Mine Print Hash

TL;DR: U.S. inflation is still rising, but the impulse is decelerating. Matt connects CPI, Hormuz energy flows, dollar onshoring, and tokenized securities into one Mine Print Hash thesis: capital-market gravity is moving away from the old offshore/continental system toward U.S./Western Hemisphere rails.📄 SummaryCPI: High, But DeceleratingMatt says the key is the impulse: CPI was 0.47% month-over-month, annualizing to 5.6%, a “big impulse” (00:03:22). But after three post-Epic Fury prints, “the second derivative is negative,” meaning the impulse is slowing (00:03:59). * March was mainly energy as Brent/WTI spiked. Now services/shelter matter more, though Matt criticizes owners’ equivalent rent as a survey-based price signal (00:04:53).U.S. Broadening TestTransportation has stopped contributing in CPI, while core goods were negative month-over-month (00:07:29). * Matt’s read: higher food and energy costs are forcing households to pull back elsewhere, so the U.S. may be absorbing the shock through weaker discretionary demand.Europe Looks More ExposedThe ECB hiked rates into weakening growth and falling demand for money/borrowing (00:08:08). Matt highlights Lagarde’s view that the shock is broadening through Europe, calling that “the opposite of transitory” (00:09:24). Despite the hike, the euro remains under pressure versus the dollar (00:11:14).Hormuz, U.S. Energy Exports & Dollar OnshoringMatt cites EIA data showing U.S. crude exports exceeded 6 million barrels per day since Iran (00:15:51). With exports and prices both up roughly 50%, he argues dollar cash flows into the U.S. may have at least doubled (00:19:24). * This supports the shift from an offshore liability-dollar world toward onshore dollar flows tied to U.S./Western Hemisphere energy.LNG, Europe & the Old World vs. New WorldMatt calls U.S. LNG exports the “rubber meets the road” data point (00:22:52). Europe is now a major destination, replacing the prior Russia-to-Europe commodity relationship after Nord Stream (00:23:43). Europe once had leverage over commodity suppliers, but not the same leverage against the U.S.Conflicting Hormuz RealitiesMatt contrasts headlines saying maritime insurance costs are 4,000x higher with Trump’s claim that 100 million barrels moved safely through Hormuz via 200 ships (00:27:50). His conclusion: either traffic collapses, or insurance premiums fall. “This tug of war” has to resolve (00:30:01).Tokenization as a Monetary BattleCameron shifts to tokenized equities/RWAs, noting over $1.4B in tokenized value today (00:31:51). Matt says the trend has tripled since January 2025 and is part of a collateral battle (00:31:59). Tokenization can move real-world collateral into offshore crypto/DeFi systems; the U.S. defense is faster rails: 24/7 trading, faster settlement, and better back offices (00:35:06).Settlement Rails: BIS vs. Stablecoins + BitcoinMatt points to DTC, NSCC, SIP, NYSE, Nasdaq, and CME preparing for new infrastructure (00:36:20). T+2 to T+1 was a major 2022 shift, but real-time 24/7 settlement may arrive much faster (00:37:34). * He contrasts BIS tokenized central bank reserves/CBDC-style outside money with the U.S. route of stablecoins plus Bitcoin-like inside money (00:40:30). Genius Act stablecoins already function as tokenized government debt backed by Treasury IOUs (00:41:30).🔑 Key Takeaways* Watch services/core goods to confirm whether U.S. CPI keeps slowing.* Europe appears more exposed to sustained energy-driven purchasing-power loss.* U.S. crude/LNG exports are central to dollar onshoring.* Hormuz shipping/insurance data is the near-term stress test.* Tokenized securities are a battle over collateral, settlement, and monetary control.* Capital-market gravity appears to be leaving Basel/Frankfurt/London for U.S.-centered rails.📱 Social Media* Mine, Print, Hash: https://x.com/MinePrintHash* Matt Dines: https://x.com/LeveredUSTs* Cameron Otsuka: https://x.com/CameronOtsuka🔗 Links* 🎧 Subscribe to Mine, Print, Hash: https://api.substack.com/feed/podcast/3184485.rss* 🌎 Build Asset Management: https://getbuilding.com* ⚓ Build Bond Innovation ETF: https://bfix.fund* 📈 Build Secured Income Fund I: https://buildbitcoin.com This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit www.mineprinthash.com

TL;DR: Europe’s energy shock is becoming sovereign-debt stress, offshore dollar liquidity is signaling disinflation, and Japan is the next battleground in the stablecoin vs. eurodollar transition.📄 SummaryEurope Admits The Energy ShockCameron Otsuka frames the episode around Europe’s energy/debt stress, the offshore dollar system, and Japan’s role in stablecoins (00:00:04). Matt Dines says Europe is “admitting it’s lost this phase of the Iran fight” through energy and commodity supply chains (00:01:31). * EU officials expect oil/gas prices to stay elevated through 2027, while Christine Lagarde “double stamped” that price levels will likely be higher after the crisis (00:02:48). * Throughline: weaker commodity access means higher input costs, lower growth, sovereign-bond stress, and more ECB/European monetary centralization.ECB Forecasts: Lower Growth, Higher PricesMatt highlights eurozone real GDP growth near 0.9%, “spitting distance from zero,” while inflation forecasts move higher (00:04:19). * He separates CPI inflation from monetary inflation: energy can lift measured prices while reducing private-sector demand for new debt (00:04:53). * The ECB Financial Stability Review is the “real payload”: sustained energy shock can force “abrupt repricing” in sovereign bonds, pushing yields up and bond prices down globally (00:06:02).Money Markets Show Eurodollar StressCameron asks how this connects to U.S. money markets (00:08:48). Matt points to Memorial Day trading in the 4-week T-bill, where offshore flows bid the bill sharply lower in yield, as evidence of excess dollar supply and weak demand for new credit (00:10:00). * His read: Europe’s squeeze is growth-reducing and disinflationary from a credit-money standpoint, even if CPI energy prices rise (00:14:00).Japan Becomes The Next BattlegroundMatt calls Japan the next major theater in the move “from the offshore euro dollar to the stablecoin dollar future” (00:18:00). * Japan imports commodities, invoices them in dollars, and cannot rely on yen globally. That forces Japanese banks through legacy offshore dollar rails to access Treasury-like dollar claims (00:20:00). * Yen weakness and gold priced in yen show Japan needs dollar liquidity without depending solely on the old eurodollar/SWIFT structure (00:22:00).Stablecoins As A One-Hop Treasury ClaimMatt argues T-bill-backed stablecoins can give Japan direct access to a one-to-one Treasury claim, settling commodity trades while bypassing the “VIG” of the Belgium-centered SWIFT/eurodollar system (00:26:00). * If Japan integrates stablecoins, other dollar-needing economies could follow, tightening the noose around the old offshore eurodollar framework (00:32:00).Tether, Liquidity, And The Transition SignalCameron asks about Tether “breaking the buck” (00:33:35). Matt says Tether’s exchange rate versus offshore dollars has trended down since May, signaling liquidity being pulled out of stablecoins and back into the credit-dollar system (00:34:00). * He contrasts legacy Tether with regulated, T-bill-backed stablecoins under the Genius Act framework, saying the compliant version is closer to the U.S. Treasury-backed dollar future (00:36:00). * Japan’s June 1 stablecoin implementation is the test: “If Japan stays upright throughout the summer,” the U.S.