Government Gloat! Massive Accumulation of Debt Crashes the Nation, Or Not?

Chris Ruddy: [00:00:00] This is Chris Ruddy, and I love Gene Valentino’s GrassRoots TruthCast. Make sure you’re tuning in just like I do every day, every week, every minute.

Intro Roll: With breaking news and political commentary from a public servant, serial entrepreneur, community leader, philanthropist, and American patriot, and a darn nice guy, it’s time for the GrassRoots TruthCast, and your host, Gene Valentino.

Gene Valentino: Hi friends, Gene Valentino, and welcome to another episode of Gene Valentino’s GrassRoots Truth Cast. The election has occurred, the popular vote has spoken. That meant really the electoral college wasn’t as much the issue as we thought it was going to be as a determining factor in the settle.

of the election of 2024. Oh, no. Instead, Donald Trump won the popular vote in all [00:01:00] 50 states nationwide. A congratulations goes out to Donald Trump, his team and his family versus withstanding The perils and they’ve withstood the test of time.

My guest today is Mitch, who is Firestein. Mitch Firestein is a economist. He’s an entrepreneur. He’s got an interesting operation on Wall Street. He’s both a member of the, uh, both a resident, I should say, citizen of the UK as well as the United States. I had the privilege of meeting him in Manhattan recently.

Mitch, thanks for joining us.

Mitchell Feierstein: Thanks for having me, Gene, and great to be here. And I’m excited about that, that majority win that we got in the election on Tuesday. I was up until 4. 30 a. m. watching the speech that he gave after he won. It was magnificent. And, you know, this was a broad based mandate. And let’s not confuse things now.

There’s no possibility that people can say he didn’t get a broad based [00:02:00] mandate. You know, I’m, I’m, I’m A little curious as to the last seat in Wisconsin, which was reported recently about how the vote count jumped at three o’clock in the morning, but be that as it may, the majority of people have spoken so that the people who are coming out to protest right now, I mean, really, this is getting to the point where it’s ridiculous.

This is the threat to democracy and this is an insurrection because the people have voted not only have they voted they’ve given him a mandate popular vote 5 million votes there you go

Gene Valentino: popular vote 5 million votes and you know Mitch, uh, it is a mandate and it’s surprising because the Electoral College was not triggered to have, um, what I would call a settlement to the issue.

Uh, instead it proved to be nice but, um, unnecessary. The popular vote has always been what our democracy was based on. Uh, the Electoral College was intended to clear up any shady matters. Not necessary in this case. Kudos to the Trump’s [00:03:00] team, the, the Trump, um, campaign, uh, uh, operatives, uh, Susie Wiles in particular, who was his chief of staff within the election.

Now chief of staff in the white house soon to be folks, we’re going to take a break. We’re going to have a deep dive on economics, both in Europe and domestically as a consequence of this election, Mitch was just referring to right after this.

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Gene Valentino: I’m with a gentleman today that was born in Manhattan for sure, but began working on Wall Street in the 1980s. Uh, he maintained deep ties in international banking for over four decades, and mainly in the development and creation of new products, where he specialized in derivative products. We’ll touch on that.

You don’t need to get hung up on some of the language. But it’s important to know that he was, uh, [00:05:00] dealing with derivative products, traded them with large institutions and central banks. Interesting topic, because it feeds into the, uh, reason why we’re here today. Mitch Fierstein, this is his book, folks.

It’s called Planet Ponzi. How politicians and bankers stole your future, what happens next, and how can you survive? Ironic that this is coming out. This actually came out about 12 years ago, but it’s ironic how the information in it is so apropos today, Mitch. I can’t believe how factual you were on so many levels in this book, Planet Posse.

Before you go into the dive on the book, where can people buy it?

Mitchell Feierstein: Well, it’s on Amazon. I mean, it’s pretty easy to get on Amazon. I mean, Random House published it. It’s available in most countries around the world. It’s, it’s been translated into seven languages. [00:06:00] So it’s, it’s readily available. Amazon is the easiest place to find it.

Gene Valentino: What caused you to write the book?

Mitchell Feierstein: Well, I was sitting at ground zero during the credit crisis in London, and I think we were managing one of the first, our firm was managing one of the biggest special purpose vehicles with a mortgage, when the mortgage crisis hit that went bust. So I had a really good idea.

I was, I was an insider and it’s the first real insiders, perspective of what happened during the credit crisis.

And it’s, it was an important story to tell and I tried to get the story out and nobody wanted to listen. And I was writing articles for the Daily Mail. I had a column in the Daily Mail and several of the other papers in England because I had, I’ve spent the last basically 25 years in London. And, uh, A literary agent approached me and asked me to do a book and it seemed that he had 11 Interested publishers to do it and I said sure and I picked a number out of my head and he came back to me A week later and said, okay.

Everybody’s interested and I said no. No, I didn’t tell you I would do [00:07:00] it I said that that was only an indication So he convinced me to do the book and you know I really wanted to tell the story because I think it’s really important. It’s historic now. There’s no conspiracy theory I use the government’s own data and I walk everybody through You The, the reasons behind the crisis, too much debt, too much credit, too much leverage and why it hasn’t gone away.

All they’ve done is kick the can down the road, played pray and delay and lie and deny. So, okay,

Gene Valentino: kicking the can down the road, Mitch, if I may interrupt from time to time, is this a situation now where Donald Trump and all of us are riding some sort of high? And, uh, it might be that the can when he implements sound policies doesn’t get kicked down the road anymore.

And then there might be some, uh, sobering pain that sets into some of our financial, um, planning going forward.

Mitchell Feierstein: Yeah, I, I think that it’s very appropriate to discuss that right now they have, we’ve [00:08:00] created some of the most grotesque and this is all the central banks. We need to blame the central banks and, uh, from Alan Greenspan to Ben Bernanke to Janet Yellen and to Jerome Powell.

It’s groupthink like you wouldn’t believe and what we’ve got. And what we have, and the issues that we have going today, is they had quantitative easing that, that pushed rates far too low for far too long. And you’ve seen the NASDAQ, I don’t know if people remember, when in 1999 to 2000 we had the dot com crash, which I predicted before it happened.

The market, the NASDAQ dropped from 5, 100 intraday down to below 1, 000. And it took 20 years. It took 20 years, like 2022, I think, before it got back up to 5, 000, and now we’re, uh, you know, gonna zero in on 20, 000, so it got to 5, 000, and it’s quadrupled in two years, or three years, I mean, the, the, and, what are we, we’re up close to 50 percent this year, there’s no [00:09:00] reason.

There’s no reason for that, except we have massive inflation, and what we’re getting, and I’ve pointed this out to many people, is we have hyperinflation in selected asset classes. Some asset classes are undervalued, some are overvalued. I would argue that a lot of the tech stocks are in one of the biggest bubbles we’ve ever seen in history.

So would I buy the stuff up here? Not at all. You know, I’ve been scaling down for a while. I mean, this is a bubble.

Gene Valentino: This is a bubble and it pertains to one niche, or are you talking about a pattern over all sectors in our, uh, in our financial

Mitchell Feierstein: marketplace? Well, it’s a, it’s an everything bubble that they’ve created, but there are pockets of opportunity that are undervalued and with anything.

You know, I, I’ve always looked to those sectors to invest in when other people are not looking and they’re not oversaturated. I think like the property market, commercial real estate in the United States is a disaster right now. I mean, the banks are highly exposed to that stuff. Property markets are in a bubble.

