The Julia La Roche Show
Julia La Roche hosts in-depth conversations with top CEOs, investors, founders, academics, and rising stars in business. Guests have included Bill Ackman, Ray Dalio, Marc Benioff, and many more. The show focuses on the guest, with Julia speaking less and listening more, always doing her homework.
Episodes
#404 Chris Whalen Answers Your Questions on the Fed, Rates & the Next Bailout
In part one of The Wrap's viewer question special, Chris Whalen takes on a full slate of audience questions about the Fed, the Treasury, and where rates go from here. He explains why Kevin Warsh and Scott Bessent have largely written off war-driven inflation as something monetary policy can't fix, and what it would actually take to change that posture. From there he walks through the plumb
#403 Harry Dent on the Everything Bubble — And the Only Safe Haven Left
Economic forecaster and bestselling author Harry Dent makes his debut on the show with one of the most aggressive bearish calls we've hosted. Dent — who built his reputation forecasting the 1980s–2000s boom and Dow 10,000 when almost nobody believed it — walks through the three long-term cycles he uses to map the economy decades ahead: the 39-year generational spending wave, the 45- and 90-year te
#402 Chris Whalen: Private Credit's First Big Unwind — and Why Insurance Is Next
In this episode of The Wrap with Chris Whalen, Chris breaks down the 777 Partners bankruptcy — a sprawling collapse touching insurance, reinsurance, soccer clubs, and airlines that he says is a preview of how private credit ultimately unwinds: slowly, messily, and with fraud along the way. He explains why the contagion risk to insurance matters most for ordinary people, since firms like Apollo, Br
#401 Jim Rickards: The Iran War, "Trump's on the Losing Side of That Bet," The Case for $10,000 Gold, and the Japanese Yen Carry Trade Unwind — The Most Important Financial Story in the World
Jim Rickards returns for a wide-ranging macro conversation on a world where geopolitics and economics have fully merged. He lays out the US–Iran standoff as a global game of chicken — Trump betting Iran's economy breaks first, Iran betting the midterm elections break Trump first — and explains why he thinks Tehran holds the stronger hand, why regime change was always a fantasy, and how a handf
#400 Michael Howell: The Liquidity Cycle Has Turned, Low Quality Returns for Stocks, The Real Driver Behind Gold
Michael Howell, CEO of CrossBorder Capital, an investment advisory firm, and author of Capital Wars, returns to explain why the global liquidity cycle peaked in late Q3/early Q4 of last year — and what that means for the rest of 2026. His core argument: money is fungible but finite, and a booming real economy is now pulling liquidity out of financial assets, which compresses P/E multiples even as
#399 Chris Whalen: United Wholesale Mortgage's Disaster, Financial Repression Returns, Gold Breaks Out
In this episode of The Wrap with Chris Whalen, Chris breaks down the week across mortgages, rates, and precious metals. He opens with United Wholesale Mortgage, explaining why he believes Matt Ishbia should resign after the company hedged the balance sheet of an acquisition target it didn't own and never won — a misstep that produced a six hundred million dollar loss and forced a rescue from Oak T
#398 Marc Faber: The First Phase Of The Greatest Investment Mania Is Being Pierced
Dr. Marc Faber editor and publisher of the Gloom, Boom & Doom Report, returns to argue that we are witnessing the first phase of the piercing of the greatest global investment mania. He explains why central bank money printing has inflated asset prices far beyond economic reality — enriching asset holders while ordinary people face a cost of living he estimates is rising 7–12% a year, not the
#397 Mickey Maini: What Physics Knows That Markets Don't — And Why the Next 2 Years Are the Toughest
Mickey Maini, founder of Solstice Laboratory, makes his debut on The Julia La Roche Show. In this episode, he lays out the thesis behind his new book The Entropy Trap: financial systems, like all systems, require energy to hold their shape, and as complexity rises and trust decays, the energy needed to maintain order climbs until the system transitions into something new. He argues we're betwe
#396 Chris Whalen: Warsh Has A Credibility Problem, Gold's Real Signal, & Your Annuity May Not Be Safe
In this episode of The Wrap with Chris Whalen, Chris joins Julia La Roche to argue that Kevin Warsh has a credibility problem: he's holding rates, avoiding confrontation with a divided board, and saying almost nothing, while the bond market does the tightening for him with the ten-year near 4.7% and mortgages headed toward seven-plus. Whalen's prescription is blunt — take back last year
Danielle DiMartino Booth: Nobody's Happy, Cracks Are Showing, & the Bond Market Already Tightened
