#1569 Anthony & Polina Pompliano | Is the Fed Too Late to Stop Bitcoin’s Rise?

Polina Pompliano and Anthony Pompliano discuss why the dollar is weakening, what will happen with the economy, how bitcoin could be impacted, Jerome Powell and inflation, Trump vs Elon, and why socialism is rising in New York. =======================Core is the leading Bitcoin scaling solution, enabling you to lock in yield by locking up your Bitcoin. Simply lock it on the Bitcoin blockchain to secure the Core network, and get rewards. No bridging. No lending. Just holding. Still your keys. Still your coins. Now your yield. Start at https://stake.coredao.org/pomp =======================Invest as you spend with the Gemini Credit Card® (https://www.gemini.com/pomp). Sign up today and get approved by 6/30/25 to earn a $200 Bitcoin bonus. Terms apply (http://gemini.com/legal/credit-card-intro-promo-terms). The Gemini Credit Card is issued by WebBank. See rates & fees (https://www.gemini.com/legal/cardholder-agreement) for more details. Some exclusions apply to instant rewards in which rewards are deposited when the transaction posts. This content is sponsored by Gemini, but my opinions are my own.=======================Polkadot is a scalable, secure, and decentralized blockchain technology aimed at creating Web3. Created by Gavin Wood, co-founder of Ethereum, Polkadot empowers users to build decentralized applications with ease. Backed by industry leaders, making it a preferred choice for big names, Polkadot stands out as a leading choice for investors seeking a reliable, future-proof solution in the growing world of Web3 technology. Learn more at https://polkadot.com/.=======================Pomp writes a daily letter to over 265,000+ investors about business, technology, and finance. He breaks down complex topics into easy-to-understand language while sharing opinions on various aspects of each industry. You can subscribe at https://pomp.substack.com/=======================View 10k+ open startup jobs:⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://dreamstartupjob.com/⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Enroll in my Crypto Academy: https://www.thecryptoacademy.io/

Speaker names marked ? are inferred from speaking time and the show’s known hosts — they are not voice-verified.

• 0:02Speaker 00

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• 0:30Speaker 01

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• 0:58Anthony Pompliano?

  What's up everyone? This is Anthony Pompliano. Many of you know me as Pomp. You're listening to the Pomp Podcast, which is my effort to find the most interesting people in the world and sit with them for hours while I ask questions in an effort to learn. So it would mean the world to me if you would subscribe to the show on your favorite audio platform, watch episodes on YouTube and tell your friends and family about the podcast. My goal is to help millions learn from the world's most interesting people. So let's get into today's episode.

• 1:26Speaker 03

  Anthony Pompliano runs Pomp Investments. All views of him and the guests on his podcast are solely their opinions and do not reflect the opinions of Pomp Investments. You should not treat any opinion expressed by Pomp or his guests as a specific inducement to make a particular investment or follow a particular strategy, but only as an expression of his personal opinion. This podcast is for informational purposes only.

• 1:50Anthony Pompliano?

  What's going on guys? Today we got an amazing episode with Polina Pompliano. In this conversation, we talk about why the dollar is weakening, what is gonna happen with the economy and whether it's gonna run really hot, how Bitcoin is affected, whether Jerome Powell is gonna actually be replaced, whether mom and dad, Elon and Trump, they're gonna stop fighting or not. And of course, we throw in a couple of socialism jokes for Mom Donnie and all the people in New York City that have lost their mind. Here's my latest conversation with Polina Pompliano. All right, Polina, what's the first topic?

• 2:16Speaker 04

  The dollar is off to its worst start to a year in more than fifty-two years. It's weakened more than ten percent over the past six months when compared with a basket of currencies from the country's major trading partners. Yet, Trump is out here saying that the economy is about to be hot. What do we think?

• 2:34Anthony Pompliano?

  Well, both things are true. The dollar has weakened ten percent, which is the worst start in forty or fifty years.

• 2:39Speaker 04

  Fifty-two.

• 2:39Anthony Pompliano?

  And also, it is about to boom because we have a weak dollar. If you think about cheap capital, both on a relative basis and also on an aggregate basis, leads to people wanting to do certain things. That's why they're yelling and screaming about interest rates is if you want an economic boom, you need interest rates to come down. You get access to cheaper capital. The dollar is weakening compared to other foreign currencies. And so all these little components are setting the stage for the boom. Now, what I will say, which a lot of people, a lot of people were wrong about, is we got tariffs. Tariff revenue has exploded upwards. We don't have inflation. And so people are like, oh, it's not been enough time. Like, no.

• 3:21Anthony Pompliano?

  If we're collecting whatever it is over a hundred billion dollars or whatever of tariff revenue, then you can't say that we haven't had enough time. We have enough time to collect the money. If we're collecting the money, isn't the American consumer supposed to be paying for it? If the American consumer is not bearing the brunt of that bill, then who's paying for it? Must be the foreign producers, foreign countries, et cetera. So we're collecting revenue, but it wasn't passed through to the consumer because we did not get the inflation that everyone promised us.

• 3:46Speaker 04

  So why is the dollar down? Is what I'm trying to understand.

• 3:49Anthony Pompliano?

  Well, there's multiple things that are happening. So some of it is policy related, some of it is confidence related. Right? If you think about a relative comparison between, let's say, dollars and the euro, these two things are not just, hey, what is the value of a dollar? Like, one dollar equals one dollar, one euro equals one euro. What you're actually looking for is the exchange rate between these two things. And so at certain times, the dollar strengthens against the euro, and at other times, the euro strengthens against the dollar. You, actually, I don't think know this, but when I was in college, the way I got started with investing was trading the US-dollar euro pair. You know, I was doing forex trading before it was cool on TikTok in college.

• 4:31Anthony Pompliano?

  And the whole idea there is you're basically trying to understand the relative monetary policies, you're trying to understand trade. And so there's always the joke online that people will be like, oh. One of the currencies weakens like time to go to America, time to go to Europe. Your dollar goes further in Europe, your euro goes further in the US. And so that's really what people are talking about. So talking about the comparison, the relative strength. That's where the dollar is down 10%. It is down compared to other foreign currencies. Now, what is also true, and maybe more importantly, is the dollar is down a hell of a lot against Bitcoin. And so what we're seeing is the dollar's strength relative to Bitcoin has crashed as well.

