Latest / The Big Mig Show / Global Finance Forum From Bullion To Borders We Cover It All |EP612

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Global Finance Forum From Bullion To Borders We Cover It All |EP612 · The Big Mig Show

0:26
The. The welcome back to the Big big
1:00
show Global finance Forum. Of course, it's the number one
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finance show on Rumble and that's because of our listeners
1:06
and subscribers. We really appreciate you guys.
1:08
Of course, powered by Genesis Gold Group with your hosts Lance
1:12
Miliaccio and of course my Co host George Ballantine from
1:15
Bullion your borders. We're your go to source for
1:18
cutting edge insights into the world of finance.
1:20
And of course, Genesis Gold Group believes in empowering
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faith driven stewardship with gold and silver and integral
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part of a diversified portfolio. Protecting your finances with
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precious metals has never been more crucial.
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Join us as we explore the forces shaping global markets, the
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power of precious medals, digital assets, and the dynamics
1:38
that influence economies across the globe.
1:41
George, what's up man? You're looking yellow, brother.
1:44
You're very yellow. I think it looks good with my
1:46
nice olive skin. I don't know.
1:49
Makes me think of that song. Black and yellow, black and
1:51
yellow, black and. Yellow.
1:52
I don't know that song, sorry. No, you don't know it.
1:54
Nope. Maybe it's the way I sang it.
1:57
Probably could be. All right, let's fire off.
2:00
Let's kick it off. We got a lot to cover today that
2:02
that that genius act, you know, passed.
2:06
Of course there's a lot going on with that.
2:08
And of course, also the Clarity Act.
2:11
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3:31
It's Friday, second show of the day.
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Running and gunning doing what we do.
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So what we do here on the big big show and if you like the
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show, thumbs up, comment, share and subscribe.
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You guys have made us based on views the number one finance
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show and rumble. We try to cover everything on
3:47
this show. That way you can TuneIn get a
3:49
little round up of where the action is.
3:51
What's going on. Maybe what happened that maybe
3:53
you don't know about. Let's talk about the US House
3:58
passing these acts now. The House just sent the crypto
4:01
bill to Trump. It's an historic win for the
4:04
industry, House lawmakers. They also passed the second much
4:07
broader crypto market structure bill and now is going to go to
4:10
the Senate. That's the Clarity Act.
4:12
They voted overwhelmingly on Thursday to pass the first ever
4:15
major legislative overhaul of cryptocurrency regulation.
4:19
They sent this bill. It'll create new rules for
4:21
so-called stablecoins to the president's desk, and it's going
4:25
to deliver crypto companies a historic lobbying victory.
4:29
And, and this really proves without a shadow of a doubt,
4:32
George, that this administration is pro crypto.
4:37
Oh, without a doubt. Listen, you got a lot shockingly
4:39
so. You had a lot of Democrats
4:42
joined in on this one, as they should, because they know.
4:45
Hakeem Jeffries joined in. Wow.
4:47
Cause a lot of their constituents, although a lot of
4:49
them they, you know, basically in the younger bait and younger
4:53
age groups, which are, you know, grew up on crypto and this and
4:57
that. So they'd be smart.
4:59
They were smart to vote on it because, you know, crypto's a
5:03
way for the future. And I'm so happy that they left
5:06
out the, the Federal Reserve digital currency on this.
5:11
That was it was huge. You know, what I think's
5:17
interesting is how much the Democrats supported this bill.
5:20
Of course it was industry backed crypto bill.
5:22
They probably want to get some of that money for their next
5:24
round of elections. But Maxine Waters, she was
5:28
against it over and over and over again.
5:31
Of course, she was the top Democrat on the House Financial
5:34
Services Committee, which I don't even understand.
5:36
I mean, the woman can barely, you know, move around anymore.
5:40
She's so damn old. That's why she doesn't like
5:42
crypto. Yeah.
5:44
She's stuck in her way. She's just listen, she's just
5:47
stuck in her ways. And it when it comes to anything
5:49
Trump, that woman's just going to be a no.
5:51
It's going to be a no. It could be the best thing for
5:55
constituents and she'll still be a no.
5:58
They can't get over that. TDs.
6:01
Yeah, well, of course, the bill the the Democrats called for
6:05
presidential ethics provisions to be added to the bills.
6:10
You know, Trump's family, you know, the Trump coin and the
6:13
Melania coin, you name it. Lots of other stuff they're
6:15
concerned about, maybe rightfully so.
6:18
I don't know. There's been a lot of that.
6:19
But let's talk about what the Genius Act actually is, George.
6:23
And that is the guiding and establishing national innovation
6:27
for US stablecoin. That's where they get the Genis
6:29
Act. And I should say Genis, it's
6:31
genius because I think it was genius the way they came about
6:33
it. Let's talk about the top 10 most
6:38
important parts of it, George. All right, man, I'm, I'm honored
6:41
to do so because this is, this is historic.
6:43
This is, you know, regulatory framework for stable coin
6:47
issuance, the Genius Act, right? It establishes, listen guys,
6:51
federal licensing pathway for stable coin issuers that
6:54
creating a clear rules for who can issue stable coins and under
7:00
what conditions. And let me just say this.
7:02
So Global's got their stable coin going to be coming out
7:04
soon. Just letting you guys know,
7:05
Solemn Global, go check out their website.
7:08
This framework it, it, this is bringing finally, this is what
7:12
we all wanted regulatory clarity.
7:14
Because if you didn't, if no, if you don't have anything on
7:18
regulatory framework, you can't really build something that's
7:21
going to be actually going somewhere.
7:23
But this is this is actually bringing so much confidence for
7:26
institutions and consumers alike.
7:29
And it's also going to be promoting innovation.
7:32
Get this in the 238 billion stable coin market.
7:36
And Lance, I think that number is going to be going a lot
7:39
higher. That, that, that number is
7:43
extremely low as to where the market's going.
7:45
You're seeing it already. You're seeing that, you know,
7:47
once you have legislation in place that's that's smart, not
7:51
like what the SEC was doing, It's going to it's going to
7:53
really propel the market to all new levels because people don't
7:56
have to wonder if they're going to be the next XRP or if they're
8:00
going to get a fine for doing something that they thought they
8:02
were within the rules of. This helps with all bet.
