Andy Peth and John Rush sit down with Jordan Goodman (“America’s Money Answer Man”) for a fast-moving rundown of what’s driving markets and cost-of-living pressure right now: the nomination of Kevin Warsh to lead the Fed and what that could mean for rate cuts, inflation, and housing.
From there, they dig into the debt and treasuries question—who’s buying, why confidence matters, and how higher rollover rates can squeeze the budget. The conversation widens to global money moves, including claims about BRICS pushing a gold-linked “Unit,” and what a long, slow de-dollar trend could look like.
They also hit Trump’s “Project Vault”
SPEAKER 03 :
This is Rush to Reason.
SPEAKER 16 :
You are going to shut your damn yapper and listen for a change because I got you pegged, sweetheart. You want to take the easy way out because you’re scared. And you’re scared because if you try and fail, there’s only you to blame. Let me break this down for you. Life is scary. Get used to it. There are no magical fixes.
SPEAKER 08 :
With your host, John Rush.
SPEAKER 16 :
My advice to you is to do what your parents did! Get a job, Turk! You haven’t made everybody equal. You’ve made them the same, and there’s a big difference.
SPEAKER 09 :
Let me tell you why you’re here. You’re here because you know something. What you know, you can’t explain. But you feel it. You’ve felt it your entire life. That there’s something wrong with the world. You don’t know what it is, but it’s there. It is this feeling that has brought you to me.
SPEAKER 16 :
Are you crazy? Am I? Or am I so sane that you just blew your mind?
SPEAKER 03 :
It’s Rush to Reason with your host, John Rush. Presented by Cub Creek Heating and Air Conditioning.
SPEAKER 15 :
And it’s another edition, Rush to Reason. Denver’s Afternoon Rush, KLZ 560. Myself, Andy Pate. Charlie Grimes, of course, your engineer. And how’s Andy today?
SPEAKER 05 :
Andy’s doing well. How are you, sir?
SPEAKER 15 :
I’m doing very well. I’m doing very well. Okay, let’s bring Jordan Goodman up, America’s Money Answer Man. Jordan, how are you today?
SPEAKER 14 :
Great to be with you both again.
SPEAKER 15 :
I should say this evening because it’s two hours ahead where you are.
SPEAKER 14 :
Well, it’s 5 o’clock. We’re getting there.
SPEAKER 15 :
Yeah, that’s right. We’ll have some sun. Not bad. All right, so talk to us about Trump and the Fed chair and the announcement and good, bad. What’s your thoughts on all that?
SPEAKER 14 :
So he finally picked Kevin Walsh as his candidate to become the new chairman of the Fed Reserve starting in May. Kevin Walsh has been a critic of the Fed for a long time as a hawk, meaning he thinks they have not been tough enough against inflation. So, for example, during COVID, when the Fed lowered interest rates to zero for a long time, he thought that was a bad idea, that that would cause inflation. He was right. It did. So the market’s feeling is maybe he’ll be a little bit more reluctant to cut interest rates to stop inflation, which is exactly what Trump does not want. That’s the irony of the pick here, is that Trump obviously wants somebody to lower interest rates and that People think Kevin Warsh may not do that so quickly.
SPEAKER 05 :
Yeah, but Warsh has come out and said that right now they do need to be lowered. So he was more of a hawk under that situation. Under this situation, he says they’re clearly too high. He’s made it very clear they’ve got to come down. Now, he hasn’t said how much, but I would expect when he takes over, we’re going to have, at bare minimum, an immediate half-point drop.
SPEAKER 14 :
Well, maybe. Remember, he’s the chairman… But he’s not the only vote. There are 12 votes on the committee. In the most recent January meeting, which voted to keep rates where they are, it was 10 to 2 to keep rates where they are. And the feeling coming out of the meeting and what Powell was saying is, They think they’ve done enough, and they don’t think they need to cut interest rates anytime soon. So you’ve got a majority, a heavy majority, against the chairman if he says he wants to cut rates and they don’t. So it would be quite a contentious board meeting.
SPEAKER 05 :
It will be a contentious one because they’re morons. Look, I’m sorry, but Jordan, all you’ve got to do is look at the housing industry. They are clearly causing massive damage. They know they are, and they’re glad about it. They’re doing it for political reasons, I believe, a lot of them. I believe there are a couple few on there who are simply, shall we say, buckling to the mob. But I believe that you’ve got a bunch on there who are doing it very politically.
SPEAKER 14 :
How does it help them politically to hurt the housing market? I don’t understand that.
SPEAKER 15 :
It’s because it stifles the economy and they win the midterms.
SPEAKER 05 :
Yeah, they are Democrats. They want to harm the Republicans. If you unleash the housing economy, that’s going to be very good for the Republicans in November. That’s exactly why they want to do it. They want to do this for political reasons. They want to hurt people’s lives for political gain. And I say that with all confidence.
SPEAKER 14 :
Trump recently talked about housing, and he said he does not want house prices to come down. He wants people’s home values to rise. But somehow he wants more affordability as well.
SPEAKER 05 :
No, no, no, no, no. He wants the rates to come down so it’s much to loosen up the money to where people can buy them. He doesn’t necessarily want housing values to come down. No, of course not. And by the way, they’re not going to come down. Well, actually, they’re going to come down a fair amount, and they have begun to, because he’s removed so many purchasers by deportations.
SPEAKER 14 :
That’s true, although I’m not sure that illegal immigrants were big home purchasers. They’re probably more renters.
