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Ryan Cohen, CEO and Chairman of GameStop, chooses not to receive any compensation for his role. He bought into the company with his own money and only seeks appreciation of his shares. GameStop's recent SEC filing reveals that 25% of the company is held by loyal shareholders who have directly registered their shares. This is a unique situation as individual investors collectively own more of the company than all institutions combined. After the short squeeze in 2021, people started uncovering corruption in the financial markets. The speaker plans to make more videos about what happened and the connections between GameStop and the larger financial system.

Speaker 0 uses a casino analogy to describe how Bitcoin and crypto markets operate. They say: it’s like a casino chip. When you go into a casino and place a wager, you exchange dollars for chips, you gamble, and you can either win money or lose money. At the end of the session, you cash in your chips for dollars and leave. In the crypto world, Bitcoin functions similarly to that casino chip. The speaker notes that, in practice, people use dollars to buy Tether, a stablecoin, and then use Tether to buy Bitcoin. This leads to the claim that Tether effectively serves as the currency of the crypto world, or at least a primary vehicle through which value moves into Bitcoin. The sequence is described explicitly: people buy Tether with dollars, then they use that Tether to purchase Bitcoin. The implication is that the path from dollars to Bitcoin typically runs through Tether, rather than using dollars directly. Regarding gains and losses, the speaker emphasizes that Bitcoin can generate profits or incur losses just like a casino chip does when you gamble. The parallel is drawn between the financial risk and potential reward in gambling and in holding or trading Bitcoin. When it comes to exiting the crypto position, the speaker explains that there are practical steps to convert crypto back into traditional currency. To exit the “casino,” you would sell Bitcoin, usually for Tether, and then redeem that Tether to obtain dollars. In addition to these once-for-trade dynamics, the speaker mentions that certain banks act as portals between the crypto world and the real-world dollar system. These banks enable you to extract dollars, which you can then use for purchases such as a house or stocks, underscoring the bridge between crypto holdings and traditional financial activities. Overall, the comparison frames Bitcoin as a gambling-like instrument that relies on Tether as a stable intermediary currency, with potential for both gains and losses, and with a defined process to convert back to dollars through Tether and bank-facilitated exchanges. The closing sentiment reinforces the view that the casino-chip analogy captures the essence of Bitcoin’s role in the crypto ecosystem.

Keith Gill, also known as Roaring Kitty, increased his GameStop shares from 200,000 to 5,000,000, now valued at $115,000,000. He also bought $65,000,000 in call options. Despite critics, he continues to hold and believes in the stock's potential. This is not financial advice, but a reminder to make informed decisions and understand the risks involved in investing. GameStop is a complex buy and hold strategy, but with support from individuals like Gill, the community remains strong and committed.

GameStop CEO Ryan Cohen discussed an auction of a stapler and damaged Nintendo Switch from a store event, currently bid at $250,000. If bidding reaches seven figures, Cohen will personally deliver signed underwear to the winner in Miami, including a McDonald's trip. Cohen stated GameStop is now more profitable, smaller, and has a strong balance sheet, shifting focus to trading cards and collectibles. GameStop has invested over $500 million in Bitcoin as an inflation hedge. With over $9 billion in cash and marketable securities, GameStop will seek opportunistic investments with limited downside. Cohen noted his lack of compensation aligns him with shareholders, criticizing excessive executive pay. Cohen believes people should be allowed to invest how they want, but understands the risks. He is a passive investor in Apple and Wells Fargo. He sees Apple as the strongest brand but needing AI improvements. Cohen sees opportunities to use cryptocurrency for trading card purchases and transactions.

Ryan Cohen, CEO and chairman of GameStop, stands out as the lowest paid CEO in corporate America, choosing not to receive any compensation. In contrast, CEOs like Elon Musk, Larry Ellison, and Mark Zuckerberg receive significant pay packages. GameStop's unique situation is highlighted by the fact that insiders hold 12% of the stock, while institutions hold only 28%. GameStop investors, known as Game Stoppers, have directly registered their shares, preventing short sellers from borrowing them. The aftermath of the short squeeze in 2021 led to uncovering corruption in the financial markets, prompting further investigation. More videos will be made to delve into this complex story.

