Central Banks Panic, Gold Soars—How to Protect Your Future in 2026 | Impact Theory W Tom Bilyeu & Jaspreet Singh

Summary

Podcast Summary: Central Banks Panic, Gold Soars—How to Protect Your Future in 2026

Impact Theory with Tom Bilyeu & Jaspreet Singh
Date: February 26, 2026

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Episode Overview

In this episode, Tom Bilyeu welcomes back finance expert Jaspreet Singh for a high-stakes breakdown of the current global economic landscape, focusing on central banks' record-breaking gold buying, the weakening US dollar, and the seismic policy shifts in Washington that could upend everything investors think they know. The discussion reads the real signals behind dramatic gold price moves, central bank behavior, and the US-China economic tug-of-war, with deep dives into portfolio strategy, AI shifts, and warnings about speculative bubbles. Jaspreet shares actionable advice for protecting and growing wealth in this volatile, rapidly shifting new era.

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Key Discussion Points & Insights

1. Central Banks and the Rush to Gold

[01:00-04:27]

• Central banks globally are buying record quantities of gold, signaling little faith in the future stability of fiat currencies, especially the US dollar.
• Jaspreet’s core advice:
  • “When you invest your money, the question is, what money are you investing? ...if the stock market grows by 10%, but a different currency, say, gold grows by 20%, now all of a sudden that return doesn’t look as good.” (Jaspreet, [01:37])
• The buying spree is a hedge against inflation and dollar decline—central banks want to strengthen their own currencies and protect against a potential dollar collapse.

2. The US Dollar: Reserve Currency Status Under Threat

[04:27-12:03]

• Jaspreet gives a quick history—US dollar became the world’s reserve currency after WWII due to America’s economic strength and low debt.
• The shift off the gold standard in 1971 allowed the US to print at will, fueling booms but sowing seeds for inflationary crises (notably stagflation in the late 1970s).
• Quantitative easing during crises (2008, 2020 pandemic) meant more “free money”—but every round of money printing further erodes trust and value in the dollar.
• The current period (2025-26) saw some of the dollar’s worst stretches in decades, prompting a global search for safe assets.

3. Political & Institutional Shifts: Trump, the Fed, and Uncertainty

[14:40-20:51]

• Trump appoints a new Federal Reserve Chair (Kevin Warsh), signaling major potential changes:
  • Trump openly wants lower interest rates, more stimulus, and the Fed to be subordinate to the White House.
  • Markets feared Trump would install a “dove” and crater the dollar—runs on gold, silver, and bitcoin ensued.
  • Surprise: Warsh is known as a hawk, opposing excessive money printing and advocating for a strong dollar, which immediately sent gold and crypto prices down.
• Federal Reserve independence is explicitly on the line.
  • “No president is going to want a recession on their hands… The next president will deal with the inflation problem, but at least under my presidency, it’s going to boom.” (Jaspreet, [18:50])
  • Warsh claims to want to preserve Fed independence, signaling possible resistance to Trump’s agenda.

4. The Mechanics of Monetary Policy: The Fed’s New Dilemma

[22:38-25:55]

• Quantitative tightening (selling US Treasuries) is supposed to drain money from the economy, but with falling demand for American debt, policy is hitting a wall.
• Warsh faces the paradox of wanting lower rates but needing enough buyers for US debt—no clear solution given.
• Speculation Trump may use new “accounting games”:
  • Revaluing Gold holdings (from $42/oz on the books to $3,000+) instantly increases US collateral and borrowing capacity.
  • Holding bitcoin seized from criminals (instead of selling) to bolster US balance sheet assets.

5. China’s Strategy and the New Economic Battlefield

[30:42-38:03]

• China is buying more gold than anyone, seeking to possibly back the yuan with gold to challenge global dollar dominance.
• Speculation that China could set up a “gold corridor” where a third party holds the gold—giving international investors greater trust and undermining the US system.
• The US responds with tariffs and efforts to “onshore” strategic supply chains (rare earth minerals, high-tech manufacturing) as both countries try to tilt the global order in their favor.
• If the dollar loses reserve status, the consequences would be dire: “If we ever lose our status as the world’s reserve currency, we’re going to go through a very deep recession. That will make the 2008 crisis feel almost like a walk in the park.” (Jaspreet, [34:16])

6. Investment Opportunities in a Turbulent New World

[38:19-46:43]

• Jaspreet emphasizes looking for “where the money is moving”—not just following headlines.
  • “Every financially savvy investor wants to invest where the money is moving, not where it was.” ([38:28])
• Examples:
  • Rare earth supply chains: US gov’t is pouring billions into building new domestic capabilities—a bonanza for early investors.
  • AI infrastructure: Beyond “outer onion layer” hype stocks like ChatGPT/Nvidia, infrastructure stocks (semiconductors, data centers) tied to AI will benefit long-term.
  • Supply chain pivots: Watch for Wall Street quietly buying into new logistics and shipping routes as global trade patterns shift.

7. Rethinking Portfolio Strategy

[51:23-56:35]

• The traditional 60/40 (stocks/bonds) portfolio is broken—bonds have underperformed; inflation eats into real returns.
• Jaspreet’s approach: overweight stocks, but diversified by “shifts”:
  • Wall Street shifts (where big institutions invest), Main Street shifts (consumer/business changes), Innovation shifts (new tech/IP), Broad Market shifts (macro cycles), Government shifts (policy catalysts).
• Global bond exposure can provide higher yields, especially in US-allied nations.
• The “hope and pray” investor (sole reliance on 401k, house) is at risk, especially with rising costs and a looming retirement crisis.

8. The Three Phases of Speculative Manias & Bubble Warnings

[58:41-64:28]

• Jaspreet describes the “investment cycle”:
  • Phase 1: Owning assets you believe in.
  • Phase 2: Trying to buy more via leverage/derivatives.
  • Phase 3: Pure speculation—betting not even on assets but on abstract outcomes (futures, prediction markets, etc.) with no underlying value.
• This cycle, driven by greed and desperation (exacerbated by rising costs and social pressure), has never ended well.
• Memorable moment: Jaspreet on “PolyMarkets,” the new wave of online betting advertised as investment, especially to young people:
  • “They’re catering to people that need to make money quickly. ...And they’re presenting it in a way as if it is a type of investment that can’t end well.” ([64:19])

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Notable Quotes & Memorable Moments

