Latest / Yaron Brook Show / Economy; 86 47; Warships; Caribbean; Ukraine; Venter | Yaron Brook Show

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Economy; 86 47; Warships; Caribbean; Ukraine; Venter | Yaron Brook Show · Yaron Brook Show

• 0:04
  Speaker 1: Fundamental principles. I'll read it the right will, self interest
• 0:10
  Speaker 1: and individual wats. This is the book show. Oh ready
• 0:21
  Speaker 1: to everybody, welcome torn book show on this uh Thursday,
• 0:26
  Speaker 1: April thirtieth. Hope, Uh everybody's doing uh doing well.
• 0:34
  Speaker 2: There's a massive storm outside right on my windows and
• 0:39
  Speaker 2: I can see and it's just pouring rain and it's
• 0:42
  Speaker 2: dark outside.
• 0:43
  Speaker 1: It's it's spooky anyway.
• 0:46
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• 0:49
  Speaker 2: today is a good day to do it, because I
• 0:52
  Speaker 2: don't know if the WiFi will hold.
• 0:53
  Speaker 1: We will see, uh, we will see what is uh?
• 0:57
  Speaker 1: What is uh what happens?
• 1:00
  Speaker 2: But it is it's pouring like when it rains and
• 1:04
  Speaker 2: when it rains, when it rains in Texas.
• 1:08
  Speaker 1: No audio, no audio, boys, no audio? Uh god? One
• 1:17
  Speaker 1: two three all right? Audio should be working now, one
• 1:27
  Speaker 1: two three? Uh audio no sound, no sound sound coming back?
• 1:35
  Speaker 1: You should have sound. Now. Let's see. I'll give it
• 1:39
  Speaker 1: a bit because I know you guys are a lag.
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• 1:44
  Speaker 1: three one two three one two three.
• 1:49
  Speaker 2: All right, we'll get song. All right, So as I said,
• 1:52
  Speaker 2: which you didn't hear, but I said it. As I said,
• 1:57
  Speaker 2: it is pouring rain outside. There's a that's a thunder
• 2:00
  Speaker 2: and lightning storm. It's raining like it typically rains in Texas.
• 2:06
  Speaker 1: It pours. There's no drizzle in Texas. In Texas, it pours.
• 2:11
  Speaker 2: And that means, you know, if if you're inclined to
• 2:15
  Speaker 2: pray to the Wi Fi gods, then now's a good
• 2:17
  Speaker 2: time to pray to the Wi Fi gods because we'll
• 2:21
  Speaker 2: see if the Wi Fi holds given the weather outside,
• 2:25
  Speaker 2: hopefully hopefully. All right, Uh, what do we what do
• 2:30
  Speaker 2: we want to talk about? As I said, it's Thursday.
• 2:35
  Speaker 2: I've talked three classes of my capitalism course at the
• 2:38
  Speaker 2: University of Austin.
• 2:40
  Speaker 1: Uh. It's it's been fun. I've really enjoyed it and
• 2:47
  Speaker 1: and we will be Uh.
• 2:49
  Speaker 2: I'll be doing class four today, class five tomorrow, and
• 2:52
  Speaker 2: then a couple of classes next.
• 2:53
  Speaker 1: Week and then a final exam. So that is the
• 2:57
  Speaker 1: that is the schedule. All right, let's see. We have.
• 3:06
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• 3:09
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• 3:11
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• 3:34
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• 3:38
  Speaker 2: All right, let's start about start with you know, we're
• 3:41
  Speaker 2: gonna kind of a broad discussion of.
• 3:45
  Speaker 1: The state of I guess, the economics of the United
• 3:49
  Speaker 1: States and where we are with that.
• 3:54
  Speaker 2: So today, I think we got GDP numbers for the
• 3:58
  Speaker 2: first quarter of the year, and it was.
• 4:05
  Speaker 1: You know, moderate growth.
• 4:07
  Speaker 2: It was an improvement over the fourth quarta, which I
• 4:09
  Speaker 2: had seen growth of what zero point four three percent?
• 4:12
  Speaker 1: This quote is so growth at two percent.
• 4:14
  Speaker 2: Now, these are all annualized numbers, a two percent for
• 4:16
  Speaker 2: the year if you extrapolate from the first year, so
• 4:19
  Speaker 2: two percent in the Q one, which is, you know,
• 4:24
  Speaker 2: a little below what economists were estimating, which is about
• 4:27
  Speaker 2: to put two percent, and below what the administration was saying.
• 4:31
  Speaker 1: Howard Ludwig was saying five percent growth. This is the
• 4:35
  Speaker 1: golden age of the US economy.
• 4:38
  Speaker 2: Anyway, two percent growth is a namic, it is it
• 4:43
  Speaker 2: is not particularly inspiring, and yeah, it's it's consistent with
• 4:51
  Speaker 2: you know, not quite stagnation, but but close to stagnation. Meanwhile,
• 4:58
  Speaker 2: CPI inflation and inflation rose abouto point seven percent in March.
• 5:03
  Speaker 2: So prices is measured by CPI up about three point
• 5:07
  Speaker 2: five percent from a year ago. Gas prices, of course,
• 5:12
  Speaker 2: lead that in their gases are now at four point
• 5:15
  Speaker 2: three dollars and a gallon national average according to the
• 5:20
  Speaker 2: Triple eight, which is the highest in four years. The
• 5:24
  Speaker 2: national debt, national debt, the debt Congress. The government debt
• 5:30
  Speaker 2: has crossed one hundred percent of GDP one hundred percent
• 5:34
  Speaker 2: of GDP for the first time since the end of
• 5:37
  Speaker 2: World War two, basically since the year after World War
• 5:39
  Speaker 2: Two nineteen forty six, when the government started running soapluses
• 5:43
  Speaker 2: and paying off that debt one hundred percent of To
• 5:47
  Speaker 2: pay off the.
• 5:48
  Speaker 1: Debt, you would have to take all the income as
• 5:50
  Speaker 1: measured by GDP in a particular year and pay off
• 5:53
  Speaker 1: the debt.
• 5:55
  Speaker 2: So the economy is definitely you know, it's it's moving along.
• 6:00
  Speaker 2: It's it's it's going it's not drinking. We're not in recession.
• 6:05
  Speaker 2: Unemployment is still pretty low, people are working, wages are increasing.
• 6:11
  Speaker 2: We'll see that in a little bit, but not by much.
• 6:16
  Speaker 2: And the economy itself is not growing. Investment is not
• 6:19
  Speaker 2: high to the extent that there is economic goal two percent.
• 6:22
  Speaker 2: Much of that, much of that is driven by investment
• 6:25
  Speaker 2: in AI. You know, again, we're losing many jobs because
• 6:31
  Speaker 2: people are immigrants are leaving, illegal immigrants or leaving the country.
• 6:37
  Speaker 1: You know that.
• 6:40
  Speaker 2: That the number of AI immigrants, immigrants in the AI field,
• 6:47
  Speaker 2: people are coming into the United States to work in AI,
• 6:50
  Speaker 2: has dropped eighty nine percent over the last ten years
• 6:55
  Speaker 2: and just eighty percent over the last year. So immigration
• 7:00
  Speaker 2: policies are really really hurting economic growth. Economic growth is
• 7:07
  Speaker 2: to some extent dependent on how many people you have,
• 7:10
  Speaker 2: and they work they produce. Right, If they're leeches, if
• 7:14
  Speaker 2: they work and produce nothing, then they don't add to GDP.
• 7:17
  Speaker 2: But if they work, then GDP grows with the income
• 7:22
  Speaker 2: that they produce. Right, production is value added, it's.
• 7:26
  Speaker 1: Not zero sum, and it doesn't matter if they're legal
• 7:28
  Speaker 1: or illegal.
• 7:31
  Speaker 2: The economy grows when you have more people, and immigrants
• 7:34
  Speaker 2: help the economy grow and they.
• 7:36
  Speaker 1: Provide an entrepreneurial talent and pernuary skill.
• 7:38
  Speaker 2: That's suddenly true of legal immigrants, even though it's also
• 7:41
  Speaker 2: true of illegal immigrants. But the thing is, the climb
• 7:45
  Speaker 2: down and immigration was never about illegal immigration.
• 7:48
  Speaker 1: It was always about immigration.
• 7:51
  Speaker 2: So you've seen a massive clap down on H one
• 7:53
  Speaker 2: B Visa's, You've seen a clamp down on partially cultural
• 7:57
  Speaker 2: and attitudinal against Indie and migrants, even though they're most
• 8:01
  Speaker 2: they're the most successful immigrant imm immigrant group in America.
• 8:07
  Speaker 2: So it's not even about you know, people say, oh,
• 8:10
  Speaker 2: we don't want those immigrants because they.
• 8:11
  Speaker 1: Eat up welfare. Well, Indian immigrants don't do that.
• 8:15
  Speaker 2: They actually produce far more than they use up there Again,
• 8:19
  Speaker 2: they're the wealthiest, they're far more Their income is far
• 8:23
  Speaker 2: higher than it is for Native Americans, White Americans.
• 8:27
  Speaker 1: So why do we hate them.
• 8:29
  Speaker 2: We hate them because they're Indian, we hate them because
• 8:32
  Speaker 2: they're brown skinned. Uh So the attack and immigration hurts
• 8:39
  Speaker 2: the economy, and you know, people who might come to
• 8:43
  Speaker 2: the United States, we entrepreneurs in Silicon Valley, Chinese Indians,
• 8:48
  Speaker 2: but even h but even South Americans or others are
• 8:54
  Speaker 2: discoveraged from doing that, particularly if they have non white skin.
• 8:58
  Speaker 2: The discoverage from coming because the reality is that this
• 9:01
  Speaker 2: administration is an anti immigration administration, not an anti illegal immigration,
• 9:07
  Speaker 2: an anti immigration administration. They're making it very hard for
• 9:11
  Speaker 2: people to renew their H and b's when they already
• 9:14
  Speaker 2: have them, make it very difficult for people to get
• 9:17
  Speaker 2: green cards if they come form certain countries they don't like,
• 9:20
  Speaker 2: even if those people are productive, wealth creating, building creating,
• 9:25
  Speaker 2: making stuff. So a big part of the stagnation that
• 9:31
  Speaker 2: were experiencing right now is the Trump administration's attack on immigration.
• 9:38
  Speaker 1: But it's not just immigration. Another big chunk of.
• 9:44
  Speaker 2: The slowdown in GDP and by the way, two percent
• 9:46
  Speaker 2: GDP might be revised next quarter and likely revised down
• 9:52
  Speaker 2: rather than up. But you know a lot of this,
• 9:57
  Speaker 2: a lot of the price is going up, and a
• 9:58
  Speaker 2: lot of even the GDP overall, you know, tariffs have
• 10:04
  Speaker 2: contributed to this. Now, tariff's are one time increasing prices,
• 10:07
  Speaker 2: some prices not others.
• 10:09
  Speaker 1: But it's a drag on the economy.
