Jim Rickards returns to The Julia La Roche Show to discuss "MAGAnomics" - the multi-faceted economic strategy of the Trump administration. Rickards explains the three-legged stool of Trump's economic policy: Bessent's 3-3-3 Plan, Navarro's tariff strategy, and Miran's "Mar-a-Lago Accord." He warns of a potential "time bomb" in the financial system if Treasury Bills are swapped for 100-year bonds, discusses why central banks are racing to buy gold, and explains why the current gold rally is "just getting started." Rickards also shares his market outlook, predicting continued market decline and potential recession before long-term economic gains can be realized.

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

More about Rickards: Rickards is a New York Times bestselling author of Currency Wars: The Making of the Next Global Crisis and several other best-sellers, including The New Great Depression, Aftermath, The Road to Ruin, Death of Money, The New Case for Gold, and his newest book Sold Out: How Broken Supply Chains, Surging Inflation, and Political Instability Will Sink the Global Economy. An investment advisor, lawyer, inventor, and economist, Rickards has held senior positions at Citibank, Long-Term Capital Management, and Caxton Associates. He is also the Editor of Strategic Intelligence, a widely-read financial newsletter. Links: https://www.amazon.com/MoneyGPT-AI-Threat-Global-Economy/dp/0593718631http://www.jamesrickardsproject.com/ https://x.com/realjimrickards

0:00 - Intro and welcome Jim Rickards

1:04 - Big picture

3:01 - Tariff strategies and market impact

4:49 - Auto industry specifics and tariff implications

6:50 - Discussion on economic principles and strategies

11:05 - Geopolitical impacts of oil pricing

13:17 - How tariffs work in practice

15:27 - Benefits of tariffs and job creation in the US

16:50 - Economic agreements and strategies

27:11 - Treasury strategies and fiscal policies

30:07 - Federal land resources and economic opportunities

31:27 - U.S. financial stability and government strategies

33:26 - Dynamics of U.S. Treasury securities

35:34 - Importance of Treasury bills in global finance

38:32 - Necessity of short-term Treasury bills

39:58 - Discussion on U.S. dollar and trade policies

42:37 - Globalization and economic policies

44:02 - Assessment of current economic moves

45:25 - Gold market dynamics and central bank activities

48:49 - Geopolitical strategy using economic tools

51:13 - Global gold demand and production

53:45 - Market psychology and gold pricing

54:15 - Future prospects of gold market

55:10 - Economic forecasts and stock market trends

58:05 - Interest rate policies and economic implications

59:38 - Final thoughts and where to find Jim Rickards' work

Axel Merk, CIO and founder of Merk Investments with over $2 billion in AUM, shares his perspective on the current macro landscape. He explores how Trump's executive policies around trade and tariffs might alter the "plumbing" of the global financial system, potentially disrupting international capital flows that have long benefited the US. Merk discusses gold's performance as a possible warning signal, stagflationary risks in the economy, and why there is "no such thing as a safe asset" in today's investment environment. With 30 years of investment experience, he provides analysis on monetary policy, inflation concerns, and portfolio diversification strategies for navigating these uncertain times.

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

Timestamps

0:00 Intro and welcome Axel Merk1:11 The big macro picture - viewing through executive policy3:34 Disruption to global financial flows4:30 Potential consequences of changing financial plumbing6:51 Role of the Federal Reserve in market disruptions8:25 What the market gets right and wrong10:26 Gold as a contrarian indicator11:57 Drivers behind gold's performance14:54 Axel's position on gold investments16:00 Investment advice for different types of investors19:12 The "popcorn" investment strategy20:31 Stagflationary risks remain22:05 Growth potential amid regulatory changes24:53 Managing investment risks in volatile times27:47 Long-term debt and entitlement concerns30:46 Global reflation efforts vs US fiscal contraction31:42 Where to find Axel Merk and final thoughts

Peter Boockvar explains why investors must discard the playbook that has worked for the past few years due to three major shifts: the end of the MAG7 tech trade, potential cuts in government spending, and declining foreign flows into US assets. Boockvar notes that these seven stocks reached 35% of the S&P 500 - exceeding the concentration seen in March 2000 - while becoming a global "reserve currency" with central banks like Norway's Norges Bank and the Swiss National Bank owning billions in shares. He identifies emerging opportunities in international markets, with the German DAX up 17% and Hang Seng up 20% year-to-date, while warning that reduced government spending combined with weakening tech investment creates recession risk. Boockvar believes the Fed has diminished power in a new 3-4% inflation environment, pointing to record copper prices as evidence while noting that US defense manufacturers and technology companies face growing international competition.

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

Links:

Substack/The Boock Report: https://boockreport.com/

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

Bleakley Financial Group: https://www.bleakley.com/

Timestamps:

0:00 Introduction and welcome Peter Boockvar0:55 Big picture market changes post-COVID3:22 End of AI tech trade dominance5:50 Foreign central bank investment in US stocks7:47 Market pivot to international opportunities10:12 Fed and Treasury coordination on bond yields12:34 Market bounce and valuation concerns14:28 New inflationary environment limiting Fed options16:53 Record copper prices amid inflation volatility18:02 Geopolitical shifts in commodity holdings20:17 Investment opportunities in China tech22:42 Portfolio management in changing market leadership25:12 Foreign flows into US stocks and dollar implications28:21 Recession risk assessment30:33 Closing thoughts on investment approach changes32:57 Final remarks and sign-off

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