The Secret War on Cash

Hosted by Dean Heskin

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317

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Nov 2026

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The U.S. Government and Federal Reserve are fighting against cash on many fronts. Banks must now report cash withdrawals or deposits of $10,000 or more. Furthermore, banks must report to the government any financial behavior on your part it arbitrarily deems "suspicious" or "unusual." The World Economic Forum and World Bank are touting the creation of an international digital currency, an increasing number of businesses and venues in the U.S. have become "cashless" and the devaluation of the dollar has been in full swing in recent years. Swiss America CEO Dean Heskin says we need to be aware of the campaign against cash due to current and coming policies and prepare for what is to come through our podcast, THE SECRET WAR ON CASH, powered by Swiss America.

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November 11, 2026Episode 31913 min

China Bought 25.8 Tons of Gold. The Fed May Hike Again

China continues buying physical gold while inflation remains one of the biggest financial pressures facing Americans. In Episode 319 of The Secret War on Cash, Dean Heskin and Chris Agelastos of Swiss America Trading begin with China’s latest gold purchase. The People’s Bank of China reportedly added 25.8 metric tons of gold in October, approximately 830,000 ounces, extending its buying streak to two consecutive years. China has accumulated gold during both rising and falling markets, and Dean and Chris argue that this consistency tells investors something important about the country’s long-term strategy. China is attempting to diversify its reserve position, reduce dependence on the U.S. dollar and increase its holdings of a tangible asset that is not simultaneously someone else’s debt. The hosts also discuss the continued purchasing of gold by central banks around the world and why institutional demand can help support the physical metals market during temporary price declines. The second half turns to U.S. inflation. Consumer prices remain significantly above the Federal Reserve’s 2% target, increasing the likelihood that policymakers will raise rates again. The inflation picture also contains an unusual data problem. Because the October 2025 government shutdown prevented the Bureau of Labor Statistics from publishing that month’s CPI, there is no official October 2025 number available for a standard 12-month comparison with October 2026. Dean and Chris discuss why inflation remains painful for ordinary households even without a perfect year-over-year comparison. Another rate increase would place additional pressure on mortgages, consumer borrowing and an already difficult housing market. The hosts ask a simple question: If central banks are buying physical gold while consumers face persistent inflation and higher borrowing costs, should individual investors be paying attention to the same diversification trend? Get your complimentary Secret War on Cash Report: Call or text: 1-800-289-2646 https://www.swissamerica.com/social REFERENCED ARTICLES: “China Buys Another 25.8 Tons of Gold on The Dip” ZeroHedge, November 7, 2026 https://www.zerohedge.com/news/2026-11-07/china-buys-another-258-tons-gold-dip “Hot U.S. inflation hasn’t cooled off. Rising consumer prices to keep Fed rate hike on track.” MarketWatch, November 9, 2026 https://www.marketwatch.com/story/hot-u-s-inflation-hasnt-cooled-off-rising-consumer-prices-to-keep-fed-rate-hike-on-track-926c44b0

November 5, 2026Episode 31813 min

$1.5 Trillion Wiped Out: Is the AI Bubble Bursting?

Artificial intelligence has become one of the most important forces driving financial markets. But what happens when that trade starts moving in the opposite direction? In Episode 318 of The Secret War on Cash, Dean Heskin and Chris Agelastos of Swiss America Trading examine the recent AI-led stock-market selloff and ask whether the long-discussed AI bubble may finally be showing cracks. The article discussed in the episode argues that more than $1.5 trillion in U.S. market capitalization disappeared during the latest wave of selling, with highly valued AI and technology stocks taking some of the heaviest losses. Dean and Chris discuss the enormous amount of money required to build data centers and AI infrastructure, the impact of interest rates and lending conditions, and the possibility that only a handful of today's AI companies ultimately emerge as long-term winners. They also explain why gold and silver can fall temporarily during a stock-market liquidation. When leveraged investors face margin calls, they need cash quickly. Precious metals are liquid assets, so they can be sold even when the long-term reasons for owning them have not changed. The second half turns from market risk to cyber risk. Binance recently suffered an estimated $6.3 billion breach, the largest cryptocurrency theft on record. Chris makes an important distinction: the vulnerability was not necessarily the underlying idea of blockchain itself. The danger can also exist at the institution holding the assets, the digital equivalent of a bank or custodian. Dean and Chris discuss what happens when billions of dollars can be electronically removed in minutes, what protections users actually have, and whether digital finance is advancing faster than the safeguards surrounding it. Their conclusion is simple: the future may become increasingly digital, but investors still need to understand where their assets are held, who controls access to them, and what happens when something goes wrong. Get your complimentary Secret War on Cash Report: Call or text: 1-800-289-2646 https://www.swissamerica.com/social REFERENCED ARTICLES: “Is The AI Bubble Already Bursting?” ZeroHedge / Dohmen Capital Research, November 2, 2026 https://www.zerohedge.com/news/2026-11-02/ai-bubble-already-bursting “Binance’s $6.3 billion breach will spark a long-term cyber arms race: Solana” CNBC, November 2, 2026 https://www.cnbc.com/video/2026/11/02/binanceas-6-point-3-billion-breach-will-spark-a-long-term-cyber-arms-race-predicts-solana-company.html