[00:10:00] Interest rates have to go higher, but they’re pushing them lower. And the example of this is if you look at the disconnect between the 10 year bond Which is the rate at which the government borrows and the stock market and what the Fed has done. The Fed reduced interest rates, as we know, twice. The first time was 50 basis points, which I accurately predicted before they did it when everybody else was saying 25.

And I said, they’re doing it for political reasons. There’s no macroeconomic or fundamental reason that they should cut rates. They cut them to try to get their candidate into office. 90 percent of the Fed has a heavy bias on the democratic party and they direct their policies. So they cut it 50 basis points and the tenure was trading at 361, I think at the time 3.

61%, right? So you would think that the bond market, but the bond market, the bond guys, I’m a bond guy. The bond guys are always smarter than the equities guys, generally. And they usually have a better [00:11:00] idea as to where the markets are going. So the, the, the bond market, the yields went higher. So that means interest rates in the bond market, it was more expensive to borrow money.

That went up by close to, I think, 80, 80, 80 basis points. So we were trading, you know, 80 basis points above that until we had the recent cut. And then we saw a little, uh, a little decline. We went up to 440 or 450 on the, on the 10 year. And we’ve just seen when they cut basis, another 25 basis points this last quarter.

Last week we saw it come down a bit to 430. I don’t know where it is right now because I haven’t had access to the screens this morning, but it was trading at 430 on, on Friday. So you would think that if it was 361 and they cut the, you know, the, uh, the rates by 75 basis points that that rate would be lower, but it’s not.

So the bond market’s telling us an entirely different story, and I suggest that all the investors pay attention to the bond market and not to this, as Greenspan would have said, irrational exuberance in [00:12:00] stocks. Thanks. I mean, it’s, it’s crazy, the nosebleed levels of valuations that we’re seeing, and NVIDIA is one of the examples, I mean, you’re seeing NVIDIA trade at a valuation of 3.

6 trillion dollars. I still don’t know how they’re making money or what their profitability is, and, you know, even, even Tesla, even Elon Musk’s Tesla is now well over a trillion dollar market cap, which is, you know, It’s a valuation that’s higher than the sum of every single car maker. Yeah, but are we sitting

Gene Valentino: against a culture of a different expectation and a different, um, approach to how we’re looking at value?

Because, Mitch, if we go back to 1929, the global financial crisis, we’re, we, we definitely had Expectations fall through the floor, and it was in that context that things began to it was a crisis on so many levels. One of the things I find interesting about your track record is that, [00:13:00] uh, with regard to the dot com bust, uh, and the, um, uh, the subprime crash leading up to the global financial crisis we had, uh, in in a few years ago.

Uh, I don’t understand if we’re going to see another collapse like we did in 1929. Yes or no? I think we

Mitchell Feierstein: will. I think we’ll see a worse collapse, actually. But you know,

Gene Valentino: that’s pretty significant.

Mitchell Feierstein: Yeah, I think we’ll see a catastrophic collapse. And I just hope they’re not trying to dump it into Trump’s lap and blame him for everything.

Gene Valentino: Well, time out real quick. Where do you put your money if you see that coming?

Mitchell Feierstein: Well, you should be, you should be Posturing and positioning yourself appropriately. There’s no one size fits all. But, you know, I’ve been, you know, diversifying my, my investments. And I think everybody and we’re getting a pullback on precious metals.

Everybody needs to own precious metals. They’re really an integral part of What that is, is a play on currency and we can get into [00:14:00] discussing how currencies trade and what currency actually is and why different precious metals are going to have value and we need to get into the conversation on central banks and what’s happening with BRICS plus around the world.

That’s really important. But, you know, I worked in Japan. As, as I don’t know if we discussed this, but I worked in Japan for a couple of years and I’ve been doing massive amounts of business in, in with that country and there’s their banks in Japan since the 1980s. So I’m familiar and it appears that we are replicating the model that happened in Japan and their economy has been in a ditch for the last three lost decades of no growth.

Their stock market peaked at 40, 000 then collapsed. So, I see a lot of similarities with the accumulation, massive accumulation of debt and money printing that we have here, that’s been going on in Japan, and we’re following that model, and it’s not, it was never, it’s never a good outcome. Okay, so those are the similarities.

Gene Valentino: I have a, I have a [00:15:00] difference. The difference is that Japan did not have a Donald Trump and here you have now a circumstance where the full financial theories, uh, are of spending and cutting and bringing Elon Musk in to remove 2 trillion of waste in the budget. By the way, I believe it. And then, uh, you’re looking at a focus on incentives and downsizing government, not making it larger, but making it smaller, which, by the way, was your big concern in your book, Planet Ponzi, was the size of government’s expansion.

And so I see a paradigm shift occurring. I see a paradigm shift occurring that that did not exist back when Japan was having its issue. The issue was, is we didn’t expect that out of a leader. And, uh, or, or traits of a leader, uh, at that, at that time, but we sure have one now. And we sure see him now trying to perpetuate a future after [00:16:00] his four years where he can hand off to similar thinking for the future and posterity of this nation.

One of the concerns I have is that if you’re going to talk about the collapse of the economy in this nation, Mitch, where, what are the remedies? Is it, is it what you want to talk about now? A digital currency, Bitcoin, an alternative to central banks. China and Russia have been looking at alternatives to a central bank system as well.

They hate the notion that they’ve got to work through the world bank to deal with the United States.

Mitchell Feierstein: Well, there’s a couple things going on. I mean, we can talk about alternative asset classes, which is what I was focused on for the past 15 or 20 years. Now, alternative asset class investing has a great future.

Digital currencies, which Give too much control to the government unless they’re decentralized. Decentralization is really important and key to that because we’re already, we [00:17:00] were, as we saw, we were on the brink of tyranny with the last government that we had, that we’ve got a lot of other ancillary issues that are problems, but the debt is the biggest problem.

Gene Valentino: Well, are you talking, are you talking about the technology of, uh, the last digital currency that was, um, Samuel Bankman freed? And his digital currency, he had control over some of that currency, which is what is the problem with the digital currency world. I’m very familiar with it. In my payment processing area, we were writing software code to handle the processing of a Bitcoin transaction.

And it’s conversion to cash in the banking system, quite an involved conversation, an hour of discussion unto itself, but the trust that has to go into the conversion of a Bitcoin transaction to dollars. You may not think the central bank system is perfect, and I don’t think it is either. But, [00:18:00] but it, it’s, if you’re going to put something in there to replace it, it better have more trust than the central bank system.

Right. Therein lies the, therein lies the threat and the legitimacy of your, of your Ponzi scheme book is really, in my opinion, Mitch, the best part of this book is that it focuses on one issue, That keeps reverberating through all pages, and that’s your ability and my ability to trust the investment or in the context of your book, trust the

Mitchell Feierstein: scheme, right?

But you’ve got to people need to understand what they’re investing in. And that’s what I said when some of my clients. Some of the institutional clients and regular clients that were members at my country club came and they said, we want to discuss Bernie Madoff. And I point that out in the book and they brought his, his stuff and his formulas.

And I said, look, I can’t figure it out. Maybe he’s a smarter guy than me, but I have one principle and I repeat it in the book. Don’t trust anything in the [00:19:00] book. Refer to my end notes, which are government data. And if you don’t understand an investment, don’t ever invest in it. And as far as Sam Bankman fraud, I mean, who is based in the Albany down in Nassau, I know a lot about that.

His stuff was a Ponzi scheme. He was lying to investors about how he was investing the money. He turned it into, he was gambling with other people’s money. And his, his parents were law professors at Stanford or whatever, and big Democratic Party bundlers. So he, he, we don’t even know if he’s going to stay in jail.

