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The speaker says, “You are going to see a crack in the bond market. Okay? It is going to happen. And I tell this to my regulators, some of whom are in this room, I'm telling you what's gonna happen, and you're gonna panic. I'm not gonna panic. We'll be fine. We'll probably make more money, and then some of my friends will tell me that we're that we cause we like crises because it's good for JPMorgan Chase.”

I work in risk management at MBS. We're making complex mortgage products quickly, but it takes a month to layer them correctly. This means we hold risky assets longer than ideal. If these assets drop by 25%, we'd lose more than our market value. The boss is worried we're in trouble. He's paid to predict the future, but right now, he hears nothing but silence.

Do you personally expect a recession? I am gonna defer to my economists at this point, but I think probably that's a likely outcome. I always remind people markets aren't always right, but sometimes they are right. I think this time they are right because they're just pricing uncertainty at the macro level and uncertainty at the micro level at the actual company level. and then how it affects consumer sentiment, it's hard to tell. You know, consumers still have jobs. Wages are going up the low end, which I think is a good thing. But if companies start cutting back, yeah, the consumer sentiment changes and business sentiment changes. You know, I think you've already seen business sentiment change a little bit. Hopefully, you know, no one's wishing for that, but, you know, hopefully, if there is one, it'll be short.

I am a postal worker. The mail never stops, it's relentless. It piles up every day, more and more. You gotta keep delivering, but it keeps coming in. The bar code, the clearinghouse.

As a policy advisor for the Treasury, I work on national security risks, monitoring investments into the US. Recently, Doge gained access to the Treasury to cut waste. I think we're an easy target, and there are people here who don't do much. My colleagues and I are worried about Doge and potential firings. What Elon is doing feels like government-sanctioned harassment. People here think it's not going to fire the right people, it's going to fire the wrong people. Many of us in my office are worried about being fired, especially the new hires. Some people care more about money than the country. I also feel that Doge shouldn't have access to the Treasury due to national security risks. No one knows what they want to do with the system. Giving people access to information creates vulnerabilities.

There is a pool of $50,000,000 in subprime loans. The market for insuring mortgage bonds is 20 times bigger than actual mortgages. If the mortgage bonds were the match, CDOs were kerosene soaked rags, then synthetic CDOs were the atomic bomb. Mark Baum realized the world economy might collapse at that moment in a restaurant.

Our financial systems are antiquated. We're unable to track trillions of dollars in transactions. Information sharing is severely limited by outdated and incompatible technological systems.

It's astonishing that the people responsible for the financial collapse are shaping the bailout. Historically, such failures resulted in job loss. Large-scale financial losses usually involve criminal activity, yet a criminal investigation is absent. We need to uncover what happened, determine if laws were broken, and identify systemic failures. I want accountability—not just blame, but a commitment to preventing future occurrences. We need to know who did what, and how to fix the system.

