LIVE: Trump LOSING BIG as WAR BACKFIRES AGAIN!!! 7/14/2026

This is Ben on breaking news. I'm Ben my. cell is and this is your breaking news. We have a lot to discuss moments ago. US. CENTCOM announced more strikes on Iran. We are currently monitoring what's. happening right there. These strikes. again appear to be a significant in. scope. Mostly targeting the coastal. areas in Iran. But we are you know. certainly seeing an escalation taking. place. You know we'll note that there is.

a lot of infrastructure being hit that. doesn't just always appear to be. military infrastructure. Um We're. covering that Iran's response. We're. covering Yeah like for example a water. and electricity infrastructure have been. hit in Kish Iran by the United States. Um You know Iran is striking back as. well and you know there is all out war. taking place right now in the Middle. East. Uh. The latest reporting that we're getting. is that uh Iran was able to strike a.

Kuwaiti Navy vessel. Um The Kuwaiti Army. is confirming that Iranian missile. struck a Kuwaiti naval navy vessel. What. you're seeing on screen right now is not. the naval vessel but another tanker that. Iran was able to strike off of Bandar. Abbas in the Strait of Hormuz. Donald. Trump claims that the US controls the. Strait of Hormuz. Yesterday Trump said a. 20% fee. A mafia protection fee to be.

paid to the Trump regime or Donald Trump. who knows for his protection over the. Strait of Hormuz. You see the protection. right there everybody? That's a tanker right there that was. loaded up uh to leave the Strait of. Hormuz. Did not use the IRGC route. Iran. struck that. By my count over the past 3. days uh Iran has been able to hit. somewhere in the range of five to eight.

tankers and hit them hard. I mean, these. are. for for those who are listening on. audio, I mean, you're seeing a massive. tanker sinking right now in the Persian. Gulf. Um and this is what Iran warned that it. would do. This is what their Sepah Navy, their IRGC Navy said they're going to. do. Um. Should be also be noted that moments ago. the blockade by the US officially went. into effect. The blockade that was. removed from the memorandum of.

understanding. um by the MOU is now back in place right. now. And uh Iran has previously stated. once that blockade is in effect that. they would consider shutting down the. Bab al-Mandeb Strait in the Red Sea. Um it should also be noted, you know, uh. Iran has released photographs of what it. is saying are locations that it struck. um in Bahrain, in Kuwait, uh in off the.

coast of Oman, uh in the UAE, uh in in in in the surrounding in the. surrounding Arab nations, um. in Qatar. And so they've released these. photographs and one of the things that. has been deeply decon- disconcerting to. me, frankly, you know, as as a reporter. trying to. find out the objective damn facts for. all of you and and report on it is, you.

know, we'll see these Iranian strikes, then we'll see video often of the. Iranian strikes hitting the targets that. it claims it's striking, whether again. that's in Jordan or Kuwait or Bahrain or. Qatar or wherever, then we'll get a. message out from CENTCOM or one of the. Arab nations that says, "Actually, what. you saw may have been debris and the. Iranian missiles were actually all. stopped, and the Iranian drones were all. stopped. And then we see the satellite. footage, and then Trump denies it, and. CENTCOM denies it, but I see the.

satellite footage, and I Trust me, I I. don't want to be like Tasnim News Agency. is showing me this, and that's more. reliable than what I'm seeing from. That's a hard thing, but more often than. not these satellite footage images. appear to then be legit. We then learn. about what's happened as we did during. the first 40-day war. Yeah, and then. I'll show you what like we're seeing. Like I'll show you this over in uh in in. This was in Jordan. And what appears to.

be in this video is some of these US. Patriot interceptors. stop working after after some of the. initial strikes. And it appears to be. showing, you know, Iran successfully. hitting targets in Jordan. I'll just. I'll just show you here. Let's play this. clip.

Now,

uh you take a look at the markets today, and I take a look at them to see. what's going on. I mean, how. we we we have the most unstable. geopolitical environment imaginable. With the strikes taking place in the. Middle East and the full-fledged war. there, a full-fledged war taking place. right now with Russia's invasion of. Ukraine. There's been massive strikes on. Odessa and Kyiv today, and Ukraine's. been striking back hitting these Russian. vessels and striking deep within Russia.

and hitting refineries there. Uh you. know, you would think, you know, okay, well, what's going what's what's going. on with the market? Well, you know, there was a cooler than expected. inflation reading today because of the. memorandum of understanding which caused. the markets to rise because inflation. dropped. That's a good thing. We want. inflation to drop. I'm I I when when. there's a good inflation report, when. you report objectively, you say, "Good. That's a good thing.". But I that can mean relief. Except.

we've just escalated the war again. And. now gas prices are going back up to $4. And if you look at our strategic. reserves, they're being depleted. And if. you look at the price of crude, it's now. past $80. And so you have this utter and. total chaos where wow, and it's. psychological torture to people. They're. like, "God, it are we are we heading in. the right direction? There's one day, maybe maybe maybe." Then it's like, "No. There's a massive escalation taking. place." And so.

that's where we're at right now. I I. want to bring in Scott McFarland who. leads the Midas Touch Washington Bureau. Um and then I want to see what's going. on in Capitol Hill because what I just. described there in the first 7 minutes. are deeply serious things that you would. hope a group of serious people in. Congress would be addressing the serious. issues that are happening. Like, I don't. know, Scott, um the idea of an. authorization for use of force war. powers resolution, literally the. constitutional function of what Congress.

is supposed to be doing. But what's. actually going on on Capitol Hill now. that Congress has finally returned after. 2 weeks of not working yet again. >> Oh, it's like pin the on the donkey. They're wearing the blindfolds and. they've been spun around several times. and they have no idea what direction. they're walking in. Two big things, Ben. First of all, they've got to spend $88 billion in. taxpayer money to offset the bills. incurred so far in this war and whatever. lies ahead. That's how much the Pentagon.

