Trump Suffers MASSIVE CRISIS AS BAD NEWS HITS

What this episode is about

The discussion focuses on the current economic challenges facing the U.S., including issues of immigration, inflation, and interest rates, while expressing skepticism about the Biden administration's claims regarding recovery. Additionally, it highlights the nomination of former Fed Governor Kevin Worsh as the next Fed chair and critiques the state of U.S. manufacturing, suggesting discrepancies between official narratives and economic data.

Key takeaways

• The Trump boom predicted for 2026 might need a GPS, given the current economic detours.
• Worsh’s nomination could redefine the Fed—think small government but watch for inflation fireworks!
• Japan's bond yields rising: a subtle warning that US debt's fan club is getting restless.
• Stock market volatility resembles a toddler on a sugar rush: unpredictable yet oddly thrilling.
• When markets don't know night from day, a rate check can send shockwaves—who needs horror movies?

Who speaks in this episode?

• Max (Guest) · 19 min speaking
• Scott Bessant (Guest) · 5 min speaking

What is discussed, and when

1. 0:00 – 5:00: United States (states), Kevin Worsh, Treasury Secretary Scott Bessant, Bank of Japan
2. 5:00 – 10:00: Japan, Mark Carney, Treasury Secretary Scott Bessant, Amazon
3. 10:00 – 15:00: Treasury Secretary Scott Bessant, United States (states), Boeing, North Carolina
4. 15:00 – 20:00: Inflation Reduction Act (IRA), CHIPS and Science Act, Treasury Secretary Scott Bessant
5. 20:00 – 24:01: Amazon

Notable quotes from "Trump Suffers MASSIVE CRISIS AS BAD NEWS HITS"

• Pretty wild headlines from this past week before we dig into our top story today, which is about the state of US manufacturing and how the administration's narrative is…

  about United States (states) · at 1:08

• The biggest news ending the week was the nomination of former Fed Governor Kevin Worsh as the next Fed chair. Fun fact, Worsh is how people in the Delaware Valley say Wash. Anyway, we'll be diving into his career and beliefs in greater.

  about Kevin Worsh · at 1:55

• More to come. Now, heading into the week, the market had a bit of a jump scare. So, late last Friday, the Bank of Japan conducted what's called a rate check. And we haven't…

  about Bank of Japan · at 4:25

• Expected on the heels of a soft holiday season. Others that clearly indicate a massive looming jobs recession. Amazon announced 16,000 layoffs for 2026 with a huge…

  about Amazon · at 7:33

• Bessant was literally in that cabinet meeting saying inflation is under control. Check this one out. This is the producer price index which is a measure of how the prices that…

  about Treasury Secretary Scott Bessant · at 9:03

• President Trump's constant push during the trade deals to sell more aircraft, Boeing is expanding their capacity there by 50%. So, those will be construction jobs that morph…

  about Boeing · at 13:06

• Growth aren't from the big beautiful bill. They're not from Trump's tariffs either. They're from the Inflation Reduction Act and the Chips and Sciences Act. transportation…

  about CHIPS and Science Act · at 15:24

• Trump, who claimed to be the infrastructure guy in his first term, did nothing. So, the investments were sorely needed. But you'll also recall that when the IRA passed, our own…

  about Inflation Reduction Act (IRA) · at 17:31

Who and what is mentioned in this episode?

