Latest / Yaron Brook Show / Consequences; Affordability (Cochrane); Ukraine; War?; Achievements | Yaron Brook Show

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Consequences; Affordability (Cochrane); Ukraine; War?; Achievements | Yaron Brook Show · Yaron Brook Show

• 0:12
  Speaker 1: The Radical Fundamental Principles of Freedom Rational Self-Interest and Individual
• 0:20
  Speaker 1: Rights This is The Yaron Brook Show Alright everybody, welcome
• 0:31
  Speaker 1: to the Ron Brooks Show on this October 15th. It's
• 0:35
  Speaker 1: a Thursday. And it's a big day. It's a major event.
• 0:42
  Speaker 1: Some of you might know this already. I see there's
• 0:45
  Speaker 1: one person who knows about this. I am streaming on Twitch.
• 0:51
  Speaker 1: I'm looking right now at my Twitch feed. And there
• 0:54
  Speaker 1: I am, streaming on Twitch. So those of you who
• 0:58
  Speaker 1: are Twitch lovers or whatever the hell it's called, jump
• 1:03
  Speaker 1: on over to Twitch just to see that this is
• 1:05
  Speaker 1: actually happening. It is some kind of, I don't know,
• 1:13
  Speaker 1: some kind of milestone. And yeah, you know, check it out. Again,
• 1:26
  Speaker 1: you can chat. I guess the chat room is open.
• 1:29
  Speaker 1: You can let other people know on Twitch that I'm
• 1:31
  Speaker 1: on Twitch. And I don't know. I don't know if
• 1:35
  Speaker 1: any of you are Twitch-friendly on Twitch, Twitch, Twitch. Oh,
• 1:41
  Speaker 1: there's somebody. First comment on YBS Twitch was by Cook Emenia.
• 1:48
  Speaker 1: I don't know who Cook Emenia is. Maybe it's our Cook.
• 1:50
  Speaker 1: Maybe it's, you know, who knows.
• 1:52
  Speaker 2: All right.
• 1:54
  Speaker 1: Cool.
• 1:55
  Speaker 2: Uh, now we need to build an audience. So, uh,
• 1:59
  Speaker 2: this is why I need your help.
• 2:00
  Speaker 1: I need, I need the help of, uh, uh, of
• 2:03
  Speaker 1: the people who, uh, uh, who are actually on Twitch. Uh,
• 2:09
  Speaker 1: is this super chat on Twitch? So, um, anybody, you know,
• 2:14
  Speaker 1: so if you know anything about Twitch, uh, let me know. And, um, uh, Yeah.
• 2:24
  Speaker 1: You know, Restream made it super easy, super easy.
• 2:30
  Speaker 2: To stream on Twitch now. So yeah, every show, every show.
• 2:36
  Speaker 1: I'm not promising an eight-hour show yet, but every show
• 2:39
  Speaker 1: is going to be streamed now on Twitch in addition
• 2:43
  Speaker 1: to Facebook and X and everywhere else. I'm curious if
• 2:47
  Speaker 1: there's a Super Chat on Twitch so I can kind
• 2:49
  Speaker 1: of integrate it into Into Super Chat? I don't think
• 2:53
  Speaker 1: there is because it didn't ask me for like, how
• 2:56
  Speaker 1: do we connect bank accounts and stuff like that. So
• 3:03
  Speaker 1: I don't see that feature. Maybe it's available and I
• 3:06
  Speaker 1: just don't know.
• 3:07
  Speaker 2: Anyway, more to explore.
• 3:10
  Speaker 1: Those of you who are watching on Twitch, if you'd
• 3:12
  Speaker 1: follow me, that would be cool. So start following me
• 3:16
  Speaker 1: on Twitch. That way we'll get the follower numbers up.
• 3:20
  Speaker 1: and that will have some effect. At least people will
• 3:24
  Speaker 1: know when I go live. Finn Harper says, not really,
• 3:29
  Speaker 1: but you can post your PayPal things and people can
• 3:33
  Speaker 1: use that. All right, we'll do that. I also mentioned
• 3:35
  Speaker 1: PayPal and Patreon online on a regular basis. I don't
• 3:41
  Speaker 1: want that. All right, and already hit follow. All right,
• 3:45
  Speaker 1: Cook is already a follower. It doesn't show up. I
• 3:47
  Speaker 1: still show zero followers, so It doesn't show, but it will,
• 3:51
  Speaker 1: I assume, update at some point. Six people are watching
• 3:55
  Speaker 1: on Twitch. We already picked up six people. Probably you
• 3:57
  Speaker 1: guys watching on another screen on Twitch as well. So, yeah,
• 4:03
  Speaker 1: you know, for what it's worth, we are there and streaming,
• 4:09
  Speaker 1: and we'll continue to be there, and we'll see if
• 4:12
  Speaker 1: we can pick up a younger audience, a younger audience.
• 4:16
  Speaker 1: By also streaming on Twitch now. Well, all I need now,
• 4:19
  Speaker 1: because I looked a little bit at other people streaming
• 4:22
  Speaker 1: on Twitch and what they do is we need like
• 4:25
  Speaker 1: we need like a game surrounding me with lots of
• 4:28
  Speaker 1: colors and lots of spacecraft going all over the place
• 4:31
  Speaker 1: and some shooting going on and stuff to distract you
• 4:34
  Speaker 1: completely from what I'm actually saying. And then I think
• 4:40
  Speaker 1: I'll have the real.
• 4:44
  Speaker 2: Twitch experience, which I'm not sure I want.
• 4:52
  Speaker 1: But you want. You're the customer. Customer always knows. Anyway,
• 4:55
  Speaker 1: Cook has confirmed that Cook is Cook, that it's the
• 4:58
  Speaker 1: same Cook. So thank you, Cook, for following me now
• 5:01
  Speaker 1: on Twitch. I don't know what you can do on
• 5:04
  Speaker 1: Twitch to get more people. and to do that. Andrew says,
• 5:11
  Speaker 1: capture the ADD crowd.
• 5:13
  Speaker 2: Yeah, absolutely. Why not?
• 5:14
  Speaker 1: I mean, a lot of the most creative people out
• 5:16
  Speaker 1: there are ADD and we need them.
• 5:18
  Speaker 2: We need everybody, right?
• 5:19
  Speaker 1: We need to be everywhere and go everywhere.
• 5:22
  Speaker 2: All right.
• 5:26
  Speaker 1: I will have, I reviewed today this amazing proposal to
• 5:31
  Speaker 1: create a Euron AI Pro and a Capitalism AI.
• 5:37
  Speaker 2: This is going to be super exciting if we can
• 5:42
  Speaker 2: make it happen.
• 5:43
  Speaker 1: Capitalism AI would basically have me, but also be trained
• 5:47
  Speaker 1: on all the advocates, objectivists, but also all the free
• 5:51
  Speaker 1: market economists would be trained on all that content. People
• 5:56
  Speaker 1: who had access to it could write research papers, could
• 6:01
  Speaker 1: ask questions about how capitalism would deal with issue X
• 6:06
  Speaker 1: or issue Y, and get amazing answers from the AI
• 6:12
  Speaker 1: that was trained just on the good stuff. This would
• 6:18
  Speaker 1: also be a powerful tool for researchers because you could
• 6:23
  Speaker 1: use it to write papers and devise lectures and do
• 6:28
  Speaker 1: stuff like that. So I'm super, super excited about that.
• 6:35
  Speaker 1: And I'm super excited about that. I will provide more information.
• 6:42
  Speaker 1: I'm getting a deck to pitch because we're going to
• 6:44
  Speaker 1: have to raise a lot of money for this. So
• 6:46
  Speaker 1: this is going to be a six-figure investment in order
• 6:50
  Speaker 1: to create this, program as time and compute resources. So
• 6:57
  Speaker 1: it'll be a six-figure investment. But anybody who contributes over
• 7:01
  Speaker 1: a certain amount will get his own version of his
• 7:05
  Speaker 1: own access to, uh, you're on AI pro, uh, and
• 7:09
  Speaker 1: to a capitalism AI. So, uh, I'm looking forward to that.
• 7:14
  Speaker 1: Somebody said there's a Twitch prime where people can subscribe
• 7:18
  Speaker 1: to you with the Amazon account. If they have Amazon prime, um,
• 7:23
  Speaker 1: I mean, how about, how about we, how about we
• 7:26
  Speaker 1: take this one step at a time? Uh, if somebody
• 7:30
  Speaker 1: wants to tell me how I can sign up for
• 7:31
  Speaker 1: Twitch prime, uh, Send me an email. I'll try to
• 7:35
  Speaker 1: do that. I have an Amazon account. If people want
• 7:38
  Speaker 1: to send me money to the Amazon account, that's good.
• 7:41
  Speaker 1: Or maybe they can just send money to other stuff.
• 7:43
  Speaker 1: I don't know. But that is cool. Twitch is nothing
• 7:47
  Speaker 1: as compared to the AI stuff, which I am super
• 7:51
  Speaker 1: excited about. And we will see. We will see whether
• 7:55
  Speaker 1: we can actually make it happen. But I think it
• 8:00
  Speaker 1: will be an amazing tool. And the world out there
• 8:06
  Speaker 1: is going to be AI.
• 8:07
  Speaker 2: I mean, AI is the future.
• 8:11
  Speaker 1: It's the present, and it's definitely, definitely the future. So
• 8:18
  Speaker 1: very much excited about that. All right.
• 8:22
  Speaker 2: Let's see. What else are we doing?
• 8:24
  Speaker 1: What are all these dates? I have no idea what
• 8:30
  Speaker 1: the dates are. All right. Somebody's posting dates. All right.
• 8:36
  Speaker 2: I'm going to ignore the chat.
• 8:40
  Speaker 1: And find stuff to show you. I've used the term
• 8:58
  Speaker 1: twice in the last year. I lead my words. If
• 9:02
  Speaker 1: someone AI shows you've used it twice in the last year,
• 9:06
  Speaker 1: I lead my words. The term is central purpose. I mean,
• 9:12
  Speaker 1: it's simple. All I have to do is ask you
• 9:15
  Speaker 1: on AI. What was you on AI?
• 9:18
  Speaker 2: It's right there.
• 9:22
  Speaker 3: How often have I used the term Central purpose over
• 9:35
  Speaker 3: the last.
• 9:37
  Speaker 1: It doesn't have all my shows from the last year
• 9:40
  Speaker 1: because I don't think we fed it all the shows.
• 9:43
  Speaker 1: But let's see what it comes up with. All right.
• 9:52
  Speaker 1: I'll let you know the answer in a minute in
• 9:56
  Speaker 1: terms of. In terms of. in terms of, I'll get
• 10:08
  Speaker 1: Andrew a limit. All right. All right. So here's your answer.
• 10:22
  Speaker 1: about how many times Yaron has used the term central
• 10:24
  Speaker 1: purpose over the last year. I can't give you a
• 10:26
  Speaker 1: precise talent. I want to be straight about that. The
• 10:28
  Speaker 1: tool I search with finds passages by meaning, not by
• 10:33
  Speaker 1: counting every literal occurrence of a phrase. It's a relevant search,
• 10:36
  Speaker 1: not a word frequency counter. So any number I threw
• 10:40
  Speaker 1: out there would be invented. I wouldn't do that. What
• 10:43
  Speaker 1: I can tell you is where the term actually clusters.
• 10:46
  Speaker 1: Central purpose is a concept I lean on, I meaning Yaron.
• 10:50
  Speaker 1: Lean on most have a Lean Rules for Life series.
• 10:52
  Speaker 1: Episodes like Discover and Pursue Your Dreams, Values Personal and Universal,
• 10:57
  Speaker 1: where I use it in specific objective sense, the integrating
• 11:00
  Speaker 1: productive goal that organizes all other values into a hierarchy.
• 11:04
  Speaker 1: So you're not just drifting. That's the phrase doing real work.
• 11:08
  Speaker 1: Over the last year specifically, October 25 to October 26,
• 11:12
  Speaker 1: the exact phrase shows up less than in those early
• 11:15
  Speaker 1: Rules of Life shows. The recent episodes where the idea
• 11:19
  Speaker 1: lives like June 2026 show on productiveness and AI tend
• 11:24
  Speaker 1: to use productiveness, productive purpose, or the integrating activity rather
• 11:28
  Speaker 1: than the exact word central purpose. If you want an
• 11:31
  Speaker 1: actual count, a reliable way is a plain text search
• 11:35
  Speaker 1: across the transcripts for the literal string. My search tool
• 11:38
  Speaker 1: can't substitute for that. Want me to pull the specific
• 11:41
  Speaker 1: passages from last year where I discussed that concept? exact
• 11:45
  Speaker 1: phrase or not. So you see, right? So I could do,
• 11:49
  Speaker 1: I could do a text search to get the $ 100.
• 11:53
  Speaker 1: I'm just telling you what your on AI is telling me.
• 11:56
  Speaker 1: So this is, this is how, this is how, this
• 12:01
  Speaker 1: is how your on AI works. The beauty of it
• 12:03
  Speaker 1: is you're getting, you're getting a sense, right? This is
• 12:07
  Speaker 1: in first person as if me answering the question. This
• 12:10
  Speaker 1: is what your on AI will do. This is the plain,
• 12:15
  Speaker 1: version of you on AI, right? And that as part
• 12:27
  Speaker 1: of this project would be made public. That is, everybody
• 12:30
  Speaker 1: would have access to it. And you could ask you
• 12:33
  Speaker 1: on AI anything you wanted. What is central purpose? How
• 12:36
  Speaker 1: do I apply it to my life? And it would
• 12:37
  Speaker 1: give you an answer from me, having been trained on uh,
• 12:43
  Speaker 1: on my shows, many of my shows, all my, a
• 12:47
  Speaker 1: lot of my lectures and all of my books. So, um, uh,
• 12:52
  Speaker 1: all right. So it's, it's saying, uh, that Andrew is right. Right. So, uh, the,
• 13:04
  Speaker 1: I ran a, I ran a tech search, uh, uh,
• 13:10
  Speaker 1: And it's saying, yeah, not one hit with the literal phrase.
• 13:15
  Speaker 1: It says the real clusters are older, the 2022 Discover
• 13:19
  Speaker 1: and Pursue Your Dream episode, your central purpose, the integrating purpose,
• 13:23
  Speaker 1: the 2024 Values, Personal, and Universal episode. Several times I
• 13:28
  Speaker 1: use it in that one episode. I don't know if
• 13:30
  Speaker 1: that counts. And, of course, in Free Market Revolution, where
• 13:35
  Speaker 1: it's phrased as central activity. let's see, the recent episodes
• 13:40
  Speaker 1: where the ideas live is the June 2026 on productivity,
• 13:44
  Speaker 1: but those are the ideas, not the exact phrase. If
• 13:48
  Speaker 1: you need a hard verified count, the only reliable method
• 13:51
  Speaker 1: is running a plain text string search over the world
• 13:53
  Speaker 1: transit files. My tool can point you to, okay, so
• 13:56
  Speaker 1: it can't, it can't certify a number, but it doesn't
• 13:59
  Speaker 1: seem to, it suggests there is no one.
• 14:03
  Speaker 2: All right, Andrew won that one. I don't get a
• 14:05
  Speaker 2: hundred bucks.
• 14:06
  Speaker 1: Sucks. I was hoping he was wrong.
• 14:09
  Speaker 2: Okay. We'll have to talk more about central purpose.
• 14:12
  Speaker 1: Um, but for that, we'll have to do more shows on, uh,
• 14:16
  Speaker 1: we'll have to do more shows on, uh, uh, on
• 14:20
  Speaker 1: your own rules and, and applying the morality and applying
• 14:23
  Speaker 1: stuff like that. All right.
• 14:26
  Speaker 2: Um, Andrew's point taken.
• 14:31
  Speaker 1: All right.
• 14:32
  Speaker 2: Let's turn to the news. Cause this is a new
• 14:34
  Speaker 2: show after all.
• 14:35
  Speaker 1: And, uh, I like numbers says he found three examples
• 14:40
  Speaker 1: of the exact text. You got to send Andrew the
• 14:45
  Speaker 1: exact text because he doesn't believe he doesn't believe just dates.
• 14:52
  Speaker 1: All right. OK, so Andrew, I like numbers claims that
• 15:00
  Speaker 1: that he has three three examples in the last in
• 15:05
  Speaker 1: the last 12 months. So I'll have him provide you
• 15:10
  Speaker 1: with the evidence, unless you can't see his stuff. He
• 15:16
  Speaker 1: gave you the dates and timestamps. I don't know how
• 15:18
  Speaker 1: he did it so quickly.
