Ed Dowd has worked on Wall Street most of his career, spanning both credit markets and equity markets. He s worked for some of the most prestigious firms in the world, including HSBC, Donaldson & Lufkin, and most notably at BlackRock, where he managed a $14B equity portfolio for 10 years. Ed has been making the rounds in the last couple of weeks talking about the potentially momentous fraud at Pfizer and Moderna, and what that means to the financial markets and also what it means to public health. And he s made some extraordinary observations and done some extraordinary things, including going into the weeds and analyzing the clinical data. In this episode, Ed talks about how he became a believer that the FDA is in on something, and why he thinks it s time to take matters into their own hands. He also talks about why he believes the FDA should be held accountable for what they ve done to make sure that patients get the drugs they need to live the lives they deserve. Ed is a good friend of mine, and I appreciate his candor and candor about what he s found out about the FDA. I hope you enjoy listening to this episode and share it with your friends, family, and colleagues. I know that it will have a profound impact on your day-to-day lives and on your own health and well-being. I ll be looking out for you in the next episode. -Timestamps: 1:00 - Why the FDA s cover-up is a big deal 3: What are the chances of catching the fraud? 4:30 - What can we do about it? 5: Who s the real culprit? 6:15 - Is the FDA responsible? 7: What s going on here? 8:40 - Who s responsible for this? 9:10 - How can we trust the FDA? 11:00 What s the FDA accountable? 12:15 13:30 15:40 14:00 What is the risk? 16:00 Does the FDA have a stake in this story? 17:00 Is this a good thing? 15, is it a good or bad? 18:00 Can we trust them? 19:20 - What s a good bet? 21:10 22:00 Do you think the FDA own the data? 23:30 Is this story a scam? 22 - Is there a fix?
00:00:00.000My guest today is Ed Dowd, who has worked on Wall Street most of his career, spanning both credit markets and equity markets.
00:00:09.000Some of the firms he's worked for, including HSBC, Donaldson, and Lufkin at DLJ. Independence investments, and most notably at BlackRock as a portfolio manager, where he managed $14 billion, both equity portfolio for 10 years.
00:00:28.000Currently, he's a consultant at Symphonic Capital and is in the process of trying to raise capital to start a hedge fund with Symphonic.
00:00:36.000Ed, for those of you who don't know Ed, he's a famous Wall Street maverick and contrarian.
00:00:42.000He was one of the few Wall Street Analyst who foresaw the dot-com fraud in 1999 and 2000 and predicted the financial crisis in 2008.
00:00:57.000And then he moved to BlackRock because of his...
00:01:01.000Presence and was given control at $14 billion growth equity fund.
00:01:08.000Ed has been kind of making the rounds in the last couple of weeks talking about the potentially momentous fraud at Pfizer and Moderna and what that means to the financial markets and also what it means to public health.
00:01:27.000And he's made some extraordinary observations and done Really gone into the weeds and analyzing the clinical data.
00:01:40.000So tell us how you got kind of into this niche area.
00:01:45.000Quite frankly, I saw what was going on and I was very concerned and I was a skeptic early.
00:01:51.000And I Right around September of last year when the mandates are in full force and I thought this can't go on.
00:01:57.000I actually prayed to God to be of service and Dr.
00:02:01.000Malone came to the island and through a series of coincidences I was able to meet with him and he has enabled me to get a larger voice.
00:02:09.000I was saying what I was saying on Twitter as a private citizen and by hooking up with him I've been able to, through him, show a different angle as to what's going on.
00:02:20.000He's doing all the medical side of this.
00:02:53.000The other tip for me was in November of last year, A friend of mine from the biotech industry discovered that Pfizer had failed their all-cause mortality endpoint.
00:03:03.000And that was not available to us when this fanfare occurred in November of 2020.
00:03:09.000They all got excited about 95% efficacy.
00:03:13.000And when we learned that data point, it came out in a FOIA request.
00:03:20.000And I said to him, look, I'm not a healthcare expert, but I remember from managing the portfolio and having a healthcare analyst, if you miss the all-cause mortality endpoint, the drug doesn't get approved.
00:03:30.000He said to me, correct, it doesn't get approved.
00:03:32.000It's the gold standard of the FDA. Well, they missed that endpoint.
00:03:43.000And then I started to think, if the FDA is in on it, this reminds me of the great financial crisis where the rating agencies became corrupted and allowed that fraud to happen.
00:03:52.000So what we had in the rating agencies in 2008, 8-9 was what I call the institutional imperative.