People

• Treasury Secretary Scott Bessant — Person · Referenced official / subject of critique · 5 mentions · first at 1:22
  Presented via clips and commentary as a key administration voice making claims about inflation and manufacturing; the host disputes his assertions with data.
• Kevin Worsh — Person · Referenced policymaker (Fed chair nominee) · 2 mentions · first at 1:57
  Discussed as the (reported) nominee for next Fed Chair; used to analyze likely monetary-policy direction and political ties.
• Thom Tillis — Person · Referenced politician · 1 mention · first at 2:17
  Cited as a Republican senator conditioning support for the Fed chair process on dropping an investigation of Jerome Powell.
  Republican Tom Tillis has made this the hill that he's going to die on. So if Trump's Justice Department backs off, you can expect smooth sailing for Walsh.
• Ronald Lauder — Person · Referenced political/business connection · 1 mention · first at 3:05
  Mentioned to explain Kevin Worsh’s proximity to Trump via family ties, implying political alignment and influence.
  Personal relationship between their families. See, Worsh is the son-in-law of Ronald Lauder, who's a lifelong friend and staunch ally of Donald Trump.
• Mark Carney — Person · Referenced policymaker / political figure · 2 mentions · first at 6:20
  Cited regarding Canada deepening trade ties with China; used to underscore a ‘rupture’ with the U.S. in trade alignment.
  Undoubtedly paid close attention to, is Kier Starmer's meeting with Xi Jinping of China, following on the heels of Mark Carney's announcement that Canada is deepening its trade…
• Kier Starmer — Person · Referenced foreign leader · 1 mention · first at 6:17
  Mentioned in connection with a meeting with Xi Jinping, used as evidence of allies shifting trade/diplomatic posture toward China.
  Which our Canadian audience has undoubtedly paid close attention to, is Kier Starmer's meeting with Xi Jinping of China, following on the heels of Mark Carney's announcement…
• Xi Jingping — Person · Referenced foreign leader · 1 mention · first at 6:17
  Referenced as China’s leader in the context of UK/Canada outreach to China and shifting global trade alignments.
  Which our Canadian audience has undoubtedly paid close attention to, is Kier Starmer's meeting with Xi Jinping of China, following on the heels of Mark Carney's announcement…
• Nicki Minaj — Person · Referenced celebrity (incidental mention) · 1 mention · first at 0:20
  Appears in a quoted clip as a celebrity referenced at a summit; not central to the macroeconomic analysis.
  Bill, Mr. President, it was an honor to host you and as you said, the best rapper in the world, Nicki Minaj, at yesterday's Trump Account Summit. Sir, when we came in, the…

Companies & orgs

• Bank of Japan — Company · Business focus · 2 mentions · first at 4:29
  Discussed in the context of economic policies and their impact on the US economy.
• Amazon — Company · Business focus · 2 mentions · first at 7:38
  Mentioned in the context of layoffs and corporate restructuring.
• Boeing — Company · Business focus · 1 mention · first at 13:01
  Mentioned in the context of expansion and job creation.
• UPS — Company · Business focus · 1 mention · first at 7:47
  Mentioned in the context of layoffs.
  Huge restructuring at the corporate level actually not in the warehousing which is interesting. UPS cutting a whopping 30,000 employees Verizon 13,000 Nestle 16,000 Intel…
• Verizon — Company · Business focus · 1 mention · first at 7:49
  Mentioned in the context of layoffs.
  Level actually not in the warehousing which is interesting. UPS cutting a whopping 30,000 employees Verizon 13,000 Nestle 16,000 Intel 25,000 among several other announcements.…
• Nestle — Company · Business focus · 1 mention · first at 7:53
  Mentioned in the context of layoffs.
  Which is interesting. UPS cutting a whopping 30,000 employees Verizon 13,000 Nestle 16,000 Intel 25,000 among several other announcements. These kind of mass layoffs aren't…
• Midas Touch Network — Company · Business focus · 1 mention · first at 0:02
  Mentioned as the network hosting the podcast.
  Hey, it's Max from UNFR with this week's macro take for the Midas Touch Network.

Concepts & topics

• Inflation Reduction Act (IRA) — Concept · Key argument · 2 mentions · first at 15:28
  Discussed as a significant legislative act impacting the US economy and manufacturing sector.
• CHIPS and Science Act — Concept · Key argument · 2 mentions · first at 15:30
  Discussed alongside the Inflation Reduction Act as part of economic policies impacting manufacturing.