says it needs and it needs it soon. So, they got to figure out what to do about. that. And they're all kinds of jammed up. on their must-pass annual defense. authorization bill. Do it every year, usually it's pretty bipartisan, pretty. smooth. They can't figure out where. they're going with that right now. because of Iran. Democrats are not. lining up behind the plan. Republican. votes are hard to find. They're down. Mitch McConnell. This is a This is a dizzying affair here. in Washington. It's as if we're not in. the middle of a a time of war where.

usually there's a focus and a. singularity of purpose. >> You know, I saw a Maga Mike Johnson. press conference where yet again, he seemed I who he was working 22 hours, he said, so he was too busy to learn. about more ICE killings. He was also too. busy apparently to actually address. uh a you know, war authorization or. anything like that. All he seemed to. want to talk about was we need money. because there's communism on our shore.

and so Pete Hegseth needs money to. attack the communist in the United. States. That's what I heard in his press. conference, Scott. >> I heard the 22-hour reference. You know, I. we sit through a lot of these leadership. press conferences in Washington. Let me. tell you, Ben, it's like the least. favorite part of the week is sitting. through a leadership press conference. cuz you get 95% of oration of talking. points and you get one or two questions. and you don't get anywhere. It's like. banging your head against a wall.

Him saying he's works 22 hours a day is. a poor read of the room. The internal room and the external room. Um, he doesn't have a a manual labor. job, so your work hours are not going to. be sympathetic. Secondly, his members. want him to lead them in a direction, and his 22-hour work day has not gotten. them focused on a path towards actually. making law. They are lost even by. congressional standards, even by. modern-day congressional standards. Doesn't bode well for getting munitions. restock piled. Doesn't bode well for.

getting foreign aid, whatever remains of. it out the door. And all together things. those 88 billion are just paid for. >> Now, tomorrow you have a Todd Blanche. confirmation hearing. Um, I spoke to. Senator Schiff and released that. interview. One of the things that struck. me. is, you know, Schiff's like, maybe I get. 10 minutes to ask him questions. Like, so for me, you know, I'm like, what. would I need to do a thorough deposition.

of Todd Blanche as a former litigator? I. said, probably two to three days of six. hours each day in a deposition to. address conflicts of interest, to adjust. the to address the January 6th uh slush. fund, to address uh the Epstein files. 10 minutes even by itself sounds utterly. absurd, but what else are you hearing. about this uh hearing? >> I can confirm, according to my latest. reporting, each senator gets one turn,

and only one turn. And yes, there'll be. a 10-minute timer that will buzz when. they're done, and they'll be cut off. It's already going to be a prolonged. affair. There's all kinds of opening. speeches that eat up time and inform us. not whatsoever. So, they're going to be. strict about the 10-minute timing. 12. Republicans, 10 Democrats. I should say 11. Republicans, sadly now without Lindsey. Graham's seat being filled, and 10. Democrats. And they get just one crack. at this. 10 minutes. Maybe that even sounds longer than it.

is. It takes you longer to make a. grilled cheese or take a decent cat nap. than 10 minutes affords you. And Todd Blanche has showed himself to. be uniquely effective, Ben, especially. in May during his most recent. questioning, at filling gaps, filling. time, kind of an informal filibuster. He. can take a simple question and make a. lots of a meal out of it. There was this. moment in May. Chris Van Holland asked Todd Blanche at. an Appropriations Committee hearing. whether he'd met with the Epstein. survivors. Have you met with them? He.

turned that answer of no into 2 minutes. of talking. That was just burning. through Van Holland's time, and then. Holland tried to continue to reclaim his. time, and Blanche would interject then, making it all disjointed. And even in. the best of circumstances, Ben, a. congressional hearing is the last place. you want to go, like the last place to. hear coherent, logical questions and. answers. It's not a courtroom, it's not. a deposition. This one's going to be a. free-for-all. >> And then you have It seems that the. Trump regime's top priority.

is, I guess, lying about the reflecting. pool. I saw the reflecting pool. I mean, it's like with everything that's going. on right now, I I I bring it up not. because And I I know this is why you. cover it, not because we want to talk. about reflecting pools. It's because it is showing where. priorities are versus where the American. people want their priorities to be. And. then it also, to me, and I'll get to. your take, for me it also shows if.

you're going to lie and say that there. is a 300-yd. gash, three football fields in length, in this reflecting pool, and that that's what vandals did, then. you will literally lie about anything, and you do. You would lie about the. pretext of war, you lie about 19.1. trillion dollars. You know, to me it. also just shows. that everything everything is.

Look, you've covered this for a long. time, Scott. You've covered politicians, you know, for a very long time. We know. they spin, we know they exaggerate, but usually and and and I'm not for. that. But it's usually within a realm of. of of a reality, not a completely alternative universe. And I want to hear your take on the. reflecting pool, but for me, it's like that then the $19.1 trillion. that they claim they brought in from all.

of these Arab nations, which we know. they didn't bring in $19.2 trillion. The. whole thing is made up while our debt is. rising. I saw $3.5 trillion added to our. debt this year. The deficit increases, and they go $19.2 trillion. Okay, well, if you got $19.2 trillion, why are you doing Why do you need. reconciliation 3.0? Why do you need You. have $19.2 trillion. Why are you even. doing any of this?