• 15:21
  Speaker 4: All right.
• 15:22
  Speaker 1: Let us turn to the news. Today, we got the
• 15:29
  Speaker 1: PPI number, the producer price index. This is the price
• 15:33
  Speaker 1: inflation number for China. businesses, kind of in the intermediary
• 15:40
  Speaker 1: steps of businesses. And it was up 1.3% in September.
• 15:47
  Speaker 1: That is a one-month level. That is the most since
• 15:53
  Speaker 1: March of 2022 at the peak of Biden inflation.
• 16:01
  Speaker 2: It's 6.3% year over year.
• 16:07
  Speaker 1: The core was 0.7%, which is also massively high, 5%
• 16:12
  Speaker 1: year over year. So again, significantly more readings relating to
• 16:21
  Speaker 1: prices increasing.
• 16:22
  Speaker 2: Prices are going up. So why?
• 16:35
  Speaker 1: What's going on? Well, what's driving this is energy, plus 11%, basically. And,
• 16:47
  Speaker 1: you know, trade margins, pretty much every category is hot.
• 16:54
  Speaker 1: Everything that involves imports is going up. Everything, but anything
• 17:01
  Speaker 1: that traditionally, traditionally, has had domestic competition, the domestic competitors
• 17:10
  Speaker 1: of race prices.
• 17:12
  Speaker 2: So everything is up.
• 17:13
  Speaker 1: And look, this is the consequence. It's the consequence of
• 17:18
  Speaker 1: Trump policies over the last year and a half. You know,
• 17:21
  Speaker 1: Trump mouthpieces can go on Fox News and say, this
• 17:29
  Speaker 1: is Biden's inflation, this is Biden's inflation. Give me a
• 17:32
  Speaker 1: freaking break. It's two years on or a year and
• 17:36
  Speaker 1: three quarters on. And this is a direct consequence of
• 17:40
  Speaker 1: two actions of Donald Trump. One is tariffs. One is tariffs.
• 17:47
  Speaker 1: And now the Fed has come out with a paper
• 17:50
  Speaker 1: showing that prices of American manufactured goods, of American.
• 17:58
  Speaker 2: Products, have gone up because of tariffs. They don't face tariffs.
• 18:04
  Speaker 1: From abroad.
• 18:05
  Speaker 2: So it goes up.
• 18:12
  Speaker 1: And.
• 18:13
  Speaker 2: And of course.
• 18:19
  Speaker 1: The war. So two decisions.
• 18:23
  Speaker 2: Trump has made.
• 18:24
  Speaker 4: One.
• 18:27
  Speaker 2: To raise tariffs. Which is just dumb.
• 18:30
  Speaker 1: That has.
• 18:30
  Speaker 2: There's no excuse.
• 18:32
  Speaker 1: Just. Just. bad economics, lack of thinking, lack of strategy,
• 18:39
  Speaker 1: lack of long-term thinking, lack of knowledgeable people around him,
• 18:45
  Speaker 1: just dumb economic policy. I mean, really dumb. And a
• 18:55
  Speaker 1: war which lacks the strategy to actually win. So if
• 19:01
  Speaker 1: you go to war, you got to win and you
• 19:03
  Speaker 1: got to win fast. And lack the strategy, by the way,
• 19:06
  Speaker 1: to actually make sure the Strait of Hormuz stays open
• 19:12
  Speaker 1: and therefore oil keeps coming in and therefore prices don't
• 19:15
  Speaker 1: go up. So Trump policies are driving up costs across
• 19:24
  Speaker 1: the board. By the way, there's somebody on here who
• 19:28
  Speaker 1: has the handle of Yaron Brook 1234.
• 19:30
  Speaker 2: Is that me? Who is this guy?
• 19:36
  Speaker 1: And now they're saying, I don't really like that there
• 19:38
  Speaker 1: are two different chats. God, I mean, I can't please
• 19:42
  Speaker 1: you people. There's actually four different chats because there are
• 19:44
  Speaker 1: two chats going on on Facebook as well.
• 19:49
  Speaker 2: So therefore, chats.
• 19:50
  Speaker 1: I mean, I do have a way to combine them
• 19:52
  Speaker 1: all in Restream, but you can't see that. I guess
• 19:56
  Speaker 1: I could put it up on the screen, but then
• 19:58
  Speaker 1: it becomes distracting. I think I tried that once and
• 20:00
  Speaker 1: you guys didn't like it.
• 20:02
  Speaker 4: All right.
• 20:03
  Speaker 1: Anyway, the consequences of bad economic policies. stupid trade policy
• 20:11
  Speaker 1: and and the only thing i think of is stupid
• 20:12
  Speaker 1: because it's it's it's irrational i mean irrational trade policy
• 20:19
  Speaker 1: and uh a war we refuse to win and went
• 20:26
  Speaker 1: into without a strategy that you know um The consequence
• 20:38
  Speaker 1: of that is high prices. Now, if we go beyond that,
• 20:42
  Speaker 1: if we go beyond the high prices, we've talked about
• 20:46
  Speaker 1: this many times, bond market, 10 years. Despite the 5.33,
• 20:52
  Speaker 1: it's now gone down a lot today to close to 5, 5.08,
• 20:57
  Speaker 1: which is a big drop. I think that is because
• 21:01
  Speaker 1: the market is now fearing recession.
• 21:06
  Speaker 2: I don't know.
• 21:07
  Speaker 1: I mean, I saw speculation somewhere, which is kind of
• 21:09
  Speaker 1: funny because I don't think this is true, but it
• 21:11
  Speaker 1: is kind of funny that people are selling AI stocks,
• 21:18
  Speaker 1: artificial intelligence stocks and buying bonds. And that's driving bond
• 21:21
  Speaker 1: prices up, yields down.
• 21:24
  Speaker 2: Who knows?
• 21:25
  Speaker 1: Day to day movements cannot be explained. You look at
• 21:27
  Speaker 1: the long term trends. So we're looking at high bond prices.
• 21:32
  Speaker 1: We're looking at a hike from the Fed and probably
• 21:35
  Speaker 1: more hikes to come. We're looking at the dollar at
• 21:38
  Speaker 1: a 17-month high as a consequence of high interest rates.
• 21:43
  Speaker 1: We're looking at IMF and a number of economists warning U.S.
• 21:49
  Speaker 1: debt is out of control and something has to be
• 21:53
  Speaker 1: done about it. And it's all bad.
• 22:01
  Speaker 2: Trump policy. It is what it is.
• 22:07
  Speaker 1: Yeah, Iran1234 is not answering when people ask him who
• 22:11
  Speaker 1: he is because there's only one Iran Brook in the
• 22:14
  Speaker 1: entire world. Literally, there's only one person in the entire
• 22:17
  Speaker 1: world with that name and that's me. So somebody's impersonating
• 22:20
  Speaker 1: me by adding 1234 at the end. I actually tried
• 22:24
  Speaker 1: to get the username Iran Brook and it was not available.
• 22:27
  Speaker 1: So on Twitch, there's somebody using the Iran Brook handle.
• 22:33
  Speaker 1: I'm using you on book show because I couldn't get
• 22:35
  Speaker 1: you on book. So there you go. Um, the AI,
• 22:43
  Speaker 1: AI stocks, uh, NASDAQ was down 2% yesterday.
• 22:48
  Speaker 2: And, uh, we get a number of stocks we've talked about.
• 22:51
  Speaker 1: Uh, we've talked about, uh, uh, chip stocks, particularly memory
• 22:56
  Speaker 1: chip stocks are down a lot. Uh, We've got CoreWeave,
• 23:04
  Speaker 1: which is like a, what do they call them? A
• 23:06
  Speaker 1: neocloud firm. A neocloud firm. So this is a cloud
• 23:10
  Speaker 1: company for AI. It was down 17%. And its 2032
• 23:16
  Speaker 1: bonds are under 78 cents. So they've been discounted significantly.
• 23:24
  Speaker 1: Supposedly an analyst has come out and said, this is
• 23:27
  Speaker 1: a company that's borrowing money at 9%. and investing it
• 23:31
  Speaker 1: in something that earns it 5%. It's not good.
• 23:36
  Speaker 2: It's not what you're supposed to do.
• 23:37
  Speaker 1: You're supposed to borrow 9% and invest it in something
• 23:40
  Speaker 1: that's going to earn you more than 9%. Quite a
• 23:44
  Speaker 1: bit more than 9%, hopefully. Anyway, on the positive side
• 23:55
  Speaker 1: of the AI, TSMC... the Taiwanese chip manufacturer, the one
• 24:00
  Speaker 1: that actually manufactures the chips, not designs them, just manufactures them.
• 24:05
  Speaker 1: They had, you know, they had sales that were up
• 24:12
  Speaker 1: to $ 54. 3 billion in a quarter, the December quarter. $ 54. 3 billion.
• 24:19
  Speaker 1: Capital expenditure is at a record of $ 64 billion. They're
• 24:25
  Speaker 1: looking to build a fab in Texas, and they're looking
• 24:31
  Speaker 1: to do a tie-up with Musk. With Musk, you know,
• 24:36
  Speaker 1: he's also building a fab in Texas. Yeah, Anthropic's revenue,
• 24:48
  Speaker 1: while growing, are growing much faster than it was, than
• 24:53
  Speaker 1: they were. So, anthropics' income is growing a lot slower
• 25:01
  Speaker 1: than what they expected and how they were growing earlier
• 25:05
  Speaker 1: in the year. That is putting a big question mark
• 25:08
  Speaker 1: over their IPO.
• 25:15
  Speaker 2: So, you know, badly.
• 25:18
  Speaker 1: Executed war, a just war, a correct war, a good war,
• 25:23
  Speaker 1: if you're going to engage in it, if you're going
• 25:25
  Speaker 1: to win it, wars are always bad.
• 25:28
  Speaker 2: Always bad.
• 25:30
  Speaker 1: Wars are always bad if you can't win it. So,
• 25:46
  Speaker 1: Homo's 26th ship was struck this month. That's the worst since.
• 25:51
  Speaker 2: The war began.
• 25:52
  Speaker 1: We're talking about transport ships, cargo ships, containers. A container
• 25:58
  Speaker 1: ship sank on Wednesday. Tankers under U.S. Navy escorts still
• 26:02
  Speaker 1: move about 10 to 12 billion barrels per day. It
• 26:07
  Speaker 1: was about 17 before the war. The freight to the Gulf,
• 26:18
  Speaker 1: from the Gulf to Asia, is $ 30 more expensive now
• 26:25
  Speaker 1: per barrel than it was before the war. Oil, as
• 26:29
  Speaker 1: we know, is super high. That's driving these price inflation numbers.
• 26:36
  Speaker 2: According to a poll.
• 26:39
  Speaker 1: Of independent voters, 65% of them say the economy is
• 26:44
  Speaker 1: getting worse. It was 48 in September 2024 before Trump
• 26:48
  Speaker 1: took office. 28% of Republicans say better.
• 26:52
  Speaker 4: 28%.
• 26:52
  Speaker 1: 61% think we're in a recession. 61% overall think we're
• 26:58
  Speaker 1: in a recession. So yeah, voters seemingly from the polls
• 27:05
  Speaker 1: overwhelmingly want change. They're not going to get real change,
• 27:10
  Speaker 1: not that it affects any of this, because they're not
• 27:13
  Speaker 1: voting for president. So war with Iran started in February.
• 27:20
  Speaker 1: not finished, and not executed well, even when it was
• 27:23
  Speaker 1: going on, means a straight that is still contested in October.
• 27:30
  Speaker 1: It means $ 30 a barrel to ship oil that used
• 27:34
  Speaker 1: to cost $ 3 a barrel to ship. Energy is at
• 27:38
  Speaker 1: 11% more expensive in producer prices in one month. Core
• 27:44
  Speaker 1: inflation for producers is up 5%. Well, to a large extent,
• 27:49
  Speaker 1: that's because energy is in the numbers. Although the core,
• 27:55
  Speaker 1: I think, excludes energy. Real wages, wages adjusted for inflation
• 27:59
  Speaker 1: are actually down. Ten years at 5.3, mortgages 7.5. And
• 28:11
  Speaker 1: every single one of these things, every single one of
• 28:13
  Speaker 1: these things is a consequence of government behavior.
• 28:16
  Speaker 2: A consequence of government decisions.
• 28:20
  Speaker 1: Fight, stop, spend, spend, spend, spend, spend more, print money,
• 28:27
  Speaker 1: and of course, to put a tax on importing goods.
• 28:34
  Speaker 1: And the public, correctly, says prices are the problem. Prices
• 28:39
  Speaker 1: are the problem. We'll get to that in a minute. So,
• 28:45
  Speaker 1: you know, We will see where we go from here.
• 28:49
  Speaker 1: We've got elections soon. We'll see how the elections, if
• 28:52
  Speaker 1: the elections solve anything, make things worse. All right, so
• 29:01
  Speaker 1: the next segment I want to talk about is related
• 29:04
  Speaker 1: to all this. It's related to this affordability crisis that
• 29:09
  Speaker 1: everybody talks about, which is, you know, we'll talk about
• 29:14
  Speaker 1: what that even means. I'm building, you know, the segment
• 29:18
  Speaker 1: is based on three grumpy economist posts. Grumpy economist is
• 29:23
  Speaker 1: John Cochran, one of my favorite economists. I don't agree
• 29:27
  Speaker 1: with him on a bunch of stuff, but he's still
• 29:30
  Speaker 1: one of my favorite economists. He writes well and he's smart,
• 29:34
  Speaker 1: off-the-chart smart. And on most stuff, we agree. Maybe on
• 29:39
  Speaker 1: a few things, we don't. Anyway, so this is based
• 29:42
  Speaker 1: on three posts, October 11th, 13th, and 14th, built on
• 29:47
  Speaker 1: a Wall Street Journal poll, which we will discuss. So
• 29:53
  Speaker 1: John Cochran is at Hoover Institute at Stanford University. I
• 29:56
  Speaker 1: think one of the best monetary economists alive. Although, again,
• 30:00
  Speaker 1: even in monetary economy, I don't know I agree with
• 30:03
  Speaker 1: him on everything, but he's a real thoughtful guy. He's
• 30:07
  Speaker 1: a thinker, which is, you know, rare, right? His blog
• 30:16
  Speaker 1: is called The Umpire Economist, Substack. I encourage you to
• 30:18
  Speaker 1: sign up for it. He's always interesting. You know, so
• 30:23
  Speaker 1: let's look at this poll that was done, all right?
• 30:28
  Speaker 1: So a bunch of questions about economic policy and what
• 30:32
  Speaker 1: they would support in terms of economic policy. This is weird.
• 30:40
  Speaker 1: All right, that's better.
• 30:43
  Speaker 2: And so here's some stuff.
• 30:44
  Speaker 1: Now, would you support a cap on credit card interest
• 30:51
  Speaker 1: rates at 10%? Interest rates on credit cards cannot go
• 30:54
  Speaker 1: above 10%, right?
• 30:58
  Speaker 2: Anybody here? You guys, you guys support this? Don't support this?
• 31:03
  Speaker 1: Yep.
• 31:04
  Speaker 2: Anyway, here we go.
• 31:06
  Speaker 1: 78% of Democrats support this. Ooh, that's terrible. You know,
• 31:11
  Speaker 1: those expected, right? Those Democrats are all socialists. 83, yeah, 83,
• 31:18
  Speaker 1: five percentage points more of Republicans support a cap on
• 31:23
  Speaker 1: credit cards, which just proves something. Maybe Republicans are just
• 31:27
  Speaker 1: as socialist as Democrats these days. And 76% of independents. Basically,
• 31:36
  Speaker 1: somewhere around 80% of all Americans. 80. 8-0.
• 31:40
  Speaker 3: 8-0.
• 31:44
  Speaker 2: Support a cap on credit card interest rates.
• 31:48
  Speaker 1: All right. Who doesn't like a cap on interest rates?
• 31:53
  Speaker 1: So what about limits on rents? Like, let's limit rent
• 31:58
  Speaker 1: increases to 5% above inflation. That's still a generous increase, right?
• 32:02
  Speaker 1: Inflation plus 5%. Cap that.
• 32:08
  Speaker 2: 65% of Americans.
• 32:11
  Speaker 1: How about a 20% at $ 20? Sorry, $ 20 minimum wage.
• 32:14
  Speaker 1: $ 20 minimum wage.