8:05
It gives them, it gives them the ability to project the future in
8:07
a stable way. And I think it's really
8:10
important. Now the one to one requirement
8:12
is that the issue that I think is great.
8:14
The issue is must maintain a 1 to 1 reserve ratio.
8:17
So they have to back each stable coin with high quality liquid
8:20
assets such as U.S. dollar, short term treasury securities
8:24
or central bank reserves. This ensures that a stable coin
8:27
can be redeemed at the pegged value, reducing the risk of
8:29
collapse. As you guys saw Terra USD, that
8:33
was a big collapse. A lot of people got burned.
8:36
So I think this is great. Also the segregation of
8:38
reserves. They're mandating that all the
8:41
reserves be segregated from the issue as other assets, which
8:45
means you can't you won't end up with this.
8:47
They want to prohibit re hypo hypothecation, which basically
8:53
allows a bank to reuse of reserves for other purposes.
8:58
This way again, liquidity is there, you don't have to worry
9:00
about it. It's going to protect the
9:01
consumer by ensuring reserves are available for redemption.
9:05
And I guess even in cases of the if the issuer has financial
9:08
distress, I just. I want to go back and touch on
9:11
something when you said the one to one reserve requirement and
9:14
that's hence the name stablecoin.
9:16
That's what makes it stable because it has to be backed by
9:21
something liquidity assets, whatever it may be, but that's
9:25
the whole purpose of it. All right.
9:26
Then you, you're also going to have like monthly reserve
9:29
disclosures and audit issuers that are required.
9:32
I know that are required to publish monthly reserve
9:35
disclosures to ensure transparency.
9:37
And that's what we're all about about their assets back in their
9:41
stablecoin. So there ain't no, no, there's
9:44
no scheming with this. I mean, this is what we want for
9:50
security for this and and it was great.
9:52
Who's doing those audits, George?
9:53
Do you know how they're going to handle those audits?
9:55
Do you have any info on that? I do not yet I'm looking into
9:58
that, but interesting. This is over a 50 billion in in
10:02
market capitalization must also provide annual audited financial
10:06
statements, enhancing accountability and consumer
10:09
trust and it all brings to the name stablecoin.
10:13
That's what this is what that name represents security,
10:19
financial backing and no government oversight or reach, I
10:24
should say. But do you have the prior
10:26
there's priority for coin coin holders in in bankruptcy.
10:30
In the event of an issuer's bankruptcy, stable coin holders
10:34
are they're granted priority for repayment over other creditors.
10:38
That's a smart move. What does that say people crypto
10:41
is for the people, right Decentralized E5 this is this is
10:46
this is like amazing because we are actually coming first for a
10:50
change over corporations and companies and stuff and.
10:53
I think it's important. I think it's important that
10:55
people can know that the stable coin is issued, that it's a
10:59
trustworthy, you know, product. And I think when some of these
11:03
pieces of things they're put in place are definitely important.
11:05
Of course, the only the they also put in, you guys knew this
11:08
was going to happen, anti money laundering and anti terrorism
11:12
compliance, you know, in there also because of course there was
11:16
a lot of that going on. There still is issuers got must
11:19
comply with AML rules and anti terrorism sanctions addressing
11:23
concerns about illicit finance. This aligns stable coin
11:26
regulation with traditional financial systems, ensuring
11:29
oversight to prevent fraud, money laundering and of course
11:32
sanctions evasion. So I.
11:36
Think that's great? That's a great, that's a great
11:38
security feature because listen, we don't want any of the
11:42
nefarious things going on and you know, money laundering, anti
11:46
terrorism. No, we're not about that because
11:48
you're just going to ruin our crypto stable coins and
11:50
everything else. Retroactively, I think it's
11:52
going to impact some of the cryptos out there because we
11:54
know there's been a lot of use of the current cryptos like
11:57
Bitcoin and Ethereum on the dark web as an example.
12:02
Yeah, but just you're talking about that's the crypto part is
12:05
they're not they're this is more I think about stablecoin in the
12:09
essence. But you know, listen, you still
12:12
be able, if you want to buy stuff, you can buy stuff.
12:14
But we'll see what happens. Certain things, wallets, you
12:18
know. Well, they've also put a dual
12:20
regulatory model in place, so they're giving federal and state
12:25
oversight. So dual jurisdiction on how this
12:28
stuff is going to be covered and how they're going to supervise.
12:31
Issuers with over 10 billion in outstanding stable coins fall
12:34
under federal supervision by the Office of Comptroller of the
12:38
Currency. That's the OCC.
12:40
Of course, smaller issuers under 10 billion can operate under
12:44
state oversight if their framework meets federal
12:46
standards. So that kind of, I think what's
12:49
great about this dual mode is just kind of gives you it, you
12:51
know, a balance of innovation with oversight, but raises
12:55
concerns about maybe potential inconsistencies that could
12:58
happen. But I like this.
13:00
I like this kind of a blend of both of them participating in
13:03
oversight. Yeah, I mean, I do too, but
13:06
like, you know, like it could create some inconsistencies, you
13:11
know, state doing this, feds doing this.
13:13
We know that happens. Yeah, let's hope they just
13:16
figure it out and you know, there's no infighting between
13:19
the two and just let us, let us live with our crypto because you
13:23
know what, it's in crypto. We trust, man, just let us let
13:26
us be. But there's restriction and non
13:28
financial issuers, public companies not primarily engaged
13:32
in financial services example like Amazon, Walmart are
13:35
restricted from issuing stable coins unless they receive
13:40
unanimous approval from the stable coin certification review
13:43
committee. Now you know what I'm all for
13:46
that keep Amazon Walmart, keep them out of it because they're
13:50
they're monopolizing enough of the market in other ways.
13:52
And you know, with all their billions of dollars, they could
13:56
just do, I can say, do damage, You know, where they monopolize
14:00
stuff. This is actually, this is good
14:02
because it's going to prevent market dominance by tech giants.
14:06
So we'll see, you know, because look, if you look at throughout
14:10
history of tech giants, now they're, they're I mean, from
14:13
Meta, Facebook, TikTok, Amazon, they're just taking over stuff
14:20
and just building and building. So, you know, I think it's a
14:24
great thing. You all should.
