that we want to fed the help sustain.
[SPEAKER_00]: We want the market to to prick that bubble, uh, so we can start repairing the damage, reallocating resources, liquidating the malinvestments.
[SPEAKER_00]: Trump doesn't see to get that now.
[SPEAKER_00]: I mentioned earlier.
[SPEAKER_00]: He talked about the stock market.
[SPEAKER_00]: He said the Dow is up 600 points.
[SPEAKER_00]: He knew exactly where it was.
[SPEAKER_00]: He said it said 50,000, 702, right?
[SPEAKER_00]: He didn't leave off the two.
[SPEAKER_00]: He said that's where it was like 10 minutes ago.
[SPEAKER_00]: I guess before he started talking, he's probably checking the Dow constantly because he wants to take credit for every single tick.
[SPEAKER_00]: but that's when he went into his talk about how everybody said it was impossible and there's no way I could get the 50 thousand already talked about that.
[SPEAKER_00]: But then he said that the rise in the doubt was the market saying how much they like Kevin Walls.
[SPEAKER_00]: Like this is great news, Kevin.
[SPEAKER_00]: You see the market loves you.
[SPEAKER_00]: That's why the market is up.
[SPEAKER_00]: Well,
[SPEAKER_00]: You know, the market knew he was a fed share for a long time.
[SPEAKER_00]: It's not news that he's getting sworn in.
[SPEAKER_00]: But the fact that the market loves Kevin Walls, that shows you that he's a bad pick.
[SPEAKER_00]: Because we don't need another stock market cheerleader, another Fed chairman committed to a higher stock market.
[SPEAKER_00]: We need a Fed chairman that the stock market hates because he's going to rain on their parade that he's going to do what's right for the country, even if it means lower stock prices.
[SPEAKER_00]: But if the main job of the Fed chair is to keep this party going and they keep the bubble inflating, well then those consumer sentiment numbers are going to get even lower
[SPEAKER_00]: uh... new record lows because we need an unpopular fed share we need a fed share that the stock market hates not another guy that they love that's been the problem is that these fed shares have been beholden to the stock market and they've sacrificed a real economy in order to keep it going up
[SPEAKER_00]: Then he went off about how he's cut government spending the most.
[SPEAKER_00]: He claimed he's the biggest cutter of government spending in history.
[SPEAKER_00]: Meanwhile, the U.S. government is spending more money under his presidency than in any one of his predecessors.
[SPEAKER_00]: Government spending increase.
[SPEAKER_00]: How do you dramatically increase government spending?
[SPEAKER_00]: And then say that you're responsible for the largest spending cuts in history.
[SPEAKER_00]: then I guess he's being honest now he also talked about all the government workers that he fired and I know he did let some go or there was some attrition I'm not really sure the exact numbers so but the lie was not that he fired government workers the lie was how happy they now are because they got fired because according to Donald Trump
[SPEAKER_00]: everybody that he fired is now gainfully employed in the private sector earning two to three times what they used to make in the government.
[SPEAKER_00]: Two to three times.
[SPEAKER_00]: So if these guys were making $50,000 a year, working for the government, they're now making a hundred to $150,000 a year in the private sector.
[SPEAKER_00]: Well, first of all, there's just no way!
[SPEAKER_00]: I mean, if these government workers can actually make this much more money in the private sector, don't you think they quit?
[SPEAKER_00]: Don't you think they'd run out?
[SPEAKER_00]: If they were all kinds of jobs with double and triple to pay, don't you think they'd want to take advantage of those great opportunities?
[SPEAKER_00]: Why would they stay with the government?
[SPEAKER_00]: Because it's a lot, because there's no way that that's true.
[SPEAKER_00]: My bet would be a lot of these government workers are unemployed, they haven't even gotten jobs.
[SPEAKER_00]: Um, and the ones that are probably have a couple of part-time jobs and they're making way less than they made at the government.
[SPEAKER_00]: I mean, the reason so many people want to work for the government is because you make more money in the government than you make in the private sector.
[SPEAKER_00]: That's the reality and you get way more benefits and you don't really have to work very hard.
[SPEAKER_00]: So to say that these guys are so happy that now they have jobs really making two or three times as much money and believe me, if they actually were making double the money, they'd be working their asses off for the first time in their lives.