SPEAKER 05 :
Yeah, but that affects it as well. When you have more renters, then you have companies that can buy a whole bunch of these homes and simply rent, rent, rent, rent, rent, rent, rent, rent. And you take away…
SPEAKER 14 :
won’t be able to do that. They won’t have to sell their existing portfolio, but they can’t buy any new ones.
SPEAKER 05 :
Exactly. Exactly. And that’s what I’m saying. He’s pushing in that direction. So he’s taken away a lot of the market for the renting, and then he wants to cut the renting.
SPEAKER 14 :
Yeah. It’s a big issue. It is definitely a big issue. And so it’s going to be very interesting to see, and it’s going to be a very contentious Senate hearing, uh… for work to get through it’ll probably be a party-line vote that he’ll probably barely make it through the senate because it’s going to be so controversial i mean elizabeth warren will not be happy for example and why is that uh… she doesn’t think he’s going to do what what she wants them to do on the fed in various ways what does she want uh… She wants much stricter regulations of the banks, and the Fed’s been deregulating the banks in various ways.
SPEAKER 05 :
She wants to cripple the economy.
SPEAKER 14 :
Yeah, she didn’t care. No, she just wants much stricter regulations on the banks, for sure. More capital requirements. stricter lending requirements and so on.
SPEAKER 05 :
Oh, really? She didn’t really want that before when we had the subprime issues. She was all for that because that benefited her side at the time politically.
SPEAKER 14 :
That was democratizing housing, you see.
SPEAKER 05 :
Yeah. Yeah. She really liked it then and now she doesn’t like it. What I’m getting to, Jordan, is you see how politics is not a small part of their thinking on this. It’s all of their thinking on this. What do you think, John?
SPEAKER 15 :
Yeah, I agree. Yeah, it is.
SPEAKER 14 :
Well, the data is mixed. I mean, the employment market is still relatively weak. You’re seeing that in the numbers all over the place. And inflation, the latest numbers, I think 2.8%, something like that. So it’s come down from when it was 9% in 2022, but it’s now at 2%, which is their official target. So the 10 members of the Federal Reserve Board who decided not to change rates said, well, we’re not there yet on inflation, and we want to see further lower inflation. And you’ve got other forces going against that, the tariffs, for example. There was a report by the Congressional Budget Office this week that said the average American family paid $1,000 a year more in higher prices because of tariffs alone. So, I mean, that’s an inflationary impact. Insurance is an inflationary impact. Home insurance has gone up because of disasters. Health insurance has gone up. So there are things that are causing inflation. that are kind of beyond the Federal Reserve’s control.
SPEAKER 05 :
Yeah, but another big one is going to be the huge refunds people are going to get because of the tax bill that they passed last summer. Look, the simple fact is this. Asking for 2% inflation is insane. OK, Trump is bringing in trillions, many trillions of dollars of investment into our economy. So that money is being poured in. Right. On top of that, you’re going to have all kinds of money in people’s pockets. That’s going to be spent over the next six months being poured in just masses of money being poured into our economy. How on earth are you going to cut prices in that setting? I wouldn’t worry about that. What I’d worry about is our people’s income going up faster than inflation. And it will.
SPEAKER 14 :
Well, it isn’t yet because inflation is still higher and wages aren’t going up that much. But if that would happen, that would be very positive for the economy indeed.
SPEAKER 05 :
They outpaced it in the last quarter. Wages did outpace inflation.
SPEAKER 14 :
Yeah. I mean, we’ll have to see. It’s just going to be very interesting because there’s a lot of other global dynamics going on that Washington is going to have to deal with beyond the inflation situation. I sent you guys a video. I don’t know if you had a chance to watch it.
SPEAKER 15 :
No, I didn’t watch it on China. I didn’t watch it yet, no.
SPEAKER 14 :
It’s pretty amazing what China’s trying to do. Basically, China is leading this group of major countries, Russia, India, China, Brazil, United Arab Emirates, Saudi Arabia, to get off the dollar standard. It’s working. The dollar has been falling, and they’re buying up all this gold and silver, sucking it into China, and They’re backing their currency. This new BRICS currency is called the UNIT, and it’s backed 40% by gold. So meanwhile, we’re losing the backing of our currency. This is something that the Federal Reserve should worry about.
SPEAKER 05 :
That was coming regardless, by the way.
SPEAKER 15 :
Yeah, and when you say backing of the currency, I mean, at the end of the day, the dollar is still backed by all the assets the United States of America has, which is greater than either country on the planet. So I don’t look at that as a big issue, Jordan.
SPEAKER 14 :
We have $38.5 trillion in debt.
SPEAKER 15 :
And we probably are a country that’s worth about $150 trillion total, so it’s not a big issue. I mean, I don’t like the fact we have that debt either, don’t get me wrong. But our assets far outweigh our debt, Jordan. You know that as well as I.
SPEAKER 14 :
Well, assets are nice, but debt costs you interest every month.
SPEAKER 15 :
I get that. I understand that. That’s why I don’t like it.
SPEAKER 14 :
It makes us in a very weak position to be a debtor country. We’re the largest debtor country in the world, as opposed to creditors like China that is sucking the silver and gold out of our vaults. And they’re doing it in a very devious way here. The price of silver and gold went down recently. It was up over, well, gold was like $5,600. and went down to about $4,700. Now it’s about $5,000 or so. Silver went from $70 up to $120.
SPEAKER 15 :
And really quick, just to make sure that I don’t get a text message on this correcting you and me not correcting you, we are not the largest debtor China is. They’re at 336% of their GDP ratio, where we are way below that, down around, I think, what, 125% or so.