• 32:16
  Speaker 2: Increase everybody's wages. That sounds good, right?
• 32:19
  Speaker 1: 57%.
• 32:27
  Speaker 2: How about force insurers.
• 32:28
  Speaker 1: To cover whatever a doctor prescribes? Like, insurers should just
• 32:35
  Speaker 1: sign off on anything the doctor says when it comes
• 32:38
  Speaker 1: to prescription drugs. You want a GOP1? Here's the most
• 32:41
  Speaker 1: expensive one. You want a PKS, whatever, to lower your cholesterol?
• 32:47
  Speaker 1: Even though it's, I don't know, hundreds of dollars a month,
• 32:49
  Speaker 1: the insurer should just cover whatever a doctor prescribes. Here
• 32:54
  Speaker 1: are the numbers, guys. 96% of Democrats. All right. 82%
• 33:02
  Speaker 1: of Republicans. 86% of independents. How about borrowing institutions, institutional
• 33:10
  Speaker 1: investors from buying single family homes? 77% Democrats, 77% Republicans,
• 33:15
  Speaker 1: 69% independents. How about capping child care costs? Oh, here
• 33:25
  Speaker 1: there's a bit of a difference. 90% Democrats, still a
• 33:29
  Speaker 1: majority of Republicans. 61% of Republicans want to cap child
• 33:33
  Speaker 1: care costs. And 67% of independents. How about, here's a
• 33:39
  Speaker 1: good one.
• 33:39
  Speaker 2: I love this one.
• 33:40
  Speaker 1: A government website that sold discounted prescription drugs. In other words,
• 33:47
  Speaker 1: the government getting into the business of selling drugs. I mean,
• 33:50
  Speaker 1: we're not talking about heroin and those, although that would
• 33:52
  Speaker 1: be interesting too. 76% of Democrats, 75% of Republicans, 63%
• 33:59
  Speaker 1: of independents. The only thing that a majority of Americans
• 34:06
  Speaker 1: do not want is government-run grocery stores, only supported by 37%,
• 34:13
  Speaker 1: and the $ 5, 000 checks if Republicans keep Congress, only 23%.
• 34:20
  Speaker 1: By the way, in my view and in John Cochran's view,
• 34:24
  Speaker 1: A $ 5, 000 check, if Republicans keep Congress, is better than
• 34:33
  Speaker 1: the price controls and the caps and the minimum wages
• 34:36
  Speaker 1: and the forcing insurance and the borrowing and all that stuff.
• 34:41
  Speaker 1: Just my view. Not good.
• 34:42
  Speaker 2: It's not good.
• 34:44
  Speaker 1: No, no, no. Not good. But better. Better. Less distortive.
• 34:49
  Speaker 1: Less destructive. Now look at the Republican column. This is
• 34:57
  Speaker 1: not Mamdani's base. This is not Democrat Socialist of America.
• 35:01
  Speaker 4: This is the party of Donald Trump that calls itself,
• 35:07
  Speaker 4: still I think, the party of free markets.
• 35:12
  Speaker 1: 83% of it wants price controls on credit. This isn't
• 35:18
  Speaker 1: about left or right, Democrats or Republicans. This is what
• 35:25
  Speaker 1: Americans across the board believe about prices and about markets.
• 35:33
  Speaker 1: And the question to ask ourselves, and the question everybody
• 35:36
  Speaker 1: should ask themselves, is why?
• 35:39
  Speaker 2: Why do they believe this crap?
• 35:44
  Speaker 1: And then if you look at today's Harris Poll, 65%
• 35:47
  Speaker 1: of independents say the economy is getting worse. 61% think
• 35:51
  Speaker 1: we're in a recession. Gas and groceries are the top issue.
• 35:54
  Speaker 1: There's real grievances. But they're completely screwing up the diagnosis.
• 36:10
  Speaker 1: So let's look at this. Let's look at John Calkin's
• 36:15
  Speaker 1: analysis of some of this stuff. Here's really the bottom line.
• 36:22
  Speaker 1: from Cochrane. The government cannot make anything more affordable overall.
• 36:31
  Speaker 2: By taxing, by spending, by borrowing, or by regulating.
• 36:43
  Speaker 1: So price controls, the kind of controls, the kind of borrowing,
• 36:47
  Speaker 1: the kind of restrictions will not make things more, quote, affordable.
• 36:55
  Speaker 1: whatever the hell that means, and for whomever that might mean.
• 37:00
  Speaker 1: All the government can do, all the government can do
• 37:03
  Speaker 1: is move the bill around. If you force, you know,
• 37:08
  Speaker 1: as we'll see if we, well, we'll see in a minute,
• 37:11
  Speaker 1: you know, what that happens, how that works, right?
• 37:13
  Speaker 2: They can move it around.
• 37:16
  Speaker 1: And at the same time, while they move the money around,
• 37:19
  Speaker 1: you'll lose a chunk of the money in transit and
• 37:22
  Speaker 1: you'll create inefficiencies. and you'll create disincentives, and you'll create
• 37:27
  Speaker 1: things that are destructive to the economy overall.
• 37:31
  Speaker 2: I mean, just think about it.
• 37:33
  Speaker 1: Prices, wages, and rent controls. What does that result in?
• 37:37
  Speaker 1: Somebody has to pay. Well, you pay by rationing, with lines,
• 37:45
  Speaker 1: with black markets, with corruption, with shortages. That's the rationing.
• 37:52
  Speaker 1: And that happens every Literally, every single time it's tried,
• 37:57
  Speaker 1: no matter where, no matter when. I mean, Mamdani can
• 38:00
  Speaker 1: pretend they can make up. But the reality is rent
• 38:04
  Speaker 1: control reduces the availability of apartments to rent, which ultimately
• 38:10
  Speaker 1: results in rents going up. So all the socialists on
• 38:13
  Speaker 1: Twitch can live in a fantasy world that doesn't exist.
• 38:21
  Speaker 1: Every price control. Every price control, and I include minimum
• 38:24
  Speaker 1: wage here. Every price control, every wage control, every rent control,
• 38:30
  Speaker 1: all price controls really, result in the same thing always. Rationing, lines,
• 38:40
  Speaker 1: black markets, corruption, distorted distortions, lower quality markets.
• 38:48
  Speaker 2: You know, you name it.
• 38:49
  Speaker 1: Bad stuff.
• 38:49
  Speaker 2: Lots of lots of bad stuff.
• 38:51
  Speaker 1: Bad stuff that even a socialist would recognize. Oh, no, no.
• 38:54
  Speaker 1: This is good. This is good. I mean, unless they
• 38:57
  Speaker 1: were like a real nihilist socialist. Cook says there are
• 39:02
  Speaker 1: no socialists in my Twitch chat. I'm crushed and disappointed.
• 39:06
  Speaker 1: We're trying to peel people off of Hassan Paika's Twitch. Right.
• 39:14
  Speaker 2: We want to read Hassan.
• 39:15
  Speaker 1: Yeah, that's right. We want to read Hasan Piker's list.
• 39:20
  Speaker 1: Go over there.
• 39:22
  Speaker 2: He must be twitching now. And bring people over.
• 39:26
  Speaker 1: What happened? if you mandate that insurance cover everything? There's
• 39:35
  Speaker 1: no magic here. Well, prices have to go up. In
• 39:39
  Speaker 1: other words, premiums go up. Premiums go up. I don't
• 39:51
  Speaker 1: know what that means. Somebody says you need to get
• 39:54
  Speaker 1: on Just Chatting category on Twitch. Somebody email me what
• 39:58
  Speaker 1: the hell that means. I have no idea. What happens
• 40:00
  Speaker 1: if you ban institutional homebuyers? Well, why don't we ban
• 40:06
  Speaker 1: used car dealers? Maybe we can ban eBay, ban middlemen.
• 40:10
  Speaker 1: All institutional homebuyers are. They buy homes. They rent them out.
• 40:13
  Speaker 1: They don't sit there empty. You just reduce the supply
• 40:17
  Speaker 1: of homes. What if you cap child care costs? Who
• 40:23
  Speaker 1: caps it? How do you cap it? And then how
• 40:28
  Speaker 1: do you get the workers whose wages are now capped,
• 40:31
  Speaker 1: the workers who work in child care, how do you
• 40:33
  Speaker 1: get them to show up?
• 40:36
  Speaker 2: How do you get them to show up?
• 40:46
  Speaker 1: All right. And if you have a government drug website,
• 40:52
  Speaker 1: this one's funny. Remember, this is John Cochran reminds us.
• 40:56
  Speaker 1: He reminds us of, you remember the Obamacare site that
• 41:00
  Speaker 1: kept crashing, couldn't survive?
• 41:04
  Speaker 2: Remember what happened when we cut out the middleman with
• 41:07
  Speaker 2: student loans? We're still suffering from that.
• 41:10
  Speaker 1: The government gives willy-nilly student loans to everybody. Prices go
• 41:14
  Speaker 1: through the roof and you get a student loan quote
• 41:19
  Speaker 1: quote crisis here's how Cochran summarizes it subsidies against fixed
• 41:28
  Speaker 1: supply like energy and housing just drive prices up more
• 41:35
  Speaker 1: not less more now he says if you give everybody
• 41:41
  Speaker 1: a $ 5, 000 check right he says it's a terrible idea
• 41:45
  Speaker 1: but And he says it's still better than anything else
• 41:48
  Speaker 1: on the list. Because at least Americans can see the
• 41:52
  Speaker 1: money has to come from somewhere. Cash always beats price controls.
• 41:58
  Speaker 1: And then they can spend it on their priorities. You
• 42:01
  Speaker 1: don't get to dictate priorities for them. Cash beats price controls.
• 42:05
  Speaker 1: It beats subsidies. And both being beats paying nonprofits to
• 42:12
  Speaker 1: provide services. Now, again, $ 5, 000 check is a terrible idea,
• 42:23
  Speaker 1: but as compared to the others, not as terrible. Now,
• 42:27
  Speaker 1: here's what John Cochran suggests if we want to actually
• 42:31
  Speaker 1: lower prices.
• 42:32
  Speaker 2: Here's what government can do to lower prices.
• 42:36
  Speaker 1: And I completely agree with this list, and you could
• 42:40
  Speaker 1: add a lot to it, but this is a great, great,
• 42:42
  Speaker 1: great beginning.
• 42:46
  Speaker 2: Zoning and permit reform.
• 42:47
  Speaker 1: There's permit reform right now going through the House. It
• 42:49
  Speaker 1: would improve things. It's not good enough, but it's better
• 42:53
  Speaker 1: than nothing. Zoning and permit reform. Portable mortgages. Abolish rent
• 42:58
  Speaker 1: control permanently. Yeah, on a nationwide scale. Let people rent
• 43:07
  Speaker 1: rooms from their houses. Instead of banning Airbnb, expand Airbnb.
• 43:15
  Speaker 1: Kill the ethanol mandate. That would lower diesel prices immediately.
• 43:21
  Speaker 1: Repeal the Jones Act. Yeah, we've talked about that many, many,
• 43:25
  Speaker 1: many times. End all tariffs. That's an easy one. Lower
• 43:33
  Speaker 1: all tariffs to zero. Make it better than it was pre-Trump.
• 43:37
  Speaker 1: I mean, that would, I mean, Trump still has time
• 43:40
  Speaker 1: to save his presidency. Lower tariffs unilaterally to zero.
• 43:45
  Speaker 2: Cross the board. Let Americans, here's a controversial one.
• 43:49
  Speaker 1: You might not like this. Let Americans buy Chinese cars
• 43:54
  Speaker 1: at half the price. Not because you're subsidizing, because Chinese
• 43:58
  Speaker 1: cars are half price. Let Americans buy Chinese cars. It
• 44:04
  Speaker 1: turns out at half the price. Automate the ports. Environmental
• 44:11
  Speaker 1: permit reform. Again, I think this is what's going through Congress.
• 44:14
  Speaker 1: End farm price supports, i.e. all farm subsidies, zero.
• 44:21
  Speaker 2: I would generally zero.
• 44:24
  Speaker 1: Out all subsidies. Cut occupational licensing. Maybe eliminate completely. That's
• 44:29
  Speaker 1: pretty radical. At least cut it. Stop the free student loans.
• 44:36
  Speaker 1: Make student loans a transaction between an individual and a
• 44:40
  Speaker 1: bank and somebody lending you money.
• 44:42
  Speaker 2: Government should get out of the business.
• 44:44
  Speaker 1: Completely thoroughly zero no guarantees no student loans coming from
• 44:51
  Speaker 1: government and no guaranteeing of student loans and no guaranteeing
• 44:53
  Speaker 1: of mortgages get the government out of guaranteeing all that
• 44:57
  Speaker 1: stuff open health care to competition now that's pretty that's
• 45:05
  Speaker 1: pretty good because and the reality is right now if
• 45:11
  Speaker 1: you look at you know uh If you remember my
• 45:14
  Speaker 1: shtick about Trump going back to 2015, he would say,
• 45:18
  Speaker 1: everything is horrible out there. And the reason is the
• 45:21
  Speaker 1: Mexicans and the Chinese and, you know, the others. But
• 45:26
  Speaker 1: the reality is that the enemy, the enemy of freedom,
• 45:31
  Speaker 1: the enemy of free markets, the enemy of prosperity in
• 45:34
  Speaker 1: America is Americans. The 80% of Americans who want 80, 80, no, yeah,
• 45:42
  Speaker 1: the 80 plus percent of Americans.
• 45:44
  Speaker 2: Who want to cap credit card debt.
• 45:48
  Speaker 1: The 90 plus percent of Americans who want to force
• 45:51
  Speaker 1: insurance to cover the cost of every prescription deducted rates.
• 45:56
  Speaker 2: That is the enemy. So Cochran's list is right on.
• 46:06
  Speaker 1: Every item is something the government is currently doing and
• 46:09
  Speaker 1: should stop and could stop immediately. We're not even talking
• 46:13
  Speaker 1: about entitlement reform. We're not talking about Medicare or security,
• 46:17
  Speaker 1: which would need to be phased out. All these things
• 46:20
  Speaker 1: that we're talking about could be done tomorrow. Tomorrow. And
• 46:26
  Speaker 1: if people cared about, quote, and I'm saying quote because
• 46:29
  Speaker 1: affordability is an anti-concept, it doesn't mean anything. But anything
• 46:34
  Speaker 1: to be done about The cost of things, yeah, that
• 46:37
  Speaker 1: would lower costs and not hurt wages.
• 46:42
  Speaker 2: So standard of living goes up.
• 46:48
  Speaker 1: The three sectors with the highest price increases over the
• 46:52
  Speaker 1: last 50 years, education, health, housing, are the three where
• 46:59
  Speaker 1: the government is most involved.
• 47:02
  Speaker 2: That's not a coincidence. That's the way it works.
• 47:08
  Speaker 1: So, yeah. Not a bad list from John Cochran. I mean,
• 47:14
  Speaker 1: not a bad list, an excellent list from John Cochran.
• 47:17
  Speaker 1: We could do it quickly and we could feed off
• 47:19
  Speaker 1: of that. That would be a great beginning. How about
• 47:23
  Speaker 1: a president from either party running on that? Man, I'd
• 47:28
  Speaker 1: finally be excited to vote for somebody running on that.
• 47:38
  Speaker 2: And here's the thing.
• 47:41
  Speaker 1: Americans today earn on average about 40% more than Europeans,
• 47:46
  Speaker 1: more than Brits, more than Japanese, more than Canadians. Poverty
• 47:50
  Speaker 1: in America is an all-time low. Health indicators, American health,
• 47:55
  Speaker 1: even obesity, are at all-time highs. Inequality, if that's a
• 48:01
  Speaker 1: problem at all, is actually falling as much as they
• 48:03
  Speaker 1: complain about it. Real wages are were rising until recently.
• 48:11
  Speaker 1: Is a big new house in a hot suburb expensive? Yeah. Yeah.
• 48:20
  Speaker 2: But you should ask what it's like to live in.
• 48:22
  Speaker 1: A 600 square foot flat in Europe and how much
• 48:26
  Speaker 1: that costs in London or Amsterdam or Paris or Madrid.
• 48:34
  Speaker 2: Now, It is true, though.
• 48:37
  Speaker 1: And here's the legit side of affordability. Affordability also has income,
• 48:43
  Speaker 1: but it also has prices. Income is high, relatively. But
• 48:47
  Speaker 1: what about prices? Well, price level is 27% higher than
• 48:52
  Speaker 1: in January 2021. And that's 14% higher than it would
• 48:57
  Speaker 1: have been if the Fed reached its, quote, inflation target,
• 49:01
  Speaker 1: which is 2%. Now, average real wages have kept up.
