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War; Missiles; Tariffs; DEA; Fed; AI; Cockroach; Millionaires; Lithium; Milei | Yaron Brook Show · Yaron Brook Show

• 0:28
  Speaker 1: Though radical fundamental principles of freedom, rational, self interest, and
• 0:36
  Speaker 1: individual wise. This is the Uran Brook Show. Oh hey, everybody,
• 0:46
  Speaker 1: welcome to one book show on this Wednesday, July twenty ninth.
• 0:51
  Speaker 1: Though everybody is having a great week. I don't know
• 0:56
  Speaker 1: how how did you guys survive with no Yuan book
• 0:59
  Speaker 1: shows for what was it? You know? Over a week? God?
• 1:03
  Speaker 1: That was that was one of the longest stretches we've
• 1:04
  Speaker 1: gone of no shows. So I hope, uh, I hope
• 1:10
  Speaker 1: you'll survive. I hope you did well. Maybe uh, maybe
• 1:15
  Speaker 1: cleared your minds a little bit less news. I mean,
• 1:17
  Speaker 1: that is not a bad thing, not a bad thing
• 1:19
  Speaker 1: at all. All right, schedule is still going to be
• 1:25
  Speaker 1: a little iffy spotty in the next few days. Maybe
• 1:27
  Speaker 1: a show tomorrow, maybe not, and then uh Saturday the
• 1:32
  Speaker 1: w A Show and Sunday the w A Show, and
• 1:35
  Speaker 1: then we'll probably take Monday Tuesday off and then start
• 1:38
  Speaker 1: up Wednesday more regular, more regular shows after that. All right.
• 1:43
  Speaker 1: I was I was traveling. I was in Austin, Texas
• 1:48
  Speaker 1: to do a two day seminar with Don Watkins on
• 1:51
  Speaker 1: capitalism to a local oil and gas business in Austin.
• 1:56
  Speaker 1: And that was that was a lot of fun and
• 1:58
  Speaker 1: and uh and I think I think well received and
• 2:01
  Speaker 1: uh and good content and good good discussion, good debate.
• 2:06
  Speaker 1: So that was fun. It's always it's always interesting to
• 2:09
  Speaker 1: talk to people in the trenches, the businessman who actually
• 2:14
  Speaker 1: have to deal with the bad press and have to
• 2:16
  Speaker 1: deal with the regulators, and have to deal with the
• 2:19
  Speaker 1: with the politics of it all. Uh, and I have
• 2:22
  Speaker 1: to deal with their children coming back from college or
• 2:24
  Speaker 1: high school. Uh, you know, calling them a greedy I
• 2:29
  Speaker 1: don't know, greedy something, yeah, or if it's said I
• 2:33
  Speaker 1: stopped by a calypso that's right. I had one of
• 2:35
  Speaker 1: those odyssees. Now, I mean I did have five flights.
• 2:41
  Speaker 1: Three were late one cause one late was so late
• 2:45
  Speaker 1: that it caused me to miss the flight. It was
• 2:47
  Speaker 1: it was from the perspective of flying, it was the
• 2:51
  Speaker 1: trip from hell. I mean it was terrible, just awful.
• 2:54
  Speaker 1: I don't know what it is. I don't know if
• 2:56
  Speaker 1: it's me, I don't know what the airlines are against me.
• 2:59
  Speaker 1: And it wasn't just one airline, it was three different
• 3:02
  Speaker 1: airlines all screwed up. It was not fun. The flying
• 3:07
  Speaker 1: was not fun anyway. Austin then Phoenix I did two
• 3:11
  Speaker 1: Jordan Peterson courses. Eight hours on iron Rand, probably closer
• 3:15
  Speaker 1: than nine plus hours on iron Ran. That was that
• 3:21
  Speaker 1: was really cool. It was it was great to get
• 3:24
  Speaker 1: the content out there. Uh there there were just a
• 3:27
  Speaker 1: few students, but there were a couple of students who'd
• 3:29
  Speaker 1: never reade Ironran, and some of the people like in
• 3:33
  Speaker 1: the they were filming and lights and audio and people
• 3:37
  Speaker 1: like that, and and they all said, oh, they were
• 3:40
  Speaker 1: already buying Iran books on Amazon during the course. So
• 3:45
  Speaker 1: if my goal was to get people to read the book,
• 3:47
  Speaker 1: then at least in that small sample audience, it worked.
• 3:51
  Speaker 1: And then I we'll see what happens when this is
• 3:53
  Speaker 1: getting unleashed on the Jordan Peterson general audience. And you know,
• 4:00
  Speaker 1: I did not hold anything back, So it was it
• 4:03
  Speaker 1: was a good I think it was a good course.
• 4:05
  Speaker 1: I wish I had another couple of weeks to prep
• 4:09
  Speaker 1: for it, but I think it turned out well. And
• 4:11
  Speaker 1: then I did a course on Vinchi capital and private
• 4:13
  Speaker 1: equity and that was just that was just fun. So
• 4:16
  Speaker 1: that was great. So and then a day flying back
• 4:19
  Speaker 1: to Puerto Rico because the late flights and everything else
• 4:23
  Speaker 1: from and and time zone changes from Phoenix. Anyway, that
• 4:27
  Speaker 1: is it tomorrow tomorrow evening, flying to Lisbon. So I'm
• 4:33
  Speaker 1: going to see some of you in Lisbon. I know
• 4:34
  Speaker 1: there's already there's already a talk scheduled in Lisbon. It's
• 4:39
  Speaker 1: a little jazz club in Lisbon. So I'm gonna be
• 4:44
  Speaker 1: talking about Artan's view of art. So that'll be fun.
• 4:49
  Speaker 1: That's I think on the ninth of August. And I'll
• 4:53
  Speaker 1: fill you in on other events that are happening in
• 4:55
  Speaker 1: Europe once we'll get to Europe and and a scheduled there.
• 4:59
  Speaker 1: But but yes, traveling in the next few days. So
• 5:04
  Speaker 1: more traveling in the next few days until I get
• 5:06
  Speaker 1: to Lisbon. And then oh, when I'm in Lisbon, I
• 5:10
  Speaker 1: have to fly to no Way Southwest no Way to
• 5:13
  Speaker 1: give a talk and then I fly right back to Lisbon.
• 5:16
  Speaker 1: And so I'm spending. I'm spending. I think it's yeah,
• 5:21
  Speaker 1: clearly less than twenty four hours in Norway. I think
• 5:25
  Speaker 1: somebody like eighteen hours in no Way. I fly in,
• 5:28
  Speaker 1: I go to sleep, I wake up, have breakfast, go speak,
• 5:31
  Speaker 1: they take me to the airport, I fly out. So
• 5:34
  Speaker 1: that is my no Way adventure next week. So that's
• 5:38
  Speaker 1: coming up really really fast. I have to get to
• 5:40
  Speaker 1: Europe first because the flight is from Lisbon. I'm tired
• 5:44
  Speaker 1: just telling you about all this. It's exhausting. All this
• 5:47
  Speaker 1: traveling is exhausting. It's it really is. All right, Remind
• 5:53
  Speaker 1: that you can ask questions. I know AJ was asking
• 5:55
  Speaker 1: about a two hundred and fifty question dollar questions, So yeah,
• 5:59
  Speaker 1: feel feed to jump in and ask it. And and uh,
• 6:04
  Speaker 1: you guys should ask questions. I know you've probably got
• 6:09
  Speaker 1: you probably got what ten days worth of questions bottled
• 6:14
  Speaker 1: up that you would like to ask and didn't have
• 6:17
  Speaker 1: a chance to ask. And now's your opportunity. And of
• 6:19
  Speaker 1: course you can support the show with the stick. All right,
• 6:21
  Speaker 1: let's jump into the news. That's what you're ultimately hear
• 6:25
  Speaker 1: to hear, so we will we will talk about that.
• 6:35
  Speaker 1: Let's see, all right, Yeah, whoa, you know, it's getting
• 6:40
  Speaker 1: kind of boring. But I was gone for I don't
• 6:43
  Speaker 1: know seven eight nine days and nothing new is happening. Well,
• 6:47
  Speaker 1: I mean a bunch new is happening, but nothing new
• 6:50
  Speaker 1: significant is happening. You know, Trump announced kind of a
• 6:57
  Speaker 1: pause of fire. It UoN and the Iranians paused, and
• 7:03
  Speaker 1: there's negotiations going on in the background, and supposedly there's
• 7:07
  Speaker 1: some kind of deal that the Iranians were going to
• 7:10
  Speaker 1: have with the Omanis about opening up a new channel
• 7:15
  Speaker 1: out of the Strait of Homoes, and of course negotiations
• 7:20
  Speaker 1: and Trumpet's a deal and there's going to be a deal,
• 7:22
  Speaker 1: and they want the Iranians are constantly begging him for
• 7:24
  Speaker 1: a deal, he says. And you know the clearly the
• 7:31
  Speaker 1: Ranians for whatever reason, primarily because they are quite happy
• 7:38
  Speaker 1: and capable of suffering and inflicting great suffering on their
• 7:41
  Speaker 1: own people. There's a blockade on the oil supply. Remember
• 7:46
  Speaker 1: all the people who said, and I think I quoted
• 7:48
  Speaker 1: them as saying that they couldn't maintain the blockade, that
• 7:52
  Speaker 1: Uran would fold because the blocane. They couldn't turn off
• 7:55
  Speaker 1: the oil walls, because it would take them years. That's very,
• 7:58
  Speaker 1: very difficult to turn them back on. Somehow, they're surviving. Somehow,
• 8:02
  Speaker 1: the bilcade is not really forcing them to panic. Nobody
• 8:06
  Speaker 1: really knows what's happening to the oil industry inside Iran,
• 8:10
  Speaker 1: but somehow they're surviving it. The Ranians are only being
• 8:16
  Speaker 1: further emboldened. We'll talk about the ammunition shortage in the
• 8:21
  Speaker 1: United States, which is one of the explanations supposedly for
• 8:26
  Speaker 1: why Trump is hesitant to go all out against the
• 8:31
  Speaker 1: Ranians is there were short of munitions. We'll talk about
• 8:36
  Speaker 1: that in a little bit, but it is it's incomprehensible
• 8:45
  Speaker 1: what Trump is doing. It's a complete disaster. He can't
• 8:49
  Speaker 1: explain it. None of his people can explain it. They
• 8:52
  Speaker 1: try to rationalize it constantly, but it's so obviously irrational,
• 8:57
  Speaker 1: and it's so obvious. There's no strategy, and it's all obvious.
• 9:01
  Speaker 1: They went into this war with no strategy, thinking that
• 9:06
  Speaker 1: if they just bombed the Iranians, the Ranians would give up,
• 9:09
  Speaker 1: just like the Venezuelans, I guess, and not even considering
• 9:15
  Speaker 1: the you know, the needs to figure out how to
• 9:20
  Speaker 1: open the Strait of homost Anyway, I feel bad for
• 9:23
  Speaker 1: the military because the military is better than this. I think,
• 9:27
  Speaker 1: I hope, I hope very much that the military is
• 9:30
  Speaker 1: hope better than this. That they had plans that they
• 9:32
  Speaker 1: could open the Straight of Homemos if they needed to,
• 9:34
  Speaker 1: that they could do all this stuff. And you know,
• 9:37
  Speaker 1: let's just assume Trump is the one not letting them
• 9:40
  Speaker 1: actually do it, not stopping them from doing it. Doing
• 9:43
  Speaker 1: it because he's a faith he's afraid of American casualties,
• 9:49
  Speaker 1: he's afraid of failure. Anyway, there was a pause. There
• 9:54
  Speaker 1: was a pause until there wasn't. The Ranians figured, huh uh.
• 9:59
  Speaker 1: The Americans claim they're running out of munitions. They don't
• 10:03
  Speaker 1: seem to really want to engage in this war. Let's
• 10:08
  Speaker 1: let's let's see. Let's see how how you know, let's
• 10:14
  Speaker 1: see how how much we can poke them. Let's let's
• 10:17
  Speaker 1: let's poke them, and let's see what happens if we
• 10:19
  Speaker 1: keep poking and keep poking and keep poking and see
• 10:24
  Speaker 1: and see what happens. So you know, at five forty
• 10:32
  Speaker 1: five pm Eastern time, I guess today, yesterday, the Iranians
• 10:37
  Speaker 1: launched a missile attack. Surprise missile attacks as if you know,
• 10:42
  Speaker 1: Themicans can't see the missiles launch. But yeah, survise missile
• 10:46
  Speaker 1: attack on a US base in Jordan, in Jordan, and
• 10:51
  Speaker 1: this was the first attack since Trump had paused strikes. Uh.
• 10:57
  Speaker 1: And now Jordan intercepts into say to the ready missiles
• 11:02
  Speaker 1: with I guess Patriot and Thoud. Whatever they're using, I
• 11:06
  Speaker 1: guess American American munitions. Maybe they have Israeli munitions, there.
• 11:12
  Speaker 1: I don't know. Maybe they have the maybe the Arrow three.
• 11:15
  Speaker 1: Maybe Israel has a battery of ER three, and Jordan
• 11:18
  Speaker 1: I don't know, I have no information. It wouldn't surprise me,
• 11:21
  Speaker 1: it wouldn't shock me, and the Jordanians would never admit it.
• 11:25
  Speaker 1: But would it shock you if, given the shortage of
• 11:29
  Speaker 1: munitions on the American side, that Israel, who make their
• 11:35
  Speaker 1: own munitions and have their own defense systems in addition
• 11:38
  Speaker 1: to patriots, that does didn't help out the Jordanians. I
• 11:44
  Speaker 1: wouldn't be surprised at all. But anyway, Iran did knock
• 11:48
  Speaker 1: them down and intercepted it. And then as a consequence
• 11:54
  Speaker 1: of that, right or following that, the United States and
• 11:57
  Speaker 1: Saudi Arabia together, as far as I know, maybe for
• 12:01
  Speaker 1: the first time I mean at least for the first
• 12:03
  Speaker 1: time acknowledged. I think Saudi Aba has been attacking run unacknowledged,
• 12:07
  Speaker 1: but I think for the first time acknowledged Saudi Arabian
• 12:12
  Speaker 1: The United States struck militias in Iraq, not not in Iran,
• 12:20
  Speaker 1: Iranian militias in Iraq. And this is a you know,
• 12:26
  Speaker 1: so they killed at least twenty fighters who are part
• 12:30
  Speaker 1: of their popular mobilization force, which is an Iranian backed
• 12:34
  Speaker 1: Iraqi militia. Supposedly a number of these were fairly senior
• 12:39
  Speaker 1: Iranian advisors. So tit for tat for tit for tat
• 12:46
  Speaker 1: for tat for tit for tit for I mean, it
• 12:48
  Speaker 1: goes on and on. Not Now, while I wasn't well,
• 12:51
  Speaker 1: I wasn't doing the show, the Hooties decided to strike
• 12:55
  Speaker 1: some Saudi oll facilities on the Red See. Remember, Saudi
• 13:01
  Speaker 1: Arabia is funneling oil to the Red Sea is an
• 13:04
  Speaker 1: alternative to going through the Strait of Homos, and the
• 13:13
  Speaker 1: Hooti struck that. We don't know how much damage there is.
• 13:18
  Speaker 1: They also struck a couple of Saudi tankers in the
• 13:21
  Speaker 1: Red Sea, so Saudi Arabia started bombing the Hooties. So
• 13:25
  Speaker 1: the Juties and the Saudi Arabians are kind of going
• 13:27
  Speaker 1: at it. The United States hasn't come to the aid
• 13:30
  Speaker 1: of the Saudis yet again, Why you know, I don't.
• 13:39
  Speaker 1: There's no strategy, guys, there's just you know, I've told
• 13:42
  Speaker 1: you this in the beginning. Nobody believe me. There's no
• 13:47
  Speaker 1: one D chest, there's no two D chests, there's no
• 13:51
  Speaker 1: sevent y chests. There's no mind. There's no plan, there's
• 13:56
  Speaker 1: no strategy, there's nothing. Now, it is true that Trump today,
• 14:05
  Speaker 1: after you know, the Ranians attacked the Jordanian base, promise
• 14:10
  Speaker 1: to beat that, to beat the ship out of them,
• 14:15
  Speaker 1: and all prices shut up to eighty eight dollars, still
• 14:19
  Speaker 1: under one hundred dollars, but eighty eight dollars and the
• 14:23
  Speaker 1: stock market plummeted. But that's also going to do with
• 14:26
  Speaker 1: the Fed. We'll talk about the Fed in a minute.
• 14:28
  Speaker 1: But oil is up, and Trump is promising to beat
• 14:34
  Speaker 1: the ship out of them. Nobody knows what that means
• 14:38
  Speaker 1: because he said that. He says that all the time.
• 14:41
  Speaker 1: Every week he says that. Edward says, Trump is going
• 14:46
  Speaker 1: to get the hard Now. Edward has a direct line
• 14:52
  Speaker 1: to the White House, and he knows, because you know
• 14:57
  Speaker 1: every other time that Trump has said, we're gonna hit
• 15:00
  Speaker 1: them hard. We're gonna destroy them, We're gonna annihilate the civilization,
• 15:04
  Speaker 1: We're gonna destroy their power plants. Edward got a phone
• 15:06
  Speaker 1: call immediately for the White House saying, no, we're not
• 15:08
  Speaker 1: serious this time, but wait, we'll let you know when
• 15:10
  Speaker 1: we really are serious. Like this is. Every couple of
• 15:16
  Speaker 1: days Trump makes such an assertion and doesn't follow through
• 15:21
  Speaker 1: on it. But somehow Edward knows this time he's serious.
• 15:26
  Speaker 1: This time, they've gone too far. This time. I mean
• 15:30
  Speaker 1: what categorizes this time. I mean the American soldiers who
• 15:34
  Speaker 1: were killed in the Jordanian attack were killed over a
• 15:37
  Speaker 1: week ago, and when that happened, Trump said, oh, they're
• 15:41
  Speaker 1: gonna pay a price. What price? What price? That's just
• 15:45
  Speaker 1: a few days before. Trump then said he's pausing, he's
• 15:51
  Speaker 1: positive because you know, I don't know. I have no
• 15:57
  Speaker 1: insight in what's going on in back rooms. I do
• 15:59
  Speaker 1: not know what is general's advising him. I do not
• 16:03
  Speaker 1: know if there's any kind of you know, weakness and nothing.
• 16:12
  Speaker 1: Nothing right. Trump has said we'll be hitting them hard
• 16:19
  Speaker 1: on Fox, but he said down on Fox I think
• 16:23
  Speaker 1: twenty three times now I'm making the number up. But
• 16:26
  Speaker 1: you get the point. You get the point. So yeah,
• 16:35
  Speaker 1: nothing new, there's no strategy. They don't know what they're doing.
• 16:40
  Speaker 1: It's a complete disaster. The Ranians are so confident now,
• 16:46
  Speaker 1: they're so confident now that they're initiating. Right before it
• 16:51
  Speaker 1: was like they have a tanker and they'd attack a
• 16:55
  Speaker 1: tanker in the street. But now, after Trump declares a pause,
• 16:59
  Speaker 1: a UNI, I'll cease fire. They attack an American base.
• 17:03
  Speaker 1: They're attacking an American base. Trump met with Nathaniel. Israeli
• 17:10
  Speaker 1: media is filled with reports that the meeting did not
• 17:12
  Speaker 1: go well. But again I wasn't there. I do not
• 17:16
  Speaker 1: know they had a meeting because Nathaniel was here for
• 17:22
  Speaker 1: Graham's Lindsey Graham's funeral. Lindsey Graham was a big support
• 17:28
  Speaker 1: of Israel. As Nintenneo came for the funeral, he used
• 17:31
  Speaker 1: the opportunity to meet with Trump. He hasn't met with
• 17:32
  Speaker 1: Trump in a long time. You know, outwardly everything is fantastic,
• 17:38
  Speaker 1: but I can tell you for certain that Netaniao is
• 17:43
  Speaker 1: unbelievably frustrated by what Trump is doing. He is the
• 17:48
  Speaker 1: Israeli's generally, particularly the Israeli military, is just bewildered. They
• 17:54
  Speaker 1: have no clue what is going on. They don't understand it.
• 17:57
  Speaker 1: Israel's very much militarily at least now over the last
• 18:03
  Speaker 1: couple of years, I think, strategically, and they don't understand
• 18:07
  Speaker 1: what America is doing. It's a complete disaster. So yes,
• 18:15
  Speaker 1: you know, it continues. The irrationality, the stupidity, the unthinking
• 18:20
  Speaker 1: and the lack of strategy continues. Oh wait, I mean here,
• 18:25
  Speaker 1: this is how bold the Ranians are. A drone hit
• 18:28
  Speaker 1: a floating storage tanker in Egypt. In Egypt, nobody's taken
• 18:37
  Speaker 1: attribution for it. But that can't happen right without It's
• 18:45
  Speaker 1: either Yuan or the Whotis, and the Hootis wouldn't do
• 18:48
  Speaker 1: it without Ivan. And you know, they're trying to shut
• 18:54
  Speaker 1: down the Red Sea, They're trying to shut down the
• 18:57
  Speaker 1: Sewics Canal. They're trying to shut down own trade, global trade,
• 19:02
  Speaker 1: or at least global trade that goes. I mean, now'll
• 19:06
  Speaker 1: have to go around the Africa, which they've been doing
• 19:09
  Speaker 1: anyway because insurance costs have gone up because nobody knows
• 19:12
  Speaker 1: when the juties will start up again. Yeah. Yeah, So
• 19:22
  Speaker 1: there's a lot of there's a lot of you know,
• 19:27
  Speaker 1: significant the Ranians are showing significant confidence. Iran, as I said,
• 19:34
  Speaker 1: rejected the proposal of a Homo's compromise that Aman was
• 19:40
  Speaker 1: working on. Basically, the Iranians feel like they're winning out.
• 19:47
  Speaker 1: And I think that the big thing is, you know,
• 19:51
  Speaker 1: all prices going through the roof, eighty eight dollars of beat.
• 19:55
  Speaker 1: It was down to you know, around seventy and h Yeah,
• 20:00
  Speaker 1: they think they think that they can just and they're
• 20:03
  Speaker 1: probably right. They can just wait Trump out on this,
• 20:07
  Speaker 1: wait Trump out in this Okay, I thought we talked
• 20:11
  Speaker 1: a little bit about the claim that there is this
• 20:18
  Speaker 1: munition shortage and what that really means, why it's happening.
• 20:24
  Speaker 1: But I also wanna because I think it's real. But
• 20:27
  Speaker 1: I also want to kind of not just leave you
• 20:32
  Speaker 1: with the sense that America is just pathetic, and I
• 20:36
  Speaker 1: want to also give you a positive side of this
• 20:39
  Speaker 1: or positive things that are happening when it comes to
• 20:42
  Speaker 1: military prochroma, not just the negative. So, look, the nat
• 20:48
  Speaker 1: States is not literally running out of weapons like some
• 20:50
  Speaker 1: people are arguing out there. There are certain weapons systems,
• 20:54
  Speaker 1: there's certain particular missiles that the supply is running out
• 21:00
  Speaker 1: or running low, not running out, running low. And there
• 21:02
  Speaker 1: was the fear, the fear that you know, these weapons
• 21:07
  Speaker 1: are needed in the Middle East. Some of these weapons
• 21:10
  Speaker 1: we supplied to Ukraine. And yet what happens if something
• 21:16
  Speaker 1: happens in the Pacific, what happens if something happens Visaly Taiwan?