SPEAKER 14 :
Oh yeah, we’re not that close. I didn’t think that they were that big a debtor. I knew Japan as a big debtor.
SPEAKER 15 :
I’m just saying the amount of debt… And as you know, the problem with China is it just keeps growing because they keep trying to fund these things that, you know, they’re ghost cities and on and on we go that really don’t… And on top of that, we have killed them on the export sides of things in the last year.
SPEAKER 14 :
That has definitely hurt them as well. We’re hurting each other in various ways. What I’m saying is they’re doing something about it. I’m just going to talk about the gold and silver briefly. So gold and silver went up sharply and then went down. And then China continues to pay a higher price for it. So there’s a big arbitrage. You can buy silver today at like $80 and sell it in China for like $120, something like that. So what American banks do is they buy it at $80 and sell it at $120 and they deliver the silver and gold to China. They’re willing to pay that to suck out all the gold and silver out of our vaults. And we’re going to have nothing left to back our currency. And they’re going to have a lot. They’re going to have the world’s reserves to back their currency, which they are now creating an alternative payment system to SWIFT and the U.S. dollar. It takes a while to do this, but they’re implementing it right now.
SPEAKER 05 :
How can China afford to do that long term with their real estate crisis they’re in right now?
SPEAKER 14 :
They can’t. Well, you’re right. The real estate crisis is terrible over there. But they also, for example, in the most recent year, they had over a trillion dollar trade surplus. And they’ve been exporting solar panels and electric cars and electronics and all kinds of things around the world. And when we put tariffs on them, they flooded Europe and Asia and South America and China. That’s what’s driving their economy is their export-oriented economy.
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SPEAKER 08 :
putting reason into your afternoon drive. This is John Rush.
SPEAKER 15 :
We are back. And again, myself, Andy Pate, Jordan Goodman with us, America’s Money Answer. And Jordan, how do folks find you?
SPEAKER 14 :
Jordan at MoneyAnswers.com is my email. Always glad to take their calls and emails.
SPEAKER 15 :
Talk to us about Project Vault.
SPEAKER 14 :
So Project Vault, President Trump just announced last week, is his response to the threat to our strategic minerals. We are very dependent on China. for rare earths and silver and all kinds of things that we have not been mining here. And so he had a conference of 50 countries last week to say, we’ve got to get the strategic minerals into the United States. It’s a good idea. It’s needed, but it’s a little late, a lot late, actually, because China has really monopolized, I think, about 97% of the world’s refining capacity for rare earths. You can dig the stuff up, but you need refiners to do it, and that’s where it is. So this is his response to China’s threat to all of our strategic minerals.
SPEAKER 15 :
And how do you think that’s going to pan out?
SPEAKER 14 :
I don’t think it’s going to work, because I think China’s in a very strong position, and we’re very dependent on those strategic minerals. There are lots of mines that could be developed, but it takes a long time and a lot of money. And then we’d have to do the refining capacity, which also takes a lot of time. So I think, unfortunately, we’re still going to be very dependent on China for a lot of strategic minerals for a long time.
SPEAKER 05 :
Yeah, but when things move at Trump speed, they do move a lot faster. I mean, two years from now, could things be turning around pretty quickly in that regard?
SPEAKER 14 :
I don’t think so. I think it takes longer to… I mean, yes, he can speed approvals and… uh… get miles moving uh… but the refining capacity of you know five-year project they just don’t put up refineries quickly for this kind of thing so uh… i want to have much more security with strategic middle of the project vault is about but it’s it’s a very long-term process and we we shouldn’t been so so
SPEAKER 05 :
reliant and let this industry go to china so quickly okay and then let’s look at it the other way what condition would we be in going forward had we continued with the biden plan of total reliance and shutting down all of our mining and all of our refining which is what biden was doing well that’s where we are now basically we shut it down and to revive it it’s a whole long process which trump has started to do right but as of right now we’re still very dependent
SPEAKER 15 :
Yeah, and again, I probably don’t have as many concerns with that as you do because I think China has a lot more on their plate than any of them are ever willing to admit. And at some point, this is my prediction, at some point their economy is going to get to the point to where they will be begging people to buy things from them because they won’t have any choice given the fact that their economy is going to go in the tank. It actually already is. They do a really, really good job of covering things up, Jordan, as you know.
SPEAKER 14 :
Well, having an over-a-trillion-dollar surplus around the world is showing that they’re quite successful.
SPEAKER 15 :
You can eat into that pretty quickly, as we have proven in America, at $33 or $34 trillion in debt. So no offense, Jordan, that trillion dollars doesn’t mean squat.
SPEAKER 14 :
Yeah, well, you ask all the countries. I mean, it’s been interesting. Because of tariffs, a lot of our big allies, our trading partners, have gone to China and done deals. Canada did one recently, and the European Union, for example, are doing deals with China. to trade with them because they don’t like the tariffs that we put on here.
SPEAKER 15 :
Yeah, and no offense, Canada’s got 30 million people, not 330 million people, meaning they are just, I mean, it’s not even a pimple, Jordan, when it’s all said and done compared to what we do. Yeah, they can make these deals good for them, but that doesn’t come even close to making up for what we do. Not even close.
SPEAKER 14 :
Well, I mean, they have major resources that we buy here. They’re our second largest trading partner. Canada has lumber and oil.
SPEAKER 15 :
Which, by the way, going back to what Andy said a moment ago, going back to what he said, if we get rid of the Biden Democrat policies when it comes to logging and mining and all the things that we can do as a country. Jordan, we flat out don’t need Canada at all. In fact, Canada, I will say, needs us far more than we need them because they have no way to offload their shale oil or, you know, their their their tar oil, their tar sand oil. They have no way to offload that without us.
