The Fed's Forever Blowing Bubbles - Ep 1051

[SPEAKER_00]: Make no friends in the pits and you take no prisoners. [SPEAKER_00]: One minute, you're up half a minute and soybeans in the next pool. [SPEAKER_01]: Your kids don't go to college and they've registered mentally with me. [SPEAKER_01]: So, revolutions starts now, starts. [SPEAKER_00]: We have to pass the bills so that you can find out what is in it. [SPEAKER_01]: Cardinals machine back off! [SPEAKER_01]: You are about to enter a Peter ship show.

[SPEAKER_01]: If we lose freedom here, there's no place to escape to. [SPEAKER_01]: This is the last stand on Earth. [SPEAKER_01]: A Peter ship shall he's on? [SPEAKER_01]: I don't know, when they decided that they wanted to make a virtue out of selfishness. [SPEAKER_01]: You're money. [SPEAKER_01]: You're storing this for your freedom. [SPEAKER_01]: A Peter ship shall.

[SPEAKER_00]: Well, the air continues to come out of the Bitcoin crypto bubble. [SPEAKER_00]: And I talked about it on last week's podcast. [SPEAKER_00]: In fact, the title of the podcast was about the crypto carnage. [SPEAKER_00]: And that has continued the bleeding ever since that podcast. [SPEAKER_00]: The bigger question is not just whether it's the crypto bubble that's popping, but whether or not this is a precursor for other bubbles to pop because there are a lot of bubbles.

[SPEAKER_00]: All right, we have a bubble in AI stocks and I'll talk about that to this podcast. [SPEAKER_00]: We got Nvidia earnings out after the close today, but we have the AI bubble. [SPEAKER_00]: There's a bubble in housing, which, you know, the government is really trying to prevent from deflating, which, of course, they need to allow it to deflate, but they're afraid of what might happen. [SPEAKER_00]: And we've got a bond market bubble.

[SPEAKER_00]: and of course the Fed is going to try to keep the air from coming out of that too. [SPEAKER_00]: We got bubbles everywhere, that is a consequence of the reckless monetary policy and fiscal policy that we've been pursuing as a nation for decades now. [SPEAKER_00]: But going to the crypto bubble, Bitcoin bubble, which I think is smaller than the AI bubble as far as the size of it. [SPEAKER_00]: But I think it's bigger than the dot com bubble.

[SPEAKER_00]: And the dot com bubble all by itself produced a pretty, you know, well, not that bad or recession. [SPEAKER_00]: It would have been a lot worse had the Fed not cut interest rates down to 1% which was a big mistake. [SPEAKER_00]: But even with the Fed coming to the rescue, we still had a recession. [SPEAKER_00]: I'll be at a shallow one that, you know, began with the bursting of the the dot com bubble. [SPEAKER_00]: is worse.

[SPEAKER_00]: And not just worse, but bigger, I think, as far as the amount of money. [SPEAKER_00]: And it's not just the market cap of Bitcoin and the market cap of all the other, you know, shit coins out there, starting with Ethereum, you know, all the way on down, right, all those meme coins, you know, the Trump coin, but you take all those coins. [SPEAKER_00]: But then all of the businesses, [SPEAKER_00]: that have developed, which are worse than any of the dot coms that no longer exist.

[SPEAKER_00]: Remember, you know, out of the dot com bubble, we got Amazon, right, eBay is still around a price line. [SPEAKER_00]: I mean, you don't really hear much about price line, but I mean, they're still in business. [SPEAKER_00]: But 90 some odd percent of the dot com companies that went public during the late 1990s went bankrupt in the early 2000s right so they went away, but of course the internet itself.

[SPEAKER_00]: you know, continued to grow and transform, you know, American society in in probably ways that were even bigger than than people thought during, you know, the heyday of the dot com bubble.

[SPEAKER_00]: So the dot com bubble was at least built on something real. [SPEAKER_00]: And that's the same thing with the AI bubble. [SPEAKER_00]: When I talk about an AI bubble, I am not saying that there isn't potential in artificial intelligence. [SPEAKER_00]: In fact, I think there's tremendous potential. [SPEAKER_00]: I think there's probably more potential there than anything I've seen, which would include the internet, which had a lot of potential.

[SPEAKER_00]: I think that AI could be the most transformative [SPEAKER_00]: Invention is far as lifting the standard of living of all of humanity to the extent that we can vastly expand our collective intelligence. [SPEAKER_00]: and not only the ability to solve problems and do work that requires thinking, but to the extent that we pair this with robotics and we have machines that can do skilled manual labor as well as unskilled physical labor.

[SPEAKER_00]: If we could do that, if we could create an army of super intelligent, you know, machines, I could do all of our work for us better and faster and cheaper that we could do it ourselves. [SPEAKER_00]: I mean, that's fantastic, because that means that people don't have to work anymore, that they can pursue other interests. [SPEAKER_00]: They can have more leisure. [SPEAKER_00]: They can do things that they enjoy doing. [SPEAKER_00]: We don't have to do all the grunt work anymore.

[SPEAKER_00]: All the tedious work, because we've got machines. [SPEAKER_00]: that that can do that for us so this could really have the potential to improve our lives maybe elongate our lives I mean who knows what AI might discover that may have taken normal human beings centuries to figure out maybe artificial intelligence will figure it out in years so I

[SPEAKER_00]: I just think that there is a bubble in these stocks and in the way all of the investment in the data centers and all the infrastructure is being financed and the way all these companies are loaning money to each other and buying each other's stocks and pumping this thing up. [SPEAKER_00]: And nobody really talks about [SPEAKER_00]: We're all the money is coming from, right? [SPEAKER_00]: In order to make this massive investment, right? [SPEAKER_00]: What are we not doing?

[SPEAKER_00]: Right? [SPEAKER_00]: What areas of the economy are being starved so that we could feed AI? [SPEAKER_00]: You know, what is the short term cost in order to get the long term benefit? [SPEAKER_00]: And we don't know how long we're going to be waiting for the AI investments to pay off. [SPEAKER_00]: But in the meantime, you know, what's going to give here? [SPEAKER_00]: You know, people are overlooking these consequences.

[SPEAKER_00]: But you know, before I even get to that, I want to circle back into what's going on in crypto and Bitcoin. [SPEAKER_00]: So earlier this afternoon, [SPEAKER_00]: Bitcoin traded below 88,500. [SPEAKER_00]: Now, of course, that's still a ridiculously high price to pay for nothing. [SPEAKER_00]: But it's about 30% below what you had to pay for nothing a couple of months ago. [SPEAKER_00]: So that is a pretty big bear market in nothing, Bitcoin down 30%.

[SPEAKER_00]: In terms of gold, which again is a better way to measure [SPEAKER_00]: The price of Bitcoin because after all, Bitcoin is marketed as being digital gold as being an alternative to gold that is going to replace gold because it's better than gold. [SPEAKER_00]: So measuring how it's doing relative to gold makes a lot more sense than just measuring how it's doing relative to dollars. [SPEAKER_00]: And in terms of gold, Bitcoin was down 42%. [SPEAKER_00]: when it hit the lows.

[SPEAKER_00]: Now, it is rallying. [SPEAKER_00]: And I think today's rally is another opportunity for people to get out. [SPEAKER_00]: I think the catalyst for the rally is the Nvidia earnings. [SPEAKER_00]: And everything is rallying tech. [SPEAKER_00]: The Nasdaq futures are up close to 2% on the back of Nvidia. [SPEAKER_00]: And Bitcoin is a risk on asset. [SPEAKER_00]: And so it's going up.

[SPEAKER_00]: But what a lot of the, you know, Bitcoin speculators don't realize is it's basically decoupled from risk on assets, maybe not, you know, on a day-to-day basis, some days it's correlated. [SPEAKER_00]: But, you know, earlier this afternoon, [SPEAKER_00]: when Bitcoin was down near the lows, it was down over 5% on the year, 5% and as they could still up 17%. [SPEAKER_00]: So if the Nasdaq is up 17%, and Bitcoin's down 5%, that's not much of a correlation.

[SPEAKER_00]: And so I don't think it really matters that AI stocks are rallying, because Bitcoin's got nothing to do with AI stocks. [SPEAKER_00]: You know, yes, maybe Nvidia beat earnings, [SPEAKER_00]: But I think the money that is going into all things risk right now that includes Bitcoin, I think by tomorrow, people will sell even if they keep buying tech. [SPEAKER_00]: But who knows?

