You've had a dynamic where money has become freer than free.
If you talk about a Fed just gone nuts, all the central banks going nuts.
So it's all acting like safe haven.
I believe that in a world where central bankers are tripping over themselves to devalue their
currency, Bitcoin wins. In the world of fiat currencies, Bitcoin is the victor.
I mean, that's part of the bull case for Bitcoin.
If you're not paying attention, you probably should be.
Gerald, I'm bummed we only have 20 minutes, but let's make the most of it.
Welcome to the show.
Oh, thanks for having me.
Like I was saying, I was just catching up on some recent interviews you've had in the last couple of months,
most recently with Clayton Morris.
And I think just jumping off since we have 20 minutes,
I think we could talk about Bitcoin and crypto on the back half, but something I've actually been paying attention to, which you mentioned on that show, was the aftermath of COVID stimulus, and particularly with commercial real estate, real estate markets broadly, and the exposure that banks have.
How's that looking as we're halfway through the year right now?
Actually, we have an article in this week's Trends Journal.
And then if you go to TrendsJournal.com, you'll see them.
And Europe's commercial real estate market is still in the doldrums.
You've got to look at the data.
Let's go back.
You go to Castle Systems with a K.
Look at the office occupancy rate in the United States.
It's about 49.7%.
Everything changed after COVID.
Look at the office vacancy rate.
before COVID
2019 it was around 11.4%
now it's around
20%
again you only
have a 49% office
occupancy rate so here's the deal
when they launched
the COVID war
and remember don't forget
COVID's going on so every time
you masturbate you better sanitize your hands
remember all the crap they made up
and when you're
outside
stand six feet apart because the wind blows exactly in straight lines inside, outside,
six feet. And when you go into a restaurant, you better put that mask on. All right. I'm your
politician. I'll tell you what to do. But when you sit down and eat, you can take the mask off
because COVID knows that you're sitting down and eating and it doesn't go to that level.
All right. This is the crap they made up. They scared the hell out of all the morons who swallow
political crap. So you can't go to work.
Work out of your house. Okay. So now, people are
working out of their house week after week, month after month,
year after year. And they're saying to themselves, I've been
getting up at 5.30 in the morning and driving an hour and a half
on the LIE to go into New York City.
I've been on the subway a night in Calcutta.
I'm not doing that
now I'm getting up at
7 o'clock in the morning
and having breakfast
and I zoom on to work
now I'm the guy that has
let's say 10 floors
in a building
I don't see these people
anyway, they're in these cubicles
you stay long
I don't need all this office space
I don't have to spend the money
so now this is 5 years
later, the leases are coming due. You had five and ten year leases.
The leases are coming due and they're not renewing like they used to.
You got a number of the banksters trying to force
people to come back into work five days a week.
Because they're losing the dough. Let's go back to 2023.
Three banks failed. Signature,
First Republic, and Silicon Man Valley Bank.
Three banks. Down went the equity markets and up went gold prices.
That was three banks. You're going to start seeing a lot of defaults on loans.
Big time. And the crap that they're spewing out.
Well, we're going to convert these buildings to condos and apartments, right?
No, you're not. Buildings built within the last 50 years, they're not convertible.
The big empty spaces.
Let's go back to 2024.
Midtown Manhattan, 50th Street.
A building that sold for over $300 million.
In 2006, went up for auction.
They sold it for $8.5 million.
They got to knock the thing down and rebuild something they could use.
So there's going to be a banks go bust an office building bus.
Commercial real estate is, again, the facts are there.
And the facts are showing that warehouses,
out of last week's Trans Journal,
if they can see rate is rising.
When COVID happened, they started warehousing,
bringing all those products in.
Remember those days?
So there's going to be commercial real estate bust.
And again, the big thing that's going to go down are these office buildings.
And they're going to be defaults on loans one after another.
And that's going to bring down much of the banking system.
Yeah, I think I saw a headline this week, two buildings alone in Denver that went for over $100 million, I believe, in 2019, just sold for $3.2 million collectively.
Yeah.