• 49:07
  Speaker 1: But of course, average hides a churn. Job switches got raises.
• 49:13
  Speaker 1: People who stayed didn't. Anyone on a fixed nominal income,
• 49:17
  Speaker 1: anyone saving for a house, anyone who held government bonds,
• 49:21
  Speaker 1: which are down 14% over that period in real terms,
• 49:24
  Speaker 1: has lost. So there's a massive redistribution going on here
• 49:30
  Speaker 1: that the average hides. So even though we can all
• 49:36
  Speaker 1: lecture on People about real wages and inflation is transitory
• 49:41
  Speaker 1: and stuff like that.
• 49:43
  Speaker 2: People hate. I'll say it again. People hate higher prices.
• 49:51
  Speaker 4: They do.
• 49:52
  Speaker 1: And they're not wrong to do so. In the 19th century,
• 49:57
  Speaker 1: prices went down. People like consistency, stability. People hated inflation
• 50:08
  Speaker 1: in the 70s, and they hate inflation in the 20-teens, 20-20s.
• 50:12
  Speaker 1: All right, so, you know, but this is the world
• 50:24
  Speaker 1: we live in, right? Congress gave the Fed a mandate
• 50:27
  Speaker 1: of price stability. Price stability. Well, why aren't prices stable?
• 50:33
  Speaker 1: Because the Fed decided the price stability means 2% a
• 50:37
  Speaker 1: year forever. That means even if the Fed does its
• 50:41
  Speaker 1: job the best that it has defined it, prices double
• 50:45
  Speaker 1: every 35 years.
• 50:49
  Speaker 2: And that's only forward-looking. What does that mean?
• 50:53
  Speaker 1: It means that if you miss, there's no correction. So
• 50:57
  Speaker 1: let's say in 2022, inflation was 10%.
• 50:59
  Speaker 4: It was.
• 51:03
  Speaker 2: So-called transitory inflation. Then what does the Fed do then?
• 51:13
  Speaker 2: Does it then.
• 51:13
  Speaker 1: Strive for prices to come down by 10% the next year?
• 51:16
  Speaker 4: No.
• 51:17
  Speaker 2: Next year is again 2%.
• 51:20
  Speaker 1: So the 10% is now baked in and you don't
• 51:23
  Speaker 1: get price stability over the long run. Cochran suggests Congress
• 51:30
  Speaker 1: should rewrite all this and make it a stable price level.
• 51:36
  Speaker 2: Like it was under the gold standard.
• 51:41
  Speaker 1: Or a 2% long run average. So that every time
• 51:47
  Speaker 1: you miss, you have to correct and hold the Fed
• 51:50
  Speaker 1: to it.
• 51:53
  Speaker 2: So he says that would be good. That would be,
• 51:57
  Speaker 2: you know.
• 51:58
  Speaker 1: Now, I think you just abandon the Fed and you
• 52:01
  Speaker 1: replace it with free banking system and you get a
• 52:04
  Speaker 1: much better result all the way around. So, yeah.
• 52:15
  Speaker 2: So when people say everything costs more, that's a fact.
• 52:19
  Speaker 1: That's a fact.
• 52:21
  Speaker 2: The question is, what do you do about it?
• 52:24
  Speaker 1: And, you know, as long as there's a Fed and
• 52:28
  Speaker 1: as long as the government feels responsible for the price level,
• 52:34
  Speaker 1: change won't happen. Change will not happen. Now, Cochran then
• 52:47
  Speaker 1: asks the question, which, of course, we should all be asking,
• 52:49
  Speaker 1: and I ask regularly and try to answer, why is
• 52:53
  Speaker 1: the free market so unpopular? Why is the free market
• 52:57
  Speaker 1: so unpopular? Well, he has six answers, right? He says
• 53:06
  Speaker 1: prices look like transfers. In other words, they don't look
• 53:10
  Speaker 1: like win-wins. This relates to the second part of his
• 53:14
  Speaker 1: second item. He says when you negotiate your rent, the
• 53:17
  Speaker 1: price is a transfer between you and the landlord. You're
• 53:21
  Speaker 1: giving something to the landlord. If you force all landlords down,
• 53:27
  Speaker 1: everyone wins. They don't see the prices across the system allocate.
• 53:35
  Speaker 2: From a purely.
• 53:35
  Speaker 1: Economic perspective, they determine how many buildings get built, how
• 53:38
  Speaker 1: many new landlords get created.
• 53:41
  Speaker 2: All they experience is the price that they pay.
• 53:46
  Speaker 1: Who gets what? And this is combined with a zero-sum instinct.
• 53:54
  Speaker 1: Instinct is not the right word, but mentality. Indeed, for
• 53:58
  Speaker 1: most of human history, If someone got rich, he took it.
• 54:02
  Speaker 1: He took it from someone else. That was the only
• 54:03
  Speaker 1: way to get rich. That our billionaires got rich by
• 54:07
  Speaker 1: inventing things that made everyone richer is outside of most
• 54:11
  Speaker 1: people's ordinary experience.
• 54:13
  Speaker 2: They don't get it.
• 54:16
  Speaker 1: They don't get it. So they want to go after
• 54:20
  Speaker 1: the billionaires because they assume if they have it, they
• 54:23
  Speaker 1: took it. But this is where conceptual knowledge is important.
• 54:32
  Speaker 1: The third point he makes is tribal moralizing. Good tribe
• 54:36
  Speaker 1: versus evil tribe. Crush the greedy and all is well.
• 54:41
  Speaker 1: And the idea that he attributes to Smith, Adam Smith,
• 54:45
  Speaker 1: that self-interest serves the public good, he says is unnatural.
• 54:49
  Speaker 2: He's right.
• 54:50
  Speaker 1: It's unnatural if altruism is taken as the only system
• 54:57
  Speaker 1: of ethics possible. He's absolutely right. Smith's idea doesn't stick.
• 55:04
  Speaker 1: This is why it needs to be abandoned. And the
• 55:07
  Speaker 1: whole idea of serving the public good needs to be trashed.
• 55:12
  Speaker 1: And we need to defend self-interest on the basis of
• 55:14
  Speaker 1: self-interest as morality, as the morality.
• 55:23
  Speaker 2: He also thinks we suffer from stereotypes.
• 55:26
  Speaker 1: The big landlord can afford it. In reality... Some landlords
• 55:31
  Speaker 1: are immigrants who saved a lifetime for one building. Some
• 55:34
  Speaker 1: rent-controlled tenants are trust funders who moved in in 1985.
• 55:41
  Speaker 1: Treat these things as individuals, not as collective stereotypes. He
• 55:49
  Speaker 1: talks about the unseen. This is, of course, Hazlitt's point
• 55:53
  Speaker 1: in Economics in One Lesson. You see the family that
• 55:57
  Speaker 1: got their rent break. You don't see the family with
• 56:01
  Speaker 1: kids or pet or thin credit who can't get an
• 56:05
  Speaker 1: apartment at all. Or the buildings that never got built.
• 56:10
  Speaker 1: That's what you don't see. And then people have this
• 56:16
  Speaker 1: ridiculous nostalgia. Populism wants to reverse the recent change. Nobody's outraged, right,
• 56:26
  Speaker 1: at the price of Caviar, everybody's outraged that $ 6 is gas.
• 56:32
  Speaker 2: And they think, oh, in the past.
• 56:35
  Speaker 1: $ 6 wasn't gas. So the past, I mean, gas costs
• 56:38
  Speaker 1: a lot less than $ 6. The past must be better
• 56:40
  Speaker 1: than the present. So let's have the government fix it,
• 56:47
  Speaker 1: forgetting that the government is DMV. The more we remind
• 56:50
  Speaker 1: people that government is DMV, the more they get it,
• 56:53
  Speaker 1: because they all have experience with DMVs. Cochran says, he
• 57:02
  Speaker 1: calls it a paradox. It's not really a paradox. He says,
• 57:05
  Speaker 1: the reality is that the market works even if nobody
• 57:08
  Speaker 1: understands it. Democracy requires voters to understand cause and effect.
• 57:15
  Speaker 2: Markets don't. Markets don't need economics. They just work.
• 57:23
  Speaker 1: Voting needs economic knowledge.
• 57:26
  Speaker 2: So what do you do?
• 57:27
  Speaker 1: Well, he says economic education is an obvious call. But
• 57:32
  Speaker 1: the left controls the educational institutions. So here's his answer,
• 57:39
  Speaker 1: which is actually really good, but it's not really an
• 57:42
  Speaker 1: answer because how do we get it? He can't explain.
• 57:46
  Speaker 1: He says we have to put the economy beyond the
• 57:49
  Speaker 1: reach of your neighbor. In other words, we have to
• 57:52
  Speaker 1: put the economy beyond the reach of government. In other words,
• 57:57
  Speaker 1: we have to revitalize the institutions of limited government. By
• 58:03
  Speaker 1: the way, one of the reasons I think Donald Trump
• 58:07
  Speaker 1: is as destructive as he is, and he's turned out
• 58:11
  Speaker 1: to be as destructive as I predicted, is that he
• 58:15
  Speaker 1: is destroying the institutions of limited government. Destroying them at
• 58:20
  Speaker 1: a pace we haven't seen since FDR. Much more destructive
• 58:27
  Speaker 1: than anything Carmelo would have done. In terms of destroying
• 58:31
  Speaker 1: the institutions of limited government, he is at a record pace.
• 58:43
  Speaker 1: And we need to get the economy beyond the reach
• 58:48
  Speaker 1: of 51% of the voters.
• 58:51
  Speaker 2: That is absolutely right. Absolutely right. So he's right about
• 58:57
  Speaker 2: these things.
• 58:58
  Speaker 1: I don't think they're all essential, but they're all things
• 59:01
  Speaker 1: that they're all boiled down to people not seeing the unseen,
• 59:05
  Speaker 1: I think. But all of these are absolutely right. But
• 59:12
  Speaker 1: the thing that really is at the core of all this,
• 59:15
  Speaker 1: that explains everything really at the end, is that people
• 59:21
  Speaker 1: perceive self-interest as wrong.
• 59:27
  Speaker 2: And yet self-interest drives.
• 59:30
  Speaker 1: Markets.
• 59:31
  Speaker 2: It is markets.
• 59:33
  Speaker 1: There are no markets without self-interest. Self-interest is at the heart,
• 59:37
  Speaker 1: at the core of markets. And people know that. I
• 59:40
  Speaker 1: say this in my moral defense of capitalism all the time.
• 59:43
  Speaker 1: People know that capitalism is about self-interest. They hate self-interest. Therefore, ergo,
• 59:50
  Speaker 1: if it's a deduction... Self-interest, I mean, capitalism must be bad.
• 59:53
  Speaker 1: Self-interest is bad. Capitalism is all about self-interest. Ego, capitalism
• 59:59
  Speaker 1: is bad. That's it.
• 1:00:01
  Speaker 2: That's everything.
• 1:00:03
  Speaker 1: That's not hardwired. That's what prevents people from digging deeper,
• 1:00:10
  Speaker 1: from searching for the unseen, from overcoming the zero-sum bias.
• 1:00:19
  Speaker 1: When every church, every school, every movie teaches these voters
• 1:00:25
  Speaker 1: that morality means sacrifice, that morality means being selfless, you
• 1:00:32
  Speaker 1: get socialism. You get the abandonment of capitalism. You get
• 1:00:38
  Speaker 1: price controls. You get wage controls. You get bigger and
• 1:00:41
  Speaker 1: bigger and bigger and more and more intrusive government. I mean,
• 1:00:48
  Speaker 1: If you tell people sacrifice is noble and then you
• 1:00:51
  Speaker 1: ask them should the landlord sacrifice, I'm surprised it's only
• 1:00:56
  Speaker 1: 65% think that's the case. In other words, until the
• 1:01:01
  Speaker 1: views of morality and specifically of self-interest change, good luck
• 1:01:08
  Speaker 1: changing anything else. And You know, billionaires have a lot
• 1:01:19
  Speaker 1: and they're not sacrificing. So let's take it. Let's force
• 1:01:22
  Speaker 1: them to sacrifice. Now, affordability is an anti-concept. What does
• 1:01:32
  Speaker 1: it mean?
• 1:01:34
  Speaker 2: Affordable for whom?
• 1:01:37
  Speaker 1: When?
• 1:01:40
  Speaker 2: It doesn't mean anything. If you mean prices are going up, okay.
• 1:01:43
  Speaker 4: Okay.
• 1:01:47
  Speaker 2: And what is driving the price?
• 1:01:50
  Speaker 1: You're lumping together, you know, prices that might go up
• 1:01:54
  Speaker 1: temporarily because of increased demand, and you're talking about prices
• 1:01:58
  Speaker 1: that go up systematically because of price inflation, and you're
• 1:02:02
  Speaker 1: lumping in prices going up because of tariffs, which is
• 1:02:05
  Speaker 1: a tax. When you increase taxes on goods, their price
• 1:02:08
  Speaker 1: goes up. I mean, there are lots of reasons why
• 1:02:10
  Speaker 1: prices might go up. And ultimately, the question has to be,
• 1:02:16
  Speaker 1: what's driving it? Housing, we know what drives it. Rent control, zoning, regulations.
• 1:02:26
  Speaker 1: I mean, Tokyo never freezes rents. It lets people build
• 1:02:31
  Speaker 1: and rents have been stable. Basically no inflation in rents,
• 1:02:35
  Speaker 1: no upward trend in rents. New York freezes rents and
• 1:02:41
  Speaker 1: makes it very difficult to build. And I'm shocked.
• 1:02:45
  Speaker 2: All of you should be shocked.
• 1:02:47
  Speaker 1: So surprising that prices are going up. When Millet abolished
• 1:02:54
  Speaker 1: rent control in Buenos Aires, rents fell more than 40%, 4-0%.
• 1:02:58
  Speaker 1: That's pretty amazing. Medicare is projected to cost $ 12.
• 1:03:14
  Speaker 2: Billion by 1990.
• 1:03:15
  Speaker 1: That doesn't sound right. Was projected. Got it. Medicare was
• 1:03:21
  Speaker 1: projected to cost $ 12 billion by 1990. It actually cost
• 1:03:25
  Speaker 1: $ 98 billion in 1990. Medicaid projected under $ 1 billion by 1992.
• 1:03:31
  Speaker 1: It hit $ 17 billion.
• 1:03:36
  Speaker 2: Why is anybody surprised?
• 1:03:39
  Speaker 1: Government runs half the health care system in the United States.
• 1:03:43
  Speaker 2: This is what you get. You get price increases.
• 1:03:50
  Speaker 1: Grocers and goods, yeah, if you tariff them, and if
• 1:03:54
  Speaker 1: you print money, prices go up. It's all government. All government.
• 1:04:02
  Speaker 1: Affordability sounds like it's somebody else's fault. No, it's the
• 1:04:05
  Speaker 1: government's fault.
• 1:04:06
  Speaker 2: And we need to be.
• 1:04:07
  Speaker 1: Very clear about that. So Cochrane is right. one answer
• 1:04:15
  Speaker 1: is institutional.
• 1:04:17
  Speaker 2: It's your property.
• 1:04:17
  Speaker 1: 51% of people can't take it away from you.
• 1:04:21
  Speaker 2: We don't live in an absolute democracy.
• 1:04:30
  Speaker 1: But if we can actually reinstate that, if we can
• 1:04:35
  Speaker 1: bring back constitutional protections and property rights, but the question is,
• 1:04:41
  Speaker 1: why have they failed, those protections? Why is it the
• 1:04:45
  Speaker 1: case that the Supreme Court is ruled against these protections? Well,
• 1:04:52
  Speaker 1: at the end of the day, it's about that comment
• 1:04:56
  Speaker 1: that he made about self-interest. If we're going to revitalize
• 1:05:01
  Speaker 1: the institutions of limited government, you know, we have to
• 1:05:07
  Speaker 1: talk about individual rights. In order to talk about individual rights,
• 1:05:12
  Speaker 1: we have to talk about the individual. and his moral purpose.
• 1:05:19
  Speaker 1: It ultimately all boils down to morality. The landlord has
• 1:05:25
  Speaker 1: a right to his building. The lender has a right
• 1:05:29
  Speaker 1: to charge whatever rate he wants. The producer has a
• 1:05:33
  Speaker 1: right to his price. And your need is not a
• 1:05:40
  Speaker 1: mortgage on any of them.
