Open Book with Anthony Scaramucci - America's Inequality Crisis, Trump v Powell, Global Instability, Venezuelan Oil & Bitcoin?

Episode Date: January 14, 2026

In this conversation, Michael and I dig into a world that feels like it’s coming unglued—regime change risks abroad, populism at home, and a Federal Reserve under political pressure. We discuss in...equality, hard assets, Bitcoin, and why markets continue to rally despite the ground under American democracy feeling less stable than it should. Michael Novogratz is the Founder and CEO of Galaxy Digital. He was formerly a Partner and President of Fortress Investment Group LLC. Mr. Novogratz served on the New York Federal Reserve’s Investment Advisory Committee on Financial Markets from 2012 to 2015. He serves as the Chairman of The Bail Project and has made criminal justice reform a focus of his family’s foundation. Follow Anthony on X: ⁠⁠⁠⁠⁠https://x.com/Scaramucci⁠⁠⁠⁠⁠ Follow Novo on X: ⁠⁠⁠⁠⁠https://x.com/novogratz⁠⁠⁠⁠⁠ Anthony Scaramucci is the founder and managing partner of SkyBridge, a global alternative investment firm, and founder and chairman of SALT, a global thought leadership forum and venture studio. Learn more about your ad choices. Visit podcastchoices.com/adchoices

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Starting point is 00:01:37 even though they only represent less than two and a half percent of the overall residential housing purchases that are going to be scapegoated. We have an administration that's threatening the Federal Reserve Chairman with a criminal prosecution. The only story that we're going to tell for the next 10 years is inequality in how we deal with it. We're in the gilded age. We haven't seen inequality like that in our lifetimes. And it's getting worse by the day. And the people in power have done everything they can to continue to skew it that way. Welcome to all things markets with me, Anthony Scaramucci. And I'm Mike Novigratz. All right. So Michael, we are back. Okay. Another wonderful day of great activity and news. I want to start with Venezuela, if you don't mind. Okay,
Starting point is 00:02:24 sort of where we left off last week. So the president is pushing for oil companies to invest a hundred billion dollars in Venezuela. And there's also some notion that Venezuela may have a Bitcoin stash. I don't know if that's true or not of what you've heard. A lot of rumor. A lot of rumors about that as well. And we know they have gold. Let's start there, though.
Starting point is 00:02:45 You know, I think one thing that the president did overlook is the trust deficit, though, right? I mean, there's a huge trust deficit. We put all these sanctions on them. And now we're saying, okay, well, we're done with the sanctions. We want you to spend billions of dollars of capital. all, which ties up your capital for 10 to 15 years, go back in there. What say you?
Starting point is 00:03:04 So what you will, what I hope happens and there's a, I don't know, 25% probability of this is what happens, is that we allow the VP to stay in power for three to four months with the U.S. monitoring military and, you know, keeping stability. so there's not just a chaos. We have elections, free and fair elections are the best you can, where the U.S. is a monitor. The Maduro party gets voted out unanimously, and they will. And the new president, either the Nobel Prize winner or her competitor in the last election, emerges as the new president. and we're still there to make sure the military stays in shack and that there's a peaceful
Starting point is 00:04:02 transfer of power. If that happened, I think capital will flood in. I actually have been plenty with my friends trip down there to look at opportunities. I think capital will flood in. The idea that we're going to hold a illegitimate government where the people don't like the government at all. We're capitalists don't like the government at all. And we're going to hold a gun to their head to do what we won. And people are going to want to invest is assonite. It's not clear thinking. And so when you hear Marco Rubio talk, and I don't like Marco Rubio, I'll be clear on that. But he at least in one interview outlined the agenda that I just gave. Hey, we're going to have fair and fair elections. For the future of this podcast, he used to be called the viceroy of Cuba,
Starting point is 00:04:55 Mike Novogratz, okay? We're going to call him the vice right. How does that sound to you? Yeah. I'd like to headbut the viceroy. Me and him in a ring, put us together. I'll even put one hand, arm tie behind my back, and I'm 61. I'm, you know, no, you're a vigorous 61. You're a former wrestler. I wouldn't take you on. You're the kind of guy. If I saw your girlfriend and the bar, I'd say, let me move away from those two. We'll go back to this. I mean, don't you need a legal structure in Venezuela before Mike Nogras put his capital in it? Why I was very clear, if we get a free and fair election, or at least a decent election
Starting point is 00:05:37 and a non-socialist, non-Moduro party candidate wins, there will be tons of capital that takes the risk that this is a new regime, especially with the U.S. backing it. What is crazy is Machado. Her policies are so free market. Like, this is what every Republican should love. And so, like, I do think that transition is when you will see people start thinking, hey, this is really a place to invest. You'll have some investment beforehand anticipating that.
