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When Carter became president, inflation was 4.8%, now it's 12.7%. He blames people for living too well, but inflation is due to the government living too well.

In 1959, Europe restored monetary sanity convertibility, but the US started running large balance of payments deficits. Bretton Woods established a system where all currencies were convertible to the dollar and the dollar to gold. However, instead of settling deficits in gold, foreign central banks could use dollars as official reserves. This allowed the US to buy abroad and at home simultaneously, leading to a buildup of dollar reserves. In 1971, when countries like Britain wanted to redeem their dollar reserves for gold, President Nixon refused. Without convertibility, Europe couldn't lecture the US about its budget. The 1960s saw financial crises involving the dollar, and in 1971, Nixon declared that the US wouldn't pay its debts in gold.

At the start of the 20th century, America was the richest country. We used tariffs to defend our workers from unfair trade policies and had no income tax. Foreign companies paid to sell to America. Now, we have the Internal Revenue Service, charging us internally. Politicians who can't manage money keep taking more from us. Donald Trump plans to fix this by creating the External Revenue Service. Foreign companies will pay to sell to the U.S. If they want to compete with American workers, we shouldn't tax our own people. This will ensure that no bureaucrat will cut your benefits.

Secretary of State Marco Rubio traveled to Germany for the Munich Security Conference and delivered what the speakers describe as “the most important American speech in the last thirty years,” calling on Europe to join Trump’s new world order or face consequences. He told NATO allies that “playtime is over right now,” that a new world order is being written by the United States, and that “you’re either with us or you’re against us.” He previewed the speech on the tarmac, then argued that the West must thrive again and that European leaders are “total losers” managing Europe’s decline, particularly in Germany. He framed NATO as a transaction: “NATO is a transaction between countries, that NATO is only worth supporting if you are worth defending,” and claimed Europe is “declining fast under stupid policies,” making NATO a questionable expense. Rubio criticized a liberal globalist, borderless agenda of mass immigration and sovereignty transfers to Brussels, calling the transformation of the economy foolish and voluntary, leaving the U.S. dependent on others and vulnerable to crisis. The discussion notes that Rubio’s rhetoric is not subtle, stating that “the rules that govern the world are dead” and the old order has ended, with these conversations already ongoing with allies and world leaders behind closed doors. The segment connects Rubio’s speech to broader strategic implications: the United States wants Europe “with us,” but is prepared to rebuild the global order alone if necessary. The commentary emphasizes a leverage play: pick a side—join the U.S. or face consequences—and links this to economic policy and currency strategy. On economic and currency policy, the program asserts that the dollar’s reserve status and the old world order are being challenged. Trump’s team reportedly signals that a strong dollar is no longer the default; a weaker dollar would help U.S. exports and reshoring, mirroring a Chinese approach that kept the yuan cheap for decades to build export power. The segment cites Reuters that China’s treasury holdings have fallen to their lowest level since 2008 as banks are urged to curb exposure to U.S. Treasuries, with pressure to bring holdings home to fund their own needs. China is also tightening rare earth export controls, aiming to influence the “factory floor.” The discussion suggests a currency war with a weaker dollar in the U.S. plan and a stronger yuan as China seeks global reserve status, while Europe is squeezed in the middle, invited to align with the U.S. or step aside. The synthesis notes a GOP intra-party knife fight: Rubio aligns with neocon perspectives; JD Vance is viewed as problematic for expansion of military conflicts, potentially contrasting with a no-war stance. The overall takeaway is that Rubio’s Munich speech is framed as a signal flare indicating the West’s reorganization and the dollar’s vulnerability. Sponsor segment: The host discusses critical minerals and North American independence, highlighting Project Vault, a $12 billion strategic mineral reserve designed to shield the private sector from supply shocks in essential minerals. At a Critical Minerals Ministerial, JD Vance and Marco Rubio delivered a message to China that the U.S. will no longer allow market flooding to kill domestic projects. The segment focuses on niobium, a rare earth mineral with no domestic US production, currently sourced abroad, and vital for space and defense applications. North American Niobium (ticker NIOMF) is exploring in Quebec, with drilling permits planned; the company also targets neodymium and praseodymium magnets. The leadership includes Joseph Carrabas, former Rio Tinto and Cliffs Natural Resources figures, and Carrie Lynn Findlay, a former Canadian cabinet minister. The sponsor emphasizes the strategic importance of niobium and rare earths for U.S. security and manufacturing resilience.