[SPEAKER_00]: I mean, maybe we'll get a reversal in the tech stocks, you know, buy the rumor sell a fact and that a really way heavily on Bitcoin. [SPEAKER_00]: But also, year to day gold is up about, I think, 53 or 54%.

[SPEAKER_00]: and Bitcoin's down, you know, lows down 5%, and even after this big rally after hours, I mean, it's barely, you know, it's flat on the year, maybe it's up a percent now, you know, because it's, you know, several percentage points off the lows with trading back above 92, not back above 92,000, but a week ago, what I did this podcast, we were considerably higher than that, right?

[SPEAKER_00]: So we're breaking up, there are a lot of people that thought that Bitcoin would never go back below 100,000. [SPEAKER_00]: And of course, I was watching this interview, [SPEAKER_00]: And I think it was on CBC, and I forget who we're talking to, and they basically said, well, look, you know, sure, you know, nobody expected Bitcoin would just hold 100,000 in definitely, I mean, so this is nothing to worry about. [SPEAKER_00]: I mean, Bitcoin is volatile.

[SPEAKER_00]: We all know that, and so it's not a big deal. [SPEAKER_00]: And I'm like, what do you mean? [SPEAKER_00]: Nobody expected it to hold 100,000. [SPEAKER_00]: everybody expected it to hold 100,000. [SPEAKER_00]: I mean, there's hardly anybody in Bitcoin that believed that Bitcoin would be back below 100,000, especially when it was up at 126,000, you know, month or two ago. [SPEAKER_00]: Nobody thought, I mean, I mean, obviously guys like me, right, but, you know, we're skeptical.

[SPEAKER_00]: But the real Bitcoin community, they thought it would be 200,000 by now or 250,000. [SPEAKER_00]: In fact, it was a year ago, a year ago, November of 2024, that Bitcoin hit 100,000. [SPEAKER_00]: And that's when they were popping the champagne courts at the Bitcoin 100,000 party. [SPEAKER_00]: Do you think anybody who was at the parties that was getting drunk on 100,000 [SPEAKER_00]: We would be lower that Bitcoin would be over 10% below 100,000.

[SPEAKER_00]: Nobody expected it to say, well, you know, we all knew this was coming. [SPEAKER_00]: No, you did it. [SPEAKER_00]: If people knew this was coming, they wouldn't have been buying it at 120,000 the way they were. [SPEAKER_00]: So, no. [SPEAKER_00]: And certainly, all of the Bitcoin pumpers that regularly appear, [SPEAKER_00]: on television. [SPEAKER_00]: We're not warning people that, hey, why don't you hold off for a pullback, you know, to buy it below 100,000?

[SPEAKER_00]: They were like, no, it's going to the moon. [SPEAKER_00]: You got to buy it right now, right? [SPEAKER_00]: So nobody really expected at this. [SPEAKER_00]: And I don't think we're anywhere near the bottom. [SPEAKER_00]: Ethereum finally broke back below 3000. [SPEAKER_00]: It almost hit 5,000 or maybe it did. [SPEAKER_00]: I forget, but it was near 5,000 a few months ago.

[SPEAKER_00]: And so now it's lost, you know, 40% in, in, in dollar terms, since then now on the Nvidia news, it's bounced and it's now back above barely. [SPEAKER_00]: I think it's around 3,030 or 40 or something like that. [SPEAKER_00]: But what's more significant than what's happening to the cryptocurrencies is what's happening to the stocks.

[SPEAKER_00]: And I've been talking about this on my podcast and I've been warning about what's been happening. [SPEAKER_00]: These stocks have been obliterated. [SPEAKER_00]: over the last several months. [SPEAKER_00]: And that continued today. [SPEAKER_00]: You know, we're stocks are down 70, 80, 90 percent. [SPEAKER_00]: These are, you know, anything that is related to Bitcoin.

[SPEAKER_00]: So you've got exchanges, you know, where Bitcoin is traded, and then you've got these Bitcoin treasury companies where they just buy Bitcoin, right? [SPEAKER_00]: That's their business, right? [SPEAKER_00]: They're in the business of buying Bitcoin. [SPEAKER_00]: I mean, what the hell kind of business is that? [SPEAKER_00]: I mean, anybody can buy Bitcoin. [SPEAKER_00]: I don't need a corporation to buy my Bitcoin for me.

[SPEAKER_00]: In fact, it defeats the only disposal good thing about Bitcoin is that you don't need a third party. [SPEAKER_00]: You can self-custody. [SPEAKER_00]: All right? [SPEAKER_00]: You own your own Bitcoin. [SPEAKER_00]: What's the point of paying a company to buy something that you could buy on your own? [SPEAKER_00]: That costs nothing to store. [SPEAKER_00]: Right?

[SPEAKER_00]: But this became this ass-in-ine business that was, you know, a spearheaded by Michael Sailer, Michael's Micro-Strategy, or now Strategies, excuse me, although they should have just changed the name of the micro, because that's what the stock is going to be. [SPEAKER_00]: It's going to be micro. [SPEAKER_00]: But he pioneered it, and then you had all these copycat companies.

[SPEAKER_00]: The one that's down the most is that one Nakamoto that just came out over the summer, they kind of premiered it when I was at the Bitcoin conference and the stock was over $30, it hit a new 52-week low today of 52 cents. [SPEAKER_00]: So the stock's gone from $31 in May of this year, this year.

[SPEAKER_00]: 31 dollars to 52 cents right now of course that's probably you know the worst of the of the bunch as far as the percentage decline right that's but 99% out I didn't do the math but it's practically zeroed out but all of these stocks have been getting slaughtered.

[SPEAKER_00]: But micro strategy is actually down a lot less than most and it's still down or was down today because it was down about 10% Today micro strategy stock closed down almost 10% 1806 and a half and the 52 each high [SPEAKER_00]: was 543. [SPEAKER_00]: That was a year ago in November, late November. [SPEAKER_00]: The stock is down 65% and that's one of the best performing of the crypto stocks because it's only down 65% because most are down more, right? [SPEAKER_00]: Then 65%.

[SPEAKER_00]: But. [SPEAKER_00]: It ain't over. [SPEAKER_00]: This stock is going a lot lower. [SPEAKER_00]: I mean, here to date, I think the decline is a lot less because it's sold off quite a bit going into the end of the year. [SPEAKER_00]: So I think it's only off about 35% during this calendar year, right? [SPEAKER_00]: But I think this thing is going to completely collapse.

[SPEAKER_00]: Microstrategy has been one of the main reasons that Bitcoin has rallied because of all the Bitcoin that micro strategy. [SPEAKER_00]: purchased over the years. [SPEAKER_00]: So it's a fraud, but it's keeping the whole Bitcoin, you know, pyramid from collapsing. [SPEAKER_00]: In fact, I'm scrolling on Michael Sailer's ex account now to see the exact amount of Bitcoin. [SPEAKER_00]: So they're holding on to [SPEAKER_00]: He's already down in one week.

[SPEAKER_00]: He's already down 10% on that money. [SPEAKER_00]: And I'm sure he's buying more this week, yet Bitcoin continues to fall despite the fact that Michael Seller continues to buy. [SPEAKER_00]: And of course, if he wasn't buying, who knows how much lower Bitcoin would be right now without that buying.

[SPEAKER_00]: But I think that at some point he's going to start to sell because the real key is their ability to finance this Ponzi because right now the stock is barely trading at a premium. [SPEAKER_00]: to the value of its Bitcoin. [SPEAKER_00]: At one point, it was trading at a substantial premium, and that was the secret to the Bitcoin yield, which was never a real yield. [SPEAKER_00]: I mean, to call a yield, I think, is a borderline fraudulent statement.

[SPEAKER_00]: And I think all of the the debt that he has issued, he's preferred. [SPEAKER_00]: I think they're all kind of frauds. [SPEAKER_00]: But, [SPEAKER_00]: All it does is it's able to sell stock at a premium, which means it's selling stock above the value of its Bitcoin, and then taking the money, it gets and buying Bitcoin.

[SPEAKER_00]: And so if it's selling stock for, let's say, 50% more than, you know, you know, you [SPEAKER_00]: the price of Bitcoin, it can then take that extra half an hour and buy a lot more Bitcoin. [SPEAKER_00]: So the amount of Bitcoin per share goes up. [SPEAKER_00]: So long as people are dumb enough to pay a dollar 50 to buy a dollar worth of Bitcoin, because really all micro strategy is a levered ETF. [SPEAKER_00]: I mean, the software business is in consequential.