And the mainstream media is barely reporting on this.
Barely reporting on it.
The question I have is like how much exposure do the banks have versus private lenders?
Mostly the banks.
You're pushing it into private lenders now.
But it's mostly the banks and it's mostly small and medium-sized banks that have the majority.
Yeah, which is great.
So more consolidation in the banking sector.
Do you think this is part of the reason why Trump's berating Powell to lower rates?
He can sort of see the writing on the wall or is one variable of the writing on the wall berating in the lower rates to create some sort of liquidity injection to stave off the bleeding Or is it a lost cause at this point
No, it's not a lost cause.
And he'll do everything he can to prop the markets up.
Because that's he's invested in, you know, and it's his game.
And the team, you know, they're all, it's the,
yeah, it's just running the country, you know, the corporations.
So they'll do everything he can.
And again, when people think that he doesn't have power over Jerome Powell, the Fed head, they better grow up.
Again, we only put the facts in the Trends Journal.
Let's go back to 2018.
The Dow had its worst December since the Great Depression.
What did Trump do?
Calls in Powell.
January 2019, lowers interest rates.
What happened?
The Dow went up 22% that year.
so he's going to do everything he can to prop it up now going back
the lower interest rates fall the deeper the dollar falls
the deeper the dollar falls the higher gold prices go gold is dollar based
so as other currencies go up it's cheaper to buy gold from other countries
and number two
it's the beginning of the death of the dollar
much of the world has had enough of the United States
geopolitical and economic hegemony
so this is going to bring down the dollar
and again the facts are all there
the dollar has had its worst year
this year so far
since 1973
what happened in 1973
oh
it took us off the gold standard
oh and what else
oh the Yom Kippur war
where
the Arab nations cut off
oil coming into the west
and
a barrel of Brent crude, the price quadrupled.
1973, we're having the worst year in the dollar since then.
So again, the dollar is going to go down when interest rates go down.
And we believe that Trump is going to do everything he can to lower interest rates.
Again, the markets are propping up.
Now they came out with a deal with the 15% tariff with Japan.
Then, cool, markets went way back up again.
And the S&P, NASDAQ, keep breaking new records.
You know, so he keeps changing his mind.
Hey, we're going to put 145% tariff on China, right?
Yeah.
Well, that's what's like unnerving to me.
Somebody who's been following markets not as long as you, but for my career,
is like this berating to lower rates and inject liquidity when markets are at all-time high.
And you have not only equities at all-time highs, but you have gold, Bitcoin, right below all-time highs.
And is it when you say the beginning of the death of the dollar, how do you see that playing out mechanically?
Do we have an incredible Weimar like melt up in all assets and it's just hold on to anything that's hard?
Well, again, we don't give financial advice.
Gold is number one for us.
And and that's one of the reasons why it's going.
I'm telling you, the world is that enough.
Again, you know, we write the facts.
You know, there's a – this is in this week's Trends Journal.
Go – this isn't it.
Here, is this it?
Yeah.
Yeah, here we go.
On Fox News, the little wallmonger clown boy who couldn't fight his way out of a paper bag,
Lindsey Graham, warned that President Trump will put 100% tariffs on India, China, and Brazil
if they buy oil from Russia.
and that Trump would do, you ready?
A whoop it, a whoop it on your ass.
The little fat, little slobby clown jerk,
little warmonger freak, Lindsey Graham,
that they keep quoting over and over and over and over and over.
He goes on, these three countries account for 80% of Russia's crude exports,
which is helping to fund the Ukraine war.
If they keep buying cheap Russian oil to allow the war to continue, we're going to tear the hell out of you.
And we're going to crush your economy.
Because what you're doing is blood money.
Hey, they got sunk.
How about the blood money that the United States has sent into Ukraine to keep flooding the killing fields?
And you're going to do something?
You can fight your weight of a paper bag, you little clown.
So what I'm saying is you're talking about the death of the dollar.
this is among the reasons why.
Who the hell is this guy to say with China, India, and Japan?
What was the other country?
