The Secret War on Cash

Hosted by Dean Heskin

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311

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Oct 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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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

October 1, 2026Episode 30910 min

Nvidia’s $235 Billion Bet: Confidence or AI Bubble Warning?

A stock market can look extraordinarily strong right up until sentiment changes. In Episode 309 of The Secret War on Cash , Dean Heskin and Chris Agelastos of Swiss America Trading begin with a sudden decline in India’s equity markets. The hosts discuss three pressures identified in the article they examine: continued selling by foreign institutional investors, sharply elevated oil prices and government tax policy affecting market participants. Many American investors may have little direct exposure to India. Dean’s point, however, is that several of those vulnerabilities also exist in the United States. Foreign investors have been reducing some exposure to U.S. debt and dollar-denominated assets. Oil prices remain a global economic concern. Higher inflation and interest rates can weaken currencies, slow growth and reduce investor confidence. Chris notes that the Indian drop discussed in the episode erased roughly two and a half years of market gains in an extremely short period. That is what makes sudden corrections so dangerous. Most investors receive no warning immediately before the decline. The conversation then shifts to Nvidia. Dean and Chris discuss the company’s reported $235 billion stock-buyback authorization and compare it with Apple’s earlier roughly $110 billion program. The scale is extraordinary. Nvidia’s enormous revenue growth has been closely connected with the rapid expansion of artificial intelligence and the infrastructure being built around it. Dean worries that many of the largest AI companies have become increasingly interconnected, buying products and services from one another, investing throughout the same ecosystem and supporting valuations that depend on continued AI growth. He compares the structure to a self-reinforcing financial loop and later describes it as a potential “house of cards.” That is an opinion expressed by the hosts rather than an allegation of fraud. Chris points back to recent episodes covering Michael Burry and Ray Dalio, both of whom have raised concerns about excessive spending and bubble conditions surrounding AI. Nvidia may continue succeeding. But current success does not guarantee permanent dominance. Chris compares the moment with the dot-com era, when many companies that appeared enormous and indispensable ultimately disappeared even though the internet itself went on to transform the world. The lesson is not that artificial intelligence will fail. It is that a successful technology and successful investments in that technology are not automatically the same thing. 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

September 29, 2026Episode 3088 min

The Fed Raised Rates. Treasury Yields Kept Rising. Now What?

The Federal Reserve raised interest rates, yet Treasury yields continued climbing. That creates an uncomfortable question for policymakers. Are the Fed’s traditional tools still working the way they once did? In Episode 308 of The Secret War on Cash , Dean Heskin and Chris Agelastos of Swiss America Trading examine the latest pressure in the Treasury market and what higher yields could mean for the broader economy. Dean discusses reports that markets are pricing in a more aggressive path of future interest-rate increases as central banks respond to inflation and other economic pressures. Chris focuses on the reaction following the Fed’s recent rate move. Treasury yields did not decline significantly. If anything, the market continued applying pressure. That matters because higher rates and Treasury yields affect far more than Wall Street. They influence mortgages, housing transactions, business borrowing and economic growth. Chris notes that housing activity in the Phoenix area appears to have slowed, with homes remaining on the market longer as buyers confront elevated prices and financing costs. Higher rates also create a serious problem for Washington. The federal government already carries an enormous debt burden. As borrowing costs rise, servicing that debt becomes increasingly expensive. The Fed therefore faces a difficult balance. Keeping rates high may help restrain inflation, but it can also weaken economic growth and increase debt costs. Lowering rates too quickly risks allowing inflationary pressure to persist. Dean then turns to Switzerland. The Swiss National Bank is discussed in the program as keeping its policy rate at zero while reported inflation sits near 0.8%, inside its targeted range. The transcript also discusses expectations that Switzerland could begin raising rates during 2027. The Swiss economy cannot be compared directly with the United States. The dollar’s reserve-currency role, America’s enormous economy and Washington’s global financial responsibilities make the U.S. situation much more complicated. But Dean argues that the contrast illustrates how much fiscal room America has surrendered through persistent debt and deficits. Reserve-currency status gave the United States extraordinary financial latitude. The question is whether policymakers used too much of it. 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

September 24, 2026Episode 3078 min

Michael Burry Sees a $3 Trillion AI Risk Wall Street May Be Missing

Artificial intelligence could become one of the most important technologies in modern history. It could also produce one of the largest investment bubbles. In Episode 307 of The Secret War on Cash, Dean Heskin and Chris Agelastos of Swiss America Trading examine warnings from Michael Burry and Ray Dalio about the financial structure developing underneath the AI boom. Burry has raised concerns about roughly $3 trillion in commitments associated with major hyperscalers including Amazon, Alphabet, Microsoft, Meta and Oracle. Many of those commitments involve future leases, infrastructure projects, data centers and other spending that may not appear on corporate balance sheets in the same way as conventional debt. That creates a potentially important timing mismatch. AI technology can evolve dramatically within 12 to 18 months. Major data centers may require three to five years to plan and construct. Companies may therefore be committing enormous amounts of capital to infrastructure designed for a technology that can change significantly before the buildings are even completed. The conversation then turns to Ray Dalio. Dalio argues that AI may ultimately deliver enormous productivity gains while still producing a speculative bubble. Transformative technology does not automatically make every associated investment attractive at every valuation. The internet changed the world, but many dot-com companies still failed. AI could follow a similar path. The episode also explores the effect on workers and consumers if AI dramatically increases productivity while reducing employment in certain fields. Brought to you by Swiss America Trading. Get your complimentary Secret War on Cash Report: 1-800-289-2646 https://www.swissamerica.com/social

September 22, 2026Episode 3049 min

The Dollar Is in 89% of FX Trades. So Why Is BRICS Moving Away From It?