Danielle DiMartino Booth breaks down a contentious FOMC meeting where new Fed Chair Kevin Warsh held rates steady over three dissents, arguing the "good family fight" reflects a real fault line between district bank presidents and governors rather than idle disagreement. She reads Warsh as deliberately dismantling forward guidance, pushing the Fed to stop acting as the market's refer
#394 Chris Whalen: 5% Yields, 7% Mortgages, Double-Digit Inflation & the End of the Party
In this episode of The Wrap with Chris Whalen, Chris breaks down why the stablecoin boom may be running out of road — giving the Clarity Act less than 50/50 odds and arguing it could strip the yield out of coins, force issuers offshore, and turn the survivors into banks. He makes the case that stablecoins are little more than "prepaid gift cards," lays out why he's bullish on gold an
#393 Chris Irons: Something Will Break The Market, Sharp Deleveraging Ahead, Why The Fed Will Fold, & Gold Could Hit $7,500
Financial commentator Chris Irons, also known as Quoth the Raven on X and author of the popular QTR Fringe Finance substack, returns to the show with a sobering assessment of markets he says are at or above the highest valuations in history — propped up by a passive bid, options-driven flows, and ten mega-cap names carrying everyone's retirement. Irons explains why he's stepped back from active tr
#392 George Noble: The Liquidity Cycle Has Turned — Markets Face a "Wile E. Coyote Moment"
George Noble, CIO of Noble Capital Advisors and former Fidelity fund manager under Peter Lynch, returns with a stark warning: the global liquidity cycle has turned. Citing "liquidity king" Michael Howell, Noble argues that surging deficits, sticky inflation, and a worldwide capex boom have stripped away the policy safety net markets have relied on since 2009 — setting up a potential &quo
#391 Chris Whalen: $4 Trillion Private Credit Risk, Double-Digit Inflation & Housing's 2005 Warning
In this episode of The Wrap with Chris Whalen, Chris breaks down a blockbuster week of bank earnings — and why the record numbers mask a growing problem. Wall Street trading and investment banking revenues are exploding, but banks aren't making money on money, as asset yields fall for a sixth straight quarter and private credit giants like Apollo poach deals. Whalen flags roughly $4 trillion i
#390 Ted Oakley: "It's Not a Normal Market" — A Generational Bear Could Cut Stocks 40%
In this episode, Ted Oakley, founder and managing partner of Oxbow Advisors with 49 years in the business, returns to discuss his latest letter, "Stick to Your Principles," and why he believes today's market is anything but normal. He warns that 10-12 companies now make up half the S&P 500, speculation via leveraged ETFs is in the billions, and stocks are roughly three standard d
#389 Larry McDonald: A Market 'Rotten to the Core,' Gold to $6,500, and The Coming Credit Crisis
New York Times’ bestselling author Larry McDonald, founder of The Bear Traps Report, returns to The Julia La Roche Show to lay out why he believes markets are entering a major regime shift. He points to a historic rotation out of mega-cap tech — roughly $2 trillion has already exited the "Mag 7" since October — as sophisticated institutional investors grow wary of unsustainable AI/data-c
#388 Chris Whalen: One Rate Hike Coming, Iran Peace Unlikely, Double-Digit Inflation Inevitable
In this episode of The Wrap with Chris Whalen, Chris expects the Federal Reserve will deliver one rate hike before Labor Day despite Warsh's preference to delay—the White House has greenlit it to maintain Warsh's credibility as chairman, and this one hike will likely lead to more because incremental Fed policy changes don't stop at one when fighting inflation. The Iran ceasefire has sh
#387 Danielle DiMartino Booth: No Rate Hike Coming, Labor Force Participation Collapsing, Stock Market Too Big To Fail
Danielle DiMartino Booth praises the FOMC minutes as "clean" under new Fed Chair Kevin Warsh—no manipulation of data like Janet Yellen did in 2013—and notes Warsh has successfully convened consensus around "less is more" Fed communications with an unusually quiet media environment. The real bombshell is the July jobs data: the unemployment rate fell to 4.2% only because 720,000
#386 Michael Every: Economic Statecraft Changed Everything, Old Playbook Is Dead, New Era Begins
Michael Every, Global Strategist for Economics and Markets at Rabobank, presents a radical framework: everything is now about economic statecraft and geopolitics, not traditional monetary or fiscal policy, meaning central banks, interest rates, and economic structures are all subsets of national security objectives. Central bank models are broken because exogenous geopolitical supply shocks (Iran
#385 Chris Whalen: Gold Headed Higher, Goldman $4,900 Target, Silver China Buying Spree