-led monetary transition gains momentum (00:38:00).🔑 Key Takeaways* Europe faces higher energy prices, lower real growth, and sovereign-debt repricing risk.* CPI inflation can rise while monetary/credit inflation weakens.* Offshore dollar markets show weak borrowing demand and a bid for short-term collateral.* Japan is critical because it must import commodities, source dollars, and defend yen/JGB stability.* T-bill-backed stablecoins are presented as the new rail to bypass eurodollar/SWIFT friction.* If Japan holds this summer, the stablecoin/Treasury transition accelerates.📱 Social Media* Mine, Print, Hash: https://x.com/MinePrintHash* Matt Dines: https://x.com/LeveredUSTs* Cameron Otsuka: https://x.com/CameronOtsuka🔗 Links* 🎧 Subscribe to Mine, Print, Hash: https://api.substack.com/feed/podcast/3184485.rss* 🌎 Build Asset Management: https://getbuilding.com* ⚓ Build Bond Innovation ETF: https://bfix.fund* 📈 Build Secured Income Fund I: https://buildbitcoin.com This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit www.mineprinthash.com

TL;DR: Stablecoin dollars, money-market stress, and AI compute constraints are all converging into one macro regime shift.📄 SummaryClarity Act and the Monetary ForkCameron Otsuka and Matt Dines open Mine Print Hash with Kevin Warsh “confirmed as Fed Chair” (00:00:39), then shift to the Clarity Act and GENIUS Act as the week’s key monetary development. * Matt frames the Tillis-Alsobrooks compromise as historically significant: a fork in the road for stablecoins, Treasury bills, and dollar issuance. * He argues the offshore dollar system “is being completely rewired” (00:03:38).Stablecoins as a Return to Treasury-Backed MoneyMatt connects the stablecoin framework to pre-1967 silver certificates, arguing stablecoins separate monetary issuance from bank lending and credit creation. * Pre-1971, people could exit the credit system through metal-backed money; today, “Your dollar is someone else’s liability” (00:08:25). * Stablecoins are described as a Treasury-bill-backed “evolutionary step” rather than a hyperinflationary revolution. * The Clarity Act has passed out of committee, but Matt warns it can still be killed in markup: “The Clarity Act can get killed here” (00:12:36).UK/EU Response: Walled Gardens vs. Open Dollar RailsThe discussion turns international: the Bank of England, UK digital ID push, and ECB “Eurostablecoins” are framed as defensive responses to a U.S.-led stablecoin dollar system. * Matt contrasts open architecture dollar rails with permissioned “walled garden” systems (00:18:04). * Sovereign funding pressure becomes the battlefield, with UK gilt yields and weak Eurozone GDP signaling stress.Money Markets: Late-Cycle Liquidity SignalsMatt argues money markets are flashing late-cycle warning signs, saying the system is “past the seventh inning stretch” (00:25:13). * Rising short interest in short-duration Treasury ETFs like BIL is interpreted as levered funds tapping low-cost cash. * SOFR futures show levered funds hedging against higher future funding costs; Matt’s key read: “SOFR is going to have to rise someday” (00:37:03). * Dealers can hedge through swaps, but rising sovereign yields reduce their capacity to absorb risk.Markets, Inflation, and the New Fed/Treasury PlaybookLiquidity is showing up in QQQ, semiconductors, Micron, and AI-linked equities, but CPI/PPI constraints remain the key limiting factor. * Matt stresses this is not the old 1982–2021 bond bull market playbook; “the game itself may look different” for Fed, Treasury, and global dollar behavior (00:48:24). * April CPI/PPI pressure is tied to shelter, energy, transportation, warehousing, and supply-chain bottlenecks.AI Buildout: Memory, Compute, and Credit CapacityCameron and Matt identify RAM, SSDs, hard drives, labor, and fabs as bottlenecks for the AI data-center boom. * Matt summarizes the growth model as “more compute equals more growth” (00:56:58). * Samsung labor issues, Chinese DDR5 progress, Micron capacity limits, and China trade policy all feed into whether the AI buildout can scale. * Roundhill’s switch from a 2x meme-stock ETF to a 2x memory ETF is treated as a cycle marker.Compute Futures and the Financialization of AIThe CME/Silicon Data compute futures launch is framed as structurally important because it could turn compute into a centrally priced, hedgeable commodity. * Matt compares it to WTI futures in 1983 and Bitcoin futures in 2017: futures can stabilize prices, improve cash-flow certainty, and unlock credit. * “By lowering risk, you’ll get a credit expansion” (01:08:11). * AI credit demand is expected to widen corporate debt spreads and shift bond indices toward hyperscaler issuance.U.S.-China: Dialogue Channels ReopenThe episode closes with Trump’s China visit. Matt argues the key outcome was not media spin, but the creation of U.S.-China trade and investment boards (01:16:20). * The goal is to keep non-sensitive trade flowing while negotiating sensitive AI, semiconductor, and national security issues.🔑 Key Takeaways* Stablecoin legislation is being framed as a historic rewiring of dollar issuance.* Treasury-bill-backed stablecoins may separate money from lending in a way fiat banking blurred.* UK/EU digital money responses look more permissioned than the U.S. framework.* Money markets are showing late-cycle leverage and future rate-stress signals.* AI infrastructure is the new liquidity sink, but memory, compute, labor, energy, and credit are binding constraints.* Compute futures may become a major tool for stabilizing AI input costs and expanding credit.* U.S.-China trade boards are a constructive step toward managing AI-era geopolitical competition.📱 Social Media* Mine, Print, Hash: https://x.com/MinePrintHash* Matt Dines: https://x.com/LeveredUSTs* Cameron Otsuka: https://x.com/CameronOtsuka🔗 Links* 🎧 Subscribe to Mine, Print, Hash: https://api.substack.com/feed/podcast/3184485.rss* 🌎 Build Asset Management: https://getbuilding.com* ⚓ Build Bond Innovation ETF: https://bfix.fund* 📈 Build Secured Income Fund I: https://buildbitcoin.com This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit www.mineprinthash.com