14:26
But consumer protection measures, the ACT.
14:28
This is actually ensures existing cut consumer protection
14:31
laws enforced by the Consumer Financial Protection Bureau and
14:36
FTC apply to stable coin issuers.
14:39
This is preventing regulatory loopholes.
14:42
And also now this is going to ban issuers from promoting yield
14:45
or interest bearing features to reduce speculative risk.
14:48
I don't know what your take thing on that Lance, if that's.
14:53
Listen, at the end of the day, I think that, you know, again, the
14:57
FTC and the Consumer Financial Protection Bureau, I'm, I'm not
15:01
in love with them, but I think it's important that we don't
15:05
just wipe out everything that's out there to, to protect the
15:07
consumer. In this case, there's going to
15:10
need to be some modification cause those consumer laws need
15:12
to be modified to really hit the cryptocurrency decentralized
15:15
finance world. So hopefully that'll be a hand
15:18
in hand thing that they will make an effort to apply certain
15:21
acts. Cause of course, I don't want to
15:23
see people get taken advantage of.
15:24
I don't want to see rug pulls, you know, I don't want to see
15:27
pigs slaughtering all the different.
15:30
I just saw some a deal the other day, couple of kids flying on a
15:34
jet, private jet, young punks out of India and I guess there's
15:39
some part of a hacker group and they were celebrating how they'd
15:43
screwed people over with bots and stolen their crypto.
15:47
And they? Do of course, now they're flying
15:49
around in a jet, so it tells you what kind of money they probably
15:51
took in. But it's disgusting.
15:53
I don't want to see that, you know?
15:54
I, I wonder how this is going to work with campaign finance laws
16:02
because you know, listen, the FTC, you know, they're behind
16:05
their gut. They're, they're late to the
16:06
game with a lot of stuff. Is this going to create?
16:09
I wonder if this is going to create more funneling of money
16:12
to candidates though. I would hope that the that
16:16
they're going to address that because I don't know if anything
16:19
was in the bill about that. We probably should look at it,
16:21
but there are considerations and that's a good one.
16:23
You just brought up, George, there's a lot of stuff that you
16:24
have to think about. You looked at the, you know,
16:28
Christian Catalini from MIT. He's arguing the ACT fosters
16:31
innovation, encourages competition and protects
16:34
consumers by setting clear standards.
16:37
And and his belief is that stable coins are a mainstream
16:39
payment tool. Now there are critics.
16:42
Elizabeth Warren, Jeff Merkley, they spoke.
16:45
Yeah, we of course, Elizabeth Warren, you know, she, you know,
16:49
Congressman Pocahontas, she potentially was worried about
16:52
enabling conflicts of interest. She's she brought up again
16:56
President Trump's tie to world liberty financial and of course
16:58
true social and their USD one stable coin and risk financial
17:03
instability or taxpayer funded bailouts if issuers fail.
17:07
Well, they've done it for the banks.
17:08
I mean, I have to be honest with you.
17:10
Why wouldn't they do it for the stable coin market?
17:12
I mean, you know, they they do it for the banks Willy nilly.
17:15
And I think there are some risks, George.
17:17
I think there are. I mean, there are because
17:20
listen, the ACT, it doesn't fully address custodial risk or
17:24
provide the Deposit Insurance akin to traditional bank
17:27
accounts and past stablecoin failures.
17:30
You had, what was it, Terra USD? You know, it does highlight the
17:34
need for stronger safeguards. And but yeah, listen, this is
17:39
just the beginning. We got somewhere.
17:41
But if you stick with the big name companies with Stablepoint,
17:45
I think you'll be all right instead of just going with any
17:47
Joe Schmo out there. But you know, it's just listen,
17:53
this still passed the Senate, but still requires House
17:55
approval because they made some changes to it and then.
17:57
Well, the House approved and they sent it back to President
17:59
Trump, didn't they? I think.
18:01
The Genius Act. Not the not the, not the not the
18:04
other act. Genius act.
18:08
That was the announcement today. The House sent it back to Donald
18:10
Trump that they approved it. OK, all right.
18:14
I missed that one. And I'm I've been busy all day,
18:17
so all right, but so we're good. It's all Trump is going to be
18:20
signing it sometime today then hopefully.
18:24
Actually I got to look. Did the House revive?
18:27
Did the revisions. I don't know what they did for
18:30
revisions. All I know is they said they
18:32
sent, they passed it and they sent it back to Donald Trump.
18:36
OK. I don't know if it could be
18:37
signed as is. If he's going to modify, is he
18:40
going to get kicked back? You know, maybe they put some
18:42
stuff in there he's not going to like about Liberty World
18:45
Financial, you know? I think he would have voiced, I
18:49
think he would have made phone calls before it even got passed
18:52
to get whatever if he didn't like something to get it out of
18:54
there. Either way, I think he's going
18:56
to he's signing it sometime today.
18:58
It'll be good ceremony and listen, it's good for the people
19:01
all across. It's good for the world because
19:05
it's going to generate a lot of money and income for the United
19:07
States, I'll tell you that. I agree.
19:11
And this is just the beginnings. What a year, What a year crypto
19:15
if you're. Crypto, and I want to say this,
19:17
if you guys like the show, thumbs up, comment, share and
19:19
subscribe. And if you're not watching the
19:21
crypto Power hour, this ought to be reason enough to tell you to
19:24
watch it #1 Crypto show on Rumble.
19:26
It's 3:00 PM on Wednesdays, 3:00 PM on Fridays, and we're going
19:30
to be talking about this, the education piece George did, he
19:34
put together a very complete the education piece about these acts
19:37
and kind of what they mean for you in your life.
19:41
If you're not involved with crypto, I'm telling you right
19:43
now, you might be making a big mistake.
19:45
It's generational wealth and it's an opportunity to get in at
19:47
the ground floor. XRP is on freaking fire, bro.
19:51
It's on fire. It is.
19:54
New time, all time high. I think it hit 352.
19:58
Had a little pull back, but we'll see what it what's going
20:00
to. I haven't looked at it today, so
20:01
I don't know where it's at today here.