• 5:11Anthony Pompliano?

  That to me is the biggest trend to watch because ultimately all fiat currencies around the world are falling at the feet of Bitcoin. Bitcoin is the only currency that's strengthening against everyone else. And that tells you kind of where the world is headed in my opinion.

• 5:25Speaker 04

  So I don't know if this has anything to do with the dollar, but on Sunday, Trump sent this via Truth Social, saying for all cost cutting Republicans, of which I am one, remember you still have to get reelected. Don't go too crazy. We will make it all up times 10 with growth more than ever before. So what does that mean that he will keep?

• 5:50Anthony Pompliano?

  I don't agree with this. So for all you guys who think I'm some MAGA shill, whatever nonsense y'all say in the comments. Listen, get real close, get your ears open. I don't agree with this. We should be trying to cut costs and it doesn't matter how the response is. The point is we should be trying to cut costs so that the government stops wasting money. So this idea that like, oh, let's cut a little bit, but not enough. Well, that's not very helpful to us.

• 6:16Speaker 04

  You mean not too much?

• 6:18Anthony Pompliano?

  No, enough. Too much? We can't cut too much. What is too much? How could you possibly cut too much of the government budget? What thing that the government does that you could cut in real size that would be too much? Pretty much everything people would point to, right? Let's say, for example, social security. They're like, oh, can't touch that. That's taboo. Social Security payments were down, I think, 7% in the month of May, I think it was. Right? Then people are like, oh, my God. Oh, do you hear anyone saying I'm supposed to get my social security payment? I didn't get it.

• 6:50Speaker 04

  So how does Elon feel about this?

• 6:52Anthony Pompliano?

  Well, Elon's real pissed. They're locked horns, right? I saw an analysis online where basically what they said was Elon is upset because he put his reputation, his time, his energy, his money towards cutting costs. And then the politicians just go and they're just going to spend the money.

• 7:08Speaker 04

  Okay.

• 7:08Anthony Pompliano?

  And so what Elon is now threatening, which again, let's see if it happens. He's threatening to create a third political party, which is focused on cutting costs. And he's saying that the Republicans and Democrats are all just one big party of spend.

• 7:20Speaker 04

  Interesting.

• 7:21Anthony Pompliano?

  And if you look at these charts where it's the national debt growing, and then they color code it based on Republicans and Democrats, red and blue. We spend money under every president. Bill Clinton did it. George Bush did it. Obama did it. Trump did it. Biden did it. Trump's going to do it again.

• 7:38Speaker 04

  Okay.

• 7:39Anthony Pompliano?

  Now, it's a structural thing. They feel like they have to do that because in this Truth Social post is basically saying, if you cut too much, it may be unpopular. Because think about it, you're taking something away from people. What politician is ever going to do that? Right? But it needs to be done. And that's the great paradox, I think, of politics is the hard thing is the thing that politicians don't want to do because it requires them to take something away from people. And that's not how you get reelected.

• 8:09Speaker 04

  Why do you think then that Trump even had the Doge initiative if this was the plan all along?

• 8:16Anthony Pompliano?

  I think that they were, at one point, they're like, hey, can we cut? And then all of a sudden, they just got smacked in the face and they ran into all these roadblocks and stuff and they realized that you can't cut based on the current rules, what they thought maybe you otherwise could. Like, both things are true. There's a ton of waste. There's a ton of fraud. There's a ton of bureaucracy in the government. You probably, in my opinion, could cut at least a third of the government's spending and 99% of America's. Wouldn't even realize it.

• 8:43Speaker 04

  Right. So that's why I'm like, why would it?

• 8:45Anthony Pompliano?

  But I've gone and I've talked to people. I mean, we, we did an interview with my buddy Sahil Lavinga, who was a Doge engineer and he was working at the VA. And he's like, dude, we walked in like immediately. You're like, okay, there's this bloated that person, this division, this product, what it ripped this out, fire that person that reuse these resources somewhere else. But what like, it's very obvious what to do if you go in from a business perspective. But he's like, but we were told you can't fire anybody. He's like, uh, okay. Then they're like, oh, you want to, uh, uh, launch that product? Nope. You have to go get seven different reviews to do it because there's a chance that somebody in rural America doesn't have internet and then they can't follow through that process. He's like, what? Like, if you try to serve everyone, you serve no one, right?

• 9:28Anthony Pompliano?

  And so his point was, uh, they don't take a very entrepreneurial kind of common sense approach to it. Instead, what they do is they basically, uh, are intentionally very slow because they would rather have a paper process where they say 100% of people can do this, even if the technology solution would be better for 98% of people. And you could still offer the paper process, right? To the 2% that can't use the technology, but that's not how the government works. The government instead says, no, we need 100%. Just keep it with paper. Don't do the technology. And so he literally went in, he, I think the way he told me the story was, uh, in like the first 48 hours, he was there, he rebuilt an entire product for the government, uh, for the VA. And he went and he showed them and they were like, hey, we should like launch this. And they were like, uh, uh, you built that by yourself in like 48 hours?

• 10:11Anthony Pompliano?

  He was like, yeah. Uh, what have you guys been doing? Right? And so I think that there's just a lot of these issues. So now what they're doing is they're switching from let's cut costs to now they're saying let's grow our way out of the problem. Now, to go back, I've been talking about this for years on here is that I historically thought that they would never ever cut costs. They were always going to spend money. I got very excited about the fact that it wasn't politicians trying to cut costs, that we were going to take the number one entrepreneur of our lifetime, who is excellent at cutting costs in all of his businesses. And we essentially gave him the power and the mandate to go cut costs in the government. I was wrong in the sense of believing he was going to be able to be successful. I think he is frustrated because what he realizes he was sent on a suicide mission, impossible.

• 10:55Anthony Pompliano?

  They were never going to allow this to happen, not the.

• 10:58Speaker 04

  It was a good marketing. Tool.

• 11:00Anthony Pompliano?