Clayton introduces a concern about a new set of Wall Street mechanisms that could profit from a future economic disruption, likening it to preparations seen before the 2008 housing collapse. He invites economist David Morgan, author of the Morgan Report and Second Chance, to unpack what’s happening and how it relates to past crises. David Morgan presents a top-down view of the current environment. He argues that inflation is not going away and is embedded in the system, requiring debasement to survive. The core message is that sound money equals freedom; fiat currency systems historically end with loss of purchasing power, and gold and silver are money outside the system. Debt levels globally are beyond anything in history, central banks are trapped, and rates cannot stay high; yet rates cannot stay low in a way that would quell inflation, creating a dilemma for the market. He suggests the market may ratchet higher inflation even as rates go higher, requiring yields that entice holders to retain dollars longer. He notes a growing social and political awakening, but emphasizes that the economic setup tends to widen the wealth gap, portraying the moment as revolution-time. Clayton cites Moody’s lowering its outlook on US BDCs from stable to negative and uses the Big Mac index as an illustration of currency debasement. He asks how the same mechanisms seen with credit default swaps in 2008 are reappearing, but this time relating to private credit rather than mortgages. Morgan explains that insiders can influence the market and use leverage through financial instruments, including ETFs with two- or three-times leverage. He notes the investment banks underwrite many derivative products and can disseminate information counter to the direction they want the market to move, then position themselves to benefit. He asserts that following the money is often closer to the truth than other methodologies and that insiders front-run common narratives through signaling. Regarding information flow, Morgan says “wars are bankers’ wars” and that insiders signal the likely direction of oil and interest-rate markets, using outsized options activity ahead of political shifts to steer market outcomes. He describes a pattern where private sector bets help shape market moves, suggesting a lack of transparency in how information is released and acted upon. The key mechanism now, Morgan argues, is a hedge against trouble in the private credit market, rather than mortgage bets of 2008. Private credit refers to loans outside the traditional banking system—capital from investment funds, pension funds, wealth managers, private equity—that lend at high rates. He stresses that private credit is illiquid, not publicly traded, and often not transparently valued, making it vulnerable to mark-to-market distortions and execution risk. The loans typically involve real estate and other private investments; many are not easily sold, and private loans may be carried at par even when their real value has declined. Morgan cautions that federal backstops for private equity are uncertain; bailouts depend on who is connected within the system, echoing concerns about favoritism over pure capitalism. He argues that higher interest rates would squeeze private equity liquidity and raise defaults, exposing a fragile, yield-driven market sustained by easy money. He maintains that private credit represents claims on future cash flows that may not materialize, making the system highly sensitive to confidence and liquidity. In closing, Morgan reiterates that no one is exempt from potential systemic failure, even if an individual believes they are insulated. The overall message emphasizes heightened risk in private credit, potential defaults, and the possibility of a broader market disruption that could impact ordinary Americans through higher rates and tighter liquidity.

Real estate is very slow in Des Moines, Iowa, and agents can't explain why. The speaker says people in trucking and other industries report it's the slowest they've ever been. After posting a video about this, the speaker received many messages from people across the country saying the same thing: business is extremely slow. The speaker questions how this aligns with the stock market hitting records. Despite high prices, high rates, and the declining value of money, the stock market is thriving. The speaker is considering pulling all their money out of stocks, fearing a major crash is coming soon due to the current chaos and record stock market highs.

I'm a Wall Street doctor. I want to bet against the housing market. Concerned about payment if bonds fail. Bank offers pay as you go structure. Agree to 100,000,000 in credit default swaps. Will send paperwork. Doctor Burry likes cups, takes 2 for son.

I work long hours until 4:45, waiting until age 57 to retire with a pension. Going back to the office on Mondays is tough. I have dental, but filling out forms is frustrating. I'm embarrassed about the price hikes on my rental in Ocean City. Cameras are required for today's meeting. I waste my life waiting for a verification code. It's hard to check my 401k and my fudge round supplier doesn't take Apple Pay anymore. My job could be done by one person. Living in the real world is harder than you think. I have healthcare, but it's scary. I only have a few weeks left to open and roll. The new boss just snaps his pen. They want us back on Tuesdays too. We're just like you.

Speaker 0 notes that latest AI chips use somewhere between six and ten times the amount of memory of the earlier H100, leading to a huge consumption requirement and creating a memory bottleneck. Building a new memory fabrication plant takes between three and five years, intensifying the supply constraint. Samsung, the world’s largest memory chip maker, will be impacted negatively because it also serves smartphones, PCs, and TVs; while it gains in some areas, it loses in others, and the problem is expected to worsen. Hynix, another memory producer, says it will get worse before it gets better in terms of being able to supply to meet demand. Overall, memory supply issues are a major concern for the industry, with wide-reaching implications. Speaker 1: Investor sentiment around AI disruption on management calls is rising sharply. The question is how this translates to markets. The speaker confirms there is nervousness, in part because it’s not clear how AI will affect business models. A concrete example mentioned is CBRE, the large commercial real estate firm, which said it can use AI to reduce its research costs by 25%. Despite this potential internal efficiency, CBRE’s stock was hit hard, because investors wonder what external AI models could do for even lower costs, and fear that the competitive advantages from internal efficiency might be replicated externally at a much lower price. The overarching concern is the unknowns: while companies are attempting to address AI head-on, there is a risk that others can replicate or surpass the benefits quickly, given the speed and breadth of AI developments, making it hard to keep up.

