Competent Man Podcast

In a podcast discussion following the FOMC meeting on November 10th, Michael Pento, President and Founder of Pento Portfolio Strategies, shared his views on the Federal Reserve's decisions and the broader economic landscape. Pento criticized the Fed's move to cut rates by 25 basis points and initiate $40 billion in U.S. Treasury purchases, arguing that these actions are unjustified given the current economic conditions, which include record-high asset bubbles and a prolonged miss of the inflation target. He characterized the Fed's actions as "monetary malfeasance" and expressed concern about the long-term impacts on the middle class, who have been struggling with affordability issues for years. Pento highlighted the dangers of the Fed's interventions, which he believes have exacerbated wealth disparities and created an unsustainable economic environment. He warned that the current economic setup, characterized by excessive debt and asset bubbles, could lead to a catastrophic event rather than a minor economic tremor. Pento also discussed the potential for a liquidity crunch, which could cause a significant market correction, and the possibility of a deflationary event or a credit crisis. Regarding Bitcoin and other cryptocurrencies, Pento expressed skepticism about their long-term value, viewing them as speculative assets with limited utility. However, he acknowledged that liquidity from the Fed's actions could support short-term price increases in cryptocurrencies. Pento also touched on the global trend of central banks accumulating gold reserves, viewing it as a sign of diminishing confidence in the U.S. dollar as the world's reserve currency. Pento's inflation-deflation economic cycle model indicated stress in liquidity markets, leading him to reduce his equity exposure. He emphasized the importance of being cautious and prepared for potential market disruptions, suggesting that investors should consider holding a core position in physical gold and be ready to adjust their portfolios based on economic conditions. He also warned about the risks of a chaotic bond market and the potential for a significant economic event in the near future.

Tom Bodrovics interviews Jesse Felder, the founder, editor, and publisher of The Felder Report, to discuss the current market dynamics and investment strategies. Felder highlights the unusual correlation between stocks and gold, noting that while they typically move inversely, they have been moving together recently. This is attributed to a transitional period where the market is shifting from favoring financial assets to favoring real assets like gold and commodities. Felder suggests that gold's performance indicates a potential struggle for financial assets in the future. The discussion also covers the potential impact of a market correction, comparing it to the dot-com crash. Felder argues that a significant correction could have a more profound negative wealth effect due to the larger size of the equity market relative to the economy. He also warns about the risks of a corporate earnings bubble, driven by massive deficit spending, which could lead to a prolonged period of stagnant earnings growth. Felder expresses concerns about the AI bubble, noting that the massive investment in AI technologies and data centers could lead to oversupply and underperformance. He believes that the energy sector, particularly oil and gas exploration and production, could be a good counterbalance to the tech-heavy market, as it is relatively uncorrelated with the broader market and has been starved of capital for years. The conversation also touches on the challenges faced by the Federal Reserve in managing inflation and supporting the economy. Felder argues that the Fed's focus on wealth effects and low-interest rates has created risks, and that a future recession could lead to a fiscal debt crisis. He also discusses the potential impact of a Trump-led Fed, suggesting that it could lead to a replay of the 1970s stagflation. Felder shares his investment approach, which involves looking at insider activity and using ETFs for diversification. He believes that insider selling has been a strong indicator of economic weakness and that investors should consider increasing their exposure to real assets to protect against potential market downturns.