China, India, and Brazil should do.
Who the hell are you to tell them what to do?
They've had enough.
Yeah, they've had enough.
But what's next?
Do you see it being a BRICS currency?
Do you see going back to a gold standard?
I think it's going to go back to a gold standard.
but then there's the other reality
like it or not
and it's the digital world
I mean China is
CBDC
you don't give cash, you don't give
cards, you put your hand out there
whatever you know and boom
it's the digital yuan
and China's 1.4
billion people, it's the future, they're going to
go digital coins even though they
say with this genius act or whatever it was stupid
they maybe called it, they said
we're not going to go CBDC in America
Yes, we are. The whole world is going digital.
It's digitized. Again, every time I go out now, it's such a pain in the neck.
You go to a bar, people are on their phones, they're talking to you.
You're walking down the street like this. Young people totally digitized.
And so it's going to be a digital world. They're going to make up
something. We've got a new digital coin. It's worth this amount
of money and we just got rid of our debt.
right it'll make up something yeah no it's been refreshing i was living in texas recently moved
back to the philadelphia area where i'm from and spending a lot of time down the jersey shore where
it's a ton of cash only bars and restaurants and it feels good to have to come with cash and not
have to do tap to pay everywhere but to that point like with the genius act so i'm not sure
how much you know about this show but we're bitcoin focus show we've been around for eight
years and that's something we've been warning about as well like stable coins are big theme
and meme right now, the politicians are saying,
we need stablecoin proliferation.
It's going to drive demand for treasury markets.
And as you mentioned, I think it's already been proven
that these stablecoins are hyper-centralized.
They're going to be able to be,
you going to be able to whitelist blacklist prevent people from spending with certain merchants whatever it may be And they sort of marketing it as the anti
when it's just CBDC with a different name
and different sort of cloak.
Whereas I believe, and this show is about Bitcoin,
it is truly distributed, centralized.
Governments can't control it.
So if you're operating in the world of digital currencies,
like Bitcoin is the only thing
you should be paying attention to.
Well, we've been bullish on Bitcoin for nearly a decade.
and then when trump got into office we became very bullish and um you know there's one article
after another in the trends journal about it we'd be going on and on and on again it's not what you
like what you want what you wish for it's what is that we're trend forecasters we don't take
positions on things and say this is good this is bad say this is what it is and here's an article
in this week's Trends Journal on the economic update, and it's called The Trump Card.
The headline on CNBC Monday was, quote, Trump Media Builds $2 Billion Bitcoin Hoard
as Cryptocurrency Swallows President's Net Worth.
They wrote that Trump's media and technology group said Monday that it amassed some $2 billion
dollars in Bitcoin and related assets. And that, quote, President Donald Trump's highly lucrative
pivot to cryptocurrency continues to grow his net worth while in office. So I went back and we said
about, well, he low interest rates. He's interested in making dough. And again, this is the Trump
that back in the day when he was president, he was anti-Bitcoin. But he got over 100 million.
Again, we only go by the facts.
He got over $100 million from the crypto people when he was running for office
and tens of millions of dollars when he got his inauguration.
He's into it.
His family's into it.
His political team's into it.
So the thing's going to keep going up.
And again, you go by what it is.
Yeah.
Some of our past articles.
Trump's family claws deep into cryptos now focuses on Bitcoin mining.
Trump's media company announces plans to raise 2.5 billion to buy crypto.
That was in June.
Again, on and on and on.
So it's going to go up.
And yeah, this is what he said in 2019.
I'm not a fan of Bitcoin and other cryptocurrencies, which are not money, and whose value is highly
volatile and based on thin air.
In 2021, he said, Bitcoin just seems like a scam.
so again you know it's we have trend forecasters it's not what you like what you want it's what is
and the what is is that this thing is going to keep exploding and you can see why he likes the
coin but i can't i was gonna say speaking of trends since we only have like five more minutes
left like interested not only bitcoin equities markets maybe residential real estate can scream
Again, if you lower interest rates, inject liquidity.
