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TFTC: A Bitcoin Podcast

Ten31 Timestamp: Mr. Warsh, I Don't Feel So Good

TFTC: A Bitcoin Podcast

Marty Bent

Technology

4.8804 Ratings

🗓️ 18 May 2026

⏱️ 23 minutes

🧾️ Download transcript

Summary

While US and Chinese leaders exchanged niceties in Beijing, bond markets were selling off hard. Thirty-year Treasury yields hit their highest level since 2007, inflation prints came in hot, and the Strait of Hormuz started looking like a live test of Bitcoin as money for enemies.

🔗 https://bitcoinproducts.com

In this episode:

US-China summit theater and what was actually accomplished

Global bond yields hitting highs not seen since 2007

Hot CPI and PPI prints versus the AI productivity narrative

Treasury repo "dirty tricks" and lending against its own debt

Strait of Hormuz fallout: motor oil, sulfur, fertilizer, and helium

Iran's IRGC demanding Bitcoin for passage insurance

TIMESTAMPS:

00:00:00 - US-China summit and CEO theater

00:01:06 - Beijing's holding pattern

00:02:11 - Bond markets send the real signal

00:04:18 - Hot inflation prints and Fed fears

00:05:55 - AI productivity or transitory 2.0?

00:07:26 - 1999 Cisco chart echoes

00:09:00 - Hormuz physical supply shocks

00:11:06 - US debt math and sovereign spiral

00:13:09 - Treasury repo market creativity

00:16:26 - Japan hyperinflation warnings

00:17:13 - China refinery cuts: who blinks first

00:18:44 - Iran's Bitcoin-only Hormuz insurance

00:21:21 - Bitcoin as money for enemies

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TFTC #MartyBent #JohnArnold #Bitcoin #Hormuz #SovereignDebt

Transcript

Click on a timestamp to play from that location

0:00.0

All right, take three, Monday morning, getting the cobwebs out.

0:03.1

We're here to talk about meetings.

0:04.8

Not our meetings.

0:05.5

I mean, you were traveling last week.

0:06.5

I had some meetings, but I think the president, some of the most prolific CEOs of American industry and high-level administration members took a trip to China last week to talk with the Chinese government, President G, over there, about maybe working together

0:24.4

on some things.

0:25.8

I don't know what was going on over there.

0:27.2

Was it a bunch of just a facade of niceties massed with sort of, hey, if you do this, I'll

0:35.0

do that.

0:36.0

Smile.

0:37.0

I don't want to use the term, but it was a facade

0:40.2

of smiles to basically try to pull leverage and let you know, like, hey, I know that you know

0:45.0

that we know that we don't like what you're doing. Yeah. You never, first of all, you got the,

0:50.2

I think you got the order right of in terms of importance of my meetings and your meetings,

0:53.8

then the president's meetings, which he, as it relates to geopolitical import last week. But yeah,

0:59.2

with these things, you never you never really get the full story and the full picture from

1:04.6

the headlines. I think we can safely assume there were many deals being cut or alluded to that then you know you

1:12.7

add posture around a public facing basis so we got some fairly frank Taiwan discussion in a way

1:19.8

that I think we haven't before you know that's the maybe the classic I know that you know that we

1:24.1

know that etc kind of play that we've been dancing around for, you know, 10 plus years.

1:29.1

And, you know, no real resolution there.

1:32.8

Got some suggestion that China may, quote, unquote, open up more to the businesses of all

...

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