During the podcast, host Tom Bodrovics interviews Martin Armstrong, CEO and Chairman of Armstrong Economics Ltd., to discuss the geopolitical and economic landscape, with a focus on the Ukraine conflict and broader global dynamics. Armstrong argues that the mainstream narrative around Ukraine is misleading, driven by propaganda rather than facts. He suggests that the West, particularly NATO, has been using Ukraine as a pawn to weaken Russia, a strategy reminiscent of Cold War tactics. Armstrong criticizes the portrayal of Russia as an aggressor, asserting that Russia has no interest in invading Europe and that the current conflict is more about weakening Russia than about Ukraine itself. He also highlights the internal political struggles within Russia, including the attempted coup against Yeltsin and the rise of Putin, who has been a target of Western neoconservative elements. Armstrong discusses the potential for a peace deal, emphasizing that the real enemy is the EU, not Russia, and that the EU's economic instability is a significant factor in the ongoing conflict. He also touches on the broader geopolitical implications, including the potential for increased civil unrest and international war, which he correlates with economic decline. Armstrong also addresses the role of the Federal Reserve, arguing that its original design was brilliant but has been corrupted over time, leading to policies that stimulate government spending rather than the domestic economy. He predicts more volatility, rising civil unrest, and increasing authoritarianism in the near future. Armstrong also discusses the implications of the tariffs imposed by the Trump administration, suggesting that they may be unconstitutional and could damage Trump's credibility if found so by the Supreme Court. The conversation also touches on the potential for conflict in Venezuela, which Armstrong sees as more about energy reserves than drugs, and the broader geopolitical tactics at play.

During a podcast with Tom Bodrovics, Aaron Day, a prominent entrepreneur and advocate for financial freedom, discussed the implications of stablecoins and central bank digital currencies (CBDCs) on the U.S. financial system. Day argues that the recent legislative actions, such as the Stablecoin Transparency Act, are paving the way for increased financial surveillance and control, effectively creating a "backdoor CBDC." He explains that while stablecoins like Tether and USDC were initially popular for their efficiency in cross-border transactions, the new regulations force these stablecoins to be backed by U.S. treasuries, thereby increasing the government's control over digital transactions. Day also highlights the broader implications of technocracy, a movement that aims to replace democratic decision-making with technocratic control. He cites examples of influential figures like Elon Musk and Peter Thiel, who are pushing for a system where scientists and engineers make decisions for the public. This technocratic agenda includes the use of energy credits as a form of currency and the implementation of AI-driven systems to manage resources and control behavior. Day warns that this shift towards technocracy is happening rapidly and with little resistance, leading to a potential loss of individual freedoms. The conversation also touches on the evolution of Bitcoin, which Day argues has been hijacked by nefarious actors to serve as a tool for central control rather than a decentralized currency. He discusses the role of figures like Jeffrey Epstein in funding Bitcoin developers and the subsequent manipulation of the currency's development to serve centralized interests. Day emphasizes the importance of understanding the true history of Bitcoin and the ongoing efforts to control and surveil digital transactions. Day concludes by advocating for individual empowerment and the creation of parallel systems that operate outside of the current technocratic framework. He encourages listeners to opt out of centralized systems, invest in their own education and skills, and build alternative healthcare and financial marketplaces. Ultimately, Day's message is one of hope and agency, urging individuals to take control of their lives and resist the encroachment of technocratic control.

Kevin Wadsworth and Patrick Karim from NorthStarBadCharts.com discussed the concept of a capital rotation event, a significant shift in capital movement between stock markets and precious metals, particularly gold. This event is characterized by a cyclical pattern where capital moves from risk-on assets like stocks to risk-off assets like precious metals during economic downturns. The hosts emphasized the importance of using a "weight of evidence" approach, considering multiple charts and indicators rather than relying on a single piece of data. They highlighted that gold's recent outperformance against various metrics, including the US dollar and money supply, suggests a significant capital rotation event may be underway. The discussion delved into historical examples, such as the 1970s and early 2000s, where stock markets experienced major downturns while precious metals surged. They compared current market conditions to these historical periods, noting similarities in the behavior of gold and silver versus the stock market. Patrick Karim presented a detailed chart analysis, showing how the Dow Jones Industrial Average has historically underperformed silver, indicating potential future movements. The hosts also addressed the role of Bitcoin in this context, noting that it has not correlated with gold and silver as expected. They advised listeners to be cautious about holding Bitcoin during a capital rotation event, as it may not provide the same safe-haven benefits as precious metals. Instead, they suggested focusing on precious metals and associated miners, which are currently outperforming. Kevin Wadsworth and Patrick Karim provided practical advice for investors, emphasizing the importance of identifying downside support levels and understanding one's investment strategy—whether as a trader, investor, or stacker. They also discussed the potential for corrections in gold and silver, suggesting that these corrections could present new entry points for investors. The conversation concluded with a reminder that opportunities in the market are cyclical, and patience is key to successful investing.