SPEAKER 14 :
Yeah, you’re right. They do need us a lot and they’ve been hurt. a lot by the 35% tariffs on China.
SPEAKER 15 :
And what I mean by that is you look at some of the things you just mentioned a moment ago, from logging to some of the other stuff. I mean, we have exactly the same things here, maybe not to the vastness that they have, but actually we do. We just aren’t allowed to touch it because of all the stinking environmental wackos we have in this country.
SPEAKER 14 :
Yeah, well, that is changing. Even this week, President Trump put a new regulation in, allowing all kinds of things that have not been allowed in the past because of environmental. So he’s definitely opening up things that way. I agree.
SPEAKER 05 :
Can we legally deport environmentalists?
SPEAKER 15 :
No. Okay, I just thought… No, it’d be nice, but no. Okay.
SPEAKER 05 :
Jordan, let me ask you this.
SPEAKER 15 :
You cannot legally deport the mentally ill. Sorry, you cannot do that, Andy.
SPEAKER 05 :
We should be able to, though. You cannot. I mean, could Guantanamo have a mentally ill ward for environmentalists?
SPEAKER 15 :
Not going to happen.
SPEAKER 05 :
Okay, well, it’s just a thought. Okay. Jordan, looking forward here, because here in just a couple months… We’ve got to renegotiate USMCA, and that’s with Mexico and China. Canada, I’m sorry. I was just thinking about China because they have that deal with Canada, which, by the way, I don’t think is going to work out well with Canada. I really don’t. I think they provided too much of a loophole. China is going to be able to move a lot more electric vehicles into Canada than Canada thinks because all they’ve got to do is not entirely assemble them in China and they can call it a Canadian product. So I think they set themselves up. But anyway, looking forward, I said about a year ago on this show, you and I and John, shortly after Trump took over, I said Trump is going to burn Canada to the ground. I said, that is what I believe he is going to do. What do you see happening with the UMCA? USMCA. I know. They call it a different thing in every country, and I keep watching all this Canadian stuff, right? What do you see happening with that negotiation?
SPEAKER 14 :
Well, I mean, we’re going to be much tougher with Canada than we’ve been in the past. I mean, when USMCA was done, which was under Trump in the first term, it did open things up. Remember, before we’d had uh… agreement that really we lost a lot of jobs particular mexico and and and can as well make a reverse that but we’re very very tough negotiation on both mexico and china and canada uh… we we were assured ourselves much more but these are our biggest allies their biggest trading partners would be good to get along with them so it’s fair instead of unfair
SPEAKER 05 :
Well, I mean, do you see Canada maybe buckling a little bit more? Because right now they’re losing jobs. We look at our job losses here. Theirs, if you look at it as a percentage, are much worse.
SPEAKER 14 :
Right, because the tariffs, the 35% tariffs, have really hit Canada hard.
SPEAKER 05 :
Well, there’s more to it than that. They’re also losing a lot of jobs because of their environmental strangling of their energy industry.
SPEAKER 14 :
Yes. Yes, I mean, the one state in Canada, a province in Canada, that would make sense is Alberta. Yeah, because they’re very much like America. They’re very resource-oriented and very conservative, unlike the rest of Canada. So if we’re going to get a 51st state, maybe let’s just take Alberta.
SPEAKER 05 :
I’m all for it. I really am.
SPEAKER 15 :
And again, I always go back to you because I think facts matter. When you look at what we send to Canada versus what they send us, yes, they’re a trading partner, and I’m not denying that, Jordan, but how critical are they to our economy? Frankly, we could supplement what we get from Canada almost overnight, and I think this is exactly what Trump’s looking at. We really, at the end of the day, they need us. We don’t need them.
SPEAKER 14 :
Well, for example, you’re in the car industry. How about all the car factories in Ontario that kind of go back and forth with Detroit?
SPEAKER 15 :
Yeah, which we never should have allowed, but they did back in the day because of these stupid agreements we do. And on that level, Jordan, I know as an automotive guy, those could be moved back, retooled in the matter of six months. That’s not a big issue.
SPEAKER 05 :
My biggest concern— Really? That quickly?
SPEAKER 15 :
Oh, yeah, absolutely. With the robotics and things now and some of the plants that we’ve got that are probably just sitting there empty where you could move things in in a pretty quick process. Yeah, again, no offense. At some point in time, Canada’s going to have to wake up and understand what I’m saying. We don’t need them.
SPEAKER 05 :
My biggest concern, if I may, is steel. Okay, how quickly can we… I understand that we can replace what Canada provides. We just fired one up.
SPEAKER 15 :
It’s going to take a while. We only fired one up. We need to fire a bunch more up.
SPEAKER 05 :
Yeah, that’s my concern is timing, okay? I do believe we can replace what Canada does with steel, but Jordan, how long is it going to take? How quickly can we fast-track?
SPEAKER 14 :
Well, you were complaining about environmentalists. There’s not a lot of people who want steel plants in the United States in their neighborhood, and the same with aluminum. We get a lot of aluminum from Canada. And not a lot of Americans want aluminum smelters in their backyard.
SPEAKER 05 :
Yeah, but we’re going to deport the environmentalists. This is part of the Andy plan. This is going through. Yeah, there we go.
SPEAKER 15 :
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SPEAKER 08 :
The best export we have is common sense. You’re listening to Rush to Reason.
