Speaker 1: So when I read things like this it says here
the FED just purchased twenty billion dollars in three year bonds.
I think, you know what, I could call that dude
who knows a guy from the store where he used
to work and get an opinion, or maybe just a
dude at the bank, or maybe someone who's a fund
advisor but not a fiduciary. But no, I decided and
said to call my friend and brother, zach Abraham into
this studio. He is a fiduciary. He is the chief
and dec moopster Bolart Capital Management. He's ripped, he's tan,
He's ready, he joins this courtesy of God Almighty, thank
you living.
Speaker 2: But Todd Herman show is one percent disapproved by big
pharma technocrats and tyrant's everywhere from the hind mountains of
Free America. Here's the Emerald City exile.
Speaker 1: Todd Herman. Today is the days, and these are the
times to which God has decided wish to live in.
Zach Abraham, affore mentioned afour pitched, joins us, so good
to see you, my brother, welcome.
Speaker 3: Back, good to be back, good to be back.
Speaker 1: Let us start with a minor little story something here
about the Federal Reserve purchasing twenty billion dollars in three
year bonds. I can't imagine that has any significance. It's
not like they're injecting liquidity to cut interest rates. It's
not like it's q E ten billion, is it? All
those things?
Speaker 3: Yeah, you know, I'll be honest with you.
Speaker 4: When I saw that headline is a little bit of
a head scratcher to me, okay, And the reason why
is because I don't so the FED meeting is happening
right now as we speak, so Powell's i'm sure, explaining that,
and our lead analyst is in there watching it. So
as soon as I get off done with you all
know exactly what Powell said about it. The reason that
was strange to me was because nobody's really worried about
the front end of the curve. And what I mean
by that is one year bonds, two year, three year,
five year.
Speaker 3: That's not the issue.
Speaker 4: The thing that everybody's been concerned about is the back end,
so tens, twenties, and thirties. So if you would have
told me that the Fed bot twenty billion dollars worth
of bonds, my guess is I would have guessed that
it had been ten or thirty year treasuries.
Speaker 3: Why they're buying three, I don't know. I don't know.
Speaker 4: I don't know if that's them easing back into quantitative
easing mode, because I do not think that we are
going to get through the next year year and a
half without serious interest rate cuts and probably running simultaneously
quantitative easing.
Speaker 3: So maybe that's.
Speaker 1: Let's picture, quantitative easing is conjuring money.
Speaker 4: Yeah, so, so and and and it really is that simple,
tod like, I'm glad you put it that way. It's
this money isn't coming from somewhere, Matt, like, it's not
coming from anywhere real, right, They print the money, they
they well, they don't print it. They push a button
on their computer and put dollars in an account. They
then take those dollars that they just created or conjured,
as you said, and they buy treasuries from the banks.
Speaker 3: That's that's what they do. So I don't know.
Speaker 4: And the amount is kind of odd too, Like I
said to me, there's it feels symbolic. I'm just not
understanding exactly what kind of symbolism they're trying to get
across here, other than the fact that they're to me maybe,
and again that's why I'm interested to hear what Pal
has to say.
Speaker 3: And now he explains it. But to me, it's.
Speaker 4: Probably most likely move to just reassure the markets and
say the FAED as you're back.
Speaker 1: A can that's that's that's that's certainly from a financial explanation.
I will always always uh seed you the expertise financially.
Let me offer just a tiny little thought. So we
had President Trump criticizing Powell, criticizing the FED, saying he's
constantly late. He's pathetically late to late to the party.
Should be cutting interest rates now, should have done it
ten weeks ago. He's late, Larry Powell. So I could
see this is Pal going. You know what, I can
do whatever I want to do. I can buy the
front end of the curve. I'm completely independent. When I
conjure money. It's debt to the American people, but it's
money to us. So you know, hey, down, I don't
work for you.
Speaker 3: Yeah.
Speaker 4: Yeah, he can the other thing too, though it could
just as easily be the flip side of it.
Speaker 3: Okay.
Speaker 4: Yeah, And here's why I say that, because when you
look at where the FED is and what they've communicated
thus far, they have not met their own criteria that
they have stated themselves for additional cuts. And when you
consider where you're at right now in terms of where
inflation is, where we're at in that battle, there is
a fear, and I think it should and I think
it's an appropriate fear by the FED to adjust rates
too early and reignite inflation. So you, I think it
probably is either your version or mine.
Speaker 3: I think that's probably what he occurred here.
Speaker 4: It's either him trying to show Trump I'll do whatever
I want and asserting his independence, or it's him saying, look,
we can't justify a rate cut right now, but we're
very concerned by what's going on. So we're going to
give kind of a rate cut light, if you will,
a kind of a gentle caressing of the market, telling
them what here.
Speaker 1: If people don't have the video version of the show,
they just meant you, they just missed you, gently caressing
Larry Powell is so, Larry, I love your curves and
that's just the smell of you.
Speaker 3: Yeah, so so, And that's that. That's what I think.
It's either one of those two.
Speaker 4: My suspicion is it's the second meaning, this is an
effort for them to say, look, we know that what
is currently happening is probably restricting liquidity to some degree.
It's it's certainly increasing friction in financial markets. We again,
we haven't met our own stated criteria to start cutting yet.
But what we'll do is we'll just do a little
bond purchase, try to squeeze a little more liquidity into
the system. But again, the fact he bought twenty billion
and the fact that it were three years makes me
believe it's more of a symbolic move, just reminding the
markets that the Fed's there.
Speaker 1: Okay, fair enough, there is a there's an ad that's
come out for and that. Man, this is smart. This
is how you use a celebrity endorsement. Without using this celebrity,
you only hint at the celebrity. And this happens to
be a political celebrity, a celebrity, and someone who is
antagonistic to everything that is right, proper, good and godly
in America, and happens to be one of the most
obviously corrupt public so called public officials ever. So I
want to show this to Zach and run us through
some of the inside lingo here and let's piece this
part together. But let me say something here. She represents
a truly perverse and corrupt portion of a world where
there are good people in There's some good people in politics.
