Welcome to this lengthy and important Finance U episode. Today, Paul and I discuss the ongoing war with Iran, new inflationary pressures, and how to protect your wealth from The Great Taking (and Larry Fink).
Open by September 7th!?
Trump recently said that he thought the Strait of Hormuz (SoH) could be reopened by Labor Day. Yikes! That’s three months from now.
Trump: Could have the blockade of Iran lifted by Labor Day
— *Walter Bloomberg (@DeItaone) June 3, 2026
Is anybody advising him that, at the pace set over the past three months, the Western US would run entirely out of diesel and jet fuel?
Let’s hope Trump misspoke. If the SoH remains effectively closed until then the world oil inventories will crater and create real supply shortage chaos.
The head of freight at Mercuria says that the world is already at the point where fully 10% of global shipping could be stopped due to a lack of fuel:
By Labor Day, that could turn into something far worse than 10%…
Inflation
One thing leads to another, and so it is entirely unsurprising that higher fuel costs are translating into higher inflation readings.
The most recent ISM survey was an eye-opener. Every commodity was reported by managers to be up in price. None were reported to be lower.
Global shipping costs have doubled since February.
Nitrogen fertilizer shipments are down by roughly half since last year. The 2027 crop season could be in trouble, and come in very light. We’ll have to wait and see how 2026 comes in.
Protecting Your Wealth From The Great Taking (And Larry Fink)
The AI super bubble carries along, with no clear line of sight to profitability. Why is probably why Larry Fink, the CEO of BlackRock, has come right out and said that it will be your savings account, pensions (and 401ks) and insurance premiums (after the insurance companies lose money on the deals, teat is) that will have to fund the reckless buildout of data centers.
LARRY FINK says America needs trillions in AI infrastructure spend, and YOU must "invest" in it"to be the leader in AI...[will] require trillions... in investments""Much of this... [will come] from...savings accounts, pension accounts...insurance companies""This is a must" pic.twitter.com/JJLSpPdapA
— Sense Receptor (@SenseReceptor) May 24, 2026
Every time I listen to Larry Fink, this pithy quote comes to mind:
With the extreme levels of frothiness in global equity markets, combined with the sudden reversal of fortunes of Japan (as noted by yen weakness and rising long bond yields), there’s a rising chance that ‘something goes wrong’ with enough vigor to trigger the Great Taking legal machinery.
Paul and I reviewed that machinery briefly before Paul explained the many steps he has taken to ensure, as much as possible, that his client’s accounts are safely out of the way of that legalized plunder.
This involves such things as moving people into Type I accounts and remaining under current SIPC and FDIC insurance limits.
Otherwise, in Type II accounts, ‘your’ assets aren’t yours at all, but have been pledged into a rehypothecation scheme to be lent out to other parties for a fee (collected and retained by your broker). What happens if the system freezes up and those lent-out assets cannot be returned for whatever reason?
That’s when all of this legal gobbledygook comes into play:
Whenever legal language becomes that complicated, you can be sure it was designed that way to perform a specific function; in this case tell you that you are not the senior claimant to ‘your’ assets under certain circumstances. Please plan accordingly.
Timestamps
25:02 Inflation Dynamics and Economic Consequences
28:06 Rising Costs and Inflationary Pressures
29:35 The Importance of Financial Planning
33:22 Navigating Economic Challenges
35:45 The Impact of Consumer Debt
37:37 Market Signals and Consumer Behavior
39:50 Gold and Commodity Dynamics
42:22 Food Security and Inflation
46:22 Faith in Currency and Economic Stability
54:02 Understanding Financial Planning and Client Relationships
55:17 The Importance of Financial Awareness and Market Dynamics
58:58 The Role of Major Financial Institutions in Economic Stability
01:03:03 Navigating the Risks of Financial Systems and the Great Taking
01:08:28 Understanding Securities and Ownership in Financial Accounts
01:14:31 Strategies for Protecting Assets in Financial Markets
01:18:28 Understanding Account Types and SIPC Coverage
01:22:05 The Evolution of Financial Safeguards
01:25:03 The Risks of Derivatives and Speculation
01:29:43 401k Plans and Their Vulnerabilities
01:33:05 The Great Taking: Historical Context and Current Concerns
01:35:22 Speculation and Market Behavior
01:38:45 Leveraged Bets and Market Signals
01:44:54 Protecting Assets in Uncertain Times
01:49:38 The Importance of Prudence and Strategy
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by cmartenson