Jim Bianco, president of Bianco Research, returns to The Julia La Roche Show for episode 242 to discuss the markets and the economy. He explains why America's K-shaped economy - where the top 10% drives 50% of retail sales - has made the status quo unsustainable. He argues Trump's policies reflect the reality that our $36 trillion debt has become a national security issue requiring allies to pay for their defense rather than relying solely on U.S. taxpayers. Bianco maintains his "no landing" economic outlook, viewing tariffs as negotiation leverage rather than permanent policy. For investors, he predicts bonds will deliver 5% returns with lower volatility compared to stocks' 6-7% annually, making fixed income an attractive alternative after years of TINA (There Is No Alternative).

This episode is sponsored by Monetary Metals. Visit https://monetary-metals.com/julia

Links:

BiancoResearch.com

BiancoAdvisors.com

x.com/biancoresearch

0:00 Introduction and welcome back Jim Bianco

0:55 Big picture view on K-shaped economy

3:18 Bottom half vs top half income differences

4:38 Top 10% accounting for 50% of retail sales

6:52 Unsustainable fiscal situation and policy shifts

9:12 Mar-a-Lago Accord discussion

14:03 Ukraine situation and security payments

17:44 Fourth Turning analysis and Trump's preparation

21:06 Focus on rebuilding manufacturing jobs

22:28 Bond market analysis and common misconceptions

26:43 Bond yields vs stock market returns

29:28 Stock market valuation and return expectations

31:29 Problems with passive investing

34:42 Market correction reaction and overreaction

38:43 Tesla stock overreaction example

39:59 No landing economic view

42:21 Tariffs as leverage, not permanent policy

43:22 Red Sea shipping disruption analysis

47:08 Houthi drone attacks and economic implications

50:51 Global security costs and European defense spending

54:28 Closing thoughts on economic realignment

Lynette Zang, financial analyst and economist, explains why the US dollar is at the end of its life cycle, with only 3 cents of purchasing power remaining from the original dollar. She details how currency collapses follow predictable patterns, with the current system having effectively died in 2008. Zang calculates gold's fundamental value at over $40,000 per ounce based on global debt divided by available gold, and predicts a hyperinflationary depression as the transition mechanism to a new monetary system. She outlines her eight-part preparation strategy focusing on food, water, energy, security, barterability, wealth preservation, community, and shelter, while advocating for sound money with convertible gold backing to force fiscal responsibility.

Sponsor: This episode is brought to you by Monetary Metals. https://monetary-metals.com/julia

Links:

https://www.youtube.com/@TheLynetteZang

https://x.com/TheLynetteZang

0:00 Introduction of Lynette Zang

1:22 Big picture view on currency life cycles

3:44 Analysis of pattern recognition in markets

5:55 Discussion of dollar's end game scenario

8:43 Four key functions of money and fiat failures

10:02 Explanation of negative interest rates

11:32 Inflation impact and purchasing power decline

13:56 Gold vs dollar performance since 1913

15:10 Economic outlook and debt sustainability

17:24 Compounding interest and credit exhaustion

20:09 Gold-backed currency and fiscal responsibility

21:25 Gold price behavior and performance analysis

23:51 Gold valuation methodology

26:34 Gold revaluation and confidence loss

28:29 Personal asset allocation strategy

30:32 CBDCs and currency transition tactics

34:13 Monetary reset discussion

37:04 Hyperinflationary depression outlook

40:19 Preparedness strategies and food security

43:49 Detailed home preparedness approach

48:46 Economic outlook beyond recession

51:06 Eight critical preparation categories

52:57 Central bank gold buying motivations

54:42 Gold standard and sound money advocacy

57:39 Perception management and paradigm shifts

1:01:12 Closing thoughts and contact information

Chris Whalen, chairman of Whalen Global Advisors and author of The Institutional Risk Analyst blog, returns to The Julia La Roche Show for episode 240 to discuss markets and the state of the economy.

Sponsor: This episode is brought to you by Monetary Metals. https://monetary-metals.com/julia

Whalen explains why market euphoria has faded under Trump's "shock and awe" strategy. Banks face a $3 trillion mortgage securities problem yielding under 3% against 3% funding costs. He notes the FDIC has stopped reporting troubled bank asset totals after 35 years, suggesting numerous insolvent institutions need resolution. Despite these issues, Whalen doesn't forecast a recession, seeing continued growth with isolated credit problems. In commercial real estate, he describes a "silent recession" where banks avoid taking properties, while for residential real estate he predicts price softening, then a rate-cut mini-boom before a major 2028 correction. Whalen also calls Fannie & Freddie stocks a "pump and dump" trade, states gold is "the only form of money that's not debt," and dismisses crypto as "nothing."