  I don't think it's the existing administration that stopped them. I think that it was the general bodies of the government, right? The Senate, the House, various oversight committees, etc. And when you look at that, I mean, remember what we were talking about just what? Four months ago? They were inside the buildings. They were physically inside buildings. Trying to go through and say, where's the money? Who needs to be cut? All this stuff? And politicians were outside banging on the doors. It's crazy. This is crazy. And so now, what we have is, hey, we're gonna grow our way out of it. Grow our way out of it means two things. We are going to print money and we're gonna run the economy hot. If you're gonna do that, then what you're essentially gonna do is you're going to destroy the value of the dollar. You're gonna debase it. You have to worry about inflation coming back. And you now also have to

• 11:45Anthony Pompliano?

  think about, how do we spur economic growth? The way you do that is, you're gonna go, you're gonna cut taxes, you're gonna deregulate, you're going to try to get interest rates down, you're gonna try to debase the dollar, and you're gonna try to create this like structural tailwind.

• 11:57Speaker 04

  Got it. And so what do you think about this? Like now Trump is saying that he would consider deporting Musk?

• 12:03Anthony Pompliano?

  When mom and dad fight, you gotta remember, when mom and dad are fighting, nothing that's said is allowed. You can't hold it against them. That's my take. Right? Because they got emotions. These are like spurred lovers now. Elon and Trump, yeah, they were, what is it, spurned? What did I say, spurred? Yeah, whatever, spur, spurred. What's the, what's the letter N in between a couple of us here? Alright, so if you think about-

• 12:26Speaker 04

  Why are they mom and dad? We'll leave that for another day.

• 12:28Anthony Pompliano?

  Well, you choose who's mom and dad. I'm just saying that-

• 12:30Speaker 04

  They're not my mom and dad.

• 12:31Anthony Pompliano?

  They were together. They were together. They were tag teamed. They were ready to take on the world. Now, you know, kind of got a little split. It's like People Magazine, you know, at the grocery store when you get in line.

• 12:42Speaker 04

  Yeah, but the difference is, this is the president of the United States.

• 12:44Anthony Pompliano?

  No, what they would do is they would put the two of them on the page, and then they would put the like torn thing in between them. You get that visual, right? That's basically what we're watching here. This is like, uh, two guys, really big egos, really successful, very focused on winning, in whatever that means for each one of them. And now they've turned and they're pointed at each other. And here's the thing, is both of them-

• 13:07Anthony Pompliano?

  I hate to tell people this.

• 13:08Speaker 04

  But do you?

• 13:08Anthony Pompliano?

  You know what they are. No, you know what they are. You know what both of them are. They're both Geminis.

• 13:14Speaker 04

  But I know, I know that.

• 13:15Anthony Pompliano?

  This is gonna be.

• 13:16Speaker 04

  I know that you know.

• 13:18Anthony Pompliano?

  It's game time.

• 13:19Speaker 04

  I know that you feel.

• 13:21Anthony Pompliano?

  Gemini on Gemini war.

• 13:22Speaker 04

  That it's not fair or good for the president to say that we're gonna go investigate your companies because of a feud.

• 13:32Anthony Pompliano?

  I don't think that it's good for the country that these two guys are fighting. I think that we're much better off when they're together. I don't agree that any government, whether it's left or right, should be using law enforcement as a way to get back at their enemies or foes. I also don't think that our business leaders should be publicly trying to use information to go and embarrass or threaten or anything politicians as well.

• 13:57Speaker 04

  They can say whatever they want about the government's freedom of speech.

• 13:59Anthony Pompliano?

  Of course, there's freedom of speech, but I'm saying is what are we optimizing for here? Are we optimizing for who can get more likes and retweets on X?

• 14:07Speaker 04

  I have no idea.

• 14:07Anthony Pompliano?

  Or are we optimizing for who's actually going to be able to help push the country forward? If we're optimizing for pushing the country forward, all this is nonsense. This is all noise. It's all nonsense. But if you go ahead and you take off your glasses, take off your glasses of common sense and instead put on your entertainment glasses and you look at it all through an entertainment lens, it all makes sense.

• 14:27Speaker 04

  I don't know.

• 14:28Anthony Pompliano?

  As Matt Marlinsky says, it's all pro wrestling. Why is he saying that he is gonna look into deporting Elon Musk? Because he got you talking about it. He's not gonna deport Elon Musk. He knows that that's not a real thing.

• 14:40Speaker 04

  Okay, if he deports Elon Musk, we'll be back here and you'll eat your words.

• 14:44Anthony Pompliano?

  Listen, if he deports Elon Musk, you'll get me.

• 14:46Speaker 04

  You better be out in the streets.

• 14:47Anthony Pompliano?

  You'll get me at a protest. I never went to a protest in my life. I'd be protesting. I say, listen, that's crazy. Come on, stop it, right? But vice versa is Elon, basically double dog daring Trump to cut all the subsidies to SpaceX and Tesla, etc. It's all entertainment. These guys are just entertaining each other, doing this. And it's basically making both of them, it's pulling them both up. This is the playbook that Trump's used for a long time. Elon also has used similar.

• 15:15Speaker 04

  Pulling them up or down?

• 15:16Anthony Pompliano?

  It was pulling them up. That's the thing, is we live in a world where these two guys are benefiting from the controversy. And so, yes.

• 15:23Speaker 04

  But in what ways are they benefiting?

• 15:26Anthony Pompliano?

  Because we're talking about this, not talking about the other things. Right? We're not talking about any of the issues. You think that Tesla shareholders right now? They care about whether Trump is going to cut the subsidies to the company?

• 15:37Speaker 04

  They probably care if Elon gets deported.

• 15:40Anthony Pompliano?

  Of course they do, right? But the whole thing is like, that's not a real thing. That's not gonna happen, right?

• 15:45Speaker 04

  I mean, okay.

• 15:46Anthony Pompliano?

  You on bet?

• 15:49Anthony Pompliano?

  You on a bet?

• 15:49Speaker 04

  By the way, I just want to point out to the people that I said that those two, it would end badly because of their egos. And you're like, no, it's not. Roll the tapes.

• 15:59Anthony Pompliano?

  I don't think I said, no, it's not. I think I said that they would end up lasting longer than people thought. All right, let's talk about. Hey, if you're 22 years old, six months, that's like basically like you were married. That was like a long-term relationship.

