AI encryption czar David Sacks and his Silicon Valley partners stated on the latest episode of the All-In Podcast that the US economic performance has been impressive in the past two weeks, with Q2 GDP forecast expected to rise to 3.8%, and tariff revenue surging to $23 billion. Despite high national debt interest payments of $90 billion and significant deficit, Sacks pointed out that Trump's tariff policy unexpectedly created massive revenue, potentially reducing the deficit by $600 billion, and questioned whether Fed Chairman Jerome Powell's interest rate decisions are being hijacked by "political consciousness".
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ToggleQ2 Economic Explosion Growth, Tariff Revenue Surges to $23 Billion
Host Jason Calacanis mentioned that US tariff revenue in May reached $23 billion, doubling compared to February. Inflation has dropped to 2.4%, and the GDP annual growth forecast may reach 3.8%, showing an overall strong economic recovery.
However, the government still faces a monthly fiscal deficit of $316 billion, with national debt interest payments approaching $90 billion per month, causing concern.
[The rest of the translation follows the same approach, maintaining the structure and translating all text while preserving HTML tags]Urges Musk and Trump to Reconcile, Strengthen Cooperation
Host Palihapitiya mentioned the "beef" between Musk (Elon Musk) and Trump, expressing sadness. He shared that he met with Musk last week and was impressed by the Tesla Dojo and Optimus team's work, comparing them to artists. He also noted that Trump has been performing well in recent press conferences and believes a reconciliation would be beneficial for the United States. Host Carlson admitted to choosing silence to avoid media misinterpretation. While not commenting publicly, he believes:He called for a "fiscal responsibility pledge" to make balanced budgets a bipartisan political commitment and establish a concrete accountability mechanism for politicians' deficit promises. The global largest stablecoin issuer Tether's CEO Paolo Ardoino, in an interview with Anthony Pompliano, discussed Circle's hot IPO. Ardoino stated that Tether doesn't lack money and has no plans to go public. Tether is also the world's most profitable "bank" per employee, with fewer than 100 global employees each earning $130 million for the company in 2024. Recently, with the second-largest stablecoin issuer Circle's IPO and rising market value, Ardoino was pleased. Some estimate Tether's value at $50 billion, which he considers conservative. Tether has already realized $13 billion in net profit for 2024 and expects even higher earnings in 2025. Unlike Circle, Tether doesn't incur massive distribution costs to Coinbase, resulting in significantly higher profits. Ardoino believes the primary reason for going public is obtaining cheap capital, but Tether doesn't need this. They have excellent projects, high ambitions, and industry-leading talent. Most of Tether's income comes from secure assets like gold and Bitcoin, with a strong investment division focusing on biotechnology, AI, telecommunications, land, and agriculture. Another IPO motivation is management's exit strategy, but Tether doesn't face this issue. Ardoino says he's excited daily, believing they're just beginning to build the world's greatest company. He subtly criticized Circle's management for using the IPO to cash out shares and receive bonuses. BitMEX founder Arthur Hayes recently discussed stablecoins, using 2023 data to prove Tether is the world's most profitable "bank" per employee. He noted that unless a stablecoin is owned by a dedicated exchange, social media company, or traditional bank, issuance costs can be high. Bitfinex and Tether share founders, and with millions of Bitfinex customers, Tether avoided initial issuance fees. According to Hayes' data, Tether has about 100 employees, each generating $61 million in revenue in 2023. Compared to JPMorgan Chase's $162,000 and Bank of America's $116,000 per employee, this is over 300 times higher, making it the world's most profitable "bank" per employee. Using 2024's projected $13 billion revenue, each employee could generate $130 million in revenue!"Trump is too mild about 'One Big Beautiful Bill' and needs to more strictly control spending."