Including Bitcoin in our strategic reserves makes sense alongside gold and oil. I propose the Bitcoin Act, which would involve purchasing about 200,000 Bitcoin annually by converting existing funds and holding them for 20 years. If we acquire around 1 million Bitcoin, approximately 5% of the total supply, we could potentially reduce our national debt by half in two decades. This strategy allows us to invest in an appreciating asset while the dollar depreciates, ultimately strengthening the US dollar as the world's reserve currency. It serves as a hedge against inflation and reinforces our position on the global stage.

Aaron Day discusses the Epstein files’ implications for Bitcoin and global finance, presenting a tightly linked web of players and events. - The hijacking of Bitcoin is framed as a deliberate shift from Bitcoin’s original vision of peer-to-peer digital cash to digital gold and a store of value for Wall Street, with slow, expensive transactions for everyday use. The article on brownstone.org, “the hijacking of Bitcoin,” by Aaron Day, is central to this claim. - Original Bitcoin vision and early adoption: Bitcoin’s white paper envisioned peer-to-peer digital cash, a global currency usable for day-to-day purchases with low transaction fees. By 2017, major retailers accepted Bitcoin (Overstock.com, Microsoft, Expedia, Subway franchises), and Bitcoin was faster and cheaper than traditional systems. By late 2017, average transaction fees rose to about $50 and finalization times stretched to 7–10 days, leading to a shift in narrative toward Bitcoin as digital gold and a store of value. - The block size fight (2015–2017) and its subversion: The discussion centers on the block size debate and the decision to throttle Bitcoin to seven transactions per second by capping blocks at one megabyte. Blockstream, a for-profit company founded by early Bitcoin Core developers, is described as promoting second-layer solutions and benefiting from smaller block sizes. The original vision called for higher throughput and scalability, but Blockstream allegedly aligned with interests favoring smaller blocks and second-layer implementations. - MIT funding and Epstein’s involvement: Brock Pierce, who served as chair of the Bitcoin Foundation, allegedly advised Jeffrey Epstein on cryptocurrency starting from a 2011 MindShift Conference at Little Saint James Island. Epstein’s influence extended into funding core Bitcoin developers through MIT after the Bitcoin Foundation collapsed in 2015. Joy Ito, head of MIT, allegedly exchanged emails indicating Epstein’s money was earmarked to fund named developers (Gavin Andresen, Vladimir Vanderland, Corey Fields). Epstein’s funding coincided with MIT taking over developer funding as the Bitcoin Foundation waned. - Brock Pierce’s intertwined roles: Brock Pierce is linked to Epstein, the Bitcoin Foundation, Blockstream, and Tether. Pierce’s trajectory includes cofounding Tether, a stablecoin, and later pressuring the narrative shift to digital gold. Blockstream’s investors included