The U.S. dollar remains the dominant currency in global foreign-exchange markets. So why does de-dollarization continue to attract so much attention? In Episode 306 of The Secret War on Cash, Dean Heskin and Chris Agelastos of Swiss America Trading examine China’s upcoming role as BRICS chair in 2027 and what it could mean for efforts to increase local-currency trade among member countries. The conversation then turns to a headline declaring that the U.S. dollar accounts for approximately 89% of the global forex market. That statistic sounds overwhelming, but there is an important technical detail. A foreign-exchange transaction always contains two currencies. The Bank for International Settlements therefore counts the currency on each side of a trade. As a result, percentages for all currencies add up to roughly 200%, not 100%. The dollar was on one side of 89.2% of global FX trades in April 2025. The euro appeared on 28.9%, the Japanese yen on 16.8%, and the Chinese renminbi on 8.5%. Those figures confirm that the dollar remains deeply entrenched in the global financial system. But dollar dominance and de-dollarization can occur simultaneously. The dollar can remain the most important international currency while individual countries gradually increase local-currency settlement, build alternative payment systems or diversify portions of their reserves. The key question is not whether the dollar disappears overnight. It is whether its share of global finance gradually erodes over many years. Brought to you by Swiss America Trading. Get your complimentary Secret War on Cash Report: 1-800-289-2646 https://www.swissamerica.com/social

September 18, 2026Episode 30510 min

Could AI Data Centers Send Your Natural Gas Bill Higher?

Artificial intelligence may be digital, but the infrastructure powering it is very physical. In Episode 305 of The Secret War on Cash, Dean Heskin and Chris Agelastos of Swiss America Trading examine the enormous energy requirements behind America’s rapidly expanding AI data-center industry. The article discussed in the program forecasts that U.S. data centers could eventually consume extraordinary quantities of natural gas as companies build the computing infrastructure needed to train and operate advanced AI systems. Natural gas offers advantages because it is comparatively inexpensive and can provide reliable electricity generation. But increased demand creates another question. What happens to natural-gas prices when data centers begin consuming dramatically more fuel? Dean and Chris discuss the potential impact on ordinary consumers, including households that rely on natural gas for winter heating. The conversation then shifts from AI’s economic cost to its potential technological risk. President Donald Trump has publicly pushed back against calls for slowing AI development, emphasizing the importance of America maintaining its lead over China. Dean and Chris understand the strategic argument. If the United States deliberately slows development while international competitors continue advancing, America could surrender technological leadership in one of the most consequential technologies of the century. But the hosts also discuss warnings coming from technology leaders themselves. Executives and researchers at leading AI companies have acknowledged that capabilities are advancing rapidly and that safety, monitoring and alignment systems must continue improving alongside them. The issue is therefore not simply whether AI development should continue. The harder question is how quickly it should proceed, how it should be monitored and who should be responsible for making sure increasingly powerful systems remain under meaningful human control. Brought to you by Swiss America Trading. Get your complimentary Secret War on Cash Report: 1-800-289-2646 https://www.swissamerica.com/social

September 16, 2026Episode 3049 min

The Fed’s Rate Hike Trap: Fight Inflation or Worsen the Debt?

The Federal Reserve is confronting a problem with no obvious painless solution. In Episode 304 of The Secret War on Cash , Dean Heskin and Chris Agelastos of Swiss America Trading examine expectations for another Federal Reserve interest-rate increase and the conflicting economic pressures behind the decision. Higher interest rates are one of the traditional tools central banks use to slow inflation. By making borrowing more expensive, policymakers can reduce demand and potentially ease upward price pressure. But America’s current fiscal situation makes that strategy considerably more complicated. With an enormous national debt, higher rates can increase the federal government’s borrowing and debt-service costs. Consumers and businesses also feel the effects through mortgages, auto loans, credit and financing. The hosts discuss President Donald Trump’s opposition to higher rates and the possibility that Federal Reserve Chair Kevin Warsh could face some of the same political tension experienced by his predecessor, Jerome Powell. Energy creates another obstacle. Dean and Chris discuss oil above $100 per barrel and sharply elevated gasoline and diesel prices. Because diesel is essential to trucking and transportation, those fuel costs can spread throughout the supply chain. That raises a difficult question: how much can higher interest rates accomplish when part of the inflation problem is being driven by geopolitical conflict and energy shortages? Lowering or holding rates presents its own risk. Easier money can support economic activity, but it may also prolong or intensify inflation. The result is the monetary-policy catch-22 at the center of this episode: Raise rates, and debt becomes more expensive. Keep rates lower, and inflation may remain stronger. Dean and Chris close by discussing physical gold and silver as assets that have historically been used as part of an inflation and monetary-risk diversification strategy. 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