政府停摆掩盖了特朗普无力解决的疲软经济 - 第1044集

在交易场里别交朋友，也别手下留情。前一分钟你还在大豆期货上赚了五十万，下一秒，轰然崩塌。你的孩子上不了大学，银行收走了你的宾利。明白我的意思吗？

Make no friends in the pits, and you take no prisoners. One minute, you're up half a million in soybeans, and the next, boom. Your kids don't go to college, they repossessed your Bentley. Are you with me?

革命现在开始。

The revolution starts now.

现在开始。

Starts now.

我们必须通过法案，你们才能知道其中的内容。把那些机器重新启动。

We have to pass the bill so that you can find out what is in it. Turn those machines back on.

您即将进入彼得·希夫秀。

You are about to enter the Peter Schiff show.

去灭火吧。

Go beat the fire.

如果我们在这里失去自由，就无处可逃了。这是地球上的最后防线。

If we lose freedom here, there's no place to escape to. This is the last stand on earth.

彼得·希夫秀正在播出。我不知道他们何时决定将自私标榜为美德。你的钱。你的故事。你的自由。

The Peter Schiff show is on. I don't know when they decided that they wanted to make a virtue out of selfishness. Your money. Your stories. Your freedom.

彼得·希普秀。

The Peter Shipp show.

欢迎各位收听又一期彼得·希夫秀现场播客。今天是美国政府停摆的第三天。但在开始节目前，我想先给大家打个预防针——如果我在节目中突然因疼痛做出痛苦表情或发出声响，那是因为大约一小时前，我不慎被电脑线绊倒了。

Welcome everybody to another live Peter Schiff Show podcast. This is day three of the US government shutdown. But before I get into this podcast, I just want to prepare everybody just in case I grimace in pain, you know, just randomly throughout the podcast. Maybe, you know, I make a noise or something just so you know what's going on about an hour ago. I clumsily tripped over my computer cord.

当时我从家庭房的沙发上起身，没注意到地上的线缆，右脚大脚趾被缠住后重重摔了一跤。虽然应该没骨折，但疼得要命。我吃了止痛药冰敷一小时，但仍有阵痛。要知道，布洛克·珀迪就因脚趾受伤缺席了昨晚对阵公羊队的比赛。

I got up off my sofa in the family room and I walked and I didn't realize, or I didn't notice the cord and somehow my foot got caught in it and I tripped. And either I fell a weird way on my big toe on my right foot. I don't think it's broken, but it hurts like hell. I took some pain pills. I've been icing it for an hour, but it has this throbbing pain And, you know, Brock Purdy, was out with a toe injury.

麦克·琼斯表现惊艳，他们在加时赛中战胜了让分9分的公羊队——对方还缺少首发四分卫和其他关键球员。坦白说，49人队并非我的主队，我的主队是表现糟糕的迈阿密海豚队。

He didn't play, last night against the Rams. Mac Jones, I thought did a great job. It was a good game. They won an overtime and, you know, they were a nine point underdog against the Rams without a starting QB and and, some other key players that were missing from the lineup. You know, if you don't know, I'm not, I mean, the Niners aren't my main team.

我从小在南佛罗里达长大时就成为海豚队球迷，那时他们还是超级碗常客（在座多数人可能还没出生）。拉里·宗卡、保罗·沃菲尔德、吉姆·基克、墨丘里·莫里斯这些传奇球员，还有尼克·布纳肯尼领衔的

Unfortunately, my main team really sucks and they're the Miami Dolphins because I've been a Dolphin fan, since I was a little kid when I grew up in, in South Florida and they used to win Super Bowls. Most of you weren't alive when they were doing that. But you know, this is Larry Zonka, par Warfield, Jim Kick, Mercury Morris, you know, were the players, back then, you know, we had the great no name defense led by Nick Bonacani. And so that's why I became a dolphin fan when I was in grammar school. And unfortunately, I've been stuck with a curse.

事实上我们的核心球员泰瑞克·希尔周一晚刚遭遇严重伤病。比起我的脚趾伤，布洛克·珀迪因脚趾伤无法参赛，但我仍坚持带伤上阵——毕竟没有替补主播能顶班。今天就让我当回带伤作战的硬汉吧。

And in fact, our key player got a brutal injury on on Monday night, Tyreek Hill. So worst in my toe injury, but the bottom line is Brock Purdy wasn't able to play football with his toe injury, but I am playing hurt. I'm doing this podcast despite the fact that I got an injured toe. I don't have a backup podcaster to fill in for me, you know, when I have an injury. So I'm going to play hurt today.

所以只是提前警告一下，以防万一。通常在每个月的第一个星期五，我会讨论非农就业报告，也就是就业报告，但我今天没法谈，因为它没有发布。而它没有发布的原因，我猜是因为政府停摆，劳工统计局没人上班。现在，你知道政府停摆的主要问题是什么吗？就是他们停摆得还不够彻底。我是说，大部分政府机构仍在运转。

So just fair warning, just in case anyway. So normally on the first Friday of a month, I would be talking about the non farm payroll report, the jobs report, but I can't talk about it because it wasn't released. And the reason it wasn't released as I guess there's nobody who showed up to work at the bureau of labor statistics because of the government shutdown. Now, you know, the main problem with the government shutdown is that they don't shut enough of the government down. I mean, most of the government is still up and running.

所以如果他们彻底停摆所有部门，你知道，我可能会支持。那可能还有点价值。但不幸的是，除了你希望运转的那些部门外，大部分政府机构仍在运行。不过如果你像我一样正在接受国税局审计，那就会暂停，对吧？他们没法审计你，因为他们没法支付审计人员的工资。

So if they shut down the whole thing, you know, I could, you know, I could get behind that. That might be something worthwhile. But unfortunately, most of the government is still operating except some of the things that you that you might want to operate. Although if you're in the process of being audited by the IRS like me, there is a pause, right? They can't audit you because they can't pay the the agents.

所以审计就暂停了。虽然我还在起诉国税局，根据《信息自由法》提起诉讼，这可能也是他们审计我的原因。但由于政府停摆，他们现在获得了无限期延长时间来回应我的诉讼。哦，他们不被允许工作，所以不知怎么就有了这个无限期的缓刑。所以这其实是双向的。

So that that's on pause. Although my FOIA lawsuit, I'm also suing the IRS, which is probably why they're auditing me, but the government got an open ended extension now to reply to something I filed because of the shutdown, right? Oh, they're not allowed to work. So somehow they've got this open ended reprieve. So it works both ways.

他们暂停了我的审计，但现在我得等更久才能从我的诉讼中获得想要的东西，对吧？因为我起诉他们是因为他们本应提供我要求的文件却没有做到。所以他们逼我上了法庭。而现在，这个已经拖了很久的进程因为政府停摆又被进一步延迟。但首要问题是他们停摆得还不够彻底。

They pause my audit, but now I gotta wait longer to get what I'm looking for from my foil lawsuit, right? Because I'm suing them because they should have produced the documents that I requested and they didn't do it. So now I they forced me into court. And now the, you know, the process which has already taken forever is delayed even longer by the shutdown. But the first problem is they don't shut down enough.

他们可能关闭了国家公园之类的，但我们所有人都得继续缴税，对吧？他们没有停止从你的工资里扣税。所有的规章制度也没有暂停，对吧？

They maybe they shut down the national parks or, you know, stuff like that. But we all have to keep paying taxes, right? They don't shut. Keep taking taxes out of your pay. All the rules and regulations are not suspended, right?

所以我们仍然得应付庞大的政府，尽管它据说已经停摆了。但我对政府停摆的另一个问题是，他们总是会结束停摆，重新开放政府。我是说，我们知道它会回来的。如果是一次永久性的政府停摆，可能会有更多人支持，但它从来不是永久的。这一切都只是作秀。

So we still have to deal with big government, even though it's supposedly shut down. But the other problem I have with the government shutdown is that they always end it and they reopen the government. So, I mean, we know it's coming back. I mean, if it was a permanent government shutdown, a lot more people might support it, but it's never permanent. It's all just theatrics.

显然，目前最大的症结在于民主党想要延续这些奥巴马医改的补贴，这些补贴是在新冠疫情期间实施的，对吧？所以这是疫情期间的临时救济，声称疫情期间大家的收入都减少了，但事实上大多数人在疫情期间赚得更多，对吧？所以说什么人们需要特别帮助来支付账单，他们为什么需要帮助？人们甚至不用付房租，也不用偿还学生贷款。

And apparently the big sticking point is that the Democrats want to renew these subsidies for Obamacare that were put in during the COVID emergency, right? So it was a temporary relief because of COVID and supposedly everybody was earning less money during COVID when the fact of the matter is most people earned more money during COVID, right? So to say that people needed special help with their bills, why would they need help? People weren't even paying rent. They weren't making payments on their student loans.

许多在疫情期间没有工作的人从政府那里获得的刺激支票金额超过了他们过去的收入。人们因此发了笔横财，在疫情期间疯狂购物。所以所谓他们需要医疗账单额外援助的说法纯属无稽之谈。但不管怎样，这些措施当初是以紧急状态为由被塞进来的。

And a lot of people who were not working during COVID were getting stimulus checks from the government that exceeded what they used to earn. So people had a windfall. People just went on a shopping spree during covid. So the idea that they needed this extra help with their medical bills was just a bunch of BS. But anyway, this stuff was it put in there as an emergency.

现在疫情紧急状态当然已经结束了，对吧？实际上那根本是人为制造的紧急状态。政府编造了整个事件——不是说他们编造了新冠病毒，而是编造了对疫情的过度反应，以及本不必要的经济停摆。看看瑞典，他们没封锁却安然无恙。

Now, of course, the COVID emergency is gone, right? I mean, and in fact, it was a contrived emergency. The government made the whole thing up. I mean, they didn't make up COVID, but they made up the overreaction to COVID and the shutdown of an economy that didn't need to shut down. Look, Sweden didn't shut down and the Swedes were fine.