TL;DR: Central bank stress, dollar liquidity, and resource competition are converging.📄 SummaryFrom Kinetic Conflict To Financial StressCameron Otsuka and Matt Dines frame Mine Print Hash Week 17 around stress moving from the Iran/Persian Gulf military layer into finance, FX, and resource procurement. The throughline: disrupted commodity flows are pushing central banks into a “bad quadrant” of soft growth, energy-linked inflation, and FX risk (00:00:23).Japan: BOJ Holds, Then IntervenesMatt starts with Japan, where the Bank of Japan held short-term rates steady at 75 bps instead of hiking, even as inflation pressure rises. The follow-through was Ministry of Finance FX intervention: “central authorities in Japan buying yen and selling dollars,” creating yen strength / dollar weakness (00:03:25). Matt reads Japan as “play[ing] nice” with the U.S. dollar system while managing its own inflation backdrop.Europe: ECB Signals Potential June HikesThe ECB also did not hike, but Matt says officials are telegraphing: “don’t be surprised… if we need to hike in June” if tightness persists (00:09:17). Europe’s weaker growth footing shows up in ECB policy and Brussels’ AccelerateEU program, aimed at energy resilience amid tight Persian Gulf exports (00:11:22).Fed: A Boardroom Battle, Not Just A Rate DecisionThe Fed’s April meeting had “no real changes” on rates or balance sheet policy, but Matt focuses on the politics: four dissents, regional Fed presidents resisting an easing bias, and Jerome Powell signaling he may stay on as governor. Matt argues this is not simply Trump vs. Powell, but a “Powell versus Warsh Proxy War” over the steering wheel of the FOMC (00:36:11).UAE, OPEC, And Dollar Swap LinesThe resource-competition section starts with the UAE exiting OPEC. Matt connects this to reports that the UAE wanted U.S. dollar swap-line access, calling it “bending the knee” to Washington/New York and the domestic U.S. financial system (00:42:48). Cameron adds other potential swap-line candidates: South Korea, Singapore, Qatar, and Bahrain.Pax Silica: Cooperation Or Kinetic CompetitionThe U.S.-EU critical minerals MOU becomes the cooperative version of the same resource scramble. Matt frames critical minerals, energy, semiconductors, AI supply chains, Bitcoin, and dollar plumbing as parts of Pax Silica. The hopeful path is coordination over price floors, stockpiling, and supply rather than wider conflict (00:46:05).AI Sovereignty: China, Meta, Anthropic, And ChipsCameron then connects sovereign resource competition to AI. China blocked Meta’s acquisition of Manus-related AI assets, citing technology/IP concerns (00:53:43). The U.S. similarly pushed back on Anthropic expanding access to its Mythos model and halted tooling shipments to Chinese chipmaker Hua Hong (00:55:10). Matt reads this as Beijing and Washington defining their power-projection borders over AI, chips, human capital, and national-security tech.Gold: The Smoking GunThe episode closes with gold. Matt notes gold’s three-year bull market and recent consolidation/bull flag, saying gold is signaling the intermediate stress phase has reached central banking: “gold is your smoking gun here” (01:00:29). He expects the unstable Iran/Persian Gulf equilibrium to resolve through a major historical-scale development in the next 3–6 months.🔑 Key Takeaways* Iran/Persian Gulf disruption is now a central-bank, FX, and resource-procurement problem.BOJ, ECB, and Fed responses differ, but all point to monetary stress from resource tightness.* The Fed story is framed as Powell vs. Warsh and technocratic vs. capital-owner monetary regimes.* UAE’s OPEC exit and swap-line ambitions suggest a new dollar-centered energy alignment.* Pax Silica ties together AI, chips, critical minerals, energy, Bitcoin, and dollar liquidity.Gold is the key market signal that the current quasi-equilibrium is unstable.📱 Social Media* Mine, Print, Hash: https://x.com/MinePrintHash* Matt Dines: https://x.com/LeveredUSTs* Cameron Otsuka: https://x.com/CameronOtsuka🔗 Links* 🎧 Subscribe to Mine, Print, Hash: https://api.substack.com/feed/podcast/3184485.rss* 🌎 Build Asset Management: https://getbuilding.com* ⚓ Build Bond Innovation ETF: https://bfix.fund* 📈 Build Secured Income Fund I: https://buildbitcoin.com This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit www.mineprinthash.com

TL;DR: The Iran ceasefire is one small but critical step in a much larger Middle East “reordering” that is now showing up across FX, sovereign debt, commodities, and even AI infrastructure.📄 Summary100 years of context: from World War I to todayMatt frames the current Iran ceasefire as part of “the largest reorder of the Middle East since World War I” (00:00:31). He traces the setup from the collapse of the Ottoman, Russian, Austro-Hungarian, and German empires after WWI, then argues that 9/11, the Iraq/Afghanistan wars, the 2008 crisis, the Arab Spring, and Syria all accelerated the breakdown of that old order.Why the 14-day Iran ceasefire mattersMatt’s core claim is that the recent U.S.-Iran ceasefire window is not a final settlement, but a chance for the U.S. side to gain a “beachhead” with factions inside Iran. He says the action was “competent and decisive enough to force a counterparty to the table” (00:08:48), but warns the next two weeks are dangerous because entrenched interests tied to the old system have incentives to sabotage any progress (00:09:27).Cross-asset contagion is the key macro signalThe macro takeaway is simple: “we’re seeing cross asset contagion now”. Matt says instability first appeared in FX, especially the Japanese yen, then spread into sovereign debt, then into commodities.* Yen: earlier ceasefires brought relief rallies, but newer episodes show a more fragile global order.* Sovereign debt: U.S. Treasuries and French OATs are presented as stress gauges for the broader fiat/debt system.