[SPEAKER_00]: I don't even think there's really much of [SPEAKER_00]: is being a Bitcoin's treasury company, which isn't even a business. [SPEAKER_00]: It's a business that shouldn't even exist, and it won't exist because every one of these companies that was started to be a Bitcoin treasury company is going to go out of business. [SPEAKER_00]: because we don't need Bitcoin Treasury companies. [SPEAKER_00]: It's a business that satisfies nothing, right?

[SPEAKER_00]: There's nobody out there that needs one of these companies. [SPEAKER_00]: You can either buy Bitcoin yourself, or for some reason you can't figure out how to buy Bitcoin yourself, just buy an ETF.

[SPEAKER_00]: right and they they traded an AV why would anybody overpay for Bitcoin now they did it because they thought well everybody also would overpay for it and it would just perpetuate this bubble like micro strategy had everybody copycatted what he was doing well now the air is coming out of that bubble and with micro strategy trades at a discount [SPEAKER_00]: Right?

[SPEAKER_00]: The party's over because now it is impossible for micro strategy to generate a positive Bitcoin yield because if strategies shares are trading at a discount, which is exactly what happened to the big gray scale Bitcoin trust before it became open-ended. [SPEAKER_00]: But when micro strategy shares [SPEAKER_00]: All right, in this count, it can't sell any more stock because if it's sold stock in a discount, it would have a negative Bitcoin yield.

[SPEAKER_00]: So to have a zero yield, it can no longer sell stock. [SPEAKER_00]: Well, if micro strategy can no longer sell stock, it's Bitcoin buying days are over. [SPEAKER_00]: which means the biggest Bitcoin buyer is sideline. [SPEAKER_00]: But the question is, how long before it has to start selling? [SPEAKER_00]: Because it has interest that it has to pay on the convertibles that it sold.

[SPEAKER_00]: And all those convertibles are underwater, meaning that nobody who owns them is going to convert to microstrategy stock. [SPEAKER_00]: They're all going to want their money back. [SPEAKER_00]: Where the hell is micro strategy going to get the money? [SPEAKER_00]: It doesn't have any money. [SPEAKER_00]: It just has Bitcoin. [SPEAKER_00]: Now also, they've been issuing these preferred shares. [SPEAKER_00]: The market for these preferred shares is going to dry up.

[SPEAKER_00]: And the buyers for the preferred shares. [SPEAKER_00]: have been yield-oriented funds that buy strategy preferred because of an eight to ten percent yield. [SPEAKER_00]: But the yield is a fraud because A, it's paid in stock. [SPEAKER_00]: But B, strategy doesn't have to pay anything unless it declares a dividend. [SPEAKER_00]: And if it doesn't declare it, you get nothing. [SPEAKER_00]: and they can go for years. [SPEAKER_00]: They can stop paying and never pay.

[SPEAKER_00]: There's no penalty, there's no accumulation. [SPEAKER_00]: So if strategy just doesn't declare a dividend and years the year goes by, then that's it, you lose it. [SPEAKER_00]: The only way that the preferred's are gonna get dividends in the future. [SPEAKER_00]: is if they declare a dividend on the comment, but they're never going to declare a dividend on a comment because where are they going to dividend out? [SPEAKER_00]: They don't have any income, they just have losses.

[SPEAKER_00]: So they're never going to pay a dividend, which means these prefers are never going to really pay, which means the funds that own them are going to sell them. [SPEAKER_00]: That's why the prefers would also trade, you know, there's a European one, but the one in the US hit a 52 week load today. [SPEAKER_00]: But the preferred's don't even give you real equity. [SPEAKER_00]: You don't even own anything.

[SPEAKER_00]: You basically, when you buy microstrategy preferred, you have nothing. [SPEAKER_00]: You don't own common stock. [SPEAKER_00]: You have no right to convert to common stock. [SPEAKER_00]: So you don't really participate in any real ink upstream, other than your dividend, which they never have to pay. [SPEAKER_00]: The only thing you've got going for you is you have a liquidation preference in bankruptcy.

[SPEAKER_00]: Meaning that after all of micro strategies, creditors get paid, then the preferred shares get paid, assuming there's anything left over, which they probably won't be. [SPEAKER_00]: And of course, the common shareholders are going to get completely wiped out. [SPEAKER_00]: Anyway, we got a quick commercial break. [SPEAKER_00]: So stick around. [SPEAKER_00]: We're coming right back.

[SPEAKER_00]: All right, so I'm talking about the air coming out of the crypto bubble, and maybe the pin is the collapse of microstrategy or strategy, and I keep calling it by its old name, the collapse of strategy. [SPEAKER_00]: You know, by the way, I did put out a challenge to Michael Salar. [SPEAKER_00]: I mean, he's been talking me for years. [SPEAKER_00]: I've wanted to debate him about Bitcoin. [SPEAKER_00]: And, you know, he's refused every invitation to debate me.

[SPEAKER_00]: I mean, plenty have been offered. [SPEAKER_00]: I've accepted them all, and he's turned them down. [SPEAKER_00]: But I decided, since both of us are going to be at Block Chain Week in Dubai, right? [SPEAKER_00]: I'm going there to have a debate with CZ, who, to his credit, has no problem debating me. [SPEAKER_00]: And so he's hosting me at his conference, so he can debate me.

[SPEAKER_00]: And the debate I'm gonna have with CZ, which I think is around December and third or fourth, and it will be streamed online. [SPEAKER_00]: So if you can't make it to Dubai, you can watch it online. [SPEAKER_00]: But the topic of my debate with CZ is gonna be Bitcoin versus tokenized gold. [SPEAKER_00]: This the first time I've focused the debate on tokenized gold as opposed to just regular gold, physical gold.

[SPEAKER_00]: And obviously I am going to be creating and launching at some point a token backed by gold. [SPEAKER_00]: In fact, ironically, the one thing that might come out of the whole crypto bubble is tokenized gold. [SPEAKER_00]: Gold may be the only real winner, rather than killing gold.

[SPEAKER_00]: blockchain may have just given it a new lease on life by making gold even more efficient than it's ever been as a meat and exchange making it more liquid making it more divisible making it more portable right all the characteristics that people think Bitcoin has

[SPEAKER_00]: that are better than gold are worthless without the underlying value of gold, but Bitcoin can have all of those characteristics, those improved characteristics, if you tokenize it. [SPEAKER_00]: And again, you don't have to transfer physical gold to use gold as payments, because when we were on the gold standard until 1971, nobody was handing each other bars of gold. [SPEAKER_00]: We were transacting in paper dollars that were effectively IOUs for gold and evolved.

[SPEAKER_00]: We can do the same thing now with tokens, with digital tokens that are tokenized IOUs for gold that's sitting in a vault. [SPEAKER_00]: Nobody has to actually go down to the vault [SPEAKER_00]: and get the gold. [SPEAKER_00]: The gold just has to be there, giving real value to the tokens. [SPEAKER_00]: Right. [SPEAKER_00]: That represent ownership of that gold. [SPEAKER_00]: So this is going to be my first real tokenized gold versus Bitcoin debate.

[SPEAKER_00]: And what everybody should be doing to support this effort. [SPEAKER_00]: is go to tgold.com. [SPEAKER_00]: It's going to stand for tokenized gold, but right now it just stands for trade gold. [SPEAKER_00]: And tgold.com will take you directly to the page of the website on ship gold where you can open up your tgold account. [SPEAKER_00]: and start buying some golden silver.

[SPEAKER_00]: This is not the golden silver that we're going to ship to you in the form of coins and bars like we do it shift gold. [SPEAKER_00]: But it's going to sit in your account and you can buy more of it, you can trade it. [SPEAKER_00]: But this ultimately this gold is going to get tokenized. [SPEAKER_00]: You'll have the option. [SPEAKER_00]: I'm not going to automatically do it.

[SPEAKER_00]: But if you want it with draw in a token, [SPEAKER_00]: That's what you're going to be able to do. [SPEAKER_00]: And even before we do that, I'm going to issue a debit cards and then secure credit cards tied directly to your T-Gold account. [SPEAKER_00]: And I am going to make it so the T-Gold can move around. [SPEAKER_00]: So if you have an account and someone else has an account and you want to invoice them, they can pay you for goods or services directly in gold.

