Latest / TFTC: A Bitcoin Podcast / #661: We Will Not Live Like This with Tom Luongo

Transcript

#661: We Will Not Live Like This with Tom Luongo · TFTC: A Bitcoin Podcast

• 0:00
  what a week uh i think was exactly 14 months ago we met a few days after the attempted
• 0:08
  assassination of donald trump in butler pennsylvania and unfortunately we're meeting
• 0:15
  today in the aftermath of uh charlie kirk being assassinated and uh it seems like i mean we
• 0:21
  talked about it in the context of trump and butler and it seemed like there was a big change there
• 0:27
  this seems orders of magnitude bigger in terms of vibe shift.
• 0:32
  Yeah, I think so.
• 0:33
  Because, you know, the guy missed originally, you know,
• 0:37
  had Trump been killed, it would have been a completely different story.
• 0:40
  But what's going on with Charlie Kirk in the aftermath of it,
• 0:46
  and I'll cop to this, I didn't really, I mean, I didn't interact
• 0:53
  I didn't interact with Charlie Kirk in that segment of, you know, American politics for a long, long time.
• 1:00
  I really didn't.
• 1:01
  I just kind of like I always looked at Kirk as kind of like, oh, you know, he's kind of baseline.
• 1:05
  And because we're so out, me and the people that I circulate in, that part of the world that I circulate in is so far out, you know, on the tip of the spear trying to figure out where we are.
• 1:18
  And I always looked at Kirk as kind of, you know, kind of baseline that I just didn't pay him very much attention.
• 1:23
  And now, so I've been flabbergasted by the response here about, and I really, you know, I seriously, like I, I underestimated his reach, his, the, the, the impact that he's had.
• 1:40
  And I've had to do some, some recalculation as to where we are in a good way.
• 1:47
  Like, and, you know, I'll cop to that.
• 1:49
  Like, I, I missed this, you know, completely.
• 1:51
  And watching this occur has been edifying, honestly, watching people finally say enough is enough.
• 2:01
  And this is uncool.
• 2:04
  And this is beyond uncool.
• 2:06
  This is unacceptable.
• 2:08
  And especially in light of the timing of it, it's like the Charlotte government clearly tried to suppress the video of Irina Peruzka getting stabbed to death on the subway.
• 2:20
  on public transit.
• 2:23
  And to have that come out, and then the next day have Charlie Kirk get shot,
• 2:30
  and they finally get their blood sport on national TV,
• 2:34
  in fact, for all intents and purposes, like they tried so desperately to get with Trump,
• 2:39
  they've gotten the wrong – they did not get the response that they were hoping for, Marty.
• 2:44
  I don't know, but I think they were hoping for people to be angry
• 2:47
  and start burning down cities and, you know, start, you know,
• 2:50
  you know, blopping purple hairs in the head, in the middle of the street,
• 2:55
  and all that.
• 2:56
  It's not happening.
• 2:57
  You know, what's happening is that civilization is saying,
• 2:59
  okay, that's enough, you fucking people.
• 3:02
  That's enough.
• 3:03
  So.
• 3:04
  No, I'm really happy you framed it that way,
• 3:05
  because I think deservedly so, a lot of the focus has been on the radical
• 3:11
  left-wing reaction and the reveling in the assassination of Charlie Kirk.
• 3:16
  But I haven't heard enough people highlight what you just did, is that I think the silver lining positive reaction of people throwing their hands up, saying enough is enough.
• 3:26
  People who aren't on social media, who don't follow politics, basically waking up and saying, no, this is not acceptable.
• 3:33
  I think that's unfortunately the fact that I had to get here is incredibly sad.
• 3:39
  It is.
• 3:39
  and disheartening but i i have been um positively surprised about that part of the reaction the
• 3:48
  positive reaction to um this event yeah i mean it's really it's been almost surreal right because
• 3:57
  we were you know i've been saying for a long time i'm like you know every time i have i've said this
• 4:04
  i think i might have even said it to you last i can't remember you know talking so many different
• 4:08
  places. But, you know, every time I have somebody come out here to do some work on my place or,
• 4:12
  you know, you know, I hire a guy or I talk to a neighbor or talk to, you know,
• 4:16
  and they'll just kind of look at me after a while, especially once they find out what I do
• 4:20
  and what I know. And they just go, okay, so I shut you shut up now. Just tell me when I get
• 4:24
  to start shooting them. Right. And that's been the attitude down here in my area of the world
• 4:31
  for a couple of years now. And I've always said, you know, not yet.