Bretton Woods emerged during wartime when the United States leveraged its position to shape a new monetary system centered on the US dollar. At the Bretton Woods Conference, 44 states signed off on a treaty that bound postwar nations to using the dollar as the principal currency for world settlements, with the dollar fixed to gold at 35 dollars per ounce. This Gold-vanilla dollar standard created confidence that every dollar was worth a specific amount of gold, effectively anchoring global finance to gold and supporting widespread use of the dollar. The arrangement worked reasonably well for a period, but the United States’ domestic and foreign actions—driven by frequent wars and large domestic spending—made fiscal conditions unstable. By the 1970s, the US was engaged in Vietnam and expanding welfare, Medicare, and other social reforms alongside massive infrastructure spending, which generated substantial debt. As debt grew, other countries questioned the productivity of that spending and began to worry about accumulating more debt. France, Italy, Germany, and Britain sought gold in exchange for surplus dollars. The US sometimes accepted, but not uniformly; notably, the governor of the German Bundesbank committed never to ask for gold again, while other nations pressed for gold or alternatives. The system’s stability eroded as countries contemplated how to avoid reliance on the dollar. In 1971, Richard Nixon unilaterally suspended the exchange of dollars for gold, after weekend discussions with advisers, effectively ending the gold convertibility of the dollar and establishing fiat currencies not fixed to gold or to the dollar. The transition produced a volatile period with few established foreign exchange mechanisms, leaving the world in a more unsettled monetary environment. To stabilize the system, Henry Kissinger and Treasury officials pursued a new anchor by tying the dollar to a globally demanded commodity: oil. The idea was that oil would create sustained demand for the dollar. Following this, the United States and allied nations promoted the policy that oil would be sold in dollars, and many Middle Eastern producers aligned with this arrangement. Leaders of some oil-producing countries faced severe consequences for resisting the dollar-based system: for example, Saddam Hussein and Muammar Gaddafi sought to sell oil in currencies other than the dollar and faced significant repercussions, including their deaths and the occupation of oilfields by American forces when necessary. This dollar-oil linkage functioned as a mechanism to stabilize the post-gold monetary order but drew increasing criticism for coercive and violent measures to maintain the system, contributing to growing global interest in moving away from dollar dependence.

And yet we we let Japan come in and dump everything right into our markets and everything. It's not free trade. If you ever go to Japan right now and try to sell something, forget about it, Albert. Just forget about it. It's almost impossible. They don't have laws against it. They just make it impossible. They come over here. They sell their cars, their VCRs. They knock the hell out of our companies.

In 2011, economist Kyle Bass interviewed a senior member of the Obama administration about their plans for the US economy and trade deficit. When asked about US exports and wages, the official responded with just seven words: "We're just going to kill the dollar." This statement holds the key to understanding everything that has been happening domestically and globally. It renders all other questions irrelevant and provides an explanation for all economic matters. Take a moment to reflect on the implications of this statement.

Tariffs on foreign imports may first appear patriotic—protecting American products and jobs—and sometimes they work for a short time. But what eventually occurs is that first homegrown industries start relying on government protection in the form of high tariffs. They stop competing and stop making the innovative management and technological changes they need to succeed in world markets. And while all this is going on, something even worse occurs. High tariffs inevitably lead to retaliation by foreign countries and the triggering of fierce trade wars. The result is more and more tariffs, higher and higher trade barriers, and less and less competition. So soon, because of the prices made artificially high by tariffs that subsidize inefficiency and poor management, people stop buying. Then the worst happens. Markets shrink and collapse, businesses and industries shut down, and millions of people lose their jobs. The memory of all this occurring back in the thirties made me determined when I came to Washington to spare the American people the protectionist legislation that destroys prosperity. Now it hasn't always been easy. There are those in the Congress, just as there were back in the thirties, who want to go for the quick political advantage, who risk America's prosperity for the sake of a short term appeal to some special interest group, who forget that more than 5,000,000 American jobs are directly tied to the foreign export business and additional millions are tied to imports.

