Conspiracy to Print

Mayer Rothschild, engraving, Source: Getty Images

Tuesday, February 10^th, 2026

Bill Bonner, from Cork, Ireland

‘Conspiracy theorists’ have a lot to work with. Millions of pages of intel from Epstein have already been released. Millions more to go.

The press is still focused on ‘girls, girls, girls,’ which is always a page turner. Some of these ‘girls’ allege that they were raped. But when the FBI looked into it, the rape stories proved hard to corroborate. Or, so they said.

That left ‘statutory’ rape...which is what nailed Jeff Epstein, aka JE.

But most of the attention has gone to the long list of people with whom JE had connections. Some of these relationships might have been tawdry. Some criminal. Some treasonous. At this stage, it’s very hard to know.

And we don’t especially care...except...except...it may help us understand the likely trajectory of the US and its assets.

One of the ‘conspiracy theories’ that conspiracy theorists are likely to theorize about is the Zionist plot to take control of the US government.

Back in his first presidential campaign, it was alleged that the Kremlin had ‘dirt’ on Mr. Trump. He visited Moscow in 1987. The bait was offered, says a former KGB officer. He bit down hard.

Alternet:

Former KGB officer Alnur Mussayev, who once headed Kazakhstan’s security services, said both Kazakhstan and the Kremlin are in possession of an incriminating video of U.S. President Donald Trump, among other “compromising material,” Ukraine’s Kyiv Post reports.

Mussayev on Friday spoke with Ukraine’s Espreso TV program “Studia Zakhid,” where the Kyiv Post reports he “reiterated a claim he has expressed publicly for years – namely, that there is a Kremlin file with compromising video material from Trump’s stay at Moscow’s Ritz-Carlton hotel in 2013” for the Miss Universe pageant. According to Mussayev, Kazakhstan is also “in possession of that same kompromat.”

An updated version of this ‘conspiracy theory’ is that Russia was clandestinely backing JE...in order to get even more dirt on Trump and others.

True? We have no way of knowing.

But what is definitely true is that every special interest group wants to control US policy. The pro-Israeli lobby has been perhaps the most successful.

It is also true that the pro-Israel faction is not just in the US. Russia also has a sizable subculture of Israel-First billionaires who may influence its policies. Many of them are also Israeli citizens.

Conspiracy theorists will note that the Israel-firster Miriam Adelson gave Trump $100 million to clinch the 2024 election and promised another $250 million if he’d run for a third term. AIPAC, meanwhile, the American Israeli Public Affairs Committee, is the single biggest contributor to Congressional candidates. Chicken feed, by comparison, (and it might be a coincidence, too!), but Adelson and other big Israel-First donors have ponied up more than $2 million to defeat Tom Massie, the member of Congress most responsible for getting the Epstein files released.

Kevin Warsh is the son-in-law of Ronald Lauder, president of the Mega Group, a pro-Israel non-profit founded by Les Wexner, Epstein’s mega patron. Now, with Warsh at the head of the Fed, the Israel firsters may arguably control the president, Congress, and the Fed too.

Does it matter? Maybe not for Warsh. Like Trump, he must play the cards History has given him. He aims to reduce the Fed’s balance sheet but retain or even raise interest rates. He hopes that AI will boost GDP enough to make it possible.

But the Fed will have to borrow/refinance $10 trillion in treasury debt over the next 12 months. That will be harder than ever. Because of other Biden and Trump policies — notably, using the dollar, tariffs and the US financial system as weapons — the foreigners no longer regard Treasury bonds as risk-free assets. Gold, now, is a more important reserve asset than US Treasuries.

So, with fewer foreign lenders, Warsh will depend more and more on US-based savers. These will demand more reward for the additional risk they take on. And this will mean higher real interest rates for everyone.

Warsh will have no choice. Conspiracy or no conspiracy, he will have to do what almost anyone in his place would do -- ‘print’ money to fund US debt.

Shalom.

Regards,

Bill Bonner

---

Source: Daniel Oliver, Myrmikan Research

Research Note, by Dan Denning

The first, ‘laminar’ or smooth phase of the gold bull market is over. The next two phases are still to come, will be more ‘turbulent,’ and could see the gold price rise as high as $12,595/oz. Prepare for devaluation or default.

Those are some of the conclusions from a new research paper published yesterday by Daniel Oliver from Myrmikan Research. Oliver argues that the ‘external’ phase of the current gold bull market began in October 2022, in response to the US weaponization of the dollar. This caused central banks and other large investors to accumulate gold at record rates and reduce holdings or new purchases of US government bonds (driving up the gold price to over $5,000/ounce).

Phases two and three of the bull market—yet to come he argues—will be ‘internal.’ Interest expense and debt costs will rise inside the US as external capital flows dry up. The Fed will restart Quantitative Easing (QE) to make up for the foreign slack. But this time, QE will unleash massive inflation in the real economy.

Higher interest rates in response to higher inflation create a government bond ‘death spiral,’ according to Oliver. This will force the Fed to buy all government bonds to avoid a default, resulting in the destruction of the currency, which cannot be avoided. The gold price forecast is based on the Fed having to increase as a percentage of the Fed’s assets in order to ‘cover’ rising liabilities.