November 3, 2026Episode 31713 min

A Rare Stock Market Warning Just Flashed. Is This the Trap?

A rare warning indicator for stocks has triggered again, and this time the economic backdrop may make it harder for the Federal Reserve to rescue markets if trouble arrives. In Episode 317 of The Secret War on Cash, Dean Heskin and Chris Agelastos of Swiss America Trading examine a MarketWatch report about Variant Perception’s macro-risk indicator, which has shifted from a bullish position to neutral only five times since 2000. Two of those earlier signals came in 2000 and 2007, before major market declines. Dean and Chris discuss why today’s environment is particularly complicated. Inflation remains stubborn, interest rates are elevated and the Fed has less freedom to respond without creating another problem. Raise rates further and policymakers could place additional pressure on stocks, credit and the economy. Cut rates too aggressively and inflation could accelerate again. The conversation then turns to the current market itself. Stocks remain at elevated levels, but performance is heavily influenced by technology and artificial intelligence. Election Day uncertainty, U.S.-Iran negotiations, oil prices, AMD earnings and recent weakness in major tech stocks are adding to volatility. Dean and Chris also focus on the personal consequences of a large correction. A 50- or 60-year-old investor does not necessarily have decades to recover from a major retirement-account loss. That becomes even more important when many Americans are already drawing down savings to cover higher food, energy and living costs. Their message is not that investors should abandon the stock market. It is that diversification matters most before a correction happens. Physical gold and silver, cash and a properly managed portfolio can potentially provide different forms of balance when market conditions become unstable. Get your complimentary Secret War on Cash Report: Call or text: 1-800-289-2646 https://www.swissamerica.com/social REFERENCED ARTICLES: “This indicator has triggered just 5 times since 2000 — and it warns of a trap for stocks” MarketWatch, November 3, 2026 https://www.marketwatch.com/story/this-indicator-has-triggered-just-5-times-since-2000-and-it-warns-of-a-trap-for-stocks-a1cbd579?mod=home_ln “Stock Market Today: Dow falls nearly 200 points, S&P 500 and Nasdaq open higher on reports of progress in U.S.-Iran talks; Americans voting in midterm elections; AMD results on tap; Apple’s stock lower after results” MarketWatch, November 3, 2026 https://www.marketwatch.com/livecoverage/stock-market-today-dow-s-p-500-nasdaq-us-midterm-elections-loom-amd-earnings-results?mod=home_lead

October 29, 2026Episode 31615 min

AI Is Powering the Economy. Gold & Platinum Are Flashing a Warning

Artificial intelligence is becoming one of the most powerful forces driving the U.S. economy and financial markets. But extraordinary technological growth does not automatically guarantee extraordinary investment returns. In Episode 316 of The Secret War on Cash, Dean Heskin is joined by longtime friend and Swiss America Trading colleague Bill Mentis, whose background includes investment banking, private equity, brokerage and registered investment advisory work. They begin with the enormous amount of capital flowing into AI. Companies are spending heavily on data centers, computer chips, power generation, electrical grids, steel, concrete, land and other infrastructure. That investment is contributing to economic growth. But Dean raises an important difference between this expansion and earlier industrial booms: will AI create enough income and employment for ordinary workers to recycle that prosperity back through the broader economy? Bill examines Anthropic’s prospective IPO and asks whether the extraordinary amount of capital being raised throughout AI represents sustainable growth or an increasingly extended financing cycle. The dot-com era provides an important parallel. The internet ultimately transformed the global economy, and the telecommunications and fiber-optic infrastructure built during that period proved enormously valuable. That did not prevent technology stocks from experiencing a historic collapse. Bill argues that investors therefore do not have to be bearish on AI to recognize the case for diversification and tangible assets such as gold The second half examines the gold-to-platinum ratio, an unusual indicator with a strong historical record of forecasting stock-market returns over the following 12 months. Its current reading suggests potential market headwinds, although Dean and Bill stress that no indicator works perfectly and changing market dynamics can weaken historical relationships The bigger question is whether today’s market has become unusually dependent on a relatively narrow group of AI-driven companies. AI may transform the future. The investment path getting there may still be volatile. Get your complimentary Secret War on Cash Report: Call or text: 1-800-289-2646 swissamerica.com/social REFERENCED ARTICLES: “The U.S. economy is gathering steam. This is the chief reason why.” MarketWatch, October 27, 2026 “What gold and platinum are telling us about the stock market’s direction” MarketWatch, October 27, 2026

