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Hello Capitalists,
Here is everything you should be following today:
Mamdani tilts hard left with his pick for chief of staff
Elle Bisgaard-Church was behind the controversial social worker concept
Bessent schools MSNBC over basic economics
“Big Short” legend claims AI titans are cooking the books over profits
SoftBank unloads their entire Nvidia holdings in one go
Bitcoin’s rally fizzles out before it really began
Today’s markets + assets:
✅ DOW: 47869.69 (⬆️ 1.06%)
✅ S&P: 6842.80 (⬆️ 0.15%)
🔴 NASDAQ: 23442.00 (⬇️ 0.36%)
⚠️🔴CBOE VIX Volatility Index: 17.58 (⬆️ 0.11%)
🔴 Gold: $4120.00 (⬇️ 0.04%)
✅ Silver: $50.70 (⬆️ 0.76%)
🔴 Bitcoin: $103,287 (⬇️ 2.31%)
The Capitalist is a reader-supported publication Reject Corporate Left-Wing Journalism
Mamdani names Radical Socialist as his Chief of Staff
Zohran Mamdani, New York City’s mayor-elect, has named [ [link removed] ] Elle Bisgaard-Church – the Democratic Socialists of America-affiliated “chief architect” of his controversial plan to replace NYPD officers with social workers for non-violent 911 calls – as his top City Hall adviser.
DSA Radical Takes Helm: Bisgaard-Church, a low-profile [ [link removed] ] Ivy League graduate and NYC DSA organizer, previously served as Mamdani’s chief adviser in the state assembly and campaign.
$1.1B Police Overhaul Plan: Her signature proposal creates a new Department of Community Safety, shifting non-life-threatening emergencies – especially subway incidents – to mental health professionals.
Heavy Criticism Expected: The plan, developed with input from former NYPD chief Rodney Harrison, has been widely slammed amid Mamdani’s history of anti-police rhetoric requiring public apologies.
Socialist Influence Deepens: Bisgaard-Church [ [link removed] ] secured DSA’s endorsement, held weekly strategy meetings with the group, and now joins Mamdani [ [link removed] ] to push his “affordability agenda” at City Hall.
Together with Allegiance Gold [ [link removed] ]
Don’t let the RMD trap limit your financial flexibility [ [link removed] ]
Most retirees take their Required Minimum Distributions (RMDs) in cash — and that often means more for Washington and less for you. Once you reach a certain age, the IRS requires that you begin taking distributions from your retirement accounts, whether you need the money or not. For many retirees, this can feel like a forced withdrawal that interrupts their long-term plans for preserving wealth. [ [link removed] ]
However, few people realize there’s another option available under IRS Code 408(m)(3). This provision allows certain types of precious metals, such as gold and silver, to be held within specific retirement accounts — and in some cases, distributed in-kind rather than liquidated for cash. By understanding and utilizing this strategy, you can maintain greater control over your assets and potentially preserve more of your retirement’s purchasing power.
The key is knowing how to structure your RMDs strategically [ [link removed] ] — and how physical assets like precious metals can play a role.
Don’t let the RMD trap limit your financial flexibility. Discover how to use IRS Code 408(m)(3) to your advantage and make your retirement assets work smarter for you.
Learn how to avoid the RMD trap — and keep more of what’s yours in this free guide. [ [link removed] ]
Bessent bulldozes MSNBC hosts over economics and humiliates them
Treasury Secretary Scott Bessent fired back at MSNBC host Jonathan Lemire [ [link removed] ] for claiming that America “bailed out” Argentina, scolding him and explaining that America profited from a currency swap that was mutually beneficial.
“How does a $20 billion bailout of Argentina help Americans?” Lemire asked.
“Do you know what a swap line is?” Bessent answered.
“It’s a currency swap. Yes,” the host responded.
“But what is that? Why would you call it a bailout?!” Bessent pressed back. “In most bailouts, you don’t make money. The U.S. government made money. The government’s going to make money … There’s a lot we could have been doing for American farmers. But Democrats CLOSED the government.”
Legendary investor claims massive AI earnings are a fraud
“Big Short” investor Michael Burry has accused [ [link removed] ] major AI hyperscalers Monday of committing “one of the more common frauds of the modern era” by artificially extending the useful lives of servers and Nvidia chips to understate depreciation and inflate earnings.
Aggressive Accounting Exposed: Burry claims that Hyperscalers (Google, Meta, Oracle and others) have extended the “lives” of their assets (AI chips) on paper to 5-6 years, despite in reality needing a 2-3 year Nvidia chip replacement cycle, thus spreading depreciation out over more years to boost profits under Generally Accepted Accounting Principle (GAAP) rules.
Massive Earnings Inflation Looming: The practice, according to Burry, enables Ai firms to understate depreciation in their accounts by $176 billion industry-wide from 2026-2028. This has meant that they were able to significantly overstate reported profits.
Oracle, Meta Hardest Hit: According to Burry’s calculations, Oracle’s profits could be overstated by ~27% by 2028; Meta’s by ~21%.
More Bombshells Incoming: Burry promised “more detail” on the alleged manipulation in a follow-up post coming on November 25, telling followers to “stay tuned.”
SoftBank dumps its ENTIRE holdings of Nvidia for $5.38 billion
SoftBank has dumped its entire Nvidia stake [ [link removed] ] for $5.83 billion freeing up cash for a massive $22.5 billion bet on OpenAI as CEO Masayoshi Son goes all-in on artificial intelligence instead of chip manufacturing.
Huge Profits Realized Again: Softbank’s “Vision Fund” - an early investor in Nvidia- booked part of th $19 billion gain, helping SoftBank to double quarterly profits despite exiting Nvidia entirely.
Funding OpenAI Megadeal: Proceeds, plus $9.17 billion from SoftBank’s sale of T-Mobile shares, have fueled the $22.5 billion OpenAI infusion, which will boost SoftBank’s stake in them from from 4% to 11%.
Not Bearish on Nvidia: SoftBank’s CFO insists sale is pure “asset monetization” for opportunities, not concern over AI valuations or bubble fears.
Ties to Nvidia Endure: SoftBank remains deeply linked to Nvidia via the $500 billion Stargate AI data center project and heavy reliance on Nvidia chips.
Bitcoin’s rally fizzles out as concerns mount over “buyer fatigue”
Bitcoin’s attempted recovery fizzled Monday as the cryptocurrency briefly surged past $107,000 before tumbling below $105,000, signaling deepening “buyer fatigue” [ [link removed] ] and fragile sentiment across crypto markets after last month’s brutal selloff.
Whale Profits Trigger Downturn: Early Bitcoin holders cashed in massive gains near yearly highs, fueling the selloff alongside October’s cataclysmic liquidations.
Futures Momentum Evaporates Fast: Open interest in Bitcoin perpetual contracts plunged to $68 billion from last month’s $94 billion peak, with funding rates stuck flat.
ETF Inflows Virtually Vanish: U.S.-listed Bitcoin ETFs scraped just $1 million in net inflows Monday, despite raging rallies in stocks and credit.
Key Resistance Blocks Upside: Bitcoin remains trapped below its 200-day moving average near $110,000, lagging gold and tech stocks year-to-date.
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