• 4:38
  That's not, we don't need to go there yet.
• 4:40
  You know, and then we get to the point where they start shooting, quote unquote, us.
• 4:46
  And I don't want to put it in, you know, the danger now is to like start bifurcating into us versus them.
• 4:53
  Right. We don't, we, we both want to be in, you know, we, we, we don't, we want to separate, but not objectify.
• 5:05
  right we want to we want to define ourselves by both what we are and what we are not because they
• 5:12
  only define themselves as what they are not they're anti-fascist they're anti the no kings
• 5:17
  blah blah you have to redefine yourself as and always in a positive manner it can you can never
• 5:22
  just be against something else when you are against xx you that does not mean you are then
• 5:29
  by definition not x it just means that you're against x you don't have an ethos you have an
• 5:34
  antithesis, right? And so what I'm watching a lot of people do now is define their ethos.
• 5:47
  And that was not the plan. That was not the intended effect here, right? The intended effect
• 5:54
  was to get people into an anti-state and say, well, we're not these dirty leftists. No, we're
• 6:02
  saying, we're not going to live like this. You know, I think Kirk at some point in recent past
• 6:09
  said, we don't have to live like this. I think in response, I think he tweeted out, you know,
• 6:13
  in response to Irina being stabbed, and he said, we don't have to live like this. I said,
• 6:19
  no, that's true. But it's more importantly, it's like, we will not live like this.
• 6:25
  okay that's not going to happen but but but no there's no buts here if you are if you're if you
• 6:34
  stay if you make that statement without equivocation with the right punctuation a period
• 6:39
  paragraph end of story and not commas or ellipsis or anything else when you state it that way that
• 6:45
  means that you're now going to look at this and say how are we going to fix this how are we going
• 6:50
  to change this. This is not going to happen. No matter what you do, you cannot take this away
• 6:55
  from us. It's like that, you know, for a long time, I think people took the wrong message away
• 7:03
  from the scene in V for Vendetta, where she's recounting the tale of the gay woman, right?
• 7:09
  She's in jail and she's reading Valerie's journal on, oh God, I'm reading it on toilet paper,
• 7:16
  and I'm writing it down on toilet paper.
• 7:17
  And it's like, it's that last inch, that very last inch of us.
• 7:21
  They can't take that from us.
• 7:22
  They can't take that inch.
• 7:23
  They don't have us.
• 7:25
  Yes, that does not mean you then become angry and violent and become not them.
• 7:30
  You become something greater than that.
• 7:33
  And that's what I've been arguing for a long time when I kept saying,
• 7:36
  we can't become the Fremen.
• 7:37
  We can't go that route.
• 7:40
  Because if we do, we're going to become these demonically possessed, pathetic people, right, that would think that it's acceptable to shoot a guy who just wanted to debate, you know, political reality.
• 7:59
  And, you know, whether he did so at times disingenuously or not, or whether he was, you know, don't get into details about it.
• 8:06
  Charlie Kirk's idea, you know, method and his ethos was, look, let's have a conversation.
• 8:12
  Right. Let's let's let's work these ideas out.
• 8:15
  And was he better at it than the people that he was, you know, that he was interacting with on a regular basis?
• 8:20
  Yes. Was at times was it easy?
• 8:22
  You know, was he on easy mode?
• 8:24
  Sure. But that's OK.
• 8:26
  The point was not to, like Ben Shapiro, belittle these people that he was arguing, but to say, no, your arguments aren't any good.
• 8:34
  Make better arguments.
• 8:36
  Right.
• 8:36
  And this is a conversation that Dexter White and I have all the time because that's his headspace.
• 8:45
  And he's actually the one that has to reel me in every once in a while because I get lost in my endocrine system because I'm freaking Italian.
• 8:52
  Right.
• 8:53
  And so we have this war going back and forth between us on a regular basis, internally, behind the scenes within what we do.
• 9:02
  And that conversation that he and I have been having for 40 years, practically, is what has shaped the way we look at and can, you know, I wouldn't say predict, but, you know, project what's going to happen in the political zeitgeist and what needs to happen next and why we can then.
• 9:21
  And that's why we set, you know, we strategize the messaging.