Starting point is 00:06:17 But if we keep the old party in place, nothing changed. You know, she may be a capitalist, but is President Trump a capitalist? We're going to have a 10% cap on credit courts. We're going to stop the private equity firms from buying into the housing. So he's a populace right now because he's got midterms coming up and his polling is terrible. this ice theasco in Minneapolis could not have come at a worse time for his poll numbers Americans don't appreciate mass guys shooting people
Starting point is 00:06:53 and you can look at the video like we all have eyes we all watch the video the Republican or the MAGA side is speeding it up on like eight acts to say well look how fast the car was driving you know like we're not stupid and so I think you're going to continue to see the president
Starting point is 00:07:11 I mean, this idea of 10% cap on credit cards is word for word from Bernie Sanders. Right. Frankly, to be really clear to the listeners, the executive side doesn't have any authority on the interest rates and credit cards. That would be a piece of legislation. Bernie's been trying to pass it for a couple of years. Right. Well, I mean, you know, and I've said this to me when I work for Donald Trump,
Starting point is 00:07:33 we used to go to Bernie Sanders rallies because they were more or less saying the same thing and they were more or less attracting the same people. Populism, it sort of goes 180 and then it circles around and meets each other at the other side. But, Mike, I want to talk to you about this for a second, okay, because this is from realtor.com. And I want you to really think about it before you answer. The average price of the home, the median price, the middle point of the price, I should say, is $432,000. If you want to buy that home and you don't want to be house poor, Michael, you got to make a minimum of them, $131,000 a year. The median income in the United States is $84,000. We're $50,000 away from
Starting point is 00:08:21 that mark. So that means half the people, if they're pushing themselves to buy a home like that, they're missing dental appointments, they're missing medication, they're missing a few, they've got hand-me-down clothing. So step back and answer the question for me about that. that and populism because I understand what the president wants to do. I'm going to give him credit for trying something. But is it the right thing? The only story that we're going to tell for the next 10 years is inequality in how we deal with it. Right.
Starting point is 00:09:00 We are in the Gilded Age. We have never seen any in our lifetimes, right? The last time we signed inequality like this was the Gilded Age, right? We haven't seen inequality like that. our lifetimes. And it's getting worse by the day, right? Elon must be becoming a trillionaire at one point. That's just symbolic of just how bad the inequality is. And the people in power have done everything they can to continue to skew it that way. Part of it was the natural evolution of this technology revolution that we had. And so let's not even blame people why it's there.
Starting point is 00:09:34 Let's just assume it's there. How we deal with that is going to literally determine, you know, Is America a wonderful place to live or not? I want to make you economic, Zor. How would you deal with it? It's complicated, right? So first of all, you have to observe the problem. We have a real inequality problem. We have, we're already $40 trillion in debt.
Starting point is 00:10:00 And so we just can't keep giving away money. So we need to tax more or at least have a tax system that's fair. Right? Like, what would I do on tax? I'd start thinking of things like step up basis. Forget about it. Like I'd start with the premise of like what do Americans think is fair? Like what goes into the DNA of Americans?
Starting point is 00:10:22 Like as much as conceptually a wealth tax makes sense, it's not an American thing. We have real estate taxes already. That's a wealth tax. But I wouldn't start with the wealth tax. I would capital gains and income be the same level, right? I'd have a total cap on total taxes. between federal, state, and local at 50%, and all one should give away more than 50% of their income.
Starting point is 00:10:46 I would make Gratz illegal, right? Like, so what's a grad? Grat is a way that I can put assets in a trust, in a pre-trust, have those assets appreciate, and have all the appreciation go into a trust for my children, never having to pay the inheritance tax. I would lower the inheritance tax to some level, but have no exceptions.
Starting point is 00:11:11 So instead of it being 50, 60%, maybe it's a 25% inherited this text, but everyone has to pay it. That's an American ideal, right? That everyone gets a fair shot. We all start on the fair, the same starting line. And we created this country
Starting point is 00:11:26 not to be a monarchy, right? Like in England, in the aristocratic families, they still have, the oldest son gets everything so you keep the concentration of wealth. Like I was shocked when I found that still exists in 2020 or 2006. You know, that's not an American ideal. And so I think there's a lot of things we can do just under fairness that will raise a lot of taxes. And in the other side, you have to cut spending.