Tom Bodrovics interviews Gary Savage, a retired entrepreneur, investor, and president of Smart Money Tracker Premium, to discuss the current state of the markets, with a particular focus on gold, silver, and crypto. Savage believes that Bitcoin has completed the top of its four-year cycle and is now in a declining phase, which could last about a year. In contrast, gold is still in the advancing phase of its eight-year cycle and is expected to enter a parabolic bubble phase. Savage argues that the bull market for gold started in 1999 or 2001 and is now in its second phase, with the potential for significant gains in the next one and a half to two years. He suggests looking at the gold-silver ratio and the Dow-gold ratio to pick a top in the gold market, with a gold-silver ratio of $20 to $1 or $30 to $1 indicating a potential top. Savage also discusses the current consolidation period in the gold market, which he expects to end around the FOMC meeting in December, followed by a more aggressive bull move. He believes that the suppression of the silver market broke when it couldn't be held below $33, and that normal corrections will continue from here. Savage also shares his views on the stock market, which he does not see crashing but potentially entering a bubble phase. He expects inflation to continue, driven by factors such as housing and stock market inflation, but kept in check by the current administration's energy policies. Savage emphasizes the importance of controlling greed and not getting caught up in narratives at market tops. He recommends focusing on technical analysis and repeatable cycles to remove emotion from trading decisions. Savage also discusses his subscription service, Smart Money Tracker Premium, which focuses on trading metals with leverage during intermediate cycles. He encourages listeners to join now to position themselves for the next trending move in the metals market.

Tom welcomes Matthew Piepenburg, a partner at Von Greyerz Gold Switzerland and author of "Gold Matters" and "Rigged to Fail," discussed the complexities of modern financial systems and the role of gold and silver as safe havens. Piepenburg argued that the increasing complexity in financial markets, such as derivatives and central banking operations, is often used to obfuscate reality and hide risks. He cited historical examples, including the 2008 financial crisis, to illustrate how leveraged instruments and complex financial products can lead to systemic risks. Piepenburg criticized the Federal Reserve, describing it as a private corporation that creates money out of thin air, benefiting insiders and exacerbating wealth inequality. He also discussed the manipulation of gold and silver prices through futures markets and the London Bullion Market Association (LBMA), suggesting that these manipulations are designed to control the perception of these metals' values. The conversation touched on the current state of the economy, including the impact of quantitative easing and the potential for a debt crisis. Piepenburg expressed skepticism about the sustainability of current economic policies and the effectiveness of measures like stablecoins in addressing these issues. He advocated for individuals to protect their wealth by investing in physical gold and silver, which he views as strategic assets in the face of fiat currency debasement. Piepenburg also discussed the volatility and potential of silver as an investment, comparing it to gold and highlighting its affordability and industrial uses. He cautioned listeners about the risks associated with equities, particularly in the tech sector, and the potential for a bubble in AI-related investments. Overall, Piepenburg emphasized the importance of critical thinking, independent research, and diversification in navigating the complexities of modern financial markets.

