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Welcome to another episode of the Chicks
on the Right podcast, where we have

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our friend and sponsor of the show, Zach Abraham from Bulwark Capital Management,

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join us to talk about all the
events of the day. And we just

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we know, of course, now
that the Senate passed that god awful ninety

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three billion dollar foreign aid bill,
we don't know where that's going to end

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up in the in the house.
We'll see what happens. And if Mike

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Johnson can hang on to his balls, we'll see all just hold on to

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them, hold onto the ball.
Yeah. But the question is with the

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spending bill, with a foreign eight
bill that size, the question for you,

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Zach is how quickly are we going
to turn into Venezuela? And what

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zoo animals should we plan on eating
first? Right? We want to know

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what zoo animal would you eat first? Would probably you know what? It

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probably would be the ostrich really,
And the reason is because I find a

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lot more redeeming qualities than a lot
of the other animals. So I just

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be kind of like, like I
told you not And now I think there

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were only like six or eight of
them there. But I actually spent time

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working on an ostrich farm as a
kid. It was probably like twelve or

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thirteen. Yeah, they're I'm not
a huge fan. They're mean. So

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they're so out of the six that
were there, there was only a nice

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one. No, And if they
in bite you when you weren't looking,

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you know, they don't have teeth, but it's more like a pinch.

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And then, like I was telling
you, guys, you have to be

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careful because they got really sharp hoofs
and they can cut you open because they're

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you know, yeah, so they're
going to I'm changing my answer. I'm

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changing my answer from rhino to Austria. You couldn't a rhino. I mean,

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if I could shoot a round,
I feel like there'd be a lot

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of meat on it. That's what
I'm thinking about their quantity. The gators,

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Yeah, you see the rhino.
I just rhinos just seem like such

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a it's like a noble animal,
you know, yeah, I think so

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really elephants are, but rhinos,
I feel like they're trying to act like

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they're noble, but then they're not. Like they look like they taste good.

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You know, it's like an impostor
animal kind of like you know,

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there's yeah pastor, I mean you
could be right. I haven't spent a

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lot of time around them. Listen, you've you've changed my mind, Zach.

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I'm going with Ostrich. Another one. Another one would be a hippo.

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A lot of meat on a hippo. And hippos are mean, really

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so mean. Oh, there's so
many, I can't believe. So in

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the continent of Africa more people are
killed by hippos than any other animal.

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Yeah, wow, I don't know
that they will flat out attack a boat,

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flip it over and kill the people
inside of it. Yeah, then

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we should we should plan. I
guess we should plan to close second to

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the Oscris. So that's going to
happen. We're going to become Venezuela pretty

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soon. I think that that's it's
going to happen, right, you know,

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you know what's so, I'm old
enough to just continue to be amazed

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that the liberals have become warmongers.
I just it's just fascinating, you know

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what I mean. I still remember
make love not war. You look at

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these peop blood man, and now
they've just oh yeah, and now they

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just hate Russia, right, And
I mean, look, wood's a bug.

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I don't have any speak, but
it's so funny to watch them spin

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Putin and Russia up to the Russia
has like one hundred and twenty million people.

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By twenty fifty, it's going to
be less than fifty million. Their

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demographics are collapsing. They are a
threat to us, the same way venezuelans.

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It's a joke. It's a total
joke. And watching the Liberals become

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the neo cons it's just it's it's
amazing to me. W there's no war

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that they don't want to be a
part of. It's just fascinating. Yeah,

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And in meantime, our country is
collapsing and like no money's being spent

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here, and we are just we're
like a total salm. So what's crazy

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is I don't know if you guys
a been paying attention, but remember how

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remember how last year I was telling
you that, Okay, things are going

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to get really weird now because bad
news is scar is going to start to

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be good news. And then we're
like, because of all that, we

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actually expect economic readings and inflation to
take off again in the first quarter.

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You said that, and we'll hear
what you say that, And I don't

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say that to go, oh,
we got it right. We get plenty

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wrong. The reason I say that
is because I was talking on our radio

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show yesterday and I go, guys, I'm not saying that we got it

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right to brag. What I'm saying
is we got it right. And I

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went to Pacific Lutheran University, my
head of research, went to the University

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of Houston, and we got it
right. And all the Ivy League idiots

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on the FOMC were dead wrong.
That that should terrify people. We've got

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idiots running the show, right.
So now you're looking at a situation where

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inflation is reaccelerating, but if they
don't cut rates more, banks are about

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to blow up. Okay, so
they're going to be forced to cut rates

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into accelerating inflation. Inflation is coming
back, guys, get ready, here

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we go coming back accelerate. Oil
is getting off the map again. I

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think oil is going to make a
push higher. So gas is going to

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go up again. Yeah, they
were cutting rates last year banks started blowing

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up. They launched that BTFP,
the Bank Term Funding Program, and they

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flooded three hundred and fifty billion liquidity
into the market and inflation took off again.