• 10:11
  Speaker 2: It increases uncertainty, It elevates the prices of basic goods
• 10:16
  Speaker 2: that are necessary for production, like steel and aluminum. It
• 10:22
  Speaker 2: distorts perverts the marketplace. It is a drag on economic growth.
• 10:28
  Speaker 2: So if you think about the two main policies of
• 10:32
  Speaker 2: this administration, the two policies they most hype and they're
• 10:38
  Speaker 2: most proud of.
• 10:40
  Speaker 1: Those are policies that are.
• 10:41
  Speaker 2: Clearly unequivocally hooting economic growth in the United States, exactly
• 10:46
  Speaker 2: opposite of what you know. The Commerce Secretary Lutwig claims,
• 10:51
  Speaker 2: this is why the economy is only going in two percent.
• 10:53
  Speaker 2: The reality is that the year's economy is unbelievably resilient,
• 11:00
  Speaker 2: would be growing in a much higher rate if not
• 11:01
  Speaker 2: for tariffs and immigration restrictions.
• 11:03
  Speaker 1: Imagine if all we got from Trump economically was the
• 11:08
  Speaker 1: deregulation that he's actually done some of his people have
• 11:11
  Speaker 1: done some of. If we only got that without the.
• 11:17
  Speaker 2: Constraints of immigration, without the constraints of tariffs, this economy
• 11:22
  Speaker 2: would be buzzing, would.
• 11:24
  Speaker 1: Be rock and rolling, It would really be doing phenomenally.
• 11:28
  Speaker 2: So this is all self inflicted for no good reason,
• 11:31
  Speaker 2: for political ideological.
• 11:33
  Speaker 1: Agenda that has nothing to do with economics.
• 11:36
  Speaker 2: So economy is puttering along, you know, somehow, in spite
• 11:43
  Speaker 2: of massive economic policy errors on the part of this administration. Now,
• 11:49
  Speaker 2: another era that is causing angst right now is the
• 11:53
  Speaker 2: inability of this administration to actually defeat the Iranians, to actually.
• 11:59
  Speaker 1: Win the war, and to open the homost Straits.
• 12:02
  Speaker 2: The fact that the Homost Straits are closed has driven
• 12:05
  Speaker 2: gas and lean prices in the United States to I
• 12:08
  Speaker 2: guess the last number is four to twenty three a gallant,
• 12:14
  Speaker 2: Yeah for twenty three. And you know, but it's also
• 12:19
  Speaker 2: causing economic problems across the board across the world. It's
• 12:25
  Speaker 2: probably causing other economic problems in the United States. Fertilizer
• 12:28
  Speaker 2: prices are up, helium prices are up, so a bunch
• 12:31
  Speaker 2: of prices are up, which is causing real problems. So
• 12:35
  Speaker 2: the fact that this administration, again unforced error, didn't have
• 12:40
  Speaker 2: a plan and didn't engage that plan.
• 12:45
  Speaker 1: I mean, the Pentagon had plans.
• 12:46
  Speaker 2: Trump didn't have a plan to open up the straits,
• 12:50
  Speaker 2: and foremost on day one of the war is costing
• 12:55
  Speaker 2: this economy significantly. Is costing you every time you fill
• 12:58
  Speaker 2: up your gas significantly. So you know, you pay mofa
• 13:04
  Speaker 2: gas means you pay less for other things, means there's
• 13:08
  Speaker 2: less economic activity in other sectors. So while b you know,
• 13:14
  Speaker 2: the US is has uh gas exports are booming. Ga
• 13:18
  Speaker 2: er you know, uh uh oil and uh natural gas
• 13:21
  Speaker 2: exports are booming, Americans are paying a significant higher price
• 13:25
  Speaker 2: four gasoline. Uh yeah, it and it's yuh in in
• 13:33
  Speaker 2: in place like California, it's actually six dollars a gallon
• 13:38
  Speaker 2: again unforced to ever, I y I. I'm all for
• 13:41
  Speaker 2: war with uh Iran, but not one where, not one way.
• 13:47
  Speaker 2: You don't know what you're doing, you flounder around. You
• 13:51
  Speaker 2: let the Iranians take a strategic you know s s
• 13:56
  Speaker 2: strong position, and don't do anything to stop them, which
• 14:02
  Speaker 2: the Station has amazingly done, even though it was one
• 14:06
  Speaker 2: hundred percent predictable that.
• 14:09
  Speaker 1: They would close the streets of homoes.
• 14:13
  Speaker 2: Oil is again spiking given what's happening in Iran. And oh,
• 14:17
  Speaker 2: by the way, this is the first show in two
• 14:20
  Speaker 2: months where I'm not talking about ivon qual I won
• 14:25
  Speaker 2: nothing new is happening, so I'll just say that nothing
• 14:27
  Speaker 2: new is happening.
• 14:28
  Speaker 1: The new Station is still trying to figure out what
• 14:29
  Speaker 1: they're going to do next.
• 14:31
  Speaker 2: A lot of rumors swirling around about an imminent attack
• 14:34
  Speaker 2: on the Iranians, probably this weekend.
• 14:36
  Speaker 1: Now the King Charles has left Washington, DC, but no.
• 14:40
  Speaker 2: Real evidence of anything one way or the other other
• 14:44
  Speaker 2: than what I said yesterday. Trump has rejected the Iranian
• 14:47
  Speaker 2: proposals and is committed to keeping the blockade, but nothing
• 14:52
  Speaker 2: about opening up the streets of homoes and no solid
• 14:57
  Speaker 2: evidence about bombing U. But there is speculation that that
• 15:04
  Speaker 2: will happen this weekend. In the meantime, given that speculation
• 15:08
  Speaker 2: or prices are going up significantly, and a lot of
• 15:13
  Speaker 2: countries and a lot of people in a lot of
• 15:16
  Speaker 2: countries are struggling because of the price of oil. All right,
• 15:24
  Speaker 2: So that's a lot of many bad news about the
• 15:31
  Speaker 2: used economy. And but you have to put it into perspective.
• 15:39
  Speaker 2: As bad as the US economy is doing, it's still
• 15:41
  Speaker 2: doing better than most economies around the world. Still doing
• 15:45
  Speaker 2: better than Europe. We'll talk about Europe in a bit.
• 15:47
  Speaker 2: We're still doing better than Canada. It's doing okay, and
• 15:52
  Speaker 2: it certainly has done okay in the past. There's a
• 15:56
  Speaker 2: lot of again, rumors talk, people show all kinds of
• 16:01
  Speaker 2: graphs about the fact that the US dollar is losing
• 16:08
  Speaker 2: its stature in the world. People are using the dollar
• 16:12
  Speaker 2: less and less. It's not gonna be the reserve country
• 16:15
  Speaker 2: of the world, we are told constantly.
• 16:19
  Speaker 1: But the reality is that's not happening.
• 16:23
  Speaker 2: And it's not happening not because the United States economy
• 16:26
  Speaker 2: is so good, but because the euroeconomy, the Yuan economy,
• 16:31
  Speaker 2: the Chinese, the Japanese economy, the yen are doing worse.
• 16:38
  Speaker 2: Nobody wants to transact in the euros, or maybe that's transact,
• 16:42
  Speaker 2: but they don't want to hold euros, they don'tant to
• 16:44
  Speaker 2: hold yuon's, they don't to hold.
• 16:49
  Speaker 1: Yen.
• 16:50
  Speaker 2: Everybody in the world still wants the whole dollars, and
• 16:53
  Speaker 2: it's still true that most international transactions are in dollars.
• 17:00
  Speaker 2: Everybody continues to claim, oh, no, US dollar is finished
• 17:04
  Speaker 2: as a world reserve currency. Gold is up to close
• 17:07
  Speaker 2: to five thousand, and everybody bets against the dollar. But
• 17:11
  Speaker 2: the reality is the fifty one point one percent of
• 17:15
  Speaker 2: all transactions on the all transactions on an international scale
• 17:22
  Speaker 2: are doneing dollars now fifty one point one percent. That's
• 17:26
  Speaker 2: more than half, and that's way up from like forty
• 17:30
  Speaker 2: percent two and a half years ago. So direction in
• 17:35
  Speaker 2: terms of using the dollars of transactions not being downwards,
• 17:39
  Speaker 2: it's actually upwards again, not based on the strength of
• 17:44
  Speaker 2: the US economy, but based on the weakness of all
• 17:48
  Speaker 2: the other economies. The US dollar dominates trade, and that
• 17:55
  Speaker 2: domination is growing, non declining, in spite of what you'll
• 17:59
  Speaker 2: hear inspite of what people are saying, claiming, pretending making
• 18:03
  Speaker 2: up US.
• 18:05
  Speaker 1: Dollar is more used more, not used less. If you
• 18:16
  Speaker 1: look at if you look at.
• 18:19
  Speaker 2: Curlency usage in offshore banking, right, do people hold their
• 18:26
  Speaker 2: deposits in?
• 18:27
  Speaker 1: What currency? Do they hold them? Is it in dollars?
• 18:29
  Speaker 1: Is it in US? Is it in pound stoling yuon crypto?
• 18:37
  Speaker 1: What is it?
• 18:39
  Speaker 2: It's overwhelmingly in dollars. It's nobody's even close. And again
• 18:45
  Speaker 2: the dollar today, Dollar holdings by foreigners in foreign accounts
• 18:52
  Speaker 2: have gone from.
• 18:53
  Speaker 1: Four trillion.
• 18:55
  Speaker 2: To fifteen trillion since nineteen ninety seven, in the last
• 19:02
  Speaker 2: twenty five years thirty five years anyway something like that,
• 19:10
  Speaker 2: so or thirty years should we get thirty years?
• 19:14
  Speaker 1: I mean, that's an astounding rise. And if you look
• 19:16
  Speaker 1: at just the latest from twenty twenty four, it's up up.
• 19:23
  Speaker 1: People also like euros, but the euro right now is.
• 19:28
  Speaker 2: That something like three point five trillion US fifteen U
• 19:31
  Speaker 2: three point five trillion, And that's the second highest. Almost
• 19:35
  Speaker 2: nobody wants to hold their assets in pounds or yuan's
• 19:40
  Speaker 2: or Swiss francs or in crypto.
• 19:47
  Speaker 1: In comparison. I mean, the numbers there are puny.
• 19:54
  Speaker 2: So to put it another way, the world is still
• 19:57
  Speaker 2: dominated by the dollar. The dollar is the globoviser of
• 20:02
  Speaker 2: currency that is not going away. If anything, that's intensifying
• 20:06
  Speaker 2: and not in my view, based on the strength of
• 20:11
  Speaker 2: the US dollar. This is not a Trump phenomena. This
• 20:14
  Speaker 2: is going on in the Biden, this is going on
• 20:17
  Speaker 2: to Obama. So it's not a Trump phenomena necessarily. Although
• 20:22
  Speaker 2: during Trump's first presidency and now his second presidency.
• 20:27
  Speaker 1: The move to the dollars even faster than it is
• 20:33
  Speaker 1: under the Democrats. But you know, this is clearly the reality.
• 20:39
  Speaker 1: The war in Iran is.
