In this special in-person interview, Jim Rickards breaks down why the Trump administration is far more strategic than the media portrays, explaining the "flood the zone" tactic and Scott Bessent's "Three Arrows" approach to bringing down the debt-to-GDP ratio. Jim dismantles the popular "debasement trade" narrative, revealing that foreign central banks are not dumping Treasuries and that the real risk lies in the Eurodollar market and the $1 quadrillion derivatives system underpinning global finance. He warns that stablecoins are quietly hoarding Treasury bills needed for collateral — and the risk of fraud waiting to blow up. On gold, Jim explains why $5,000 is just the beginning, making the case for $10,000 to $25,000 based on historical precedent from the 1970s when the dollar lost 94% of its value measured in gold. He also offers a bold prediction: the potential breakup of NATO as geopolitical alliances fracture under pressure.

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, Sold Out: How Broken Supply Chains, Surging Inflation, and Political Instability Will Sink the Global Economy, and his newest book MoneyGPT: AI and the Threat to 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:

http://www.jamesrickardsproject.com/

https://x.com/RealJimRickards

Timestamps:

0:00 Intro

2:33 Why the second Trump term is different from the first

5:25 The Heritage Foundation and Project 2025

6:45 Executive orders and legislative wins

8:20 Federal courts and the Supreme Court battles

9:49 The economy: Is it really chaos?

11:32 The national debt: Why $39 trillion isn't the number to watch

13:45 The debt-to-GDP ratio explained

15:30 The Keynesian multiplier and diminishing returns

17:38 How we fixed the debt ratio after WWII (1945-1980)

18:36 Scott Bessent's "Three Arrows" strategy

19:19 The debasement trade: Why it's a false narrative

21:15 Are foreign central banks dumping Treasuries? (No)

23:15 What triggers a financial panic

24:45 How the Fed actually "prints money"

26:30 The Eurodollar market: Where real money comes from

28:00 The $1 quadrillion derivatives market

30:15 Stablecoins: The hidden risk in crypto

33:24 Tether's commercial paper problem

35:37 Gold: Why it's really moving

37:45 The Russian asset freeze and its unintended consequences

42:26 Gold does well in deflation too

45:48 The first Pentagon financial war game (2009)

49:54 Gold's trajectory: $10,000 to $25,000 or higher

51:45 The 1970s: When gold went up 2,700%

55:30 Anchoring bias and why $1,000 jumps get easier

56:33 Jim Rogers on the 50% retracement rule

58:49 Silver: Precious metal meets industrial input

63:21 Bold prediction: The potential breakup of NATO

67:34 Parting thoughts: True diversification

In this wide-ranging conversation, natural resource investor Rick Rule, president and CEO of Rule Investment Media and co-founder of Battle Bank, shares his macro outlook, warning that the global economy is weaker than most believe. He explains why he sold 80% of his physical silver after its run from $20 to $75 — and redeployed half into silver mining equities where he sees better leverage if prices hold. Rick breaks down the stark math behind America's $160 trillion in combined liabilities versus $167 trillion in total private net worth, arguing that a "dishonest default" through inflation is inevitable. He shares his framework for knowing when to sell, discusses the coming AI disruption to white-collar jobs, offers his candid views on the Fed and taxation, and provides an update on Battle Bank's national rollout after a 54-month regulatory journey.

This episode is brought to you by VanEck.

Learn more about the VanEck Rare Earth and Strategic Metals ETF: http://vaneck.com/REMXJulia

Timestamps:

0:00 Welcome back Rick Rule

0:47 Macro outlook: Global economy weaker than people think

3:19 Precious metals are "absolutely screaming"

4:14 Silver update: The coiled spring has sprung

5:16 What's driving the gold price

6:40 US debt: $160 trillion in liabilities vs $167 trillion net worth

9:48 Honest default vs dishonest default

11:00 Why CPI understates real inflation

13:22 What would fix this? (Hint: Nothing politically viable)

15:29 Where could gold go from here

16:37 Warning: Expect 30-50% drawdowns in this bull market

18:23 Is gold and silver still contrarian?