20:03
I don't know, but it's going. All right, let's talk about
20:06
gold. Gold, of course is easing on a
20:09
firmer dollar. That's normal.
20:11
Lots of solid U.S. data. the US retail sales beat expectations
20:16
in June, you guys know that. And the Fed's Hoogler, again, no
20:20
rate cut for some time. Of course, they're saying it's
20:24
the tariffs. Jerome Powell saying it's the
20:26
tariffs. Now here's what's interesting.
20:29
Palladium just hit a new two year high.
20:34
That's pretty big. It's near its two year peak.
20:36
It's almost there. So interesting.
20:39
I'm not sure what's driving the Palladium prices.
20:41
We'll have to look into that for you.
20:42
But of course, gold prices edged lower on Thursday, way down by
20:45
the stronger dollar, robust U.S. economy.
20:49
You know, of course that's caution, but it's always on the
20:52
dip. You can always buy.
20:53
It's always a time to accumulate whenever there's Dimes in the
20:56
dip. But look, 3345, it's still way
21:00
up for the 12 month period and you know, there was a bit of a
21:03
rise the US dollar against the US Treasury yields.
21:07
So this will all make sense. This is normal.
21:09
And of course, when that happens, it's going to cause
21:11
weakness in the gold market. That's standard.
21:14
And I think you guys just need to recognize that gold and
21:16
silver are for the long haul. You just want to have a certain
21:19
amount of your portfolio just, you know, in that.
21:21
So you can have really be, you know, cover a little bit of the
21:24
risk. And I think whenever you look at
21:26
gold, it's always regarded as a hedge against uncertainty,
21:28
inflation, but you know, higher interest rates are going to
21:32
diminish. Its appealed because it doesn't
21:34
get, it doesn't yield any interest.
21:36
So when interest rates are high and you can go get a bond yield
21:39
or you can go get a municipal yield or a yield on some other
21:42
investment, of course, you're not going to initially look at
21:44
hard assets. But remember, this is about
21:46
diversification and safety. It's a safety net.
21:49
Gold and silver gold exports from Switzerland jumped 44%
21:54
month on month in June. George.
21:58
You know, I just, there's another article about gold I've
22:01
seen somewhere this morning, something about China, about the
22:04
gold even going big over there. I mean, listen, we always say
22:09
this. I always say this.
22:10
Gold's always going to be the standard.
22:12
It's been always valued. It's always held its value since
22:16
it's, since the discovery ever. It's always gone up.
22:19
The only issue I have with gold is where's ours in Fort Knox?
22:23
I'm always going to bring that up.
22:25
Yeah, you know, it's crickets on Fort Knox.
22:28
But of course, look, the, like I said, the Swiss refinery, Swiss
22:32
customs data showing that they are way up, gold exports are way
22:37
up coming out of Switzerland, you know, and then bricks has
22:40
done some more accumulation. But Palladium, I know why it's
22:43
up. I found out why.
22:44
I just checked it just now. It's up 3.8% to $12177.78.
22:50
That's the highest level since September of 2023.
22:54
So very interesting. And it's because of the war in
22:57
Russia. Russia's a major Palladium
23:00
exporter. A lot of people are worried that
23:03
that there's going to be a supply concerns driving prices
23:06
up because of the Ukraine Russia war.
23:09
So that is what's driving the prices.
23:10
So it's I guess you never know. Listen, the other day I thought
23:14
that Donald Trump had legitimately said they should
23:16
use missiles inside of Moscow. I saw the post.
23:18
I thought no way did he say that.
23:20
Of course it turned out it was fake, but I'm sure that sent
23:23
everybody into a tizzy. Joke.
23:24
Well, he did say that. Did did he actually say?
23:27
That he did say that, but you have to look at Trump as he, you
23:30
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23:32
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Look, I'm going strong, baby. How much time do we have before
25:02
the break, George? How are we doing?
25:03
A couple minutes. All right, well, I don't, I
25:06
don't want to dig in too far, but I, I want to cover this
25:09
story. We may, we may go right over
25:12
into the over the break, meaning we'll do the break and then
25:14
we'll come back Lucid. Now you guys, George, have you
25:17
seen these EVs that Lucid produces?
25:20
They're actually really good looking and I know somebody that
25:22
owns a couple of them. They're they're really amazing
25:24
looking vehicles. And I'm always shocked that
25:26
Lucid's stock was hanging around a dollar and change.
25:30
It was just languishing a dollar and change 2 bucks right in
25:33
there. And you look at you look at
25:35
Tesla $319 right now. My understanding of these Lucid
25:39
E VS they have better drive times.
25:40
They got a lot of things and they have their own self driving
25:43
software called Neuro. OK, so that's that's one of the
25:46
big deals Lucid stock. Now a friend of mine was telling
25:49
me you should buy the stock you should buy the stock you should
25:51
buy the stock. I should have listened.
25:53
I didn't buy the stock. He thinks it's going to continue
25:56
to be crazy winner. It went up 40 some percent and
26:01
why? Because Uber has agreed to
26:03
purchase 20,000 Lucid E VS and they're going to use that neuro
26:08
self driving software and they are betting big.
26:11
Uber is betting big on robo taxis where you won't have to
26:14
deal with the driver, the robo tax, she'll just pick you up and
26:17
it's just a pureplay electric vehicle.
26:20
And I guess, of course for Uber, it's kind of a big deal 'cause
26:22
they won't have to pay a driver. That means that money will be
26:26
coming to the bottom line for them.
26:27
Sure, they'll have maintenance and they'll have repairs on the
26:29
vehicles. Now, this stock was going
26:32
around. I think it was a dollar and
26:33
change before it kicked off in the last 48 hours.
26:37
It hit 312 yesterday, was a little higher at one point right
26:41
out of the opening gate when they made the announcement, it
26:43
just blew up. And this autonomous tech firm,
26:47
Neuro, they're private, but this is a next.
26:51
They say this is the next generation in premium global
26:54
robo taxi programs. I understand that Lucid is also
26:58
in talks with several other groups for large purchases and
27:02
maybe 1 international large purchase.
27:05
So if you you know you might want to talk to your own
27:07
financial advisor. Lucid might be a stock at this
27:09
point that might be worth looking into.
