Why ICE Might Be the Most Expensive Tax on Your Grocery Bill

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.