• 9:24
  You know, we do this.
• 9:25
  We say, we sit back and go, where are we?
• 9:28
  Where do we, what do we need to communicate to the world over the next three to six months?
• 9:32
  Right?
• 9:32
  What's important now?
• 9:33
  And so right now it's, that's enough.
• 9:39
  It's, you know, paint murals of Irina and Charlie Kirk and JFK on buildings all over America.
• 9:46
  Walk by on your way to work, pat them gently and say, yeah, we hear you.
• 9:51
  That's it. No more. Yeah.
• 9:57
  Optimistic that this is the overwhelming,
• 9:59
  like it seems clear to me that this is the overwhelming reaction is we will not
• 10:04
  live like this anymore. And I mean,
• 10:08
  to your point about the political zeitgeist and what happens in the next three to
• 10:11
  six months and how we ensure that we will not live like this.
• 10:16
  It seems like there, I mean,
• 10:18
  I had a phone call with somebody yesterday who was headed to the private vigil for Charlie.
• 10:24
  Apparently there was a phone call the night before,
• 10:27
  and people are getting dead serious about RICO cases against people funding these radical groups,
• 10:34
  which I think to me, I know Scott Adams talked about it,
• 10:38
  Cernovich has been talking about a bunch of others,
• 10:40
  but it seems like you have to go strike it at the root.
• 10:44
  Yeah.
• 10:44
  Yeah, no, I mean, I and Trump coming out yesterday when he was on Boxing Friends to say, look, I'm I'm opening up Rico Rico investigation or we're going to open up a Rico.
• 10:55
  This is the second time he said it. So it's clearly happening behind the scenes because he wouldn't say it in public if he wasn't doing something behind the scenes. Right.
• 11:03
  And is it sad that it had to take, you know, a guy like Charlie Kirk getting shot in the neck?
• 11:09
  to get us to this point?
• 11:12
  I don't think so.
• 11:14
  I think we were going to wind up there anyway
• 11:16
  because it was a matter of,
• 11:19
  this is something I was arguing last night
• 11:20
  with Lieutenant Colonel Steve Murray
• 11:23
  on Mike Ferris' show.
• 11:25
  We were both in high dungeon
• 11:27
  screaming into the frigging microphone
• 11:28
  about a whole lot of things,
• 11:29
  but not nearly as rational as this one.
• 11:33
  This is part of the reason
• 11:34
  why I want to do this early in the morning
• 11:35
  or at least in mid-morning
• 11:37
  because I get into the late afternoon
• 11:39
  and I become, you know, four hours of screaming into the mic.
• 11:43
  I'm like, there's no filter left.
• 11:44
  I've got, I'm raw, right?
• 11:47
  But one of the things we said during all of this was that,
• 11:51
  I kept impressing about Steve, and we eventually agreed with it,
• 11:56
  which is that, you know, political time works faster than legal time.
• 12:00
  And there's a lot of little order of operations things
• 12:04
  that the Trump administration had to go through
• 12:05
  in order to set the table to counter the programming.
• 12:09
  Because the programming is deep.
• 12:10
  Trump is Hitler.
• 12:11
  Like, if we didn't think that the programming was deep,
• 12:15
  Charlie Kirk would still be alive, right?
• 12:17
  So the programming is deep.
• 12:20
  The powder keg was already, you know,
• 12:22
  the fuse was already there and the match was coming down
• 12:25
  so that if Trump moved in a particular way,
• 12:29
  immigration, whatever, right?
• 12:31
  Too quick, too far, too fast, they could set it off, right?
• 12:35
  So in some ways, you kind of had to go through the motions, even though they were motions, even though everybody knew at the end of the day that Trump was going to say, I can deport all these illegals.
• 12:47
  And then some judge comes in and says, no, you can't.
• 12:50
  I'm like, well, yeah, I can.
• 12:53
  But you just think that because the executive hasn't enforced or put forth his Article II powers that he doesn't have them anymore.
• 13:04
  Well, here, sorry, here to inform you, that's not the case.
• 13:08
  And we're not going to redefine.
• 13:11
  We're just going to reiterate, have the Supreme Court do this, reiterate all of its Article
• 13:14
  II powers.
• 13:15
  In the process, the Supreme Court is also getting to reiterate its Article III powers
• 13:20
  over the lower courts, because the lower courts are acts of Congress.