27:13
So. These, now these EVs are going
27:15
to be owned and operated by Uber George.
27:17
Yeah, Uber's saying they're looking to deploy 20,000 or more
27:20
Lucid EVs over the next six years.
27:24
I mean, I don't know, does that sound like enough over, you
27:27
know, 20,000, let's say vehicles or or whatever, taxis, Ubers
27:34
doesn't seem like that's enough. But they want to launch it, I
27:37
think in Vegas is what they're talking about.
27:40
And then they're going to launch it in other cities.
27:42
So yeah, if it works, my guess is so they're going to invest.
27:46
Uber said it's going to invest as part of this deal about 300
27:50
million in Lucid in a similar a similar multi $100 million
27:55
investment in Neuro. Can you?
27:56
Can you? It's not just about buying the
27:58
vehicles. Can you see an autonomous car
28:00
driving around in New York City? You know, I would have said if
28:06
you'd said that to me about a year ago, I would have said, no
28:09
freaking way, it's going to crash.
28:10
But I'm going to tell you something.
28:12
The more I mess around with AI, the more I use it for our show,
28:16
the more I use it for other personal stuff.
28:19
You know, I'm using it to look at some contracts for a buddy of
28:21
mine on the property. You're missing the point, I
28:23
think on this one. I'm not talking.
28:25
I'm talking about when you're going driving your city and you
28:29
want to cross over and then there's people walking, you
28:31
know, you got to wait, but sometimes you got to inch
28:33
forward a little bit, you know, to get through or this and that,
28:35
you know, the EV, they're not going to do that.
28:38
I'm talking about stuff like that.
28:40
I don't. I don't know if I can.
28:42
I don't. You know, George, I know your
28:44
point because I grew up in New York, so I know what you're
28:45
talking. About why do you think they
28:46
always launch these EVs, these robo drivers where you want to
28:49
call them in Vegas in California?
28:51
Because they don't have the like the that type of thing here,
28:54
like in New York by me. Yeah.
28:56
So I don't know. I guess it's really going to
28:58
come down to to how smart AI becomes.
29:02
Will it be as smart as George Ballantine driving?
29:05
I don't know. Probably not the experience you
29:07
have of driving in the city, but could it get close and it's
29:11
close good enough. Can you imagine the impact on
29:15
the taxi drivers if all of a sudden Uber starts deploying
29:20
these vehicles and all these other cities?
29:22
Uber Uber killed the taxi drivers in New York City and
29:28
other places. But now they took a beating.
29:31
Now add how this is going to kill the Uber driver.
29:35
Yeah, it's, I mean, yeah, they'll just a lone Uber driver.
29:38
I mean, I hope, you know, people get a choice.
29:40
You want on a robo driver? You want a real person?
29:42
I'm going for the real person. I mean, I'd probably take the
29:45
real person too, but there's a lot of people that probably want
29:47
the autonomous driving. You know, there's lots of people
29:50
that don't, you know, we want to talk to the driver and ask him
29:52
what's going on in town. And you and I end up, you know,
29:54
sometimes we get great information.
29:56
We talk about our show, we get into nice conversations with
29:58
people. Remember, we're you know, but
29:59
the younger. People don't want to do that
30:01
right? They don't.
30:02
Who was who was he? Who had his guns in the car?
30:04
He's like, man, I'll take you guys anywhere.
30:06
Just here's my personal. He was great.
30:09
He loved what we're doing out there.
30:10
So, yeah, you know, but I don't know, we'll see how it pans out.
30:15
But listen, it's that's where it's going.
30:18
But I just think like in certain congested areas, it's going to
30:21
be tough. Yeah, there is no doubt.
30:24
But you know, and I guess, I guess of course, you know, Uber
30:27
has also partnered with Alphabets, Google, you guys know
30:30
that, you know, so there's a big play here.
30:34
And I think that the fact that Lucien's been pulled into that
30:37
fold instead of Tesla, that's a big deal.
30:40
It's going to have some impact. There's no Tesla.
30:42
Doing their own thing, man. Well, I, yeah, I know they're,
30:45
they're already doing the robotaxi testing in Austin and
30:48
he said they're going to expand testing in San Francisco Bay
30:51
Area, which that's going to be something anybody that's driven
30:53
in San Francisco knows what I'm talking about.
30:56
And of course Uber. Uber did have its own robotaxi
30:59
operation, but the company pulled its efforts following a
31:01
high profile accident in Tempe, AZ in 2018.
31:05
Now Lucid, California-based company strong second quarter of
31:10
deliveries with the new Lucid Gravity SUV arriving and showed
31:14
Lucid's goal was to deliver 20,000 Air sedans and gravity SU
31:17
VS in 2025 seems ambition, but the orders coming from Uber will
31:21
help meet that goal, assuming Lucid ramps up up up gravity
31:25
production. So I think this is this is going
31:28
to be good for Lucid and I have to say it seems like with
31:31
everything that's going on with them, $3 and change might be a
31:35
smoking deal on this stock because you know, look, look
31:37
Tesla stocks 300 and change. I'm not comparing this to Tesla,
31:41
but I'm saying, you know, with Google behind them, Uber, you
31:45
know, they've got their their autonomous driving software that
31:48
seems to be high end. I don't know, guy might be
31:52
limited for these guys. You might see a much more
31:53
expensive stock here in the next 24 months.
31:56
So it might be worth talking to your financial advisor.
31:58
It's not financial advice ever on this show.
32:00
We're just educate to you as the possibilities.
32:03
You know Lucid when you talk about the stock, I mean, I never
32:07
really heard of Lucid. You don't.
32:08
You don't see any advertising for them.
32:11
You know who has two Lucid vehicles?
32:14
Biff. And he's been telling me about
32:16
the stock when it was down at a dollar and changed it.
32:18
This is an amazing stock. You should buy it.
32:21
And I didn't listen. Well, I wonder what's the price
32:24
on these cars I'm looking right now.
32:26
I want to see. Well, I don't know, You know, I
32:28
don't know what the incentives are anymore.
32:30
They had some great incentives on here in Denver.
