Donald Trump has already destroyed much of the global economy, but the worst has yet to hit the United States. This “resilience paradox” is the result of early stage demand destruction, something economists fear and policy makers have no defense against. There are multiple factors holding the U.S. economy together in a way that other countries cannot manage. And most of the damage is baked in and irreversible. Thus far, one of the more powerful dynamics has been the market’s hesitation to bet long or short on price movement, because of the fluid and unpredictable nature of Trump’s on-again/off-again announcements regarding the war in Iran and the closure of the Strait of Hormuz. We dissect it all and lay out the scenarios ahead and what it means for the American consumer.

Resources

The Hill: Trump's sharp Iran reversal: Teases deal & cancels strikes after Kharg Island threats

RSMUS: American demand destruction: Seven channels that compound to threaten U.S. growth

CarEdge: The Auto Loan Crisis Just Hit a 32-Year Record: What It Means for Car Prices

McKinsey: An update on US consumer sentiment: Gloomier outlook ahead of sunnier days

Bloomberg: Why Oil’s Not at $200 After the Biggest Supply Shock in History

Autoweek: U.S. Auto Sales On Track for 2.6 Percent Drop in 2026 as War and Tariffs Cloud Outlook

BLS: CPI Data

MacroMicro: US - Housing Price Index vs. Rent Inflation

BLS: Real Earnings Summary - 2026 M05 Results

--

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This episode of UNFTR is an exclusive deep dive into the SpaceX IPO prospectus. It reveals what might be the biggest fraud and money grab in the public markets ever. The baseless $1.77 trillion dollar valuation at a list price of $135 at auction stands to add hundreds of billions of dollars to Elon Musk’s net worth, and that’s not the most outrageous part about this. The company currently loses billions of dollars every year, admits freely that most of the anticipated revenue streams are either currently illegal, highly unethical or perhaps non-existent. But hey, it’s Elon. What’s the worst that can happen? Believe it or not, there’s a lot more at risk here than just one company tanking after an outrageously overhyped IPO. And the average American investor with a 401(k) or IRA is very much an unwitting participant in the scam.

Resources

Bloomberg: SpaceX IPO Is Well Oversubscribed With Orders Closing Wednesday

New York Times: How Banks Are Using SpaceX to Woo the Superrich

SEC: SpaceX Form S-1

CNBC: SpaceX’s market-moving potential: Here’s what to know

More Perfect Union: We Uncovered a Hidden Wealth Transfer in the SpaceX IPO. You’re Holding the Bag.

UNFTR Resources

Video: SpaceX IPO: What They're Not Telling Retail Investors

Essay: The SpaceX IPO Fraud.

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Max and 99 are back after a week of colds, poison ivy, and Knicks supremacy. They hit headlines on the left’s idea problem, Google’s water pledges and data center backlash, Meta embedding face recognition into its smart glasses app, and Phoebe Bridgers playing MSG. Then they tackle listener emails on Democratic double standards, Israel and the hypocrisy talking point, and keeping Gaza woven into every story. Plus, they rank their Top 5 unhinged things they’d do with billionaire money. Enjoy!

Chapters

Intro: 00:00:05

Headlines: 00:14:28

Emails: 00:36:22

Top 5: 00:53:33

Memberships: 01:03:21

Outro: 01:05:57

Resources

The Verge: AI has a water problem. Google thinks it has a fix

Dissent Magazine: The Left Needs Ideas

TechCrunch: Erin Brockovich takes aim at data center secrecy

The Verge: Republicans want the FBI to probe whether foreign adversaries are stoking US data center backlash.

Wired: Meta Silently Added Face-Recognition Code for Its Smart Glasses to Millions of Phones

Pitchfork: Phoebe Bridgers to Play Surprise Madison Square Garden Show

UNFTR Resources

Read: The Donroe Doctrine.

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This week we made the case that AI breaks a fundamental economic law: the bigger it gets, the more expensive it is to run, which is the exact opposite of how transformative technologies are supposed to work. The IPO trio of OpenAI, Anthropic, and SpaceX looks less like the next internet and more like the last big exit for early investors before the whole thing deflates. Then we looked at the manufacturing uptick, which sounds like good news until you realize a lot of it may just be companies stockpiling inventory before prices get even worse.