You know, you have this little group called BRICS. It's fading out fast. But BRICS is, they wanted to try and take over the dollar, the dominance of the dollar, and, the standard of the dollar. And I said, anybody that's in the BRICS consortium of nations, we're gonna tariff you 10%. And they had a meeting the following day and almost nobody showed up. They were they said, leave me alone. We didn't wanna they didn't wanna be tariffed to their that's amazing. No. We're not gonna let the dollar slide. If we have a smart president, you're never gonna let the dollar slide. If you have a dummy, that could happen.

Tariffs could replace income taxes. This idea stems from historical context, as the U.S. was wealthiest in the late 1800s under President McKinley, known as the "tariff king." He eloquently advocated for tariffs, emphasizing the need to protect American jobs, factories, and families from foreign competition. The message was clear: foreign entities should pay a significant price to operate in the U.S. to safeguard domestic interests.

The speaker describes a past auto deal with Japan as a failure in negotiation. Despite holding all the cards, the U.S. was "duped" because they were afraid to take a tough stand. The speaker believes that removing Japanese cars for a short time would have secured a better deal. When asked if the U.S. government should take a firmer stand with foreign countries, the speaker asserts that the U.S. would be better off and more respected, particularly by Japan. The speaker claims Japan currently has no respect for the U.S. because of the U.S.'s handling of trade deficits. The speaker believes a tougher stance would ultimately gain more friends and respect for the country.

We didn't have these problems before. I had no inflation, and the economy was great. Now, prices are high, and you couldn't even buy bacon. The price of eggs was also very high when I inherited the situation. But now, the price of eggs has come down a lot. Interest rates have come down, and gasoline prices have come down. It's all coming down. It's a beautiful thing. We're doing it the right way. I have tremendous confidence in this country and its people. Much more confidence than if I just sat back for four years and enjoyed myself in the Oval Office.

The U.S. can no longer continue a policy of unilateral economic surrender. Donald Trump intends to punish anyone outside the country producing goods that America should produce for itself, raising revenue and protecting American jobs. Trump's game is "America First," and he claims to have the backbone to get it done. This is a proven economic formula. Mortgage rates and inflation have come down, with trillions of dollars in investment and companies expanding operations, creating nearly a quarter of a million new jobs. Consumer prices dropped, which never happened under Joe Biden. Inflation is at 2.4%. The dollar is shooting up over 2,000 points. Energy costs, groceries, and gasoline are down, with gasoline way under $3. This is described as the most aggressive effort at pro-American growth in American history.

American patients were subsidizing socialist healthcare systems in the European Union. The European Union is nastier than China, but they will come down a lot. The U.S. has all the cards because the EU treated the U.S. unfairly. The EU sells the U.S. 13 million cars, but the U.S. sells them none. The EU sells the U.S. their agricultural products, but they don't take U.S. products. Because of this unfairness, the EU will have to pay more for healthcare, and the U.S. will have to pay less.

The speaker describes a past auto deal with Japan as a failure in negotiation. Despite holding all the cards, the U.S. was "duped" and the deal was not good. The speaker believes the U.S. is afraid to take a tough stand, even when it's a "no brainer." The speaker asserts that a firmer stance with foreign countries would be better for the U.S., leading to greater respect. Regarding Japan, the speaker claims they currently have no respect for the U.S. because of the U.S.'s handling of trade relations. The speaker states that Japan makes hundreds of billions of dollars while the U.S. loses money in deficits. The speaker concludes that the U.S. should take a much tougher stand, even if it means making enemies.