It seems like we're going back to not an era, but just sort of business as usual in terms of the haves versus the have-nots.
People with assets, the wealth gap really expanding.
And so socially, if we turn it back on turbo, inject all this liquidity, send asset prices screaming,
and you have the common man on the sidelines looking by,
are there any social trends you're looking at
in terms of what the reaction may be to this moving forward?
I call us plantation workers of slavelandia.
And the billionaires run the world.
Again, once upon a time, there was this guy called Mussolini.
The merger of corporate and state powers is called fascism.
That's his definition.
and that's they're in full control and they're going to do everything again they can to build
up the equity markets and the economy and um but again then there's the geopolitical things going
on you know it's with the wars going on the israel war and and uh will they bomb you iran again if
they bomb iran you're going to see what here let's go back to when united states when trump
bombed Iran. When did he do it?
On a Saturday. Friday night. Saturday.
Yeah, right? When the equity markets
were closed. And then what did
he do on Monday? Oh, we got a peace deal.
If he did that on a
Monday and bombed them,
oil prices would have skyrocketed.
So we don't know where this thing is going
to go. And here's
the other thing. We're looking at a dot-com
bust. They've
overinvested. This
is your trends journal when it used to be a quarterly. Now it's a weekly. This week's 200
pages, 202 pages, no ads. Dot-com this. This is fall of 1999. Dot-com overload will short circuit
many high expectations for huge profits in internet commerce, entertainment, and a wide
array of dot-com services. Following the holiday season, many of today's high-flying internet
stocks, the hottest IPOs, and newly emerging IPO wannabes have become their deep descent
from their overvalued heights.
And we said it crashed by the second quarter of 2000.
It did in March.
They overinvested.
The internet revolution just had begun a few years earlier.
And they were making up stuff.
Same thing with AI.
Trends are born.
They grow their mature, reach old age, and die.
AI was only born three years ago.
You don't invest all your money in the few companies that were born a few years ago.
Again, you got to make connections between different fields.
Let's go back to 2000.
Before China got into the World Trade Organization, they officially got in two weeks after 9-11.
10% of Chinese 18-year-olds went to college.
Today, nearly 70%.
What does that have to do with AI?
Everything.
Young people are totally AI addicted.
This is a country of $1.4 billion, considering we have, what, $340-something million in the United States.
China's investing heavily in AI.
Look what happened last January with DeepSeek.
Nobody ever heard of them before.
Now, the Chinese AI companies, sites, are the most used in the world.
No, we don't need $100 million to do it.
We only needed $6 million to do it.
No, we don't need these big chips.
We can use it with smaller chips.
The trend has just been born They overinvested in the NASDAQ in the AI sector We going to see a dot bust Something like that could bring down the markets and crash everything out
Again, people forget this. Again, we call this, right? The NASDAQ dropped 80%.
You know what changed it? 9-11. Yep. Everybody forgot about that. Little Georgie Bush,
the guy with a pair of cojones small and a
more 12 years.
We're going to get that guy Osama Bin Laden
and get a reward.
90% of the American people swallowed
the crap coming out of that little
daddy's boy's mouth.
A little jerk. A little
moron.
Longest war in American history. Only cost
a couple of trillion bucks. Forget about it.
Started under false pretenses.
Another lie. Oh, by the way,
Osama Bin Laden, you know,
created Osama bin Laden?
The CIA, right?
Jimmy Carter, the peanut farmer
that everybody looks up to.
The scumbag that deregulated
in the airline industry
when the airlines used to be fun.
Now only four are on them.
Oh, yeah.
Oh, Brzezinski.
Oh, his daughter does the clown show
on MSNBC.
Oh, that Brzezinski.
That slimeball piece of scum.
Brzezinski.
We got to stop those Russians
from going into Afghanistan.
The Russians were going into Afghanistan
to stop the Taliban from taking over.
Afghanistan back then was a very advanced society,
culturally, spiritually, very advanced.
The artwork was terrific.
The Taliban came in.
You know who we supported?
The Mujahideen, created by Jimmy Carter.