Starting point is 00:11:57 You have to be smart of where you spend. Like Trump is going to increase military spending by a trillion and a half dollars. Like that's insanity. It's insanity. We The money we're spending on ice is insanity Listen, Obama deported three million people During his term without ice
Starting point is 00:12:17 You know, it's a new budget ICE's budget's now bigger than the Marines And so this performative Spending and You know, we brought in Elon Musk to cut Waste, fraud, and abuse and he failed. He did zero. And now he's tweeting like a maniac, you know,
Starting point is 00:12:35 about how much waste, fraud, and abuse. it is. When he was there, he did nothing because he was unhinged. Right. And so what is frustrating to watch and like we're in a week where Iran could fall in Venezuela is in the process of falling, two stunning successes for any president, two defining successes for any president. And Trump is polluting them all, polluting his winds with horseshit, horseshit with ice, horseshit with these populist laws
Starting point is 00:13:12 and he has no ability to... He's tweeting out that he's acting president of Venezuela. Did you see that on Truth Social? He's got a picture of him and says he's acting president of Venezuela. He's going to tweet out when he picks the next Fed chair, he's going to tweet out on the acting Fed Sheet. He let the payroll numbers out early
Starting point is 00:13:32 and say, someone asked them about him, he says, hey, when I get the numbers, I tweet him. Like, no regret, no all in a mistake. I mean, it's like we're, we've moved into the insanity. The, the, the, the, there was a New York Times interview, five New York Times reporters interviewing him. It's on video. And so he wanted it out there.
Starting point is 00:13:56 And it literally is a man who thinks there's no boundaries and who's just waxing. poetic like a, you know, it's, it's almost like the movie, uh, King Lear or the play King Lear, uh, or Ron was the great Japanese version of it, where the man, the king goes mad and we've got the mad king. And none of the people around him, Susie Wiles or J.D. Vance or Peter Teal or any is saying a damn thing because they're either benefiting or scared or their policies are being enacted. And so finally, you had Tom Till, and so finally had Tom Till, Hillis said, no, no, no, no, no, no.
Starting point is 00:14:35 We're not doing this with Chairman Powell. I'm not going to approve anybody for Fed Governor or new chief, and you need me. So you want to try to bring up bogus charges on the current Fed governor to pressure him to move rates? Not on my watch. So we finally had a Republican, of course, he's not running again, with Stones, who said enough. there have been so few Republicans who have put themselves in harm's way to say this is an American, this is not what I believe in. And again, I'm giving Trump all the credit for the shit he's doing that's good.
Starting point is 00:15:11 But the stuff that he's going that's bad, we've, and I think this last two weeks, in some ways, is the beginning of the end. I think Jady Vance's career is kaput after his performance on the Minneapolis stuff. He looked like just a buffoon. I've been saying that for six months. I mean, Trump will put him through the woodshipper. He's not going anywhere. But go back to the markets for a second because you got a couple things here because I know you look at this stuff. 9.3 million Americans, 5.7% of the workforce now hold multiple jobs.
Starting point is 00:15:50 Okay, that's the highest number in the nation's history, okay? since we've been recording this. So the country is struggling, Michael. Okay, now the haves are not struggling. I understand that. But the have-nots are struggling, and they come after the haves eventually. So square that with what's going on in the stock market and the overall market. It's the same thing that happened during the Biden administration.
Starting point is 00:16:15 The economy numbers, the macro numbers were okay, and the stock market ended on the highs, but most people in America didn't feel it. and it's just the same thing in the Trump administration. Stocks all-time high today. Looks like they're going to break $7,000 on the S&P and we're going to go much higher, right? Economy is strong. I think it's going to get stronger.
Starting point is 00:16:37 And most Americans don't feel it. Affordability gets harder and harder and harder. And again, you asked me earlier on, what do you do? You, there's going to, we already have UBI in America, right? Like, we're not a complete capitalist society, right? Between federal, state, local, we're about 35, 40 percent in tax that gets spent on people. We need to learn how to spend that much more efficiently. I would love a more direct transfer of wealth to people, not through the government, but directly. It's one of the things that crypto wallets could help with. But I think we're
Starting point is 00:17:22 going to need some version of UBI in this transition into this AI world. We haven't even talked about what AI is going to do. It's a complicated world. It's going to get more complicated. And we have politics that don't allow nuance. So if I sat in, I'm in the war room with you. I'm going to take you back to your days at Fortress and you're a macro trader. And I sit down with you and I say, we've got.