Your host Tom Bodrovics interviews Danielle DiMartino Booth, CEO and Chief Strategist for QI Research, to discuss the latest economic developments and the Federal Reserve's role. The conversation begins with the recent Fed Minutes, which reiterated a hawkish stance and coincided with the cancellation of the October payrolls report, providing the Fed with an excuse to delay rate cuts. DiMartino Booth suggests that the Trump administration's actions, such as proposing a $2000 tariff rebate, have been met with resistance from Congress due to concerns about inflation. She also highlights the recent surge in layoff announcements from major corporations, attributing it to a combination of overhiring during the pandemic and the current economic downturn. The discussion then shifts to the politicization of the Fed, with DiMartino Booth arguing that the institution has become more overtly political in its policymaking. She criticizes the Fed's use of data as a "weapon of mass destruction" to serve its needs and calls for more accountability. DiMartino Booth also expresses concern about the Fed's handling of liquidity issues, noting that the recent repo rate spike signals potential problems ahead. She suggests that the Fed may need to provide more liquidity to the system, but cautions that this could exacerbate existing bubbles in the equity markets. The conversation concludes with DiMartino Booth offering advice to Americans on how to protect their savings in the current economic climate, emphasizing the importance of hedging against tail events and being mindful of debt-to-equity ratios.

Graham Summers, President and Chief Market Strategist for Phoenix Capital Research, discusses the potential revaluation of gold by the U.S. government as a strategy to address the nation's significant debt problem. Summers argues that the U.S. has been living in an "everything bubble" since the abandonment of the gold standard in 1971, with debt levels rising exponentially while GDP growth has stagnated. This has led to a series of asset bubbles, with the most recent being in treasuries, which has allowed the U.S. to issue vast amounts of debt without facing spikes in interest rates. Summers believes that the Trump administration is considering revaluing gold to address the debt crisis. This move would involve revaluing the U.S. gold holdings from the current $42 per ounce to a much higher rate, potentially freeing up trillions of dollars in capital. This capital could be used to retire a significant portion of the national debt or finance other government initiatives, such as a strategic Bitcoin reserve. Summers compares this potential move to FDR's gold revaluation in 1934, which helped the U.S. navigate the Great Depression. The discussion also touches on the potential downstream consequences of such a move, including the strengthening of the dollar's standing and the reestablishment of an implicit link between the dollar and gold. However, Summers acknowledges that such a move would be controversial and politically charged, with Democrats likely attacking it as a devaluation of the dollar. Summers also discusses the broader economic landscape, including the potential for another round of quantitative easing (QE) and the impact of the AI theme on the stock market. He argues that the U.S. is in a "melt-up" phase, where capital is forced out of cash and into risk assets. However, he warns that if the AI trade disappoints, it could lead to a significant bear market. In conclusion, Summers advises investors to be heavily allocated to stocks during this melt-up phase but to have metrics in place to sidestep bear markets. He also emphasizes the importance of owning assets to maintain purchasing power in an inflationary environment.

Tom Bodrovics welcomes Keith Weiner, President of the Gold Standard Institute and CEO of Monetary Metals, to the show. Weiner discusses the current "everything bubble" and how new technologies like AI often lead to malinvestment and overinvestment. He argues that the valuation of AI companies is driven by "dumb money" chasing momentum rather than fundamental value. Weiner also explores the role of yield suppression by central banks, noting that falling interest rates have fueled asset bubbles by increasing the net present value of perpetual cash flows. He is critical of the concept of "yield curve control" used by the Bank of Japan, arguing that the downward trend in rates is driven by underlying economic forces rather than central bank manipulation. In discussing the rise of 50-year mortgages, Weiner sees this as a symptom of a broken monetary system, where easy credit and government guarantees allow borrowers to outbid more prudent buyers. He also criticizes "useless ingredients" like tariffs, which he views as disrupting supply chains and leading to higher consumer prices. Finally, Weiner provides an overview of the quantity theory of money, arguing that it is flawed. He contrasts this with gold, which he sees as having a stable, non-diminishing marginal utility that makes it a superior monetary standard compared to fiat currencies. Weiner believes this is driving the accumulation of gold by countries seeking an alternative to the US dollar.