• 16:12Speaker 04

  They're not 22. What are you talking about?

• 16:14Anthony Pompliano?

  I'm just saying like the length of a relationship, six months? That's crazy.

• 16:17Speaker 04

  All right.

• 16:19Anthony Pompliano?

  And if you go back before Trump got elected, actually it's even longer.

• 16:23Speaker 04

  Okay, let's talk about Bitcoin.

• 16:25Anthony Pompliano?

  All right.

• 16:26Speaker 04

  So.

• 16:26Anthony Pompliano?

  Both guys like Bitcoin, Trump and Elon.

• 16:29Speaker 04

  Okay, so the news around Bitcoin continues to be positive. Currently, the price is around, it's hovering at 107,000. On Monday, Senator Cynthia Loomis said she's working on an amendment to allow Americans to use Bitcoin and crypto without fear of tax violations. U.S. Senator Tim Scott told the White House crypto advisor that legislation establishing rules for the US crypto market will be finished by September 30th. So essentially, they're saying like, people want to own this stuff. We need rules around it. And we don't want people to fear taxation of this asset.

• 17:05Anthony Pompliano?

  Well, the rules are only for the people who don't believe in Bitcoin. That's why they're creating rules. Because if you believe in Bitcoin, you buy it and you don't sell it. If you don't sell it, you don't pay taxes. So all these rules, all this stuff people talking about, it's only for the non-believers.

• 17:20Speaker 04

  Well, some people need to sell it for whatever reason.

• 17:23Anthony Pompliano?

  But still, you're not a believer, right? Rule number one of Bitcoin, hold your Bitcoin, never sell it. Just like Warren Buffett, right? Buy great assets, hold them forever. Just timeless investing principle. But in all seriousness, that's ultimately what they're doing is they're trying to figure out how do we create rules for people who are either selling or spending the Bitcoin. But the hardcore Bitcoin believers, yes, of course, they gotta pay taxes or whatever, right? I've had to do that before. But in terms of the people who are buying the Bitcoin to hold forever, they don't have to worry about the tax situation because they're never going to sell.

• 17:53Speaker 04

  Yeah, but there need to be like some guidelines and rules for regular people who buy this as another investment.

• 18:00Anthony Pompliano?

  Well, I think that there are a couple of things, right? The first is you should allow, there's something called a de minimis exemption. I think it's like $600, $800, whatever it is. If you go and you spend $20 of Bitcoin, you shouldn't have to pay tax on the use of that Bitcoin. Now, if you're going and you're trading it, that's a whole different situation. You're treating it as an investment asset. But if you're using it as a currency to buy something, why shouldn't there be an exemption? You don't pay that on dollars. You don't pay that on any other foreign currency. So why would we do that here, right? Now, it doesn't mean you're not going to pay sales tax and, you know, all the other taxes that you would pay. It's just you would treat this as a currency, which is the use of what it is being used for. If you're treating it as an investment asset, you gotta pay taxes. That's just how the government, by the way, whether you like that or not, that's just

• 18:43Anthony Pompliano?

  how the government is set up now, and this asset should be treated no different than others. And I think really, in a crazy way, Bitcoin is just fighting for equality. It's an equality fight, right? Treat Bitcoin the same way you treat the other assets. When it's being used for investment, tax it like an investment. When it's being used as a currency, tax it like a currency.

• 19:00Speaker 04

  I think Senator Cynthia Loomis is really, she's really been doing the work.

• 19:05Anthony Pompliano?

  She's all over it. And it's because she spent a lot of time, that there's, she's free to explain who her relatives are and what their involvement in the Bitcoin world is. But she's got some really strong advisors around her who have been very helpful to her learning more about what the asset is over the years and what the right policies are. And I think that she's leading the charge, and she's doing a great job.

• 19:29Speaker 04

  What do you think success will look like at the end of the Trump administration for Bitcoin?

• 19:35Anthony Pompliano?

  Well, at the end of the day, the only quantifiable metric is just Bitcoin's price is higher. But I don't think that that has anything to do with Trump. Uh, I think that he can help, but I think it was going up regardless. Right? Didn't matter and went up under Biden. It's going to go up under Trump.

• 19:48Speaker 04

  All right. Trump sent a letter to the federal, to Federal Reserve Chairman Jerome Powell, urging the central bank to lower interest rates by a lot. The White House said on Monday, uh, an image was presented of Trump signing a document of tax rates from foreign nations saying, you have cost the USA a fortune and continue to do so. You should lower the rate by a lot. Trump followed up with a truth social message. Jerome Tulley Powell, he loves giving people.

• 20:16Anthony Pompliano?

  That's a great nickname, though. Jerome Tulley Powell.

• 20:18Speaker 04

  And his entire board should be ashamed of themselves for allowing this to happen to the United States. They have one of the easiest, yet most prestigious jobs in the U, in America, and they have failed. All caps.

• 20:29Anthony Pompliano?

  I thought he should have said Jerome, the number two, late.

• 20:33Speaker 04

  Meanwhile, Scott Besson, the Treasury Secretary, appears to be emerging as a favorite to replace Powell. He told Bloomberg that he's ready to replace Fed Chair Jerome Powell if Trump wants him to. What do we think here?

• 20:48Anthony Pompliano?

  Sounds good to me. I listen, Jerome Powell, I mean, it's been since what, 2020? I've been railing on Jerome Powell. The guy is, is, forget too late. He's just behind the curve. I would have gone Jerome behind the curve, Powell.

• 20:59Speaker 04

  Shouldn't that be an independent organization? Do we want the president putting his own people in there?

• 21:03Anthony Pompliano?

  Well, first of all, the government appoints the person. So Biden, uh, Trump, et cetera, they always do this. Then they're sitting there for a certain period of time. Sometimes in these positions, they even step down when the president's changeover. Powell did not. Um, I don't think that, uh, there is a, uh, concern around the independence of the Fed. They are putting pressure, but so did Biden. So I think, again, it goes back to, it doesn't matter, Republican, Democrat. I wrote about when Biden called Powell into his office, like the principal calling a bad student in, and he was basically like, yo, what the hell? Right? Now, the difference is that Biden, uh, chose to do that in private.

• 21:42Anthony Pompliano?

