The Secret War on Cash

Hosted by Dean Heskin

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294

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Aug 2026

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About the show

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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August 14, 2026Episode 29510 min

James Rickards: The Financial Domino Nobody Is Watching

The Federal Reserve may leave rates unchanged, but the more consequential interest-rate story could be unfolding thousands of miles away. In this episode of The Secret War on Cash , Dean Heskin and Chris Agelastos begin by examining expectations that the Fed will not raise interest rates in September. Chris explains that because markets largely expect rates to remain unchanged, the decision itself may have limited impact. A surprise hike or cut could create short-term volatility, but markets would eventually reprice. The Fed faces a difficult balancing act. Inflation remains elevated enough to justify tighter policy, but weaker employment data makes officials reluctant to raise borrowing costs further. That combination may also be favorable for gold. Chris notes that relatively flat rates and persistent inflation have coincided with recent positive movement in the gold price. The episode then moves to what may be the much larger story. Dean highlights Jim Rickards’ warning about the Japanese yen carry trade, which Rickards describes as potentially “the biggest story in the world.” For decades, Japanese interest rates remained at or near zero. That allowed investors to borrow inexpensively in yen and invest the proceeds elsewhere, including in other currencies, companies and financial assets. The size of this market means that even relatively modest increases in Japanese rates could have enormous consequences. A 3% rate may not sound extraordinary in the United States, but after two decades near zero, it represents a dramatic change in Japan. If the economics of the carry trade deteriorate, investors may be forced to unwind leveraged positions. Because those positions stretch throughout global markets, the resulting selling could create cascading effects far beyond Japan. Dean connects the Japanese situation with America’s own debt vulnerability. The U.S. government relies heavily on borrowing, meaning even modest increases in interest rates can dramatically raise the cost of servicing federal debt. Chris also explains why U.S. intervention to support the yen may ultimately be an act of self-preservation. A destabilizing Japanese unwind could send consequences directly into American financial markets. The broader lesson is about interconnected risk. When one debt-driven system begins to wobble, another may not remain untouched. Brought to you by Swiss America. Get your complimentary Secret War on Cash Report : Call or text: 1-800-289-2646 Visit: https://www.swissamerica.com/social

August 12, 2026Episode 29412 min

Central Banks Are Stockpiling Gold. What Do They Know?

Central banks around the world are buying physical gold at levels not seen in previous decades. In this episode of The Secret War on Cash , Dean Heskin and Chris Agelastos examine a World Gold Council survey discussed in the program showing that 89% of central banks expect global gold reserves to rise during the coming year and a record 45% plan to increase their own holdings. The trend itself is not new. Dean and Chris note that central banks have been aggressively accumulating gold for several years, with purchases averaging roughly 1,000 metric tons annually over the past four years, approximately twice the pace discussed for the preceding decade. What may be more important is why they are buying it. Central banks reportedly cite gold’s performance during periods of crisis, its ability to preserve value over long periods, its role as a hedge against inflation and its usefulness in diversifying reserves. Dean argues that these are not merely arguments for people expecting financial catastrophe. They are traditional financial-planning goals relevant to anyone concerned about retirement, purchasing power and long-term wealth preservation. Chris compares precious-metals ownership with maintaining a healthy diet. The objective is not to wait until a crisis occurs before taking action. It is to build resilience before the problem arrives. The second half of the program explores why this trend may be accelerating. Debt and deficits continue growing. Inflation has become embedded in everyday expenses. Confidence in fiat currencies is under pressure, and the United States has recently become involved in supporting Japan’s yen. Dean and Chris discuss the possibility that Japan could eventually need to liquidate U.S. Treasuries to protect its own economy, adding to selling already occurring among BRICS nations reducing dollar exposure. No one knows precisely what the next global monetary system will look like. What is increasingly clear is that central banks want physical gold on their balance sheets when that transition arrives. Brought to you by Swiss America. Get your complimentary Secret War on Cash Report : Call or text: 1-800-289-2646 Visit: https://www.swissamerica.com/social

August 6, 2026Episode 29315 min

AI May Be the Distraction. America’s Debt Is the Real Threat

Gold, artificial intelligence and the national debt may appear to be separate financial stories. In this episode of The Secret War on Cash , Dean Heskin and Chris Agelastos explain why they are increasingly connected. The conversation begins with a bullish gold-price forecast extending through 2030. Dean explains that gold differs from many other asset classes because it is purchased across national borders and directly in local currencies. Governments and citizens may disagree politically, militarily and economically, but central banks across the world continue accumulating gold. Chris calls it one of the few financial realities that Russia, China, Iran and the United States broadly agree upon. The discussion then shifts to artificial intelligence and reports that Oracle founder Larry Ellison’s AI wager has contributed to a roughly $207 billion decline in his personal wealth. Dean and Chris examine the comparison between the AI boom and the dot-com bubble, the possibility that the bubble warnings themselves have become exaggerated and the enormous high-risk bets being made by technology billionaires. They also discuss reports of AI systems causing damage after gaining access to systems they were not expected to control. The hosts question whether developers truly understand the technology they are releasing and whether the potential downside is being minimized by those with the most to gain. The episode’s final section challenges the public fixation on AI. An article discussed by Dean argues that the greater threat to young Americans is not artificial intelligence but the national debt. AI may replace some jobs and create others. Technology disruptions have happened before. The national debt, however, is a growing mathematical obligation that will not correct itself. Dean and Chris discuss how debt and inflation are eroding savings, pushing the median home price beyond $400,000 and making it increasingly difficult for young Americans to achieve the financial stability enjoyed by earlier generations. The central question is not whether AI deserves attention. It is whether AI has become a shiny object that distracts the public from a crisis already visible in housing, purchasing power and the federal balance sheet. Brought to you by Swiss America. Get your complimentary Secret War on Cash Report : Call or text: 1-800-289-2646 Visit: https://www.swissamerica.com/social

