Latest / The Big Mig Show / Global Finance Forum From Bullion To Borders We Cover It All |EP506

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Global Finance Forum From Bullion To Borders We Cover It All |EP506 · The Big Mig Show

0:26
The. The welcome back to the Big Big
1:00
Show global finance forum powered by Genesis Gold Group
1:04
with your host Jonathan Rose, Lance Miliaccio and George
1:07
Ballantine. From bullion to borders, we are
1:09
your go to source for cutting edge insights into the world of
1:11
finance. Genesis Gold Group believes in
1:13
empowering faith driven stewardship where gold and
1:16
silver are integral part of a balanced portfolio.
1:19
Protecting your finance with precious metals has never been
1:21
more crucial. Join us as we explore the forces
1:24
shaping global markets, the power of precious metals,
1:27
digital assets, and the dynamics that influence economies across
1:31
the globe. So, Jonathan Rose, how are you,
1:36
Sir? I am very excited today, Lance
1:39
and George. You want to know why?
1:42
I do. You got a gold bar for me.
1:46
You know I got a sticky shot. Historical moment Gold surpassed
1:52
$3000 an ounce. I mean, wow, I remember guys, I
1:58
used to work with AIG and they hired me to train their
2:03
financial advisors. I did a tour in Southeast Asia
2:07
and I remember being up on stage.
2:09
This was when gold was maybe six, $700.00 an ounce and I'm
2:15
never giving a speech and I said expect gold one day to quite
2:19
easily surpass $2000.00 an ounce, even 2500.
2:23
And I never forget. There's laughter in the
2:24
audience. People were laughing at me.
2:26
Well, here we are today, folks. He.
2:28
Who laughs last laughs best? Of course I'm excited, George
2:34
Ballantine. But we're going to be talking
2:35
about gold, silver and many other things.
2:37
But man, it's crazy. George caught a big article
2:40
we're going to jump on also about the Russian additional
2:43
stockpiles in gold. So I think that might be part of
2:45
the impact. So, George, how are you,
2:47
brother? I'm good, I'm good.
2:48
You know this, this is the second one of today for Friday.
2:52
You know, we just keep going. It's like the gold.
2:55
We are it's like the these are always busy for you and I.
2:57
They're crack a lacking and we got the global financial.
2:59
I got the gold battery in me, just keeps powering me.
3:02
Gold yeah, that's it well, you know we have our regular show,
3:05
the the big big show on Rumble and of course our home base is
3:07
Rumble so if you guys like the show, don't forget thumbs up
3:10
comment share like take the short form or the long form
3:13
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3:16
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3:21
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4:19
this is a great invention that Jonathan came up with there.
4:21
You can't really see it. It's always hard.
4:23
We never get, you know, Jonathan, you kind of see
4:25
there's three different denominations on it.
4:26
You just snap off a piece to make a payment and don't think
4:29
it's not possible that your your assets will not be obtainable.
4:33
We don't know what's going to happen with the US dollar.
4:35
We sure as hell never know what's going to go on with
4:37
credit cards. We've all faced that time when
4:39
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4:41
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It is decentralized and that's what I love about gold and
4:46
silver. It's a true decentralized asset.
4:48
All right, yeah. So bring me off a piece of that
4:51
prepper bar. So of course George has to get
4:56
the Jingle in there, you know, so how he is.
4:58
But I want to get right into this today because Jonathan's
5:00
got limited time. I appreciate that he's cut out
5:02
some time for us because he's slammed.
5:03
They're super busy over there. And of course, on this show,
5:07
it's bullion to borders gold. Let's get right into it,
5:09
Jonathan. Another historic high.
5:11
I I believe that it hit 3062 or 57, Am I right?
5:17
It was 3 thousand 5721. It actually peaked at.
5:22
Yeah, roundabout there, the prices just seem to be climbing
5:26
and climbing. They seem to hit the hit the
5:28
peak when everyone's sleeping right.
5:30
Overseas in the Asian markets, it's.
5:32
Interesting, right? Yeah.
5:33
Saving opens up over here, but the threshold has been broken
5:37
through that support level. A lot of forecast from big
5:41
banks, UBS, many others now 33 hundreds, the target, the target
5:45
price and we're going to get there, folks.
5:48
I think gold and also silver, which I know we're talking
5:51
about, they are going to do extremely well under this
5:55
continued Trump organization. Not just because, you know,
5:59
we're saying that the Trump office is in power, but just the
6:03
instability in the world. News came out the other day.
6:06
We're still picking up the mess from the previous Biden
6:11
administration. And it's still, you know, slower
6:14
growth for GDP growth for America, slower growth forecast.
6:19
We are trying to President Trump's trying to enact an
6:23
interest rate cut. And we also know that inflation
6:27
is going to continue to climb up.
6:28
So these are all very, very bullish signs for the yellow
6:33
metal. So expect more of the same this
6:36
year. Expect more new historical highs
6:39
for gold. And if you're thinking, oh, am I
6:42
too late to purchase gold, don't look at the price.
6:45
I always tell people forget about the price of gold.
6:47
You don't wait to buy gold. You buy gold and wait.
6:50
And as the world continues to unravel, whether it's our Fiat
6:55
currency, international domestic terrorism that we're facing, or
7:00
whatever civil unrest that's going on in the world, it has a
7:03
direct correlation between the US dollar and the price of gold.
7:08
So again, you know, very bullish signs for the yellow metal,
7:11
especially for the rest of this year and going into the next few
7:14
years. And I've seen that there's an
7:16
upward tick in industrial use right now that the technology
7:19
sector is in an accumulation mode on gold.
7:22
I just read an article about that.
7:23
George, I didn't mean to step on you.
7:24
No, no, because he brought up I think Jerome Powell, like, you
7:27
know, they didn't drop the interest rates, but he came out
7:30
yesterday and said that he goes the Trump administration's like
7:33
sweeping tariff expansions may stall progress on lowering
7:37
inflation this year. But the tariff related prices
7:40
there are increases will be transitory as they work their
7:43
way through the economy. But however, the inflation did
7:46
drop a few percentage points within between now and the last
7:49
few months. So I don't know what he's
7:50
talking about Jerome Powell, but I don't I don't like him.
7:54
I think he doesn't want to see the economy.
7:59
I don't disagree with you. You know, my belief is that we
8:01
should nationalize the Federal Reserve and that would mean that
8:04
Jerome Powell would be out of a job.
8:06
My thought is it never should have been owned as a private
8:08
institution and that's exactly what it is.
8:10
But at the end of the day, it is what it is for now.
8:12
But I I also misquoted. It wasn't 3057 it hit.
8:17
It actually hit 3062 twenty. So I want to stand and give the
8:21
correct information to the audience.
8:22
Of course, I think some of the speculators, you can't blame
8:25
them, are trying to take advantage of the market and some
8:27
taking some of that profit off the table.
8:29
I'm not sure that that's the right move right now.
8:32
A lot of people say the new resistance level is just over
8:36
3100 now. I don't know if that's true or
8:40
not. I had heard it was three 3086.
8:43
I'm not sure where that's going to sit or what that's going to
8:45
mean. I think the traders are pricing
8:48
in the 69 basis points of easing this year from the Fed.