In this podcast, Tom Bodrovics interviews Miles Harris, creator of the Miles Harris Macro Vigilance & Economic History YouTube channel, to discuss the increasing digitalization of the financial system, with a focus on stablecoins and their implications. Harris explains that stablecoins, particularly those backed by US short-term treasury bills, convert public debt into private revenue streams, with stablecoin providers earning the yield from these treasuries. This dynamic increases demand for US debt, helping to finance the growing US debt level. Harris also notes that regulated stablecoins do not offer yield to primary holders, incentivizing users to seek yields elsewhere, such as through tokenized treasuries, further boosting demand for US debt. The discussion also touches on the global shift towards digital currencies and the potential impacts on monetary sovereignty, particularly in countries like those in Africa and Latin America, where stablecoins could replace local currencies and reduce central banks' control over monetary policy. Harris highlights the profit incentives for private companies to promote stablecoins aggressively and the potential risks, including a "stablecoin supernova" scenario where high demand for stablecoins leads to a global rush for the exit, threatening the stablecoin peg and causing a crisis. The conversation delves into the differences between various stablecoins, such as Tether (USDT) and the UK's sterling stablecoin, and the role of tokenization in the financial system. Tokenization, the digital representation of assets, enables fractional ownership and interoperability but also introduces complexities and risks, such as increased surveillance and potential loss of sovereignty over monetary policy. Harris also discusses the role of gold in the financial system, noting that central banks, particularly in the East, are increasingly buying gold as a settlement option and a means to de-dollarize. He suggests that the ultimate goal of central banks is to capture and tokenize gold, making it more traceable and controllable. Harris advises listeners to hold physical gold and silver as a means of preserving wealth and understanding the broader economic trends at play. The podcast concludes with a discussion on the psychological aspects of navigating the current economic landscape, with Harris emphasizing the importance of understanding risks, taking action, and enjoying the present moment.

In this podcast, Tom Bodrovics interviews Simon Hunt, a consultant on the global economy, China, and the copper industry, to discuss the future of the world economy and copper demand over the next eight to ten years. Hunt presents two potential scenarios for the global economy: one where central banks and governments stimulate the economy leading to stagnflation and high inflation, and another where the slowing economy turns into a recession followed by a systemic crash. Despite these scenarios, Hunt predicts that equity prices will outperform GDP growth as investors seek hedges against rising inflation and a falling US dollar, potentially driving up copper prices. He forecasts that copper prices will fall to around $7,000 by the end of next year and then rise to around $14,000 by the end of 2027 or early 2028. Hunt also discusses the convergence of various cycles that suggest volatile years ahead, with a potential peak in business activity and equity prices next year, followed by six years of decline. Geopolitical tensions, particularly between the US-led unilateral world and the BRICS-led multilateral world, are expected to continue, with potential flashpoints in Africa and the Middle East. Hunt also highlights the shift in the global economy towards a gold-backed currency within the BRICS nations, which could challenge the US dollar's dominance. He advises listeners to prepare for volatile times by holding physical gold and precious metals outside the banking system, maintaining cash for daily living, and stockpiling food. Hunt's insights provide a sobering perspective on the global economy's future, emphasizing the need for preparedness and a focus on the big picture of geopolitical shifts.

The silver roundtable discussion focuses on the current state and future prospects of silver, featuring insights from David Morgan, Bob Coleman, Vincent Lanci, and Steve San Angelo. The discussion began with the recent designation of silver as a critical mineral by the U.S. and its inclusion in similar lists by other countries, which could potentially impact its supply and demand dynamics. The panelists debated the implications of these designations, with some suggesting it could artificially keep prices up to support domestic mining activities, while others saw it as a strategic move to secure supplies for industrial and technological advancements. A significant portion of the conversation revolved around the tightness in the London Bullion Market Association (LBMA) and the potential for a short squeeze in silver. The experts discussed the role of Exchange for Physical (EFP) transactions and how they reflect market sentiment and potential supply issues. They also touched on the increasing industrial demand for silver, particularly from the solar and automotive sectors, and the impact of central bank policies on precious metals. The panelists also explored the role of silver in the context of global geopolitics, with China's recent restrictions on silver exports and the potential for other countries to follow suit. They discussed the possibility of central banks and sovereign wealth funds increasing their silver holdings, either directly or through ETFs, which could further drive up prices. Additionally, the conversation delved into the differences between investing in silver ETFs and silver mining stocks, highlighting the risks and benefits of each. The experts also shared their thoughts on the future of silver, with some predicting a significant price increase over the next few years due to growing demand and potential supply constraints. Overall, the podcast provided a comprehensive overview of the current silver market, offering insights into the factors driving its price and the potential challenges and opportunities ahead. The experts emphasized the importance of staying informed and maintaining a long-term perspective when investing in silver.

