Markets Sink as Trump’s War Crisis Deepens

23 Jul 2026 · 27 min · 10 chapters

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In short

The episode argues that escalating U.S.-Iran conflict under Trump is driving market turmoil: oil above $100 and possibly $150–$200, and Treasury yields rising (10-year above 4.7%, 30-year above 5%), implying higher interest rates and worsening affordability.

Guest backgrounds

No guests are identified in the transcript.

Key claims

Trump is “crashing the markets” while considering a “massive attack” on Iran; Iran is allegedly covering casualties (10 medevac flights, including to Walter Reed) and striking U.S. bases (IRGC claims about Camp Bering in Kuwait); bombing will entrench IRGC and reduce chances of negotiation (CIA/DIA claim cited); Rubio mocks Iran’s “Lego videos” and claims Iran is “begging.”

Notable examples

Trump’s calls to Israeli Channel 12 and Axios; Galabaf cartoon about “triple-digit oil”; Iran strikes at Al-Abdali border crossing; leaked footage of a missile hitting Jordan’s King Faisal air base; Trump praise of Houthis then threats to hold Iran responsible.

Written by AI. May contain mistakes. Listen to the episode to check what was said.

Chapters

Tap a time to open that second in VO

Market Panic and Trump's Response

0:00 to 0:26

Discussing the impact of Trump's actions on the markets and the ongoing war situation.

“Tired of your car insurance rate going up, even with a clean driving record?”

Market Panic and Trump's Response

0:31 to 2:45

Discussing the impact of Trump's actions on the markets and the ongoing war situation.

“Donald Trump is in full panic mode as Iran refuses to surrender, as Iran is striking back, and now Donald Trump is further crashing the markets.”

Iran's Military Actions and Trump's Statements

2:45 to 6:10

Examining Iran's military responses and Trump's controversial statements on the situation.

“The US has banned any US companies from making their surveillance footage public for private use.”

Trump's Mixed Signals and Historical Context

6:10 to 11:46

Exploring Trump's confusing narrative regarding the Houthis and Iran's strategic responses.

“Trump is begging for a mediation with Iran.”

Iran's Retaliation and Recent Attacks

13:08 to 14:00

Covering Iran's response to U.S. attacks and the implications for U.S. military personnel.

“Now, in response to the United States' war crimes and attacks on the Iran-Iraq border last night, Iran responded by attacking the Al-Abdali border crossing between Iraq and Kuwait.”

US Military and Iran's Drone Attacks

14:00 to 14:27

Discussion on recent drone missile attacks attributed to Iran on US bases.

“yesterday, where numerous US service members are stationed.”

Trump's Nuclear Deal Comments

14:27 to 16:45

Analysis of Trump's comments regarding Saudi Arabia and nuclear enrichment.

“which took place yesterday, Iran says it carried out combined drone missile attacks that destroyed a specialized US electronic warfare unit in Camp Bering in Kuwait.”

Critique of Trump and Rubio's Remarks

16:45 to 19:10

Critical examination of Trump's and Rubio's statements about Iran and Houthis.

“that Saudi Arabia should not have nuclear enrichment or nuclear weapons.”

Economic Concerns Amidst Political Turmoil

19:10 to 21:37

Discussion on inflation and economic challenges leading into midterms.

“But I hope that will deescalate because I think the Houthis, frankly, got snookered into this thing by the Iranians.”

Contrast Between US and Iran

21:37 to 23:23

Exploring the stark differences in state representation between the US and Iran.

“They're never going to turn around and love us.”
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Transcript

Automatic transcript. May contain errors.

0:00Tired of your car insurance rate going up, even with a clean driving record? You're not alone. That's why there's Jerry, your proactive insurance assistant. Jerry compares rates side-by-side from over 50 top insurers and helps you switch with ease. Jerry even tracks market rates and alerts you when it's best to shop. No spam calls, no hidden fees. Drivers who save with Jerry could save over$1 ,300 a year. Switch with confidence. Download the Jerry app or visit jerry.ai.libsyn today. That's j-e-r-r-y.ai.libsyn.