对吧？我们本该效仿瑞典的做法。事实上我当时就说过这话。记得吗？那时候说这种话可是会被封号的。

Right? We should have done what Sweden did. In fact, I said that at the time. Right? And you could have got deplatformed for saying something like that, right?

因为所有人都必须维持'我们必须这么做'的统一口径。如果你质疑官方说法，就会被视为国家公敌，不被允许发声——毕竟人们真可能听进去。但政府就是这么运作的：先以紧急状态为由塞进某项政策。

Because everybody had to, you know, keep up the line that, you know, we had to do this, you know, because if you, if you question the official narrative, you were somehow an enemy of the state and, you know, we, you couldn't be allowed to speak because, you know, people might actually listen to you. But this is how government works, right? They get something in. Oh, it's an emergency. We need this.

现在民主党又说：'民众享受这么久已经离不开了'。或者说'我们不能取消这个，否则会出问题'——看啊，人们已经对我们紧急时期给的补贴产生依赖了。这种依赖性反而证明当初就不该这么做，因为政府就是在制造依赖循环：你先让人离不开救济，然后这救济就变成永久性的了。

But now the Democrats are saying, because people have had it for so long, they can't live without it. Or we can't take this away. That will create a problem because see people are now dependent on this subsidy that we gave them during the emergency. And so now because they're dependent on it, it has to be permanent, which in and of itself shows you why you shouldn't even do this stuff because the government creates the cycle of dependency, right? You make somebody dependent on your handout And now now it has to be permanent.

华盛顿所有临时措施最终都会永久化。至少共和党这次在'大美丽法案'疯狂支出后终于划清界限——他们说这1.5万亿美元额外支出（不管他们怎么计算年限）实在过分，宁可让政府停摆也不拨款。

Right? So everything that's temporary in Washington becomes permanent. So at least the Republicans somehow after all the reckless spending of the big beautiful bill, This, no, we were, this is a bridge too far, right? This extra, they're claiming it's 1 and a half trillion, I guess over, I don't know how many years they score it, but they're saying, uh-uh, no, we draw the line here. So we're gonna shut down the government rather than spend this money.

其实我宁愿他们当初为阻止'大美丽法案'让政府停摆，宁愿特朗普否决他亲自要求提高的债务上限——那样的停摆才有价值。眼下这种停摆根本改变不了什么。

Now, I wish they would have shut down the government instead of passing the big beautiful bill. I wish they would have vetoed or Trump would have vetoed the increase in the debt ceiling that he demanded as part of the big beautiful bill. So that would have been a worthwhile shutdown. I mean this, you know, this isn't gonna change anything. Right?

就像，你知道的，泰坦尼克号还在下沉，而他们却在讨论甲板椅该摆在哪里。对吧？这真的不重要，伙计。也许，你知道，共和党人觉得椅子太多了。但这无关紧要。

It's like, you know, the Titanic is still going down and they're talking about, you know, where we should have the deck chairs. Right? Doesn't really matter, man. Maybe, you know, I would, you know, they they they were the Republicans think that this is too many deck chairs. Doesn't matter.

船正在下沉。所以你们争论的都是徒劳。但谁知道这次政府停摆会持续多久？不过我认为特朗普政府可能暗自庆幸，因为停摆阻止了就业报告的发布——我敢肯定那数据会很难看。事实上，我们本周早些时候确实收到了一份ADP就业报告，因为那是私营机构的报告，不受政府停摆影响。

That that that the ship's going down. So you're arguing over nothing. But who knows how long this government, shutdown is going to last? But I think the Trump administration is probably happy that the government shutdown prevented the jobs report from being released because I'm sure it would have been bad. In fact, we did get one jobs report earlier in the week, the ADP report because that's, you know, a private report, so it's got nothing to do with the government shutdown.

那份报告周三出炉了。数据显示预期是增加5万个岗位——这个门槛已经很低了——但实际不仅没达标，还远低于预期：根据ADP数据，9月份我们实际减少了3.2万个岗位。更糟的是，他们追溯修正了前一个月数据，原本报告增加5.4万岗位，现在调整为减少3000个。

So that came out on Wednesday. So we got that. I'll talk about that. So the expectation was for 50,000 jobs, pretty low bar, but not only did they not meet that bar, they were well beneath it because we actually lost 32,000 jobs according to ADP in September and worse. They went back to the prior month, which was originally reported as plus 54,000 jobs, and they revised that to a minus 3,000.

这意味着ADP连续两个月出现负增长。我记不清上次出现这种情况是什么时候了，很可能是在经济衰退期间。8月减少3000，9月减少3.2万，谁知道等到11月初公布本月数据时，这个负数会变得多大？现在政府对就业数据的预期也是5万。

So that's back to back negative numbers for ATP. I can't remember the last time that happened. We were probably in a recession. I don't know, but minus 3,000 in August minus 32,000 in September, Who knows how much bigger the negative number will be, this month when we get that report, in, in, in early November. Now the expectation for the, the government number was 50,000.

这是市场普遍预期值，本身就很低了。我猜实际数据可能会远低于此，甚至像ADP数据那样出现负值。而且上个月的政府数据只有2.2万，很可能也会被下修为负数。所以你看，特朗普政府侥幸躲过了非农就业数据带来的尴尬局面。

That's what people expected. So that's also a low number. And my guess is we would have come in well beneath it, Maybe even with a negative print just like we got in ATP. Also the prior month was just 22,000 and that also may have been revised down to a negative number. So, you know, the Trump administration was spared the embarrassment of a horrible non farm payroll report.

不过今天市场还是上涨了。如果报告公布会怎样？估计照样会涨，毕竟坏消息就是好消息，对吧？因为这意味着更大幅度的降息。事实上，道琼斯指数今天收盘创下47000点以上的历史新高。

Now, you know, the market rallied anyway today. I don't know what they would have done. It probably would have rallied because bad news is good news, right? Because it means we get bigger rate cuts. In fact, the Dow Jones closed at a new record high today above 47,000.

不确定这是否首次收于47000点上方——因为最终收在47049.64点，勉强算突破47000。哎哟我的脚趾！标普500今天也以6715美元创收盘新高（应该是纪录），盘中最高触及6750美元以上——这绝对是标普500首次突破6750美元大关。

I'm not sure if this is the first time it's closed above 47,000 maybe because it closed at 47,000 and 49.64. So barely above 47,000. Oh, there goes my toe. The S and P also closed at a new record high today at $67.15. I think that's a record close, but it hit an intraday high above $67.50 and I'm sure that's the first time ever that the S and P 500 above $67.50.

纳斯达克指数今日也创下历史新高，达到6.007美元，这是QQQ指数。虽然创下新高，但当日收盘却是下跌的。让我看看实际纳斯达克指数的表现，因为那只是前100强股票。纳斯达克指数当日同样收跌，但也触及了新的历史高点22,925.43点，但这一切其实都无关紧要，对吧？

The NASDAQ also hit a record high today of $6.00 7. That's the qqq. Well, that was a record high, but it closed negative on on the day. And let me see what the actual NASDAQ did because that's just the the the 100 top stocks. The NASDAQ also closed negative on the day, but it also hit a new all time record high 22,925.43, but none of this matters, right?

因为媒体会在财经新闻中大肆报道道指创下47,000点的历史新高。是的，这听起来是个大数字，毕竟在二月份那年，道指才突破10,000点，而现在几乎涨了五倍，对吧？道指从10,000点涨到近50,000点，天啊，我们变得如此富有，因为道指上涨了五倍。所以如果我持有道指成分股，我现在比二十五年前富裕五倍。

Because the media is going to talk about this when they, you know, on the financial news record high 47,000 on the Dow. And yeah, you know, it sounds like a big number because, you know, back in the year February, the Dow hit 10,000 And now we're almost five times higher, right? The Dow was 10,000 and now it's almost 50,000. God, we're so rich because the Dow is up five times. So I'm five times richer if I own the Dow than I was twenty five years ago.

看吧，这就是政府想让你相信的谎言，对吧？这是通货膨胀这种毒品制造的幻觉的一部分。黄金价格才是真实价值的体现，美元标价都是虚假的，因为美元不过是一张纸。

See, that's what the government wants you to believe, right? That's part of the delusion of the drug of inflation, right? It's not just a tax, it's a drug. Look at the price of gold because that's how you tell what's real, right? What's fake is the US dollar price because the dollar is just a piece of paper.

它是法定货币，对吧？黄金本周也创下历史新高，虽然今天没有刷新纪录。白银今日则创下十四年新高，交易价格突破48.30美元，但黄金当日收盘...

It's Fiat, right? Now, the gold also hit a record high this week. It didn't hit a new record high today. Silver, silver hit a new fourteen year high today. It traded above $48.30, but gold gold closed the day.

让我看看数据。我们收盘略低于3,890点，未突破3,900点，但这仍是历史高位区域。虽然可能比我们之前创下的纪录低几美元——我不确定是否记得昨天曾短暂突破38.90美元。

Let me take a look here. We closed just below 3,890. So not quite 3,900, but this is record territory. I mean, it may be a few dollars shy of the record we hit. I've I don't think I don't know that I think we traded above 38, $38.90 briefly yesterday.

那本是新的历史高点，直到赎罪日薄弱的交易量引发了一些获利回吐。哦对了，我忘记在上期播客中祝所有犹太朋友新年快乐。关于黄金我会深入探讨，本期会简单提及，但更多关于金银市场的分析将放在本周五的《黄金市场周报》中。

That was a new record high before we got some profit taking on, you know, the thin trading on Yom Kippur. Oh, by the way, I forgot to wish everybody on my last podcast, the happy new year, all my Jewish friends. And I'm gonna talk more about gold. I'm gonna mention it a little bit, on this podcast right here, but I'm gonna speak a lot more about what was going on in gold and silver. On the shift gold Friday market wrap, which I'm also gonna do today.

