Transcript

Trump’s NIGHTMARE HITS as LIES COLLAPSE Before Entire World

From MeidasTouch · Episode page · Watch on YouTube

· 24 min · 4,085 words · 32 timestamped sections

This is the full, timestamped transcript of "Trump’s NIGHTMARE HITS as LIES COLLAPSE Before Entire World", an episode of MeidasTouch published January 24, 2026 (24 min, about 4,085 words). It mentions 14 people, works and ideas, including United States (states), Donald Trump, World Economic Forum, Canada, Federal Reserve.

What this episode is about

The content discusses Donald Trump's controversial statements at the World Economic Forum in Davos, highlighting his remarks on immigration and societal failure, while also addressing recent economic data regarding the U.S. housing market and inflation trends. It emphasizes the significance of the Davos gathering and the implications of these discussions for global finance and domestic economic policies.

Key takeaways

  • Davos became the world stage for Trump's melodrama; who knew faux pas could be an economic strategy?
  • Housing markets are confused: lower mortgage rates but still skyrocketing prices. Welcome to double-edged economics!
  • GOP's embrace of command economy tactics reveals the irony of attacking 'big government' while expanding its reach.
  • Inflation trends muddy the waters: Core PCE stubbornly refuses to budge, defying Fed’s best-laid plans.
  • Consumer spending is up, but don’t celebrate yet — it’s not a symptom of prosperity, just survival.

Who speaks in this episode?

What is discussed, and when

  1. – 5:00: Donald Trump, World Economic Forum, Federal Reserve, Minus Touch Network
  2. – 10:00: United States (states), Federal Reserve, Treasury International Capital data
  3. – 15:00: Canada, United States (states), Japan, Treasury Secretary Scott Bessant
  4. – 20:00: Treasury Secretary Scott Bessant, United States (states), Greenland, Donald Trump
  5. – 23:58: Canada, United States (states), Midas+, Minus Touch Network

Notable quotes from "Trump’s NIGHTMARE HITS as LIES COLLAPSE Before Entire World"

  • Use, so it is what it is. Now, the reason this gets so much attention is that classical Fed policy dictates that interest rates should be rising to cool inflation. And that's…
    about Federal Reserve · at
  • Conference a bit more with the recent Treasury information that was just released. We just got November information for something that we've been following together here on…
    about Treasury International Capital data · at
  • Thought. This is why Scott Bessant has been overly arrogant of late in saying stuff like this. If you look the US Treasury market was the best performing market in the world or…
    about Treasury Secretary Scott Bessant · at
  • Those two countries? While this was on his private jet heading to Davos to scold the world, the debt bomb went off in Japan with their 30-year Treasury yield going vertical to…
    about Japan · at
  • Masters of the universe conferences happen all the time, but very few reach the spectacle of Davos, which began in 1971 as a forum for Europe's financial leaders to learn about American business.
    about World Economic Forum · at
  • Never has it been more obvious or on public display that the United States is throwing away the mantle of hegemonic power. Maybe it's because he couldn't keep our invasion targets straight in his dementia adult brain.
    about United States (states) · at
  • From GDP to population to just pure might. We are the big bad bully on the block. This is about the country with the most to lose standing up to the bully and the world…
    about Canada · at
  • I'm extremely grateful that the Myelus brothers have given me the latitude to air this out a bit and I'm grateful to the Midas Mighty for having me here. So remember to like…
    about Minus Touch Network · at

Who and what is mentioned in this episode?

People

  • Donald Trump — Person · Primary referenced political figure / antagonist · 3 mentions · first at
    Central figure blamed for geopolitical and economic instability; the episode frames Davos and multiple macro indicators through criticism of Trump's rhetoric and policies.
    Trump invading Greenland. This is what's on the minds of the elites. But, as usual, Donald Trump sucked all the oxygen out of the room and made it about him. But here's the…
  • Treasury Secretary Scott Bessant — Person · Referenced official / finance spokesperson criticized by host · 4 mentions · first at
    Quoted defending U.S. Treasury market strength and dismissing media concerns; the host uses him as a foil to argue capital flows and Treasury demand are weakening and being obscured.
  • Larry Frink — Person · Referenced finance leader / calming voice at Davos · 1 mention · first at
    Mentioned as attempting to reassure markets; used to underscore that even prominent financial leaders cannot fully mask signs of market stress.
    Eve of the conference. See, there's trouble brewing in the financial markets. And no amount of chest thumping by Scott Bessant or nerve calming by Larry Frink of Black Rockck…