traditional finance figures tied to Epstein’s network. Epstein allegedly invested in Blockstream before the Bitcoin Foundation’s collapse, and Blockstream benefited from a Bitcoin ecosystem that would throttle block sizes. - Tether, stablecoins, and price manipulation claims: Pierce co-founded Tether, a stablecoin whose 1:1 peg to the dollar is claimed to have been maintained without full backing. A University of Texas study reportedly found that over 50% of Bitcoin’s 2017 price appreciation was due to Tether being used to buy Bitcoin. The CFTC and New York State investigations allegedly found Tether not fully backed, with as little as $0.26 backing per $1 in circulation according to those findings. Tether’s role is tied to Bitcoin’s price rise and the store-of-value narrative. - Howard Lutnick and the Genius Act: Howard Lutnick, Epstein’s ally and neighbor, is described as having funded Tether (Cantor Fitzgerald reportedly invested $600 million), with Cantor Fitzgerald gaining an exclusive contract to manage U.S. treasuries backing Tether. Lutnick reportedly lied about his ties to Epstein during Senate testimony and later became Commerce Secretary after involvement with Bo Hines, a crypto adviser who helped draft the Genius Act. The Genius Act purportedly requires private stablecoins to be backed by U.S. treasuries and to comply with financial surveillance, benefiting Lutnick’s firm, which manages treasuries. The Genius Act is portrayed as a backdoor to a centralized, surveilled monetary system, and the act positions stablecoins as a key funding mechanism for U.S. debt (billions added to treasury issuances). - The Clarity Act and tokenization fears: A forthcoming Brown Center Institute piece on the Clarity Act is described as not just about crypto rules, but about tokenizing everything—stocks, 401(k)s, commodities, oil, agriculture, and eventually real estate—under centralized surveillance. The Clarity Act is presented as enabling programmable, trackable, censorable digital tokens for all owned assets, with BlackRock’s Larry Fink cited as indicating widespread tokenization. The Clarity Act is said to be moving through Congress after passing the House. - Broader implications and calls to action: The interview frames technocracy, digital currencies, and centralized tokenization as accelerating far more quickly than imagined. Aaron Day advocates publicizing and understanding how corrupt arrangements and tokenization schemes integrate Epstein’s network with MIT, Blockstream, Tether, and political leadership. The proposed personal strategies include exiting fiat, avoiding government-regulated stablecoins, using privacy coins, gold, and silver; exploring private healthcare and medical tourism; forming trusts; and building parallel systems to reclaim free will amid what is described as technocracy. - The conversation closes with references to continuing coverage and a promised deeper dive into the Genius Act and Clarity Act, accompanied by show notes and links at corbettreport.com/epstein Bitcoin and brownstone.org.