• On currency returns:
  • “If I got a 10% return in the stock market, but my cost of living has grown by 20%, now all of a sudden, the 10% doesn’t look so good.”
    — Jaspreet Singh ([01:37])
• On the central bank/Fed’s power:
  • “When the Federal Reserve bank makes any decision, whether it’s cutting or raising interest rates or money printing, the entire world watches and the entire global economy reacts…”
    — Jaspreet Singh ([15:39])
• On the danger of losing reserve currency status:
  • “…If we ever lose our status as the world’s reserve currency, we’re going to go through a very deep recession. That will make the 2008 crisis feel almost like a walk in the park.”
    — Jaspreet Singh ([34:16])
• On portfolio innovation:
  • “Every financially savvy investor wants to invest where the money is moving, not where it was.”
    — Jaspreet Singh ([38:28])
• On the speculative turn:
  • “I don’t even know what I’m buying. I’m just buying this thing because it’s going to make me a lot of money today.”
    — Jaspreet Singh ([61:31])

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Key Timestamps

• Central banks and gold: [01:00-04:27]
• History and status of the US dollar: [04:27-12:03]
• Trump’s new Fed strategy and its impact: [14:40-20:51]
• Fed tightening vs. global demand for Treasuries, gold revaluation: [22:38-29:04]
• China’s gold buying and the coming US-China faceoff: [30:42-38:03]
• Rare earths, supply chains, new investment shifts: [38:19-46:43]
• Portfolio rethinking & retirement crisis: [51:23-56:35]
• Speculative phases, bubbles, and dangers of new betting “investments”: [58:41-64:28]

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Tone and Style

The discussion is straightforward, analytical, and pragmatic—grounded in current events and economic research, but never alarmist. Both speakers emphasize critical thinking and skepticism, weaving in real-world examples and urging listeners to focus on research over media hype.

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Final Takeaways

• Central banks' gold buying is a warning signal—prepare for volatility, inflation risk, and major world order shifts.
• Traditional asset allocation is no longer sufficient; investors must seek out where the money is now moving: infrastructure, supply chains, and government-driven “shifts.”
• Beware of speculative bubbles disguised as “investing,” and focus on fundamentals, not fads.
• The next few years will be profoundly shaped by the battle for reserve currency status (US vs. China), AI’s transformative effect, and shifting global alliances.

For deeper protection and growth, research is essential—don’t just “hope and pray” on old models.

Transcript

[A]

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[B]

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[A]

Jaspreet Singh, welcome back.

[B]

Thank you, Tom, for having me.

[A]

Dude, I'm honored. You are in a lane of finance that I now spend an inordinate amount of time in. And so getting to sit down with you, I think, is going to be a lot of fun. And where I want to start is right now, you've got central banks all over the world that are hoarding gold. When you have the people that control the monetary system actually shorting essentially their own currency and our currency, quite frankly, what is it that the average investor needs to understand and fast that those guys already understand?

[B]

When you invest your money, the question is, what money are you investing? If you're in the United States, you're investing dollars. And so when you invest dollars into the stock market and you get the news that the stock market has grown by 10%, you feel good. But that's only relative to the dollar. And the reason why that's so important is because we assume that if the stock market is growing, my investments are growing and becoming more wealthy. But the question is, what is the measuring stick that you're using to see? Is this a 10% return actually good or not? Because if I got a 10% return in the stock market, but my cost of living has grown by 20%, now all of a sudden, the 10% doesn't look so good. If the stock market grows by 10%, but a different currency, say, gold grows by 20%, now all of a sudden that return doesn't look as good because compared to an other currency. And I'm going to call gold a currency because it has been the historical currency. Now that 10% return doesn't look so good either. And what we're seeing happening today is that gold prices have been growing faster than the stock market. And that's not normal because gold doesn't produce real economic value the way that, say, Amazon stock does or Chipotle stock. Now you might say, well, Jaspreet, I can use gold to build a table. I can use gold to build jewelry. I can use gold in electronics, sure. But gold, when you purchase gold as an investor, it sits there in a drawer and it looks back at you. It doesn't really do anything. You buy gold as a hedge against inflation. Meaning I buy gold because I'm worried that my dollar is going to lose value.

[A]

So you think that the central banks are worried the dollar is going to lose value?

[B]

I don't think. I know. In fact, in 2025, it was one of the worst years for the United States dollar in the last century. Sorry, in the last decade. But it's not just the United States you mentioned. There's current countries around the world. China has been buying up gold, Poland is buying gold. Turkey has been buying gold. And there's a reason why, number one is they're concerned about what is going to happen to the value of the United States dollar because the dollar is known as the world's reserve currency. We can talk about what that means in a second. But the second issue is they want to now strengthen their currencies. That way, if the dollar does lose value, that they're not the ones that are picking up the tab for the dollar collapsing, and they want to protect themselves by having more assets, by having more collateral, by having more wealth. And that wealth now is not a fiat currency like the dollar. It is gold. Because gold has been money for longer than we've been alive.

[A]

Now, walk me through what. What exactly is happening that's made everybody have almost a universal consensus that the dollar's in trouble?

[B]