Chapters

Intro: 00:00:36

Quick Takes: 00:01:34

Max Notes: 00:09:02

Killer Left Take of the Week: 00:18:03

Chart of the Week: 00:19:27

Headlines: 00:21:11

Outro: 00:23:05

Resources

CSPAN’s Book TV: Robert Caro Reveals Details of His Final Lyndon Johnson Biography

Forbes Breaking News: Bessent Asked If Data Showing Americans Dipping Into Savings To Pay For Gas, Groceries Concerns Him

CBS Mornings: Graham Platner’s sexting controversy rocks his campaign

New York Times: Platner’s Texts With Women Concerned Campaign as Senate Race Took Off

Yahoo! Finance: OpenAI CEO Altman denies company is looking into government bailout

More Perfect Union: We Uncovered a Hidden Wealth Transfer in the SpaceX IPO. You’re Holding the Bag.

ISM World: ISM® Manufacturing PMI® Report May 2026

Bloomberg: US Manufacturing Activity Expands by Most in Four Years

Bloomberg: US Manufacturing Expands Most in Four Years on Stockpiling Rush

CNN: Artists are bailing on a Trump-backed concert series for America’s 250th. Now he’s hosting his own ceremony

Time: Sam Altman Says AI ‘Jobs Apocalypse’ He Once Predicted Probably Won’t Happen.

Bloomberg: Canada Dips Into Technical Recession for First Time Since 2020

UNFTR Resources

Watch: On The Record 6/2/26 (When the AI Bubble Will Burst | Ben Shapiro | Graham Platner).

Essay: When the AI Bubble Will Pop.

Read: The Donroe Doctrine.

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Max and 99 return to close out the month with another Omnibus. They hit headlines on the Jacobin AI debate, U.S. complicity in the flotilla torture, and USDA plans, then tackle listener emails on financial repression, mortgage rates, and a stablecoin question from the crypto heist episode. They rank their Top 5 fictional characters you'd want on your side in a crisis, and close out with some movie talk. Enjoy, Unf*ckers!

Chapters

Intro: 00:00:08

Headlines: 00:02:36

Emails: 00:42:29

Top 5: 01:02:01

Beyond the Bullshit: 01:12:46

Memberships: 01:24:25

Outro: 01:25:00

Resources

Common Dreams: Global Sumud Flotilla Urges Probe of US Complicity in Members’ Abduction and Torture by Israel

Jacobin: Democratic Governance of AI Is the Real Solution

Jacobin: Stop the AI Build-Out, Start the Fight

Bad Faith: Breaking Down Jacobin's MIND BOGGLING Pro AI Article (W/ Levine, Ongweso & Regunberg)

Mother Jones: USDA Plan to Jack Up Line Speeds at Meatpacking Plants Seems Like a Terrible Idea

UNFTR Resources

Episode: A (Mostly) Vegan World: Plantf*ckers Can Save Us All

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This week we looked at the AI capital black hole—three companies with a combined $3 trillion in prospective market cap preparing to go public while public R&D budgets get gutted and the rest of the economy gets starved of investment. Then we checked in on consumer sentiment, which has basically fallen off a cliff, because when gas hits $5 a gallon and inflation keeps eating your paycheck, reality has a way of setting in.

Chapters

Intro: 00:00:38

Quick Takes: 00:01:33

Max Notes: 00:04:47

Killer Left Take of the Week: 00:18:17

Chart of the Week: 00:20:03

Headlines: 00:21:38

Outro: 00:22:57

Resources

Remarkably Bright Creatures

The Vanguard: Jillian Michaels ROASTED by Her OWN AUDIENCE After Sam Seder SMACKDOWN (Plus She Calls US Out???)

CNBC International Live: Jeff Currie on potential U.S.-Iran peace deal: Sell the tweet, buy the molecule

National Science Foundation: Trends in U.S. R&D Performance and Funding

Goldman Sachs: Tracking Trillions: The Assumptions Shaping the Scale of the AI Build-Out

CNBC: Tech AI spending may approach $700 billion this year, but the blow to cash raises red flags

McKinsey: The cost of compute: A $7 trillion race to scale data centers

IG: SpaceX, OpenAI, Anthropic: upcoming IPOs to watch in 2026

New York Times: OpenAI Prepares to File to Go Public in Coming Weeks

Reuters: OpenAI lays groundwork for juggernaut IPO at up to $1 trillion valuation

Bankrate: The 10 Largest American IPOs Of All Time

WIPO: Global Innovation Index 2025 - Global Innovation Tracker

Nature: US science after a year of Trump: what has been lost and what remains

Scroll Deep: Why are they people-shaped?