00:03:58.000You've heard Warren Buffett talk about this.
00:04:01.000It's where the, over time, an institution acts in the interests of itself rather than its shareholders, or in the case of the FDA, the stakeholders.
00:04:09.000So I believe over time it's been corrupted.
00:04:12.000And then with this Operation Warp Speed, when I heard that was announced, I thought disaster from the get-go.
00:04:18.000Corners cut, things rushed, safety protocols ignored.
00:04:21.000I came to the conclusion that the FDA Didn't really look at this clinical trial data.
00:04:28.000They rushed it through due to political pressure, what have you.
00:04:33.000We don't know, but what we do know is that this should never have been approved.
00:04:38.000And because of the rise in my media profile, I was able to, I was reached out to by Brooke Jackson, the Ventavia whistleblower, who went public in November and Everybody ignored her.
00:04:54.000Then I started to go on podcasts with her.
00:04:57.000And, you know, the bottom line here is what she saw was so much fraud, it was mind-boggling.
00:05:03.000But the fraud that I focused on related to the numbers, there was a thousand patients that she oversaw in the 44,000 clinical trial study, original study that was done by Pfizer.
00:05:16.000All of them were unblinded, all 1,000.
00:05:19.000And when that happens, that data is supposed to be thrown out per Pfizer protocols.
00:05:26.000When she became aware of that, she alerted her senior people in her company.
00:05:31.000That's when the tone changed with her, obviously.
00:05:33.000And then when they wanted her to get involved in a cover-up, that's when she went to the FDA, did an anonymous whistleblower complaint at 9 in the morning.
00:07:06.000When you unblind a study, what she told me was the doctors had on every patient's chart, whether they had the vaccine or they had the placebo, which was not supposed to happen.
00:07:16.000So when a patient would come in and say, I'm not feeling well, the doctor could look at the chart and say, well, this person's vaccinated.
00:07:23.000I'm sure it's not COVID and not test them or know not to test them if they wanted to, right?
00:07:28.000So all you need from her 1000 patients There are 74 of those patients to move over to the vaccinated column because they didn't test them, and you have 50% efficacy.
00:07:40.000You move all 164 over, you have 0% efficacy.
00:07:52.000And you know as well as I do that when you have a smoking gun in one area, her site's You know, this was probably done in other sites as well.
00:08:06.000And, you know, look, the fruits of their fraud are showing up in real-world results now.
00:08:12.000You and I have been aware of it for a while, but now, unfortunately and tragically, it's showing up in real-world data, insurance companies and funeral homes.
00:08:23.000In the all-cause mortality data, there were 22,000 people who got the vaccine and roughly 22,000 who got the placebo.
00:08:32.000Of the 22,000 who got the vaccine over the six-month run of that trial, one of them died from COVID. In the placebo group, two died from COVID. And that allowed Pfizer to claim And the vaccine was 100% effective against death because two is 100% of one.
00:08:57.000What it really means is you have to give 22,000 vaccines to prevent one COVID death.
00:09:03.000And if you're going to give 22,000 vaccines, you better make sure that the vaccines don't kill anybody because if they kill one person, you've canceled out any benefit.
00:09:13.000And as you point out, in the vaccine group, on the all-cause mortality chart, which they submitted to FDA to get their licensure, there were 17 people in the placebo group who died, 21 people in the vaccine group.
00:09:32.000That's a 23% rise in all-cause mortality, and that would kill any other drug.
00:09:39.000The point, to be a contrarian to you that this is going to affect them in the financial markets, very, very early on, some financial people came to me who were thinking of making big investments in the vaccine companies.
00:09:53.000This was in around March, April, May of 2020.
00:09:58.000The original monkey studies came out for the AstraZeneca vaccine.
00:10:03.000And the monkey studies showed that the monkeys who were vaccinated got COVID and had an equal amount of viral load in their nose as vaccinated monkeys.
00:10:15.000Vaccinated and unvaccinated have the same viral lows.
00:10:19.000Clearly it couldn't prevent transmission.
00:10:21.000And I advise these people, and it's a good idea not to take financial advice from me, I said this thing is DOA. And at that time, both Gates and Fauci were saying, well...
00:10:48.000You know, the pessimistic part of my personality is saying that no matter what happens, they somehow have it wired so thoroughly that there is no consequences for these companies.
00:11:03.000And I hope you're right, but why do you think there will be consequences?
