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Speaker 0 describes Lord Evelyn Rothschild as extraordinarily rich and powerful, claiming that historically the Rothschild wealth was hidden in underground vaults and that their secret financial records were never audited or accounted for. He asserts researchers estimate their wealth at close to $500,000,000,000,000, more than half the wealth of the entire world, noting possessions such as castles, palace mansions, wineries, race horses, and exotic resorts, and that the Rothschilds bought Reuters in the eighteen hundreds, which then bought the Associated Press. He claims they have controlling interest in three major television networks and can easily avoid media tangents since they own it. He says they owned and operated England’s Royal Mint, continue to be the gold agent for the Bank of England, which they also direct, and control the LBMA (London Bullion Market Association), where 30 to 42,000,000 ounces of gold worth over $11,000,000,000 are traded daily, earning millions weekly on transaction fees. He asserts they fix the world price of gold daily and profit from its ups and downs, and over centuries have amassed trillions in gold bullion in subterranean vaults, cornering the world’s gold supply. He claims they own controlling interest in Royal Dutch Shell and operate phony charities and offshore banking services where the wealth of the black nobility in The Vatican is hidden in secret accounts at Rothschild Swiss banks, trusts, and holding companies. He mentions Alba Lynn Rothschild as looking like a harmless gray-haired old man, but says to “make no mistake about it.” He concludes that Rothschilds and their ancestors have handpicked presidents, crashed stock markets, bankrupted nations, orchestrated wars, and sponsored mass murder and impoverishment of millions, and that the wealth hoarded by this one family alone could feed, clothe, and shelter every human being on earth. Speaker 1 reframes the Rothschilds as the head of the snake, locating their headquarters within a one-mile square in the City of London as the center of their banking dynasty that owns money supplied through central banks of almost every nation. He recalls a November 1910 secret meeting on Jekyll Island among seven of the world’s richest Jewish men to establish a central bank called the Federal Reserve Bank, naming Nelson Aldrich and Frank Vanderlip (representing the Rockefeller financial empire), Henry P. Davison, Charles Norton, and Benjamin Strong (representing JP Morgan), and Paul Warburg (representing the Rothschild dynasty of Europe). He mentions powerful men who opposed the Federal Reserve, including Benjamin Guggenheim, Isidore Strauss, and Jacob Astor, who reportedly died in the Titanic sinking. He states that by April 1912 opposition to the Federal Reserve was eliminated, and on 12/23/1913 the president signed a bill establishing the privately owned Federal Reserve System in the United States. He quotes Woodrow Wilson: “I’m a most unhappy man. I’ve unwittingly ruined my country,” and notes that a great industrial nation became controlled by its system of credit, with growth in the hands of a few men. He claims Jewish bankers and rabbis celebrated the Federal Reserve Act, and quotes Charles August Lindbergh criticizing the system as private, for profit, and not federal or reserves, with debt-based finance. He asserts that the Fed system enslaves to protect its monopoly over credit and that the Fed’s money-creating tricks enable big brother government to borrow endlessly; the Fed is controlled by Jews, Rothschild, Warburg, and Schiff, and that every Federal Reserve chairman since 1980 has been Jewish (Burns, Volker, Greenspan, Bernanke, and Yellen). He claims the “house of Rothschild” owns 57% of the stock of the privately held Federal Reserve Bank. Speaker 2 asks about the proper relationship between a Fed chairman and a U.S. president. Speaker 3 states that the Federal Reserve is an independent agency, meaning there is no other government agency overrule actions taken. Speaker 1 quotes Harold Grellis Rosenthal: “our power has been created through the manipulation of the national monetary system,” asserting that the Federal Reserve System is owned by “us” even though the name implies a government institution. He alleges a long-standing plan to confiscate gold and silver and replace them with worthless paper, claiming Jews promoted both sides of issues while the goyim fail to see who is behind the scenes, and accusing Jews of parasitically consuming production while producers receive less.