0:35Ben Meiselas:Donald Trump is in full panic mode as Iran refuses to surrender, as Iran is striking back, and now Donald Trump is further crashing the markets. Oil right now, over$100 a barrel, as we predicted. I expect that to continue to rise as this unlawful and catastrophic war continues. I expect the price of Brent crude to approach$150 to$200 a barrel. The 10-year Treasury note yield has officially surged above 4.7%. This is worse than on Liberation Day, as Donald Trump called it, or Liquidation Day. The 30-year note is over 5%. What this means is expect interest rates to keep on rising and rising and things to become even less affordable.

1:27Ben Meiselas:Donald Trump's precious stock market, his precious crashing today, one of the worst days in recent history. So what does Donald Trump do? His first phone call is to Israel's Channel 12. And he tells Israel's Channel 12, I am considering a massive attack, larger than anything I've carried out before. Larger than epic fury. I'm very close to making a decision. Iran may want to do a deal, so we will see how utterly pathetic and putrid he is. Meanwhile, we're now learning 10 medevac airplanes have been in the region in the Middle East by Iran, by the neighboring U.S. air bases in the past 23 days, including two back to Walter Reed.

2:23Ben Meiselas:This is one of the big red flags we've been talking about when there were three medevac planes in the region where we were saying, we believe there are casualties being covered up. We believe there were deaths being covered up. We were right. And now we're seeing even more medevac planes in the area. And if you, again, Look at that satellite imagery that's coming out from China and other open source foreign surveillance that is being published. The US has banned any US companies from making their surveillance footage public for private use. You'll see more containerized barracks being destroyed in Kuwait and Jordan by Iran.

3:07Ben Meiselas:Meanwhile, Iran's parliament leader, M.B. Galabaf, is just mocking Donald Trump ruthlessly. Galabaf posted the following cartoon, and here's what Galabaf says. They wanted to punish Iran. They punished themselves with triple-digit oil instead. 10 of 10 strategy, clap emojis. And then it's a cartoon of the world U.S. economy. Let's blockade Iran. Easy peasy. And then the person falling off the bike, oil,$150 a barrel, global recession, gas,$7 a gallon, the 10-year treasury note, 6%, 30-year mortgage rates at 10%. Iran did this, sad face, sad face, sad face. While all of this is going on, you have Marco Rubio, Secretary of State, at the ASEAN conference, South Asian conference, where the US is participating on the sidelines there.

4:07Ben Meiselas:Rubio started whining, complaining about the Iranian Lego videos. I kid you not. He's like, these stupid Lego videos that they keep on making. Wow, did they hit a soft spot right there? the lego videos the united states secretary of state is giving a press conference whining about lego videos here play this clip because the price they're paying is very high despite their tough talk and their flowery language and their stupid lego videos they put out i've never seen them but they put these things out on social media despite all that bravado they are suffering tremendously and they're going to suffer more until they come to their senses they're not there yet unfortunately Which countries came to you?

4:50Ben Meiselas:I can't tell you who told me. You mean the Lego videos like where they said Melania is Epstein Queen? Is that the one you're talking about or the one that they made about you? Remember this one of Melania, play this clip.

5:06Ben Meiselas:All right, after reaching out to Israeli media first, Donald Trump then reached out to Axios, although Barack Ravid is in Israel. Barack Ravid is Donald Trump's personal stenographer over at Axios. And then Donald Trump told Ravid the following, I'm considering a massive attack on Iran, bigger than anything that's ever happened before. I'm close to making a decision. We're fully prepared for it, Ravid, Trump's personal stenographer said, that these will be bigger strikes than epic fury. Donald Trump told Ravid, Iranians haven't received enough pain yet. They need to feel more pain from me, and that will make them want to negotiate.

