The Zach Foust Show

Send us Fan Mail Episode 101. Sean is back on the boards, healthy and happy, and we are digging into the trickery happening over at the Treasury and the impossible position the Federal Reserve has put itself in. Here is the setup. The July Treasury statement shows $334 billion came in and $766 billion went out. That is more than double. A $432 billion deficit in a single month. Scott Bessent's answer is that we will grow our way out of it, mostly through tariff revenue. So we ran the math. Our GDP grew 2.9% in 2023 while our debt grew 7.2%. In 2024 it was 2.8% growth against 6.9% debt. In 2025, 2.1% against 6.1%. Our debt is growing two to three times faster than our economy. Monkey no believe that. Then it gets worse. Nobody wants our long term debt, so the Treasury announced it is doubling its own bond buybacks and may tap nearly a trillion dollars from the Treasury General Account to do it. That is manufactured demand. We are buying our own debt to suppress our own yields. One analyst called it the world's largest interest only adjustable rate mortgage, and the adjustment dates come every 28 days. Meanwhile Kevin Warsh is sitting at the Fed with two mandates and no way to hit both. Raise rates and you kill the job market that already has 5.6% unemployment for college grads under 30. Cut rates and inflation, already at 3.7% on PCE, runs away from you. If they hike they lose the long end. If they cut they lose the long end. That is the whole game. I close with Trump saying out loud that the ultimate intervention is our military, Smotrich openly laying out the expansion plan, and the Las Vegas bio lab charges quietly getting dropped. Own an asset or get left behind. Support the show

Send us Fan Mail Episode 100. Thank you for being here for every single one. Sean is out sick so Joe is on the boards, and today I am giving you five things you can actually do to not just survive but thrive in what I believe is going to be a very tough 2027 economy. First I walk you through the setup. We just passed 40 trillion in national debt, and the interest on that debt is now over 1.1 trillion a year, more than our entire military budget. That has never happened until seven months ago. Scott Bessent says we will grow our way out of it. Nobody is buying our bonds, so the Treasury is doubling its own buybacks. The Fed is trapped between two mandates it cannot both satisfy, and Kevin Warsh, the same man who was there in 2008, is back for round two. The math is the math. They are going to print money. It is the only lever left. Then I give you the five moves. One, grow your own food, because the UN and JP Morgan are both warning of a global fertilizer and food supply crisis heading into 2027. Two, lock in job and career security, because when the printing comes the job market gets tighter first. Three, hold gold and silver as your insurance policy against a weakening dollar. Four, hold your index funds and retirement accounts with diamond hands because they will print and it will come back. Five, hold real assets, dirt, housing, and the things that go up when the dollar goes down. But this one is not just about money. I close on whole wealth. Your time, your mind, your body. Read the book, hit the gym, take the cold shower, put down the vape, drop the doom scroll. Your net worth is not your personal worth. And if you are a young man who wants more, I am starting a 90 day journey on September 1st called the 90 Day Life Max. DM me if you want in. Here is to the next hundred. Support the show

Send us Fan Mail A warning flare just went up in the currency markets and almost nobody is talking about what it actually means. The United States just bought the Japanese yen for the first time in over a decade, and I want to walk you through why that quiet little intervention is a much bigger deal than it looks. I break down the yen carry trade in plain English on the whiteboard. How investors and governments borrow cheap yen at around 1% and buy US bonds paying 4% to pocket the difference. Why Japan propping up its currency threatens that entire system. And why the US stepping in to buy the yen is really just foreign quantitative easing wearing a different jacket. There was even a Reuters photo from Camp David showing Scott Bessent's notepad with one to do item on it. Buy Japanese yen, 5 to 10 billion. This is not a theory. It is sitting right there in the picture. I also get into the July inflation numbers, why 3.4% year over year is not the full story, how owner equivalent rent is measured with what is basically a middle school phone tree, why PPI producer inflation is signaling more pain coming, and why fuel oil being up 39% since last year tells you everything about where this is headed. Japan holds over a trillion dollars in our bonds. If they sell, yields spike, and your mortgage and car payment go up with them. The Fed is trapped. They have already chosen inflation. And I close with what I am personally doing with my money to stay protected. Gold, silver, a diversified portfolio, and an insurance policy against the dollar. I am not a financial advisor. I am just a man in a basement showing you what I see in the forecast before the sidewalks get wet. Support the show