• 21:22
  Speaker 1: The United States is going to need a lot more
• 21:23
  Speaker 1: than it has right now to deal with a Chinese threat.
• 21:28
  Speaker 1: So for the existing threats, if you just had to
• 21:32
  Speaker 1: worry about Iran and Ukraine would probably be fine. The
• 21:37
  Speaker 1: problem is you have to keep something in reserve just
• 21:41
  Speaker 1: in case the Chinese want to take advantage of all this. Right,
• 21:49
  Speaker 1: here's the situation with regards to this. So the Patriot myselves,
• 21:54
  Speaker 1: these are land these are defense systems, and this crucial
• 22:00
  Speaker 1: to taking down ballistic missiles, taking down hostile airplanes if
• 22:05
  Speaker 1: they were Chinese, and sadly they've even used against drones,
• 22:10
  Speaker 1: which they shouldn't be used at We should have other
• 22:13
  Speaker 1: weapons systems to take out drones. Anyway. The estimate is,
• 22:17
  Speaker 1: and these all estimates because nobody really knows, but the
• 22:20
  Speaker 1: estimates are that the inventory have fallen about sixty five percent.
• 22:26
  Speaker 1: So before the war with Iran there were twenty three
• 22:29
  Speaker 1: hundred and thirty Patriot missiles and these are the interceptors themselves,
• 22:36
  Speaker 1: and now there are somewhere between seven hundred and fifty
• 22:38
  Speaker 1: nine and eight hundred and twenty seven, so about a
• 22:40
  Speaker 1: six sixty five percent decline. Now that is a low
• 22:43
  Speaker 1: number because again in a Chinese theater, just given the
• 22:48
  Speaker 1: sheer number of aircraft and shiar number of ballistic missiles
• 22:53
  Speaker 1: the Chinese could deploy. You're going to need all those
• 22:56
  Speaker 1: and more. And the problem here, the problem here is
• 23:02
  Speaker 1: that the manufacturers of Patriot interceptors are really, really, really
• 23:06
  Speaker 1: really slow. We'll talk about why in a minute, but
• 23:09
  Speaker 1: it's very slow. So to get back to the twenty
• 23:12
  Speaker 1: three hundred is going to take three years, assuming assuming
• 23:18
  Speaker 1: that all the manufacturer's promises are going to happen, and
• 23:22
  Speaker 1: this will be the expansion will go successfully, and the
• 23:25
  Speaker 1: Pentagon will allocate the funds and you know that the
• 23:28
  Speaker 1: bureaucracy will work. That's a big assumption three years. FAD interceptors,
• 23:35
  Speaker 1: that are the other layer of anti ballistic missile and
• 23:40
  Speaker 1: anti aircraft, their inventory has fallen from about four hundred
• 23:46
  Speaker 1: and twenty five so much smaller reliance on thads, to
• 23:49
  Speaker 1: two hundred and thirty four. That's thirty eight percent before
• 23:53
  Speaker 1: pre war level. And I think even pre war level
• 23:56
  Speaker 1: was already low because the United States sold a lot
• 23:59
  Speaker 1: of and used quite a few thads in helping Israel
• 24:04
  Speaker 1: defend itself against Iran earlier before the United States actually
• 24:09
  Speaker 1: entered the war. So again these are very low levels.
• 24:13
  Speaker 1: I mean, what do you do with two hundred and
• 24:14
  Speaker 1: thirty four interceptors. When you've got when you're facing China
• 24:21
  Speaker 1: now again, thads are very very very very slow, very slow.
• 24:37
  Speaker 1: So to get back to the numbers to produce two
• 24:41
  Speaker 1: hundred of these were talking about late twenty nineteen, I mean,
• 24:46
  Speaker 1: that's ridiculous. We're talking about two hundred units three years,
• 24:52
  Speaker 1: three and a half years. And then another one which
• 24:57
  Speaker 1: is you know, supposedly more than a thousand Tomahawk missiles
• 25:06
  Speaker 1: cruise missiles will fire it during the thirty nine day
• 25:10
  Speaker 1: you on campaign. We make about two hundred annually. So
• 25:15
  Speaker 1: to get back with again late twenty thirty, it's just unthinkable,
• 25:25
  Speaker 1: pathetic SM threes and SM six's. These are naval interceptors.
• 25:36
  Speaker 1: They have not been depleted that much, nothing like the
• 25:39
  Speaker 1: Patriot of Thad, but they never had a lot of
• 25:42
  Speaker 1: those to begin with. And again lee times are thirty
• 25:45
  Speaker 1: six to thirty nine months. So again to get back
• 25:48
  Speaker 1: to where we were early twenty nine, twenty twenty nine,
• 25:54
  Speaker 1: Jess M. Cruise missiles again, about eleven hundred we use
• 26:00
  Speaker 1: these I think are so pre war inventory and existing
• 26:06
  Speaker 1: production pipelines were much larger. So here probably several months,
• 26:12
  Speaker 1: maybe a year to get to back to where you
• 26:14
  Speaker 1: need to be Precisions strike missiles pr sms. These are
• 26:26
  Speaker 1: new and small inventory and production is ramping up these
• 26:33
  Speaker 1: within several months you could have it back to where
• 26:36
  Speaker 1: it was before. Now. One hundred and fifty five millimeters
• 26:39
  Speaker 1: artillery shells now here. These are our shells that are
• 26:42
  Speaker 1: being used in Iran. Iran is not in an artillery
• 26:45
  Speaker 1: war yet, at least I don't think so. Maybe maybe
• 26:50
  Speaker 1: some of the ships are using them, I don't know,
• 26:52
  Speaker 1: but that no, nothing in a major way. Most of
• 26:56
  Speaker 1: this is being depleted because it's being sold to the Krainians.
• 27:02
  Speaker 1: Three point six million rounds, three million of which were
• 27:06
  Speaker 1: transferred to Ukraine now here. There've been efforts to expand
• 27:13
  Speaker 1: production for a long time now, and all the targets
• 27:17
  Speaker 1: have been missed. All the targets have been missed, so
• 27:24
  Speaker 1: you know, real problems. Other anti ship weapons not really
• 27:29
  Speaker 1: depleted by Iran, but they never had adequate inventories. And
• 27:34
  Speaker 1: again this is surprising because LRASM, which is an anti
• 27:39
  Speaker 1: ship weapon, you'd think you'd have a lot of those
• 27:41
  Speaker 1: because that is a big chunk of what you would
• 27:44
  Speaker 1: have to use against the Chinese. So you know, I
• 27:51
  Speaker 1: go after Trump for having no strategy, and he has
• 27:53
  Speaker 1: no strategy, but it's true when it comes to phon
• 27:57
  Speaker 1: POLSE and military and weapons systems. It's been true for
• 28:04
  Speaker 1: several presidents. And there's no long term thinking. I think
• 28:11
  Speaker 1: certainly since Obama and Trump first term and then Biten
• 28:17
  Speaker 1: and then Trump's second term. Just no strategy, no manufacturing increase,
• 28:23
  Speaker 1: no improvement in pentagon procurement. So and no. We talked
• 28:32
  Speaker 1: about this on a previous show that the way the
• 28:35
  Speaker 1: way defence procurement works is defence contractors try to have
• 28:39
  Speaker 1: lots of little manufacturing plants all over the country so
• 28:43
  Speaker 1: they can get as many congressmen on board to get
• 28:46
  Speaker 1: those little factories working so that their constituencies benefit. And
• 28:51
  Speaker 1: therefore there's no they don't centralize, they don't have scale,
• 28:55
  Speaker 1: they can't produce and scale, they can't make quick changes.
• 28:58
  Speaker 1: Very very very very bad production habits for these things. Right,
• 29:05
  Speaker 1: the United States has planned to increase. For example, the
• 29:07
  Speaker 1: United States has planned to increase one to fifty five
• 29:09
  Speaker 1: millimeters show production from proximity fourteen thousand rounds per month
• 29:14
  Speaker 1: before Ukraine to one hundred thousand by October twenty twenty five.
• 29:18
  Speaker 1: But As of March twenty twenty six, it was producing
• 29:22
  Speaker 1: only about thirty six thousand a month, so they're producing
• 29:26
  Speaker 1: about a third and the six months later already a
• 29:31
  Speaker 1: new four hundred and sixty nine million General Dynamics planted. Mesquite,
• 29:34
  Speaker 1: Texas was the post to manufacturer thirty thousand projectile bodies monthly.
• 29:40
  Speaker 1: It has produced no conforming projectile bodies as of March
• 29:44
  Speaker 1: twenty twenty six. Without that facility, the Pentagon Inspected General
• 29:49
  Speaker 1: Estimates project our body capacity would reach only seventy one
• 29:52
  Speaker 1: thousand a month. Now it's actually why the factory hasn't
• 29:57
  Speaker 1: produced anything, why they haven't built it, what's going on?
• 30:01
  Speaker 1: But this is this is very, very often, you know,
• 30:07
  Speaker 1: the inability of old style military precurement to actually get
• 30:11
  Speaker 1: results and get them. The whole industry of missiles and
• 30:20
  Speaker 1: projectiles and is built around small, peace time orders for
• 30:25
  Speaker 1: very sophisticated weapons, and there's not been any strategy around
• 30:32
  Speaker 1: how do we make mass production in the case of war.
• 30:36
  Speaker 1: So you have unbelievable long lead times. A missiles or
• 30:39
  Speaker 1: a missile one missile order today may be delivered not
• 30:43
  Speaker 1: be delivered for three or four years. The three two
• 30:48
  Speaker 1: hundred and three patriots requested for FI twenty twenty seven
• 30:52
  Speaker 1: expected to begin arriving, won't begin arriving begin arriving until
• 30:56
  Speaker 1: May twenty twenty nine. They're not enough suppliers. Many missiles
• 31:01
  Speaker 1: depend on one of two sources, for example, for rocket motors, energetics, seekers,
• 31:07
  Speaker 1: turbine engines, casting, special chemicals. Just not enough of those
• 31:11
  Speaker 1: people because we have an invested in them as a
• 31:14
  Speaker 1: military we'll write about bringing manufacturing back to America. How
• 31:19
  Speaker 1: about just dealing with the kind of manufacturing we absolutely
• 31:23
  Speaker 1: necessarily have to have, which is military manufacturing, and figuring
• 31:28
  Speaker 1: out how to maximize that before we start bringing back
• 31:32
  Speaker 1: you know, the sewing of T shirts in the United
• 31:36
  Speaker 1: States instead of Vietnam. We have only two companies in
• 31:42
  Speaker 1: the United States today making making solid fuel solid rocket motors,
• 31:48
  Speaker 1: right so, and there's only one domestic producer of ammonium percolate,
• 31:55
  Speaker 1: which is a crucial rocket propellant ingredient, whereas China can
• 31:59
  Speaker 1: be useless in mass and indeed exports it to Yan.
• 32:05
  Speaker 1: For years, the Pentagon ordered small annual quantities and expected
• 32:09
  Speaker 1: companies to retain facilities, trained workers, and supply suppliers without
• 32:14
  Speaker 1: guaranteeing them future business strategy, long term thinking. Long term
• 32:19
  Speaker 1: planning doesn't exist at the Pentagon, doesn't exist in our government.
• 32:26
  Speaker 1: And then all of these companies have contracts with other
• 32:30
  Speaker 1: countries as well, not only the United States militariy, but
• 32:34
  Speaker 1: also Ukraine, Israel, Taiwan, Newest, NATO and other Middle East
• 32:38
  Speaker 1: countries all have orders in for Patriots, tomahawks. I don't
• 32:42
  Speaker 1: know about tomakhawks, but Patriots and other type of weapon systems.
• 32:47
  Speaker 1: So it's just, you know, the contracts of ridiculous, uh,
• 32:52
  Speaker 1: you don't end, and they've created complexity where they need simplicity.
• 32:56
  Speaker 1: In the United States, you know, the United States prioritizes
• 33:01
  Speaker 1: what we could call exquisite weapons, really really fine tunes,
• 33:06
  Speaker 1: weapons that will only hit through the window exactly where
• 33:10
  Speaker 1: they're supposed to, versus kind of the dumb weapons Iran
• 33:14
  Speaker 1: Russia have. They don't they don't care, right, and I
• 33:19
  Speaker 1: think China does as well, where they just have large
• 33:22
  Speaker 1: quantities of relatively dumb, dumb stuff that can inflict huge damage.
• 33:29
  Speaker 1: And look, this creates real vulnerability in the Pacific. I mean,
• 33:33
  Speaker 1: there are a lot of military bases in the in
• 33:35
  Speaker 1: the Pacific the need protection, and China can overwhelm the fleets,
• 33:42
  Speaker 1: it can overwhelm the military bases, you know, the IFOS bases,
• 33:48
  Speaker 1: it can overwhelm them with ballistic missiles and drones. So
• 33:55
  Speaker 1: there's an effort right now to grow current Patriot production
• 34:00
  Speaker 1: to two thousand from six fifty. We also saw that
• 34:04
  Speaker 1: Zelenski wants to start building Patriot projectiles in Ukraine. That
• 34:10
  Speaker 1: would be huge, that would increase production, but it's going
• 34:13
  Speaker 1: to be years before that happens. Right now that production
• 34:18
  Speaker 1: is approximately ninety six a year. There's plans that expanded
• 34:23
  Speaker 1: to four hundred plans rate. The unintends to raise Tamahawk
• 34:28
  Speaker 1: capacity from below two hundred to more than one thousand annually,
• 34:34
  Speaker 1: So we will see, we will see, and the administration
• 34:39
  Speaker 1: is going to have to be willing to buy more stuff. Now.
• 34:42
  Speaker 1: The administration has just requested a you know, twenty one
• 34:47
  Speaker 1: billion dollars in congress or critical munition's replenishment, so hopefully
• 34:51
  Speaker 1: that will help and start driving all of this. And
• 34:57
  Speaker 1: the Pentagon is trying to establish multi contracts giving manufacturers
• 35:02
  Speaker 1: more credible basis for investing in factories and suppliers because
• 35:06
  Speaker 1: it's not just a one time motive, but it's a
• 35:08
  Speaker 1: multi yearoder. So there's a real problem here. Now, this
• 35:14
  Speaker 1: is not why Trump is not attacking. There's plenty of options,
• 35:19
  Speaker 1: and you know, Trump could Trump could annihilate Iran relatively quickly.
• 35:26
  Speaker 1: It could incapacitate them. Yes, they might be a cost
• 35:29
  Speaker 1: of pay in terms of their bailistic missiles and our
• 35:32
  Speaker 1: inability to knock them down or knock all of them down,
• 35:35
  Speaker 1: but you know, you would really make them pay, which
• 35:40
  Speaker 1: we're not doing. And of course there's always an option
• 35:44
  Speaker 1: of putting ground troops and you know, munitions for ground
• 35:48
  Speaker 1: troops that has not been depleted at all. We haven't
• 35:52
  Speaker 1: used ground troops in a long time in any kind
• 35:55
  Speaker 1: of scale. Now, there's a flip side of this story,
• 35:59
  Speaker 1: which is probably and that is that in the meantime,
• 36:03
  Speaker 1: while the old line you know, military industrial complex is
• 36:09
  Speaker 1: chugging along and barely producing anything, and you know, spending
• 36:13
  Speaker 1: gazillions of dollars of taxpayer money and producing very little,
• 36:18
  Speaker 1: and it's very inefficient, and it's politics not business driving production.
• 36:25
  Speaker 1: There is a kind of a parallel track happening right now,
• 36:28
  Speaker 1: and that is startups Silicon Valley, you know type startups
• 36:36
  Speaker 1: funded by privately funded by venture capitalists that are deploying
• 36:42
  Speaker 1: weapons systems at a unprecedented you know speed, and you're
• 36:50
  Speaker 1: building production facilities that can produce at scale the kind
• 36:55
  Speaker 1: of weapons systems that the United States is going to
• 36:58
  Speaker 1: need in its future. H Anderill is a good example
• 37:03
  Speaker 1: of this. It's a rapid transition from defense. It's it's
• 37:07
  Speaker 1: it's you know, it's had a rapid transition from the
• 37:11
  Speaker 1: defense startup and just nothing to actual mass, mass manufacturing.
• 37:17
  Speaker 1: So we can do this. The United States has the talent,
• 37:22
  Speaker 1: the skill set, the entrepreneurs, the skilled laborers to pull
• 37:26
  Speaker 1: this off, right, But if you just leave capitalism, if
• 37:33
  Speaker 1: you leave competition, if you let the private sector fund
• 37:37
  Speaker 1: these things, you get really good results. And if the
• 37:40
  Speaker 1: Pentagon is willing to be flexible in terms of actually
• 37:44
  Speaker 1: going out there and buying you know, tech driven weapons systems.
• 37:52
  Speaker 1: So you know, here's an example, right of andrals H
• 38:00
  Speaker 1: five hundred and fifty seven days after announcing its Arsenal
• 38:02
  Speaker 1: one factory in Ohio, that's less than two years, Androil
• 38:07
  Speaker 1: completed the first Fury autonomous fighter aircraft on July twenty seventh,
• 38:13
  Speaker 1: that's two days ago. It launched an autonomous fighter jet.
• 38:20
  Speaker 1: Now the company managed to permit, construct, equip and staff
• 38:26
  Speaker 1: the facility and actually build an aircraft, which is stunning
• 38:31
  Speaker 1: in eighteen months. The count Fury line is designed to
• 38:36
  Speaker 1: manufacture as many as one hundred and fifty aircraft annually
• 38:40
  Speaker 1: at full buildouts. Arsenal one, the Arsenal one factory in
• 38:44
  Speaker 1: Ohio is planned as a five million square foot campers
• 38:48
  Speaker 1: capable of producing tens of thousands of autonomous weapons systems.
• 38:54
  Speaker 1: I mean, that's pretty cool. So one way you deal
• 38:57
  Speaker 1: with Chinese airplanes is you send up dozens of Furies
• 39:03
  Speaker 1: autonomous planes to knock their planes down. These are fighter jets.
• 39:07
  Speaker 1: These are jets that can fight other jets. These are
• 39:11
  Speaker 1: jets that are fighted side by side with piloted f
• 39:15
  Speaker 1: thirty fives, and you know, so these are these are
• 39:20
  Speaker 1: going to get combined into existing manned airplane and they're
• 39:23
  Speaker 1: going to combine them worth unmanned aircraft. And it's the revolution.
• 39:27
  Speaker 1: It's it's how aircraft are going to be in the
• 39:31
  Speaker 1: long run. So you know, this is unusual in the
• 39:39
  Speaker 1: defense industry. It's unusual in sense that Andre announced exactly
• 39:44
  Speaker 1: when production would begin and delivered its first aircraft on
• 39:48
  Speaker 1: scheduled Think about the aircraft carriers that the delayed decades,
• 39:53
  Speaker 1: or the or the submarines are delayed years and years
• 39:56
  Speaker 1: and years. Of the fighter jets F thirty five there
• 39:59
  Speaker 1: was delayed five, the twenty two that was delayed forever.
• 40:02
  Speaker 1: Here it's on schedule. That's Silicon Valley kind of thinking, planning, scheduling, executing.
• 40:12
  Speaker 1: The company is applying something closer to the commercial technology model,
• 40:17
  Speaker 1: investing private capital and flexible factories, designing products from manufacturability,
• 40:22
  Speaker 1: and building production capacity before wading through the entire conventional
• 40:28
  Speaker 1: performance cycle. So first you build proof concept, then you
• 40:32
  Speaker 1: sell and well Has also has also got an agreement
• 40:41
  Speaker 1: to manufacture thousands of a barecuta five hundred KUS missile,
• 40:48
  Speaker 1: which is relatively inexpensive, much cheaper than the Tomahawk. It's
• 40:55
  Speaker 1: a surface launch production. I suppose this is a round
• 41:00
  Speaker 1: to ground versus ship to ground or air to ground.
• 41:04
  Speaker 1: Ground surface launch production is supposed to reach at least
• 41:06
  Speaker 1: one thousand complete missiles annually. Well broad A Barracouda capacity
• 41:12
  Speaker 1: could rise into the high thousands as production moves to
• 41:15
  Speaker 1: Arsenal one. The company has also entered the solid rocket
• 41:19
  Speaker 1: motive business, so they're competing with the two dominant US suppliers.
• 41:25
  Speaker 1: Now you know there, they've had delays and there was
• 41:28
  Speaker 1: a big explosion on a test site. So that's tricky, right,
• 41:32
  Speaker 1: Building rocket fuel motors or rocket motors is not easy.
• 41:37
  Speaker 1: But again, this is how This is how you win,
• 41:41
  Speaker 1: This is how you advance. Right. So none of this
• 41:47
  Speaker 1: is to replace the Patriot or THAD, although the Barracooda's
• 41:51
  Speaker 1: five hundreds could replace the Tomahawks. So American entrepreneurs coming
• 41:59
  Speaker 1: to the rescue. Con venture capitalist coming to the rescue,
• 42:02
  Speaker 1: American innovation coming to the rescue. The marketplace capitalism coming
• 42:07
  Speaker 1: to the rescue of the Pentagon and its failed percorment model,
• 42:13
  Speaker 1: which Eisenhower identified nineteen fifties and everybody has talked about
• 42:16
  Speaker 1: over and over again. Nobody did anything about it, and
• 42:19
  Speaker 1: then Silicon Valley decided to do something about it. Now
• 42:24
  Speaker 1: there's another startup, a company called Singularity. I thought Singularity
• 42:29
  Speaker 1: would be an AI company, but no, it's a Los
• 42:32
  Speaker 1: Angeles air defence startup. So this is directly targeted at
• 42:37
  Speaker 1: replacing the Patriot and that or complementing the Patriot and that.
• 42:43
  Speaker 1: Now it's only come out of stealth mode. Stealth mode
• 42:47
  Speaker 1: is when nobody's ever heard of you. Two weeks ago,
• 42:52
  Speaker 1: it raised eighty million dollars. It has sixty five employees,
• 42:58
  Speaker 1: including veterans of SpaceX, Tesla andrel and Luckied Modern, and
• 43:04
  Speaker 1: it's testing internally developed hardware several times each month. It's
• 43:10
  Speaker 1: explicit purpose, it's to build air defense interceptors that are
• 43:15
  Speaker 1: much cheaper and much easier to manufacture than Patriots are
• 43:19
  Speaker 1: THAD missiles. So this is a direct response to the
• 43:24
  Speaker 1: Patriots shortage. But it's still only a promise, right that
• 43:28
  Speaker 1: they're not shipping systems anymore, and yet they haven't even
• 43:31
  Speaker 1: tested a complete system. But they are. They are developing hardware,
• 43:35
  Speaker 1: testing hardware, real hardware, and real time. So you don't again,
• 43:43
  Speaker 1: American entrepreneurs to the rescue. Right. So if we let
• 43:51
  Speaker 1: the Silicon Valley model, if the Pentagon embraces this, uh,
• 43:58
  Speaker 1: and we have a little bit of time, then you know,
• 44:02
  Speaker 1: I think I think we can build up an arsenal
• 44:05
  Speaker 1: of much much more advanced weapons systems visa via the
• 44:08
  Speaker 1: Chinese in the Pacific as to not to have to
• 44:12
  Speaker 1: worry about the Chinese long term. Finally, actually, the two
• 44:17
  Speaker 1: other companies I want to highlight just so we're comprehensive.