19:16 Why Rick sold 80% of his physical silver

20:47 Redeploying into silver mining equities

21:57 Rick's investment memo framework

24:00 Silver equities: The leverage opportunity

26:44 Wealth taxes and the nature of taxation

29:52 The New York City socialist experiment

33:35 How we fixed it in the 1970s — five lessons

37:34 Innovation as the way out

38:36 "Take care of yourself — society won't be able to"

42:29 Thoughts on the Federal Reserve

44:45 What would free market interest rates look like

46:56 Signs the economy is deteriorating

49:53 AI and the coming white-collar disruption

54:09 AI: "Greatest memory, no common sense"

55:09 Battle Bank update

58:08 Closing

Chris Whalen, chairman of Whalen Global Advisors and author of The Institutional Risk Analyst blog, joins The Julia La Roche Show for "The Wrap with Chris Whalen."

In this episode of The Wrap, Whalen breaks down why GSE release is officially off the table after Trump ordered them to buy back their own debt—a move Whalen calls "politics" driven by midterm election fears. He shares his take on crypto as "a polite form of gambling," explains why he prefers gold over silver despite silver's recent run, and dives deep into the housing market's affordability crisis. Whalen reveals his biggest concern for 2026: the hidden risks in private equity and credit, calling them "rancid pools of illiquid, opaque assets" that could cause major bank losses. He also weighs in on the DOJ's subpoena of Fed Chair Jerome Powell, predicting Kevin Warsh will likely be the next Fed chair, and closes with his outlook on markets, the dollar, and bank stocks.

Links:

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

Inflated book (2nd edition): https://www.barnesandnoble.com/w/inflated-r-christopher-whalen/1146303673

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

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

Timestamps:

0:00 Welcome back to the Wrap with Chris Whalen

0:30 GSE release officially off the table?

2:32 The $200 billion announcement is politics

4:08 Political landscape and midterm elections

4:49 Crypto legislation falls apart

5:14 Crypto as speculation vs. gold & silver

6:40 Silver's short squeeze and volatility 8:30

Gold vs. silver as long-term trades

9:07 Copper and Dr. Copper as economic indicator

10:10 Housing policy and affordability crisis

12:10 Will the Fed allow home prices to fall?

14:30 Bank earnings season takeaways

16:50 Consumer delinquencies and economic warning signs

18:12 The hidden risk in private equity and credit

19:48 The "POOP" problem in private lending

21:42 Private credit as a ticking time bomb

22:58 Jerome Powell's DOJ subpoena

24:21 Kevin Warsh and the future of the Fed

27:05 Could the Fed resume MBS purchases?

28:56 Viewer question: NLY/Annaly REIT

30:52 Parting thoughts and 2026 outlook

31:46 Closing

Peter Boockvar, Chief Investment Officer at One Point BFG Wealth Partners and author of The Boock Report, sees "bells ringing" on the AI tech trade with Oracle, CoreWeave, and Nvidia showing tiredness, and warns the question is whether the baton can be passed to other sectors without the market falling apart. His three favorite groups for 2026 are energy (where $60 oil is "one of the cheapest assets in the world" and he sees $70+ minimum), agriculture (fertilizer stocks like Mosaic and Nutrient), and beaten-down consumer staples offering "bond-like dividend yields with equity-like upside." On Venezuela, he disagrees with the oil-for-midterms thesis - it's really about stiff-arming China, Russia, and Iran, and won't impact oil supply for 5-10 years anyway. He's been trimming silver after its vertical move toward $100 but still likes gold driven by central bank buying and dollar diversification. His biggest concern: if we lose the AI trade, its dominance is so large it could take everything down with it.

This episode is brought to you by VanEck.