Send us Fan Mail This one is different. No graphs, no headlines, no breakdown. Just me and the mic asking a question I have not been able to shake. What is next? For this country, and for me. I have spent four and a half years calling out what is broken. The banking system, the housing crisis, the corruption, the wars, the surveillance state going up on every corner. And lately I keep asking myself whether calling it out is still the work, or whether it is time to start calling people in instead. I talk openly about where my head is at. The affordability crisis crushing an entire generation. The missing virtuous path for young men who cannot afford a home, do not trust the financial system, and do not want to serve a country that feels like it stopped serving them. Whether real change is even possible from inside a system that was built corrupt from the start. And the two directions I actually see in front of us. Mostly this is about what I want the next twenty years to look like. I want the person hearing my voice to end up better off. Fitter, clearer, more connected, prouder of what they see in the mirror. I want to be the reason somebody picks up a weight, puts down the phone, goes on the walk, mends the relationship. That is the work I actually care about, and I am thinking out loud about how to do more of it. Thank you for being here for the real ones. Support the show

Send us Fan Mail Everybody is talking about whether AI is a bubble. Almost nobody is talking about how it is actually being paid for, and that is the part that should scare you. Sean, Joe and I follow the money all the way down. I walk through the four ways the hyperscalers like Meta, Google, Oracle, and Nvidia are funding this AI buildout. First capital expenditure, which jumped from 18 billion a quarter in 2019 to 130 billion a quarter today. Then domestic corporate bonds, which exploded from 20 billion in all of 2024 to 178 billion just eight months into 2026. Then international bonds sold off in euros, francs, and yen because there are literally not enough dollars to cover it. And finally the special purpose vehicle, the shell company shell game that lets Meta build a 30 billion dollar data center in Louisiana under a company called Beignet while keeping 80% of the debt off their own books through firms like Blue Owl, Blackstone, and Apollo. Here is the part that matters. When you sell off the debt, the risk moves to whoever holds the bond. That is pension funds, retail investors, everyday people. The billionaires keep the upside and hand you the downside, exactly like 2008. In 2007 Ben Bernanke said the subprime problem was contained. This year the IMF used almost the identical word about private credit and AI. Contained. We have heard this song before. I also get into why this is capitalism working as designed, why the China argument is being used to justify all of it, and why I think this ends in more money printing, more hyperinflation, and another transfer of assets to the people who already own everything. Support the show

Send us Fan Mail Is the Strait of Hormuz really open? Is the war really over? And why did 60,000 to 80,000 migrants flood a tiny Spanish territory two weeks after we quietly sent Morocco 40 million dollars? Sean, Joe and I connect the dots. We start with the Iran deal that Trump touted on Fox News, the 41st time he has declared this thing basically over. The stock market is at a new all time high, oil is finally dropping, and the Iran Oman plan to reopen the Strait would still hand Iran full control of inbound shipping. I explain why I do not think it holds, and why I would bet we are bombing Iran again within the week. Then we get into the part nobody is covering. Ceuta. A Spanish city on the Moroccan coast that just got flooded with tens of thousands of military age migrants, escorted by Moroccan police. Thomas Massie flagged that the GOP passed a bill with 40 million dollars for Morocco two weeks before it happened, complete with language about Morocco's claim to Ceuta and Melilla. Netanyahu's son has been openly calling for Arabs and Muslims to flood those exact Spanish territories since 2019. Spain has been one of the loudest voices against Israel since the Gaza genocide. And Spain controls the Strait of Gibraltar, which after the Houthis and Iran closed the other straits, is Israel's only remaining path out to the Atlantic. So I lay out the theory. Three straits, one agenda, and a whole lot of American money greasing the wheels. Plus a Trump highway in Morocco and a king living it up in Paris while his country does the dirty work. Is my tinfoil too tight? Watch and decide. Support the show