August 4, 2026Episode 29210 min

Will Japan’s Yen Crisis Hit the U.S. Dollar?

Japan has remained relatively quiet during years of debate over BRICS, de-dollarization and the global financial order. That may be changing. In this episode of The Secret War on Cash , Dean Heskin and Chris Agelastos examine the United States’ intervention to support the Japanese yen and the risks that intervention is attempting to contain. Japan’s currency weakness and domestic financial pressure could eventually force it to sell U.S. Treasury securities. For Washington, that would be especially dangerous because China is already reducing its exposure to dollar-denominated assets. Dean argues that America’s decision to help Japan is therefore not purely an act of support. It is also a defensive move designed to reduce the chances of another major Treasury holder becoming a large seller. Chris explains that the United States is reportedly selling euros rather than dollars to purchase yen. This may prevent additional dollar selling, but it could weaken the euro and encourage European countries to respond in ways that create another round of currency pressure. The conversation also explores the difficult tradeoffs facing Japan. A stronger yen may stabilize the currency, but it can also make Japanese exports more expensive and place additional pressure on the country’s stock market and trade position. The broader lesson is that no currency exists in isolation. The yen, euro, dollar, Treasury market and global trade system are intertwined. America’s enormous debt burden makes those relationships even more dangerous. When the world’s largest debtor depends on foreign nations continuing to hold its bonds, any major shift can become a threat to the entire system. Brought to you by Swiss America. Get your complimentary Secret War on Cash Report : Call or text: 1-800-289-2646 Visit: https://www.swissamerica.com/social

July 30, 2026Episode 29115 min

Most First-Time Gold Buyers Don’t Know This

Many experienced investors understand stocks, bonds, real estate and mutual funds but have little experience buying physical gold or silver. In this episode of The Secret War on Cash , Dean Heskin and Chris Agelastos provide a practical introduction to the different categories of physical precious metals. They explain the distinction between gold and silver bullion, modern minted coins, common collectible coins and genuinely rare investment coins. Chris discusses familiar products such as American Eagles, Canadian Maple Leafs and bars produced by established mints, then explains how older coins may carry additional value based on rarity, condition, scarcity and collector demand. The conversation also explores coin denominations and why some buyers prefer a mix of sizes rather than placing their entire allocation into large coins or bars. Smaller denominations may provide greater flexibility, much as carrying several bill sizes can be more practical than carrying only $100 bills. Dean and Chris emphasize that product selection should begin with the buyer’s goals. Someone seeking straightforward metal exposure may have different needs from someone concerned with privacy, long-term growth, emergency access or leaving assets to future generations. They also explain how opening a complimentary Swiss America account can provide access to pricing, order history, electronic materials and daily or weekly financial newsletters without requiring an immediate purchase. The key takeaway: Understand why you are buying before deciding what to buy. Brought to you by Swiss America. Get your complimentary Secret War on Cash Report : Call or text: 1-800-289-2646 Visit: https://www.swissamerica.com/social

July 28, 2026Episode 29011 min

Gold and Silver Buying Opportunity After Market Pullback

Silver’s recent pullback has been dramatic, but has the market changed, or has the price simply moved faster than the fundamentals? In this episode of The Secret War on Cash , Dean Heskin and Chris Agelastos discuss silver’s reported decline of roughly 53% from its $118 high and why the move may have created a new opportunity for investors. According to the article examined in the episode, approximately 40 percentage points of the decline occurred during the first six days. Dean and Chris argue that such a sharp move may reflect a market overreaction rather than a disappearance of the forces supporting precious metals. Those forces include several consecutive years of silver production deficits, declining above-ground inventories, growing investment demand, persistent inflation, geopolitical conflict, energy disruption and pressure on the U.S. dollar. The conversation then turns to gold. Dean and Chris discuss gold’s reported floor near $4,000, its previous high near $5,500 and predictions that another major geopolitical or monetary event could accelerate prices rapidly. They also explain the different roles the two metals may play. Gold tends to offer greater stability, while silver can produce more dramatic gains and losses. Rather than trying to predict the exact timing of the next breakout, the episode explores whether a balanced allocation to physical gold and silver can help protect purchasing power while preserving the potential for long-term growth. Brought to you by Swiss America. Get your complimentary Secret War on Cash Report : Call or text: 1-800-289-2646 Visit: https://www.swissamerica.com/social

July 23, 2026Episode 28912 min

Could an AI Crash Trigger the Next Financial Crisis?