00:11:08.000Well, because I think there's enough proof for people to investigate fraud in the clinical data and the FDA's complicity in this, unfortunately, this is the tragic part of this.
00:11:20.000We had to wait for real-world evidence.
00:11:22.000And the real-world evidence is so awful that there's going to be a public outcry.
00:11:27.000And even though the mainstream media is not participating with this yet, they will.
00:11:35.000And What I came out with last week with my insurance industry analyst partner, who will be coming public shortly, we dove into the CDC data.
00:11:46.000This is a disaster of epic proportions.
00:11:49.000Last week, I made the claim, and I stand by it, that the millennial age group saw 61,000 deaths, excess deaths in a one-year timeframe with an acceleration into the mandates and the boosters in the fall.
00:12:04.000I mean, they just experienced a Vietnam War in a year.
00:12:07.000I don't know how this is going to be hidden for much longer.
00:12:10.000I think the more we convince people what happened and we turn politicians against what just happened and they will or vote them out whatever.
00:12:49.000But let's think about this logically for a second.
00:12:52.000If you look at the chart four that you guys have, basically, if you look at that chart, you see that there was a baseline of normal death rates pre-pandemic.
00:13:03.000Then there was a spike into the fall pre-vaccine.
00:13:07.000But it's gotten worse with vaccines and milder variants.
00:13:11.000And by the way, Delta hit in the summer of 2021.
00:15:21.000They are currently paying for excess deaths due to a product that kills.
00:15:27.000And they're going to be paying for years disability from vaccine injuries.
00:15:30.000I don't think they're going to put up with that once they realize what's happened and they're starting to wake up.
00:15:35.000And I'm getting reached out to by actuaries who shall remain anonymous for now until they come forward at insurance companies that make a difference.
00:15:53.000I've watched public health decline precipitously over the time that I've been involved in this.
00:15:59.000We've gone from 6% of our children having chronic disease to 54%.
00:16:04.000Autism rates have dropped from 1 or 2 in 10,000 to 1 every 44 people.
00:16:12.000Over the last 10 years, they've increased again by 144%.
00:16:17.000Food allergies have appeared, autoimmune diseases have become epidemic, rheumatoid arthritis, juvenile diabetes, all these neurodevelopmental disorders.
00:16:26.000And the insurance company, which ends up paying for a lot of those costs, or all of those costs, has sat on the sidelines and said nothing yet.
00:16:39.000People in the community who are advocates for chronic disease, advocates to end toxic exposures to kids, have sat there for years, for decades, and say, why doesn't the insurance industry speak up?
00:16:55.000An insurance, a high-level insurance analyst, explained to a group of us, and he said, Really, the more injury that you have in that society, the more the insurance company gets wealthy.
00:17:09.000If there was only one shipwreck a year, is that a good thing for Lloyd's of London?
00:17:16.000Or is it better if there's 500 shipwrecks a year?
00:17:20.000Because now everybody needs shipwreck insurance.
00:17:22.000And if you have a high level of injury, Over the long term, since the insurance industry really just makes money on friction, and the more injury you have, the more people demand the product, which is insurance.
00:17:39.000And that's where their profits come from.
00:17:41.000So they're less concerned with paying off individual liabilities.
00:19:28.000And so, did you have any revelations from that about agency capture?
00:19:35.000Yes, I have my own personal experiences with the healthcare system that made me aware of agency capture.
00:19:40.000And, you know, it's not about getting you well, it's about keeping you constantly in the system on prescriptions.
00:19:47.000And I had my own battle with mental health in 2011, and I got off the daisy train and I healed myself without the aid of the pharmaceutical industry.
00:19:56.000And that That was a big eye-opening event for me, my own personal experience.
00:20:00.000And that's when I, you know, really started to understand how the healthcare system worked.
00:20:04.000Yeah, because you mentioned the Vietnam War, and for the people who haven't seen Topsy, I urge you to do it.
00:20:11.000And it's also a vehicle, a really important vehicle.
00:20:15.000Those of you who are having trouble persuading your relatives that maybe the FDA and the CDC are lying about vaccines and the pharmaceutical industry are lying about vaccines, show them dope-sick.
00:20:29.000You can expect them to watch it because then you see how the sausage gets made across the system.
00:20:35.000And what the story is, is how the pharmaceutical industry and FDA corrupt officials and FDA Put a phony label on OxyContin that said it was not addictive.
00:20:49.000And that label was used by 20,000 pharmaceutical reps from Purdue Pharma and Johnson& Johnson to go out and persuade doctors all across America.