• 44:21
  Speaker 1: Another company is a company that was started by Ethan Thornton,
• 44:26
  Speaker 1: who I met and who is an Ironman fan, who
• 44:29
  Speaker 1: is the found and see of Mach Industries. The thing
• 44:32
  Speaker 1: about Ethan, he's an MIT dropout, not surficing right. MIT
• 44:38
  Speaker 1: dropout got a p to Teo scholarship. You know that
• 44:42
  Speaker 1: you get if you drop out of college and you
• 44:44
  Speaker 1: start a business. Peter Teal gave him a scholarship. He
• 44:48
  Speaker 1: founded Mach when he was nineteen years old. That was
• 44:52
  Speaker 1: only three years ago. Now he's twenty two. He's a
• 44:57
  Speaker 1: grown up. He's turned it into a prominent defense manufacturing startup.
• 45:02
  Speaker 1: It's valued is twenty two. It's valued at about one
• 45:07
  Speaker 1: point eight billion dollars and its recently closed a three
• 45:12
  Speaker 1: hundred million dollar financing round from venture capitalists. Mark develops
• 45:18
  Speaker 1: low cost autonomous aircraft, drones, precision munitions, and propulsion systems
• 45:24
  Speaker 1: designed for rapid mass production. It acquired a rocket Modus
• 45:31
  Speaker 1: specialist X Squadrum for about fifty million dollars, so it's
• 45:36
  Speaker 1: now got established propulsion and hypersonic development capabilities. These guys
• 45:41
  Speaker 1: are going to build hypersonic ballistic missiles. They want to
• 45:45
  Speaker 1: defense Innovation Unit contract for its Atlas autonomous strike aircraft,
• 45:50
  Speaker 1: So it's building autonomous aircraft. It developed systems such as VIPA,
• 45:57
  Speaker 1: a vertical launch one way attack rome and Glide, a
• 46:01
  Speaker 1: low cost precision munition I guess launched from an airplane aircraft.
• 46:09
  Speaker 1: And it has articulated an explicit goal. And I saw
• 46:14
  Speaker 1: Ethan talk about this producing defense systems by the millions,
• 46:20
  Speaker 1: directly addressing the shortage of inexpective, inexpensive, expendable weapons. So amazing, truly,
• 46:29
  Speaker 1: truly amazing. Now they haven't deployed anything in the field
• 46:33
  Speaker 1: that we know of, right, but you know they're vertically
• 46:38
  Speaker 1: launched aircraft, cruise missile has flown and it is now
• 46:45
  Speaker 1: was it now has you know, transition to wing bone flight.
• 46:49
  Speaker 1: The Army is funding the development and it will be
• 46:52
  Speaker 1: deployed at some point here. We don't know if any
• 46:57
  Speaker 1: soldiers have received it yet, but you know we'll see. Atlas,
• 47:03
  Speaker 1: which is a long range aircraft intended to launch from
• 47:05
  Speaker 1: ships and austere sites, is again in advanced deployment, but
• 47:14
  Speaker 1: it's it's still in development, but moving ahead. Venom, which
• 47:20
  Speaker 1: is the uh you know, was went from concept to
• 47:27
  Speaker 1: flight ready demonstrated in seventy one days, but it's still
• 47:32
  Speaker 1: a prototype. And then they've got Glide, Stratus, Pike, and
• 47:36
  Speaker 1: Dodge all in various stages of development. So this is
• 47:41
  Speaker 1: still early but huge and getting funding from private sources,
• 47:46
  Speaker 1: not the Pentagon, private sources to get this off the ground.
• 47:49
  Speaker 1: This is capitalism at work and it's beautiful to watch.
• 47:52
  Speaker 1: And then finally, our weapons isn't to actually be used
• 47:56
  Speaker 1: against the used against the Iranians is Saronic Soonic Technologies,
• 48:01
  Speaker 1: which is based in Austin, Texas. Founded in twenty twenty two,
• 48:05
  Speaker 1: so just not that long ago. Sonic you know, is
• 48:12
  Speaker 1: now supplying supplying the military with weapons systems. So its founder,
• 48:22
  Speaker 1: its co founder and CEO is a former Navy seal.
• 48:25
  Speaker 1: He completed eight combat deployments and later worked in technology investing.
• 48:30
  Speaker 1: The other co founder is was a Illy Andro engineers.
• 48:36
  Speaker 1: You see people are leaving androl and going start their
• 48:37
  Speaker 1: own companies. This is how you build an entire ecosystem,
• 48:41
  Speaker 1: a network of defense contractors. The company's thesis is that
• 48:46
  Speaker 1: America cannot compete with China ship building, right they can't.
• 48:52
  Speaker 1: We can't build ship for ship, so and we're not
• 48:57
  Speaker 1: gonna build the numous ships. We're not gonna build huge
• 48:59
  Speaker 1: numbers venomous ships. And what the US needs is small,
• 49:04
  Speaker 1: autonomous and relatively expendable vessels that you could be used
• 49:09
  Speaker 1: at scale large scale. So they have a number of these. Spyglass,
• 49:15
  Speaker 1: which is a very small surveillance and reconomists reconnaissance craft,
• 49:22
  Speaker 1: Cutlass which is a fourteen foot vessel for distributed sensing
• 49:27
  Speaker 1: and security missions. A Corosier, which is twenty twenty four
• 49:31
  Speaker 1: foot high speed craft over thirty five notch roughly one
• 49:34
  Speaker 1: thousand nautical mile range and one thousand pound payload. Costier
• 49:39
  Speaker 1: was used to rescue a helicopter the wind down it's
• 49:42
  Speaker 1: pilots and Kostia was also used to blow up a
• 49:45
  Speaker 1: peer at an Iranian at the IRUN was using to
• 49:50
  Speaker 1: launch I guess to re pairt submarines and launch boats
• 49:53
  Speaker 1: from and suicide costier carrying I guess one thousand pound
• 49:58
  Speaker 1: payload was was blown, blew up, the blew up the pier.
• 50:03
  Speaker 1: The Mirage, which is approximately forty five foot vessel much
• 50:06
  Speaker 1: bigger now providing greater endurance and payload. And Miranda, one
• 50:13
  Speaker 1: hundred and eighty foot autonomous ship with after five four
• 50:17
  Speaker 1: hundred article my range, fifteen hundred metric tons of modular payload.
• 50:22
  Speaker 1: All of these are autonomous. It's echelon software allows an
• 50:28
  Speaker 1: operated to command one vessel or to coordinate an autonomous fleet.
• 50:33
  Speaker 1: And these are actually the pullet Cosier again rescued. The
• 50:37
  Speaker 1: two American aviators and three Ceronic vessels were used to
• 50:47
  Speaker 1: blow up an Iranian naval base. So HY three, I
• 50:49
  Speaker 1: don't know, but anyway, it's it's in production and it's happening,
• 50:54
  Speaker 1: so and so I think trying to rebuild the US
• 51:00
  Speaker 1: shipbuilding capabilities. I mean, this is how it happens. It
• 51:03
  Speaker 1: acquired a Louisiana shipyard to manufacture Miranda. It is constructing
• 51:09
  Speaker 1: initial Miranda halls with private capital before receiving a conventional
• 51:13
  Speaker 1: large production order from the Navy. It recently announced Port Alpha,
• 51:18
  Speaker 1: a proposed three point two billion dollar autonomous shipyard in Brownsville, Texas,
• 51:23
  Speaker 1: expected to begin operations in twenty twenty eight. Autonomous shipyard
• 51:27
  Speaker 1: where the unions when you need them? I mean, how
• 51:29
  Speaker 1: can that be? I mean they're going to do in
• 51:31
  Speaker 1: autonomous shipyards. What will happen to all those shipbuilding jobs.
• 51:36
  Speaker 1: It's terrible, I'm telling you. Technology is just it's just
• 51:39
  Speaker 1: it's just, it's just it's anti human, right. It says
• 51:45
  Speaker 1: the highly automated yard will eventually employ as many as
• 51:47
  Speaker 1: ten thousand people. Even though it's autonomous and manufactured vessels
• 51:54
  Speaker 1: far faster than traditional navy yards. Investors are taking the sea, obviously.
• 52:01
  Speaker 1: In March twenty twenty six, Soonic raised one point seventy
• 52:04
  Speaker 1: five billion dollars at a nine point twenty five billion
• 52:09
  Speaker 1: dollar valuation that was led by legendary venture capital film Kleinapokins.
• 52:18
  Speaker 1: So just unbelievable. So, I don't want to leave you
• 52:21
  Speaker 1: with this negativity about Trump not having strategy he doesn't,
• 52:27
  Speaker 1: about the United States not winning the one you want.
• 52:29
  Speaker 1: We're not going to about the fact that we're depleting
• 52:33
  Speaker 1: all our weapon stocks. We are. But you know what
• 52:36
  Speaker 1: the bottom line is, there is a reservoir of unbelievably
• 52:43
  Speaker 1: unbelievable talent in this country, and we still have enough
• 52:49
  Speaker 1: economic liberty and economic freedom for that reservoir and talent
• 52:53
  Speaker 1: to build the next generation, fill in the gap. And
• 53:00
  Speaker 1: if we just leave them alone and we modernize the
• 53:04
  Speaker 1: performent just a little bit in the Pentagon, well maybe
• 53:06
  Speaker 1: a lot, then we can easily outgun out technology, out
• 53:15
  Speaker 1: innovate the Chinese. Not if we do it top down,
• 53:20
  Speaker 1: not if we do it with five year plans to
• 53:22
  Speaker 1: the Pentagon, not if we do it old style, big
• 53:27
  Speaker 1: you know, defense contractors. Let these kids nineteen years old.
• 53:32
  Speaker 1: Andre was founded by Pauma Lucky, who is also saying
• 53:35
  Speaker 1: his twenties. Let these kids build what they saw in
• 53:40
  Speaker 1: the video games. The robots, the autonomous vehicles, the autonous
• 53:45
  Speaker 1: air planes, the missiles, all of that. Let them build it,
• 53:50
  Speaker 1: and we can take overtake anybody. We can defeat anybody.
• 53:53
  Speaker 1: And maybe this administration is clueless about what to do
• 53:56
  Speaker 1: with the American military. It doesn't know how to deal
• 54:01
  Speaker 1: with it. It's clueless about what how to handle the American military.
• 54:04
  Speaker 1: But hopefully some future administration will have then it is
• 54:08
  Speaker 1: disposal the capacity to really defend this country and to
• 54:13
  Speaker 1: engage in war when necessary, only when necessary, you know,
• 54:17
  Speaker 1: to win. And we'll have the weapons systems to not
• 54:21
  Speaker 1: be afraid, not be worried about depleting, because we will
• 54:25
  Speaker 1: have a defense manufacturing base that is built on robots
• 54:29
  Speaker 1: and built on the latest technology available in the world
• 54:34
  Speaker 1: and producing whatever quantities we wanted to produce. This is
• 54:39
  Speaker 1: what happened in World War Two and what happened in
• 54:41
  Speaker 1: World War One. We shifted, we adjusted, we responded, and
• 54:46
  Speaker 1: it you know, we produced quantities of weapons that nobody
• 54:52
  Speaker 1: could imagine. And the same thing could happen today. But
• 54:56
  Speaker 1: we need to. I just did a course on venture
• 55:02
  Speaker 1: capital and private equity. Venture capital and private equity will
• 55:05
  Speaker 1: do it. They will cuate it. Together with the unbelievable
• 55:10
  Speaker 1: entrepreneurs out there, they will build it. Get out of
• 55:14
  Speaker 1: the way, Just get the frigging out of the way.
• 55:17
  Speaker 1: Get the frigging I don't think you can do that,
• 55:19
  Speaker 1: but you know what I mean, get the f out
• 55:21
  Speaker 1: of the way. And and and let these kids build, build, build, build, create,
• 55:26
  Speaker 1: create create that that's ultimately what this should be all about.
• 55:34
  Speaker 1: And it inspire. I mean, it's inspiring to see andrel
• 55:38
  Speaker 1: it's inspiring to see you know, Ethan, this kid, Ethan,
• 55:44
  Speaker 1: you know, do this and and be successful at it
• 55:49
  Speaker 1: and crush it, absolutely, unequivocally crush it. We need more
• 55:56
  Speaker 1: of that. So venture capital and private equity is inspiring.
• 56:01
  Speaker 1: And what we need is and what we're getting is
• 56:07
  Speaker 1: that being applied to American defense needs. And yeah, the
• 56:14
  Speaker 1: world will change dramatically. All right. From that very positive,
• 56:20
  Speaker 1: optimistic point of view, Let's turn to Trump's tariffs. Oh god,
• 56:28
  Speaker 1: So you know the tasks that Trump did on Liberation Day.
• 56:34
  Speaker 1: You remember Liberation Day, April last year. Trump's Liberation date
• 56:39
  Speaker 1: has h you know, he put on these tasks, reciprocal tariffs,
• 56:45
  Speaker 1: all kinds of weird formulas for tasks, I mean, complete,
• 56:49
  Speaker 1: complete nonsense. Anyway, the stream carts struck that down in February,
• 56:54
  Speaker 1: and indeed refunds are being given, you know, to American
• 56:59
  Speaker 1: businesses that actually paid these taxes. We the consumer are
• 57:03
  Speaker 1: not going to get any refunds, but the businesses at least,
• 57:05
  Speaker 1: we'll get the refunds. And so Trump decided to switch
• 57:12
  Speaker 1: and to use another provision of the law, again by
• 57:18
  Speaker 1: all accounts, in an unconstitutional way to bring about tariffs anyway,
• 57:27
  Speaker 1: you know, to replace the the the tasks that Supreme
• 57:33
  Speaker 1: Court knockdown. Right, So they're using Section three or one,
• 57:41
  Speaker 1: and they're using all kinds of forced labor, you know,
• 57:49
  Speaker 1: accusations against countries and all kinds of stuff. There's there's
• 57:54
  Speaker 1: a huge you know, they're supposed to report out justifying
• 57:58
  Speaker 1: these tariffs. But basically this ten to twelve and a
• 58:00
  Speaker 1: half percent on sixty partners covering ninety nine percent of
• 58:05
  Speaker 1: US imports, replacing the temporary levees that Trump used after
• 58:12
  Speaker 1: the quote struck his reciprocal tabs down in February. So
• 58:16
  Speaker 1: after that he put on temporary tabs and fight it
• 58:19
  Speaker 1: was the deadline driving for that temporary going away, and
• 58:24
  Speaker 1: he replaced them with the Section three h one tariffs
• 58:29
  Speaker 1: in instead. Now you know, these these tasks make absolutely
• 58:37
  Speaker 1: no sense as as we've talked about. So but you know,
• 58:44
  Speaker 1: at least they're ten to twelve and a half percent.
• 58:46
  Speaker 1: We're not getting thirty percent and other things. For the
• 58:49
  Speaker 1: EU and Taiwan, total ordinary and new duties are generally
• 58:53
  Speaker 1: capped ten percent. For Japan, South Korea and Switzerland they
• 58:57
  Speaker 1: generally capped to twelve and a half percent. Exceptions. Exceptions
• 59:01
  Speaker 1: include oil, gas, fertilizer, pharmaceuticals, certain electronics I guess as iPhones,
• 59:09
  Speaker 1: some foods, and other strategically important products. In other words,
• 59:15
  Speaker 1: you know you get a strategically important product if you,
• 59:18
  Speaker 1: I don't know, contribute to Trunk's campaign a certain amount
• 59:21
  Speaker 1: of money. Although many individual products exempt, the affected countries
• 59:26
  Speaker 1: account for ninety nine point four of total US inputs.
• 59:31
  Speaker 1: The ficial Russia now is these countries fail adequately to
• 59:35
  Speaker 1: prohibit inputs made with forced labor, so they are allowing
• 59:40
  Speaker 1: imports that are being made by forced labor. Really, so
• 59:53
  Speaker 1: they are formally retaliating against foreign labor policy failures, not
• 59:59
  Speaker 1: trade deficits, just try to get around the legal constraints.
• 1:00:05
  Speaker 1: But this is stupid and irrelevant and irrational, and this
• 1:00:11
  Speaker 1: is nothing to do with forced labor. And again these,
• 1:00:15
  Speaker 1: by the way, this is not include all the tariffs
• 1:00:19
  Speaker 1: that are imposed by other sections of the tariff flaw,
• 1:00:22
  Speaker 1: like national security tariffs and things like that, like furniture
• 1:00:27
  Speaker 1: is tariffs at rates that are national security related. Right now,
• 1:00:38
  Speaker 1: you know they're ready lawsuits related to this. One company,
• 1:00:44
  Speaker 1: a spice importer, has sued in the in the Court
• 1:00:49
  Speaker 1: of International Trade, and their central argument is Section three
• 1:00:53
  Speaker 1: oh one, which is the section they're using permits retaliation
• 1:00:57
  Speaker 1: against a specific foreign practice that burden's American commerce. It
• 1:01:02
  Speaker 1: does not authorize nearly universal tariffs based on generalized allegations
• 1:01:07
  Speaker 1: of our countries regulation of third country forced labor goods. Now,
• 1:01:14
  Speaker 1: no judges suspended the tariffs yet, so importers must continue
• 1:01:19
  Speaker 1: to paying them, you know, for now. But there are
• 1:01:25
  Speaker 1: I think more than one lawsuit out there claiming this
• 1:01:29
  Speaker 1: is unconstitutional, and you know they're going against the law itself.
• 1:01:36
  Speaker 1: The biggest confrontation right now is with Canada. This is
• 1:01:40
  Speaker 1: separate from this tariff thing. Trump has imposed fifty percent
• 1:01:44
  Speaker 1: tariffs on approximately twenty billion dollars of Canadian goods. They
• 1:01:48
  Speaker 1: cover products including bo wine, dairy products, plywood, cement, hockey equipment. Ooh,
• 1:01:58
  Speaker 1: I don't know how were we going to do without
• 1:02:00
  Speaker 1: Canadian hockey equipment. Even when those products qualify under the NAFTA,
• 1:02:07
  Speaker 1: the USMCA, which Trump negotiated, they still get the fifty
• 1:02:13
  Speaker 1: percent tariff. Energy, potash, and some critical minerals are exempt.
• 1:02:21
  Speaker 1: This is all so ridiculous. Now we'll see Canada's trade
• 1:02:26
  Speaker 1: ministers come to WASHINGTNT to negotiate, but nothing has really
• 1:02:30
  Speaker 1: come of it. Trump said he wants out of NAFTA,
• 1:02:35
  Speaker 1: he's not going to renew it, and he's arguing the
• 1:02:39
  Speaker 1: Canada and Mexico need the agreement more than the United States. Now.
• 1:02:49
  Speaker 1: Funnily enough, it is the unions that are complaining about
• 1:02:52
  Speaker 1: these tariffs. The United steel Workers and the International Association
• 1:02:57
  Speaker 1: of mechanics are saying machinists. Machinists are saying that tavs
• 1:03:02
  Speaker 1: are harming integrated North American manufacturing and harming therefore their
• 1:03:09
  Speaker 1: own members. So you know, we'll see, we'll see what happens.
• 1:03:15
  Speaker 1: India and Switzerland are pushing back against these tariffs. India
• 1:03:19
  Speaker 1: says it will continue negotiating a bilateral trade agreement despite
• 1:03:23
  Speaker 1: the new tariffs. Around forty five percent of Indian exports
• 1:03:27
  Speaker 1: reportedly fall under product exemptions, but textiles and a power
• 1:03:31
  Speaker 1: are significantly exposed. Switzerland disputes the factual premise of the
• 1:03:36
  Speaker 1: American action. It says forced labor is already illegal under
• 1:03:40
  Speaker 1: Swiss law and denies that its domestic rules justify American retaliation.
• 1:03:46
  Speaker 1: Swiss businesses also argue that the taraff leads them at
• 1:03:49
  Speaker 1: a disadvantage relative to the EU and British competitors, not
• 1:03:52
  Speaker 1: that Trump gives a damn right, So you know, we
• 1:03:57
  Speaker 1: will see. Now, Brazil has a separate twenty five percent
• 1:04:02
  Speaker 1: tariff that's being collected on most Brazilian imports that took
• 1:04:07
  Speaker 1: effect July twenty second, and another part of the kind
• 1:04:11
  Speaker 1: of reconstructed tariff bs right, So and then Congress is
• 1:04:21
  Speaker 1: considering an even more powerful tariff instrument. So the Center
• 1:04:25
  Speaker 1: voted eighty six to twelve to begin consideration of legislation
• 1:04:29
  Speaker 1: targeting countries that continue purchasing Russian and potentially Uranian energy.
• 1:04:35
  Speaker 1: So this would be a massive, you know, thanks bill
• 1:04:40
  Speaker 1: on both Russia and Ian, but not a broad Hopefully
• 1:04:44
  Speaker 1: that doesn't give the executive broad tariff authority. Now there's
• 1:04:52
  Speaker 1: already a second investigation under section three oh one investigating
• 1:04:56
  Speaker 1: excess industrial capacity. Industrial capacity is supposed to be an
• 1:05:02
  Speaker 1: excuse why you can tariff whatever they hel? What does
• 1:05:05
  Speaker 1: that mean? Excess in excess for whom? Excess as relative
• 1:05:09
  Speaker 1: to what complete subjectivism. It's targetting sixteen major economies, including China, Mexico, Vietnam,
• 1:05:19
  Speaker 1: the European Union, Japan, and South Korea, and that would
• 1:05:23
  Speaker 1: be another layer of tariffs on things like automobiles, battles, machinery, electronics,
• 1:05:29
  Speaker 1: other manufacturing goods. Funnily enough, just one more update into
• 1:05:39
  Speaker 1: the tariffs. The aluminum tariffs are not actually producing the
• 1:05:44
  Speaker 1: promised investment response. Right. Trump is actually offered to reduce
• 1:05:50
  Speaker 1: tariffs from fifty to twenty five percent for foreign companies
• 1:05:53
  Speaker 1: that invest in America in America's production of aluminium smelting.
• 1:06:00
  Speaker 1: Rio Tinto, one of the world's largest aluminum producers. Declient
• 1:06:06
  Speaker 1: Rio says it has incurred more than one billion in
• 1:06:08
  Speaker 1: TA costs on Canadian aluminum, including seven hundred and seventy
• 1:06:12
  Speaker 1: three million during the first over of twenty twenty six.
• 1:06:16
  Speaker 1: But even that enormous cost has not made construction of
• 1:06:19
  Speaker 1: a new American smelter attractor. Instead, the company has redirected
• 1:06:23
  Speaker 1: some shipments to other countries. They're just not selling into
• 1:06:26
  Speaker 1: the United States. Now. It hasn't literally incured the cost,
• 1:06:32
  Speaker 1: It's just that its customers have incurred the costs. So
• 1:06:39
  Speaker 1: tabs will make alumined more expensive for American buyers, but
• 1:06:44
  Speaker 1: they will not bring manufacturing backs as economists predicted. Now.