BlackRock is a risky company focused on making money, selling high-risk bonds without investors fully understanding the risks. The speaker warns of a looming economic crisis, likening it to past financial collapses. They criticize the actions of CEOs and politicians, predicting a repeat of the 2008 financial crisis if lessons from history are not heeded.

I work at the Treasury, reviewing investments into the US for national security risks. Recently, Doge gained access to the Treasury to cut waste, but I think we're an easy target. People I know have worked for the government for years and don't do much. Doge shouldn't have access to the Treasury due to national security risks. It's weird because no one knows what they want to do with the system or why they need access to random people's tax information. Giving people this kind of access creates vulnerabilities. They could misuse the information or give it to another country. Elon's actions feel like government-sanctioned harassment. Everyone in my office is worried about getting fired. Some people care more about money than the country.

As State Farm's Chief Innovation Officer, my role involves future-proofing the company against consumer trends and technological disruptions. Regarding the pullout from California, property prices appreciate quickly, but the Department of Insurance regulations are slow. We're saying homes in Malibu are worth more, our rating needs to increase to keep up, so we're constantly requesting rate increases, but the reviews take too long. If we are short $5 billion and the Department of Insurance doesn't allow us to adjust rates, we have to cancel policies. The California fires are predictable, especially in areas like the Palisades, which I consider a tinderbox due to its desert-like environment. Also, I've tasked HR with finding the demographic profile of America in 2040 with more Hispanic and Latino employees for our workforce.

Speaker 0: Are you concerned about the midterm impact potentially on your nephews and your kids in terms of their jobs as well? Speaker 1: Yeah, I'm concerned about all that. Speaker 0: Are there any particular industries that you think are most at risk? People talk about the creative industries a lot and sort of knowledge work. They talk about lawyers and accountants and stuff like that. Speaker 1: Yeah. So that's why I mentioned plumbers. I think plumbers are less at risk. Speaker 0: Okay. I'm gonna become a plumber. Speaker 1: Someone like a legal assistant, a paralegal. They're not gonna be needed Speaker 0: for Speaker 1: very long.

Speaker 0: So who are the people that actually get to be inflation? Well, they're the ones that are climbing up the network. They're the compromised ones. Why? What do they get? They get 0% money. The most corrupt money in the world is quantitative easing. Right? You essentially get the banks to buy the government's debt, and then central banks, put it on their balance sheet. So this is just pure corruption. This is below interest money. What about the banks? They get to create it for free. You know, they actually get to create it. They get a thousand decks on you you're paying 10%. They get they get to lever that up a 100 times. They get a thousand percent. And remember, this is all a debt based Ponzi scheme. The money to pay the interest doesn't exist, so you gotta find another person to take on the debt. You're either if you have a positive money in your in your bank balance, it's because somebody else is in debt. The money doesn't exist unless somebody else is in debt, and the money to pay the interest doesn't exist. So we create this economic environment where your money is continually being debased, and then you need to speculate in order to beat inflation. Now if you do a bit of speculation and you just invest some of your money in stocks, what happens? You're suddenly like, I don't know what stock to buy. I'm I'm not a professional trader. So there's a company out there, BlackRock, that will just buy all the stocks for me, and I just can give them a £100 a month or something. And, now I don't need to figure out what stock to buy. Okay. So now BlackRock is taking everyone's investment money that can't be bothered to figure out what stock through ETFs and index ones. Then they're taking everyone's pension. Then they're taking everyone's insurance contributions because you're trying to hedge some of the risk. And then when you get your house, you have to have insurance. And so where did BlackRock and all the asset managers in this financial industrial complex get all the money? It's your money. You paid for it. So then what do they do? Well, the banks create all of these. They they create new money every time they issue a mortgage. And then they say, do you know what? I don't even wanna take the risk of these mortgages anymore. What if can I just package it up and give it to someone else? So Larry Fink says, yeah. I've got all this money. All these people are putting these pension money in. Why don't we create something called a mortgage backed security? Let's package up all of these mortgages. Just put them into one product. And then what I can do is we can slap a credit rating on it. And if everyone complies, then they get this credit rating. Credit rating is not it's about compliance with the network. So now you've got all the banks are creating the money, and then they create these mortgage backed securities that allows them to control effectively all the real estate and transfer it. But who do they sell it to? They sell it to you. And so they created the money. They created the mortgage backed security, and then they sold it to your pension. So you paid for the very system for them to get the 0% money in the first place, and they're charging a fee for it. And what else do they get? They get a board seat on every company.