>> If you could indulge me, for those who. can watch, put that image back up on the. screen of what the reflecting pool looks. like right now. That looks freaking. dystopian. It's gone. It's been drained. again. They're going to have to find. some way to fix it. It's not US flag. blue. Clearly, it's back to some. concrete color. And I'll tell you, Ben, Scott MacFarlane reports is at the. reflecting pool tonight. I'll show you. what it looks like up close and. personal. It's not an issue we were caring about. months ago, but Trump thrust this issue. upon us by saying it's a priority that.

only he can fix. And he has done damage. to this pool. He has not fixed it. And. here's the thing. Historic preservation has sued trying to. stop that work, predicting he was going. to damage it because he didn't have the. right experts, didn't have the right. systems or studies in place, and they. were prophetic. He has. They've got to. fix it again, but So, the plaintiffs are. suing again trying to get the work to. stop, saying he's using the same. contractor, the same system, and he. still hasn't brought scientists and. experts in to make sure further damage. isn't done. But, it's all metaphorical,

isn't it, Ben? It's representative of. something Trump has put his fingerprints. on declaratively that has gotten worse. under his watch. Watch out for a couple. other vanity projects that are larger in. scope and size than even the reflecting. pool. The monumental arch is going to. overshadow the Lincoln Memorial and. Arlington National Cemetery. It's going. to blind block out the sun of those two. places if and when it's built, and in. September, I'm told, the Trump Trump sycophantic. administrators are going to green-light. that project. And there is the matter of.

the White House ballroom. It looks like. a bomb went off next to the White House. It looks awful, and there's no guarantee. that thing's going to be any improved. from the prior version. All of this cost. taxpayer money, and all of this is now. being infiltrated by Trump lies. A. 300-ft. vandal's cache underwater? Unless. Aquaman has an alibi and a very. effective box cutter, there's no way to. carve three football fields in length. beneath water at all. It's just bonkers.

on its face. >> I don't even know as a human being. like how you can lie like that. Like I. mean, like and how it then gets kind of. normalized in the I mean, just think. about this. Trump was saying 250 ft. Then he goes 300 yd. Then then 19.1. trillion this and that. In a little bit, I'm going to bring on Justin Wolfers who. just joined the Midas Touch Network. because I want to get some of this. economic data, you know, you're bringing.

me inside how Trump's manipulations are, you know, impacting the you know, what's. going on in D.C. and Capitol. Justin's. going to talk about, you know, the. inflation report, what we're seeing, you. know, over there. Um but, before we go, Scott, I want to remind everybody to. subscribe to Scott McFarland Reports, your YouTube channel. It's had meteoric. growth. since you joined the Midas Touch. Network. Scott, anything you want to say. before you head out to our subscribers? And again, everybody, make sure you. subscribe to Scott McFarland Reports on.

YouTube. Search that in the YouTube. search. Scott, before we go anything. else you want to say? >> There's an awful lot of reporters in. Washington, but there's not nearly. enough, and certainly not nearly enough. to cover Trump 2.0. The goal of Trump. 2.0 is to flood the zone so intensely. that some of the scandals get missed and. some of the erosion of democracy goes. unseen. We are going to fight against. that together, all of us. You, me, Ben, Justin's on the team now, that's. fantastic, and the Midas Mighty. We are. going to check all of this crap to make.

sure you're aware of what's going on. >> Just want to show our audience this. side-by-side right here. Scott. McFarland, Justin Wolfers, the Midas Mighty, Team America, ready to. deliver the truth, the facts, and Scott, we appreciate you. Justin, when we come. back, we got to learn about what's going. on right now in the economy, how this. war escalation may impact future. readings when it comes to inflation.

Just when we thought, okay, okay, a. decent read, gas is going back up to $4. a gallon, it appears, and you know, we'll we'll we'll get into that. Scott, thank you. Justin, we're going to take a. quick break. Midas Touch Network 2.0. There it goes. We'll we'll be right back after this. first quick break. >> Look, if you're in this community, you're paying attention. You know what's. happening, and a lot of what's. happening, it's directly affecting your. Medicare. Plans are being discontinued,

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Thank you to all of our sponsors. Keep. supporting this show. Support our. sponsors. All right, Justin Wolfers. joining the Midas Touch Network and. Midas Touch entering into a strategic. partnership with Platypus Economics. That's Justin's YouTube channel. Everybody subscribe to Platypus. Economics. Search for that on YouTube. You'll get Justin's takes and you'll get. his takes here on the Midas Touch. Network. And um you know, look, I think. this uh. uh partnership that we're doing is so.

important right now to help especially, you know, especially right now because. there's volatility, there's confusion, you know, there was today a. Let's be real. I mean, it was a it was a. I just because it's Trump, I don't say. everything's bad. We want inflation to. go down. So, when you have a. cooler-than-expected report, we. acknowledge that's a good thing. However,

um you pointed out that that is still. relative to other countries, the US. inflation versus these other G7. countries, we still have the highest. inflation. It's still higher than when. Trump came into office and his whole. promise he was going to lower it. And. now, uh you know, this was obviously. inspired this happened because of the. memorandum of understanding. And now. that the war has escalated, we're. already back up to $80 a barrel right. now um of crude, which by the way is.

different than a refinery price, which. is an important thing. But in terms of. the price at the pump, we're dealing. with $4 right now. So, talk to us about. the report, but to me, you know, it's just it just shows you, ah, finally, finally, could it be. heading? No, it's not. And by the way, Warsh seemed to recognize that in his. testimony as well today. >> Yeah. Um first of all, love the. shout-out from my brother Scott. So, I. want to send one back to Scott. What a. joy it is to be appearing next to Scott. and to you, brother Ben. Appreciate you, mate.