Starting point is 00:17:52 risk of regime change in Iran, and again, risk or opportunity, let's say more opportunity potentially than risk. We have intervention by the federal government into private equity, even though they only represent less than two and a half percent of the overall residential housing purchases that are going to be scapegoated. We have an administration that's threatening the Federal Reserve chairman with a criminal prosecution. Okay. You and I have a, we're talking about Lloyd Blankfine's book. When I finished his book last week, I was like, well, that was a rules-based world. And it was still a crazy world. But now we're in a post-rules-based world. But I'm in the investment meeting with you. And so what are the
Starting point is 00:18:38 right things to buy, Mike? Listen, it's why people are selling the dollar. They're buying gold. They're buying silver. They're buying copper. Right. Hard assets. Real estate, right, is a hard asset. You want to be in hard assets. You want to be nimble. I was talking to one of my friends who also has four kids, and I was like, you know, our kids are lucky that their dads spent their whole careers preparing themselves for chaos because managing family wealth in the next 15 years is going to be brutal. Like, I just gave you what I think is the right portfolio.
Starting point is 00:19:15 That could change, right? What goes wrong in the first quarter to that portfolio? you know what everyone's already getting leaning short the dollar u.s economic data picks up much stronger than you think pal stays he pals the fed share for a couple more meetings and he doesn't cut rates and even though we all think kevin warsh or kevin has it or or rick reader is going to be a do do the president's bidding dove they look at the world they're like yeah i i i just can't i can't i can't cut rates uh and all of a sudden the dollar rallies
Starting point is 00:19:51 That's not my base case, but I could easily see that happening. And so I think we're going to be in this hyper volatility mindset. Maybe the vol numbers don't see hypervall. We're going to have to be very quick to be able to pivot and change as the facts change. But right now, we're printing too many dollars. We have too much debt. And we're going to debase the currency. And so that's gold, silver.
Starting point is 00:20:20 hopefully Bitcoin at one point if it ever eats through all these sellers. What's so frustrating about being a Bitcoiner is I told this story eight months ago, six months ago and four months ago and I said, hey, you got my gold, silver, and I had some gold, some silver, and a lot of Bitcoin.
Starting point is 00:20:41 I should have had a lot of gold, a lot of silver, and a little Bitcoin. Like Bitcoin didn't work. I mean, but yeah, but Bitcoin has outperformed gold over two years. underperformed by 45%. I'm talking about this last chapter of real six months. Yeah. And I think that's because a bunch of whales are selling,
Starting point is 00:20:59 and I believe we'll eat through them at one point and then we'll play catch up. So, but Mike, I want you to think about this for a second because you're saying something that it's hard for me to believe. And I'm also saying it, by the way, I think you and I have been anesthetized by what's going on, said different
Starting point is 00:21:20 if it was 1995, and you and I are at Goldman Sachs, and Bill Clinton said he's bringing a criminal prosecution against Alan Greenspan because he's not doing his bidding. I think the markets would have had a totally different reaction to that. Yeah, I think you're so interesting. Are we anesthetized now of this new post-rules? I think the world has gotten used to the fact that half of what comes out of Trump's mouth is, a test balloon bullshit, right? You're not really going to, you know,
Starting point is 00:21:57 this is going to be a show trial, but Powell will be out way before even there's a hearing, and this is for politics and publicity. I mean, it's kind of rich. They're saying, well, you spent too much on rebuilding the Fed and you didn't have permission. And, oh, I just ripped down the whole East Wing without permission either.