* Oil: WTI is the clearest sign that regional instability has reached the real economy, especially through energy and shipping chokepoints tied to Iran and the Strait of Hormuz.The throughline: trade routes, empire, and system architectureA recurring theme is that wars, sanctions, trade routes, and financial plumbing are all one story. Matt ties Persia/Iran to both the old Silk Road and modern maritime chokepoints, and even argues 9/11’s attack on the World Trade Center symbolized an assault on the global trade system itself.AI as the next layer of the same reorderingIn the final section, Cameron Otsuka shifts to Anthropic’s new Mythos model and Project Glasswing. He says Mythos is being portrayed as a major leap over GPT-5.4 and powerful enough that Anthropic is limiting access while companies patch vulnerabilities (00:40:07). The timing matters to Matt: he sees AI infrastructure, Gulf energy, data centers, and defense contracts as part of the same emerging order. “We’ve achieved Skynet at this point”, while Matt treats the AI buildout as either a massive misallocation or a pillar of the next U.S.-led system.🔑 Key Takeaways* The episode’s main thesis is that the Iran ceasefire is a tactical event inside a much bigger century-long geopolitical reset.* Matt believes markets are the best lie detector: watch FX, sovereign debt, and oil to judge whether the ceasefire produces real progress.* The same reordering affecting borders and trade is, in their view, now extending into AI, cybersecurity, and infrastructure buildout.📱 Social Media* Mine, Print, Hash: https://x.com/MinePrintHash* Matt Dines: https://x.com/LeveredUSTs* Cameron Otsuka: https://x.com/CameronOtsuka🔗 Links* 🎧 Subscribe to Mine, Print, Hash: https://api.substack.com/feed/podcast/3184485.rss* 🌎 Build Asset Management: https://getbuilding.com* ⚓ Build Bond Innovation ETF: https://bfix.fund* 📈 Build Secured Income Fund I: https://buildbitcoin.com This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit www.mineprinthash.com

TL;DR: The Iran conflict is a fight over who controls Iran’s state, economy, and strategic geography, specifically targeting the IRGC’s hybrid role as a paramilitary and economic empire, with hyperinflation acting as the clearest sign that the system is breaking.📄 Summary* Iran’s core issue is structural, not just military. Matt says Iran effectively has “two separate power factions” (00:01:57): a civilian government and an IRGC-centered power bloc that grew into a “private equity” plus “private military” regime. That framing is the throughline for the whole episode.* The IRGC is described as having evolved from a post-1979 militia into something that “looks like a private equity shop” (00:05:22), with control or influence across oil and gas, pipelines, construction, cybersecurity, and infrastructure. Matt argues this makes it the real operating power inside Iran, not just a military appendage.* Matt lays out three possible outcomes. Path one is the preferred Western/GCC outcome: “decapitate the IRGC” (00:07:51), leave the civilian branch standing, and shift Iran into a more “palatable” order for GCC states and China (00:08:43). Path two is a bad-but-stable muddle where the IRGC survives and the status quo continues: “steady state, muddle along” (00:09:26). Path three is the nightmare scenario: a “failed state scenario” (00:09:36) that would dwarf Iraq or Afghanistan in scale and cleanup cost.* Hyperinflation is presented as the on-the-ground signal that the regime is under extreme stress. He estimates inflation dynamics at roughly 115% annualized and compares Iran’s trajectory to other historic hyperinflations (00:13:49). The standout tell is the new 10 million rial banknote (00:16:36), which Matt uses to argue Iran is in wartime monetary breakdown.* The Central Bank of Iran matters because it is not independent in his framework. Matt argues it is subordinate to the civilian government, but since that civilian layer is itself captive to the IRGC, the central bank ends up financing the broader IRGC war machine rather than pursuing price stability (00:19:52).* Foreign integration is where Matt thinks the endgame becomes visible. He argues the likely steady-state bargain is GCC capital/equity ownership, Chinese infrastructure buildout via Belt and Road, and U.S. financial control over the strategic choke point around Iran (00:31:06). His shorthand is that “all of the oil out of Iran is going towards China” (00:31:55), while the GCC becomes the key swing bloc.* The final takeaway is that nothing is guaranteed in war, but expectations should focus less on daily headlines and more on who ends up owning the military, financial, and infrastructure layers. Matt’s closing idea is that this could produce a “next model” (00:39:08) for control of the region if the IRGC is removed and replaced by a GCC-China-U.S. arrangement.🔑 Key Takeaways* The episode’s main thesis is that hyperinflation, governance, and geopolitics are all the same story: monetary collapse reflects a deeper struggle over who actually runs Iran.* Matt sees the IRGC not merely as a military force, but as an entrenched economic-political system that outside powers are trying to cut out.* The preferred outcome in his framework is not full democratic regime change, but a managed transition from IRGC dominance to a civilian/GCC/China/U.S. balance.* The biggest signal to watch is not rhetoric, but whether the IRGC is truly uprooted from finance, infrastructure, and state control.📱 Social Media* Mine, Print, Hash: https://x.com/MinePrintHash* Matt Dines: https://x.com/LeveredUSTs* Cameron Otsuka: https://x.com/CameronOtsuka🔗 Links* 🎧 Subscribe to Mine, Print, Hash: https://api.substack.com/feed/podcast/3184485.rss* 🌎 Build Asset Management: https://getbuilding.com* ⚓ Build Bond Innovation ETF: https://bfix.fund* 📈 Build Secured Income Fund I: https://buildbitcoin.com This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit www.mineprinthash.com