5:47Ben Meiselas:Yeah, they want to negotiate, but they need more pain first, Donald Trump said. Two regional sources with knowledge and mediation efforts said Iranian leadership does not want to even go to a mediation with the United States, that Iran is uninterested in having talks as the U.S. economy is crashing, as Donald Trump has crashed the markets, as oil is surging to$150 a barrel. Trump is begging for a mediation with Iran. And according to all of these sources who spoke to Barack Ravid, we're trying. We want to get into a mediation, but the Iranians are not being helpful. They don't want to mediate with us.

6:25Ben Meiselas:Meanwhile, CNN has reported both the Central Intelligence Agency and Defense Intelligence Agency have stated that the type of The bombing that's being carried out right now and that Donald Trump says he wants to escalate will only further entrench the IRGC and Iranian leadership and not make them want to negotiate or do any deal. This is Donald Trump's predatorial behavior. I mean, he's a predator, right? He's someone found civilly liable of sexual assault. He's someone who doesn't take no. He doesn't say no. He thinks, I'm just going to force myself on you and then that'll make you want to do a deal.

7:04Ben Meiselas:It's doing a version of that with Canada, right? Oh, you're going to retaliate against me? I'll do 50 % tariffs. That will make you bend the knee. And no, lots of people stand up. People who are proud, people who care about their civilizations, they stand up to Donald Trump. And Donald Trump can't handle that because he's a lifelong loser. He's a lifelong bankruptor. And this is what he does. Marco Rubio at this conference, again, so humiliating. He's like, Iran, they're calling us every day. They're begging. They're begging us. They're begging. Please, please, please. You don't even realize how many times they're begging us.

7:39Ben Meiselas:Oh, really, Rubio? Sure. Sure. So pathetic. Play this clip. Okay. These people who are calling us every day, begging, let's do a deal. They send us messages through other countries, third countries. I mean, they're running out of countries to send. Even I had countries here coming up to me. Oh, I just spoke to the Iranians. They want to do a deal. The problem is every time these people do a deal, they either break it or after they make it, they want to change the deal. So they're probably not ready to do a deal yet. But they will be soon. Now, Donald Trump posted the following while in full panic mode.

8:07Ben Meiselas:He goes, a year ago, the United States of America attacked very powerfully the Houthis in Yemen for their interference with commerce and trade by shooting at ships. Since that time and during our conflict with Iran, they have acted very responsibly. Pause right there. Oh, yes, Donald. Praising the Houthis as a very responsible world actors. Unfortunately, now they are starting up again, shooting at two Saudi Arabian ships last night. Please let this truth serve to represent that if they do this again, the US will hold Iran responsible in that the Houthis are a surrogate and or proxy of Iran and major military punishment will be inflicted upon Iran.

8:50Ben Meiselas:And of course, the Houthis themselves, who I am very disappointed with in that they have until now acted very professionally and smart. Oh, Houthis? Houthis? Donald Trump is very disappointed in you, and he hereby proclaims via this truth that he will retaliate against Iran. Really, because yesterday you were bombing the Iran-Iraq border, killing civilians there, Donald. You've killed lots of little girls in Iran. You've killed lots of civilians in Iran. You said you obliterated the Iranian nuclear weapons. You continue to bomb Iran 12 tonight will be the 13th consecutive day. But Houthis, he's very disappointed in you, he says.

9:35Ben Meiselas:Thank you for your attention to this matter. With that post, I think it's worth reminding you what Donald Trump said back on May 7th of 2025 when Donald Trump surrendered to the Houthis. People don't remember. There's so much in the Trump world that it's like, Yeah, he surrendered to the Houthis back in May of 2025, and then he praised them and said they're very brave, they're incredible people. And I think that also taught the Houthis and the lesson there that Iran learned when Houthis were controlling the Red Sea then, and when Iran could control the Strait of Hormuz, which they do now, Iran was, I think, watching that press conference and saying, got it.

10:20Ben Meiselas:and they were planning, okay, if the US ever escalates, what we can do is shut down the Bab al-Mandab Strait, which is essentially what's happening now, shut down the Strait of Hormuz, which is definitely happening now. Multiple tankers hit, you know, recent days, totally shut down. Bab al-Mandab, those two Saudi Arabian tankers yesterday, and eight other tankers turned around. But here's what Trump said May 7th, 2025, praising the Houthis. Let's play it. Take a look. But, you know, we had really a very good, as you know, we had a very good outcome with the Houthis and we honor their word. I mean, they made a commitment and we dealt with other countries that were close to them and their surrogates.