The financial system may be confronting two major disruptions at once: an overheated artificial-intelligence investment boom and the rapid expansion of stablecoin payment infrastructure. In this episode of The Secret War on Cash , Dean Heskin and Chris Agelastos discuss warnings that OpenAI and the wider AI sector could become a modern “Lehman moment.” AI companies have attracted enormous investment and helped lift the broader stock market, but many businesses are discovering that automation is more expensive and less effective than promised. If the gap between investor expectations and actual returns becomes too wide, the consequences could spread beyond technology stocks and into retirement portfolios. Dean and Chris also examine Visa’s new stablecoin platform. With more than 200 million merchants connected to its network, Visa could introduce stablecoin settlement to millions of consumers who have never deliberately chosen to participate in cryptocurrency markets. Stablecoins aim to combine the efficiency of digital currencies with the relative price stability of the dollar. But moving payment traffic outside traditional banking channels could place additional pressure on an already-fragile banking system. The episode asks two urgent questions: What happens when the AI investment narrative stops matching financial reality? And what happens to banks when consumers and merchants can move money through payment networks that no longer depend on traditional bank settlement in the same way? Brought to you by Swiss America. Get your complimentary Secret War on Cash Report : Call or text: 1-800-289-2646 Visit: https://www.swissamerica.com/social

July 21, 2026Episode 28812 min

The Same Groceries Cost 145% More Than in 2020

A 28-item grocery order that cost $64.50 in 2020 reportedly costs $158.30 today. In this episode of The Secret War on Cash , Dean Heskin and Chris Agelastos use that receipt comparison to expose the deeper erosion of household purchasing power. Food is only one part of the pressure. Families are also facing rising rents, higher energy costs, growing credit-card balances and an increase in home foreclosures. Many are no longer cutting luxuries. They are cutting meals, delaying bills and returning to work after retirement because the basic cost of living has moved beyond what their income can support. Dean and Chris also discuss the worsening public outlook on the economy, the political consequences of prolonged financial pain and the challenge facing millions of Americans who remain outside the labor force. When two-thirds of the country describes groceries as unaffordable, the problem is no longer abstract inflation data. It is a direct threat to household stability. The conversation asks a simple question Washington still seems unwilling to answer: What happens when food, shelter and energy all become unaffordable at the same time? Brought to you by Swiss America. Get your complimentary Secret War on Cash Report : Call or text: 1-800-289-2646 Visit: https://www.swissamerica.com/social

July 16, 2026Episode 28713 min

Russia and India Are Cutting Out the Dollar as U.S. Debt Explodes

Russia and India are working to expand trade without relying on the U.S. dollar. At the same time, the United States continues adding trillions to its fiscal deficit. In this episode of The Secret War on Cash , Dean Heskin and Chris Agelastos connect those two developments and examine what they could mean for the dollar’s long-term global influence. Russia and India are increasingly settling trade in rupees and rubles, reducing their exposure to U.S. payment systems, exchange-rate volatility, and sanctions. Their reported goal of reaching $100 billion in trade demonstrates how quickly financial relationships can grow once the dollar is removed from the middle. Dean and Chris then turn to America’s debt problem, including a reported $1.4 trillion fiscal deficit during the first nine months of fiscal year 2026 . They illustrate the enormous difference between millions, billions, and trillions and explain why the federal government remains trapped by growing entitlement costs and political resistance to spending cuts. The episode asks a question that becomes harder to avoid with each passing year: What happens when America cannot meaningfully reduce its debt and other nations no longer need the dollar to conduct trade? The discussion concludes with the importance of diversification and the role physical gold and silver may play when confidence in traditional financial systems weakens. Brought to you by Swiss America. Get your complimentary Secret War on Cash Report : Call or text: 1-800-289-2646 Visit: https://www.swissamerica.com/social

July 14, 2026Episode 28611 min

Why China Is Dumping Dollars and Stockpiling Gold

China is not merely buying gold. It may be building the financial and industrial foundation for a world less dependent on the United States. In this episode of The Secret War on Cash , Dean Heskin and Chris Agelastos explore reports that China is selling dollar-denominated assets, reducing its exposure to U.S. Treasury securities and importing vast quantities of physical gold and silver. They also examine China’s control over the critical minerals and rare earth elements used in smartphones, semiconductors, artificial intelligence, robotics, electric vehicles, military technology, aerospace and renewable energy. The episode asks several urgent questions: Why has China spent decades accumulating control over strategic resources? How vulnerable is the United States after outsourcing so much mining, refining and manufacturing capacity? Could Hong Kong eventually challenge London and New York as a center of global gold trading? And what happens to the dollar when major countries choose physical assets over fiat currency? China’s strategy did not emerge overnight. It was built over roughly six decades while much of the West focused on short-term costs and quarterly returns. America may now face an expensive race to restore the industrial capacity it allowed to migrate overseas. Brought to you by Swiss America. Get your complimentary Secret War on Cash Report : Call or text: 1-800-289-2646 Visit: https://www.swissamerica.com/social