During the podcast, Alasdair Macleod, Head of Research for GoldMoney and author of the Macleod Finance Substack, discussed the current state of the financial system and the potential implications of recent liquidity strains. He highlighted that the Federal Reserve's repo facility has been used to manage liquidity issues, which he attributes to quantitative tightening and the US Treasury's significant reliance on T-bills for financing. Macleod predicts that the Fed will continue to ease monetary policy, potentially leading to more quantitative easing, which could debase the currency and drive up inflation. Macleod compared the current situation to the Weimar Republic's hyperinflation, noting similarities in political pressures and public responses to currency devaluation. He warned that the US, like Weimar Germany, could face a credit bubble burst, leading to a significant decline in the dollar's purchasing power and a potential run on banks. However, he does not expect bail-ins to occur, as they would likely cause a bank run. Instead, he anticipates that regional banks may fail, but deposit holders will be protected, leading to further consolidation in the banking sector. Macleod also discussed the role of gold in the current financial system, noting that the LBMA's annual meeting forecasts a significant increase in gold prices by 2026. He suggested that the establishment understands the potential for supply difficulties in the physical gold market and that the recent pullback in metals prices may not alleviate delivery issues in London. Macleod also highlighted China's significant gold holdings and its efforts to insulate itself from US economic policies, including the potential for a gold-backed Yuan. He also mentioned Russia's increasing gold holdings and production. Macleod concluded by expressing concern about the valuation disparity between equities and bonds, which he believes is more stretched than ever in history. He predicted that when the credit bubble bursts, it will lead to a rapid decline in the current financial system.

In a recent podcast, Tom Bodrovics interviewed Don Durrett, an author, investor, and founder of Goldstockdata.com, to discuss the current economic landscape and the future of gold and silver mining stocks. Durrett expressed concern about the U.S. economy, which he believes has been deteriorating since the early 2000s due to excessive debt accumulation. He argued that the economy has been artificially propped up by low interest rates and money printing, leading to asset bubbles and a hollowed-out middle class. Durrett also highlighted the risks posed by the U.S. dollar's status as the global reserve currency and the potential for de-dollarization, which could lead to a significant loss of wealth for the United States. Durrett predicted that the current economic cycle will culminate in a severe recession, potentially worse than the 2008 financial crisis. He believes that the Federal Reserve's attempts to combat inflation and stimulate economic growth will ultimately fail, leading to a prolonged period of economic stagnation and potential currency reset. He sees gold and silver as safe havens in this environment, with gold potentially reaching $6,000 to $8,000 per ounce before a reset occurs. Durrett also discussed the potential for AI and automation to displace jobs, exacerbating economic inequality and slowing economic growth. Durrett advised investors to focus on mid-tier gold and silver mining stocks, which he believes offer the best combination of growth potential and risk management. He emphasized the importance of companies maintaining pristine balance sheets and avoiding excessive debt. He also discussed the concept of optionality, where investors can buy gold and silver in the ground at a significant discount to market prices, providing potential for substantial gains as metal prices rise. Durrett cautioned that the stock market is likely to experience a significant correction in the near future, which could provide buying opportunities for investors in gold and silver mining stocks. He recommended buying the dip in the S&P 500 between 5,500 and 4,500 as a potential entry point for investors.