11:05And we honor all of their words. We'll see what happens. But I think, you know, I believe that hopefully that's over with. and they'll leave the ships alone you know just leave those ships alone but so we do we take their word for it it was you know we hit them very hard they had a great capacity to withstand punishment they took tremendous punishment and uh you know you could say there's a lot of bravery there that it i it was amazing what uh what they took but we honor their commitment and their word they gave us they're worried that they wouldn't be shooting ships anymore. And we honor that.

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13:08Ben Meiselas:Now, in response to the United States' war crimes and attacks on the Iran-Iraq border last night, Iran responded by attacking the Al-Abdali border crossing between Iraq and Kuwait. Let me show you what they did over here. Let's play this clip.

13:51Ben Meiselas:Now, here is new footage that just leaked out showing the moment an Iranian ballistic missile recently hit the King Faisal air base in Jordan yesterday, where numerous US service members are stationed. Let's show you this video right here. As Donald Trump and his regime says, Iran doesn't have any weapons. They're begging for deals. They need to feel more pain first. Here, play this clip.

14:26Ben Meiselas:The IRGC is also saying that in its response to the Trump regime's 12th night of attacks, which took place yesterday, Iran says it carried out combined drone missile attacks that destroyed a specialized US electronic warfare unit in Camp Bering in Kuwait. They say they attacked the unit's personnel quarters, killing and wounding several of the United States troops. We don't know if that's true, but I will show you the Ali al-Salam airbase in Kuwait from yesterday. You'll see, looks like eight, maybe more of these containerized living quarters are destroyed. This is different than the other base that was in Jordan where there were fatalities.

15:08Ben Meiselas:So if there were troops right here in those barracks, in these containerized barracks, I think that there were lots of serious injuries. hence the 10 medevac flights. The IRGC says air traffic control tower at Camp Bering was struck and damaged. They also attack the unit's personnel quarters. So we also, when the IRGC says these things, we also want to look at the surveillance footage. Now, the US blocks its surveillance and blocks the maps and the geolocators. China has good ones that are released and other foreign countries aren't blocking it. So we look. And it's just, to me, also very suspicious that CEDCOM is blocking these earth maps from being seen.

15:57Ben Meiselas:Now, Donald Trump also announced moments ago, the civilian nuclear deal, there will be no enrichment of material being made between the United States Department of Energy and Saudi Arabia, which pertains only to non-military use, such as the ones that Iran and UAE and others already have, will be approved. But it is totally subject to Saudi Arabia joining the very respected and successful Abraham Accords. He goes on to say the United States is not imposed to civil, non-enriched nuclear facilities. Thank you for your attention to this matter, Donald J. Trump. May I just point out some things, how stupid he is, how dumb, how dangerous he is.

16:42Ben Meiselas:First, let me start off with the proposition that Saudi Arabia should not have nuclear enrichment or nuclear weapons. And the fact that Donald Trump wants to give them, who are involved in 9-11 and killing American journalists, is very alarming and raises lots of red, especially given the quid pro quo deals between the Saudi government and Donald Trump. But Donald Trump has no clue how even enrichment works. There will be no enrichment of material. Even for non-weaponized nuclear facilities, it's enriched. Civilian nuclear facilities still has enriched uranium, still has enriched material. It's just downblended to a certain level that's civilian purposes versus weapon purposes.

17:29Ben Meiselas:And so the whole negotiation with Iran is over downblending and dilution and keeping it at levels so that it doesn't get to weapons grade versus civilian use grade. That's the whole. So this very post right here is utterly deranged and shows he has no clue the way nuclear weapons versus civilian nuclear capabilities work, which is very damaging, which is very scary. I don't know. Probably worse other words than that, because he got into an entire catastrophic war on this basis against Iran and doesn't know the way nuclear material even works at the most basic level. But then here he concedes. Iran has it for non-military uses.

