Trump’s Crypto Pump (Uncut) 03-03-2025
Trump’s Crypto Pump – Ep 1014
you make no friends in the pits and you take no prisoners one minute you’re up half a million in soybeans and the next boom your kids don’t go to college and they’ve repossessed your bentle are you with me the revolution Starts Now starts now we have to pass the bill so that you can uh find out what is in it turn those machines back on you are about to enter the Peter shift show go me the money if we lose Freedom here there’s no place to escape to this is the last stand on Earth Peters ship show is on I don’t
know when they decided that they wanted to make a virtue out of selfishness your money your stories your freedom the Peter ship [Music] show okay everybody we got a lot to talk about on this evening’s podcast but I want to start off talking about the crypto pump that’s been going on all day since early afternoon and I think that’s particularly important given my title for my last podcast which was the Trump crypto bubble has finally popped and I still believe that it’s popped even though they’re trying to blow some air
back into it on a Sunday day but when I did the podcast on Tuesday uh Bitcoin had just slipped into a technical bare Market it was down 20% from its 109,000 a postelection peak uh which happened I think in November uh last year we were trading around 87,000 we had been below 86 uh earlier by Friday morning Bitcoin almost broke below 7 8,000 so it was close to a 30% decline from top to bottom at that point but you know other tokens uh ethereum almost got below 2,000 it got below 2100 so it was down 50% I mean strategy was getting
obliterated uh you know down over 50% and that was after blowing another two billion uh buying more Bitcoin just before uh the market tanked you know I’m sure he bought more a sailor did uh during the week we’ll find out on Monday morning just how much more uh Bitcoin uh you know he bought and how much he blew buying it but all the altcoins everything was getting smoked in um in in crypto now we had a bounce on Friday and I believe we would have had another collapse Sunday night and in fact if you look look at the chart of
Bitcoin and all the other altcoins the market was getting ready to roll over early this afternoon uh Bitcoin to me looked like it was getting ready to just go back down below 880,000 it was I think trading just under 85,000 uh it looked like it had peaked out and we were headed lower and then out of the blue uh came a post on the social media account of the president on Truth social that sent the price of Bitcoin Rising $10,000 uh in maybe an hour or so so we went from 85,000 to 95,000 we’re still holding on to most of
those gains as I’m recording this podcast live we’re still above 93,000 on bitcoin but Bitcoin wasn’t the big mover and it wasn’t even ethereum which was also up quite a bit maybe you know 12 13% I think Bitcoin you know popped uh similar amount but the big movers were salano cadero Ripple those things ripped 30% or more why it was because of a post on uh truth social that was highly touted uh all over X and you know all over the cryptosphere and you know basically completely misconstrued screwed and advertised as
if Trump had just announced that a strategic Reserve has been established that it’s a done deal that it’s going to happen and and it’s going to include uh Ripple H kadano and salano that’s why those three tokens went up the most because they were specifically mentioned in the post as being part of the reserve uh that was supposedly going to be established well all this first of all is BS because no such announcement was actually made so if you just read how the crypto crowd was communicating what was posted on Trump’s
account you would think that you know it’s a done deal that was what uh the promoters the Pumpers wanted everyone to believe and of course I don’t think it’s a coincidence that it came out early Sunday afternoon when none of the official stock markets are trading so none of the ETFs anywhere in the world are are operating they were still asleep in Asia they waited for a time where the markets were as thin as possible so that the pump could create as big a a rise as possible so it was timed and in fact in
fact again if you look at the chart intraday they waited until Bitcoin was at the low that it had been uh of the day and just ready to just roll over to to to to put out the post and I think that one of the reasons that we got a bounce in crypto on Friday is that people were buying because they knew that this Sunday morning post was coming they had The Insider information and they were able to load up specifically on these three tokens and you know because they knew which ones were going to be in the post in fact
they may have already written it on Friday knowing that they were going to put it out there on on Sunday and so a lot of people uh got rich off of this which really you know it I it the hypocrisy really bothers me you know because I was watching and I’m going to talk about the Elon musk uh um interview on Joe Rogan and you know I I like the fact that they’re talking about how these bureaucrats at the US Aid are getting rich basically getting kickbacks from these bogus nonprofits and how terrible it is that their families are
getting rich because the government officials are taking advantage and exploiting their positions to enrich themselves but that’s exactly what Trump is doing uh with his family they’re getting rich off of this if Trump was manipulating stocks it’d be illegal he could be impeached if he was you know uh giving his family members inside information hey I’m GNA put a post out about this particular stock so you should buy it now or you should short it because it’s going to be a negative post and then
they you know they they position themselves The Profit he comes out and he posts something and the market tanks or goes up and his kids sell out right it’d be totally illegal but since he’s doing it with crypto I guess it’s completely illegal there’s you can manipulate the crypto Market I guess it’s not a crime you know you can pump and dump all you want even if you’re the president of the United States because that’s what’s going on but I think it really undercuts uh uh you know the the message
of the administration when we’re trying to bust uh the people who did this at us Aid and and now you know the first family orever else or whatever friends the president are involved in this but I’m going to read the post this is the actual post that was misrepresented uh all over X as being okay this is it the the the the uh the Strategic Reserve is here so here’s what he posted a US crypto Reserve will Elevate this critical industry after years of corrupt attack tax by the Biden Administration which is why my executive