I work for the Treasury, reviewing investments into the US for national security risks. Recently, Doge gained access to the Treasury to cut waste, but people are resisting. They're an easy target because there are people who don't do much, and we should be getting rid of them. What Elon is doing feels like government-sanctioned harassment, and everyone in my office is worried about being fired. No one knows what Doge wants to do with the system or why they need access to certain information. When you give people access, it creates vulnerabilities. They could take that information and give it to someone they shouldn't. There's a class of people in this country who care more about money, and Elon is showing that what he cares about is money.

Speaker 0: I had a guy who worked, very, very, very high up at Citibank. And he told me around 2008, he said, Glenn, you know, don't worry about the financial system. And I'm like, uh-huh. And he said, you know, we're never gonna go broke. I mean, do you know how much just the national parks are worth? And I looked at him and said, are you seriously telling me that we should commoditize the national parks? And he said, it's gonna happen. And I wonder now if this is what he was talking about. If it was just a digital not actually selling them, it's just a digital commoditization of our parks. Speaker 1: Yeah. So apply this now to the the phrase that we all heard during the COVID era, you'll own nothing and be happy. Well Yes. There's certain people that want to own everything, and that includes things that have never been able to be owned before that were considered things like the public commons, like rivers, lakes, the ocean itself, natural forests, all sorts of it. These people want to put all of that into the financial system, fractionalize it, tokenize it, and sell pieces of it around, use it to speculate on. Mean, it's It's very insane. Yeah. And so, this is just one aspect of digital currency play. Obviously, there's a lot more than that just going on as well. I would argue that a lot of this push, particularly in The US for dollar stablecoins supposedly being better than a central bank digital currency, also falls into this paradigm we talked about earlier of, you know, moving from the public to the private of the public private partnership because a lot of these stablecoin issuers, you know, if the the big concerns about CBDCs was that they're seasable, they're surveillable and they're programmable, Well, all of those three things also can apply to stablecoins. The only difference is that you would have a private company issue it and control it. But we've seen time and again how a lot of these private entities are willing to do that. When contacted, just look at how Bank of America behaved with January 6, people accused of wrongdoing on that day, for You know, they have no qualms in doing that and engaging in those type of activities. And the biggest dollar stablecoin issuer, Tether, which just hired Bo Hynes from the White House, they have openly said that they are a close partner of the US government for dollar hegemony globally and have uploaded the FBI, the Secret Service and other aspects of the US government onto its platform directly and have seized tethers from people just because government told them to, and this was during the Biden administration. So they obviously are willing to do that under any administration, and it's essentially functioning as a de facto public private partnership, even though we're being told it's a it's much better than a CBDC, but in terms of its impacts on civil liberties, you know, that's not necessarily true. So, again, vigilance is is important here.

I'm the VP of Innovation at State Farm. My job is to future-proof the company. We pulled policies from California homeowners due to the California Department of Insurance and climate change. Property prices in California appreciate quickly, but the Department of Insurance is highly regulated. We were short $5 billion, but the insurance commissioner wouldn't let us adjust rates fast enough to keep up with increasing home values and the growing risk of fires. I also tasked HR to find the workforce of the future, aiming for a demographic profile that mirrors America in 2040, with a focus on Hispanic and Latino talent. We need to stay ahead of the curve.

