Podcast Summary: The Bulwark Podcast – Episode: "Jared Moskowitz and Zeke Faux: Scams Galore"

Release Date: February 19, 2025

Host: Tim Miller

In this compelling episode of The Bulwark Podcast, host Tim Miller engages in in-depth discussions with Zeke Faux, an investigative reporter for Bloomberg Businessweek and Bloomberg News, and Jared Moskowitz, a Democratic Congressman from Parkland, Florida. The conversation navigates through the murky waters of cryptocurrency scams, political entanglements with the crypto world, budgetary challenges, and the rising tide of antisemitism in the United States.

1. Understanding Cryptocurrency and Its Pitfalls

Timestamp [00:00] – [07:01]

Tim Miller kicks off the episode by introducing Zeke Faux, highlighting his expertise in crypto scams as detailed in his book Number Go Up: Inside Crypto’s Wild Rise and Staggering Fall. The discussion delves into the intricate world of cryptocurrencies, unraveling the complexities and inherent risks associated with them.

Key Points:

• Cryptocurrency Basics: Zeke explains that Bitcoin was initially conceived as an alternative to traditional currencies, operating on a decentralized network without central oversight. Over 15 years, Bitcoin’s original vision as a common currency has largely faded, giving rise to a myriad of other cryptocurrencies, each serving different purposes—from stocks to network tokens like Ethereum and Solana.

• Meme Coins and Their Risks: The conversation shifts to the proliferation of meme coins, with Dogecoin highlighted as the pioneer. Zeke describes meme coins as “purely buying them on the idea that somebody else might buy it also for no reason, driving the price up higher”—a modern form of gambling akin to pump-and-dump schemes seen in penny stocks.

Notable Quotes:

• Zeke Faux [01:28]: “If you don't know that much about this, like, or even if you do, you're like, it can't possibly be as dumb as it sounds, could it? And the answer is yes. And in fact, it's even dumber.”

• Tim Miller [05:17]: "It's just a modern Jordan Belfort situation where they're just trying to run up these penny stocks and then sell them."

2. The Intersection of Trump 2.0 and the Crypto World

Timestamp [07:01] – [24:28]

The conversation intensifies as Tim Miller probes into the connections between Donald Trump’s resurgence (referred to as Trump 2.0) and the cryptocurrency sector, revealing a web of political and financial entanglements.

Key Points:

• Trump Coin Launch: Three days before his inauguration, Trump launched his own meme coin, which initially soared to $72 before crashing to around $17. This move is seen as a strategic monetization of his celebrity status, yielding an estimated $100 million in real profits.

• Involvement of Political Figures: The episode uncovers the roles of individuals like Steve Witkoff and Justin Sun in Trump’s crypto ventures. Justin Sun, CEO of Tron, invested heavily in Trump’s first cryptocurrency, World Liberty, contributing approximately $56 million to the Trumps, raising questions about potential influence and conflicts of interest.

• Tether and Regulatory Concerns: Zeke discusses Tether, the largest stablecoin, and its controversial reputation. Recent ties between Commerce Secretary Howard Lutnick and Tether highlight regulatory challenges, especially given Tether's extensive use in illicit activities like money laundering.

• Policy Implications: The discussion touches on proposed policies such as the Bitcoin reserve and the potential deregulation of meme coins. The intertwining of government officials with crypto investments raises concerns about the impartiality of regulatory bodies like the CFTC.

Notable Quotes:

• Zeke Faux [09:20]: “Trump Coin shot up as high as $72 on paper. Trump had $57 billion worth of Trump Coin. At that price, it since crashed, it's down to I think like 17 bucks now.”

• Tim Miller [16:50]: “We have to hold them to their positions. They care about the debt. Then we should add no money to the debt.”

3. Budgetary Challenges and Political Maneuvering

Timestamp [28:00] – [50:47]

Transitioning from cryptocurrency, the episode features an interview with Congressman Jared Moskowitz, who addresses pressing issues such as the Ukraine war, budget negotiations, and governmental inefficiencies.

Key Points:

• Ukraine War Stance: Moskowitz critiques President Trump’s recent statements blaming Ukraine instead of Russia for the ongoing war. He emphasizes the complexities of international deals and the potential repercussions on U.S. relations with Europe and China.

• Government Budget Crisis: The conversation shifts to the impending government shutdown scheduled for March 14th. Moskowitz advocates for a balanced budget amendment, highlighting the Democrats' challenges in passing a clean continuing resolution amidst Republican divisions.

• Fiscal Responsibility: Moskowitz underscores the importance of addressing fraud, waste, and abuse within the government. He criticizes the Republican approach of using continuing resolutions, which perpetuate inefficiencies and hinder budget reform.

• Political Strategies: The discussion highlights the internal conflicts within the Republican Party, particularly the influence of the Freedom Caucus and their stance on fiscal policies. Moskowitz stresses the need for bipartisan cooperation to achieve meaningful budgetary reform.

Notable Quotes:

• Jared Moskowitz [40:19]: “In a $36 trillion debt, $100 billion is a lot of money. It is, but not in $36 trillion debt. So how are we going to get at that debt, which is what Doge wants to do.”

• Jared Moskowitz [51:18]: “One is they can make a deal with us. That would be bipartisan and bring responsibility.”

4. Rising Antisemitism and Its Implications

Timestamp [50:47] – [56:18]

The episode concludes with a poignant discussion on the surge of antisemitism in the United States, particularly within youth demographics and its intersection with political rhetoric.

Key Points:

• Antisemitic Protests: Moskowitz addresses violent protests targeting Orthodox Jewish neighborhoods, debunking the notion that criticism of Israel can be separated from antisemitism. He emphasizes that the genesis of these protests is inherently antisemitic, leading to harassment and violence against Jewish individuals.

• Political Accountability: Moskowitz criticizes both left and right-wing factions for fueling antisemitism—far-left groups through anti-Israel sentiment and the far-right through pro-Nazi rhetoric. He calls for greater accountability and proactive measures to curb hate speech and violence.

• Community Impact: Highlighting his district’s demographics, Moskowitz shares his electoral success within a significant Jewish community, attributing it to strong offensive stances against antisemitism and supportive rhetoric against Jewish communities.

Notable Quotes:

• Jared Moskowitz [53:30]: “Everything you're seeing in this country, on these college campuses and in the streets, is antisemitic protests.”

• Jared Moskowitz [55:59]: “The far left gets there by significant anti-Israel wanting the country to be wiped off the map and the far right gets there with pro Nazi talk.”

5. Concluding Insights

Timestamp [56:18] – [58:39]

In the closing segments, Tim Miller reinforces the gravity of the issues discussed, urging listeners to remain vigilant against both financial scams and societal hate. The episode wraps up with spirited chants and affirmations, underscoring the podcast’s commitment to confronting multifaceted challenges head-on.

Overall Conclusion:

This episode of The Bulwark Podcast offers a thorough exploration of the intricate nexus between cryptocurrency scams and political maneuvering, highlighting the vulnerabilities within both financial systems and governmental structures. Through insightful interviews and robust discussions, Tim Miller, Zeke Faux, and Jared Moskowitz shed light on the pressing issues of crypto fraud, budgetary crises, and the disturbing rise of antisemitism, urging listeners to stay informed and proactive in addressing these societal challenges.