I mean, it looks like he’s going to skate on this. But I think, you know, I think that there are. Are other issues we need to talk about with regard to the massive and out of control debt that the US has Because and getting back to japan I don’t mean to dwell on this but japan was the biggest buyer of our debt and the way that a government funds Its budget from day to day is by issuing bonds and they were the biggest buyer now They’re in a position where they can’t buy anything and they might turn into a fourth seller China is also a seller and we need this year.

[00:20:00] We needed to issue 10 trillion dollars in debt You So, we’re still a net seller of debt because we’ve got a debt addiction. And the last lot that was in there, Biden and Co. believed in this magic mone uh, sorry, modern monetary theory, which I refer to as magic money tree, which was a very dangerous thing that Bernie Sanders and the entire far left got involved with.

It said, if you have a printing press, it doesn’t matter how much you print. Central banks are really responsible for where we are. There’s QE, quantitative easing money printing. They say that we stopped that, but they really didn’t stop that. And the, the issue is trust. Can we trust the central banks to do it?

They say, no, we can’t. The media has already proved itself as unworthy. That’s one of the pockets of opportunity out there that’s undervalued right now is all the new media and how we can move forward. Um, alternative media, because people are fed up with listening to the same lies. [00:21:00] And we saw that with this election, it was a referendum against liars.

We’re,

Gene Valentino: let’s get back on the source. I like to discuss the source of the problem. And to me, I’m not anxious to point the finger in other directions, because if I do, I’ve got four fingers pointing back at me. I think it’s incumbent upon all of us to be reminded, we must take responsibility for our own actions.

and bad actions. Enjoy the benefits of our good decisions. Enjoy the perils of our bad decisions. And sometimes we invest inappropriately and prematurely in things without a full study. What bothers me more is that we have turned into a culture up to Trump. We’ve turned into a culture of expecting government now to step in to fix it.

remedy it and repair it to make it right again. When in fact we are guilty. We caused the problem in the first place. [00:22:00] We’ve got, as you said in your book, too much debt, too much credit. And in fact, we’ve leveraged ourselves way too far. Uh, you mentioned Japan before. China thought they had a pretty good deal buying up some of our debt.

Where do we start in terms of turning it around?

Mitchell Feierstein: Well, you know, Elon Musk’s philosophy is right, but, but President Trump needs to surround himself with different people that think out of the box. I mean, two trillion, he can cut more than that. I can think of things that we need to cut. We need to look at the endowments of all these woke institutions that are halls of indoctrination rather than education.

I mean, they have, look, Harvard has a 53 billion endowment, and I saw them testify about the anti Semitism on the campus. Why is that tax free, and why are they silencing conservative voices? You know, what is there, 90 percent silencing of conservative voices at Harvard? I mean, and in all these universities, if [00:23:00] they want to be biased and pitch ideology rather than education, The ideology of woke and, you know, identity politics, then they’re, they’re endowments, which are hedge funds should be taxed because they’re making phenomenal profits.

And these shouldn’t be, it shouldn’t be, uh, tax free investments. And I think

Gene Valentino: this, this didn’t just happen and it’s not being done every day in a vacuum. Uh, who are the perpetrators of this conspiracy? It goes back decades. And why was it put in place and allowed to exist? The fact that we’ve noticed it now and recognize the adverse consequences is great.

Now we can fix it But where did this problem start?

Mitchell Feierstein: Well, I think in central banking central banking started in 1913 when the federal reserve was given Given independence to come up the first of all the federal the federal reserve is not a bank And it’s not part of the federal government. It’s owned by member banks I don’t know if your people who are watching this understand that so they don’t really take a minute to explain.

That’s good You [00:24:00] Well, yeah, but I’m just saying that they don’t understand that these banks work for the bankers. For example, Janet Yellen, who everybody knows Janet Yellen, she, for years, she said inflation is contained, inflation is transitory, inflation is contained, we don’t have an inflation problem, and kept printing money and kept interest rates too low for too long.

What else with Janet Yellen? So none of the policies that she implemented were right. Everything she did was wrong. And when she went from When she went, when Janet Yellen moved from being the Fed chairman to the head of Biden’s treasury, she was paid around 8 million in speaking fees by the big banks.

Right, so think about that for a minute. She was paid eight million dollars in speaking fees to the big banks Now, why would anybody want to listen to her? Really? It’s like quid pro quo because she gave them friendly policies and bailouts that helped them She also and her husband who was one of those 19 nobel laureates that signed that letter saying how bad Trump’s policies would be for the economy [00:25:00] Contributed around $200,000 to Biden’s campaign and to the Democratic Party.

So you have, on one side, you have these people who are political operatives in positions of power that can dictate what happens to the economy with the, the policies that they implement. And they can, they can cut rates or raise rates depending upon what they want to do. To impact an election. So this is a system that’s fundamentally broken, and I don’t think they need to readjust the Federal Reserve.

I think they need to shutter the Federal Reserve. I think it’s past its sell by date. These guys get 12 or 14 year appointments, and they get it wrong all the time. So, You know, why are we paying for this? This is one institution we need to look into. I mean, we can cut the red ink by 50 percent in Washington and save way more than 2 trillion.

And that’s what we need to start looking at. We need to think, think out of the box and say, look, these, the wasteful spending’s got to stop. And you’ve got these lifetime people who, like Nancy Pelosi, how did she make 500 [00:26:00] million? I mean, seriously, not on that salary. She didn’t write, but, but all these people, you know, in Congress are allowed to do insider trading and that’s, you know, her fund is always up because she buys ahead of everybody else.

And I wrote an article about this. I don’t remember 2013 when it was either mastercard or visa before they went to Congress to get approved, her committee was doing it right. She was in charge of the committee. She bought, she bought the IPO, right. She made like five X. I mean, if you did that, you’d be in jail, you’d be in that jail in Pensacola.

I mean, it’s a country club, jail, Pensacola, but you’d be there.

Gene Valentino: There’s, there’s definitely some, um, bad intention here. And I, uh, Mitch, that drives to a bigger issue and it’s bad behavior. I’ve said in my podcast with other guests, and it seems to fall back with you. It’s the same issue. It’s called bad behavior.

It takes on [00:27:00] different complexions based on the topic. But I’ve been talking about a constitutional amendment. We’ve got 27 amendments in our constitution now that all deal with rights, entitlements, privileges, uh, protections of those rights. But we don’t have any amendments in our constitution that punish the hell out of you for bad behavior.

In fact, in, if you go to Congress, you’ll feel that they’ve exonerated themselves in certain situations from the threat of being punished.

Mitchell Feierstein: Absolutely.

Gene Valentino: Where is the Where is the constitutional amendment that says if you work in self interest for personal gain at the expense of the taxpayer or the citizens at large that you will be penalized?

And I mean a felony, a federal crime that puts you away and penalizes you dollar wise. If you’re gonna tell me That Steve Bannon is [00:28:00] going to jail because he was trying to protect the rights of his boss and the secrecy of the information he was, um, aware of at his boss’s side, the President of the United States.

You’re not, you can’t tell me that, uh, bad behavior that’s more blatant. cannot be punished. And this is where I think we need to go. It drives now to your whole issue on central banking and a lot of other antics that are going on to protect the wrongdoing that’s going on in and around the financial institutions.

Mitchell Feierstein: Exactly. You couldn’t have said it better. Than me, but I think if you look in my book, there’s a there’s a graphic in there and it’s got a chart somewhere A table of how many bankers were jailed for the biggest financial crisis in history And I go go through it country by country and the sum is zero zero Zero were jailed in any country for the malfeasance and to [00:29:00] speak at that point Uh, the chairman of the of the federal reserve Alan Greenspan, ex chairman at the time, said you don’t need new, we don’t, in a, in a, in a, in a, Autopsy of what happened during the great financial crisis.