TL;DR: A major global trade realignment is underway, driven by shifting consumption markets, Middle East energy routes, and the financial dominance of the U.S. dollar. Geopolitics, shipping routes, and currency systems intersect to reshape global macro markets.📄 SummaryGlobal Trade RealignmentThe episode opens with a discussion of a major shift in global trade patterns, framed as a split between Western markets and Asia. Cameron Otsuka notes that the current geopolitical environment reflects “a realignment in terms of these consumption markets that are so important to every… large economic player in the world” (00:00:51).* Matt Dines positions the current moment as a restructuring of where goods flow and which economies dominate end-consumption demand.* The discussion frames current geopolitical tensions as competition for control over trade flows and the markets that consume them.Historical Context of Trade and Energy RoutesA key part of the framework is understanding how energy exports from the Persian Gulf drive global trade dynamics. Matt highlights that Middle Eastern shipping routes effectively represent “a proxy for all of the seaborne exports from the Persian Gulf that’s then traded with the rest of the world” (00:20:05).* The U.S. is less dependent on these exports than in the past due to domestic energy production after the fracking boom.* However, these routes remain critical for global markets, making the region a geopolitical focal point.Geopolitics as a Battle for Resource Supply ChainsIran and broader Middle East tensions are described as proxy conflicts within a larger struggle over resource supply chains and global market share.* Matt explains that the region represents competition “for the market share of the supply resources starting in the GCC… trading with the rest of the world” (00:40:10).* These conflicts affect shipping, energy distribution, and ultimately financial markets tied to global commodities.The Financial Layer: Trade Settlements and the Dollar SystemBeyond physical goods, every trade flow has a financial transaction attached to it. Matt emphasizes that “on the other side of that movement of goods, you have to have a financial transaction… that is where the rubber is meeting the road” (00:40:32).* This leads into a discussion of the U.S. dollar’s global role and the structure of international settlement systems.* The hosts connect modern dollar dominance to earlier global monetary systems, including historical references to the Spanish “mil dollar” that influenced global currency standards.Dollar Anchoring and Global Currency SystemsThe episode explores how many currencies remain effectively tied to the U.S. dollar through pegs or monetary alignment.* Matt explains that countries anchoring their currencies to the dollar create a broader “dollar standard” across global finance (00:33:55).* This structure reinforces U.S. financial influence even when the country is not directly involved in the physical trade flows.Market Strategy in a Geopolitical EnvironmentAs geopolitical tensions intensify, Matt argues that macro investors must pay close attention to market structure and technical indicators.* In wartime or high-tension environments, technical signals in macro assets become especially important for understanding shifts in capital flows and risk regimes.🔑 Key Takeaways* Global trade is reorganizing around competing consumption blocs, particularly between Western economies and Asia.* Middle East energy routes remain central to global trade even as U.S. energy independence rises.* Many geopolitical conflicts function as proxy battles for control of supply chains and shipping lanes.* Financial settlement systems — especially the U.S. dollar standard — are the backbone of global trade.* Understanding both physical trade flows and financial currency systems is essential for interpreting modern macro markets.📱 Social Media* Mine, Print, Hash: https://x.com/MinePrintHash* Matt Dines: https://x.com/LeveredUSTs* Cameron Otsuka: https://x.com/CameronOtsuka🔗 Links* 🎧 Subscribe to Mine, Print, Hash: https://api.substack.com/feed/podcast/3184485.rss* 🌎 Build Asset Management: https://getbuilding.com* ⚓ Build Bond Innovation ETF: https://bfix.fund* 📈 Build Secured Income Fund I: https://buildbitcoin.com This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit www.mineprinthash.com

TL;DR: A “monetary transition” is accelerating a rethink of global trade links, and it’s showing up in wartime-style capital markets (strategic equity + supply-chain stockpiles) and in EU leadership uncertainty (Lagarde trial-balloon resignation).📄 SummaryRestructuring Global TradeCameron frames the week’s main theme as “restructuring global trade” (0:48). Matt zooms out to the Silk Road and the idea that civilizations’ relationships ultimately “comes down to trade as that key linkage” (3:25). From there, he connects today’s headlines to geopolitics: “Iran, center of attention” (2:04), U.S.-Iran talks in Oman “centered around the nuclear deal” (2:07), and military posture in the Persian Gulf—arguing these are all symptoms of a rapidly shifting trade/energy/security map that fits the show’s “monetary transition” framing (3:59).Wartime Capital MarketsThey argue capital allocation is starting to look more “wartime” and strategic, not purely ROI-driven. The clearest example is big-tech/semis tie-ups: “Meta and AMD agreeing to an AI chip deal” (70:34), with “Meta…own[ing] as much as 10% of AMD stock” (70:37). The broader point is that equity is being used like a supply-chain tool: taking stakes to lock inputs and “stockpile for critical supplies” (72:13), including mentions of rare earths and semiconductor capacity.Lagarde / ECB Leadership ShockThe “last story” centers on Christine Lagarde (83:39) and why a potential early exit matters for Europe’s political economy. Matt frames ECB leadership as elite “deal-making” (88:30) meant to balance major power centers inside the EU, then argues Lagarde’s possible “exit stage left” (89:26) lands in a moment when Europe is struggling to execute big initiatives (he cites a perpetual roadmap vibe—“we’re going to release the CBDC”—that never quite arrives) (95:31). The discussion ties back to the larger throughline: in a monetary transition, institutional credibility, execution, and leadership continuity become market-moving variables.🔑 Key Takeaways* “Restructuring global trade” is the umbrella theme: security flashpoints (Iran/Oman talks, Gulf posture) are treated as trade/energy plumbing under stress (2:04).* “Wartime capital markets” = strategic equity and partnerships to secure chips, inputs, and industrial capacity (70:34).* Lagarde uncertainty is positioned as a signal about EU governance/competitiveness during a high-stakes monetary and geopolitical reshuffle (83:39).📱 Social Media* Mine, Print, Hash: https://x.com/MinePrintHash* Matt Dines: https://x.com/LeveredUSTs* Cameron Otsuka: https://x.com/CameronOtsuka🔗 Links* 🎧 Subscribe to Mine, Print, Hash: https://api.substack.com/feed/podcast/3184485.rss* 🌎 Build Asset Management: https://getbuilding.com* ⚓ Build Bond Innovation ETF: https://bfix.fund* 📈 Build Secured Income Fund I: https://buildbitcoin.com This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit www.mineprinthash.com