Um look, big news day today. Um the. inflation report just came out. Inflate. This is particularly important right now. because inflation is the absolutely. dominant macroeconomic phenomenon for. thinking about the future of monetary. policy. And it was as been described, very good. news. Um now, we need to be very careful. and thoughtful how we talk about any. economic number. So, the numbers came in. a little lower than we had anticipated, suggesting inflation's a little weaker. than most people on Wall Street and.

throughout the economy had expected. So, that's the very good news. I feel more. optimistic about the future today than I. did last night. But I also want to pan back. Headline. inflation still 3.5%. Even when you strip out energy, it's. still 2.6% well above the Fed's target. So, this is a case where the number. itself, the level, it's still pretty unhappy. It's still a. problem. We're in an inflation moment. right now, and there may be more. inflation just to come. But it's less bad.

than we'd previously thought. That's the. subtlety to bear in mind. And then, you know, looking. the There are deep questions about. what's going on. So, first of all, we. all know there's a lot going on in Iran. We know that that drives oil markets. We. know that oil markets drive energy. markets, and that's a big part of what. happened today, which is energy prices. are high, but they fell from being. extremely high when we're at war. So, this was basically the payoff to the. ceasefire. The problem, of course, is.

that today the ceasefire is over, which. suggests that this positive force is. going to go away, and we're going to see. a return of higher energy prices, higher. gas prices, and probably higher headline. inflation again over the next few weeks. But, Ben, there's a ton to discuss here. >> Right. You know, but what's fascinating to me to try to. understand is we we don't just have. escalation all out let's call all out. regional war in the Middle East because. we're seeing Iran respond by striking.

other Arab nations. You have [snorts]. Saudi Arabia striking the Houthis within. Yemen. You have the Houthis striking. back at Saudi Arabia. You have again the. entire region, right? And then you you. look a little further on the map, and. you see escalation with Russia's. invasion of Ukraine. You see Ukraine. developing these capabilities now with. their long-range FP1, FP2, FP5s, whether. it's the Flamingos or the FP1 long-range.

to hit those refineries deep 3,000 km. deep or 2,500 km. So, the the flight of. those drones, you know, has to sometimes. travel 3,000 km. Also striking. um all of these Russian ships. Um and so, when I pull back, >> what confuses and confounds me, and we. could talk a little bit about the. strategic reserves, is I remember under. the Biden administration the idea that.

the market viewed this uncertainty. as one of the reasons why we were. dealing with oil prices that were. significantly. higher than they are today. Under and. I'm talking maybe when Russia first. invades Ukraine, I get it. But by 2023, the Strait of Hormuz is open, you've got. all of that. Yet, I'm looking at 2023. price of crude, and I'm seeing still 85,

86, 87, you know, when Biden was in. office. And now, you know, I look at it. and I go, "How is it even what what. And you can say, 'Well, Ben, the market. has priced this, that, and the other.'". But. is it because of the strategic reserves. that we've tapped into and we now have. to do What what's going on there? >> Yeah, there's a lot going on here. So, um look, the first thing is just to. recognize There was a lot of talk during. the Biden and also the Obama eras, uh.

Republicans talked a lot about. uncertainty. This is more than uncertainty. This is. geopolitical risk. So, um you named a. lot of countries and a lot of strategic. issues. It all just boils down to in the. econo- the way an economist would think. about it is one thing, right? You're. talking about different countries, different militaries, and very important stories, but it all. basically comes down to geopolitical. risk. If I were running a company right. now, if it were a multinational, would I be willing to make investments, say, in expanding my product lines. because I want to go around the world?

Would I be willing to invest in a. factory. which is dependent on oil, which in turn. depends on what happens in the Middle. East? So, we're in a very, very. interconnected world. Geopolitical risk is just one of those. things we all want less of. Um uh to to. simplify things a touch too much, I don't know about you. I have a cat, and I've seen what happens when my cat. catches a mouse. My cat doesn't just go and eat the mouse. and be done with it. That would be. pretty easy and quick for markets to. digest. My cat bats the mouse around a.

bit and keeps playing with it. In fact, my cat can be a bit of a bastard. He. keeps playing with the mouse, and the. mouse suffers, and on and on the story. goes. And what I worry about is in this story, Donald Trump is the cat, and Iran or the. Middle East or American interests over. there are the mouse. And. um what what we had was we began a war. with. no strategic objectives, no. understanding of the Strait of Hormuz, very poorly defined, a failure to bring. the allies along.

We realized it was going nowhere, so we. started a ceasefire. The ceasefire and we're now actually. just going back to what we did before, which is re-entering an an armed. conflict. with no strategic uh goals that are well. articulated, no allies, and no plan. Um. it didn't work the first time, and it. didn't work the second time. When folks in financial markets are. thinking, they're not just thinking. about where are we today, we're thinking. about the future. And so the problem is. is the cat going to keep playing with. the mouse, batting it about, creating. this geopolitical risk, which at one.

level is inflationary, and also at. another level is going to lead to less. investment. >> You know, and what also concerns me is. that Trump's response to all of this is. gimmicks, or in my opinion, outright. fraud. The gimmick, gas prices going up, I'm opening up Freedom Center gas. stations with OPEC ownership in. Pennsylvania, and I'm going to declare. $3.47. a gallon, and it's like, who what is.

this? There's 150,000 gas stations. across the country. You're pointing to. 25, and that that's trying to. extrapolate. something when that's not an. economically significant data point, or. basically pointing to, you know, um. a Walmart sale, right? As as though it's. like a Cyber Monday sale, or whatever it. is. Like, you know, Walmart is doing a. sale, and and the Trump regime points to.

that as aha, look, we're talking 15%, 20% off of beef, and. they're trying to act like that's a. economic policy, and to me that's trying. to throw people off, Justin, from the. work that you and economists do because. you're you're trying to give data sets. and numbers and explain it in ways that. may be slightly complicated and. uncomfortable and all of these things. He's then throwing this thing, and he's.