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And what about what about then what
about how what does that look like

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for mortgages and stuff like that?
Do you think that that because I mean

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inflation? I think, okay,
inflation, but what about mortgage rates?

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What about car? Right? About? If they so I don't think they're

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going to raise I think they're going
to have to cut. But what I'm

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saying is they're going to have to
cut rates into rising inflation, which is

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like pouring gasoline on fire. And
the reason they're and this is what we've

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been saying for two years now,
going, guys, you're boxing yourself into

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a corner. You need to get
tough. You need to drain liquidity out

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of the system, and you got
to stop the fire if you don't put

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it out now. And it's just
like life, right, people, there's

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this illusion that we can sit back
and not make a decision. But all

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you're really doing is you're just the
decision is being made for you, right,

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And that's what the FED has done. That's what the Fed's done.

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So we are going to be looking
at a situation where and this it was

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really easy to see coming. You
go, look, you either deal with

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this now or you're going to deal
with it later. And it's going to

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be worse, and of course,
like they do all the time, deal

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with it later. So now we're
in a situation where they need to cut

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rates because things are going to start
blowing up, but they can't. So

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what would you like if you if
you were running the show right now,

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what would you do like? What
would you what would you advise them to

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do? What is the best thing
to do? In my opinion, I

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would keep I would. I would. I would at the same time announce

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a fifty basis point rate cut,
and I would announce that I would.

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I would work it in concert with
the Treasury, and I would have the

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Treasury list long dated bonds. So
rather than keep issuing short dated bonds to

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finance our deficit, list long dated
bonds, make the back into the curve,

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rise, get the yield curve uninverted, take the pressure off of banks,

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go through a mild recession, and
come out the other side. Okay,

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but we are at a place now
where policymakers literally have turned into third

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graders where we don't want to eat
our vegetables. Right, that's literally what

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this all is. Recession, And
you go, for God's sakes, guys,

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it's not a recession. It's carving
off some foam off the top.

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And what's so amazing is you sit
back and listen to them talk and you

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hear them cite all the problems,
and you go, hey, guys,

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you know what fixes everything you're talking
about right now? A recession. Just

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let it happen. For God's sake, let it happen, and then they

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could bring rates down and then you
could probably come out of this in not

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too bad of a place. Now, the debt situation is still going to

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be out of control, but like
people sit there and go, we have

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to deal with there's no dealing with
it. It is what it is.

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We're on a terminal path. Now. You can't relate this, right,

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yeah, so we are going to
eat zoo animals then, right, they're

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like, because it's like a kid, that's what they're doing. They're kindly

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a kid, and you're creating a
monster. How do we not become Venezuela?

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Though, that's what I want to
know, like, how do we

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we will to become Venezuela anytime soon? And the reason why, Look,

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I don't say this to be Pollyannis. There's a part of me that's frustrated

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by this because it allows us basically
to keep making bad decisions. But truth

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be told, the United States is
still the only major economy in the world

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that is the net ex border of
food and energy. And in an inflationary

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period of time, what are the
two things that everybody has to buy regardless

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of price, food and energy?
Right? So, will we see higher

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rates of inflation here in the United
States? Yes? Are they going to

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be transitory as and they're going to
be gone in a few years. No,

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they may appear gone, but it's
just because they're rejiggering the CPI calculations,

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which they've been doing for forty years. So rates of inflation are going

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to continue to climb overall, but
it's probably going to be fairly subdued compared

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to other countries. But you know, we won't be eating farm animals.

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Animals eating farm animals already, at
least I am as much as I can

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all of why I get my hands
on right, all of them. But

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yeah, no, I don't think
the zoo animals are going to be the

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issue here. But but I will
say this, Venezuela is where they're at

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because of completely incompetent governance. Right
though, when you look at Venezuela.

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That doesn't make me feel any better, I know, And that is the

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one fear right, because if you
look at Venezuela like there's a everybody should

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do this if you want to understand
where feckless and idiotic leadership can get you.

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People do not understand the amount people
talk about Saudi Arabia in the Middle

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East. Venezuela has multiples more oil
than they do. I mean multiples.

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Venezuela isn't incredibly rich country, and
that's what communist type of ideals, and

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that's what that type of idiocy leadership
can do. It can mess anything up.

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So you know, I look at
America and I still see us in

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the same light that Winston Churchill did, which is, you know, the

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Americans, they will eventually come to
the right decision after they've tried everything else.

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So I would anticipate more pain,
but because of our ability, you

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know, I don't know, you
know, I say this now, and

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I'm like, you know, I'm
counting on common sense to prevail in a

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country that believes men can have babies, so you know, yeah, exactly

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right. And then also in a
country where you know, like you got

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Bernie Sanders who's praising Venezuela. At
least he did years ago. Remember when

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he would praise Venezuela and then he
was like and then he was like,

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he's like Homer Simpson. He's like, I'm gonna go ahead. And because

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I'm still trying to get it,
I'm still trying to get my head around

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the fact that we've got a sworn
in member of Congress sitting there saying Somalia

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and Islam first, right listen,
I feel like all of our leaders are

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saying everybody else except for us.
They're all I feel like they're all doing

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They're all saying screw America and everybody
else first, and we're all like hello.