Greenspan on stage said, we don’t need new regulations. There was definitely fraud committed. We need enforcement of existing regulations. That’s a direct quote of Alan Greenspan. And I put it in the book for a reason. So Greenspan, the ex Fed chair is admitting that the banks committed fraud. You don’t need new regulations.

We need enforcement of existing regulations. Of existing regulations. This is the problem. We have a dual justice system that works for one . We don’t really have accountability. And, you know, the Federal Reserve, Alan Greenspan, was the one who said that the issue was we’re not enforcing existing regulations.

And he was the most powerful guy on Wall Street for a really long time. And that’s when it all started to unravel under him. What happened with Greenspan is under Greenspan’s [00:30:00] tenor, they convinced, um, Larry Summers, who’s a cancer that keeps appearing everywhere, um, from Harvard to the Treasury, convinced Bill Clinton, and Clinton has said recently, I don’t know, a couple years back, that this is one of the biggest regrets he’s ever had, was, uh, getting rid of Glass Steagall, and I, I think I speak about this in the book, so that is the problem, because we got, what happened was, is, The exponential amount of debt that increased, it just skyrocketed when that happened.

And that was under Greenspan. And so that’s when we started having problems. And Greenspan actually engineered one of the first bailouts in history. So this was moral hazard. This was the problem. You don’t have accountability. In capitalism, Right. Capitalism, we have a mechanism and it’s called bankruptcy.

When people go bankrupt, that’s how it’s finished. They don’t get bailed out. Like, I don’t know if you remember, but we had the, uh, Resolution Trust back when we had the, the repo market [00:31:00] failures and all of these savings. Those guys were put in jail and that’s what I said we should have done back when the credit crisis happened, but we didn’t because we don’t have any accountability and that’s, that’s part of the problem.

We need to talk about Proportionality, and we need to talk about perspective, and I guess we can.

Gene Valentino: Yeah, and let’s do that after we make a break. And before we break folks, we’re, we’re talking with Rich Fierstein. Uh, what a great book he’s written about 12 years ago. And what amazes me most about Mitch is that the issues he brought up 12 years ago in this book, Planet Ponzi, are just as true today, if not more so.

Uh, he talks about a complete collapse in our economy, greater than the Stock market in 1929. Uh, we’re going to talk more about that when we return right after this.

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Gene Valentino: Hi friends.

Welcome back for our second half of our guest today is [00:33:00] Mitch Feierstein He’s the uh Proud author of Planet Ponzi. Couldn’t be prouder to have him on with me. An economist, trades in Wall Street, on Wall Street, dual citizen, both in Europe, the UK and, um, and in Manhattan. He has moved up the ranks with some very interesting insights on the economy.

Uh, he has a very truthful, uh, projection, a sobering projection. On what the future may behold that I’ll let him talk about. Thanks for joining me today, Mitch.

Mitchell Feierstein: Thanks for having

Gene Valentino: me.

Mitchell Feierstein: It’s great to be here.

Gene Valentino: We, we need to jump into Europe, Europe’s economy, uh, get sidebarred a little bit with your relationship with Nigel Farage and let’s, um, let’s have a little fun, but let’s talk about Europe and its role in, in the financial environment worldwide, how they’ve helped the United States, how [00:34:00] they’ve hurt the United States.

Let’s take it away.

Mitchell Feierstein: But look, you know, I think the European Union, I mean, the whole concept of the European Union was a bad idea. And that’s why I helped Nigel with Brexit. We can get into that a little bit later, but it didn’t, wasn’t financially beneficial for the United Kingdom. And I ran for parliament in 2019 in his party.

It wasn’t financially, you know, advantageous for us to stay in the European Union because we would have had to go joint and severally liable with the other 27 member states and pick up their debts. So in other words, if there was a bank failure for their fiscal profligacy, we would have to, on a pro rata basis, since we had the second largest GDP, come in and pay the biggest chunk of the bailout for them.

And I said, look, I love my brothers and sisters in the European Union, but I don’t want to pick up the tab for. For Greece, for Spain, for France or Italy and their bank disasters. We had nothing to do with that. So why should we have to pay? Tens of billions, if not hundreds of billions of dollars for that.

It’s just [00:35:00] not fair. And that’s Wouldn’t

Gene Valentino: they argue, wouldn’t they argue back to you in return that the production jobs, um, the, the, their version of the GDP was, uh, an enhancement to whatever your proportionality was in the EU

Mitchell Feierstein: financially? That could be an argument, but we, the, but the cash flows didn’t demonstrate that point.

The cash flows were in my favor on that, and I’ve demonstrated that on numerous occasions. So that was

Gene Valentino: based on, based on productivity or fraud?

Mitchell Feierstein: No, based, no, based upon outgoing G-D-P-G-D-P numbers and trade figures. All the trade figures going in and out the flows going in and out of the European Union from the uk.

So, but the, the debt was a, a major issue and the, the banks. Are all on the brink in the European Union because the European Union is just turned into they have so many presidents and vice presidents. You can’t even figure out who’s who, you know, but none of them are elected. It’s the least it’s anti democratic.

The whole system is like a [00:36:00] politburo. that they’ve developed. Isn’t

Gene Valentino: it interesting that you can see now that they are, um, very beholding to our new president, Donald Trump, and are automatically, and Trump’s not even in office yet, and you’ve got some leaders talking about canceling their oil and gas contracts with Russia’s and moving back to the United States as soon as we’re able to do so.

I find that very patronizing and disingenuous, but in fact, it’s, um, it’s where we’re going to get some of that revenue to pay down our debt.

Mitchell Feierstein: Well, yeah, I don’t know about that. I mean, we, we should hopefully, but the problem in Germany, and I predicted this for a while, I said, Olaf Schultz, Doesn’t belong in power and he’ll be gone.

I mean, he’ll be gone before I think January from power because he’s just the, the, the problem with Germany is they’re in a deep recession because they’re no longer getting cheap natural gas from Russia that they were getting in the Nord [00:37:00] Stream pipelines. When that blew up, it crushed the largest economy in the world.

In the EU, which is Germany, the powerhouse, the engine that drives the EU. So they’re, they’re not, they don’t have any way back from that. So all the German corporations are screaming, we need back our cheap gas so we can drive everything again in this country. And unless we get that, there’s a problem. We don’t want open borders either.

And that’s one thing that Merkel started. We’re open borders in Germany and it’s turned into a disaster for the country. That’s why AFD is a party that’s gone from 2 percent up to One of the big largest parties in Germany now, and the government. This is the, the way the media comes into all of this now, the, the go, the media is saying, oh, they’re far right.

Everybody in the media disagrees with is far right, or a Nazi or whatever. If you disagree, if they disagree with your perspective, you’re not allowed to have that perspective. The problem with the EU that I think we need to chat about is the disproportionality. Like a country like Latvia, their GDP is [00:38:00] $43 billion. They have got a population of 1. 8 million people, and they have the same vote as like the United States would in NATO. So you know, they get one vote, or they get one vote with all the other big countries.

You get one vote. So that’s ridiculous. You have, and these countries are so corrupt, the small little countries, the member states in the European Union, that it’s, it’s pretty ridiculous.

Gene Valentino: Well then what’s your take on Ukraine coming into the EU?

Mitchell Feierstein: Impossible. Won’t happen., . Ukraine will not Ukraine will not join the European Union. It will not ever join the European Union. Because that will trigger World War 3 with Russia.

Gene Valentino: Because it would have, I would think it would have been triggered whether they were in the EU or not.