Links:    

Twitter/X: https://twitter.com/rcwhalen    

Website: https://www.rcwhalen.com/    

The Institutional Risk Analyst: https://www.theinstitutionalriskanalyst.com/   

Inflated book (2nd edition): https://www.amazon.com/Inflated-Money-Debt-American-Dream/dp/139428571X

Stanley Middleman book: https://www.amazon.com/Seeing-Around-Corners-Achieving-Business/dp/B0D5PTSJVC/  

0:00 Intro and welcome back Chris Whalen

1:06 Big picture market overview and Trump policy impact

2:49 Stock market as political proxy and market conditions

4:46 Fed policy outlook and potential rate cuts

6:09 Banking sector challenges and mark-to-market issues

8:07 Silicon Valley Bank anniversary and bank issues

11:10 Economic assessment and credit conditions

13:52 Commercial real estate challenges

16:11 Discussion of tariffs and Trump's structural changes

20:13 Debt, government spending, and economic growth

22:18 Investment approach and AI skepticism

24:36 Gold vs cryptocurrency perspective

25:58 Fannie Mae and Freddie Mac

27:29 Housing market conditions and affordability

29:50 Closing thoughts and where to find his work

Michael Howell, CEO of CrossBorder Capital, an investment advisory firm, and author of the book, “Capital Wars: The Rise Of Global Liquidity,” returns to The Julia La Roche Show where he analyzes global liquidity trends and warns of market risks ahead.

Howell explains we're entering an "air pocket" in global liquidity despite the overall upward trend that began in October 2022. He examines the "hidden stimulus" from Yellen and Powell that's now fading, details why the US Treasury's bill-heavy financing strategy exposes government funding to interest rate risk, and discusses a theory about Trump potentially revaluing US gold reserves to generate a $1.25 trillion windfall. For investors facing 2025's "much more uncertain year," Howell advises caution and suggests that real assets—particularly gold—may outperfor

Sponsor: This episode is brought to you by Monetary Metals. https://monetary-metals.com/julia

Links: 

Website: http://www.crossbordercapital.com/

Twitter/X https://x.com/crossbordercap

Substack: https://capitalwars.substack.com/

Book: https://www.amazon.com/Capital-Wars-Rise-Global-Liquidity/dp/3030392902

00:00 Intro and welcome Michael Howell

01:25 - Current state of the global liquidity cycle and the emerging "air pocket"

03:50 - The hidden stimulus from Fed and Treasury that's now fading

06:16 - How bill-focused Treasury financing is effectively "monetizing the deficit"

11:04 - China's central bank actions and their global economic impact

15:54 - Signs of a potential Chinese policy shift toward economic growth

18:35 - Parallels between Trump and Nixon's economic approaches

21:37 - Asset allocation recommendations based on market regimes

26:58 - Analysis of where we are in the liquidity cycle and future projections

31:49 - Why China needs to devalue against gold and implications for US policy

37:49 - The growing global debt burden and limited options for resolution

43:43 - Why the Fed must expand its balance sheet by mid-2025

48:48 - Tariffs as a negotiating tool rather than an end goal

50:39 - Final advice: investors should consider adding resources/gold to portfolios as protection during uncertain times

Jeff Snider, host of the Eurodollar University podcast, returns to The Julia La Roche Show to discuss the current macroeconomic picture.

Sponsor: This episode is brought to you by Monetary Metals. https://monetary-metals.com/julia

In this episode, Snider explains why we never actually left the 2020 recession - the apparent recovery was an illusion created by Fed rate cuts, election optimism, and front-loaded economic activity. The U.S. economy remains 5 million jobs short of a real recovery, with consumers feeling left behind as their purchasing power eroded. Snider warns of growing risks in China's banking system and argues that continued government intervention is making economic problems worse. He breaks down why the bond market has been signaling weakness since 2022 while stocks remain detached from fundamentals, and explains how the Eurodollar system connects global markets in ways most analysts miss.

Jeff Snider is an expert on the global monetary system, specifically the Eurodollar money system, and all aspects of its misunderstood inner workings and how they impact global markets, commerce, and the economy. His podcast Eurodollar University (⁠https://www.eurodollar.university/⁠) aims to educate the public on the evolution, nature, and nuances of the Eurodollar system and true monetary principles.  