Chris Whalen kicks off the July 4th episode of The Wrap by diving into private credit implosion with BDCs turning unprofitable, using the acronym POOP (Principal on Outstanding Principal) to illustrate how debt is being converted to equity because companies can't pay—essentially turning investors into equity holders in insolvent companies. The June jobs report shocked with only 57K payrolls ad
#384 Henrik Zeberg: While Markets Rally, a Recession Signal Just Quietly Triggered
Henrik Zeberg, head macro economist at SwissBlock and author of The Monetary House of Cards, returns for his quarterly update to argue that markets and the economy are telling two completely different stories. While equities keep melting up toward a likely blow-off top, his models show the "quiet hand" of the real economy — labor market deterioration, rising full-time job losses, record
#383 Andrew Pancholi: Smart Money Is Quietly Exiting Stocks — What the Cycles Say Happens Next
Andrew Pancholi, founder and CEO of the Market Timing Report, joins the show for his debut to explain his framework of mathematical cycles—repeating patterns spanning 36, 60, 90, 100, 144, and 250 years that he uses to forecast turning points across markets, commodities, and geopolitics. He argues we're broadly tracking the 1920s bull market toward a potential 2029 peak, but warns he's turned more
#382 Chris Whalen: Private Credit's "Slow Motion Train Wreck" & The Warning Signs for a 2028 Housing Reset
Chris Whalen joins Julia La Roche on this week's episode of "The Wrap with Chris Whalen" to break down what he calls a "slow motion train wreck" in private credit, where public and private funds alike are getting hammered with redemption requests just as the firms behind them sit on impaired assets like DSCR business-purpose loans. Whalen argues we're living through a r
#381 Peter Grandich: Why the U.S. Stock Market's Biggest Tailwind Is About to Reverse
Veteran market analyst Peter Grandich of Peter Grandich and Company joins Julia for a mid-year macro check-in, and his message is decidedly cautious: after 42 years in finance, he believes the time has come to prioritize capital preservation over capital appreciation, especially in U.S. equities. Grandich lays out his bearish case across political, social, and economic lines—warning of a deeply di
#380 Peter Schiff: End Game Coming, Bubble Popping, $2 Trillion Interest by Next Year
Peter Schiff warns the bubble is popping as crypto leads the decline, while the bond market faces another breakdown with the 10-year potentially breaking above 5%. He emphasizes inflation is a choice—all Fed chairs chose it, and Warsh will too despite tough talk, because the alternative is politically unacceptable. He reveals the May deficit surged 30% while interest expense jumped 44%, with annua
#379 Chris Whalen: The Bond Market Already Hiked, Why Double-Digit Inflation Is Still Ahead, And Kevin Warsh Sets New Tone at Fed
Chris Whalen is back for The Wrap after his fishing trip in Maine, where he caught a 21-inch smallmouth bass! He's very positive on Kevin Warsh's "less is more" approach at the Fed—no forward guidance, likely removing the dot plot, and refocusing on letting the numbers speak for themselves rather than trying to control expectations through communication. Whalen argues the bond ma
#378 Danielle DiMartino Booth: Warsh Gets 9/10, Finally "Fed Up Too," Removes Dot Plot
In this episode, Danielle DiMartino Booth, CEO of QI Research and former Fed insider, gives Kevin Warsh a 9 out of 10 on his first FOMC meeting and press conference, saying "it sounds like he's fed up too" after witnessing a dramatic departure from Powell's approach. Warsh delivered a remarkably short statement (140 words vs Powell's 341 words), removed the dot plot entirely
#377 Ted Oakley: We're Toward The End, Late Stage Market, Lemmings Everywhere
In this episode, Ted Oakley, founder and managing partner of Oxbow Advisors with 49 years in the business, warns the market is exhibiting all the markings of late stage using a Warren Buffett 1999 quote: "when you get to the point where every single thing that people do, any kind of strategy is up in the market...you're probably toward the end." He describes it as a "lemmings ma
#376 Chris Whalen: The Markets Know There's A Problem, Trump Admin Doesn't, Rationing Ahead
In this episode of The Wrap, Chris Whalen reveals an "explosive" John Dizard interview dropping next week on rationing of synthetic lubricants for turbines and hybrid cars before the midterms, while the Trump administration stays blind to the supply crisis from destroyed Persian Gulf refineries. Markets are already processing the damage, but the Trump admin lacks the organization to prep
#375 Howell: Liquidity Slowing, Speculation Phase Ending, Why A Fed Hike Might Be Coming
Michael Howell, CEO of CrossBorder Capital, an investment advisory firm, and author of Capital Wars, returns to The Julia La Roche Show for an in-studio episode. In this episode, Howell reveals money is flowing out of financial markets into the real economy, marking the end of Wall Street's era and the beginning of Main Street's turn. He warns the market is in a "speculation phase&quo