I mean, look at the monies we were on the, uh, giving them and, um, where this has gone. Why would it, why would their presence in the EU likely

trigger war?

Mitchell Feierstein: Well, no, it would. I don’t, I don’t think World War Three has [00:39:00] been triggered yet. And I’ll get back to Ukraine would entry. These were the conditions that could have stopped and prevented the war that were part of a negotiation that would have happened in March of 2022 that Boris Johnson scuppered in Turkey, the peace agreement.

The agreement would have been Ukraine won’t join NATO. Promise that they won’t have nuclear weapons, and then , we can talk about, uh, Donbass, and Crimea, Crimea, and the other parts of territory. And that, that’s, that’s what really triggered this. , what would trigger that is Putin set up a series of red lines.

He set up a series of red lines that would, would impede the security of his country. And he said that that would could elicit a nuclear response. And we don’t want to escalate. We want to deescalate. We should have in March 2022 settled this. I mean, because Ukraine has lost this war, they’ve lost 500, 000 people, and I would say close to a trillion dollars in GDP and [00:40:00] money has disappeared down some rabbit hole into politicians pockets.

It’s an unnecessary war, money was wasted, 500, 000 Ukrainians are dead, and the mass population’s been displaced. They can’t win the war. It’s already over. Even before Trump gets into office, it will be finished, in my view.

Because he’s talked to, he’s talked exactly about that as well. He’s talked about, um, had he been in office, this would not have ever occurred in the first place.

Uh, let’s, let’s stay on your, on your book as it pertains to the economy, the central banks and Europe. Why let’s, so what do you foresee the future of the EU as it relates to financial, if nothing else?

Well, look, I think, I think the EU will blow itself up because I don’t think there’s enough consensus, and I think people are tired of being bullied, which is what Ursula von der Leyen, who’s the president, who was reelected, and there’s a big scandal with her and Pfizer coming out that she suppressed, but nobody votes, nobody votes for [00:41:00] these people, and they’re fed up with them dictating policies.

I mean, Hungary was the first one, and they tried to cut off his funding from the European Union. And, you know, Orban is a strong leader, he’s a good leader, and he’s a conservative. And they don’t want conservative voices. They don’t want you to say anything. They want you to sit down and do what you’re told.

And they elect, in the back room, they make some sleazy deals. You have, like, Josep Borrell, from a, a socialist, from a country that doesn’t do anything. And they appoint people from tiny countries who Where it cost them was nothing to buy them, and it’s just a system of corruption. What I think will happen is I think there’ll be a massive exit of other countries from the EU.

France may leave, Germany may leave. If Germany’s economy doesn’t turn around, they’re leaving the EU. Because they’re not going to shoulder the debt of all these other countries when we have a crisis When we have a crisis and germany has to pay joint and severally liable. They’re going to say we’re out.

Bye

Gene Valentino: And all I hear Echoing in the background is donald trump was right. They never [00:42:00] paid their shares Towards the whole and the select few were gaining at the expense of the many Let’s shift our attention to the media. We have um, I hate to leave the EU because I think it really sets a standard as to what’s going to happen globally.

Not to me, and we didn’t talk China and Russia in the context of EU, but I think China and Russia are set back as well. If in fact the EU drops because more of the EU players will be looking individually again to do deals with the United States as they once had. And that’s where a lot of our. Wealth and prosperity came from this.

I think you’ve called it the cabal of oligarchs Right in Silicon Valley this I think of three in particular and you can relate it to the your book Planet Ponzi this Ponzi scheme, [00:43:00] but you have Soros at the top of the Pyramid a close second at his side Zuckerberg a close second at his side Bill Gates uh, uh Jeff um, um, there’s there’s a a bunch of more.

Um, apple’s head amazon’s head We’re looking at a cabal of about six to 10 people that have gone out of their way to promote a Democrat party cause, and they got caught with their pants down. They see they’ve made a great mistake. Some come back these last few weeks with an olive branch, trying to play nice, nice with the Republicans.

Hopefully the Republicans won’t, um, be deceived again. But we need a plan in place to steer the ship away from the media’s control. What is that plan from your, what do you observe and then what do you suggest?

Mitchell Feierstein: Okay, well the [00:44:00] media first of all is mostly Mass censorship propaganda and a Marxist twist to it.

I mean, people like Bill Gates and Reed Hoffman and Jeff Bezos, all of these guys are pushing an agenda. They don’t want people to have freedom. They don’t want free speech. They want maximum censorship. I think what we need to do is one of the undervalued asset class. Is figure out alternative media is picking up quite a bit, but you see, they’re trying to legislate in Europe against any alternative media.

They, that’s why they’ve created these big misinformation and disinformation ministries of truth. It’s, I mean, you would talk about Orwell would be rolling over in his grave because it’s Orwell on steroids along with, uh, You know, the, the minister of the third Reich, Joseph Goebbels, you know, the minister of propaganda and enlightenment.

This is, this is dark stuff. I mean, you’ve got some of the biggest funds are contributing to these organizations. It’s not distant. Anything I don’t like, this is subjective stuff. Okay. Who, who [00:45:00] defines what misinformation is or disinformation? Oh, you hurt my feelings. That’s misinformation. And you go to jail and they’re putting people in jail in the UK for speech and for mean tweets.

Okay, but that’s

Gene Valentino: even worse than what what’s what our issues are here on the same point and it’s worse there. You’re right

Mitchell Feierstein: Stabbings on the street there and that goes unpoliced and these protests go unpoliced with these wild Palestinians burning stuff down and that stuff people get away with like BLM and all this other nonsense that happens And so that’s why we have to put everything into perspective And have proportionality, which we don’t have and, you know, the media needs to get reined in.

We need new media. People are fed up with it. That’s an opportunity. And I’m telling you, I can, I can talk about that for 3 hours. What we could do with the media to revise it. We need government help with that. These 2, the section 230 needs to be redone. I mean, Zuckerberg is a disgrace. He funded the manipulated the last election with his funding.[00:46:00]

Talk about, talk about Section

Gene Valentino: 230. I think it’s an interesting point. The public ought to hear it.

Mitchell Feierstein: Yeah, I think, look, I don’t think that these, these guys now are the public square, so they can’t get away with saying that we’re, we’re new. And I don’t know why Congress, I mean, unless they’re getting money, oh no, that would never happen, right?

Unless the congressmen and senators are being paid off to keep them happy. But quite frankly, Google can manipulate with their algorithms. I know there’s a hundred to be a hundred percent fact. They can manipulate any election anywhere, anytime. And you can’t wait a

Gene Valentino: minute. I now have an understanding how Nancy Pelosi has a 40 million net worth.

Mitchell Feierstein: 500 million, not 40. Oh, excuse me. She’s got a ridiculous net worth and it’s all insider trading.

Gene Valentino: And she thinks it’s okay. I really think the public needs to come out and take their head out of the sand folks. It’s just as much your problem and mine. If we do nothing, Mitch is bringing it up for us. We’re talking with Mitch.[00:47:00]

He’s the author of a great book, Planet Ponzi, but he’s also an economist. He also is a, uh, institutional investment investor, broker, not necessarily retail for you and me buying stocks, but he goes out and consults with a lot of the big institutions on trends and patterns and directions and helps them with their financial investment strategy.

How’s that, Mitch, for a, For a capsulization. Is that good?

Mitchell Feierstein: I mean, I’ve mostly spent my time in commercial banking and institutional investing. So, you know, institutional investors and central banks have been my forte and new product development and derivative products. You know, I did the 1st. interest rate swap in North America and have been actively involved in the global markets my entire career.