事实上，结束这场直播播客后，我马上就会录制周五的黄金市场周报。所以看完本期内容后，请移步至Shift Gold的YouTube频道——若您通过其他平台或Shift Radio收听，也请订阅YouTube频道。届时您就能收听或观看我对本周金银市场的详细分析。本周黄金上涨约3%，而道指则是下跌的。

In fact, I'm gonna record the shift gold Friday market rap as soon as I finish doing this live podcast. So after you watch this, then go over to, the shift gold YouTube channel, or if you're listening to it, you know, on another platform or at shift radio, go to YouTube and subscribe to the shift gold YouTube channel. And then you can go ahead and listen or watch my discussion of gold and silver the week. Now, so gold was up about, what, 3% on a week. So in terms of gold, the Dow was down.

事实上，我们刚刚在本周初结束了第三季度，我想周二或周一才是季度最后一天。不，是周二。黄金本季度上涨了17%，17%。所以以黄金计价，道指本季度是负增长。

In fact, we just ended the third quarter couple of days ago earlier this week. I think Tuesday was the last was at the last day of the quarter, or Monday. No Tuesday. Gold was up 17% on the quarter 17%. So the Dow had a negative quarter priced in gold.

白银上涨了29%，但我们还是用黄金而非白银来计价吧。关于季度数据，我只能凭记忆说了，数字可能不够精确。我以为记下了这些数字，但没找到记录。目前道指价值12盎司黄金，而去年年底时价值...

Silver was up 29%, but let's just price price it in gold rather than silver. So on the quarter, I'll just have to do it by memory. The numbers aren't going to be exactly accurate. I thought I wrote these these numbers down, but I don't I don't see them, but the Dow is worth 12 ounces of gold right now. It was worth.

我记得是17盎司黄金。今年以黄金计价下跌了约27%。是的，27%。如果回溯整整两年，从2023年第三季度末到2025年第三季度末，这两年期间黄金价格实际上翻了一番。

I think 17 ounces of gold at the end of last year. We're down about what 27% again. Yeah. 27% on, on the year, 27% priced in gold. Now, if you go back two full years from the end of Q3 twenty twenty three to the end of Q3 twenty twenty five, those two years, the price of gold actually doubled over those two years.

没错，道琼斯指数虽然上涨了，但并未翻倍。因此过去两年间，道指以黄金计价下跌了33%。他们总在谈论道指创历史新高，但用硬通货——黄金来衡量，道指实际下跌了33%，对吧？

Now, yes, the Dow Jones went up, but it didn't double. So over the past two years, the Dow is down 33, 33%. So they're gonna talk about all this record high in the Dow. Yeah, the Dow dropped by 33% in terms of honest money in terms of gold. Right?

比如你持有1933年前美国政府铸造的金币，比方说一枚20美元的金鹰币——不是MS65级未流通的收藏品，就是普通流通币，其价值略高于熔铸价的那种。以这种真实20美元硬币衡量，道指两年间贬值33%。其实熊市更早开始：2001年2月道指10000点时，黄金约2.5美元/盎司，当时道指价值40盎司黄金。

And, you know, if you have some gold dollars that were minted by The US Government right before 1933, if you have, you know, a $20 gold eagle, not even like a collector's item, not like an ms 65 uncirculated like beautiful collector's coin, but just your run of the mill coin that you could just buy at shift gold that, you know, that that that circulated and it doesn't trade that much above its melt value, right? Just just one of those. In terms of that real $20 coin, you have a 33% in the Dow in two years. Now I've been talking about this. The bear market has been even bigger because in February, 02/2001, when the Dow was at 10,000 and gold was around $2.50, the Dow was worth 40 ounces of gold.

如今道指接近50000点，却仅价值12盎司黄金。这意味着25年间70%的跌幅。全是泡沫！媒体和政府想让你以为更富裕了，其实并没有。

Today, with the Dow almost at 50,000, it's only worth 12 ounces of gold. That is a 70% decline in twenty five years. So it's all BS, right? The media wants you to think, the government wants you to think you're getting richer. You're not getting richer.

数字变大是因为货币在缩水。美元购买力持续下降——需要更多美元才能购买黄金，买股票亦然。但买黄金所需的美元增幅比股票更大。甚至回溯到1929年股市巅峰期，那也是个估值严重过高的市场。

The numbers are getting bigger because the money is getting smaller. The money, the dollar is losing purchasing power. You need a lot more dollars to buy gold and so you need more dollars to buy stocks too. But you need even more of them to buy gold than you do to buy stocks. In fact, even if you go back to the peak of 1929, that was a very overvalued stock market.

1929年时，道指价值19盎司黄金。九十六年后的今天，道指价值12盎司黄金。也就是说，实际下跌了33%。人们总认为，哇，我们现在富多了，因为1929年道指才360点，如今已近5万点。所以现在肯定富裕得多。

The Dow was worth 19 ounces of gold in 1929. Here it is ninety six years later, the Dow was worth 12 ounces of gold. So again, that's a 33% decline. See people think, wow, we're so rich because in 1929, the Dow was three sixty and now it's almost 50,000. So we must be a lot richer now.

看看道指从360点涨到4万7千点的所谓增长——但以黄金计价其实是下跌的。因为在1929年，你购买道指是用黄金支付的（当时美元与黄金挂钩）。如果拿同等含金量的美元来比较（不考虑收藏价值，仅计算可熔铸的黄金价值），1929年购买道指支付的美元熔金量，比今天同等面值美元的熔金量还多。所以道指实际是下跌的。当然这不意味着这九十六年间股市没赚钱。

Look at all that growth when the Dow went from three sixty to 40, you know, 47,000, you wouldn't know in terms of gold, it went down because in 1929, when you bought the Dow Jones, you paid in gold because the dollar was gold. So if you took the exact same dollar and assume no numismatic value, just take the same gold that you could melt down, right? The melt value of the dollars that you paid to buy the Dow in 1929 is more than the melt value of the gold in the same dollars today. So the Dow is lower. Now that doesn't mean you didn't make money in the stock market over ninety six years.

是的，你获得了大量分红（尽管近年股息率不太理想）。但关键在于道指的实际价格低得多，它看似高涨只是因为数字变大。这正是通胀制造的幻觉，也是政府钟爱通胀的原因——让你在变穷时还以为自己更富有了。

Yeah. You collected a lot of dividends, Although the dividend yield recently hasn't been that great. But the point is the price of the Dow is lower, much lower. It looks higher because the numbers are big. But again, that is the illusion created by inflation and one of the reasons that governments love inflation because they make you think that you're getting richer even as you're getting poor.

广告时间很快结束，我们马上回来。露西公司给我寄了样品试用，虽然我从不沾尼古丁，但确实印象深刻。4毫克版本口感顺滑风味佳，8毫克和12毫克版本则能满足追求更强刺激的用户。

We got a quick commercial break, so we're coming right back. Stick around. I've never been a nicotine user, but when Lucy sent me a sample of their products, I really was impressed. I tried the four milligram version, and it was smooth, flavorful, and really enjoyable. But for those who want more of a kick, Lucy also offers eight milligram and even twelve milligram options.

露西产品采用100%纯尼古丁且不含烟草，是现代清洁的尼古丁享受方式。特别创新的是露西爆珠款——每个尼古丁 pouch内含可挤破的胶囊，能释放额外风味与保湿成分。

Lucy's products are made with 100% pure nicotine and are always tobacco free, a modern clean way to enjoy nicotine. And here's something really innovative. Lucy Breakers. These are nicotine pouches with a twist. Each pouch has a capsule inside that you can break open to release extra flavor and hydration.

这对追求清新体验的用户是革命性产品。订阅服务可送货上门，省心又保供应。访问lucy.co并使用优惠码gold可享首单8折。

It's a game changer for everyone who loves a burst of freshness. For added convenience, you can set yourself up with a subscription and have Lucy delivered straight to your door. It's hassle free and keeps you stocked up with exactly what you need. Try Lucy for yourself at lucy.co. Use promo code gold to get 20% off your first order.

重申：访问lucy.c0输入优惠码gold享首单8折。露西提供了更智慧的尼古丁享受方式，即便初次使用者也能体会其卓越品质。立即升级你的尼古丁体验，前往lucy.com/gold并使用优惠码gold。

That's lucy.c0 promo code gold for 20% off. Lucy offers a smarter, better way to enjoy nicotine. Even as a first time user, I can tell you it's a standout product. Let's level up your nicotine routine with Lucy. Go to lucy.com/gold and use promo code gold to get 20% off your first order.

露西提供三十天退款政策，如果您改变主意。再次强调，访问lucy.c0/gold并使用促销码gold可享八折优惠。以下是细则说明：露西产品仅限法定年龄成人购买，每笔订单均需进行年龄验证。请注意。

Lucy has a thirty day refund policy if you change your mind. Again, that's lucy.c0/gold and use promo code gold to get 20% off. And here comes the fine print. Lucy products are only for adults of legal age, and every order is age verified. Warning.

本产品含有尼古丁。尼古丁是易成瘾化学物质。好的，在继续播客内容前，趁我还记得，我想提一下我即将出席的活动。

This product contains nicotine. Nicotine is an addictive chemical. Alright. Before I continue with the podcast. And so I don't forget, I want to mention my upcoming appearances.