• 1:06:52
  Speaker 1: The other thing is that with all of these new announcements,
• 1:06:56
  Speaker 1: it's the system itself is becoming so convoluted nobody actually
• 1:07:00
  Speaker 1: knows what it says. Here's just one example. Domestic manufacturers
• 1:07:07
  Speaker 1: of engines for cars and medium and heavy duty trucks
• 1:07:10
  Speaker 1: are now eligible for tariff offsets for sectorial duties placed
• 1:07:14
  Speaker 1: on imported parts. The US devidom of Commerce said Tuesday.
• 1:07:18
  Speaker 1: The newly announced engine offset offset process establishes compliant rules
• 1:07:23
  Speaker 1: for domestic engine manufacturers looking to read benefits in line
• 1:07:27
  Speaker 1: with those implemented in May for vehicle manufacturers that use
• 1:07:32
  Speaker 1: imported pots. President Trump implemented fifteen percent TAFF offset for
• 1:07:38
  Speaker 1: certain imported parts for qualifying automobile manufacturers in April twenty
• 1:07:42
  Speaker 1: twenty five, after auditing a twenty five percent tariff on
• 1:07:45
  Speaker 1: those parts, so twenty five PERCENTAFS and then a fifteen
• 1:07:48
  Speaker 1: percent TAFF offset for some parts, not all parts. In October,
• 1:07:53
  Speaker 1: announced a similar twenty five percent TAFF on parts for trucks,
• 1:08:01
  Speaker 1: and there's an offset there as well for some of it.
• 1:08:05
  Speaker 1: And manufacturer of qualifying engines, we'll be able to secure
• 1:08:09
  Speaker 1: an input adjustment offset amount equal to two point seventy
• 1:08:12
  Speaker 1: five percent of aggregate value of all engines assembled in
• 1:08:16
  Speaker 1: the US by the manufacturer. I mean, God help us.
• 1:08:22
  Speaker 1: I mean, if we do alive on God, nothing's going
• 1:08:25
  Speaker 1: to happen. But yeah, God help us. All right, let's
• 1:08:30
  Speaker 1: see what did we want to do here next? Oh? Yeah, DA,
• 1:08:37
  Speaker 1: So this is for Monday. On Monday, Washington Post reported
• 1:08:43
  Speaker 1: that a Drug Enforcement Age Drug Enforcement Administration analysis a
• 1:08:47
  Speaker 1: DA analysis concluded that President Trump's campaign of strikes against
• 1:08:54
  Speaker 1: alleged drug boats has not quote reduced the amount of
• 1:08:58
  Speaker 1: cocaine entering the United States. Huh, who would have known that?
• 1:09:06
  Speaker 1: I don't know. Did anybody predict that this would not
• 1:09:09
  Speaker 1: stop the fourth cocaine to America? I think I did.
• 1:09:13
  Speaker 1: I think I did. Operations Southern Spear has targeted suspected
• 1:09:19
  Speaker 1: drug boats since September. Note suspected, but we kill them anyway,
• 1:09:23
  Speaker 1: killing at least two hundred and twenty one people by
• 1:09:25
  Speaker 1: what authority in a sentence are proven guilty Somewhere, there's
• 1:09:30
  Speaker 1: somewhere that principle in our law god across more than
• 1:09:34
  Speaker 1: sixty seven vessels. Though the administration defends these strikes as
• 1:09:39
  Speaker 1: necessarily lethal deterrence, the terms for what a DA official
• 1:09:46
  Speaker 1: explained the tariff traffickers have adapted by shifting to larger
• 1:09:50
  Speaker 1: vessels and land roads to avoid detection, stating, when you
• 1:09:53
  Speaker 1: squeeze the balloon on one side, it always expands the
• 1:09:56
  Speaker 1: other side. That's a drug war. Plus, I'll add none
• 1:10:00
  Speaker 1: of those boats were heading to the United States. Venezuela
• 1:10:05
  Speaker 1: to the US. That's a long trip. You don't do
• 1:10:07
  Speaker 1: it in a little dinghy. The findings contradict Trump's repeated
• 1:10:13
  Speaker 1: assertion that strikes slashed maritime trafficking by ninety seven to
• 1:10:18
  Speaker 1: ninety eight percent. But these strikes are illegal, They're cool,
• 1:10:31
  Speaker 1: They are not going to change anything. And indeed, according
• 1:10:37
  Speaker 1: to some experts, they actually you know, endanger informants and
• 1:10:43
  Speaker 1: make it very difficult to actually fight the one drugs,
• 1:10:47
  Speaker 1: one drugs that we're going to lose. But you know,
• 1:10:50
  Speaker 1: it's really crazy, It really is crazy. You know, Ron Paul,
• 1:11:03
  Speaker 1: you know, Rand Paul has been out against talking about
• 1:11:06
  Speaker 1: this and talking about the report, and yeah, there's nothing.
• 1:11:16
  Speaker 1: Drug trade is as big as it ever was. You know. Luckily,
• 1:11:20
  Speaker 1: over those deaths are down, but that's probably because people
• 1:11:24
  Speaker 1: are figuring out the right quantity and fentanyl and not
• 1:11:28
  Speaker 1: lacing in fentanyl, and people are being more careful, unequivocal,
• 1:11:33
  Speaker 1: overwhelming frigging failure, failure, failure, failure. All right, All prices
• 1:11:43
  Speaker 1: are going up. People are really really worried about inflation. Now,
• 1:11:50
  Speaker 1: I've told you many times all prices going up does
• 1:11:52
  Speaker 1: not cause inflation. It's a supply shock. Inflation is a
• 1:11:56
  Speaker 1: demand phenomena resulting for more money. But prices of some
• 1:12:02
  Speaker 1: goods do go up and The thing about all prices
• 1:12:05
  Speaker 1: going up is the goods. The prices of the goods
• 1:12:08
  Speaker 1: that go up are the ones that appear in the CPI,
• 1:12:12
  Speaker 1: the consumer price inflation, and that hit people's bottom line
• 1:12:17
  Speaker 1: faster than maybe declines in prices somewhere else in the
• 1:12:20
  Speaker 1: basket of goods. So you get hit with it immediately
• 1:12:27
  Speaker 1: and you feel it. So you know, there's a big
• 1:12:32
  Speaker 1: outcry right now about inflation, inflation, inflation and what the
• 1:12:37
  Speaker 1: art should be. Prices are going up, prices going up,
• 1:12:39
  Speaker 1: this is horrible, and figuring out how to deal with it.
• 1:12:42
  Speaker 1: But it's not clear that the price increases across the
• 1:12:46
  Speaker 1: board that we're seeing in CPI, how much of that
• 1:12:49
  Speaker 1: is monetary inflation, how much of that is within the
• 1:12:51
  Speaker 1: control of the Federal Reserve. Anyway, there was a lot
• 1:12:57
  Speaker 1: of expectations about the FED meeting today and whether they
• 1:13:03
  Speaker 1: will increase interest rates in order to fight inflation. Now,
• 1:13:08
  Speaker 1: the market expected them to hold at three point five
• 1:13:12
  Speaker 1: to three point seventy five, this is the rate that
• 1:13:16
  Speaker 1: they pay for reserves held at the FED, but there
• 1:13:20
  Speaker 1: was some probability that they would increase it. Up until
• 1:13:24
  Speaker 1: a few months ago, the expectation was they would be
• 1:13:26
  Speaker 1: decreasing because that's what Trump wants. He wants lower rates.
• 1:13:32
  Speaker 1: But the reality is what the energy price is going
• 1:13:34
  Speaker 1: up the market expe and with other prices going up.
• 1:13:38
  Speaker 1: So there does seem to be some monetary inflation, but
• 1:13:42
  Speaker 1: it's not clear that interest rates are the right mechanism
• 1:13:45
  Speaker 1: to deal with it. What the FED should be doing
• 1:13:47
  Speaker 1: is reducing the amount of money or the amount of
• 1:13:50
  Speaker 1: growth in the money supply in order to reduce overall inflation.
• 1:13:55
  Speaker 1: Right Trump told him to lower rates, and they ignore him,
• 1:14:01
  Speaker 1: and right now it's shifting in the FED, and at
• 1:14:06
  Speaker 1: least three or four of the FED governors voted actually
• 1:14:09
  Speaker 1: to increase rates. But the reality is, you know, a
• 1:14:15
  Speaker 1: lot of the price hikes oil and tariffs, and the
• 1:14:21
  Speaker 1: FED can't do anything about oil in terifts. Higher interest
• 1:14:24
  Speaker 1: rates do not affect oil in terifts. So I don't
• 1:14:27
  Speaker 1: think the answer right now is to raise interest rates.
• 1:14:32
  Speaker 1: The answer right now should be to shrink the amount
• 1:14:36
  Speaker 1: of money or to reduce the growth of money, which
• 1:14:39
  Speaker 1: they could do by shrinking the balance sheet, which is
• 1:14:41
  Speaker 1: what the FED got. You know, the chair of the
• 1:14:44
  Speaker 1: federals have wants to do and he said, so he
• 1:14:46
  Speaker 1: needs to do it. You know, they hope that by
• 1:14:51
  Speaker 1: raising interestrates they would shrink demand. But the problem he
• 1:14:54
  Speaker 1: has supply, so again tariffs, an oil shock. I think
• 1:15:04
  Speaker 1: that the well, the market expected rates to stay put. Uh,
• 1:15:11
  Speaker 1: they didn't expect the Fed to be as so many
• 1:15:16
  Speaker 1: Fed governors to be voting to raise And the result
• 1:15:21
  Speaker 1: of that was stocks went down a lot today. I
• 1:15:23
  Speaker 1: mean was it. The Dow went down more than a
• 1:15:27
  Speaker 1: thousand points. You know, stocks took a hit today. Don't
• 1:15:35
  Speaker 1: look at your portfolio. There's no point. You're not gonna
• 1:15:38
  Speaker 1: do anything about it anyway. So the Dow was down
• 1:15:40
  Speaker 1: two percent, the S and P percent and a half,
• 1:15:44
  Speaker 1: Nasdaq one point seventy four, Russell one point six. So yeah,
• 1:15:48
  Speaker 1: significant losses because of oil and because of inflation, and
• 1:15:54
  Speaker 1: because the Fed might raise interest rates, and the fear
• 1:15:57
  Speaker 1: that the Fed is going to raise interest rates. So
• 1:16:04
  Speaker 1: as I said, don't look at your investment portfolio. Not
• 1:16:07
  Speaker 1: a good day, we will see. I think the Fed
• 1:16:12
  Speaker 1: did the right thing by now raising rates. I hope
• 1:16:15
  Speaker 1: they don't raise them, you know, unless something is happening.
• 1:16:19
  Speaker 1: I hope he really does shrink the balance sheet like
• 1:16:21
  Speaker 1: he's promised. And yeah, I hope somehow some in some way,
• 1:16:31
  Speaker 1: Trump gets sense driven into him. He stops the tariffs
• 1:16:39
  Speaker 1: and wins the war. That would be cool. That would
• 1:16:42
  Speaker 1: be cool, pretty amazing if that happened. All Right, We've
• 1:16:47
  Speaker 1: got a lot of questions. It's very cool. Thank you guys.
• 1:16:49
  Speaker 1: You guys are doing great. All right, we're going late,
• 1:16:55
  Speaker 1: all right, Okay, that's fine. We'll definitely going to the
• 1:16:58
  Speaker 1: third hour. And you guys are ready. Fun did the
• 1:17:00
  Speaker 1: third hour, So thank you for that. AI so a
• 1:17:06
  Speaker 1: petition petition today, I think, was delivered asking the government,
• 1:17:15
  Speaker 1: the US government to slow development of AI, please slow
• 1:17:20
  Speaker 1: the development, and it was signed by twenty four verified
• 1:17:25
  Speaker 1: employees are funtie laboratories like open Ei. For example, open
• 1:17:33
  Speaker 1: Ei Chief Science as signed it, Anthropic CEO signed it,
• 1:17:38
  Speaker 1: metas AI Chief Science as signed it. Senior Google researcher
• 1:17:43
  Speaker 1: signed it. They you know, they identify real cyber control
• 1:17:50
  Speaker 1: and recursive development risks, but they supply no solution, no
• 1:17:59
  Speaker 1: triggers for how the government should do this, no real
• 1:18:03
  Speaker 1: enforcement mechanism. You know, what about open source models? What
• 1:18:08
  Speaker 1: about Chinese? If the China doesn't participate, if only the
• 1:18:13
  Speaker 1: US slows down? Uh? Is this signed by all these people?
• 1:18:20
  Speaker 1: Because they want to guarantee that they are the winners.
• 1:18:25
  Speaker 1: They want to slow down the competitors, they want to
• 1:18:28
  Speaker 1: control the process. How much of this is what's called
• 1:18:31
  Speaker 1: regulatory capture incumbent laboratories asking government to control the pace
• 1:18:37
  Speaker 1: would entrench them and would restrict the competitors. It's this
• 1:18:45
  Speaker 1: is so defeatist and running to government. Yeah, I mean,
• 1:18:50
  Speaker 1: the AI unfortunately right now, is run and managed and
• 1:18:56
  Speaker 1: dominated by a bunch of crybabies, Krai babies, leftist cry
• 1:19:02
  Speaker 1: babies who think that they just want more and more
• 1:19:06
  Speaker 1: and more government and they want their own profits to
• 1:19:10
  Speaker 1: be protected. It's, you know, really pathetic, It's sad, it's
• 1:19:18
  Speaker 1: incredibly destructive. Yeah, I don't know what you do. I mean,
• 1:19:24
  Speaker 1: they're building brilliant products. I can't tell you how much
• 1:19:28
  Speaker 1: I'm enjoying Chetcha, Pete. You're on AI, which at some
• 1:19:33
  Speaker 1: point here will will launch and let you all play
• 1:19:35
  Speaker 1: around with you know and other you know other. I
• 1:19:43
  Speaker 1: play around with uh with Gemini. So I've got Claude,
• 1:19:46
  Speaker 1: I've got Gemini, I've got Cheche. I love it. I
• 1:19:49
  Speaker 1: think it's unbelievable. It's made me much much, much much
• 1:19:52
  Speaker 1: more productive, and I can see how I'm going to
• 1:19:58
  Speaker 1: use it in the future in ways that are you know,
• 1:20:04
  Speaker 1: just just a dramatic improvement on in my life in
• 1:20:09
  Speaker 1: terms of efficiency, I mean, just producing the show, getting
• 1:20:13
  Speaker 1: the news for this show, filtering what makes sense and
• 1:20:16
  Speaker 1: what doesn't, you know, finding stories that are that are
• 1:20:21
  Speaker 1: not common. It's gonna change everything. It's gonna change everything.
• 1:20:28
  Speaker 1: And yet the people running these things, the people who
• 1:20:31
  Speaker 1: are creating these products, are such whiny. I mean, they
• 1:20:35
  Speaker 1: really are the real the real Yeah. Anyway, it is
• 1:20:42
  Speaker 1: what it is. Guys. Let me see what do I
• 1:20:46
  Speaker 1: have here? I didn't have that. Let's see, all right,
• 1:20:57
  Speaker 1: So let's run through this story. This is telling you
• 1:21:00
  Speaker 1: about cockroaches, not not the buggy cock coroaches, which I
• 1:21:03
  Speaker 1: personally despise. I hate cockroaches, although I lived once in
• 1:21:07
  Speaker 1: an apartment was filled with them, and suddenly somehow I
• 1:21:11
  Speaker 1: managed to say, no, I'm talking about India's cock coach protests,
• 1:21:16
  Speaker 1: the crackdown against it, and the government folding ultimately with
• 1:21:21
  Speaker 1: regard to it. But so let's talk about that. I
• 1:21:24
  Speaker 1: don't know if you've been following this bit. It turns out,
• 1:21:28
  Speaker 1: you know, in India, to get into university you you
• 1:21:35
  Speaker 1: know like medical, you know, school, but really all the universities.
• 1:21:41
  Speaker 1: They are standardized tests that everybody has to take to
• 1:21:46
  Speaker 1: get in. And there's being a constant complaints about the
• 1:21:51
  Speaker 1: fact that these tests are leaked, leaked two people who
• 1:21:59
  Speaker 1: are insiders. It's not just college exams but also gumma
• 1:22:03
  Speaker 1: job recruitment tests. And you know, millions of young Indians,
• 1:22:11
  Speaker 1: these exams are the only ladder to a stable career.
• 1:22:16
  Speaker 1: You know, the these are well educated, well educated population.
• 1:22:22
  Speaker 1: But the way the Indian system works is need to
• 1:22:27
  Speaker 1: pass these tests. And what happens when one of these uh,
• 1:22:32
  Speaker 1: one of these exams leaks, the whole test gets canceled
• 1:22:39
  Speaker 1: and you might be studying, you might have been studying
• 1:22:42
  Speaker 1: for years and suddenly boom, it's canceled. And then what happens.
• 1:22:47
  Speaker 1: And this has just been going on and on and on,
• 1:22:49
  Speaker 1: and there's no solution and they keep having the same problems.
• 1:22:53
  Speaker 1: And India is suffering from really high youth unemployment, particularly
• 1:22:58
  Speaker 1: among the educated middle class. So you know, people have
• 1:23:05
  Speaker 1: been complaining about this. There was and then the spark
• 1:23:11
  Speaker 1: that lit this protest movement was in There was a
• 1:23:14
  Speaker 1: Supreme Court hearing on May fifteenth of this year, where
• 1:23:19
  Speaker 1: Chief Justice Suriya kant kant Ka n t like Imanuel
• 1:23:27
  Speaker 1: called some unemployed young people and activists cockroaches and parasites
• 1:23:34
  Speaker 1: who unable to find work turned to social media, journalism
• 1:23:38
  Speaker 1: and activism to attack everyone. That's what he supposedly said.
• 1:23:43
  Speaker 1: He claims he's been misquoted, misquoted, but supposedly this is
• 1:23:47
  Speaker 1: what became part. This is this is the this is
• 1:23:50
  Speaker 1: what got out. Now he says he really made meant
• 1:23:55
  Speaker 1: people who have fake degrees. But anyway, cockroaches and parisites. Anyway.
• 1:24:01
  Speaker 1: The next day, a PR public relations graduate and former
• 1:24:09
  Speaker 1: social media strategist, a Hajeit Diepke, thirty year old guy,
• 1:24:16
  Speaker 1: posted quote, what if all the cockroaches come together with
• 1:24:22
  Speaker 1: a Google signaphone and the Cockroach Junta Party CJP, a
• 1:24:29
  Speaker 1: parody party, not a real one, was born. So they
• 1:24:35
  Speaker 1: reclaimed the slow the cock coroach, the thing that survives,
• 1:24:40
  Speaker 1: anything that you can't stamp out. Became a symbol of
• 1:24:44
  Speaker 1: resilience for generation that feels ignored when their social accounts
• 1:24:51
  Speaker 1: got taken down because they were part of this movement,
• 1:24:54
  Speaker 1: because the government used that tactic. They came back as
• 1:24:58
  Speaker 1: cockroach is back tagline cock Coaches never die. They really
• 1:25:05
  Speaker 1: played it up and it grew. Uh. You know, young
• 1:25:12
  Speaker 1: Indians live online, so it ran on Watsapp, on Telegram,
• 1:25:17
  Speaker 1: it lived on Instagram, spread through memes, reels, get ready
• 1:25:22
  Speaker 1: with Me videos and AIA generated contact content and protests
• 1:25:28
  Speaker 1: became viral clips within hours, pulling more people into the streets.
• 1:25:35
  Speaker 1: So a massive demonstration cock Coach demonstration started. The CJP
• 1:25:43
  Speaker 1: cock Coach junka party Instagram hit about twenty six million followers,
• 1:25:49
  Speaker 1: more than the ruling party BJP they only have nine
• 1:25:52
  Speaker 1: point five million or the opposition Congress fourteen point eight million.
• 1:26:00
  Speaker 1: Six The first physical gathering happened and in Delhi's traditional
• 1:26:05
  Speaker 1: protest grounds on June twentieth, a one day demo became
• 1:26:10
  Speaker 1: around the clock sit in when protesters refused to disperse.
• 1:26:14
  Speaker 1: On June twenty eighth, activist Soman wagchuk I Guse She's
• 1:26:19
  Speaker 1: a well known political activist, joined and began a hunger
• 1:26:23
  Speaker 1: strike popular in India since at least Gandhi probably before, and
• 1:26:29
  Speaker 1: that broadened the movement beyond students. On July twentieth, a
• 1:26:34
  Speaker 1: march towards Parliament was met with tear gas, batons, pellet guns.
• 1:26:39
  Speaker 1: Roughly three hundred students who were hospitalized and about seventy
• 1:26:43
  Speaker 1: were arrested. The crackdown backfired. The image is of police
• 1:26:48
  Speaker 1: beating middle class kids, swelled the crowds and spread the
• 1:26:52
  Speaker 1: protest and Mumbai, Kolkata, Indora, Nekpur and the daspar So.
• 1:27:00
  Speaker 1: The central demand of the protests was reform that should
• 1:27:05
  Speaker 1: begin with the resignation of Education Minister. And Education Minister
• 1:27:10
  Speaker 1: is very close to Prime Minister Mody, and therefore Mody
• 1:27:15
  Speaker 1: said no. But after five weeks where he had been
• 1:27:20
  Speaker 1: mostly silent, he broke. Around July twenty third, twenty fourth,
• 1:27:26
  Speaker 1: he announced fast Track. You know, he was still going tough,
• 1:27:31
  Speaker 1: announcing fast track courts and a tough new anti paper
• 1:27:34
  Speaker 1: league law. And then on July twenty fifth he folded,
• 1:27:40
  Speaker 1: brought on the Education Minister, resigned. The CGP called off
• 1:27:45
  Speaker 1: at thirty six day sit in after Minister's gave a
• 1:27:48
  Speaker 1: solemn assurance that the police cases against protesters would be
• 1:27:54
  Speaker 1: withdrawn and no one will be targeted. Why did Mody
• 1:27:58
  Speaker 1: cave Because these protests were not the opposition. This is
• 1:28:04
  Speaker 1: Mody's own base, This is the middle class largely upper cast,
• 1:28:12
  Speaker 1: salaried urban Hindus. This is the demographic foundation of Modi's
• 1:28:17
  Speaker 1: political party. You can't simply brand your own children as
• 1:28:22
  Speaker 1: anti national and start putting them in jail, So, you know,
• 1:28:29
  Speaker 1: it usually has to climb down. You know, in twenty
• 1:28:34
  Speaker 1: twenty one it repealed farm laws after a year of protests.
• 1:28:41
  Speaker 1: Now we'll see if it's real capitulation, because as of
• 1:28:45
  Speaker 1: today it's not a clean win. The government looks like
• 1:28:47
  Speaker 1: it's backtracking. On July twenty eighth, this will been called
• 1:28:50
  Speaker 1: intriim order let police continue existing cases and investigations, which
• 1:28:58
  Speaker 1: the oppositions this lastly Countrydictus of July twenty fifth promise
• 1:29:03
  Speaker 1: the opposition is threatening to restart the protests and the
• 1:29:09
  Speaker 1: same order did not release the detainees under eight you know,
• 1:29:13
  Speaker 1: who are under eighteen and without criminal records, which again
• 1:29:18
  Speaker 1: was promised. So you know, still hasn't really happened. We
• 1:29:26
  Speaker 1: don't really know what's going on. One cabinet minister is gone.