The speaker emphasizes the importance of maintaining confidence in the voluntary tax payment system. They discuss the creation of the Federal Reserve by Congress in 1913 and its role in coining money and regulating its value. The speaker explains that the Federal Reserve is an independent agency, meaning no other government agency can overrule its actions. They state that as long as there is no interference in their decision-making process, the specific relationship between the Federal Reserve chairman and the US president is not significant. The speaker expresses concerns about legislation that would allow the Government Accountability Office (GAO) to audit and make judgments on the Federal Reserve's policy decisions, as it could undermine the independence of the Federal Reserve and destabilize the financial system and the economy.

I believe in the ideology and apply it. The Federal Reserve is an independent agency, meaning no other government agency can overrule our actions. As long as there is no evidence of interference from the administration or congress, the relationship between the chairman of the Fed and the president doesn't matter.

The transcript presents a series of conspiracy claims about the Rothschild family, the Federal Reserve, and Jewish influence over global finance. - The Rothschild family is described as extraordinarily wealthy, with wealth estimates claiming “close to $500,000,000,000,000,” and as having hidden underground vaults, secret financial records never audited, and a public image that disguises a fortune that supposedly rivals a large share of global wealth. It is claimed they bought Reuters in the 1800s, which then bought the Associated Press, and that they “own controlling interest” in three major television networks, allowing them to avoid media attention. They allegedly owned and operated England’s Royal Mint and act as the gold agent for the Bank of England, directing it, with control over the London Bullion Market Association (LBMA) where 30 to 42,000,000 ounces of gold are traded daily, generating millions weekly from transaction fees. They are said to fix the world price of gold daily, hoard trillions of dollars worth of gold bullion, and corner the world’s gold supply. They allegedly own controlling interest in Royal Dutch Shell and run phony charities and offshore banking services to hide wealth in Vatican-linked accounts at Rothschild Swiss banks, trusts, and holding companies. A figure named Elbelein Rothschild is described as not harmless, with ancestors alleged to have handpicked presidents, crashed stock markets, bankrupted nations, orchestrated wars, and sponsored mass murder and impoverishment. The wealth is claimed to be sufficient to feed, clothe, and shelter every person on earth. - The Rothschilds are described as the head of a “snake,” with a one-mile square area in London referred to as the city, cited as the headquarters of their banking dynasty, controlling money supplied through central banks of almost every nation. - A Jekyll Island meeting in November 1910 is claimed to involved seven of the world’s richest Jewish men establishing a central bank called the Federal Reserve Bank. Named participants include Nelson Aldrich, Frank Vanderlip, Henry Davison, Charles Norton, Benjamin Strong, Paul Warburg, and representatives of the Rothschild banking dynasty, with others like Benjamin Guggenheim, Isidore Strauss, and Jacob Astor purportedly opposing it. It is claimed these opposers died on the Titanic, and that opposition dissolved by April 1912. On December 23, 1913, the Federal Reserve Act was signed, creating a privately owned Federal Reserve System. A quoted remark attributed to Woodrow Wilson alleges, “I’m a most unhappy man. I’ve unwittingly ruined my country,” and a stereotype about government by a small number of dominant men rather than free opinion. - It is claimed the Federal Reserve System is private, not federal, has no reserves, is not decentralized, and that the adoption of a debt-based monetary system was accomplished. It is asserted that the current banking system (fractional reserve banking) allows privately owned banks to create money “out of thin air,” with money existing as numbers in a computer system, only about 3% in physical currency, and that control of the Fed enables domination over banks, corporations, money, and politicians. It is claimed the Fed system enslaves humanity to perpetual debt and that the elite who own the Fed seek to maintain a monopoly over credit. - A speaker questions the proper relationship between the Fed chairman and the U.S. president, noting the Federal Reserve’s independence. - A quotation attributed to a figure named Harold Grales Rosenthal claims that Jewish power has been created through manipulating the national monetary system, that the Fed is owned by Jews while appearing as a government institution, and asserts antisemitic stereotypes about Jews as parasites and producers being exploited by Jews.