• 1:05:42
  Speaker 2: That's morality.
• 1:05:47
  Speaker 1: So, yeah, what we need is a separation of government
• 1:05:53
  Speaker 1: from economics. But to get a separation of government from economics,
• 1:05:58
  Speaker 1: we're going to need to change people's attitudes, attitudes about morality.
• 1:06:12
  Speaker 1: So prices, prices are not something done to you. They're
• 1:06:18
  Speaker 1: facts about reality. And the only way to change a
• 1:06:22
  Speaker 1: fact about reality is to figure out what's causing it.
• 1:06:27
  Speaker 1: And for prices generally to come down, you need to
• 1:06:30
  Speaker 1: produce more of that thing. And then you have to
• 1:06:33
  Speaker 1: think about why production is not happening. Anyway, I encourage
• 1:06:42
  Speaker 1: you to read John Cochran. Always good, always stimulating. I mean, again,
• 1:06:47
  Speaker 1: we don't agree with everything. I don't agree with everything.
• 1:06:49
  Speaker 1: You won't agree with everything. Always thought-provoking and always interesting, right?
• 1:06:56
  Speaker 1: Prices are not the problem. The ideas are the problem.
• 1:06:59
  Speaker 1: The ideas, that you have a claim on somebody else's time,
• 1:07:02
  Speaker 1: somebody else's effort, somebody else's money. All right. I mean,
• 1:07:17
  Speaker 1: there's a bunch of stuff that Cochran has written on
• 1:07:19
  Speaker 1: these kind of issues and price controls and the effect
• 1:07:21
  Speaker 1: they have on health care and how prices can come
• 1:07:25
  Speaker 1: down with more free markets. I highly encourage you to
• 1:07:28
  Speaker 1: subscribe to his Substack and read him on a regular basis.
• 1:07:31
  Speaker 1: Sometimes he's very mathematical and very economic and difficult, but
• 1:07:37
  Speaker 1: a lot of times he writes very clearly. And in
• 1:07:42
  Speaker 1: a way that I think will increase your understanding of
• 1:07:45
  Speaker 1: economics and the principles behind it.
• 1:07:47
  Speaker 4: All right.
• 1:07:53
  Speaker 1: Let us turn to Ukraine. Ukraine. Oh, it's already late.
• 1:08:00
  Speaker 1: All right. You know, there are quite a few questions,
• 1:08:03
  Speaker 1: a few, but we're still below where we need to
• 1:08:06
  Speaker 1: be for the first hour. And we're already on the
• 1:08:08
  Speaker 1: second hour. So we need to ramp it up a
• 1:08:10
  Speaker 1: little bit. Maybe some stickers can help us catch up
• 1:08:13
  Speaker 1: here at least with the $ 32 needed to get to
• 1:08:16
  Speaker 1: the first hour goal. And then we've got $ 282 to
• 1:08:20
  Speaker 1: go for the second hour goal.
• 1:08:24
  Speaker 2: More questions would be great. Yeah, I mean, if I'd
• 1:08:27
  Speaker 2: won the bet with.
• 1:08:28
  Speaker 1: Andrew, we'd have $ 100 extra and we'd be much closer
• 1:08:31
  Speaker 1: to the goal. But Andrew has to check the citations
• 1:08:35
  Speaker 1: and I wouldn't expect anything less. So we'll have to
• 1:08:39
  Speaker 1: wait until Andrew decides one way or the other. But
• 1:08:44
  Speaker 1: his point is well taken. Need to talk more about
• 1:08:47
  Speaker 1: central purpose. But not while I'm talking about Ukraine.
• 1:08:51
  Speaker 2: That's a problem.
• 1:08:52
  Speaker 1: All my shows are about the news lately. So Zelensky
• 1:08:58
  Speaker 1: yesterday to the Financial Times. says, Ukraine is ending its
• 1:09:03
  Speaker 1: three-day pause on refinery strikes. The block is out.
• 1:09:07
  Speaker 2: We're done. Overnight, there was a mass drone.
• 1:09:11
  Speaker 1: Attack set the Ryazan refinery on fire. The Ukrainian Navy
• 1:09:20
  Speaker 1: says it used Neptune cruise missiles or ballistic missiles, cruise missiles,
• 1:09:26
  Speaker 1: I think, to strike at an Air Force base of
• 1:09:29
  Speaker 1: the Russians, and it destroyed six Su-34s.
• 1:09:32
  Speaker 2: That's a Ukrainian claim.
• 1:09:36
  Speaker 1: Russia, 350-plus Shahads.
• 1:09:40
  Speaker 2: Towards Ukraine overnight.
• 1:09:44
  Speaker 1: One drone hit a supermarket in the Odessa region. and
• 1:09:51
  Speaker 1: a tanker was set ablaze in Romania, off of the
• 1:09:57
  Speaker 1: Romanian coast, with up to eight crew members missing. This
• 1:10:01
  Speaker 1: is the third merchant ship hit in the Black Sea
• 1:10:04
  Speaker 1: this week. Romania and Bulgaria, it was off their shores
• 1:10:11
  Speaker 1: that these ships had been hit, are considering invoking Article
• 1:10:15
  Speaker 1: 4 and blaming Russia. for these attacks.
• 1:10:25
  Speaker 2: Now, in terms of, we talked about the.
• 1:10:29
  Speaker 1: Throttling of Starlink for military use by the Ukrainians. Well,
• 1:10:34
  Speaker 1: Musk today answered that Star Shield, which is what is
• 1:10:40
  Speaker 1: used for offensive attacks by the Ukrainian military, is, quote,
• 1:10:45
  Speaker 1: owned and controlled by the U.S.
• 1:10:47
  Speaker 4: Government.
• 1:10:49
  Speaker 1: That limits on it are decided, quote, by the U.S.
• 1:10:52
  Speaker 1: military and ultimately by the president. So Musk is shifting
• 1:10:56
  Speaker 1: the blame to Trump, where it belongs. Starling proper is commercial,
• 1:11:03
  Speaker 1: limited to civilian or defensive use. Now, suppose the Ukraine
• 1:11:09
  Speaker 1: has full use of Star Shield now. It has come back, and... Hopefully,
• 1:11:19
  Speaker 1: it'll stay back. Who knows what the Americans are planning
• 1:11:22
  Speaker 1: for all of this, right? The government has neither confirmed
• 1:11:25
  Speaker 1: nor denied that it did anything, right?
• 1:11:30
  Speaker 2: Nobody in the U.S.
• 1:11:31
  Speaker 1: Government will own the decision. They all refuse to. Zelensky
• 1:11:37
  Speaker 1: was angry yesterday. I mean, he was pissed off. And
• 1:11:41
  Speaker 1: he went all out on Trump, which... The Europeans are
• 1:11:46
  Speaker 1: like freaking out and they're saying, no, no, no, you
• 1:11:48
  Speaker 1: can't do that. You can't talk like that about Trump.
• 1:11:50
  Speaker 1: You got to be nice to Trump. Zelensky said he
• 1:11:53
  Speaker 1: was betrayed by Trump. That Trump is, quote, engrossed with
• 1:11:57
  Speaker 1: autocrats and the ultra-rich, unquote.
• 1:12:02
  Speaker 2: The intelligence pullback, he said, is dangerous.
• 1:12:08
  Speaker 1: The EU diplomats, EU leaders are not happy, not happy.
• 1:12:13
  Speaker 1: The French, the Germans, the Brits even, they're telling him,
• 1:12:17
  Speaker 1: you know, slow down the rhetoric. You don't want to
• 1:12:19
  Speaker 1: attack Trump. Trump did a whole post, you know, attacking Zelensky,
• 1:12:24
  Speaker 1: talking about him being a comedian, making fun of him
• 1:12:28
  Speaker 1: and diminishing him.
• 1:12:30
  Speaker 2: It's pretty amazing. Pretty amazing.
• 1:12:43
  Speaker 1: I congratulate Zelensky for standing up for Trump. If everybody
• 1:12:47
  Speaker 1: stood up for Trump, if all of Europe just stood
• 1:12:49
  Speaker 1: up and said, this guy's nuts, he's destroying the NATO,
• 1:12:56
  Speaker 1: and he is completely irrational, and he doesn't understand foreign policy,
• 1:13:01
  Speaker 1: he doesn't understand geopolitics, and he's nuts.
• 1:13:05
  Speaker 2: That would go a long way.
• 1:13:07
  Speaker 1: That would go a long way to helping all of this.
• 1:13:09
  Speaker 1: That would be good. That would be good. Now, in addition,
• 1:13:14
  Speaker 1: Ukraine is running out of Patriot interceptors. We've known that
• 1:13:17
  Speaker 1: for a while. Zelensky is asking Brussels, asking NATO for
• 1:13:25
  Speaker 1: more interceptors.
• 1:13:27
  Speaker 2: Lives are at stake.
• 1:13:32
  Speaker 1: You know, so we will see. We will see. Supposedly,
• 1:13:38
  Speaker 1: the diesel deal is still on between the United States
• 1:13:41
  Speaker 1: and Russia. And Trump has not made any demands of
• 1:13:45
  Speaker 1: Russia to stop bombing anything. So the only demands have
• 1:13:49
  Speaker 1: always been for Zelensky. As we've said for years now,
• 1:13:57
  Speaker 1: really since his first term, Trump is putty in the
• 1:14:01
  Speaker 1: hands of Putin.
• 1:14:03
  Speaker 2: Putin runs the show.
• 1:14:08
  Speaker 1: Yeah, I mean, What Ukraine should do, it should focus
• 1:14:18
  Speaker 1: all its efforts right now, all its offensive weapons at destroying.
• 1:14:23
  Speaker 2: Every refinery, every.
• 1:14:28
  Speaker 1: Oil storage facility, every facility that helps load oil and
• 1:14:35
  Speaker 1: diesel and oil products onto ships.
• 1:14:39
  Speaker 2: They should destroy everything.
• 1:14:42
  Speaker 1: Russian oil should burn, and it should burn bright. I mean,
• 1:14:51
  Speaker 1: screw Trump. Ukraine needs to defend itself and needs to
• 1:14:59
  Speaker 1: do what is necessary to defend itself. I mean, Ukraine has,
• 1:15:04
  Speaker 1: America is not an ally of Ukraine. An ally doesn't
• 1:15:08
  Speaker 1: negotiate behind your back with the invaders to your country.
• 1:15:13
  Speaker 1: and throttle your own weapons. I'm glad, you know, Zelensky
• 1:15:22
  Speaker 1: talked back, but he needs to be even more aggressive,
• 1:15:25
  Speaker 1: and they need to do it now.
• 1:15:26
  Speaker 2: They need to do it.
• 1:15:26
  Speaker 1: They need to focus their bombing on every single one
• 1:15:31
  Speaker 1: of these refineries. Shut down the money machine that is
• 1:15:37
  Speaker 1: export of all products by Russia. And, you know, America
• 1:15:48
  Speaker 1: should support that. Not Trump. Trump wouldn't do it. And then,
• 1:15:53
  Speaker 1: you know, Russia's just getting more aggressive. Bombing ships off
• 1:15:57
  Speaker 1: the coast of Bulgaria and Romania. Three motion ships in
• 1:16:02
  Speaker 1: one week. Right? Crew members killed. Russia's attacking commerce and
• 1:16:10
  Speaker 1: NATO waters. It's time to invoke Article 4. It's time
• 1:16:17
  Speaker 1: to give Russia some ultimatums. It's time maybe for NATO
• 1:16:24
  Speaker 1: to escort some ships. It's time to do their job. Anyway,
• 1:16:33
  Speaker 1: I mean, all we get from this president is appeasing evil.
• 1:16:37
  Speaker 1: Appeasing evil. In the meantime, Saudi Arabia's troubles with the
• 1:16:46
  Speaker 1: Houthis continue. And what's astounding about it, we've talked about
• 1:16:50
  Speaker 1: this a little bit in the past, but what's really
• 1:16:52
  Speaker 1: astounding about it is that Saudi Arabia spends $ 82 billion
• 1:16:57
  Speaker 1: a year on its military. That's significantly more than Israel does.
• 1:17:02
  Speaker 1: And it can't stop Houthi drones. It can't stop cruise missiles.
• 1:17:07
  Speaker 1: Where is their air force? Where is their tank corps?
• 1:17:12
  Speaker 2: Where is this?
• 1:17:13
  Speaker 1: Where are the $ 82 billion? Where are the $ 82 billion?
• 1:17:21
  Speaker 1: I mean, the Houthis have hit Riyadh airport. They've hit
• 1:17:25
  Speaker 1: Armacos headquarters. They've hit airports in Jazan, Najran, Abha, and Daman.
• 1:17:35
  Speaker 1: A missile at Medina.
• 1:17:37
  Speaker 2: Medina.
• 1:17:38
  Speaker 1: That's one of the holy The Muslim holy sites. The
• 1:17:43
  Speaker 1: Houthis say they're blocking Saudi oil to Asia. How can
• 1:17:46
  Speaker 1: that be tolerated? How could the Saudis tolerate that? I mean,
• 1:17:51
  Speaker 1: the Saudis invoked its French pact with Turkey and Pakistan. Okay,
• 1:17:56
  Speaker 1: but you've got an $ 82 billion military. That's a year.
• 1:18:03
  Speaker 2: Trump, of course, is refusing to help them. Until the election,
• 1:18:06
  Speaker 2: at least.
• 1:18:09
  Speaker 1: According to analysts, the money that is being spent was
• 1:18:14
  Speaker 1: spent on prestige hardware. The army and National Guard deliberately
• 1:18:19
  Speaker 1: kept apart so the princess can't be overthrown. So don't
• 1:18:23
  Speaker 1: make any particular unit strong. Maintenance is outsourced to Western contractors.
• 1:18:34
  Speaker 1: And then, of course, every Patriot missile costs $ 3 million.
• 1:18:37
  Speaker 1: $ 3 million. And they're using them against $ 15, 000 to $ 25, 000 drones. Again,
• 1:18:45
  Speaker 1: why aren't they using Israeli or American laser technology? Why
• 1:18:49
  Speaker 1: aren't they using ukrainian anti-drone tech which doesn't use patriots
• 1:18:57
  Speaker 1: but yes it's saudi military is for show it's not
• 1:19:02
  Speaker 1: for fighting it's for show In the meantime, CNN and
• 1:19:08
  Speaker 1: other U.S. outlets are reporting that the military has drafted
• 1:19:13
  Speaker 1: Iran strike options, again, more of those strike options, we've
• 1:19:18
  Speaker 1: talked about this before, that cover energy infrastructure and nuclear sites,
• 1:19:23
  Speaker 1: including Pickaxe Mountain, where they have the deep, deep stuff,
• 1:19:31
  Speaker 1: and that these strikes include the Moab. the massive ordnance
• 1:19:38
  Speaker 1: air blast, or mother of all bombs, however you want
• 1:19:42
  Speaker 1: to call it. Again, no orders being given.
• 1:19:48
  Speaker 2: These are just, you know, this is just, these are
• 1:19:54
  Speaker 2: just plans.
• 1:19:57
  Speaker 1: White House is, of course, not commenting on whether these
• 1:19:59
  Speaker 1: plans exist or not. In the meantime, Germany has jailed
• 1:20:05
  Speaker 1: two men, one Danish and one Afghan, for an Iranian
• 1:20:09
  Speaker 1: plot to kill Jewish leaders and to attack a Jewish congregation. Hizballah,
• 1:20:22
  Speaker 1: in the meantime, admits that 780 kilograms, that's big, of
• 1:20:25
  Speaker 1: explosives seized by the Lebanese government last week were indeed
• 1:20:30
  Speaker 1: its own.
• 1:20:31
  Speaker 2: And then they're demanding them back.
• 1:20:33
  Speaker 1: We'll see what the Lebanese government does. We'll see what
• 1:20:37
  Speaker 1: the Lebanese government does. Anyway, I mean, a lot of
• 1:20:45
  Speaker 1: people are bewildered by the Saudis and what have they
• 1:20:48
  Speaker 1: done with all the money, but it shouldn't bewilder anybody, right?
• 1:20:52
  Speaker 1: I mean, it's not a real army. It's a plaything
• 1:20:55
  Speaker 1: of the princes. Plaything of the princes. And now that
• 1:21:00
  Speaker 1: they're actually facing an enemy, they're actually facing I'll have
• 1:21:05
  Speaker 1: to maybe think about maybe we should do something more serious.
• 1:21:13
  Speaker 2: All right, let's see.