8:51
I don't know if that's the case or not, Jonathan, a bunch of
8:54
people. Here's a quote.
8:55
In our bull case, we see gold prices reaching 3500 per oz by
8:59
year end, underpinned by much higher hedging investment demand
9:02
on fears of US hard landing stagflation.
9:05
And that's the analysts over at Citibank said.
9:08
What do you think is 3500 end of the year?
9:11
Is it maybe sooner? What do you, I mean, I hate to
9:13
put you on the line here, but I'm going to throw out your
9:15
experience and put it to you. Yeah, I think 3500 by the end of
9:19
the year is very feasible. You know when you start talking
9:23
about intraday highs, people ask me what I think about that.
9:27
Again, I don't get bogged down with moving averages.
9:30
I look at a more of a 10,000 foot looking down view of what's
9:36
happening in the economy and and that's why people are very
9:39
bullish on gold. Now, when you mentioned that
9:41
magic word, there's stagflation, you know, there's one asset that
9:45
has actually done extremely well during stagflation and that's
9:49
been silver. So, you know, silver is, is
9:53
definitely something you should keep your eye on.
9:54
It's been one of the best performing asset classes out
9:57
there, period. And I think that these price
9:59
projections are spot on. You know, George mentioned about
10:03
the tariffs. I didn't even bring that up.
10:04
You know, tariffs will cause higher inflation.
10:07
So Jerome Powell saying inflation's gone down.
10:11
Ask the general public how they feel about that.
10:13
You know, they go and fill up their their cars at the gas pump
10:16
or they go into the local grocery store.
10:18
They're seeing how expensive everything is, granted, you
10:21
know, prices of eggs they're saying have come down somewhat.
10:24
Still bloody expensive if you ask me.
10:27
So the price of consumer goods, CPI index, all, all above where
10:33
it should be. Absolutely.
10:35
And again, if you're going to look at an asset class that you
10:37
make the very solid, very strong argument that that beats
10:41
inflation, you know, gold always wins in that answer.
10:45
So again, it's an integral part of a balanced portfolio.
10:48
But it's very interesting to see Lance and George, you know, what
10:50
happens this year with the markets, because there's so many
10:53
irons in the fire, whether it's market instability, you know,
10:57
we're not even talking about defaults on car loans at an all
11:00
time high, defaults on credit cards all time high.
11:04
You know, then then we start running into Social Security,
11:07
Medicare, running out of money. There's just, there's just a
11:10
plethora of of, of issues. And you want to have that rainy
11:13
day fund, so to speak, to protect you from these events.
11:17
And and again, that that's why I've always been an advocate for
11:20
precious metals. You know, I heard a story about
11:23
the commercial real estate market is facing some of the
11:24
same consequences. People are defaulting on the
11:28
mortgages on commercial, and I believe that may be a much
11:31
bigger story here in the near term.
11:32
A lot of these buildings are sitting empty and they can't
11:35
maintain the properties because people have moved their
11:37
businesses and their employees off site.
11:40
We've seen it across the globe that people have decided after
11:43
the pandemic that they didn't need to have people sitting in
11:45
an expensive property that was leased.
11:48
And of course, a lot of people bought into this, you know,
11:51
residential bubble, in my opinion, that that prices were
11:54
going to continue upwards. And that hasn't been the case in
11:57
every market. We've actually seen a decline in
11:59
some markets. But let's dig into silver it.
12:01
This is interesting. Normally, silver would parallel
12:04
gold. But of course, silver's kind of
12:06
feeling a shock. Trump's tariffs are disrupting
12:08
the global markets and what it means.
12:10
I think it's a buying opportunity is what it means to
12:12
me. Now's the time to jump in there
12:14
and grab some more. That's what George and I
12:15
planning to do. Do you think there's significant
12:18
pressure due to the latest tariffs imposed by Trump?
12:21
And you think this is short term?
12:22
Is it a market overreaction? Because we know demand is going
12:25
through the roof and we know there's obviously a shortage
12:28
because we're hearing it from every industry that they're,
12:31
they're having difficulty getting what they need in the
12:33
tech vertical to supply the silver that's needed.
12:36
And of course, EVs are facing the same issue.
12:38
These supply chain disruptions, I think should cause the price
12:41
to spike. So what are your thoughts on
12:43
this, Jonathan? Yeah, I think you just put it
12:46
very eloquently and and we just need a little bit more time, a
12:50
little bit more runway to kind of feel the pinch and the
12:53
reflection on the premiums of silver.
12:55
I think we may have mentioned this last time that, you know,
12:58
50% of all the silver mined actually comes out of Mexico.
13:02
So as these tariff wars continue to heat up, we're going to see
13:05
silver being imported to the US carry a premium.
13:09
Ultimately, eventually, probably sooner rather than later, we're
13:12
going to see that in in the price of premiums on specific
13:16
coins and bars for people that that are buyers of of the silver
13:20
metal that like to keep it at home.
13:22
Industrial demand, as we said, you know, that's continuing to
13:26
climb. And I think we just need a
13:27
little bit more time to see a breakout.
13:30
Eric Sprott, Sprott Investments, you know, he's kind of the, the
13:35
worm Buffett of the commodities world.
13:37
I mean he, he's been saying publicly on Kitco 200 to $500.00
13:42
an ounce of silver is very feasible.
13:44
And he's a very conservative gentleman.
13:46
You know, I say, I say 50 to $75.00 in the near future.
13:50
What I like about silver is when you look at the silver to gold
13:54
ratio, it's the, the time now is to buy.
13:57
And I think if you're new to precious metals, they may be a
14:00
little bit scared when they see gold prices when it's so
14:02
expensive. But when they see silver prices,
14:06
it just seems a little bit more reachable, a little bit more of
14:08
an entry level. Not to say that gold is bad
14:12
because you could buy small denominations of gold coins.
14:15
Maybe you'll pay a higher premium for something a little
14:17
smaller. But again, as I've told you guys
14:20
before, I'm a big believer now in silver.
14:23
I've reallocated and shifted My Portfolio to 70% silver, 30%
14:28
gold and I think silver has got a great one runway to reach new
14:33
historical highs just like gold is going to do.
14:36
It's just a question of when. We don't have a crystal ball
14:40
guys, right? But we have a pretty good road
14:42
map. So I think it's, I think it's
14:43
coming. Yeah.
14:45
And, and my take is that the market, I mean the, I guess the
14:48
consumers are overreacting. I don't think in any way that
14:52
silver should have taken this downturn.
14:53
I don't think that in my opinion, the tariffs, sure
14:56
they're going to impact in the short term, but in the long
14:59
term, I think it's going to really improve our economy.
15:02
And of course, we can get the US out of $36 trillion in debt.
15:06
That's going to be, I assume that'll strengthen the dollar
15:09
and it's strengthen in every commodity.
15:11
It'll be an opportunity across the globe.
15:13
You know, this isn't financial advice.
15:14
Of course, we always tell you to talk to your financial advisors.
15:16
But if you're going to talk to the experts, you talk to Genesis
15:19
Gold Group. These guys do know they've been
15:21
in the precious metals market for an extremely long time.
15:24
They have decades of experience. So check them out.
15:26
George, what do you think? Buying opportunity market
15:28
overreaction or you think it's accurate?
