Chicago can’t go bankrupt… and the Fed is “not doing QE” while buying tens of billions in Treasuries to keep the funding markets from cracking. So what happens next: higher inflation, higher long rates, and a steeper yield curve — or a policy pivot that no one wants to admit?

In this episode of the Future’s Edge, Jim Iuorio and Bob Iaccino are joined by Jim Bianco (Bianco Research) for a fast, blunt conversation on what’s really happening beneath the headlines:

What we cover:

- Chicago’s fiscal trap: why investors still buy Chicago bonds, and the Chicago Public Schools as a massive junk issuer

- The real issue: Illinois’ constitution and why “no Chapter 9” changes everything

- Why 40% of Chicago’s budget is effectively paying for the past (pensions, retiree healthcare, and debt service)

- Two alarming datapoints: 911 call response deterioration and low murder clearance rates

- The Fed’s “Reserve Management Purchases” (RMP): why it looks and behaves like QE even if the label changes

- Repo market stress explained in plain English: how funding the Treasury market actually works

- The bigger problem: a $38T Treasury market growing alongside persistent deficits

- Fiscal dominance: why “issue more T-bills and cut rates to 1%” is a hand-grenade strategy

- Rates & the long end: why Bianco sees the curve steepening and long-term yields staying pressured

- AI and jobs: productivity vs disruption, and why the timeline may be longer than the hype suggests

- Population growth shock: what negative net immigration could mean for payroll expectations and markets

- Bitcoin & crypto: why Bianco is long-term bullish — and why he thinks the space “loses the plot” when it chases short-term “number go up”

If you want a clear, no-BS walkthrough of why the Fed is intervening, why deficits matter, and why long rates may not come down the way most expect, this one’s for you.

Follow/Find Jim Bianco: @biancoresearch

https://www.biancoresearch.com/

Follow along on social media:

Twitter: https://x.com/bob_iaccino

Twitter: https://x.com/jimiuorio

LinkedIn: https://www.linkedin.com/in/bob-iaccino/

LinkedIn: https://www.linkedin.com/in/james-iuorio/

Newsletter: http://theunfilteredinvestor.com/

Chapters:

00:00 Intro + why this episode matters

02:00 Chicago bonds, pensions, and “why anyone buys this paper”

05:00 Where it ends: services cut to pay the past

11:00 Why cities mattered historically — and why that’s changing

14:40 “Not QE” explained: Reserve purchases & how the Fed creates money

18:30 Repo market stress + financing the Treasury machine

20:50 Deficits, inflation, and the Fed as enabler

35:10 Population growth, immigration, and payroll math

39:10 Stagflation risk + why 3% inflation doesn’t “fix” affordability

41:20 Fiscal dominance + the long end and steepener trade

45:00 Bitcoin: adoption, disruption, and why the real enemy isn’t ETH

Mike Arnold returns to the Futures Edge for his monthly segment to discuss the current state of the financial markets, focusing on technical analysis, political impacts, and sector performance. They explore the volatility in the market, the significance of upcoming Supreme Court rulings, and the performance of various indices, including the NASDAQ and Dow. The conversation also delves into commodities like gold, silver, and crude oil, as well as stock analysis for major companies like Google and AMD. The hosts emphasize the importance of risk management and market sentiment in trading strategies, providing insights for investors looking ahead to 2026.

Takeaways:

- The market is showing signs of volatility and potential pullbacks.

- Technical analysis is crucial for predicting market movements.

- Political decisions can significantly impact market stability.

- Sector performance varies, with NASDAQ lagging behind other indices.

- Risk management strategies are essential in uncertain markets.

- Commodity prices are influenced by geopolitical events.

- Gold and silver are currently in a volatile state.

- Stock performance can be affected by broader economic indicators.

- Consumer discretionary stocks may outperform in the near future.

- Understanding market sentiment is key to successful trading.

Chapters:

00:00 Introduction and Market Overview

03:02 Technical Analysis of S&P and Market Trends

05:34 Political Implications on Market Dynamics

08:48 Market Predictions and Economic Indicators

11:35 Sector Analysis: NASDAQ vs. Dow

14:39 Commodity Insights: Crude Oil and Gold

25:53 Market Patterns and Predictions

29:01 Analyzing Gold and Silver Trends

34:10 Stock Analysis: Google and Beyond

42:31 Exploring Consumer Discretionary Stocks

49:05 Banking Sector Insights

America spends more than ever on education—yet most students are falling behind. Why? And what can actually fix it?

Dr. Keri Ingraham, Senior Fellow at the Discovery Institute and one of the nation’s leading voices on education reform, exposes what’s broken in U.S. education—and what real solutions look like.

Dr. Ingraham shares firsthand insight from her visits to the White House, explains why 7 out of 10 American students can’t read or do math at grade level, and outlines why centralized bureaucracy has failed parents, teachers, and kids alike.

What You'll Learn in this episode of the Futures Edge with Jim Iuorio and Bob Iaccino:

- Why dismantling the U.S. Department of Education could improve outcomes immediately

- How school choice, micro-schools, and industry-specific high schools are changing lives

- Why teacher unions protect bad incentives—and punish excellence

- The real data behind “defunding education” claims

- How AI and workforce-aligned education can prepare kids for the future

- Why parents—not bureaucrats—must control education decisions

- What states like Indiana, Arizona, and New Hampshire are doing differently

- How education failure impacts economic competitiveness, markets, and national security

This is not a political conversation—it’s a policy and accountability conversation with massive implications for families, taxpayers, and the future workforce.

If you care about:

✔ Your kids’ education

✔ Economic freedom and innovation

✔ Workforce readiness

✔ Long-term market and societal stability

…this is an episode you can’t afford to miss.

Learn more or support Dr. Ingraham’s work at the Discovery Institute:

👉 https://www.discovery.org/education/donate