order on digital assets directed presidential working group to move forward on a crypto strategic Reserve that includes xrp so and Ada I will make sure the US is the crypto capital of the world we are making America great again expiration point right now first first of all just on an off subject even if you know Donald Trump really thought that crypto is a really important industry that America should dominate in the government should stay out of it the government is not there to pick winners and losers if Donald Trump wanted to
pick winners and losers he should have stayed in the private sector and done it with his own money the government is not there to do this that’s Central government planning that’s what the Communists do if it’s a free market and if Trump wants to be a free market president he stays neutral he doesn’t try to decide hey crypto is the industry and so we’re going to subsidize it we’re going to use taxpayer money to buy these tokens and not even the entire industry not only is he picking crypto as an
industry he’s picking the individual tokens that he thinks are the ones that that we need to have which you know it’s it Trump Trump should not be doing this you know in reality the the the the country that is the winner in crypto is the one that wastes the least amount of money on it you know which is probably going to be China right because this is a complete waste of time this is a waste of resources I’m going to get into our horrific trade deficit later but our trade deficit is going to keep getting
bigger if we waste our money on crypto so the president is wrong this is not an industry we want we want to dominate it’s it’s a digital pyramid scheme why the hell would we want to dominate that but you know in a free market you make mistakes but the government is not supposed to be making those mistakes let the market do it but now let me get back to this particular post so nowhere in this post does he say anything has been decided he refers to his executive order on digital assets yes what did that
order do it directed The working group to study the potential of a crypto stockpile that’s it he is referring to that group that is still studying the potential they haven’t determined anything and of course even if this group which hasn’t even come out with a finding yet even if this working group were to recommend to the president that we have a strategic reserve of crypto they got to sell it to Congress the president just can’t establish it on his own you know it they they have to spend government money they they need a
program Congress has to enact it yes we you know we authorized the spending of public money you know to buy these tokens right so even if they had done that but he didn’t say that this is all Bs now I don’t even think Trump wrote this do you think Trump knows that cardana is Ada I I mean I was I didn’t I don’t look it up I didn’t know that I I I I knew salana would Ripple I forgot what Ada do you think Donald Trump knows Ada no he did not compose this post somebody wrote it now that other the person who wrote it may have been the
one that posted it now maybe Trump you know copied it somebody said here Mr President post this but I doubt that even happened I’m sure that there are some other people that Trump has given access to his account and they made that post but only after they had loaded up on those specific tokens now the interesting thing about that post is that it didn’t even mention Bitcoin right so people are like hey this we got a Bitcoin strategic reserve and the post didn’t even mention Bitcoin so what happened was I’m sure
this went around like oh my God wait is not g to be any Bitcoin in the reserve and so later on maybe like an hour forget you know an hour went by at least and then Donald Trump makes another post or whoever is posting on behalf of Donald Trump and post this and obviously BTC and eth as other valuable cryptocurrencies will be at the heart of the Reserve I also love Bitcoin and ethereum and again I don’t think Trump wrote this I think you know it was written for him but it was damage control because they left out BTC and
eth from the original uh uh post because that’s not the one that everybody was going to dump because they loaded up on the other coins because they can make more money those things were up 30% you know more than twice the rally in Bitcoin but they had to go back and fix it but also I I think the whole idea of having a reserve of all these currencies because he didn’t just say Bitcoin and ether other valuable cryptocurrencies what are those like how many are going to be in there right it’s going to be like a reserve of of all
sorts of tokens that they’re just going to pick right and they’re going to load up this Reserve uh anyway I got I want to I got another couple of thoughts on this topic and then I’m going to move on but we got a quick commercial break so stick around we’ll be right back today’s podcast is brought to you in part by stash are you still putting off saving and investing because you’ll get to it someday stash turns someday into two day with stash there’s no more confusing frustrating gatekeeping to keep you from investing
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about the the pump and dump going on in crypto tonight and you know there is a area here where the Bitcoin Maxis and I have some common ground although it’s not quite as much Common Ground as as they’re claiming as a result of uh a post that I made earlier on X that is got like two million impressions now uh over 23,000 uh likes 5,700 comments right I’m getting a lot of Bitcoin guys agreeing with me now but this also shows you uh how ridiculous this whole you know Reserve is stock file that they’re
posting about so when it comes to bitcoin right I get the rational for a strategic Reserve I don’t agree with it right this is what a lot of the Bitcoin guys are misrepresenting just because I understand the argument that somebody is making doesn’t mean I agree with that argument so the argument for a Bitcoin strategic Reserve is pretty simple we have a gold Reserve right who knows how much gold is there we’re going to find out we’re going to Fort Knox but we have a gold Reserve other countries have
gold reserves Bitcoin is digital gold now I don’t think it’s digital gold but a lot of people do that’s the whole you know that’s that that that’s the the marketing gimmick it’s digital gold right so Bitcoin is digital gold but it’s actually better than gold because gold is analog right Bitcoin is a much better version of gold than you know old school analog gold and we have a reserve of that analog gold so why not have a reserve of digital gold too right because it’s better so that’s the argument right I