I was just down in Benawah County a Saint Mary's, Idaho.
Those are good people, you know, former loggers. What's you
know how cool it is to me a guy who's
been a state rep for twelve years and prior to
that he drove a logging truck, and like on the weekends,
he still drives them. You know what I'm saying. There
is an animated feature that I got to watch with
my wife and it's called The King of Kings. And
clearly we can't bring Charles Dickens back to life, and
they can't bring him back to life as a human being,
but they brought life to him in a character in
this movie where he is teaching his son about Jesus Christ.
And this is based on history. Charles Dickens is a
great author, wrote a piece called the Life of Our Lord,
really useful for teaching kids about Jesus. And in this movie,
the Charles Dickens in the movie is dealing with the
boy who's precocious, a little bit annoying. He's kind of
a brat to be honest, and he has a brat cat.
And through being told the story of Jesus one on
one by his dad in their study, the little boy
begins a process of being changed. See, he's obsessed with
King Arthur and the roundtable, and he's got this sword
and everything needs to be hitting things of the sword.
And as Alex pointed out the other day, he watched
the movie as well. He wants to see Jesus take
the sword and come and why is he going to
attack people? And the dad is saying, Charles Dickens, just
let's see what he does. And when he goes to
the cross, I want you to see the little boy's
response when Jesus goes to the cross. Now we know
Jesus will come back as king. We know that the
King of Kings. Now, this feature is not available to
you right now. It got out of theaters. If you
didn't see it, you're out of luck. Except for this.
Angels Do Videos is giving us an opportunity to become
a Premium Angel Studios Guild member to watch the King
of Kings. But that's not all you get to stream
fan created shows and movies, get two free tickets to
every theatrical release that Angel Studios does. But there's one
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They made Sound of Freedom against all odds. That became
a world changing hit, and it changed culture. It changed
conversations about the trafficking of children. So there's something else.
When you go to Angel dot com slash todd, you
join one million people like me, Americans who are taking
control of entertainment. Because when you become a premium Angel
Studios Guild member, you don't just get to watch King
of Kings. You don't just get to stream all the
fan curated shows and movies. It's not just two free
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and your family and your friends who become members get
to vote thumbs up or thumbs down on the next
stories that Angel Studios shares with the world. They cracked
to draw up in the Hollywood. We need to flood
through it. So head over right now to Angel dot
com slash todd. That's Angel dot com slash todd. This
is a company. Let's see autopilots and I'm saying it
join autopilots. I'm saying it because they did a smart thing.
This is a great ad. And here it is. This
is someone who looks a lot like Well, I'll let
you decide who she looks like.
Speaker 5: What is my perfect trade? I get the tip at
three fifty eight. Market closes in two. Do I buy Apple? Nope?
I buy a defense contractor more subtle. Next day, war
breaks out, stock triples. The Ethics Committee calls, how did
you know? I say, gut feeling. They respect that. As
I'm selling. A lobbyist walks in. He says that was
my intel?
Speaker 3: I say, was it.
Speaker 5: We spend the weekend at Camp David. No one's there.
It's romantic. Monday. Market's back in session. I tell him
to meet me in the Caymans, but I go to Switzerland.
I don't trust him. Besides, tax laws are better. Thirty
years later, I get a letter. I have a son.
He runs the SEC. This is where the story gets interesting.
I tell the lobbyist to meet me at the Lincoln
Memorial midnight. Turns out he's been following my trades for years.
Through autopilot, it lets you invest like a politician without
marrying one, He says he needs one more tip.
Speaker 3: I don't care.
Speaker 5: I don't show up. Flew to Singapore. That's where I
set up the shell Company's.
Speaker 1: That the most gorgeous ad for a financial company that
you've ever seen?
Speaker 3: I see, Yeah, that's brilliant. It's brilliant. I love it.
It's absolutely brilliant.
Speaker 4: And I I yeah, I just like And the fun Yeah,
the funny thing about it is I don't think it's
I mean, you know, I'm sure there's some embellishments, but
I don't think it's that far off.
Speaker 3: It's not that far off.
Speaker 1: I don't either. And even the part about the kid,
And there's no there's no proof that this person who
looks a lot like what's your name?
Speaker 5: Uh?
Speaker 1: From San Francisco and she's got like a two hundred
and fifty million networth.
Speaker 3: And Dan see something like that?
Speaker 1: Yeah, oh yeah, right, the queen of the blow out
where yes, yeah, right during the COVID wherever you had
to wear the mask?
Speaker 2: Shoot?
Speaker 4: Oh Pelosi, yeah, Pelosi, Yes, Nancy, I knew it was
something like that.
Speaker 1: There's no proof that she has an illegitimate kid from
a defense industry lobby's smith there's no proof that she doesn't,
and that's a negative you should have to prove. Is
it that murky?
Speaker 3: Is it that filthy?
Speaker 1: Because if I'm looking at the networks of these guys,
I'm falling their trades. I'm in the Nancy Policy stock picker.
Would they really do it that obvious that every single
human being can see it?
Speaker 4: What I can tell you is that if we put
up similar returns, we'd have.
Speaker 3: The sec all over us.
Speaker 4: And seriously, yeah, yeah, and and and it's it's it
literally is here's and here's the thing people need to
understand about investing.
Speaker 3: And when you say stuff like this, people are kind
of like, well, you don't know that when you look
at somebody that generates the kind of returns that these
people do year in and year out in excess of
market returns, one of two things has to be true.
Speaker 4: These people are either on the level of a stand
Druck and Miller a buffet or like Jim Simon's at
Renaissance Technology, which you know, I just described three of
the best people to ever manage money in history.
Speaker 3: Or it's fraud.