• 13:26
  And when you put the whole act of Congress, created the courts, the Congress legislates,
• 13:32
  the executive delegates and manages, and the courts rule on the constitutionality of all of it.
• 13:40
  Well, I got news for you. That's the separation of powers. So there is no legal justification for
• 13:47
  a circuit court judge, a traffic court judge to tell Donald Trump how to prosecute foreign policy.
• 13:53
  Sorry, it doesn't work that way. And your job can be wiped out with the stroke of a pen.
• 14:00
  and now 51 votes in the Senate and 218 votes in the House because they rescinded the 60% rule
• 14:10
  yesterday on a lot of this stuff. I would imagine that that fell under the 60% rule.
• 14:18
  But I may be wrong about that. I'm a legal scholar. The point being is that I understand
• 14:22
  the separation of powers just well enough to know that this is part of what had to happen
• 14:26
  in order for Trump, for them to say that for the cries of Trump's a dictator,
• 14:33
  the Trump's a king, the Trump's a this, falls on deaf ears.
• 14:37
  Right?
• 14:38
  So that when he decided, okay, I've got all the evidence now on how to get rid of Brennan,
• 14:45
  because the ultimate goal is clearly Obama, right?
• 14:48
  They're getting ready to roll Obama because Obama's guilty of treason,
• 14:53
  as is all of the people that he conspired with to commit treason.
• 14:58
  And all of those people are either going to turn on Obama or go down with the ship
• 15:03
  or try and fall on their sword but it doesn matter In the court of public opinion is really what matters here because that the thing that has to be managed That why he moving at the speed that he is And that why everybody who out there every griper motherfucker out there screaming
• 15:17
  that he's not going fast enough or every stupid fucking libertarian out there goes saying he's
• 15:21
  not going fast enough. You're missing the freaking point. You're literally playing into the hands of
• 15:26
  the guys who are extending and pretending in order to try and make Donald Trump look complicit and
• 15:30
  and just nothing's ever going to change.
• 15:32
  You have to at some point have a little bit of a goddamn faith
• 15:35
  and say I still have enough agency in the political process to say I want this,
• 15:41
  but I understand that it's not happening at the speed that I want, but I want it.
• 15:46
  You have my support.
• 15:47
  Go and do what needs to be done.
• 15:49
  Shift those poll numbers.
• 15:51
  Shift those potential betrayal votes in Congress because, look,
• 15:56
  you've got a Congress in there that would impeach him tomorrow.
• 16:00
  over whatever he said yesterday on Fox and Friends,
• 16:03
  or for being Donald Trump, and get rid of him tomorrow,
• 16:07
  because there's so much that they're trying to protect of their own corruption,
• 16:12
  that you have to set the political table in such a way that he's impeachment-proof,
• 16:19
  and you have to teach the normies that he doesn't have a real majority in the House and Senate.
• 16:24
  Because most people don't understand this, Marty.
• 16:26
  And this is just reality.
• 16:28
  And they shouldn't.
• 16:30
  Right? I mean, and none of us should have ever thought,
• 16:33
  no average person should have ever thought in a million years
• 16:36
  that we would have targeted political assassinations
• 16:39
  of low-level political operatives like Charlie Kirk.
• 16:43
  Like, really? That's the world you think we should live in?
• 16:46
  And those people are all waking up this morning and going, that's enough.
• 16:50
  No. And what this has done, as you pointed out, and sadly,
• 16:55
  is that them assassinating Charlie Kirk like this
• 17:00
  has now accelerated the process of everybody realizing the actual landscape that we're
• 17:06
  operating here, what the state of the game really is, as opposed to what they thought it was.
• 17:11
  And that should work to Trump's advantage to accelerate everything and not get the political
• 17:18
  blowback. Because at this point, after Irina and Charlie Kirk, if he wants to start rolling up all
• 17:24
  of Obama's cabinet over, you know, Russiagate, 2020 election, hell, even the 2022 midterms. I
• 17:32
  know there's, in the 2024 election, I know there's a ton of perfidy going on there, right? Because
• 17:40
  the numbers don't make any sense. The statistics don't make any sense. So all of that is
• 17:46
  investigatable and all was probably done using this exact same methods as previous times,
• 17:51
  because when shit works, they keep doing the same thing over and over again until they get caught.