Starting point is 00:22:22 I mean, like, the hypocrisy is, it would be funny if it wasn't our country. I mean, it's like we're literally in lunacy land. And, you know, we've a long way to go with somebody. Like, Anthony, you were there, right? At least for 11 days. Yeah, but I was there for a year. You know, my mistake was that I didn't, you equivocal, you keep moving the goalpost, Michael. You understand what I'm saying? And we're doing that economically. Our economists are
Starting point is 00:22:55 doing that. Our Fed watchers are doing that. We're saying, okay, that's not normal, but let's move the go coast because maybe 75% of it won't happen. 50% of it won't happen. But what if some stuff really starts to happen? Well, the question is, are we at that? What was in the famous trial, McCarthy, he said, is there no decency? Are we at that moment with what we just saw in Minneapolis? What we're seeing with Trump's behavior where Republican senators are going to say, Republican congressmen are going to say, I'm going to D.C. in about an hour to ask a lot of these questions. Are we at that point where they're going to say, this is not America? Because it really becomes a Republican and business community responsibility to at one point,
Starting point is 00:23:43 say, we push the goalpost too far. Like, we've got to push them back. So just so you know, it was Joseph Welch's question to McCarthy in 1954. He turned to McCarthy and said, have you no sense of decency, sir, at long last? Have you no sense of decency? If you have done enough. Have you no sense of decency, sir, at long last? And just a reminder, Harry,
Starting point is 00:24:13 Truman despised Dwight Eisenhower, despised him. He loved him during the war. He made him the Supreme Commander of NATO after the war. But Truman could not understand how the Republican president, five-star general with all of his power, didn't put down McCarthy. And so he allowed McCarthy to continue to bubble up. And, you know, so here we are. Will that happen here?
Starting point is 00:24:43 I were, you know, we'll see. I'm going to, next week we'll talk about what I learned in D.C. The obvious answer is probably not because it hasn't happened until yes. It did feel a little different over the last few days. Like I think, I haven't seen the recent polling on what people think about Minneapolis, but I would bet you a super majority of Americans, i.e. 70 plus percent are disgusted by it. And that doesn't vote well for, you know, the MAGA cause.
Starting point is 00:25:21 And, you know, listen, Trump's not, Trump's an amazing politician. He will, he will, if he asks you, he'll throw Christine Ome under the bus, he'll pivot, he'll, you know, like he. And so that doesn't mean, you know, it's a knockout blow by any stretch. we got a lot of rounds before the midterms, let alone before his term is out. But what scared me, Anthony, was the first time in my life, having watched all the different CNBCs and Foxes
Starting point is 00:25:51 and of these Republicans and Democrats looking at the exact same picture saying completely different things. And like, are you guys insane? Is that there is a higher chance that I ever thought it possible that we're going to have the midterms and one team's going to win by a lot
Starting point is 00:26:10 and the other team's going to say, oh, those results don't count. You guys cheated. And they're going to fly in the FBI and they're going to take the voting machines and say, oh, we just checked them ourselves. Or you guys did cheat. I mean, Trump Bernie said they made a mistake
Starting point is 00:26:22 not getting the voting machines in the 2020 election. And so I think that probably the possibility of us really losing democracy is higher than it's ever been in my life. Yeah, listen. I mean, we're on. we're on a nice edge. And what I don't get about the markets is it's not factored in the markets. And I hope I'm wrong about it. And I hope that, you know, things normalize in some sense
Starting point is 00:26:48 of way, but it doesn't feel that way. But remember, remember when you're devaluing your currency, right, stocks go higher, commodities go higher, real assets go higher. So if you told me, the Iranian currency is going to be worth 70% less than a week. The stock market will go higher, not lower, because it's the no-shall. Right? I'm with you. So we're going to wrap here, but before we wrap, this is three rapid-fire questions. And it's a yes or no, the first one.
Starting point is 00:27:24 Anything happened this week that change your investment thesis on things like Bitcoin or gold or your macro thesis? No, matter of fact, in some ways, this instability help refuel the weak dollar. What's disappointing is I think people are giving up on the U.S. a little bit, but then they were like, oh, I can't come up to the U.S. because all the technology growth happens in the U.S. And so there's going to be a schizophrenia here for a while, but so not really. Nothing saves. Okay. And then the second question is what would have to happen for?
Starting point is 00:28:01 for there to be a catalytic upward move in Bitcoin that we haven't seen? I think technically we got to take out 104, 105 to stay there for a week. And then I think you'll see an amazing short recovery. Like, that could happen because we get HACIT and he says I'm cut raise to 2%. It could happen because Trump says, hey, we always said we were going to buy some Bitcoin as long as it was, you know, budget neutral. we're going to sell a little gold to buy Bitcoin, right? But what if, I mean, does Venezuela have any Bitcoin, or is that just a rumor?
Starting point is 00:28:38 So the rumor was that the way they were getting around sanctions, and I'm like besmirching Tether here, this is just rumor, was that they were using Tether. Tether was buying, you know, the Bitcoin, and they had accumulated this large stack of Bitcoin, and that it was being sold, moved offshore and sold to help for the defense and help for, you know, just moving it around in the last few weeks. I am, that's pure rumor. I think it's mostly fantasy. I have no idea, but I wouldn't, I wouldn't buy into the rumor. But there's no, there's no catalyst in your mind right now over the next two months, say, that drives Bitcoin higher, other than just the whale stopped selling.
