Tariffs are back, inflation is confused, and ICE is raiding your salad. In this week’s episode, we break down why oil prices spiked (hint: Middle East and fund managers panicking), how minimum wage still isn’t the job-killer people tweet about, and why Smoot-Hawley remains undefeated in the “worst economic idea ever” competition.

**Apologies for the audio quality on this one**

We also discuss the ICE labor crackdown threatening U.S. agriculture, the ongoing AI comedown (sorry, Adobe), inflation expectations vs reality, and why you can now trade Fartcoin on Coinbase. Plus: This Day in Economic History, featuring child-mailing, ticker tape parades, and government agencies born out of chaos.

Topics include: oil markets, tariffs, minimum wage myths, deflation risks, immigration economics, Smoot-Hawley, AI layoffs, Coinbase tokens, inflation data, economic history, and—somehow—Nathan Fielder.

If you enjoy economic policy with a side of sarcasm and a dash of doom, you’re in the right place.

Welcome to the next episode of the Capital Call: with the Millegan Brothers, managing partners of the Woodworth Contrarian Fund with a new episode released every Monday morning at 2 AM Eastern / 5 AM Pacific.

DEEP ROOTS. STUBBORN GROWTH. OREGON BASED.

Episode Breakdown:

(00:00) Panic Trading & Cramer’s One Good Quote

(01:58) Tariffs, Tanks, and the Straits of Hormuz

(04:41) The Houthis Miss & Global Oil Math Gets Weirder

(08:18) ICE Raids vs. Salad Prices: Who Ya Got?

(10:35) Minimum Wage: Still Not Ruining the Economy

(13:47) Slave Labor Was Bad... Economically Too

(16:12) Capitalism vs. The Strawman You Yell At Online

(20:08) Inflation’s Chill, But Consumers Still Grumpy

(26:28) Tariff Lag, Inventory Games & Economic Time Bombs

(27:47) AI Bubble Hangover & Adobe's Earnings Reality

(31:54) Coinbase Now Trades... Fartcoin

(32:24) This Day in Economic History: June 13 Edition

(39:41) Smoot-Hawley: The Tariff That Tanked the World

Quinn Millegan:⁠ ⁠⁠⁠⁠⁠www.linkedin.com/in/quinnmillegan⁠⁠⁠⁠Drew Millegan:⁠ ⁠⁠⁠www.linkedin.com/in/drew-millegan⁠⁠⁠⁠

The Millegan Memo (monthly newsletter):⁠ ⁠⁠⁠⁠⁠www.woodworth.fund/news/tag/The+Millegan+Memo⁠⁠⁠⁠

Woodworth Contrarian Fund:⁠ ⁠⁠⁠⁠⁠www.Woodworth.Fund⁠⁠⁠⁠Capital Call:⁠ ⁠⁠⁠CapitalCall.Stream⁠⁠⁠⁠Inquiries: [email protected]

Capital Call #11 with Quinn Millegan & Drew Millegan, managers of the Woodworth Contrarian Fund.

Post market close 6/13/25 - Coming straight to you every Monday morning at 2 AM PT / 5 AM ET.