Parallel Mike, an organic farmer and creator of Parallel Systems, shares his journey and insights with Tom Bodrovics on the Competent Man podcast. Mike's diverse background includes being a sailor, boxer, ultra runner, podcaster, new father, and homesteader, all of which have contributed to his unique perspective on life and success. Mike attributes his ability to excel in various fields to his hyper-focused personality and his willingness to say "yes" to new opportunities. He emphasizes the importance of taking responsibility for one's life and learning from failures. Mike's boxing and running careers, though challenging, taught him valuable lessons about discipline, resilience, and the power of the mind. He stresses that success comes from going all in on something and continuously improving oneself. Mike and Tom discuss the importance of listening to different perspectives and engaging in civil debates. Mike shares his experiences with two significant exoduses from his channel, one due to his views on Bitcoin and the other on Yabbie Milay. He believes that challenging opinions and constructive feedback are essential for personal growth and understanding different viewpoints. The conversation also touches on Mike's move to Poland with his wife, highlighting the resilience and historical significance of the country. Mike appreciates the lessons he has learned from the Polish people and their experiences, which have shaped his perspective on life and preparedness. Mike's advice to his son and others is to never accept victimhood, to see challenges as opportunities, and to always strive for personal improvement. He hopes to impart these values to his son, emphasizing the importance of making the most of one's time and circumstances. Throughout the podcast, Mike and Tom explore the themes of personal growth, resilience, and the importance of embracing challenges. Mike's journey serves as an inspiration for those seeking to make the most of their lives, regardless of the obstacles they face.

During this podcast, host Tom Bodrovics and guest John Rubino, a former Wall Street analyst and author, discuss the current economic landscape and its implications for investors. Rubino expresses skepticism about the Federal Reserve's recent decision to lower interest rates by 25 basis points, arguing that this move is incongruous with the current stock market bubble and other economic indicators suggesting a potential recession. He predicts that the Fed will continue to ease monetary policy aggressively, potentially leading to dramatically lower short-term interest rates and higher long-term rates, which could result in economic chaos. Rubino also discusses the narrow performance of the stock market, particularly in tech stocks like Nvidia, and the potential for a crack-up boom, where asset prices inflate rapidly before a sudden collapse. He highlights the risks in the AI sector, where vendor financing could lead to a daisy chain of defaults, potentially bursting the tech bubble. Rubino suggests that the current economic environment resembles the late 1990s dot-com bubble, with a few large stocks driving market performance. The conversation also touches on the repo market and the shadow banking system, where recent bankruptcies and losses could signal broader financial instability. Rubino predicts that the Fed will eventually resort to quantitative easing and even buying equities to support the economy, which could further distort market signals and lead to a massive crash. Rubino advises investors to focus on stability and real assets like gold and silver, which have maintained their value over centuries. He sees the current pullback in precious metals as a natural consolidation and a buying opportunity. Rubino also discusses the potential for a currency reset, where governments might return to a gold standard to address economic crises. The podcast concludes with a discussion on commodities, particularly copper and uranium, which Rubino sees as essential for the electrification of the world. He advises investors to consider physical ETFs and high-quality mining stocks as part of their portfolios. Rubino also touches on the oil market, noting that while it may not see the same parabolic growth as other commodities, it still offers investment opportunities, particularly in high-quality dividend-paying stocks. Throughout the discussion, Rubino emphasizes the importance of staying informed and being prepared for potential economic turmoil.

Rudy Havenstein, a senior market commentator and former Reichsbank President, joined Tom Bodrovics on "The Competent Investor" podcast to discuss the current economic landscape and the Federal Reserve's role. Havenstein expressed his belief that the Fed's primary concern is managing massive government deficits rather than controlling inflation, which he views as out of control. He criticized the Fed for enabling reckless government spending and creating a moral hazard that benefits the wealthy while harming the middle and lower classes. Havenstein also touched on the political and social issues, expressing his disapproval of the Fed's involvement in politics and the potential for inflation to exacerbate social unrest. He mentioned the historical context of hyperinflation leading to extremism and the potential for similar outcomes if current policies continue. He also discussed the Epstein case, suggesting that it may have been a tool for intelligence agencies to control powerful individuals. The conversation shifted to potential solutions, with Havenstein advocating for a bottom-up approach, focusing on family, community, and local politics. He emphasized the importance of electing representatives who prioritize the average American and suggested that individuals should focus on improving their earning power and helping their communities. Havenstein also discussed the potential for a higher gold price to benefit countries with significant gold reserves and the importance of understanding market history to navigate future economic challenges. He expressed optimism about America's resilience and the potential for positive change, despite current challenges. He concluded by expressing his love for America and his hope for a leader who can unite the country.