doing it deliberately, my view is to. kind of undermine the work of cuz you. just throw out a lot of numbers and be. like, "Blah, blah, blah, blah, blah, blah, blah, what are we even talking. about?" And then, more broadly, he then. throws out something like 19.2 trillion, a number so unfathomably large that you. just you talk about the cat, you know, chasing the mouse, you know, we're. talking about right here, you know, someone trying to follow, you know, a. laser pen going all around. It's like, "Okay, I'm done. I'm just going to go.

and, you know, watch a Netflix movie, okay? And I don't know who's telling me. whatever, but I I I I don't know. I'm. I'm going to and I think that's the. reaction that they're going for." What. what what what do you make of it all? >> First of all, you took my analogy with. the cat and you improved it with the. laser pointer. They jump, they pounce, they're little bastards about it, and. they're having too much fun. And and I think that is what's going on. Look, um. it it's a funny way of saying this, but. apparently this is a challenge a. challenge to your audience as well,

which is what you just described is the. foundation of why I started Platypus. Economics and why you and I are working. together. Um. we all have different theories about. what bedevils the world right now, but. one of my core beliefs is we'd all be a. little better off if we all understood a. little bit of economics. And part of that is a reaction to the. current moment where truth has become. optional. And so I want folks to. understand what the truth is to be able. to think through it for themselves. That's exactly the energy. I don't have. the charisma energy, man. I've got big.

nerd energy. But that's the energy I. want to bring to Midas, which is let's. focus relentlessly on giving folks at. home the tools to be able to see through. the [ __ ] Let's give a couple of. examples here, right? Um, you just said. the president's been boasting about 19.2. trillion dollars of investment in the. United States. I just want to give people at home the. weapons that they need to understand. what's true and what's false. The US economy, the total size, the. total amount of production in the US. economy in a year is 30 trillion. If 19 trillion of it was investment,

that means that there's only 11 trillion. left for consumption. Consumption is you. and I eating dinner. If you think. that consumption has fallen to a third. of the economy, it's impossible. It's crazy. We'd all. notice and we'd all be a little bit. hungry right now. Um, and so you're absolutely right in to. say that, you know, one way of saying it. is the the president is a truly. brilliant television producer. And what he's done is he's created a. narrative arc that I think people find. genuinely compelling. They can't avert. their eyes from it, but the narrative.

isn't true. And so what I'm going to. keep doing relentlessly, and I love the. fact that you're in you're in this with. me, brother, is bring it back to to understanding the. very basic truths. You know, one of the. ways we establish credibility is by. always telling the truth. Today was a. really good day for the White House. If they could tell us the truth and say, "Hey, you know what? Inflation's higher. than we want, but we got a little bit of. good news today." I'm all in on that. Um, and and that's what happened and. that's the story that we're here to. tell. >> Right, or extrapolate.

Why was it a better report? Oh, wait. The memorandum of understanding allowed. for there to be a temporary cessation of. war. Maybe there's a reason why the. American people don't want this war, you. know, to continue to escalate. Maybe. it's more than just a talking point and. there's actually, you know, a reality. And and the hard part is is that, you. know, you know with Donald Trump's. pathology, you know with past as. prelude, you know that this is going to. happen, and so, you know,

you still want to root for good news in. the economy because I know bad news in. the economy means real people are. hurting, and I know that what he's all. inevitably going to do since this is. what he's done his whole life, his. narrative arc, to use your term, often. ends in bankruptcy with his past. entities, and, you know, just when you. kind of hope. Okay, we're. you know, maybe, you know, it's been so.

much Just let's just get Americans out. of this. Let's get the world out of it. Boom, right back into, you know, an. escalatory trap, climbing the ladder. And then I'll just leave with this, and. then I. want to talk briefly just about your. YouTube channel. When you talk about. geopolitical risk, like, other than. World War II, and again, this is where. people, you know, I'm careful. I don't. want people to go, "Man, you know, you're hyperbolic, blah, blah, blah, blah, blah." You know, but I don't, as a. student of history, I can't think of. geopolitical risk being higher right now.

with Russia's invasion of Ukraine at the. exact same time you have a regional war. You have this lined up with regional. powers in a massive global proxy war. You have a main oil hub shut down. You've got Trump threatening Cuba, and. >> [laughter]. >> and so, I don't know. I don't want my. point of reference to seem "There he. goes again," but I just need to call out.

what I see. So, before we go though, I want to remind everybody to subscribe. to Platypus Economics on YouTube. It's. going to be great to have have you on. here to give your economic takes, and. you and I will do some videos on topics. You'll do some videos, you know, on the. YouTube channel here. Everybody. subscribe to Justin's channel, Platypus. Economics. Justin, anything you want to. say before we go? >> Mike, I just think um. the we shouldn't lose sight of the fact. that what's happening in Iran it's a. personal story, it's a moral story, it's.

an ethical story, it's a geopolitical. story. You asked a question, you said, is it. true that geopolitical risk is that. high? You have a feeling that it is. It. turns out the Fed actually has an. indicator. It has an index that measures. this and it says that geopolitical risk. right now is at a very, very high level. So, beyond all of the good other good. reasons to be worried and concerned and. right on top of this Iran issue, there's. one more which is that it does affect. the pocketbook. It's going to be one of. the dominant themes affecting the the US.

economy. And every time the president escalates. the the clearest pattern is every time. it he escalates this war, American. markets fall, American confidence falls, and there's a general sense that this is. probably going to be a a negative for. the economy moving forward. >> Justin Wolfers, great to have you. aboard. It was great to see you and. Scott side by side and and thank you so. much uh Justin and everybody. We'll. we'll take our last quick break of the. show and just a reminder everybody too, did you see the video I did this morning.

where I showcased Allison Gill and Katie. Phang and how. the work that they've done in the Midas. Touch Network to bring transparency to. the Epstein Transparency Act, right? Allison identifying. uh a training video, right? A training video that showed um. how they identify Trump in the Epstein. Transparency Act and the and the Trump. and the Epstein files. And then you have.

