LIVE NOW - The Global Rise of Authoritarian Tech - Surveillance, Censorship & AIAuthoritarianism has a tech stack now.They have cameras, spyware. algo-censorship & predictive policing.@SteveJFeldstein covers that and much more.We talk about:- Nepal protests.- China's authoritarian stack.- Global spyware.- AI warfare.- Financial repression.- Crypto's role in resistance.Enjoy the episode!--------------TIMESTAMPS0:00 Intro1:54 The Toolkit of Digital Repression4:22 Nepal Protests & Freedom Tech13:32 China’s Int ...

Economic Overview - American drivers are projected to spend less than 2% of their disposable income on gasoline in 2025, the lowest share since 2005, excluding the pandemic year of 2020 [4] - The Social Security cost-of-living adjustment (COLA) is expected to be 2.7% in 2026, slightly higher than the previous year's 2.5%, but still below the inflation rate [7] - The average single-family American homeowner is now paying approximately $2,370 annually for property insurance, a 70% increase since the pandemic, with premiums rising 4.9% in the first half of this year alone [11] Energy Sector Insights - European grid capacity shortages persist due to reliance on intermittent wind and solar energy, leading to soaring energy prices and increased power bills [7] - The need for more fossil fuel power plants is emphasized, as ramping up nuclear plants will take over 15 years to address current grid vulnerabilities [7][9] Stock Market Performance - Major US stock indices, including the Dow, S&P 500, and Nasdaq, reached all-time highs, with the Dow rising 1% and the S&P 500 and Nasdaq increasing by 1.2% and 2.2% respectively [13] - The Buffett Indicator stands at 214, significantly above its long-term average of 86, indicating potential overvaluation in the stock market [16] National Debt Concerns - The US National Debt has reached $37 trillion, with additional unfunded obligations exceeding $100 trillion, raising concerns about the sustainability of fiscal policies [20][23] - Analysts warn that financial repression and fiscal dominance could weaken the USD's appeal, as suppressed yields reduce real returns on US assets [23] Housing Market Analysis - A study by WalletHub identified states with the healthiest housing markets, highlighting the ten states with the lowest mortgage delinquency rates [27]

Group 1 - Veteran crypto investor Arthur Hayes predicts a Bitcoin price rally to $1 million due to the US Federal Reserve considering a "third mandate" aimed at yield curve control [1][4] - The third mandate, which includes maximum employment, price stability, and moderate long-term interest rates, could lead to significant changes in monetary policy [2][5] - The Trump administration's potential implementation of the third mandate may result in increased liquidity in the market, benefiting risk-on assets like US equities and cryptocurrencies [3][5] Group 2 - The introduction of yield curve control could lead to lower long-term interest rates, reducing government borrowing costs and pushing capital towards Bitcoin as a hedge against the financial system [5] - Other veteran investors, such as Robert Kiyosaki, have also expressed bullish sentiments regarding Bitcoin's future price, aligning with Hayes' predictions [4]

Economic System Concerns - The global financial system is under unprecedented pressure due to soaring inequality, massive debt, rising living costs, and economic uncertainty [1] - Capitalism faces a serious test due to financial repression, an invisible tax on savers where interest rates are kept below inflation [4][5] - Consumer debt is ballooning, with total household debt in the US topping $18 trillion and credit card debt surpassing $1 trillion with interest rates averaging over 20% [9] - Real wages have barely budged since the 1970s, while assets like real estate and stocks have soared, benefiting the wealthy and driving inequality [12][13] Historical Context and Evolution of Capitalism - Capitalism emerged from feudalism, driven by entrepreneurs and innovators, and was intellectually championed by Adam Smith [17][18] - Capitalism has adapted throughout history, including interventions by Teddy Roosevelt and Franklin Roosevelt, and the post-World War II welfare states [22][23] - The dismantling of regulations in the 1980s and globalization led to imbalances that ignited the 2008 financial crisis, followed by unprecedented monetary stimulus [24] Challenges to Current Capitalism - Weak growth, extreme inequality, technological displacement, and digital rent extraction combine into what many call late capitalism [37] - Growth is lacking major innovations to drive broad-based prosperity, leading to reliance on artificial means like QE and low interest rates [29][30] - Automation and AI are displacing jobs, potentially making millions economically irrelevant and creating a problem for consumer capitalism [33][34] - Platform economies dominated by giants like Amazon, Apple, and Google are generating revenue by controlling essential services and extracting rents, stifling genuine competition [35][36] Potential Alternatives and Solutions - Potential alternatives include a resource-based economy, universal basic income (UBI), decentralized crypto-based economies, and reformed capitalism [39][40][44][46] - Reformed capitalism could involve breaking up big tech monopolies, closing loopholes for corporations and billionaires, and investing in education and infrastructure [47] Investment Strategies for Economic Shifts - Traditional financial institutions, especially banks and insurers, are particularly exposed due to financial repression [53] - Consumer-facing industries are at risk due to eroded consumer purchasing power [54] - Hard assets like gold, silver, commodities, and selected real estate may perform well under financial repression and inflationary conditions [56] - Industries aligned with government spending priorities, such as infrastructure, energy, healthcare, and defense, may offer opportunities [57] - Decentralized cryptos like Bitcoin and Ethereum may serve as hedges against financial repression and inflation [58] - Geographical diversification and active portfolio management are crucial in navigating the uncertain economic environment [60][61]

Fourth Turning Overview - The theory of the Fourth Turning suggests that history moves in predictable cycles of roughly 80 to 100 years, divided into four phases: the High, the Awakening, the Unraveling, and the Fourth Turning [1] - Fourth Turnings are periods of deep crisis that reshape society, often involving wars, revolutions, economic crashes, or widespread social unrest [1] - The current Fourth Turning is driven by economic imbalances, political and social fragmentation, geopolitical shifts with China's rise, and a generational transition [2] Economic Implications - Decades of economic imbalance, fueled by debt accumulation and low interest rates, have created a fragile system [1] - Governments may resort to inflating away debts, which benefits them but erodes citizens' savings and purchasing power [2] - Financial repression, where investors are forced to hold government debt despite diminishing values, may be implemented [2] Geopolitical Risks - Tensions between the US and China, particularly over Taiwan, could escalate into conflict, disrupting global supply chains and financial markets [2] - Polarization between Western nations and the BRICS countries is an early sign of this geopolitical shift [2] Investment Strategies - Bonds could become a risky bet due to inflation and rising yields [3] - Tangible sectors like infrastructure, defense, commodities, manufacturing, and energy may outperform growth-focused tech stocks [3] - Precious metals like gold and silver historically perform well during inflation and currency devaluation [3] - Cryptocurrencies with genuine real-world adoption are more likely to survive the upcoming bear market [3] - Geographic diversification is critical to avoid capital controls [4]