Speaker 4: That's pretty simple, Yeah, just plain and simple, and a
good analogy of this A good way to understand this
is one of the hallmarks of Bernie.
Speaker 3: Uh why am I Bernie made off?
Speaker 4: Bernie made of One of the hallmarks of that whole deal.
It wasn't the amounts that he was making. It was
the lack of volatile the smooth returns. Now, now their
returns aren't the same. But I'm using this as an analogy.
Speaker 1: And he was a kind of guy like a yeahit
pyramid scheme.
Speaker 3: Yeah yeah.
Speaker 4: His was just straight fraud, I mean straight Ponzi scheme,
Like it wasn't even investing the money and the things
he said he was investing it in.
Speaker 3: But the way you could tell is when I look
at returns.
Speaker 4: I can't just look at somebody's returns automatically and go, okay,
that's fraudulent. But when I look at the returns and
I don't see any volatility, that is a tell.
Speaker 3: Okay.
Speaker 4: And meanwhile, and why because you know, look at a
look go look at a company like Nvidio when it
went on its great run. Yeah, okay, it had days
where it got smacked. It had weeks where it was
down ten fifteen percent, right, and yet you go to
the end of it, and if you held on that
whole time you made a pile, right, those types of
val there's no trader in the world that can that
can anticipate that type of volatility on a daily day,
on a daily basis. Right, So when you see smooth returns,
the same is true when you see somebody that doesn't
have uh like for instance, they're not somebody like stand
Ruck and Miller that has a history of making these
trades and doing these things. They don't have a software
setup or a computer setup like Jim Simon's does at
Renaissance Technology that helps explain that.
Speaker 3: And yet you've got market beating.
Speaker 4: Returns with fantastically timed trades all.
Speaker 3: Over the place.
Speaker 4: It just I like, if you just looked at that
on the surface of it, somebody that knew what they
were doing, anybody would, they would just go something's off here.
Speaker 1: Okay, And let me get to a specific here, because
I want to make sure people understand this. I know
what you're saying is true obviously, and I know it
makes sense, but let me I want people to understand this.
If you and I, let's say that we're done in
Mexico together, Okay, we're hanging out. Let's say we're having
dinner and gentlemen sits down and say, say mind if
I join you? Right, and so it's a public place,
say yes, you have a seat, Revin Tacos. We start
to visit and turns out let's say that he is
a let's say he's a pharma exec, you know. So
he looks at me. I'm suddenly suicided. Sorry, I mean
not really because you know, Farmer loves me. But let's
say we sit and listen, and he says, yeah, you
know what, I work for a pharmaceutic pharmaceutent company, a
you know, a funny thing. On Monday, we are releasing
a drug that has been proven secure lung cancer. And
here's the you know, the profile, the safety profile. And
he says that to us. Now, I could walk out
of there, Zach, and I could, I guess, go purchase
stock in that company if I believe that what this
guy's saying. And I'm okay. But if you went back
and as a fiduciary and a fund manager at Bulwark,
if you started to use that inside information, are you
at that point in trouble or is that casual enough
that you're okay?
Speaker 4: What did he so remind me. Did he give me
any material information?
Speaker 1: Yes, so he said, we're releasing this on Monday. Here's
the safety profile, some of the testing. Let me show
you on my phone and say, I'll text you some
things and you can look at it yourself.
Speaker 3: You you both you and I can't do that.
Speaker 1: Wait wait I can't.
Speaker 3: No, nope, I no.
Speaker 1: Just a dude from Idaho with a podcast and a
couple of national radio shows.
Speaker 4: I can't yep the second the second that news release
is out, you can act, but not one second prior
to that.
Speaker 1: Wait wait, wait, wait wait, I thought that applied to you,
but not just ordinary show that I happened to come
across something.
Speaker 3: Okay.
Speaker 1: If I'm on an airplane and I'm sitting next to
that guy and he's not good at OPSEC and he's
working on stuff, and I happen to look over an
eagle eye and I'm spying, and I realized, oh wow,
that drug's coming out Monday. There have a press release.
That safety profile looks solid. If I took that and
bought it, then I'm just a spy and I'm okay
because he didn't give it to me. Wait wait, wait, no,
it's not yep.
Speaker 3: That's because it's no public information.
Speaker 1: That's illegal.
Speaker 3: Yeah.
Speaker 1: Well wait, they do this, they're told these things.
Speaker 4: Yeah, yeah, no, no, Look and we've got all the
transcripts in the proof. Remember it's the people coming out
of the Banking committee meetings in O eight oh nine,
and within five minutes leaving the Banking Subcommittee meeting, they're
all selling their financial stocks.
Speaker 2: Right.
Speaker 1: I've told the story very often, so I'll give the
short version. I was in DC and Barney Frank, Congressman
Frank was giving a speech before me. Congressman Frank was
asked a question. It was to DC powerbrokers, comms guys, VP, comms,
spin doctors, PR firm heads, journalists, and someone raised their
hand and Frank called on them and he said, yeah, Congressman,
you know there was a discussion this morning about Greek
bonds and committee. Can you tell us where that went?
Barney Frank H Well, you know, I can't really disclose
that information. It's part Fauci, part Barney Frank. I can't really,
you know, disclose that, but I would say that if
I were a rich man, I would be buying Greek
bonds because as of about a half hour ago, Greece
is a visually too big to fail, so he says this.
I get up and I'm my friend Trevor had me there,
and I get to the microphone. I've got my BlackBerry out,
and I go, I'm so sorry. I know this is very,
very rude. I'm so sorry. I apologize typing away. I'm sorry.
Just one more minute, Okay, all right, I just bought
Greek bonds. Let's hear it for insider Trading and Congressman
Barney Frank. Here, everybody insider trading and Congressman Frank. And
the room starts to plot and Barty Frank is in
the back of the room and he gives me the
and he gives me the he hated my guts. I
confronted him another time because he was triple park because
he was going into a liquor store and he told
me f off because I said, hey, Congressman, you're blocking
the little peoples getting the work. You're triple parked. So
he's in the back of the room and the room
is legitimately applauding. Let's here it for insider trading and
Congressman Frank and and they're plot again. Something goes idiots
he's making fun of us.