Let's start with why is the United States dollar the world's reserve currency? To know how we built our strength. That way you can see how we're losing the value. Because the United States dollar wasn't always the world's reserve currency. We became the world's reserve currency in the mid-1990s. Around 1944, we became known as the world's reserve currency because now we were a growing economy, we were a growing superpower. And this dollar was very powerful because we as a country did not have a lot of debt while we had a very strong economy at the same time. So now the world started to look at the United States dollar as the world's reserved currency, which means a lot of global trade was now happening in the dollar, which includes things like oil. So if you wanted to buy oil, doesn't matter if in the United States or not, you were buying it in dollars. And then things started to change over time, because back in the mid-1900s, that dollar that we had was backed by physical gold, which meant that if I spent $100, I was spending gold. It was just a dollar representation, a paper representation of physical gold. But then things changed on August 15, 1971, because then President Richard Nixon was facing economic troubles. We had a lot of debts. Countries around the world were saying, pay us back because we lent money to you. We didn't have enough money. And remember, money was gold to pay back all these countries. So we had two options. We could declare default, meaning bankruptcy, and have a huge economic crisis, or do something unique. And President Richard Nixon decided to do something unique. And what the unique thing was is he took the dollar off of the gold standard, which meant now we said, okay, we owe you. Let's just say, hypothetically, a billion dollars. Right now we don't have a billion dollars worth of gold. So how about we just take the dollar off of the gold standard? We. We can print a billion dollars with the push of a button. Here's your billion dollars. We get to keep all of our gold. And in the beginning, if all great, we could pay off all of our debts, we could stimulate our economy, because now the government could spend money like crazy, because all of a sudden we have a money printer that doesn't need more wealth, which is gold, and we can just keep printing money, or what we thought was money, and now we can spend it in the economy. We can create jobs. The economy starts to boom. The markets are booming. But then there was a consequence, because the most expensive kind of money is free money, and that consequence is inflation. So in the late 1970s, now we went through what was called a stagflation era. This was the highest reported inflation rates that we've seen in the last century, even higher than the pandemic, because we were spending so much money we didn't have. And now the cost of living has gone up so much while the economy is slowing, which means wages are falling, people don't have jobs, but prices keep going up. That's what stagflation is. And then we had to fix this problem. And by we, I mean our central bank here in the United States, the Federal Reserve bank. Had to fix the problem. And what they did was then chairman Paul Volcker raised interest rates significantly, close to 20%. So we talk about during the pandemic era, we raised interest rates to 3, 4, 5%. We're talking about near 20% during the early 1980s, which meant when you go to get a 30 year mortgage, you weren't paying 5, 6 or 7%. You're paying 15, 16, 17, 18, 19% on that mortgage. But they had to do that to save the dollar because there was concerns about the dollar collapsing, hyperinflation about the dollar not being a reserve currency anymore. And so we had to raise interest rates to save the value of the dollar. And that was when we went through a very deep recession. But then our money printing problems did not grow away because we continued to spend money we didn't have. And that accelerated during the 2008 crash. When the great financial crisis happened in 2008, the economy was in freefall. Wall street was collapsing. We had firms just going bankrupt everywhere. And now to save this, we had the Federal Reserve bank start doing what's called quantitative easing, which is money printing. They started printing money and lowering interest rates. Lowering interest rates make it cheaper for people to borrow money so you can get a mortgage cheaper, you can borrow money for a car cheaper. Institutions can borrow money and invest in the stock market cheaper, while the Federal Reserve bank is printing money and then they are injecting it into the economy as a way to stimulate the economy. Now, the concern when that happened during the 2008 crisis was we're printing so much money because we printed over a trillion dollars, which was unheard of during the 2008 crisis. That was unheard of. And so the concern was, we're going to destroy the value of the dollar. We're going to have hyperinflation. So during the 2008 crash time, we saw the stock market go down, we saw real estate prices go down. Gold prices were shooting up because people said, if the dollar collapses, I want to own real money. What's real money? Gold. So investors are buying up gold like crazy. And then 2012 came. And remember, 2012 was when real estate prices bottomed and started to go back up. The stock market started hitting new highs. The economy finally started feeling like it was recovering. So 2012 came, and now investors said, oh, we're not going to have hyperinflation. It looks like we survived this crisis. We don't need gold, we need real assets. So in 2012, gold prices crashed, stocks started to go up, real estate started to go up and gold prices stayed low. 2013, 2014, 2015 until 2020. 2020 hit the pandemic happened. The economy gets shut down and now all of a sudden we started quantitative easing again, but not $1 trillion. We're talking about multi trillion dollars. And what happened to gold? Gold prices started shooting up because now the same concerns happened. We are printing money like crazy. We are diluting the value of the dollar. It's dollar devaluation. And if this happens, if the dollar loses value, we need a real money to save. And so people started buying up gold again. And so in 2020, yes, we saw markets collapse and then markets started to go up again because we were pumping money into the markets at a rate we've never seen before. But gold prices also started to go up. And that happened in 2021 through 2020, the early part of 2026, all because of concerns about the dollar. And then a lot of things happened in 2026 which completely shifted the dollar again because President Trump made just made one of the, I shouldn't say one of the biggest economic decision of his presidency yet. And that change is going to impact the dollar, gold, silver, stocks and the value of your 401k as well.

[A]

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[B]

And this is that concept that now a lot of people need to understand, which is what is the Federal Reserve Bank? Because President Trump just appointed a new chairman as the Federal Reserve bank. And how is that going to impact your investments? So let's break that down.

[A]

So you think the Fed chair is the most consequential decision he's made so far?

[B]

Because that is going to directly impact every single person. And the reason why it's so consequential is because the Federal Reserve bank, although they're called the Federal Reserve bank, they're not a bank because you and I can't go there to deposit money. They're not a reserve because they're not sitting on any cash reserves. And they're not federal, they're not a part of the United States government. And so over the last, since Trump entered the White House in 2025, President Trump has been very critical of the Federal Reserve Bank. You may have heard him say, we need lower interest rates. Too late. Powell is not cutting interest rates. Well, he couldn't do anything about it. Meaning President Trump, he couldn't tell Jerome Powell, who was the chairman of the Federal Reserve bank, the head of it, to lower interest rates. He can't tell them what to do. He couldn't even fire Jerome Powell because they are separate from the United States government. And the central bank has such a big influence, not just on our economy, but the global economy, because the dollar is the world's reserve currency. So when the Federal Reserve bank makes any decision, whether it's cutting or raising interest rates or money printing, the entire world watches and the entire global economy reacts to that, not just the United States. So now when President Trump has The ability to appoint a new chairman because Jerome Powell's term is expiring on May 15, 2026, which means because he's expiring, President Trump has the ability to appoint a new chairman. That's the only reason why. And so, because that time is happening today, President Trump gets to appoint a new chairman. And he has said time and time again, in 2025, he said, I'm going to appoint somebody who will do what I say. And what does President Trump want? He wants the lowest interest rates of any developed nation in the world. Number two, he does not want Federal Reserve bank independence. He wants the Federal Reserve bank to do what the White House wants. He wants the Federal Reserve bank to come into the White House and to be there for meetings on what decisions need to be made about the economy. The reason why that's so significant is because if President Trump wants more money printing, he wants more stimulus, he wants lower interest rates that could influence now the entire global economy. But there's a few nuances that really need to be made aware of. So in the early part of 2026, gold prices were booming, silver prices were booming. Because of exactly this, we did not know who President Trump was going to pick. And President Trump said again and again and again, I want somebody who is going to aggressively cut interest rates, who is going to aggressively print money, because President Trump says he wants a weaker dollar, which might sound weird, but the reason why he wants a weaker dollar is because a weaker dollar means a stronger stock market. It means foreign countries can buy more stuff in the United States. And so while it's not good if I'm trying to buy groceries, if I have a weaker dollar, it's good for the wealthy, the investors, because now my assets keep going up. And so President Trump says, I want a weaker dollar, I want more stimulus, and I want more cutting of interest rates, because that means asset prices are going to rise. So as we kept getting closer to President Trump announcing who he wants to lead the Federal Reserve bank, gold prices, silver prices were skyrocketing, Bitcoin prices were skyrocketing, because we don't know who he's going to pick. But if he picks somebody like he says that person who's going to lead the Federal Reserve bank is going to lead to a weaker dollar. It could lead to a dollar collapse, it could lead to more inflation, it could lead to all these problems. The hedge is clearly gold, maybe bitcoin, maybe silver. And then President Trump came out and he announced a guy by the name of Kevin Warsh. To lead the Federal Reserve bank and that many investors did not expect. The reason why I say that is because as soon as he was nominated by President Trump, gold prices fell, Bitcoin prices fell, silver prices fell. In fact, it was one of the worst days for bitcoin in years. It was one of the worst days for gold in the history of time. Why? Because Kevin Warsh, and again, we don't know what he's going to do yet. This is just based off of his previous experience. Kevin Warsh used to work at the Federal Reserve bank during the 2008 crash and during that time under Ben Bernanke, who was the chairman of the Fed. Kevin Warsh said, stop quantitative easing. It's going to destroy the dollar. Kevin Warsh said, stop cutting interest rates. We need higher interest rates to save the dollar. So when you look at that, if that person comes in with any of that type of mentality of I want a stronger dollar now, now you're going to say, wait, does he want to save the dollar? Because if he wants to save the dollar, maybe I don't need gold as much. Maybe I need more stocks or real estate or other assets, because maybe the dollar is going to be okay. Then Kevin Warsh addressed this whole idea of the Federal Reserve bank independence because the reason why. And we'll get into more of this in a little bit, but the reason why the Federal Reserve bank wants to be independent is because no president is going to want a recession on their hands. If I'm a president, I get to control economic policy. I'm going to say cut interest rates and print money because under my presidency, the economy is going to boom. The next president will deal with the inflation problem, but at least under my presidency, it's going to boom. That's why the Federal Reserve bank wants to be independent from the Federal Reserve Bank. So now when you get the news that this turn, Kevin Warsh is going to come in and he addresses this independency by saying, I want to maintain Fed independency, although we can get general advice from the White House. That was a very different tone from what President Trump said. Because President Trump said, I want the Fed to do what I say. I want them in my meetings and I want them to do as I tell them. Kevin Warsh said, maybe not.