You know, I’m not just USA centric, so I see the bigger picture. And I think most people need to understand how all these things fit together. And BRICS Plus is really significant, which is what What we need to have a quick [00:48:00] chat about because you brought it up yourself. And what we’re talking about is going from a unipolar world where the United States dominates everything to multi polarity.

And I think that that’s where people have a bit of a sticking point. They don’t understand that China and Russia and And Iran and a couple of these other countries in Latin America, South America, and in the Middle East have been bonding together to come up with an alternative to U. S. dollar based products.

And that’s why I think when you talk about what do you need to look for, I think that there’ll be an alternative currency that comes out, and I think BRICS Plus will launch it. And I think that it will be a basket. Of commodities and I know exactly how they’re going to do it But that’s

Gene Valentino: on that point. Is this consistent with what donald trump’s been talking about lately in his drive for a crypto environment alternative

Mitchell Feierstein: I think I think that he’s he’s right with coming up with an alternative, but I think there are alternative is going to be different from that.

You know, I have a fairly good idea [00:49:00] on on what that’s going to be and how they’re going to do it. But I think you need a tangible asset class to have as a backdrop because a current what is a currency? A currency is a promise of a government to repay. So when people realize that you can’t repay your debt, it’s a promissory note, then your currency becomes worthless and you become, you become Zimbabwe or you become, you know, you become a, actually, this is what happens to your currency right here.

Can you see this?

Gene Valentino: Bring it up a little closer. Oh, yeah. One hundred trillion dollars.

Mitchell Feierstein: It’s a hundred trillion dollar bill, and that’s the Reserve Bank of Zimbabwe. That’s actual real, a real hundred trillion dollar bill. I, I bought a lot of those a long time ago, um, and now they’re, they’re worth a lot. I mean, they’re not worth anything, but that’s what happens to your currency, and I think, I have a, in my, in my book, I talk about the, the, a fifty billion [00:50:00] dollar egg.

It’s one of the chapters in my book, but this is one of the dangers you get when you start printing money like that you get high. That’s right. That’s what I was saying. We have hyperinflation in selected asset classes. And I don’t think that’s, that’s far from, um, far from where we are now. Well, I got a bill

Gene Valentino: too.

This is a 20 bill and there’s a Andrew Jackson. I’m going to give you this bill and on the back of it, it says in God, we trust. And so. Up to now, here’s the distinction for most people, Economics 101. We believed that the United States government, it used to be backed by gold and silver, as you said, and prior to 1971, Nixon administration era.

After that, we got off the gold standard and we simply have a promise from the government that says this is valuable and this is worth. So when I hand you this 20, In your [00:51:00] mind, you’re saying, I trust it’s 20, and I receive it and accept it as 20. And in my mind, I say, I just gave Mitch 20, and it’s worth what I gave him.

The problem with what’s going on, which is why you have a trillion dollar note, is that the government printed too many of these. As a result, there were too many of them flying around and the next thing you know, the $20 didn’t have a $20 value anymore.

Mitchell Feierstein: Right.

Gene Valentino: And so it’s value to you and me is then arguable between us because you, I think it’s still worth 20.

Oh no, that’s only worth 15. I’ll ask Gene for 25.

Mitchell Feierstein: Right. But then what happens is this. When you go into the grocery store, you see it every day. When you look at the prices and a bag of groceries now is a hundred dollars. So what it’s called is inflation, which is a stealth tax on the consumers who can least [00:52:00] afford it.

That’s why you see this. And I made a big deal about this before the election. I said, are you better? There are two questions everybody needs to ask. Are you better off now than you were four years ago? And is the world a safer place now than it was four years ago? And the answer to both are why he won the election.

And the dishonesty of the media actually augmented my points. Because people realize how they’re just being lied to all the time and they’re fed up with it. And we’re basically at the breaking point here. And these companies, the oligarchs of Silicon Valley, we brought, briefly mentioned Google, YouTube, Facebook.

And, you know, LinkedIn, which pulled me off LinkedIn for no reason. One day I had something like, uh, 300 or 400, 000 followers. And one day I didn’t exist. Somebody actually sent me an email and said, you know, you’re not on LinkedIn anymore. I said, what do you mean? I’m not. And I tried to send them letters, which they ignored.

I have no idea what happened. I still don’t, but I really don’t care. I said, I don’t care. I’m on Google. I’m on Google. Just find me on Google. You can find me on Google. It’s, it’s bigger anyway than [00:53:00] LinkedIn. LinkedIn is a far left. Amplification Mac megaphone for for bad ideas. I think, you know, you don’t really get anything out of it, but the mass censorship has to stop and we need to put an end to it.

And Congress needs to wake up and do their jobs and support the American people instead of being, uh, uh, Taking cash stuffing their pockets with it. Well,

Gene Valentino: I got an idea tell correct me if i’m wrong, please What if congress if they do their job creates new laws that removes the insulation of the media and these platforms from liability?

That makes them liable for that which they publish or In this case, allowing, um, allowing the platforms to be sued for pulling you off for denying you the right to free speech, I think will sober many of the, um, it’ll obviously change the focus of our litigious community and make it work on making sure that facts, uh, you have one big [00:54:00] defense.

Is it true? Right. If you’re no, if you’re no good son of a bitch, but I proved that it’s true, then, then you can’t sue me for slander because I’ve just proven it to be so. Now, if I just make reckless commentary that affects you, your family, your business, I’m liable for that and I should pay the price for that.

I think that’s where we, that’s where we need to go.

Mitchell Feierstein: Yeah, I agree. But, you know, a big part of the problem is this cancel culture and these snowflakes and identity politics and DEI, which we didn’t even get into. I mean, you know, you’ve got to get back to a colorblind meritocracy where we promote people based upon their ability to do a function.

I don’t care if you like me or if you don’t like me and that’s always been My persona on Wall Street and everybody knows that I’m a straight shooter. I tell the truth. And basically, if you don’t like that F off, I really don’t care. I don’t need you to be friends. We do business. That’s okay. If we don’t, it’s [00:55:00] okay too, because I’ll figure out an alternative avenue where people shouldn’t get jobs just because of their skin color, their, their sexual preference, their religious beliefs, or any other of these stupid criteria.

I mean, look at, look at Biden’s white house. Look at that. He had transgender people with They’re, they’re breasts out on the white house lawn, flying the transgender flag from the top of the white house. I mean, that is insanity. I mean, this is how you’re

Gene Valentino: saying you’re saying D E I has been the culprit for the failure within the Biden administration.

Mitchell Feierstein: Well, it’s been one of them, but look, it’s, it’s why I can guarantee you. That’s why Silicon Valley bank 240 banks that are about to go bust for the similar reasons and their exposure to treasuries. And they’ve got rotten balance sheets. So the banking crisis for the smaller regional banks is far from over And, you know, that’s what we were talking, getting into a little earlier when we discussed that commercial real estate, residential real estate, and a lot of the bad loans that they have on credit [00:56:00] card debt.

Credit card debt should not be 30 percent or 28 percent or 25%. Correct. Banks are borrowing from the Fed at almost zero, so. Boy, I remember

Gene Valentino: just four years ago, I was borrowing money at something around 1. 9 to 2. 1%, and boy, that’s

Mitchell Feierstein: ancient history now. Yeah. Well, it’s killing consumers, but you see, that’s why people don’t realize that the stock market’s in a, in a state of delusion.

And that’s why, you know, I would, I would lighten up on stuff until it reprices. Now, you know, they’re going to, obviously they’re going to blame Trump. They’re going to blame everything on him. So he’s got to get ahead of it. And realize, say

Gene Valentino: lighten up. What do you, what do you mean lighten

Mitchell Feierstein: up? And then your turn, big positions in equities, I would take profit before the end of this year.