Katie Phang seeking a order to enforce. uh a judge's prior order that the Trump. regime needs to turn over Epstein files. So, I want to highlight the great work. of Allison and Katie Phang and I. showcased that this morning as well. So, Midas is growing, Midas is having an. impact and uh we'll keep on uh uh. just keep on chopping wood every day. When we come back, a lot to report. US. air strikes in Bandar Abbas. Uh US strikes in.

uh Qeshm right now. Uh air strikes in. Chabahar in Iran right now. Um massive. strikes there. Iran is responding. I. mean, this war is. escalating, you know, quicker uh than. ever right now. And we'll talk more. about that when we come back from this. last break. Thanks, everybody. Um last. break of the show. We'll be right back. >> I never thought a pillowcase could make. much of a difference in my life, but.

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monitors your spending, and helps lower. your bills, so you can grow your. savings. Let Rocket Money help you reach. your financial goals faster. Join at. rocketmoney.com/midastouch. That's rocketmoney.com/midastouch. rocketmoney.com/midastouch. m e i d a s t o u c h. Welcome back to Ben on Breaking News. We. had Scott McFarland. We had Justin.

Wolfers. This morning we did a video. with Katie Phang and Allison Gill really. showcasing the full repertoire here at. The Midas Touch Network, which I don't. just believe is the future of news. I. believe it is the present of news. And. again, remember to subscribe to Scott. McFarland's YouTube channel, Justin. Wolfers' YouTube channel, Katie Phang's. YouTube channel, Allison Gill's YouTube. channel, and her podcast Daily Beans. Let's get into what else happened today. As I mentioned before the break, CENTCOM.

announced it was resuming strikes on. Iran. Iran has responded, apparently. striking a Kuwaiti navy vessel. Also, Iran has been able to strike nearby Arab. nations in Kuwait and Bahrain and United. Arab Emirates and Qatar and. a small area in Oman where the US has. some military facilities. there. And Jordan I've been able to hit and.

you know, and and and these are strikes. that are. you know, these Iranian strikes are. getting through. Iran clearly has. um. less munitions than the United States. Although the US munitions are depleting. the same way the US strategic reserves. are depleting. But Iran's launched its. largest attack on Bahrain with over 30. missiles targeting US assets there. There's been continuous and heavy. explosions reported across Bahrain.

minutes ago. You also had Iran striking. again all these these Arab nations. nearby. Iran is you know, I I always. want to think about everything in in. life that I do, whether it's Midas Touch. Network, whether it's. you name it as. what is the. what is the purpose of this all? Like. what's the. what what is the goal? What is the. objective of of this? And you know, I. think it's important that you highlight.

Trump's deranged behavior with things as. you know, simple which is not simple as. the reflecting pool or whatever. You. know, to extrapolate, you know, these. are people who don't strategize, who. don't have plans, who don't think. through things and to our malicious. That's a very bad recipe. And so, you know, if if you were to extrapolate. lessons from the 40 days of the war. I. mean, we know it's really there's really.

never been a ceasefire, but the 40 days. of the initial fighting, then MOU, then. right now back to war. How and and and then if you observed the. Ayatollah's funeral in both Iran and. Iraq, how your conclusion. is, "Well, if we just bomb the coast a. little more, that's going to make Iran. tap out." And they're going to say, "Donald, what can we do for you, Donald? Oh, you want to do a deal? Sure, what do. you want to do? You want to control the.

Strait of Hormuz? Oh, got it. Well, well, your your bombing is as this time. we are submitting." That's just that's. not going to. happen. Period. The idea that that was going to. happen with the first set of strikes by. the United States, which is what. Netanyahu told Trump and what others. told Trump and what Trump believed, that's been proven, I mean, to be false. So, you know, there's there's either, you know, there's I've always said.

there's two things that need to happen. One or the other needs to happen. The one that I support is the memorandum. of understanding. I I I think that um obviously we should. never have been involved in the. catastrophic war in the first place, but. the memorandum of understanding gave at. least a modicum of saving face. Any of the humiliation that the United. States has been put through by losing. the war, you know, can be addressed in.

the economy maybe gets better, you know, maybe inflation decreases, you focus on. some other things, and you know, yes, it'll definitely be a blemish in the. beyond the blemish. I'm not trying to. understate it, especially with the war. crimes that are being committed, so. forgive me. Um but but. you could, at least if you're the Trump. regime, try to spin it and say, "Well, now we're focusing on the economy, and. look at this, you know, we got a good. inflation readout. We're going to be so. focused on that right now.

And and and that to me seems to be a. logical course of action, right? Go all. in on the MOU and maybe there's some. face-saving things you do also. Iran. wants to control the Strait of Hormuz. They probably want to charge something. like 1% of the value of the vessels, not. the 20% that Trump said. They seem to be. open to environmental fees or or other. ways to deal with it. So, it's not a. toll, you know, you. you figure it out with Oman and Iran.

where maybe you come up with some. payment structure and you know, not. ideal, but when you lose a war, which. America lost the war, when you lose the. war and when you break things, you got. to fix it. So, you know, I think there. there there was I think there was a way. to deal with it, you know, but remember, Donald Trump has all these personal. entanglements and emolument violations, right? For himself that he also he's also. beholden to this person here and that. person there and that person here, which. to me also undermines American foreign.