SPEAKER 15 :
Okay, we are back. Rush to Reason, Denver’s Afternoon Rush, KLZ 560. Myself, Andy Pate, Jordan Goodman, America’s Money Answer Man. Jordan, text message came in. Please ask Jordan if the fact that we are having to refinance so much of our national debt this year, plus the amount on top. that Congress is spending this year. Is this why the Fed is having such a hard time selling our treasuries on the open market? It seems due to our current situation, other nations do not want to buy our treasuries anymore at low interest rates. Therefore, cutting interest rates is not possible in this environment.
SPEAKER 14 :
Well, it is true, and you’re seeing that in the decline of the dollar. The dollar’s down about 10% or so in the last year, because a lot of countries… are worried about buying our debt. And, you know, it’s only backed by the full faith and credit of the United States, and we have not done such a particularly good job of it, not only adding the amount of debt, but having the government shut down this kind of constant disagreement over budgets and, you know, getting things done. So it’s just not a good look to a lot of foreign countries. And, frankly, some of them are mad at us about the tariffs and Greenland and all kinds of things. They’re mad at us, and they say, well, why do we have to support the United States if they’re going to do such things to us, like threaten NATO and so on.
SPEAKER 15 :
Yeah, and I think, by the way, not arguing with this particular text, I think the other thing we have to remember is not all debt is sold to foreign countries. There’s a portion of it is, but a lot of banks and Americans and so on buy that debt as well, Jordan, as you know.
SPEAKER 14 :
Well, they do, but let’s put it this way. We don’t have enough domestic savings to finance our deficits on our own. We do need foreign money at different amounts. But, I mean, the interest on the national debt now, we’re at about $38.5 trillion. The interest alone is over $1 trillion, which is more than the military for security, and it’s the largest expenditure, and that’s going to keep going up. As you said, the interest is compounding, and as new debt rolls over from old debt, the interest rates tend to be higher. When we were issuing debt in 2022 and 23 at 0%, that debt, when it rolls over, is now going to be 4% or 5% or something. So it does cost more, and then we’re adding debt on top of that. So a lot of people around the world are losing faith.
SPEAKER 15 :
Make sure you remind everybody listening that that foreign debt is only about 25% to 28% or so. So everybody thinks it’s 100%, and it’s not.
SPEAKER 14 :
No, no, it’s not 100%. But it’s significant. It’s trillions and trillions of dollars. And if, for example, if the Chinese threatened… to sell their treasuries, like, all at once. That could crash the treasury market. We couldn’t absorb, you know, a huge trillion dollars, $2 trillion in supply all at once. The market’s just not that ability to do that. They were buying our treasuries because it was a good investment for them, and it gave them influence with us. Now they’re turning very adversarial. And they could very well try to crash the treasury market.
SPEAKER 15 :
Right now, I mean, believe it or not, they’ve lowered their amount of debt of ours they own. It’s under a trillion dollars.
SPEAKER 14 :
That’s right. It was much more. And they’re putting their money elsewhere.
SPEAKER 05 :
How much was it at its peak?
SPEAKER 14 :
It was about $3 trillion, I think is what the Chinese, and now it’s down to about a trillion. Wow, okay.
SPEAKER 15 :
Yeah, a little bit under that. And again, yeah, you’re right. I mean, we wouldn’t want to absorb that, but could we? Yeah, we could, Jordan, if we had to. Yeah, printing money is going to create inflation, but could we absorb that? Sure we could.
SPEAKER 14 :
Well, interest rates would go up. Sure they would. That would happen. Right. A lot. And so that would really hurt our economy and our housing market and everything else. We’ve been trying to keep interest rates down. And short-term rates have been relatively stable, but long-term rates have been rising, actually. The long-term 10-year Treasury is up to about 4.5, something like that, where it had been much lower than that. While the Fed cut rates three times at the end of last year, long rates went up, actually. That’s telling you the market’s thinking it’s hard to sell Treasuries with foreigners not buying as much as they used to.
SPEAKER 15 :
Talk to us about the poly market and the rise of prediction markets. That is something I know nothing about, Jordan. Zero.
SPEAKER 14 :
All right. So this is the hot new trend now. So we just came off Super Bowl weekend. Right. And, you know, I hear Andy made just a ton of money betting on the Patriots, actually. Yes. Yeah, I did. On my loss?
SPEAKER 05 :
Actually, I bet on the Seahawks, but okay.
SPEAKER 14 :
So polymarket and calci are two so-called prediction markets where you can bet on anything. You can not only bet on sports, but you can bet on political outcomes. You can bet on just about anything you want. And it’s a global thing, so there’s going to be so many other sides of the bet. And they’re just booming. Now, sports is part of what they allow betting on. And they’re taking market share away from FanDuel and DraftKings, the two big betting sites. because DraftKings and FanDuel are regulated by state regulators, and PolyMarket and CalShear are not. So they’ve got a bit of an unfair advantage. So I think they even had ads during the Super Bowl as well. This is the way things are going. It was started by two college students, I think from Stanford, like seven years ago. It’s just totally exploded now. People can bet on the craziest things. things, and they do. So that’s the new market now.
SPEAKER 05 :
Well, you can’t have an uneven playing field. I mean, you either have to regulate the one so they’re both regulated or unregulate the other so they’re both unregulated. What do you see coming?