Places & events

• United States (states) — Place · Setting · 5 mentions · first at 0:29
  Primary location discussed in the podcast, focusing on economic policies and manufacturing sector.
• Japan — Place · Headquarters · 2 mentions · first at 5:14
  Discussed in the context of economic policies and its impact on the US economy.
  More to come. Now, heading into the week, the market had a bit of a jump scare. So, late last Friday, the Bank of Japan conducted what's called a rate check. And we haven't…
• Trump Account Summit — Event · Event · 1 mention · first at 0:21
  Mentioned as an event where economic policies were discussed.
  You mentioned the great economy. One of the things in the One Big Beautiful Bill, Mr. President, it was an honor to host you and as you said, the best rapper in the world…
• North Carolina — Place · Setting · 1 mention · first at 12:52
  Mentioned as a location where manufacturing jobs are being created.
  What we're seeing is a burst in construction jobs because we're seeing record number of factory construction. I was just in my home state of South Carolina a couple months ago.…

Full transcript with timestamps

0:00 Hey, it's Max from UNFR with this week's macro take for the Midas Touch Network.

0:14 You you mentioned the great economy. One of the things in the One Big Beautiful Bill, uh Mr. President, it was an honor to host you and as you said, the best rapper in the world, Nicki Minaj, at yesterday's Trump Account Summit. Sir, when we came in, the Biden administration had destroyed the American people with the three eyes. Immigration, inflation, and interest rates. Immigration, check, you close the border. The inflation, as we've heard, back down to target. Prices are coming down, and interest rates, we hope there's more. We've got gains in wages, low prices, and I think 2026 is going to be the year for the Trump boom. Oh, Scott, seems like just yesterday you said 2025 was the year of the Trump boom. I got to say this week was out of control. Like so much happened on the economic front that I'm dizzy. So, we're going to get into some pretty wild headlines from this past week before we dig into our top story

1:12 today, which is about the state of US manufacturing and how the administration's narrative is completely falling apart with every new data release. And don't worry, we have yet another clip from your and my favorite Treasury Secretary taking to the networks to lie about the numbers in an unsurprising way. There were massive swings in nearly every market this week, from stocks to metals to currency and oil as the world continues its very messy divorce from the United States. A thing that is happening, by the way, and we'll get to as much as we can before pulling back the curtain on the lies surrounding the manufacturing sector.

1:49 So, let's go. The biggest news ending the week was the nomination of former Fed Governor Kevin Worsh as the next Fed chair. Fun fact, Worsh is how people in the Delaware Valley say Wash. Anyway, we'll be diving into his career and beliefs in greater detail in the coming weeks, but expect him to make it through the process with very little opposition if the administration drops its investigation of current chair Jerome Powell. Republican Tom Tillis has made this the hill that he's going to die on. So if Trump's Justice Department backs off, you can expect smooth sailing for Walsh.

2:26 Now, it's an interesting pick that temporarily sparked pretty wild reactions in the market with the dollar stabilizing, hard metals like silver and gold, which had reached record highs recently, crashing down. Silver lost like 30% in one day. So, it's not something to get too caught up in because these markets don't know night from day and all the moves being made by this administration are making things even more chaotic. The broad takeaway is that worse is in favor of a smaller Fed balance sheet and hasn't always been aligned with Donald Trump's vision of low to zero interest rates. But there's no question that he's going to carry water for Trump because of the close personal relationship between their families. See, Worsh is the son-in-law of Ronald Lauder, who's a lifelong friend and staunch ally of Donald Trump.

3:12 So, for my money, the biggest takeaway is that Worsh is a classic Reagan style Hoover Institute Republican. Small government, less regulation, inflation is all that matters in the Fed's dual mandate because if inflation's under control, then jobs will follow. Now, the rub here is that if he toes the line and somehow browbeats the rest of the FOMC into cutting rates, then it would theoretically run the economy hot for a short period of time, which would be inflationary, and that would absolutely demolish an already fragile labor market. But running hot might not be a guarantee because bringing down rates while reducing the Fed balance sheet would be a very confusing signal to the market that would likely increase long-term borrowing rates for the government and wouldn't necessarily boost corporate and consumer borrowing because it would reduce bank reserves.