• 17:55
  So, you know, when I think through all of that, he's got a clear path now.
• 18:02
  And the Supreme Court in, you know, in the recent weeks has given him all of the predictable but necessary wins
• 18:12
  to reiterate what he's allowed and what he's not allowed to do.
• 18:15
  And the Democrats and the Sorosites or whatever you want to call these people, Davos,
• 18:20
  are continuing to operate their Gantt chart and say, well, no, we've got to start a race riot
• 18:25
  in Chicago. We've got to do this. We have to shoot an ICE officer. Are you going to shoot
• 18:30
  an ICE officer in Chicago? You're just handing Donald Trump the keys to the candy store to come
• 18:34
  in and declare martial law over Chicago and clean the place up. He has that right under Article 2,
• 18:42
  and there ain't no way that this current zeitgeist in America, after what just happened,
• 18:48
  is going to sit there and turn around and go, he's a tyrant. He's a tyrant. I've been saying
• 18:54
  for months that they're running the Lincoln script on him, right? In order to radicalize
• 18:59
  the bi-coastal lefties to try and justify a secession movement. No different than what they
• 19:07
  did with the South in the 1850s and then culminating in 1860. That was the strategy.
• 19:13
  The British pulled this off, and Lincoln won the war when he shouldn't have, thanks to the Russians, and among other things, right?
• 19:22
  And so that's the history, but you can see the replay.
• 19:26
  This is how this is always replaying itself, and we're now in the third attempt to destroy the American Constitution, and Donald Trump is right in the middle of it.
• 19:36
  And he's got people around him who clearly understand how to counter this.
• 19:40
  And I'm sure that he's getting like, I'm sure he's getting some help on the down low from the Russians because the Russians have, or I guess Putin has had to deal with the same damn thing, getting control of Russia over the last 25 years.
• 19:54
  And so I watch Trump and how he operates here in the United States.
• 20:00
  It's got an American flair to it because it's a different legal system than they have in Russia and different political reality than they have in Russia.
• 20:07
  But the two men's actions rhyme a lot how they're dealing with their opposition.
• 20:18
  So I don't know.
• 20:19
  It's a long-winded rant.
• 20:20
  But I think it's a really important nugget of why this is taken to this point.
• 20:28
  And now if we're going to pay forward all the work that Charlie Kirk did while he was alive,
• 20:35
  you know there you go as the brits would say bob's your uncle let's do the thing
• 20:40
  yeah it certainly feels accelerated like one other detail of the order of operations getting
• 20:48
  this stuff in order it seems like individual states have been doing a lot of redistricting
• 20:51
  in recent months preparing for midterms and that was shocking who knows if this
• 20:58
  like if this was just a lone wolf discord group that did this or there was some
• 21:04
  sort of command from up top somewhere in the radical left hierarchy,
• 21:11
  but critical misstep because I think heading into midterms,
• 21:16
  everybody's focused on the economy solely in terms of that being the,
• 21:21
  the final determination of whether he would get a full majority in the house
• 21:26
  and the Senate.
• 21:27
  And now you have this event where the economy is second fiddle now.
• 21:31
  No,
• 21:31
  I agree with you just to,
• 21:32
  just to put a fine point on what you just said about, you know, about the shooter himself.
• 21:37
  It doesn't actually matter whether he was a lone wolf or he was being groomed in these discord
• 21:43
  chats. Okay. Doesn't really matter at the end of the day. Um, because we don't have to have a
• 21:50
  overall plan of, Hey, we're going to kill Charlie Kirk on this date here and plan it out like this.
• 21:57
  That works out really well because we all have a movie script mentality, but I, I get,
• 22:02
  I have to be reminded of this by Dexter White all the time because I like to do that.
• 22:05
  And he's like, no, sometimes you just set the game board up.
• 22:09
  You just set the zeitgeist and then allow the thing to percolate to the surface,
• 22:13
  let the event happen, and then capitalize ex post facto.
• 22:17
  But you're ready to go with the pre-prepared narrative, right?
• 22:21
  Like, so I can, you know, I'm not saying that's operative here.
• 22:25
  What I'm saying is keep both of those, you know, mechanisms in your head
• 22:30
  because sometimes it's going to turn out that they had a plan,
• 22:34
  they did the thing, yada, yada, yada.
• 22:36
  And other times it's going to look like that, but it actually wasn't.