Speaker 4: Yeah, well, I was gonna say, if I would have
got flipped off by Barney Frank, I would have hoped
somebody would have caught it on film because I'd have
taken that image and put it on a T shirt.
Speaker 3: And worn it with pride.
Speaker 4: I got flipped off by Barney Frank, I would have
been I would even proud.
Speaker 3: That's that's a bad. That's a bad to honor my friend.
Speaker 1: Well, I thank you for that. And my friend Trevor
wasn't a fan of what I did, but they were
plotting it.
Speaker 4: So okay, Zach, so let me let me throw something,
all even, all throw something.
Speaker 3: I'll give you a real life scenario exactly what I'm
talking about.
Speaker 1: Okay, Okay, Yet, if you're a smaller, medium sized business owner,
you may made a decision to give into them offering
you corporate credits, and you probably even have one. And
I have a cool little my credit cards and stef
go In said this thing, but I have a little,
cool little debit card. Credit card has my business name
on it. It's not a corporate card because it's tied
to my social Security number. And I'm getting that changed
because I'm a customer of Visible, and they're helping me
in seven easy steps, establish actual corporate credit, not tied
to my Social Security number, tied to the ein of
my company employee identification number. Why does that matter? Because
real corporate credit grows at a wait to rate two
to three times quicker than personal credit. Secondly, if God forbid,
I make some terrible mistake here. Let's say I get
really angry at Alex and decide to throw him off
the third story deck, and this time he doesn't land
in the water and unfortunately hits the rocks, not like
last time landed in the water, and Alex's family decides
to sue the company. Well, they can sue me because
they could pierce the corporate veil because I pierced it
myself by not having actual corporate credit. They'll take care
of this for you in seven easy steps. There's a
few things you do on your own, but they'll run
that through. I'll run you through how to do that,
and they're going to give you a guarantee. I give
it to you. It's my guarantee. Go to the website,
which is go bisible g O b I z A
b L E bisible go bisible and they're going to
teach you about corporate credit. I guarantee you're going to
learn something about your company and your corporate credit rating.
It's gobisible dot com. So so take me through what
you were going to say.
Speaker 3: So just to give you an idea of how this
has looked at.
Speaker 4: Okay, So one of our traders during I think it was,
was it twenty I think it was during twenty twenty two,
when when rates were going up and the market was
getting cracked, and one of our traders came to me
and said, hey, my dad's account is with us. We
want to make some very aggressive short vets against this market.
And I said, okay, we'll put them on the phone.
So I talked to the dad and I said, look,
you you understand what the trades you're making.
Speaker 3: You could lose everything. He goes, Yep, yep, we know.
Speaker 4: And to be fair, my traders very experienced, very good trader,
you know, so, but they were doing some risky stuff.
Speaker 3: Yeah he had. He's a very good trader, and in
the space of eight months.
Speaker 4: Ran his dad's account from about two hundred and fifty
grand up to like one point three million. Okay, Wow,
we got investigated for over a year for that for
that over and it got flagged because of the gains, right,
the outsize gains in one account, not in my personal account,
not in my family's accounts, and and it literally was
stuff that when you looked at the trades themselves, it
was impossible for us to do anything untoured like it
was impossible we were trading volatility on the exchange, so
no inside information could be had.
Speaker 3: They I got a year's worth of.
Speaker 4: An investigation just on the amount of profit we made
in a small account. And that's a one point three
million dollar account. We managed between eight nine hundred million.
So now am I saying they shouldn't have looked at that?
Speaker 2: Now?
Speaker 4: I mean, when you see a return like that, I mean,
but what I'm saying is they're looking at that in
that are as relatively as small as ours. And we're
not small, but you know, we're right around a billion
in assets, so we're not We're not a big deal
by any stretch of the imagination. But if that gets
that kind of consternation, it kind of gives you an
idea of how egregious what's happening at DC is.
Speaker 1: Oh, I mean, they sit in conferences, looking at the
minute level of detail of these products and these deals
and how many units are going to ship. They're looking
at length of contract because if they're approving these things,
these big international deals, defense department deals, pharma deals, anything
that's international trade, they're looking down to unicosts. And I
got to imagine there's no way Polosi's looking at that stuff.
She's getting that information. This looks big. You know, she's
bringing in people to look at this. She's got her chads,
she's got her analysts that are looking at this. Oh
my gosh. Okay. I knew this was outside because I
remember when I was at Microsoft, I had done some
consulting for a company and I won't I won't mention them,
but they had software for making videos easier to see online.
So it might be something that you could install on
a website, you know, to make it super easy for
video to load. And people who know no Microsoft was
they bought them, and they screwed the company up, but
they bought them. And I had consulted that company, and
I got a waiver from Microsoft that I could still
be on their advisory board. The second it came out
that they were going to they were going to purchase
that firm. I got a note from legal you need
to sell your shares.
Speaker 3: Yep, yep.
Speaker 1: Wait a minute, Wait a minute. I don't get to
take a ride on. No, No, you need to sell now.
So I'm not even I'm not even all I am
is advisory board, which is nothing.
Speaker 3: Yep.
Speaker 1: They have a specific Nope, you have to sell. And
I lost out on a four or five time value
lift on the right, and and Nancy Pelosi and these
and these, these these Republicans who do this, they can
have that minute of detail, trade on time magically, and
this is why they gave themselves a waiver of to
insider trading.
Speaker 3: Yep, yep.
Speaker 4: And that's and and you really it's really not. The
other thing is it's really not more complex than that either.
The bottom line is they play by completely different rules.
And if you and I did what they did, we'd
go to jail. We we wouldn't just we we wouldn't
just we wouldn't just get our money taken. We'd forego
any profits that we made right and we go to jail.