我将参加10月16日至19日的奥兰多财富展——虽然不会全程在场。我会带着妻子和孩子去奥兰多，主要计划游览主题乐园。实际上我们选择环球影城，因为他们新开了史诗宇宙主题公园。

I will be at the Orlando money show October 16 through the nineteenth. Although I won't be there all of those days. I'm gonna be in Orlando, but I'm bringing the wife and kids. And so we're gonna be at the theme parks. Actually, we're going to Universal because they've got a new Epic Universe Theme Park.

我们会去体验新园区，但我首日肯定在场。我们欧洲太平洋资产管理公司将设展位，两位代表全程参会。而我计划出席会议首日，因为我的主题演讲和工作坊都安排在那天。请务必准时参加。

So we're going to go see that, but I will be there the first day. I mean, my the Europe, Pacific Asset Management will have a booth and two of our representatives will be there for the entire conference. But my plan is to be there for the first day of the conference. And that's when my keynote talk is and that's when my workshop is. And so make sure that you are there.

若想与我见面，请确保10月16日首日到场。可通过专属链接shift.moneyshow.com注册参会（需付费但费用不高），届时奥兰多见。

If you want to see me, make sure that you're there day one, on October 16 and you can register for the money show. It's not free, but it's pretty cheap, but go to the website. There's a special URL for me. It's shift.moneyshow.com. You know, just go there and you can sign up and I will see you in Orlando.

另有个会议我将全程参与——通常我会带妻子去新奥尔良，但这次她有事处理，孩子也不随行。只有我和几位代表出席，大部分时间会在展位和会场区域活动。

Now there's another conference where I will be there every day of the conference. In fact, I'm not going. I'm not normally I have my wife at New Orleans, but she's got stuff she's got to do and I don't bring my kids. I will be there just me with a couple of reps. And so I'll be spending a lot of time at the booth, and just walking around, the conference area.

那就是新奥尔良投资大会。今年黄金价格历史性飙升，预计将成就最精彩的一届盛会。过去因黄金表现逊色于比特币，氛围略显沉闷。但今年形势大好，加上新奥尔良这座充满音乐美食的欢乐之城，必将精彩纷呈。

That is the New Orleans investment conference, and it should be a great conference this year because of the huge move that we've had in the price of gold, really unprecedented. It's been, you know, very, lackluster mood over the years because, know, people have been frustrated by the lack of performance in gold and the fact that it was overshadowed by Bitcoin. But this year, you know, it's a great year. So it should be a great time and I love the city. New Orleans has a lot of fun, great music, great food.

所以我将会到场。时间是11月2日至6日。报名会议有个专属链接：neworleansconference.com/shift。你可以在那里注册，我想布莱恩·伦敦会知道你是因我而来的。但再说一次，如果你从未参加过，真的应该来体验下。

So I will be there. It is November 2 through November 6. And there is a special link to sign up for this conference and it's neworleansconference.com/shift. And then you can sign up there and I guess Brian London will have an idea that, you know, you're there because of me. But again, if you've never been, you know, definitely come down.

如果你来过，就明白我在说什么。这是个很棒的活动，还有许多我期待见到的优秀人士。说实话，大多数会议里我根本不关心其他人讲什么，但新奥尔良会议例外。

And if you've been, then you know what I'm talking about. It's a great event. There's a lot of other great people that I look forward to seeing. You know, most of these conferences, I don't even really care what the other people have to say. But at the New Orleans conference, I do.

现场还有很多其他嘉宾，所以别只冲着我来。有些我想聆听的演讲者也非常出色。希望届时能见到部分听众。顺便提下行情——我不想抢了周五市场总结的风头，就简单说：黄金本周涨3%，白银涨4%。

And there's a lot of other people there. So it's not don't just come there to hear me. There's some other really good people that I that I want to listen to as well. So hopefully I will see some of you there by the way on the returns. I'm not going to get into too much because I don't want to steal the thunder from the shift gold Friday market wrap, but just quickly so gold up 3% on the week silver up 4% on the week.

黄金股这周其实很平静。GDX指数涨3.2%，GDXJ涨3.7%，主要因为赎罪日的大幅回调。今天涨幅不大，可能是获利回吐，部分投资黄金股的资金转向了加密货币。比特币不仅今天大涨，整周表现都很强劲。

The gold stocks actually had a quiet week. The gdx was up 3.2% and the GDXJ was up 3.7% mainly because there was a big correction on, Yom Kippur. And so they didn't really gain that much today. I think it was some profit taking, maybe some of the people investing in the gold stocks moved some money over to crypto. Bitcoin had a big week today or did not not today, had a big day today too, but all week.

比特币本周涨幅约12%，终于迎来大反弹。政府停摆可能是催化剂。虽然没创历史新高，但比特币ETF创了纪录——因为比特币本身创新高时ETF并未交易。

I think Bitcoin was up about 12%. So it finally, you know, had a big rally. Maybe on the government shutdown might have been the catalyst. We didn't quite make a new all time record high. The ETFs made record highs, the Bitcoin ETFs because when Bitcoin itself made a record high, the ETFs weren't trading.

所以在交易时段内ETF创了新高。比特币很接近了，我记得涨到123,900美元，离125,000美元就差约一千。这是现货比特币的价格。

So during these market hours, the ETFs made a record high. Bitcoin came close. I think we got up to a 120 3,900, but we were about a thousand higher. We got close to $125,000. Think in spot Bitcoin.

我们拭目以待，说不定周末就能创新高。有趣的是，微策略股票今天收盘下跌，这或许是个背离信号。但我认为确实有投机资金从黄金股流向了加密货币或比特币相关公司。我觉得这是个错误，不过人们对这些股票依然保持着亢奋情绪。

So we'll see. Mean, it maybe it'll make a new high over the weekend. Interestingly enough micro strategy stock finished negative on the day today. So maybe that's a divergence, but I do think that some spec money might have moved over from gold stocks into crypto or Bitcoin treasury companies. I think that's a big mistake, but I think the fact that people are still, you know, trigger happy on these stocks.

我是说，我们在赎罪日那天经历了银价的大幅下跌，一度突破38美元，随后暴跌近2美元至36美元左右，我认为触发了一系列止损单，而今天又创下新高。这正说明回调非常短暂，所以我一直在鼓励大家购买黄金和白银。事实上，听完这期播客后，甚至在收听《黄金市场动态》之前，就可以直接去购买些金银。因为等到周一，价格可能会更贵——虽然不能保证，但最近连续四五个周五，甚至更久，几乎每个周一开盘都会跳空高开。

I mean, we had a big drop on on, Yom Kippur on silver silver got above $38 and then crashed $2 almost down to $36 I think we ran a bunch of stops and here we are new highs today. Just shows you that the dips are very short, which is why I've been encouraging everybody, to buy gold and silver. In fact, you know, again, when you're finished watching or listening to this podcast, even before you go to listen to the shift gold market rap, go to shift gold and buy some gold or silver. Because if you wait till Monday, I think it'll be more expensive now. No guarantee, but almost every Friday, certainly the last four or five in a row, maybe more or every Monday we've gapped way up.

金银价格总在周日大幅上涨，但周五晚上到周六、周日上午下午都很平静。Shift Gold平台全天候开放交易，你不必等待纽约市场开盘——等到那时，谁知道白银会不会已突破50美元？周一开盘可能直接跳涨2美元，这完全可能发生；黄金也可能突破3900甚至4000美元，我认为这是趋势。不过现在，我想先讨论其他话题，因为本周真正大幅波动的并非金银股，而是医药股。

There's always a big move up in gold and silver on Sunday, but it's pretty quiet on Friday night on Saturday, Sunday morning, Sunday afternoon, shift goal is open twenty fourseven so you can buy or you don't have to wait, for, the New York market because by the time that happens, who knows silver could be over $50, when it opens on Monday, we get a $2 rally, which, you know, we could easily do who knows gold could be above 3,900. It could be above 4,000. I mean, I think it's headed there. But anyway, let me, move forward with some other topics I wanted to discuss because I think the biggest movers on the week weren't the gold and silver stocks. They were the pharmaceutical stock.

我们的投资策略组合中持有大量这类股票——股息策略、价值策略都有配置，我个人也持有很多欧美亚药企股票。它们此前被严重打压，因为特朗普一直在威胁药企：'我们要强迫你们降价，要实施价格管控'。这非常讽刺——当卡玛拉·哈里斯提出超市价格管控时，特朗普政府还指责她是社会主义者。

And, you know, we own a lot of those stocks in our strategies, in our dividend payer strategy, in our value strategy. I own quite a few of these stocks myself, a lot of, you know, European and Asian, pharmaceutical companies, and they had been beaten down because, you know, Donald Trump has been threatening them, right? We're gonna, you know, we're gonna force you to cut your prices. We're gonna control these prices, which of course is very ironic because when Kamala Harris talked about price controls at supermarkets, right? The Trump administration was was all over her for being a socialist.

可轮到药品价格管控时，他却完全意识不到自己的言行矛盾。当然我也希望药价更低，但不应通过政府强制手段实现。我更希望政府能取消那些推高药价的不必要监管——这个问题我在往期播客多次讨论过，今天就不赘述了。

But of course, he talks about price controls for drugs and oh, he doesn't get the irony or the hypocrisy of what he is advocating. And not that I don't think it would be nice if drugs were less expensive, but I don't want them to be less expensive because the government tries to control the prices. What I would like to see the government do is remove a lot of the regulations that are unnecessarily driving drug prices up. And I've talked about that many times on prior podcasts. So I don't necessarily want to get into it again on this one.

特朗普真正该做的是这些改革，而不是拿枪指着企业强迫降价。本周早些时候（大概是周二三），特朗普公布了降低药价的方案：美国政府将推出一个网站——我没开玩笑——叫'特朗普Rx'。

But that's what Trump should be doing. Not just trying to, you know, force companies to cut prices at the point of a gun. But what happened was we got, earlier in the week, I think it was Tuesday or Wednesday. Trump came out with his announcement of how he's going to lower drug prices. And the US government is now going to launch a website, and I'm not making this up, Trump Rx, right?