[SPEAKER_00]: They'd actually be responsible.
[SPEAKER_00]: They have a boss that care, they'd be beholden to an owner of a company.
[SPEAKER_00]: But there's no way if there were so many jobs out there waiting to be filled that paid double the
[SPEAKER_00]: what government workers used to earn.
[SPEAKER_00]: Don't you think other people who have never worked for government would be wanting those great jobs?
[SPEAKER_00]: If there were so many great jobs out there, wouldn't more people have these great full-time jobs?
[SPEAKER_00]: Why is full-time employment at an all-time record low?
[SPEAKER_00]: If so many fired government workers are earning double or triple,
[SPEAKER_00]: what they used to make.
[SPEAKER_00]: In fact, if there's so many high paying jobs out there that anybody can just grab them, why is consumer sentiment at all time record low?
[SPEAKER_00]: Don't these consumers realize that these all these great jobs out there?
[SPEAKER_00]: All they got to do is apply for them.
[SPEAKER_00]: Look at all these government workers that are so happy that they got fired because now they're making a fortune in this booming private sector economy that only exist in the imagination of Donald Trump
[SPEAKER_00]: He also spoke about the $18 trillion that foreigners are investing in the United States.
[SPEAKER_00]: $18 trillion.
[SPEAKER_00]: Where are the hell does he get this number?
[SPEAKER_00]: It's not even one trillion.
[SPEAKER_00]: This is all a make-believe number that Donald Trump talks about so we can claim all this investment is booming into the economy.
[SPEAKER_00]: I give another example of how Trump lies about stuff.
[SPEAKER_00]: Trump had this summit in China and I mentioned on my other podcasts almost to do about nothing.
[SPEAKER_00]: It accomplished absolutely nothing with this summit, complete waste of time.
[SPEAKER_00]: They could have just had a zoom call, save the taxpayers a bunch of money.
[SPEAKER_00]: They got a deal Boeing.
[SPEAKER_00]: China's going to buy a couple hundred Boeing planes.
[SPEAKER_00]: Yeah, big deal.
[SPEAKER_00]: They do that all the time.
[SPEAKER_00]: The other deal that was announced.
[SPEAKER_00]: And the president is actually bragging about this on truth social.
[SPEAKER_00]: Because, you know, obviously a lot of the mag and crowd, you know, they don't know anything, they just think that, you know, their Messiahs, you know, can do no wrong and whatever he fizes the true truth, right?
[SPEAKER_00]: So anyway, he's bragging about this new deal, where China has committed.
[SPEAKER_00]: to spending $17 billion a year to buy US agriculture.
[SPEAKER_00]: Oh my god, $17 billion a year.
[SPEAKER_00]: Oh, that's more than double what they bought last year.
[SPEAKER_00]: Congratulations Donald Trump.
[SPEAKER_00]: You're really stuck into the Chinese.
[SPEAKER_00]: You went in there and you negotiated a great deal where they're going to spend $17 billion how lucrative is that for our farmers.
[SPEAKER_00]: except what he didn't say is the only reason that China bought less than 10 billion worth of US agriculture last year was because of his tariffs.
[SPEAKER_00]: That's when Chinese imports collapsed.
[SPEAKER_00]: In fact, during the four years, we're Biden was president.
[SPEAKER_00]: Right, the worst economy in the world, according to Trump, we had a dead economy during those four years, China spent on average over $30 billion a year buying US agriculture.
[SPEAKER_00]: Donald Trump destroyed our exports to China with his tariffs.
[SPEAKER_00]: China stopped buying, basically, our agriculture and started buying more from South America and other exporters.
[SPEAKER_00]: he's been able to get the Chinese to agree to purchase about half of what they used to purchase before he screwed the whole thing up for us.
[SPEAKER_00]: And now he's bragging about that.
[SPEAKER_00]: She's that's easy to do, right, destroy something and then bring half of it back and then claim credit for the half you brought back but it's still half of what we have before we blew the whole thing up.
[SPEAKER_00]: Right?
[SPEAKER_00]: That's Trump.
[SPEAKER_00]: That's in a nutshell, describes the entirety of the success of his administration.
[SPEAKER_00]: In fact, then he talked about tariffs.
[SPEAKER_00]: He bragged about it.