• 20:41
  Speaker 2: Not diminished at at all. If anything, it's intensified to
• 20:45
  Speaker 2: shift of dollars. So don't believe the doom sayers out
• 20:49
  Speaker 2: there who are saying the demyas and the collapse of
• 20:52
  Speaker 2: the dollars em and and by the way, one of
• 20:54
  Speaker 2: the reasons more people are holding dollars is because interest
• 20:58
  Speaker 2: rate it's a way up. I mean, we're back to
• 21:01
  Speaker 2: four point four percent on the ten year bond. Now,
• 21:06
  Speaker 2: the different types of interestrates right the Fed and out
• 21:08
  Speaker 2: yesterday they're keeping interest rates the same.
• 21:12
  Speaker 1: But the Fed doesn't affect the long term interst rates
• 21:15
  Speaker 1: what people pay for ten year bonds. The Fed just.
• 21:19
  Speaker 2: Controls short term interstrates, and the long term interstrates the
• 21:24
  Speaker 2: ten year and the thirty year are very high. So
• 21:28
  Speaker 2: if you hold dollars, you can get very nice interest
• 21:34
  Speaker 2: on your deposits because that interest is.
• 21:38
  Speaker 1: Often tied to the ten year of the ten year bond.
• 21:42
  Speaker 2: So interstates are still reasonably high on a variety of
• 21:48
  Speaker 2: different saving accounts that people that people can put their
• 21:51
  Speaker 2: money into in dollar denominations.
• 21:53
  Speaker 1: You can't get those interestrates in other countries. Okay, some
• 21:58
  Speaker 1: on good news good news, and theeds are good news.
• 22:00
  Speaker 2: They have to do with long term trends, not short
• 22:03
  Speaker 2: term trends, not any particular president, but long term trends.
• 22:08
  Speaker 2: And again, these are the kind of long term trends
• 22:10
  Speaker 2: that Trump should be benefiting from right now, and he's
• 22:13
  Speaker 2: not because he's engaged in policy that is incredibly destructive
• 22:20
  Speaker 2: to his own economic agenda. Well, if his economic.
• 22:24
  Speaker 1: Agenda involves growth, maybe it's maybe it doesn't.
• 22:28
  Speaker 2: So once statistic, and I've mentioned the statistics several times
• 22:33
  Speaker 2: on past shows over the last ten years or more
• 22:36
  Speaker 2: than I've been doing this show.
• 22:40
  Speaker 1: The reality that.
• 22:41
  Speaker 2: Nobody talks about as everybody panics about inequality and cost
• 22:46
  Speaker 2: of living and all this stuff, is the fact that
• 22:50
  Speaker 2: on an inflation adjusted basis, Americans have done really, really,
• 22:57
  Speaker 2: really well over the last forty five years. The reality
• 23:03
  Speaker 2: is that the middle class is indeed shrinking. I've mentioned
• 23:07
  Speaker 2: this before, but at the same time, the middle class
• 23:12
  Speaker 2: is shrinking because what we call the core middle class,
• 23:18
  Speaker 2: the core middle class, the middle middle class is shrinking
• 23:22
  Speaker 2: because it's shrinking, and actually the lower middle class is shrinking,
• 23:27
  Speaker 2: not because they're becoming poor, because the number of poor
• 23:30
  Speaker 2: people in America is shrinking.
• 23:31
  Speaker 1: Actually that the percentage of people who.
• 23:33
  Speaker 2: Are poor in America has gone down from close to
• 23:36
  Speaker 2: thirty percent to well under twenty percent. So the reality
• 23:48
  Speaker 2: is that the middle class is shrinking. Poverty is shrinking
• 23:52
  Speaker 2: because the upper middle class and the rich are growing
• 23:57
  Speaker 2: significantly significantly. So you know, if you define as this
• 24:09
  Speaker 2: particular study does upper middle class as a three three
• 24:15
  Speaker 2: member family making between one hundred and thirty three thousand
• 24:18
  Speaker 2: and four hundred thousand, that's between five and fifteen times
• 24:24
  Speaker 2: the poverty line, that group that makes one hundred and
• 24:27
  Speaker 2: thirty three to four hundred thousand, adjusted for family size,
• 24:31
  Speaker 2: is dramatically larger than it was, more than double in
• 24:38
  Speaker 2: terms of the percentage population, more than double what it
• 24:41
  Speaker 2: was forty five years ago. So, you know, the wealthy,
• 24:49
  Speaker 2: the wealthy is above above four hundred thousand a year.
• 24:55
  Speaker 2: That group has increased significantly over the last four and
• 24:57
  Speaker 2: again all inflation adjusted. So we're we're not playing any
• 25:02
  Speaker 2: tricks here. There's a significant number of people today in
• 25:04
  Speaker 2: America who own over four hundred thousand dollars a year.
• 25:09
  Speaker 1: It's income.
• 25:12
  Speaker 2: So poverty is shrinking, low middle class is shrinking, Relatively
• 25:18
  Speaker 2: well off Americans growing significantly. This is in spite of
• 25:24
  Speaker 2: the cost of education, in spite of the cost of
• 25:27
  Speaker 2: everything else.
• 25:27
  Speaker 1: Now this is this is just you know, income adjusted
• 25:33
  Speaker 1: for inflation.
• 25:35
  Speaker 2: You know, in spite of all the changes to jobs,
• 25:37
  Speaker 2: in spite of the hollowing out of the middle America,
• 25:41
  Speaker 2: in spite of what else, the de industrialization that we're
• 25:45
  Speaker 2: told about, in spite of illegal immigrants and just massive
• 25:49
  Speaker 2: numbers of immigrants coming into the United States.
• 25:52
  Speaker 1: In spite or maybe because of all.
• 25:53
  Speaker 2: Those things, Americans have done very very well over the
• 25:58
  Speaker 2: last forty five years. They've seen significant income growth and
• 26:02
  Speaker 2: those what the college degree have done even better than
• 26:06
  Speaker 2: everybody else have done phenomenally well during this period. So
• 26:17
  Speaker 2: you know, the yu's economy chunks along, it goes through
• 26:20
  Speaker 2: periods of softening and periods of success. But overall, at
• 26:24
  Speaker 2: least over the last forty five years, it's done fairly. Wow,
• 26:27
  Speaker 2: it hasn't done as well as I think it could be.
• 26:31
  Speaker 1: It's done, okay.
• 26:33
  Speaker 2: A different survey that was when survey there was published
• 26:35
  Speaker 2: by It was a study done by the Institute of
• 26:39
  Speaker 2: Economic Affairs. No, yeah, yeah, I think the Institute Economic Affairs,
• 26:45
  Speaker 2: or maybe it's sorry, American Enterprise Institute.
• 26:48
  Speaker 1: It was done by the American Enterprise Insited.
• 26:50
  Speaker 2: Another study done by Pew looks at income from nineteen
• 26:55
  Speaker 2: seventy to twenty twenty two, and it shows that the
• 26:58
  Speaker 2: number of people making the number of people in the
• 27:01
  Speaker 2: upper income class, their income is gone by seventy eight percent,
• 27:06
  Speaker 2: the middle income their income is going by sixty percent,
• 27:09
  Speaker 2: lower income going by fifty five percent in real terms in.
• 27:13
  Speaker 1: Terms of purchasing power.
• 27:17
  Speaker 2: So while the upper income group has grown, its income
• 27:22
  Speaker 2: has grown as well, middle income group is shrunk. Their
• 27:26
  Speaker 2: income has grown. Everybody is better off on average, everybody
• 27:32
  Speaker 2: is better off. So again there's this. You know, something's expensive,
• 27:39
  Speaker 2: but some things are much cheaper. In stand up living
• 27:44
  Speaker 2: even adjusted for adjusted for inflation, is significantly higher today
• 27:51
  Speaker 2: than it was forty years ago. In spite of what
• 27:53
  Speaker 2: you're being told by everybody, I like these these papers
• 28:00
  Speaker 2: that look at rents. Rent is a is a great
• 28:04
  Speaker 2: way to illustrate economic principles. And uh, there's a there's
• 28:10
  Speaker 2: a new new data on rent in Dallas.
• 28:15
  Speaker 1: Rent in Dallas.
• 28:18
  Speaker 2: Uh, single family rent income ratio, so how much of
• 28:23
  Speaker 2: single families income.
• 28:24
  Speaker 1: Is spent on rent? And you know, Dallas is a
• 28:31
  Speaker 1: place where there's no rent control New York are you watching?
• 28:37
  Speaker 2: And Texas, of course is a place that has very
• 28:40
  Speaker 2: permissive land use rules, so it's relatively easy to build, build,
• 28:47
  Speaker 2: build build. The result of all that no rehn in control,
• 28:54
  Speaker 2: easy to build is that rent today in Dallas is
• 29:01
  Speaker 2: more affordable, single family home more affordable today than it
• 29:06
  Speaker 2: was at any time since two thousand and eight, so
• 29:13
  Speaker 2: that's almost twenty years ago. Rent relative to income has
• 29:19
  Speaker 2: gone down now, it spiked.
• 29:23
  Speaker 1: Way up in twenty twenty two.
• 29:28
  Speaker 2: You know, post COVID, the big spike up, particularly in
• 29:31
  Speaker 2: Texas as people moved to Texas big spike.
• 29:35
  Speaker 1: But that's how economics works.
• 29:37
  Speaker 2: What happens then, well, one, because rents are super high,
• 29:43
  Speaker 2: everybody goes and builds apartments for rent or homestore rent,
• 29:48
  Speaker 2: in this case, single family homes to rent.
• 29:51
  Speaker 1: So there was a massive boom in building in Dallas.
• 29:57
  Speaker 1: Some people probably left Dallas and.
• 29:58
  Speaker 2: Went back to California or whatever post COVID, But most
• 30:02
  Speaker 2: of this is build, build, build, They built, And because
• 30:06
  Speaker 2: they built, rent went up to.
• 30:08
  Speaker 1: Like twenty nine percent of.
• 30:12
  Speaker 2: As a rent income ratio, and it's now below twenty
• 30:16
  Speaker 2: five percent, and it's gone down like.
• 30:19
  Speaker 1: That sharply, all because the market worked. The signal to
• 30:23
  Speaker 1: build more high prices was embraced by the market. They
• 30:28
  Speaker 1: built built an ego, you have you have a much
• 30:35
  Speaker 1: more affordable.
• 30:37
  Speaker 2: Rent in Dallas, Texas, or affordable as affordable as it
• 30:43
  Speaker 2: was in the late two thousands, in two thousand and
• 30:46
  Speaker 2: eight or so.
• 30:49
  Speaker 1: All right, Now, the.
• 30:54
  Speaker 2: Fact that market signals a lot of work like that
• 30:57
  Speaker 2: is one of the reasons the United States economy does
• 31:00
  Speaker 2: k relative let's say to Europe or Canada, where there's
• 31:03
  Speaker 2: a lot more government intervention. And one example of this
• 31:08
  Speaker 2: is imagine making sixty thousand euros of dollars of a
• 31:14
  Speaker 2: gross salary, how much of that do you take home
• 31:22
  Speaker 2: on average in America.