• 1:21:18
  Speaker 1: You know, let's do a few short stories and a
• 1:21:27
  Speaker 1: few quick ones. All right, Trump canceled the execution live stream.
• 1:21:31
  Speaker 1: Not the execution, just the live stream. you know, he
• 1:21:36
  Speaker 1: said on True Social today that the live stream might
• 1:21:41
  Speaker 1: have been a strong deterrent for the world to witness
• 1:21:44
  Speaker 1: how America deals with terrorists and scum. But, quote, many
• 1:21:50
  Speaker 1: very good and well-meaning people would rather not watch him die. Well,
• 1:21:54
  Speaker 1: I mean, if you really believed in that, you could
• 1:21:56
  Speaker 1: tell them to turn it off. They don't have to
• 1:21:58
  Speaker 1: go watch him live. Um, Victims' families may view it.
• 1:22:06
  Speaker 1: December 3, firing squad stands. Remember, Hexeth announced the live
• 1:22:10
  Speaker 1: stream on October 8. Vance said, I don't know that
• 1:22:14
  Speaker 1: that's exactly going to happen. Johnson, Speaker of the House,
• 1:22:18
  Speaker 1: said he wouldn't watch. Representative Austin Scott, live streaming executions
• 1:22:23
  Speaker 1: is what jihadis do.
• 1:22:24
  Speaker 2: I think he's right.
• 1:22:26
  Speaker 1: Curtis said, quote, a civilization erodes when it cultivates an
• 1:22:31
  Speaker 1: appetite for executions. as a form of entertainment. Senator Tillis
• 1:22:36
  Speaker 1: said it's beyond disgusting. That's a Republican senator. ABC, Washington Post, Ipsos,
• 1:22:41
  Speaker 1: 80% of Americans oppose, including 64 Republicans. CNN, Trump reconsidered
• 1:22:48
  Speaker 1: after learning Hassan is paralyzed. So you would have seen
• 1:22:52
  Speaker 1: somebody paralyzed being executed on live stream.
• 1:22:57
  Speaker 2: I mean, look, it's fascinating.
• 1:23:00
  Speaker 1: Trump doesn't want to piss off 64% of Republicans right now.
• 1:23:04
  Speaker 1: He's got a midterm to win.
• 1:23:10
  Speaker 2: It's the right outcome. Of course, wrong reasons.
• 1:23:16
  Speaker 1: The argument against the broadcast should have never been that
• 1:23:18
  Speaker 1: people would rather not watch.
• 1:23:19
  Speaker 2: They don't have to watch if they don't want to.
• 1:23:23
  Speaker 1: It's enough that the state punishes people under the law
• 1:23:28
  Speaker 1: with killing. it's something quite different to make it into entertainment,
• 1:23:32
  Speaker 1: to put on a show, to, to, to, to make
• 1:23:35
  Speaker 1: it a public event that is uncivilized. And a lot
• 1:23:41
  Speaker 1: of the, a lot of the pushback came from the
• 1:23:43
  Speaker 1: Republican party. So I give them credit for the senators
• 1:23:46
  Speaker 1: and the congressmen that stood up and, and argued against this, that, that,
• 1:23:50
  Speaker 1: that's good.
• 1:23:53
  Speaker 2: Um, on the Omar, um, Immigration issues, Ilian Omar.
• 1:24:01
  Speaker 1: Chrissy Noem said to Benny Johnson, Omar, quote, will finally
• 1:24:07
  Speaker 1: be held accountable for her crimes. What crimes?
• 1:24:09
  Speaker 2: We don't know.
• 1:24:10
  Speaker 1: I mean, his ideas are pretty nasty, but I don't
• 1:24:13
  Speaker 1: know that they're criminal. Asked what crimes?
• 1:24:16
  Speaker 2: She didn't name any, of course. She said anything, quote.
• 1:24:21
  Speaker 1: You know, misrepresented in an application voids a cancel out citizenship.
• 1:24:26
  Speaker 2: 20 something years later.
• 1:24:29
  Speaker 1: It's scary stuff.
• 1:24:30
  Speaker 2: It's scary stuff when they can go.
• 1:24:31
  Speaker 1: Back and take away your citizenship because something is misrepresented
• 1:24:39
  Speaker 1: in an application you did decades ago. It's not exactly right.
• 1:24:42
  Speaker 1: It's scary. It's just damn scary. In Israel, if you
• 1:24:49
  Speaker 1: remember yesterday, we talked about the lawsuit filed against Netanyahu.
• 1:24:54
  Speaker 1: One of the things that a lot of the outlets
• 1:24:56
  Speaker 1: were listing in terms of the warnings Netanyahu got was
• 1:24:59
  Speaker 1: that an Egyptian private jet landed in Ben Gurion Airport
• 1:25:03
  Speaker 1: on September 26, 2023. It was carrying the chief of
• 1:25:07
  Speaker 1: intelligence of the Egyptians who went on to warn about
• 1:25:12
  Speaker 1: October 7. Netanyahu then confirmed that he had been in Israel,
• 1:25:17
  Speaker 1: but he said he never met with him, Netanyahu, and
• 1:25:20
  Speaker 1: Netanyahu never got the thing. Now, Channel 12 is contradicting
• 1:25:26
  Speaker 1: all of that and saying that according to unnamed senior sources,
• 1:25:30
  Speaker 1: the Egyptian private plane that landed was carrying two businessmen,
• 1:25:35
  Speaker 1: not the intelligence chief.
• 1:25:37
  Speaker 2: Again, who knows?
• 1:25:40
  Speaker 1: Who knows?
• 1:25:41
  Speaker 4: Right?
• 1:25:42
  Speaker 1: I don't think anybody knows. And until we have an independent,
• 1:25:46
  Speaker 1: real independent, in-depth inquiry over what exactly happened, we're not
• 1:25:55
  Speaker 1: going to know. All right, what's happened to my super
• 1:25:59
  Speaker 1: chat tracker? It's going on strike on me.
• 1:26:03
  Speaker 2: All right, working again. Cool.
• 1:26:10
  Speaker 1: All right, anything else? We'll skip that. We're going to
• 1:26:13
  Speaker 1: skip that. We're going to skip that. We're going to skip. Well,
• 1:26:16
  Speaker 1: just this quick one. You know, job reports was published.
• 1:26:23
  Speaker 2: Only 29,000 jobs in September.
• 1:26:27
  Speaker 1: Way below expectations. Also, jobs in the previous two months
• 1:26:30
  Speaker 1: were reduced by 60,000. It just shows you that these
• 1:26:35
  Speaker 1: job numbers are nonpartisan. They actually try to get you
• 1:26:38
  Speaker 1: the best numbers they can. And when they adjust and
• 1:26:40
  Speaker 1: when they change, they're doing that because the numbers suggest it.
• 1:26:45
  Speaker 1: Here's Trump's people, people he put there, I guess, giving
• 1:26:50
  Speaker 1: us numbers that are not good for Trump, particularly not
• 1:26:52
  Speaker 1: a few days, a few weeks before the election. But
• 1:26:55
  Speaker 1: it turns out the 29,000 jobs in September, 11,000 of
• 1:26:57
  Speaker 1: them are in construction.
• 1:27:00
  Speaker 2: And almost all of that is in the data centers.
• 1:27:04
  Speaker 1: Given interest rates, given the economy, you'd expect construction to
• 1:27:08
  Speaker 1: be down, construction to be a drag on the economy.
• 1:27:15
  Speaker 1: But construction is a boost to the economy. It's a
• 1:27:17
  Speaker 1: boost to jobs because of only one thing, and that
• 1:27:21
  Speaker 1: is data centers. Construction wages, by the way, are up.
• 1:27:29
  Speaker 1: A private building, including housing, shrinking. But data centers are
• 1:27:37
  Speaker 1: being built and that is driving wages up and is
• 1:27:41
  Speaker 1: driving employment up. Imagine, imagine what we'd have if we
• 1:27:47
  Speaker 1: eliminated regulation on housing and we got rid of the
• 1:27:50
  Speaker 1: tariffs that are causing the prices of metals to be very,
• 1:27:53
  Speaker 1: very high, and therefore housing to be more expensive and
• 1:27:56
  Speaker 1: lumber to be more expensive. So, yeah. Housing is primarily
• 1:28:02
  Speaker 1: lagging because of interest rates, tariffs on metals, and permitting regulation.
• 1:28:16
  Speaker 1: All right. Uh....
• 1:28:26
  Speaker 2: Okay, a few on the achievement side.
• 1:28:32
  Speaker 1: Revolution Medicine has a pancreatic cancer drug that nearly doubles survival.
• 1:28:41
  Speaker 1: It's been approved by the FDA. It was approved to
• 1:28:42
  Speaker 1: some by the FDA. Finally, this is going to be
• 1:28:46
  Speaker 1: approved by Europeans as well. It will take a few
• 1:28:50
  Speaker 1: months for the EU to negotiate with with the drug
• 1:28:59
  Speaker 1: companies about reimbursements and stuff like that. The US list
• 1:29:03
  Speaker 1: price is $ 475, 000 a year.
• 1:29:07
  Speaker 2: Will the EU approve this for Europeans? That's expensive.
• 1:29:13
  Speaker 1: To extend somebody's life, that's expensive. So, hard to tell.
• 1:29:19
  Speaker 1: Hard to tell if that gets passed.
• 1:29:24
  Speaker 3: Right?
• 1:29:26
  Speaker 1: America, at least, is ahead of the EU because In
• 1:29:29
  Speaker 1: the U.S., you don't need those kind of approvals. All right,
• 1:29:35
  Speaker 1: not that, not that. Yeah, 22 Ukrainian drone makers are
• 1:29:40
  Speaker 1: building cheap AI-guided interceptors that can work against Russia's jet-powered Shahids, 3,000
• 1:29:49
  Speaker 1: of which will launch in September alone.
• 1:29:52
  Speaker 2: Eight firms have combat-tested designs.
• 1:29:55
  Speaker 1: F-drones, F-jet 80, it costs $ 7, 000 versus a million for
• 1:30:05
  Speaker 1: an F-16 shooting down the drone with a missile. The
• 1:30:09
  Speaker 1: F-16 costs a million. These drones cost $ 7, 000. They're hoping
• 1:30:16
  Speaker 1: for significant wide use by December. And this, of course,
• 1:30:22
  Speaker 1: is the answer for the Saudis. buy a bunch of these.
• 1:30:26
  Speaker 1: But of course, for that, you know, we want Ukraine
• 1:30:30
  Speaker 1: to be successful, partially because it's developing the tech that's
• 1:30:34
  Speaker 1: going to protect us in a future war against the
• 1:30:38
  Speaker 1: kind of weapons the Russians are building and we know
• 1:30:41
  Speaker 1: will sell and provide the bad guys at the earliest opportunity.
• 1:30:49
  Speaker 1: And finally, one of the legends of Silicon Valley has
• 1:30:51
  Speaker 1: passed away recently. William Draper passed away in, I guess,
• 1:30:58
  Speaker 1: earlier when he died in September, but at the age
• 1:31:02
  Speaker 1: of 98. That's a good age. 98. Wow. William Draper
• 1:31:10
  Speaker 1: left Inland Steel at the age of 31 in 1959 to.
• 1:31:15
  Speaker 2: Try venture capital.
• 1:31:16
  Speaker 1: He was one of the originators of venture capital. The
• 1:31:20
  Speaker 1: model he used originally was not particularly effective. It was
• 1:31:27
  Speaker 1: part of the small business administration kind of loans. Ultimately
• 1:31:32
  Speaker 1: morphed into real venture capital. Ultimately, his venture capital firms
• 1:31:38
  Speaker 1: became one of the largest. It's called Sutter Hill. They
• 1:31:43
  Speaker 1: backed companies like LSI Logic, Activision, Quantum, Skype. Here's a
• 1:31:50
  Speaker 1: guy who knew very little about electronics. But he put
• 1:31:56
  Speaker 1: the emphasis on people, on people, on management, on management skill,
• 1:32:03
  Speaker 1: on management teams. He also spent 12 years in government,
• 1:32:08
  Speaker 1: not particularly in good positions, but in government. But he
• 1:32:11
  Speaker 1: was one of the real pioneers, one of the people
• 1:32:13
  Speaker 1: when you look at the history of Silicon Valley, the
• 1:32:15
  Speaker 1: birth of Silicon Valley, he was right there at the beginning.
• 1:32:19
  Speaker 1: And I don't know if– I think it's his children,
• 1:32:20
  Speaker 1: but I think the Draper name– The Draper name continues
• 1:32:24
  Speaker 1: in Silicon Valley with.
• 1:32:29
  Speaker 2: Several people with the Draper name working in.
• 1:32:36
  Speaker 1: The Valley. And look, the venture capitalists of Silicon Valley
• 1:32:42
  Speaker 1: helped create the modern world, helped create the technological revolution
• 1:32:47
  Speaker 1: that we've experienced over the last 50 years. And for that,
• 1:32:52
  Speaker 1: I salute William Draper, somebody who, you know, in that sense,
• 1:32:57
  Speaker 1: has improved my life significantly. All right.
• 1:33:04
  Speaker 2: That is it.
• 1:33:05
  Speaker 1: That is the news for this Thursday, October 15th. It
• 1:33:09
  Speaker 1: is October 15th. And I should note that today is
• 1:33:12
  Speaker 1: Leonard Peikoff's birthday. He is, what year is it now?
• 1:33:17
  Speaker 1: He is 93 years old. 93 years old. The That's
• 1:33:22
  Speaker 1: another good age, 93. So happy birthday, Leonard Peikoff, wherever
• 1:33:27
  Speaker 1: you are. Well, I assume you're home. Happy birthday and
• 1:33:31
  Speaker 1: many more years. So, yeah, last I saw Leonard was
• 1:33:36
  Speaker 1: in April, I think. April or May, April, when Alex
• 1:33:44
  Speaker 1: Epstein had his conference. So, yes.
• 1:33:48
  Speaker 2: All right, guys, that is it.
• 1:33:51
  Speaker 1: We will now move to your Super Chat questions. And
• 1:33:58
  Speaker 1: if you guys, if anybody on Twitch would like to
• 1:34:01
  Speaker 1: ask a Super Chat question, you can come on over
• 1:34:03
  Speaker 1: to YouTube, just your own book on YouTube, and here
• 1:34:07
  Speaker 1: you can ask questions. I can't actually read the chat
• 1:34:11
  Speaker 1: well enough to be able to answer questions. your questions.
• 1:34:19
  Speaker 1: And the nice thing about Super Chat is dollars attached
• 1:34:21
  Speaker 1: to them. It significantly increases the incentive to actually read
• 1:34:24
  Speaker 1: them and respond to them. All right, we're doing okay with.
• 1:34:28
  Speaker 2: The Super Chat.
• 1:34:29
  Speaker 1: We're still about $ 200 short of our two-hour goal, a
• 1:34:35
  Speaker 1: little bit less than $ 200 because Fred Hopper put in
• 1:34:39
  Speaker 1: $ 10 saying happy birthday to Leonard Peikoff. That would be
• 1:34:41
  Speaker 1: a nice thing if everybody just did a little happy
• 1:34:44
  Speaker 1: birthday to Leonard on the Super Chat here. I might
• 1:34:49
  Speaker 1: as well benefit from the fact that Leonard has a birthday.
• 1:34:53
  Speaker 1: I'm not sure what Leonard would think of that. But
• 1:34:55
  Speaker 1: let me thank some of the stick-up people, friend Harper
• 1:34:58
  Speaker 1: and Christos and John and Nature Observer and Mary, Roland.
• 1:35:08
  Speaker 2: And Marylene and.
• 1:35:11
  Speaker 1: Matthew and.
• 1:35:19
  Speaker 2: That's it.
• 1:35:20
  Speaker 1: Thank you guys.
• 1:35:21
  Speaker 2: Really appreciate it.
• 1:35:23
  Speaker 1: Uh, $ 185 short. So, um, please consider doing a stick
• 1:35:26
  Speaker 1: out or asking a question, which is even better. Questions
• 1:35:29
  Speaker 1: are fantastic. Uh, all right. Uh, remind you, the Unran
• 1:35:33
  Speaker 1: Institute is, um, has an app, the Unran Institute app.
• 1:35:37
  Speaker 1: You can find it on the app store for Google
• 1:35:38
  Speaker 1: or for, uh, for Apple. It has Leonard Peikoff. We
• 1:35:42
  Speaker 1: talked about Leonard Peikoff. I mean, one of the, One
• 1:35:45
  Speaker 1: of the great things Leonard Peikoff did in his life
• 1:35:50
  Speaker 1: is all those courses on objectivism.