don’t buy the argument it’s BS but at least it makes sense right because if Bitcoin is digital gold then why not have a reserve of it right okay I get that I disagree with it but I get it okay but what is the argument for a ripple Reserve or a salano uh Reserve or any of these other uh cadero or any of these other cryptos that they want to put in there and if you can say what we should have a reserve with uh salano or cadero well you know why not Dogecoin why not throw it in on there what about
fcoin why isn’t that going to be part of the reserve or trumpcoin it it makes no sense what is the argument now you can argue well Ripple is a really valuable token maybe it is maybe it isn’t but so what why should the government stockpile it why do we need a reserve of Bitcoin of of of of Ripple just because it’s a valuable token now I I don’t think it’s valuable right but if if it is so what I mean think of all the valuable assets that are out there that we don’t have a reserve of I mean all we have we have a
gold reserve and like an oil Reserve that’s it I mean we don’t have a wheat Reserve or corn or soybeans we don’t have a copper Reserve you you know we don’t have a reserve of stocks I mean everybody thinks that Nvidia is like you know you got to own Nvidia well why don’t we have a stockpile of Nvidia why doesn’t the government buy stock in Nvidia why doesn’t it buy Apple why doesn’t it buy the entire uh magnificent 7 right aren’t they valuable shouldn’t we have a reserve of that right you can’t make an argument for a reserve of
any of these other tokens so the only rationale for saying or teasing that there’s going to be a reserve of these currencies is to enrich the people who already own them it’s obvious this has got nothing to do with what’s good for the country this is all a money grab this is Donald Trump or whoever is operating his uh social media account uh basically spreading a lot of money around uh his donors and and family members and helping them get rich uh you know off of these off of these tokens and you know yes maybe it’s not as bad
as what the people did at us Aid right because they they just took the taxpayers money and put it in and they line their own pockets and and here the people who are getting fleeced are the people who are dumb enough to buy these tokens right the money that Trump’s friends and family are going to make off of these tokens is coming from the American public that is dumb enough and greedy enough to buy them now you could say well you know they deserve to lose their money because they were dumb right
people who Gamble and lose right well they deserve to lose but the president is really at you know taking advantage of his position to fleece the the the ignorant and the greedy and I I just think that’s wrong I mean that that is not uh you don’t want to exploit the office we have so many important things that the president needs to do there’s so many important things that he could be doing this is going to be a big distraction and it is going to be used by his critics against him he is basically handing them a great issue
when he’s got the high ground right now he’s got a very strong position and this is weakening him by by doing this and he is opening himself up to a lot of criticism because if I’m GNA criticize him imagine what the left is going to do right imagine how the field day the Democrats are going to have with this there’s no reason to give them this issue anyway let me uh go on I want to talk about some other stuff that’s happening um first of all the dollar there was a big rally in the Dollar on Thursday you know I talked on
my last podcast my Tuesday podcast about how the dollar was rolling over well it had a big rally on Thursday because that’s when Trump came out uh with another post uh that the tariffs that we thought you know weren’t happening maybe we dodged a bullet they’re coming on Tuesday on March 4th we’re getting 25% tariffs supposedly on the goods that we want to buy from uh Canada and Mexico and another 10% tariffs on top of the tariffs that we already have on the goods that we want to buy from China and
so when the news of these tariffs came out there was an immediate rally in the dollar because again this is the algorithms pre-programmed to buy dollars on tariff news this is not bullish for the dollar but if that’s how they’ve been programmed you know garbage in garbage out so we got a dollar rally I don’t think it’s going to last especially when you look at the trade deficits and I’m going to go over a lot of the economic data that came out in the last couple days but the the worst piece of news that again gets very
little coverage was the trade deficit the merchandise trade deficit they call it the goods deficit now back in the 80s 90s we called it the merchandise trade def I don’t know why they stopped calling it merchandise but now they just call it Goods uh but anyway so last month was the record right it was 122 billion it was the worst trade deficit in Goods in US history well it was the worst until we got January’s number which blew that number out of the water so the consensus estimate was for a small reduction in
the trade deficit in Goods down to 116 billion dollars instead it skyrocketed to 53.3 billion just blowing away the worst trade deficit in one month that we’ve ever had now maybe a chunk of this is due to the front running of the tariffs but why didn’t that get built into the estimates I mean we all know these tariffs are out there yet despite that the estimate was 116 billion even though everybody knew that importers may try to jump in front of these tariffs by bringing stuff in now and of course if
Donald Trump was right if our trading partners are going to eat the tariffs and not raise their and cut their prices to make up for the tariffs then why rush to BU to bring them in now right I mean obviously importers don’t buy what the president is selling they know that uh tariffs mean higher prices and so they’re trying to buy some Goods before but I don’t think it’s all that I mean I just think our position is rapidly deteriorating the industrial base of the United States is disintegrating we are
wasting our resources on crypto and other things and while we’re doing that we don’t have the production we can’t produce the things that we need and we are more and more dependent on the rest of the world which means those tariffs are going to bite even harder because we have no choice most of these Goods that the president wants to tariff there are no domestic substitutes so we can’t buy us we have to buy foreign and we have to pay those tariffs or we just don’t buy it all and in the occasion where there is