Peter Schiff, CEO of Euro Pacific Asset Management and host of The Peter Schiff Show, discusses his critique of “Trump Trumponomics” and the ensuing sparring with Donald Trump. He argues that while oil prices are down, the overall price level is rising, noting that inflation is about 50% above the Fed’s target. He contends that Trump’s claim that prices are coming down is incorrect and notes that inflation is not only persistent but potentially understated by CPI methodology. Schiff asserts that Trump has not fixed the economy; in fact, he says Trump contributed to debt growth and deficits during his prior term, with COVID policy amplified spending. He compares Trumponomics to Bidenomics, stating both are characterized by large deficits, money printing, and efforts to inflate asset bubbles through monetary easing. The key difference, according to Schiff, is that Trump uses tariffs and more micromanagement of the economy, whereas Schiff advocates free-market capital allocation. When asked what he would advise a listening Trump, Schiff says the core remedy is massive reductions in government spending, entitlement reform (Social Security, Medicare), and defense cuts, along with removing tariffs. He suggests replacing current economic advisers and pushing the Fed toward higher interest rates and tighter policy rather than renewed QE or rate cuts. He argues for ending the bashing of the Fed and emphasizes non-dollar revenue and non-dollar assets as preferable to dollar-denominated holdings. Schiff predicts an imminent economic crisis, including a dollar crisis and sovereign debt crisis, with precious metals signaling the coming stress (gold around 4,300 and silver around 66 at the time of the discussion). He says the crisis will affect purchasing power and standards of living, with the dollar’s value deteriorating and long-term interest rates rising as lenders lose confidence. He explains that even if banks don’t fail, deposits may lose value, and the dollar’s purchasing power will fall dramatically. Discussing the likelihood and mechanics of a dollar crisis, Schiff argues that the dollar’s decline will be rapid once it accelerates, potentially around early 2026, with gold and silver strengthening as the dollar weakens. He stresses that the way inflation is measured is biased, designed to understate true inflation, and describes inflation as a tax that redistributes purchasing power from creditors to debtors. He notes that countries moving away from the dollar and into non-dollar assets will bring dollars back into the U.S., accelerating domestic price increases. Central banks shifting away from dollars toward gold will also contribute to this dynamic. On investment implications, Schiff emphasizes owning real assets (businesses with plant, equipment, and dividends) over paper assets (cash, bonds). He warns that inflation erodes the value of money and inflates asset prices, creating bubbles in tech, AI, housing, bonds, and even cryptocurrencies. He argues that gold and silver remain protective as inflation hedges, and suggests diversification into foreign stocks and non-dollar assets through Shift Gold and Europe Pacific Asset Management. He closes by pointing listeners to his platforms: Schiff Radio and The Peter Schiff Show, as well as his gold business (Schiff Gold) and European/foreign asset management (Europac) with five mutual funds, plus a free Shift Sovereign subscription.