15:31
No, I mean, it's listen, it's a, it's a buying opportunity.
15:34
The market's going to fluctuate. I mean, we keep saying that.
15:36
I keep saying that because, you know, the terrorists, you know,
15:40
until they stabilize and actually we feel a full effect.
15:44
When you have businesses coming back in the States, you have
15:48
more, more workers, more money being generated, more money
15:51
being spent. It just, it's an overall great
15:54
effect for this country. But you know, everybody wants a
15:58
complain about Trump putting tariffs, but how come nobody's
16:00
complaining been complaining about there are the deficits
16:04
between like tariffs, like with China, they or EU or even
16:08
Canada, not nobody. It's all right for them to take
16:10
advantage of of us with tariffs, but when we want to reciprocate
16:14
and and try to equal that out, they won't all want to come
16:18
down. I don't understand people.
16:20
They just let us take advantage, keep the money here in this
16:22
country like it's it's, you know, Trump did it the first
16:25
time around. Everything was good.
16:26
He put the tariffs, everything worked out.
16:28
Our economy was great. It'll happen again.
16:30
But you just had four horrible years of the Biden economy.
16:34
And it's, listen, we're 60 days in on his presidency.
16:38
You know, I think great. Time look at the media for what
16:40
they do. They love to paint the US as the
16:42
big bad wolf, whether it's on, you know, kinetic events around
16:46
the globe or tariffs or whether we're not funding their DEI
16:51
programs. You know, I'll huff and I'll
16:53
puff and I'll blow your door down.
16:55
That's the way they like to paint us.
16:56
It's not true. We're just trying to do the
16:58
right thing. We're trying to make America
16:59
great again. All right, let's let's dump into
17:02
this quickly. Man.
17:04
This is the big news for me. The SEC has been has been forced
17:09
to compromise the appeal that they had in place against XRP
17:13
and I feel like against the entire crypto community, because
17:16
I never thought the SEC and Gary Gensler should have done what
17:19
they did, has been dropped. I think this is a significant
17:23
victory for Ripple. I think it's a significant
17:26
victory for XRP and of course, the broader cryptocurrency
17:29
industry. I think everybody benefits from
17:31
this. There's no there's no downside
17:33
to me in the SEC pulling this appeal.
17:35
What do you think, Jonathan? Yeah, absolutely.
17:38
And in fact, before I answer that little off topic, Lance,
17:42
what? Where's the skull?
17:43
I thought something was different today.
17:45
I'm I'm Where's Mr. Skull gone? You know, I swap this out
17:48
sometimes. This is a Chinese hand cast
17:51
bronze vase that I have. I have a bunch of old like Ming
17:54
pottery and tongue horses and stuff that I invested in over
17:57
the years and this was swapped out when I did the Crypto Power
18:00
Hour and I just didn't bring the skull back.
18:02
The skull I've had for a long time, but it's not like there's
18:04
a lot of this stuff you see behind me.
18:05
I don't if you can see it, there's some.
18:07
Tongue inside. Now I say it, Lance.
18:09
Alas, I knew him so well. Listen, I even bought AI, even
18:14
bought a hat for that skull to keep them warm.
18:16
Yeah, there we go. But sorry, I I I digress.
18:19
No, no, it's all good. But I appreciate that you
18:21
noticed. It's interesting that you
18:23
noticed at all. Yeah.
18:24
No, no, I knew something wasn't quite right.
18:26
The equilibrium was up for me. Now I know why.
18:29
So no great news for XRP and Ripple.
18:31
I mean, I mean, wow. I mean, we've all been waiting
18:35
for this news, right? And we've seen such a demand of
18:38
people calling in wanting to invest in in XRP.
18:42
And again, we are just moving in the right direction as a whole
18:47
for the whole crypto community. We already know President Trump
18:50
wants to make America the US capital of the of, of crypto
18:54
land as a crypto revolution going on currently.
18:58
And I think invested, you know, what it is with cryptocurrency
19:02
is like people and retail investors just think Trump's in
19:06
office, everything's gonna fly to the moon.
19:08
And then exactly as soon as it doesn't and it's like everyone
19:12
folds like a pack of cards, like it didn't happen.
19:14
It's these are it's like building blocks.
19:16
It's like Lego, right? And, and we are we are better
19:19
off today than we were six months ago in, in this whole,
19:23
you know, crypto universe. It's the future, it's the
19:26
natural. There's no instance.
19:28
Well, listen, hold on you. Gotta be in this for the long
19:29
haul guys. Right.
19:30
I mean, just tell that to the two astronauts that just came
19:33
home the other day. Yeah.
19:34
Yeah. They were stuck here for them.
19:37
They were stuck in. Outer space.
19:39
And Biden had a chance to bring him home earlier and he
19:42
declined. I mean, that just shows you like
19:45
the difference we get political. Politically motivated, I agree
19:49
with you guys. But look, at the end of the day,
19:50
you have to be patient. Trump's not going to, you know,
19:52
fix your arthritis. He's not going to fix the dent
19:55
in your car. It's not going to happen
19:57
instantly. Of course, hopefully your
19:58
finances get better and you can take care of all that.
20:00
But my point is XRP. The big take away here is it's
20:04
not a security and that means this sets precedence.
20:08
For the wrapped rest of the cryptocurrency market and when
20:11
you have precedents like this, legal precedents, it's
20:14
irrefutable. The point is, is now we don't
20:16
have to worry about the SEC. Of course we don't have Gary
20:19
Gensler in place. He's out of there.
20:20
That guy was a weasel. I didn't like him.
20:22
I felt like all he was trying to do was to dip into the deep
20:25
pockets of the cryptocurrency market, applying stock law, you
20:28
know, derivatives law, and all these claims he was making.
20:31
None of it ever made any sense to me.
20:32
It cost XRP literally hundreds of millions of dollars to
20:36
defend, I'm sure in legal fees by the time this is all said and
20:39
done. But how about the $16 billion it
20:42
cost investors? How about everybody that, you
20:45
know, bought and held XRP and that market cap went down 16
20:48
billion? In my opinion, I think there's a
20:50
class action sitting there for what the SEC did because they
20:53
damaged the company. They damaged XRP holders.
20:56
George, what do you think? Do we deserve a payday as XRP
20:59
holders? Because I say hell yeah.
21:01
You know, I wouldn't, it'd be nice, but I I don't know, I'm
21:06
thinking if all of a sudden we came out, if they came out with
21:08
a multi like a lawsuit like that, you know, the SEC can come
21:12
back and refile and come up with something different.
21:14
Like, you know what, take the take the loss on the chin like
21:19
as far as that. But overall it's a win for us
21:22
because let's face it, the less the government anything's
21:24
involved that that's what crypto's about decentralization.
21:27
We don't need them involved. All right, Jonathan, what you
21:29
take decentralization, we don't do it.
21:32
Or do the XR people holders and Ripple itself need to be made
21:36
whole? What does Trump say?
21:38
Fight, fight, fight, right? You know, it's a tough one.
21:43
Obviously, I wouldn't want to be the person spearheading that.
21:46
But, you know, you bring up a good point, right?