I recount a meeting I had with a board at Safeguard Scientifics, where a firm co-located with them had a board member present. I demonstrated what was possible if we reengineered the government money, arguing there was enormous opportunity to build vast financial equity gains and capital gains, and that pension funds could profit by reengineering how the federal budget worked to create a more productive economy. The president of the largest pension fund in the country attended and told me, “you don’t understand.” He explained that this is what they had tried to do when he was younger, working with a group of activists, and they were able to stop them. I naively said, “you didn’t have the Internet. You couldn’t get the learning speeds up locally high enough to jump the curve.” He froze, looked at me, and said, “you don’t understand. It’s too late.” I asked, “what do you mean it’s too late?” He replied, “it’s too late. They’ve given up on the country and they’re gonna move all the money out of the country starting in the fall.” He said, “you’ve got to get to Nick Brady.” Brady had been the chairman of the firm I was a partner at on Wall Street and later became secretary of the treasury in the first Bush administration, known as a leader in how the financial system runs. So the instruction was to get to Nick Brady. I thought the message meant we had been directed to reallocate equity in the pension funds to emerging market investments, which made sense because growth rates in Asia and emerging markets exceeded those in mature economies. But then, at the outset, he mentioned “they’re moving all the money out starting the fall.” That fall marked the beginning of fiscal 1998, when enormous amounts of money began disappearing from my old agencies, HUD and the Department of Defense. What I later came to believe, and we have a website dedicated to presenting documents and analysis on this, is missingmoney.salaire.com. I realized that what he was referring to was a financial coup—an attempt to end the system where bankers controlled monetary policy while the people’s representatives controlled fiscal policy, and instead move to a process in which bankers controlled both. Rather than pursuing new legislation, they would leverage debt, issue vast debt, and siphon money out the back door, effectively conducting a financial coup d’etat, which is what I think has happened.

In America, more people are going to work than ever before. Interest rates are low, leading to more families buying new homes and working harder than in the past 4 years. Inflation is also lower, giving people confidence in the future. Under President Reagan's leadership, America is proud, strong, and improved. Why would we want to go back to where we were less than 4 years ago?

America's gold was supposed to back the dollar. Leaving the gold standard was the most costly mistake we ever made. After the world war, they promised gold backed dollars, but they broke that promise. They printed paper backed by nothing, funded wars we couldn't afford and shouldn't have been involved in. But France caught on and sent a warship to get back their gold. Truth is, if more countries followed, our vaults would be empty and game secretary of the treasury to take the action necessary to suspend temporarily the convertibility of the dollar into gold. Turns out, when you fake the money, everything else follows and you screw the next generation over. Prices shot up, paychecks didn't, life got tougher, and nobody knew why.

Speaker 0 argues that nations prosper by rejecting protectionist legislation and promoting fair, free competition. He recalls the Great Depression to emphasize the consequences of protectionism, asserting that high tariff legislation like the Smoot-Hawley Tariff greatly deepened the Depression and hindered economic recovery. Initially, imposing tariffs on foreign imports may seem patriotic by protecting American products and jobs, but the effect is usually temporary. Over time, homegrown industries rely on government protection through high tariffs, stop competing, and stop making innovative management and technological changes needed to succeed in world markets. He explains that high tariffs provoke retaliation by foreign countries, triggering fierce trade wars. The result is more tariffs, higher trade barriers, and less competition. Because tariffs artificially raise prices and subsidize inefficiency and poor management, consumer buying declines. Markets shrink and collapse, businesses and industries shut down, and millions of people lose their jobs. The memory of these events during the thirties motivated him, upon arriving in Washington, to spare the American people from protectionist legislation that destroys prosperity. He acknowledges that it has not always been easy. There are those in Congress who seek quick political advantage and risk America’s prosperity for the sake of short-term appeal to special interest groups. He notes that more than 5,000,000 American jobs are directly tied to the foreign export business and additional millions are tied to imports. He emphasizes that he has never forgotten those jobs, and that on trade issues, by and large, progress has been achieved.