18:10Ben Meiselas:He says for non-military uses, such as the ones that Iran has. So it's an admission right there in it. Am I missing something? It seems pretty clear what he's saying right there. Back to Marco Rubio, who at this conference is begging the Houthis to stop. They got Houthis? Houthis, did you get suckered into it? You know, these Trump regime idiots. Act like, you know, no offense to school kids on the playground, you know, but it's like, you know, did you get sucker into this by Iran? No, do you understand the dynamics and the Shiite resistance? Do you understand the relationship between Iran and the Houthis and the broader objectives that are, I mean, you're the secretaries.

18:57Ben Meiselas:What do you mean they got suckered into it? This is so embarrassing. Please stop Houthis. Houthis, Houthis, please stop or we'll bomb Iran more. Here play this clip.

19:34But I hope that will deescalate because I think the Houthis, frankly, got snookered into this thing by the Iranians. And they were smart to stay out of it. And they should stay out of it. And they should stop. We'll see what happens there. Obviously, it's not a positive development. We'll see what happens.

19:49Ben Meiselas:And then Rubio was asked, so was there an agreement on election? When you spoke with China, you're in ASEAN conference. So you met with Wang Yi, the foreign minister of China. So surely, Rubio, when you were in the room with Wang Yi, Donald Trump did a national address, a national address, right, reserved for the most solemn of circumstances. He addressed the nation, Trump, and said China is interfering in the elections in the United States. And it was a deranged and a spill of lies. But that's Donald Trump did the press conference. So surely, Rubio, you're in the regime when you were sitting with the Chinese foreign minister.

20:29Ben Meiselas:You brought it up, right? Here, play this clip. Talked a lot about that. Was there an agreement on election interference? We didn't discuss that topic. Oh, no, you didn't. Got it. And just so you can see, the MAGA's flailing, the ultra MAGA's, the MAGA, MAGA, MAGA, the MAGA on steroids. Eric Bolling on Steve Bannon's show saying, we're so screwed right now. Inflation's here. It's rising. Trump is crashing everything. we're going to be so screwed for the midterms. You don't get more MAGA than these two people right here. Let me play this clip. Talked to a guy and he said, I most fear losing what I've worked my whole life, earning or losing the value of it.

21:16And that means inflation. And we just did, Steve, 30 year treasuries are now 4.0, I'm sorry, 5.2%. The 10 year, we always talk about the 10 year because everyone borrows on credit, credit card debt, 4.7%. Anything above four or five is alarming. Inflation is here. It's going to get bad. And again, no knock on Trump. What the hell are we doing in there? Let's just get out. They're never going to turn around and love us. We can't regime change. We have so many problems here. We are going to have a huge problem if we don't hold the midterms. For a while, it looked like it was getting a little better.

21:56Now, I don't know, at$4.50 a gallon end of the summer going into the fall with an election, it's going to be tough.

22:03Ben Meiselas:And finally, let me leave you over here with some of these photos of the Iraqi prime minister in Iran right now meeting with President Pazeskian of Iran. And I think these photos showing the kind of state welcome that Iran gave to the Iraqi prime minister who was just in the White House also. It's very telling, you know, because again, the images coming from U.S. media and Trump would make you think that Iran's out there begging and desperate and hiding. And it's like, nah, like they're doing, you know, elaborate state visits with water fountains and their militaries there, you know. And, you know, whereas Donald Trump in this weird golden bordello that is, it's a contrast, right?

22:51Ben Meiselas:I mean, between Trump and this golden Bordello Oval Office talking about handsome and whether the Iraqi prime minister looks good and whether Trump's attracted to him like he said he was attracted to the Syrian president, al-Shara. Anyway, I just think these images are fascinating, this video. And again, that's happening right now. In Iran, it's happening in Iran right now. There you have it. Hit subscribe. Let's get to 7 million subscribers. Thanks for watching.

From the publisher

MeidasTouch host Ben Meiselas reports on Donald Trump crashing the markets as the war spirals out of control.

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