an American substitute the reason we’re not buying those American Goods now is because they’re too expensive right people are struggling people are trying to get by and and so the fact that the Imports are cheaper is helping Americans get by but if they have to buy these more expensive domestic Goods instead because the Imports are now 25% more expensive that’s just going to further weaken their um uh their position now yes the the the the big jump in the trade deficit was driven by Imports Imports did surge by
11.9% exports were up but they were only up by 2% so th this this is bad news it doesn’t really get reported all of this comes out of our GDP right trade deficits are a net dis subtraction from the GDP and that is why the Atlanta fed on Friday revised down their GDP estimates for q1 to minus 1.5 I think let me try to read it here here um looks like minus one and a half so that’s half a recession I mean before that it was at two and change it looked like it looks like it was at two and a quarter before they revised it um
let me see here is I can’t I can’t say if that’s exactly it because it looks like it’s somewhere in the middle of uh of one and two I’m just looking at the graph but it’s just just goes off the off the edge of a cliff yeah here it is minus minus 1.5% I was right so nobody talked about that right everybody is distracted by a lot of other stuff but we’ve now got a estimate for the GDP for the first quarter of this year right Trump’s first quarter as President right only half of July of January but all of February all
of March and we’re going to print a negative GDP now the media is going to have a field day with that talking about how Trump wrecked the economy and they’re going to be able to use the GDP as proof but we got more bad economic data that came out since my last podcast new home sales for January we’re supposed to be 680,000 down to 650 7,000 bigger drop from an upwardly revised uh December number so December it was 734 th000 new home sales and it dropped all the way down to 657 th000 that is a huge crash
in new home sales in January right that’s going to be pinned on Trump um the durable goods numbers weren’t bad they were actually the new orders were above estimates but ex Transportation had ended up being below uh but that one wasn’t that bad we got the final numbers for the Q4 GDP they were unrevised at 2.3% of course driven by personal consumption which was 4.2% so our GDP was driven by consumer spending and you know I noticed a good uh exchange on X by Elon Musk responding to somebody’s post that was critical of
GDP as a way to measure uh you know economic well-being and I agree I mean GDP is not and I’ve talked about this on prior podcast it is not a good way to measure a standard of living because what’s included in GDP are a lot of expenses that we’d rather not make medical expenses legal expenses Insurance cleaning up from a toxic spill or a national disaster right a lot of expenses that we’d rather not incur end up increasing the GDP whereas stuff that we really enjoy like Leisure you know doesn’t count at all so if we have to
give up our Leisure and work harder right that means that we have a higher GDP but we’d prefer to work less so leiser is not in there so I there are better ways to measure economic growth it’s better to look at the increase in the productive capacity of a Nation the the the the the Capital stock the factories the infrastructure the housing right the roads uh you know other things stadiums uh theaters uh amusement parks I mean look at what we’ve actually created right how much more of that stuff do we have our capacity to provide
our citizens with goods and services that make our lives better not just measuring what we spend and not counting anything in fact I thought it was the guy that put this up is the cryp cryptos are right yeah a Sachs and he used the analogy I’ve used a lot about digging holes and filling them he said if we dig a bunch of holes if we spend a lot of money digging holes and then we spend a lot of money filling them back up again that’s going to increase the GDP but we’ve added no value which is true but I make the same
argument for bitcoin’s proof of work right just because we we we we waste energy making Bitcoin doesn’t mean we have anything of value no more than digging holes and refilling them anyway I got another commercial break I got some more economic uh data to go over with and then a few more interesting topics to discuss so don’t go anywhere coming right back when you think about businesses growing their sales Beyond forecast like febles by Mr Beast or even a legacy business like Mattel sure you think about a product with demand a
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today shopify.com gold all right I’m going over some of the bad economic data that came out during the week Thursday’s jobless claims also bad news uh a big spike in people filing for unemployment claims uh 242,000 up from 224,000 moving average also jumped up from 215 and a quarter so 25.25 to 224 I do think that we’re going to get a lot more unemployment going now the good news is some of the unemployment will be government workers because that’s where a lot of the jobs came from under Biden and it looks like with Doge uh we’re
going to get rid of a lot of these employees at least at the federal level hopefully the same thing will happen state and local level uh but you know while that is good news because we don’t have to pay their salaries and in most cases to the extent that they worked they were you know undermining the productivity of everybody else they’re going to be unemploy employed they’re going to add to the statistics of the unemployed which is going to be problematic for the fed and of course I think a lot of these government workers
uh you know who don’t really work very hard and who are not very productive fortunately they may have a hard time finding gainful employment in the private sector especially if they work for government for a long time and have a lousy work ethic right I mean because you actually have to work for a private company that cares if you’re productive and that’s actually going to evaluate your performance that’s a whole new world for some of these career bureaucrats so they may have a hard time getting a job and then a hard time
keeping that job but you know this is going to complicate the situation for the FED because unemployment is going to be rising and inflation is going to be rising at the same time uh stagflation uh pending home sales collapsed in January uh and in fact they also were down in December although the December number was not as bad as they initially reported because they reported minus 5.5 they revised that to minus 4.1 but for January they were expecting minus 1.2 and we got minus 4.6 so backto back four