Learn more about the VanEck Rare Earth and Strategic Metals ETF: http://vaneck.com/REMXJulia

Links:

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

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

Timestamps:

00:00 Intro and welcome Peter Boockvar

01:18 2025 retro: World markets did really well, fire lit under international markets

03:15 Bells ringing on AI tech trade - Oracle, CoreWeave, Nvidia tiredness

05:45 China competition in AI - models more applicable, monetizing faster

06:30 Bifurcated economy: Manufacturing recession, lower-middle income spending weak

07:45 Data center build out - question of when not if it slows

08:30 Delta earnings: Premium cabin strong, main cabin no growth

09:15 Europe bifurcated too: Germany/France struggling, Spain/Greece doing well

11:36 Three favorite groups for 2026: Energy, ag, consumer staples

12:15 Energy: Bearish sentiment extreme, contrarian setup, CFTC net longs at 15-year lows

13:30 Venezuela: 5-10 years before notable production increase

14:15 OPEC production lagging quotas - most running at full capacity

15:00 US shale production slowing, rolling over even in Permian

15:45 Peak oil demand pushed out - hybrids winning, EV demand delayed

16:30 Ag: Fertilizer stocks - Mosaic, Nutrient - down and out value plays

17:15 Consumer staples destroyed over 12 months - deep value now

17:52 Names: Kimberly Clark, Nestle, Pepsi, ConAgra, Coke, Reynolds

18:24 Oil at $60 is one of the cheapest assets in the world - sees $70 minimum

19:15 Energy holdings: Exxon, BP, Shell, Canadian Natural Resources, Oxy, Noble, EQT

23:44 Venezuela won't impact oil supply for 5-10 years - focused on near-term

25:32 Inflation: Conflicting dynamics - services decelerating, goods inflation returning

27:00 Next Fed chair will have inflation dilemma - sticky around 3%

28:45 Services inflation could rebound in back half of 2026 as apartment supply absorbed

29:01 Reaction to Powell subpoena

30:09 Powell is done cutting - will be playing 18 holes in June

31:28 Last Fed cut was not necessary - took neutral rate below 1%

32:30 Need low and stable prices first, then labor market improves

35:34 Gold north of $4,600 - levels don't surprise, maybe pace did

36:27 Silver at $92 - trimming position, tree needs to take a breather

37:30 Gold thesis: Central bank buying, dollar diversification has more legs

38:49 2025 lesson: World woke up to opportunities outside mag seven

40:22 What not to own: Mag seven, long duration bonds

40:46 Japan matters for global rates - JGB yields rising, canary in coal mine

42:00 Bullish emerging market local currency bonds - better finances, cheap currencies

42:57 EM names: China, Malaysia, Singapore, Mexico, Brazil, Chile, Indonesia

43:45 Biggest risk: Losing AI trade and gap up in long-term rates

44:24 Optimism: Broadening out continues, international markets, commodity trade has legs

45:03 Parting thoughts: Investors need to be flexible in their thinking

Jim Rogers, who has sold all his US shares, warns that the American market has been going up longer than ever in history and when people say "it's different this time," you should look out the window and ask questions. While he doesn't think we're in a bubble yet, he sees bubble characteristics forming and is watching for signs to start shorting - like kids leaving college for the stock market and everyone talking about their investments. Rogers is deeply concerned about the $38.6 trillion in balance sheet debt plus over $200 trillion in off-balance sheet obligations, noting that historically this has always led to big problems. He still owns gold and silver but isn't buying at all-time highs, holds positions in China and Uzbekistan, and says he's "not happy" about the US capturing Venezuela's president - calling it "not normal" and "not defensible on the international stage." His stark conclusion: "It's a good time to be an old American. Young Americans are going to have lots of problems in their lifetime."

This episode is brought to you by VanEck.

Learn more about the VanEck Rare Earth and Strategic Metals ETF: http://vaneck.com/REMXJulia

00:00 Intro and welcome Jim Rogers

01:28 US economy and market going up longest in American history - sold all US shares

02:06 Has the US performance surprised you?

02:53 What questions should we be asking right now?

02:58 When should I start selling short? Exuberance setting us up for a top

03:41 Still owns shares in Uzbekistan and China - assessing China after recent run

04:12 Is the US in a bubble? Not yet, but beginning to have bubble characteristics

05:31 Worst crisis in our lifetime still coming - debt is unbelievable

07:55 Fed Chair Powell DOJ subpoena

11:00 US debt highest in history of the world, Fed printing huge amounts of money

13:12 Gold and silver performance - owns both, not selling, will buy more if they go down

15:34 Room to run in precious metals? Debt skyrocketing, money printing everywhere

16:36 What signs would make you short?

