Episode notes
The Treasury declared economic D-Day on Iran the same week traffic through the Strait of Hormuz jumped 400% and Trump announced a deal for 65 billion barrels of Venezuelan oil. None of that is a coincidence.
In this episode:
- What Operation Economic Outcast and secondary sanctions are actually targeting
- Why Bessent refused to rule out sanctioning Chinese banks
- Reports of a canal being dredged in Oman to route around Hormuz
- How the Venezuela deal more than doubles US access to proven reserves
- Why Druckenmiller's op ed makes an argument that missed its exit 20 years ago
- Trade unions turning into the loudest defenders of the AI build out
TIMESTAMPS:
00:00:00 - Jackson Hole in the rearview and a dressed down August recap
00:00:37 - Treasury's economic D-Day and Operation Economic Outcast
00:02:20 - Secondary sanctions covering digital assets, gold and shipping
00:02:47 - Whether Chinese banks are above the reach of US sanctions
00:05:03 - Sanctions as a way to light up the map
00:05:58 - Hormuz traffic up 400% and a canal being dredged in Oman
00:09:52 - Gas prices and short memories heading into the midterms
00:12:35 - Why Hormuz is a better card to hold than to play
00:13:42 - Venezuela deal for 65 billion barrels of oil reserves
00:17:17 - Pushing China out of the Western Hemisphere
00:18:13 - Druckenmiller's op ed and the entitlements problem
00:20:12 - Yield management and the World War Two analogy
00:24:16 - Why entitlement reform is never going to happen
00:24:55 - Print the difference or redesign the game board
00:27:43 - Trade unions becoming the AI build out's best allies
00:31:29 - A quantum resistant Bitcoin transaction lands on mainnet
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