• 31:23
  Speaker 1: It changes from place to place in America depending on state.
• 31:26
  Speaker 2: Taxes and other factors, but generally, how much do you
• 31:30
  Speaker 2: take home in the US from sixty thousand gross salary
• 31:33
  Speaker 2: versus how much do you take home other in European countries, well,
• 31:39
  Speaker 2: for example, in Switzerland you take home about fifty thousand,
• 31:43
  Speaker 2: which is about what you take home in the United
• 31:45
  Speaker 2: States or Switzerland, the United States. Very similar in the
• 31:48
  Speaker 2: Netherlands forty three, in Germany thirty nine, in France thirty nine,
• 31:53
  Speaker 2: in Sweden thirty five. Texes are very high in Sweden,
• 31:56
  Speaker 2: Italy thirty six, Spain thirty nine. So for sixty thousand
• 32:02
  Speaker 2: dollars salary, you the worker.
• 32:06
  Speaker 1: Get net. Your net paid in Switzerland and the United
• 32:10
  Speaker 1: States is significantly.
• 32:12
  Speaker 2: Higher than it is in most European countries. So a
• 32:22
  Speaker 2: you have more, Americans just have more, even if they're
• 32:25
  Speaker 2: making the same wage. But here's the real stunning statistic.
• 32:31
  Speaker 1: In France, for an employer pay you sixty thousand dollars
• 32:39
  Speaker 1: and you get to take on thirty nine of that.
• 32:44
  Speaker 2: The cost to the employer is ninety five thousand, three
• 32:49
  Speaker 2: hundred and three.
• 32:50
  Speaker 1: So on top of the sixty thousand he's paying you, the.
• 32:54
  Speaker 2: Employer has to pay another thirty five thousand dollars contributions
• 33:01
  Speaker 2: to different things, government mandated contributions, taxes, and so on.
• 33:12
  Speaker 1: You know, in the United States.
• 33:15
  Speaker 2: In the United States, if the employer is paying you
• 33:18
  Speaker 2: sixty thousand, it's total cost in a cheap state is
• 33:24
  Speaker 2: somewhere around sixty five. In the most expensive state it's eighty.
• 33:32
  Speaker 2: And again, take on pay in the United States is
• 33:33
  Speaker 2: around fifty thousand from a sixty thousand dollars salarid. So
• 33:38
  Speaker 2: in US it is a lot cheaper to hire people,
• 33:43
  Speaker 2: a lot cheaper to hire people than it is in France,
• 33:48
  Speaker 2: for example, it's even you know, it's much more similar
• 33:52
  Speaker 2: in Switzerland. So it's as sixty thousand dollars pay the
• 33:57
  Speaker 2: employer cost the employee sixty eight thousand.
• 34:02
  Speaker 1: Now, when the.
• 34:04
  Speaker 2: Cost of something is very very high, you get less
• 34:08
  Speaker 2: of it. When the cost of employee people is very
• 34:10
  Speaker 2: very high, you get less employment when an and most
• 34:17
  Speaker 2: of that increased cost is all kinds of government bs
• 34:23
  Speaker 2: and take them pay is very very low. Sus stand
• 34:27
  Speaker 2: of living is very low.
• 34:31
  Speaker 1: So you can see the ric relationship between.
• 34:34
  Speaker 2: Kind of the way we tax in America the UH
• 34:38
  Speaker 2: the UH I mean labor flexibility in America, you know, y,
• 34:44
  Speaker 2: you know, in the relatively well being.
• 34:46
  Speaker 1: Of Americans as compared to Europeans. I I. It's quite significant,
• 34:51
  Speaker 1: quite significant, all right.
• 34:57
  Speaker 2: By the way, just to give you another example of
• 35:00
  Speaker 2: of kind of general gdpeper capital growth. If you take
• 35:03
  Speaker 2: GDP per capital growth since twenty fifteen, so last fifteen years,
• 35:08
  Speaker 2: the United States has grown by twenty point seven percent.
• 35:12
  Speaker 2: It's gdpeople capital, the individual piece of of of GDP
• 35:19
  Speaker 2: is going by twenty point seven percent. In Denmark, one
• 35:24
  Speaker 2: of the better performing economies in in site in Europe
• 35:30
  Speaker 2: in spite of having although this has influenced a lot
• 35:34
  Speaker 2: by that one pharmaceutical companies that made the GLP ones
• 35:38
  Speaker 2: that has brought more income into you know, it's three
• 35:42
  Speaker 2: times bigger than than the Danish government anyway, it's around
• 35:46
  Speaker 2: nineteen percent. Spain has done well at about eighteen percent.
• 35:51
  Speaker 2: But if you look at the UK, the UK is
• 35:55
  Speaker 2: going seven point four percent, seven point seven percent, so
• 35:59
  Speaker 2: almost that's the third of what the US growth is.
• 36:03
  Speaker 2: Canada over the last twenty years GDPPA capita in Canada
• 36:11
  Speaker 2: has grown half a percent half a percent, which is
• 36:20
  Speaker 2: pretty stunning. Basically, Canada's growth has been flat for the
• 36:25
  Speaker 2: last twenty five years. Twenty five years.
• 36:36
  Speaker 1: By the way, the one economy that over the last
• 36:41
  Speaker 1: few years, the last three years has done better than
• 36:44
  Speaker 1: the United States or one of the economies.
• 36:49
  Speaker 2: Is the Israeli economy, which is pretty stunning. Is those
• 36:54
  Speaker 2: economies since October seventh has going faster than in every
• 37:00
  Speaker 2: G seven country. It has unemployment at three point two.
• 37:04
  Speaker 1: Percent, inflation CPI inflation under.
• 37:07
  Speaker 2: Two percent, stock changes up twenty percent just this year,
• 37:13
  Speaker 2: and much higher I can't remember what percent, but much
• 37:16
  Speaker 2: higher than October seventh. The currency, the Israeli chekel, has
• 37:23
  Speaker 2: gained seven percent against the dollar during this period.
• 37:30
  Speaker 1: Why is this?
• 37:32
  Speaker 2: All has a booming tech sector, record foreign investments in
• 37:37
  Speaker 2: spite of the war, because of his booming tech sector,
• 37:42
  Speaker 2: because of cybersecurity, and because of defense industry. Defense exports
• 37:48
  Speaker 2: are surging. All has a highly skilled workforce and a
• 37:54
  Speaker 2: relatively lot of work to do.
• 37:56
  Speaker 1: Still flexible economy, so just interesting economic wise that.
• 38:06
  Speaker 2: Israel has in spite of the fact that many of
• 38:09
  Speaker 2: its employees are in the military. You know, significant chunks
• 38:14
  Speaker 2: of the year. Israel is doing very well economically. It's
• 38:21
  Speaker 2: going to be a case study that people will study
• 38:23
  Speaker 2: after the fact.
• 38:24
  Speaker 1: How did it do it?
• 38:25
  Speaker 2: And I think a lot of it has to do
• 38:27
  Speaker 2: there were forms that were done mainly in the pre
• 38:30
  Speaker 2: bb era before Nitagiel was Prime minister, when he was
• 38:33
  Speaker 2: finance minister. Really the reforms that have been done since
• 38:36
  Speaker 2: the early nineteen eighties that have freed up, liberated, made
• 38:41
  Speaker 2: more flexible the Israeli economy. And of course it's incredible
• 38:45
  Speaker 2: booming and successful tech sector.
• 38:48
  Speaker 1: Is at the heart of them.
• 38:52
  Speaker 2: Okay, that is kind of a quick update on a
• 38:55
  Speaker 2: bunch of economic issues and what's happening in the world
• 39:00
  Speaker 2: of economics.
• 39:02
  Speaker 1: Let's let's talk about the indictment of James Komi.
• 39:09
  Speaker 2: James Komy to remind you, as the former FBI director
• 39:13
  Speaker 2: und the Trump and he's one of the people the
• 39:16
  Speaker 2: Trump since he got elected for the second time, has
• 39:18
  Speaker 2: been going after earlier this year, was it last year?
• 39:24
  Speaker 1: Komi was indicted.
• 39:28
  Speaker 2: And they that was thrown out of court because I
• 39:31
  Speaker 2: think or they attempted to indict him and a grand
• 39:34
  Speaker 2: jury refused to come back with an indictment. Because it
• 39:36
  Speaker 2: was too ridiculous to indict. But Trump once Komy and
• 39:41
  Speaker 2: basically he will reshuffle the Justice Department as much as needed,
• 39:45
  Speaker 2: appoint new people, did Justice Apartment as much as needed,
• 39:48
  Speaker 2: you know, to get somebody to have the willingness to
• 39:52
  Speaker 2: indict Komy. So he finally succeeded. On April twenty eight,
• 39:59
  Speaker 2: or two dy days ago, a federal grand jury in
• 40:02
  Speaker 2: the Eastern District of North Carolina charged the former FBI
• 40:06
  Speaker 2: director over an Instagram post. I mean, this is too
• 40:13
  Speaker 2: unbelievable to keep a straight face about. Over an Instagram
• 40:17
  Speaker 2: post showing seashells arranged to read eighty six forty seven.
• 40:26
  Speaker 2: Prosecutors say the forty seven refers to President Trump, forty
• 40:32
  Speaker 2: seventh president, and.
• 40:34
  Speaker 1: The eighty six could be understood could be as a
• 40:42
  Speaker 1: threat to remove, harm or kill him.
• 40:47
  Speaker 2: So the indictment has two counts, one threatening the President
• 40:51
  Speaker 2: of the United States under statute and two transmitting a
• 40:56
  Speaker 2: threat in interstate commerce. It's into state comments because the
• 41:01
  Speaker 2: threat was posted on Instagram. The command maximum penalty for
• 41:08
  Speaker 2: this is up to ten years in prison if convicted.
• 41:11
  Speaker 1: There's no way he's going to be convicted of this.
• 41:14
  Speaker 2: So this is a post that Komy made on May fifteen,
• 41:18
  Speaker 2: twenty twenty five, on Instagram.
• 41:22
  Speaker 1: Eighty six forty seven Komi has turned himself in.
• 41:31
  Speaker 2: He was released without special conditions and this will go
• 41:36
  Speaker 2: to courts who knows when.
• 41:39
  Speaker 1: And the main legal question is going to be.
• 41:44
  Speaker 2: Is this a threat, a real threat, a true threat
• 41:47
  Speaker 2: to violence or is this just protected political speech?
• 41:54
  Speaker 1: Right? So what is this? Eighty six? You know, eighty
• 42:00
  Speaker 1: six forty seven? You know it comes from well, eighty six.
• 42:09
  Speaker 2: The number eighty six has always been around, but the
• 42:12
  Speaker 2: number eighty six has come to mean something since the
• 42:16
  Speaker 2: nineteen thirties. It's commonly used in restaurants and other contacts
• 42:22
  Speaker 2: to mean get rid of, throw out, refuse service too.