TL;DR: Liquidity setup week. US industrials bull market confirmed, Japan elections loom, and Bitcoin takes the pain.📄 SummaryUS ISM Manufacturing: Bull Market ConfirmedThe US ISM Manufacturing PMI printed at 52.6, a major beat versus the 48.5 consensus expectation. Matt Dines calls out that the consensus “tends to herd with each other and get these signals wrong” at inflection points (3:28). This expansionary reading confirms the Dow Theory breakout MindPrint Hash flagged weeks ago between industrial equities (XLI) and the Dow Jones Transportation Index. The signal: the US goods-producing economy is in a bull market, echoing Treasury Secretary Bessent’s stated objective to “grow our way out of this” and “run it hot” (4:17).Fed H.8 Report: Early Innings of Re-IndustrializationBank lending data through January 21 shows an uptick in commercial and industrial (C&I) lending, with annualized rate of change moving positive. Matt stresses this is “first, second inning of this thing playing out” and “nowhere near overheated” relative to 2023-2024 plateaus or the March 2020 CARES Act surge (12:27). Deposits show a seasonal downtick typical of January, and banks are tapping debt markets post-earnings blackout for funding. Key watchpoint: cash reserves, as the Fed monitors whether banks have ample reserves to settle transactions in an above-trend growth economy (14:31). Sectors with structural tailwinds in this environment, US industrials and small caps, have been outperforming in the current pullback (11:23).Japan Snap Elections: The Yen Carry Trade’s Last ChapterSunday’s Japanese general elections are the geopolitical headline of the week. PM Takaichi’s LDP currently holds 198 seats and is looking to consolidate power. Key thresholds: 233 (simple majority), 243 (stable majority), 261 (absolute majority, the target), and 310 (two-thirds supermajority). Goldman expects LDP to pick up roughly 65 seats to reach 263, which would allow passage of initiatives without opposition cooperation (21:47). The bigger picture: Japanese banking, the BOJ, and the political regime are all aligned to address inflation, which means JGB yields will keep rising. Matt states bluntly that the yen carry trade, the second-largest global liquidity pool, is “not long for this world” (16:03). Combined with the offshore dollar system already being dismantled via SOFR and LIBOR deprecation, the only remaining option for economies dependent on cross-border financing is to mark up gold, explaining the secular bull market in precious metals (18:07).Bitcoin and SaaS Sell-Off: Liquidity Tip of the SpearBitcoin’s crash from around 124K to 65-66K is painful but, in Matt’s view, cyclical rather than fundamental. BTC trades at roughly a 1.5 beta to the cloud computing/SaaS sector (SKYY), and the hoped-for NASDAQ decoupling “has not happened yet” (26:36). The sell-off reflects a global liquidity suck: offshore dollar gone, yen carry trade unwinding, US re-industrialization absorbing capital, and margin calls forcing portfolio liquidation. Matt notes that despite the carnage, private business engagements he is seeing suggest major credit firms still view continued Bitcoin ascent as “where the puck is going” (29:40). On the SaaS narrative, Cameron Otsuka pushes back on headlines blaming Claude’s Cowork release for the SaaSpocalypse, noting “there is zero way that Claude Cowork release is what caused all of this” and the actual driver is the liquidity and macro trend Matt has outlined (31:13).🔑 Key TakeawaysUS manufacturing PMI at 52.6 confirms industrial bull market; lean into US industrials and small caps as structural outperformers.Bank C&I lending is inflecting positive but remains early innings; watch cash reserves as the Fed’s key constraint.Japan elections Sunday: 261+ LDP seats would be a strong result, accelerating the end of the yen carry trade and supporting the gold bull thesis.Global liquidity is contracting as two major funding sources (offshore dollar, yen carry) are being shut down; gold is the last accommodation tool.Bitcoin sell-off is liquidity-driven and cyclical, not a fundamental breakdown; ride it out.SaaS/cloud destruction narrative is overstated; the real story is the macro liquidity regime, not AI product launches.📱 Social MediaMine, Print, Hash: https://x.com/MinePrintHashMatt Dines: https://x.com/LeveredUSTsCameron Otsuka: https://x.com/CameronOtsuka🔗 Links🎧 Subscribe to Mine, Print, Hash: https://api.substack.com/feed/podcast/3184485.rss🌎 Build Asset Management: https://getbuilding.com⚓ Build Bond Innovation ETF: https://bfix.fund📈 Build Secured Income Fund I: https://buildbitcoin.com This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit www.mineprinthash.com

TL;DR: Fed under fire, Greenland geopolitics intensify, and Iran's currency collapse signals a new era.📄 SUMMARYDavos 2026: A "Wake-Up Call" for Western InstitutionsMatt Dines and Cameron Otsuka analyze the World Economic Forum meeting in Davos, noting a starkly different tone from previous years. Christine Lagarde appeared visibly flustered in her CNN interview, calling the moment "a wake-up call, a bigger one than we ever had" and announcing Europe would do a "SWAT analysis" and develop a "Plan B" to become more independent (3:00). The hosts argue this represents the final attempt to build consensus around post-WWII institutional frameworks that have been propagating since the late 90s - "those days are over in my opinion" (16:20).Two Competing Power Factions EmergeThe hosts outline two distinct geopolitical camps. The sovereigntist faction includes the Trump coalition, Japan's Takaichi government, Taiwan, and the semiconductor industry including TSM, Jensen Huang (Nvidia), and Lisa Su (AMD) - all aligned around national sovereignty and industrial capacity. The opposing faction includes Christine Lagarde, Ursula von der Leyen, Gavin Newsom, Mark Carney, and CCP-aligned interests pushing for preserved institutional structures and business integration with China.Taiwan Semiconductor Investment Signals AlignmentTSMC announced major commitments to U.S. manufacturing: $250 billion in credit guarantees for Arizona facilities plus another $250 billion investment from Taiwan capital committed to onshore supply chain buildout (23:30). Matt notes the Arizona fabs have already produced first 2-nanometer chips, demonstrating progress on capabilities. The semiconductor industry leadership being Taiwanese by descent - Jensen Huang and Lisa Su have family ties to the island - reinforces their alignment with the sovereigntist faction.Japan's Political RealignmentFollowing Trump's election, Japan announced snap elections under Takaichi (25:00). The LDP flipped coalition partners from Kometo - which Matt describes as aligned with CCP appeasement and "don't rock the boat" policies - to the Japan Innovation Party. This represents a meaningful shift in Japanese foreign policy orientation away from China accommodation.The Greenland Framework and Board of PeaceGreenland emerges as a key battleground, with the Trump administration pushing territorial expansion while Gavin Newsom "frustratedly calling for whoever he can elicit some response from" (34:50). The hosts connect this to the broader "Board of Peace" framework attempting to resolve the Gaza situation outside traditional UN structures - a routing of post-war legacy institutions (49:15).