handles on pending home sales and the index tanked from 74.2 down to 70.6 look we have a bare Market in housing and that’s because prices are too high and mortgage rates are too high and so people can’t afford to buy Kansas City fed manufacturing another negative number uh although not much worse than or not worse at all than the prior number we have backtack minus5 for the Kansas City manufacturing again we’re not manufacturing as much that’s why our trade deficits are much bigger because we have to import what other
countries are manufacturing uh we also got the Chicago PMI that was actually a beat we got a number that was higher than expected but still well south of 50 it came out at 45 and a half anything below 50 is a contraction so that’s recession territory but it’s not as bad as it was the prior month which was 39 and a half so it was an improvement uh but it still indicates recession but the other big number we got was the personal income and spending because that’s where you know the FED gets its inflation numbers
the pce so their personal income actually spiked by 0. n and the saving the spending went down down by 0.2 so the savings rate really spiked I don’t even believe these numbers I I think I think there’s something odd I I can’t imagine that incomes went up this much and spending went down especially with prices going up so I don’t buy these numbers um so I think they’re going to get revised but if you look at the inflation numbers right those are the ones the FED looks at uh the pce month over month was up .3
which was the same as the prior month they were looking for an increase to 04 but year-over-year two and a half which was a little better than the 26 from the prior year oh that’s the headline the core was up3 and the year-over-year was up 2.6 which was exactly what they expected Ed although they did revise the prior month up to 2.9 but again this is the number that the FED claims is the most important right the core pce uh year-over-year that’s what they claim they want to have at 2% it’s nowhere
near 2% it’s closer to 3% than 2% so we got inflation but we also got a weak economy we’ve got stag flation which is the worst possible uh uh you know environment the fed’s got no plan they’ve got no contingencies for that they got no stress tests for that all they’ve got is Hope and a prayer uh but uh what they’ve been hoping for what they’ve been praying for isn’t going to work anyway a few more things I want to talk about so there was a uh a meeting this week uh uh zalinski came from Ukraine to meet with the president to
supposedly sign uh this mineral deal in the ukra Ukraine but anyway apparently he wanted a little bit more than Trump was willing to offer for this deal uh and and so we didn’t get it I think he zalinski is really looking for support to continue the war and Trump to his credit wants to end the war right the sooner the better and uh and so nothing happened but the interesting thing is there was a live press conference and of course zinski is there in his T-shirt right and everybody else is wearing suits and there’s a
reporter that asks him a question and he says why aren’t you wearing a suit he says you know it’s disrespectful you’re here in the you know White House you’re coming to ask for money show a little respect and and don’t you own a suit right and now this guy’s the hero right I I think he maybe he’s married to a congresswoman or something because but all of a sudden this guy finally somebody has the courage to say this right to call sininsky for wearing a t-shirt well look how times have changed I did that three years ago I made the
exact same comment I said you know zalinski was addressing a joint session of Congress that had never happened before remotely he was the first person to do it right and he shows up in his T-shirt and so I’m like don’t he own a suit I mean you know show a little respect and I I put in my post you know no one has less respect for congress than me but the two times that I testified in front of Congress I put on a suit right because I respect the institution of the Congress even if I don’t respect the congressmen and women
who are currently there I expect as much from zalinski especially when he’s coming here asking for money because that’s exactly what he did three years ago he was here asking for money and he asked in a T-shirt but when I did it nobody defended me I got 47 million impressions on my a Twitter post it was still Twitter back then I got you know what what 75,000 hateful comments only got like 7,000 likes I got death threats I you know the mainstream media Legacy Media there were dozens of Articles written
about me how dare I say this how how dare I you know he’s in a war how could you expect him to put on a suit you know like he’s in a foxhole like like he’s actually under Fire you I point out he was in a professionally lighted studio with makeup on he had makeup you know he had his his face groomed right his hair his beard right you know it’s all staged so he could have put on a suit right it wasn’t like I was risking you know thinking that he needed to risk being shot to get a suit right I mean it was something that you could do
so I make this exact same observation and I get taken to the Woodshed now somebody is able to make the exact same point and he’s a hero and I’m glad I’m glad now that times have changed to that point where you can speak critically of zalinski now because you know he was like George Washington when when I when I made that post how he’s like the founding father of this nation he’s fighting the revolution I was pointing out that there’s more corruption in the Ukraine than there was in in Russia not that I was condoning uh The
Invasion I was just putting everything in perspective that it wasn’t good versus evil you know the the these are these are both bad right the these are thugs uh you know fighting over the turf you know it it’s not it wasn’t the American Revolution uh but that’s how the left was trying to build up uh zalinski and I made a very uh you know a right on point I I still think he should have worn a suit three years ago and he should have worn a suit uh last week uh but you know that just it’s a little bit
of um Vindication for me even if nobody in the mainstream wants to vindicate me no one wants to point this out I mean Ian at least I know that you know uh what what I said was was right anyway also I I saw an interview with Donald Trump I forget which maybe it was a Fox news reporter but Trump said he wants a balanced budget said I want a balanced budget and um I’d like to have it in two years maybe one year if not sooner if not sooner so he he may want a balanced budget sooner than one year now of