Speaker 3: I'd go to jail. You might get off me because
you're not a professional.
Speaker 4: But that didn't that didn't save Uh, you didn't save
Martha Stewart. Yeah, well no no, yeah, screw yeah, never mind. Yeah,
you'd be done, Yeah, you'd yeah.
Speaker 3: You'd be done.
Speaker 1: I'd be Frog march Man. They roll heavy in my house.
Speaker 4: Yes, So it's yeah, it's just it's just corruption, plain
and simple. And they're yeah, it's disgusting.
Speaker 2: All right.
Speaker 1: So we're going to get into something here in a
bit about a coin, a mean coin, so it's crypto.
And this person introduced this mean coin even told people
to not buy it, and people bought it, and we
need to talk about this. But before we get to
this is complex and it has to do with the
Democrats want the FED to be absorbed by the Treasury.
And I want you to weigh in on this in
just a second here, Zach, I'm this guy that if
I don't if I wake up at a certain time
in my sleep cycle, it's the bizarre thing. It only
happens to me a couple times a year, but I
wake up at a certain point in the sleep cycle,
and I know I will not be awake, fully awake
until I repeat or complete that twenty minute sleep cycle.
It's so bizarre. This happened in the day. Producer Alex
saw this. I told him, Man, when we're done, I'm
going to take a nap. I had to. And it's
not like I didn't get a lot of sleep. I
got like seven hours and forty minutes of sleep. But
I woke up at this certain point in a sleep cycle.
Literally the moment Alex walked out the door, I laid
down on this floor. I've got this thing. I sleep
over here. Sometimes it take an outo I'm out. Your
body would communicate you in ways like that that you
can feel. But your body, if you're twenty five, you
have entered a point where you are losing muscle, and
you can look at this through a body composition scale.
By the time you're thirty five, you could lose a
lot of muscle. If you're my age, I'm in my
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dot com slash Todd promo code Todd. Here's something that
apparently the FED wants to do. They the Democrats actually
want the FED to be absorbed by the Treasury.
Speaker 6: The progressives, you know, want to absorb the fat into
the treasury.
Speaker 1: Right it again you think the truth?
Speaker 3: Yeah, because they want well they want to be able.
Speaker 6: They want a central bank to the currency soak everything
up from the banks, which they don't like. Then the
central bank will have all the money and they'll find
who to lend it to. And there are various levels
of these plans, but that's an idea of been floating
out there for a long time, and central bank digital
currencies in some form. Maybe stable coins are coming. If
we had stable coins that are treasury back, it does
the same thing.
Speaker 1: Says Ken Rogoff, who is an economist. He was on CNBC.
So the FED, which is not a government agency, it's
an independent agency. It's a country unto itself that conjures
debt and then calls it money and then gives it
to the Treasury, would be absorbed by an actual government body,
which is the Treasury, and we would then have a
central bank digital currency, which we already do. You wire
money that's digital. Currency, is not a central bank digital currency.
You wire money, ach transfer, that's digital, venmo, that's digital.
So how on earth can a government agency absorb a
non government agency and then still pretend the FED is independent?
Speaker 3: Oh they can't.
Speaker 4: I mean, in the minute that happens, any illusion of
or I shouldn't say illusion, but any any thoughts surrounding
FED independence are immediately vaporized.
Speaker 3: I mean, that's yeah.
Speaker 4: And the other thing too, is that there's really no
need to do that. I think it is a horrific
idea on so many different levels.
Speaker 3: But the only reason, and.
Speaker 4: I haven't looked into that, that's the first time I've
heard that quote.
Speaker 3: Yeah, I haven't. I haven't looked into this. But the
only reason.
Speaker 4: I can come up with why progressives would support that
is purely for the ability to have more control.
Speaker 3: There's no other reason.
Speaker 4: And the just like I said with Trump, where I
was like, look, Powell may may or may not be
a good actor, whatever the case may be, but having
the president, having the president having the ability to conduct
monetary policy is a horrible idea, regardless of what president is.
For instance, when when a president is up for reelection,
what do you think the likelihood that he'd cut interest
rates six months before.
Speaker 1: It approaches.
Speaker 4: Yeah, yea, so so uh, you would just completely politicize it.
And more importantly, I think it's just a it's just
another step to, you know, just building up this Potempkin
village even larger.
Speaker 3: And it's it's a horrible idea. It's shocked.
Speaker 4: It doesn't shock me to hear a guy like rogueff
uh pitching that. But no, it's I think it's a
horrific idea. I think that if you did that, the
dollar probably get instantly hit for I would think ten
to fifteen percent. I think our treasuries would sell off.
I don't think it'd be a good thing at all.
I think it's a horrible idea.
Speaker 2: Yeah.
Speaker 1: And anytime you're further centralizing government and taking a scam institution, sorry,
the FED, I just it drives me crazy, and then
rolling it into another scam institution that has never answered
for illegally buying corporate bonds at seventy seven point two
billion dollars seven and twenty billion dollars. I don't like that.
Speaker 4: Yeah, you know me, I am no fan of the FED.
At the same time, you do need a central bank.
You need a central bank, you need a lender of
last resort, and you need that. You need that lender
of last resort to be politically insulated.
Speaker 3: They need to be outside the political system.
Speaker 4: And I am not I'm not saying there aren't serious
changes that I would want to make it the FED
right like that that I think there's a But do
anybody arguing whether they want to give the president the
right to conduct monetary policy, whether they want the Treasury
to soak up the FED. All of it is effectively
the same thing. It doesn't really matter, right If the
Treasury soaks up the FED, the president now has monetary
policy power, period.
Speaker 1: And all I'm saying about the FED is it would
be really nice if the lender of last resort was
the lender of last resorts because right first and pre first, Right, well,
we know what the Fed's going to do something, all right.
This is a bizarre story and it is about a
well known Twitter accounts. I remember when this account started.