Send us Fan Mail Nobody taught us how bonds work in school, so I am going to teach you today, because the 30 year Treasury bond just hit a 19 year high and almost nobody is talking about it. I am broadcasting from the producer chair and breaking down the one signal that cannot be spun by either party. The bond market. I walk you through what a bond actually is, what a yield actually means, how the Dutch auction sets the rate, and why when these long term bond rates climb, your mortgage rate climbs right along with them. I draw the whole thing out on the whiteboard so it finally makes sense. Here is why it matters. The 30 year is sitting at 5.26%, higher than it was right before the 2008 crash. Our interest on the debt is now over $1.1 trillion a year, more than the defense budget. The Strategic Petroleum Reserve just fell to its lowest level since 1983 in its 18th straight weekly decline. And the Iran war keeps choking off oil, which pushes inflation, which keeps bond investors demanding higher yields because inflation is theft and they know it. I also break down Kevin Warsh's latest Fed meeting where a single sentence about there being no soft inflation target moved both the stock and bond markets in under an hour. I close with exactly what I am doing with my own money in an economy that is telling us inflation is here to stay. Support the show

Send us Fan Mail We are still talking about Epstein because it still is not resolved. Sean, Joe and I pull up the corruption map again and go name by name through the people we believe should be investigated, arrested, and tried, not gallivanting through NBA finals and FIFA World Cups while the victims get doxxed. We start with the number that stopped me cold. The Rothschild name appears 12,056 times in the Epstein library. Trump's name appears 5,317 times. So why is one of those the only one we are allowed to talk about? From there we walk through the whole list. Trump on the flight logs eight times. Ehud Barak. Prince Andrew. Alan Dershowitz. Peter Thiel and his 2,200 mentions plus the $40 million Epstein put into his funds. Les Wexner. Leon Black and his closed door deposition. Peter Mandelson. The Sultan connected to a tenth of the world's sea transport who stepped down right after the files dropped. And Ghislaine Maxwell serving what looks more like a spa retreat than a prison sentence. Then we go deep on Ron Lauder. The Estée Lauder cosmetics heir. Father in law of new Fed chair Kevin Warsh. The man who pitched Greenland to Trump according to John Bolton. Who financed Netanyahu into power through strategist Arthur Finkelstein. Emails asking for a billionaire's tax returns and will after a single lunch. And a 60 year friendship with Trump that connects all the way back to Bibi and the World Jewish Congress. We are three dudes in a basement connecting what is already public. That is all this is. The evidence is right there. Support the show

Send us Fan Mail I did not want to make this episode. I have been trying to bring positivity into this space, but there are no good updates on the Epstein files and I owe you the truth. We have 6 million files. Only 3 million have seen the light. Todd Blanche and the DOJ just told a federal judge they will not release or unredact the rest, including at least eight email exchanges about a torture video, interviews with a woman who says she was abused by Trump as a minor, and the records tied to Zorro Ranch. They said they have already complied with the law. They have not. Sean, Joe and I walk through our corruption map and the entire Epstein sphere. Zorro Ranch and the whistleblower email describing two girls buried in the hills. Howard Lutnick lying on a podcast about a business relationship with Epstein that the BBC just confirmed through a whistleblower. Leon Black and his closed door hearing that cleared him. Glenn and Eva Dubin. Kevin Warsh running the Federal Reserve. And the victims who got doxxed, lost their jobs, and were met with gaslighting while Todd Blanche spent nine hours with Ghislaine Maxwell and not nine minutes with a single survivor. The one bit of hope is the Epstein Transparency Act part two from Thomas Massie and Ro Khanna, which would let state attorneys general pull the files directly from the DOJ and prosecute the crimes the federal government refuses to touch. It is a small government bill that puts power back in local hands. Pay attention to it. Support the show