[SPEAKER_00]: So you can earn gold, save gold, send gold, spend gold. [SPEAKER_00]: as money, which is the way it's supposed to be used. [SPEAKER_00]: Yes, it's also supposed to be used in jewelry and consumer electronics, in medicine, in aerospace, in dentistry, and all the ways that gold is used. [SPEAKER_00]: But we also need to be using it as money, because what we've been using instead of gold, fiat currencies, doesn't work very well.

[SPEAKER_00]: And what are the reasons it doesn't work is because it results in all of these bubbles that I've been talking about.

[SPEAKER_00]: uh... cz so again go to teagull.com and buy some golden silver oh by the way you know gold continues to hold above four thousand trading around forty one hundred uh... you know it's amazing that people talk about gold being a correction when it said forty one hundred i mean it only corrected from a level that got to for like a day [SPEAKER_00]: We didn't have it spent hardly any time above 42 hundred. [SPEAKER_00]: Maybe I was one or two days. [SPEAKER_00]: That's it.

[SPEAKER_00]: I mean, goal is right near the highs as far as I'm concerned. [SPEAKER_00]: Same with silver. [SPEAKER_00]: Silver's at 51 and a half. [SPEAKER_00]: Silver is trading above the double top that went from 1980 to 2011. [SPEAKER_00]: This is a huge breakout. [SPEAKER_00]: Don't talk about the silver correction because it's not at 5440, which was the high. [SPEAKER_00]: This is significant. [SPEAKER_00]: We are now building a base where the support is the old resistance.

[SPEAKER_00]: How much better can it be? [SPEAKER_00]: And then we're headed a lot higher. [SPEAKER_00]: So you could buy silver at a T gold as well. [SPEAKER_00]: We have gold and silver. [SPEAKER_00]: And you can open up your account very quickly. [SPEAKER_00]: It's not a long cumbersome process. [SPEAKER_00]: And we're gonna open up right now, you know, we don't take credit card yet in debit cards. [SPEAKER_00]: So all that's coming, right?

[SPEAKER_00]: That's all I'm building it, piece by piece. [SPEAKER_00]: But I didn't want to wait until everything was ready to roll it out. [SPEAKER_00]: I just want to start to get on boarding people, to start building up the ecosystem and letting people buy gold now. [SPEAKER_00]: I mean, what if it takes me here to finish this? [SPEAKER_00]: By then, gold can be five, six thousand. [SPEAKER_00]: Silver can be a hundred. [SPEAKER_00]: I don't want people to wait and then buy by now, right?

[SPEAKER_00]: Because the longer you're waiting, [SPEAKER_00]: it's going to be. [SPEAKER_00]: But so that's my debate with CZ. [SPEAKER_00]: The debate I want to have with Michael Sailor and the debate I challenged him to on X was I wanted to debate the premise that that strategy is a fraud, that the entire business model is a Ponzi and that it's destined to collapse. [SPEAKER_00]: Regardless of what happens at Bitcoin, this thing is going to collapse.

[SPEAKER_00]: Now of course, [SPEAKER_00]: If Bitcoin goes up, you know, it could go on longer, but if Bitcoin tanks and doesn't recover, then this whole thing is going to completely implode. [SPEAKER_00]: And eventually, eventually, micro strategy is going to have to sell this Bitcoin.

[SPEAKER_00]: Now, normally, right, when micro strategy or strategy stock, I keep making that same estate, you know, but when strategy is trading at a discount, let's say strategy shares are trading 20% below the value of the Bitcoin that they hold, because people start to appreciate the predicament that the company is in, right? [SPEAKER_00]: Now, under normal circumstances, the company would just, well, you know, let's sell some of our assets, right?

[SPEAKER_00]: If it was a closed-end fund trading at a discount, it could, in theory, close the discount by selling off assets. [SPEAKER_00]: Now, normally the fund matters. [SPEAKER_00]: Don't want to do that because that reduces their fees, right? [SPEAKER_00]: Because they're charging a fee based on their AUM, and they don't want to cut their own fees, even if it means eliminating the discount. [SPEAKER_00]: But that's how you eliminate a discount.

[SPEAKER_00]: Now sometimes if a fund trades at a big enough discount, the arbitrage, you know, the arbitrage reserves will want to come in, buy up the fund so they can liquidate the assets and capture that discount. [SPEAKER_00]: But, big microstrategy can't do that. [SPEAKER_00]: Because if microstrategy, I can't make the same mistake. [SPEAKER_00]: If strategy sold, it's Bitcoin, right? [SPEAKER_00]: So it can buy back shares. [SPEAKER_00]: Bitcoin would collapse, could you imagine?

[SPEAKER_00]: I mean, it's one thing for the biggest Bitcoin buyer to stop buying, but what happens when the biggest Bitcoin buyer becomes a seller? [SPEAKER_00]: Look out. [SPEAKER_00]: So this accident is going to happen. [SPEAKER_00]: This thing is going to melt down. [SPEAKER_00]: And that's why people are going to start running away from Bitcoin, from a microstrat, from strategy. [SPEAKER_00]: The whole story. [SPEAKER_00]: is just going to unravel.

[SPEAKER_00]: You know, I'm watching on, you know, CMBC and Fox business and they're all talking about Bitcoin going down and they're all like scratching their heads like they're at a loss to explain like why it's happening. [SPEAKER_00]: I mean, duh, it's a bubble. [SPEAKER_00]: The air is coming out. [SPEAKER_00]: What makes no sense is that it went up. [SPEAKER_00]: That's a crazy thing. [SPEAKER_00]: Not that it's coming down. [SPEAKER_00]: Explain why it went up.

[SPEAKER_00]: These guys think it's real. [SPEAKER_00]: They think there's actual business model here. [SPEAKER_00]: They think these currencies Bitcoin actually has value. [SPEAKER_00]: It's got no value. [SPEAKER_00]: They still don't understand. [SPEAKER_00]: They've been scammed. [SPEAKER_00]: They've been scammed by their guests and all their advertisers and all the OGs and these big wealths, they're laughing. [SPEAKER_00]: They're laughing as they've been unloading.

[SPEAKER_00]: all of their garbage right on the public and of course they got Donald Trump and his family into it and his administration and that really helped pump it up so they could dump right that's why Bitcoin hasn't gone up all the smart money has been dumping they've been taken advantage of all this hype in order to unload their Bitcoin. [SPEAKER_00]: Now, you know, you've got a lot of weakers, hands, you've got a lot of speculators that own it.

[SPEAKER_00]: And, you know, at some point, you know, they're getting out. [SPEAKER_00]: Right? [SPEAKER_00]: They're going to look what ate their ETFs. [SPEAKER_00]: They're going to sell these shares. [SPEAKER_00]: Uh, so I think that this could be this the harbinger.

[SPEAKER_00]: of other bubbles bursting like the AI bubble and we'll see you know yes the futures are way up now because you know and video beat the earnings again but we'll see if we get some selling tomorrow into this news if what happened with Bitcoin and the loss of the speculative fever there if it's got people worried in general. [SPEAKER_00]: about excesses and speculation. [SPEAKER_00]: Now again, at least Nvidia has an actual business, you know, micro strategy does not.

[SPEAKER_00]: It the whole thing is a fraud. [SPEAKER_00]: That's why I wanted to bait a sailor about it. [SPEAKER_00]: But anyway, move it on. [SPEAKER_00]: So a couple of other things. [SPEAKER_00]: We got the minutes from the most recent FOMC meeting that came out today. [SPEAKER_00]: And by the way, we also found out we're not going to get the October jobs report. [SPEAKER_00]: We're supposed to get October's report, not November's.

[SPEAKER_00]: But I think they were supposed to release the October report. [SPEAKER_00]: on the first Monday of December, and then we would have had that report before the FOMC meeting, which is now a coin toss, right, as to whether or not the Fed is going to cut again. [SPEAKER_00]: Well, the government came out today and said, we're not going to release it. [SPEAKER_00]: I don't know if they're ever going to release it.

[SPEAKER_00]: Maybe the jobs reports are like the emstein files, although apparently now they're going to release those, although [SPEAKER_00]: I'm not really sure how much they're going to redact it, I mean, I'm going to talk about redactions at the end of the podcast, what I talk about what I got from the IRS, my most recent FOIA production or their production and what I receive from them. [SPEAKER_00]: But you know, who knows what we're going to get?

