There Is Quiet Panic Inside Trump World (w/ Sarah Matthews & Ben McKenzie) | Bulwark Podcast

Sarah Matthews, a former White House deputy press secretary in the Trump administration, observes that while former colleagues won't publicly criticize Trump, many privately express support for her anti-Trump stance and acknowledge the current situation is 'really bad.' This indicates a growing, albeit covert, unease within the Republican establishment regarding Trump's actions and potential future administration. She notes a significant difference between working in Trump's first term and the prospect of a 'Trump 2.0' administration, suggesting a reluctance among many to rejoin.

Matthews states, 'people will privately, you know, say things to me like, 'Hey, just want you to know that like really big fan of everything you're doing and like support you privately.' They're like, 'I'll never be able to like one of your videos, but just know that like everything you're saying I agree with.'' (00:01:27)

The discussion highlights severe concerns about Trump's handling of the escalating situation in the Strait of Hormuz. His public statements are contradictory, claiming the strait is 'sealed up tight' while also ordering tripled mine-sweeping efforts, which experts suggest could take six months and severely impact global gas prices. The recent firing or dismissal of the Secretary of the Navy, replaced by a 'perennial MAGA candidate loser' with no military background, further underscores a pattern of appointing unqualified individuals to critical national security positions during a time of active conflict.

Miller notes Trump's contradictory statements: 'He says the street is quote sealed up tight. We don't want that. That's not good. That's not That's the problem actually.' Matthews adds, 'it could take up to six months for them to clear the straight of her moves of all of the mines.' (00:07:47) She also criticizes the appointment of 'someone who had no military background, even serving as the Secretary of the Navy and then dealing with a naval blockade during a time of war.' (00:05:39)

Kash Patel, a Trump appointee, is accused of ordering the FBI to investigate a New York Times reporter for 'stalking' after she reported on his alleged use of bureau personnel to provide favors to his girlfriend. This action is framed as a clear abuse of power, using federal resources to intimidate journalists for unfavorable coverage, and a direct attack on the First Amendment.

Miller details, 'The FBI began investigating New York Times reporter Elizabeth Williamson after she wrote about how Cash was using bureau personnel to give favors and free stuff to his girlfriend. And so then Cash ordered the FBI to investigate Williamson... to see if she broke federal stalking laws.' Matthews calls it 'absolute intimidation tactic.' (00:15:55)

Ben McKenzie argues that the cryptocurrency industry is fundamentally flawed, serving primarily as a platform for speculation and crime rather than legitimate financial innovation. He cites an estimate of $154 billion in criminal activity facilitated by crypto in one year. He highlights its technical inefficiencies, such as Bitcoin's inability to scale transactions (5-7 per second compared to Visa's 24,000) and its enormous energy consumption. McKenzie also points out that blockchain technology, despite hype, is rarely used outside the crypto industry because it is slow and inefficient.

McKenzie states, 'a crypto company estimated last year $154 billion of criminal activity was facilitated via cryptocurrency.' He adds, 'Bitcoin can only process five to seven transactions a second. Visa can do 24,000. It literally cannot scale as a payments method.' (00:34:47)

Donald Trump, who previously called Bitcoin a scam, has now fully embraced cryptocurrency, with his family allegedly earning billions from crypto-related ventures. This pivot is seen as a calculated move to exploit a largely unregulated market for personal gain, leveraging his brand on 'fake digital cards' and other crypto products. This behavior is described as a 'perfect Trump scam' that allows for massive wealth generation without traditional oversight, raising serious ethical and legal questions about presidential corruption.

McKenzie notes, 'Trump as recently as 2021 called Bitcoin a scam.' He then explains his theory: 'over the summer in 24 he realized two things. First I can make a lot of money at this and second that's a pretty willing like those are the getable guys.' Miller adds, 'David Kpatrick at the New Yorker... where he's up to four billion according to his assessment. He's made four billion. Almost all of it is crypto.' (01:02:25)

Stablecoins, particularly Tether, are described as 'black market dollars' because they are pegged to real currencies like the US dollar but are not issued or backed by governments. They enable instantaneous, pseudonymous global transactions, making them the preferred tool for criminals involved in money laundering, arms deals, and sanctions evasion. The discussion highlights a significant conflict of interest, as the broker for Tether is Cantor Fitzgerald, run by Howard Lutnick, whose children are involved in managing Tether's money, and Lutnick himself has ties to Jeffrey Epstein.

McKenzie explains, 'stable coins are currencies cryptocurrencies that are pegged onetoone with a real currency like the US dollar... it's a black market dollar.' He adds, 'Their broker is Caner Fitzgerald, Howard Lutton's firm... the guy in charge of Tether's money... are his kids.' (00:59:06)