#374 Chris Whalen: Fed Policy Losing Efficacy, Rate Hike Coming Anyway, Private Credit Defaults at 6%
In this episode of The Wrap, Chris Whalen reveals bank incomes are up but the real story is the trading side of the house driving earnings, not lending, as deposits grow faster than assets forcing banks into trading operations. He warns private credit default rates have hit a record 6%, nearly 10 times worse than bank default rates, signaling the end of the credit cycle as non-banks now lead lendi
#373 Chris Whalen: Why We Could See Double-Digit Inflation, Rationing, & Fed Hikes
In this episode of The Wrap, Chris Whalen breaks down how the Iran war situation is sinking GOP hopes for the midterms as he predicts double-digit inflation by year end driven by critical petroleum product shortages, with John Dizard warning rationing is coming to the United States for intensive products like gas turbine lubricants. Whalen explains the Fed will be forced to hike rates as early as
#372 Ted Oakley: Why Energy Could Surge Like Gold Did Last Year, and Most Investors Don't Own Enough
In this episode, Ted Oakley, founder and managing partner of Oxbow Advisors with 49 years in the business, returns to discuss the stark disconnect between Wall Street momentum and the collapsing consumer, revealing credit card and auto loan delinquencies are now at Great Financial Crisis levels while the economy has shifted from K-shaped to "i-shaped" with only a tiny dot at the top. He
#371 George Noble: Fed's Hands Tied, Bond Vigilantes Waking Up, Buy the Dip Dead, Margin of Safety Thin
George Noble, CIO of Noble Capital Advisors, returns to review his February predictions on bonds, energy, and the AI trade, warning that the margin of safety is particularly small right now as there's no room for error with stocks highly valued, companies over-earning, and policymakers unable to ease on either fiscal or monetary fronts. He explains bond vigilantes are awakening as yields hit 3
#370 Chris Whalen: Why Double-Digit Inflation Is Possible, 30-Year Tops 5%
In this episode of The Wrap, Chris Whalen breaks down Kevin Warsh's confirmation as Fed chair and explains why this represents a dramatic shift from the progressive, statist Fed created by Mariner Eccles in the 1930s to a supply-side approach. Whalen reveals that Fed chairs have enormous unilateral power and predicts Warsh will reduce the balance sheet and reserves while trading off lower shor
#369 Melody Wright: 35-50% Housing Correction Needed, First Wave 10-12% Coming
Melody Wright, author of M3 Melody Substack, returns to the show for an in-person episode to discuss the frozen spring selling season and reveals disturbing signs of distress bubbling beneath the surface, including mortgage delinquencies rising at the exact time of year they should be falling. She exposes the "rage delisting" phenomenon where stubborn sellers refuse price cuts despite a massive in
#368 Michael Pento: The i-Shaped Economy Destroying the Middle Class, $2 Trillion Private Credit Bubble, and Why Credit Markets Will Fracture First
Michael Pento, president and founder of Pento Portfolio Strategies (PPS), returns to The Julia La Roche for episode 368 to warn that the three asset bubbles in stocks, credit, and real estate continue growing to unprecedented levels, with total market cap now at 230% of GDP versus a 90% average. He reveals that Powell has quietly printed $170 billion since December in an undeclared QE program, cal
#367 Chris Whalen: "No Rate Cuts For a While" — Warsh's Fed Earthquake, Silver Shortage, and Why Inflation Is Here to Stay
Warsh's arrival at the Fed actually means in practice — significant personnel changes, new models, and what Chris calls nothing short of an "earthquake at the central bank." Chris explains why there will be no rate cuts for a while, why the Fed balance sheet is growing again despite Warsh wanting to shrink it, and the one-to-one relationship between the balance sheet and public debt that most peop
#366 Michael Green: Why A 1987-Style Crash Is Now Almost Inevitable — Here's the Math
Michael Green, Chief Strategist and Portfolio Manager for Simplify Asset Management, joins Julia La Roche on episode 366 to break down what he calls the most important and overlooked structural shift in financial history — the rise of passive investing. Green argues that the market isn't broken in the way most people think: it's not fraud or irrational exuberance, it's the mechanical c
#365 Rick Rule: 'All The News I See Is Bad' — Oil Shortage, Gold & Why The Worst Is Still Ahead
Veteran natural resource investor Rick Rule, CEO of Rule Investment Media and co-founder of Battle Bank, returns to break down a rapidly deteriorating macro picture, warning that oil markets are currently pricing in anticipation of a shortage — not the shortage itself — and that the next seven to ten days could be a watershed moment if the Gulf conflict doesn't de-escalate. He explains why gol