The video argues that a “new world order” is unfolding in real time, signaling the start of a “great reset.” The host points to events from the past Friday as evidence: 3,000,000 Epstein files released, the biggest one-day drop in the history of the precious metals market, and a large arbitrage developing among Chinese, London, and US precious metals markets. Gold is described as the indicator that a full-blown reset is upon us, with attention drawn to pathways like the US’s approach to Iran and the Epstein files, while claiming a broader resetting dynamic is at work. Context for the moment centers on Friday’s nomination of Kevin Warsh (referred to as Kevin Walsh in the transcript) as the new Fed chairman. The host notes baggage around Warsh, including his appearance in Epstein files, but emphasizes his views: Warsh “hates stimulus money,” “hates quantitative easing,” and “voted against it,” believing it pushes inflation higher. He is said to have shifted on interest rates, from believing higher interest rates were good for the dollar to a different stance, and he allegedly favors slashing the Fed’s balance sheet to lower rates. The implication is that the nomination marks a shift toward a new dollar era and a shift away from a strong USD, which the host frames as a response to concerns about the US owning precious metals and controlling energy markets. The host ties these changes to a new petrodollar era, arguing that the United States, now the largest producer of oil and natural gas, has moved the petrodollar structure away from Saudi Arabia and toward the US. This trifecta—new dollar policy from the Fed, a drop in the precious metals market driven by speculators, and US control over energy policy—constitutes a “reset.” The video asserts that the traditional petrodollar system, once led by OPEC, has shifted, reducing outside leverage over Washington in energy matters. The host also claims a debate over foreign influence in the Middle East and calls for ending involvement in regional wars and bringing troops home, while criticizing mainstream outlets and certain political figures. Four main points are then presented as the crux of the reset: 1) Trump desires a weaker US dollar and is pursuing greater domestic manufacturing to compete with China and India, including the aim to export more and import less; the host frames this as a deliberate strategic shift rather than inflationary debasement. 2) The end of the Fed’s independence, with a collaboration era between the Treasury and the Fed, led by figures like Scott Pissent and Warsh, suggesting much lower interest rates and a shift of debt ownership back to American hands, with foreigners potentially selling US Treasuries. 3) Energy wars are emerging, with the US drilling and producing more oil and natural gas than Russia and Saudi Arabia combined, changing the energy dynamic with China, which remains a large importer of oil and vulnerable to such shifts. 4) Sustaining public support for volatility, with Trump’s team allegedly aiming to declare a housing emergency to lower rates, discourage Wall Street from buying single-family homes, implement tariff dividends to Americans, deliver veterans’ checks, and lower inflation and gas prices in the lead-up to midterms. The host contrasts reactions within the Trump-supporting and anti-Trump camps, asserting the reset is underway regardless of opinion. A sponsor segment then pivots to copper, arguing that copper demand is surging due to global competition for materials, and highlighting Giant Mining Corporation (ticker: BFGFF) as a primary copper idea tied to the Majuba Hill Copper Project in Nevada, noting its favorable infrastructure, past production, and strategic importance to American copper independence. The segment cites executive actions and tariff movements, including a 50% tariff on semi-finished copper products effective August 1, 2025, positioning copper as central to the new industrial reality. The host reiterates Giant Mining as the foremost copper idea and invites viewers to conduct their own research.

I believe in the ideology and apply it. The Federal Reserve is an independent agency, meaning no other government agency can overrule our actions. As long as there is no evidence of interference from the administration or congress, the relationship between the chairman of the Fed and the president doesn't matter.