SPEAKER 14 :
Maybe there’ll be regulation on them. I mean, FanDuel and DraftKings certainly think they should be regulated. But they’re saying they’re not a pure sports betting app that you can bet on all kinds of other things. But I agree with you. I think it is an unfair playing field. But all the growth is now going on these so-called prediction markets. And what’s interesting is the prediction markets have a much better record of predicting things than polls do. For example, prediction markets predicted that Trump would win. And a lot of polls were saying it was neck and neck, and he won by a pretty big amount. And lots of other things. This is people actually putting their real money on the line. which is different than having an opinion to a pollster. So it’s just very interesting to watch the prediction markets and see what they predict on all kinds of things.
SPEAKER 05 :
How does this affect, you know, every weekend we always look and say, what are the Vegas odds on the football games, right? What does Vegas say? Could Polymarket replace Vegas?
SPEAKER 14 :
Well, they have not replaced Vegas. But a lot of people are making their bets on sports on Polymarket and Kalshi instead of DraftKings and FanDuel these days and the sports books.
SPEAKER 15 :
All right. Let’s segue this because I think it sort of fits because I’ve always looked at crypto as a bet, not a sure thing. And right now I’m winning because they’re falling.
SPEAKER 14 :
Yes, indeed. Crypto got down, Bitcoin got down to about $66,000. About three months ago, it was about $120,000. So, yeah, it’s fallen about in half. And it’s been interesting because gold and silver have been very volatile, but they’ve been coming back up, and Bitcoin, not quite as much. A lot of people got into it at the high. I think it was going to go to $200,000 or a million or something like that. It just got too hot, and a lot of people are taking problems. Remember, a lot of people bought Bitcoin years ago. and they have a very low cost basis. So even to sell at $66,000 or $70,000, they’re still making a huge amount of money. It’s the latecomers that have kind of taken the hit here.
SPEAKER 15 :
Where do you see the crypto end of things going? I mean, for me, and we’ve had this conversation before, I still look at a lot of it as, you know, faith in what it is. You talk about something that’s not backed by anything, that’s crypto.
SPEAKER 14 :
Right. It is not backed by anything else, correct. I think in the long run it’s still going to go up because there is a limitation on the amount of crypto, or at least Bitcoin, that can ever be created. 21 million coins is the most that can ever be created.
SPEAKER 15 :
I understand that, but my comeback that always is, they’ve created it out of nothing. So at the end of the day, it’s a lot about nothing. Sort of a Seinfeld episode.
SPEAKER 14 :
It is not backed by gold or anything else, I agree. But it does have some utility. People are buying and selling things with Bitcoin. And USDT is becoming very common these days. It’s a cryptocurrency. It’s a stablecoin. So there are actual applications now. These things are being used all the time. Bitcoin is still a speculative vehicle. But you can see how volatile it is. I mean, when people went up to $120,000, they were ecstatic and making all kinds of money. And now that they’re down to $66,000, they’re all crying in their beer. But that’s the nature of the coin. It’s very volatile.
SPEAKER 15 :
All right, let’s move to the software end of things, the stocks, what AI is doing. AI, of course, is a big deal, continues to get bigger. That one, that’s not like crypto, Jordan. It’s not going anywhere.
SPEAKER 14 :
Well, it’s going everywhere. It’s going to take over everything.
SPEAKER 15 :
Exactly. It’s going to do nothing but continue to grow and grow and grow.
SPEAKER 14 :
So here are some of the numbers that came out recently about artificial intelligence. Google, their sales for 2025 were $400 billion for the first time ever. Their profits were up 30%. Advertising and cloud computing and all the kind of AI-related things.
SPEAKER 06 :
Right.
SPEAKER 14 :
And then Google said they’re going to spend $195 billion on AI infrastructure this year versus $93 billion last year, so more than doubling what they’re going to do. Amazon said they’re going to boost their AI spending by 60% to $200 billion this year. Elon Musk recently combined XAI, his AI platform, with SpaceX. the satellite company, the rocket company, into one company worth $1.2 trillion. So the big are getting bigger. And the software companies that traditionally have been really hot stocks, Salesforce, Workday, ServiceNow are three examples. They’ve been falling sharply lately because investors are saying, well, maybe artificial intelligence can do what they’re doing.
SPEAKER 15 :
They can.
SPEAKER 14 :
without having to pay them billions of dollars. And that’s exactly what will happen. The hottest stocks have gone very cold because of that change perception recently.
SPEAKER 15 :
Yeah, and meaning if you’re, sorry, but if you’re somebody working for one of those companies, I probably would be sharpening up my pencil, getting my resume redone, and be looking for something different because those types of platforms are, Jordan, I’m sorry, they’re just not going to exist down the road.
SPEAKER 14 :
Well, I’m not sure you want to sharpen your pencil. You might want to befriend a chatbot. Well, that too.
SPEAKER 15 :
Yeah, you could do it that way. Exactly. Point being, if you’re working for one of those companies, I’m sorry to say, you’re probably not going to be for long.
SPEAKER 14 :
These are major companies that have major influences on many, many companies. But the stocks, again, they had been super performance for a long time. And just the last few months have completely turned around. AI is going to be very positive in all kinds of ways. Drug discovery and making things more efficient. But there’s a downside to it, too. It’s going to disrupt a lot of things and cost a lot of jobs. Just last week, Amazon says laying off 16,000 workers. And last year, they laid off more, too. They say because AI is making them more efficient. So what’s left is good. But that’s a lot of jobs to cut because of AI. And that’s happening in other countries, companies, too.
SPEAKER 05 :
Jordan, let me ask you a different question with AI. How much do you think it’s being used now in going after fraud? Okay, like what we caught in Minnesota, what they’re catching right now in New York, which is incredible, by the way. Fraudsters, one big advantage they used to have is it simply took far too much manpower to track them down. Now, AI can track them down much more quickly. Is that going to have a big impact going forward?