Companies & orgs

  • Minus Touch Network — Company · Business focus · 2 mentions · first at
    The network hosting the podcast and providing economic analysis.
  • Midas+ — Company · Business focus · 3 mentions · first at
    Likely shorthand for Midas Touch Network, the hosting platform.
    Conference a bit more with the recent Treasury information that was just released. We just got November information for something that we've been following together here on…
  • Black Rock — Company · Referenced expert · 1 mention · first at
    Mentioned in the context of financial market analysis and Davos.
    Eve of the conference. See, there's trouble brewing in the financial markets. And no amount of chest thumping by Scott Bessant or nerve calming by Larry Frink of Black Rockck…

Concepts & topics

  • Federal Reserve — Concept · Key argument · 2 mentions · first at
    Central to discussions on inflation, interest rates, and economic policies.
  • Treasury International Capital data — Concept · Key argument · 1 mention · first at
    Critical data set discussed for understanding capital inflows and outflows in the US.

Places & events

  • United States (states) — Place · Setting · 11 mentions · first at
    Primary location discussed in the context of economic policies, housing market, and international relations.
  • World Economic Forum — Event · Core topic · 2 mentions · first at
    Central event discussed in the episode, highlighting global economic tensions and Trump's impact.
  • Canada — Place · Setting · 10 mentions · first at
    Discussed in the context of its new trade relationships and defiance against the United States.
  • Japan — Place · Setting · 1 mention · first at
    Mentioned in the context of its Treasury holdings and economic strategies.
  • Greenland — Place · Setting · 2 mentions · first at
    Mentioned in the context of Trump's threats and international tensions.
    For the fact that the financial markets are beginning to crack. So, I promise you, the last thing these people wanted to chat about in their hotel suites was Trump invading…
  • Venezuela — Place · Setting · 1 mention · first at
    Mentioned in the context of Trump's international actions.
    Because of Trump's threats to take Greenland by force. On the heels of kidnapping the leader of Venezuela, it seemed like Davos might be the standoff ahead of World War II.…

Full transcript with timestamps

Hey, it's Max from UNFR for the Midas Touch Network here with the top economic stories and perspectives of the day. I don't say this all the time, but we have a monster episode today. So, buckle up for this one. Our lead story, of course, is Donald Trump's How to Lose Friends and Influence Nobody tour, which made us stop in Davos, where the titans of finance gathered from all over the world to hear arudite and incisive words like this. The situation in Minnesota reminds us that the West cannot mass import foreign cultures which have failed to ever build a successful society of their own. I mean, we're taking people from Somalia and Somalia is a failed. It's not a nation. Got no government, got no police, got no millet, got no nothing.

Yeah. Trump doing Trump stuff on the world stage again. We're going to dig into Davos along with some fresh economic data about the Treasury, the US housing market, inflation, and more. This is the macro take from Midas Touch. So, let's go.

Even though there wasn't a ton of economic data releases this week, it was still one of the most pivotal weeks in memory because the financial leaders of the world gathered at the World Economic Forum Conference in Davos. And unlike benign conferences in the past, you know who turned this into a fiasco. Now before we get into Davos, let's start with some domestic data and some developments that really kind of set the stage for the gathering. So toward the end of 2025, there were some glimmers of hope that the housing market might be heating up because mortgage rates and housing prices were cooling off. So you can see the average for the 30-year is finally beginning to taper off, which is more of a reflection of softening demand than it is downward pressure on rates overall. And here's what I mean by that.

So, the administration's been talking a lot about home affordability, right? And it's been floating a number of ideas that haven't turned into policy yet. So, the 50-year mortgage, banning private investments into residential, Fanny and Freddy maxing out purchases of mortgage securities, and then the big one, interest rates. And can we just pause for a moment to marvel at GOP hypocrisy? I mean, moves like this and the cap on credit cards, for example, are all examples of command economy tactics. You know, like communists. Now, I'm not saying they're bad, but what happened to the invisible hand in free markets?