这是个正式政府网站，却打着特朗普的品牌。我不清楚背后是否有利益输送，毕竟细节未公开，不知道特朗普家族是否会从中获利。目前宣称这是政府网站，而辉瑞成了首个试验品——

It's an official government site that's going to, you know, bear Donald Trump's brand, right? Now, I have no idea if there's any kind of, you know, profit deal behind the scenes because we don't have all the details. So I don't know if there's any way that the Trump family gets cut in on any of this action. I mean, who the hell knows? But for now, supposedly it's a government website and Pfizer was the guinea pig, right?

他们与辉瑞开了发布会，据说还有其他药企将与总统达成类似协议。通过这个网站（可能需经特朗普Rx入口或只是聚合链接平台），辉瑞将提供部分降价药物。目前看来，许多药品将以远低于历史价格的面貌出现。

And so they had a press conference with Pfizer, but apparently there's all these other drug companies that are gonna make similar deals with the president. But Pfizer is going to make certain drugs available through its website that I guess you can access it through Trump Rx. I don't know if that's the only way to access it or it's just kind of an aggregator where you can go to Trump Rx and then you can go from there. You can get links to Pfizer and to all the other companies that are cooperating with Trump. But apparently a number of drugs are gonna be available at much lower prices than what they had been available for in the past.

当唐纳德·特朗普宣布这一消息时，他说辉瑞公司自愿降低了药品价格。我喜欢这个‘自愿’的说法，对吧？但在此之前，特朗普已经宣布——我在上一期播客中提到过——对进口药品征收100%的关税，明白吗？100%。既然辉瑞‘自愿’同意降价，至少在未来三年内可以豁免这些关税，对吧？

And when Donald Trump announced this, he says that, you know, Pfizer is voluntarily lowering their prices. Now, I like this voluntary, right? You know, but prior to this announcement, Donald Trump had already announced that I mentioned this on my last podcast, a 100% tariff on imported pharmaceuticals, right? A 100%. Now, since Pfizer has voluntarily agreed to these price reductions, it is exempt from those tariffs, at least for the next three years, right?

这在我看来可不像自愿。如果政府说‘除非你同意做这件事，否则我们就对你征收重税’，而你本来可能并不想做这件事。但如果你做了，就能避免更严厉的惩罚，然后你说‘好吧，我自愿做这件事’。

Now, that doesn't sound voluntary to me. If the government says, we are going to hit you with this huge tax unless you agree to do this other thing. And you may not have done this other thing of your own volition. But if you do this other thing, then we're not gonna punish you with something even worse. And then you say, okay, I volunteer to do this other thing.

这根本不是真正的自愿，对吧？就像他们描述所得税时说的‘基于自愿遵从’。可我父亲并不想‘自愿’——哦，如果你不‘自愿’，那就得进监狱。

It's not really volunteering, right? It's kind of like how they describe the income tax. They say, well, it's based on voluntary compliance. Well, my father didn't want to volunteer. Oh, well then you go to jail if you don't volunteer.

那就不叫自愿了。这才是关键。如果我不‘自愿’就得坐牢，那就是强制性的，对吧？为了避免惩罚而做的事，怎么能叫自愿？真正的自愿应该是——你不做也不会有什么后果。

Well then it's not voluntary. That was his point. If I go to jail for not volunteering, then it's compulsory, right? If you do something to avoid a punishment, you are not doing it voluntarily. Voluntary would be, yeah, if you don't do it, nothing's gonna happen to you.

但如果没有后果，谁还会‘自愿’呢？他们用红绿灯来类比——说你停车是自愿的。不，根本不是！我停车是因为怕被警察开罚单，明白吗？

Well, then nobody would volunteer if there were no consequences, right? I mean, they use that analogy with a red light. That's how they well, when you stop at a red light, it's voluntary. No, it's not. I'm stopping at a red light because I'm afraid that a cop's gonna give me a ticket if he sees me going through it, right?

凌晨三点遇到红灯，周围一辆车都没有，你像个傻子一样等着，唯一原因是怕被警察看到闯红灯。其实你根本不想等，路况很安全，完全可以过马路。所以‘自愿’根本是胡扯。辉瑞绝不可能是自愿的——他们是被勒索才这么做的。

I mean, if you find yourself at a red light at three in the morning and there's no cars, The only reason you're sitting there like an idiot is because you're afraid there's a policeman that's going to see you if you run it, but you don't want to sit there. I mean, you know, it's safe, you know, you can easily cross the street. So this stuff at voluntary. So there's no way that Pfizer voluntarily did anything, right? They were extorted into doing it.

但我觉得整件事就是个噱头。这些医药股之所以暴涨——多数涨了10%到15%——显然是因为特朗普又一次在关税问题上退缩了。药企让利的幅度肯定很小，否则股价不可能因降价消息而狂欢。

But I think the whole thing is a big gimmick. I mean, the reason that these stocks had such spectacular rallies, right? Most of these drug stocks are up 10 to 15% since this was announced. Obviously, it's just another taco, Another Trump chickening out of these tariffs because what the drug companies are gonna give up must be relatively small. Otherwise, the stocks, you know, wouldn't be celebrating the fact that they're slashing prices.

所以我确信这很大程度上只是个噱头。这样特朗普就能，你知道的，邀功并搞出这个特朗普Rx的大网站。但我不喜欢整个这种，看看这个。我一开始就不喜欢美国政府运营这个网站。我不喜欢美国政府敲诈公司，即使这种敲诈不是，你知道的，真的，即使只是做做样子。

So I'm sure a lot of this is just a gimmick. So Trump can, you know, claim credit and get this big website Trump Rx. But I don't like the whole, look at this. I don't like the US government running this website in the first place. I don't like the US government shaking down companies, even if the shakedown isn't, you know, real, even if it's just for show.

我不喜欢政府介入任何行业。我是说，如果你相信资本主义，你就不想看到这种事情。政府只会搞砸。总会适得其反。我们需要自由市场。

I don't like the government getting involved in any industry. I mean, why, if you believe in capitalism, you don't wanna see this stuff. The government is just going to screw it up. It's always going to backfire. We want free market.

你知道，唐纳德·特朗普又一次把国家当作公司来管理，仿佛他是CEO，在外头做交易搞这些事。这不是他该做的。他应该做的是让路。他应该让国家自由运转。当你经营自己的生意时，好吧，你自己的钱有风险，这样才有效，因为你是受自由市场引导的。

You know, again, Donald Trump looks at the country as if it's a corporation and he's the CEO and he's out there making deals and doing all this stuff. That's not what he's supposed to do. He's supposed to be getting out of the way. He's supposed to be freeing up the country to run on its own. You know, when you're running your own business, okay, your own money is at risk and it works because you're guided by, the free market.

你是受盈亏引导的。所以如果你在亏钱，你知道的，你就会停止做这件事。如果你在赚钱，就多做些。价格信号会让你知道。但政府没有这些自由市场的信号。

You're guided by profit and loss. And so if you're losing money, you know, you stop what you're doing. If you're making money, do more of it. There are price signals that lets you know. But the government doesn't have any of these free market signals.

所以当政府介入私营部门时，你就失去了资本主义的好处。特朗普做的这些都不是好事。而且这为未来的总统开了个非常非常坏的先例，让他们做出比特朗普更糟的事。而且他还在继续，你知道的，还有更多公司。我忘了其中一些公司的名字，美国政府宣布他们在这些业务中有股份。

So when you get the government involved in the private sector, you lose the benefits of capitalism. And so none of this is a good thing that Trump is doing. And it's just setting a very, very bad precedent for future presidents to do even worse things than what Trump is doing. And he continues, you know, there's more companies. I forget some of the names of these companies where the US government announces they've got a stake in this business.

他们在这些业务中有股份。我不希望政府在任何业务中有股份。我已经不喜欢政府通过税收和所有这些规定拿走那么多利润的事实。我是说，政府现在对经济的干预已经太多了。而特朗普还想让它干预更多。

They've got a stake in this business. I don't want governments having a stake in any business. I already don't like the fact that the governments take so much of the profits, with taxes and all these regulations. I mean, the government is too involved in the economy as it is. And Trump wants it to be even more involved.

你知道，虽然这周最荒谬的事情之一，特朗普之前提到过一次，不知怎么他又复活了这个想法。但他出来说他将对进口电影征收100%的关税，对吧？100%的关税，对吧？就像他打算对药品征收的100%关税一样。哦，顺便说一句，我确信现在会有更多公司出现在这个特朗普Rx上，他们会有些东西在那里，然后就能避开关税。

You know, although one of the most ridiculous things on the week, Trump mentioned this once before, somehow he resurrected the idea. But he came out and said that he's gonna impose a 100% tariff on imported movies, right? 100% tariff, right? Just like the 100% tariff he was gonna impose on drugs. Oh, and by the way, I'm sure a lot more companies now are gonna come up on this Trump Rx, and they're gonna have some things there, and they're gonna get out of the tariffs.

事实上，他们今天宣布福特和通用汽车的股票大涨，因为现在它们将获得一些关税减免。我想特朗普会说，如果你在这里有制造设施，但进口大量零部件，可以免除部分税收。具体细节我不太确定。但情况就是这样，组装在这里进行，而许多被组装成成品的零部件都是进口的。当然，这些公司都没有在国内设立新设施来生产这些零部件。

In fact, they announced today the auto stocks Ford and GM spiked because now they're gonna get some tariff relief because they're gonna I think Trump is gonna say, well, if you're have a manufacturing facility here, but you're importing a lot of the components, You can be exempt from some taxes. I'm not sure about the details. But yeah, that's what happens is that it's assembly that takes place here. A lot of the components that are being assembled into a finished product are imported. And of course, none of these companies have set up new facilities to manufacture these components domestically.