SPEAKER 14 :
That’s a really good thing. And yes, I think AI was helpful in fighting the Somali fraud in Minnesota with all the PPP loans and things like that. Yeah. All kinds of things can be made more efficient, both good things and bad things. I mean, you’re seeing all kinds of deep fakes all over the place. It’s hard to know what’s real and what’s not anymore with the growth of AI. And you can imagine the power of these enormous data centers that are being built. It’s kind of staggering. We’re in the building phase right now, but when they’re all up and running, it’s kind of hard to imagine what life’s going to be like with it. things being run by AI.
SPEAKER 05 :
Well, then wouldn’t a great investment be nuclear energy?
SPEAKER 14 :
Part of it, and nuclear is part of the solution. They need far more power than is available, and solar isn’t going to be enough, and natural gas isn’t enough, but yes, they’re going to do these smaller nukes, not the big nukes. But yes, that’s part of the solution, because these are huge power consumers and water consumers. You don’t want to be living near a data center. You must have some in Colorado somewhere, right?
SPEAKER 15 :
We actually don’t have too many at this point. No, I don’t know. Well, I think I do know why. A, water is scarce here and our power is not good. So we have two strikes against us when it comes to that here in Colorado.
SPEAKER 14 :
Well, that may be an advantage. I mean, there’s a lot of money that goes into constructing these things. But once they’re built, you know, you have this enormous factory run by like two people or something, robots. I mean, it’s not a big employer once they’re up and running.
SPEAKER 15 :
No, it is not. And really quick, just a tip for all of you listening where Jordan just says it’s going to be hard to tell what’s AI versus what’s not. When it comes to video images and so on, currently, now it may change as time goes by, but currently, if it looks better than real life, it’s AI. It’s fake.
SPEAKER 06 :
Yes. Yes.
SPEAKER 15 :
That’s sad. That’s a good rule of thumb. And I’m being very honest there. If it looks better than real life, it’s fake.
SPEAKER 14 :
Well, that’s good, I guess. Yeah, that’s a bit strange to think something better than real is not real.
SPEAKER 15 :
I mean, it’s amazing. Some of the stuff that’s coming out, the videos and so on, and how they piece it together, it’s just amazing. It really is.
SPEAKER 14 :
It allowed the average person to do incredibly complex videos. That’s right. It’s quite amazing. We’re in the first inning of AI right now.
SPEAKER 15 :
Meaning, I go back to, and I’m sorry to keep harping on this, but I go back to just the whole, if you’re working in one of those areas and you can see AI coming along and doing something that would affect your job negatively, of course, then, Jordan, my recommendation to folk is you need to either be retooling or regearing yourself, if you would, to move into something else because you’re going to get replaced. Period. It’s a simple fact.
SPEAKER 14 :
It’s going to happen. The car business you’re in, repairing cars, are you using AI in diagnosing cars?
SPEAKER 15 :
Yeah, a lot. Now, it’s not going to replace, at this point, an actual technician to actually physically fix the car, but as far as the… Diagnosis? Yeah, the diagnosis and even the running of the front counter end of things. In other words, the service advisors and so on. Will AI eventually replace those individuals? Yes, it will.
SPEAKER 14 :
So it’s more efficient for the customer, but… At some point, people have to have jobs. I mean, there’s an economist running around the country saying it’s going to cost 99% of the jobs in the country eventually.
SPEAKER 15 :
No, that’s not true. There’s still enough service-type jobs. And I get it. Machines can even serve an ice cream cone and so on. But, you know, Jordan, you’re still going to have a certain amount of people even handling, managing, running, maintaining, and so on, where, yes, there’ll be a shift. Is it going to take away 99% of jobs? No, that guy’s a fool. No. Sorry. That’s a person that does not know the service world at all.
SPEAKER 14 :
Tesla is converting some of its car factories into robot factories now.
SPEAKER 15 :
Sure, sure.
SPEAKER 14 :
It’s talking about making millions of humanoid robots.
SPEAKER 15 :
Really quick, you want to know my answer as to why more of it’s shifting that way? Not only is it cheaper for those companies to do that, but they don’t have to put up with all the hassles that people give them because we now have a workforce that has – through about three generations now, gotten lazier and lazier and lazier. And I’m sorry to say that, but as an employer, I can attest to that, Jordan. Employers are tired of lazy employees. They don’t show up for work. They have the brown bottle flu on Mondays. They’ve got to take off for this and that and every other thing under the sun. And at the end of the day, they’re not as reliable as they used to be. They don’t work as hard as they used to be. And employers are sick of it. And yes, if they can replace them with a machine, they will. It’s that simple.
SPEAKER 14 :
Yeah, well, they don’t complain, and they don’t take vacations. They’re there 24-7. Wage increases and all that kind of thing. That’s right.
SPEAKER 15 :
And for all of you listening, and that’s not my audience, of course, but you should pass along what I just said, because if you’re going to keep your job, you’re going to have to outwork the robot.
SPEAKER 14 :
Yeah, that’s right. It’s that simple. It’s a new world we’re entering. It really is. It’s hard for people to deal with this, and it’s hard for them to change that quickly.
SPEAKER 15 :
Speaking of which, let’s go ahead and move into the Washington Post, because this applies to them. They have cut, what, one-third of their staff, roughly?
SPEAKER 14 :
One-third. Yeah, they have a staff of about 800 journalists. They just cut 300 of them, and they cut out the sports department altogether. I mean, this has been—it was bought by Jeff Bezos a few years ago. Right. and he’s been subsidizing it to a tune of about $100 million a year.