  We don't know if it was Biden was really in the Oval Office, but they said he was. Um, and so now we have, uh, Trump, but Trump just does it on social media. I don't know which one's better, frankly, but everyone, I mean, Elizabeth Warren wrote a letter to Powell talking about interest rates. Uh, what is it? A couple of months ago?

• 21:58Speaker 04

  Okay, but you can't say he has an easy job.

• 22:00Anthony Pompliano?

  Of course he doesn't have an easy job.

• 22:01Speaker 04

  Everybody hates you.

• 22:03Anthony Pompliano?

  Well, if you let inflation explode to 9%, yeah, you didn't do your job, right? And so it goes back to this whole idea of too late, behind the curve, whatever. Now, by the way, I actually don't think it's Jerome Powell's fault. I think the system in which he's operating is a system that requires him to look at backwards looking data to make decisions today to predict the future. It's impossible job, right? Instead, they should use real time alternative inflation metrics like trueflation. Like I've been yelling and screaming for what months, years at this point? And they would have a much better reading. They would be much better informed and they would be able to make better decisions. But if you use bad data to make decisions, then you end up with bad decisions.

• 22:45Anthony Pompliano?

  Like duh, this is like literally one like I teach my three and a half year old daughter these ideas. We got grown men who are still looking backwards at data. It's like, how are you going to use antiquated data to make good decisions today? Why don't we use updated data? You wouldn't use yesterday's data to make a decision today. You'd use today's data. Let's go get with the program. This is not hard, but you know what the problem would be? The Bureau of Labor Statistics would have to stop sending people into grocery stores with tablets to go find the exact product and then hand input it. They'd have to stop calling people on the phone and say, I know you own your apartment or home. How much do you think you could rent it for? It's crazy. It's crazy. I understand inflation better than the Federal Reserve because I look at real time metrics. You can do it too.

• 23:30Anthony Pompliano?

  If you and I can do it, they can do it. And my guess is they do look at it, but instead they publicly talk about all of the antiquated data and then they try to make these decisions. But as they've seen, they have been wrong. Now, what they're starting to talk about is, oh, we expect inflation to come over the summer. I recently said that I do expect inflation to creep up, but I do not expect it to be because of tariffs. Instead, it's because we're going to go spend. Milton Friedman, famous economist, great guy. If you don't know anything about him, go check him out. Milton Friedman, he says that the only place that inflation has ever created is in Washington, DC. The only way you get inflation is government spending. So if we're going to spend money, inflation will come. Now, it doesn't mean we're going to 9%, but maybe we tick up to 2.5%. Okay. Well, if all of a sudden you start to get 2.5%.

• 24:13Anthony Pompliano?

  Uh, well, sorry, their, their numbers are already around two and a half percent, but real inflation at two and a half percent. Um, if that happens, economy runs hot, asset prices go up, economic boom. The trade off is half of the Americans who don't have investment assets, they're just watching everything explode in price. They feel further behind. Enter socialism as the potential solution.

• 24:35Speaker 04

  Okay. So you think Powell has failed in the last six months?

• 24:42Anthony Pompliano?

  He did a better job in the last six months than he did in 21 and 22. But, uh, yeah, I mean, it objectively, interest rates are higher than they probably should be. And inflation didn't show up in the way that they said that it would. Now, what happens from here? We'll see. But so far, uh, their worry about inflation didn't materialize. And it looks like they could have kept interest rates lower, and that would have not led to higher levels of inflation.

• 25:09Speaker 04

  Okay.

• 25:10Anthony Pompliano?

  So Jerome, too late Powell.

• 25:13Anthony Pompliano?

  Kind of seems like a fair critique.

• 25:15Speaker 04

  Let's talk about your favorite man in the world. Ooh. Um, socialism is hot right now.

• 25:23Anthony Pompliano?

  No, it's not.

• 25:24Speaker 04

  It's hot.

• 25:27Speaker 04

  The kids love socialism.

• 25:29Anthony Pompliano?

  Dumb.

• 25:29Speaker 04

  Um, we know somebody here who has very educated friends who all voted for Mam Donnie.

• 25:36Anthony Pompliano?

  They're not educated. That's the whole thing.

• 25:38Speaker 04

  Well, I mean, objectively.

• 25:39Anthony Pompliano?

  That's some, some stupid school gave them a piece of paper, and they think that piece of paper means they're educated. I know people who didn't even graduate high school that are smarter than those people.

• 25:50Speaker 04

  For those of you who don't know, Zoran Mam Donnie is a socialist candidate for running for mayor in New York City, that it all started off what I thought was a meme campaign, but it wasn't. It was a real campaign, apparently. And, and he blew the other candidates out of the water, because our other candidates were like Eric Adams and Andrew Cuomo.

• 26:09Anthony Pompliano?

  No, just Cuomo. He didn't run against Eric Adams.

• 26:12Speaker 04

  Oh, wait. Oh, because Eric is a, yeah, yeah. Cause Eric is a

• 26:15Anthony Pompliano?

  Independent.

• 26:17Speaker 04

  Okay, so voter data shows eighteen to twenty-nine year olds led the turnout, which is a stark difference from four years ago when the majority of voters in twenty, in the twenty twenty-one mayoral primary were over sixty. And why do we think this is happening? You had Jordy Visser talking about how it's like a rapid shift in technology over the past ten years has led to this. Peter Thiel expressed his concerns that, oh, wait, wait, wait, wait, this is from twenty twenty, Peter Thiel.

• 26:47Anthony Pompliano?

  Okay, okay.

• 26:50Anthony Pompliano?

  First, I want to extend an olive branch to my socialist brethren.

• 26:56Speaker 04

  Brethren.

• 26:57Anthony Pompliano?

  Brethren, what's an N between a couple of friends, whatever.

• 27:00Speaker 04

  No, it's an R.

• 27:00Anthony Pompliano?

  Um, if you take the N and cut it in half.

• 27:08Anthony Pompliano?

  I hear you. I understand.

• 27:13Anthony Pompliano?

  There's a couple of things that are true. The first thing that's true is that there is a widening group of individuals who feel left behind, left out, like they can't get ahead, and that their life is worse than their parents' life.

• 27:25Speaker 04

  Okay.