ITIF: How Reducing Federal R&D Reduces GDP Growth

University of Michigan: Final Results for May 2026

WSWS: The Ebola epidemic, imperialism and the political economy of social murder

Truthout: The Justice Department Just Shut Disabled People Out of Essential Online Services for Another Year

The Lever: The Pro-Israel Lobby’s Quiet Cash Shuffle

UNFTR Resources

Video: On The Record 5/26/26 (Will SpaceX and OpenAI Starve the Market?)

Essay: The AI Black Hole.

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Max and 99 are back, again! They hit headlines on Cuba, prediction markets, AI getting booed at graduations, and James Murdoch. Then they tackle listener corrections, emails on data centers and why Americans cling to empire. Plus, they rank their Top 5 things we all pretend are normal but are absolutely ridiculous. Enjoy!

Chapters

Intro: 00:00:23

Max Is Tweaked: 00:07:54

Headlines: 00:27:57

Emails: 00:54:24

Top 5: 01:26:34

Beyond the Bullshit: 01:45:56

Memberships: 01:51:21

Outro: 01:51:55

Resources

Common Dreams: 11,000 Children Among Tens of Thousands ‘Waiting for Surgery’ in Cuba Due to US Blockade

npr: Minnesota becomes first state to ban prediction market

Bloomberg: Communist Cuba Is Leaning on Capitalists After Oil Runs Out

New York Times: James Murdoch, Intent on ‘Thoughtful Journalism,’ Buys Half of Vox Media

HuffPo: Speakers At College Commencement Ceremonies Are Being Met With Boos For Bringing Up AI

UNFTR Resources

Video: Castro Indictment Proves US Plans to Invade Cuba

Video: These Trump Scandals Are Unprecedented

Video: Trump’s Crypto Bill Just Cleared Committee—Here’s What It Actually Does

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The charges against Raúl Castro are the pretext for another invasion into a neighboring country in Latin America. Our sick paternalistic attitude toward the LAC region is a cancer on the world, and it’s clearly not in our own power to put an end to it. In this episode, Max discusses the charges, speaks to the Castro regime, the history between our nations after the ‘59 revolution and the hypocrisy of the American media. He appends the piece with a three step plan that would outflank the United States and level the playing field.

Resources

Democracy Now!: Mariela Castro, Daughter of Cuban President, Helps Lead Struggle for LGBTQ Rights in Cuba

Common Dreams: 11,000 Children Among Tens of Thousands ‘Waiting for Surgery’ in Cuba Due to US Blockade

Mother Jones: Trump Has Been Investing in Companies and Then Pumping Them in His Speeches

The Guardian: Trump has created a slush fund of taxpayer money to give to his friends

Yahoo! Finance: Eric Trump says family assets invested in ‘broad market indexes’ — Trump’s own disclosure lists 3,642 individual trades

Wikipedia: Helms–Burton Act

BBC: The deadly plane attack at the centre of Castro’s indictment

Bloomberg: Communist Cuba Is Leaning on Capitalists After Oil Runs Out

U.S. Department of Justice: U.S. Unseals Superseding Indictment Charging Raul Castro and Five Castro Regime Co-Defendants for 1996 Shoot-Down of Brothers to the Rescue Aircraft

Reuters: US plans to indict Cuba’s Raul Castro, US DOJ official says

Council on Foreign Relations: Trump’s ‘Maximum Pressure’ Campaign on Cuba, Explained

UNFTR Resources

Essay: The Real Story Behind the Castro Indictment.

Video: Castro Indictment Proves US Plans to Invade Cuba

Episode: Cuba (Not So) Libre.

Episode: The Crypto Heist Happening Right Under Our Noses.

Episode: Little Marco’s Coup D’Etat.

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The Trump family crypto grift moved into high gear by clearing an important legislative hurdle this week. The CLARITY Act officially moved out of committee and now goes to the Agriculture Committee before being paired with the House version and going for a final vote. Despite valiant attempts by Elizabeth Warren to put some guardrails and ethics provisions in place, the GOP shot them all down. Hundreds of millions in lobbying from the crypto industry has been sunk into a bill that has the potential to damage the banking system and enrich the President’s family. This is an update to an ongoing story about the ultimate financial heist happening in real time and right under our noses.