The discussion centers on why the U.S. is in debt, why inflation appears inconsistent with official claims, and why many people work low-paying jobs despite working hard. The core claim is that America operates under a debt-based banking system and that politicians cannot control debt because money itself depends on government debt. Speakers argue that the Federal Reserve is not truly federal and has “no reserves,” presenting it as a private, for-profit corporation. They claim the “Federal Reserve” name is deceptive, that it is owned by private stockholders, and that courts have ruled it is a private corporation. A recurring argument is that the Fed’s power affects major personal costs and even jobs, framing it as more powerful than elected branches and operating outside Congress’s control. The transcript then shifts to a historical account of “money changers” and privately controlled banking. Speakers discuss founding-era fears of privately owned central banks, citing James Madison’s criticism and Thomas Jefferson’s statement that issuing power should be taken from banks and restored to the people. The text also portrays a cyclical struggle in the U.S. between Congress and private central banking interests, claiming this control affects national prosperity and public finances. A long historical section compares alleged patterns in Europe. It describes “money changers” in the Jewish temple as an archetype of monopoly over money, then extends the theme through Roman history and medieval England. The narrative introduces fractional-reserve banking as arising from goldsmiths issuing more claims than they held in reserves, enabling profits through lending “many times more money than you have assets on deposit.” The text claims banks are allowed to lend out large multiples of deposits and that interest and lending dynamics can lead to economic contraction, bankruptcies, and wealth transfers. The transcript then describes the tally stick system in England as a counterexample that supposedly reduced manipulation by money changers. It continues with claims about the Bank of England becoming a privately owned central bank through high-stakes borrowing and taxation mechanisms, portraying it as legalized “counterfeiting” for private gain. It further introduces the Rothschild family, describing them as central to European finance, war financing, and domination of bond and banking markets, including a claim about influence around the aftermath of Waterloo. The narrative connects British central banking policy to colonial America and the American Revolution. It states that colonists issued paper money (colonial scrip) and that the Currency Act of 1764 prohibited colonial money issuance while requiring taxes in gold or silver, draining coin and causing unemployment and dissatisfaction. It claims the inability to issue money contributed to the revolutionary war, and it describes wartime printing of continental currency, portraying it as worsening when over-issued. It then claims that after the Revolution, the Bank of North America used fractional reserves and private control over currency issuance; its charter was not renewed, but a new privately owned central bank—the First Bank of the United States—was later chartered. The transcript portrays these events as a repeated pattern of private central banking monopolies, government borrowing, and public inflationary outcomes. It claims the U.S. constitution was left “silent” on who controls money issuance, creating an opening for private banking interests. A major episode described is the conflict over the Second Bank of the United States under Andrew Jackson. The transcript claims the bank contracted credit, triggered panic and depression, and used financial leverage against political decisions. It describes Jackson’s veto of recharter, his campaign stance of “Jackson and no bank,” congressional rejection of recharter, a subsequent investigation, and the bank’s cessation of function after its charter ended. It also claims that while Jackson “killed the bank,” fractional-reserve banking remained in state banks, preserving instability. The transcript then broadens to the Civil War and later U.S. monetary policy. It claims wars and debt are mechanisms through which banking interests maintain control. It describes Lincoln’s issuance of greenbacks (legal tender treasury notes), portrays this as a solution to avoid dependency on banker loans, and presents Lincoln’s statements about government creating and circulating currency and credit. It then claims that later wartime measures culminated in the National Bank Act and a system where national banknotes are tied to debt and bank reserves, shifting money creation into banker-controlled channels. World War I and the creation of the Federal Reserve Act of 1913 are presented as an extended outcome. The transcript claims that after the panic of 1907, a National Monetary Commission and a secret meeting on Jekyll Island shaped plans for a privately controlled central bank. It provides a detailed four-step description of how central banks supposedly create money: approving purchases of bonds, buying them on the open market, paying with electronic credits created by the central bank, and allowing commercial banks to use these deposits as reserves to lend at multiples. It describes the claimed result as government debt finance becoming permanent and bank lending multiplying the money supply via fractional reserves. The Federal Reserve Act is described as being passed with heavy influence and behind-the-scenes planning, with claims that leadership delayed action until after holidays and that critics predicted it would establish a “gigantic trust.” The transcript ties the Fed’s establishment to later recessions, the gold market, and Depression-era outcomes, asserting that the Fed could create panics and depressions through monetary contraction. It continues with claims that later U.S. policy included tax and debt strategies benefiting banks, and it asserts that the Fed cornered gold and influenced economic instability. It then recounts later decades as a progression: the Great Depression, alleged international dealings during wars, and a stated plan for centralizing power globally through institutions like the IMF, BIS, and World Bank. The transcript describes a “World Central Bank” concept, then asserts that SDRs and related structures extend fiat money power internationally. A central claim concerns Fort Knox gold. The text asserts that the gold was largely sold off at $35 per ounce after being confiscated and pooled, and that later the remaining gold was removed from Fort Knox and used to manipulate markets. It further claims that U.S. government refused audits despite requiring annual audits, and it connects this to later gold-standard debates. Finally, the transcript presents a proposed solution: pay off U.S. debt using debt-free U.S. notes, abolish fractional-reserve banking, repeal the Federal Reserve Act and the National Banking Act, withdraw from the IMF/BIS/World Bank, and create a stable money supply controlled by public and transparent rules based on population growth and price indices. The transcript argues that this would eliminate the ability to cause severe depressions through monetary contraction, citing a claim attributed to Milton Friedman that severe depressions correlate with sharp declines in the stock of money. The closing sections argue that reform must focus on monetary structure rather than individual bankers or political parties, and they warn against returning to gold or adopting regional or world currencies as “Trojan horse” solutions. The transcript ends by urging education and political action, asserting that entrenched financial control would resist reform and that the public must understand how money and credit are manipulated.