• 42:28
  Speaker 2: It's code for refuse service to him. So what eighty
• 42:36
  Speaker 2: six actually means is.
• 42:38
  Speaker 1: Get rid of throw out and the seashells could mean
• 42:44
  Speaker 1: get rid of Trump. Forty seven is Trump? Get rid
• 42:47
  Speaker 1: of Trump? You know, to assume that eighty six means
• 42:54
  Speaker 1: kill or assassinate is reaching. There are lots of ways
• 43:02
  Speaker 1: to get rid of a president without ending his life.
• 43:05
  Speaker 1: You can impeach him.
• 43:06
  Speaker 2: You could cite the twenty fifth Amendment and remove him
• 43:09
  Speaker 2: from office. So you know, there was a headline in
• 43:16
  Speaker 2: the Chicago Sun Times which reported that NBA coach Jim
• 43:22
  Speaker 2: Boylan was eighty sixth by the bulls. Nobody thought that
• 43:28
  Speaker 2: they were reporting that the bulls had killed him.
• 43:34
  Speaker 1: So, you know, eighty six is ambiguous.
• 43:39
  Speaker 2: Although it mostly means to get rid of I guess
• 43:42
  Speaker 2: it could under certain context mean to kill.
• 43:46
  Speaker 1: But how are you going to prove that? How you
• 43:47
  Speaker 1: can to prove that is the case.
• 43:51
  Speaker 2: And get rid of the president is protected speech? Now,
• 43:58
  Speaker 2: even if it's said kill Trump, is that really a threat?
• 44:08
  Speaker 2: You know, a threat means that he that he's actually
• 44:11
  Speaker 2: has the means and is taking action or pursuing action
• 44:18
  Speaker 2: to fulfill this threat. It has to be a viable threat.
• 44:23
  Speaker 2: A bunch of shells on a beach on an Instagram post. Really,
• 44:31
  Speaker 2: By the way, Jack Pusbiek, the right wing kind of activist,
• 44:39
  Speaker 2: post an exactly the same message referring to Joe Biden
• 44:43
  Speaker 2: in twenty twenty two. Amazon actually has eighty six forty
• 44:51
  Speaker 2: seven and eighty six forty six referring to Biden.
• 44:57
  Speaker 1: On merchandise.
• 45:00
  Speaker 2: Such to argue that this is a legitimate threat, independent
• 45:05
  Speaker 2: and any other evidence that he was plotting to assassinate
• 45:08
  Speaker 2: Trump is ludicrous and bizarre. You know, in the past,
• 45:19
  Speaker 2: there's a famous case a Supreme Court. We're in a
• 45:23
  Speaker 2: rally in nineteen sixty six, a recently drafted man, Robert
• 45:28
  Speaker 2: Watts reportedly told friends if they were if they ever
• 45:33
  Speaker 2: make me carry a rifle, right, he's just being drafted.
• 45:37
  Speaker 2: The first man I want to get in my sights
• 45:41
  Speaker 2: is LBJ. Now, the federal court convicted Botts of knowingly
• 45:47
  Speaker 2: and willingly threatening the president, but the Supreme Court overturned it.
• 45:54
  Speaker 2: They said that this is simply political hyperbole and was
• 45:57
  Speaker 2: therefore protected by the First Amendment.
• 46:03
  Speaker 1: So there literally is nothing here.
• 46:08
  Speaker 2: But Trump is so eager that justice doesn't matter, facts
• 46:12
  Speaker 2: don't matter, reality doesn't matter. He's gonna drag his enemies
• 46:18
  Speaker 2: into court. I mean, this is the difference between this
• 46:21
  Speaker 2: so called law fair against Trump, which is all based
• 46:24
  Speaker 2: on things he actually did.
• 46:28
  Speaker 1: You can interpret it.
• 46:29
  Speaker 2: A little different more generalcy, less generalcy, but that's all
• 46:32
  Speaker 2: things he actually did. And most of the things that
• 46:35
  Speaker 2: he actually did that he was that they went after
• 46:37
  Speaker 2: him for were illegal.
• 46:40
  Speaker 1: Here these are completely.
• 46:41
  Speaker 2: Trump up, trumped up charges, completely ridiculous, make you know,
• 46:50
  Speaker 2: kind of make work for the Justice Department to fulfill
• 46:53
  Speaker 2: his desire for revenge. Justice Bonderment should be renamed the
• 47:01
  Speaker 2: Trump Injustice Department. Okay, a few quick stories. I've talked
• 47:10
  Speaker 2: about shipbuilding before. I mean, the Trumpet deministration has made
• 47:14
  Speaker 2: one of its national security focuses to build ships.
• 47:18
  Speaker 1: It's realizing that is not going to happen. As I
• 47:21
  Speaker 1: said it wouldn't happen.
• 47:22
  Speaker 2: I have argued many times on the show that what
• 47:26
  Speaker 2: the United States should do is outsource the shipbuilding, including
• 47:30
  Speaker 2: Navy shipbuilding, that.
• 47:32
  Speaker 1: Is, warships.
• 47:34
  Speaker 2: They should outsource that to Korea and Japan, who are
• 47:38
  Speaker 2: allies of the United States and incredibly efficacious at building ships.
• 47:47
  Speaker 2: And indeed, there's a report out that the Pandagon is
• 47:50
  Speaker 2: considering outsourcing warship design and building to Korea and Japan
• 47:56
  Speaker 2: with a proposed one point eighty five billion feasibility study
• 47:59
  Speaker 2: into the Project one point eighty five useful Feasibility Study.
• 48:04
  Speaker 1: It's great to have a government checkbook.
• 48:08
  Speaker 2: There's going to be within the proposed budget for twenty
• 48:10
  Speaker 2: twenty seven to look at the feasibility of adopting or
• 48:14
  Speaker 2: co producing advanced halls such as Japan's Mogami Class or
• 48:20
  Speaker 2: Korea's Deegu class figures to supplement the US Navy. I
• 48:26
  Speaker 2: think this makes complete sense. The US Navy sends the
• 48:30
  Speaker 2: Japanese and the Koreans the specific.
• 48:32
  Speaker 1: Specs that they need.
• 48:34
  Speaker 2: US will still be designing most of the technology that
• 48:37
  Speaker 2: goes on the boats. But in terms of the actual
• 48:40
  Speaker 2: figure building the ships, the metalwork that goes into building
• 48:45
  Speaker 2: ships in the United States is not good at that.
• 48:48
  Speaker 2: It doesn't have the manpower for that, and it's not
• 48:51
  Speaker 2: going to devote the kind of capital to build shipyards. Again,
• 48:55
  Speaker 2: it's just not gonna happen. It doesn't make any sense.
• 48:56
  Speaker 1: For it to happen.
• 48:58
  Speaker 2: That, by the way, is how you get staken if
• 49:00
  Speaker 2: you start pouring trillions of dollars into that. Instead comparative
• 49:05
  Speaker 2: advantage the benefits of trade, go to the best allies
• 49:12
  Speaker 2: who are best at building ships, and have them build
• 49:15
  Speaker 2: it for you. Yes, they will learn some of your technology. Yes,
• 49:21
  Speaker 2: there's some national security risk involved in it.
• 49:25
  Speaker 1: Yes, they're very close to China.
• 49:28
  Speaker 2: But it's not like Chinese intercontinental missiles can't reach the
• 49:34
  Speaker 2: United States, and it's not like we're imminently going to
• 49:37
  Speaker 2: war with.
• 49:37
  Speaker 1: China, and it's not like we have any choice.
• 49:40
  Speaker 2: If we want them modern navy, we need to outsource
• 49:43
  Speaker 2: the building of that navy and the best people to
• 49:45
  Speaker 2: build it. I don't think the Europeans up to speed.
• 49:48
  Speaker 2: I think the best people to build it are the
• 49:51
  Speaker 2: Japanese and the Koreans. I had one other military story
• 49:56
  Speaker 2: worth mentioning.
• 49:57
  Speaker 1: And that is that.
• 49:58
  Speaker 2: Remember we talked about all the you know, the US
• 50:03
  Speaker 2: bombing so called drug boats on the in the Caribbean
• 50:07
  Speaker 2: Sea and then some in the Eastern Pacific Ocean. Well,
• 50:12
  Speaker 2: while this war has been going on in Iran, that
• 50:14
  Speaker 2: program is actually accelerated.
• 50:19
  Speaker 1: The Pentagon is flying.
• 50:20
  Speaker 2: More aircraft than ever in those regions and bombing more
• 50:25
  Speaker 2: boats than ever. On Sunday they attacked a boat that
• 50:30
  Speaker 2: Dependagons said killed three people in the Eastern Pacific. That
• 50:35
  Speaker 2: was the seventh this month and the fifty fourth overall.
• 50:40
  Speaker 2: I mean, I haven't heard of any bombings of ships
• 50:43
  Speaker 2: for two months. It turns out they keep going. They
• 50:47
  Speaker 2: keep happening. In the past few weeks, the military has
• 50:53
  Speaker 2: without publican nottors, increased the number fixed wing attack aircraft
• 50:57
  Speaker 2: and armed MQ nine Reaper drones up eating from bases
• 51:01
  Speaker 2: in El salvadov Ol places and of course Puerto Rico
• 51:04
  Speaker 2: allowing the military to accelerate the strikes in order to
• 51:11
  Speaker 2: I guess, stop the drug trade. And of course are
• 51:15
  Speaker 2: they verifying that they're carrying drugs. No, this is guilty
• 51:19
  Speaker 2: until proven innocent, and guilty and executed before an opportunity
• 51:26
  Speaker 2: to prove their innocence. So it's unbelievable. Congress is showing
• 51:32
  Speaker 2: no willingness to seek oversight over this. Again, this is
• 51:36
  Speaker 2: military action. Congress should be involved. It truly is it,
• 51:41
  Speaker 2: truly is stunning that this program goes along. We're killing
• 51:45
  Speaker 2: people in the Caribbean, killing people in the Eastern Pacific,
• 51:47
  Speaker 2: and nobody seems to care, nobody seems to want to
• 51:50
  Speaker 2: do anything about it, and it continues.
• 51:55
  Speaker 1: In will for a while.
• 52:00
  Speaker 2: All Right, a few quick stories in Ukraine. There's a
• 52:02
  Speaker 2: bunch going on in Ukraine, and it's good to stay
• 52:04
  Speaker 2: up to speed. The temporary ambassador to Ukraine, the US
• 52:10
  Speaker 2: Ambassador to Ukraine who was there to replace the previous
• 52:14
  Speaker 2: ambassador to the Ukraine who resigned last year because of
• 52:19
  Speaker 2: the Trump's treatment of Zelenski and his lack of support
• 52:23
  Speaker 2: for Ukraine. Well, the replacement of the US ambassadors now
• 52:26
  Speaker 2: resigned as well. The acting US ambassador in Kiv is
• 52:31
  Speaker 2: leaving the State Department and having grown frustrated with Trump's
• 52:35
  Speaker 2: dwindlink support for Ukraine again, she is resigning after predecessor
• 52:41
  Speaker 2: Bridget Brink resigned for the same reason early last year.