21:49
And so does George at one point, you know, $16 billion off the
21:54
books. It's, it's, it's worth fighting
21:57
for. But at the same time, what are
21:58
the repercussions? You know, is it going to be bad
22:01
press? Is it stop them from moving
22:03
forward again? So I, I, I think, you know,
22:05
there's some pros and cons to, to look at with that, You know,
22:08
gosh, I don't know. I can't, I can't see.
22:10
Let me, let me help you. So if you look at, you're
22:12
looking at the whole big #16 billion.
22:14
But if you divide that among all the XRP holders, how much you're
22:17
really going to get it's. It's yeah, maybe not.
22:19
It's not worth. Fall back.
22:21
Here's my fall back position on that.
22:23
If we're not going to get the settlement, then my fall back is
22:25
I get 3 minutes in the ring with Gary Gensler.
22:29
That's my fall back. That way I get a little bit of
22:31
retribution, a little bit of retribution for the XRP holders
22:34
and Gary realizes and and knows that he's wrong.
22:38
I think he needs to face some consequences for his actions.
22:41
But at the end. Of the day either either way,
22:43
right? It's great.
22:44
It's great for Ripple XRP is, it's great for the community as
22:48
a whole. It's great as reclassification
22:51
and it's just a little speed bump on the road for them and
22:54
it's onwards to greener pastures in my opinion.
22:57
Let's play this video. We we, we watched this earlier
23:00
and I felt like it needed some amazing instrumentals behind it,
23:04
maybe some pictures of the of, you know, Mount Rushmore and
23:09
Washington, DC. This is Brad Garlinghouse coming
23:11
out. And when I got done, I felt like
23:13
cheering almost, because I felt like the guy, you could tell
23:16
he'd gone through hell and he I felt like all of a sudden, man,
23:20
a weight is lifted off my shoulder.
23:21
Let's play the. Video This is inspirational,
23:23
this little speech. It is inspirational.
23:24
Here we go. As many of you know, just over
23:27
four years ago, the United States SEC filed its lawsuit
23:30
against Ripple. I'm finally able to announce
23:34
that this case has ended. It's over.
23:37
Sitting here today and reflecting on four years ago, it
23:40
seems very clear to me that this case was doomed from the start
23:44
in so many ways. It was the first major shot
23:47
fired in the war on crypto. I truly felt like I knew then
23:50
that Ripple was not only on the right side of the law, but I
23:53
felt that we were also going to be proven to be on the right
23:55
side of history. Really, I think sends an ominous
23:59
sign for innovation around cryptocurrency in the United
24:01
States. Picking winners in general has
24:03
not been something the US government should be in the
24:05
business of doing. I think the judge realizes this
24:08
is not just about Ripple. This will have broader
24:10
implications as Mary J White, the former head of the SEC, has
24:13
said publicly that she views this as a dead wrong.
24:16
And the SEC is dead wrong on this decision.
24:19
Ripple is the first company with the resources, determination and
24:22
grit to fight back against the agency's overreach.
24:25
And today this journey finally concludes.
24:28
Today is a victory and long overdue surrender by the SEC.
24:33
The SEC under Chairman Gary Gensler went after the whole
24:36
industry using the same arguments they used against us.
24:40
They weren't out to protect investors.
24:42
They were out to intimidate and terrorize the regulator whose
24:46
primary purpose is to protect investors.
24:48
Went all in on a non fraud victimless lawsuit and wiped out
24:53
$15 billion of value from innocent XRP horrors.
24:57
The SEC was the market manipulator.
25:00
The SEC wasn't seeking justice. They were seeking to win a case
25:03
at any cost. Forces inside our government
25:06
aligned with the SEC and embarked on a campaign of de
25:09
banking anyone associated with the crypto industry.
25:13
This was lawfare, a war of legal terror.
25:16
Fortunately, the judge rebuked the SEC multiple times in this
25:20
journey. First for lacking a quote,
25:23
faithful allegiance to law. The SEC was sanctioned in our
25:26
case for discovery abuses. The pattern was repeated in
25:30
other crypto cases. Well, let's just say they're
25:34
trying to confuse you. We won then on every critical
25:38
legal point proving that the digital asset XRP is not a
25:41
security. That is now the law.
25:44
And those wins have laid the groundwork for policy makers to
25:46
adopt A set of rules for crypto that are in line with nearly a
25:50
century of securities law. With today's news, the warrant
25:53
crypto has ended in defeat for those who turned our own
25:57
government against a technology in an entire industry.
26:00
I'm heartened that we have paved the way for other industry
26:02
players to see the value and not backing down and for others to
26:06
use our legal playbook to fight back.
26:09
We are now closing a chapter in crypto history.
26:12
I think we're all stronger for our prior litigation successes
26:15
and today's landmark victory progress is worth fighting for.
26:20
We won multiple pro crypto victories the ballot box last
26:23
year. It's time to make the US the
26:25
crypto capital of the world. Thankfully, we have new
26:28
leadership and executive and legislative branches of our
26:30
government. That leadership is actively
26:32
seeking a rational and constructive way forward on
26:35
crypto. Let's make the most of this.
26:38
This is an incredibly promising moment.
26:40
Let's come together. Let's leave the tribalism
26:42
behind, but let me make it clearer that my main message,
26:45
what Ripple's main message today is about gratitude.
26:49
It's gratitude to everyone who stood by us, to every Ripple
26:52
employee, to the incredible legal team here at Ripple, led
26:56
by the best Chief legal officer in the business, Stu Alda Rodi.
27:00
Gratitude certainly to the XRP family, to our customers, to our
27:04
partners, thank you. We couldn't have won this battle
27:07
without all of you being behind us and working together.
27:10
I truly believe we all agree there's immense opportunity with
27:13
the largest account in the world finally taking a pro crypto and
27:17
pro innovation approach to build this technology in order to
27:20
solve real world problems for people around the planet.
27:23
This is a fight Ripple never wanted, but one we knew we had
27:26
to win. And today, emphatically, we
27:29
have. Thank you.
27:34
How long ago you think he had that video?
27:36
I just want to salute. I just feel like I got to salute
27:38
like I'm saluting George Patton there.
27:41
I mean, I man, I'm telling you, this guy is unbelievable.
27:47
I think who knows George? I'm sure he rehearsed that when
27:50
he was laying in bed at night when they were doing superseding
27:53
filings and they were just trying to law fair.
27:55
And I got to tell you, Stu, who's the head of the also the
27:57
National Crypto Association, it just got funded recently by
28:01
Ripple and their plan is educating people in crypto.
28:04
He's I know a lot about him now that is 1 brilliant son of a
28:07
bitch. I got to say it.
28:09
He definitely spearheaded that and made it happen.
28:11
So it's big stuff. And I know you got limited time
28:14
Jonathan, but I want to just go ahead and give you an
28:16
opportunity. George, actually give me a
28:17
little nudge on this. You want to give us an update on
28:20
Block Trust IRA? How are things going?
28:22
Maybe explain the product shortly to the clients, our
28:24
listeners and subscribers. Some of them may be here for the
28:27
first time. Of course, some of them might be
28:29
the Bongino Army because they might be flowing over from our
28:31
regular show at 11:00 AM now in that Bongino spot, so.
28:35
Yeah, absolutely. And I'll just start off by
28:36
saying because I've, I've been interviewed by a few people and
28:40
and these naysayers about the the crypto industry as a whole.