Powell: "no. I will not. The law says that, the president can't fire me." The discussion points to "a higher law, the supreme law of the land"—the "US constitution," which "never gave any authority to the federal government to create a monopoly central bank that can manipulate interest rates and counterfeit money." "Counterfeiting is a crime." "The issue is the existence of the Federal Reserve." Speaker 1 adds: "They're to continue to mess around with that, but your point is perfect," noting "arbitrary laws that they write that do not follow the rules of the constitution or natural law" and that "the constitutional restraint against, you know, a central bank, there's no authority for that, is one thing that they totally ignore." They call the Fed "a cartel of the biggest banks" with "a government privilege," and argue that "as long as the Fed does exist, we can't have a genuinely free society, free economic life." They warn, "if the central bank is permitted to permit money at will ... the value of the currency is going to go down and prices will go up." The goal is "sound money for freedom."

The speaker argues that central banks should not be given more power, asserting that the answer is a resounding no. They claim that the high inflation beginning in 2021 was created by central banks, regardless of any explanations about wars, and assert that the economics are clear. The speaker states they could forecast from May 2020 onwards that eighteen months later there would be significant inflation because the money creation was “massive off the charts.” They allege that central banks “imposed a fake pandemic,” referencing a conspiracy-like claim about a manufactured crisis. The speaker asserts that people such as Jeffrey Epstein are part of this narrative and that Epstein, in public records, was involved as early as 2017 in “setting up the scheme of this great pandemic for some investors to make a fortune,” naming Bill Gates as an example. The statement continues, claiming that “we can also make money injecting people with stuff and solve the problem” as discussed by Epstein and Bill Gates, and characterizes this as a matter of public record about how to “get rid of the poor people.” Finally, the speaker contends that this was used “at the same time to push digital ID.”

Fed Chair Powell stated he wouldn't resign if asked by President Trump, citing legal protections. However, the real issue is the existence of the Federal Reserve, which many believe operates outside constitutional authority. The Fed prioritizes its own survival and that of major banks, undermining a genuinely free society. For true economic freedom, sound money is essential. Education is key to helping the public understand these issues, as seen with other political matters. If the central bank continues to create money at will, currency value will decline, leading to rising prices. The founders understood that true wealth comes from productivity, not money creation. Emphasizing freedom can maximize productivity and prosperity.

Speaker 0 said the U.S. does not need a central bank and does not need the central bank “we have.” He argued that even without a central bank, a circulating currency is still required, meaning someone must issue it, but issuance should not be unlimited and should not involve unlimited currency swaps to foreign countries. He discussed the Federal Reserve’s balance sheet, noting that its first item on the asset side is “a gold certificate,” which he described as a public document. He said the gold certificate dates to 1934, when the Treasury gave the Fed gold certificates after confiscating the Fed’s gold, and he stated that the gold is now owned by the Treasury. He added that the gold certificate is valued at $42 an ounce and claimed there is approximately $1 trillion of “hidden value” in that line item, based on the difference between the market price of gold and the book value on the Fed’s books. He said an audit should be done and highlighted the idea of “a $1 trillion hidden asset” on the first line item. Speaker 0 also addressed “money printing” and the Fed’s ability to buy government bonds in unlimited quantities. He referenced the First Bank of the United States under Alexander Hamilton in 1796, describing it as not being allowed to lend to the U.S. government, not bearing resemblance to a modern central bank, and instead being allowed to lend to commerce while serving as a depository for Treasury assets and a place for the Treasury to store assets. He contrasted this with models that should not include printing money or using unlimited lending to solve problems. He cited Steve Hanke, a Professor at Johns Hopkins, as an expert on currency boards for currency stability, and said to use that approach without doing anything else. His overall conclusion was: “So no, the short answer is no, we don’t need a Fed.”