[A]

Do you have a sense of why Trump went with warship?

[B]

I don't know. I really don't know. Because the funny part is, you know, Peter Schiff has talked about this too, that, hey, when President Trump elected Kevin Warsh do you not know that this guy's a hawk? Hawks are people that want higher interest rates. That's not what you've been saying. Maybe President Trump wants somebody that he can blame if he doesn't get the things he wants his way. Because remember, Jerome Powell was also appointed by President Trump during his first term in 2017. So President Trump picked him. 2017 and 2018, President Trump started criticizing Jerome Powell. Could there be something to do with it? Maybe. But what Kevin Warsh is saying up until now, and again, this is contingent upon what actually happens in May, is he says we can do two things simultaneously. We can do lower interest rates without causing inflation if we tighten the balance sheet. Tightening the balance sheet means removing money from our economy. So when the Federal Reserve bank says we want a looser balance sheet, it's fancy Wall street jargon for saying we want to print more money. When they say we want to tighten the balance sheet, it means we want to pull money out of the economy. So what Kevin Wash has set up until today is we want to pull money out of the economy, but we also want to cut interest rates. Because if we cut interest rates, getting a mortgage will be cheaper. People can buy more houses. Wall street institutions can refinance their debt at a lower interest rate, and they'll be able to borrow more money and inject it into the stock market. But if we also make the balance sheet lower, we pull money out of the economy, we should be able to manage inflation. We'll see how true that is.

[A]

What mechanism is he going to use to lower the balance sheet?

[B]

So let's start by understanding how you expand the balance sheet. And that way you can easily understand what it means to tighten the balance sheet. Because expanding the balance sheet, it's what started on December 1, 2025. So between 2020 to 2022, we went through quantitative easing. Quantitative easing is money printing. So the Federal Reserve bank in 2020, turned on the money printer and they started injecting money, trillions of dollars, into the economy to boost markets. Then in 2022, it became clear that inflation was not going away. So then they started what was called quantitative tightening. And if quantitative easing is injecting money into the markets, meaning buying assets, buying securities, more specifically giving lending money to the United States government, quantitative tightening is the opposite. It is selling these Treasuries. So let's back up and explain how's

[A]

it going to get. So I definitely understand that mechanism. I think most of my audience will as well. But how's he going to make sure. That there's an appetite for the Treasuries. Like if you're trying to sell into the market, typically you would raise interest rates. So people are like, hey, risk free rate of returns going up. Yep, I'll take some of that. So has he signaled how exactly he plans to both lower the interest rate and create demand for what he wants to sell into the market?

[B]

That's the problem that we have right now is the demand for United States Treasuries is already falling. Yeah. That's why in 2026, the Federal Reserve bank has begun buying more United States Treasuries because we're losing those buyers. And now with everything going on in Japan, we might have even less United States buyers. So. So that's going to be a dramatically.

[A]

So Warsh hasn't signaled anything about how he actually plans to do that. He's just said, yeah, you can. Like, if we can lower the interest rates and get people to buy, cool, all good. But he's not dumb. Like I've seen him. He is very shrewd on the economy. So either he has a plan that he's not indicating or, and by the way, I can't imagine what that is. Doesn't mean it's not there. Or he is. Trump is getting a one, two punch of Besant saying, you don't understand. You've got to get this guy. He's the most. He's not going to be political, so he's not going to be like Powell. But at the same time, he understands that this is a very dynamic situation. And to both protect the overall economy and the dollar, he's going to have to walk a fine line. And so there may be times where he tightens and you don't want him to, but trust that he's going to have the whole economy in mind. I can't see anything other than him getting the wash saying, listen, I'm going to be reasonable. I understand what you're trying to get to. I want that as well. And then Bessant saying, Trump, you can't always have the thing that you want. Right now in this moment, we have to protect the overall thing. Can you imagine, like, even if it's a thought exercise, like what else he might be saying?

[B]

I think there's two things. Number one, people talk. Actions speak very differently than what people do. So let's see what he actually does.

[A]

If Trump actually nominated him. So you think that there's the behind the scenes, he's like, listen, bro, I'm in a lower rates don't worry about it.

[B]

There's a very high possibility. But I think the second part of that is economic policy, because President Trump has been very involved with foreign countries and foreign investors to get them to invest money in the United States. So maybe there is some idea that President Trump is going to be working with these countries, investors around the world to get them to invest money into Treasuries. Maybe there are some ideas, or we can call them games that will be played there, because we've already seen a number of other ideas, slash games that are being played by the United States government to boost assets in other places. Let's start with crypto. In 2025, the United States government launched a new executive order relating to crypto, which is, when we now seize Bitcoin, we're no longer going to sell it. We're going to start holding this bitcoin. The idea being that, number one, if we hold this bitcoin instead of selling it, we as the United States can increase the number of assets that we have so we can borrow more money. And number two, if we own more of these bitcoin assets, we might be able to revalue this bitcoin at some point in the future, which will allow us to borrow more money. Now you might say, well, what does revaluing bitcoin mean? Let me explain that with gold. Because the second thing that we're seeing that could happen is the revaluation of gold. In 2025, the Federal Reserve bank announced that they are considering revaluing our gold reserves in the United States. What that means is right now, it is reported, not confirmed, but reported, that we own around 261 million ounces of gold. This gold is valued at around $42 per ounce, which means on our assets, our balance sheet, we own approximately 11 or so billion dollars worth of gold. As the United States government, well, when gold is at 3, 4, $5,000 an ounce, there's a big delta between what our gold is currently valued at and what is actually valued at. So now we have the Federal Reserve bank saying, what if we revalue our gold instead of $42 an ounce at 3,000 or $3,300 an ounce. Now, all of a sudden, we can increase the amount of assets that we own on our balance sheet by over $800 billion without actually buying another penny of gold, just by changing our accounting, which allows us now to borrow more money and show other investors, hey, our collateral is worth more. Because the whole idea of people not investing money into the United States, not Lending money, not buying Treasuries is because people are concerned about the United States dollar's ability to pay it back. Well, if we can show, hey, we are actually much wealthier than you might think. We own way more assets than you might think. And because we own all these more assets, you're getting a bargain rate. And that can then incentivize more people to lend money or invest money in the United States because now all of a sudden it's a much more credit worthy investment. And that's going to be part of the economic policy that we need to show that we have more assets in order to justify more people to invest money here.