Send us Fan Mail Everybody on TikTok is telling you the housing market is collapsing. 227,000 foreclosures. Homes crashing 80 to 90%. A $1.5 million house selling for $300,000. I went through the three most viral clips making these claims and I brought something none of them did. Math. Here is what is actually happening. Those 227,000 are foreclosure filings, not completed foreclosures. There is a massive difference. Back in 2010 there were 1.65 million filings and most of them never became foreclosures. Right now only 1.26% of homeowners are 30 or more days past due on their mortgage. In 2012 that number was 14%. We are nowhere near a crash by the actual data. I also explain why most homeowners today are structurally protected. If you bought or refinanced before 2023 you have a low mortgage payment and real equity, which means even if you struggle you can sell and walk away with money instead of getting foreclosed on. That is the opposite of 2008. And here is the part nobody wants to hear. The only two times housing has actually crashed 20% or more in American history were the Great Depression and the 2008 financial crisis. Both times it took mass unemployment to get there. A crash does not help the working class. It transfers assets from struggling families to the people who already own everything. Be careful what you wish for. I close with the Iran war, the Strait of Hormuz still being choked off, and Trump's latest truth threatening to bomb Iranian infrastructure every time a ship gets hit. Support the show

Send us Fan Mail The White House posted a graph this week saying prices are falling. I need to be very clear about something. Prices are not falling. Inflation came in at 3.5% for June which means everything you buy is 3.5% more expensive than it was this time last year. That is not deflation. That is not prices coming down. That is propaganda posted at a convenient moment before the war started back up again. I walk through every major headline hitting the economy right now and tell you what it actually means. The Strait of Hormuz is back down to 3 to 5 ships per day after briefly opening. Trump is threatening to bomb Iranian power plants and bridges next week if they do not come to the table. Oil is sitting at $78 and economists are already calling for a dramatic spike if he follows through. Our Strategic Petroleum Reserve is sitting at 319.5 million barrels, only 19.5 million above the minimum operating level, the lowest since 1983. Food is up 26% over five years. India is hitting 9.87% wholesale inflation because of this war. Farmers are dealing with tariffs, drought, and urea costs all at once. And the AI bubble is being called out by Jeremy Grantham and Bill Gurley, two of the most credible voices in investment, who are both saying the same thing. This is the dot com bubble and it is going to pop. Support the show

Send us Fan Mail Before Covid I got sandwich makers into homes. Deli workers. Campus security guards. Single airmen fresh out of basic training. Sub thousand dollar mortgages every week here in Delaware. That world is completely gone and I want to walk you through exactly why. In this episode Sean, Joe and I break down the real causes of the housing crisis from the ground up. Median home prices. Rental increases since 2015. The $4 trillion the Federal Reserve printed in 2020 and where that money actually went. The Cantillon effect and why banks, governments and asset holders always win when money gets printed. And the one graph that shows a first time home buyer today needs to make $93,000 a year just to qualify. We also read the actual Dallas Federal Reserve document that went viral this week. Not the New York Post headline. Not Caroline Leavitt's tweet. The actual document. And what it says is very different from what went viral. Immigration can explain about 30% of the total growth in home prices in metro areas. Not 30% of home prices. 30% of the increase. Which works out to roughly 6.8% of total home price growth. That is a very different number and nobody is telling you that. We close with a real conversation about what Gen Z is supposed to do in this economy and what a silver lining actually looks like when the system is this stacked against you. Support the show