28:44
And I tell those people, my friends, you're on the wrong
28:47
side of history. You know, crypto is here to stay
28:49
and you can be a part of this crypto revolution or not.
28:52
And, and This is why myself and my team, Jacob Diaz.
28:57
And are you trying to nicely say that the Big MIG Show does it
29:00
best? Is that what you're saying here,
29:01
that we're spot on and we know what we're doing?
29:03
Is that did you try? I know you English always kind
29:05
of reserve your compliments. You're very stoic about I'm just
29:08
trying to fish. Are you trying to pay us a kind
29:10
of a a veiled company? We're over the target.
29:14
You guys are always at the forefront and, and that's what I
29:17
love about you too. No, no BS and, and, and you say
29:20
it as it is, right? And, and we both have an
29:23
affinity for crypto, right? And, and obviously my
29:26
background, you know, in Merrill Lynch, Morgan Stanley, London
29:29
Metal Exchange, I've always been a commodities guy.
29:32
You know, things changed for me throughout the years as I saw
29:35
that evolution of investing. And you know, when you can marry
29:38
the power of AI, which we've done with the technology of
29:43
crypto and AI together, you, you have a real winner.
29:46
That's what we have. And that's why myself and my
29:49
team came out with this platform called Block Trust IRA.
29:53
It lets people buy cryptocurrency safely and
29:55
securely over 60 different cryptocurrencies.
29:58
But what makes us so different? Not just the fact that we
30:01
probably have some, if not the lowest trading fees in in the
30:05
nation, but we have something revolutionary that nobody else
30:08
has that's only been available to hedge funds and institutional
30:12
investors. And that's this AI tech derived
30:16
by a company called Animus Technologies.
30:18
And what this AI tech let's our block trust IRA users do is
30:23
invest their retirement account, whether it be an IRA or 4O1K or
30:27
maybe just a cash account and they can invest in different
30:30
cryptocurrencies. But we have something called
30:32
managed accounts, and I'm just gonna briefly explain to your
30:35
audience why you want managed accounts.
30:37
Because when you talk about cryptocurrency, there isn't an
30:40
opening bell. There's not a closing bell.
30:42
It's a market that's traded 24/7, 365.
30:46
And that basically means that when you're sleeping, something
30:49
could be happening on the other side of the globe.
30:52
For example, China could be invading Taiwan.
30:55
President Trump could be signing a new executive order.
30:58
And when that happens, these crypto markets react violently.
31:01
And that could be a positive for your portfolio, as we've seen,
31:04
or it could also be a negative. So through our AI tech, our AI
31:09
tech will bring you from an invested position in Bitcoin or
31:13
Ethereum, liquidate you at the top of that market, put you in
31:18
cash, and then wait for the market to drop and, and buy you
31:22
back in. So classic quick example, after
31:26
Trump got in, Bitcoin had a meteoric rise, but we saw some
31:29
weakness in the market. Our AI tech sold everyone in the
31:33
Iras in cash at 99,000. We're still sitting in cash.
31:37
We're waiting to buy back in. So again, the crypto market
31:40
doesn't sleep. Someone watching your crypto
31:43
investment shouldn't either. So block trust.
31:45
IRA really does let people invest in cryptocurrency safely
31:49
and securely, but mitigates that downside risk, which is
31:53
something that's never, ever been done before.
31:55
All you have is a buy and hold strategy.
31:58
We've kind of invented something brand new to the retail market
32:02
where you don't have to buy and hold, but you can have something
32:04
that manages the risk. So when the market goes down,
32:08
you're not in it when it goes down, but you sure can take
32:11
advantage of it when it starts to go back up again.
32:13
So that's exactly what Block trust Irate does guys.
32:16
Jonathan, I have a question from from one of our listeners.
32:19
Yes, in a instance like you were just talking about when, when
32:24
the AI CS that Bitcoin may go down and they sell the Bitcoin
32:28
to get out, what what happened? Do they, do you guys take those
32:31
funds and put it in mouse or it just sits there and holds?
32:35
Just straight in cash and people, what I love about this
32:38
is first of all, there's no leverage.
32:39
We, we, we beat the market with no leverage, no lock up period.
32:43
So if, if they're in this today, they want to liquidate tomorrow,
32:47
bingo, they're out. If we're sitting in a cash
32:49
position for them, they want to move their money, they're out.
32:52
So there, there there is, you know, no one's their money's not
32:55
being held hostage. They're investing in
32:57
cryptocurrency. They just have the tools to
32:59
manage the downside. Risk, yeah.
33:01
So no, I no, I get that. I think they get that.
33:03
But so like, you know how you have it in Bitcoin, it's sitting
33:06
there, but then you sell it because Bitcoin, there's going
33:08
to be a trend where it goes down.
33:10
You don't put it in a different cryptocurrency at all, or it
33:12
just sits and waits. It's like a whole it stays in
33:16
cash and let me tell you why put it into another cryptocurrency,
33:21
the time the system needs to buy if you have to sell that coin,
33:25
let's say a stable coin, right? So then go to the position those
33:30
seconds lost could be potential from, you know, 10s of thousands
33:36
to hundreds of thousands of dollars gains in one trade.
33:39
You know, as an example, the other day XRP went up 13 some
33:42
odd percent right after the ruling came out.
33:44
It went up very quickly. And I think that you guys are
33:46
right because if you moved it into anything, then you've got
33:48
to worry about liquidity too, because there are some crypto
33:50
currencies where the liquidity comes into question.
33:53
Even though you want to sell, there isn't enough liquidity in
33:56
the market to get you out. So it makes total sense to me.
33:58
And I think what's dynamic about it is the crypto markets 24/7,
34:01
365. There's no way any of us, no
34:04
matter George and I, who spend an inordinate amount of time
34:07
online and, you know, looking at portfolios, looking at news,
34:10
there's no way you can rack. And the fact that we're using
34:12
quantum computing, we're using AI to look at so many data sets.
34:16
Well, you and I could maybe process this many data sets.
34:18
We can look on social media, we can go over to news, we can look
34:20
around about some buying news. The news is already late, but
34:23
that that AI is literally looking data sets that I can't
34:26
even put my arms around because we're talking about thousands of
34:29
thousands of data sets as your expert and partner came on the
34:32
show a couple of weeks and talk. We need to come back on, by the
34:35
way. Yeah, we definitely do.
34:36
A lot of people love talking to them.
34:37
And I think it's a great opportunity for people to learn.
34:39
This is an opportunity because look, let's face it, investing
34:42
in crypto is complicated. What these guys have done over
34:45
at Block Trust IRA is they've, they've literally simplified it
34:48
for you. They've made it easy so that you
34:50
don't have to worry about it. And it's clear that by the
34:53
reaction and I won't go into any numbers, by the reaction of the
34:56
clients calling into Jonathan, clearly it's in high demand
35:00
because it makes so much sense. She definitely want to check it
35:03
out. Jonathan Rose, I really
35:05
appreciate you joining us, man. I know you're out of time for
35:07
now, but listen, don't go anywhere.
35:08
Global Finance Forum watchers, when we come back, we're going
35:11
to be talking about home sales. Actually pretty optimistic.
35:14
The February reports in and it's looking pretty good.