They're so good at this, They've grown so well. They
understand the algo and they do the things to grow
on social media. And maybe I'm not shadow Man. Maybe
I just suck at social media, though I know I'm
shadow of man. They just I know that because I
watched them do it and decrease my likes and retweets
and all that. My friend Tim Krukshank served. He did
three tours on our behalf as a medic attached to
the seal teams. I know, I know, I know, I know,
I get the notes occasionally, you mean Corman know, I'll
let Tim describe how he's described. He's the one who
did the deployments. After that, he became a Budge, So
the Navy Seals are at his heart. And Bone Frog
Coffee honors Navy Seals, not just with the logo that
frog that is a fallen Navy Sealed, the bone Frog.
Also because every bag says God Country Team that refers
to team in the team sense of the teams. Also family,
God Country Team. Tim considers family to be the core team.
And then, of course, how he built the company. He
went out and sought expertise outside his own. Dave Stewart
to coffee legends, he is mentored Tim into creating some
of the world's best coffee. In fact, Dave does some
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Country team. This is a bizarre story, and it's good
that we have Zach Abraham, chief investment Officer Bulwarck Capital
Management with us to help us figure this out. I'll
read through this real quick, Zach, and then I want
to get your input on this. This comes from a Muse.
It's a great account on Twitter and amuse writes this,
and I'm saying, Amuse because they don't know if it's
a man or woman. On May three, at approximate eight
thirty am, I launched a coin, not a metaphorical coin,
not a metaphor about value or trust or social capital,
a literal mean coin called a muse on x, based
on my ex formerly Twitter handle. I did not encourage
anyone to buy it. In fact, I told them explicitly
not to. Less than two hours later, it was worth
three point five million dollars. This was not the result
of cunning design or market manipulation. I know I ever
bought or sold a mean coin before. I was not
trying to ride a wave, launch a brand, or seated cult.
I was researching for a book about the people behind
the mean coin phenomena, a book that began, appropriately enough,
in another strange room on February fourteenth, twenty twenty five.
That day was invited to deserve the launch of a
coin tied to Argentine President Javier Malay, a monetary radical
term mean coin Messiah, whose likeness has become shorthand for
rebellion and decentralization and digital markets. Pump Fund, the platform
I use as a disciptively simple name. It sounds like
a toy, a game, a dare. In reality, it's become
a favored launch pad for mean coins, especially those tethered
to personalities, pop culture, and political figures. What distinguishes pump
fund is its structure. Every token has a fixed apply
of one billion, immutable and automatic. When a credit launches
a token, eight hundred million coins are allocated to a
bonding curve. Mathematical pricing FORMUA then increases the cost of
each coin is more purchased. As a coin hits sixty
nine thousand dollars market cap, pump fund mints the remaining
two hundred million impairs them with roughly twelve thousand of
sol Solona's native token to establish a liquidity pool on
the decentralized Exchange Radium. Since February, I've interviewed dozens of
people behind the biggest coin launches, from entertainers to synonymous
whales to marketing teams running Meme Labs twenty four to seven.
The money is staggering. Mean coins generated over one hundred
billion in volume last year alone on solon Or. Trading
fees from mean coins exceed three billion, with one single
trader spending one hundred and thirty million on fees. That's
just one chain. The market is dominated by whales and bots.
Roughly ten percent of participants extract ninety percent of the profits.
The remaining ninety percent chase ephemeral highs, often exiting with losses.
Many use complex tools to identify trending launches, enter early
and exit minutes later. My telegram inbox was filled with
offers from services promising to amplify my coins visibility using
these mechanisms. I decline them all. As you're listening to
that and aware of this, I hear to me are
fiat currency, which no one in crypto likes, amplified by
ten billion to the ten billions power, and somehow they
like this, this is value, but our currency is not.
Am I under or overstating that at all?
Speaker 3: No, you're not overstating it at all.
Speaker 4: And it really is a fascinating time in human history
and financial history, because we've had bubbles before. We've had
plenty of them, right, and you.
Speaker 3: Can go back as far as, uh, what is it
was it?
Speaker 4: The was it the south Sea Cut Corporation or whatever
that Newton famously lost a bunch of money on. Yeah,
Sir Isaac Newton, You've had pump and dump scheme.
Speaker 3: You've had all this.
Speaker 4: Never before in human history, though, have you seen as
much engagement and involvement and excited excitement regarding something that
the vast majority of those players know are complete It
is complete nonsense, right, Like, so most of the people operating,
like they said the whales, the whales know that these
are completely useless, that they're completely nonsensical.
Speaker 3: This is a pump and dump massive value any of
these coins. Ok, yeah, so.
Speaker 1: Let me ask you. I saw groc learning ads on
Twitter about the grock coin. So this is the first
time I've ever felt tempted to buy coin because, you know,
it reminded me of when I saw bitcoin. And I've
told this story when I learned about bitcocoin, I went
to my wife and said, I want to put thirty
forty thousand dollars into this bitcoin. She's like, you're insane,
And I should have pushed back and said probably, but
I'm still doing it and thirty forty, you know, fifty maybe.
At that point, I was printing money out of my
buzz po website before Amazon destroyed it with their their
ads that attack on our ads, et cetera. So I
could have afforded, frankly to put twenty five thirty forty
fifty thousand dollars a month into that for a little while,
and I'd be a billionaire if I'd done that. So
I'm not saying that I think the grock coin has
any value. I know that he's mobbed up. I know
that he knows President Trump really well. I know Trump
wants to be a crypto king, I know how DC works.
I get a sense that his coin might be one
of those coins. It ends up being a quote stable coin,
so I went in to go try to buy it,
and I had to buy a coin to get his coin,
so I had to I couldn't buy it with US dollars.
Speaker 3: Oh yeah, yeah, yeah, you had to convert to a
stable coin.