During the podcast, Francis Hunt, known as the Market Sniper, discusses various economic and financial topics with host Tom Bodrovics. Hunt emphasizes the interconnected nature of fiat currency and debt, describing them as "Siamese twins" that cannot be separated. He argues that the current economic system is unsustainable due to excessive debt and fiat currency issuance, which he believes is creating a massive Ponzi scheme. Hunt highlights the role of hedge funds and the repo market in propping up the treasury market, noting that the demand for treasuries is artificially inflated. He criticizes the use of negative haircuts, where lenders provide more funds than the collateral value, as a risky practice that exacerbates the system's fragility. Hunt predicts that the current economic model is headed for a collapse, comparing it to a snowball gaining momentum down a hill, and warns that the financial system is exceedingly precarious. The discussion also touches on the role of stablecoins and their potential impact on the treasury market. Hunt dismisses the idea that stablecoins can significantly increase demand for treasuries, arguing that their market cap is insufficient to match the parabolic growth of debt issuance. He also criticizes the use of stablecoins as a form of digital gold, stating that they are not backed by sufficient collateral and are essentially a Ponzi scheme. Hunt expresses skepticism about the effectiveness of central bank policies and the appointment of new Fed chairs, arguing that the system is controlled by nameless, faceless individuals who are order takers rather than decision-makers. He advises listeners to focus on preserving and growing their wealth through sound money principles, such as investing in gold and silver, and to establish multiple avatars of existence across different geographies to secure their financial future. Throughout the podcast, Hunt emphasizes the importance of taking action and not being paralyzed by fear or inertia. He encourages listeners to educate themselves about the financial system, take steps to protect their wealth, and live a life of freedom and independence.

Richard Duncan, a macro economist and author, discusses his views on the economic strategies proposed by former President Donald Trump, particularly focusing on Trump's potential influence over the Federal Reserve and his plan to re-industrialize the United States. Duncan argues that Trump's strategy aims to reverse the massive U.S. current account deficit, which has fueled global economic growth since the 1980s but has also led to de-industrialization and a hollowed-out middle class in the U.S. Trump's plan, as outlined in a paper by Steven Moran, involves three steps: imposing high trade tariffs, threatening to withhold military defense unless countries comply, and convening a global accord to devalue the dollar and isolate China. Duncan highlights the potential consequences of this strategy, including reduced global economic growth, higher inflation, and increased interest rates. To mitigate these effects, Trump would need to take control of the Federal Reserve, which Duncan believes is Trump's ultimate goal. Duncan explains that by appointing or influencing key Federal Reserve governors, Trump could gain control over U.S. monetary policy. This would allow him to implement aggressive quantitative easing, driving down long-term interest rates and potentially sparking an economic boom and a surge in asset prices. However, this approach also carries significant risks, including high inflation, a crashing U.S. dollar, and potential economic instability. Duncan also discusses the geopolitical implications of Trump's strategy, particularly in relation to China. He argues that China's rapid technological and economic advancements pose a significant threat to U.S. national security. Duncan advocates for a U.S. sovereign wealth fund to invest in future technologies, ensuring that the U.S. remains competitive and secure. The conversation also touches on the potential challenges and opportunities that could arise if Trump's economic strategy is implemented, including the risks of increased income inequality and the potential for a future economic bust. Duncan concludes by emphasizing the importance of U.S. investment in new industries and technologies to maintain its global competitiveness and national security.