• 27:26Anthony Pompliano?

  The idea of the American dream feels like a foreign concept to them. They're frustrated, they're watching everything around them become more expensive, and their job prospects don't look that great, and it feels like everything in the system is stacked against them. I hear you, I agree with your assessment.

• 27:47Anthony Pompliano?

  I also agree with and like the idea that young people are going out and voting. How many candidates across both sides of the aisle for decades wanted young people to go out and vote?

• 27:57Speaker 04

  That's true.

• 27:58Anthony Pompliano?

  Great development. I also agree with Zoran Mamdani.

• 28:06Anthony Pompliano?

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• 30:11Anthony Pompliano?

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• 30:55Anthony Pompliano?

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• 31:00Anthony Pompliano?

  In the way that he is communicating as a modern politician on social media, going direct to people, being able to create his message and get it in the hands of individuals.

• 31:09Speaker 04

  Walking the island of Manhattan.

• 31:12Anthony Pompliano?

  Scott Adams would call it weapons-grade persuasion. It's incredible.

• 31:16Speaker 04

  Oh, so you said Eric Adams?

• 31:17Anthony Pompliano?

  Very good at it. No, Scott Adams. And so, I also will say that I agree with Zoran Momdani, walking the streets, talking to people, campaigning, old-school, working, trying to get out there, get his message out there, meet people, hear what they gotta say. All, I hear him. Agree with all that. I also agree with the fact that New York City's affordability is in a really bad position. I agree with the fact that young people in this city that come here, specifically from outside of New York, and they come here with a dream, they want to work hard, they think that there's some opportunity here, they feel like they're getting shafted, and they're right because of the situation that they're walking into.

• 32:03Anthony Pompliano?

  And then I also agree with Zoran Momdani, that the people he was running against were not very good candidates. So, me and my socialist friend,

• 32:13Speaker 04

  Oh, God.

• 32:15Anthony Pompliano?

  We're good. We're locked on a couple of things. But now, where we disagree, is we agree on the analysis of what is happening. We completely disagree, and I would take off Momdani's smart hat, and I would put on the dumb hat when he starts talking about the solutions. This guy has no clue what he's talking about. No clue.

• 32:40Speaker 04

  How do you think he arrived at these conclusions? Do you think it's just like a populist thing? That he's like, this will get me elected?

• 32:46Anthony Pompliano?

  Let me just go through a couple of facts here. He lies. He misleads people. He preys on the economically illiterate.

• 32:55Speaker 04

  Don't all politicians do that?

• 32:58Anthony Pompliano?

  And...

• 33:01Anthony Pompliano?

  He has the worst quality of a politician, which is his whole thing is I'm from the government and I am here to help.

• 33:10Speaker 04

  But I think everybody who runs for-

• 33:12Anthony Pompliano?

  Hold on. When you have a message, the government knows better for you and your life, you immediately are violating the ethos of America. So let me give you some facts. I went deep down this rabbit hole. Mom Donnie was born in, uh, outside the United States in Africa.

• 33:33Anthony Pompliano?

  He moved to the United States when he was seven years old. I love the fact that we-

• 33:37Speaker 04

  He was born in Uganda.

• 33:39Anthony Pompliano?

  And then I believe he lived in South Africa and then he came to the US.

• 33:43Anthony Pompliano?

  I love the fact that we have the potential for an immigrant mayor of New York City. This is a city of immigrants. This is a city of people from all over the world, both inside the United States and outside that come here. Nine million people that want to create a better life, that want to chase economic opportunity, that want to get jobs, that want to actually reach some level of financial security. I love the idea of having an immigrant mayor. So if you go and you take a look and you say to yourself, these ideas of there shouldn't be any billionaires. No, Mom Donnie, there should be more billionaires. There should be more millionaires. We should be a country where we are able to actually create a plethora of wealth.

• 34:25Anthony Pompliano?

  Not sit and with an iron grip, say, oh, you had any degree of success? I'm going to take it from you and I'm then going to hand it to these other people.

• 34:33Speaker 04

  Okay.

• 34:35Anthony Pompliano?

  Every single place that has tried socialism and communism fails. This country has tens of millions of people who have come here to escape those ideas. If you want to know whether these ideas are good, talk to somebody who came from Cuba or Venezuela or any other country that has implemented socialist and communist ideas.

• 34:57Speaker 04

  Bulgaria.

• 34:59Anthony Pompliano?

  And so when you go and you take a look at what we are doing here, we essentially have a candidate who is showing up and saying, you as the constituency are dumb. You cannot do anything for yourself. You need the government to save you.

• 35:16Anthony Pompliano?

  I don't know about you, but I have never seen a situation where the government saves the people. Instead, you have to use free market economics. And so a great example in New York City in real time, we just removed the broker fee from apartment listings. For those that don't know how this works, if a landlord has a apartment, that apartment, usually they go and they say, Polina, you are a real estate agent, come and represent my property. When you represent my property, I am going to let you charge the tenant a broker fee. Let's say that that broker fee is 15% of the first year of rent, usually was the broker fee.

• 36:01Anthony Pompliano?

  So let's say it was 50 grand for the apartment for the first year, you get $7,500. Okay.

• 36:10Anthony Pompliano?

  A law got created that says you as the real estate agent cannot charge the renter a broker fee. Because their argument, and again, hell is lined with a lot of good intentions. Their argument was that's not your client. The landlord is your client. Okay, so landlord said, gotcha. Guess what happened overnight? Rents in New York City went up 15%.

• 36:33Speaker 04

  Why?

• 36:34Anthony Pompliano?

  Because the landlord said, okay, well, if they can't pay you the 15%, which is a one-time charge, I have to pay it. I'm not coming out of pocket. So they raised the rents 15%. Now they just give you the 15%.

• 36:46Speaker 04

  Yeah.

• 36:47Anthony Pompliano?

  But here's the problem. This is why the renters are worse off. In the old model, it was a one-time fee. If you stay in that apartment for three years, you pay the additional 15% every single year. So now let's go back to that $7,500, which was a one-time fee. Now you end up actually paying over $22,000 over the three-year period because they changed this rule. So it's a classic example of stupidity showing up in rules.

• 37:15Anthony Pompliano?