Anyway, Trump and his minions have been crowing about the Federal Reserve for a year now, saying that they want to reduce rates to help homeowners, but as we've covered before, mortgage rates are set independently by the market and they don't correlate to the overnight Fed lending rate or the federal funds rate. There is a loose case to be made that all rates move in tandem, but if mortgage rates follow anything, it's the 10-year Treasury. But the 10-year hasn't budged. It's virtually unchanged under Trump's second term, despite the fact that we've had three rate cuts in 2025.

So, housing is a double-edged sword because it's the one area of the economy where you're damned if you do and damned if you don't. And here's what I mean by that. Asset inflation is one of the biggest issues that we have in terms of affordability. So, think about homes, cars, equities, or even gold. things that are so expensive that it's hard to break into these markets when they're high. Now, on the flip side, it means that those who possess these assets have nest egg assets that are growing faster than inflation. So, this dilemma is the most pronounced in housing because it exists in both the asset realm and the necessity realm. So, you have a market where sellers still insist on listing high because they need top dollar for their primary personal investment, their home. But buyers are locked out because both mortgage rates and home prices remain elevated as a result. So, even though mortgage rates have declined

slightly and home prices are beginning to fall, the real outcome is best explained by the recent December pending home sales that just came out. And it's not good. This is not the note that the administration was hoping to leave off on in 2025. The recent National Association of Realtors release was a blow to the administration because it showed a 9.3% decrease in pending home sales and declines across every major region. No one is spared. Even adjusting for seasonality, pending home sales are down a full 3% year-over-year. And this is a good entree into the highly anticipated inflation data that just dropped this week as well. Inflation just won't come down. Even though it's off the highs of the postcoavid era, we're still dealing with those increases as the baseline and core PCE just isn't coming down. In fact, it's moving in the wrong direction as we just got October adjusted and full November figures. So

inflation crept up again in the fourth quarter with October at 2.7% and November at 2.8%. Even removing food and energy, the figures remain the same. Obviously, this is above the Fed's 2% inflation target. Again, it's a metric that I take issue with, but it's the baseline that we all use, so it is what it is. Now, the reason this gets so much attention is that classical Fed policy dictates that interest rates should be rising to cool inflation. And that's why the Fed is stuck. So when you raise interest rates, it theoretically has a negative impact on jobs. So this is why we're in a period of moderate stagflation where Fed tools are just kind of upside down. So we know prices are increasing across the board and that core PCE is what the Fed looks at most closely. Now, here's what you're going to hear from Trump officials. The consumer is doing great because they're still spending. And boy,

are they ever. There was a significant pop in spending in November, but the devil is always in the details. We're still spending on goods and services that don't reflect a healthy economy or consumer for that matter. If you consider that health care spending is the biggest cost driver of increased spending. The items that reflect economic health, things like clothing, food and beverage, durable goods, and transportation, all those are near the bottom. healthcare, energy, financial services, housing. These are all signs of asset inflation and major cost drivers that don't put money into the economy and certainly aren't part of the economic cycle that indicate things are improving for the consumer. And to the extent that certain areas like recreation are increasing, remember this is the top of the K-shaped economy that is still spending normally and even excessively. And here's where it all

comes together to demonstrate the health of the consumer. The blue line indicates disposable personal income. Again, skewed by the top 10%, but an important metric. The orange indicates outlays, so how much we're spending in the economy. But it's that black trend line that is most meaningful. It's the rate of disposable income over time. And it's moving down. No matter how you try to spin this, and you know they will, inflation is eating away at income and savings, and it's leading to more indebtedness with those at the bottom falling through the cracks, which is why bankruptcies are up. Now, before we get into Davos, we can contextualize the conference a bit more with the recent Treasury information that was just released. We just got November information for something that we've been following together here on MIDAS called the Treasury International Capital data or tick data. Now, this is

one of the least talked about but most important data sets that we have access to. So, as a refresher, tick measures the inflow and the outflow of money to the United States and from the United States for both private and official sources. So, private sources are things like hedge funds or money markets or wealthy investors and the like. Official sources are basically foreign central banks and sovereign wealth funds. Now, in our last report, the tick data was awful, like seriously bad because it showed a net outflow of capital from the United States in October, which almost never happens. It was a huge red flag, and we went into great detail to show where the bleeding was. So, now let's take a look at the new figures together.