• 1:29:31
  Speaker 1: The government is publicly bent, but it's now trying to
• 1:29:35
  Speaker 1: keep the prosecute persecution of these mostly kids go ongoing.
• 1:29:42
  Speaker 1: So that is what is going on. Right. The government
• 1:29:48
  Speaker 1: gives a public assurance to stop a protest, then quietly
• 1:29:51
  Speaker 1: uses the court system to keep the cosion going. You know,
• 1:29:55
  Speaker 1: when you don't have the rule of law, you don't
• 1:29:57
  Speaker 1: have the rule of law, and you can't believe the government.
• 1:30:02
  Speaker 1: The impressive part of all this isn't so much the memes.
• 1:30:05
  Speaker 1: It's that it's an inn a country remote has looked
• 1:30:08
  Speaker 1: untangible for a decade. You know, tens of thousands of
• 1:30:14
  Speaker 1: politically innocent kids proved that a government they can call
• 1:30:18
  Speaker 1: the government's bluff, at least partially. So hopefully this will
• 1:30:24
  Speaker 1: end well, all right, let's see, let's go through this quickly. Okay,
• 1:30:33
  Speaker 1: let's see this over there. So here's the bad news.
• 1:30:41
  Speaker 1: The bad news is that the total number million is
• 1:30:45
  Speaker 1: in the United Kingdom has fallen to the lowest level
• 1:30:49
  Speaker 1: since two thousand and eight financial crisis. There were four
• 1:30:52
  Speaker 1: hundred and forty two thousand millionaires in twenty twenty five
• 1:30:56
  Speaker 1: undred forty two four hundred and forty two thousand millionaires
• 1:30:59
  Speaker 1: in the UK in twenty twenty five. Now, that's down
• 1:31:03
  Speaker 1: from over one million in twenty twenty one. Over half
• 1:31:08
  Speaker 1: a million millionaires have either left or no longer a
• 1:31:13
  Speaker 1: millionaires in the UK Now, the number of millionaires in
• 1:31:17
  Speaker 1: your economy is a good indication about wealth creation, progress, success.
• 1:31:25
  Speaker 1: So this is a really bad sign for the UK.
• 1:31:29
  Speaker 1: They pass new taxes. They you know, UK used to
• 1:31:33
  Speaker 1: be a haven for fear millionaires to come and live there.
• 1:31:37
  Speaker 1: So millionaires a leaving and wealth creation in the UK
• 1:31:43
  Speaker 1: as a consequence of regulations, taxes, government controls the socialist
• 1:31:49
  Speaker 1: government has declined significantly, right, So you know, this does
• 1:32:02
  Speaker 1: not bode well for the UK. On the other hand,
• 1:32:08
  Speaker 1: across the pond, in the Great United States of America,
• 1:32:14
  Speaker 1: the US added twelve hundred millionaires every day in twenty
• 1:32:19
  Speaker 1: twenty five. Over four hundred and forty thousand people became
• 1:32:25
  Speaker 1: millionaires in the United States last year, accounting for nearly
• 1:32:29
  Speaker 1: half of the world's new millionaires. Now, notice the UK
• 1:32:34
  Speaker 1: has in total four hundred and forty thousand millionaires. The
• 1:32:38
  Speaker 1: United States in one year, you get four hundred and
• 1:32:42
  Speaker 1: forty thousand millionaires. It's pretty amazing number. Yeah, right, A
• 1:32:56
  Speaker 1: lot of this has to do with the fact that
• 1:32:57
  Speaker 1: Stockholm Coue's done so well over the last few years.
• 1:33:02
  Speaker 1: And yeah, the US adds twelve hundred million is per day,
• 1:33:06
  Speaker 1: four hundred and fifty thousand a year. That's good news.
• 1:33:13
  Speaker 1: That's an economic engine that's chugging along. That is confidence
• 1:33:19
  Speaker 1: in the future. That's what stock prices represent. That is entrepreneurship,
• 1:33:24
  Speaker 1: that's people starting businesses, that's people saving and investing. That's
• 1:33:30
  Speaker 1: pretty amazing, pretty amazing, So bad news for UK. At
• 1:33:39
  Speaker 1: the same time, things are going on okay in the US,
• 1:33:42
  Speaker 1: at least until the Democrats pass a or the Republicans
• 1:33:45
  Speaker 1: who knows, pass a wealth tax that that'll reduce the
• 1:33:49
  Speaker 1: number million is pretty quickly. All right, here's another feel good,
• 1:33:56
  Speaker 1: good news story. In nineteen ninety one, a killoot hour
• 1:34:01
  Speaker 1: of lithium iron battery capacity cost over nine thousand dollars.
• 1:34:07
  Speaker 1: Should I say that again? I know it's it's tech stuff.
• 1:34:11
  Speaker 1: In nineteen ninety one, nineteen ninety one, a killoot hour
• 1:34:19
  Speaker 1: of lithium ion battery capacity cost nine thousand dollars. I
• 1:34:25
  Speaker 1: just have to comment on this. Temmy Roberts says, I
• 1:34:27
  Speaker 1: went from making forty k an you'll lead to making
• 1:34:29
  Speaker 1: two million year. I doubt that, you know. I'm not.
• 1:34:32
  Speaker 1: I'm not going to call you allower out here public keeping.
• 1:34:35
  Speaker 1: I just have my doubts. I just have my doubts
• 1:34:39
  Speaker 1: and if you're making two million a year, you're being
• 1:34:41
  Speaker 1: really skimpy on those superchats. And then he says, thank
• 1:34:45
  Speaker 1: you Trump. What's it got to do with Trump? Millionaires
• 1:34:47
  Speaker 1: were being created, but this number at this rate during Biden,
• 1:34:51
  Speaker 1: the stockma could went up just as much under Biden.
• 1:34:58
  Speaker 1: In nineteen ninety one, what hour of lithium ion battery
• 1:35:02
  Speaker 1: cost capacity cost nine thousand dollars? Today today what is
• 1:35:07
  Speaker 1: it fifty? You know, thirty thirty five years later, thirty
• 1:35:12
  Speaker 1: five years later, that has fallen into under one hundred dollars,
• 1:35:18
  Speaker 1: a ninety nine approximately percent collapse in price, driven by
• 1:35:24
  Speaker 1: what by government? No no, sorry, whoops whoops? Driven by
• 1:35:33
  Speaker 1: relentless innovation, competition and scale. Relentless innovation, competition and scale
• 1:35:43
  Speaker 1: markets work. So from nine thousand to under one hundred,
• 1:35:49
  Speaker 1: it's pretty amazing innovation. Innovation, innovation, all right. And finally,
• 1:36:05
  Speaker 1: the editorial board of The Washington Post wrote this, Argentina's
• 1:36:11
  Speaker 1: renaissance continues. Have Yemilay's market reform continue to pay dividends
• 1:36:17
  Speaker 1: as the country receives its third credit upgrade in three months.
• 1:36:23
  Speaker 1: This is the editorial board Argentina's free market renaissance continues
• 1:36:28
  Speaker 1: to improve the country's economic outlook, and investors are noticing.
• 1:36:32
  Speaker 1: The Washington Post Rights Moody's upgraded Argentina dollar bonds and
• 1:36:36
  Speaker 1: revised its outlook from stable to positive. This week there
• 1:36:40
  Speaker 1: was this that was the third sovereign rating upgrade for
• 1:36:43
  Speaker 1: Argentina in less than three months, following Fitch in May
• 1:36:48
  Speaker 1: and SMP Global in June. The message on the raiding
• 1:36:52
  Speaker 1: agencies is that President have Yamilay's market orientered reforms are working. WHOA.
• 1:36:59
  Speaker 1: When I entered the CASA was in December twenty twenty three,
• 1:37:03
  Speaker 1: Argentina was considered at dangerously high risk of default. Not
• 1:37:09
  Speaker 1: even three years later, Argentina has escaped its highly distressed
• 1:37:14
  Speaker 1: rating and no longer holds some of the riskiest debt
• 1:37:17
  Speaker 1: in the global market. Mila's ambition is to achieve an
• 1:37:21
  Speaker 1: investment grade rating within five years. This change is not magical.
• 1:37:26
  Speaker 1: Luck Moody's noted the Argentina's macroeconomic stabilization has advanced beyond
• 1:37:32
  Speaker 1: the initial adjustment phase into a more durable improvement in
• 1:37:37
  Speaker 1: credit fundamentals. Booming exports have also improved the country's prospects,
• 1:37:42
  Speaker 1: partially due to an expansion of energy sector. By the way,
• 1:37:46
  Speaker 1: when I was at the energy company in Austin, I
• 1:37:50
  Speaker 1: was told by the Coeodare that the fracking in Argentina
• 1:37:58
  Speaker 1: has the potential to produce more oil in the natural
• 1:38:00
  Speaker 1: gas in the Premium basin in Texas. That's massive, massive
• 1:38:06
  Speaker 1: quantities of oil and natural gas because they privatized it.
• 1:38:11
  Speaker 1: They're letting private companies go in there and and and
• 1:38:14
  Speaker 1: and use it there. You know, this company in Austin
• 1:38:17
  Speaker 1: is actually trying to buy you know, uh, you know,
• 1:38:25
  Speaker 1: engage in in activities in uh in in this basin.
• 1:38:29
  Speaker 1: They've got the expertise coming out of the Permian basin. Uh.
• 1:38:32
  Speaker 1: It's expensive because a lot of people are coming in there.
• 1:38:34
  Speaker 1: There's a lot of competition. Uh. But yeah, energy is
• 1:38:38
  Speaker 1: going to be massive, you know, Argentina massive. They have
• 1:38:41
  Speaker 1: so much oil, so much natural gas, and it's just starting.
• 1:38:45
  Speaker 1: It hasn't even really kicked in yet, it's just starting.
• 1:38:49
  Speaker 1: You're gonna have LNG there. You know, they're gonna export
• 1:38:53
  Speaker 1: natural gas, liquidfied natural gas. So it's yeah, amazing, amazing.
• 1:38:59
  Speaker 1: Uh and Uh. The article goes on Malay made tackling
• 1:39:02
  Speaker 1: inflation a top priority when he took office. The monthly
• 1:39:06
  Speaker 1: monthly infasion rate have it around twenty five percent. Last
• 1:39:09
  Speaker 1: month it's satur At one point. Milayoso tackled the country's
• 1:39:13
  Speaker 1: persistent physical deficits and reported a model so plus just
• 1:39:17
  Speaker 1: a year after his inauguration. This makes life better for Argentinians.
• 1:39:24
  Speaker 1: It also offers a model for other stagnant economists economies
• 1:39:28
  Speaker 1: looking to rebound. Milay as a model. Now, that would
• 1:39:34
  Speaker 1: be super cool, and that would be amazing good news
• 1:39:39
  Speaker 1: for all of us. All right, So there, my fans,
• 1:39:44
  Speaker 1: is the news for this Wednesday, July twenty ninth. Went
• 1:39:51
  Speaker 1: a little long today, but of course I wasn't here
• 1:39:53
  Speaker 1: for a while, so maybe we need to go along today.
• 1:39:59
  Speaker 1: So yep, there you have it. Good more good news
• 1:40:03
  Speaker 1: out of Malay. We don't always count on Milai to
• 1:40:06
  Speaker 1: provide a good news segment on the IRN book Show,
• 1:40:10
  Speaker 1: right all right, Before we go to our super chat,
• 1:40:18
  Speaker 1: let me remind you all that an Ironman Institute is
• 1:40:21
  Speaker 1: a support of the show. There's a conference in Austin
• 1:40:24
  Speaker 1: in September, I think eleventh to thirteenth. You'll have some
• 1:40:27
  Speaker 1: of the leading voices in objectivism today speaking at the conference.
• 1:40:32
  Speaker 1: It's going to be fun and incredibly educational. You'll also
• 1:40:37
  Speaker 1: meet a lot of other objectivists and the institute is
• 1:40:39
  Speaker 1: offering scholarships to anybody under thirty five. Under the age
• 1:40:43
  Speaker 1: of thirty five can get a scholarship. Go to dot Oak,
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  Speaker 1: Alex Epstein alex Epstein is the number one authority, the
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  Speaker 1: environmental regulations. I mean, the guys knows a lot about
• 1:41:20
  Speaker 1: some of the most important issues in the world right now,
• 1:41:23
  Speaker 1: and it's very much involved in politics. If you want
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  Speaker 1: to know what's going on, sign up to alex Epstein
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  Speaker 1: them out for particularly if you've you know, I don't know.
• 1:41:50
  Speaker 1: Maybe maybe you worked for SpaceX a long time ago
• 1:41:52
  Speaker 1: and you got some stock which is worth a lot
• 1:41:55
  Speaker 1: of money right now. Your lockup is coming up. When
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  Speaker 1: you sell that stock and maybe a living California, you
• 1:42:00
  Speaker 1: can have a massive tax bill. Capital gains. Well, they
• 1:42:05
  Speaker 1: have a series of strategies to protect those capital gains
• 1:42:10
  Speaker 1: to to make it possible for you defer them and
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• 1:42:28
  Speaker 1: just check out my interview with Robert uh handle shot
• 1:42:32
  Speaker 1: that we did a while back ago on my YouTube channel.
• 1:42:36
  Speaker 1: Playlists for sponsors, all right, and I'll remind you to
• 1:42:42
  Speaker 1: become to consider becoming Patreon uh supporters monthly supporters on Patreon,
• 1:42:49
  Speaker 1: on uh or on PayPal. Uh. It's great because then
• 1:42:53
  Speaker 1: it's completely predictable and know exactly what's coming in your
• 1:42:56
  Speaker 1: month in month month out, month in month out. Uh
• 1:43:00
  Speaker 1: and uh you know it. Yeah, become a monthly supportive
• 1:43:04
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• 1:43:06
  Speaker 1: to think about it again. Do it now, do it
• 1:43:08
  Speaker 1: right now. And those we still have questions, We've got
• 1:43:11
  Speaker 1: a lot of them, mainly twenty fifty and two hundred
• 1:43:15
  Speaker 1: dollars questions. Amazing, so thank you guys. But if you've
• 1:43:20
  Speaker 1: got more twenty fifty one hundred, two hundred dollars questions
• 1:43:24
  Speaker 1: or too fifty, somebody who's going to ask a two
• 1:43:26
  Speaker 1: fifty question? Uh, please hear fee to jump in. I've
• 1:43:29
  Speaker 1: raised the goal what the hell to fourteen hundred bucks
• 1:43:35
  Speaker 1: and which is a nice round number and would really
• 1:43:40
  Speaker 1: help this month's target given that we didn't have shows
• 1:43:43
  Speaker 1: for a while. But anyway, let's jump in with the questions,
• 1:43:46
  Speaker 1: and we'll start with Nantyaviji algorithm with that two hundred
• 1:43:49
  Speaker 1: dollars question. But natavijy algorithm has a bunch of questions
• 1:43:53
  Speaker 1: like he's got like two hundred, three hundred, four hundred
• 1:43:57
  Speaker 1: and five hundred dollars worth of questions here, so thank you.
• 1:44:00
  Speaker 1: Not you have a jolgorhithm all right, let's start with
• 1:44:03
  Speaker 1: his two hundred dollars question. Extreme self consciousness acts as
• 1:44:08
  Speaker 1: a direct conduit for misery. When you are overly preoccupied
• 1:44:12
  Speaker 1: with yourself, your thoughts to an inward as flaws, regrets,
• 1:44:17
  Speaker 1: and anxieties. This constant self monitoring traps you in a
• 1:44:22
  Speaker 1: cycle of negative rumination, which fuels insecurity and isolation. Yeah,
• 1:44:30
  Speaker 1: I mean I think that's right, you know, I think
• 1:44:33
  Speaker 1: that's absolutely right, and that if you really, if it's
• 1:44:36
  Speaker 1: doing that to you, you need the help of a therapist.
• 1:44:40
  Speaker 1: You need the help of a good cognitive therapist who
• 1:44:43
  Speaker 1: can walk you through why you're doing that to you.
• 1:44:46
  Speaker 1: I mean, you want to be self conscious, you want
• 1:44:49
  Speaker 1: to be introspective, but you want to be self conscious
• 1:44:52
  Speaker 1: and introspective in a productive kind of way, in a
• 1:44:56
  Speaker 1: way that makes you better, It makes you more productive,
• 1:44:59
  Speaker 1: in a way that makes you happier, in a way
• 1:45:01
  Speaker 1: that helps you resolve challenges inside your mind rather than
• 1:45:08
  Speaker 1: create more. And I think a good therapist can help.
• 1:45:12
  Speaker 1: I don't know how to find a good therapist, but
• 1:45:14
  Speaker 1: you can start with Gina Golan can really help figure
• 1:45:17
  Speaker 1: all that out, you can, you know, and you know,
• 1:45:24
  Speaker 1: the constant self monitoring, I mean, you really have to
• 1:45:26
  Speaker 1: think about why am I doing this? Am I worried
• 1:45:30
  Speaker 1: about how I will be perceived by other people? Is
• 1:45:33
  Speaker 1: that what's driving it? Have I got low self esteem?
• 1:45:37
  Speaker 1: Probably pretty sure you do, and therefore I'm just looking
• 1:45:41
  Speaker 1: for the opportunity to validate my low self esteem by
• 1:45:45
  Speaker 1: catching myself doing something, failing, doing something inappropriate, thinking something inappropriate.
• 1:45:58
  Speaker 1: So I think you're absolutely absolutely right in in terms
• 1:46:06
  Speaker 1: of the challenges that it poses. I think all those
• 1:46:08
  Speaker 1: challenges are real and they have to be dealt with,
• 1:46:11
  Speaker 1: and it's important you deal with them, and I think
• 1:46:12
  Speaker 1: the best way to deal with them is by getting
• 1:46:19
  Speaker 1: professional help. If it's become kind of the cycle of
• 1:46:24
  Speaker 1: negative rumination and insecurity and isolation, and it's all driven
• 1:46:30
  Speaker 1: by a low self esteem, really driven by I don't
• 1:46:35
  Speaker 1: deserve it. I don't deserve the good I have. I
• 1:46:38
  Speaker 1: can't really cope in this world. I mean not as
• 1:46:41
  Speaker 1: a explicit thought necessarily, and not as necessarily something you
• 1:46:49
  Speaker 1: hold and know it, but something that somewhere down the road,
• 1:46:56
  Speaker 1: somewhere in your childhood, somewhere in your early life, you
• 1:47:00
  Speaker 1: have come to this conclusion about yourself, and you need
• 1:47:06
  Speaker 1: strategies to overturn that conclusion and re establish a sense
• 1:47:13
  Speaker 1: of worth, a confidence, and a sense of self worth.
• 1:47:21
  Speaker 1: Hopefully that's helpful. Not you have any algorithm? All right?
• 1:47:26
  Speaker 1: I think I saw one hundred dollars question here. Maybe not, Yeah,
• 1:47:30
  Speaker 1: there it is, Michael. Michael says, I watched the rest
• 1:47:36
  Speaker 1: of them, Mike Israel Israel interview. There's a lot more
• 1:47:40
  Speaker 1: good clips to react to. It was infuriating because Mike
• 1:47:45
  Speaker 1: was coming across as having as having them all high ground,
• 1:47:50
  Speaker 1: when Israchel was actually giving the correct answers they would
• 1:47:54
  Speaker 1: vastly improve human life. Yeah, I mean I I you know,
• 1:47:58
  Speaker 1: I can't do the whole interview. He went almost three hours,
• 1:48:02
  Speaker 1: but yes, there was a lot of stuff like that,
• 1:48:04
  Speaker 1: you know, and it is frustrating. And I don't think
• 1:48:08
  Speaker 1: Israel had the right He didn't deal with doctor Mike Wright,
• 1:48:14
  Speaker 1: and he didn't in a sense put him in his place,
• 1:48:17
  Speaker 1: and he didn't challenge the very nature of you know,
• 1:48:25
  Speaker 1: this idea of I'm all high ground altruism. He never
• 1:48:28
  Speaker 1: challenged the very foundations of that altruism, which is what
• 1:48:31
  Speaker 1: he would need to do if he was gonna, in
• 1:48:35
  Speaker 1: a sense escape the track that Mike was constantly leading
• 1:48:38
  Speaker 1: him through. That is. Yeah, everything you're saying is this
• 1:48:42
  Speaker 1: and this sist. But what about what about other people?
• 1:48:47
  Speaker 1: What about not being too arrogant? What about not thinking
• 1:48:50
  Speaker 1: about yourself too much? You have to face that head on,
• 1:48:54
  Speaker 1: and he didn't. On the other hand, he says a
• 1:48:57
  Speaker 1: lot of good things in it, so like there's no
• 1:49:00
  Speaker 1: a thing as the public public interest, although in the
• 1:49:03
  Speaker 1: early part of the interview he he talks about what's
• 1:49:07
  Speaker 1: in the public interest, and in the later part of
• 1:49:08
  Speaker 1: the interview he rejects that there is such a thing.
• 1:49:11
  Speaker 1: So I hope he watches it and sees the contradiction himself.
• 1:49:22
  Speaker 1: So let me just uh do this. Yeah, had enough
• 1:49:32
  Speaker 1: of that worthless stuff. Okay, Andrew Hern's military and economy
• 1:49:41
  Speaker 1: may be wrecked, yet its statue on the world stage
• 1:49:44
  Speaker 1: a pist they've grown. Yeah. Absolutely. I don't think a
• 1:49:47
  Speaker 1: dictatorship can have self esteem, but it seems it could
• 1:49:51
  Speaker 1: gorge in the blood seeping from self inflicted wounds as
• 1:49:56
  Speaker 1: a proud enemy nation of a proud enemination. Yeah, I
• 1:50:02
  Speaker 1: mean it can. Look I mean, this is the ultimate
• 1:50:06
  Speaker 1: sanction of the victim. America is sanctioning the Ranians, and
• 1:50:12
  Speaker 1: they are making hair of it. So Trump has done
• 1:50:15
  Speaker 1: more to legitimize this regime than anybody ever has by
• 1:50:20
  Speaker 1: negotiating with them, by saying what nice people they are
• 1:50:24
  Speaker 1: one a second, he's done more legitimizing and by not
• 1:50:32
  Speaker 1: defeating them, thus giving them the feeling and the rest
• 1:50:37
  Speaker 1: of the world of feeling that Iran can stand up
• 1:50:40
  Speaker 1: to the United States and is standing up to the
• 1:50:42
  Speaker 1: United States. So whatever success IWON is having in terms
• 1:50:48
  Speaker 1: of stature, in terms of its own perspective of itself,
• 1:50:52
  Speaker 1: but certainly of the world's perspective of it is all
• 1:50:56
  Speaker 1: a result of Trump. It's all a result of Trump's failures.