• 22:40
  Right?
• 22:42
  You know, so, and because if you keep those two frameworks in your head,
• 22:49
  it'll keep you from, like, becoming radicalized in how you react to new stimulus
• 22:54
  because then you become predictable and they can predict how you're going to react
• 22:59
  and then set the next set of events in motion to lead you to their desired conclusion.
• 23:07
  And the they in this scenario is the British.
• 23:12
  Okay?
• 23:13
  And that's why I get angry about, because clearly what they were doing for the first 48 hours
• 23:18
  until this kid was caught was to try and blame this on Israel.
• 23:21
  And they're still trying to blame it on Israel.
• 23:22
  And I'm like, Israel is not a part of this.
• 23:25
  Like they're manufacturing slop on 4chan and Twitter and everywhere to try and push this into a particular direction.
• 23:33
  Why? Because the goal here is to break Donald Trump from his base.
• 23:38
  OK, that's part of that. That's what this operation is about.
• 23:42
  OK, and we have to remind ourselves that sometimes shit just happens and then they capitalize on it afterwards.
• 23:51
  And sometimes they plan stuff stuff out.
• 23:54
  But they always have a plan on how they're going to capitalize on the event itself to push things in their particular direction.
• 24:03
  I keep reminding everybody of this.
• 24:07
  The greatest trick the devil ever pulled was convincing everybody he didn't exist.
• 24:13
  And at this moment in time, that is the remnant of the British Empire.
• 24:16
  Nobody wants to believe that all roads still lead to London.
• 24:20
  But Trump is leaving you every freaking clue imaginable that it is.
• 24:24
  and that it does. And it's not going through Israel that's the problem.
• 24:28
  Again, I'm not trying to deflect anything that Israel's doing in Gaza, which is
• 24:32
  inhuman, right? Their response in Gaza is unacceptable.
• 24:37
  Okay? Period. I don't know how else to put this.
• 24:41
  I'm not absolving Israel. What I'm saying is
• 24:43
  they can easily be a scapegoat to misdirect
• 24:48
  you away from who the real actors are.
• 24:52
  Because those guys don't have the same reach and power that go back 500 freaking years that the British, the Dutch, the Venetians and all that all that Davosian concept.
• 25:04
  Except, you know, I'm sorry, I don't see it's the Jews, for example, running around trying to elevate Indians into positions of power around the world and then flood all of our corporate offices and our corporate boards and our local governments with their people through H-1B visas and everything else.
• 25:29
  Like, this is a story that was suppressed forever and a day, and it's now all over us, right?
• 25:34
  I don't see that.
• 25:36
  I mean, if it was true, I would believe it, but I don't believe it.
• 25:39
  I think it's easy to get caught in the pre here.
• 25:42
  Have this pre-pran narrative for you.
• 25:45
  Follow this Pied Piper, Nick Fuentes.
• 25:48
  Follow this, this, this, this, this bullshit artist, Ian Carroll.
• 25:52
  Follow this, follow this opportunity, opportunistic bitch, Candace Owens.
• 25:57
  Like, I, you know, I'm, this is where I am on this.
• 26:00
  And I, I'm, I'm sorry.
• 26:04
  That's what I think.
• 26:05
  And I'm watching it happen in real time.
• 26:08
  Every time something happens anymore, it's always this.
• 26:11
  And then I can always tell when I'm over the target because I get 50 freaking people coming out of the woodwork on Twitter telling me that, you know, I take checks for Israel.
• 26:21
  I'm like, dude, you seen the house I live in?
• 26:24
  Like the Israelis don't pay very freaking well.
• 26:26
  Like, OK, go off.
• 26:27
  But then again, I've always been a Russian asset.
• 26:29
  Then I was a Chinese asset.
• 26:31
  Now I'm an Israeli asset.
• 26:32
  Like, fuck off.
• 26:33
  Like, it's all bullshit.
• 26:34
  Like, these are all just intelligence operations because you refuse, when you refuse to stand by and be set up to give everybody the pat answer, you become everybody's asshole.
• 26:51
  I'm okay with that.
• 26:52
  That's like my brand, right?
• 26:53
  So, but you have to remember that that's where you're going to, that's where it's going to go.
• 26:58
  And that's the kind of the point here.
• 27:00
  So why this is important is because that's where they're trying to misdirect us and they're trying to misdirect our energy away from what needs to be done, which is what we started this podcast with, which is to say, we're not going to live like this.