它们仍在进口这些零部件并支付关税。所以现在我认为它们得到了一些减免。现在特朗普还在讨论给农民提供关税减免。讽刺的是，说到葡萄酒，我寻找的是能体现品质、工艺和长期价值的东西。而这正是Justin Vineyards and Winery能提供的。

They're all still importing them and paying the tariff. And so now I think they're getting some relief. And now Trump is talking about giving the farmers relief from tariffs. You know, ironically, when it comes to wine, I'm looking for something that reflects quality, craftsmanship, and long term value. And that's exactly what you get with Justin Vineyards and Winery.

自1981年以来，Justin一直在帕索罗布尔斯生产世界级的波尔多风格葡萄酒，正是它们让帕索罗布尔斯在酿酒版图上占有一席之地。无论是举办节日晚宴还是寻找完美礼物，Justin都能提供给人留下深刻印象的卓越葡萄酒。如果你不确定从何开始，它们的旗舰红混酿Isosceles是个不错的选择，它大胆、复杂，非常适合庆祝场合。如果你想要更个性化的选择，Justin还提供精选礼盒、珍藏酒、大瓶装甚至定制雕刻瓶。

Since 1981, Justin has been producing world class Bordeaux style wines from Paso Robles, and they're the ones that put Paso Robles on the winemaking map. Whether you're hosting a holiday dinner or looking for the perfect gift, Justin delivers exceptional wines that make a lasting impression. If you're not sure where to start, their flagship red blend, Isosceles, is a standout. It's bold, complex, and ideal for a celebration. And if you want something more personal, Justin also offers curated gift sets, library wines, magnums, and even custom etched bottles.

非常适合客户、同事或任何欣赏优质葡萄酒的人。访问justinwine.com，输入促销代码SHIFT 20，限时享受20%折扣。如果你像我一样，咖啡是必不可少的。它不仅是早晨例行公事的一部分，它就是例行公事本身。

Perfect for clients, colleagues, or anyone who appreciates premium wine. Visit justinwine.com and enter promo code SHIFT 20 to save 20% for a limited time. If you're like me, coffee is nonnegotiable. It's not just part of the morning routine. It is the routine.

无论你是在路上、远程工作，还是只想在家轻松喝到一杯好咖啡，你都需要AeroPress。这是一种完全不同的冲泡方法，因此你能得到一杯完全不同的咖啡。AeroPress冲出的咖啡明显比其他方法更少苦涩，你实际上能品尝到烘焙度、原产地，以及那些你以为只与葡萄酒行家和咖啡比赛相关的所有风味。

Whether you're on the road, working remotely, or even just trying to get one solid cup at home without the hassle, you need AeroPress. It's a completely different brewing method. And because of that, you get a completely different cup of coffee. Coffee from AeroPress is noticeably less bitter than what you get from other methods. You can actually taste the roast, the origin, and all the things you thought only applied to wine snobs and coffee competitions.

它更顺滑、更浓郁，就是更好。而且速度很快，你可以在两分钟内完成冲泡并清理干净。它紧凑、耐用，不需要电力，融合了法压壶、手冲和意式浓缩咖啡机的优点于一身。

It's smoother, richer, and just plain better. And it's fast. You can brew and clean the entire thing in under two minutes. It's compact, durable, and doesn't require electricity. It combines the best parts of French press, a pour over, and an espresso all in one.

而AeroPress透明型号让你在冲泡过程中能清晰看到发生的一切，这出奇地令人满足。AeroPress的价格惊人地实惠，不到50美元。我们还为听众准备了特别优惠：访问aeropress.com/gold，使用促销代码gold，订单立减20%。

And the AeroPress clear model makes it easy to see exactly what's happening as you brew, which is surprisingly satisfying. AeroPress is shockingly affordable. Less than $50, and we've got an incredible offer for our audience. Visit aeropress.com/gold. That's aeropress, aer0press,.com/gold, and use the promo code gold to save 20% off your order.

访问aeropress.com/gold，结账时使用优惠码gold可享8折优惠。是时候告别汽车餐厅的速溶咖啡，扔掉法压壶，迎接由更优质咖啡开启的美好早晨。AeroPress配送范围覆盖美国及全球60多个国家，感谢AeroPress对本节目的赞助。

That's aeropress.com/gold, and be sure to use code gold at checkout to save 20%. It's time to ditch the drive through, toss the French press, and say yes to better mornings fueled by better coffee. AeroPress ships to The US and over 60 countries around the world, and we thank AeroPress for sponsoring our show.

你可曾有过这样的时刻——当生活节奏终于慢下来，你只想放松身心、远离喧嚣、享受惬意？这正是mood.com的用武之地。他们颠覆传统模式，将合法THC产品直送到家，无需可疑交易，更不需医疗卡，只有从农场直达你沙发的愉悦体验和安眠良品。从美味THC软糖、顺滑电子烟，到优质THC面粉，Mood应有尽有。所有产品均符合2018年农业法案的联邦法规。

You know that feeling when your day finally slows down and you just want to relax, unplug and feel good? That's where mood.com comes in. They're changing the game, delivering legal THC products right to your door, no shady dealers and absolutely no medical card required, just good vibes and better sleep shipped straight from their farm to your couch. From delicious THC gummies, smooth vape pens, to premium THC flour, Mood has it all. And everything's federal illegal under the 2018 Farm Bill.

这绝非钻法律空子，而是真材实料。登录mood.com并使用优惠码FIRST20，首单立享8折优惠。网址mood.com，发现你的专属心境。

Yeah, this isn't some loophole. It's the real deal. Head to mood.com and use code FIRST20 for 20% off your first order. That's mood.com. Find your mood.

特朗普声称要调查农业供应链业务对吧？我记得刚持有Nutrien这只股票时，就突然遭遇抛售。我当时很纳闷：到底发生了什么？

Trump said that he wants to investigate the agriculture supply business. Right? I remember as soon as I I own a stock, Nutrien, and we own that. And I saw nutrient just went all of a sudden sold off. I'm like, what's going on there?

因为这家加拿大钾肥公司股价暴跌，只因特朗普宣称要调查他们向美国农民漫天要价。但若特朗普真担心农民进口成本，为何又对加拿大进口钾肥加征关税？当然市场是自由的，如果我们强制Nutrien降价，他们大可将更多产品销往中国。

Because they, you know, a potash company up in Canada and they sold off because Trump said, oh, we're gonna investigate them because we think they're overcharging our farmers. Well, if Trump is worried about import costs for farmers, why is he putting tariffs on the potash that's coming in from Canada? But of course, there's a free market. And if we try to tell nutrient that they have to lower their prices, well screw it. They'll just sell more to China.

他们还能销往巴西不是吗？全球有大量农场主需要钾肥。虽然美国市场近在咫尺很方便，但他们绝不会做亏本买卖。这就是特朗普的作风——他先挥舞关税大棒，现在又想补偿农民，因为关税导致某些被加征关税的国家转而从巴西采购大豆、小麦和玉米。

They'll sell more to Brazil, right? There are plenty of farmers around the world that could buy the potash. I mean, yeah, it's easy to sell to us because we're right here, but I mean, they're not gonna lose money. But you know, this is Trump. He wants to go in, but now he wants to give farmers because I guess one of the ways that the tariffs are hurting farmers is that some of the other countries where we've imposed tariffs on their goods, they're buying more of their soybeans or their wheat or their corn from Brazil instead of from us.

导致美国农民蒙受损失后，特朗普又说要把关税收入返还给他们。可这些钱原本是要用来填补他那份'宏伟法案'的巨额赤字啊！他们甚至讨论把关税退还给消费者——那当初何必征税呢？

And so our farmers are losing money. So Trump is like, oh, well, let's let's give you back some of the tariff money. But of course, he was counting that tariff money to reduce some of the huge deficits of the big beautiful bill. But and they're also talking about giving the consumers back tariff money. Well, why take the money from them in the first place?

如果你打算把它还给他们，对吧？你这是在从他们的右口袋偷钱。你掏了他们的口袋，然后又把一部分赃物塞回左口袋。为什么不直接停止偷窃呢？

If you're just going to give it back to them, right? You're robbing them out of their right pocket. You're picking their pocket and then you're given in the left pocket. You're putting some of what you stole back in. Why don't you just stop stealing it?

这些都是噱头。但关于电影的声明，对吧？这恰恰说明特朗普根本不懂关税是什么。他自称关税侠。知道吗，我爱关税，对吧？

These are all gimmicks. But the announcement on the movies, right? This just shows you Trump doesn't even understand what the hell tariffs are. He calls himself the tariff man. You know, I love tariffs, right?

他压根不明白。他想对海外拍摄的电影征收100%关税。这怎么可能做到？根本不可行。首先，美国人看的大部分电影都不是外国片，对吧？

He doesn't even understand them. He wants to put a 100% tariff on a movie that's filmed abroad. How the hell do you do that? It's not even possible. And first of all, so most of the movies that Americans watch, they're not foreign films, right?

外国电影市场不大。我是说，它们只有小众观众，对吧？而且很多都有字幕，对吧？要是我真想读点什么，我会去看书，对吧？我只想好好看电影。

Foreign films are not very big. I mean, they got like a niche audience, right? And a lot of them have subtitles, right? I mean, if I want to read a movie, I'll watch, I'll read a book, right? I wanna just watch a movie.