00:21:06.000And you could prescribe it for hangovers.
00:21:09.000You could prescribe it for minor aches and pains that it was appropriate.
00:21:14.000To me, the most important revelation that people have when they're looking at that is because the big pushback You get, at least that I get, when I try to explain to loved ones, family, friends, you know, that it's corrupt.
00:21:36.000You know, there's a million doctors out there and you're saying that they're all involved in a conspiracy, that they all know that they're giving this poison to people and that they're killing them.
00:22:10.000You have, you know, the great thing about the service at film shows is It's these very well-meaning doctors who love their patients, they're born healers, they have a gift for healing, and they just accept what FDA said on that label is true.
00:22:29.000It turns out the official who wrote that label was immediately left FDA, went to work for Purdue Pharma, Purdue A $367,000 annual salary, so it's a payoff.
00:22:44.000And that's how this system works with these revolving doors and all these other instruments of agency capture.
00:22:50.000Yeah, you know, you just hit on a point that I've harped on in many of my discussions with podcasters and media people.
00:22:58.000The FDA is critical to this fraud for the doctors who trust the FDA. That's why It's just like the financial crisis with the rating agencies.
00:23:08.000The rating agencies vetted the bonds, gave them AAA ratings, and people trusted the rating agencies so they didn't look too hard.
00:23:15.000The doctors who don't read clinical data trial studies, who don't have backgrounds in statistical analysis, trust the FDA. So the key to this fraud is the FDA regulatory capture.
00:23:27.000And the pharmaceutical industries have done, as you know, a fabulous job of doing that.
00:23:32.000And that's what occurred with this vaccine.
00:23:34.000That's why so many of these doctors, when you try to talk to them, and I've tried to talk to some, they think I'm crazy, but I know how fraud works and I know how psychopaths work.
00:23:43.000The key to this is you corrupt a third-party trusted institution.
00:23:48.000And it's the same thing as the Great Financial Crisis.
00:23:51.000That's the tragedy is a lot of doctors who are well-meaning, like you said, who love their patients.
00:23:56.000When this comes out and gets resolved and the awakening begins, it's going to really hurt the reputations of the medical profession for years to come, unfortunately.
00:24:05.000One thing that people need to understand that I think is really kind of an important subtlety and nuance is that Medical school is different and science, you know, it doesn't make you a scientist.
00:24:19.000Doctors are taught and doctors are high IQ people with amazing memories and they're forced to absorb huge amounts of information, but it's almost like an authoritarian system.
00:24:34.000We're being told, this is what you do when you see this.
00:24:57.000You know, they're being taught, how do you read a scientific study critically?
00:25:02.000How do you look for the errors, the deceptions, the little mistakes, the biases that are incorporated into the calculations?
00:25:12.000And it's a completely different set of skills.
00:25:14.000If you could become a scientist by absorbing information, all you'd have to do is watch the Discovery Channel, and you would be a scientist, right?
00:25:37.000On Wall Street, no one teaches you how to be a critical thinker.
00:25:40.000I went to business school and I learned a bunch of things, but it didn't teach me to be a stock picker.
00:25:46.000What taught me to be a stock picker was my innate critical thinking and ability to connect dots without someone telling me that I'm correct before the news hits.
00:25:55.000You don't make money in the stock market by waiting for the Wall Street Journal to report something.
00:26:00.000And you know, I will say something about some of the doctors that were early to call this, what they were seeing.
00:27:09.000One of the advantages that Ryan Cole had is he runs one of the testing, laboratory testing company, because he was receiving data from hundreds of doctors.
00:27:21.000And, you know, it's hard because there's a signal also at the end of lockdowns.
00:27:26.000So many people deferred medical treatment.
00:27:29.000And you don't know whether this explosion, this apparent explosion in cancer is an artifact of deferred medical treatment or whether it's actually an increased incident in cancer.
00:27:41.000And the jury's still out on that question, but there's a lot of doctors reporting it.
00:27:45.000And there's a lot of doctors reporting specific kinds of cancers that, you know, We should be looking at that.
00:27:53.000We should be, you know, as a society and as our institution, ready to be saying, okay, is this an artifact of reporting or is the incident actually creating?
00:28:04.000Unfortunately, we have regulatory agencies that have a knee-jerk reaction to cover up those kind of signals rather than to explore them and to actually do the kind of science that, you know, we need to make good healthcare decisions.
00:28:21.000And I applaud all the frontline doctors who came forward early when they started seeing strange things, especially in the first year with early treatment, and now with vaccines.