That’s in

Gene Valentino: your, if you have positions in equities,

Mitchell Feierstein: Right. I

Gene Valentino: would like if you were, if you’re a bond guy and you’ve been living off interest, uh, where, where do you go between now and,

Mitchell Feierstein: you know, short, short dated bills are probably your best bet. Three month bills, six [00:57:00] month bills. I mean, right now people need to be very defensive.

You need return. Of your assets rather than on your assets because there’s going to be major dislocations. But with a dislocation, there’s always a I think that what we will see is we will see a generational opportunity to make generational wealth. Once in a generation, we’re going to see that. And that’s going to happen when the shakeout happens.

And, you know, it’s coming. I just don’t know when.

Gene Valentino: You say the shakeout is this a global include the EU and the rest of our far Eastern folks, or is this going to be a shakeout just in the States in within our banking, central banking

Mitchell Feierstein: system? Well, no, I think there’s going to be a global depression. And I think, look, China’s economy is on the brink, and they’ve got like billions of people that are going to come angry when that happens, when it implodes, because they’ve got the same debt issues that we have, uh, to even to a larger extent, because there’s more fraud there than there is here.

But there’s, there’s [00:58:00] fraud in our system here. And until we can clear out the debt, We’re going to have a problem. You just can’t, or, or the dollar will go to zero and, you know, inflation will, I mean, then people will be paying 500 for a bag of groceries. But,

Gene Valentino: and I think

Mitchell Feierstein: that’s

Gene Valentino: what, I think that’s what Donald Donald Trump is referring to with the cryptocurrency concept, whether it’s some, some morphed version of that worldwide from abroad, or whether it’s something that we, the government creates, I don’t mind the government creating a standard, but I But they have an obligation to step away and let the private forces of the marketplace control.

That’s where I think they’re failing because through their political, um, insiders and, um, and alliances through the packs and everything else, they’re finding allegiances with, um, uh, with different political folks on one side. And then the business folks on the other to protect, uh, And that’s why I think [00:59:00] the industry is failing.

Well, also,

Mitchell Feierstein: Gene, I think that we could cut 50 percent of the government jobs. I think that’s below. Oh, I mean, I totally agree. The

Gene Valentino: case in point was the recent, uh, 85, 000 folks with the IRS they wanted to bring on, by the way, armed IRS agents. And, and, and, and now, if you’re going to bring on 80, 000 people on ice, The Biden administration wanted to use them to handle paper to document illegal aliens to get them to become citizens in the dark of the night.

Uh, why don’t you just push them back over the border and we do a deal with the countries to tell them to manage their own people.

Mitchell Feierstein: Right. Exactly. But look, the problem is, is those jobs need to go and we need to get government down to a reasonable size. It’s unreasonable, unmanageable, and it’s not productive.

Right. This is the biggest frauds on the planet that we’ve got going right now is the size of our government. And it just keeps getting bigger and bigger. They were [01:00:00] hiring on average during the Biden administration, they’re putting, adding 40, 40, 000 jobs a month. I think it was when I left.

Gene Valentino: So when they say they had an addition of jobs, it was government jobs that you and I were paying for.

It wasn’t jobs in the marketplace.

Mitchell Feierstein: And, and they had foreign workers, the, the, the number of, of, um, um, Of of American workers stayed constant and the number of foreign workers surged and a lot of those were illegal aliens So, you know the and the quality of the jobs and the pay of the jobs was very low So people were getting two and three jobs to just keep their heads above water, which is not a good economy So, I mean by nomics gets an abject f rating Terrible couldn’t have been worse and the media lied about it and so did biden and so did harris and that’s why they are You Now packing their u haul it instead of you know, Mitch.

I don’t want to digress

Gene Valentino: but what price does media pay for this? Uh a clear a perpetration of a [01:01:00] conspiracy and the and the complicit in their complicity

Mitchell Feierstein: Well none because you know, there’s six when I started on wall street There was 200 companies that own the media now There’s six and you know, these mega corporations don’t care if they lose money.

I mean take for example people like joy reed She’s a race baiter a liar You And the stuff she comes out with is horrible on MSNBC. I don’t know who watches that stuff. I don’t think anybody watches it. I think you get a couple people that watch this, a very, very, very small viewership, but these people become, you know, this is where Trump derangement syndrome comes in.

I mean, and they get, they get, uh, mental health issues from watching this stuff. It’s just so dishonest. It’s so fundamentally dishonest. That’s why I think there’s going to be a paradigm shift in media. Stuff like what you’re doing, podcasts, where people can hear reasonable people that are talking the truth.

You know,

Gene Valentino: but you know, I’ll take a show like this, which you and I have put together and they’ve got their bots and their [01:02:00] scrubbing mechanism to come in and see what’s hot and not on this interview. And they’re going to decide whether they’re going to take me off LinkedIn or take me off Facebook or take me off YouTube based on something you may have said, or I may have said.

And all of a sudden I’m banned. Uh, I’m in jail. I’m in Facebook jail for two weeks, two months for having, uh, uh, had something you and I may have said it, I think is the kind of stuff that needs to be a bold and courageous Congress needs to step up and look at the legislation in place to penalize those wrongdoers.

That’s what I was getting at in the beginning of our conversation an hour ago about, um, Penalties for wrongdoers. We’ve got enough damn rights on the books with our constitutional amendments to give people liberties and freedoms and entitlements and, uh, accesses, but I don’t see any penalties for wrongdoing.

Mitchell Feierstein: I, there isn’t, I mean, even Twitter is still, is [01:03:00] Twitter still throttles people. I mean, I’m throttled on Twitter. I mean, my Twitter, you said

Gene Valentino: that, I mean, here’s, here’s Trump bringing in Elon Musk,

Mitchell Feierstein: Elon. You know, my account. At Planet Ponzi is still throttled, and I know this because, you know, we invested in a social media company, so I know exactly what they’re doing.

You have lack of reach. I have lack of reach on Twitter, at Planet Ponzi, if people want to follow it. But, you know, somebody will retweet my stuff, and they get maximum reach. You know, maximum 15, 20, 30 times the amount from from my tweet, but they put like a little line in above it and it’s just ridiculous.

I mean, people must think that I’m like the stupidest or people are really, really dumb and they don’t understand what’s going on. Yeah, it’s still everything is being censored with a filter and they put their thumb on the scale. We need to take those thumbs and break them. We also need. A good rhino gun to go out and get those rhinos out there.

Let’s go rhino hunting. Yes,

Gene Valentino: rhino hunting. [01:04:00] Hey, Elon, if you’re listening, I appreciate what you’re doing for Donald Trump, talk to your folks, a few levels down under you shake them up and stop throttling the people who want to follow me and want to follow Mitch here. He’s got a great book out there.

Planet Ponzi. It’s not getting the exposure it deserves because someone’s throttling back the followers. They’re doing it to me. I have 1200 followers one day. The next day I’m down to 1100 followers. How can that happen? It’s happening and I don’t appreciate it. If you’re going to go in and work for Donald Trump, start with your own self inventory within your own confines first.

Fix Twitter to make sure it’s not holding back rights and freedoms that you espouse. That’s my message to you, Elon Musk, and I hope you’re hearing it. Mitch, closing comment

Mitchell Feierstein: please. Well, look, I hope that we get to [01:05:00] make America great again. And I’m really, I’m so overjoyed that president Trump was reelected.