我希望我的大脑能放空，懂吗？不想被迫阅读，因为发现读字幕会破坏观影体验。事实上，我不喜欢在波多黎各看电影的原因之一就是总有西班牙语字幕。那些屏幕底部的西语文字干扰了我对电影画面的欣赏。

I want my mind to just, you know, wander or just, I don't want to have to read because I find if I'm reading subtitles, it kind of screws up the experience of watching the movie. In fact, one of the reasons I don't even like going to the movies here in Puerto Rico is they all have the Spanish subtitles. I don't like seeing them. I think it interferes with my, the visual quality of the movie. I got all these, you know, Spanish words, you know, on the bottom.

但有些人就喜欢那些艺术范儿的法国片、意大利片，不过受众很小，对吧？而且我都不知道该怎么征税。或许可以对美国发行商与外国片方签订的合同价值征税——比如某美国公司花百万美元买下意大利电影在影院或Netflix的美国发行权时。

But, you know, there's some people that like these artsy French films, Italian films and, you know, they're not very big, right? So, and I don't even know how you tax those. I mean, maybe what you could do is if a foreign film is going to be distributed in The US and The, a US company signs a deal, a district distribution company to distribute an Italian movie in The Us. I suppose you could put a tariff on the value of the contract. So let's say I pay an Italian company a million dollars for the rights to their film to distribute it in theaters, or let's say on Netflix, and I pay an Italian company for the streaming rights in The US.

理论上可以对这类交易征收关税，比如要求Netflix按流媒体版权费的百分比缴税。但这筹不到多少资金，因为关税只能针对发行协议而非整部电影预算。况且票房大片多是美国本土制作——娱乐业可是我们少数仍保持贸易顺差的产业之一，对吧？

I suppose you could tariff that some somehow you could say Netflix, you got to pay this tariff, as a percentage of what you paid for the right to stream this movie or show this movie, right? But it would raise a lot of money because it's it, you know, it's not on the whole budget or the whole production because you can't tariff that, right? You're just tariffing this deal, the distribution deal, but most of the movies with all the box office are Us companies that are producing these movies and America. We're exporting these movies. One of the industries that we still have a surplus in is entertainment, right?

全世界都喜爱美国电影、美国音乐，我们通过向全球销售电影和音乐赚取了大量收入。这是个伟大的产业。唐纳德·特朗普为何要搞砸它？但他想表达的是，太多制作环节在其他国家完成，对吧？比如在加拿大实地拍摄，或在加勒比海地区，又或是在欧洲取景。

The world loves American movies, American music, and we earn a lot of money selling our movies and our, you know, music all over the world. So it's a great industry. Why would Donald Trump wanna screw that up? But what he's saying is too much production is being done in other countries, right? They're shooting on location in Canada, you know, or they're shooting somewhere in The Caribbean or they're shooting in Europe.

有时候确实需要实地拍摄，毕竟电影本身的需求，对吧？如果要拍一部关于欧洲的电影，在欧洲实地拍摄是合理的。这样场景才能与故事情节匹配。

Now, sometimes you need to shoot on location because that's, you know, the films, right? They're they're they're if you're doing a film about Europe, it's good to actually shoot it in Europe. Right? Right. So it makes sense you would have a location, that would match the storyline.

但特朗普的意思是希望所有拍摄都在美国完成，比如在摄影棚内。可如今我们已不再拥有旧式片厂体系——不再所有场景都在棚内拍摄，多数内容都是外景实拍，而非像1920年代那样在录音棚里完成。这要怎么征税？难道要说'好，你预算中有百分之多少花在了海外'？比如在加拿大拍了部分镜头，雇了加拿大音效师或灯光师，或是用了加拿大演员。

But I mean what Trump wants to do is he wants all the filming to be done in America like on a studio back lot that we know, we don't really have the studio system anymore where we film everything, you know, on a lot, you know, most stuff is shot remotely on location, not not in a studio a soundstage like the 1920s. But how do you even tariff that? Because you're going to say, okay, you know, whatever percent of your budget was spent overseas. You shot some of that movie in Canada. You hired some Canadian sound guys or lighting people, or maybe you had a Canadian actor.

难道这也要缴税？毕竟这不是进口行为。关税针对的是进口产品。如果你去加拿大支付演员、摄影师、化妆师的费用，钱是在加拿大花的，没有进口任何东西。电影本身还是在美国制作的，属于美国影片。

Are you supposed to pay a tax on because you're not importing it, right? A tariff is paid on a product that's importing. If you actually go to Canada and pay actors and cameraman and makeup people and you pay them in Canada, you haven't imported anything. Now, the movie itself is being made here in America, right? It's a US film.

只是部分镜头在其他国家取景而已，最终成品还是会带回美国。通常剪辑、音效等后期都在本土完成——当然有些环节也可能在国外处理。

They're just shooting some of it on location in other countries, right? They still bring it back. They generally do the editing, the sound. A lot of that stuff is done here. Although some of that could be done up there too.

制作可能遍布各地，但资金来自美国公司。这根本无法征收关税，因为没有进口行为。就算对影院征税——比如规定观众在美国看电影时，若影片在国外拍摄就需缴税——那也不是关税，而是联邦消费税，根据海外预算比例计算。但这简直荒谬，对吧？

I mean, they do it all over the place, but the money is raised. The company, these are American companies that are making these movies, but there is no way to tariff them. There is no import. I mean, even if you put a tax on the theater, like at the box office, if you said you're if you go to see a movie America, we're gonna tax you if the movie that you're watching, was filmed in another country, but that wouldn't be a tariff. That would be a federal excise tax on movies and the tax would be based on the percentage of the budget, I guess that was spent outside The United States, but this would be asinine, right?

这种政策只会增加美国公司的制片成本，最终转嫁给观众。现在Netflix等流媒体已经够艰难了——埃隆·马斯克还在带头抵制Netflix。就像我在播客提到的，迪士尼去年又把流媒体价格提高了20%左右。如果美国政府因内容非本土制作就对流媒体权征收消费税，他们还得大幅涨价。显然特朗普完全不了解电影产业——公司去海外拍摄要么是剧情需要，要么就是为了降低成本。

This, I mean, all this would do, would, it would run up the cost of, for American companies to produce films. And they would have to pass on that cost to the ticket buyer, You know, the streaming services Netflix, I mean, they're having enough trouble now, you know, with Elon Musk leading a drop neck Netflix campaign, but all these, and I just mentioned on my podcast, you know, Disney, you know, just jacked up their prices again over the last year by another 20% or something for their streaming, but they'd have to jack them up a lot more if the US government imposed some kind of excise tax on their streaming rights because they were streaming a content that wasn't produced or filmed here in The United States, but clearly Donald Trump doesn't know anything about the industry, right? The motion picture industry or why I mean if companies are filming parts of their movies abroad, why are they doing that? Because either it's important that it be there for the storyline or they're saving money. They're reducing their production costs.

嗯，这不就是他们该做的吗？作为一家公司生产产品，理应尽可能高效地制造。如果通过外包和部分海外生产能提升效率，那就该这么做。因为归根结底，美国本土的利润在增长。无论电影产业在做什么，他们都做得不错。

Well, that's what they're supposed to do, right? If you're a company and you are producing a product, you're supposed to try to make that product as efficiently as possible. And if it can be made more efficiently by outsourcing and doing some of it in other countries, then that's what you do. Because the bottom line is more profits are being generated here in America. Whatever the motion picture industry is doing, they're doing a good job.

他们赚得盆满钵满。不过，我可不认同现在很多电影和影视行业里那些'觉醒主义'的糟粕。这帮人都是社会主义者，却不懂自己的虚伪——他们明明在资本主义体系里混得风生水起，对吧？他们可能不喜欢资本主义经济体系，但绝对精通如何从中牟利。记得马克·鲁法洛，那个左翼大牌演员，我针对他的言论引发了不小反响。

They're making a bunch of money. Now, I don't agree with a lot of the woke crap that's going on in a lot of these films and a lot of the movie industry. They're a bunch of socialists, but they don't understand the hypocrisy because they're doing well in capitalism, right? They may not like capitalism as an economic, you know, system, but they sure as hell know how to profit from it. You know, I had a lot of, I guess traction on a comment, Mark Ruffio, you know, actor big, you know, left wing guy.

他在X平台上发表评论，关于利润问题，说政府需要干预——具体是什么惹恼他们我记不清了。他说这太糟糕了，他们不该收这些钱。而我呢，用讽刺的口吻'赞同'了他。

He made a comment on X, about, profits and how the government needed to do something because I forget exactly what got them all upset. And he said, this is terrible and they shouldn't be charging this money. And and I I basically sarcastically agreed with him.

我算不上技术专家，但我知道要想让生意火爆，必须立刻建网站。幸好Bluehost让这一切变得简单。我用AI工具按需定制、优化并实现了流量变现，几分钟网站就上线了，简直难以置信。

I'm no tech genius, but I knew if I wanted my business to crush it, I needed a website now. Thankfully, Bluehost made it easy. I customized, optimized, and monetized everything exactly how I wanted with AI. In minutes, my site was up. I couldn't believe it.

他们的搜索引擎工具还帮我增加了访客量。无论你的兴趣项目是什么，Bluehost都能帮你搭建。有30天退款保证，还犹豫什么？立即访问bluehost.com（拼写为blueh0st.com）开始吧。

The search engine tools even helped me get more site visitors. Whatever your passion project is, you can set it up with Bluehost. With their thirty day money back guarantee, what do you got to lose? Head to bluehost.com. That's blueh0st.com to start now.

现在来Menards还能赶上庭院景观项目大促销。用我们大量现货的水泥砖打造惊艳露台和坚固挡土墙，今日即可提货。通过店内或menards.com上简便的设计采购程序，快速获取免费估价。别错过每周促销传单，立即选购景观砖开始省钱。

There's still time to say big on your landscaping project at Menards. Create stunning patios and strong retaining walls with our huge in stock selection of concrete blocks ready to take home today. Plus get free estimates fast with our easy to use design and buy program in store or on menards.com. Don't miss out. Check out our weekly flyer and start saving on landscape blocks now at Menard.