  And so the reason why

• 37:15Speaker 04

  It's just like theory versus practical.

• 37:18Anthony Pompliano?

  Of course, and it's a lack of understanding of economics.

• 37:20Speaker 04

  It's just really hard to convince people, as it's always been with socialism and communism, that when you show up, you're like, no, capitalism is good. Listen to me. Like, here's the logic. You're fighting against someone who's saying free buses, rent freezes, free childcare, free groceries.

• 37:37Anthony Pompliano?

  It's intellectually lazy. Anyone can give away free things. It doesn't solve any problems.

• 37:42Speaker 04

  But people, like you see it on smaller, smaller microcosms of this is on like college campuses. Like when student government presidents run, they're like, and free donuts on Friday.

• 37:53Anthony Pompliano?

  Did you see the report? I don't know if it's true, but there was a report that came out that he promised to give out free juices when he ran for student government and he lost the race. And they're like, I've just been giving out free stuff.

• 38:03Speaker 04

  But like that.

• 38:04Anthony Pompliano?

  This is like high school.

• 38:05Speaker 04

  But exactly like that. And a lot of times in college or high school, those people win because we were like, I want free donuts on Fridays. And it's like that, you're, you're fighting against like the most basic human.

• 38:18Anthony Pompliano?

  So here, here, here's what I think.

• 38:20Speaker 04

  Thought.

• 38:20Anthony Pompliano?

  I think Zoran Mamdani, he should come, he should sit in that chair. He should have a conversation with me about economics. It's easy to walk the streets and prey on people who don't understand how the machine works. It's easy to go and tell them you're going to give free things. But guess, but guess what? Guess who didn't vote for him? All the people he claims to be helping. Only the rich people voted for him, but actually the people who need the most help in this city, they didn't vote for him.

• 38:47Speaker 04

  Hold on, wouldn't you argue that the rich, if they, they, they should understand economics if they're rich, why do they vote for him?

• 38:53Anthony Pompliano?

  No, it, it's the same thing of why do they give things away? It makes them feel good. It makes them feel good to vote for the guy who says, I'm going to help the poor people. Right? I'm going to help the people who don't have anyone looking out for them. But those people, many of them are like, they don't trust their government. They don't trust this guy. They think this dude is a snake oil salesman. They didn't vote for him.

• 39:16Speaker 04

  Do you, um?

• 39:17Anthony Pompliano?

  How crazy is that? The people who don't ride the bus are voting for the guy who says, I'm gonna give away free bus tickets. Cause they don't care. They don't care if the service quality goes down. They don't care if there's crazy people on the bus.

• 39:27Speaker 04

  Crime.

• 39:28Anthony Pompliano?

  They don't care if crime goes up. They don't care if the buses don't run. They don't care if they can't afford the bus anymore because the city doesn't have money to pay for the buses. They don't care about any of that. It makes them feel good to say, oh, those people down the street. Yeah, wouldn't it be great if they had free bus rides?

• 39:43Speaker 04

  Is this you?

• 39:44Anthony Pompliano?

  Tell them to ride the bus.

• 39:45Speaker 04

  Is this you challenging Mom Donnie to a public debate?

• 39:50Anthony Pompliano?

  It's not even a debate. It's let's just have a conversation about it.

• 39:52Speaker 04

  A podcast?

• 39:53Anthony Pompliano?

  If, if, if you are willing to prey on economically illiterate, then come sit right here and let's have a conversation about it. But I promise you that it will take me about 20 minutes to have this guy spinning in intellectual circles, talking about all the free shit he's gonna give out. And I'm gonna ask him all kinds of questions that will immediately get to the heart of, hmm, maybe this isn't gonna work.

• 40:18Speaker 04

  So, so let's talk reality. I mean, how much of this can he actually do?

• 40:23Anthony Pompliano?

  Listen, all I know is he gonna run into the chainsaw Eric Adams. Eric Adams, the funniest man in New York City. Straight up.

• 40:29Speaker 04

  Anthony is like, literally will be sitting in a cab and he'll tell me an inspirational quote. I'm like,

• 40:34Anthony Pompliano?

  You wanna hear it? Alright, so Eric Adams gave an interview. We should play, man, maybe we cut this into the video. But, uh, he gave an interview recently to the guy, uh, Hard Knocks or whatever the guy is on Instagram, uh, who like fake runs up to me. He's not really running up to me. Fake runs up to people. Eric had the whole thing scripted out. He had a fake bodyguard like, oh, stay away. And Eric's like, ah, yeah, come on, go ahead. It's this guy on Instagram. The interviews are pretty interesting, but, uh, it's always scripted. But Eric Adams got asked and he said, uh, here's one line, just one heater came out of him. He said, uh,

• 41:04Speaker 05

  I always tell people that your haters be your waiters when you sit down at the table of success.

• 41:10Anthony Pompliano?

  Like, come on, that's a mayor in New York City. That is like a New York City. That should be a theme song. I let my haters be my waiters at the table of success. Then you're like, oh, he got his one liner off, like, great interview. He followed up 30 seconds later. He got asked if he believes in God and the man said,

• 41:26Speaker 05

  100%. I turn on my GPS every morning. My God positioning satellite.

• 41:33Anthony Pompliano?

  Tell me this man is not hilarious.

• 41:35Speaker 04

  I.

• 41:35Anthony Pompliano?

  Then, oh wait, hold on, I'm not done yet. Then he just posted a video and he's walking down the sidewalk with wired earbud. He already is a, already we're good if he's got wired earbuds. Walking down the sidewalk and a doorman, I think, or somebody walks up to him and goes, yo, Mr. Adams, or like, yo, Mayor Adams, what are you listening to? And he's like, Katy Perry Firework. And then he's like, make sure that you go to the Macy's fireworks, blah, blah, blah. Like this man is like a third rate actor, but it is hilarious. He's the funniest guy in New York City, not even close.

• 42:07Speaker 04

  Eric Adams is really.

• 42:09Anthony Pompliano?

  He got a shorty in every borough. He's got, he's pushing out the trash can. Remember when he pushed out the trash can? Everyone forgets, he then took a fake bag of trash and put it in the trash can to show people how to do it.