• 1:35:51
  Speaker 2: They are unbelievably valuable.
• 1:35:56
  Speaker 1: You will learn more from those courses other than reading
• 1:35:59
  Speaker 1: Ayn Rand and OPA, which is his book, Objectivism and
• 1:36:02
  Speaker 1: the Philosophy of Ayn Rand. You will learn more from
• 1:36:04
  Speaker 1: those courses than anything else on objectivism and how to
• 1:36:10
  Speaker 1: apply it and how to think about it. It's just
• 1:36:13
  Speaker 1: a goldmine of resources, this app. It also has Ayn
• 1:36:17
  Speaker 1: Rand's lectures. It also has a course, a capitalism course,
• 1:36:21
  Speaker 1: a new one that we're releasing on the app.
• 1:36:25
  Speaker 2: Not available, I don't think, anywhere else.
• 1:36:26
  Speaker 1: 12 hours, me and Don talking about capitalism. So check
• 1:36:30
  Speaker 1: it out. And let me know what you think about
• 1:36:31
  Speaker 1: the capitalism course. If you like it, how valuable it
• 1:36:36
  Speaker 1: is for you. All right, what else? Alex Epstein, of course,
• 1:36:41
  Speaker 1: is the number one expert in the world on all
• 1:36:45
  Speaker 1: things energy-related, all things electricity-related, all things environmental regulations-related, permit-related, and,
• 1:36:55
  Speaker 1: of course, now data center. Data center is a big
• 1:36:57
  Speaker 1: issue for Alex, and he's doing amazing work, and you
• 1:37:01
  Speaker 1: should check it out.
• 1:37:03
  Speaker 2: Alexepstein.substack.com.
• 1:37:06
  Speaker 1: Defendersofcapitalism.com is a website and a program, really, dedicated to
• 1:37:10
  Speaker 1: defending capitalism in every respect, philosophical, economic, political.
• 1:37:16
  Speaker 2: I've worked on this program. I speak for the program.
• 1:37:20
  Speaker 1: And Michael Williams, who runs the thing, is a friend.
• 1:37:24
  Speaker 2: Check it out.
• 1:37:31
  Speaker 1: Defendersofcapitalism.com. Defendersofcapitalism.com.
• 1:37:35
  Speaker 2: And sign up for the newsletter.
• 1:37:38
  Speaker 1: All right.
• 1:37:39
  Speaker 2: And I'll also remind.
• 1:37:40
  Speaker 1: You that one of the best ways to support the
• 1:37:44
  Speaker 1: Iran Book Show, and the Iran Book Show is only possible,
• 1:37:48
  Speaker 1: only possible, because of the support it gets from you.
• 1:37:51
  Speaker 1: One of the best ways to support the show is
• 1:37:56
  Speaker 1: through Patreon and PayPal. Become a monthly supporter. Just make
• 1:38:01
  Speaker 1: it a regular monthly thing. automatic.
• 1:38:04
  Speaker 2: You don't have to think about it.
• 1:38:05
  Speaker 1: And that is a phenomenal way to support the show
• 1:38:09
  Speaker 1: and helps me a lot. Can't underestimate how much, how
• 1:38:14
  Speaker 1: helpful it is in terms of, I know exactly how
• 1:38:17
  Speaker 1: much money is coming in the future. All right, Andrew.
• 1:38:24
  Speaker 1: Andrew has a $ 50 question. Actually, it's a two-part question.
• 1:38:27
  Speaker 1: So it's actually a $ 70 question. So Andrew, says, for
• 1:38:30
  Speaker 1: a moment watching a James Teleriso town hall, I felt
• 1:38:35
  Speaker 1: a bit overwhelmed. He talked deeply, earnestly of getting a
• 1:38:39
  Speaker 1: huge bill for insulin after learning he had diabetes. Proudly
• 1:38:45
  Speaker 1: hailing a bill he helped pass in capping insulin costs
• 1:38:49
  Speaker 1: at $ 50 to enthusiastic applause. He sternly pledged to take
• 1:38:56
  Speaker 1: on pharma to force caps on more vital drugs. It
• 1:39:01
  Speaker 1: came off innocent, yet grossly wrong, emblematic of the culture's
• 1:39:05
  Speaker 1: entrenched moral inversion. A lot of work still to do. Yes,
• 1:39:11
  Speaker 1: a lot of work. And it has to start with
• 1:39:17
  Speaker 1: the idea. That the fact that he has diabetes, as
• 1:39:20
  Speaker 1: sad as that is, is not a claim against my life.
• 1:39:24
  Speaker 1: It does not negate my property rights over my product,
• 1:39:29
  Speaker 1: my money, my life. Right. So. All right. Yeah, I mean,
• 1:39:45
  Speaker 1: it has to start there. I mean, it also needs
• 1:39:48
  Speaker 1: an elaboration on.
• 1:39:50
  Speaker 2: Why these caps.
• 1:39:54
  Speaker 1: Reduce drug discovery, therefore reduce the person who has a
• 1:39:58
  Speaker 1: disease in the future who won't have the drug that
• 1:40:02
  Speaker 1: he has. You know, it has to explain why drugs
• 1:40:08
  Speaker 1: are so expensive, why insurance doesn't cover them, why we
• 1:40:13
  Speaker 1: have so many difficulties. But it first has to start
• 1:40:16
  Speaker 1: with the fact that he just doesn't have a claim.
• 1:40:20
  Speaker 1: He doesn't have a moral claim. He doesn't have a
• 1:40:22
  Speaker 1: political claim against my stuff. And until we can convince
• 1:40:27
  Speaker 1: people of that, and I would say, if nobody will
• 1:40:32
  Speaker 1: give him the insurance and he can't afford it, then
• 1:40:34
  Speaker 1: he'll die. And that's a reality. And the fact that
• 1:40:39
  Speaker 1: he will die still doesn't provide him a claim against
• 1:40:42
  Speaker 1: my life. Now, I don't think he will. I don't
• 1:40:46
  Speaker 1: think there's any way he would. But somebody dies because
• 1:40:49
  Speaker 1: they can't afford the treatment. That is going to happen.
• 1:40:55
  Speaker 1: And that's life. Somebody has to pay for it. And
• 1:41:00
  Speaker 1: you don't have any right to force me to pay
• 1:41:02
  Speaker 1: for it. So the moral issue, the rights issue, is
• 1:41:10
  Speaker 1: going to be tough. It's going to be very difficult.
• 1:41:12
  Speaker 1: But that is the core of the battle. That is
• 1:41:14
  Speaker 1: the core of the battle. Ryan says, my central purpose
• 1:41:21
  Speaker 1: is my life. What else is there? No, I mean,
• 1:41:23
  Speaker 1: your central purpose is your career. Everything is around your life,
• 1:41:28
  Speaker 1: of course. But then the question is, how do you
• 1:41:30
  Speaker 1: live your life? What purposes do you choose and how
• 1:41:35
  Speaker 1: do you allocate time between them and how do you
• 1:41:37
  Speaker 1: integrate your purposes around what?
• 1:41:40
  Speaker 2: And life is too abstract. It's too up in the air.
• 1:41:45
  Speaker 2: And you have to act in the world in.
• 1:41:47
  Speaker 1: Order to produce stuff. Your central purpose will almost always,
• 1:41:52
  Speaker 1: not always, because some people have enough money, they don't
• 1:41:54
  Speaker 1: need the, you know, and they might have other central purposes.
• 1:42:00
  Speaker 1: But for most people, almost everybody, your central purpose is
• 1:42:04
  Speaker 1: your career. And it is the productive, your productive purpose
• 1:42:12
  Speaker 1: is And that is the integrating way. To just say
• 1:42:16
  Speaker 1: my life doesn't give guidance, doesn't help at all. That's, yeah,
• 1:42:22
  Speaker 1: step one. But then how do I live? Well, in
• 1:42:27
  Speaker 1: order to live, you have to do these things. And
• 1:42:29
  Speaker 1: number one is to find a career and pursue it.
• 1:42:34
  Speaker 1: And then integrate the rest of your life around that career.
• 1:42:45
  Speaker 1: So I think that's important. We could do a segment
• 1:42:52
  Speaker 1: on a show about this, pull out OPA and read
• 1:42:57
  Speaker 1: some sections out of there about central purpose. Maybe that'll be.
• 1:43:04
  Speaker 2: Interesting and revealing.
• 1:43:09
  Speaker 1: Shazbat.
• 1:43:11
  Speaker 2: This is from Terminator 1.
• 1:43:15
  Speaker 1: Or Terminator 2. This must be Terminator 2. This must
• 1:43:19
  Speaker 1: be Terminator 2.
• 1:43:20
  Speaker 2: One of my favorite movies.
• 1:43:22
  Speaker 1: It's a great movie. If a Terminator, a machine, can
• 1:43:26
  Speaker 1: learn the value of human life, maybe we can too.
• 1:43:31
  Speaker 1: It's a good line, but lots of good lines in
• 1:43:33
  Speaker 1: Terminator 2. It really is. Those two movies are really,
• 1:43:38
  Speaker 1: really good. Not much good after that in the franchise,
• 1:43:43
  Speaker 1: but those two both done by the same director who
• 1:43:47
  Speaker 1: then betrays all the ideas that he's articulating in that movie.
• 1:43:54
  Speaker 1: But anyway. All right. James, are you going to go
• 1:44:05
  Speaker 1: back on Destiny's show after the midterms? We'll get you
• 1:44:09
  Speaker 1: more viewership than Twitch streams. I hope so. I hope so.
• 1:44:14
  Speaker 1: I'll definitely try. I need to get over this, you know,
• 1:44:17
  Speaker 1: the previous bout of travel and the next bout of travel.
• 1:44:20
  Speaker 1: And then hopefully we can start planning for things like that. Ryan,
• 1:44:26
  Speaker 1: affordability crisis is hilarious. Gen X is so rich that
• 1:44:30
  Speaker 1: the kids think they should be as rich at 20.
• 1:44:34
  Speaker 1: Someone needs to slap these kids to remind them that
• 1:44:37
  Speaker 1: feeling poor is part of growing up. And the solution
• 1:44:41
  Speaker 1: is to work hard. Yeah, I mean, I think that's right.
• 1:44:44
  Speaker 1: But we also have inflation. Prices are going up. And unjustifiably.
• 1:44:50
  Speaker 1: And prices are going up in some areas, like the
• 1:44:55
  Speaker 1: Bay Area and New York City, for completely unjustifiable reasons.
• 1:44:59
  Speaker 1: And in those places, people truly can't afford or very
• 1:45:02
  Speaker 1: difficult for them to afford homes.
• 1:45:04
  Speaker 2: And, yeah, but you're right. There are also sport bats.
• 1:45:10
  Speaker 1: And they... They expect to be rich instantaneously, I guess,
• 1:45:15
  Speaker 1: and they expect it to be just handed to them
• 1:45:16
  Speaker 1: on a silver platter. And they need to go out there,
• 1:45:19
  Speaker 1: just like their parents and grandparents did, and work for it.
• 1:45:23
  Speaker 1: And there are plenty of jobs, and the income on
• 1:45:25
  Speaker 1: those jobs is good, and with the exception of the
• 1:45:28
  Speaker 1: last few months, has been rising, rising faster than prices
• 1:45:32
  Speaker 1: have been going up, again, with the exception of the
• 1:45:34
  Speaker 1: last few months. So, yes, a lot of it is that,
• 1:45:38
  Speaker 1: but let's accept the fact that that, yeah, government is
• 1:45:44
  Speaker 1: screwing them over by doing things that cause prices to
• 1:45:49
  Speaker 1: go up. Prices to go up. All right. Ryan, I
• 1:46:03
  Speaker 1: understand that the capacity to form concept is in our.
• 1:46:07
  Speaker 2: Biology, but the skill has to be taught and we
• 1:46:10
  Speaker 2: have to choose to deploy it.
• 1:46:13
  Speaker 1: Why hasn't this idea, which is true, been a solid
• 1:46:17
  Speaker 1: case for the existence of free will? Well, because people
• 1:46:23
  Speaker 1: say that, look, everybody forms concepts, right? You look at children,
• 1:46:28
  Speaker 1: they all have the basic concepts. They seem to form
• 1:46:31
  Speaker 1: them automatically. They all talk the same language. They all communicate.
• 1:46:37
  Speaker 1: They've got the basic grasp of concepts. And how do
• 1:46:41
  Speaker 1: we know that it requires a choice? Maybe we just
• 1:46:46
  Speaker 1: do it automatically. And maybe some of us have screwy
• 1:46:50
  Speaker 1: genes and we don't do it as automatically as others
• 1:46:53
  Speaker 1: or as well as other people. So that our genes
• 1:46:56
  Speaker 1: are really dictating our ability to conceive of concepts or
• 1:47:03
  Speaker 1: to integrate concepts. and therefore we don't need free will.
• 1:47:09
  Speaker 1: So you still have to make an argument about free
• 1:47:12
  Speaker 1: will and its connection to concept formation, its connection to
• 1:47:15
  Speaker 1: reasoning more broadly. And you have to show the empirical data,
• 1:47:20
  Speaker 1: in a sense, the point to the people and how
• 1:47:23
  Speaker 1: it's done, how it happens. I think Ayn Rand has
• 1:47:27
  Speaker 1: shown that. I think the way, you know, her proof
• 1:47:32
  Speaker 1: of concept formation, which is revolutionary, world-changing, requires free will,
• 1:47:38
  Speaker 1: but most people don't see it that way, right? I mean,
• 1:47:42
  Speaker 1: most theories of concept formation are concepts just get implanted
• 1:47:46
  Speaker 1: in our brain, like the chair just implants itself in
• 1:47:49
  Speaker 1: our brain, or we're connecting with some higher form, or
• 1:47:56
  Speaker 1: we're born with the knowledge, and what happens during childhood,
• 1:48:01
  Speaker 1: it's just revealed, the concepts are just revealed.
• 1:48:04
  Speaker 2: None of those require free will.
• 1:48:06
  Speaker 1: So, yeah, the problem of universals, the problem of concept formation,
• 1:48:10
  Speaker 1: how do we universalize things? That's a big problem in epistemology,
• 1:48:16
  Speaker 1: which Ayn Rand solved, but almost nobody in philosophy... recognizes that. So,
• 1:48:24
  Speaker 1: you know, free will is part of the things that
• 1:48:27
  Speaker 1: get trashed when they trash Ayn Rand's, or they don't
• 1:48:31
  Speaker 1: even engage in Ayn Rand's theory of concepts.
• 1:48:34
  Speaker 2: I think that'll change over time.
• 1:48:35
  Speaker 1: I think slowly your ideas will enter academia and slowly
• 1:48:40
  Speaker 1: be adopted. But it's going to take a long time.
• 1:48:44
  Speaker 1: And it'll probably start with something like concept formation, because
• 1:48:50
  Speaker 1: if academics start dealing with Ayn Rand's ideas about concept formation,
• 1:48:54
  Speaker 1: they don't have to deal with politics.
• 1:48:57
  Speaker 2: They can still stay.
• 1:48:58
  Speaker 1: Leftist or whatever and just think about concept formation and
• 1:49:02
  Speaker 1: compartmentalize it. So you might get a breakthrough in objectivism
• 1:49:06
  Speaker 1: in some of the epistemological issues before you get a
• 1:49:09
  Speaker 1: breakthrough in economics or even in morality.
• 1:49:15
  Speaker 2: Now, Travis, I'll go with them.
• 1:49:16
  Speaker 1: For your next show, will you be responding to Sam
• 1:49:18
  Speaker 1: Harris's ridiculous nonsense? I will at some point. I need
• 1:49:23
  Speaker 1: to write that down. I'd be meaning to, and I
• 1:49:26
  Speaker 1: keep forgetting. But next show is tomorrow evening. It'll be
• 1:49:31
  Speaker 1: a show that is sponsored. We'll be talking about mineral rights,
• 1:49:37
  Speaker 1: energy rights, the issue of how governments deal with it.
• 1:49:43
  Speaker 2: Is it collective? Is it individual? How do you argue
• 1:49:47
  Speaker 2: for that?