October 23, 2026Episode 3159 min

Gold’s Pullback Is Hiding a $40 Trillion Warning

Gold prices have pulled back from recent highs. Silver is showing strength. Oil has eased, and markets increasingly expect the Federal Reserve to pause before potentially tightening again later. But Dean Heskin and Chris Agelastos argue that focusing only on the latest daily move can obscure the much bigger monetary story. In Episode 315 of The Secret War on Cash , the Swiss America Trading hosts examine the competing forces moving precious metals. Persistent inflation and elevated interest rates can pressure gold. At the same time, geopolitical uncertainty, federal debt, concerns about long-term dollar purchasing power and continued economic instability can strengthen demand for tangible assets. The conversation then turns to America's national debt above $40 trillion. Dean and Chris point out that gold recently experienced one of its strongest monthly performances since 1999 despite subsequent profit-taking and volatility. They also examine the Federal Reserve’s dilemma: keep rates elevated to fight inflation and increase borrowing pressure, or eventually ease policy and risk further weakening the dollar’s purchasing power. Kitco’s analysis cites several bullish forecasts around $5,000 gold, along with more aggressive long-term projections. Dean and Chris also revisit a telling piece of fiscal history: the United States last recorded a federal budget surplus in 2001. Even that $128 billion surplus looks tiny beside today's trillion-dollar deficits and debt accumulation. Their conclusion is that short-term pullbacks should be considered in the context of the larger economic picture rather than viewed in isolation. Get your complimentary Secret War on Cash Report: Call or text 1-800-289-2646 https://www.swissamerica.com/social Referenced Articles Gold slips, silver gains as oil retreats and Fed-pause expectations hold - Kitco AM Report Kitco News, October 19, 2026 https://www.kitco.com/news/article/2026-10-19/gold-slips-silver-gains-oil-retreats-and-fed-pause-expectations-hold-kitco Gold's renewed momentum is sending a warning about America’s $40 trillion debt Kitco News, August 28, 2026 https://www.kitco.com/news/article/2026-08-28/golds-renewed-momentum-sending-warning-about-americas-40-trillion-debt

October 21, 2026Episode 31411 min

U.S. Debt Grew $75,863 Per Second. How Does This End?

America has a math problem. In Episode 314 of The Secret War on Cash, Dean Heskin and Chris Agelastos of Swiss America Trading examine a fiscal 2026 budget deficit approaching $2 trillion and a national debt that has now reached $40.25 trillion. The federal government brought in approximately $5.4 trillion while spending roughly $7.4 trillion. Chris translates those enormous numbers into something easier to understand: imagine a household earning $54,000 a year while spending $74,000. That gap has to be financed. The second article examined in the episode shows just how quickly the resulting debt is growing. Gross national debt increased by $2.39 trillion over the past year, averaging approximately $6.55 billion per day, $273 million per hour and $75,863 per second. The problem is no longer simply the amount being borrowed. The cost of borrowing is also rising. Dean and Chris discuss how the average interest rate on marketable federal debt has increased substantially from where it stood five years ago. That means Washington must devote more money to servicing existing debt while continuing to borrow to cover new deficits. The hosts also discuss Social Security and Medicare, Treasury demand, inflation, pressure on the U.S. dollar, de-dollarization and why persistent fiscal deterioration keeps physical gold and silver relevant to the diversification conversation. The central question is simple: How long can any household, business or government continually spend far more than it brings in while the cost of borrowing keeps rising? Get your complimentary Secret War on Cash Report: Call or text 1-800-289-2646 https://www.swissamerica.com/social REFERENCED ARTICLES: “U.S. budget deficit swells to almost $2 trillion for fiscal 2026, up 12% in a single year” CNBC, October 16, 2026 “National Debt Reaches $40.25 Trillion, Increased $2.39 Trillion Year over Year Increasing at an average rate of $75,863 per Second” U.S. Congress Joint Economic Committee, October 8, 2026

October 15, 2026Episode 31310 min

China Just Made Its Biggest Gold Buy in 3 Years. Why Now?