35:16
We got a lot of other stories to cover.
35:18
Stay tuned. Crypto power.
35:19
I'll be right back with George Valentin, Lance Miacho.
35:21
Jonathan Rose, thank you so very much for the time you had today,
35:24
brother. We appreciate you.
35:26
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40:00
OK, Lance, what's going on? So it's interesting home sales
40:05
are now optimistic. the Fed home resales jump much more than
40:10
expected despite higher mortgage rates.
40:13
I don't know. I was waiting to see if any kind
40:16
of interest rates are going to like be lowered mortgage rates.
40:20
You know, I'm still waiting for Trump to on his one promise
40:23
where he wanted to cap a credit card interest rates at 10%.
40:26
I'm waiting on that one. I don't know.
40:28
But inventory at the end of February stood at 1.24 million
40:31
units and that's an increase of 17% year over year.
40:36
Now, the medium price Lance of a home sold in February was
40:40
398,400. That's up 3.8% from the same
40:44
time last year. I know that number ain't my area
40:47
because no, ain't no medium price houses for that sale that
40:50
price. Now this may sound a little
40:53
better Looks. Our area either home prices
40:55
that, that sounds like almost a bargain, although I don't think
40:58
home prices should be that expensive.
40:59
It kind of takes home ownership right away from people.
41:01
But it sounds like the sales were higher annually in the
41:04
highest price categories, which I'm actually kind of surprised
41:07
about that everything above 750. So the annual numbers were
41:10
higher than that. So, and of course, the inventory
41:13
is still higher. Inventory in February was 1.24
41:17
million units, which is an increase over 17% of available
41:20
units. So, you know, I wonder with all
41:23
that stuff, with all those homes on the market, is it going to
41:26
deflate prices? I don't know.
41:28
Interest rates always impact sales.
41:30
Maybe February people were being optimistic and then they had to
41:32
close on the House because they already bought it thinking that
41:34
Trump was in. We'll have to see what happens
41:36
in March. I'm not sure how to read this
41:38
though. I don't know either.
41:39
I mean, I'm here like it depends on the areas maybe about like,
41:44
you know, the home sale price because I know February, I mean
41:47
February, oh, Florida, like there's a lot of house for sale.
41:50
They're not selling. You know, it depends.
41:52
On the area, notice a lot of price changes dropping the
41:54
prices lower. Then you have like some hot
41:56
areas like Tennessee's, you know, there's it's the market
41:59
over there is good. So it's depend on the area.
42:02
California's struggling, I think.
42:04
Austin's rocking and rolling. They're busy.
42:06
As well. Texas.
42:06
Texas is doing well. You know, my part in New Jersey
42:10
is I'm in north New Jersey. So always does well because you
42:13
got a lot of people from New York come coming over to Jersey
42:15
because they're tired of the, the crime, the immigration, all,
42:19
everything that comes with liberal cities.
42:21
But you know, I don't know, they're saying it's up a little
42:26
bit. I'm still going to be cautious
42:28
because. I keep wondering what the
42:30
deportation impacts going to be on these illegal immigrants on
42:33
the rental markets and or the house, you know, the buying
42:36
market, first time buyers edge back into the market.
42:39
It looks like 31% of these February sales compared with 26%
42:43
the year before. So 31% of the sales were first
42:46
time buyers. But what do you think about the
42:47
immigration, George, and the deportation?
42:50
I don't mean we're. Talking about 30 + 1,000,000
42:52
people they're planning on deporting.
42:53
They say planning. So right now what they're the
42:57
the the amount that they already deported.
42:59
It's not going to have no effect on it now, I don't think, I
43:02
don't believe that Trump is going to get rid of 30 million
43:07
immigrants out of this country. I believe he's going to get rid
43:10
of all the criminals first. And then maybe the amount of
43:14
people like for the last few years, but you know, people that
43:18
have been here that are working and paying taxes, he's not going
43:20
to get rid of them because I don't see it happening.
43:24
And there's people who are worried because I know people
43:26
were talking about it like they have a business, they're
43:28
working, they're paying taxes. But even though it's still here
43:30
illegally and they're worried, they've been here for like 5
43:33
years, 10 years, so. Yeah, yeah, I think, and it
43:35
should be probably with this, you know, Tom Holman's not
43:37
playing around, that's for sure. I know, but if they wanted to,
43:40
they could start scooping them up easily if they wanted to.
43:43
But they're not. But then you have all the judges
43:45
giving them problems like you're using the alias act.
43:50
The judges are operating. But they have no jurisdiction
43:52
and it shouldn't. It shouldn't even be ruled upon
43:55
like it's. But that's the problem with
43:57
lifetime appointments. You get these judges that think
44:00
they're above the law. And then?
44:01
Regardless of what their ruling is, and most of them were
44:04
installed by Obama or Biden, the majority of these judges that
44:07
are coming up with these awful rulings, it's law fair, plain
44:10
and simple. I think they're they're going
44:12
beyond the scope of what they should be allowed to do.
44:14
But let's face it, to get rid of a judge, you have to impeach
44:16
him. The impeachment process is
44:18
lengthy and a pain in the ass. I mean, it doesn't have to be
44:23
lengthy. It is.
44:25
Lengthy the process cause by the time you you sequester Congress
44:29
and you put it in front of Congress and it goes through the
44:32
House and it goes through the Senate.
44:33
Here's the problem. It shouldn't be necessary.
44:35
Let's face it, George, if you were going to get fired, they
44:37
don't go through a process. They don't say we've got to go
44:39
through all these steps to they walk in and they say, George
44:41
Ballantine, you're doing a lousy job, you're fired.
44:44
Yeah, So what for the impeachment process, like
44:47
Speaker Johnson was just talking about it that he's looking into
44:51
streamline the process that the problem is, is when it gets to
44:54
Senate, you need a minimum of 60 votes to impeach, I believe.
44:59
And let's face it, to the Republicans got what, 54, I
45:02
think 55 maybe so they're short. So it's.
45:06
But it comes down to this. If somebody's doing a lousy job
45:09
and mis misinterpreting the law as a judge is a lousy job,
45:13
politically weaponizing the legal system is a lousy job.
45:16
They should be able to walk in and say you're fired.
45:19
No, you're under, here's the sanctions.
45:21
You're going to be investigated and reviewed and you can be
45:24
fired immediately if we determine that you did the
45:26
following. The truth is there's no, there's
45:28
no hold on. There's no neutral oversight
45:30
body. Enough's enough.
45:32
I don't want any more lifetime appointments.
45:34
I don't want any absolute immunity for these judges and I
45:36
don't want any qualified immunity.
45:38
I want them to face the consequences for their actions
45:40
just like any other American would.
45:41
They're no better than us, George.
45:43
Congressional members are no better than us.
45:45
Judges are no better than us. Prosecutors are no better than
45:47
us. And the members of the agencies
45:49
are no better than us. They don't deserve absolute
45:52
immunity and qualified immunity, Sir.
45:53
No. So I agree with you on absolute
45:55
immunity and qualified immunity. Yes, they shouldn't have that.