Starting with private sources, if you look at the highlighted number on the top right, you'll see that we rebounded in November with private sources investing 157 billion more in the US than US private sources invested outside of it. So net inflows, which is a good sign, and there was a pickup across the board in every category, but the trend is super important. The red down arrow shows that investment into US Treasury bonds and Treasury notes is still down by $25 billion year-over-year. The real story is that swing into equities. Year-over-year, you can see a $450 billion plus increase into the US stock market. Now remember these are November figures and I do have a prediction to make in a bit. But what I want you to take away from this is an understanding of why the US stock market remains unassalable. It's the question that I get the most actually. If things are so bad, why is the stock market breaking

records? Strip the stock market away from US policy, away from Trump and the overall economy. Our companies are not just the best performing in the world. They're the most liquid and the most investable. There are bigger companies out there, but they're huge concerns that are like in the Middle East or in China that investors either can't access or don't feel 100% comfortable parking their money in them. Now, that's a generalization, but the point is the stock market is no longer a reflection of US economic health as much as it's a store of value, a liquid place to park your money if you have a lot of it, and then you can get a return. Our companies are multinational. They're lightly taxed, lightly regulated, and very easy to invest in. And because our 15-year cheap and easy monetary policy, US corporations are still swimming in cash.

So, if you're an investor in search of a return, you're still piling into the US stock market. So, let's take a look at the official sources now because this is our real gateway to Davos. On the top line, same story. Capital inflows from central banks were up in November and pretty evenly split between the US stock market and our treasuries. I have notes on both in a second, but again, I want you to look at the red down arrow to spot the year-over-year trend in Treasury purchases. Still down 52 billion compared to an increase in November of last year. Hold that thought. This is why Scott Bessant has been overly arrogant of late in saying stuff like this. If you look the US Treasury market was the best performing market in the in the world or the best G7 performing bond market and we had the best performance since 2020. It is the most liquid market. It is the basis for all financial transactions and I am sure

that the European governments will continue holding it and as I said I think everyone needs to take a deep breath. Do not listen to the media who are hysterical. Well, I guess I'm one of those media members that he tells us to ignore. So, let's talk about it. The US is the biggest and most liquid market in the world, and our auctions have been successful in that we have found markets for them. So, I was prepared to give him the win today. But then he said this,

"When I was an investor, part of my success was sticking back, looking at the medium and long-term, and ignoring the medium." First off, maybe you shouldn't have been so smug about your time as an investor since we've already revealed that you were the worst performing hedge fund manager on Wall Street, losing 90% of your $5 billion portfolio when you left the warm embrace of George Soros and struck out on your own. All during a time when the S&P 500 returned 167%, which means a drunk monkey can pick stocks better than you.

So, let's really dig into those numbers. And we'll even use the November numbers because that's what he was standing on at Davos. Remember how we showed that central banks increased their treasury holdings in November? The only countries that actually increased their holdings were Japan and Canada. But that wasn't enough to offset the decreases from others like France and China, and everyone else was flat. So where are these purchases coming from, I wonder? Couple of thoughts, Scott. First off, we knew some of this money was being funneled through the Cayman Islands from US hedge funds and maybe sovereign wealth funds of unknown origin because they used the Caymans as a custodial doicile. And we know that you still haven't addressed the $1.4 trillion discrepancy between the Fed and the Treasury about Cayman holdings of US debt. That's number one. Number two, there's still a belief that the United

States is going to pay back its debt. though. Why wouldn't people invest in our treasuries, especially since they're paying more under Trump? Yeah, we're the world's reserve currency and the biggest treasury market in the world. If we stop paying interest on our debt, then the entire world would collapse. But the more pertinent information is that our yields are increasing because the world thinks you're stupid and that you're mismanaging the US economy. Number three, the two countries that did increase their holdings were Japan and Canada. And guess what just happened in those two countries? While this was on his private jet heading to Davos to scold the world, the debt bomb went off in Japan with their 30-year Treasury yield going vertical to the highest level in decades. This is the official unwind of the yen carry trade. So prediction number one, when we check the tick data in a couple months from now,