4:04 So, you might see a lot of commercial real estate financing and refinancing, but it's hard to imagine that the banking system would just suddenly flood the market with loans because rates are low. And look, there's no perfect answer to this, which is why this is hard. It's just an observation that Worsh's belief system doesn't necessarily match the president's beliefs or objectives. So, more to come. Now, heading into the week, the market had a bit of a jump scare. So, late last Friday, the Bank of Japan conducted what's called a rate check. And we haven't spoken since, so I figured we catch up on this. When things happen on a Friday, it's always unnerving because the big markets, like the stock market, can't react in real time. But the futures markets and the overnight currency markets sure did. So, a rate check is when a central bank basically just calls several major currency desks of banks in the United

4:56 States to ask for current rates. And it's a signal that they might be planning to intervene in the currency markets. So the New York Fed, which is the open market operation of our system, did the same thing to Japan and they started calling for a rate check there. So what does this mean to us? Well, Japan is having a bit of a moment. They have their own populist leader now who's looking to stimulate growth and demand after decades of stagnation in the Japanese economy. And it's working because inflation is picking up in Japan, which is leading the Bank of Japan to get a little more aggressive with rates. Now, we've talked about the unwinding of the yen carry trade before, but the bigger story here is that Japan's long-term bond yields are increasing. And if the BOJ suddenly starts expanding its balance sheet, then there could be a flood of investment and capital repatriation into the Japanese

5:48 bond market. And why is this a problem? Because Japan is the largest holder of US debt. And right now, we can't afford to lose any love for US treasuries. So that was the shaky backdrop coming into a week that saw nothing but lousy news for the American people, but a decent week for corporate earnings. Although there's more to that story than meets the eye, which we'll talk about in our top story. Now, our first headline, which our Canadian audience has undoubtedly paid close attention to, is Kier Starmer's meeting with Xi Jinping of China, following on the heels of Mark Carney's announcement that Canada is deepening its trade relationship with China. This will be an evolving story, but this is a stunning turn of events.

6:32 We cannot overstate the impact of this. Our two closest economic allies are going out of their way to court a new partner on the world stage. And not just any world partner, China. So, when Carney called this a rupture, he wasn't kidding. Now, on the domestic front in the US, some pundits were celebrating fewer initial jobless claims from the prior week because we had 209,000 filings. But the only reason it was less than the prior week's numbers is that last week's numbers were revised up to 210 from 200,000. So, we're still going in the wrong direction when you consider that the last jobs report showed only 50,000 new hires. So these are the new normals that we're being told to set our expectations by. Like somehow we're going to grow the economy by shrinking.

7:21 It doesn't make a lot of sense, but oh well. Anyway, here's the thing about these already lousy job figures. There were a flurry of layoff announcements to start the year. Some of which is to be expected on the heels of a soft holiday season. Others that clearly indicate a massive looming jobs recession. Amazon announced 16,000 layoffs for 2026 with a huge restructuring at the corporate level actually not in the warehousing which is interesting. UPS cutting a whopping 30,000 employees Verizon 13,000 Nestle 16,000 Intel 25,000 among several other announcements. These kind of mass layoffs aren't reactionary, they're planned. So, the reason that's important is because they've made these decisions based on last year's information and what they expect for future quarters.

8:12 But there's another measure that's more real time that offers insight into what might be coming down the road, and that's consumer confidence, which also came out this week, and it was a stunner. The top line is how people feel right now, and the bottom one is where people think things are headed. Both are back to prefinancial crisis levels. And in a consumer-based economy, this means that the consumer is already in the process of tightening their wallets because they think things are about to get worse, not better. These figures represent how consumers feel about their employment and their wage prospects.