[SPEAKER_00]: He said that the reason we have this booming economy.
[SPEAKER_00]: is his tariffs.
[SPEAKER_00]: My tariffs were so great.
[SPEAKER_00]: All this great stuff is happening.
[SPEAKER_00]: No, there's been no great stuff that has happened as a result of your tariffs.
[SPEAKER_00]: A, they're unconstitutional, but B, all they did is increase prices for the things that a lot of Americans had to buy and so Americans paid higher prices and paid tariffs.
[SPEAKER_00]: That's it.
[SPEAKER_00]: It didn't bring back US manufacturing, manufacturing, recession, continues on Trump watch.
[SPEAKER_00]: We continue to lose manufacturing jobs.
[SPEAKER_00]: Just look at the numbers.
[SPEAKER_00]: Forget about what Donald Trump is saying, look at what's actually happening in a manufacturing.
[SPEAKER_00]: Then he said that
[SPEAKER_00]: things are going to boom more.
[SPEAKER_00]: And he said that the numbers are going to get so good that the world had never seen anything like it.
[SPEAKER_00]: In fact, then he said the world has never seen numbers like the ones we got right now.
[SPEAKER_00]: He said we have never experienced numbers like this in the 250 year history of America.
[SPEAKER_00]: But nowhere in the world.
[SPEAKER_00]: has there ever been economic numbers as good as the ones we got right now and it's going to be even better because of these tariffs and the economic boom that he has started because of these tariffs.
[SPEAKER_00]: Now, again, if this is true, we have the boom, the huge economic boom like we've never seen in history.
[SPEAKER_00]: And he also repeated that lie about how we were a dead country two years ago, and now everybody says, you got the hottest country in the world, and we have the hottest country in the world.
[SPEAKER_00]: We were dead, and now we're not only alive, but we're the hottest country of the risk.
[SPEAKER_00]: So we have a boom unprecedented, things have never been this good, right?
[SPEAKER_00]: Not only have they never been this good in America, they've never been this good anywhere in the history of the world.
[SPEAKER_00]: Yet despite this unprecedented prosperity that we have right now, thanks to Donald Trump, actual Americans have never been more pessimistic.
[SPEAKER_00]: They've never been more worried about their president's circumstances and about their future than they are right now.
[SPEAKER_00]: So who's right?
[SPEAKER_00]: is Donald Trump right, and the average Americans just don't realize how great it is.
[SPEAKER_00]: They're just so dumb.
[SPEAKER_00]: They don't realize how much prosperity they have.
[SPEAKER_00]: They're making so much money in this booming economy that, you know, they don't realize how good they have it.
[SPEAKER_00]: Or is it possible that the economy is
[SPEAKER_00]: are upset about it, and are pessimistic, and Donald Trump is the one that's delusional.
[SPEAKER_00]: He's the one that doesn't know.
[SPEAKER_00]: He's sitting in the White House with his Billions of Dollars in net worth.
[SPEAKER_00]: That's double.
[SPEAKER_00]: Maybe whatever was since he got elected, and he thinks everything is great.
[SPEAKER_00]: Now again, I don't know what he thinks, because he could just be lying.
[SPEAKER_00]: He may know how bad it is.
[SPEAKER_00]: But he knows that, well, I can't acknowledge that it's bad.
[SPEAKER_00]: I just have to repeat a lie off of it enough because if I say a lie enough, it becomes true.
[SPEAKER_00]: Right?
[SPEAKER_00]: That's what Donald Trump thinks.
[SPEAKER_00]: And so that's what's going on.
[SPEAKER_00]: But the truth of the matter is, the economy is lousy and it's going to get much, much worse.
[SPEAKER_00]: inflation is about to explode like we've never seen in this country.
[SPEAKER_00]: We're in a lot of trouble.
[SPEAKER_00]: We're not just heading for a financial crisis.
[SPEAKER_00]: We are heading for a sovereign debt crisis, a US dollar crisis.
[SPEAKER_00]: and the fact that gold and silver went down this week is just another opportunity for shift gold customers to buy more of $4,500 is going to look like a low price for gold years from now.
[SPEAKER_00]: Same thing with $75 silver.
[SPEAKER_00]: You just got to buy it again.
[SPEAKER_00]: Remember we are open 24 seven at shift gold.