That was Osama bin Laden.
That was his first job.
Brought to you by the United States and that slimeball
making rotten hell, arrogant.
I'm a bastard at peanut farmer, kind of.
This is also the bastard that allowed interstate banking.
Back in the day, the banks were only in Bank of America. It was in California.
Yeah, then he allowed it. It was only in trust state banking.
now you got the banks
they own a couple of banks
that's the Mujahideen
that's Osama Bin Laden
the Osama Bin Laden that we learned to hate
we had to fight them
yeah
alright
people have no idea about this
did Taylor Swift get laid last night
they know about that
some guy gets what kissing a girl
jerking off on TV
that was all the big news on CNN
Oh, the Palestinian genocide? No, we won't talk about that. Why are you anti-Semite? All right.
Yeah. No, it's it is crazy that people are. I think what you're referencing is the Coldplay kiss cam.
That's all anybody's been talking about for the last week.
I don't even know what a guy is. What the hell do I care? Oh, Jeff Bezos got married.
All in the news, week after week after week, with this chick with these fake boobs,
They can platform. They can walk across. They're so big. I got to give a shit about this.
That's the news. Journalism is dead. Again, that little scum. Yeah.
But by the way, when I talk about politicians, this is a T-shirt you could get if you go to Trends, Daryl.
Daryl, you are a character, sir. I'm loving this conversation.
yeah this is a t-shirt that i did in 1992 when bill clinton ran for office
slick willy yep i didn't have sex with that woman monocle whiskey she always sucked my dirt
oh yeah all right these are the freaks running the show you know what this guy's worth now
Google it up. $140 million.
Civil servant. Civil servant.
Oh, yeah. Took the jobs. NAFTA.
I'm in Kingston, New York. There were Gantt News for
Shirt Factories. Shirt Factories all over here. Oh, we didn't have Rust Belts.
Rust Belts. Get the manufacturing out of here. Get
cheap labor down there. Give me some money. I'm going to pass this thing, all right? Hey, I can talk to
Goldman Sachs, all right? They give me $300,000 an hour.
An hour. When I hear me, bullshit for free.
Gave us Glass-Steagall Act.
Sent our manufacturing to China.
Again, I told you, 1970,
10% of 18-year-olds went to college,
now 70%. China didn't have the heavy industry technology, the high-tech
technology until Bill Clinton let them get into the World Trade Organization.
And now China is going to be leading the world.
So to end that, because I know you got to go, is there any optimism for the United States?
No, unless we have a third party.
It's a crime syndicate running the show.
I was the assistant to the secretary of the New York State Senate.
I got a picture when I picked up Reagan, put on brunch for him.
I've been with presidents, prime ministers, and princes.
At one time, I was on the other side.
I wouldn't know what I'd know if I wasn't on the other side.
It's a freak show.
The freaks are running the show.
Don't believe me?
How about that guy that used to be the prime minister of the UK, Boris Johnson?
The best cartoonist in the world could not come up with a little freakier guy than him.
How about that little warmongering little piece of scum that's running Germany now from Blackrock, Mertz,
borrowing a trillion dollars to build up the military?
Oh, these are the Germans, World War I and World War II?
Yeah, we got to stop the Russians.
We only killed 25 million of them in World War II and Operation Barbarossa.
Look at a little scumbag over there in Macron, the little guy's sewn with a pecker like that if he has one at all in any of these old ladies.
Look at the little jerk Starmer in the UK.
How about drawing an F-A-U and a C in it too, okay?
Look at the little clown show that people look up to these morons.
We need a new system, man.
And without it, it's finished.
That's why we focus on Bitcoin here.
I think they separate money and state
Yep
Take it out of their hands
Yep
Do it in a way that's digital
Consent over the internet
I think you need to defund them
Yep
It's one of the sayings here
Is fix the money, fix the world
So, Gerald
I know you gotta go
Hopefully we can do this again
At some point
Love to
Thanks so much
And thank you for what you're doing
And again
We've been bullish on Bitcoin
For nearly a decade