Okay, so guys, I've been running a little Tumblr called VG Print Ads for a few years now and I featured the ad with that Crash illustration last year! (Does GB know of my existence? :o) I can provide a little insight.
As you can see, this is a French ad, roughly translated as "He Takes it All!" I found it in a French Nintendo magazine, on the website Abandonware Magazines, which I use for French content. I haven't listened to the podcast so I don't know if they just used this image for the lulz or if they talked about it.... but here you guys go!
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