dollars to donuts, you're going to see capital repatriation in Japan and movement away from US treasuries. And prediction number two for point number three is that while you were wagging your finger at the entire world, Canada just nuked trade relationships with the United States and announced a new world order where Canada is in partnership with China. Yeah. And we'll get into that in a minute as well. So the bottom line is always the bottom line. And everything is moving in the wrong direction in the United States under these guys. Our debt is more expensive because people hate us. Countries are making new trade deals that exclude us because people hate us. We're fudging the Treasury numbers by playing fast and loose with carry trades and basis trades in the Cayman's that are about to unwind. Inflation still here and going higher because of tariffs and fiscal mismanagement. Consumers are spending

more on health care already. And that's before we even feel the true impact of lapsed premium subsidies on the ACA. Disposable income is declining. The housing market just took a dump to start the year. So, well done all around, guys. With that under your belt, you're ready for the top story. I wonder if Bessant still feels like Europe is projecting weakness after Davos this week.

We are the hottest country in the world. We are the strongest country in the world. Europeans project weakness. US projects strength.

Masters of the universe conferences happen all the time, but very few reach the spectacle of Davos, which began in 1971 as a forum for Europe's financial leaders to learn about American business practices. Since then, it has transformed into the most elite conference of business leaders and world leaders fluffing each other and basking in the glow of their collective greatness. Frankly, I find it all a bit exhausting. But it is instructive because these really are the people who make the world turn, even if they're ruining it. Now, this year has been one of the most interesting events because tensions were already running high because of Trump's threats to take Greenland by force. On the heels of kidnapping the leader of Venezuela, it seemed like Davos might be the standoff ahead of World War II. Now, to set the stage, I want to share a couple of headlines to illustrate how things started and how it's going because there

was more than intrigue over Greenland. This is a headline from Forbes on the eve of the conference. See, there's trouble brewing in the financial markets. And no amount of chest thumping by Scott Bessant or nerve calming by Larry Frink of Black Rockck can cover for the fact that the financial markets are beginning to crack. So, I promise you, the last thing these people wanted to chat about in their hotel suites was Trump invading Greenland. This is what's on the minds of the elites. But, as usual, Donald Trump sucked all the oxygen out of the room and made it about him. But here's the headline that shows you how it's going after all of the bluster and slurring from Trump's speeches.

Never has it been more obvious or on public display that the United States is throwing away the mantle of hegemonic power. Maybe it's because he couldn't keep our invasion targets straight in his dementia adult brain.

Until the last few days when I told them about Iceland, they loved me. They're not there for us on Iceland. that I can tell you. I mean, our stock market took the first dip yesterday because of Iceland. So, Iceland's already cost us a lot of money.

You can just see the cabinet in Reikuic being like, uh, all hands on deck. Remember when Republicans lost it when Biden kept talking about recent conversations with world leaders who died decades ago, like Midand and Cole? At least he got the countries right. Anyway, our president gathered in front of world business leaders and tried to sell American white nationalism to them in the most flagrant and disgusting way possible. So instead of talking about business and markets and trade, he literally invoked Nazi propaganda language about Western culture and I don't know, expected to reinvigorate tensions from World War II and then start a new one. The explosion of prosperity and conclusion and progress that built the west did not come from our tax codes. It ultimately came from our very special culture. This is the precious inheritance that America and Europe have in common. We share it. We

share it. But we have to keep it strong. Between Bessant calling Europe weak and Trump trying to start the next race war in Europe, the United States couldn't be more irrelevant or out of step with what's actually going on in the world. The major economic powers are moving forward without us. In fact, they're specifically excluding us. Only it wasn't Europe that loosened the cap. It was a far more unlikely US ally, the one who increased their US Treasury holdings in November. our partner in crime that we have disrespected so thoroughly that this happened.

Stepping back, it's been eight years since a Canadian prime minister visited China. And in that time, the world has changed dramatically. The technological revolution and the energy transition are accelerating at an unprecedented pace. The global trading system is undergoing a fundamental change and the effectiveness of multilateral institutions on which trading powers such as Canada and China have greatly relied. That effectiveness has been greatly reduced. This is happening fast. It's large. It's a rupture. It's not a transition. That's right. The great white mother effing north and the mildmannered former central banker turned PM took the boldest most public step imaginable to tell us to pound salt before he flew to Davos to say it in person to which Trump could only meekly manage to say this.