The speaker joined the Trump campaign and administration due to alarm over high government spending, unprecedented outside of war or recession. The Biden administration continued this spending, which was uncriticized due to its allocation towards green programs and overseas engagement. The current goal is to correct course by deleveraging the government and releveraging the private sector through spending cuts and lowered interest rates. Deregulating the banking system will allow banks to lend to the private sector, especially Main Street and community banks. As the government shrinks, the private sector will expand, with the private sector absorbing excess labor from the government.

The speaker claims that high taxes are not the core financial problem in the United States. They argue that taxes don't truly fund the government, which is instead financed by treasury bonds purchased by the Federal Reserve. The Fed buys these bonds by printing money, which is backed by the bonds themselves. Taxes exist, according to the speaker, to maintain the illusion of government funding. The speaker contends that the government is funded by printing money backed by paper, creating a bubble. If the public were to realize this, confidence in the dollar would collapse, potentially leading to the fall of Western civilization. The speaker urges the next president to implement necessary policy and structural changes to avoid this outcome.

The Federal Reserve is independent, so no other government agency can override its actions. As long as there is no interference from the administration or congress, the relationship between the Fed chair and the president doesn't really matter.

Jerome Powell, the Fed chair, criticized federal spending, stating that the current path is unsustainable. This is significant because Powell has been supportive of Congress's spending habits. The US is facing massive deficits and increasing debt, which is draining the economy and posing a threat to the financial system. The Fed's role is not to manage the economy but to print money and deliver it to Wall Street and Congress through cheap debt. Powell's criticism is noteworthy as it shows concern about excessive printing. However, Congress continues its spending spree without any checks or balances. The media fails to address this issue, leaving most Americans unaware of the impending crisis.

The speaker argues that the administration inherited a fiscal and monetary “mess” and that it must get out of it, noting that the problem was not created overnight and will not be solved overnight. They point to rising interest costs, saying that before COVID they were paying about a billion dollars in interest expense per day, and now it is more than three billion dollars per day, claiming this spending does not strengthen the military or help the least well off. They propose that there are two monetary policy instruments: setting interest rates and managing the central bank’s balance sheet (QE). The speaker claims that if the “printing press” were run “a little quieter,” interest rates could be lower because the current approach floods the system with money, keeping inflation above target. They cite a seven trillion dollar central bank balance sheet, described as an order of magnitude larger than when the speaker joined the Fed, and argue that this, together with interest rates, constitutes monetary policy. The speaker criticizes the view that the balance sheet has nothing to do with monetary policy, saying that if it mattered when being grown, it should matter when being moved in the other direction. They argue for honest recognition of how both instruments operate, emphasizing that growing the real economy is the more important goal for revenue, fairness, efficiency, and growth. They call for shrinking the central bank balance sheet to reduce inflation, and they propose that the Treasury Department and the Federal Reserve reach an accord similar to one from 1951: the Federal Reserve should manage interest rates, while the Treasury Department should handle fiscal accounts. The speaker says the lines have been blurred about who is responsible, and that having fiscal authority pushed toward the Federal Reserve brings politics to the Fed and interrupts its normal course. They further say the Fed should be taken out of markets except “until there’s a crisis,” framing the approach as “practical monetarism,” which they believe would make lower interest rates possible and more beneficial to the real economy than changes to the balance sheet alone.