policy, which is why we have an. emolument clause. So, to me, there's the. path of when don't get into the war in. the first place, but MOU, lean in, save. face if you can, you know, move out of. the region, which the US, in my opinion, shouldn't really be in there in the. first place cuz it's only led to. disastrous wars, focus on the economy. from, you know, should be for the next 3. years and then make that your thing. That to me is is a logical approach to. this. Alternatively,

you do a ground invasion, you go all in, you have to expect. that you will probably lose. 30,000 to 50,000 US troops. per month, per month. That's similar to. the amount of troops that Russia is. losing in its invasion of Ukraine and. the Ukrainian soldiers are also at very. high death toll right there. But if. Trump is saying this is an existential. and that this nuclear bomb is going to. destroy, which I don't agree with, let.

me be very clear. Okay, if you're going. to do a ground invasion and you are. focused on doing something different. because obviously the bombings don't. work. That you can't just bomb and be. like, "They're obliterated. They don't. exist. They don't have a navy anymore.". This is amazing. That's not sure. That's. not a strategy. You and you do a ground. invasion, you commit it and expect that. you're going to have 30,000 expect. global economic catastrophe at a scale.

worse than the Great Depression. And. expect 30,000 to 50,000 troops dead. You'll have to do a draft, which you we. know Trump is a draft dodger five times. bone spurs. You'll have to do a draft. and good good luck seeing the American. people's reaction to that. Um, by reference America only has like. 50,000 troops, right? In the region. right now, which CENTCOM boasted about. in a post yesterday. We have 50,000. troops. Okay. Russia's losing 50,000. troops essentially a month. Uh, in in.

the war on Ukraine just by reference. Um, and that you that that. if you are saying that you want to try. to change the dynamic, that's your only. other option other than the MOU. What. Trump is doing is, you know, this, you. know, fraud. You know, it's it's war. I. mean, he's striking coastal cities hard. Iran then responds hard and tactically. cuz Iran knows how to utilize its.

terrain to cause harm in the region, right? And so, um, you know, that this then becomes. this never-ending thing where CENTCOM. announces attacks. Iran then responds. and hits the neighbors. And inevitably, whether it's today or tomorrow or 5 days. from now or 7 days from now, as the. strategic petroleum reserves, which were. basically there, hits actual tank. bottom, not just functional tank bottom, and then something happens and it's. like, "We're done. We're out." And then.

all of a sudden it's like, "Ah, panic. What happened?" Then you'll see the oil. go from $80 a barrel to 120, 130 dollars. a barrel, to 150 dollars a barrel, you. know, very, very quickly. And then we're. scrambling to try to do some deal or. something that now probably looks like a. worse version of the MOU, which was a. worse version of the JCPOA. Like that's. obviously where this heads anyway, you. know, and anyway, and it's clear where.

we're going with all of this. And, you. know, that's where it's like I don't I. just don't know. I I don't know how. I know how this ends, but like to. observe it in slow motion, to watch. drunk history unfold before your eyes, and say, "This is what you're doing. This is This is the plan. This is like. what we're It It is It is It is. embarrassing." And then, you know, you. have the. Iraqi Prime Minister, you know, he.

showed up in the Oval Office, and Trump. just made it incredibly Just talk about. injecting even more issues into the. region. I mean, this One of the fears. amongst the Shiite amongst the Shiite. community as well is that this Iraqi PM, Prime Minister, who basically took the job away from. Al-Maliki, the other guy who was, you. know, previously a Prime Minister of. Iraq, and now bringing this guy Is this. guy going to be a puppet of Trump? And.

so, we saw those massive crowds, right, in Iraq for the Ayatollah's. funeral and the processions there, where. you had Foreign Minister Iraq G, and. this guy, Iraq's Prime Minister, this. guy was there with Iraqchi, and Iraqchi, one of the reasons in Iran, among the. fact that there's a huge Shiite. population in Iraq, they wanted to show. this guy. look. look at all the millions of people in. Iraq. And so, if you're going to go.

along and try to be a US puppet, we've. got the people on the side of Iraq. That. that was one of the reasons, among. others, but one of the main reasons why. Iran decided we're going to do a. procession in Iraq. And so, Trump brings. the guy in and starts talking about how. handsome you are and beautiful looking. you are, which gets really weird right. away. Here, play this clip. >> And he's a young man. He's young and. he's handsome, which I don't like. I'm not happy about. it.

>> Okay, and then I'll show you, um, you know, next, uh, what what he. says in this, uh, press conference. He's. while he's talking to, uh, this Iraqi. guy or the Iraqi Prime Minister, Trump's. like, "And we're just going to take your. oil. We're going to we're going to take your. oil." Here, let's play this clip. >> All right, look, Baghdad, I think and I. and and this country, we're going to. make some tremendous music together.

Uh, we uh, haven't been dealing very. much over the last four or five years. with the previous administration. Uh, Iraq has tremendous potential. because of their oil and because of. other things, but because of their oil. And we're going to be doing a lot of. deals, we're going to create a lot of. jobs for both countries, and we're going. to be taking out a lot of oil. A lot of. oil is coming out, and the American companies are doing it. Mostly American companies now, they. don't want to do business with others,

they want to do business with America, and that's good. And that's one of the. reasons that I felt so strongly that. this was going to be a great Prime. Minister and I fought for that. And. >> I fought for that because I want to. take their oil. We'll make great music. together when I take his oil. And then Trump was asked a very basic. question about Iran and he was confused. and he starts talking about Iraq and how. American oil companies are going to.

again. take all of the oil out of Iraq. That's. what he's saying. But I mean I mean I. just want you to think about. the Shiite population in Iraq. that's very sympathetic to Iran. They're seeing these images right here. What do you think that they're thinking. right now? What do you know? What. That's why I say well what's the goal. and objective? What was the goal and. objective. to just make yourself seem tough done. because you've now created.

a. even more instability in the region by. not even understanding the dynamics at. play here. Play this clip. >> I'm afraid that. >> Um sir, is the military attack on Iran. is this strategy is to bring him back to. the table or is it to degrade them so. the regime will eventually fall? >> Well, we don't think we need the. military there anymore. It's a very uh a. big operation and what we do have is the.

oil companies are all going in there and. they're. uh doing partnerships with Iraq. and they're getting along very well. The. relationship is a whole big relationship. where we don't need the military there. We're there to help them. We're there to. protect them if need be, but we don't. think that's going to be necessary and. their their primary I consider it an. opponent. They might have considered a. friend, but I consider that an opponent. was Iran was a big. burden on Iraq because they were the.

bully of the Middle East, as you know. >> So, that's what's going on in the White. House. Let's talk about what's going on. in America now, in places like. Allentown, in places like Scranton. Okay, over the next month, our friends. over at Fight for Progress. are spotlighting. what's going down in Pennsylvania. Real people. living with decisions coming out of. Washington, and one name keeps on coming. up, Rob.