Speaker 1: So I had to go to a coin to buy
his coin, right, Okay, I read that a couple different ways.
If I didn't do it because I don't know enough
about those coins to do it. I was making a bet,
pure and simple, plain and simple, making a bet that
this is going to be a big coin. But elon,
it seems so smart that you have to buy a
coin and then sell it, and then if all these
are the coins going into the grock coin. It seems
to me he's driving up the value of grock coin
and driving down the value of other coins. Am I wrong?
Speaker 4: What platform were you on when you were doing that?
Because you had to go on a trading platform, So
I never got to the trade.
Speaker 1: I got to the grock coin websites, and then it
was telling me you need to go select a coin
to do this, and that's where I stop because I'm like, wait,
I'm not sophisticated enough to know which coin to select.
But it seemed like a smart move.
Speaker 4: So so here here's the way, generally speaking, that works. Okay, Okay,
So think of a platform. You know, people like everybody
goes Schwab. Right, Schwab is a trading platform for investments.
Speaker 3: Okay. Take a company like coinbase.
Speaker 4: Coinbase is effectively a Schwab for cryptocurrency.
Speaker 3: Okay, Now this work gets a little bit different.
Speaker 4: The easiest way to understand what they're doing there is
they're saying, Okay, come here and make an account, and
then we're going to convert your dollars into what we
call our native coin, right, And what the native coin
is effectively are poker chips.
Speaker 3: In the casino.
Speaker 1: That's hot side.
Speaker 3: Yes. So so it's like.
Speaker 4: Everybody converts to their stable coin or their native coin
of choice, whatever platform you're on is going to have
a different native coin, and you convert to the native coins,
and then the native coins are what you use. And
the native coins are supposed to maintain a level value,
right They're supposed to.
Speaker 3: Yeah, they're supposed to. So that it.
Speaker 4: And this is one of the issues with the like
why can't you just get on that platform and exchange
in dollars? This is one of the problems with that
industry is that that effectively and not every not every
UH exchange does this, but but we've seen this involved
in some of these frauds, which is those quote unquote
native coins they have a value on that platform, right, Yes,
well they can also they can also you know, mess
with or or or you know, manipulate the creation of
those native coins. So and I'm not saying they all
do this, they don't all do this, but well, look,
when I look at the whole cryptocurrency deal, the best
analogy I can give, and a lot of people won't
know this reference, but it just it reminds me so
much of the junior mining industry in the early eighties
in Canada, meaning the pump and dumps everywhere. There's so
many similarities between that and the whole meme coin phenomenon
going on right now, and it's just rife with fraud.
Speaker 3: And that's why I just tell people, I go, look,
if you want to play.
Speaker 4: In that, if you want to play in that arena,
and we're not doing it for you, but if you
want to play in that arena. Now, we've had incredible
success trading bitcoin, and we don't always own it, but
our clients have owned as much as you know, one
and a half to two percent of their portfolio at
the most in bitcoin at times, and we'll play with it,
but we're always going to keep those things very small
because at the end of the day, you may think
bitcoin's going to a million. There's a lot of people
saying that what is the underlying value of it?
Speaker 1: Nothing?
Speaker 3: Zero, it's in Yeah, there is no intrinsic value.
Speaker 4: It has no cash flows, it has no assets, it
has nothing.
Speaker 3: It truly is a reflection.
Speaker 4: Of what the It is an experiment of the greater fool.
And I'm not saying that you're a fool if you
own bitcoin. But the greater fool theory is stocks go
up in price because people, not because earnings drive them higher.
Speaker 3: They typically correlate. But stocks go up in price because
people are willing to pay a higher price for the
stock period, end of story.
Speaker 4: Right, And so you that that's the dynamic you've got
going on in crypto, that it's that greater fool theory,
meaning what you're relying on is somebody to come along
that is willing to pay a higher price than you.
But it's completely subjective.
Speaker 1: And I'm looking at the thing with grock coin saying
I'll bet on that casino. Yeah, sure, of course this
is gonna get big. It's Elon Musk. Of course, there
are people gonna rush into it. They're gonna rush into
it for ideological reasons. The left is going to attack
it for ideological reasons. President Trump would probably be likely
to put, as I said, the grock coin into some
you know, government mixed because Trump wanted to go buy
a bunch of coins. Now is that corrupt? Yeah, it's corrupt.
So but I'm milling to bet on that. But I'm
not willing to go bet on a coin. Now. I
have to go research stable coins but none of them
are stable because none of them have any intrinsic value.
There's no armies, there's no you know, in the United States,
what do we have. We have our land mass, we
have our armies, we have our weapons, we have the
natural resources in our soil. We've got the labor of
the people. I mean, there's a lot here that backs
our daughter, which came off the gold standard, which I
rate as a mistake. But there is intrinsic value in
the United States. This is very much like this. This
is very much like this. I'm picturing a fifty year
old dude and he gets his way into let's say
he wants to work in Goldman Sacks, and he gets
into Goldman Sacks and he's in an interview in the
hiring manatresses. So what do you think of Goldman Sacks material? Ah,
And I was the most popular kid in high school
and I was jacked. I can show you pictures. I
add abs and you know my body counts. I'll say something.
I hit that high school thing so hard. So what
is the worth of your popularity now? But you'll get it.
It's like if if you held a party and I
was invited, people didn't come right, So behind you is
the door, and don't let it hit you in the
way out. That's what I'm looking at with these stable coins.
They're not stable And Elon Muskus he wants me to
purchase those coins for to get a chance at his coin.
Speaker 4: Well, and that so if you want, if you were
going to do that, you can do like you can
do it. But what I would tell people is just
don't hold that native coin or that stable coin for
any period of time. Convert and purchase the coin you
want immediately, Okay.
Speaker 1: And that seems like a little work forgive me for why?
Speaker 3: Yeah?
Speaker 4: Well yeah, and and and the work for what?
Speaker 2: Right?
Speaker 3: What is the value of what it is that you bought.