🔑 KEY TAKEAWAYS- Davos 2026 represents a pivot point where Western institutional leadership publicly acknowledged loss of control, pivoting to "Plan B" defensive positioning.- The Trump administration's deep bench at Davos signaled this movement has 10-15 years of momentum and will not dissipate when Trump leaves office.- Semiconductor industry alignment with the sovereigntist faction - evidenced by TSMC's massive U.S. investment - follows real results over unproven clean tech promises.- Japan's coalition realignment from CCP-friendly Kometo to Japan Innovation Party represents meaningful geopolitical repositioning.- Xi Jinping's cards may not be as strong as presumed given the internal purges and external alliance shifts.- Midterms and 2028 remain critical events; this is "Game 3" not the series finale.📱 SOCIAL MEDIA- Mine, Print, Hash: https://x.com/MinePrintHash- Matt Dines: https://x.com/LeveredUSTs- Cameron Otsuka: https://x.com/CameronOtsuka🔗 LINKS- 🎧 Subscribe to Mine, Print, Hash: https://open.spotify.com/show/7bvfjkPjQ67Eugg8EYdoe5- 🌎 Build Asset Management: https://getbuilding.com- ⚓ Build Bond Innovation ETF: https://bfix.fund- 📈 Build Secured Income Fund I: https://buildbitcoin.com This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit www.mineprinthash.com

TL;DR: Western Hemisphere economic integration is underway - Venezuela, Dow Theory, and what to watch in 2026.📄 SUMMARYVenezuela: The Climax of Phase OneThe U.S. extraction of Maduro represents a major geopolitical shift. Matt characterizes it as flawless execution reflecting months of preparation. Key observations:- Cyber capabilities: The U.S. cut power to Caracas and exploited BGP inconsistencies, with reports that Chinese defense systems failed to respond (6:00-8:30).- Not regime change per se, but integration of Venezuela into the Western Hemisphere economic orbit, similar to the Argentina currency swap in October 2025 (9:30-13:00).- The Caracas Stock Exchange surged roughly 40% as capital fled the bolivar seeking assets to preserve purchasing power (15:00-17:30).- Trump announced Venezuela will export approximately $2.8B in oil to Gulf Coast refineries and must purchase only American-made goods (19:00-22:00).- Expect stablecoins under the Genius Act framework to facilitate these trade flows, bypassing European offshore dollar banks. Watch Tether ($190B) and Circle/USDC ($75B) market caps for confirmation (23:00-28:00).Dow Theory: Confirming the US Goods Economy Bull MarketDespite doom scrolling, economic data tells a different story. US third quarter productivity rose at its fastest pace in two years.- XLI (Industrials ETF) broke out in 2024 after three years of consolidation and is now hitting all-time highs post-Liberation Day. Members include GE Vernova, Caterpillar, Raytheon, and Lockheed Martin (36:00-42:00).- Transportation index is following through with its own breakout, confirming the industrials move. According to Dow Theory, when both industrials and transports show bullish trends simultaneously, it signals a genuine goods economy bull market (42:00-48:00).- The US trade gap has shrunk to GFC levels on tariff effects, shifting production from rest-of-world to the Western Hemisphere (34:00-36:00).Things to Watch- Supreme Court tariff ruling could come Friday. Polymarket shows a 24% chance the court rules in Trump's favor on IEEPA authority. Three hard nos (Sotomayor, Kagan, Brown Jackson), three hard yeses (Alito, Kavanaugh, Thomas), and three swing votes (Roberts, Gorsuch, Barrett) will decide (49:00-56:00).- Housing policy: Trump announced a ban on institutional investors purchasing US housing stock - highly popular with younger voters ahead of midterms (52:00-53:00).- French debt yields: Watch the ascending triangle pattern testing 3.5%. A breakout higher signals the ECB is losing its ability to defend French sovereign debt, with broader implications for the EU under Christine Lagarde's leadership (58:00-62:00).🔑 KEY TAKEAWAYS- Venezuela integration signals Western Hemisphere economic consolidation is accelerating. Watch stablecoin market caps and commodity trading house activity.- Dow Theory confirms US goods economy bull market: both industrials and transports breaking out post-Liberation Day.- Supreme Court ruling on tariffs Friday could create short-term volatility but won't change the long-term direction.- French debt yields near breakout could signal EU financial stress.- This is a dollar story: tariffs, stablecoins, and Western Hemisphere integration all point to onshore dollar dominance.📱 SOCIAL MEDIA- Mine, Print, Hash: https://x.com/MinePrintHash- Matt Dines: https://x.com/LeveredUSTs- Cameron Otsuka: https://x.com/CameronOtsuka🔗 LINKS- 🎧 Subscribe to Mine, Print, Hash: https://open.spotify.com/show/7bvfjkPjQ67Eugg8EYdoe5- 🌎 Build Asset Management: https://getbuilding.com- ⚓ Build Bond Innovation ETF: https://bfix.fund- 📈 Build Secured Income Fund I: https://buildbitcoin.com This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit www.mineprinthash.com

TL;DR: Global funding conditions favor US dollar markets as capital migrates from Europe and Japan. The BOJ is the next central bank to watch. The Trump Media/TAE Technologies fusion merger raises significant skepticism.📄 SUMMARYGlobal Sovereign Debt SurveyMatt Dines walks through a year-end review of global sovereign bond markets, highlighting a key divergence. US dollar-denominated rates are trending down across the US and Latin America (Brazil, Argentina, Mexico), while euro-denominated and yen-denominated rates are trending up.- The divergence reflects capital migrating from offshore markets (primarily Europe) into the Western Hemisphere and US domestic markets through New York (4:30).- France and Germany are both at 52-week highs in yields, with French OATs up 51 bps and German Bunds up 60 bps year-over-year (6:00).- Despite popular perception, the core trend in US Treasury yields since the new administration took office has been down, not up. Matt notes that "most people... would say rates are blowing out... not realizing that the core trend since this new administration took office has been down in yields" (11:30).