00:29:06.000You know, since the Great Financial Crisis, that bad debt that was created didn't go away.
00:29:11.000It was put on the central bank's balance sheets through the bailouts and the government balance sheets through the bailouts.
00:29:17.000So the last 10 years, the debt problem we had in the Great Financial Crisis didn't go away.
00:29:22.000It just resides in a different entity.
00:29:23.000And the central banks and the governments have over-indebted themselves.
00:29:27.000So those of us in the financial world have been trying to figure out when that would pop, that sovereign debt bubble would pop.
00:29:35.000And it looks like it's popping, unfortunately.
00:29:38.000The Fed got a reprieve during COVID because they were able to print 65% money supply year over year, which is the highest increase in the history of the Federal Reserve.
00:29:47.000But the second derivative of that money printing is rolling over.
00:29:51.000And I think what we're going to see, and by the way, the last 10 years, most of the inflation we saw went into financial assets.
00:29:57.000There was some inflation, but I think we're going to see financial assets deflate and things that we need inflate, like food and rent.
00:30:08.000So in the real world, prices are going to go up and Financial world prices are going to go down.
00:30:13.000And I do think we're going to hit recession in the third quarter of this year.
00:30:18.000And also, the Fed is going to talk about their interest rate hike.
00:30:22.000And I've seen data analysis that shows the Fed rate hike cycle is already over before it began because the market usually leads the Fed.
00:30:31.000So they're probably going to be one and done, one rate hike and done, and then they're going to have to print money as the stock markets and bond markets become unhinged.
00:30:39.000This is a term we've been talking about for years.
00:30:41.000The Fed looks like it's finally trapped, and they don't have any way out.
00:30:44.000So it's not going to be pretty, is my advice.
00:30:48.000So, I mean, do you advise people to get into crypto?
00:30:51.000Is that a place where people can hide?
00:30:54.000Well, so in the financial market dislocation, which I think is coming, there's a lot of leverage in the system.
00:31:03.000I think if I had to give you just one piece of investment advice, having some cash on the sidelines at the bottom of this You know, when JP Morgan famously said, buy when there's blood in the streets.
00:31:14.000I mean, even though there's inflation, it's good to be able to have dry powder to buy when this dislocation happens, because I think everything's going to go down initially.
00:31:22.000Then once we have like a rally, some things will go to new highs, maybe crypto, maybe gold, but some of these stocks are never going to see their highs again.
00:31:43.000About the role of these big internet titans who have raked in billions and billions of visas and Sergey Brin and Harry Ellison and Zuckerberg and Gates and even Bloomberg, who have censored, systematically censored criticisms of the lockdowns that were yielding them,
00:32:03.000you know, ultimately, collectively, probably $3.8 trillion shift in wealth from the poor to this New oligarchy of billionaires, many of them involved in media or social media that were censoring us.
00:32:20.000Well, so I've labeled this total fraud we've seen with Pfizer.
00:32:26.000So the fraud started with Pfizer and Moderna with the help of the government and the regulators.
00:32:33.000And then the tech titans and the media titans are complicit in, I'm not a lawyer, but that's how I'm terming it, through their censorship.
00:32:41.000And additionally, I also think they don't mind the COVID economy because they're going to have businesses that create new industries that create around COVID compliance, where they're able to create additional revenue streams from surveillance and monitoring of the world they want, which is quarterly where they're able to create additional revenue streams from surveillance and monitoring of the world And so they were in on it in my mind.
00:33:05.000And let's also, I don't have proof of this, but let's also not underestimate the influence of intelligence agencies here, because we do know that a lot of these tech titans, especially the new companies, have contracts with intelligence agencies that they can't disclose.
00:33:21.000And they've had these for years, and there may be some intelligence agency influence as well.
00:33:27.000They'll never talk about these contracts, but we know they're there.
00:33:30.000It's illegal for them to talk about it.
00:33:32.000They can go to jail for 20 years with a secret court, no lawyers, and they lose all their assets.
00:33:39.000Once you sign one of those state secrecy agreements, you essentially become a vassal of the military intelligence agencies or the CIA. I think there's over 3 million Americans who have signed those, but we know that In QTEL and the CIA have focused their investments in Silicon Valley.
00:34:06.000And if you wanted to take that money from the devil, you had to sign that contract.
00:34:35.000I suspect undue influence and strong-arming from the intelligence agencies for these guys to censor because what they said initially about what they wanted to do with their companies is not what they're doing now.