[SPEAKER_00]: with respect to this jobs report, but it ain't coming out before the FOMC meeting in December. [SPEAKER_00]: But we got, you know, a little taste of the meeting or what we're going to get in December from the minutes. [SPEAKER_00]: And, you know, there's a lot of disagreement at the Fed as to whether or not it's appropriate [SPEAKER_00]: There is certainly some concern about weakness in the labor market.

[SPEAKER_00]: Now, the labor market is much weaker than the Fed is letting on, or admitting to, or knows, I don't know. [SPEAKER_00]: But they are worried about it.

[SPEAKER_00]: So it's keeping people guessing from that respect. [SPEAKER_00]: But I thought what was significant and it should have produced a bigger reaction, but it did not, was that the FOMC members seem to believe that the inflation threat that they thought may have come from tariffs [SPEAKER_00]: isn't there and to the extent that prices are higher that it's not, you know, a permanent thing that it's like a one and done situation.

[SPEAKER_00]: And of course, Trump has been rolling back more tariffs recently a lot of items. [SPEAKER_00]: And, you know, ironically, of course, Trump and Trump administration has to admit, [SPEAKER_00]: that we're taking away these tariffs because we're hoping that prices will go down, right? [SPEAKER_00]: Because prices are rising, especially in a lot of these food products, and so they're eliminating the tariffs, which again, town is town amount to admission that tariffs make prices go up.

[SPEAKER_00]: Because if removing tariffs makes prices go down, well, then obviously imposing tariffs makes them go up, right? [SPEAKER_00]: I mean, it can't be one without the [SPEAKER_00]: And so it's an admission that Trump was lying the whole time when he told us that terrorists wouldn't make prices go up and that foreign producers would pay the tariffs.

[SPEAKER_00]: Clearly, they're not, right? [SPEAKER_00]: They're not eating our tariffs, farmers in South America are in eating our tariffs. [SPEAKER_00]: It's Americans who want to eat. [SPEAKER_00]: The products that are grown in South America and shipped up here, they have to eat the tariffs, right, along with the bananas or whatever else was the subject of tariffs.

[SPEAKER_00]: So I think because a lot of the tariffs are being removed to, you know, maybe the fed [SPEAKER_00]: no longer is worried about tariff-induced inflation. [SPEAKER_00]: Right, but the real threat to inflation never came from tariffs. [SPEAKER_00]: Tariffs can exacerbate it, but the inflation is the monetary policy. [SPEAKER_00]: The inflation is going to come from the fiscal policy. [SPEAKER_00]: The Fed is ending quantitative tightening in December.

[SPEAKER_00]: The question is, when is it going to begin quantitative easing? [SPEAKER_00]: I'm surprised they've held out this long. [SPEAKER_00]: I thought they were going to start earlier. [SPEAKER_00]: So I think they're going to start next year. [SPEAKER_00]: It's pretty apparent that they're going to start doing that in 2026.

[SPEAKER_00]: And I think they're going to be responding, not just to weakness in the labor market. [SPEAKER_00]: That's going to continue to get worse. [SPEAKER_00]: But the bond market I think is going to fall and ultimately the dollar I'm a little surprised that the dollar has held up so well in the second half of 25 I had expected it to be weaker.

[SPEAKER_00]: Now it had a very weak first half but the dollar has bounced back a bit but I think it's going to roll over in in 2020 six and if it doesn't contribute to the problems that [SPEAKER_00]: It will certainly be a consequence of the Fed going back to QE. [SPEAKER_00]: You know, we'll see what they, you know, what we actually get from the Fed.

[SPEAKER_00]: I still think that the Fed is under a lot of pressure to cut rates and I think that the statements about the fact that, oh, it looks like tariffs aren't really the threat. [SPEAKER_00]: That may be partially the result of a lot of the pressure coming from the Trump administration [SPEAKER_00]: to keep the air from coming out of these bubbles. [SPEAKER_00]: And also the housing bubble, they're desperate for trying to find a solution there.

[SPEAKER_00]: Also the health care bubble, right? [SPEAKER_00]: Look, look, look at the price of health care. [SPEAKER_00]: Again, the Democrats are our acknowledging that we have a health care crisis.

[SPEAKER_00]: and it's affordability they're saying prices are too high premiums are too high yet but they promised that the affordable caract was going to solve all that that's why it was called the affordable caract the government promised to make health care more affordable instead the government programs made it more expensive which is exactly what is going to happen you know and now the Trump administration

[SPEAKER_00]: is talking about instead of the Obamacare subsidies that might go to the insurance companies that he wants to just send more money to the people so they can go out and buy insurance directly rather than giving it to the insurance companies, which I guess is preferable. [SPEAKER_00]: But the whole idea is, why don't you allow the people to keep more of their own money? [SPEAKER_00]: Where is the government going to get this money [SPEAKER_00]: the government doesn't have it.

[SPEAKER_00]: The government has to print it. [SPEAKER_00]: We're running a huge deficit. [SPEAKER_00]: We'd have to borrow it. [SPEAKER_00]: So you're going to create a lot more inflation in order to give people money to buy insurance. [SPEAKER_00]: But the problem is as long as insurance companies are not allowed to discriminate based on pre-existing conditions. [SPEAKER_00]: Why is a healthy American going to buy insurance?

[SPEAKER_00]: You give a money to buy insurance, it's spending an insurance. [SPEAKER_00]: The only people who are going to buy insurance are people who are already sick. [SPEAKER_00]: And that's why it's so expensive. [SPEAKER_00]: Because if you're already sick, [SPEAKER_00]: You're not buying insurance, right?

[SPEAKER_00]: You're getting an insurance company to pay for your health care. [SPEAKER_00]: Insurance companies are not supposed to pay for your health care. [SPEAKER_00]: They're supposed to ensure you, in case you get sick. [SPEAKER_00]: And then they pay for your health care because you got sick. [SPEAKER_00]: But when they sold you the policy, you're supposed to be healthy.

[SPEAKER_00]: That's the only reason insurance could work, healthy people buy it, and insurance companies are willing to sell insurance to healthy people. [SPEAKER_00]: If you're already sick, that's like selling and fire insurance when the house is already on fire.

[SPEAKER_00]: If somebody [SPEAKER_00]: is standing you know in the middle of a burning house and they're like oh my god i got to go buy myself some fire insurance and you call up an insurance company i want to buy fire insurance and say well what's the situation what my house is on fire right now and i you know i need insurance bad i mean who's gonna right that policy it's a guaranteed loser

[SPEAKER_00]: The reason that insurance companies sell you fire insurance is because your house is probably not going to burn down, right? [SPEAKER_00]: There's a slim potential that your house is going to burn down. [SPEAKER_00]: So they'll take that, they'll take the action. [SPEAKER_00]: Now, yes, some houses will burn down, but most of them won't.

[SPEAKER_00]: And so the reason that fire insurance works is because the insurance companies collect all this money from houses that never burned down, from people who own houses that never burned down. [SPEAKER_00]: That gives them the money, so the few houses that do burn down [SPEAKER_00]: they got him covered.

[SPEAKER_00]: Now, of course, you know, if there's a major wildfire and a lot of houses burned down, they could be in trouble, which is why a lot of these insurance companies have reinsurance and stuff like that in case of a catastrophic fire, right? [SPEAKER_00]: That's not just a one-off thing where one house burns down, where entire neighborhood burns down, right? [SPEAKER_00]: Then the insurance companies could have a problem.

[SPEAKER_00]: But under normal circumstances, [SPEAKER_00]: enough houses don't burn down that the insurance companies could cover the ones that do. [SPEAKER_00]: Healthcare works the same way. [SPEAKER_00]: Health insurance companies are hoping that the people don't get sick. [SPEAKER_00]: And of course the people who are buying health insurance, they don't want to get sick either. [SPEAKER_00]: So ideally, when you buy health insurance, you hope you never use it.

[SPEAKER_00]: And the insurance [SPEAKER_00]: your buying something that you hope is a complete waste of money. [SPEAKER_00]: Because if you're in church as a waste of money, that means you didn't get sick. [SPEAKER_00]: That means you're healthy, right? [SPEAKER_00]: And I'd rather be healthy, right? [SPEAKER_00]: I don't want to collect on my insurance, health insurance. [SPEAKER_00]: I want to be healthy, right? [SPEAKER_00]: I buy the insurance just in case.