I work for the Treasury, reviewing investments into the U.S. for national security risks, like we initially did with TikTok. My team monitors agreements with companies to ensure they address identified problems. Recently, Doge gained access to the Treasury to cut waste, and I admit we're an easy target. Some colleagues don't do much, and we should get rid of them. What Elon is doing feels like government-sanctioned harassment. Everyone in my office is worried about being fired. There's a class of people who care more about money than the country. Doge shouldn't have access to the Treasury due to national security risks. It's weird; no one knows what they want to do with the system or why they need access to sensitive information. Someone with access could give that information away, even if they're American.

I'm the VP of Innovation at State Farm. My job is to future-proof the company. Regarding pulling policies in California, property prices appreciate quickly, but the Department of Insurance is slow to approve rate increases needed to keep up. This creates a backlog and leaves us short. The fires are predictable in areas like the Palisades, which I consider a tinderbox because houses shouldn't be built in such areas. Also, I tasked HR to find the workforce profile of the future, aiming for a demographic profile reflecting America in 2040, with more Hispanic and Latino representation. I'm pushing the company to where it needs to be.

I'm the VP of Innovation at State Farm, and it's my job to help the company stay ahead of potential disruptions. State Farm pulled policies in California because the Department of Insurance is highly regulated and slow to approve rate increases needed to keep up with rising property values and increasing fire risks. Because the Insurance Commissioner is in an elected position, we can't get the rate increases we need. The fires in areas like the Palisades are predictable due to dry conditions, but houses keep being built there. We're also focusing on hiring more Hispanic and Latino individuals to align with the demographic profile of America in 2040. I tasked my HR team to find me this profile because I'm pushing the envelope where the company is going to be.

Speaker 0 argues that Freemasons, the New World Order, Skull and Bones, the Bohemian Grove, the North American Union, martial law, military checkpoints, US concentration camps, and a one world government will come to Americans unless action is taken now. The time is here; act now, America, before it's too late. Speaker 1 defines false flag operations as a distract-and-unify tactic for the government to push a hidden agenda. Globalization, control of oil, and suspension of civil liberties are used to gain more control, with fear being the game. He urges liberals, conservatives, and independents to join together as Americans and make their voices heard. He claims attackers want people split and distracted, and warns of an escalated attempt by the administration to scare the public into thinking Iran is a threat. He cautions to look for another false flag operation to justify fighting Iran, and to check for other mock drills occurring during the same time as real events; citing the nine-eleven attacks and the London bombings as examples where similar exercises happened the day of the attacks. He asks questions, demands answers, and asks who benefits. He asserts there is no interest in creating a stable environment in Iraq. He states the Pentagon has lost track of guns and ammunition and questions whose hands they fall into, arguing that disorder and chaos are being sought as distractions, with the conflict expected to last years. He predicts continued bases in Iraq under the pretext of security and national interest, and repeats the question: who benefits? Speaker 2 notes that in 2005 ExxonMobil achieved a record profit of $35,000,000,000, and an economist estimated that $7,000,000,000 of that amount was due to market conditions created by the war. Speaker 1 continues that under the pretext of security and fear of being attacked, the government will suspend freedom of speech, the right to assemble, and protection from illegal searches and seizures; they will ask law-abiding citizens to turn in their guns and to bear arms; they will establish martial law with the army policing the citizens, which is described as illegal. Speaker 3 adds that fear of nuclear, biological, or chemical attacks on US territory might trigger drastic measures. NFL News 12 Jeff Bell reports that clergy would help the government with their biggest problem, which is "us." Speaker 1 repeats: remember, ask yourself, who benefits? Speaker 3 reiterates that their biggest problem is "us," not external enemies, and that those who follow the markets see increasing housing foreclosures and banks calling in loans. People who couldn’t afford loans would have houses bought back by those who built them for pennies on the dollar. This would allow a small elite to regain control, weaken the dollar, realize a North American union, and establish a broader global economy. The repeated question remains: who benefits? Speaker 2 concludes with the confession: “The truth is, I hope I'm wrong.”