• 1:51:01
  Speaker 1: And this is his biggest failure. His biggest failure is
• 1:51:04
  Speaker 1: that he's He's made Iran into something bigger than it
• 1:51:08
  Speaker 1: ever was. And it's discouching, disheartening, disgusting. But this is
• 1:51:17
  Speaker 1: what you get when you vote for Trump. This is
• 1:51:19
  Speaker 1: what you get, all right, Selfie subscriber, thank you for
• 1:51:26
  Speaker 1: the stick of fifty dollars. That's amazing. Nature Observer, thank
• 1:51:30
  Speaker 1: you for the sticker. Greg, and let's see Bonnie and
• 1:51:39
  Speaker 1: uh tum tum to Tom Ryan and Stephen and Stephen
• 1:51:47
  Speaker 1: Hopper and then Stephen Chrisman and exit and Greg again
• 1:51:53
  Speaker 1: and Mary Ellen and I said, thank you all all guys,
• 1:51:59
  Speaker 1: thank you for the stickers. You two can do a
• 1:52:01
  Speaker 1: sticker a sticker, doesn't You don't have to ask a question,
• 1:52:04
  Speaker 1: and you can provide value for value, support trade trade
• 1:52:08
  Speaker 1: with me. You're getting value by listening live deploy that
• 1:52:13
  Speaker 1: to make a sticker. Particularly, Tommy Uabatsu said he makes
• 1:52:16
  Speaker 1: two million dollars a year and can't even do a
• 1:52:18
  Speaker 1: two dollars sticker. So I don't know. Natcha a y'allgo
• 1:52:25
  Speaker 1: with them a four part question. Let's see if I
• 1:52:27
  Speaker 1: can retain all this younominous powerlels. Doctor Peacock makes the
• 1:52:32
  Speaker 1: case that the concentration caps are Nazi Germany worn't simply
• 1:52:36
  Speaker 1: for extermination, but a place of prolonged agony and suffering
• 1:52:41
  Speaker 1: in order to break the spirit of the living, not
• 1:52:44
  Speaker 1: simply make them dead. We know at this time only
• 1:52:49
  Speaker 1: a fraction of the stories of what happened. What's happening
• 1:52:52
  Speaker 1: inside the ice detention for centers with disease outbreaks and
• 1:52:56
  Speaker 1: random deaths and other cool and usual unconstitutional punishments and
• 1:53:01
  Speaker 1: conditions are currently occurring. But if what we are seeing
• 1:53:08
  Speaker 1: on the streets of America, the unpolice like system, systemic
• 1:53:12
  Speaker 1: violence and out of control, deadly use of force, and
• 1:53:16
  Speaker 1: more and more the fact of the psychological unhealthy character
• 1:53:20
  Speaker 1: of ice agents, we can assume we can surmise the
• 1:53:26
  Speaker 1: ice detention centers are systematically not just holding places, but
• 1:53:31
  Speaker 1: places of purposeful, malicious torture, the philosophical The philosophical drives
• 1:53:36
  Speaker 1: that Peacoff identifies in Germany are present in a portion
• 1:53:40
  Speaker 1: of the American population. I think that's right, and I
• 1:53:45
  Speaker 1: think if you ask somebody like Miller, he would say, yes,
• 1:53:50
  Speaker 1: we want them to suffer and go back home. When
• 1:53:55
  Speaker 1: we deport them and tell people never to come to
• 1:53:57
  Speaker 1: this country. We want want them to discourage. We want
• 1:54:01
  Speaker 1: to inflict pain on them, partially to send a message
• 1:54:07
  Speaker 1: to future potential so called the illegal immigrants, you're not wanted,
• 1:54:14
  Speaker 1: and if you come, you will suffer. If you come,
• 1:54:17
  Speaker 1: there very very negative consequences. But yeah, there's a real
• 1:54:22
  Speaker 1: I mean you can see it everywhere. And you can
• 1:54:24
  Speaker 1: see when you talk to people about immigration, there's a hatred,
• 1:54:29
  Speaker 1: you know, a viciousness about you know ice. Uh, there's
• 1:54:35
  Speaker 1: just un American. It's much more German. It's it's Unamerican.
• 1:54:40
  Speaker 1: It's thuggish, it's thuggish and yep, it's uh it's really
• 1:54:55
  Speaker 1: sad and uh it shows ominous powers. You know, even
• 1:54:58
  Speaker 1: the United States can become a Germany. Even the United
• 1:55:03
  Speaker 1: States can be impacted by the evil ideology or similar
• 1:55:08
  Speaker 1: evil ideology to the ideology that drove the Nazis. Okay,
• 1:55:16
  Speaker 1: we'll keep going. We've got a lot of questions. This
• 1:55:18
  Speaker 1: is great, let's Michael, Michael. Thank you Michael. Europeans visiting
• 1:55:24
  Speaker 1: America for the World Cup often commented on social media
• 1:55:27
  Speaker 1: about Americans small talk. Is small talk a phenomena of
• 1:55:32
  Speaker 1: a more individualistic, optimistic culture. More collective of societies are
• 1:55:36
  Speaker 1: less open with strangers. Yeah, I think so. I think
• 1:55:40
  Speaker 1: friendly small talk, friendly small talk, and the I think
• 1:55:52
  Speaker 1: it's very much a representative of kind of of American culture.
• 1:56:02
  Speaker 1: Engaging just friendliness is much more an individualistic characteristic than
• 1:56:08
  Speaker 1: a collectivistic one. I find the more collectivistic of society,
• 1:56:11
  Speaker 1: the less friendly they become. And this is the reason
• 1:56:16
  Speaker 1: collectivism inculcates a zero sum mentality. Hey, you know, I
• 1:56:22
  Speaker 1: have to live for all these other people. That means
• 1:56:24
  Speaker 1: I get less. I have to live for them, not
• 1:56:27
  Speaker 1: for myself. It breathes resentment of other people because other
• 1:56:33
  Speaker 1: people are threat to you. Other people are cost to you.
• 1:56:39
  Speaker 1: A society of individualists, traders tend to be benevolent because
• 1:56:46
  Speaker 1: of engaging in win win relationships. They're engaging in mutually
• 1:56:50
  Speaker 1: beneficial relationships, mutually beneficial transactions other people on our threat
• 1:56:56
  Speaker 1: to them, other people of value to them. Americans very
• 1:57:02
  Speaker 1: much see other people as a value to themselves, and
• 1:57:08
  Speaker 1: that is not true in other cultures, just not true.
• 1:57:15
  Speaker 1: So that resentment of others is inculcated by collectivism, and
• 1:57:24
  Speaker 1: we don't have that in America. I mean some places
• 1:57:26
  Speaker 1: have it. Some people have it because we're shifting and
• 1:57:29
  Speaker 1: becoming European. But Americans have always struck me as friendly,
• 1:57:36
  Speaker 1: more benevolent, more truly interested in you, because they don't
• 1:57:42
  Speaker 1: view us of threat. They view years, yeah, as a
• 1:57:44
  Speaker 1: potential ally as a trader. That's what capitalism does. That's
• 1:57:50
  Speaker 1: what capitalism does, even the little bit that we still
• 1:57:54
  Speaker 1: have in America. Clock denign ran underestimate the ability of
• 1:58:04
  Speaker 1: a free portion of a mixed economy to produce greatness
• 1:58:07
  Speaker 1: while underd rest in control. If we're running on fifty
• 1:58:11
  Speaker 1: percent capitalism, India is running on ten percent. Yet if
• 1:58:15
  Speaker 1: you go there and new skyscrapers are going up all
• 1:58:17
  Speaker 1: the time, yes, I think she did underestimate, and I
• 1:58:21
  Speaker 1: think objectives intelligience have for decades underestimated the extent to
• 1:58:27
  Speaker 1: which you can keep going on a little bit of
• 1:58:30
  Speaker 1: freedom and how much technology breeds technology and how much
• 1:58:39
  Speaker 1: you can And the fact is India can get richer
• 1:58:42
  Speaker 1: and China can get richer because because when you add more,
• 1:59:02
  Speaker 1: because they benefit from us, they benefit from our advances.
• 1:59:06
  Speaker 1: Most innovations happen here and then exported India and they'll
• 1:59:11
  Speaker 1: copy them or we make them in some way or
• 1:59:13
  Speaker 1: the other. And you know, they can leverage that, they
• 1:59:17
  Speaker 1: can benefit from that. You know, Indians come here to school,
• 1:59:21
  Speaker 1: Indians come here to be start up entrepreneurs in Silicon Valley.
• 1:59:27
  Speaker 1: So we live in a country that's very, very mixed.
• 1:59:30
  Speaker 1: On the one hand, we have unbelievable trump cronyism, we
• 1:59:34
  Speaker 1: have ice, we have tariffs and inability to win a
• 1:59:39
  Speaker 1: war because we're not committed to it. And yet on
• 1:59:44
  Speaker 1: the other hand, we have people who are generally unbelievably benevolent,
• 1:59:52
  Speaker 1: hard working, incredibly entrepreneurial. We have young people starting firms
• 1:59:58
  Speaker 1: at the age of nineteen that you couldn't do anywhere
• 2:00:01
  Speaker 1: else in the world. We have an incredible entrepreneurial culture.
• 2:00:06
  Speaker 1: We have the leading AI companies in the world, not
• 2:00:09
  Speaker 1: because government is there to help them, though they're trying
• 2:00:12
  Speaker 1: to get government to help, but not government there to
• 2:00:14
  Speaker 1: help them because of innovation, because of the little bit
• 2:00:18
  Speaker 1: of freedom that they have. So it's a real split world.
• 2:00:22
  Speaker 1: On the one hand, I tell you about the horrors
• 2:00:24
  Speaker 1: of Trump and the horrors of ice and the horrors
• 2:00:26
  Speaker 1: of tariffs, and the next time I'm telling you how
• 2:00:30
  Speaker 1: we live in the safest America has ever been in
• 2:00:33
  Speaker 1: terms of violent crime. We live in an incredibly friendly
• 2:00:37
  Speaker 1: country as long as you don't talk politics. I mean,
• 2:00:45
  Speaker 1: while there are people who hate, for example, Indian immigrants,
• 2:00:49
  Speaker 1: most Americans embrace them. Well, there are many Americans that
• 2:00:55
  Speaker 1: sheer ice facilities, as we saw in Minneapolis, most Americans
• 2:01:00
  Speaker 1: resent them. It's a split country, and unfortunately a politics
• 2:01:09
  Speaker 1: are politics raise up and make visible the ugliest part
• 2:01:14
  Speaker 1: of American society and the beauty of American society. The
• 2:01:20
  Speaker 1: incredible nature of American society is does not make the news,
• 2:01:25
  Speaker 1: is not the priority, but it's there. You know, it's there.
• 2:01:29
  Speaker 1: American companies which still hire entrepreneurs like that if the
• 2:01:33
  Speaker 1: government allowed them. So the bias against Indian entrepreneurs is
• 2:01:37
  Speaker 1: not on the part of American companies. It's not on
• 2:01:40
  Speaker 1: the part of other entrepreneurs Americans. It's on the part
• 2:01:42
  Speaker 1: of the government and Mega stupidity. The same is true
• 2:01:47
  Speaker 1: of Israel. Everybody hates Israel, but the fact is Israelis
• 2:01:51
  Speaker 1: are welcome in the United States. People are incredibly friendly
• 2:01:54
  Speaker 1: towards them. Israeli innovation is welcome in the US. Mega
• 2:01:58
  Speaker 1: and the far left can go to Hell. And they
• 2:02:01
  Speaker 1: still haven't dominated, they haven't taken over this country. And
• 2:02:05
  Speaker 1: I think that's what tourists when they came for the
• 2:02:06
  Speaker 1: World Cup discovered. They discovered incredibly friendly, incredibly prosperous, much
• 2:02:12
  Speaker 1: richer than where they came from, place where people are nice,
• 2:02:16
  Speaker 1: friendly and rich. Author I had a discussion with someone
• 2:02:23
  Speaker 1: on the Manosphere and he was interested in objectives and
• 2:02:27
  Speaker 1: ideas I was presenting. His buttle to me was, if
• 2:02:31
  Speaker 1: you're a loser and are never going to have much
• 2:02:35
  Speaker 1: in this life, how can objectives philosophy benefit for you. Well,
• 2:02:39
  Speaker 1: it can prevent you from being a loser, It can
• 2:02:43
  Speaker 1: change you for being a loser. I mean, this is
• 2:02:45
  Speaker 1: the insanity of these people. They think they are They
• 2:02:54
  Speaker 1: think they are metaphysically losers. But to be a loser
• 2:02:57
  Speaker 1: is a choice. That's what objects and teaches you. To
• 2:03:01
  Speaker 1: be a loser is a choice you make yourself a loser.
• 2:03:09
  Speaker 1: You develop yourself into a loser, but embrace the right values,
• 2:03:16
  Speaker 1: embrace the right you know, act out the right virtues,
• 2:03:19
  Speaker 1: and you become a winner. You're not predetermined in life
• 2:03:23
  Speaker 1: to be a loser. You're not predetermined in life to
• 2:03:27
  Speaker 1: be a winner. You have to go out there and
• 2:03:30
  Speaker 1: make it. And the fact that you're short and not
• 2:03:34
  Speaker 1: that great looking, that does not determine whether you're going
• 2:03:38
  Speaker 1: to be a winner or loser. I know lots of short,
• 2:03:41
  Speaker 1: not so good looking people who do phenomenally well. So
• 2:03:47
  Speaker 1: stop I mean objectives and will teach him to stop moping,
• 2:03:52
  Speaker 1: stop feeling sorry for himself, and actually go and engage
• 2:03:56
  Speaker 1: in actual living, living with the capital L. So I
• 2:04:03
  Speaker 1: mean the versus and the value is exactly for him,
• 2:04:06
  Speaker 1: because exactly for people who think that that predestined, that
• 2:04:10
  Speaker 1: there's no other option but to be a loser. But
• 2:04:12
  Speaker 1: that's just false, that's just a fantasy. There's no predestination.
• 2:04:21
  Speaker 1: Author again, fifty dollars, Thank you, two fifty dollars. Questions
• 2:04:27
  Speaker 1: really appreciate that. I'm going to start a new acronym tase.
• 2:04:32
  Speaker 1: Trump's always write syndrome. He does something that's a bad idea,
• 2:04:38
  Speaker 1: but you accept it because you don't like the bad
• 2:04:40
  Speaker 1: idea of the other side, and you have an article
• 2:04:43
  Speaker 1: of faith that he cannot be criticized. Yeah, I mean
• 2:04:47
  Speaker 1: I've I've tried to come up with different acronyms for that.
• 2:04:52
  Speaker 1: I tried Trump zombie syndrome. Trump zombie. He makes a
• 2:05:00
  Speaker 1: Trump mindlessness syndrome, Trump mindlessness syndrome. He turns people into
• 2:05:06
  Speaker 1: mindless zombies. They just do whatever whatever he says, support
• 2:05:11
  Speaker 1: whatever he says. I'm questioning if you can come up
• 2:05:16
  Speaker 1: with a different mind didn't catch on. Nobody nobody adopted mine.
• 2:05:20
  Speaker 1: Nobody adopted mine. So maybe yours will catch on better.
• 2:05:24
  Speaker 1: Maybe yours will, We'll do a lot better than mine.
• 2:05:27
  Speaker 1: But Taras Trump's always rights syndrome is pretty good. It's
• 2:05:31
  Speaker 1: pretty good. I like my zombie one because it's it's
• 2:05:35
  Speaker 1: not just that he's right, it's that you become mindless,
• 2:05:38
  Speaker 1: you stop thinking. Rand from Australia, Thank you, Rand, he
• 2:05:47
  Speaker 1: says at Oconn. At Oconn, you made it's Oconn made
• 2:05:53
  Speaker 1: a speech where I was on YouTube. You mentioned Iron
• 2:05:57
  Speaker 1: RAN's triangle that refutes marks his view of production. I'm
• 2:06:02
  Speaker 1: struggling to fully grasp it. Could you explain the triangle
• 2:06:06
  Speaker 1: and wide refuge Mars. Yes, it's an alternative Marks. I
• 2:06:12
  Speaker 1: don't think the triangle in and of itself refuge Marx.
• 2:06:15
  Speaker 1: She refutes Marks elsewhere, right, But so here's the Marxist triangle.
• 2:06:33
  Speaker 1: The Marxist triangle is the idea. It's a it's a
• 2:06:36
  Speaker 1: regular try, it's a regular pyramid, with the idea that
• 2:06:39
  Speaker 1: the base are the workers, and they're the ones who
• 2:06:44
  Speaker 1: really produce stuff, They're the ones who make production possible.
• 2:06:49
  Speaker 1: And then above them is a layer of middle management
• 2:06:52
  Speaker 1: which do something but don't do very much. They basically
• 2:06:57
  Speaker 1: live off of the work that the base does. That
• 2:07:01
  Speaker 1: the that the that the that the work is do.
• 2:07:03
  Speaker 1: And then on top of them are higher up managers
• 2:07:06
  Speaker 1: and you get to the CEO and on top, at
• 2:07:08
  Speaker 1: the very top of the pyramid is the capitalist and
• 2:07:11
  Speaker 1: he does nothing. He is just exploiting everybody below him,
• 2:07:17
  Speaker 1: and at every level down they're exploiting the people below them,
• 2:07:20
  Speaker 1: and all the work gets done by the people at
• 2:07:24
  Speaker 1: the very bottom, at the manual labor. If you want
• 2:07:30
  Speaker 1: to see a stunning visual depiction of this, you can
• 2:07:36
  Speaker 1: see it at in the movie Titanic by James Cameron,
• 2:07:44
  Speaker 1: and he has a sweep of the ship from the
• 2:07:47
  Speaker 1: from the people in the in the penthouse suites sitting
• 2:07:50
  Speaker 1: there doing nothing and everybody down, and it grows and
• 2:07:53
  Speaker 1: grows and grows, and then right at the bottom of
• 2:07:55
  Speaker 1: the pyramid, and it's even it's even film as a
• 2:07:58
  Speaker 1: pyramid because it goes through the sh like this, and
• 2:08:01
  Speaker 1: at the bottom of the pyramid of the people shuffling
• 2:08:06
  Speaker 1: the coal into the fire to move the ship. The
• 2:08:10
  Speaker 1: people are doing the hard labor, the physical labor that
• 2:08:13
  Speaker 1: actually makes the ship go, and it's a visually stunning
• 2:08:16
  Speaker 1: depiction of Marxist pyramid. Rand says, no, wait a minute,
• 2:08:21
  Speaker 1: that's all wrong. The workers can't do anything without managers
• 2:08:28
  Speaker 1: telling them what to do, providing them with the capital,
• 2:08:31
  Speaker 1: and allocating capital to where it's most appropriately used and
• 2:08:35
  Speaker 1: where's sufficient used. The middle managers can't do anything without
• 2:08:38
  Speaker 1: upper managers actually coming up with a strategy and in
• 2:08:44
  Speaker 1: a direction for the company, maybe going out into the
• 2:08:48
  Speaker 1: public markets and getting capital. And none of those people
• 2:08:51
  Speaker 1: can do anything without the capitalist making the choice. After
• 2:08:57
  Speaker 1: reviewing lots of business plans and lots of listening lots
• 2:09:00
  Speaker 1: of entrepreneurs, choosing these particular guys to give them the
• 2:09:05
  Speaker 1: funding to make this company viable. So for her, the
• 2:09:12
  Speaker 1: higher you go on the pyramid, the more value you're creating.
• 2:09:16
  Speaker 1: So her view is you should rotate the pyramid. Its
• 2:09:18
  Speaker 1: actually sits on it's it's it's what do you call it,
• 2:09:24
  Speaker 1: points and everybody as you go up, you know, in
• 2:09:31
  Speaker 1: a sense, produces less value and are sitting on the
• 2:09:36
  Speaker 1: shoulders of the people underneath. Nobody is exploiting anybody, but
• 2:09:41
  Speaker 1: the greatest benefit goes to the people on top, who
• 2:09:45
  Speaker 1: are the workers. They're benefiting from everybody else who has
• 2:09:50
  Speaker 1: fed into this pyramid, right, all right, So that's what
• 2:10:04
  Speaker 1: it means. That's what it means. Hopefully that's helpful. Let
• 2:10:08
  Speaker 1: me know. Rand also Randall, sorry not rand Randall, he
• 2:10:14
  Speaker 1: says you're on one. Caution, Cheaper lithem ion batteries may
• 2:10:17
  Speaker 1: not mean cheap electricity In Australia. They've embedded, they've enabled
• 2:10:22
  Speaker 1: more intermittent generation, which has increased grid instability and system
• 2:10:27
  Speaker 1: costs as they drive up the price and power. Yes,
• 2:10:30
  Speaker 1: but uh, that's not because of the batteries. That's because
• 2:10:35
  Speaker 1: of solar and wind, and batteries are used to back
• 2:10:38
  Speaker 1: up solar and wind and if you theoretically, if you
• 2:10:40
  Speaker 1: could build enough battery capacity, it's just it's just it's
• 2:10:43
  Speaker 1: still expensive. But if you could build enough battery capacity,
• 2:10:48
  Speaker 1: then you would get rid of the intermittent nature of
• 2:10:50
  Speaker 1: the problem. So, you know, if you had enough batteries,
• 2:10:54
  Speaker 1: I mean, it seems wasteful to me. But let's imagine
• 2:10:57
  Speaker 1: you had enough batteries, uh to store an e F
• 2:11:00
  Speaker 1: electricity from solar so that when it's dark or when
• 2:11:04
  Speaker 1: it's cloudy you could get the energy off of batteries.
• 2:11:07
  Speaker 1: Then you wouldn't have the intimnute. But that would require
• 2:11:10
  Speaker 1: massive quantities of batteries, and it just seems like a
• 2:11:12
  Speaker 1: waste to make those batteries, you know, just really dirty.
• 2:11:19
  Speaker 1: The same with wind and when it's not windy. So
• 2:11:22
  Speaker 1: the real enemy is solar and wind, not the batteries.
• 2:11:25
  Speaker 1: But also think about all the other things that are
• 2:11:27
  Speaker 1: use lithium batteries. Are useful drones that can fly, you know,
• 2:11:32
  Speaker 1: one thousand miles from their destination for military uses, for
• 2:11:36
  Speaker 1: civilian uses, scooters, electric vehicles. You know, there is a
• 2:11:44
  Speaker 1: revolution in motors that has happened over the last ten
• 2:11:49
  Speaker 1: to fifteen years, and it's only going to increase, we're
• 2:11:53
  Speaker 1: going to get cheaper and cheaper, more and more powerful motors.
• 2:11:56
  Speaker 1: And a big chunk of that is that batteries are
• 2:12:01
  Speaker 1: getting more powerful, and they're getting cheaper, and they're getting
• 2:12:04
  Speaker 1: and so you can deploy them into all kinds of gadgets.
• 2:12:07
  Speaker 1: So electricity is not the only parameter. And the point
• 2:12:12
  Speaker 1: I was making was not cheaper electricity, just cheaper batteries,
• 2:12:16
  Speaker 1: and then you decide what to use them for. You know,
• 2:12:20
  Speaker 1: Australian governments just stop subsidizing solent wind and then we'll
• 2:12:24
  Speaker 1: see how the market would actually use batteries. Again, it's
• 2:12:28
  Speaker 1: not and it's not primarily economies of scale. It's primarily innovation.
• 2:12:34
  Speaker 1: And let's see where batteries actually are used rather than
• 2:12:38
  Speaker 1: where the government would like them to be used. All right,
• 2:12:42
  Speaker 1: thank you Randall. That's two fifty dollars questions. That is amazing.