Canada gets a lot of freebies from us by the way. They should be grateful also but they're not. I watched your prime minister yesterday. He wasn't so grateful. that they should be grateful to us. Canada, Canada lives because of the United States. Remember that, Mark, the next time you make your statements. But the door is open now. Historians might look back at this moment when the Canadian prime minister, the man in charge of the country with the most to lose in a fracture with the United States, or a rupture as he called it, and say that this was the point of no return. I cannot overstate the magnitude of Canada taking this step because it's not about their US debt holdings or the historic alliance between our nations that Trump has essentially destroyed.

It's not about our crossber trade, our mutual energy dependence or even strategic military alliances. All of these things are theoretically replaceable because just calling balls and strikes here, the United States dwarfs Canada in every way possible. From GDP to population to just pure might. We are the big bad bully on the block. This is about the country with the most to lose standing up to the bully and the world responding that it has David's back, not Goliath. Just so the mightest mighty know, I have a vested interest in this because I'm Canadian by birth. I grew up in the United States, but we're the only ones that left. My entire family is still in Canada. So, this is a very important thing to me. Now, to be clear, if I was still there, I would be more of an NDP supporter as weak as the party is. I just want to get that out in the open that I'm I'm not an apologist for liberal policies because they've been

decidedly neoliberal. But I was definitely more in favor of a figure like Carney than a rube like Polyv who's just the Ted Cruz of the North. and a disgusting human. So, I just want to level set on where my politics lie. But I'm also an observer of systems, of economies, and history. And I'm in favor of a glide path toward democratic socialism. Now, here in the United States, we have a lot further to go than my home country does. But I have been worried that certain neoliberal elements in Canada, even further right than the Harper years, were beginning to creep in and take hold of the Canadian consciousness. After all, you're subjected to the same barrage of right-wing news from America that we are. But I've been pleasantly impressed with Carney's ability to stand up to Trump's nonsense. A rightward turn will remain a risk, and it's a tricky path forward for Canada as it forges new trade alliances. But again, I truly

think that we'll look back at this moment when Canada truly went elbows up and had the courage to defy Trump in a way that European leaders have been unable to do so far. Once a respected nation like Canada loosens the cap, others will follow. For the Midas Touch Network, I'm Max from UNFR. You can follow my work on YouTube at UNFR and sign up for our free weekly newsletter at UNFR.com. Also, let me know in the comments if you're digging these longer macro takes. I'm extremely grateful that the Myelus brothers have given me the latitude to air this out a bit and I'm grateful to the Midas Mighty for having me here. So remember to like and subscribe and I'll catch you in the next one. Want to stay plugged in? Become a subscriber to our Substack at midasplus.com. You'll get daily recaps from Ron Phipcowski, add free episodes of our podcast, and more exclusive content only available at midasplus.com.

Questions about this episode

Who speaks in "Trump’s NIGHTMARE HITS as LIES COLLAPSE Before Entire World"?

Max (Guest), Scott Bessant (Guest), Larry Frink (Guest).

What is "Trump’s NIGHTMARE HITS as LIES COLLAPSE Before Entire World" about?

The content discusses Donald Trump's controversial statements at the World Economic Forum in Davos, highlighting his remarks on immigration and societal failure, while also addressing recent economic data regarding the U.S. housing market and inflation trends. It emphasizes the significance of the Davos gathering and the implications of these discussions for global finance and domestic economic…

What is mentioned in this MeidasTouch episode?

14 people, works and ideas are mentioned, including United States (states), Donald Trump, World Economic Forum, Canada, Federal Reserve, Treasury Secretary Scott Bessant. Each one on this page links to its own page with every episode that mentions it.

How long is "Trump’s NIGHTMARE HITS as LIES COLLAPSE Before Entire World"?

The episode runs 24 min; the transcript is about 4,085 words in 32 timestamped sections.

More from MeidasTouch

About this transcript: the episode's spoken words as captioned on YouTube, split into timestamped sections. Reclip.Me locates every person, work and idea in the text, keeps the time it is first named, and quotes the words around it verbatim. Last updated January 24, 2026.