Links:

X https://x.com/JeffSnider_EDU

YouTube https://www.youtube.com/@eurodollaruniversity

0:00 Introduction of Jeff Snider

0:54 Big picture macro view and recent market shift

2:14 Analysis of "artificial" economic factors

4:37 Consumer sentiment declining and job market concerns

5:40 Disconnect between economic data and real conditions

7:52 Missing context in economic recovery data

9:30 Housing market distortions and government intervention

11:52 Long-term consequences of pandemic policy

13:13 Discussion of growth scare vs. true recession

15:48 Market behaviors and bond market signals

19:18 Fed policy outlook and rate direction

22:30 Potential economic scenarios ahead

25:33 Challenges for investors in current environment

28:25 Base case economic outlook

31:14 Biggest risk and potential for financial shocks

34:48 Global interconnectedness and reserve currency effects

37:22 Path to positive outcome and economic reset

42:30 Problems with government intervention

45:08 Information about Eurodollar University

47:29 Closing thoughts on economic reality

New York Times’ bestselling author Larry McDonald, founder of The Bear Traps Report, returns to The Julia La Roche Show for episode 238 to discuss the markets and the economy. New York Times’ bestselling author Larry McDonald, founder of The Bear Traps Report, returns to The Julia La Roche Show for episode 238 to discuss the markets and the economy. McDonald explains why we're facing an engineered economic slowdown as the new administration tackles persistent inflation and massive debt issues. McDonald reveals how the top 10% now drives 60% of consumption, why hard assets like copper will outperform technology in our new stagflationary environment, and how "financial repression" may be the only viable strategy to manage our $37 trillion debt burden.

Sponsor: This episode is brought to you by Monetary Metals. https://monetary-metals.com/julia

Links:

How To Listen When Markets Speak: https://www.amazon.com/Listen-When-Markets-Speak-Opportunities-ebook/dp/B0C4DFVFNR

Twitter/X: https://twitter.com/Convertbond

Bear Traps Report: https://www.thebeartrapsreport.com/

0:00 Introduction and welcome

1:25 Overview of fiscal stimulus and inflationary forces

3:50 Top 10% of consumers responsible for 60% of consumption

7:16 Treasury debt strategy and need to get rates down

9:16 Discussion of engineering recession to kill inflation

13:39 Market signals pointing to recession risk

15:42 Copper as a contrarian investment opportunity

19:50 Effects of job reshoring and war rebuilds on inflation

22:15 Hard assets outperforming in stagflationary environment

25:05 Issues with rapidly cutting government spending

26:38 New portfolio construction for inflationary regime

29:08 Bear Traps Report approach and financial repression strategy

Dr. Judy Shelton, senior fellow at the Independent Institute and author of "Good as Gold: How To Unleash The Power of Sound Money," explains why the U.S. stands at a monetary crossroads requiring fundamental reform. She critiques the Federal Reserve's practice of paying banks billions not to lend, the distortionary effects of currency manipulation in international trade, and the moral implications of a 2% inflation target that systematically erodes savings. Shelton argues for auditing the Fed, restoring accountability, and considering gold-linked bonds as a path toward sound money, which she describes as a foundational element of economic liberty consistent with America's founding principles.

Sponsor: This episode is brought to you by Monetary Metals. https://monetary-metals.com/julia

Links:

Book: https://www.independent.org/store/book.asp?id=143

X: https://x.com/judyshel

0:00 Introduction of Dr. Judy Shelton1:01 Overview of monetary crossroads and need for reform4:23 Discussion of needed monetary reforms and Fed critique6:36 Analysis of Fed's interest rate mechanism8:58 Explanation of Fed payments to financial institutions11:25 International monetary impacts and currency distortions13:34 Sound money as moral contract and possibility16:31 Historical support for gold standard from past presidents19:56 Critique of Fed's 2% inflation target22:09 Question about Fed serving public interest25:03 Central bank accountability issues27:51 Gold-linked bonds proposal30:22 Closing remarks and where to find her work

Bob Elliott, cofounder and CEO of Unlimited, which uses machine learning to create index replication ETFs of 2&20 style alternative investments like hedge funds, venture capital, and private equity, joins Julia La Roche on episode 236.

Sponsor: This episode is brought to you by Monetary Metals. https://monetary-metals.com/julia

In this episode, Elliott shares why the economy faces a likely growth disappointment in 2025. He explains how both Fed policy and the new administration's focus on restricting immigration, cutting deficits, and increasing tariffs look less positive than expected. Elliott points to extremely high growth expectations priced into both stocks and bonds, while noting professional investors are showing the lowest conviction levels in nearly a decade amid policy uncertainty.