#364: Chris Whalen: Powell Stays to "Block Trump" — Warsh Faces Major Obstacles and "The Fed Caused High Home Prices"
In this episode of The Wrap, Chris Whalen breaks down what he calls one of the most significant weeks in Fed history — Powell's final press conference as chairman, his decision to stay on as a Fed governor to block Trump from a second appointment, and what it means for Kevin Warsh walking into a hostile committee with the most dissenting votes since 1992. Chris explains why the Fed has been &q
#363 Danielle DiMartino Booth: Powell's 'Patriotic' Stand Protecting Fed Independence, Fed Should Cut Despite Oil Prices, and Flirting With Liquidity Crisis as Non-Banks Too Big to Fail
In this episode, Danielle DiMartino Booth, CEO of QI Research and former Fed insider, explains why she's "less fed up" despite disagreeing with Fed policy - praising Jerome Powell's decision to stay on as governor to protect Fed independence, drawing parallels to Marriner Eccles' 1948 stand against President Truman. Danielle calls Powell's move "patriotic" while
#362 Chris Whalen: DOJ Drops Powell Probe — "Trump Could Be Attacking Warsh By Thanksgiving," Stagflation Is the Base Case, The Real Private Credit Risk, & Why Distressed Real Estate Is The Next Trade
In this episode of The Wrap, Chris Whalen breaks down what's really driving the rally, why the inflationary impact of the Iran war will stay with us through the end of 2026, and why the Fed's hands are essentially tied regardless of who sits in the chair. Chris also digs into Q1 bank earnings — what the numbers are really saying about credit risk, why most banks are still refusing to discl
#361 Dr. Mark Thornton: We're on the Highway to Hyperinflation
Dr. Mark Thornton, Senior Fellow at the Mises Institute and Austrian economist, returns to the show to deliver a sweeping macro warning rooted in Austrian business cycle theory. After 16 years of Fed-fueled boom, he argues we are somewhere in the middle of a cycle that ends in crisis. He unpacks the Cantillon Effect and its direct link to the K-shaped economy, explains why gold is both a canary in
#360 Chris Whalen: Even If We Cut a Deal Today Inflation Is Not Behind Us
In this episode of The Wrap, Chris Whalen breaks down what's really driving the rally, why the inflationary impact of the Iran war will stay with us through the end of 2026, and why the Fed's hands are essentially tied regardless of who sits in the chair. Chris also digs into Q1 bank earnings — what the numbers are really saying about credit risk, why most banks are still refusing to discl
#360 Michael Howell: We've Hit An Inflection Point — We're In The Speculation Phase And Turbulence Is Coming For Markets
Michael Howell, CEO of CrossBorder Capital, an investment advisory firm, and author of Capital Wars, returns to The Julia La Roche Show, returns seven months after his last appearance to update his Global Liquidity call. The peak he flagged for Q3 2025 has held, and the cycle now points to a trough in 2027. Despite the Iran conflict and market volatility, Michael argues the world economy is actual
#359 Chris Whalen: No Vision of Victory in Iran, Housing Has Peaked (For Now) & Time To Buy Gold
In this episode of The Wrap, Chris Whalen says the US has no vision of victory in Iran — like Afghanistan and Vietnam, we went in without knowing what winning looks like and are now backing down without reopening the Strait of Hormuz. The Trump administration went from threatening to destroy Iranian civilization to total capitulation in weeks, leaving the Saudis and Israelis furious. Meanwhile Ira
#358 Danielle DiMartino Booth: The Fed Knows the Data Is Broken, Private Credit Is Contagious, and Nobody Is Fighting for American Families
Danielle DiMartino Booth, CEO of QI Research and former Fed insider, joins Julia to sound the alarm on a U.S. economy she believes is being misread, misreported, and mismanaged. From growing divisions inside the FOMC to deeply troubling labor market signals — including an ISM non-manufacturing employment reading of 45.2 last seen during the Great Recession — Danielle lays out why she believes the
#357 Henrik Zeberg: "We Have Not Seen The Top Yet" — Why The Nasdaq Could Rally 30%
Henrik Zeberg, head macro economist at SwissBlock and author of The Monetary House of Cards, returns for his quarterly update. Despite clear deterioration in the labor market — where he argues real unemployment is closer to 5.4% than the reported 4.3% — Henrik is not calling a market top yet. In fact, he sees a 30%+ rally still ahead in the Nasdaq, echoing the 25% surge in mid-2007 and the 45% exp
#356 Chris Whalen: The Fed Can't Fix This