32:32
You could get a Tesla or a car like this and you'd get like 15
32:35
to 20 grand in incentives. It was just insane for a while.
32:39
I don't know what Donald Trump's done to the incentive, so it's
32:41
hard to say. I think the mandates, EV
32:45
mandates touring available to order like from 79,000 grand
32:50
touring to 94,000, meaning yeah, yeah, they can keep it.
32:54
Yeah, I'm going my own way. Well, I'm going to say something
32:58
that I think is going to happen. I think Saudi Arabia is going to
33:03
make a deal with Lucid on some robo taxis for Dubai and other
33:08
locations. Now that's something I heard
33:10
might be valuable information you guys deal with.
33:12
Do with it what you want, all right.
33:14
We'll see, because you know, they're big on the Teslas over
33:17
there. You've seen that when they
33:19
rolled out for Trump. The Saudi Arabia's Public
33:21
Investment fund, they own, it's interesting you said that they
33:25
own 5.3 billion in, in, in Tesla stock, but they own also 4.2
33:33
billion in Lucid stock. I mean, so they're kind of
33:40
they're hedging their bets on both of them.
33:42
I don't know. I mean, it's tough.
33:43
We'll see. All right, Well, listen, the
33:46
Global Finance Forum, of course, powered by Genesis Gold Group.
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33:51
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future here, guys. All right, Lancelot, why is
39:17
Trump? What's going on with Trump and
39:18
Bricks? Let's see, is he afraid of
39:22
bricks? Maybe he should be.
39:25
But listen, the Bricks summit, you know, the Bricks Summit did
39:29
kick off in Rio, right? But it was not under a lot of
39:32
like global tension. However, there's two key players
39:37
that weren't there and it didn't get as much attention and and
39:41
visitors that it should because Xi Jinping wasn't there.
39:44
And of course, Vladimir Putin wasn't there because he's got AI
39:49
don't know a global arrest, warming, whatever it is, was
39:52
they're looking to lock him up. But you know, President,
39:56
Brazilian President Luis Inciano Lulu da Silva, he he tried
40:03
setting the tone in his opening speech.
40:04
He goes. We're witnessing the collapse of
40:06
multi altruism. Yeah, multilateralism.
40:11
Oh. Lateralism.
40:11
Oops, the UN, he goes. The UN is 80 years old and it's
40:15
fault. Failing us.
40:17
Well, I kind of. Agree with.
40:18
I think he's kind of right on that.
40:19
I was going to say I. Hate to agree with him, I agree.
40:21
With him on that listen, I hate. To agree with Lulu, but he's
40:24
right. Listen, I'm going to agree if I,
40:25
I, if you're right and if you're wrong, we're going to call your
40:28
ass out. But Lulu called out the violence
40:30
in Gaza and Iran demanding A2 state solution, which I agree
40:35
should have a 2 state solution over there.
40:37
I'm I'm with that. They actually position bricks as
40:39
as the heir to the non aligned movement coalition of 121
40:44
nations that once stood apart from the Cold War superpowers.
40:49
You know, there's concern about bricks.
40:54
You know, they could depending on how things move.
40:58
But I think, you know, with Trump now, you know, they had
41:01
momentum when Biden was president.
41:03
Let's let's just face it back. Let's let's get let's talk nitty
41:06
gritty here, right here. They had the advantage when
41:08
Biden was president and they want nothing more for that guy
41:11
to serve another four more years because.
41:13
Or Harris. They would have loved Harris in
41:15
there. Yeah, she's a retard anyway.
41:18
But you know, with Trump and you seem, and this is what's kind of
41:22
weird because you got like who's involved with bricks Saudi
41:25
Arabia too. But you look at them, they they
41:27
rolled out the red carpet. We call him King Trump over
41:29
there. He's king of the Middle East.
41:32
And and look how much investment he brought from Saudi Arabia,
41:38
Qatar, Dubai. There's no, there's no Trump
41:44
doubt that Trump's put a damper on this.
41:46
But I think, you know, there was a move here at the summit that I
41:50
believe was a not so subtle jab at the United States, which of
41:54
course this was 126 point manifesto for change.
41:59
It condemned unilateral protectionist measures.
42:02
Of course that's the shot that that they took at the across the
42:05
bow of the US. They called for UN reform, I
42:07
believe like that. And of course they want to give
42:10
countries like Brazil and India a seat at the Security Council
42:12
table and push for equitable AI governance and climate action.
42:17
But I think the real bombshell is that a call to ditch the US
42:21
dollar in a global trade. BRICS is demanding multi
42:27
polarity financial, cultural and political.
42:31
The US is fighting to preserve hegemony in crisis.
42:35
That's why BRICS is a threat, you know.
42:37
So look, here's the deal. There's no doubt.
42:40
You know, BRICS, like George said, had a lot of momentum.
42:42
They've still got some momentum. They got a lot of a lot of
42:44
things moving, a lot of moving parts.
42:47
But the dollar's under siege. There's no doubt over 50% of
42:51
global transactions are in the US dollar.
42:53
You guys know that They don't really want the Petro dollar to
42:55
still be there, which gives America unmatched power to shape
42:59
markets and pose sanctions to control trade.
43:02
Brick BRICS wants to change that.
43:04
They want their own version of what I would call decentralized
43:06
finance in a way that they want to be able to use their local
43:10
currencies and trade and expand the BRICS new Development Bank,
43:13
where 25% of the loans are already in local currencies, a
43:16
number set to hit 30% by next year.
43:19
So that de dollarization push, it's not new.
43:22
Yeah, I know you guys have heard about it before, but it's
43:24
gaining a lot of steam. Of course, China and India are
43:26
trading in Juan and rupees already.
43:29
Russia's sanctioned by the West is all in on wanting to de
43:32
dollarize. Even Brazil, who is AUS ally but
43:37
of course with Lula in place, is leaning towards a world where
43:39
the dollar isn't king. I think, you know, monetary
43:42
multipolarity, you know, that's a direct attack on the dollar's
43:46
dominance and it has been. And I think, you know, these are
43:50
pre emptive kind of shots across the valley.
43:52
It's kind of like a pre emptive strike.
43:54
I think Donald Trump, of course, he's trying to do what he can.
