The Last Trade E073: The Orange Wave with Larry Lepard & David Foley

Larry Lepard and David Foley join the OnRamp team in the immediate aftermath of Trump's 2024 election victory to discuss what a Bitcoin-friendly administration means for the asset class and the broader monetary landscape. The panel examines how voter frustration with inflation and economic inequality—not partisan politics—drove the election result, and why neither party can truly solve the structural fiscal problems that make monetary debasement inevitable. David Foley discusses the limits of proposed spending cuts given that Medicare, Social Security, defense, and interest expense already consume most of the federal budget, while Larry Lepard argues that the loss of the long bond market is an early signal of a broader monetary reckoning. The conversation explores how Bitcoin, now the ninth largest asset globally at over $1.4 trillion, is rapidly becoming impossible for institutional investors to ignore.