[SPEAKER_00]: But we're trying to turn insurance into just paying for your health care when you're already sick. [SPEAKER_00]: So unless they want to go after that, that was a big problem with Obamacare and even Trump was afraid to touch that by saying, [SPEAKER_00]: No, we can't prevent insurance companies from discriminating against pre-existing conditions because that's how insurance works. [SPEAKER_00]: Insurance is about discrimination. [SPEAKER_00]: Right?

[SPEAKER_00]: And you have to price insurance to reflect the risk. [SPEAKER_00]: Right? [SPEAKER_00]: That's why young teenage boys are very expensive when you want to buy them auto insurance. [SPEAKER_00]: Why? [SPEAKER_00]: Because they tend to get into a lot of accidents. [SPEAKER_00]: Right? [SPEAKER_00]: They're just learning how to drive and their young boys and you know, they get into accidents. [SPEAKER_00]: Right? [SPEAKER_00]: So you want to buy insurance [SPEAKER_00]: Right?

[SPEAKER_00]: It's a lot more expensive than buying it for 35-year-old woman, right? [SPEAKER_00]: Obviously. [SPEAKER_00]: But if, you know, they passed a law that says, well, no insurance companies can't discriminate, [SPEAKER_00]: uh, on, you know, on age or sex or, you know, you're driving record, how many accidents you've had, right? [SPEAKER_00]: If they have to just give everybody the same terms, well, then everybody's going to pay very high insurance.

[SPEAKER_00]: And now the good drivers won't even buy it. [SPEAKER_00]: They're like shit, why should I buy insurance? [SPEAKER_00]: I'm going to save driver. [SPEAKER_00]: It's so expensive. [SPEAKER_00]: I'll just take my chances. [SPEAKER_00]: the only people who are going to want to buy insurance are the people who are really reckless drivers. [SPEAKER_00]: Well now the auto insurance industry won't work, right? [SPEAKER_00]: They don't work if they get government subsidies now.

[SPEAKER_00]: That's what the government does. [SPEAKER_00]: They come in and they screw up an industry and now it needs government subsidies to survive because it's no longer a free market. [SPEAKER_00]: So unless Donald Trump [SPEAKER_00]: You know, solves that problem, which you won't touch. [SPEAKER_00]: The plan that he's talking about right now ain't going to work either.

[SPEAKER_00]: Apart from the fact that we don't have the money, it's not going to work until you reform insurers get, you have to take away all that crap from, [SPEAKER_00]: Obamacare and even Trump when he promised to get rid of Obamacare said but we're going to leave the laws that say that health insurance companies can't discriminate based on pre-existing conditions, right, which of course that sounds great.

[SPEAKER_00]: Oh yeah, why should somebody with cancer, you know, not be able to get insurance? [SPEAKER_00]: Well, you know, they should have bought it before they got cancer and I feel bad that somebody has cancer and doesn't have insurance, but we can't force it insurance company to sell them a policy. [SPEAKER_00]: We have to have another solution.

[SPEAKER_00]: You know, in part of the problem, one of the reasons that so many people find themselves without insurance is because insurance is tied to employment. [SPEAKER_00]: And the government did that through the tax code, right? [SPEAKER_00]: Before the government, you know, allowed people to get tax-free insurance from their employers, most people bought their own insurance. [SPEAKER_00]: And so when you lost your job, you didn't also lose your health insurance.

[SPEAKER_00]: So the government created that in addition to making insurance expense. [SPEAKER_00]: But I don't, you know, I don't have [SPEAKER_00]: them at much time. [SPEAKER_00]: I'm getting to the end of this podcast and I wanted to talk about the latest production from the government through my foil lawsuit. [SPEAKER_00]: Remember, I got two lawsuits against the IRS and a bunch of other people. [SPEAKER_00]: The civil rights lawsuit is taken forever.

[SPEAKER_00]: I mean, it's been, I don't know, six months or more since the motion to dismiss the judge hasn't even ruled. [SPEAKER_00]: So I don't know what's going on there, but the my foil lawsuit is still taken forever. [SPEAKER_00]: And that was on hold for a while because the government shut down. [SPEAKER_00]: But I just got more documents from the IRS. [SPEAKER_00]: More than two years after I requested them. [SPEAKER_00]: Now, they're supposed to give me these documents.

[SPEAKER_00]: I forget 20 days, 30 days, right? [SPEAKER_00]: The reason I filed my FOIA lawsuit against the IRS was because they're breaking the FOIA law. [SPEAKER_00]: A, they're not giving me all the documents they have. [SPEAKER_00]: And I know that because since I sued them, [SPEAKER_00]: I've gotten hundreds and hundreds of additional pages that they claim they didn't have before I sued them.

[SPEAKER_00]: So obviously, they lied because they can't give me all this information because before they did, they told me we don't have any more information, you got everything. [SPEAKER_00]: So that was a lie. [SPEAKER_00]: But the other reason that I am suing them is because [SPEAKER_00]: 90% of what they're giving me is illegally redacted, right? [SPEAKER_00]: They are redacting everything, entire pages, not you know, what you can't do and all of the objections, which they have given.

[SPEAKER_00]: Don't apply, it's a complete lie. [SPEAKER_00]: But even the little bit of stuff that they don't redact is so damaging, right? [SPEAKER_00]: It blows them up, it completely proves my case. [SPEAKER_00]: And I can only imagine if the stuff they're letting me see is this bad, I can only imagine what's been redacted.

[SPEAKER_00]: Right? [SPEAKER_00]: Because they're only redacting this stuff to cover their own asses. [SPEAKER_00]: They want to cover up their criminal wrongdoing, which you're not allowed to do. [SPEAKER_00]: Right? [SPEAKER_00]: The purpose of the Freedom of Information Act is so transparency. [SPEAKER_00]: I can see when the IRS or any government is doing something unlawful.

[SPEAKER_00]: right you can't cover it up and say well there's you know there's an investigation see one of the big things is they're claiming that i can't see this information because it relates to an investigation now if it was an ongoing investigation and if the information they're showing me could compromise that ongoing investigation they'd have a point but the investigation of me and my bank has been closed for years [SPEAKER_00]: and it found nothing, there were no indictments.

[SPEAKER_00]: So what's the problem? [SPEAKER_00]: Why can't they release information that relates to a closed investigation that uncovered no evidence of wrongdoing? [SPEAKER_00]: That's what they don't want to expose. [SPEAKER_00]: The fact that the investigation found nothing wrong, that the bank didn't do anything wrong, that it was the government.

[SPEAKER_00]: They're using [SPEAKER_00]: the pretence that the information relates to an investigation to hide their covering up of the results and more importantly, their PR campaign to turn a failed investigation into a fake success and the documents that I got on Friday, right? [SPEAKER_00]: Prove it, even though I already got [SPEAKER_00]: You got to read this stuff, so you see, I'm not making it up. [SPEAKER_00]: But I have a website ninefraud.com.

[SPEAKER_00]: So go there, nine fraud, either the number nine or right nine. [SPEAKER_00]: And it's nine because of nine entertainment in Australia, right? [SPEAKER_00]: I sued those guys and I won my lawsuit. [SPEAKER_00]: And I started out just using this website to expose Nick McKenzie, Charlie Greve, 60 minutes off Australia for the frauds and liars that they are, right?

[SPEAKER_00]: So, um, [SPEAKER_00]: That's where it started, but then as I started getting all this FOIA evidence, I started putting it up on that website. [SPEAKER_00]: So you can see all the FOIA evidence, but the most recent one and you go to evidence exhibits, click on exhibits. [SPEAKER_00]: And this is in even more FOIA evidence. [SPEAKER_00]: All right, I've got four separate postings of this FOIA evidence.

[SPEAKER_00]: And so one of the most interesting [SPEAKER_00]: is if you go back and watch the press conference from when my bank was closed and you can see that on my YouTube channel or just Google your Pacific Bank O-SIF right you'll see you'll see the press conference.

[SPEAKER_00]: Jim Lee, who was the head of the IRS at the time, said, said that the action against the bank, the investigation, the press conference, all this, it was all oce of working on its own, that the IRS had nothing to do with it.

[SPEAKER_00]: Well, a lot of the emails that were going back and forth among IRS agents, [SPEAKER_00]: two and a half three months before the emergency press conference right and because they knew that we're going to shut down my bank for three months and then they shut it down. [SPEAKER_00]: on the pretense of emergency, but obviously it wasn't an emergency, or they would have shut it down three months earlier.

