The Fed's New Chairman Is Lying To You

<p>The new Fed Chairman says inflation will be a thing of the past. </p>

<p>Larry Lepard, Bob Burnett, and George Bodine explain why that's the most sophisticated lie in finance, and why the three assets the government can't print are about to come back with a vengeance. </p>

<p>Recorded July 14, 2026, as Kevin Warsh delivered his Humphrey-Hawkins testimony live. </p>

<p>In this episode: the Warsh playbook and "foaming the runway," why the Phillips curve is dead at the Fed, the Big Mac Index vs CPI, M2 growth vs the official inflation numbers, the AI capex arms race and why it guarantees liquidity, Hank Paulson's warning about the bond market, Japan's carry trade cracking, the power law model and why this drawdown looks like fall 2022, the Amazon parallel, and why you're not too late. </p>

<p>⏱ CHAPTERS </p>

<p>0:00 Cold Open: The Lie </p>

<p>1:07 Welcome: Warsh Testifies Live </p>

<p>1:37 "A Whopper of a Lie" + The Convenient CPI Print </p>

<p>2:45 The Warsh Playbook: Foaming the Runway </p>

<p>5:30 Why Bitcoin, Gold, and Silver Are in a Funk </p>

<p>7:01 Liquidity Is Tight: The China Factor </p>

<p>7:33 When Does It End? The Three Assets They Can't Print </p>