In this episode of The Wrap, Chris Whalen says this selloff is worse than Liberation Day because it's real economic dislocation — not just a market surprise — driven by the Iran war's devastating knock-on effects on energy, chemicals and global supply chains. He says the Fed should do nothing, because this inflation is caused by war not monetary policy and central banks can't fix a sul
#355 Brent Johnson: The Old World Is Over, America Is Entering Its Empire Phase, and the Dollar Wins
Brent Johnson, founder and CEO of Santiago Capital and creator of the Dollar Milkshake Theory, joins The Julia La Roche Show in-studio for a wide-ranging conversation on why the world most investors grew up in is over. Johnson argues that power now matters more than economics — that the old framework of spreadsheets and cash flows is no longer sufficient when supply chains, national security, and
#354 Larry McDonald: Private Credit Is This Cycle's Subprime — And Retail Investors Are Holding the Bag
New York Times’ bestselling author Larry McDonald, founder of The Bear Traps Report, returns to The Julia La Roche Show for an in-person episode discussing the risks in the markets today. McDonald makes the case that private credit is this cycle's subprime — opaque, over-leveraged, and already cracking — and warns that the retail investors who were sold quarterly liquidity on an inherently ill
#353 Chris Whalen: The Economic Damage Will Become Impossible to Ignore
In this episode of The Wrap, Chris Whalen says stagflation is now the base case — the Iran war has already cost American investors trillions in reduced investment value, Treasury auctions are weak, and mortgage rates are heading toward 7% if the 10-year hits 5%. Despite all of this, he still calls for a Fed cut in April, arguing the inflation is caused by war not monetary policy, and the Fed's
#352 Jeffrey Gundlach: Private Credit Is An Unmitigated Disaster, And It’s Only Going To Get Worse
Legendary bond investor Jeffrey Gundlach, founder and CEO of DoubleLine Capital, makes his debut on The Julia La Roche Show for a wide-ranging conversation on the most pressing risks facing investors in 2026. Gundlach makes the case that we are living through a fundamental regime shift — one where the next recession brings rising long-term interest rates and a falling dollar, the exact opposite of
#351 Jay Pelosky: The ‘EMification of America’ — The U.S. No Longer Deserves Its Premium Valuation
Jay Pelosky, founder of TPW Advisory, makes the case that the U.S. no longer deserves its premium valuation — and that the biggest investing opportunity in decades is happening everywhere else.Jay's framework, the Tri-Polar World thesis, argues that regional integration across Europe, Asia and the Americas is the dominant force shaping the global economy. Built on 30+ years of global macro exp
#350 Chris Whalen: Powell Stays, Warsh Waits, and Trump Has Nobody to Blame But Himself
In this episode of The Wrap, Chris Whalen says the private credit unwind is now spreading to consumer credit funds and warns that retirees and pension funds will feel the pain most — while the firms that sold these products face devastating reputational damage. On the Fed, he calls Trump's handling of Powell "truly incredible, almost like he wants to screw it up" and warns Powell cou
#349 Peter Schiff: Inflation Is Going to Double Digits — The Fed Can't Stop It
Peter Schiff, chief economist at Europacific Asset Management, makes the case that the U.S. economy is in far worse shape than the 1970s stagflation era, pointing to a $39 trillion national debt, accelerating inflation, a weakening labor market, and a new war that will drive deficits even higher. He argues the Fed is trapped — raising rates aggressively would trigger a financial collapse worse tha
#348 Chris Whalen: This Could Be One of the Biggest Busts in U.S. Financial History
In this episode of The Wrap, Chris Whalen warns that private credit could become one of the biggest busts in U.S. financial history — not a systemic crisis, but a slow, painful unwind that will take years and leave many investors with no legal rights. He alleges that BDC accounting fraud is already systemic and the SEC isn't paying attention. On the macro, he says the Fed should still cut rate
#347 Louis Gave: $120 Oil Breaks Everything — And Nobody Is Ready
Louis-Vincent Gave, founder and CEO of Gavekal Research, joins Julia to break down the three prices that drive every investment decision — the dollar, the 10-year treasury, and oil — and why right now all three are flashing red. With the Strait of Hormuz under threat, Louis explains why he sees oil heading toward $120 and why that number breaks the global economy. He makes the case that the tradit
#346 David Woo: The Market Is Completely Wrong About Iran, Oil & What Comes Next
Macro trends blogger and economist David Woo, CEO of David Woo Unbound and co-author of the upcoming financial thriller Merry Go Round Broke Down, returns to the show to break down the geopolitical and market implications of the US-Iran conflict. Woo argues that markets are dangerously mispricing the situation, betting either on a quick Trump "TACO" or a rapid US victory — both of which