• 52:47
  Speaker 1: So and indeed Trump refuses to support Ukraine.
• 52:53
  Speaker 2: Three months ago, Congress passed a bill to provide more
• 52:56
  Speaker 2: aid for Ukraine.
• 52:58
  Speaker 1: President Trump signed it into law, and nothing's happening.
• 53:08
  Speaker 2: Nothing's happening, and senior defense officials are not visiting Ukraine,
• 53:16
  Speaker 2: are not allowed to not allowed to go there or
• 53:18
  Speaker 2: I'm willing to go there.
• 53:22
  Speaker 1: And the aid is being withheld.
• 53:25
  Speaker 2: Nobody knows who holds it. I mean somebody knows, but
• 53:28
  Speaker 2: we don't know who witholding it. It's not going to
• 53:30
  Speaker 2: what it's meaning. So the Trump administration's hostility towards Ukraine
• 53:34
  Speaker 2: and friendliness towards Russia continues. He just had a nice
• 53:39
  Speaker 2: phone call with President Putin and decided on another cease
• 53:42
  Speaker 2: fire unilaterally, which Putin will never bite you. In the meantime,
• 53:51
  Speaker 2: Ukraine is making real progress in the war with Russia.
• 53:55
  Speaker 2: It's crippling the Russian oil industry.
• 53:58
  Speaker 1: It now has the.
• 53:59
  Speaker 2: Capacity fly its drones a thousand miles into Russian territory
• 54:03
  Speaker 2: eight hours and attack oil facilities deep within Russia.
• 54:09
  Speaker 1: For example, a pumping station in something called.
• 54:11
  Speaker 2: Prome, which is a key node in one of the
• 54:14
  Speaker 2: most important pipelines that Russia runs. That facility is in flames,
• 54:22
  Speaker 2: and you know, days after it's still not under control.
• 54:27
  Speaker 2: Ukrainian forces also two days ago struck a big oil refinery.
• 54:33
  Speaker 2: That's a third strike against the same refinery, just in April.
• 54:41
  Speaker 2: So Ukraine is trying to cripple the capacity of Russia
• 54:51
  Speaker 2: to make money off of its oil and to take
• 54:53
  Speaker 2: advantage of the spiking oil prices that are resulting from
• 54:56
  Speaker 2: the closure of the Straits of homos.
• 55:01
  Speaker 1: As Uh.
• 55:02
  Speaker 2: In this case, even the Russians acknowledged the impact of
• 55:06
  Speaker 2: the Ukrainian strikes against all of the finders.
• 55:08
  Speaker 1: Usually they they they, they don't say anything. What else? Whops?
• 55:29
  Speaker 1: What happened here? Chat app says stop tracking. But by
• 55:41
  Speaker 1: the way, we're way, way, way, way way behind on superchat.
• 55:45
  Speaker 1: I'm not sure what's going on, guys.
• 55:47
  Speaker 2: Uh support for the show is declined since I came
• 55:51
  Speaker 2: to Austin. Uh, So I'm not sureing exactly what's going on.
• 55:56
  Speaker 1: Remember this is a trade. I'm doing these shows.
• 55:59
  Speaker 2: This basic minimum amount of income that has to come
• 56:02
  Speaker 2: in to justify these shows.
• 56:05
  Speaker 1: That's the deal we have. So please consider supporting the show.
• 56:10
  Speaker 2: Doing a sticker just to provide value for value, a question,
• 56:14
  Speaker 2: to provide value for.
• 56:15
  Speaker 1: Value, and to engage in engage shaping what I talk
• 56:19
  Speaker 1: about in the show. So please consider all of that.
• 56:23
  Speaker 1: I'd very much appreciate it. Let me see if this
• 56:29
  Speaker 1: is all accurate?
• 56:37
  Speaker 3: Tom, Yeah, well good, all right, let's see says I
• 56:52
  Speaker 3: was gone for several minutes. Interesting, completely foes and well you.
• 57:00
  Speaker 2: Didn't pray hard enough or you didn't make sacrifices enough
• 57:04
  Speaker 2: sacrifices on the altar of the Wi Fi gods.
• 57:08
  Speaker 1: To make the show none interrupted.
• 57:14
  Speaker 2: All right, let's see more. Yeah, as I said, you know,
• 57:19
  Speaker 2: Ukraine is doing now and in the meantime.
• 57:21
  Speaker 1: By the way, if you're talking about economy, the Russian
• 57:23
  Speaker 1: economy is in deep, deep, deep.
• 57:27
  Speaker 2: Trouble and has been really since the war started. People
• 57:31
  Speaker 2: underestimate how bad things are in Russia. Literally, the Putin
• 57:37
  Speaker 2: Central Banker, the head of the Russian Center Rank, has
• 57:40
  Speaker 2: now declared that Russia is suffering from an unprecedented labor shortage,
• 57:46
  Speaker 2: and that has been caused by the exodus of one
• 57:48
  Speaker 2: and a half million people who've left Russia to avoid
• 57:52
  Speaker 2: the war and one point three million people who are
• 57:55
  Speaker 2: being killed and injured during the war. So it puts
• 58:03
  Speaker 2: in in real trouble economically that nobody will admit. All right,
• 58:11
  Speaker 2: last story, I wanted to highlight a person who passed
• 58:14
  Speaker 2: away yesterday, and that is John Craig Veneitaire Venit.
• 58:23
  Speaker 1: Was a pioneer in biotech, the.
• 58:29
  Speaker 2: Guy who basically sequenced the human genome in a in
• 58:34
  Speaker 2: a famous situation where there was this massive government funding
• 58:39
  Speaker 2: to sequence the genome, provided by the Clinton administration, and.
• 58:46
  Speaker 1: You know, it was going very slowly, and Vanitaire, who's
• 58:51
  Speaker 1: had a company.
• 58:54
  Speaker 2: Called Celera, said hey, you know I can I can
• 58:59
  Speaker 2: sequence this genome faster than they can. And even though
• 59:06
  Speaker 2: he had a there was a there was a big
• 59:09
  Speaker 2: prize to whoever sequenced the genome. And the government project
• 59:14
  Speaker 2: was chugging along and it was going to do it
• 59:16
  Speaker 2: and was taking forever. And Vinetier got in years after
• 59:20
  Speaker 2: the government project had already started, and you know, this
• 59:26
  Speaker 2: was a three billion dollar government program, and he was
• 59:33
  Speaker 2: so aggressive and so innovative that he managed to sequence
• 59:38
  Speaker 2: the human genome before they did. Now, because that would
• 59:42
  Speaker 2: embarrass the Clinton administration, he agreed, after massive pressure from
• 59:49
  Speaker 2: the Clinton administration to declare the competition a tie a draw,
• 59:58
  Speaker 2: and they made a His company and the.
• 1:00:02
  Speaker 1: Rival group, which was a government group, made a joint announcement.
• 1:00:11
  Speaker 2: About assembling the first human you know, and really starting
• 1:00:17
  Speaker 2: the process towards one day having truly personalized medicine based
• 1:00:23
  Speaker 2: on your genetic code.
• 1:00:26
  Speaker 1: Now, Venetza died, you know, at the age of seventy
• 1:00:31
  Speaker 1: eight from cancer yesterday. But he lived a pretty amazing.
• 1:00:36
  Speaker 2: Life that's worth I think describing. So this is a
• 1:00:40
  Speaker 2: New York Times article about his life. He was born
• 1:00:44
  Speaker 2: in nineteen forty six in sol Lake City, but he
• 1:00:48
  Speaker 2: was a rebel from very early on. He had no
• 1:00:53
  Speaker 2: appetite for discipline. He didn't he didn't do well in school. Indeed,
• 1:00:58
  Speaker 2: his high school grades with the article describes them as dismal.
• 1:01:04
  Speaker 2: Though he had a passion for competition and he got
• 1:01:07
  Speaker 2: a swimming scholarship. He landed up instead of going to college,
• 1:01:14
  Speaker 2: he landed up going to southern California, basically as he
• 1:01:18
  Speaker 2: described it in his biography to drink girls and bodysurf.
• 1:01:25
  Speaker 1: So you want to party now? The partying was halted.
• 1:01:33
  Speaker 1: This is the nineteen sixties, by the draft.
• 1:01:38
  Speaker 2: He applied to the Navy, and when he took the
• 1:01:43
  Speaker 2: Navy tests and everything, the Navy told him he had
• 1:01:45
  Speaker 2: an IQ of one hundred and forty two, which he
• 1:01:48
  Speaker 2: had no idea of, didn't think of because he had
• 1:01:52
  Speaker 2: gotten lousy grades. Because impatient and bored, he had a
• 1:01:57
  Speaker 2: career in the Navy.
• 1:01:59
  Speaker 1: He worked.
• 1:02:00
  Speaker 2: He actually signed up for the Navy Hospital Corps. He
• 1:02:05
  Speaker 2: worked as a medic in a Navy hospital in Dunang.
• 1:02:09
  Speaker 2: He became a senior copsman in the intensive K unit.
• 1:02:12
  Speaker 2: He saw a lot of people die. He saw a
• 1:02:14
  Speaker 2: lot of blood, you know. And when he returned to
• 1:02:20
  Speaker 2: the States, he decided he was going to go to
• 1:02:22
  Speaker 2: medical school.
• 1:02:23
  Speaker 1: Of course great.
• 1:02:24
  Speaker 2: Gaining access to medical school was hard because he had
• 1:02:26
  Speaker 2: lousy grades, but he managed to get in. He managed
• 1:02:29
  Speaker 2: to get accepted the University of California, San Diego. In
• 1:02:33
  Speaker 2: nineteen seventy five, after seven and a half years from
• 1:02:36
  Speaker 2: returning from Vietnam, he gained a PhD. He had shifted
• 1:02:41
  Speaker 2: from wanting to be a doctor treating people to doing
• 1:02:43
  Speaker 2: research and he became a well known researcher of sceptor
• 1:02:52
  Speaker 2: proteins related to adrenaline. But when the whole issue of
• 1:02:58
  Speaker 2: coding the DNA, and when the first machine came out
• 1:03:02
  Speaker 2: that could sequence the DNA, he basically shifted his focus
• 1:03:07
  Speaker 2: to DNA DNA sequencing. He bought the first machine that
• 1:03:13
  Speaker 2: was built by applied by our Systems.
• 1:03:16
  Speaker 1: He became the company's first client, and he.
• 1:03:20
  Speaker 2: Left the study of adrenaline and everything and he focused
• 1:03:23
  Speaker 2: in on DNA. He devised a method for fishing out
• 1:03:29
  Speaker 2: the genes which constituted less than two percent of the
• 1:03:32
  Speaker 2: human genome. It was advised by the NIH officials to
• 1:03:35
  Speaker 2: apply for patents on many gene fragments he discovered. These
• 1:03:41
  Speaker 2: two developments led to a frontal disagreement.
• 1:03:44
  Speaker 1: With James Watson.