[A]

Interesting. Okay, so an international play. Warsh is a part of that. He has a good reputation, he's somebody that people trust. And so there's, and I'm putting words in your mouth, but this at least makes sense to me that in some ways we're using, we being, I think this is a play largely a Besant. I again could be making that up. But if I'm looking from the outside in, I'm going, all right, Besant communicating to the world. Listen, I understand how you guys perceive Trump. He's radical, he's erratic, we've got war, steady hand Hawk, he gets it. He's going to be far more communicative with the government. We're going to be working in lockstep to grow the economy. And so he's going to make sure that we don't get eaten alive by our debt. He's going to make sure that he's deft with the value of the dollar. I'll leave that vague. And we're going to structure some interesting deals where as you guys invest, some of that we're going to put into Treasuries to make sure that we have global appetite. So instead of the treasury having to buy it, you guys making all these investments for chip manufacturing, whatever we give you breaks, tax incentives, yada yada, you funnel some of that money into the treasury and then I know they have big plans for crypto in terms of forcing them to back things one to one with us Treasuries. So you open up that appetite and voila, we've got a steady hand in the Fed who's playing ball, but is not reckless with the dollar or the interest rates. And now we look better to an international investor who feels, okay, cool, I don't need to hedge everything in gold. You guys are making sense.

[B]

Yeah, that's very interesting.

[A]

I had not extrapolated that far. We'll see. Obviously, any of that could break down. There's a lot of assumptions, and as you said, paying attention to what they do versus what they say is very wise. But there's internal logic to what you're saying. Okay, I want to put another thing on the table when it comes to the the central banks buying up gold. I think that China is unquestionably trying to march towards backing the yuan with gold. Now, this is maybe giving Xi way too much credit, but I think what he's doing is going, okay, listen, I understand. My international reputation is that I'm a dictator, which I am, and so at any time I could seize your assets. So what I'm going to do is build the gold corridor. I'm going to partner with some country as yet to be named that will hold the gold. And we're going to say, listen, IG do not control the gold. So at any time, if you guys want to reclaim your gold, you can. I can't pull a Nixon because I'm not the one holding the gold. I can't break my tether to gold. And now the yuan, which he literally just made the call. He didn't mention gold, but he did make a call for the world to start using the yuan as the world's reserve currency. And so you put those together with them being, I think, the largest buyer of gold at the central bank level, and it's like, okay, I get it. This is rising China declining US. Xi making a play to be the world's reserve currency to replace the U.S. but he understands the reality that he's got to prove to people that he's a safe place for capital. You didn't mention that in the breakdown. Other than that China is one of the people buying. Do you feel that that's a part of this? A small part, a big part?

[B]

No, it's a big part, but it goes beyond just gold. The United States and China are fighting very close to a war, but it's not with tanks and guns. It's with the economy. And the reason why is exactly what you're saying. Right now, the United States economy is significantly larger than China's economy, but the Chinese economy is growing faster than the United States economy. And so now we have a lot of reports saying that we're not too far away if this continues, that the Chinese economy is going to be larger than the United States economy, which poses a threat not just to our economy, but now to the United States dollar and reserve status of our currency. And that would have a huge colossal Effect not just on the dollar, but our entire economy here, because our entire economy is, is supported through money printing and stimulus because the government is spending trillions of dollars every year and our economy is addicted to the government's money printing. But the only reason why we can do that is because people have faith in the dollar. And the reason why they have faith in the dollar is because of the reserve status. So now we have China that's saying, hmm, let's strengthen our currency. How? Let's keep buying gold. Let's keep trying to grow our economy. Now China's economy is facing issues, but their economy has been growing faster than the United States economy. And now you have to wonder, well, what is going to happen next? And now we, we can see what's happening in economic policy, which is, what's the real reason behind tariffs? Because you might say, what do you mean? It's degenerative terror revenue. No, it's not. Because why is it that not every country is tariffed equally? Not just that, why is it that tariffs are being used to get people to not do business with specific countries? So when we start to look at what's happening with China and Russia, we'll focus on China. A big reason why the United States government is putting tariffs on China rather than just generating tariff revenue is to get US Businesses out of China as a way to hurt China. Why is it that the United States government went into Venezuela and captured the president of Venezuela? Because China was one of the, not one of, was the biggest buyer of Venezuelan oil. We want to weaken China's ability to get that oil, to be able to get access into Latin America. But by getting US Businesses out of China, that hurts their economy, makes them grow slower. Because if they continue growing, if their currency continues growing while the United States and the United States dollar is not, that puts us in a very tough situation. Because if we ever lose our status as the world's reserve currency, we're going to go through a very deep recession. That will make the 2008 crisis feel almost like a walk in the park. Because it won't just be a recession, it'll also be a dollar crisis. And that's something that we really, we've never seen. And that's the type of problem that now we want to start being proactive to think about. How do we protect ourselves from that?

[A]

We're hitting pause for a moment, but there's plenty more ahead, so don't go anywhere right now. Get up to 20% off select online storage solutions. Put heavy duty HDX totes to good use, protecting what's important to you. The solid impact resistant design prevents cracking and the clear base and sides make items easy to find even when the totes are stacked. Find select online shelving and tote storage up to 20% off at the Home Depot. To organize every room in your home from your garage to your attic, visit homedepot.com how doers get more done. Thanks for sticking around. Let's get right back into the action. Yeah. So for me there are two things that are going to really play out over the next 10 years. You've got USV China, you've got AI. I'll set aside the AI thing for a minute because what we're about to talk about, I think AI could invalidate, but I want to explore it as a thought exercise. Okay, so as the US and China are doing battle economically, how do you see this playing out? So Trump is claiming that we've got all these investments flooding into the us trillions and trillions of dollars. It's all going to start manifesting, we're deregulating. That's going to unlock all this growth. And China has its own sort of 2008, maybe on steroids crisis with what happened to their housing market demographic question marks. Depending on if you're in the Peter Zion camp or the Peter Zion is a moron camp, there's a lot of battle there in terms of what their economic outlook looks like going forward. Do you see the US doing things what I'll call pressing their late stage advantage? So Trump is being ultra aggressive, trying to hurt China, showing the world we have the most powerful military playing the hand of being the world's reserve currency to continue to print money and do things. We're printing $40 billion a month right now. So we're still playing that age old game. Is that going to make us stronger or is that going to weaken us in the face of a China that's being more conciliatory, reaching out to the world, trying to establish its dominance in its own hemisphere, which it does not look like the US is going to offer a serious challenge, maybe via Japan. But how do you see that playing out?