#345 Chris Whalen: Private Credit Is Blowing Up, Nobody In Washington Is Paying Attention, and the Trump Administration Is Heading Toward a Financial Crisis
In this episode of The Wrap, Chris Whalen warns the Trump administration is heading toward a financial crisis, driven by private credit contagion, hidden leverage, and a Washington that isn't paying attention. He breaks down the BlackRock blowup, the PIK loan problem, Iran's market impact, and explains why he's buying gold and staying out of financials.Thank you to our partners at Gold
#344 Chris Whalen: Private Credit Is Unraveling, Consumer Credit Is Cracking, and Silver Surges
In this week's episode of The Wrap, Chris Whalen breaks down the unraveling of private credit and why retail investors were never suitable for these investments in the first place. He explains how private credit shops have quietly gained access to Federal Home Loan Bank funding through insurance company acquisitions — a taxpayer-subsidized arrangement he finds extraordinary and plans to investigat
#343 Bill Fleckenstein: We're in a Completely Unprecedented Market Environment — And When It Changes, It's Going to Be a Really Big Deal
Bill Fleckenstein, founder and president of Fleckenstein Capital, returns for a wide-ranging conversation covering what he calls one of the most confusing macro environments of his 40-plus year career. He breaks down how the passive bid has fundamentally changed market dynamics, creating an artificially priced market that is not a true price discovery mechanism and cannot end well. Beneath the sur
#342 Chris Whalen: The Wharf Rats Are Coming Out — And Retail Investors Will Lose Money
In this week's episode of The Wrap, Chris Whalen analyzes the Blue Owl situation as part of a broader pattern in private credit. He argues that private credit firms purchasing insurance companies is "the fox getting into the hen house" since insurance assets are held at book value rather than marked to market, beyond easy regulator reach. Chris makes the case that public markets are
#341 Danielle DiMartino Booth: Americans' Financial Wellbeing Just Hit a Record Low — And the Fed Is Discussing a Hike?
In this episode, Danielle DiMartino Booth, CEO of QI Research and former Fed insider, calls the Federal Reserve "borderline cruel" after FOMC minutes revealed several participants wanted rate hikes despite Americans' financial wellbeing hitting record lows. Danielle argues we're already in a labor market recession that "won't be acknowledged for years but is undeniable t
#340 Ted Oakley: New Highs AND New Lows Coming — Why I'm Holding 50% Cash
In this episode, Ted Oakley, founder and managing partner of Oxbow Advisors with 49 years in the business, predicts that over the next 18 months, markets will see both new highs and new lows amid heightened volatility. Ted currently holds 50% of his portfolio in short-term Treasuries (recently extending some to 3-year), waiting for opportunities as he notes that second years of presidential terms
#339 Chris Whalen: A Manic, Momentum-Driven Market Meets Reality
In this episode of The Wrap, Chris Whalen argues that the AI narrative is stalling and we're witnessing a sustained rotation from tech, AI, and crypto into safer, income-generating stocks. Chris points out that JPMorgan — arguably the best-run bank in America — has fallen from the top of his rankings to 87th place in just six months, a dramatic shift showing managers are rotating into smaller
#338 Warren Pies: The Bearish Narratives Are Overdone — Bull Market Remains Intact
Warren Pies, founder of 3Fourteen Research, lays out his thesis for a "Goldilocks" first half of 2026, characterized by growth inflecting higher alongside continued disinflation — a very equity-positive environment. However, Warren identifies four key risks testing the market's delicate balance: vanishing MAG7 buybacks due to AI capex, software's existential disruption, Kevin War
#337 Chris Whalen: Someone's Going to Be Disappointed — Trump vs. Warsh on the Fed
In this episode of The Wrap, Chris Whalen discusses the structural conflict between President Trump and incoming Fed Chair Kevin Warsh: Trump wants home prices to stay high, while Warsh wants to shrink the Fed's balance sheet — and "someone's going to be disappointed." Chris warns that resuming quantitative tightening could repeat the 2018 repo crisis, especially concerning given
#336 George Noble: The Fiscal Bill Is Coming Due, Gold Could Double From Here, and the Death of Speculation Is Underway
George Noble, CIO of Noble Capital Advisors, lays out his big theme for 2026: rotation. George argues that the debasement trade is the dominant macro narrative, with the bill coming due for decades of reckless fiscal and monetary policy. He calls the 60/40 portfolio dead, urging investors to dump bonds and buy gold, noting that gold miners could double in 12 months if prices hold. He makes the cas