Starting point is 00:29:28 the gamut trade sort of feed. Let me be really clear. One of the reason I'm going to D.C. is because this week we're supposed to get a vote on market structure on Thursday. And I want to go meet with a bunch of people, Democrats or Republicans, to make my pitch on why it's so important they pass this bill. I really do think it's important. I think it's important for Democrats because that takes crypto off the political dice. and so you're not going to have every crypto guy try to fund every Republican because they hate Gary Gensler, right? And this was supposed to be a technology platform.
Starting point is 00:30:06 It should be bipartisan. Like the internet wasn't Republican or Democrat, nor should crypto be. So that's my stance, and I'm going to try to make that loud and clear. If that bill passes, you are going to see in the next four months every major trade. company come rushing in. I was literally called or got an email on Thursday by the CEO of one of the
Starting point is 00:30:33 biggest banks in the world. Hey, can you fly to Europe and meet with me. I need to talk crypto. I was like, yeah, maybe. We are in partnership at Galaxy, we're in partnership discussions with four or five major
Starting point is 00:30:49 players. You saw Morgan Stanley came out with their announcement. It will not surprise me, if a J.P. Morgan like company is actually trading spot Bitcoin in the next three months, right? The headhunters are calling our guys to try to hire them to go to places that never thought they'd trade, not just the ETIP put the spot. So that could be the most seminal thing that you said. That is, that's not in the marketplace right now. And so hopefully people will pick up on that for more podcasts. My last, the third question, and the last question, if,
Starting point is 00:31:25 Mike Novogratz was up for the Fed chairmanship and he was watching his predecessor be potentially criminally indicted by the person who is appointing him Fed chair. Would he take the job? You know, probably not. Probably not.
Starting point is 00:31:46 Or you take the job and say, hey, listen, I really believe in the independence of the Fed and you're going to put me in this spot and I'm going to make the decisions I make. I'm scared that I wouldn't be scared that I'm going to get thrown in jail. I just don't think he'd pick me if I said that. And so one of the thesis that a really smart friend of mine said today is like, you know, I don't think Trump really wants to throw Powell in jail.
Starting point is 00:32:08 He wants to do this as a purity test to see of his three candidates who says what. Yeah, 100%. Well, he said that on CNBC this morning. I shouldn't watch you. I missed you. Yeah. Well, that's why I got the suit on, brother. I said, well, that's exactly what he's doing.
Starting point is 00:32:22 He's just trying to scare the daylights out of everybody. And then he wants to see who's going to still be with him. Because he wants to send out a tweet where he's the acting Fed share, like he just sent out a tweet where he's the acting president of Venezuela. I know the son of a bitch. I know what he's capable of. Let me ask you one last question before you cut me up. So you've had a pretty similar thesis to me.
Starting point is 00:32:44 Have your thesis changed? You got $100. How are you investing it? Well, you know, I'm with you on everything except for the weaker dollar. I had this conversation with Lee Cooperman in March of 2020. Lee called me and said the world's coming to an end. Lee Cooperman, the hardest working man in finance. Yeah, exactly, exactly.
Starting point is 00:33:08 And a former one of your partners at Goldman and a dear friend of mine, my old boss at Goldman, I said, Lee, you're being too bearish. They're going to ram down rates. And he says, no, no, the whole thing is going to unravel. We're going to be locked in this COVID thing forever. And I'm getting bearish. And I think the problem is it looks like the dollar should go lower. Okay.
Starting point is 00:33:31 And it may go lower temporarily and so forth. But the investments are still going to flow into the U.S. because it's the only game in town for growth, Mike. That's my only counterpoint or my counterfoil to what you're saying. All right. And Galaxy better do it. well because I got a lot of money at Galaxy. So I'll just leave you with that thought, okay?
Starting point is 00:33:52 We're working hard. Don't let us down, Novigrats. All right, we'll see you in the next episode. Thanks. When a country's productivity cycle is broken, people feel it in their paychecks, their communities, their futures. What does this mean for individuals, communities, and businesses across the country? Join business leaders, policymakers, and influencers for CGs national series on the Canadian standard of living, productivity, and energy.
Starting point is 00:34:18 innovation. Learn what's driving Canada's productivity decline and discover actionable solutions to reverse it.

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