course the budget is so far out of balance you know we’re two to three trillion dollars in the whole and he said he wants to balance it maybe sooner than a year Well if he actually meant that he could do it I’ve said it on this podcast just tell Congress that you’re going to veto that big beautiful bill that pass the house because it includes a $4 trillion do increase in the national debt look it may be a big Bill but it ain’t beautiful right it increases the debt it takes the debt the deficits that were
inherited from Biden and makes them bigger you know part of me thinks that one of the reasons for doge is a distraction right it’s like a magician like if they want if a magician wants to do a trick right and maybe he’s manipulating something with his right hand he doesn’t want you to notice it so he puts his left hand up in the air and he tries to distract your attention from where he’s you know doing doing something right well the what’s going on in Doge and with all the attention focused on oh we’re finding this Fraud and Abuse
and we’re making these Cuts they don’t want you to see what the Republicans are actually doing in Congress increasing defense spending right increasing the deficits it’s it’s a distraction from the real increases in government spending yes there’s some Cuts but they’re offset by other in increases I’m sure the government is going to spend more money in 2025 than they spent in 2024 regardless of what’s happening in Doge so we got to put some pressure on what Congress is actually doing Trump could do it if he said I’m not gonna
increase the debt ceiling and if he really wants to balance the budget within a year which he said he does that’s the only way to do it if you have to force Congress to stop spending and the way to do that is you don’t raise a debt s you know although one of the ideas that he does have that I think will could be lucrative we’ll see how they Market it are these golden visas he talked again about his golden visas uh for $5 million a pop what I did find out about those visas that will make them valuable right now if you are an
American citizen or you’re here on a normal you know Visa if you’re living here you got to pay taxes on your worldwide income that is you know the the curse that Americans have right now we’re unique among among nations that you know we’re taxed on our worldwide income and I I I mentioned on this podcast the origin of that tax the very first income tax that we had during the Civil War which was you know went away after the Civil War and wasn’t resurrected until 1913 but the Civil War temporary income tax taxed
Americans no matter where they lived on their worldwide income and that was to get the draft Dodgers people were dodging the draft and going up to Canada because in the north that’s where we had the first draft because a lot of people didn’t want to fight in the Civil War in the South you know everybody volunteered because they were fighting for you know for a cause uh but a lot of the people in the north didn’t believe in it they they were fine let the South go they didn’t care and when when the draft came
in people went up to Canada right that’s where the tradition started and so the idea was okay they may have dodged the draft but we’re not going to let them Dodge the income tax so we’re going to tax them even if they’re in Canada right so that’s where it started because when we brought back the income tax we we kept that tradition but these golden visas if you come in on a golden Visa you can live in America but all of your Global income is tax exempt that is a big perk so a lot of people might decide
they want to live here because they can live in New York they can live you know any big city they want uh and and and not have to pay taxes on their worldwide income now if they really wanted to make those golden visas valuable they would exempt US taxes too if we did that if Trump said hey pay $5 million and you can move here and live taxfree now it wouldn’t be local right you’d still have to pay state and local taxes but if Trump said move here on a Visa and live here on a Visa and no income tax no
estate tax no gift tax he might actually sell uh a lot of those I can see a lot of people who would come here and you might think well why should we do that because you know we’re going to lose all this money no we’re not it’s like Puerto Rico we’re talking about people coming here that never were going to live here so that’s tax revenue that we weren’t going to get look I moved to Puerto Rico along with you know four or five thousand other people because Puerto Rico Exempted us from taxes now people
say oh well this cost Puerto Rico money no it does it they were never going to get that tax revenue in the first place because none of us were going to move here so if Trump just you know allows people to move here and not pay federal taxes a lot of people are going to come a lot of very wealthy people who are going to come and they’re going to bring businesses and they’re going to hire people and pay salaries and then they’re going to pay local taxes you know they’re going to pay state taxes city
taxes so it would be huge I don’t think he’s going to do that but I think this idea of exempting them from the worldwide income is going to end up with some takers but it’s not going to be enough to get rid of a 35 trillion dollar national debt but I wanted to talk finish up the podcast talking about the Joe Rogan uh interview with Elon Musk which I just watched today and there were a couple of points uh that I wanted to make about it one was you know Elon Musk was very critical of the Legacy Media and the way they misreport stuff
uh promote fake news to advance a political agenda and that you know you got to get your news from Joe Rogan or from X and I agree and you know that’s exactly what happened with me and and and my bank it was the government using the Legacy Media they Ed the New York Times They Ed 60 Minutes to promote fake news right they they investigate my bank for um two years for criminal for crimes criminal investigation tax evasion money laundering these are crimes they find no evidence to charge anybody with
anything and and so because it’s embarrassing because they wasted all these resources they decide to use their buddies in the in the Legacy Media to you know promote a false story that my bank was actually guilty of all the crimes they found no evidence to charge with and to make their fake news story more credible they get the Puerto Rican banking commissioner to shut down the bank under a pretense to make up some lies to shut it down and then they use the shutdown as proof that the bank was committing the crimes that they found no