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It's like that. It's like the
spouse that is like I'm here,

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Like they're literally cheating on us in
front of our faces, and we're all

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like it. They're cheating on us, and they're asking us for a ride

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to the rendezvous. We've go to
the door, you know what I mean.

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And it's just watching these people continue
to vote this way. But you

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know, I hear what you guys
talk about, and I feel like we're

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pretty sympatical in terms of you guys
approach this with a pre pretty even hand,

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meaning you don't just go after one
side of the aisle, you go

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after both of them. And I
think that's one of the most terrifying things

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because I look at the other side
of it and I go, I don't

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see a lot there, right,
Yeah, like I know we're not can

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go to Pollyannazac because that makes it. Yeah. The other thing that I

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think that you're at a point of
is and I think this is going to

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be really tricky and really hard for
investors. And I'm not saying this in

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a way to tell people that their
only hope is us, because I don't

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believe that. I think there are
other people out there that do as good

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a job and potentially even better than
we do. What I will say,

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though, is that you're at a
point where they've got a gun against their

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head, meaning they will not allow
a forty to fifty percent market drop.

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They won't, And the reason they
won't is there's two ways you can deal

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with debt. Right, you can
pay it down or you can grow the

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equity. Right, if we build
enough equity, the debt as a percentage

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of the whole pie shrinks, Right, That's what they'll do, and That

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is what we refer to as inflating
your way out of debt, meaning it's

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it. When the balances get this
large, you don't have a choice.

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And I don't think people realize that
if the government quit intervening and doing these

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things, if we weren't spending.
I mean, and I've told you guys

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this before, but I think it. I think it's important for people to

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realize this. Think back to oh
wait o nine, that whole collapse deal.

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The economy shanked strength three point eight
percent, okay, from top to

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bottom. At the time, you
were looking at sixteen trillion dollar economy.

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So three point eight percent is right
around six hundred and six hundred and fifty

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billion. Okay, that was the
contraction six hundred and fifty billion that created

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that melee. Right, we're deficit
spending almost four times that amount per year

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right now, four times that amount
my gosh. Wow. Yeah. So

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everybody's like the economy's fine, and
you're like, oh, yeah, how

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could it not be right? I
mean, you're just dumping money into one

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side of it, and so they
can't so they can't stop that, right.

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Look, even with all that money
flowing in, you got banks blowing

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up, you got commercial office space. It's about ready. Think about what

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if they just said, hey,
hands off, we're going back to the

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way America works. You guys need
to you know, you got to.

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You got to take your medicine.
You'd be looking at a depression. So

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and that sounds hyperbolic, it's not
the the the the you know, put

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it in more perspective. Remember,
we're all old enough to remember when we

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had a balance budget ninety nine,
two thousand, right, I don't remember

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that, that's how well, okay, so it was ninety nine. You

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got to balance budget, right,
that's a good thing. If you balance

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the budget today, it would equate
to an economic drawback that was three to

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four times more violent than the financial
crisis I was seeing. The budget would

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do that. Oh my gosh.
Okay, So you're just and that's what

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people don't get. But at the
same so what does that mean. It

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means that asset prices are going to
keep going up, and you're going to

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have these really violent short term bouts
of drops, right, and then they

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will inject more money, they will
cut rates. That's what I'm saying.

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We're so there is no going back. There is no going back. Right,

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So what do you do? Right
to do? We just got to

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write it out. We got to
write it out. And people need to

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be listening to you on your daily
little daily dot dah, daily dot daily

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dot And so where can people hear
that and find more information about Bulwark Capital

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Management And yeah, so just you
can just Google Know your Risk Radio podcast

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and we're on you know, Apple, Spotify, whatever the thing is and

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it's no cost, no paywall.
And then the daily Dots. We started

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doing it at the request of our
clients just because financial news is so bad

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and it's so long and it's you
know, all the a. So we

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said, hey, we're going to
do fifteen to twenty five minute segments every

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single day summing up all the important
stuff that actually happened in geopolitics and finance

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that day. And so if you
listen to nothing else, you'll have a

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good handle on what's going on.
So we do that every day and then

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do our one hour show once a
week and then do interviews as well.

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And yeah, just google Know Your
Risk Radio podcasts you'll find us, no

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problem, that's fine, all right. Investment advisory service is offered through Trek

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Financial LLC and SEC registered investment advisor. Information presented is for educational purposes only.

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It should not be considered specific Investment
advice. Does not take into consideration

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your specific situation, and does not
intend to make an offer or solicitation for

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the sale or purchase of any securities
or investment strategies. Investments involve risk and

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are not guaranteed, and past performance
is no guarantee of future results. For

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specific tax advice on strategy, consult
with a qualified tax professional before implementing any

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strategy discussed Herein