Resources

CoinDesk: Clarity Act Markup Session

Bloomberg: Quiet Token Sales Boosted Trump Crypto Wealth by $660 Million

CNBC: Crypto industry scores win as Clarity Act regulation bill clears Senate hurdle

Public Citizen: Big Crypto, Big Spending: Crypto Corporations Spend an Unprecedented $119 Million Influencing Elections

American Bankers Association: ABA Community Bankers Council Letter Urging Senators to Close the Stablecoin Loophole

Circle Stablecoin Reserve

Tether Stablecoin Reserve

Senate Banking Committee Markup News: Chairman Scott, Senate Banking Committee Advance Clarity Act in Historic Bipartisan Vote

UNFTR Resources

Episode: Trump Is Looting the Treasury.

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This week we dug into the Treasury’s TIC data—the report nobody reads but everybody should—which shows central banks quietly stepping back from U.S. debt while private money fills the gap. That’s a problem when you’re carrying $39 trillion and yields are climbing. Then we looked at what that actually means at the kitchen table: record household debt, credit card rates near 24%, and an inflation measure that doesn’t even count the cost of carrying all that debt.

Chapters

Intro: 00:00:38

Quick Takes: 00:01:34

Max Notes: 00:06:34

Killer Left Take of the Week: 00:19:12

Chart of the Week: 00:21:25

Headlines: 00:23:00

Pod Love: 00:25:02

Book Love: 00:25:58

Outro: 00:26:15

Resources

CNBC Television: Squawk Pod: Scott Bessent from Beijing

CNBC Television: President Trump: Had extremely positive and productive meetings today

Yahoo! News: CNBC’s Jim Cramer Left Literally Speechless by Trump’s Personal Stock Trades

Bloomberg Television: US Faces Challenging Summer Gas Season, BofA’s Blanch Says

U.S. Department of the Treasury: Treasury International Capital Data for March

Signified B Sides: Kevin Hart is a Symptom...

Polygraph: Falling wages, spiraling credit card debt

New York Times: Over 100,000 Family Separations in Deportation Push, Report Estimates

Truthdig: Cuba Announces That Its Fuel Reserves Have Been Depleted

Mother Jones: Memphis Is “Under Full-Blown Occupation” by ICE. Here’s Why You May Not Know That.

Pod Love

Best of the Left: Capitalist Class Warfare: AI, Billionaire Capture, and the How to Fight Back

Book Love

Unf*cker Book Recommendations

UNFTR Resources

Video: On The Record 5/19/26 (Treasury Numbers Don’t Lie | Jim Cramer Melts Down | BofA Shocker)

Video: They Hide These Economic Words From You—Here’s Why

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Inflation figures came out this week and they were absolutely brutal. April CPI was startling enough, but the Producer Price Index (PPI), which is an indicator of inflation in the pipeline was shocking. Oil reserves are running down to dangerously low levels and it’s clear now that there’s no immediate resolution to the oil crisis, so we’re about to realize our worst economic fears. We take a look back at our predictions from nine months ago to see how accurate they are and to build on them for what comes next. Against the backdrop of this horrible inflation data, we have a new sheriff in town at the Federal Reserve. The man whose job it is to theoretically tame inflation has no tools in the box to deal with this level of crisis. The real question is whether he ever intended to.

Resources

Bloomberg Podcasts: Senate Confirms Warsh to Lead Fed as Trump Tests Its Autonomy

CNBC Television: Wholesale inflation jumps 6% in April on annual basis, biggest increase since 2022

U.S. Bureau of Labor Statistics: Producer Price Index News Release summary - 2026 M04 Results

U.S. Bureau of Labor Statistics: Consumer Price Index Summary - 2026 M04 Results

WSJ: Kevin Warsh’s Full Fed Chair Confirmation Hearing

Manhattan Institute: Reform the Federal Reserve’s Governance to Deliver Better Monetary Outcomes

Hudson Bay Capital: A User’s Guide to Restructuring the Global Trading System

EPI: Profits and price inflation are indeed linked

Groundwork Collaborative: Inflation Revelation: How Outsized Corporate Profits Drive Rising Costs

IEA: Oil Stocks of IEA Countries – Data Tools

CNBC: Analysis: Warsh emerges from a difficult hearing with his Fed ‘regime-change’ plan intact’

UNFTR Resources

Essay: Inflation, The Fed and What Comes Next.

Video: Stephen Miran Is Going To Be Fed Chair.

Video: The Warsh Man for the Job. Max for MTN.

Episode: 10 Economic Terms To Know in This Economy.

Episode: The End of the American Experiment.

Episode. Stupid Is As Stupid Does.

Episode: Labor Unions: From Pullman to Kellogg’s.

Episode: Stephen Miran Is Going To Be Fed Chair.

Episode: Project 2025.

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