Ten31 Timestamp: Mr. Warsh, I Don't Feel So Good
TFTC: A Bitcoin Podcast
Marty Bent
4.8 • 804 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.
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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Transcript
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| 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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