Lieber, your target is 50. How do we get the 50 on GameStop? Well, first of all, it's it's this is all about financial engineering, and I think this is a subject people should study up on. We bought Bitcoin because of financial engineering. We traded AMC and and Trump media because of financial engineering, and now it's GameStop. Ron Cohen, again, great interview on your show not too long ago. He he this guy's only been CEO for two years, and he's completely transformed this company. So funds we think on the fundamentals, the stock is going to 50. the real story here now is he's turning this thing into a profitable company. Again, financial engineering, they've got $9,000,000,000 in cash on $11,000,000,000 market cap company. In my career, forty years, I've never seen anything quite like this story. We love it here. We're buying it aggressively.

Ryan Cohen described where talks stand after an offer made “yesterday.” He said the bid is $125 per share, with “half cash, half stock.” He explained the structure as giving existing shareholders $28,000,000,000 in cash (about a 40% premium from the time buying began) and rolling the remainder into the combined GameStop and eBay company, with Cohen saying he will be running eBay and expects the earnings power to “increase substantially” and the platform to be able to grow after stagnating over the last decade. On the “big vision” for the combined entity, Cohen emphasized collectibles—trading cards and collectibles—particularly the need for trust and authenticity. He said GameStop has 1,600 stores that can authenticate items in live commerce using physical infrastructure and that sellers could ship or GameStop could ship. He also discussed increasing product intake by bringing more inventory onto the platform. He cited live commerce as an additional growth area, arguing that eBay has a large user base (he referenced “130,000,000 users”) that competitors have struggled against in live commerce. He said live commerce would involve partnering with creators, improving the platform’s technology and UI consistency, and building the incentive structure for creators so the integration is “deeply” connected rather than relying on simple referral codes. Cohen addressed why eBay might not have been pursued more and said that some strategic players had “circled around” earlier but nothing happened, and he stated large competitors wouldn’t be able to clear antitrust, while he believed a merger could receive regulatory clearance. He described efficiency plans using GameStop as an example, saying he “breathed a lot of life” into a business he called a “dog,” including pulling back “SG&A by 47%” and making marketing more efficient. He said eBay spends large amounts on sales and marketing and corporate overhead, and he claimed many marketing spend decisions don’t translate into profit, framing it as perverse incentives and job protection. He also said he would not run a “leverage business,” would pay down debt, increase earnings, and make cost-cutting happen quickly. When asked about inspiration from Elon Musk and Twitter’s take-private, Cohen discussed Twitter’s situation in terms of advertisers and said engineering teams move faster with smaller groups. On LLMs, he said eBay’s business model is more certain than most tech businesses and that eBay is unlikely to be disrupted, also saying he expects continued durability despite limited innovation. Cohen said that if an M&A deal doesn’t occur, he’s still looking at ways to protect his investment and improve the business, with an emphasis that his goal is owning and running eBay rather than being an activist. He referenced Chewy as a comparable “on steroids” model and suggested eBay has “much more runway,” including global potential. He said his compensation is “based on performance, 100%,” tied to market-cap thresholds, and he said he hasn’t taken salary or bonuses. He also raised internal alignment and potential friction: he said he is cutting marketing spend and believes the board may dislike his calls on board fees, and he discussed a GameStop career-page listing for a “personal assistant,” describing it as a benefit using company resources and saying he personally pays for his assistant. Regarding deal logistics, Cohen said the cash is accounted for today via a highly confident bank letter for “$20,000,000,000 plus,” plus “9,000,000,000 of cash,” and the remainder would be rolling equity into the combined company. He said he wants to own eBay at $125 per share but believes it could be worth much more if he runs it, and he said he would roll 100% of the equity. He discussed eBay’s digital marketplace ambitions, stating eBay is already buying and selling digital items but fraud and chargebacks remain issues, and he said digital gaming is a “huge opportunity.” On AI internally, he said he’s seen eBay make listings easier by generating product descriptions, but he said selling still involves many steps and is “too difficult,” and he pointed again to GameStop’s store footprint as a way to increase intake and simplify real item listings. He said the GameStop store footprint could expand or shrink depending on lease utility, traffic, and profitability, with short-term leases (two to three years). He also discussed a possible partnership where GameStop authenticates rare collectibles for a price funded by eBay, saying it would take “$0 in CapEx,” but also said he reached out to eBay earlier and it “never gained any traction,” citing lack of urgency. He mentioned mutual retro gaming growth, saying their retro business in stores is still small but growing, with “return rates” described as high. For the rest of the week, he said it was largely “in their court.”