Send us Fan Mail Three things on the table today. The Road to Housing Act, the jobs numbers, and Trump enriching himself from office. I walk through the housing bill section by section and give you my honest take on what is actually good, what is a grant nobody will fund, and what is missing entirely. The corporate ownership cap has no divestment clause. That is a problem. The manufactured home chassis requirement removal is one of the best ideas in the whole bill. I break it all down. On jobs, they expected 110,000 new jobs this month. We got closer to 50,000. April and May were revised down again. Gen Z graduates are entering the worst entry level job market in four decades. One in three junior roles has already been replaced by AI. And Caroline Levitt went on Fox News and said it is because they do not love America enough. Then we get into Trump's crypto holdings, his meme coin dinner with top holders, and Nancy Pelosi's trading record. And we close on the most viral tweet of 2026 so far, Eric Adams telling New Yorkers to set their AC to 78 degrees and Dave Portnoy calling it communism. Ads, as always, are off for the first 24 hrs. Finance & Corruption tied together with Current Events Source List: https://www.instagram.com/reels/DZ5WmQihV9H/ https://x.com/factpostnews/status/2071699320512942201 https://x.com/factpostnews/status/2071681457542541763 https://www.nar.realtor/sites/default/files/2026-05/hai-q1-2026-first-time-homebuyer-affordability-2026-05-05.pdf https://www.congress.gov/bill/119th-congress/house-bill/6644?__cf_chl_f_tk=R7NQczEjxcLoyBC19eo608.IG8H2GfFWlPQZ.bhLJ38-1783087824-1.0.1.1-Stc02gJFfgm3JljonZqHMOw98LwQUz.H76AfGS4kHqE https://bipartisanpolicy.org/issue-brief/inside-the-deal-whats-in-the-final-21st-century-road-to-housing-act/ https://finance.yahoo.com/personal-finance/mortgages/article/median-home-price-by-state-151223005.html? https://jbrec.com/insights/charting-a-22-year-roller-coaster-of-investor-activity/ https://assets.informz.net/cmbs/data/images/CREFC_HR6644_Sec1001_Member_Summary%20(06.16.26).pdf https://www.instagram.com/p/DEVbYZrykZy/ https://x.com/ZacharyLoft/status/2073035689499709702 https://memeburn.com/gen-z-faces-the-toughest-entry-level-job-market-in-decades-in-2026/ https://fred.stlouisfed.org/series/UNRATE https://fred.stlouisfed.org/series/LNS12032194 https://www.bls.gov/news.release/empsit.a.htm# https://x.com/byHeatherLong/status/2072660940663697690/photo/1 https://x.com/atrupar/status/2072795363090567172 https://x.com/i/trending/2073034950178210209 https://www.quiverquant.com/congresstrading/politician/Nancy%20Pelosi-P000197 https://x.com/TheMaineWonk/status/2072380124649988486/photo/1 https://x.com/factpostnews/status/2072708969479450878 https://www.bls.gov/news.release/cpi.t01.htm https://x.com/nycmayor/status/2072411003170472359?s=46 Short Form Stuff: tiktok.com/@zacharyloft instagram.com/zachary.loft Support our mission: zachary-loft-shop.fourthwall.com patreon.com/cw/ZacharyFoust?utm_campaign=creatorshare_creator Support the show

Send us Fan Mail I just finished laying 204 feet of fencing. No producer, no notes, no script. Just me in the basement with something on my mind that I cannot shake. I think the tech bros are winning. And I do not mean that as a compliment. I spent two hours in Afghanistan in 2013 working alongside an intel contractor who had a blimp camera 400 yards in the air that could read a name tag from two miles away in 10K resolution. That was 2013. Now Flock cameras are going up in Milford Delaware reading your license plate, your dents, your face. Digital IDs are being voted on. CBDCs have no ban. Sam Altman has said publicly he thinks AI could be the end of humankind and he is still building it. Peter Thiel cannot answer why Palantir is being used to target and kill people in the Middle East. And Anthropic executives are quitting to go write poetry in Europe because they believe they have built something that could end the world. I walk through how we got here. The flip phone to the iPhone. The algorithm arriving in 2015. Operation Condor and 96% of American history being spent in active war. Lockheed Martin, Boeing, and Raytheon as the world's most profitable independent security contractors. The military industrial complex not as a conspiracy theory but as a line item on a balance sheet. And then I get to the thing that is keeping me up at night. I think they are selling America for parts right in front of us while we watch, get angry, do a boycott for a week, and then go back to filling our Amazon carts. What would it actually take to do something? I have a number. It is 10 million people. And I walk through what that would look like. This is a long one. Make yourself comfortable. Support the show