43:58
Any country back and then this is a quote, any country backing
44:01
a new bricks currency, replacing his daughter will face 100%
44:04
tariffs. Say goodbye to America.
44:07
So he's not playing around. You know, there's some nasty
44:10
tariffs in place and more coming in.
44:12
A big one's coming in on batteries, battery components
44:16
coming out of China. So I you know and I, you know,
44:18
of course the world's changed. They don't want an emperor and
44:21
they don't want the US to be the only one out there.
44:23
Now of course the genius act is America's crypto.
44:26
Counterpunch talked about it early in the show.
44:28
Even though Bricks is plotting a dollar free future, the US is
44:31
fighting back not just with tariffs but with a ground
44:35
breaking new law. And I think what's important
44:38
here is to realize this is a multi pronged effort by the
44:42
Trump administration to stop bricks dead in its tracks.
44:46
And I think the people's voice you get down here, there's a lot
44:49
of stuff we talked about in the show earlier.
44:51
I'll leave it at that. I'm not going to rehash it
44:53
because of the time we have. But of course, you know, bricks
44:55
popular council, you know, back in Rio, it that's that summit
44:59
wasn't just about presidents and deck relations.
45:01
For the first time, BRICKS gave a platform to its people.
45:05
The popular Council brought together about 125 grassroots
45:08
groups, farmers, workers, academics from across member
45:11
nations and they had an opportunity to speak.
45:15
And it's a game changer. I think that these people are
45:17
saying that that it's really changing their lives.
45:19
The possibility of bricks, George.
45:23
You know what? Maybe we need to be threatened a
45:26
little bit, and maybe this is telling us that we need to end
45:30
the feds, go back on the gold standard.
45:33
Yeah, I don't know. But where is the gold?
45:36
Maybe we can't because we don't have the gold.
45:38
I don't know. But I do know we we need to end
45:41
the feds and just get rid of it. Now I'm wondering if we've got
45:43
the Bitcoin. I keep hearing reports that
45:45
maybe we don't have as many bitcoins as you're saying we
45:47
have. Yeah, I got that somewhere in
45:49
the stores I know. No gold, no Bitcoin.
45:52
What's going on, George? What did he say?
45:54
Very rich. Lance, what did I say when when
45:56
Trump made the crypto reserves, he made Bitcoin Reserve and
46:00
crypto reserves? I said, who's regulated?
46:02
He said. Where is he getting it from and
46:03
is it where he where is it and what's going to stop them from
46:06
borrowing it? What's?
46:07
Going to stop Congress from go go, putting their hands in the
46:10
till, slowly disappearing. And what?
46:13
Guess what? Facing that reality right now, I
46:17
don't. Know, I think, you know, Trump
46:19
is rightfully so afraid of what's going on here.
46:21
You know, I think they're, I think Bricks is playing the long
46:24
game, EU s s unipolar, you know, world is definitely cracking at
46:29
the seams. And people like Lula, who I
46:32
don't really like, you know, and the statements he's making are
46:35
relatively accurate. BRICS isn't about 1 nation.
46:38
It's about all of us. You know, Trump's threats won't
46:42
stop BRICS. They're not backing down.
46:45
And that's what Pedro Costa said, you know, put it best.
46:48
While Trump's says America first, BRICS says we all come
46:52
first. So that's a, that's a strong
46:54
play. You know, we'll keep an eye on
46:56
it, but you guys should be keeping an eye on it too,
46:58
because this is all about financial security.
47:01
The show is all about letting you know about things maybe that
47:03
you aren't paying attention to and you should be.
47:05
You know what you people are not talking about with this with the
47:08
bricks and you know, they say because they want to, you know,
47:12
topple the dollar. And it's not about 1 country,
47:17
you know, holding, holding into financial power.
47:20
But BRICS is, you know, not about 1 nation, but BRICS is
47:23
about all them together. But you know what?
47:26
I, I have a funny feeling that once they, if they do, I'm going
47:30
to say if, if they do get to that point that I don't think
47:34
China's going to want to share with them.
47:35
And I don't know, I think they have something up their sleeve.
47:39
Even Russia too, maybe. I want to circle back on Lucid.
47:43
You can't say that word Circle back bro.
47:45
OK, I want to go back to Lucid for a minute.
47:48
Somebody asked me in the chat, they said, well, what do you
47:50
think the stock might do? Again, I'm not a financial
47:53
advisor, but some of the people that I know are in the know on
47:55
Lucid have suggested before the end of the year it should be in
47:59
the high teens. So that tells you something.
48:02
A $3 stock, high teens, you could probably make a hell of a
48:05
return. I'm not telling you to bet the
48:06
farm, talk to your financial advisors, but that's what I've
48:08
been told. High teens is realistic.
48:11
They've got a couple other big robo taxi deals on the table
48:14
that they're close to completing.
48:16
So for whatever that's worth, that's what's going on.
48:18
All right, US firms, not George. I told you about a story.
48:23
I thought it was this story at first, but I don't know what
48:25
happened. There's a Wells Fargo employee
48:29
that went to China. She's originally from Singapore.
48:32
She lives in the United States. She went to China on a on a job
48:37
related trip. She's a supervisor and when she
48:40
went to leave China, they said no, they are not allowing her to
48:47
leave. So Wells Fargo put a stop
48:50
immediately on travel to China by their staff.
48:56
Pretty interesting stuff. Now you come up with this.
48:58
How? Long has she been here, though.
49:01
I don't know. They didn't say that.
49:03
They said, they said that they had no idea why she'd been
49:05
stopped because she was a citizen here.
49:07
Now you're saying that maybe China's saying, oh, you, you
49:10
left the country illegally. I don't know.
49:13
I, I'm not sure what to think at this point, but it's pretty
49:15
unnerving. Of course, there's some big
49:17
tariffs coming down the Pike this coming week on China, and
49:22
maybe they're starting to be a little retaliatory.
49:23
I don't know. We'll see what happens.
49:24
But US firms are retreating from China.
49:27
A record 52% of U.S. companies did not plan on making new
49:31
investments in China, according to a survey by the US China
49:36
Business Council. That's a significant increase
49:38
from the 20% that posted last year and said they wouldn't do
49:41
it. And I think this is, this is big
49:43
news here, major US multinationals, over 40% of
49:47
which generated at least a billion in revenue in China last
49:50
year and they're saying they're going to back off.