evidence of uh and that’s why nobody was ever charged so I really would like you know Elon Musk I mean maybe a number of you who watch this maybe comment on his post uh Hey look into this right I mean i’ I I’ve got all the evidence on a silver platter I know Rand Paul has given it to Pam Bondi I haven’t heard back you know I I’ve been trying to get a hold of Dan B uh Bonino he’s gonna be at the FBI I sent him some stuff but maybe I’m social media if we can try to get people I’ve got all the evidence and
there’s so much more evidence that I don’t have because the government is still hiding it you know I got more Productions this last this week uh from the government they gave me another Pages uh I put it I put those 100 Pages up on ninef fraud.com you can see the whole production again it’s almost all redacted almost everything they gave me was redacted but I get to see a little bit the redactions are illegal and I’m suing them to unreact that so I can actually read these emails but it’s obvious because one of the emails from
one IRS agent to four other IRS agents that includes the current chief of criminal investigation in fact all these IRS agents are in the criminal investigation division so one guy emails four other guys and and says I cannot uh um stress enough how important this outcome is to our J5 Partners the outcome was the shutting down of my bank well why is that so important to their Partners it was important to Australia because that’s the only other uh uh tax Chief that’s that I can see all these emails going back and forth
between Australia and the us because that’s where 60 Minutes was that’s where the age that’s where Nick McKenzie and Charlotte grieve were they’re the ones that came out with the defamatory articles again I think the whole thing was was orchestrated by those reporters to bail them out of a defamation suit that they lost anyway but all of that is coming out in just the unredacted information that I have but if people could go on uh elon’s account you know and just say hey have you looked into what happened to Peter Schiff what the
what 60 Minutes what the New York Times did this is all fake news it’s exactly what he’s saying is the problem I’ve got it on a silver platter this is massive government obstruction of justice um uh abuse of power that I was targeted because of my politics because I was critical of government and they Ed the fa the media they use corruption in the media uh to do what they couldn’t do legally so I I I think it’s a great issue and who knows how many more crimes these IRS agents have committed I mean
if they did this with me I mean they’re not Boy Scouts right if they’re willing to break the law and do this in this case I’m sure that I’m not an exception I’m sure they’ll find a lot more uh stuff when they turn over the Rocks anyway the other point I wanted to bring up from the uh the uh Joe Rogan Experience is um e Elon Musk said that Social Security was a Ponzi scheme it just came out and said social secur is a Ponzi scheme and when Joe Rogan heard that he said it’s a Ponzi scheme well why is
that now I told him that right when I was on Joe Rogan one of the times I told Joe Rogan that Social Security was a Ponzi scheme and I explained why right so maybe he doesn’t remember or maybe he just he knows that he’s got an audience that wants to know why and so asked the question he said well why is it a Ponzi scheme and he started to answer but he didn’t actually finish he didn’t answer it and so I answered it on X and I tagged Elon and I tagged uh you know uh uh Rogan but I wanted to bring it up
again on a podcast why why it’s a Ponzi so the reason that Social Security is a Ponzi scheme as opposed to a legitimate retirement plan the people who get Social Security payments Now where’s the money come from it comes from the workers who are being taxed and where’s their money going to come from when they retire from the younger workers who are who are still working so the people who are working now are paying the benefits of the people who are retired and they hope that when they retire a new group of workers is going
to pay their benefits that is a pure Ponzi scheme that is exactly what a Ponzi scheme is when you pay off the old investors with money from the new investors so we pay off the people who are expecting to get Social Security check checks by taking money from new people who are coming into the system who are then going to be paid uh from money from other people that come in after them right it’s a pure Ponzi it’s exactly what Charles Ponzi uh invented the only difference between Charles Ponzi scheme and Social Security is that
Ponzi scheme was voluntary right this one is mandatory the government forces you to participate in this Ponzi scheme even if you know it’s a Ponzi scheme that’s why it’s so much worse uh than what um uh Charles Ponzi did or what Bernie maid off did right this is something you’re stuck and but that’s also why the Social Security Ponzi scheme has lasted so long right because people can’t get out even when they know it’s a Ponzi scheme you know my father when he wrote this book uh the Social Security swindle in the introduction to
the book uh he wrote that he thought that the Social Security Administration should erect a statue of Ponzi to Adorn their Lobby because that’s exactly what it was and here’s another interesting bit of of trivia that I that I got initially from my dad and he put it in that book so when Social Security was first passed the government lied to the people and claimed that it was insurance that it was funded that’s why they called the taxes premiums uh you receive benefits they created this trust fund it
was all to make it sound like it was really a retirement plan and that you know you paid into it and then you got the money and in fact the taxes started I think five years before the benefits were paid because they wanted to create the illusion that they were building up a trust fund out of which the payments would be made right so they couldn’t start the payments right away they had to build up the phony trust fund but the trust fund is not real because there’s nothing there yes there are us treasuries there but us treasuries are
not an asset to the US government any more than you know you could write yourself a check and claim it as an asset if I own a treasury bond it’s an asset because the government owes me money if the government owns a treasury bond it’s not an asset because the government owes itself money it cancels out it’s an asset and a liability if the US government took the Social Security trust fund money and bought German government bonds right then it would be an asset because the German government would owe us money but when the when the