I was one of the only people that said he was, everybody was telling me, Oh, I’m cautiously optimistic. I said, get that out of your mouth because he’s going to win by a landslide. He’ll win the popular vote. He’ll win it all. I was so bummed on this election. You wouldn’t believe it. And nobody else was, I was, so, you know, we got what we wanted.

I got what I wanted. I’m really happy about it. Now the rubber hits the road. He’s got to surround himself with the right people and hopefully he does. And we need the real change that the people voted for. We need to fulfill that mandate. Fulfill

Gene Valentino: that mandate. Right behind me, Mitch, you can see a, uh, a poster.

It says Scott for leader of the Senate. Uh, Rick Scott’s our United States Senator here in Florida, just reelected. I’m very proud of the man. I knew him, uh, a decade ago when I was county commissioner and he was governor. He turned out to be one of the most effective leaders in Florida. And it was a [01:06:00] great handoff to Ron DeSantis, who everyone is also proud of, but in his role of United States Senator.

There’s three candidates running now, uh, and I’ll, I’ll, I’ll close with your final comments on this issue. Uh, Senator Scott has John Thune and John, uh, uh, uh, Comer from Texas, Senator Comer and Senator Thune, and both of them are patsies for Mitch McConnell, who’s sailing off into the sunset, both of whom received, uh, uh, an F grade in terms of their, post polling ranking their grade on Liberty, Liberty pollsters.

Liberty Patriot, I think is the name of the poll. And now we’re seeing, uh, from even X itself on, on Twitter, massive number of people. There was a two, two day poll out. Over 50, 000 people polled, 90 percent of the polling went in favor of Senator Rick Scott, less than 10 percent [01:07:00] split between the other two.

Why is Mitch McConnell and the secret ballot in the Senate pushing for the possibility of Thune or Comer when the nation, the popular vote, seeks Senator Rick Scott? Comment.

Mitchell Feierstein: Yeah, that’s simple. I mean, Mitch McConnell’s a liar and he hates Donald Trump. Right? Cornyn, Cornyn in Texas should be primary. That guy hates Trump too.

So, Scott is the choice. That’s what the people want. That’s what the mandate should be. And we should get what we want. I mean, this, these games won’t work. I mean, McConnell should be removed. I mean, he’s got, I think his dementia is getting as bad as Biden’s.

Gene Valentino: Yeah. Well, so is his, and I guess one thing I’ve noticed consistent

Mitchell Feierstein: with also is payola from China that his wife, I think is also involved with getting a little paycheck from, I’m glad you brought that up,

Gene Valentino: but it’s, um, It’s a level of vitriol that exists both with [01:08:00] Schumer, uh, McConnell, uh, and, uh, uh, others that, uh, hate, hated Donald Trump so badly, Biden in particular, and the, it’s now been proven that the American citizen doesn’t buy into that anymore.

They want Rick Scott. My only comment is let’s do what we can. He’s a good friend of ours and the media around us that we’re aligned with. Mitch thinks the world of Senator Rick Scott as well. We need him in there to, um, to cooperate. He is the most, uh, uh, transparent in what he’s has said. Uh, Let’s give Cornyn,

Mitchell Feierstein: Cornyn the big thumbs

Gene Valentino: down.

Yeah. He said, Hey, it was Stoon that had, um, Dick Cheney at his house the day of the election going hunting. Senator Thune had Dick Cheney at his house on the day they were hunting. On the day of the election they went hunting. It’s obscene what I’ve seen. The nation needs to know it. The popular vote out there has [01:09:00] already given its opinion.

Let’s get Senator Rick Scott in. This is my last pitch. Today is Monday the 11th. I think tomorrow the 12th the Senate’s supposed to be having a ballot. Uh, tomorrow on this thing. It’s supposed to be a private ballot. I’m not in favor of a private ballot. I think it’s going to leak out and show what the results are anyway.

So the Republican senators that choose the party leader in the Senate best be advised that like what Mitch Firestine just said, they may be primaried if they’re not careful about this vote. Their actions will speak louder than their words. Mitch, any final thoughts?

Mitchell Feierstein: Yeah, I mean, Rick Scott, thumbs up, the other two thumbs down, and come on, this is our mandate.

Let’s, let’s get it going guys, get it together or get primaried out and leave the party, join the Democratic Party. Or join, what’s her name? I keep forgetting. Uh, uh, [01:10:00] um, sorry. Kamala Harris? No, I’ve got, I’ve got a mental block. Her, her daddy was VP. Oh, Liz Cheney. Liz Cheney, Liz Cheney. Liz Cheney, I can’t even think of that woman anymore, but think about the destruction that she’s done and the mayhem she tried to sell.

And her election was the poster child for what happens when you don’t listen to the people of America.

Gene Valentino: Yeah. Well, that is what happens when you don’t listen to the people of America. And think, think about how many people fall into that same basket, Mitch. You’ve got Liz Cheney, her father. You’ve got Pelosi, uh, Maxine Waters.

Jerry Nadler, Adam, uh, Schiff, Eric Swalwell, uh, I could name a bunch more that have done nothing but hurt this nation. Hakeem Jeffries, the AOC crowd. Um, we need an enema in government and it’s never been in a [01:11:00] better position than now to do so. And we got to start by making sure the leadership. Donald’s biggest problem, if there’s anything to criticize, is that he trusted so many people four years ago, and he had a circle around him that came to him by advisors from around him that failed him in that sense, because that circle around him was not a loyal circle.

Group of people. I’m a big advocate of loyalty. Yeah, we can have our differences, but that’s, that’s different from the notion of loyalty and the loyalty that Donald Trump needs around him must start with the Senate. Majority leader, Rick Scott on the Senate side, on the house of representative size, Mike Johnson’s doing a good job, a little overwhelmed with a lot of craziness over there in the house, but God willing, it looks like he’s going to survive.

A, um, any transformation of the control. I think the Republicans will hold control of the house. [01:12:00] At least it’s pretty evident now. So assuming he gets, uh, reappointed, reelected to his house speaker role, uh, in the future as well, I think Donald Trump will be surrounded by two key characters, Senator Rick Scott on the Senate.

Mike Johnson on the house. Watch them. If you thought Donald Trump was able to get things done four years ago, and he did, he did it with a ball and chain. Uh, he had a carry and he still sprinted and won the sprint, the race. Nonetheless, now with good allies around him, he can trust. I submit Mitch, the economic fear of a disaster that you mentioned earlier.

May not come to pass. I hope you’re wrong on that point, but I’m very aware that your, um, your forecasts in the past have proven correct. So it bothers me that you’re correct. But I’m, I’m, I’m so grateful, Mitch, that I’ve had the privilege of having you on the show. [01:13:00] On our show today the GrassRoots TruthCast any closing comment rhino’s got to go and I hope i’m wrong too Gene But I don’t think I am unfortunately Well, I I threw I should have thrown them in the same basket.

Yeah, you’re you’re correct Thank you for joining me today. Um, Mitch firestein, uh, uh worked a member of parliament under nigel farage We’ll come back and talk more about foreign economy uk You And the far east in the future, hopefully on another episode and also a a trader I call him a trader and more of a financial expert with on wall street With institutional investing Mitch Feierstein and a friend of mine I’ve had the privilege of meeting with and through the news max team in downtown, new york Mitch.

Thanks for joining me here today Thanks for having me. Have a great day. And to you too. And to all of you watching, thank you for joining us on another episode of Gene Valentino’s GrassRoots TruthCast, spread the [01:14:00] word, please subscribe on, on genevalentino. com and share these episodes with as many folks as you can.

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Sen Rick Scott: Gene Valentino’s GrassRoots podcast, he tells the truth. He tries to get information out there to make sure people make good informed decisions.

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