Links:

X: https://x.com/BobEUnlimited

YouTube: https://www.youtube.com/@BobEUnlimited

Website: https://www.unlimitedfunds.com/

0:00 Introduction and welcome back

1:02 "Curb Your Enthusiasm" market outlook

2:50 Analysis of Fed policy and fiscal expectations

4:39 Discussion of inflation and tariff impacts

6:19 Growth expectations vs reality

7:36 Key risks for 2025

9:27 Bond yields and stock market valuations

14:12 Consumer sentiment and partisan impacts

16:38 Tech bubble comparisons and market setup

17:19 MAG-7 vs broader market earnings expectations

19:39 Fund manager positioning and low conviction levels

23:09 Retail vs professional investor positioning

25:52 Concerns about market timing and catalysts

28:37 Gold analysis and Eastern demand

31:46 Closing remarks and contact information

Danielle DiMartino Booth, CEO and Chief Strategist for QI Research, a research and analytics firm, returns to The Julia La Roche Show for episode 235 to discuss mounting signs of disinflation and labor market stress in early 2025. She points to falling rents, rising vacancy rates, and a wave of both private and public sector job cuts that could force more Fed rate cuts than markets expect. DiMartino Booth warns about the confluence of student loan delinquencies, credit stress, and potential disruption to passive investment flows as demographic shifts and job losses impact 401(k) contributions.

Sponsor: This episode is brought to you by Monetary Metals. https://monetary-metals.com/julia

A global thought leader in monetary policy, economics, and finance, DiMartino Booth founded QI Research in 2015. She is the author of FED UP: An Insider’s Take on Why the Federal Reserve is Bad for America (Portfolio, Feb 2017), a business speaker, and a commentator frequently featured on CNBC, Bloomberg, Fox News, Fox Business News, BNN Bloomberg, Yahoo Finance and other major media outlets.  Prior to QI Research, DiMartino Booth spent nine years at the Federal Reserve Bank of Dallas. She served as Advisor to President Richard W. Fisher throughout the financial crisis until his retirement in March 2015. Her work at the Fed focused on financial stability and the efficacy of unconventional monetary policy.

DiMartino Booth began her career in New York at Credit Suisse and Donaldson, Lufkin & Jenrette where she worked in the fixed-income, public equity, and private equity markets. DiMartino Booth earned her BBA as a College of Business Scholar at the University of Texas at San Antonio. She holds an MBA in Finance and International Business from the University of Texas at Austin and an MS in Journalism from Columbia University.

Links:  

QI Research: https://quillintelligence.com/subscriptions/

Twitter/X: https://twitter.com/dimartinobooth

Fed Up: https://www.amazon.com/Fed-Up-Insiders-Federal-Reserve/dp/0735211655

Timestamps:

0:00 Welcome and introduction

1:10 Analysis of Fed minutes and debt ceiling impact

2:04 Discussion of Treasury general account and liquidity

3:50 MBS rolloff implications

5:18 Private sector layoffs and bankruptcies

8:20 Labor market conditions and Uber driver earnings

9:31 Initial jobless claims analysis and Fed outlook

11:23 Rent and housing market dynamics

13:36 Disinflationary trends and shelter costs

15:54 Student loan impact on credit scores

16:54 Housing market inventory and spring selling season

19:49 Senior housing opportunities

20:50 White collar recession analysis

23:50 Discussion of Doge savings and flat tax proposal

26:18 Potential stimulus impact on inflation

27:58 Passive investing risks and TSP analysis

32:01 Closing remarks

Bill Fleckenstein, founder and president of Fleckenstein Capital, returns to The Julia La Roche Show for episode 234 to discuss markets in 2025. He explains why he's waiting to see how new government initiatives play out before taking strong market positions, while maintaining significant precious metals exposure. Fleckenstein emphasizes that the passive bid remains "the elephant in the room" in markets, warns about government waste revelations, and explains why gold continues to show unexpected strength.

Sponsor: This episode is brought to you by Monetary Metals. https://monetary-metals.com/julia

Links:

Book: https://www.amazon.com/Greenspans-Bubbles-Ignorance-Federal-Reserve/dp/0071591583

Twitter/X: https://twitter.com/fleckcap

Website: https://www.fleckensteincapital.com/

0:00 Introduction and welcome

0:47 Big picture macro view and bond market analysis

7:17 Discussion of Social Security numbers and potential fraud

8:10 Market assessment and passive investing dynamics

9:40 Gold market analysis and central bank buying

15:01 Analysis of gold revaluation proposals

16:40 Debt discussion and DOGE initiatives

21:44 Bond market dynamics and 30-40 year cycles

24:16 Fed policy outlook and potential rate cuts

26:07 Economic impact of government workforce changes

28:26 Silver market outlook

31:00 Passive bid impact on markets

34:03 Dollar outlook and Japanese yen analysis

36:02 Concerns about government agency revelations

39:05 Warning to younger investors about passive investing

41:00 Discussion of market structure vs traditional bubbles

44:42 Closing remarks and contact information