[B]

Well, money printing never makes you stronger, it makes you weaker. But what I think is going to happen, I think the more important thing that the average person needs to understand is that it's going to create new opportunities to put your money.

[A]

Investment opportunities.

[B]

Investment opportunities.

[A]

Walk me through that. Because this feels like I look at the economy and it's skittish because it doesn't even understand the world order anymore.

[B]

Yeah. So every financially savvy investor wants to invest where the money is moving, not where it was. So anytime you see money move, that can create opportunity. The biggest spender in our economy, it's not you or me or Amazon or Nvidia. It's the United States government because they're spending our tax dollars and then some, with all the borrowing and money printing that they're spending. So now when you hear the news that the United States is trying to distance themselves from China, that changes a lot of things in our economy because we've been so heavily reliant on China. I'll give you one specific example. We start putting tariffs on China. China then responds, obviously with tariffs. And then they say something about rare earth minerals. We say, no more rare earth minerals for you. And prior to the year 2025, the average person has no idea what the heck a rare earth mineral was. True. But what are these rare earth minerals? It's a group of these metals that we use in pretty much everything. We use them in our electronics, we use them in defense. We use them in pretty much every part of our economy. And the reason why we never thought about them is because China is the world's leading refiner and producer of these rare earth minerals. They're not the only one that can mine them, but they're the ones that are actually refining them. And so for forever, essentially, we've been getting these rare earths from China, and we in the United States don't have any supply chain for these rare earths, but we need them. We need them to produce iPhones. We need them for a lot of our economy. And so when China says, no more rare earths for you, now all of a sudden the US Says, oh, crap, how are we going to operate if we don't have access to these rare earths? And this is where now we start to see shifting in money and opportunities. Because now what's happening is we have the United States government trying to combat this by building new rare earth supply chains, passing new government policies, investing money, tax dollars into private companies, into private stocks, which is not a normal thing to do.

[A]

Do you love or hate that?

[B]

Well, I don't like it. Yeah, I mean, well, let me. Let me put it this way. It makes me money, but I hate the idea of it because it screws over the average person. And that's why my goal is to say, here's what's happening. Learn how to use it. But they're investing money into private companies that are trading on the stock market. And they're trying to now build this whole new system, the supply chain for rare earths, which has never happened before. Why does that matter? Because the investors that understand these types of things, these shifts, we call them, that creates opportunity. And the people that understand that now are seeing the ability to grow their investments in ways that were never possible before because there's so many shifts happening, and that's where there are so many opportunities. Now, here's where it gets tricky. There's a difference between investing based off of what's on the news and investing based off of research. So this is what my firm specializes in. It's the research side, because there's a lot of things that happen on the news and a lot of emotion that happens on the news. You'll hear the news about the United States buying shares of a stock, you'll hear about these rare earth stocks benefiting. But by the time it's on the news, a lot of the real money has been made. Now, when it comes to research, and anybody can do this, you just have to know where and how to research. This is now where you're digging one layer deeper to understand what is the United States government doing? What are Wall street institutions doing? Where are they putting their money? That way you can identify where is money moving before it hits the headlines. Now, this takes more legwork and more time.

[A]

So. But talk to me about what you guys are looking at and seeing. So what I think I'm hearing you say is decoupling from China is long term. Don't know. I don't know how it's going to play out. But I do know it's causing money to move. And what it's doing is it's pulling money into the US Economy so that we can start refining and handling our own supply chain for rare earths. And if you understand what rare earths are going to win, then there's a huge investable opportunity.

[B]

Absolutely. And that's just one shift. So you said, what are we doing? Let me give a clear example of what a shift is, and I'll kind of show you how we do that research so you can kind of see the progression. When the pandemic hit, what did many Americans do? Well, they got locked in their houses and people started buying cats and dogs. When people start buying cats and dogs, why does that matter for an investor? Because when people have more cats and dogs, they need more veterinary care, they need more pet toys, they need more pet food. This is a shift because now as more and More money goes into this animal pet industry. Those companies, those stocks can benefit. That is a shift of spending money. So now if you can identify where money is moving, that can create an investment opportunity, not trading, but an investment opportunity. Because now you can identify where money is starting to go towards. So we're talking about rare earths. Well, when this whole rare earth thing was happening, this was very strange because the entire rare earth industry was essentially non existent in the United States because there was no need for it. It wasn't profitable because you could just buy it for China for a fraction of the price. And so now all of a sudden, when China says no more rare earths for you, the United States government now starts passing executive orders putting many billions of dollars into this industry. And most people have no idea what is happening. So what we started doing, my analysts were, number one, started to research, well what's happening. And then we were invited into a congressional summit where there was a announcement of what the White House is going to do with critical minerals and how they're planning on building the infrastructure and different things that they want to do. So my analysts were there and we identified, okay, based off of what the government's doing, these companies, these stocks we believe could benefit. And so we publish reports on that. And, and that was one of our top reports in 2025 because, well, we can see there are certain stocks that are primed to benefit from the United States government shifting money into this rare earth supply chain. And if you know that the government is paving the way for this industry, the leading companies that really haven't seen any stock movement in the last number of years, they have no way to go but up because there's so much money going into this and it is essential for our economy. So that's one type of shift that we were identifying. Another one, when the tariffs were happening in, you know, the early part of 2025, we knew in our firm, now all of a sudden the global supply chain is going to change. So where do we now invest our money? Where do we identify where money is moving? And what we saw was Wall street investment firms on Wall Street. So, you know, the blackrocks, the big institutions, started shifting where they were investing their money because they were now looking for ways to own pieces of the global supply chain through areas around the Panama Canal. And so we were starting to see them quietly put money into these new companies, these new shipping companies, these new supply chain industries where it wasn't on the news. And so we started, because they have to report this information and so we were reading their filings identifying this and now we published that research that, hey, we're seeing more and more of these institutions put a lot of money quietly into these new supply chains. Because now that we're seeing companies buy not from China, but from other countries and to ship it in a different route, that can create an investment opportunity. So that's the type of research that we're doing and we publish in our market briefs pro reports, because it's all about now understanding where's the money moving. Again, I'm not trying to trade because that to me is gambling, but as

[A]

an investor, gambling, it's all gambling volatility. Short term, but yeah, I think even the long term stuff is gambling. You're just saying, listen, I have reason to believe that five years, 10 years, whatever from now this is going to be worth more still a gamble, whatever. I don't want to get sidetracked on that. But what I do want to understand is, okay, I think it sounds like we're agreeing that the old world order is breaking apart. I think Trump is a symptom, not a cause, but he is certainly a catalyst in terms of making it maybe happen a little bit faster than it otherwise would have happened. If we agree on that and we agree on a rising China, what are going to be the big moves? And I suppose now we have to put AI on the table.