8:50 Basically, their personal level of economic security. Well, they're about to be proven right whether their employment status changes or not. Because the biggest holy moment came out right about the time that Scott Bessant was literally in that cabinet meeting saying inflation is under control. Check this one out. This is the producer price index which is a measure of how the prices that domestic producers receive for their goods and services change over time which captures inflation from the sellers perspective rather than the buyers. And the reason this is important to us is that it's a very reliable indicator of core inflation to come usually by about 60 days. This is crazy. So this is basically like between the warehouse and the retailer. And it's a little misleading because it's labeled as services, but that just means that it's post raw material or postimported component. So think back over the year

9:46 when Trump officials were like, "See, no inflation from tariffs." Well, as far as you and I were concerned, they were right to an extent. I don't want to go all the way down the rabbit hole on this one because we've done it before, but the evidence show that we would have been in a deflationary environment with inflation down much lower than it is without the tariffs because it's still around 3%. But what this does show is that it was there all along, but the manufacturers and the warehouses and the importers were absorbing them because they didn't think they could pass it along to the already stressed out consumer. Now, keep this in mind when we get to our top story. Anyway, this chart with, let's put it up again. This chart shows that they can't do it anymore.

10:28 They can't keep absorbing it. So, they're finally passing the costs to the consumer, which means that inflation is guaranteed to pick back up in the coming months, unless something absolutely catastrophic happens to plunge us in a sudden 2008 or COVID-like recession. And that dovetales into our last headline before we get to our main story, which is related to what we just discussed, the balance of trade. One of the more shocking releases that flew by in the torrent of other bad news was the reversal in our trade balance with imports climbing and exports declining on a relative basis. So now taken in isolation, it's not a huge deal because you'll notice that it's not out of line with prior periods, but it's a huge reversal from the last month that Trump was touting as a sign that his tariff policies were working to boost exports.

11:22 even though we showed that the main export that left the country was gold. Whole other story, but anyway. So, we didn't hear much out of the administration on this one for obvious reasons. And what this shows is that we've started to resume importing more goods because inventories are likely running down after the massive front running earlier in the year. But the bigger issue is that it also shows that exports are declining again in relative terms. So this is going to have a negative impact on GDP for starters. But also that whole notion that you can reinvigorate the US manufacturing sector through tariffs alone is as we expected and everyone predicted hogwash boulder dash inconceivable.

12:05 So, with that, you are armed and ready for our top story today about how Trump's economic policy, designed exclusively to boost US manufacturing and production, is actually destroying it at every turn. Let's hear once again from my favorite character in Trump's Bizarro Multiverse.

12:27 You've got tariffs that have been in place since April. Um, and the idea is to bring back manufacturing jobs. But in fact, every month, according to the data from the Fed, every month since April, we've actually had a decline in manufacturing jobs in the country. Well, that those are the manufacturing jobs. What we're seeing is a burst in construction jobs because we're seeing record number of factory construction. I was just in my home state of South Carolina a couple months ago. There's a rare earth magnets factory, 800 construction jobs, it could morph into 3,000 factory jobs. I was just at the Boeing plant in Charleston. Thanks to President Trump's constant push during the trade deals to sell more aircraft, Boeing is expanding their capacity there by 50%. So, those will be construction jobs that morph into factory jobs. So, I could not be more upbeat about the prospects for manufacturing for the

13:24 economy in 2026. Okay, there's a lot here as we'll demonstrate when we dig into the numbers, but let's level set in true macro take form. The entire promise of a Trump economy is predicated on manufacturing. First term, second term, yelling at Biden in between. The whole idea was to boost domestic production and bring back the jobs. jobs in the auto industry. We're going to be first in AI, the infrastructure president. We were going to be winning so much in so many places that we would lose track. And in fact, they're already claiming victory. As you just heard from Scott Besson, sadly for them, their own government numbers betray them. So these are real numbers as published by the Census Bureau. The headline construction figures are negative. What you're looking at here is the composite of residential and non-residential construction figures and it shows that overall construction is down year

14:20 overyear in both sectors. So now I've highlighted the areas that have experienced growth which are religious, recreation transportation power sewage and waste disposal, water supply and conservation. Hold that thought. So the important figure from this slide is that manufacturing construction, which is what Bessant is touting, is down 9.6% yearover-year. Think about that. The entire tariff regime is supposedly designed to reshore manufacturing and get production back into the United States. And we're three full quarters past Liberation Day, and the trend is going in the wrong direction, like a lot. But let's talk about those growth areas.