45:58
Get rid of it. But the point of if saying, oh,
46:00
just fire them, that's not going to work because then you can
46:03
have any political party also just come fire all the
46:06
Republican judges. It has to be a better somehow, a
46:10
better process. Maybe there's a middle of the
46:12
road, but right now we're getting screwed by these judges.
46:15
They're trying to overturn all the rulings.
46:16
They're trying to overturn this stuff that Dodge is doing, and
46:19
they're doing it not because it's best for the country, not
46:21
because it's best for the American people.
46:23
They're simply doing it because why does a dog lick his balls?
46:27
Because he can. And that's what they're doing.
46:29
And that's my opinion. I'm not saying there aren't good
46:31
judges. I'm not saying there aren't good
46:32
prosecutors. I'm not saying there aren't some
46:34
good agents. I'm saying that the majority of
46:36
them are not good. So listen, here's a good
46:38
question for you and I. And Trump says yes to this,
46:41
George, should the Fed cut rates?
46:43
Should they not be proactively trying to compensate for some of
46:47
these tariffs that are going through?
46:49
You know, Trump's saying the Fed should cut the rates, the easy
46:51
economies transition into his tariffs, And I agree with Donald
46:54
Trump. I have a better idea.
46:58
How about we just cut the feds? I get rid of them all along.
47:02
Let's nationalize. The Federal Reserve Bank, I
47:04
mean, let's. Nationalize the Federal Reserve
47:06
Bank. I'm all about it.
47:06
Why do you even call them feds? They're not federal.
47:09
They're not federal, No, it's neither federal nor is it an
47:12
institution that's actually a government agency.
47:14
It's it is. It is literally authorized by
47:18
statute, but it is not a government agency.
47:21
Listen after after this this what must just expose with the
47:28
computers 14 computers just generating money the.
47:31
Magic the. Magic computers generating money
47:34
like how old saying people money money don't grow on trees.
47:38
Well, it grows on computers because you got 14.
47:40
You should grab that clip and throw it up here.
47:42
I'll talk about this story. Let's grab that clip because
47:44
that's an amazing clip. When you find out the corruption
47:47
of the Federal Reserve and that they have these computers that
47:49
basically I could walk in for our listeners and subscribers
47:52
out there. I could walk in and say, hey,
47:54
I'm going to give my, my subscribers and such and such
47:57
name. I want to, I want to send over
47:58
$3,000,000. There's nothing stopping them
48:01
from doing that. And in fact, that doesn't even
48:02
mean it's part of the budget. And of course, the Federal
48:05
Reserve wants us to waste money and spend money.
48:07
They're printing it for free. And then they're charging us
48:10
interest on a free asset. It's, it's a Fiat currency.
48:14
It's the craziest thing. But look at, you know, Trump
48:16
just tried to stay out of the Fed's business for his first two
48:19
months in office. He didn't even mention them.
48:21
And now he's encouraging the central bank to do what's right
48:23
to cut interest rates. But of course, we know that the
48:26
Fed and Powell aren't going to want to support this
48:28
administration because they supported Biden.
48:30
They didn't want this in here. And I sure as hell don't want
48:32
them to stop spending. I'm sure they're freaking out
48:35
right now about Dodge. Lower rates can combine with
48:37
tariffs to stir more inflation is what they're saying.
48:39
I disagree. I think it would have the exact
48:42
opposite effect. And of course, lower interest
48:44
rates would propel lots of things.
48:46
And like George said, let's see some 10% credit card rates.
48:49
Let's drop that interest across the globe.
48:50
All those people will put that money back in the economy.
48:53
These, these credit card companies will be getting fat
48:55
off the backs of Americans for too long.
48:57
It never should have been 21%. And now it's like 29%.
49:00
Enough is enough. It's it's a complete theft from
49:04
the American people. You can live on 10% fire a
49:06
bunch. That's what they should be
49:08
doing. George, do you have that clip?
49:09
I do. I'm going to play it right now.
49:10
Here we go 1. Of the things you told me about
49:12
is, is what you call it magic money computers at the very
49:17
reason. So tell us about it because I've
49:19
never heard of that until you you brought that up.
49:21
OK, so you may think that these that that the government
49:24
computers like all talk to each other.
49:27
They synchronize, they they add up what funds are going
49:30
somewhere and it's, you know, it's coherent that, that that,
49:35
you know, there's and that and that the numbers, for example,
49:38
that you're presented as a senator.
49:39
Yeah. Are actually the real numbers in
49:42
one would think. One would think they're they're
49:44
not. Yeah.
49:44
OK. I mean, they're not totally
49:48
wrong, but they're probably off by 5% or 10% in some cases.
49:53
So I call it magic on a computer, any computer which can
49:55
just make money out of thin air, best magic money.
49:58
So how does that work? It just issues payments and you
50:02
said there's something like 11 of these computers at Treasury
50:05
that are that are sending out trillions in in payments.
50:08
They're mostly at Treasury. Some are, but there's some at
50:12
HHS, some at there's one, there's one or two at state.
50:16
There's some at Dodi think we found now 14 magic money
50:21
computers, 14 OK. They just send money out of
50:25
nothing. Out of nothing.
50:28
So where is this money coming from that they're just sending
50:31
this money like? Who?
50:32
I know where it's coming from. Oh ho ho, it's magic, you know,
50:37
oh, oh, never believe it's not. So it's magic, bro.
50:43
Total magic. Uh huh.
50:45
Where is it? Huh.
50:47
It's magical. You just pull the money out of
50:48
thin air. And of course, where does it
50:49
come out of? Right out of George Valentin's
50:51
pocket. Right out of Lance Miliatro's
50:53
pocket. Right out of the American
50:55
public's pocket. Right out of our government's
50:57
pocket. And then what do they do?
50:59
They tack a shit load of interest on it for printing
51:02
money that literally is backed by nothing, and the Federal
51:05
Reserve families get fat and rich.
51:07
That's where it's wrong. Is that simple enough?
51:09
It is simple enough, but they but I like to know who's who's
51:14
allowing it like they you have to be able to.
51:17
He's got the computers. If you put in an order to send
51:20
money, they got to know where it's coming from.
51:23
This is what the problem is like.
51:25
And here's my thing actually and hold on.
51:28
Find out where it's coming. Start resting them because is
51:31
this was this money approved by Congress?
51:34
Are they taking it from the feds?
51:36
Where what did it? Where is this magically
51:39
appearing from? And how come we don't got a
51:41
computer like that? I think we should have one,
51:45
Lance. Listen, I'm with you.
51:47
In fact, I'm typing Elon Musk right now.
51:49
Dear Elon Musk, can I please have one magic money computer?
51:56
For 5 minutes. Right, Thank you.
52:01
You're. I mean, this is crazy.
52:03
George and Lance. It's absolute diabolical that
52:08
this is allowed like. I'm sending this.
52:13
Are they looking? Are they looking into this?
52:15
I mean, all we got when he's crazy, how?
52:18
Do you have a computer that's not attached to any system
52:21
within government that's able to make a payment to who knows who?
52:25
Any individual across the globe at the whim of the operator, how
52:29
is that operator not going to be tempted to make up some phony,
52:33
you know, offshore entity and say it's for some stupid DEI
52:37
initiative or for condoms for Haiti or for George wants to put
52:42
on a transgender play in the Middle East and he needs $100
52:45
million? You know, I'm just making shit
52:47
up. The point is, how is it not
52:49
going to happen? If you allow a bartender to
52:52
steal with no restraints, they're going to steal.