I just want to bet on Elon Musk Yeah, well, I.
Speaker 1: Just want to drop I just want to drop a
couple hundred bucks into the slot machine labeled grock coin.
Speaker 4: Well, yeah, then you got to flip into the native coin,
so you got and and then you just convert instantly
into the into the other one.
Speaker 3: But which you can do. People do that all the time.
Speaker 4: But my advice would be, if you're going to do that,
do it immediately. Do not sit in that native coin
because like you said, right, is there some value we'd
assigned to the grock coin. Well, again, it effectively worthless,
but it's less worthless than the native coin because it's
tied to musk right, Like, so so there there is
something there. But yeah, if you're gonna do the and
and quite honestly, Todd, when I look around at the
world today, it's one of the that we're invested the
way we are. I think all of this nonsense and
all of this craziness and greed that's driving all this,
I think the real investment opportunity is the other opportunities
that's created, right, Meaning when people are pumping all this
money into this thing over here, it's not going into
this thing over here, yeah, right, And I think I
in my opinion, I think everybody chasing the coins is
literally going in.
Speaker 3: The wrong direction.
Speaker 4: The I think the investment opportunity are all the real
assets that, in my opinion, are artificially cheap due to
all the kids chasing the nonsense. And so I look
at it when I can buy companies that are growing
at fifteen or twenty percent a year and are paying
me at twelve and a half to thirteen percent dividend
with a clean balance sheet.
Speaker 3: I like that a lot more than buying some dude's coin,
you know what I mean.
Speaker 4: Right, So that's and that to me, when you get
into these environments of you forick nonsense, where are looking
around going what's going on? The one trigger that is
I've learned to have go off in my mind is
when you see a bunch of people doing a lot
of irrational nonsense, there has to be and it's usually
high quality, right like uh uh you know, uh yeah,
you know, foundational type stuff that simultaneously is going to
be way too cheap, right, because what do people throw out,
Like if you're going to sell stocks out of your
portfolio to buy a mean coin, You're probably not going
to sell your Tesla. You're probably going to sell your
General Mills, right, You're probably gonna sell your Stalwart, your
Coca Cola, your McDonald's, something like that, right, And so
what happens and and you can see that today. I
don't think those stocks that I just mentioned are cheap.
But when you go look at these some of these
boring companies, you know, we just like I think I
told you, we bought an airline, an international airline, that
that is doing phenomenally, that the future looks incredibly bright
for and their trade. We bought them at a twenty
percent discount to their net asset value, paying a six
and a half percent dividends per year, and the things
trading at six times earnings, where it's counterpart in the
US is trading at twenty four.
Speaker 3: And so you're like, I, So.
Speaker 4: I'm seeing all these opportunities, and I'm getting sitting there going, yeah,
you know, this whole mean coin thing, it is unveiled
a lot of opportunities. I just don't think it's in
mean coins.
Speaker 1: Oh you know, it's so funny you mentioned airlines because
I was just mentioning. I was just remembering on one
of the greatest three actors scenes in the history of movies,
Michael Douglas and Charlie Sheen and Martin Sheen in Wall
Street and Gordon Gecko. The Kirk Douglas character, Kirk Douglas
is that who is Mike Michael Michael Douglas. Michael Douglas
does this incredible pitch and Bud Fox Charlie Sheen is
involved in the pitch how they're get to take this
little regional airline and make it huge, and the pitch
is over, and there's Martin Sheen, the guy who represents
the union workers, and he laughs, he laughs his head off.
You don't care about my men or my airline. You
want to pieces apart and sell us for parts. You
don't care about the airline business. And then he's saying
to his kid in the elevator, son, Son, there's real value.
We move people. My men work on airplanes. We get
families to graduations and funerals. There's real value here. This
guy's not selling value, son, right, this guy's selling smoking mirrors.
And it turns out, of course, you know, Charlie Sheen's
character is furious at his father's father just doesn't get it,
and sadly turns out his father's right. And Bud Fox
has a lot of time to think about that while
he's in you know, in prison and wearing wires and
going after people like Gordon Gecko man Zach. What a
conversation today, I am. I it's hard for me to
say this, but I was legitimately a bunny when it
came to thinking of insider trading laws. I legitimately thought
you could get more trouble than me or anyone in
the podcast Family on the radio show Families, we anyone
listening to this. You can get in more trouble overhearing
a conversation on a subway train and making a trade
based upon that. If someone ever found that out, you
could get in more trouble than congressmen and senators who
have the detailed They have the the literal deal points,
term sheets, and contracts in.
Speaker 3: Front of them, and they regulate those industries.
Speaker 4: Yeah, right, And they regulate those industries, so they have
incredible inside knowledge, they have incredible inside access. Right, if
any CEO of Nancy Pelosi calls any CEO in the country,
they're picking up the phone or they're calling her back.
Speaker 3: Right, I don't get that same kind of treatment. So you,
naturally you should be held to a higher standard because
of the access you have information. And it's the exact opposite,
it's the exact opposite. Would I get tagged before you? Yeah,
I'm more visible. I manage other people's money.
Speaker 4: But bottom line is, if you and I both make
those those trades, we're both looking at the same we're
both looking at the same problems.
Speaker 1: Well, maybe you and I can have the same jail soon.
Speaker 3: Yeah, well, we'll work out a lot.
Speaker 1: Yeah, I know, I call top bum.
Speaker 3: Yeah that's fine. I'm not gonna fight you.
Speaker 1: Sounds good, all right. Thank you, Zach Wise, Counsel Day
and Todd Hermit Show appreciate you very much. And remember,
Zach and I will be in Porta art to Mexico
early June, hanging out, going to dinner and love you
to get down there, but that means you should get
with renew dot Healthcare as soon as possible. This is
a Todd Herbit show. Please go, be well, be strong,
be kind, and please make every effort to walk in
the light of Christ.
Speaker 2: Z