[B]

Table.

[A]

What are going to be the big moves in, like the, the shifts. The big shifts, to use your word, in the next five years.

[B]

So the way I like to explain it is in the form of an onion. Let's talk about AI because it's probably the easiest to understand. Because when we think about investing in AI, what the average person thinks about is I want to invest in ChatGPT, Claude, Gemini, or maybe Nvidia.

[A]

I really hope that's not true, but you're probably right.

[B]

But that, that's, I think the average person thinks AI and that's what they think. Yes, but now that's the outer layer of the onion. That's what everybody knows. And as an investor now you want to be thinking 2, 3, 4, 5 layers deeper in this onion. Because now when we think about, okay, what does AI actually mean? AI is this idea of new technologies, more data, more stuff that's going to be stored in the cloud. Okay, so now we can start to peel back this onion. So what do we need in order for AI to happen? Well, we need more semiconductors. So as we start to think about AI, we know that semiconductors are A necessary part of AI, and that now becomes the second layer of the onion. You can think about is, okay, if AI grows, semiconductors could also benefit. And then you start to research that a little bit more. You see that the government is investing directly into semiconductor companies. They're passing executive orders into semiconductors. So maybe this layer of the onion is already kind of exposed. It's already been on the news. So now we can start to dig a little bit deeper. Now we think, okay, so semiconductors, yes, but what else does AI actually need? Whether or not ChatGPT wins or Claude wins, we need data centers. Data centers are a requirement for AI to work because anytime you go and you enter a prompt, that information is going to be stored somewhere.

[A]

What do you think, though? So on this specifically, when I hear this kind of thing, I'm like, the reason I was nervous that your description of how people think about AI is troubling is because if you're not betting on the sector and you think you're picking a winning horse, you're putting yourself in a weak position. That's my stance. My sense also when I hear this is, well, what about. There's like a whole hypothesis now about on premises. So you've got what's going on with OpenClaw, I think that was the name they finally went with, where what they're doing is trying to answer the call of like, okay, listen, I know there's a lot of companies, you're terrified of people accessing your private data, so you want to run this on your own computer. You don't want to have to be beholden to somebody else's API call. So what if we did all of this on a local machine that you control? And now I don't know that that is going to come to fruition. But when you start thinking about a Disney or whatever who's currently suing Cdance and saying, okay, hold on a sec, you guys trained on our data. Now, they're denying it, but nonetheless, you can understand why they would want to control their own IP in house. Train an AI that they control in house, that other people can only access if it's a part of their model. And so I have a feeling, whether it's creating a spreadsheet or it's creating an engine to make something look like Disney, people are going to want to go on prem. So as you watch these shifts happen, how do you guys not get overextended in making a, like, really specific bet? Or are you saying, bro, this is where I've gone, like, this is, we're now a deep research firm. What we do is place individual bets.

[B]

It's a little bit of both. So let's, let's go back and understand what does an investment portfolio look like? Because if you just invest all of your money into one industry, AI, it's less of kind of you really now dialing it into one specific play. And that's not the game that we're playing. We have a number of investments that

[A]

we make and all based on where

[B]

shifts are happening, based off of shifts are happening. But also we want to hedge our own bets as well. So the traditional investment was something like the 6040 portfolio. 6040 portfolio, 60% stocks, 40% bonds. But the reason why this doesn't work for the average person anymore is because, number one, bonds have performed so bad and stocks have become extremely volatile and many people don't know where to invest money in stocks. Not to mention that now because of inflation, that same 10% return in the S&P 500 is leading to more and more people not having enough money to be able to retire. That's why the United States is facing a retirement crisis. So now how do we build a new modern day portfolio that has stocks and bonds, but not in the same way as before? So what we do is in our stock side, we don't do 60, 40. We're more closer to that 80, 20, but on the 80 side.

[A]

80 stocks.

[B]

80 stocks. On the stock side we are analyzing different types of shifts and we have five proprietary shifts that we are constantly studying. Wall street shifts, which is when a Wall street institution, like the tariffs, they're shifting where they invest their money. Main street shifts when people and businesses spend their money differently, like people are buying cats and dogs. We have innovation shifts where we're studying ip, we're studying new patents, we're studying where new types of technology is shifting. A broad market shift when there is a recession or interest rate cut or rising doesn't have to be in the United States. It could be anywhere in the world. Like in 2025, in the early part of, in January 2025, investing in European banks was almost uninvestable because the European unstability that was happening in the early part of 2025. What we discovered is we have these companies or these countries that are now stimulating banks, they're printing money, stimulating banks, but their stock price hasn't seen any growth yet. Well, if they're getting all this money from the government and they're paving the way for these banks to grow certain of These bank stocks could benefit. So we were investing in those European bank stocks. Then come 12 months later, turns out that banks, European banks, not only had a good year, it was their best year on record. So that is identifying now a broad market shift and then finally is a government shift when there's new economic policy, new legislation, new government moves that also moves money. So we're identifying that. But then even on the bonds side, there are many ways to invest in bonds without getting the crappy returns you're getting in the United States. Because you can invest in foreign countries around the world that also borrow money that are backed by the United States and the United States dollar, where there are many allies to the United States, where we have essentially supported their economies, we've pumped money into many countries around the world. And so now you're investing in these foreign countries, bonds getting significantly higher rates of returns and they're essentially backed by the United States government. So there are many ways now to structure your portfolio. Again, I don't recommend what I do to anybody else. But the idea is now if you can get slightly better returns compounded over time, it can lead to significantly more wealth. Because for the average person, the way that you invest your money goes down. A few different options. Number one is the hope and pray investor, which is Jasprita. I have a 401k and I have a house. I should be good, right? Well, that worked in previous generations, but today what people are realizing is, oh, my house is not going to put food on the table, it's not going to give me an income. And if my house goes up in value, I have higher property taxes and I have higher insurance. Not that it's bad to own a house, but if you actually want to make money on the house, you have to either sell it or do a cash out refinance. But then you have to pay that back plus interest and you have to

[A]

sell it and downsize or go to a different market.