China continues buying physical gold while American consumers increasingly expect higher inflation. In Episode 313 of The Secret War on Cash , Dean Heskin and Chris Agelastos of Swiss America Trading connect those two developments. The episode begins with China’s latest gold purchase. The article discussed by Dean and Chris reports that the People’s Bank of China added 23 tonnes in September , its biggest monthly purchase in nearly three years, extending a buying streak that has now reached 23 consecutive months. Dean and Chris view that behavior as part of a longer strategy of reserve diversification and reduced reliance on dollar-denominated assets. The hosts also discuss gold’s growing share of global reserves and argue that China still has considerable room to increase the percentage of its own reserves held in gold. Then comes the U.S. consumer. The New York Federal Reserve’s latest Survey of Consumer Expectations found the median one-year inflation outlook rising to 3.9% , the highest level since May 2023. Expected household spending growth increased to 5.5% . Longer-term expectations remained lower, with the three-year outlook at 3.3% and the five-year measure at 3%. Chris focuses on the danger created when wages fail to keep pace with living costs. If households eventually cannot cover necessities and debt obligations at the same time, missed credit-card and loan payments can ripple outward through lenders and the broader financial system. Dean argues that official inflation statistics can also feel disconnected from what families actually experience when buying food, paying utility bills or covering medical expenses. The central question is straightforward: If governments and central banks are accumulating tangible reserves while ordinary households increasingly expect prices to rise, what does that signal about the value of diversification? Get your complimentary Secret War on Cash Report : Call or text: 1-800-289-2646 https://www.swissamerica.com/social Referenced Articles Gold Reserves Rise as China Makes Its Biggest Buy in 3 Years Watcher.Guru, October 12, 2026. Read article Inflation fears on the rise as one-year outlook in Fed survey hits highest level since May 2023 CNBC, October 7, 2026. Read article

October 13, 2026Episode 31210 min

The Fed Fears Americans Are Getting Used to Inflation

Americans have spent years watching prices rise. Now the Federal Reserve is worried consumers and businesses may simply begin assuming that higher inflation is permanent. In Episode 312 of The Secret War on Cash , Dean Heskin and Chris Agelastos of Swiss America Trading examine Cleveland Fed President Beth Hammack’s warning about an “inflationary mindset.” Hammack argues that smaller policy adjustments made relatively quickly can be preferable to waiting until inflation demands a much larger correction. Dean compares it to steering a ship: correct a small deviation early or face a much larger course change later. But Dean and Chris challenge the idea that inflation is merely psychological. Families experience it through food, gasoline, electricity and other necessities. Chris describes the strange arithmetic of today’s utility bills: use less electricity, become more efficient, and higher rates can still leave you paying roughly what you did before. The episode also examines September Fed minutes showing that most policymakers expected another interest-rate increase would likely be appropriate before year-end. Higher rates may help restrain inflation, but they also make mortgages, credit, business financing and government debt more expensive. The central question becomes: Is taking some pain now better than allowing steadily higher prices to become permanently embedded in consumer expectations? Brought to you by Swiss America Trading. Get your complimentary Secret War on Cash Report : Call or text: 1-800-289-2646 https://www.swissamerica.com/social Referenced Articles Higher rates could be needed to avoid ‘inflationary mindset’ taking hold, says Fed’s Hammack CNBC, October 12, 2026. Read the CNBC Hammack article Fed officials see another hike coming, but no sign as to when, minutes show CNBC, October 7, 2026. Read the CNBC Fed minutes article

October 9, 2026Episode 3118 min

Why Did Treasury Hire the Architect of a Gold-Backed Bond?