On the one hand, it increased the overcapacity of the export sector further reducing the profitability and even the viability of the investments made. And on the other hand, given the massive influx of capital, of cash that continue to arrive, the loss of export momentum meant that the current account balance, that is the difference between income and the payments to the rest of the world, would register considerably large deficit levels. The fact was that the accumulation of current account deficits was being financed by foreign debt. So to give you an idea, in 1996, the foreign debt of these countries exceeded 165% of their gross domestic product.

President Reagan announces that Prime Minister Nakasone will visit the White House next week to discuss relations with Japan, including recent trade disagreements. He explains that he recently imposed new tariffs on certain Japanese products in response to Japan’s failure to enforce the trade agreement on semiconductors. He emphasizes that while tariffs are reluctantly used and can hurt American workers and consumers in the long run, the Japanese semiconductors represented a special case due to unfair trade practices violating the agreement. He states the goal is to lift these trade restrictions as evidence permits and to cooperate on trade problems, underscoring a commitment to free trade as a commitment to fair trade. Reagan notes that he conveyed a similar free-trade message to Canada and observes a growing global realization that prosperity requires rejecting protectionist legislation and promoting fair and free competition. He cites historical reasons for this stance, referencing the Great Depression and the Smoot-Hawley Tariff Act, which many analysts argue deepened the Depression and impeded recovery. He explains that tariffs can initially seem patriotic by protecting domestic products and jobs, but typically lead to temporary gains followed by retaliation, further trade wars, higher tariffs, reduced competition, and ultimately job losses as markets shrink and industries fail. He asserts that some Congress members, seeking short-term political advantage, threaten the prosperity of America by supporting protectionist measures, despite more than 5,000,000 American jobs tied to foreign exports and additional millions tied to imports. He emphasizes that he has supported actions against unfair practices in specific cases like Japanese semiconductors, while maintaining a long-term commitment to free trade and economic growth. With the Venice Economic Summit upcoming, Reagan stresses the importance of not restricting the president’s options in trade dealings with foreign governments. He warns that certain congressional efforts would amount to protectionism and promises to keep the public informed, noting that America’s jobs and growth are at stake and may require public help to stop the dangerous legislation. He closes by thanking listeners and offering a blessing.

To head off the threatened protectionism, Baker picked New York's Plaza Hotel as the site for secret monetary diplomacy. In 1985, finance ministers and central bankers from the g five, the big industrial nations, gathered for a high-stakes meeting. Their surprise decision was the Plaza Accord. Germany. An agreement to sell dollars on worldwide currency markets in an effort to send the dollar and American export prices down. That gathering signaled a coordinated step by major economies to manage currency movements in order to influence trade conditions. Such measures, taken in a collective framework, illustrate how policymakers in wealthy nations used currency policy to influence markets.

In 1992 the UK was trapped in the European exchange rate mechanism. Think of it like financial handcuffs, they had to keep the British pound within a tight range against the German mark. No flexibility, no escape between these two currencies. But George Soros, this Hungarian immigrant who survived Nazi occupation and built one of the most successful hedge funds in history, is looking at the situation and thinking, this is unsustainable. And he was right. The UK had high inflation, weak growth, and they were paying crazy interest rates just to maintain this artificial system. It was like trying to hold a beach ball underwater. So what did Soros and the team do? They built a massive short position. We're talking billions of pounds.

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.

America protects and defends countries like South Korea, Japan, Canada, and all of Europe. In exchange, South Korea steals the automobile and electronics industries, Japan closes its market to American cars, Canada runs up a massive trade deficit, and Europe has a $300 billion trade deficit with the United States. America is getting ripped off by every other country in the world, resulting in the deindustrialization of the heartland, destruction of the American dream, and the eradication of the industrial and manufacturing base needed for national security. This has to stop, especially with $36 trillion in debt.