[B]

With the 401ks. The founder of the 401k has said that the 401k was never meant to be the sole, your sole retirement plan. And unfortunately we are in the United States today are facing the biggest retirement crisis in the history of time because we have so many people that are retiring based off of their 401k and Social Security and their house, hoping it's going to be enough. Unfortunately for most people that's not going to be enough statistically because the 401k

[A]

didn't grow enough because it was a 6040 portfolio. And the bonds tanked like what bonds didn't grow?

[B]

And then high FEES. The average 401k in 2025 with under $1 million in assets at a 1.26% fee. Yo, which is doesn't sound like a lot, but that can eat up a huge chunk of a portfolio because it compounds over time considering the fact that most 401ks did not even see a 8% annual return while the market did 10% a year. And that's before fees.

[A]

Right.

[B]

So now when you look at that, the average person is going into their 401k just buying a fund and not realizing that a lot of these funds are underperforming because we don't have any knowledge on how to do that. And now we have another problem, which is a newer problem which I was reading an article about this very recently is one of the growing, fastest growing economic demographics that are facing the biggest threat right now are single women. Because we're seeing this larger growing demographic of women that went through life thinking my husband managed the money he invested for me. I never really invested before and now for whatever reason, he's no longer in the picture, passed away, divorce, whatever it is. And now I have no idea how to invest. And so this is the hope and pray investor that are now, as they get older, realizing oh no, I don't have enough assets to be able to retire. Then it is I go to a financial advisor. It's not a bad option. It's a great option for many people, but it comes with a fee. Then the next option is I can just invest my money into the markets the 10% return by putting into the S&P 500. But because of inflation, that 10% return doesn't yield the same type of lifestyle that maybe it did 20 or 30 years ago. Because if you invest $500 a month for 30 years, get a 10% return, you're going to retire with a little bit under a million bucks. Well, nowadays you need closer to a million and a half to be able to retire comfortably for the average person. So that creates now a problem where I need something more. Now unfortunately, many people get caught into desperation and desperation generally does not lead to good financial decisions. And so now we look for what is a way that I can make more money quickly. So we get into the Kalshi Poly market.

[A]

Let's go hear about Pokemon cards. 16 million for one card. Jaspreet. Let's go.

[B]

This is what I call phase three of the investment cycle where people

[A]

the

[B]

ultra toxic phase, Phase one Is I want to own the asset because I love the asset. I want to buy houses because I believe in the value of the house. I want to buy stocks because I believe in the value of the stock. I want to buy Bitcoin because I believe in what Bitcoin is.

[A]

Right. Got a thesis.

[B]

Phase two is this underlying asset is great. I want more of it. So now I leverage my way to buy more. I want to buy more houses with more debt. I want to buy more stocks with more debt. I want to buy more Bitcoin with more debt. And maybe there are new ETFs, whatever, more derivatives to buy more stuff. It gets fun. We saw this happen time and time again throughout our history. Because while history doesn't exactly repeat itself, it does rhyme. You can look at the 2008 crash, the 2000.com bubble bursting. We've seen this happen again and again and again. Phase three is I don't really care about the asset. I just want to get rich. And so during the dot com, what

[A]

takes us from one to the next?

[B]

Greed.

[A]

That's it. Pure and simple.

[B]

Greed and access. Greed is always there. Greed is a underlying authority. But when, when people in phase one start to see asset values rise and they start to make money. Now the question is, how can I make even more money? Because real estate prices keep going up, stock prices keep booming, whatever. Gold prices keep booming. I want to own more of this asset. If I just own more, I'd get richer. I just don't have more money. How about I use more debt, more leverage, more derivatives. So that's when the phase two derivatives come out. And then phase three is I don't care about the asset. I just want to get exposure to whatever is going to make me rich. So in the 2000.com bubble, this was the growth of momentum day trading because remember this is when all these new online brokerages started coming out. And all of a sudden people can now start buying whatever stock that they want and just own it for a small period of time. That way I can make a lot of money quickly. During the 2008 crash, it wasn't about the people that were buying the real estate. This is all the people that are trading the mortgage backed securities that are trading the derivatives of the mortgage backed securities that are trading the derivatives of the derivatives. The synthetic CDOs, a synthetic mortgage backed securities. And so now it's, I don't even know what I'm buying. I'm just buying this thing because it's going to make me a Lot of money today. Kalshi, why would you, if you think bitcoin is going to go up to $100,000 or $150,000 instead of buying the Bitcoin, you can make 10 to 100 times more money by just buying some call sheet contracts. And so that's what we have is it's not even bitcoin. Forget that, let's talk about stocks. Why would you invest in stocks? And I can just bet on if the stock market's going to open higher or lower tomorrow. Now that's kind of a weird concept because to me as a guy thinking about investing money, you're telling me that people are just betting their money in the stock market instead of investing in the stock market. That's kind of weird. And we, that has never ended well ever in the history of time. We can go back to Tulipomania when people were buying derivatives of the tulip bubble which created the first financial crisis in the history of time. Financial bubble and burst. And that's what we're seeing happen today. How long will it last? I don't know. But all I know is you said

[A]

that it's greed that drives that. I would say yes, greed is fundamental to the human condition. So for sure that's the there. But I don't think this happens without the K shaped economy that we're in where if people could make ends meet and they could retire when they wanted to retire by a set and forget strategy that they put in place when they were 35 or 40 years old, I don't think you'd be seeing this. I think you see this when you get a combination of Instagram telling you that everybody's life is better than yours and you can't make ends meet because the cost of everything is going up and your wages are not.

[B]

So there's one more part to that. It's how much you're bombarded with thinking that this is normal. So you probably know I run a newsletter called Market Briefs where we break down what's happening in the markets. Well, we have advertisements in our newsletter and do you want to know in the last, let's call it nine months which industry has come to us more than any other industry with huge sums of dollars saying, hey, can we advertise this in your Market Briefs newsletter? It is this poly market industry, of course, and I haven't, I don't even knew what that was when I first started getting these, these ads and I remember someone was telling me that it's, it's a betting industry. And I was like, oh, yeah, no, clearly not right? But then they started to change their advertising pitches saying, hey, we're not betting. It's a type of investment. How about you promote this? And so now again, I don't, I'm not in that industry. So I'm like, okay, present it to me. And I'm looking at it and I'm like, wait, so people are buying these contracts because they think the markets are going to go up. Do they actually own any stocks? No, no, no, they don't actually own any asset. It's just a futures contract or something like that. And I was like, no, keep that out of our newsletter. And then they start coming back with bigger dollar amounts, bigger contracts, more unique packages. And I'm like, holy crap, that's can't be good. Because they're catering to the young crowd. They're catering to people that want to make money quickly. They're catering to the people that need to make money quickly. And they're presenting it in a way as if it is a type of investment that can't end well.

[A]

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