17:27 America losing financial wherewithal

19:44 Portfolio: Watching China go straight up, watching Uzbekistan, not adding

21:30 Venezuela

22:53 Nearly every stock market in the world making new highs - time to ask questions

24:56 Greatest strength and weakness as investor?

25:57 Biggest mistake?

27:46 Parting thoughts

Chris Whalen, chairman of Whalen Global Advisors and author of The Institutional Risk Analyst blog, joins The Julia La Roche Show for "The Wrap with Chris Whalen."

In this episode, Whalen calls Trump's $200 billion mortgage bond buyback idea "idiotic" and says institutional investors aren't the problem with housing - the Fed buying 30-year mortgages and driving up home prices 50% in five years was the real culprit. He explains the Fed has been "operating like a hedge fund" with dangerous variable duration securities that won't pay off for over 10 years. On Venezuela, Whalen says it should have happened long ago - the Iranians had offensive missiles there that could strike the US, and he's astounded previous administrations tolerated it. He warns AI hype is now a systemic risk to tech valuations, with Oracle's Larry Ellison risking his company to chase the crowd, and predicts 2025's "magical year with no apparent cost for risk" is ending as banks prepare for consumer credit deterioration in 2026-27.

Links:

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

https://www.theinstitutionalriskanalyst.com/post/theira796

Inflated book (2nd edition): https://www.barnesandnoble.com/w/inflated-r-christopher-whalen/1146303673

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

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

Timestamps:

00:00 Intro and welcome Chris Whalen

00:48 Non-farm payrolls report - weakness supports those saying economy is weak

01:46 Rate cuts likely this year on short end, but long-term rates not coming down

02:45 Trump's $200 billion mortgage bond idea - Chris calls it "idiotic"

07:25 Housing correction already building in weaker markets

08:24 Institutional investors not the problem - Fed buying 30-year mortgages was the problem

12:04 What would actually help housing? Build more houses, change zoning

13:04 NYC

18:16 Venezuela should have happened long ago

24:49 AI hype now a systemic risk to tech valuations?

27:06 Buying cheap financials - Flagstar below book, knows the team

28:39 2025 magical year with no apparent cost for risk - that's changing

30:05 Bank earnings next week

30:35 Viewer question: Deregulation impact on banks and real estate

32:53 Viewer question: If correction coming, wouldn't metals also fall?

34:52 Wrap up and parting thoughts

Macro trends blogger and economist David Woo @DavidWooUnbound, CEO of David Woo Unbound, a global forum devoted to the promotion of fact-based debates about markets, politics, and economics, argues the world changed forever after the US captured Maduro on January 3 in "Operation Absolute Resolve" - the first time in 100 years a country took out another head of state without consent. He explains this signals the death of the rule-based international order, making gold extremely bullish as countries can no longer trust the dollar system. Woo's key trades for 2026: short oil (December contract heading to high 40s/low 50s) as Trump needs to win the affordability argument for midterms, and he gives 65% odds of a massive $2,000 tariff rebate stimulus package. He admits getting gold completely wrong last year (up 60%) but remains bullish, warns the K-shaped economy consensus is about to be upended if lower oil and stimulus help the bottom 80%, and identifies the AI bubble bursting as the biggest risk - with Microsoft's January 28 earnings as a crucial date.

This episode is brought to you by VanEck.

Learn more about the VanEck Rare Earth and Strategic Metals ETF: http://vaneck.com/REMXJulia

Woo, the former head of Global Interest Rates, Foreign Exchange, Emerging Markets Fixed Income Strategy & Economics Research at Bank of America, is known for some of his bold and contrarian calls, including Trump winning the presidential race in 2016 (https://www.cnbc.com/2016/12/08/bofaml-analyst-got-ovation-from-co-workers-the-morning-after-election.html), and that the 2020 US presidential election would be much closer than expected and the results contested (https://www.afr.com/policy/economy/the-dangerous-groupthink-stalking-wall-street-20210909-p58q48).