• 1:03:46
  Speaker 2: James Watson as director of the NIH Genome Project and
• 1:03:49
  Speaker 2: of course the co discover of the structure of DNA
• 1:03:54
  Speaker 2: with I think doctor Collins right. Watson didn't one genes
• 1:04:00
  Speaker 2: to be patented and feared the Congress would refuse to
• 1:04:03
  Speaker 2: fund the three billion dollar human Genome project if doctor Vinitter.
• 1:04:09
  Speaker 1: Skimmed off all the genes.
• 1:04:13
  Speaker 2: Venature's research Korea might well installed at this point, but
• 1:04:17
  Speaker 2: the human genome was a high interest in the pharmaceutical industry.
• 1:04:21
  Speaker 2: Whiller Steinberg, a biomedical entrepreneur, agreed to fund his work
• 1:04:25
  Speaker 2: was seventy million dollars. Because doctor Vineture insisted that he
• 1:04:29
  Speaker 2: was interested only in research.
• 1:04:31
  Speaker 1: Non in commercial applications.
• 1:04:33
  Speaker 2: Doctor Steinberg set up two twin organizations, the Institute for
• 1:04:37
  Speaker 2: Genomic Research led by doctor Vinita, and the Human Genome Sciences,
• 1:04:42
  Speaker 2: a company led by somebody else that.
• 1:04:45
  Speaker 1: Would exploit the discoveries of doctor Viniteer.
• 1:04:52
  Speaker 2: At the research institute, doctor Vinatin looking for scientific glowy.
• 1:04:55
  Speaker 1: He wanted to announce his discoveries about human genes, but.
• 1:04:58
  Speaker 2: It was hampered by the f profit side, who sought
• 1:05:01
  Speaker 2: to block publication until he had fire patents on anything
• 1:05:05
  Speaker 2: of value. Venetier then turned his sequencing machine on Bacterium,
• 1:05:12
  Speaker 2: the bacterium that caused influenza, and you know, Venetia actually
• 1:05:21
  Speaker 2: managed to it. Was the first first man to ever
• 1:05:25
  Speaker 2: sequence the DNA of a bacteria. He was the first
• 1:05:34
  Speaker 2: person to fully grasp the potential of new DNA sequencing machines.
• 1:05:38
  Speaker 2: He was the first person to understand the power of
• 1:05:40
  Speaker 2: aligning them with powerful computers, matching those powerful computers and
• 1:05:45
  Speaker 2: what we'd call today AI algorithms, and he realized that
• 1:05:54
  Speaker 2: using computers and using the sequencing machines, he would be
• 1:06:01
  Speaker 2: able to sequence.
• 1:06:03
  Speaker 1: DNA much faster than anything the government was doing. As
• 1:06:07
  Speaker 1: I said, he was the first. He sequenced the first
• 1:06:10
  Speaker 1: genome of a bacterian, and he did it in a
• 1:06:13
  Speaker 1: few months in nineteen ninety five.
• 1:06:21
  Speaker 2: The tim was particularly sweet because the National Instead of Health,
• 1:06:24
  Speaker 2: which funds most academic biomedical research, had turned down his
• 1:06:27
  Speaker 2: grand application on the grounds that is novel decoding method
• 1:06:32
  Speaker 2: known as whole genome shotgun would not work.
• 1:06:35
  Speaker 1: And yet it did.
• 1:06:38
  Speaker 2: And of course once he did that, you know, he
• 1:06:43
  Speaker 2: founded a company called Celera Genomics, or chose to lead it,
• 1:06:48
  Speaker 2: and he ultimately used Celera to sequence the whole of
• 1:06:55
  Speaker 2: the human genome, and.
• 1:07:02
  Speaker 1: His stocks in.
• 1:07:05
  Speaker 2: The previous genome company and Soelera ultimately made him a
• 1:07:08
  Speaker 2: very wealthy person. So after the sequencing of the whole genome,
• 1:07:17
  Speaker 2: he started a number of different other companies, got involved
• 1:07:20
  Speaker 2: in entrepreneurial activities and basically pushed the field forward. You know,
• 1:07:24
  Speaker 2: I've talked a lot about human longevity or which is
• 1:07:29
  Speaker 2: the company that does the kind of the full body
• 1:07:31
  Speaker 2: scanning and all that. That was a company that was
• 1:07:32
  Speaker 2: founded by doctor Vineger. You also started a company called
• 1:07:38
  Speaker 2: diploid Genomics this year, right this year. He founded this
• 1:07:44
  Speaker 2: company at the age of seventy eight with the idea
• 1:07:46
  Speaker 2: of using patients genomes to diagnose disease.
• 1:07:50
  Speaker 1: So the guy is constantly pushing, was constantly pushing the
• 1:07:53
  Speaker 1: boundaries of a biotech.
• 1:07:56
  Speaker 2: So one of the great scienti entrepreneurs of recent times
• 1:08:04
  Speaker 2: passed away, and that is that is sad.
• 1:08:09
  Speaker 1: All right. Let's see one other thing.
• 1:08:12
  Speaker 2: I say, if sequencing the whole human genome cost one
• 1:08:17
  Speaker 2: hundred million dollars in two thousand.
• 1:08:21
  Speaker 1: Which is what it costs to sequences you know, for
• 1:08:24
  Speaker 1: the first time back then.
• 1:08:26
  Speaker 2: Today today, the cost of sequencing the whole humans, you know,
• 1:08:32
  Speaker 2: for human being, for human being is twenty five is
• 1:08:35
  Speaker 2: one hundred dollars. It's gone from one hundred million to
• 1:08:42
  Speaker 2: one hundred that's a millionfold decrease. I mean, that's stunning.
• 1:08:50
  Speaker 2: It's of course the because of the era of personalized medicine,
• 1:08:54
  Speaker 2: and it's it's an example of how a lifestyle of
• 1:09:00
  Speaker 2: living is increasing faster than we know it. Because this
• 1:09:04
  Speaker 2: is kind of the groundwork being done for massive improvements
• 1:09:08
  Speaker 2: and healthcare in the future that we will not know
• 1:09:11
  Speaker 2: exactly what to attribute to when it actually happens, and
• 1:09:14
  Speaker 2: it is not captured by any numbers anyway.
• 1:09:19
  Speaker 1: All right, my friends, is the news for this April thirtieth.
• 1:09:25
  Speaker 1: Thank you all for being here.
• 1:09:27
  Speaker 2: We have a few questions, not many, very few relatively speaking,
• 1:09:32
  Speaker 2: and very few dollars. Surprisingly, I'm not sure what is
• 1:09:36
  Speaker 2: going on, but we we'll keep hustling and see and
• 1:09:40
  Speaker 2: see what happens. Oh, the first sequencing. Enrich just reminded me.
• 1:09:47
  Speaker 2: When they sequenced the first human genome, it was his
• 1:09:53
  Speaker 2: genome that they sequenced, So he gave them his DNA
• 1:09:57
  Speaker 2: and that's what was sequenced that first time. Bonnie describes
• 1:10:03
  Speaker 2: him as pilot, sailor, atheist, scientist, inventor.
• 1:10:07
  Speaker 1: He was quite a man.
• 1:10:09
  Speaker 2: He was quite a man and aggressive, competitive, pushy, rough
• 1:10:15
  Speaker 2: around the edges. Not somebody who had I think many friends,
• 1:10:19
  Speaker 2: many admirers, many admirers, but not somebody who.
• 1:10:24
  Speaker 1: Had many friends. All right, let's go to your questions.
• 1:10:35
  Speaker 2: Artheist, can you be second handed without being a narcissist? Yeah,
• 1:10:39
  Speaker 2: I don't think being second handed involves being a narcissist. Necessarily.
• 1:10:43
  Speaker 2: Being second handed is just, you know, letting other people
• 1:10:48
  Speaker 2: dictate your own values for you.
• 1:10:52
  Speaker 1: Not necessarily in a kind of narcissistic I depend.
• 1:10:56
  Speaker 2: On the you know, on reinforcement from others, but just
• 1:11:00
  Speaker 2: I in a deep sense of I really don't have
• 1:11:03
  Speaker 2: values of my own. I'm just gaining them based on
• 1:11:06
  Speaker 2: what other people think is good for me. You can
• 1:11:08
  Speaker 2: do what your mother tells you to do. You can
• 1:11:11
  Speaker 2: go into the profession that your mother tells.
• 1:11:13
  Speaker 1: You to go into, like uh, what's his name? Uh?
• 1:11:18
  Speaker 2: Keating does in the fountainet without being a narcissist. That's
• 1:11:21
  Speaker 2: being a secondhander narcissist, in which is where your whole
• 1:11:27
  Speaker 2: life is centered around getting.
• 1:11:29
  Speaker 1: Reinforcement.
• 1:11:31
  Speaker 2: Getting approval from other people secondhand is not necessarily approval.
• 1:11:36
  Speaker 2: It's it's getting your values from other people.
• 1:11:40
  Speaker 1: Christian says, I.
• 1:11:41
  Speaker 2: Give Trump credit for the Iran war in general, and
• 1:11:43
  Speaker 2: in particular for the navy blockade against Iran ports.
• 1:11:46
  Speaker 1: I think it will it will bring a gc to
• 1:11:49
  Speaker 1: the knees when oil wells must be shut down. What
• 1:11:53
  Speaker 1: do you think?
• 1:11:53
  Speaker 2: Yeah, I mean, I can't give you credit for that,
• 1:11:55
  Speaker 2: mainly because I don't understand. I really don't understand why
• 1:12:00
  Speaker 2: it wasn't done on the first day of the war.
• 1:12:03
  Speaker 2: I don't understand how Trump let the Iranians blockade the
• 1:12:08
  Speaker 2: Straits of home Wares for everybody else and the United
• 1:12:11
  Speaker 2: States allowed Iranian.
• 1:12:14
  Speaker 1: Ships to just leave and come in and leave and
• 1:12:18
  Speaker 1: come in unharrassed.
• 1:12:21
  Speaker 2: I mean, if Iran's going to close the Straits of
• 1:12:24
  Speaker 2: home Wares, which never should have been allowed to do so,
• 1:12:28
  Speaker 2: Trump gets a blame for that. Why didn't he ordered
• 1:12:31
  Speaker 2: the navy to blockade the Iranians immediately. On the contrary,
• 1:12:35
  Speaker 2: they actually reduce eliminated the sanctions on Iranian oil.
• 1:12:40
  Speaker 1: So that more trade with Iran would happen.
• 1:12:44
  Speaker 2: I mean, this was being persecuted by Trump so stupidly
• 1:12:49
  Speaker 2: from a strategic perspective, so stupidly. It's hard to express
• 1:12:53
  Speaker 2: in words the extent to which I'm frustrated.
• 1:12:56
  Speaker 1: By how they are doing this is hard to express
• 1:12:59
  Speaker 1: in woods. I mean, yes, I given credit.
• 1:13:03
  Speaker 2: For starting the war and going to one being willing
• 1:13:04
  Speaker 2: to go to war, but that's where the credit ends.
• 1:13:10
  Speaker 1: Umm. A few stickers.