- The US Treasury will focus on using bills at the front end to finance itself, suggesting a steepening yield curve with front end coming down while long end remains supported. Matt sees "green light for expansion of credit in the domestic United States" heading into early 2026 (14:00).- French sovereign debt has tested resistance five times this year with increasing cadence, suggesting "a market that wants to actually break out and move higher" in yields (20:30).- Japan's 10-year debt chart looks "much more concerning" than the US from a portfolio manager perspective (21:30).- A squeeze in global funding markets could emerge from Japanese yen and JGB dynamics combined with Eurozone pressures (36:00).Trump Media + TAE Technologies Fusion MergerA surprising announcement: Trump Media Group (DJT) is merging with TAE Technologies, a nuclear fusion company, in a 50/50 share deal with Deon Nunes as co-CEO.- TAE has received $1.3 billion from notable investors including Google/Alphabet and Chevron, but remains "not even close to commercial viability" with timelines suggesting 2030-2035 for commercialization (44:30).- The deal raises only $300 million in capital, which Matt calls "a drop in the bucket" for building a commercial nuclear facility (52:00).- Matt draws parallels to the South Sea Company bubble of 1720, warning this looks like a "liquidity scheme" targeting retail investors through meme stock dynamics (53:00).- Devin Nunes has a background in agriculture and farming with "no nuclear degrees" to lead a cutting-edge fusion company (43:30).🔑 KEY TAKEAWAYS- Global capital is migrating from Europe and Japan into US dollar markets, driving down dollar-denominated yields while euro-denominated yields rise.- US Treasury market has room for support to step in despite volatility; the secular trend under the current administration has been down in yields.- Watch the BOJ closely as they have the "possession arrow" in terms of who moves next in monetary policy.- The DJT-TAE merger warrants significant skepticism; $300M is nowhere near sufficient for a commercial fusion facility, and timelines appear unrealistic.- The combined dynamics of US funding conditions point toward credit expansion domestically, not doom and gloom, for early 2026.🔗 LINKS- 🎧 Subscribe to the Build Weekly Roundup: https://open.spotify.com/show/7bvfjkPjQ67Eugg8EYdoe5- 🌎 Build Asset Management: https://getbuilding.com- ⚓ Build Bond Innovation ETF: https://bfix.fund- 📈 Build Secured Income Fund I: https://buildbitcoin.com📱 SOCIAL MEDIA- Build Asset Management: https://twitter.com/BuildMarkets- Matt Dines: https://twitter.com/LeveredUSTs- Cameron Otsuka: https://twitter.com/CameronOtsuka- Dave Martin: https://twitter.com/DaveMSocial This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit www.mineprinthash.com

TL;DR: Supply squeezes, gold sovereignty, and softening jobs signal late-cycle stress.📄 SUMMARYThe RAM SqueezeCameron Otsuka and Matt Dines discuss Micron's decision to exit its consumer RAM business (Crucial brand) to focus on data center demand. Micron is the third-largest memory chip provider globally, behind Samsung and SK Hynix.- The AI capex buildout is described as the growth engine of the US economy: "We're betting it all on red here. AI is what we're going to go with" (5:09).- DDR5 memory prices have begun spiking since mid-September as data center demand bumps against supply capacity (6:30-6:50).- Matt Dines frames this as a broader late-cycle dynamic where resources get priced out in an "auction" until the marginal buyer gets squeezed: "The winner's curse... he wins the chips. But at that point all the resources price out" (9:55-10:01).- This resource squeeze is visible across multiple inputs: GPUs, memory, transformers, and labor. The hosts note these supply constraints will persist through the 2020s growth wave.Italy's Gold and ECB TensionsGiorgia Meloni's party is pushing to declare Italy's 2,500 tons of gold reserves as property of the Italian people, prompting ECB concern.- Italy's gold is split roughly 50/50 between Rome and the Federal Reserve Bank of New York. Critically, none is in Brussels or Frankfurt (34:10-35:15).- Matt explains that ECB holdings are tiny compared to member nations: "ECB's gold reserves are tiny in comparison" (36:00).- The gold rally reflects a shift in perception: "Power is tilting away from that centralized authority, the technocratic project in the EU, and more towards those own sovereign nation states" (36:42-36:51).- The hosts note this fits a broader European trend including Germany's upcoming pension vote and political fragmentation. Matt's takeaway: "Where is the gold stored? It's in Rome. It's in New York... that's the horse to bet on".US Jobs SofteningThe ADP employment survey for November showed a 32,000 job loss, with contraction across both goods-producing and services sectors since Liberation Day.- The Fed's focus has clearly shifted to full employment as the binding constraint for 2025 policy (42:28-42:30).- US workforce growth has dropped from 2% annually pre-COVID to approximately 1.2% post-COVID: "It's shrunk by something like 40%... that is significant" (50:46-50:52).- Job cuts are starting earlier than typical seasonal patterns: "They've already started even a little bit earlier, which is signaling... things might be a little softer than even we thought" (52:55-53:00).- Despite soft jobs data, inflationary pressures remain in industrial metals (silver, copper), suggesting continued purchasing power erosion ahead.🔑 KEY TAKEAWAYS- AI capex is creating supply squeezes across memory, GPUs, and labor that will define the 2020s growth cycle.- Italy's gold move signals broader European fragmentation away from ECB authority toward sovereign nation states.- US jobs are softening post-Liberation Day, shifting Fed focus firmly to employment over inflation.- Hard-backed reserve currencies and gold positioning matter more in this post-COVID debasement environment.- Watch for yield curve steepening and rate cuts to potentially re-engage credit creation and job growth.🔗 LINKS- 🎧 Subscribe to the Build Weekly Roundup: https://open.spotify.com/show/7bvfjkPjQ67Eugg8EYdoe5- 🌎 Build Asset Management: https://getbuilding.com- ⚓ Build Bond Innovation ETF: https://bfix.fund- 📈 Build Secured Income Fund I: https://buildbitcoin.com📱 SOCIAL MEDIA- Build Asset Management: https://twitter.com/BuildMarkets- Matt Dines: https://twitter.com/LeveredUSTs- Cameron Otsuka: https://twitter.com/CameronOtsuka- Dave Martin: https://twitter.com/DaveMSocial This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit www.mineprinthash.com