15:04 If you look at the growth period, you'll notice that it was in the last two years of Biden's term. Since then, growth has flatlined and private construction spending has actually declined. The only area that has increased marginally is public spending. So, put these two together. The areas of construction growth aren't from the big beautiful bill. They're not from Trump's tariffs either. They're from the Inflation Reduction Act and the Chips and Sciences Act. transportation, power, sewage and waste disposal, water supply, and conservation. These are explicitly agenda items from Biden's signature bills. And a recent Times article that I'll link in the notes acknowledges that factories are still being built. Yes, but most of the activity is related to semiconductor construction boosted by 50 billion in subsidies under Biden. And now surveys show that investment outside of the big hyperscalers might slow

16:03 because of interest rate and tariff uncertainty because we still need imported components in raw materials to build and we need debt to finance construction. But this also illustrates the central issue that I among many others took during Biden's term with his bottomup middle out strategy. So, I said at the time that the biggest risk to Biden winning a second term was that they gutted the populist programs like the direct child tax credit payments, renewable energy subsidies, and prescription drug coverage plans that would have had an immediate impact on household finances and security. But thanks to Kirstston Cinema and Joe Mansion and the lack of balls in the in the Biden administration, all of these things were gutted. And that's the thing about the areas of the economy that are growing. They are all related to Biden's industrial policy. Everyone knew that the seeds planted under the IRA needed

16:59 at least 10 years to blossom. So to the extent that we see any green shoots popping up, those are Biden's. So for Bessant to claim that these are Trump's gains is just pure bad faith. Now, they retained a good deal of the IRA spending in the big beautiful bill and have committed further to investments into data center construction. But let's be clear about what they accomplished before we talk about the downside risks of this strategy. The IRA infrastructure investments were already overdue because Trump, who claimed to be the infrastructure guy in his first term, did nothing. So, the investments were sorely needed. But you'll also recall that when the IRA passed, our own budget office said that the money was insufficient to cover the domestic repairs that we needed, but it was a good start. And that's the point here.

17:50 These construction gains are in the municipal arena, not a reflection of investments into private manufacturing and factories. And we're all now aware of the downside concentration risk of going heavy into data centers, which many argue is the sole reason for our positive GDP growth in 2025. Not only is the environmental toll enormous, but it's increased energy prices for every American. As this article in the Council of Foreign Relations acknowledges, this single-minded focus on data centers without bolstering the grid and retaining the subsidies for renewable energy is boosting electricity demand and prices. As a result, construction is getting more difficult because of Trump's immigration crackdown, and we're losing quality engineers that will ultimately be needed in this sector due to the decrease in H-1B visas. So they've also noted here that we have 50% tariffs on critical components for the

18:47 data centers themselves like and the electric grid like steel, aluminum, and copper wires. So I'll link this one in the notes as well. So what exactly is Trump's economic and industrial policy if the anemic gains that we do have are all attributed to data centers and all from Biden? And let's remember that we're pinning our hopes on data centers that if successful will put millions of Americans out of work by design. And if they're not, then the capital bubble is going to pop and tank the markets. So all in, this is a bad bet. As it is, US household electricity costs increase 12.7% in the first three quarters of 2025 alone, and there's no sign of it slowing down. Experts estimate that natural gas costs will increase by 4% in 2026, adding fuel to the fire, punfully intended. And that is torching the consumer right now. Add to the mix of severe weather shock that's gripping most of the country right now, and it's

19:46 almost certain that these figures will be adjusted upward in the coming weeks. So after the big beautiful was passed last summer, experts had predicted that US households would incur $170 billion more in energy charges due to the loss of renewable subsidies and the focus on building out these data centers across the country. And it seems likely that this will indeed come to pass now that we're several months into this very regressive and dangerous energy policy that halted crucial Biden era policies designed to wean us off fossil fuels.