• 1:13:14
  Speaker 2: Thank you, Greg, thank you Mary Aleene, thank you Linda,
• 1:13:18
  Speaker 2: Stephen John.
• 1:13:22
  Speaker 1: Let's see Oily Mary Eleen again, thank you, and I
• 1:13:32
  Speaker 1: think that was it. I think that's it for stickers,
• 1:13:34
  Speaker 1: So thank you, guys. I appreciate it.
• 1:13:38
  Speaker 2: Hapa Campbella asks can you be secondhanded without being anarcissist?
• 1:13:43
  Speaker 2: Author asked that he asked it for twenty dollars, you
• 1:13:46
  Speaker 2: asked it for five. That's why I answered him first.
• 1:13:49
  Speaker 2: Not sure why you're asking the same question twice, right,
• 1:13:53
  Speaker 2: and two different people, So I'm not sure what happened.
• 1:13:56
  Speaker 2: M Remo trustcommendations for New Orleans. I think that the
• 1:14:04
  Speaker 2: Museum of Audio New Orleans is pretty good. I like
• 1:14:08
  Speaker 2: the antique stores in old New Orleans, at least twenty
• 1:14:11
  Speaker 2: years ago, had some amazing sculptures and paintings in them.
• 1:14:16
  Speaker 2: New Orleans is a fun The French Quarter is a
• 1:14:19
  Speaker 2: fun place just to walk around. Be careful of little
• 1:14:25
  Speaker 2: alleys and stuff. It's not the safest place in the world,
• 1:14:28
  Speaker 2: but the French Court is probably pretty safe.
• 1:14:30
  Speaker 1: A lot of drinking goes on. It's New Orleans, at
• 1:14:34
  Speaker 1: least used to be.
• 1:14:35
  Speaker 2: Maybe still is allows open container in the streets, so
• 1:14:41
  Speaker 2: people are drinking out in the street.
• 1:14:43
  Speaker 1: What else I don't know.
• 1:14:47
  Speaker 2: I like the restaurants are fantastic, and there are lots
• 1:14:50
  Speaker 2: of There are lots of good restaurants in New Orleans,
• 1:14:53
  Speaker 2: so you can't go wrong. I don't have any drink recommendations,
• 1:14:57
  Speaker 2: but Remo says the Rockefellers, I think I am a
• 1:15:02
  Speaker 2: what must try foods and drinks do you recommend in
• 1:15:04
  Speaker 2: New Orleans? Like Oster Rockefeller, I think I am obliged
• 1:15:08
  Speaker 2: to put those on my list are really good. They're
• 1:15:12
  Speaker 2: probably a lot. I don't have them in my head.
• 1:15:16
  Speaker 2: You can look it up online and find kind of
• 1:15:19
  Speaker 2: the typical New Orleans food. It's worth trying. It's it's
• 1:15:23
  Speaker 2: typically quite greasy, but it's it's you know, but it's
• 1:15:27
  Speaker 2: it's it's good. Oyster Rockfellers again are very good.
• 1:15:29
  Speaker 1: It's basically a baked oyster with or fight oyster with
• 1:15:35
  Speaker 1: cheese and other stuff on it, and it's quite good.
• 1:15:39
  Speaker 1: A lot of good restaurants. Just just look.
• 1:15:42
  Speaker 2: Online for a list of best restaurants in New Orleans
• 1:15:46
  Speaker 2: and you know they're all going to be great. You know,
• 1:15:48
  Speaker 2: probably the best in New Orleans right now. There is
• 1:15:52
  Speaker 2: a restaurant called Imreal. There's also a West African restaurant
• 1:15:57
  Speaker 2: that if I have time, I'd love to try out.
• 1:15:59
  Speaker 1: I'm I'm going to have time, but but the list
• 1:16:03
  Speaker 1: is long of good restaurants.
• 1:16:07
  Speaker 2: Roland says, Dear WiFi, God's grace you on with your blessing.
• 1:16:09
  Speaker 2: Thank you, Roland, I appreciate the support.
• 1:16:13
  Speaker 1: Christian.
• 1:16:14
  Speaker 2: Did you see a Man in High Castle? If so,
• 1:16:16
  Speaker 2: what did you think about the series? I saw a
• 1:16:19
  Speaker 2: few episodes of and I couldn't get into it, and
• 1:16:21
  Speaker 2: they didn't like the premise.
• 1:16:23
  Speaker 1: I didn't like the way executed.
• 1:16:25
  Speaker 2: And then the multi dimensional universe that you could flip
• 1:16:29
  Speaker 2: from world to world.
• 1:16:30
  Speaker 1: I didn't like that at all. I mean, there's a
• 1:16:35
  Speaker 1: story to be told of what if the.
• 1:16:38
  Speaker 2: Nazis control America. I don't think that was particularly interesting
• 1:16:45
  Speaker 2: for me. Dilk Jet something it seems that most people
• 1:16:54
  Speaker 2: today think short term versus during the early stages of
• 1:16:57
  Speaker 2: the United States people used to think long term, like fathers.
• 1:17:01
  Speaker 2: If you agree with what explains is yeah, I definitely
• 1:17:03
  Speaker 2: agree with that. And I think what explained is a general.
• 1:17:06
  Speaker 1: Decline in.
• 1:17:08
  Speaker 3: In uh the.
• 1:17:13
  Speaker 2: Teaching of thinking, reasoning, and the lack of emphasis on
• 1:17:22
  Speaker 2: long term thinking, which doesn't happen in schools. So we
• 1:17:26
  Speaker 2: have today a school system and a culture that emphasizes emoting,
• 1:17:32
  Speaker 2: emphasizes instant gratification. Look at your TikTok feed, you know,
• 1:17:39
  Speaker 2: emphasize just emotions.
• 1:17:40
  Speaker 1: Of a reason. We have school system that is there
• 1:17:43
  Speaker 1: to socialize and.
• 1:17:45
  Speaker 2: To encourage you to again emote, and you know that
• 1:17:53
  Speaker 2: is incredibly unhealthy and it results in this kind of
• 1:17:59
  Speaker 2: short term thinking. Author the individuals. The individual is an
• 1:18:08
  Speaker 2: abstraction from society. That's called Marx. Yeah, I mean, that's
• 1:18:13
  Speaker 2: pretty funny. The individual is a concrete you can see them.
• 1:18:16
  Speaker 2: It's an individual thing. The abstraction is society. There is
• 1:18:20
  Speaker 2: no society without the individual. They could be an individual
• 1:18:23
  Speaker 2: without society. It's a bizarre It's an example of how
• 1:18:28
  Speaker 2: Marx is completely evading reality.
• 1:18:31
  Speaker 1: And I'm focused on reality, Clark. I am in awe
• 1:18:37
  Speaker 1: of people's appetite for destruction on both left and right.
• 1:18:42
  Speaker 1: I don't know if aw is the right word to use.
• 1:18:47
  Speaker 1: I like numbers.
• 1:18:48
  Speaker 2: Well, the reduction and poverty help them move and grow.
• 1:18:51
  Speaker 2: I I I I don't know. I I don't know
• 1:18:55
  Speaker 2: what the correlation is. I know a lot of poor
• 1:18:57
  Speaker 2: people attracted to objectivism, so I don't know that necessarily
• 1:19:02
  Speaker 2: that is with the issue.
• 1:19:06
  Speaker 1: Nwick says, for information. Your feed froze abound twelve to
• 1:19:09
  Speaker 1: fifty PST for minutes. Yeah, I'm sorry. I can't follow
• 1:19:14
  Speaker 1: the chat and look at the kind.
• 1:19:16
  Speaker 2: Of news articles that I'm doing. So I was on
• 1:19:19
  Speaker 2: the news article, wasn't on the chat because I'm using
• 1:19:21
  Speaker 2: a laptop. I have a small screen, so I didn't
• 1:19:25
  Speaker 2: notice you guys telling me it froze, not that there
• 1:19:28
  Speaker 2: was anything I could have done about it. I assume
• 1:19:31
  Speaker 2: you got no audio as well.
• 1:19:33
  Speaker 1: So unfortunately that is the case.
• 1:19:37
  Speaker 2: Michael says, how confident are you that crypto comency is
• 1:19:41
  Speaker 2: a complete scam.
• 1:19:42
  Speaker 1: I've never said it's a complete scam. I don't think
• 1:19:43
  Speaker 1: it's a complete scam. I think things like what do
• 1:19:48
  Speaker 1: you call it? God? I forget.
• 1:19:52
  Speaker 2: I mean, I think the blockchain is an interesting technology.
• 1:19:56
  Speaker 2: I think that crypto, you know, can work for smart
• 1:20:01
  Speaker 2: contracts and a lot of other things. Crypto is already
• 1:20:05
  Speaker 2: working behind the scenes for a lot of the things
• 1:20:07
  Speaker 2: that you do. It's a it's a secure way to
• 1:20:12
  Speaker 2: engage in certain activities digitally online.
• 1:20:15
  Speaker 1: I don't think bitcoin. I don't know what bitcoin is worth,
• 1:20:19
  Speaker 1: is my point.
• 1:20:19
  Speaker 2: I don't think crypto is money, but it's a it
• 1:20:23
  Speaker 2: can It can be a substitute money.
• 1:20:25
  Speaker 1: It can make.
• 1:20:26
  Speaker 2: Transactions more efficient and more effective. Stable Coins, I think
• 1:20:32
  Speaker 2: are going to be a major market, and that's.
• 1:20:34
  Speaker 1: A form of crypto. So no, I think crypto is
• 1:20:37
  Speaker 1: looking for the killer app.
• 1:20:39
  Speaker 2: Stable Coins might be the killer app, but it needs
• 1:20:44
  Speaker 2: a killer app in order to.
• 1:20:46
  Speaker 1: Gain traction. But I don't think it's I don't think
• 1:20:50
  Speaker 1: it's a complete scam at all. Never said that.
• 1:20:54
  Speaker 2: Steven says, thanks for the show, value for value, Thank you, Stephen,
• 1:21:00
  Speaker 2: and I appreciate the support.
• 1:21:02
  Speaker 1: All right, thanks guys, thanks all the support today. I
• 1:21:05
  Speaker 1: appreciate it.
• 1:21:07
  Speaker 2: We'll be back tomorrow at the same time, I think
• 1:21:11
  Speaker 2: at the same time, and let me just check tomorrow's schedule. Yeah, yeah,
• 1:21:23
  Speaker 2: it'll be at the same time, and that'll be the
• 1:21:29
  Speaker 2: first show in me. So today was wrapped up the
• 1:21:34
  Speaker 2: month of April. I'm still in Austin for another few
• 1:21:38
  Speaker 2: days for the beginning of the next week. Then I
• 1:21:41
  Speaker 2: go to Denver and then I head home starting a
• 1:21:44
  Speaker 2: week from Sunday. We'll have regular shows from home. I'll
• 1:21:47
  Speaker 2: probably do a show on Saturday and Sunday, I assume
• 1:21:52
  Speaker 2: we'll see but definitely a show tomorrow.
• 1:21:55
  Speaker 1: All right, everybody so soon, Bye,