#335 Alex Gurevich: Zero Interest Rates Are Not Off the Table, Deflation Is Coming, and the Next Perfect Trade
Alex Gurevich, founder and Chief Investment Officer of HonTe Investments, a Bay Area-based investment management firm, and the author of The Next Perfect Trade and Wall Street Journal bestseller The Trades of March 2020, returns to The Julia La Roche Show. In this episode, Gurevich discuss his updated thesis on interest rates, deflation, and the forces shaping markets. He argues that zero interest
#334 Chris Whalen: Trump's Fed Chair Pick Kevin Warsh Is a Classic Hawk, Why Gold Is Due for a Correction But The Bull Market Isn't Over, & The Private Credit Cesspool
In this week's episode of The Wrap, Chris Whalen breaks down President Trump's nomination of Kevin Warsh as Fed Chair, calling him "the only choice" and a "classic hawk" who won't be afraid to lecture Congress on the link between deficits and inflation — something no Fed chair has done in 30 years. Chris explains why Warsh will likely shrink the balance sheet while giving Trump one or two rate cut
#333 Danielle DiMartino Booth on Powell's Policy Errors, Why Unemployment Is Headed to 6%, and Gold Going Meme
Danielle DiMartino Booth, CEO and Chief Strategist at QI Research, breaks down why the Fed's decision to pause was both premature and political, arguing Powell is "committing policy errors to quietly dig at the administration." She explains why the Fed should have cut today — and why she believes we need 100 basis points of cuts given deteriorating labor market data that Powell is ch
#332 Chris Whalen: Trump Doesn't Want Home Prices to Fall — But He Has No Choice
In this week's episode of The Wrap, Chris Whalen breaks down President Trump's Davos speech, noting that despite promises on housing affordability, the administration has no real plan to lower prices — and Trump explicitly said he doesn't want home prices to fall. Chris explains why that won't matter: hot markets like San Diego and Florida are already cooling, and he predicts a significant correct
#331 Jim Rickards: Gold Is Going to $10,000 (At Least) — Here's What's Really Driving It
In this special in-person interview, Jim Rickards breaks down why the Trump administration is far more strategic than the media portrays, explaining the "flood the zone" tactic and Scott Bessent's "Three Arrows" approach to bringing down the debt-to-GDP ratio. Jim dismantles the popular "debasement trade" narrative, revealing that foreign central banks are not dum
#330 Rick Rule: I Sold 80% of My Silver — Here's Why and Where I'm Putting It Now
In this wide-ranging conversation, natural resource investor Rick Rule, president and CEO of Rule Investment Media and co-founder of Battle Bank, shares his macro outlook, warning that the global economy is weaker than most believe. He explains why he sold 80% of his physical silver after its run from $20 to $75 — and redeployed half into silver mining equities where he sees better leverage if pri
#329 Chris Whalen: Private Credit Is a Ticking Time Bomb | Banks Will Take Major Losses in 2026
Chris Whalen, chairman of Whalen Global Advisors and author of The Institutional Risk Analyst blog, joins The Julia La Roche Show for "The Wrap with Chris Whalen." In this episode of The Wrap, Whalen breaks down why GSE release is officially off the table after Trump ordered them to buy back their own debt—a move Whalen calls "politics" driven by midterm election fears. He shar
#328 Peter Boockvar: Why $60 Oil Is One Of The Cheapest Assets In The World
Peter Boockvar, Chief Investment Officer at One Point BFG Wealth Partners and author of The Boock Report, sees "bells ringing" on the AI tech trade with Oracle, CoreWeave, and Nvidia showing tiredness, and warns the question is whether the baton can be passed to other sectors without the market falling apart. His three favorite groups for 2026 are energy (where $60 oil is "one of th
#327 Jim Rogers: Out Of US Stocks, Not A Bubble Yet & Holding Not Buying Gold
Jim Rogers, who has sold all his US shares, warns that the American market has been going up longer than ever in history and when people say "it's different this time," you should look out the window and ask questions. While he doesn't think we're in a bubble yet, he sees bubble characteristics forming and is watching for signs to start shorting - like kids leaving college fo
#326 Chris Whalen: Trump's Idiotic Mortgage Bond Idea & Why Institutional Investors Aren't The Problem - The Fed Is
Chris Whalen, chairman of Whalen Global Advisors and author of The Institutional Risk Analyst blog, joins The Julia La Roche Show for "The Wrap with Chris Whalen." In this episode, Whalen calls Trump's $200 billion mortgage bond buyback idea "idiotic" and says institutional investors aren't the problem with housing - the Fed buying 30-year mortgages and driving up home
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