The Federal Reserve's actions are worrisome. They've lost trillions by borrowing money at high rates (5.4% from banks, 5.3% from funds like Fidelity and Vanguard) to buy government bonds. This artificially inflates the government's perceived financial health, encouraging excessive borrowing when rates were low. This process diverts capital from the private sector, hindering business growth and job creation. Instead of the Fed holding massive balances, that money should be used by businesses for expansion and innovation. The Fed's actions are mirrored by other major central banks globally, exacerbating the problem. It's not money printing; it's expensive borrowing that harms the economy. Freeing up these funds would allow banks to lend to small businesses and stimulate economic growth.

London and Wall Street are in a total panic today because their era of free money for the elites is over. Kevin Warsh is president Trump's new pick for the Fed, and this is about much more than interest rates. It marks the beginning of what president Trump is calling a Republican new deal. Their proposal was to raise taxes very substantially. And our proposal, which is in the great, big, beautiful new deal. It's a new deal in its own way. It's a republican version of the new deal. Right behind you is a nice picture of FDR. This is a much better deal than the FDR deal. Warsh didn’t just accept the nomination; he declared war on the globalist economic model. He explicitly said that the Fed must abandon the dogma that paying workers causes inflation. He’s calling out the real culprit, money printing and Wall Street bailouts. This follows Ambassador Jamieson Greer’s shockwave speech in Davos last week, where he dusted off Alexander Hamilton to tell the elites, your system is over. Susan Kokinda explains that since the mid 1970s she’s tracked the war between the American system and the British empire. The show will cover why the globalists fear a Republican new deal, and what the real content of president Trump’s Republican new deal is. Mainstream media coverage of Warsh has been restrained, but The Atlantic Council worries that Warsh and treasury secretary Besant are in sync in their attacks on how the Fed has saved Wall Street at the expense of Main Street. The Atlantic Council’s lead international economist says Walsh believes the Fed has distorted the healthy functioning of the US economy through injections of money into the market, helped assets on Wall Street at the expense of Main Street, and taken on the role of implementing fiscal policy. Treasury secretary Besant agrees with that assessment. CNBC headlines also frame Warsh as touting regime change at the Fed. The CFR and Mark Carney offer mixed responses, with some consoling that Warsh won’t revolutionize the Fed, while others praise him. The key is not just interest rates in isolation. The CNBC headline’s other part notes a partnership with the treasury. Warsh has stated in 2010 that the Fed’s financial stability responsibilities should not give license to central bankers to be emergency capital providers; capital allocation should reside with the fiscal authority and its fiscal agent, the Department of Treasury. This frames the fight as two centuries of struggle between the American system of Alexander Hamilton and the British imperial system. Prominent Davos moments included Trump and Commerce Secretary Lutnick telling elites that globalism had failed; Scott Beson’s takedowns of Gavin Newsom; and Jameson Greer’s Hamiltonian economic system speech, which quotes Hamilton’s 1791 Report on Manufacturers advocating tariffs and subsidies to incentivize industrialization to promote an America competitive with foreign producers. Greer’s speech is framed as the resurrection of the American system. Trump’s cabinet meeting is presented as focusing on workers, production, and Main Street, with tariffs and deregulation fueling manufacturing restarts. John Deere announced two new large plants in Indiana and North Carolina; one will build excavating equipment, relocating from Japan due to tariffs. A graphite processing plant in New York is described as the first in seventy years. Secretary Beson claims the US produced more steel than Japan for the first time in twenty-six years, driven by tariffs; there are other factory restarts and a supposed “golden age” for the economy. The narrative concludes that the empire fears an American system revival and that the fight is out in the open. The modern British empire is panicking because the fight is visible, with globalists asserting Main Street, not Wall Street. The piece frames Warsh’s nomination as a declaration of war on the Wall Street bailout machine and a direct challenge to decades of central banking independence, with Davos heralding the Hamiltonian revival and Trump’s Republican new deal delivering production for workers, not bailouts for banks.