在Menards省大钱。我当时说：我同意你的观点，电影娱乐业也该如此。我认为享受娱乐是基本权利，所有人都该有权利获得娱乐。我们理应拥有享受喜剧的权利。

Save big money at Menards. And I said, I agree with you. And I think the same should apply to motion pictures and entertainment. I said that being entertained is a right, that all people should have a right to be entertained. We should have a right to comedy.

我们理应拥有享受戏剧与些许刺激的权利。要知道，生活本就枯燥乏味，我们每个人都值得获得娱乐消遣，而这种娱乐不该只为富人专享。人人都应平等享有娱乐资源。我认为这些都应该由政府来提供，对吧？

We should have a right to some drama and some injury. You know, I mean, life is boring and tedious and we all deserve, something to entertain us and it's not fair entertainment. Shouldn't just be for the rich. Everybody should have equal access to entertainment. And I said it should all be provided by the government, right?

而不是由那些唯利是图的贪婪资本家来操控。政府应当制作所有娱乐内容并免费向公众开放。我还说过，所有演员的薪酬应该和我们邮政员工的工资持平，明白吗？演员凭什么赚那么多钱？这只会推高老百姓的娱乐成本。

Not by some profit, you know, greedy capitalists. The government should produce all of the entertainment and make it available for free. And I said, all the actors should just be paid, you know, the same wages we pay our postal workers, Right? Why should actors make so much money? It just drives up the cost of entertainment for the people.

所以我坚持认为，没错，我们演员不该赚取数百万美元。他们应该和其他政府雇员同工同酬，对吧？政府应该包办所有娱乐产业，免费提供给所有人，这样就不会只有富人能享受，也不会有人靠拍电影发财来剥削我们。我揭露过电影公司赚取的暴利——这些都是建立在压榨普通民众基础上的，不是吗？

So I was like, yes, you know, we actors should not be making millions of dollars. They should just make the same wage as other government employees, right? The government should produce all the entertainment and make it available to everybody for free so that it's not just enjoyed by the rich and people aren't exploiting us by getting rich, making movies. I talked about, you know, how much money the movies companies are making. It's all exploited on the backs of the people, right?

我当场就用他自己的社会主义理论回敬，让他看清什么叫虚伪。好莱坞这帮人靠演戏赚得盆满钵满，多少人都梦想能靠扮家家酒发大财？他们做的事我们小时候都免费玩过，对吧？

I really let him have it right back with his own socialism to show him what hypocrite is. You know, these guys in Hollywood make so much money play acting, right? How many people would love to be able to make all that money just playing dress up, right? They do what we all would do for free, right? We all do as kids, right?

这些人把我们的童年游戏当职业。我们小时候玩过家家和角色扮演，他们现在靠这个吃饭，还赚得天文数字。可他们一边被资本奖励着，一边痛恨资本主义。你觉得在共产主义体制下他们能赚到这些钱吗？

These guys do for a living what we did as kids. Right? We paid make believe and dress up and, you know, they do that, and they get paid to do it. And they get paid a ton of money to do it, yet they hate capitalism when they are being rewarded. You think they can make any of this money in a communist system?

当然不能。他们之所以能赚大钱，正是因为观众真心喜爱他们的作品，愿意花几块钱买票。他们收入丰厚是因为数百万观众每人贡献几块钱，同时他们也在丰富大众的精神生活——当然自己也致富了，这就是市场规律，不对吗？

Of course not. But the reason they're able to make all this money is because people actually enjoy what they do, and they're willing to pay a few bucks to watch these movies. And the reason that they make so much money is because so many people contribute a few bucks and because they are, you know, enriching the lives of so many people. Oh, well, they get rich themselves. That's the way it works, right?

这就是资本主义的美妙之处。可悲的是，某些资本主义的最大受益者既不领情也不理解它。更糟的是，唐纳德·特朗普似乎也不懂——尽管他在现行资本主义体系下如鱼得水。他不仅不懂资本主义，连关税都不明白。居然妄想对电影业加征关税，企图在海外拍摄更经济的情况下，硬逼电影公司回美国拍摄来重建这个产业。

That's the beauty of capitalism. It's just unfortunate that some of the biggest beneficiaries of capitalism don't appreciate it and they don't understand it. But unfortunately, Donald Trump doesn't seem to understand it either, even though he did very well under at least whatever version of capitalism we've got. But not only does he understand capitalism, he doesn't understand tariffs. The fact that he thinks he can tariff the movie industry, that he thinks he can, you know, recreate this industry and force companies to film in America when filming in other countries, is more economical.

现在的问题是，你可能会问为什么，为什么一些本可以在美国进行的生产却转移到了其他国家？这才是关键。唐纳德·特朗普能做些什么？原因何在？

Now, the question is you could say why, why is it that some of the production that could be done in America? Why is it being done in other countries? That's the key. And what could Donald Trump do? What is the reason?

究竟是哪些地方性法规——无论是劳动法规还是其他许可——以及政府行为推高了国内生产成本，使得这些公司在海外生产反而更便宜？看，这才说得通。要找出政府如何推高生产成本的政策，然后扭转这些政策，让市场回归自然状态，对吧？如果我们能减轻那些人为抬高成本的政府负担，企业在考虑生产地点时，就可能选择美国。这才是正确的做法，而不是试图通过威胁、霸凌或勒索手段，比如扬言要对农产品征收100%的关税——更何况你甚至没有权力实施这种关税。

What local regulations, whether they're labor regulations or other permits, what are governments doing to run up the cost of domestic production so that it's actually cheaper for these companies to produce abroad? See, that would make sense. Trying to figure out how the government is driving up the cost of production and then reverse those policies and then allow a natural, right? Now companies now, if we can reduce those government burdens that artificially run up the costs, now when they're figuring out where they want to do something, they may do it in The United States. That is the way to do it, not try to threaten them or bully them or extort them by talking about 100% tariffs on farm moves that you don't even have the ability to impose.

要知道，如果他想征收这些关税税，必须经过国会批准。他不能试图以某种紧急情况为由强行推行，或者包装成某种关税措施。我不知道，也许他的顾问会告诉他：嘿，不好意思，先生——

You know, if he wants these tariff taxes, Congress is gonna have to pass them. He can't try to, you know, squeeze them in, as some kind of an emergency and try to, you know, couch it as some kind of tariff. I don't know. Maybe his advisors are going to let him in on this. Hey, excuse me, Mr.

总统先生，这事行不通。您得放弃这个电影关税的想法。我知道您几个月前提过，我们当时就告诉您不可行。结果您又在真相社交平台上旧事重提。真的不行，因为我们确实做不到。

President, can't do that. You gotta forget about this movie tariff thing. I know you mentioned it a few months ago and we kind of told you that we couldn't do it. And then, you know, you just posted it out again on truth social. You gotta, you know, ixnay on that because, you know, we really can't do it.

对吧？所以别再提了，低调处理，继续前进吧。我不知道幕后发生了什么，但这充分说明他居然认为关税是这样运作的，整件事有多荒谬。如果他不理解关税机制，也就难怪他会以为是中国人在给他付钱，印度人在给他付钱。

Right? So just drop that, keep it on down low and, you know, move on. I don't know what's going on behind the scenes, but it just really shows you, how ridiculous this whole thing is for him to actually think that that's how tariffs work. And if he doesn't understand why how tariffs work, that's why he thinks that the Chinese pay him. That's how he thinks that the Indians pay him.

不是吗？如果连关税都不懂，自然搞不清谁在买单。他以为这些都是天上掉下来的免费收入，却没意识到这些钱实际来自美国人民自己。而承受最沉重打击的，恰恰是他声称要捍卫的群体——中产阶级，对吧？这本该是他要帮助的劳动者群体。

Right? He doesn't if he doesn't understand tariffs, it makes sense. He doesn't understand who pays him. He thinks it's all this free revenue that's raining down on him and it, you know, doesn't realize that the source of the revenue are the American people themselves and the people who are absorbing the hit the most, the ones who are the hardest hit are the very people that he's claiming the champion, the middle class, right? That's who he's supposed to be helping the workers yet.

可他却用这些关税重创了他们。好了，今天的播客就到这里。再次提醒，我将主持周五的黄金市场总结节目，别忘了收听。如果你还没订阅《主权转移》时事通讯，请务必订阅。

He's clobbering them with these tariffs. Anyway, that's it for today's podcast. Again, I'm going to be doing the shift gold Friday Market Wrap. So don't forget to tune in for that. Also, make sure and subscribe if you're not currently a subscriber of the shift sovereign newsletter.

你必须注册。我们即将发布一些非常精彩的内容。随着这场政府停摆风波持续发酵，我确信我们会有更多相关报道。所以请务必阅读我们在shiftsovereign.com发布的所有内容。再次提醒，别忘了订阅这个频道。

You've got to sign up. We've got some really great content, that is coming out. I'm sure we're going to have a lot more to on the government shutdown as, this saga continues. So you wanna make sure to read everything, that we put out shiftsovereign.com. Again, don't forget, subscribe to this channel.

仍在努力达成60万订阅用户的目标。这个里程碑看似遥不可及，但希望终有一天能实现。要知道，我们已经很接近了，只差不到5000人。下周我将带着更多播客节目回归，请准时收听并推荐给你的朋友们。

Still trying to get to 600,000 subscribers. It seems like it's an impossible, milestone, but hopefully I'll get there. One day, you know, we're under we're close. We're fewer than 5,000 away, and I will be back again next week, with more podcasts. So make sure to tune in and and tell your friends.

暂时先到这里，再见。

Bye for now.