Excited to share this BONUS EPISODE of All Things Markets recorded last week at the Greenwich Economic Forum. The regularly scheduled episode comes out tomorrow! @novogratz and @Scaramucci break down the future of the U.S. economy, the massive AI investment boom, why Bitcoin could be entering a new bull market, and where we think the markets are headed next. Presented by @SALTConference Watch on X, YouTube, and Spotify. Timestamps 0:00 Mooch & Novo Go Live! 0:45 Where Are Interest Rates Headed? 2:52 How AI could disrupt jobs and the economy 4:32 America's $41 trillion debt crisis 6:37 How Washington lost control of government spending 8:48 Can AI save the U.S. economy? 10:30 Inside Galaxy's massive AI data center expansion 13:41 The AI Revolution and its impact on American workers 15:08 Why Mike Novogratz is bullish on Bitcoin and crypto 18:08 Audience Question 1: Could Bitcoin solve America's debt crisis? 21:01 Audience Question 2: The AI arms race between the U.S. and China 24:34 Audience Question 3: What skills will matter most in an AI-driven future? 26:47 Audience Question 4: How should investors position their portfolios? 30:29 Bullish or Bearish

Niall Ferguson (@nfergus) has this to say about my upcoming book, All The Wrong Moves. "How the hell did we get here? How did a New York real-estate guy turned reality TV star get elected twice as president of the United States by a deeply polarized electorate? To answer that question, Donald Trump’s shortest-lived hire as press secretary―the irrepressible Anthony Scaramucci―offers three others, which explain the populist backlash that brought Trump (and himself, briefly) to power in 2016. Now estranged from the MAGA movement, Scaramucci has written a compelling early draft of the history of our times―what he calls history from “the Money Point of View.” Like its author, All the Wrong Moves is smart, sharp, and self-aware."

The debt conversation has gotten so bad that people are just saying "pray" to deal with the issue. The US is $40 trillion in debt, possibly $41 trillion by year-end. Bessent came in as the guy who understood the plumbing; his own goal was a 3% deficit. We're at 7%. 10-year yields haven't been this high in 15 years. DOGE could've done something about the debt, but it was treated as a stunt rather than a serious, bipartisan project.

I think @novogratz had the line of the day: “It’s a bull market in infrastructure.” I couldn’t agree more. Thanks @Scaramucci and @novogratz for having me on @AllThingsMkts from @SALTConference today—sharp questions, strong opinions and exactly the kind of conversation this industry needs.

Novogratz: The single number you need on your screen right now is the 10-year Treasury yield. "4 to 4 and a half, 4 to 460, fine zone. We start going to 470 to 520, not a fine zone. And if it's going there quickly, really bad." The US has $41T in national debt that's accelerating. That's why Trump and Bessent want short rates back to zero - they pay a lot financing that debt. FT @Scaramucci @Novogratz @AllThingsMkts @SkyBridge. Follow for more: @milkroaddaily

Novogratz: The real US debt crisis trigger is Americans losing confidence. "I lived in emerging markets. Indonesia's currency didn't crack in 1998 until the rich Indonesians took their money out. When you have domestic capital flight, all hell breaks loose." Foreigners have been selling Treasuries for five straight years. The question is when domestic investors follow. If that confidence breaks - "you sell everything and buy gold and Bitcoin." FT @Scaramucci @Novogratz @AllThingsMkts @SkyBridge. Follow for more: @milkroaddaily

America is sitting on nearly $40 trillion in debt, the crypto markets are searching for their next catalyst, and the financial system is changing faster than Washington can keep up. @novogratz, @DenelleDixon, and @Scaramucci break down what could trigger the next big move in Bitcoin, and why the convergence of AI, blockchain, and tokenization could completely reshape the future of money. This episode of All Things Markets (@AllThingsMkts) was taped LIVE from the SALT Wyoming Blockchain Symposium. Timestamps 0:00 Mooch and Novo are joined by Denelle Dixon LIVE on stage 1:35 What is the latest on the CLARITY Act? 5:41 Wall Street is moving onto the blockchain 8:41 America’s $40 trillion debt problem 11:29 Why Bitcoin still matters & the future of tokenization 15:24 Wall Street’s massive shift to tokenized assets 17:55 Will AI agents use crypto? 20:32 The brutal reality of the crypto bear market 22:46 What could trigger Bitcoin’s next big move? 28:24 The convergence of AI and blockchain 29:38 What made you happy this week?