• 1:49:48
  Speaker 1: What are the economic distortions created by collectivizing minerals? And
• 1:49:55
  Speaker 1: so there's a bunch of things that we'll talk about
• 1:49:59
  Speaker 1: with relating to mineral rights that was sponsored by An
• 1:50:04
  Speaker 1: Australian who, I guess the Australian government right now, is
• 1:50:09
  Speaker 1: dealing with a lot of these issues. And that will
• 1:50:17
  Speaker 1: be at 7 p.m. tomorrow. I might do another show
• 1:50:19
  Speaker 1: tomorrow and maybe on that show I'll discuss Sam Harris'
• 1:50:23
  Speaker 1: view of billionaires. Maybe if not, then some other time.
• 1:50:30
  Speaker 1: We'll see if I have time tomorrow to do two shows.
• 1:50:34
  Speaker 1: Andrews says, for a bit of laugh, a Republican strategist, quote,
• 1:50:38
  Speaker 1: Republicans should state their accomplishments, but also should remind the
• 1:50:42
  Speaker 1: public of the Dems' dark side. Goes on to list
• 1:50:46
  Speaker 1: a weaponized Department of Justice now returned to the blind
• 1:50:50
  Speaker 1: rule of justice.
• 1:50:51
  Speaker 2: What a, you know, talk about making stuff up.
• 1:50:56
  Speaker 1: And inventing stuff. It's pretty astounding how delusional these Republicans are.
• 1:51:05
  Speaker 1: how delusional politicians are and Republicans just, Trump blinds them,
• 1:51:10
  Speaker 1: as he does to so many people, become zombies as
• 1:51:14
  Speaker 1: a result of Trump. All right, Ryan. Hi, Iran. I
• 1:51:27
  Speaker 1: was wondering what are your thoughts on this quote? A
• 1:51:32
  Speaker 1: friend is a gift you give to yourself. I mean, yeah,
• 1:51:36
  Speaker 1: I mean, that's true in a sense.
• 1:51:38
  Speaker 2: I don't know. I would never describe a friend as
• 1:51:41
  Speaker 2: a gift.
• 1:51:43
  Speaker 1: So I like the fact that you have to give
• 1:51:46
  Speaker 1: it to yourself. That is, you have to engage in
• 1:51:48
  Speaker 1: activity to establish friendship. Friendship is not automatic. Friendship doesn't
• 1:51:53
  Speaker 1: just happen. The fact that somebody was a friend of
• 1:51:55
  Speaker 1: yours in high school doesn't make him a friend of
• 1:51:58
  Speaker 1: yours today or shouldn't automatically happen. that it's something to
• 1:52:01
  Speaker 1: be engaged in, to be active, and to be pursued.
• 1:52:06
  Speaker 1: I like that. I just don't think of it as
• 1:52:08
  Speaker 1: a gift. It's a value. A friend is a value
• 1:52:13
  Speaker 1: you should pursue. Friendship is a value you should pursue.
• 1:52:18
  Speaker 1: I think that would be right. Coke says, welcome to Twitch.
• 1:52:22
  Speaker 2: Thank you, Coke.
• 1:52:25
  Speaker 1: Rajiv says, thank you, Dr. Brooke, for everything that you do,
• 1:52:28
  Speaker 1: and happy birthday, Dr. Leonard Peikoff. Yes, happy birthday, Leonard. Cook,
• 1:52:33
  Speaker 1: maybe we.
• 1:52:33
  Speaker 2: Should put caps on your Ron Super Chats.
• 1:52:36
  Speaker 1: It is really fair that someone else's questions gets priority
• 1:52:41
  Speaker 1: over mine.
• 1:52:42
  Speaker 2: Because they spend more money.
• 1:52:43
  Speaker 1: Hmm. We'll have to think about that. Let's consider that.
• 1:52:48
  Speaker 1: I'll give it a sleep. Anonymous, the U.S. has stopped
• 1:52:56
  Speaker 1: producing the penny. It is studying eliminating the nickel. These
• 1:53:01
  Speaker 1: units of currency still exist. Does it make sense to
• 1:53:04
  Speaker 1: get rid of physical representation of these units?
• 1:53:07
  Speaker 4: Sure.
• 1:53:07
  Speaker 1: I mean, it's a waste of money. I don't think
• 1:53:11
  Speaker 1: we should use them in pricing things. It doesn't make
• 1:53:14
  Speaker 1: any sense. Now, most transactions are electronics.
• 1:53:17
  Speaker 2: It What's the point of having pennies?
• 1:53:21
  Speaker 1: I mean, I don't carry loose change around anymore. I
• 1:53:25
  Speaker 1: just don't. You know, whenever I get loose change, I
• 1:53:27
  Speaker 1: get rid of it in one way or another. I
• 1:53:30
  Speaker 1: barely carry any cash anymore. Now I pay everything off
• 1:53:33
  Speaker 1: of my phone. So it's very difficult to justify loose
• 1:53:41
  Speaker 1: pennies or dimes or quarters for that matter. It's a
• 1:53:47
  Speaker 1: weight on your pocket. Why even bother? James, will housing
• 1:53:54
  Speaker 1: prices increase if property taxes are eliminated on these midterm
• 1:53:59
  Speaker 1: ballot measures? Why would housing increase if property taxes are eliminated?
• 1:54:07
  Speaker 1: Housing prices will go down if property taxes are eliminated.
• 1:54:11
  Speaker 1: Or there's the potential for them to go down. I
• 1:54:16
  Speaker 1: don't see what the dynamics would be to.
• 1:54:17
  Speaker 2: You're eliminating....
• 1:54:22
  Speaker 1: A tax. And that tax is priced. So I'd expect
• 1:54:29
  Speaker 1: prices to go down. Anonymous, why did the U.S. survive
• 1:54:36
  Speaker 1: the red decade of the 30s or did it? Well,
• 1:54:39
  Speaker 1: it did and it didn't, right? It did in a
• 1:54:41
  Speaker 1: sense and it never turned communist. And that's because the
• 1:54:43
  Speaker 1: American sense of life was still alive and well. And
• 1:54:46
  Speaker 1: it rejected communism. It didn't. in a sense that it
• 1:54:49
  Speaker 1: embraced the New Deal, and it's never really recovered from
• 1:54:52
  Speaker 1: the New Deal. The New Deal is still with us,
• 1:54:54
  Speaker 1: and nobody will challenge it. Nobody will challenge it. So
• 1:55:01
  Speaker 1: it both did and didn't, depending on how you mean it. Ryan,
• 1:55:07
  Speaker 1: it's mine. Keep your hands off my pie. Go make
• 1:55:10
  Speaker 1: your own pie. That's a quote from me, I guess.
• 1:55:14
  Speaker 2: Thank you, Ryan. Lone dissenter. Send you an email showing how.
• 1:55:19
  Speaker 1: To choose your Twitch category and restream and make 10 seconds.
• 1:55:24
  Speaker 1: It takes 10 seconds. If you don't choose a category,
• 1:55:28
  Speaker 1: you'll be undiscoverable. Any recommendations on what category I should choose? Ryan,
• 1:55:36
  Speaker 1: Zelensky is heroic, but the real villain is not Trump,
• 1:55:40
  Speaker 1: in my opinion. It is the Europeans who are to
• 1:55:42
  Speaker 1: blame for this war not ending sooner. The blood of
• 1:55:45
  Speaker 1: Ukrainians is in their hands. I don't see why Trump
• 1:55:50
  Speaker 1: is any better than the Europeans. In my view, he's worse.
• 1:55:54
  Speaker 1: America's in much better positions to help Ukraine, and it
• 1:55:58
  Speaker 1: has the resources to help Ukraine. The Europeans don't have
• 1:56:02
  Speaker 1: the weapon systems, don't have the capacity to produce the weapons.
• 1:56:05
  Speaker 2: I mean, you could blame them for that.
• 1:56:07
  Speaker 1: That's fine. But all of Europe depends on the United States,
• 1:56:10
  Speaker 1: and the U.S. has turned its back on Ukraine. So
• 1:56:14
  Speaker 1: I still think the biggest villain here was originally Biden
• 1:56:19
  Speaker 1: by not supplying enough weapons fast enough and not the
• 1:56:22
  Speaker 1: right weapons, and then Trump by turning his back on
• 1:56:25
  Speaker 1: Zelensky and on Ukraine. And, yeah, you can throw in
• 1:56:29
  Speaker 1: Europeans as well. Fenn Hopper says, isn't it crazy that
• 1:56:34
  Speaker 1: everyone has a birthday this year? Like, what are the odds?
• 1:56:38
  Speaker 2: I smell a conspiracy, a loof, a foot, a foot.
• 1:56:41
  Speaker 1: Yes, I think it's a conspiracy. I think we can
• 1:56:46
  Speaker 1: honestly say conspiracy time. Ryan asks, what are your thoughts
• 1:56:51
  Speaker 1: on Kemi Bradnok? And is she familiar with Ayn Rand's work,
• 1:56:59
  Speaker 1: to your knowledge?
• 1:57:00
  Speaker 2: So, yes, I met Kemi before COVID, 2018 or I
• 1:57:04
  Speaker 2: think 2019. And I liked her a lot.
• 1:57:11
  Speaker 1: And we were on the same side of a debate,
• 1:57:17
  Speaker 1: capitalism versus socialism. It was me and her defending capitalism.
• 1:57:22
  Speaker 1: From what I remember from that conversation, she's read Atlas Shrugged,
• 1:57:25
  Speaker 1: familiar with Ayn Rand.
• 1:57:27
  Speaker 2: I don't know what depth, but familiar with it. And
• 1:57:30
  Speaker 2: I like her.
• 1:57:31
  Speaker 1: She is leading the conservative party, which means that she
• 1:57:36
  Speaker 1: will unfortunately compromise and not sound as good as she
• 1:57:40
  Speaker 1: sounded in the debate. But she's better than anybody else
• 1:57:44
  Speaker 1: I can think of in British politics right now.
• 1:57:47
  Speaker 2: And, yeah, I look forward to a.
• 1:57:50
  Speaker 1: Day when Kemi is prime minister of the UK. And, yeah,
• 1:57:57
  Speaker 1: maybe I'll offer my services as an advisor if she'll
• 1:58:00
  Speaker 1: take me. Andrew, regarding the Telerico drug cap issue, while
• 1:58:09
  Speaker 1: I fully agree that we must argue that a need
• 1:58:13
  Speaker 1: is not a claim, it is more important the positive
• 1:58:16
  Speaker 1: argument of the rights and actual heroism of the drug producer. Yeah,
• 1:58:24
  Speaker 1: I mean, it's the flip side of the same argument,
• 1:58:26
  Speaker 1: I think, but But, yeah, but what if we said, okay,
• 1:58:32
  Speaker 1: the drug producer will get his money, it's just the
• 1:58:34
  Speaker 1: government will subsidize it, which is what they'll come back with, right,
• 1:58:38
  Speaker 1: which is what they always do. So you still have to,
• 1:58:42
  Speaker 1: at the end of the day, say that, you know,
• 1:58:47
  Speaker 1: you have a claim against somebody, against the producer, or
• 1:58:50
  Speaker 1: against me, who is going to have to fund it.
• 1:58:52
  Speaker 1: One way or another, here's something. is a claim over
• 1:58:58
  Speaker 1: somebody else's life, the producer's life, or my life, the taxpayer.
• 1:59:04
  Speaker 1: One way or another, it's somebody else's life. But yes,
• 1:59:07
  Speaker 1: I agree with you. We also have to make the case,
• 1:59:10
  Speaker 1: as importantly, of the great achievement that the producer has
• 1:59:16
  Speaker 1: achieved and why they have a right to fully exploit
• 1:59:22
  Speaker 1: that achievement. Indeed, that achievement will go away And there
• 1:59:26
  Speaker 1: won't be any more achievements like it if we don't
• 1:59:28
  Speaker 1: let him exploit it. Thank you, Andrew.
• 1:59:34
  Speaker 2: Okay.
• 1:59:36
  Speaker 1: Last, last, uh, last one. I think Mary Eileen says,
• 1:59:42
  Speaker 1: can a friend be a gift? You must earn friendship
• 1:59:45
  Speaker 1: and it's a two-sided transaction. Both parties benefit. Yeah, absolutely.
• 1:59:49
  Speaker 1: That's why I don't. Yeah. You captured why gift sounded
• 1:59:53
  Speaker 1: wrong to me. Um, It's not a gift that you
• 1:59:56
  Speaker 1: give to yourself. It's a value you pursue. And to
• 2:00:00
  Speaker 1: achieve that value, to achieve that value, you have to
• 2:00:06
  Speaker 1: make it a two-way street. You have to make it
• 2:00:08
  Speaker 1: a win-win. You have to make it a worthwhile thing
• 2:00:11
  Speaker 1: for the other party. It's definitely a two-party transaction. All right,
• 2:00:20
  Speaker 1: I'm told that the category I should use is just chatting.
• 2:00:24
  Speaker 1: Or talk shows and podcasts. I think talk shows and
• 2:00:27
  Speaker 1: podcasts would probably work. Just chatting sounds not like exactly
• 2:00:31
  Speaker 1: what I do. Like we could do a show that's
• 2:00:34
  Speaker 1: just chatting, which I think a lot of these streamers do.
• 2:00:39
  Speaker 1: But I think it's more like talk shows and podcasts.
• 2:00:42
  Speaker 1: So yes, I now have instructions on how to do it.
• 2:00:47
  Speaker 1: I will set myself up in.
• 2:00:51
  Speaker 2: Twitch. and figure all that out.
• 2:00:55
  Speaker 1: And yeah, if you guys who are following me on
• 2:00:59
  Speaker 1: Twitch now can figure out how to increase viewership, not
• 2:01:04
  Speaker 1: just the people who watch me anyway on YouTube, that
• 2:01:06
  Speaker 1: would be amazing. That would be amazing.
• 2:01:09
  Speaker 2: Oh, I can do both?
• 2:01:11
  Speaker 1: I can do both just chatting and talk show and podcast? Okay,
• 2:01:14
  Speaker 1: I'll do both. All right, tomorrow, as I said, there's
• 2:01:20
  Speaker 1: going to be a show at 7 p.m. Eastern Time,
• 2:01:24
  Speaker 1: which is going to focus on natural resources with a
• 2:01:27
  Speaker 1: specific example coming out of Australia.
• 2:01:30
  Speaker 2: I might do a show earlier in the day.
• 2:01:33
  Speaker 1: We will see, maybe at 3, maybe at 4, depending
• 2:01:37
  Speaker 1: on what's going on, what the news is, and... Yeah,
• 2:01:45
  Speaker 1: and how much time I have. I might do a
• 2:01:48
  Speaker 1: show at 3, so we might do two shows tomorrow.
• 2:01:50
  Speaker 2: I'm still.
• 2:01:53
  Speaker 1: We'll probably do a show on Saturday. If we do
• 2:01:58
  Speaker 1: a show on Saturday, that will be a Capitalism Critics show.
• 2:02:04
  Speaker 1: And then we're definitely on with Nikos.
• 2:02:05
  Speaker 2: Remember Nikos?
• 2:02:07
  Speaker 1: We're doing Fauda. Remember Fauda? We're doing a show on Fauda.
• 2:02:13
  Speaker 1: If you haven't watched, watch even a little bit of it.
• 2:02:17
  Speaker 1: We'll be talking about all five seasons of Fauda. And,
• 2:02:21
  Speaker 1: you know, so we'll cover that. that should be a
• 2:02:25
  Speaker 1: lot of fun and super interesting. I think there's a
• 2:02:28
  Speaker 1: lot of stuff that will come out of that. And
• 2:02:30
  Speaker 1: then we'll start next week, and next week I'm traveling,
• 2:02:31
  Speaker 1: so it'll be kind of on and off next week
• 2:02:34
  Speaker 1: in terms of shows. We'll see. We'll see what we
• 2:02:38
  Speaker 1: can get done. Yeah, next week might be light on shows, sadly.
• 2:02:45
  Speaker 2: Monday, Tuesday, definitely. Monday, Tuesday, definitely. I'm not sure if
• 2:02:49
  Speaker 2: much beyond that.
• 2:02:52
  Speaker 1: All right, everybody, I.
• 2:02:53
  Speaker 2: Will see you tomorrow. When's the next AMA?
• 2:03:00
  Speaker 1: Next AMA, as far as I can tell, is November 21st.
• 2:03:09
  Speaker 1: November 21st. I'm just not in town before that. So
• 2:03:15
  Speaker 1: that is the next AMA.
• 2:03:17
  Speaker 2: So, yeah, next, rest of October.
• 2:03:20
  Speaker 1: And early November are going to be short on shows, sadly.
• 2:03:27
  Speaker 1: All right, everybody. See you tomorrow. Bye.