[SPEAKER_00]: You don't have to wait from Monday.
[SPEAKER_00]: You can buy right now at shift gold dot com or you can go and download my app.
[SPEAKER_00]: on the app store.
[SPEAKER_00]: The shift gold app you can use the app to buy.
[SPEAKER_00]: You can also sign up for key gold, start buying some gold there that will ultimately be able to be used as a meeting of exchange.
[SPEAKER_00]: So you have to have a key gold account in addition to owning physical gold.
[SPEAKER_00]: Again, if you still have some of this Bitcoin as I
[SPEAKER_00]: said earlier in the podcast, I thought that by the time I finished, Michael Seller would be in the red instead of in the black and that is the case because now Bitcoin is 75,600 in change.
[SPEAKER_00]: It is below the 75,700 cost basis for all of the 64 billion that Michael Seller blew by in Bitcoin.
[SPEAKER_00]: So, if you have any Bitcoin before the bottom drops out of the market, remember, shift gold has partnered with BitPay.
[SPEAKER_00]: We make it easy to convert your Bitcoin into real gold by using BitPay.
[SPEAKER_00]: You check out on the shift gold website that you want to pay with Bitcoin, and that helps you.
[SPEAKER_00]: Basically what happens is you sell your Bitcoin to BitPay, and then BitPay takes the dollars they get by selling your Bitcoin,
[SPEAKER_00]: to cover the cost of your gold.
[SPEAKER_00]: So we don't actually take Bitcoin, but we make it easy in one process when you check out, you can get rid of your Bitcoin and pay for your gold.
[SPEAKER_00]: So you kill two birds with one stone, right?
[SPEAKER_00]: Not only do you get Bitcoin, but you get not only do you get gold, but you get rid of your Bitcoin, right?
[SPEAKER_00]: So it's a two-fer.
[SPEAKER_00]: And again, you know, the gold mining stocks I keep on hammering that, that if you're not also a customer of my asset management company, you should contact uropack.com, talk to our representatives about setting up a managed account.
[SPEAKER_00]: We have a gold based strategy to focus exclusively on gold and silver mining stocks.
[SPEAKER_00]: But we also incorporate mining stocks into our other strategies, our dividend payer and growth oriented.
[SPEAKER_00]: foreign stock strategies at a course you can access those strategies through my mutual funds including the gold strategy you can get information on those mutual funds at europeac.com and you can also just go to any discount broker the gold fund in particular if you're interested EPG IX is the ticker symbol for the no-load version you can buy it at all the major
[SPEAKER_00]: discount houses.
[SPEAKER_00]: There you got a way to Monday though.
[SPEAKER_00]: Unlike shift gold, you can't buy that fund over the weekend.
[SPEAKER_00]: You got to wait till Monday, but you can't pick it up, but you know, you could just start buying a gold either physical gold or tea gold right away.
[SPEAKER_00]: And again, I wouldn't wait at some point.
[SPEAKER_00]: Gold investors are going to wake up to the reality of rising interest rates.
[SPEAKER_00]: Right now, rising interest rates are a headwind for gold, soon they're going to be a tailwind because the reason interest rates are rising is because inflation is rising and confidence in the U.S. government is falling and that is the best possible environment for gold and silver.
[SPEAKER_00]: Real interest rates are collapsing.
[SPEAKER_00]: There's no way that Walsh and his buddies at the Fed are going to aggressively
[SPEAKER_00]: Raise rates.
[SPEAKER_00]: In fact, I still think they're going to start cutting at some time, but more importantly, they're going to ramp up the balance sheet.
[SPEAKER_00]: Some people think that Kevin Walsh is there to shrink the balance sheet.
[SPEAKER_00]: It's going to explode.
[SPEAKER_00]: I think more under Walsh's term than in any prior FOMC chairman.
[SPEAKER_00]: And all of this is bullish for gold, not bearish, and pretty soon, the rest of the investment community will figure this out.
[SPEAKER_00]: You want to beat them to the punch, and you want to buy before they do.
[SPEAKER_00]: Meanwhile, have a great weekend, everybody.
[SPEAKER_00]: Next week, I will be at sea.
[SPEAKER_00]: So to the extent that I do a Friday market rap, it will be from somewhere in the Caribbean on my boat, bye for now.