[SPEAKER_00]: They wouldn't have just waited to get all their PR stuff going if there was a legitimate emergency. [SPEAKER_00]: If customers and cons were really at risk, they couldn't have waited so long. [SPEAKER_00]: But the subject of all these emails is OSIF partnership press conference. [SPEAKER_00]: Well, if it's a partnership, then clearly OST did not act alone, right? [SPEAKER_00]: They had a partner, and the partner was the IRS.

[SPEAKER_00]: And the IRS had a bunch of partners because they had the J5. [SPEAKER_00]: Also, there was an internal J5 publication, right? [SPEAKER_00]: Like their own like in-house magazine, in which they referred to their disruption [SPEAKER_00]: as a key milestone. [SPEAKER_00]: right, and they admitted that they disrupted my bank, but why did they do anything?

[SPEAKER_00]: They said that O's have did it, and O's have said that the bank was shut down because it was critically insolvent, which was a lie, but if the Atlantis investigation found no evidence of money laundering or tax evasion, then why did they just drop my bank? [SPEAKER_00]: What was the purpose of disrupting it?

[SPEAKER_00]: If the bank didn't do anything wrong, I mean if the bank did do something wrong, they would [SPEAKER_00]: Not only did they never indict anybody who worked at the bank, nobody [SPEAKER_00]: Who, who banked at the bank? [SPEAKER_00]: None of the customers have been indicted. [SPEAKER_00]: Nobody. [SPEAKER_00]: Nobody has been fighting nothing has happened to anybody because nobody was doing anything wrong except the government officials who were investigating it.

[SPEAKER_00]: But they admitted in their own documents that they disrupted the bank and it was a major milestone for them. [SPEAKER_00]: Why? [SPEAKER_00]: Because it gave them the publicity that they needed and here is the proof that I got. [SPEAKER_00]: This guy, Justin Cole, who was one of the defendants in my lawsuit, he's the PR guy for the IRS CI, right?

[SPEAKER_00]: So he was the lead guy on trying to drum up publicity, related to shutting down my bank and pretending that my bank was guilty of the very crimes that it was investigated for and exonerated from the investigation, right, tax evasion and money laundering. [SPEAKER_00]: So after the bank gets shut down, as a result of this partnership press conference that had been planned for months. [SPEAKER_00]: Oh, and by the way, they again talked about the governor.

[SPEAKER_00]: The governor was supposed to speak at the press conference to shut down my bank. [SPEAKER_00]: It was supposed to be held in the governor's office. [SPEAKER_00]: I mean, here, you're shutting down a bank that's done nothing wrong. [SPEAKER_00]: Nobody's been indicted, doesn't have a single American customer, doesn't have a single Puerto Rican customer. [SPEAKER_00]: It's a small little bank, yet you need the governor of Puerto Rico.

[SPEAKER_00]: I mean, they've never even had a press conference in all the history of Puerto Rico to announce the closure of a bank. [SPEAKER_00]: But they had to have one for my bank, and the governor had to be there, and they talked about other areas of the Puerto Rican government that were involved. [SPEAKER_00]: It wasn't just OSIF, and it was all kinds of government bodies. [SPEAKER_00]: I mean, this was a major thing to shut down a bank that did nothing wrong.

[SPEAKER_00]: But again, it was all for publicity. [SPEAKER_00]: and the email he attaches a Bloomberg article about the shutdown of the bank and it was a horrible article because it basically was, you know, PR for the IRS. [SPEAKER_00]: The article was very flattery, you know. [SPEAKER_00]: flattering the IRS. [SPEAKER_00]: The guy wrote about how great they were.

[SPEAKER_00]: I mean how they were doing such a good job, you know, you know, in their, you know, global policing and how their hard work had resulted in the shutdown of my bank and that my bank was facilitating tax

[SPEAKER_00]: and money laundering, and they worked with these international tax chiefs, and they were able to shut down my bank and put it into this money laundering and tax evasion, and this is a great example of how the IRS is working so well with other tax authorities, you know, you can read the article because it's in the production, right? [SPEAKER_00]: more for evidence, right?

[SPEAKER_00]: So, and it even, you know, brought in Act 20 and 22 and the IRS wants to make sure that Puerto Rico doesn't become a haven for taxivators, right? [SPEAKER_00]: And so, it's really negative about me and the bank, very positive about the IRS and the J5, right? [SPEAKER_00]: It's great publicity, right? [SPEAKER_00]: It's like a PR release that they wrote. [SPEAKER_00]: So, um, [SPEAKER_00]: He sends it to PR guy, sends it, and he sent it out.

[SPEAKER_00]: I kid you not, there were over 40 IRS agents, copied on an email, 40 of them. [SPEAKER_00]: I mean, why are 40 IRS agents needing to read this about the shutdown of my bank? [SPEAKER_00]: A bank that did nothing wrong had no U.S. customers, so there was no delinquent taxes by any of my customers. [SPEAKER_00]: Yet over 40 individual IRS agents needed to be copied on this email, right? [SPEAKER_00]: By a little bag.

[SPEAKER_00]: Anyway, so one of the agents, right, writes this guy, Justin back. [SPEAKER_00]: And here's what he wrote, I mean, I highlighted this. [SPEAKER_00]: He writes, great article, great job Justin. [SPEAKER_00]: Your work on this has been fantastic. [SPEAKER_00]: Explodation point, right? [SPEAKER_00]: The focus of that article is exactly what we intended to do, great to see our plan realized [SPEAKER_00]: That's my whole case. [SPEAKER_00]: That proves my whole case.

[SPEAKER_00]: He is basically saying, that's exactly what we wanted. [SPEAKER_00]: We wanted publicity like that. [SPEAKER_00]: That's what we had hoped. [SPEAKER_00]: We hoped that when Europe's civic bank got shut down, we would get the credit. [SPEAKER_00]: And the newspapers would say that the bank was, [SPEAKER_00]: Um, helping people evade taxes and law under money. [SPEAKER_00]: So now we get credit for this huge bust of this major, uh, global tax evasion, money laundering scheme.

[SPEAKER_00]: When they didn't bust anything, there was no tax evasion or money lottery going on at my tiny bank and they know that. [SPEAKER_00]: they knew it but the media didn't know that they got the media to turn this failed investigation into this major success and they're all getting credit and he says it's great to see our plan realized they planned this out. [SPEAKER_00]: This is what they wanted to happen. [SPEAKER_00]: the only reason my bank was shut down.

[SPEAKER_00]: It wasn't a regulatory emergency. [SPEAKER_00]: It wasn't because we were violating any rules. [SPEAKER_00]: It was because the IRS and the J5 were desperate for a public relations victory, especially since they leaked. [SPEAKER_00]: the investigation to the media. [SPEAKER_00]: And then the media made a big deal about it. [SPEAKER_00]: 60 minutes australia, the age, uh, uh, the New York Times. [SPEAKER_00]: So now they were like, oh my god, everybody knows about the investigation.

[SPEAKER_00]: We got to say, face, there can't be nothing. [SPEAKER_00]: We can't have nothing come out of this after they made such a big deal about how all these global super cops had found this bank that was helping all these organized criminals. [SPEAKER_00]: If they taxes, if the bank just continued, business is usual, if nothing happened, that was going to be very embarrassing for the IRS.

[SPEAKER_00]: So they concocted this scheme [SPEAKER_00]: to shut the bank down, to get the commissioner of OCIF, to come up with a pretense, to shut it down. [SPEAKER_00]: So she pretended it was solvency, which was a laugh. [SPEAKER_00]: But they made up a reason. [SPEAKER_00]: They shut down the bank so that the shutdown can be used as a PR stunt for the IRS of the J5. [SPEAKER_00]: And here you have the IRS admitting it. [SPEAKER_00]: Admitting it.

[SPEAKER_00]: Now, if you look at the rest of the production, you'll see all this stuff redacted. [SPEAKER_00]: Who knows? [SPEAKER_00]: I got pages, hundreds of pages of completely redacted stuff. [SPEAKER_00]: I mean, I can imagine they confess to everything, right? [SPEAKER_00]: It's all got to be there. [SPEAKER_00]: All they have to do is unredact it, right? [SPEAKER_00]: And legally, I mean, they're committing another crime.