• 2:12:47
  Speaker 1: Now we turn to our twenty dollars questions and then
• 2:12:51
  Speaker 1: we'll go to the five and ten and two five
• 2:12:55
  Speaker 1: and ten and two. Okay, liam did conservatives used to
• 2:13:01
  Speaker 1: put their capitalism before their Christianity? Now everything is inverted.
• 2:13:06
  Speaker 1: Christianity and nation are replacing capitalism and the personal responsibility
• 2:13:11
  Speaker 1: used to talk about. Yes, I think that's right. In
• 2:13:13
  Speaker 1: the past, they embraced capitalism and they embrace the founding fathers,
• 2:13:19
  Speaker 1: and they saw those as consistent, and Christianity was someone
• 2:13:24
  Speaker 1: in the background. They thought it provided them with a
• 2:13:29
  Speaker 1: moral justification for America's founding, for individual rights and for capitalism.
• 2:13:35
  Speaker 1: Now they've elevated Christianity to justifying nationalism in the name
• 2:13:44
  Speaker 1: of religion much you know, So these conservatives are very,
• 2:13:49
  Speaker 1: very dangerous. But yeah, they basically make Christianity the primary
• 2:13:54
  Speaker 1: and nationalism the primary. So there's the thing about religion.
• 2:14:00
  Speaker 1: It will be used to justify whatever they want to
• 2:14:02
  Speaker 1: justify at the time. So when they were capitalists, they
• 2:14:06
  Speaker 1: used religions to justify that. Now that they're nationalists, they're
• 2:14:11
  Speaker 1: using it to justify that. Liam, a leftist professor you
• 2:14:20
  Speaker 1: debated recently said every billionaire is a policy failure. Is
• 2:14:25
  Speaker 1: this motivated by envy or somehow believing concentrating wealth at
• 2:14:30
  Speaker 1: that level is somehow unhealthy for society. I think it's both.
• 2:14:36
  Speaker 1: I think it's envy that is rationalized by a kind
• 2:14:40
  Speaker 1: of Inequality is bad for society. Inequality is destructive. Inequality
• 2:14:46
  Speaker 1: leads to bad economic decisions, and then add to that
• 2:14:51
  Speaker 1: a real moral belief, an ethical belief that if your
• 2:14:56
  Speaker 1: a billionaire should be giving your wealth away, that it's
• 2:15:00
  Speaker 1: wrong to have such differences in wealth for moral reasons.
• 2:15:06
  Speaker 1: The ideal Maral I is equality is Egootimanism said, this
• 2:15:10
  Speaker 1: is an this is abomination Morali. So there's an economic argument,
• 2:15:15
  Speaker 1: there's a moral argument, and both to some extent being
• 2:15:19
  Speaker 1: used to rationalize the underlying envy that is there. All right,
• 2:15:27
  Speaker 1: not you have any algorithm? Would you say? German population
• 2:15:31
  Speaker 1: in the nineteen thirties was more obedient than nihilistic, while
• 2:15:35
  Speaker 1: the German intellectuals were homicide of maniacs. I mean, I
• 2:15:43
  Speaker 1: don't think you can separate your obedience from the nihilism, right.
• 2:15:47
  Speaker 1: One of the reasons they were obedient was because there
• 2:15:49
  Speaker 1: was a nihilistic streak and they could see that their
• 2:15:53
  Speaker 1: obedience would lead to destruction, would allow them to engage
• 2:15:58
  Speaker 1: in the nihilism. But look, Lennipeacock is the expert on
• 2:16:02
  Speaker 1: nineteen thirties Germany, and kind of the motivation Germany intellectuals
• 2:16:08
  Speaker 1: were you know, angry, fearful haters, but they were taking
• 2:16:17
  Speaker 1: ideas seriously. They were taking the ideas that they were
• 2:16:20
  Speaker 1: taught to their logical conclusion and taking them very seriously
• 2:16:24
  Speaker 1: and committed to them. Where they also homicide of maniacs.
• 2:16:28
  Speaker 1: Certainly the people in the SS and the people driving
• 2:16:31
  Speaker 1: the Nazi state to the mass murders were homicide of maniacs.
• 2:16:37
  Speaker 1: Whether they're intellectuals homicide of maniacs, I don't know. I'm
• 2:16:40
  Speaker 1: sure they rationalized it all the way, the ugliness of
• 2:16:46
  Speaker 1: it all, the evil, the horrors of it all. Harpercampbell.
• 2:16:51
  Speaker 1: Did Milton Friedman have more of an impact on the
• 2:16:54
  Speaker 1: Carter and Reagan administration of the nine Rand? I mean
• 2:16:57
  Speaker 1: probably It's hard to tell. I mean, you know, Alan
• 2:17:04
  Speaker 1: Greenspan was around in those days for the administration. He
• 2:17:09
  Speaker 1: had impact on the Reagan administration. A number of people
• 2:17:13
  Speaker 1: in Reagan administration new ofvin Rand studied, you know, Red
• 2:17:17
  Speaker 1: iron Ran. Reagan was an I Ran fan, right, But
• 2:17:23
  Speaker 1: economics is easier, and they all read Milton Friedman. And
• 2:17:27
  Speaker 1: Milton Vie was a superstar in those days, and he
• 2:17:29
  Speaker 1: did a PBS series in nineteen eighties, and you know,
• 2:17:33
  Speaker 1: so I think Milton Viner probably had more impact on
• 2:17:36
  Speaker 1: them than Nine Ran. And that's why the changes that
• 2:17:40
  Speaker 1: we got were superficial and not the kind of in
• 2:17:43
  Speaker 1: depth changes that you would get from a cadre of
• 2:17:47
  Speaker 1: people really influenced by Iron Ran Andrew. Why is Trump
• 2:17:53
  Speaker 1: okay with being manipulated by the leaders of Russia and
• 2:17:56
  Speaker 1: Qatar but has a finely sensitive of tuning folk for
• 2:18:01
  Speaker 1: Israel manipulating him into extending war with Iran by providing
• 2:18:05
  Speaker 1: evidence of its continued dismisconduct. I think because he doesn't
• 2:18:09
  Speaker 1: want the war with Iran to continue. So first of all, Russia,
• 2:18:16
  Speaker 1: I mean he Russia is a superpower. It has nukes.
• 2:18:21
  Speaker 1: Trump respects power, He respects nukes. He has to respect
• 2:18:25
  Speaker 1: a superpower. So his attitude towards Russia is much more
• 2:18:31
  Speaker 1: positive because they're powerful and you have to respect power.
• 2:18:36
  Speaker 1: Kata I mean again, the dictators. He admires dictators. Bibi
• 2:18:42
  Speaker 1: is a democratically elected leader who might lose, and Trump
• 2:18:46
  Speaker 1: doesn't respect that. Katta is not democratic. And Katcha bought
• 2:18:51
  Speaker 1: him a four hundred million dollar plane, and they bought
• 2:18:53
  Speaker 1: him gifts, and they've invested huge amounts of money in
• 2:18:56
  Speaker 1: the United States, and they do the propaganda, and they've
• 2:19:00
  Speaker 1: manipulated him. I think Bib is not quite as good
• 2:19:05
  Speaker 1: at manipulating Trump as the Katai's probably ill. So it's
• 2:19:10
  Speaker 1: more to do with Trump's psychology and the fact right
• 2:19:13
  Speaker 1: now that people like Vance and much of MAGA are
• 2:19:20
  Speaker 1: telling him, oh, you're just manipulated by Bib. So he
• 2:19:23
  Speaker 1: has to prove them wrong by not being manipulated by
• 2:19:27
  Speaker 1: Bibe and not being open to arguments by Natagian. So
• 2:19:31
  Speaker 1: he's also needs to playoff the anti Israeli MAGA people.
• 2:19:40
  Speaker 1: All right, Hopper Campbell, it seems intellectuals across the West
• 2:19:44
  Speaker 1: allow for truncated market economy to function from World War
• 2:19:48
  Speaker 1: Two until now it seems to no longer be the case.
• 2:19:53
  Speaker 1: They're pushing us towards real fascism. I don't know. And
• 2:20:00
  Speaker 1: which intellectuals. You've always had people who wanted more statism
• 2:20:07
  Speaker 1: on the left and on the right. It's just that
• 2:20:10
  Speaker 1: now the more visible the mo in governments, particularly because
• 2:20:14
  Speaker 1: they've taken over the Republican Party. But there's still you know,
• 2:20:22
  Speaker 1: Trump is still deregulating a lot, and there's still some
• 2:20:29
  Speaker 1: you know, in base of markets in some circumstances, but
• 2:20:32
  Speaker 1: he also holds some real status policies. It's just that
• 2:20:36
  Speaker 1: right now we live in a place where ignorance and
• 2:20:39
  Speaker 1: mixtures and inconsistency is the rule of the time. I mean,
• 2:20:44
  Speaker 1: that's just the way it is. But yeah, I mean
• 2:20:49
  Speaker 1: we're being pushed towards more statism of one kind or another,
• 2:20:52
  Speaker 1: no question about that, James. There's bullying and type of
• 2:20:58
  Speaker 1: cruelty we see among children today, a product of nihilistic
• 2:21:02
  Speaker 1: German philosophy altruism. You know, children don't read Kant, so
• 2:21:11
  Speaker 1: you know, bullying has always existed. I don't think there's
• 2:21:14
  Speaker 1: more bullying today than it was in the past. People
• 2:21:16
  Speaker 1: attempted to bully me. I moved a lot, so I
• 2:21:20
  Speaker 1: was in a lot of new schools. I was a
• 2:21:21
  Speaker 1: new kid in new schools a lot, and there were
• 2:21:26
  Speaker 1: bullies back then. There's no I don't think the more
• 2:21:28
  Speaker 1: bullies now. I think there are whimps now who don't
• 2:21:31
  Speaker 1: stand up to bullies. So you know, you bully me once, twice,
• 2:21:35
  Speaker 1: three times, full time, you know you'll get punched in
• 2:21:39
  Speaker 1: the face. And even though I lose because the bullies
• 2:21:42
  Speaker 1: bigger than me, I don't care. I'm not going to
• 2:21:45
  Speaker 1: tolerate it. And then they stop bullying you. And I
• 2:21:50
  Speaker 1: don't know if there's enough kids with that mentality today
• 2:21:53
  Speaker 1: because oh, you should always to another cheek, don't fight back.
• 2:21:57
  Speaker 1: Don't you know the other ways to deal with bullies, No,
• 2:21:59
  Speaker 1: they're not. Yeah, the only way to deal with bullies
• 2:22:02
  Speaker 1: is by brute force. So I don't think it has
• 2:22:06
  Speaker 1: anything to do with altruism or GERMANI they're bad kids
• 2:22:09
  Speaker 1: at every school. They're bad kids, and somebody has to
• 2:22:12
  Speaker 1: stand up to them. And the only people who should
• 2:22:15
  Speaker 1: really stand up to him, the only people who in
• 2:22:17
  Speaker 1: a position to stand up to him, and the only
• 2:22:19
  Speaker 1: people who will make a difference standing up to them
• 2:22:20
  Speaker 1: are the kids. Like the kid who's bullied needs to
• 2:22:25
  Speaker 1: gain a spine, and you know, parents need to be
• 2:22:30
  Speaker 1: better educated and teachers and sorry that sense of yeah,
• 2:22:36
  Speaker 1: I mean the whole culture is influenced by German philosophy,
• 2:22:41
  Speaker 1: but in altruism that tells them to another cheek and
• 2:22:45
  Speaker 1: not deal with the bully. But it's also the kids
• 2:22:49
  Speaker 1: have to deal with it. Author does the prosperity, Does
• 2:22:55
  Speaker 1: the prosperity and selfishness unleash by capitalism make until lectuals
• 2:23:00
  Speaker 1: anxious and insecure? I think it does some intellectuals, not all, obviously,
• 2:23:07
  Speaker 1: but some intellectuals. Definitely, it makes them anxious and it
• 2:23:15
  Speaker 1: makes them weary because they are they're let behind. These
• 2:23:27
  Speaker 1: people who are not as smart as them are getting
• 2:23:29
  Speaker 1: rich and successful and prospering. What did they do to
• 2:23:32
  Speaker 1: deserve that? So it creates real resentment among certain intellectual
• 2:23:38
  Speaker 1: classes because the businessman is doing better than they are.
• 2:23:43
  Speaker 1: And plus, remember they're also they're preaching socialism and they're
• 2:23:48
  Speaker 1: preaching statism, they're preaching subjectivism and nihilism or whatever. And
• 2:23:52
  Speaker 1: then the capitalis just succeeds and it repudiates their entire
• 2:23:56
  Speaker 1: philosophical agenda. And the concept of that is you know,
• 2:24:09
  Speaker 1: that would be that is a that increases their anxiousness
• 2:24:16
  Speaker 1: because these people are disproving their theories every single day, Hopocampboll.
• 2:24:24
  Speaker 1: In today's world, do you expect most people to betray
• 2:24:28
  Speaker 1: you or let you down at some point over time
• 2:24:31
  Speaker 1: you work associated with him? No? No, I don't. And
• 2:24:36
  Speaker 1: most ninety nine percent of the people I've worked with closely,
• 2:24:43
  Speaker 1: really really closely, people who could have taken all my
• 2:24:48
  Speaker 1: money and run have all been fantastic. One in one
• 2:24:55
  Speaker 1: hundred has not me. Maybe it's not one in oven,
• 2:24:59
  Speaker 1: maybe it's twenty two one maybe it's one of five,
• 2:25:01
  Speaker 1: and I don't know. It's a very small minority of
• 2:25:03
  Speaker 1: people that in my lifetime have betrayed me or let
• 2:25:07
  Speaker 1: me down. I mean, when they do, it's a big deal.
• 2:25:11
  Speaker 1: But it's not that many people, as compared to all
• 2:25:15
  Speaker 1: the people I interact with, all the people I work with,
• 2:25:17
  Speaker 1: all the people have gotten being close to, it's not
• 2:25:21
  Speaker 1: a huge number. All the people I've employed and worked with,
• 2:25:26
  Speaker 1: I've had partners of it, several businesses with partnerships. Some
• 2:25:30
  Speaker 1: have succeeded, have failed. Never had a problem with a
• 2:25:33
  Speaker 1: business partner. I've had problems with both members. I've had
• 2:25:37
  Speaker 1: problems with employees. I've had problems with friends, but you know,
• 2:25:42
  Speaker 1: big problems. There are three four people in my life
• 2:25:45
  Speaker 1: that have really betrayed me. Out of how many people
• 2:25:48
  Speaker 1: I've dealt with, hundreds, Justin says came to show late.
• 2:25:54
  Speaker 1: Maybe already covered. What's your take on the comment West
• 2:25:57
  Speaker 1: Bank trouble in general? Should Israel be sett in the
• 2:26:00
  Speaker 1: area doesn't officially annex. It's basically the fault of Jewish nationalists,
• 2:26:10
  Speaker 1: right wing fanatics who don't care about the law. It's
• 2:26:15
  Speaker 1: the fault of the government that refuses refuses to live
• 2:26:20
  Speaker 1: by the rule of law and treat these people as
• 2:26:23
  Speaker 1: the criminals they really are. You know, when I was
• 2:26:28
  Speaker 1: in Israel, two of my nephews, two of my nephews
• 2:26:32
  Speaker 1: were serving in the army, one on reserve duty in
• 2:26:36
  Speaker 1: one as part of his three year service mandatory service.
• 2:26:40
  Speaker 1: And they were both serving in the West Bank. And
• 2:26:46
  Speaker 1: most of the work that they had was caused by
• 2:26:51
  Speaker 1: violence instigated by Jewish religious nationalist fanatics, and it was
• 2:26:57
  Speaker 1: like heartbreaking. They are away from their families, putting in
• 2:27:03
  Speaker 1: a sense, putting their lives on their line. And even
• 2:27:05
  Speaker 1: when they have to deal with the Palestinians right now
• 2:27:08
  Speaker 1: in the West Bank, a lot of it has to
• 2:27:10
  Speaker 1: do with Palestinians being legitimately pissed off at these religious nuts.
• 2:27:17
  Speaker 1: So you need to change government in Israel. BB and
• 2:27:21
  Speaker 1: his nationalists partners have to go. They have to go,
• 2:27:27
  Speaker 1: and you need a government that is willing to clamp
• 2:27:30
  Speaker 1: down on these nationalist freaks and break the law, put
• 2:27:34
  Speaker 1: them in jail for a long time and reorient what's
• 2:27:38
  Speaker 1: going on in the West Bank. I mean, I don't
• 2:27:40
  Speaker 1: want my nephews wasting their time. I mean, I have
• 2:27:44
  Speaker 1: no problem if they have to go into Lebanon or
• 2:27:47
  Speaker 1: go to Gaza and deal with with with real terrorists,
• 2:27:50
  Speaker 1: real threats to their own lives, their own family lives,
• 2:27:54
  Speaker 1: to their own futures. But this is dealing with with
• 2:28:00
  Speaker 1: your own people. But the nuts among your own people
• 2:28:04
  Speaker 1: who are gaining get protection from the government, and that
• 2:28:09
  Speaker 1: is horrific. Chasbott joining late, I imagine autonomous fighter jets
• 2:28:16
  Speaker 1: would not have the same maneuverability restrictions that pilot aircraft have.
• 2:28:21
  Speaker 1: That should be an extreme advantage. Yes, I expect it is.
• 2:28:25
  Speaker 1: I expect you don't have to worry about the g's
• 2:28:29
  Speaker 1: although you probably do just in terms of the physics
• 2:28:32
  Speaker 1: of the instruments, so I don't know, but certainly you
• 2:28:35
  Speaker 1: don't have to worry about the biology. So the things
• 2:28:38
  Speaker 1: that autonomous fighter jet can do that a regular pilot
• 2:28:42
  Speaker 1: jet can do. Of course, you're also taking away a
• 2:28:45
  Speaker 1: pilot's judgment. Now it could be that it turns out
• 2:28:48
  Speaker 1: that AI is just much better than a pilot, but
• 2:28:51
  Speaker 1: that you have to be proven right. You need some
• 2:28:53
  Speaker 1: dog fights between a pilot, you know, in an F
• 2:28:57
  Speaker 1: thirty five, and a pilot and an autonomous jet and
• 2:29:00
  Speaker 1: see who wins. And I'm sure they're doing that right
• 2:29:02
  Speaker 1: now as we speak in the air force. So and
• 2:29:06
  Speaker 1: how do they work best together? I mean that makes
• 2:29:08
  Speaker 1: them an incredible force if they're working together. So yeah, absolutely,
• 2:29:16
  Speaker 1: uh Vikwam from India. I was struck by one aspect
• 2:29:20
  Speaker 1: of the cockroach protests, the mockery of Mody, the complete
• 2:29:24
  Speaker 1: and utter disdain with which young protesters ridiculed him. That's great,
• 2:29:29
  Speaker 1: Einran said. Ridicule is a way of cutting a serious
• 2:29:32
  Speaker 1: evil down to size. Thoughts. Yeah, I agree, and and
• 2:29:36
  Speaker 1: Mody and this is this is why Mody folded because
• 2:29:39
  Speaker 1: these are the people who should be supporting him, This
• 2:29:42
  Speaker 1: is the audience that he's trying to appeal to, and
• 2:29:46
  Speaker 1: yet they are the ones ridiculing him and and and
• 2:29:51
  Speaker 1: making fun of him and and knocking him down. So
• 2:29:56
  Speaker 1: I think I think that boat's ill Fomodi. But yeah,
• 2:30:02
  Speaker 1: I think absolutely good for them. All right, rest of
• 2:30:06
  Speaker 1: the questions are two, five and ten. Let's run through these.
• 2:30:11
  Speaker 1: We were on two and a half hours already. So cool.
• 2:30:19
  Speaker 1: You speak highly of Iranians today, but listening to your
• 2:30:22
  Speaker 1: past speeches in Islamic to Teletivianism, course claimed the opposite
• 2:30:26
  Speaker 1: that Iran never had a Western phase under the Shaw.
• 2:30:29
  Speaker 1: What changed your mind? I don't think I ever said
• 2:30:33
  Speaker 1: I didn't say that. I've never said that that Iwan
• 2:30:35
  Speaker 1: didn't have a Western phase under the Shaw. I don't
• 2:30:39
  Speaker 1: remember that. I did say that there was a significant
• 2:30:42
  Speaker 1: portion of the Ranian population even under the Shaw who
• 2:30:46
  Speaker 1: were very religious, and I think that that was true,
• 2:30:51
  Speaker 1: and there still is a significant portion of the Ranian
• 2:30:54
  Speaker 1: population today who are religious who support the regime. I
• 2:30:59
  Speaker 1: think it's a state to think ninety percent of Iranians
• 2:31:01
  Speaker 1: want to overthrow the regime. I don't think that's true.
• 2:31:04
  Speaker 1: I don't know how many it's I think it's a
• 2:31:06
  Speaker 1: significant majority in cities like Tehran, but I'm not sure
• 2:31:11
  Speaker 1: that's true in the countryside, and I'm not sure it's
• 2:31:13
  Speaker 1: true in some of the smallest cities or some of
• 2:31:15
  Speaker 1: the more religious cities like Come. Anyway, I think what's
• 2:31:25
  Speaker 1: partially what's happened is people who thought, okay, we're okay
• 2:31:30
  Speaker 1: with religion, we can do religion, like the people in
• 2:31:33
  Speaker 1: the bazaar who supported Romani's revolution, has since been become disenchanted.
• 2:31:44
  Speaker 1: They've since seen the way they daughters and wives have
• 2:31:49
  Speaker 1: been oppressed, or their grandkids have been oppressed, and I
• 2:31:52
  Speaker 1: think there's been a change in Iranian society. I think
• 2:31:55
  Speaker 1: the Goals Revolution was a big example of that. But
• 2:31:59
  Speaker 1: we've seen that, you know, we've seen the Iranian young
• 2:32:05
  Speaker 1: generation embrace many, many, many Western values. So I think
• 2:32:12
  Speaker 1: that the number of religious people in Iran has gone down.
• 2:32:20
  Speaker 1: Put it this way, the number of religious people who
• 2:32:22
  Speaker 1: accept this regime interpretation of religion has come down over
• 2:32:28
  Speaker 1: the last couple of decades. And the number was you know,
• 2:32:33
  Speaker 1: my guess is in the fifties and sixties, most Iranians,
• 2:32:38
  Speaker 1: a significant portion of Uranians were secular, and I think
• 2:32:41
  Speaker 1: they became more religious in the seventies. By the time
• 2:32:45
  Speaker 1: the revolution happened, a significant majority of Iranian supported it. Noah,
• 2:32:53
  Speaker 1: how is USA invading Iran different from Russia invading Ukraine.
• 2:32:59
  Speaker 1: They both claimed the invaded countries of threats and illegitimate
• 2:33:03
  Speaker 1: governments who are not upholding the rights of their citizens. Well, yeah,
• 2:33:07
  Speaker 1: they both claim that. But the question is which claim
• 2:33:11
  Speaker 1: is right and which claim is wrong. That is, you
• 2:33:14
  Speaker 1: don't judge your war by the claims. You judge your
• 2:33:18
  Speaker 1: war based on whether the claims are true or not right.
• 2:33:25
  Speaker 1: And you know, it's clear that the Russian claims are false.