Send us Fan Mail The government says cumulative inflation since 2010 is 52.72%. I think that number is a lie and I have the receipts. I spent time building out what I am calling the Real Inflation Tracker. I took real items that real 25 to 34 year olds buy every single week and I looked at what they cost in 2010 versus what they cost today. A McDonald's meal that was $5.29 in 2010 is now $16.79. That is not 52%. That is over 200%. A pack of bacon, ground beef, dish soap, car insurance, health insurance, rent on a one bedroom apartment, a college education, a new construction home. Every single one of them has gone up more than 100%. Most of them more than double the official number. I also walk through what has gone up the least since 2010. Video games, smart TVs, streaming devices, hotel rooms, cell phone plans, Bud Light. Nothing you actually need. Just the things that keep you distracted and comfortable enough not to notice what is happening to everything else. I break down Kevin Warsh's statement on price stability versus persistently high prices and why those two things are not the same sentence. I walk through the Dodge versus Ford 1919 court case that legally locked corporations into choosing shareholders over workers and why repealing it would do more for American wages than any tariff ever could. And I close with five things that would actually fix this system if anyone in Washington had the spine to do them. They are lying about the economy on purpose. I am going to keep building the data to prove it. https://docs.google.com/spreadsheets/d/1OAbihkG-bQ70pCUPknM1Gzw-IpR1iPqcEZXnAubdNfM/edit?gid=0#gid=0 Support the show

Send us Fan Mail The government says cumulative inflation since 2010 is 52.72%. I think that number is a lie and I have the receipts. I spent time building out what I am calling the Real Inflation Tracker. I took real items that real 25 to 34 year olds buy every single week and I looked at what they cost in 2010 versus what they cost today. A McDonald's meal that was $5.29 in 2010 is now $16.79. That is not 52%. That is over 200%. A pack of bacon, ground beef, dish soap, car insurance, health insurance, rent on a one bedroom apartment, a college education, a new construction home. Every single one of them has gone up more than 100%. Most of them more than double the official number. I also walk through what has gone up the least since 2010. Video games, smart TVs, streaming devices, hotel rooms, cell phone plans, Bud Light. Nothing you actually need. Just the things that keep you distracted and comfortable enough not to notice what is happening to everything else. I break down Kevin Warsh's statement on price stability versus persistently high prices and why those two things are not the same sentence. I walk through the Dodge versus Ford 1919 court case that legally locked corporations into choosing shareholders over workers and why repealing it would do more for American wages than any tariff ever could. And I close with five things that would actually fix this system if anyone in Washington had the spine to do them. They are lying about the economy on purpose. I am going to keep building the data to prove it. Support the show

Send us Fan Mail I want you to sit with this question for a second. Why does none of this make logical sense? We give Israel billions. We get nothing back. We go to war on their behalf. We tank our own economy. We choke off a fifth of the world's oil supply. We block 40% of global fertilizer. We threaten Iranian peace negotiators telling them you won't even make it back to your country. And then the moment a deal is close Israel bombs Lebanon again and the Strait shuts back down. Five vessels through on Sunday after 67 the day before. We are right back to square one. James Lee raised a theory I cannot stop thinking about. Trump is stuck between two choices. Support the Israeli agenda and keep doing their bidding or risk more Epstein exposure. Is that tinfoil? Maybe. But Trump was best friends with Jeffrey Epstein. He was best friends before that with Roy Cohn who was suspected of the same thing. The Rothschild family is mentioned 11,938 times in the Epstein files. Twelve CEOs have stepped down since the files dropped. Nobody named in those files has called any of it fake. And Howard Lutnick is on the list. And so is Trump. I said what I said. Bloomberg is now reporting that when our Strategic Petroleum Reserve stockpiles hit physical reality the price of oil does not go from 75 to 85. It goes from 75 to 135 in a month. Chevron and Exxon are both publicly warning the same thing. We have about 340 million barrels in reserve. We use 20 million a day. The math is not complicated. I close with something I believe in more than almost anything I talk about on this show. Whole wealth. Your net worth and your personal worth are not the same thing. Disconnect. Plant something. Put your phone down. You are the number one asset. Support the show