[SPEAKER_00]: First of all, everything they did to my bank was a crime. [SPEAKER_00]: But now they're covering up the crime which is another crime because they're violating more laws to cover up the fact that they violated other laws.

[SPEAKER_00]: right obstruction of justice abuse and power all kinds of stuff it's amazing nobody in the Trump administration is actually interested in this because I have all the proof that the government targeted me because of my politics and then you know broke the law I mean they destroyed a business as a publicity stunt. [SPEAKER_00]: Meanwhile, forget about the tens of millions of dollars I lost.

[SPEAKER_00]: I've got thousands of customers who haven't had their deposits in almost three and a half years. [SPEAKER_00]: Nobody has gotten a nickel out of that bank. [SPEAKER_00]: Right? [SPEAKER_00]: Those are the collateral damage for this publicity stunt. [SPEAKER_00]: Did they give a damn about me or my customers? [SPEAKER_00]: My innocent customers who they know are honest, law-abiding people.

[SPEAKER_00]: right who weren't evading taxes who weren't laundering money because if they were right something would have happened somebody would have been charged you know nobody was right believe me they dug deeper than they probably ever dug before right they were desperate to find anything anything [SPEAKER_00]: And they found nothing, you know, there's an old joke that says a grand jury can indict a ham sandwich. [SPEAKER_00]: That's how easy.

[SPEAKER_00]: Well, they tried for two or three years to indict anybody at my bank, and they couldn't even do that. [SPEAKER_00]: So indicting somebody at my bank is harder than indicting a ham sandwich, right? [SPEAKER_00]: They can indict a ham sandwich, but they couldn't indict me or anybody that worked at my bank, because the bank didn't do anything wrong, and they knew it.

[SPEAKER_00]: But they had a pretend that the bank did something wrong, so they can take claim credit for this massive bust. [SPEAKER_00]: Hey, we, we really blew this statewide open, right? [SPEAKER_00]: This is a good use of taxpayer money, right? [SPEAKER_00]: We coordinated all around the world, and this is our only success, right? [SPEAKER_00]: If you go look at the J5. [SPEAKER_00]: And you ask the, or you look at their publications where they brag, they're most important success.

[SPEAKER_00]: They're biggest enforcement success that they brag about is shutting down my bank, a bank that did nothing wrong that helped nobody evade taxes or longer money, getting it shut down. [SPEAKER_00]: Of course, they deny that they got it shut down because at the press conference, they claimed it was us if they shut it down. [SPEAKER_00]: But, Oceph only shut it down as a favor to the IRS.

[SPEAKER_00]: And I'm sure all of that, all of the, whatever the quick pro quo was, all of those discussions, I'm sure all that's been redacted. [SPEAKER_00]: I'm sure there's stuff in there where, you know, the commissioner says that, you know, they're gonna, the bank's gonna get sold and don't worry about it. [SPEAKER_00]: And no, we don't want that, we gotta shut it down.

[SPEAKER_00]: Oh, and I also found out in this production, I found out that the current commissioner of Oceph, [SPEAKER_00]: Who was the deputy commissioner was also in on it because there's emails that refer to briefing the deputy commissioner. [SPEAKER_00]: So she probably should have been sued too. [SPEAKER_00]: She's now the commissioner.

[SPEAKER_00]: The other one is gone, but she was obviously involved because the documents, the emails, reference, having to brief her and having to bring her up to speed on this stuff. [SPEAKER_00]: But anyway, just go to nine fraud.com if you haven't gone there and just look through all this FOIA evidence and you can go through all the other FOIA evidence [SPEAKER_00]: And I have a little introduction to all of it, right?

[SPEAKER_00]: I write a little bit about what, you know, some of the important stuff and then you can go through a look at it. [SPEAKER_00]: But then read everything else. [SPEAKER_00]: I mean, I got all of the discovery evidence from my lawsuit, my winning defamation lawsuit. [SPEAKER_00]: Again, 60 minutes against the age, against Nick McKenzie, again, Charlie Greve. [SPEAKER_00]: I won a judgment against all of them. [SPEAKER_00]: They lost. [SPEAKER_00]: They had no defense.

[SPEAKER_00]: They had to pay me damages that exceeded the statutory limit. [SPEAKER_00]: They had to pay all of my legal costs on an indemnity basis. [SPEAKER_00]: Yet no news outlet in Australia will report that they lost.

[SPEAKER_00]: right it's a huge cover up they're all like circling the rags to protect themselves because the entire media out you know out there is corrupt right even the so-called opposition right channel seven is supposedly you know uh... more conservative and channel nine is liberal but even channel seven refused to report that uh... sixty minutes uh... or our nine lost my defamation lawsuit and again

[SPEAKER_00]: The 60 minutes broadcast, that was ruled to famitory and was removed from the internet by court order. [SPEAKER_00]: The journalist Charlie Greve won an award for best young journalists of the year for that broadcast. [SPEAKER_00]: And it was excellence in journalism. [SPEAKER_00]: The worst form of journalism is defamation. [SPEAKER_00]: admitted that her broadcast that she wanted a ward for was defamatory, well, how can they not ask for that award back?

[SPEAKER_00]: How do you give out an award for an excellent journalism, and then find out that the whole thing was a fraud, because the reason they gave her the award is because they thought that she exposed this, oh my gosh, Schiff is this huge criminal. [SPEAKER_00]: His bank is helping hundreds of Australians, longer money. [SPEAKER_00]: That's great, investigative journalism. [SPEAKER_00]: It turns out I wasn't helping anybody in Australia evading evade taxes.

[SPEAKER_00]: They made it all up. [SPEAKER_00]: In court, in court, remember, they alleged that I helped hundreds of Australians evade taxes. [SPEAKER_00]: They alleged that. [SPEAKER_00]: In court, [SPEAKER_00]: My attorney asked, name one, name one Australian that this bank has helped evade taxes. [SPEAKER_00]: They couldn't name one, let alone hundreds, right? [SPEAKER_00]: So she should have lost that award.

[SPEAKER_00]: It was, you know, a bank city, city, a bank Australia gave him that award. [SPEAKER_00]: I wrote a couple of letters saying you got to take that award back, you know, and of course they refuse. [SPEAKER_00]: So look through all this stuff on nine fraud. [SPEAKER_00]: I spent a lot of time gathering all this information. [SPEAKER_00]: So it's all there. [SPEAKER_00]: And I've got the clips, I've got interviews, you can see how they took stuff at a context, how they miscoded people.

[SPEAKER_00]: All that evidence is there. [SPEAKER_00]: Anyway, I've been talking for a long time.

[SPEAKER_00]: I didn't attend this podcast to be this long So anyway, and again, too We're we continue to come out with some great stuff at a shift sovereign newsletter So subscribe if you and [SPEAKER_00]: And we also, you know, we're starting to get a lot more subscribers to our paid investment letter, strategic assets, we're coming up, we've uncovered some really unique investment opportunities there.

[SPEAKER_00]: So to get a look at the research, use the subscribe, that's a paid subscription. [SPEAKER_00]: It's not expensive, and you can cancel whenever you want. [SPEAKER_00]: There's a no questions ask money back guarantee. [SPEAKER_00]: So if you're not happy with the research, just stop the subscription. [SPEAKER_00]: But it's another good way to augment what you're doing. [SPEAKER_00]: And again, as I said earlier, go to tgold.com, buy some golden silver, get into my mutual funds.

[SPEAKER_00]: I think the gold fund is getting ready to have another big move up. [SPEAKER_00]: I think this correction is well overdone in gold stocks. [SPEAKER_00]: I mean, they dumped them when they saw gold pulling back. [SPEAKER_00]: But it didn't pull back from a spike. [SPEAKER_00]: I mean, we're above 4,000. [SPEAKER_00]: We're above 50 and silver. [SPEAKER_00]: This is a huge bull market. [SPEAKER_00]: These stocks are still a steel. [SPEAKER_00]: Your Pacific Golf one.

[SPEAKER_00]: E. P. G. I. X. [SPEAKER_00]: Is the symbol. [SPEAKER_00]: And again, I'm probably going to do an update on Friday on the shift gold website. [SPEAKER_00]: So, if you're not a subscriber to the YouTube channel for SHIFT Gold, go there, we'll see what happens over the next couple of days in the precious metals market and I will wrap it up on the SHIFT Gold Friday Market Wrap. [SPEAKER_00]: Bye for now.