SPEAKER 15 :
Which you don’t do for everyone, no matter how rich you are.
SPEAKER 14 :
We’re not doing that anymore, basically. We’re doing a lot less of it. I mean, newspapers, I think something like two newspapers a week fail in the United States these days, something like that.
SPEAKER 15 :
And again, you go back to what we were just talking about a moment ago with AI, and the reality is, unless that journalist is really hardcore and is out doing something that, no offense, AI does, couldn’t do for themselves. I’ll give you an example. I read a story yesterday and talked about it, and basically the journalist that was behind the story is an absolute complete knucklehead. He was basically talking about how the vendors at DIA, the airport, have the ability to set price and do this and do that, and was whining basically about how much more expensive a bag of chips at the airport is versus anywhere else. And I’m thinking, Jordan, first of all, Common sense would tell you why the bag of chips cost more at the airport than they do anything else. A, it’s a captive audience. B, it costs a lot more to put the workers out there. C, you’re not buying in volume like a Walmart or a Costco does. I mean, I just go down the list, and it’s like, this isn’t that hard to figure. That’s not even a newsworthy story, but yet that guy went ahead and did it. Right, right. Dumb. No, it’s true. I mean, that’s a guy that will be jobless in the not-too-distant future because he’s an idiot.
SPEAKER 14 :
Yeah, well, the whole editing staff, newspapers have been cut. I mean, the whole newspaper industry and, frankly, radio. And TV as well. I mean, I mentioned earlier, Google had $400 billion in revenues last year. Where did that money come from? It came from traditional media, where people are advertising on Google instead of TV, radio. That’s exactly right.
SPEAKER 15 :
You’re right. No, you’re exactly right. So, no, 100%. Okay, before I let you go, where do folks find you, Jordan?
SPEAKER 14 :
they can always email me, jordan at moneyanswers.com, and you will not be answered by a chatbot.
SPEAKER 15 :
Awesome. Jordan, I appreciate it, as always. We’ll talk to you next month. All right. Have a great rest of your day. Golden Eagle coming up next. Again, finances. Speaking of that, if you want somebody to talk to directly and analyze your risk as you go down the road to retirement, talk to Al Smith, Golden Eagle Financial. Find him today at klzradio.com.
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SPEAKER 08 :
Now back to Rush to Reason on KLZ 560.
SPEAKER 15 :
And we are back. Rush to Reason, Denver’s Afternoon Rush, KLZ 560. Myself, Andy Pate, Charlie Grimes. Okay, things that you want to add to what Jordan had to say, Andy?
SPEAKER 05 :
Well, my big concern really quick here is looking at Canada again.
SPEAKER 15 :
Right.
SPEAKER 05 :
Is the transition, okay, for aluminum, steel, things like that.
SPEAKER 15 :
If we quit trading with them, you mean?
SPEAKER 05 :
Yeah, we can replace those things, but not quickly.
SPEAKER 15 :
I agree with that.
SPEAKER 05 :
And that is what really concerns me is how quickly can we replace those things because we have a lot of industries who in the meantime are going to suffer greatly. And one thing I think the U.S. government is going to have to face up to. is they are going to have to heavily invest. Okay. Because let’s say you need, uh, you know, aluminum made. Okay. So you need a company that’s going to make aluminum process more aluminum and so forth. Okay. They can’t just invest in that and then worry about, well, gee, are you just going to cut another deal with Canada? And then, you know, I have a trade partner. That’s going to kill my business. They need to know that they are going to be instantly profitable. All right. And, uh, how about lumber? Right. Okay, so we’ve got the lumber industry here in America, which we’ve pretty much cut down. Sorry to use the pun there. But we have. That was shut down by government, John. Government shut it down all over the place with environmental regulations while we get all of our lumber, therefore, from Canada. You can’t look at these lumber places. And these sawmills and have them take a huge financial risk when you were the one, you, the U.S. government, you were the one who shut them down. You need to help them. You need to front a lot of the money to get them going again. And not just tell people, oh, you got to come in all with your own money and start it up again. That’s not fair. It was the government that shut them down. The government has to get them going again. And then they can be run by the free market. What do you think?
SPEAKER 15 :
Yeah, no, I can’t argue that. And one thing about aluminum that’s nice is it’s an indefinite metal. In other words, it can be recycled indefinitely. You can keep recycling, recycling, recycling, but we still add to the supply and have to on an annual basis. And from what I’m reading and looking at is we produce as a country probably only, and I have to do the math really quick on this, but we probably only produce about 25% of what we really need, meaning we have to import. Right. We don’t have any choice. Right.
SPEAKER 05 :
Exactly. And aluminum is incredibly expensive, not just with beer cans, but with cars, with everything. You need to have a ready supply of that. And we can’t replace that with Canada right away. I wish we could, but I don’t see how we can do it. And the only way we can do it quickly is to front the money.
SPEAKER 15 :
Yeah, I can’t argue that, Andy. I think that’s one of those things that government really, and I’m not a big person that likes government getting involved in these things. But they did the damage. Yeah, exactly. They did the damage, and if we’re going to become independent as a country, then those are things that you have to do. All right, we’ve got a lot more coming your way. Two more hours coming up. Myself, Andy, and Charlie, this is Rush to Reason, Denver’s Afternoon Rush, KLZ 560.
SPEAKER 1 :
Thank you.
SPEAKER 16 :
Average guys.
SPEAKER 1 :
Average guys.