Bresnahan, the MAGA Republican. Congressman out there. And so, while the people of Northeast. Pennsylvania, throughout Pennsylvania, and the entire country. are focused on. affordability, Donald Trump. psychologically torturing. each and every day, you've got MAGA. Republican Congress members like. Bresnahan and others. who are out there making life more. difficult and harder, and avoiding their.

constituents. And so, I want everybody to go check out the. Fight for Progress YouTube page. So, when this is done as well, search Fight. for Progress, and I want you to watch. the full 8-minute video. That they're. highlighting the stories of people. just like you, who are out there, who are experiencing the pain, the. psychological torture of the Trump. regime, aided, abetted, enabled by MAGA.

Republican Congress members. So, let me share with you this story. right here, and you can watch the full. version of that story at the Fight for. Progress YouTube page. But, this to me is what when I think. about everything we're talking about on. this episode, for me, who I'm fighting for, is the people out there. And and this. story probably feels, if you're in. American, like your story. Let's play it.

>> It is really hard to get by. Price of. groceries, everything has skyrocketed. Things [music] because of the tariffs. During the periods of times if I didn't. have SNAP, I straight up didn't eat. anything on my days off cuz there is no. room in the budget to go grocery. shopping, especially with grocery prices. being what they are. So, the fridge is empty. This is what it. looks like cuz my EBT money doesn't hit. until tomorrow. This is how I live if I. don't have my EBT card, if I don't have. food stamps. This is what my fridge. looks like. >> [music]. >> I absolutely worry about losing the.

benefits because it's happened before. >> The president's tax bill could feature. the largest Medicaid and SNAP cuts in. history. >> Congressman Rob Bresnahan voted for. President Trump's so-called [music]. one big beautiful bill. >> Trump and Bresnahan are doing, from my perspective, everything they can. to bring the cost of living up. The. [music] tariffs, the taxes, the wars. I think if they had to survive one day. in, [music] you know, someone's shoes, in like my financial standing or someone. else's financial standing, they. wouldn't. They wouldn't be able to. Even.

more so if you took away the benefits. Go ahead and live my life now. >> Drop a blue heart if you're from. Pennsylvania. Just curious to see how. many people watching from Pennsylvania. right now. Whether you're from. Pennsylvania or not, this is. a story that. is what's going on in America right now. You know, there was that shot there. where that really. um touched me when she opened up the. fridge.

And in the fridge, there were. three things. Maybe four things. And. I think about whether it's MAGA. Republicans like Bresnahan or or or or. any MAGA Republican Congress member, as they're focused on reconciliation 3.0. as they're calling it, it's trying to find ways to label. patriotic Americans, people like Anna. right there, and others, frauds.

And saying that they're frauds. So, we need to take away their food. stamps, and we need to take away We need. to take away. Why? Where's it going to go? Bomb Iran. With Netanyahu, bomb them. You know, when Donald Trump does these. interviews, which I saw yesterday, and you know, it'll be these like. right-wing mega neocon pundits. You going to You going to kill him? You. going to kill the fifth the fifth and. the sixth.

tier of these leaders? You going to kill. him? Yeah, I'm going to kill him. I'm. going to kill him. I'm going to, you. know, They have no navy. They have no na. And and it's like. I think about that video that I just. showed you. of the American experience of nothing in. the fridge. That's what I say, people feel. psychologically tortured, right? That's. what I mean. Because it is a form of psychological. torture, where you live in what's. supposed to be the wealthiest country.

in the history of the world, but that. wealth is concentrated in the hands of a. teeny tiny right-wing oligarch group. that parades and struts themselves in. the Oval Office. conspiring with a psychotic madman. who's out there bombing things and. making things up about 19.1 trillion. dollars. Well, if you brought 19.1. trillion 19.1 trillion dollars, then. then then have then help the American.

people with that. Where where What Why. are people suffering? Cuz you're not Cuz. they're not. And this is real. These are. real stories out there. These are real stories of real people. out there. That's why everybody, if you. can, subscribe to the YouTube channel Fight. for Progress. Watch the full 8-minute. video uh Uh there as well. You can put. in the comments Ben says hello so they. can see that you're there. And search. Fight for progress. All right. Thanks everybody for. watching. I hope you are okay that I. highlighted that. I just thought it was. an important story. uh to share. I'll of course continue the.

war coverage throughout the day. I'll of. course. give you the breaking news throughout. the day. Every 90 minutes new videos, breaking news on the Midas Touch. Network. Thanks for watching everybody. We. appreciate you. Hit subscribe. Go to the. Fight for progress YouTube. Say Ben sent. you. Watch the full video. Thanks. everybody. Have a good one. Shout out to. Ben. >> Want to stay plugged in? Become a. subscriber to our Substack [music] at. midasplus.com. You'll get daily recaps. from Ron Filipkowski, ad-free episodes. of our podcast, and more exclusive. content only available at midasplus.com.

[music].