Links:

Youtube: https://www.youtube.com/@DavidWooUnbound

Website: https://www.davidwoounbound.com/

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

Timestamps:

0:00 Intro and welcome David Woo

01:28 Macro picture - don't fight Trump

02:31 Midterm election is the biggest story of 2026

05:17 Affordability argument - Venezuela about oil - not democracy, not drugs

12:45 Tariff rebate? 65% chance of massive fiscal stimulus before midterms

16:10 Don't fight Trump - theme of 2026

16:35 Gold was up 60% - the ultimate Trump trade of 2025

17:15 Short oil is the ultimate Trump trade of 2026

19:03 K-shape economy consensus about to be upended

20:43 What David got wrong on gold last year

26:17 The world is not the same - Venezuela changes everything

31:45 US tech lead over China shrinking from 2-3 years to 6 months

33:54 Knock-on effects: Bearish emerging markets, bullish defense, bullish gold

38:57 OPEC biggest loser - lost Venezuela, may lose Iran

42:04 TACO or FAFO?

44:44 Why does stock market matter to Trump?

49:34 Biggest risk for 2026: Bursting of AI bubble

52:10 Retail buy-the-dip crowd - most powerful force in markets

54:14 Wrap up and where to find David Woo

Henrik Zeberg, head macro economist at SwissBlock and author of The Monetary House of Cards, warns that despite stock markets hitting all-time highs, the real economy is sinking fast - private job creation has fallen below recessionary levels seen in 2007, and 90% of US consumers are now worse off than going into both the 2008 financial crisis and the 1929 depression. Using his Titanic metaphor, he explains first class passengers (top 10%) are still at the bar while third class is already in the water. Zeberg predicts a blow-off top with the S&P potentially hitting 8,200 before a crash worse than 2008, driven by central bank hubris that will trigger stagflation when the Fed inevitably intervenes. He's long-term bullish on gold and silver but warns of a short-term pullback as the dollar spikes to 120+ on the DXY during the deflationary bust, and explains why there's no easy way out this time - we've exhausted the free lunch of money printing.

This episode is brought to you by VanEck.

Learn more about the VanEck Rare Earth and Strategic Metals ETF: http://vaneck.com/REMXJulia

Links:

X: https://x.com/HenrikZeberg

Substack: https://henrikzeberg.substack.com/

Book: https://buy.stripe.com/aFacN62DQdYFbZt9APaR201

TEDx: https://youtu.be/DAmoawIOMbs?si=Infb0cLi8YPxdX4H

00:00 Intro and welcome Henrik Zeberg

01:22 Macro view, the real economy is about job creation, not financial markets

04:13 90% of consumers worse off than going into 2008 and 1929

05:58 Titanic metaphor: First class denying while third class already in water

06:56 Chart: ADP private job creation declining to recessionary levels

08:26 Illusion of stability: Stock market disconnect from economy

09:07 Stock market doesn't predict recessions - look at unemployment

11:15 Zeberg business cycle model pointing to recession

14:55 Bond market sniffing out problems - yield curve signals

20:02 Central banks and the Fed: The hubris problem

23:02 2020 changed everything - inflation is back as a factor

25:26 Gold and silver starting to show end game signs

26:20 If Fed intervenes with more stimulus, it creates stagflation

28:03 Henrik's views on gold and silver clarified

30:55 Dollar regime coming - DXY could spike

32:12 Long-term bullish gold/silver but short-term pullback expected

35:35 Navigating different regimes as an investor

38:19 Strong dollar implications

39:06 Current regime still risk-on, riding the blow off top

43:29 Why this recession will be worse than 2008

48:21 No easy way out - we're at the end of the Keynesian curve

49:12 Can we get back to sound money? Only through pain

51:41 Under the radar trend: Realization of how bad consumer really is

53:55 AI won't save us short-term - actually reduces jobs needed

54:25 Wrap up: Think for yourself, do your own research