Why would the U.S. Treasury hire one of the most prominent advocates of gold-linked government debt at a moment when borrowing costs are rising and foreign central banks are accumulating physical gold? In Episode 311 of The Secret War on Cash, Dean Heskin and Chris Agelastos of Swiss America Trading examine the appointment of economist and longtime gold advocate Judy Shelton as counselor to Treasury Secretary Scott Bessent. Shelton has spent years arguing that gold should play a larger role in the monetary system. One of her more unusual proposals involves Treasury Trust Bonds. Her 2012 concept envisioned zero-coupon Treasury securities that holders could potentially redeem at maturity in either conventional dollars or a predetermined amount of gold. She has also argued more recently for very long-term Treasury debt backed by U.S. gold reserves. The idea is straightforward. If investors receive some form of gold-linked protection, they may be willing to accept a lower interest rate on U.S. debt. That could theoretically help reduce Treasury borrowing costs at a time when long-duration yields are placing growing pressure on federal finances. But there is an important distinction. The Treasury Department has not announced a gold-backed bond. Shelton’s role is advisory, and her appointment does not prove that the government intends to implement one of her gold-linked proposals. Dean and Chris nevertheless find the timing notable. Central banks around the world continue purchasing gold. China has steadily increased its holdings. The United States still owns one of the world’s largest official gold reserves. And Treasury must continue financing an enormous national debt in a market where investors increasingly demand higher yields. The conversation then moves to BRICS. A Russian diplomat recently emphasized that BRICS is not opposed to the U.S. dollar and does not consider itself an anti-Western bloc. At the same time, BRICS countries continue expanding trade using their own currencies. Dean and Chris argue that those statements are not necessarily inconsistent. Countries do not have to reject the dollar completely in order to reduce their dependence on it. Russia, China, India and other nations can continue accepting dollars while simultaneously expanding ruble, yuan, rupee and other national-currency settlement. That is why the hosts say actions may tell investors more than diplomatic language. The larger monetary picture contains several moving pieces: Gold accumulation. Alternative payment systems. National-currency trade. High Treasury borrowing costs. And now one of America’s leading advocates for gold-linked government debt working inside Treasury. None of those facts guarantees a return to a gold standard. But together they suggest that governments are thinking more seriously about monetary resilience and the role of tangible reserves. Brought to you by Swiss America Trading. Get your complimentary Secret War on Cash Report: Call or text: 1-800-289-2646 swissamerica.com/social Referenced Articles “Why Did Treasury Just Hire the Architect of the Gold-Backed Bond?” ZeroHedge / Phoenix Capital Research, October 6, 2026. The article examines Judy Shelton’s Treasury appointment and her prior proposals for Treasury debt linked to gold. ZeroHedge “BRICS Not Opposed To the US Dollar, Confirms Diplomat” Watcher.Guru, September 30, 2026. The article reports Russian Ambassador Denis Alipov saying BRICS does not oppose the dollar while advocating greater use of national currencies. Watcher Guru

October 7, 2026Episode 31010 min

Russia’s Plague Mystery: Why U.S. Officials Want Answers

A Russian laboratory worker is dead. Hospitals have been quarantined. Contacts have been monitored. And U.S. officials are asking Moscow for more information. But what actually happened remains uncertain. In Episode 310 of The Secret War on Cash, Dean Heskin and Chris Agelastos of Swiss America Trading examine the developing mystery surrounding the death of a 28-year-old worker at the Irkutsk Antiplague Research Institute of Siberia and the Far East. The worker died after being diagnosed with pneumonia of unknown origin. The institute she worked for studies plague as well as other dangerous diseases. Reports of her death quickly drew international attention after Russian authorities implemented anti-epidemic measures and quarantined the medical facility where she had been treated. The Washington Post reported that U.S. agencies including the CDC, State Department and other health and national-security organizations were seeking more information. But there is an important distinction. Russian authorities have not confirmed that the woman died from pneumonic plague. Russia says testing has found no plague-related infection among identified contacts, while U.S. officials have cautioned that the immediate risk to Americans appears low. Dean and Chris nevertheless explain why the story instantly evoked memories of the earliest period of COVID-19. When an unfamiliar infectious-disease story first appears, incomplete information can create fear long before the medical picture becomes clear. The second article discussed in the episode focuses on MIT biologist Kevin Esvelt. Esvelt has publicly questioned whether the reported response in Russia is consistent with an ordinary laboratory accident involving pneumonic plague. He argues that reports of multiple hospital quarantines, hazmat measures and security involvement deserve closer scrutiny. But those concerns must be kept in context. Esvelt’s more disturbing explanations remain hypotheses. There is currently no confirmed evidence that the worker was infected by an engineered pathogen, that a biological weapon was involved or that Russia deliberately released anything. The hosts then bring the conversation back to money. COVID demonstrated that a major disease outbreak can transform financial markets almost overnight. Stock markets plunged. Supply chains froze. Governments spent extraordinary amounts of money. Central banks intervened aggressively. Inflation eventually surged. And investors increasingly looked toward assets such as physical gold and silver as forms of diversification during a period of extraordinary uncertainty. That is why Dean and Chris believe this story belongs on The Secret War on Cash even though it begins in a laboratory rather than on Wall Street. The question is not whether another pandemic has begun. At this stage, there is no evidence establishing that. The question is what happens financially if the situation becomes larger than current officials expect. Brought to you by Swiss America Trading. Get your complimentary Secret War on Cash Report: Call or text: 1-800-289-2646 https://www.swissamerica.com/social