Mario and Jeff discuss what the current geopolitical and monetary environment means for gold, the US dollar, and the broader system that underpins global finance. - Gold and asset roles - Gold is a portfolio asset that does not compete with the dollar; it competes with the stock market and tends to rise when people are concerned about risky assets. It is a “safe haven store value” rather than a monetary instrument aimed at replacing the dollar. - Historically, gold did not reliably hedge inflation in 2021–2022 when the economy seemed to be recovering; in downturns, gold becomes more attractive as a store of value. Recent moves up in gold price over the last two months are viewed as pricing in multiple factors, including potential economic downturn and questionable macro conditions. - The dollar and de-dollarization - The eurodollar system is a vast, largely ledger-based network of US-dollar balances held offshore, allowing near-instantaneous movement of funds. It is not simply “the euro,” and it predates and outlived any single country’s policy. Replacing it would be like recreating the Internet from scratch. - De-dollarization discussions are driven more by political narratives than monetary mechanics. Central banks selling dollar assets during shortages is a liquidity management response, not a repudiation of the dollar. - The dollar’s dominance remains intact because there is no ready substitute meeting all its functions. Replacing the dollar would require replacing the entire set of dollar functions across global settlement, payments, and liquidity provisioning. - Bank reserves, reserves composition, and the size of the eurodollar market - The share of US dollars in foreign reserves has declined, but this is not seen as a meaningful signal about the system’s functionality or dominance; the real issue is the level of settlement and liquidity, which remains heavily dollar-based. - The eurodollar market is enormous and largely offshore, with little public reporting. It is described as a “black hole” that drives movements in the system and is extremely hard to measure precisely. - Current dynamics: debt, safety, and liquidity - The debt ceiling and growing US debt are acknowledged as concerns, but the view presented is that debt dynamics do not destabilize the Treasury market as long as demand for safety and liquidity remains high. In a depression-like environment, US Treasuries are still viewed as the safest and most liquid form of debt, which sustains their price and keeps yields relatively contained. - Gold is safe but not highly liquid as collateral; Treasuries provide liquidity. Central banks use gold to diversify reserves and stabilize currencies (e.g., yuan), but Treasuries remain central to collateral needs in a broad financial system. - China, the US, and global growth - China’s economy faces deflationary pressures, with ten consecutive quarters of deflation in the Chinese GDP deflator, raising questions about domestic demand. Attempts to stimulate have had limited success; overproduction and rebalancing efforts aim to reduce supply to match demand, potentially increasing unemployment and lowering investment. - The US faces a weakening labor market; recent job shedding and rising delinquencies in consumer and corporate credit markets heighten uncertainty about the credit system. This underpins gold’s appeal as a store of value. - China remains heavily dependent on the US consumer; despite decoupling rhetoric, demand for Chinese goods and the global supply chain ties keep the US-China relationship central to global dynamics. The prospect of a Chinese-led fourth industrial revolution (AI, quantum computing) is viewed skeptically as unlikely to overcome structural inefficiencies of a centralized planning model. - Gold, Bitcoin, and alternative systems - Bitcoin is described as a Nasdaq-stock-like store of value tied to tech equities; it is not seen as a robust currency or a wide-scale payment system based on liquidity. It could, in theory, be a superior version of gold someday, but today it behaves like other speculative assets. - The conversation weighs the potential for a shift away from the eurodollar toward private digital currencies or a mix of public-private digital currencies. The idea that a completely decentralized system could replace the eurodollar is acknowledged as a long-term possibility, but currently, stablecoins are evolving toward stand-alone viability rather than a wholesale replacement. - The broader arc and forecast - The trade war is seen as a redistribution of productive capacity rather than a definitive win for either side; macroeconomic outcomes in the 2020s are shaped by monetary conditions and the eurodollar system’s functioning more than by policy interventions alone. - The speakers foresee a future with multipolarity and a gradually evolving monetary regime, possibly moving from the eurodollar toward a suite of digital currencies—some private, some public—while gold remains a key store of value in times of systemic risk. - Argentina, Russia, and Europe - Argentina’s crisis is framed as an outcome of eurodollar malfunctioning; IMF interventions offer only temporary stabilization in the face of ongoing liquidity and deflationary pressures. - Russia remains integrated with global finance through channels like the eurodollar system, even after sanctions; the resilience of energy sectors and external support from partners like China helps it endure. - Europe is acknowledged as facing a difficult, depressing outlook, reinforcing the broader narrative of a challenging global macro environment. Overall, gold is framed as a prudent hedge within a complex, interconnected, and evolving eurodollar system, with no imminent replacement of the dollar in sight, while the path toward a multi-currency or digital-currency future remains uncertain and gradual.

There will only ever be 21 million Bitcoin. Bitcoin's value is based on belief, just like the dollar's value. Bitcoin is an asset class and hard money. Countries, companies like Mara and MicroStrategy, and financial institutions will hold Bitcoin. Once US banks can custody and collateralize Bitcoin, its price will explode.

There will only ever be 21 million Bitcoin. Bitcoin's value is based on belief, just like the dollar's value. Bitcoin is an asset class and hard money. Countries, companies like Mara and MicroStrategy, and financial institutions will hold Bitcoin. Once US banks can custody and collateralize Bitcoin, its price will explode.