49:53
Now. Additionally, 27% of the firms
49:56
say they moved or plan to move some operations out of China and
50:00
that's the most since 2016. Now, that percentage has tripled
50:06
over the last four years. And Trump's trade war is
50:09
actually reshaping global economy, You know, since he took
50:13
office started with the tariffs. You know, we've been talking
50:15
about take your companies out of China, go somewhere else.
50:18
You had you said it over and over and over again that the
50:20
pain was coming and you better start preemptively making plans.
50:24
Because listen, you're just fueling China's economy.
50:27
And let's face it, they're communists.
50:29
There's a CCP. That's what it is.
50:33
And you know what? You know what, Lance?
50:35
Like, if you look at the people, think about China, right?
50:37
Oh, look at her GDP. Yeah, well, they only had that
50:40
kind of GDP because they they don't pay their citizens, their
50:43
workers, a lot of money to work. The government takes all the
50:47
money. That's why they have that much
50:48
money in the first place. Yeah.
50:50
And you got to remember, you know, don't, don't assume that
50:52
all the people of China for the audience, they're not all CCPA.
50:55
Lot of the people want to be rid of no.
50:56
We're talking about the government.
50:57
They don't have any way to do it.
50:58
Yeah, there's no doubt. But look, this is all about.
51:01
We told you about the tariffs. We told you they're continuing
51:03
to come. China hasn't to be able to
51:05
settle with the US. the US is set to impose.
51:07
Listen to this one, George. 93.5% tariff on battery material
51:13
from China. Now that's a preliminary anti
51:16
dumping duties to stop them from doing that.
51:20
And I guess one of the key components is graphite.
51:23
After concluding that materials have been unfairly subsidized.
51:28
So the trade association representing US graphite
51:30
producers in December filed petitions with two federal
51:34
agencies asking for investigations into whether
51:36
Chinese companies were violating anti dumping laws.
51:41
Now that that those new duties are going to add to the existing
51:45
rates, you know, which make the effective terror rate 160% to
51:51
American active anode material producers.
51:56
So man, that's ugly. It is anything with the CCP.
52:03
China is freaking ugly. Listen, it's it's been long
52:07
overdoing you. You always think like on both
52:10
sides of the aisle, they've been letting this loudness happen for
52:12
a long time. Both Republican presidents,
52:16
Democratic presidents, everybody.
52:18
And but Trump, you know what, he's the only one that stood up
52:21
to stood up to them because he's a businessman.
52:23
This is about business and rightfully so.
52:27
If what's crazy is you have, you know, I didn't want to say their
52:31
names, but you have people that like, you know, these
52:33
billionaires, they have some shows are on, you know, but they
52:37
all have their companies. They all want to outsource to
52:39
China, China, China just because it's cheaper.
52:43
But you know what, stop it. You're just fueling them, their
52:47
economy, their communism, and the Chinese people want out of
52:51
that shit. And they're too.
52:53
And most of it's slave labor too, by the way.
52:56
So you got to be aware of this, of course, you know that battery
52:59
supplier shares are already slipping in North America
53:02
because of this. You know, I think that what
53:07
they're looking to do is to prove that China is selling AAM
53:10
at less than fair value into the domestic market, which is
53:13
impacting our local suppliers. But this is going to be a blow
53:17
to battery manufacturers. You know, there's no doubt 166%
53:22
tariff equates to A7 dollar per kWh added cost to an average EV
53:27
battery cell or 1/5 of the battery manufacturing tax
53:30
credits that originally in the Inflation Reduction Act and
53:33
survived President Trump's budget bill.
53:35
So you're going to see this impact the cost of EVs for sure.
53:39
That's going to wipe out profits for one or two entire quarters
53:41
for the Korean battery makers. And of course, Tesla's going to
53:46
take a hit. It's it's key battery suppliers.
53:49
Japan's Panasonic Inc were among companies pushing to block the
53:53
new tariffs, arguing that they rely on Chinese graphite imports
53:56
because the domestic industry hasn't developed enough to meet
53:59
the quality standards and volume that the car maker Tesla
54:02
requires. So Tesla shares fell almost 1%
54:06
on that news. And graphite, so everybody knows
54:09
that's a key raw material. You have to have it used to make
54:12
anodes of the batteries. And nearly 180,000 metric tons
54:16
of graphite products were imported into the US last year.
54:19
I don't know if we don't have the ability to produce graphite.
54:22
I'm not sure the process to do it, but it seems like we have
54:25
really gotten lazy importing it because we probably could do it
54:28
for a lot less than manufacturing it.
54:30
But this is going to impact a lot of the manufacturers of EVs
54:33
and probably the solar groups also.
54:36
George. Yeah, like what?
54:39
China's only one with graphite, I mean.
54:41
I don't, I don't know if it's that or that they've just got,
54:44
you know, their production facilities are way ahead of the
54:46
curve. All right, but you know what,
54:49
Lance? This is why we need to take
54:51
Greenland. Yeah.
54:53
This is this is part of the reason.
54:55
I wonder what happened with that.
54:56
That's like with the Fort Knox. It's out the door.
54:58
Yeah. What happened to Canada?
54:59
I thought we were thinking about making Canada 50 seconds there.
55:01
You know what, I don't know if I want Canada bro, because there's
55:04
a lot of liberals there, man. Dude, Canada's not.
55:06
Dude, a lot of liberals bro. I'll put you up in Montreal.
55:08
There's all kinds of women up there for you, buddy.
55:10
OK, this is I'm for the country here.
55:13
I don't want Liberals and they get more seats in the house and
55:15
say no, yeah, don't worry about it.
55:18
I'm good. There's plenty.
55:20
Of fresh water, lots of mineral reserves, there's a.
55:22
Lot plenty of beautiful conservative American women
55:27
here. All right, all right, all right,
55:30
well, here's the deal. I don't know what's going to
55:32
happen with that. OK, well, listen, we're out of
55:33
time for today for the Global Finance Forum.
55:36
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We got the crypto show at 3. Hope to see you there.
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