20:20 Even though these efforts were sorely underfunded and watered down by the conservative wing of the Democratic party, the so-called AI hyperscalers have also now revealed that they're doubling down on AI related capital expenditures in 2026 with Wall Street beginning to come to the conclusion that the payoff might be more sizzle than stake. In other words, there isn't one. It's one of the reasons why the large tech companies are pivoting to a debt strategy. Now, the big five alone, Oracle Amazon Alphabet Meta and Microsoft are expected to raise $140 billion in the bond market in 2026. Now, these companies can handle this increased debt burden due to the size of their balance sheets. But with the total outlay for data center construction expected to top $600 billion this year, these are staggering sums that will continue to pressure the energy grid and undoubtedly build on the already outrageous requests for increases from

21:18 the utility companies across the country. Now add geopolitical risks to the equation. According to drop site news, the Trump administration is indeed preparing for some sort of military action in Iran and potentially Cuba as we predicted after the invasion of Venezuela. This would be catastrophic on a number of fronts obviously, but from a purely economic standpoint, it would definitely cause a shock to oil prices. Now, as it is, Brent and WTI crude prices have risen sharply to $69 and $65 per barrel, respectively, in recent weeks, which has completely reversed the downward trend from 2025 and thwarted analyst projections. See, until now, this has been Trump's sole victory, although it's a pirick one. Suppressed oil prices have tamped down on inflation, giving Trump the ability to claim that his tariff policies have been a success. But the narrative is falling apart across the board because input

22:21 prices, as we've seen, are elevated and getting higher. Inflation is stuck nearly a full point above the Fed's 2% target. And the PBI indicates that we're 60 days away from feeling the brunt of this. Now, the unintended but obvious consequences of this ludicrous tariff regime was that it crushed demand and led to a global economic slowdown. So, as a result, that's why oil prices tanked. Like I said, a pirick victory if ever there was one. But now Trump's foreign policy chickens appear to be heading back to the coupe. They're not fully roosting yet because if they were, oil would be skyrocketing above $80 to $90 per barrel. But they're already above resistance level. And if they continue to break out because we invade Iran or do something like that, we could be on for a full inflationary spiral.

23:10 Hey, MAGA, are we winning yet? All right, that's it for us today. Links to everything that we discussed are in the notes below. Also, make sure to check out my recent piece on Scott Besson over on our YouTube channel at UNFR, where we go further into detail on his track record and his mismanagement of the economy. You can also sign up for our free weekly newsletter at UNFTR.com. And while you're there, peruse stories and information that we have there. Dig through our archive of podcasts, our essays, and our progressive resources.

23:39 Thanks as always to the mightest mighty. Stay safe, stay warm, and I'll catch you online.

23:44 Want to stay plugged in? Become a subscriber to our Substack at midasplus.com. You'll get daily recaps from Ron Filipowski, add free episodes of our podcast, and more exclusive content only available at midasplus.com.

Questions about this episode

Who speaks in "Trump Suffers MASSIVE CRISIS AS BAD NEWS HITS"?

Max (Guest), Scott Bessant (Guest).

What is "Trump Suffers MASSIVE CRISIS AS BAD NEWS HITS" about?

The discussion focuses on the current economic challenges facing the U.S., including issues of immigration, inflation, and interest rates, while expressing skepticism about the Biden administration's claims regarding recovery. Additionally, it highlights the nomination of former Fed Governor Kevin Worsh as the next Fed chair and critiques the state of U.S. manufacturing, suggesting discrepancies…

What is mentioned in this MeidasTouch episode?

21 people, works and ideas are mentioned, including United States (states), Treasury Secretary Scott Bessant, Inflation Reduction Act (IRA), Kevin Worsh, CHIPS and Science Act, Bank of Japan. Each one on this page links to its own page with every episode that mentions it.

How long is "Trump Suffers MASSIVE CRISIS AS BAD NEWS HITS"?

The episode runs 24 min; the transcript is about 3,970 words in 32 timestamped sections.

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