• 2:33:30
  Speaker 1: Ukraine was a you know, dysfunctional, but it was still
• 2:33:35
  Speaker 1: a democracy. Ukrainian people were moving westward in terms of culture.
• 2:33:43
  Speaker 1: Ukraine was eager to join the EU. Ukrainians wanted to
• 2:33:48
  Speaker 1: become more western and less behold into Russia. And they
• 2:33:55
  Speaker 1: had a I mean, I was in Ukraine many times,
• 2:33:59
  Speaker 1: I don't know, many times, four types, maybe five, and
• 2:34:04
  Speaker 1: what I saw was a country moving towards the west.
• 2:34:07
  Speaker 1: What I saw was, you know, a west adjacent country.
• 2:34:12
  Speaker 1: I didn't see Nazis. And there's no evidence of Nazis
• 2:34:17
  Speaker 1: beyond the fringe that exists even in you know, in
• 2:34:23
  Speaker 1: every country, even the United States. Right, So you can
• 2:34:28
  Speaker 1: evaluate the claims of the Russians and then you look
• 2:34:29
  Speaker 1: at you on you is a theocracy, a theocracy that
• 2:34:34
  Speaker 1: beats goals to death because some hair is showing, and
• 2:34:41
  Speaker 1: is developing nuclear weapons and chance death to America and
• 2:34:45
  Speaker 1: Israel every Friday, and has killed Americans. Ukrainians have not
• 2:34:50
  Speaker 1: killed Russians unless they were attacked first. Ukraine had no
• 2:34:55
  Speaker 1: ambition to attack Russia. Juan does it says publicly, it
• 2:35:01
  Speaker 1: announces so it's built. It was trying to build nuclear weapons.
• 2:35:07
  Speaker 1: It has been for twenty years. It's built a massive
• 2:35:12
  Speaker 1: array of missiles. Ukraine wasn't building a military before Russia
• 2:35:16
  Speaker 1: invaded in twenty fourteen. Ukraine had no interest in building
• 2:35:20
  Speaker 1: a military. It was focused on trying to develop an
• 2:35:23
  Speaker 1: economy and trying to get closer to the West. So
• 2:35:27
  Speaker 1: the question is which claims are true, in which claims
• 2:35:30
  Speaker 1: are false? Which claims are true, and which claims are false.
• 2:35:39
  Speaker 1: I asked you werefore as is no. I asked you
• 2:35:41
  Speaker 1: were for about the immorality of commodity traders helping sancient
• 2:35:45
  Speaker 1: countries avoid these sanctions. What do you say to people
• 2:35:48
  Speaker 1: who say we need more government regulations to stop them. No,
• 2:35:52
  Speaker 1: we don't need more government regulations to stop them. There's
• 2:35:55
  Speaker 1: a law you cannot trade with the sanctioned country. Need
• 2:36:00
  Speaker 1: is to execute the law. You don't need regulations for that.
• 2:36:04
  Speaker 1: You just need And it's not all come out of
• 2:36:06
  Speaker 1: the traders. It's a few rogue traders. It shouldn't be
• 2:36:10
  Speaker 1: that hard to track down the road traders and stop them.
• 2:36:13
  Speaker 1: So you have a law, you know, what do you
• 2:36:16
  Speaker 1: call it? Execute on the law. You don't need new laws,
• 2:36:23
  Speaker 1: new regulations, new stuff. You just need to follow through
• 2:36:26
  Speaker 1: with what exists already. Speaker, thank you, thank you for
• 2:36:32
  Speaker 1: the support. Really appreciated one hundred dollars stickerp We made
• 2:36:36
  Speaker 1: this stretch stretch stretch target, So thank you guys. That
• 2:36:39
  Speaker 1: is fantastic. Happacambo. Well, the next administration removed a ten
• 2:36:45
  Speaker 1: percent stake Trump has taken in Intel and these other companies. No,
• 2:36:50
  Speaker 1: who would do that, Like the Democrats will want to
• 2:36:53
  Speaker 1: increase it to fifty and the Republicans will want to
• 2:36:56
  Speaker 1: expand it. I mean, who out there who is going
• 2:36:59
  Speaker 1: to read Houston, Who is going to know this is
• 2:37:01
  Speaker 1: a precedent now that it's going to take a very
• 2:37:05
  Speaker 1: very different type of thinking politically for anybody to remove that.
• 2:37:12
  Speaker 1: Randall you on. I find it shocking that seventy nine
• 2:37:15
  Speaker 1: percent of Australians now have an unfavorable view of Israel.
• 2:37:19
  Speaker 1: Does this justflect media bias, poor education, or deeply maral
• 2:37:22
  Speaker 1: decline in Western culture? Well, I think the primary is
• 2:37:26
  Speaker 1: a mal decline or the elevation and the more explicit
• 2:37:31
  Speaker 1: nature of altruism, so you know, altruism everywhere. The fact
• 2:37:36
  Speaker 1: that Australians, I think at this point fear their Muslim
• 2:37:41
  Speaker 1: neighbors who they are afraid to criticize. They're quite happy
• 2:37:48
  Speaker 1: to criticize Israel, but they're afraid to criticize their Muslim neighbors,
• 2:37:51
  Speaker 1: even when those neighbors are violence and hostile. So it
• 2:37:56
  Speaker 1: comes from the Muslim neighborhoods fear from them, and it
• 2:37:59
  Speaker 1: comes from altruism and a hatred of Israel because it's
• 2:38:03
  Speaker 1: successful and projects a certain level of self esteem. And
• 2:38:08
  Speaker 1: it comes from yeah, beyond that, bad education and bad media,
• 2:38:13
  Speaker 1: which go together, because both media and education are products
• 2:38:17
  Speaker 1: of the intellectual class. And the intellectual class is horrific.
• 2:38:20
  Speaker 1: It's really really, really bad. And the consequence of having
• 2:38:24
  Speaker 1: a really, really really bad intellectual class is that you know,
• 2:38:32
  Speaker 1: people are uneducated, or people have wrong education and wrong philosophy. James,
• 2:38:43
  Speaker 1: what regulations that Biden put in place that made your
• 2:38:45
  Speaker 1: hedge fund unworkable? Has Trump repeated in any of it?
• 2:38:49
  Speaker 1: They've basically made it very difficult, very difficult for banks
• 2:38:55
  Speaker 1: to merge. My hedge fund was very much in the
• 2:38:57
  Speaker 1: business of making money off of bank mergers, and they
• 2:39:01
  Speaker 1: made it very clear that they were against bank mergers.
• 2:39:04
  Speaker 1: The other thing they did was they went after crypto banks,
• 2:39:08
  Speaker 1: and when they went after the crypto banks. Other banks
• 2:39:13
  Speaker 1: got caught up in the same We didn't invest in
• 2:39:15
  Speaker 1: crypto banks, but other banks got caught up in the
• 2:39:17
  Speaker 1: same mass. And then finally, I'd say just inflation. Inflation
• 2:39:20
  Speaker 1: was very bad for our strategy, bad for the economy,
• 2:39:23
  Speaker 1: bad for strategy. So I'd say those three things as
• 2:39:27
  Speaker 1: Trump repeat repealed any of it. Yeah, I mean Trump
• 2:39:30
  Speaker 1: is not going after crypto quite the opposite. And Trump
• 2:39:34
  Speaker 1: is not discouraging bank mergers. He's encouraging them, his regulators
• 2:39:38
  Speaker 1: encouraging them. And inflation is still a problem, but not
• 2:39:44
  Speaker 1: quite as big of a problem. But those two things
• 2:39:46
  Speaker 1: yet Trump has definitely reversed them. James, do you agree
• 2:39:52
  Speaker 1: with Fraud that dreams with Freud? I guess Freud you
• 2:39:57
  Speaker 1: mean the dreams of wishes just random firing of the unconscious.
• 2:40:02
  Speaker 1: I think they're random firing of the subconscious, but they're
• 2:40:05
  Speaker 1: not that random. That is, dreams do have something right.
• 2:40:11
  Speaker 1: You often dream of things that you're anxious about. You
• 2:40:15
  Speaker 1: often dream the same dream over and over again. The
• 2:40:19
  Speaker 1: certain anxieties that we all that we have that manifest
• 2:40:23
  Speaker 1: themselves in our dreams. A lot of us have the
• 2:40:25
  Speaker 1: same dreams, which is interesting. Yeah, I don't know, but
• 2:40:29
  Speaker 1: I don't think they're wishes. No. I mean my dreams
• 2:40:32
  Speaker 1: are not wishes. They're usually anxieties, things I don't want,
• 2:40:37
  Speaker 1: anti wishes. Raphael Yon is giving Yes, Yon is giving
• 2:40:43
  Speaker 1: a new amazing talk. It's amazing because I haven't given
• 2:40:45
  Speaker 1: it yet in Lismon Lismon about Art, Love and Human Spirit.
• 2:40:51
  Speaker 1: You should all join. Everybody should come to Lisbon to
• 2:40:53
  Speaker 1: hear my talk. It's on August ninth at a jazz club.
• 2:41:00
  Speaker 1: It's a cool venue. It should all come, should all come.
• 2:41:03
  Speaker 1: It's gonna be cool. I still haven't figured out what
• 2:41:05
  Speaker 1: I'm talking about, but I'll figure that out in the
• 2:41:07
  Speaker 1: next few days. Art, Love and Human Spirit Vikram. I
• 2:41:13
  Speaker 1: learned I'm going to be a grandparent. Oh congratulations. I'm
• 2:41:17
  Speaker 1: actually jealous. My wife is super excited. I am left
• 2:41:21
  Speaker 1: wondering what the fuss is about? Do you have any experience?
• 2:41:23
  Speaker 1: Any tips? What should might be my role is one? No,
• 2:41:27
  Speaker 1: I don't have any experience, and I pissed off about that.
• 2:41:30
  Speaker 1: I want to be a grandparent, and I want to
• 2:41:33
  Speaker 1: be a grandparent for a simple reason. I love kids.
• 2:41:36
  Speaker 1: I love little babies. I love when I love it
• 2:41:38
  Speaker 1: when they are one and they're running around. I love
• 2:41:42
  Speaker 1: it when they're two and they're obnoxious. I love it
• 2:41:44
  Speaker 1: when they're three and they really really, really developing a personality.
• 2:41:48
  Speaker 1: I love all those ages. And the beauty of being
• 2:41:50
  Speaker 1: a grandparent is you get to experience all that without
• 2:41:54
  Speaker 1: the kind of responsibility that you have as a parent,
• 2:41:56
  Speaker 1: and the anxiety and the stress and the sleepless nights
• 2:41:59
  Speaker 1: and all of that. So yeah, I would love to
• 2:42:03
  Speaker 1: be a grandparent. I don't know if it's going to happen,
• 2:42:05
  Speaker 1: but so I say, embrace it now. I don't know
• 2:42:10
  Speaker 1: if you love kids. You don't seem to be that excited.
• 2:42:12
  Speaker 1: So maybe you don't love kids, But try to enjoy
• 2:42:18
  Speaker 1: the children, and you can do it at a sudden
• 2:42:21
  Speaker 1: arm's length. You don't have to change the diapers, don't.
• 2:42:24
  Speaker 1: You're not going to get up in the middle of
• 2:42:25
  Speaker 1: the night to take care of them. You know that's
• 2:42:27
  Speaker 1: what their parents are full. So figure out what you
• 2:42:30
  Speaker 1: like about kids and do that with them, and leave
• 2:42:35
  Speaker 1: the stuff you don't like to your wife and to
• 2:42:37
  Speaker 1: their parents. That's the only advice I have. I don't
• 2:42:41
  Speaker 1: know if that's helpful, Jacob, everyone here knows I FD
• 2:42:45
  Speaker 1: I see is green light, green light for banks to
• 2:42:50
  Speaker 1: take more risk, but government liability immunity for childhood vax
• 2:42:54
  Speaker 1: manufacturers and you don't even question inconsistent integration evasion. You
• 2:43:00
  Speaker 1: can say that, Jacob, thank you calling me Imoel that
• 2:43:04
  Speaker 1: that that is that is nice. There's a reason why
• 2:43:08
  Speaker 1: we have liability immunity, and we have liability immunity because
• 2:43:13
  Speaker 1: we have a you know, an insanely litigious society, and
• 2:43:18
  Speaker 1: we have a crazy litigious laws, you know, legal system
• 2:43:24
  Speaker 1: that now that has to be changed. I've advocated for
• 2:43:27
  Speaker 1: changing the nature of our legal system. I've argued for
• 2:43:31
  Speaker 1: changing the nature of liability and what liability means. I'm
• 2:43:37
  Speaker 1: a big fan of a book called Liability. I forget
• 2:43:40
  Speaker 1: the author's name right now, And I think I don't
• 2:43:44
  Speaker 1: think that that the vaxx manufacturers should be should have
• 2:43:49
  Speaker 1: liability immunity. But I also think it should be really,
• 2:43:52
  Speaker 1: really really hard to sue somebody for liability. And my
• 2:43:55
  Speaker 1: guess is it's not going to make that big of
• 2:43:57
  Speaker 1: a change. Now. It's not that people who suffer harm
• 2:44:02
  Speaker 1: don't get recompense, it's just capped. There is a there
• 2:44:06
  Speaker 1: is a fund that all the stuff, all the that
• 2:44:11
  Speaker 1: the what do you call it, the from cuity companies
• 2:44:14
  Speaker 1: contribute towards and when there is harm done, it is
• 2:44:18
  Speaker 1: it is paid out from that fund. I don't think
• 2:44:22
  Speaker 1: that's right. I don't think that's how we should be
• 2:44:23
  Speaker 1: done because I don't think there should be it should
• 2:44:27
  Speaker 1: be kept in that way. But also don't think that
• 2:44:29
  Speaker 1: our system is rational or legit. So you know, a
• 2:44:35
  Speaker 1: system needs reform, and until it's reformed, you know, this
• 2:44:38
  Speaker 1: is the best we have, you know. I don't think
• 2:44:44
  Speaker 1: banks are doing things on purpose to kill people. I
• 2:44:50
  Speaker 1: don't think banks are doing things on purpose to bankrupt them.
• 2:44:55
  Speaker 1: And I don't think pharmaceutical companies are doing any of
• 2:44:58
  Speaker 1: those things. Could they be doing something modeling more risky maybe,
• 2:45:02
  Speaker 1: but there's no evidence of it. Like banks go under
• 2:45:05
  Speaker 1: periodically and we see that, right, But I don't see
• 2:45:09
  Speaker 1: I don't see the damage of vaccines. It just empirically
• 2:45:12
  Speaker 1: doesn't exist. It's not there. You can make it up,
• 2:45:15
  Speaker 1: you can pretend, you can evade by you know, making
• 2:45:20
  Speaker 1: up evidence that is not there, or believing a group
• 2:45:24
  Speaker 1: of you know, some disreputable doctors who make a living
• 2:45:30
  Speaker 1: off of fem angering around these things. And that's fine.
• 2:45:34
  Speaker 1: You can do that, but the facts that you presented
• 2:45:37
  Speaker 1: in the past have turned out not to be true,
• 2:45:39
  Speaker 1: so I'm a little skeptical about you know, this whole
• 2:45:42
  Speaker 1: lifty a things, right author? Why does envy and jealousy
• 2:45:51
  Speaker 1: consume some people more than others? Is it low self esteem?
• 2:45:55
  Speaker 1: You know? I don't know. That's a psychological question. Yeah,
• 2:45:58
  Speaker 1: I'm sure it has something with low self esteem. But
• 2:46:01
  Speaker 1: why they have low self esteem? I mean, it's the
• 2:46:03
  Speaker 1: why psychological white questions. I don't know. And does their
• 2:46:08
  Speaker 1: jealousy and envy lead to their low self ESTEEMO? Is
• 2:46:10
  Speaker 1: their low self esteem lead to the jealousy and envy?
• 2:46:15
  Speaker 1: It's choices that they make. That's the best I can say.
• 2:46:21
  Speaker 1: Randall again, thank you. Randall keeps coming back with fifty
• 2:46:25
  Speaker 1: Australian dollars, appreciate it. You have many Australians who want
• 2:46:29
  Speaker 1: to appeal net zero but stay in the Paris Agreement.
• 2:46:33
  Speaker 1: What's the strongest argument for growing completely and how do
• 2:46:36
  Speaker 1: you persuade people who think remaining is harmless? Well, I mean,
• 2:46:41
  Speaker 1: if you ignore the Paris Agreement, then it's harmless. But
• 2:46:44
  Speaker 1: if you don't ignore the Paras agreements, then it's placing
• 2:46:46
  Speaker 1: limits on electricity. It's playing with limits on phossil fuel production.
• 2:46:51
  Speaker 1: And phossil fuel production is necessary for human growth and
• 2:46:55
  Speaker 1: prosperity and economic economic achievement and success. But look, you know,
• 2:47:01
  Speaker 1: repealing that zero is a huge achievement. That would be
• 2:47:04
  Speaker 1: step number one. And then if you want to be
• 2:47:06
  Speaker 1: part of the Powas Agreement because it makes you feel
• 2:47:09
  Speaker 1: good and connects you to the world, but you're willing
• 2:47:11
  Speaker 1: to ignore a lot of the provisions in it, then
• 2:47:14
  Speaker 1: so be it. The key is it is not letting
• 2:47:19
  Speaker 1: the Powers Agreement handicap you, not letting it constrain you
• 2:47:24
  Speaker 1: from doing what is necessary to achieve prosperity, you know.
• 2:47:31
  Speaker 1: And the best thing would be to leave and announce
• 2:47:34
  Speaker 1: with trumpets that you're leaving, so everybody knows that you
• 2:47:38
  Speaker 1: find this anti life, anti human and you reject it.
• 2:47:42
  Speaker 1: But that's a big deal for people. They want to
• 2:47:44
  Speaker 1: pretend they want to virtue signal by staying in the
• 2:47:47
  Speaker 1: Powas Agreement to oh, they really care about the planet,
• 2:47:51
  Speaker 1: they really care about globe. But the whole thing is
• 2:47:52
  Speaker 1: a facade. The whole thing is a joke. I mean,
• 2:47:56
  Speaker 1: look at China building coal power plants, at an ever
• 2:48:01
  Speaker 1: increasing rate, and they're part of the past agreement. What
• 2:48:05
  Speaker 1: does it mean? It doesn't mean anything. Clark. Apparently Elon
• 2:48:10
  Speaker 1: Musk was in Epstein files and he wasn't invited on
• 2:48:14
  Speaker 1: the island because, as the email says, say, he's weird. Yes,
• 2:48:20
  Speaker 1: I heard that. I heard he wanted to be invited
• 2:48:22
  Speaker 1: or something like that. Anyway, he is weird, he's you know,
• 2:48:25
  Speaker 1: incredibly productive. All right, we have to go through these
• 2:48:34
  Speaker 1: questions fast because power is going to go out in
• 2:48:37
  Speaker 1: my building in a few minutes. I was just told,
• 2:48:40
  Speaker 1: so we'll do these fast. Neon says, The Odyssey was
• 2:48:43
  Speaker 1: the worst movie Nolan made. Hubble acting mixed with average
• 2:48:47
  Speaker 1: great actor. Sorry, I'll let you know what I think
• 2:48:50
  Speaker 1: when I see it, Neon. What was the exact time
• 2:48:53
  Speaker 1: or moment that solidified Israel's relationship with the United States?
• 2:48:58
  Speaker 1: Probably in nineteen seventy three. Oh, maybe I don't know
• 2:49:02
  Speaker 1: enough about it. I mean sixty seven was the shift
• 2:49:05
  Speaker 1: the United States became pro Israel. Seventy three probably solidified it. Exit.
• 2:49:11
  Speaker 1: A YouTuber called Smarter every Day put out a video
• 2:49:14
  Speaker 1: called the Problem with Capitalism. It has already gotten one
• 2:49:17
  Speaker 1: point eight million hits. He is an engineer and a Christian.
• 2:49:20
  Speaker 1: You might want to take a look. Yeah, that sounds
• 2:49:22
  Speaker 1: like a good idea. I've copied it. I'll paste it
• 2:49:26
  Speaker 1: into a document and I'll check it out, because otherwise
• 2:49:29
  Speaker 1: I'll forget all Right, Harrison, how much for a philosophy
• 2:49:36
  Speaker 1: philosophical breakdown of kuds. I don't know what Coudes is,
• 2:49:40
  Speaker 1: so I can't tell you. I don't know what crudes
• 2:49:42
  Speaker 1: mean means. Jacob Pedia j kept b VA's total group
• 2:49:47
  Speaker 1: one hundred and forty seven infant kids, no control group,
• 2:49:50
  Speaker 1: five day monitoring after each dose. Post marketing esses include escephalitis,
• 2:49:58
  Speaker 1: horrifically underpowered, non whole safe, as a joke. I can't comment.
• 2:50:03
  Speaker 1: I don't know. I'd have to do go do the research.
• 2:50:05
  Speaker 1: I'd have to go dig. But so far, every time
• 2:50:07
  Speaker 1: I've researched something you've claimed, I found it not to
• 2:50:10
  Speaker 1: be true. Increase past forty years in childhood, chronic diseases, exama, asthma, allergies,
• 2:50:20
  Speaker 1: child VAXX clinical trial, clinical trials and control groups, short observations,
• 2:50:25
  Speaker 1: many increased doses of vax You will, of course deny
• 2:50:28
  Speaker 1: any connection. I'm not denying any connection. I'm saying the
• 2:50:32
  Speaker 1: science has denied connection. I don't deny the connection. I
• 2:50:35
  Speaker 1: haven't done the science. But the people who do the science,
• 2:50:37
  Speaker 1: the people who look for connections because they care about
• 2:50:41
  Speaker 1: childhood exama asthma and allergies, because they're doctors and they care.
• 2:50:46
  Speaker 1: They're scientists and they care. You're not the only person
• 2:50:48
  Speaker 1: who cares about children. They care about children, you know,
• 2:50:52
  Speaker 1: pediatricians who care about children have looked at the science
• 2:50:55
  Speaker 1: and concluded you're wrong. How can you say no damage
• 2:51:02
  Speaker 1: is injuries? Almost five billion dollars paid by VIICP since
• 2:51:07
  Speaker 1: nineteen eighty six. Okay, is that a lot since nineteen
• 2:51:09
  Speaker 1: eighty six when the guy the people who claimed emotional
• 2:51:15
  Speaker 1: damage from Facebook got more than that I think in
• 2:51:17
  Speaker 1: one trial. So I don't think that's a lot. Five
• 2:51:19
  Speaker 1: billion dollars since nineteen eighty six, And those are just
• 2:51:22
  Speaker 1: the ones litigated. So many more out there. How do
• 2:51:25
  Speaker 1: you know there so many moreut there? How do you
• 2:51:27
  Speaker 1: know that not all the ones that happened a litigated,
• 2:51:31
  Speaker 1: And how do you know that not all that all
• 2:51:33
  Speaker 1: the ones litigated they didn't get a payoff just to
• 2:51:37
  Speaker 1: keep it just to go away, you know, rather than
• 2:51:40
  Speaker 1: because they actually there was actual damage from something actual.
• 2:51:43
  Speaker 1: How do you know these things? Right? So, I mean
• 2:51:47
  Speaker 1: you can you can make statements