52:54
It's going to happen. One of the matter is this is the
52:57
same, in my opinion, this is criminal.
53:00
They've screwed over the American public and I don't care
53:02
what political party you're with.
53:03
I'm not defending anybody here on this show.
53:06
I'm saying it's not right. People are struggling at home.
53:09
How about some magic money for the American people?
53:11
If you're just going to print it and make it up, if we're going
53:13
to still pay the interest, $36 trillion in debt.
53:16
And I think it's not just negligence.
53:18
I think it's, I think it's fraud and theft, George.
53:21
Yeah, and God help is if nothing ever gets done about this, if
53:26
you don't do something even what's this?
53:28
What's to stop the next administration from doing it?
53:30
Republican or or Democrats, I don't care what they are because
53:33
a lot of them are these period. But you know, I got to talk.
53:37
I just think about it and it just drives me crazy.
53:40
Me too. It's hard not to get angry.
53:41
I start thinking all kinds of crazy.
53:43
Russia Russia's gold rush Look their reserves Their reserves
53:46
hit a record 2.7. No 2.200.
53:51
And 217.4 billion. That's it.
53:55
That's a lot. Wow, so gold is now making up
53:59
34.4% of Russia's total foreign exchange reserves.
54:03
Probably because they're worried.
54:04
You know, they always want to back up their with the issues
54:06
with sanctions because our government over and over does.
54:09
These are record-breaking. It's a shift in strategy.
54:12
Are they ditching the dollar? Is this all part of their Bricks
54:15
bricks campaign or is there more going on here than meets the
54:18
eye? George.
54:19
I mean, listen, they're, they're part of bricks.
54:22
No, let's face it, Russia would always like to destabilize our
54:25
dollar. We know it.
54:27
It's nothing new. A lot of countries want to so
54:29
there to get away from it. Why not?
54:31
They're stocking up on our goal. But you know, you have all the
54:35
sanctions going on on them. You have the they say global
54:37
inflation concerns, even Geo Geo political instability.
54:43
Look, you have the EU and France saying they want to put troops
54:46
in Ukraine. Meanwhile we're trying to broker
54:48
a peace deal. How is saying you want to put
54:50
troops in Ukrainian cities going to help broker a peace deal?
54:54
I don't think they want peace. They they want this.
54:57
No, because it's just. Funnels more money into the
55:01
military industrial complex. That's what it does, I think.
55:03
When you break this down, it's pretty smart on Russia's part.
55:05
You know, it's a sanctions proof strategy because they're holding
55:08
a tangible asset like gold. It's economic sovereignty for
55:11
them. Of course, they're strengthening
55:12
the reserves in a hard asset reduction, you know, and
55:14
dependent kind of a way. They've got inflation protection
55:17
because, you know, gold is historically held its value
55:19
making a safe haven. I think this is great.
55:22
But what I think this means for the gold markets is potential
55:25
price surges. There's no way that central
55:27
banks, including Russia, increasing their gold purchases
55:29
isn't going to with that kind of demand, isn't going to push up
55:31
prices, Higher pressure on the US dollar, A rising gold backed
55:35
financial system could weaken the dollar's dominance.
55:38
We talked about the impact of bricks.
55:40
It's a ripple effect on other nations.
55:42
I don't think it's a warning sign as much as I think they're
55:44
telegraphing and saying Russia is going to continue to do
55:48
what's necessary to make Russia great.
55:50
We're going to protect ourselves financially and we're going to
55:53
protect ourselves on the military front.
55:57
Yeah, I'm, I'm, you know, listen, when Russia is up to
56:03
stuff, you have to keep an eye on him.
56:06
But Russia's going to protect Russia.
56:07
You can't get mad at Russia protecting Russia.
56:09
Putin doing good for Russia? You can't.
56:10
You can't. You know, but.
56:11
I got a point point this. I know we don't have much time
56:14
left, but I got to give this to everybody.
56:15
Did you see the Boston Celkics just sold for $6.1 billion?
56:20
This is the highest price ever paid for an NBA team.
56:22
I would have never thought that the word be.
56:25
I know that there's been other teams that have sold for
56:26
billions, but I just never really thought these teams would
56:29
be trading for this kind of money.
56:30
Did you? Billions yes I don't that high.
56:34
I mean the Yankees and and the Cowboys are were worth the two
56:39
highest so I don't know where where this puts them but I'm
56:42
surprised that Boston Celtics sold.
56:45
Why did the owner want to sell? I think it's probably 'cause he
56:48
got paid so much. And what's funny about this was
56:50
a financial firm that bought it wasn't a private party that
56:52
bought it. So here's the numbers just to
56:54
tell you so. Boston Celtics 6.1 billion.
56:57
These are the top ten NBA teams prices were paid in the last 10
57:01
years. Phoenix Suns purchasing 23 for
57:04
four billion Brooklyn Nets acquired in 2019 for 3.3 billion
57:09
Dallas Mavericks 2023 three and a half billion Charlotte Hornets
57:14
2023 three billion Houston Rockets 2017 2.2 billion Los
57:20
Angeles Clippers that's 2014 for 2 billion.
57:24
Utah Jazz 1.6 billion Minnesota Timberwolves in 21 one and a
57:29
half billion. And then the Milwaukee Bucks
57:32
purchased in 2014 for 550 million.
57:35
Seems like all those guys are sitting on a quite a profit at
57:38
this point I guess. Well you know something I just
57:40
looked it up because I had to see.
57:41
So the Cowboys are are estimated worth at 10 and change billion.
57:45
The Warriors are 9 and change billion.
57:47
The Knicks are 8 and change billion.
57:49
Knicks sucks so I don't even know why they're worth that
57:51
much. The Lakers are 8 billion and the
57:54
Yankees are are 7.93 billion. So you know what this is going
58:00
to do, this is just going to players are going to look at
58:04
like Dan, they just bought the team for six, 1.1 billion.
58:06
You know, we're the ones that make the team worth that much.
58:09
We need to get paid more. This is what's going to happen.
58:10
It's going to create a lot of lot of chaos with getting
58:16
contracts and stuff. Absolutely.
58:19
All right, listen, we're out of time for today for the Global
58:21
Finance Forum. Remember Global Finance Forum
58:23
every Friday, your financial roundup week with George
58:25
Ballantine, Lance Miniatio and Jonathan Rose powered by Genesis
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Goal Group. You can join us here every 1:00
58:31
PM on Fridays. Crypto Power Hour.
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If you want to learn about crypto, if you want to get
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We're all unrumble for all these.
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You can check us out three PM Wednesdays, 3:00 PM on Fridays.
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And of course, the big, big show in our new time slot, that Dan
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Great show is just blowing up. The Bongino Armory's joining us
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at 11:00 AM. Monday through Friday, rocking
58:55
and rolling, doing what we do in and out, snapping necks, cashing
59:00
checks. George Valentine last words on
59:02
the way out the door, brother. We'll see you guys at 3:00 for
59:05
the Crypto Power Hour. If not, you all have a blessed
59:08
weekend. I love you guys.
59:10
Catch y'all on the flip side homies.
59:17
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