Social Security trust fund buys us treasuries it’s a wash the government owes it to itself the the reserves the trust fund is meaningless it’s it’s full of its own IUS it’s like if I write a million dollar check to myself that million dollar check isn’t a million– dollar asset if I write it to somebody else yes right assuming I have the cash in the bank it’s an asset but it doesn’t matter what I have in the bank if I write the check to myself so the whole concept of a trust fund is meaningless
it was there to deceive the public it’s a complete fraud but when Social Security was first passed the constitutionality was challenged right it because it came in during the 1930s during the New Deal of course it’s unconstitutional there’s nothing in the Constitution that says the government can operate a retirement plan right that’s not there that’s not enumerated in Article 1 section8 so it’s totally unconstitutional so it was challenged and the government had the nerve to argue that it wasn’t a
retirement plan while the government was telling the public that it wasn’t a a retirement plan and that you know you were paying into it and then you were going to get money out that you were entitled to later on what they told the court was that no no no these are two totally separate uh um programs one is an income tax right it’s an excise tax on employers or an income ta a payroll tax and an income tax on workers so you have a tax an income tax and then we have a welfare program we have a program that
pays older people money uh and it’s just like welfare right which of course that’s unconstitutional too but you know they had that they just had relief so they said look they’re not they’re not tied together um the people who pay taxes are not entitled to get anything there is no you know legal requirement that anybody get paid uh we have an income tax and we have a welfare system and that’s what we have and so it’s constitutional right pure BS so the the the seventh circuit declared it unconstitutional Social Security and in
their opinion the justices wrote we are not going to close our eyes to what’s obvious what was obvious is that the two Provisions were tied together right the government said ignore everything that we’ve told the public that’s all a lie pay attention to what we’re telling you now in court and the justice is said no we’re not going to do that you know we’re not going to close our eyes it’s obvious that Social Security taxes are tied to Social Security benefits and the whole thing is unconstitutional so
then the government appealed it to the Supreme Court and a highly politicized Supreme Court you know because they had just been pressured you know because they were striking down a bunch of things Rosevelt had threatened to pack the court and then they had the switch in time to save nine so all of a sudden the court started rubber stamping a lot of these unconstitutional New Deal programs and so then the Supreme Court reversed the circuit and and said we believe the government they’re they are not connected it is an income tax in a
welfare system so according to the government and according to the Supreme Court nobody is entitled to any Social Security benefits so it’s not really a Ponzi it’s welfare the government can take it away whenever you want it wants and all the people who think they paid into something you paid into nothing the government told the Supreme Court you were paying into nothing when you pay Social Security tax it’s the same as paying an income tax the same as paying a tariff it’s just a tax it’s got nothing to do with the benefits now
there was a descent that was written there were two justices that had the balls to uh rule that Social Security was unconstitutional and they wrote a very good descent very critical of uh the other justices uh who uh went with this but anyway so I thought it was interesting that that came up and I’m glad that El musk knows uh that Social Security is a Ponzi scheme and that he has the president’s ear I’m just very upset at the distractions that are going on particularly uh with cryptocurrency I really wish that this was not happening
it is going to undermine a lot of uh the good that could be done uh by this Administration but most likely won’t be done anyway that’s it for today’s podcast again if you liked it make sure and give me the thumbs up uh subscribe to my YouTube channel if you haven’t already done that make sure you also subscribe to the newsletter at shifts sovereign. a lot of you have been signing up more should do it also uh give the premium letter a try it’s not expensive you can cancel if you don’t like it but there’s going to be a lot of
really good information that we’re going to be pumping out over at at at shift Sovereign and again oh I forgot gosh you know it’s already over an hour I toally forgot to mention uh that gold and silver both got slammed on Friday you know gold went back down well below uh 2900 we actually got to 2950 we’re back up to 2871 right now silver moved back below 32 again these are good buys the the stocks held up I really like the action in Gold stocks on Thursday and Friday they gap down uh on the morning on some weakness in Gold but
fully recovered I really think these stocks have bottomed out that’s what people should be focusing now more so than the physical metal you want to buy these miners I think they’re getting ready for an explosive move up we’re shaking out a lot of the weak hands and I think we’re really positioning for a big move you should be buying uh the europacific gold fund epig GX is uh I always get that symbol wrong but Epi GX I think that’s it no EPG iix yep there it is I get it wrong every time that’s my so EPG iix is the
symbol for the no load you can get it at any discount broker you can also go to eac.org fund directly uh from uh the uh that website or talk to the representatives we have separately managed accounts uh in in mining uh you know this is just another opportunity uh to buy these and the people are totally uh wrong on the tariffs we’ll see if we actually get these tariffs on Tuesday or if Trump comes up with another reason not to impose them and just dangles them out uh uh as a as a tease again for the
future but I will be talking about that uh during the week we got more podcasts coming up again I think um Elon Musk is right if you want to get news forget the Legacy Media you got to get it online and the Peter shift show I think is one of the best places to do it bye for now