• 42:20Speaker 04

  I listened to his podcast with Andrew Schultz and I was like.

• 42:25Anthony Pompliano?

  It's funny.

• 42:26Speaker 04

  And I was like, what did I just listen to? Like this is the mayor of, but hey, I mean, if this either Eric Adams or socialism let my haters be my waiters.

• 42:35Anthony Pompliano?

  Right?

• 42:36Speaker 04

  No, um, but the other day, you don't know this, but the other day I came out of the shower and I was minding my own business and I just overhear Anthony in the other room be like, I let my haters, then like a pause and then I don't hear anything. It's like, be my wait, I'm like, what is he, who is he talking to?

• 42:57Anthony Pompliano?

  Who I'm talking to, y'all know, y'all know.

• 42:59Speaker 04

  Our three and a half year old daughter.

• 43:01Anthony Pompliano?

  Got it down now, she can say it.

• 43:04Anthony Pompliano?

  She walks up to me, she goes, dad, I let my haters be my waiters at my table of success. So that's immediate high five.

• 43:10Speaker 04

  Anyway, so this.

• 43:11Anthony Pompliano?

  She gonna drop it on somebody for sure in New York City. They're gonna be like, damn, is that a little Eric Adams?

• 43:15Speaker 04

  This is what's happening in our city currently.

• 43:19Anthony Pompliano?

  But if you think about the reason why.

• 43:21Speaker 04

  We have nine million people here and this is all we got.

• 43:24Anthony Pompliano?

  But it goes back to, remember my thing? Were you willing to sacrifice for other people before you wanted to be a politician? Eric Adams served as a police officer. Right? He, he didn't know that he was gonna be mayor. But he was willing to do things that sacrificed himself, his time, his energy, his family, all this stuff.

• 43:43Speaker 04

  I mean.

• 43:43Anthony Pompliano?

  To actually serve the people. So it goes back to, go and take a look. Show me what you did before you wanted to be a politician. If you have a history, if you've got data points in your background. I'm much more interested than if you just pop up and like, yo, I got socialism.

• 44:02Anthony Pompliano?

  I do think it's funny. They call him Lil Fidel. Like, I mean, you know what I mean? It's like, if, if you want Cuba, go to Cuba. If you want Venezuela, go to Venezuela.

• 44:14Speaker 04

  He just thinks he found the best ideas and he's gonna implement them here.

• 44:18Anthony Pompliano?

  Stop. But I, I got faith, I got faith that New York City's not, that we're not stupid. You know who I think should run?

• 44:23Speaker 04

  Who?

• 44:24Anthony Pompliano?

  You ain't gonna be happy about this one, but you know who I, I think really? It's like Batman. We gotta put up the bat signal.

• 44:30Speaker 04

  Who?

• 44:30Anthony Pompliano?

  He needs to swoop in and save the city.

• 44:32Speaker 04

  The Rock?

• 44:33Anthony Pompliano?

  No, 50 Cent.

• 44:34Speaker 04

  Oh, does he live in New York City?

• 44:37Anthony Pompliano?

  He is as New York as they come.

• 44:38Speaker 04

  I know he's New York.

• 44:40Anthony Pompliano?

  But I think he's back in New York. We, 50 Cent should be the mayor of New York City. Immediate win.

• 44:46Speaker 04

  Oh, he's currently on his final lap tour.

• 44:49Anthony Pompliano?

  Listen, he.

• 44:50Speaker 04

  Oh, wait, we should be good at this.

• 44:51Anthony Pompliano?

  All, all he has to do, all he has to do, he holds three concerts in New York City. He'll raise more money than M'Donnie. Immediately, he then turns around, he becomes mayor and 50 Cent, 50 Cent? He crush him. So M'Donnie failed rapper, 50 Cent, uh, famous, successful rapper. Put them together, have a rap battle and see who gets to be mayor.

• 45:10Speaker 04

  So far, so far, this tour celebrates his 20th anniversary of his debut album, Get Rich or Die Trying, great album.

• 45:16Anthony Pompliano?

  Great album.

• 45:17Speaker 04

  It has been a successful run so far this tour. Guess how much he's grossed?

• 45:21Anthony Pompliano?

  Hundred million.

• 45:22Speaker 04

  Yeah, how'd you know that?

• 45:23Anthony Pompliano?

  Cause, cause it's 50 Cent. He don't deal with eight figures. He's a nine-figure guy.

• 45:28Speaker 04

  I've met 50 Cent.

• 45:29Anthony Pompliano?

  He hit on you.

• 45:30Speaker 04

  Okay, let's not get crazy here.

• 45:32Anthony Pompliano?

  He did, he did.

• 45:32Speaker 04

  No, he didn't. He was just the nice guy, you know? We took a picture together.

• 45:36Anthony Pompliano?

  Yeah, that's before I knew.

• 45:39Speaker 04

  No, he was great.

• 45:40Anthony Pompliano?

  Give me my money by Monday.

• 45:42Speaker 04

  And you know what? A lot of people, I used to work at Fortune, a lot of celebrities and big business people used to come in with their massive entourages. He came in by himself. He didn't have anybody with him.

• 45:53Anthony Pompliano?

  Okay, what's the point?

• 45:54Speaker 04

  I'm just saying, 50.

• 45:56Anthony Pompliano?

  That was impressive.

• 45:58Speaker 04

  What?

• 46:00Speaker 04

  All right, let's, let's.

• 46:01Anthony Pompliano?

  Yeah, but I got your bag. If you want to be mayor, man, just call me up. 50 cent.

• 46:05Speaker 04

  Why would he be a good mayor?

• 46:07Anthony Pompliano?

  Cause he actually understands how the real world works.

• 46:10Speaker 04

  I mean.

• 46:10Anthony Pompliano?

  He's a better communicator than Mom Donnie, for sure. He's a better rapper. He's a better business person.

• 46:15Speaker 04

  You just want a rapper as the mayor.

• 46:17Anthony Pompliano?

  Well, we have one. His name's Eric Adams. Don't you hear the bars that he's spitting?

• 46:22Speaker 04

  P I M P. Those are my initials. Um, okay. Ready?

• 46:27Anthony Pompliano?

  All right, guys. Thanks so much for listening. See you guys next week.