Send us Fan Mail Something happened in the last 36 hours and I need to walk you through it because Trump said six things in one day that made me think somebody injected him with the truth serum from Spy Kids. He said Iran can keep ballistic missiles because other countries have them. He admitted the stock market shoots up every time peace is mentioned and crashes when it is not because the people like it. He called the bombing of Beirut unnecessary and unfair. He said Iran never won a war but never lost a negotiation in a tweet from 2020 that just resurfaced. And then he told Bibi Netanyahu to stop bombing Lebanon on his birthday while standing next to a mongoose. I am not making any of this up. I also got to watch Kevin Warsh's very first Federal Reserve meeting as chairman and I have a take that a lot of you are not going to like. He actually handled it well. No more future outlooks outside of the meeting. Rates held unanimously 12 to 0. Inflation not returning to 2% until 2028. Half of officials now expect at least one rate hike this year. And he said things clearly and directly in a way that felt genuinely different from what we have been watching for years. I did not expect to say any of that. The MOU has apparently been signed. The terms now include $100 billion in unfrozen Iranian assets instead of $24 billion and all secondary sanctions dropped including those from US allies. Israel has stated they will continue bombing Lebanon regardless. Netanyahu is furious about the deal. And based on a poll of 3300 of my listeners, 49% believe Iran won this war and only 2% believe America did. I am eating a cucumber from my garden during this episode. It is a large cucumber. That is also relevant. Support the show

Send us Fan Mail Two big things are happening in the next 48 hours and I want you to know what to listen for so you can make smart decisions with your money. Tomorrow at 2 p.m. eastern Kevin takes the podium for his very first Federal Reserve meeting as chairman. This is the man Trump appointed, whose wife's father is Ron Lauder, who attended a Boris Epstein Christmas party in 2010 where Jeffrey Epstein was a neighbor and guest. Am I supposed to just be okay with that? Because I am not sure I am. Either way he is walking into a quagmire that Jerome Powell handed off to him. Inflation is up. The job market is struggling. Lowering rates helps jobs but fuels inflation. Raising rates fights inflation but hurts jobs. There is no clean move. I am going to walk you through the three things I think we should listen for tomorrow including whether he hints at full quantitative easing coming back and what the Cantillon effect means for your assets right now. Then on Friday there is a memorandum of understanding being signed in Geneva between the US, Iran, and Pakistani mediators. JD Vance is expected to sign on behalf of America. Trump may be present. The terms include $24 billion in frozen Iranian assets being released, $300 billion in reconstruction aid, full withdrawal of US forces from around Iran, and Iran taking joint control of the Strait of Hormuz with Oman and charging a maritime services fee. Trump said in a tweet the 300 billion was fake news and accidentally said 300 million instead of 300 billion. The deal is real and the terms are not a win for America. I will walk you through exactly why. I also close with the real reason I do not think this 60 day ceasefire leads to a lasting peace. Same reason I have given for two months. Israel does not want it to end. And Bo is still alive. We have seen him three times on the trail camera. The cage is set with fried chicken. We are going to get him back. Support the show

Send us Fan Mail There is a deal on the table. The Strait of Hormuz has more traffic. Markets are moving. Crypto, gold, silver, and stocks all reacting the way they should for the first time in a while. And I want to be excited about it. I genuinely do. I just came back from the gym. I am wearing a SpongeBob outfit. I want to be pumped up. But I cannot get past the terms. $24 billion in frozen Iranian assets unfrozen. $300 billion in US reconstruction aid. Full withdrawal of American forces from around Iran. Iran and Oman taking joint control of the Strait of Hormuz with a maritime services fee. And the one thing America gets to call a win is Iran reiterating a promise not to build nukes that they have already made before. I also cannot get past the pickleball analogy that explains this entire war better than anything I have seen in a newspaper. You have a pickleball partner who keeps getting his kneecap destroyed right before your big tournaments. And you just found out that the guy playing in his place is the one who has been hitting him with the lead pipe all along. Just so he can keep playing. That is the situation. I close with two things I am almost certain about regardless of how this deal plays out. A supply shock in oil is still coming because thousands of boats are stuck in the Persian Gulf and the Strait is still only moving a fraction of normal traffic. And food is going to get more expensive because 40% of the world's fertilizer supply came through that Strait and it has been choked off for over 100 days. Plant a garden. Stack your savings. Cut the subscriptions. You know what to do. Support the show