• 27:21
  We're not going to allow you to gaslight us into a bad reaction.
• 27:26
  We're not going to do this.
• 27:27
  We're not going to do this.
• 27:27
  We're not going to do this.
• 27:28
  And we're not going to fall for false scapegoats.
• 27:31
  We're going to go after the king.
• 27:34
  And when I say the king, I mean the actual goddamn king of England.
• 27:39
  King Sausage Fingers himself is going to get read the riot act, I think, by Donald Trump next week.
• 27:44
  Someone asked me on Twitter yesterday.
• 27:46
  Next week?
• 27:47
  What's that?
• 27:48
  Next week?
• 27:49
  Yeah, he's going to England next week.
• 27:52
  Right?
• 27:53
  So that state visit that queer Stalin was like,
• 27:59
  oh, this is a very great opportunity,
• 28:01
  a great honor for a man to be given two state visits with the king.
• 28:06
  I'm like, shut the fuck up.
• 28:07
  He's the king of England.
• 28:09
  I'm supposed to believe he's not all that freaking important.
• 28:11
  Every day people tell me he's not very important,
• 28:13
  but then when it matters,
• 28:14
  all of a sudden he's the most important man in the fucking world?
• 28:17
  How about, why is Trump going to meet with the enemy?
• 28:20
  I was asked this the other day.
• 28:21
  Why would you go into the Lions' den?
• 28:24
  I'm like, to offer, to, sorry, to present their terms of surrender.
• 28:30
  The United States is done being the lesser colony that got away from the British Empire.
• 28:38
  But there's a lot of work that had to be done behind the scenes to get to this moment.
• 28:42
  And you and I have talked about this over the last four years.
• 28:45
  So for this, all of this stuff, the financial stuff.
• 28:48
  And you watch Besson, you watch Trump, the whole why Fannie and Freddie.
• 28:52
  It's all part of the tapestry of how do we recapitalize America
• 29:00
  and we recapitalize, most importantly, the lower middle classes of America.
• 29:05
  And that's the solve of all these differential equations of Bitcoin,
• 29:11
  the Treasuries, stablecoins, Fannie and Freddie, banking regulations, Fed reform, all of it,
• 29:22
  getting rid of the NGOs, changing the form, getting rid of the 2% inflation mandate by the Fed,
• 29:29
  renaming the Department of War so that they don't have to follow the 2018 NDAA anymore,
• 29:35
  which says the Department of Defense must prepare to fight a two-front war against China and Russia.
• 29:40
  No, we're we're turning around and we're saying, no, fortress, fortress, western, fortress, western hemisphere.
• 29:46
  Everybody get the fuck out. That was the biggest news.
• 29:49
  I mean, of last week. And I was at the Department of Department of War now coming out and saying, hey, we're sort of the Department of War.
• 29:58
  I mean, the renaming the Department of Defense, the Department of War, I think was a little bit of legalese.
• 30:03
  I haven't I've mentioned this and I'm hoping that somebody either pushes back on me about it and say, no, no, no.
• 30:10
  Or whatever But look we renamed the Gulf of America the Gulf of Mexico the Gulf of America for a reason It was to invalidate contracts and to invalidate treaties that mentioned the Gulf of Mexico by name
• 30:23
  So that then you have a few of then the government has the American government is a free hand to ignore those treaties signed in relation to the body of water.
• 30:31
  No, previously known as the Gulf of Mexico.
• 30:33
  It's not just a little bit of of, you know, it there's a you know, it may be facile and it may be childish.
• 30:41
  but it may be, it may have some truth to it.
• 30:45
  And the same thing with this, with,
• 30:47
  with them literally saying we're not going to follow the 2018 national
• 30:51
  defense authorization act, which was re-upped in 2022.
• 30:54
  Remember, and that,
• 30:56
  remember Tulsi Gabbard coming out against the, the entire, you know,
• 31:02
  re-upping of FISA 702 and all this other stuff,
• 31:05
  which was the main thing that she, you know,
• 31:07
  main thing that the Senate didn't
• 31:09
  believe her about and gave
• 31:11
  her the rash of shit over during her
• 31:13
  confirmation.
• 31:15
  But hey, I don't know.
• 31:19
  In writing, so what do we got? Politico.
• 31:21
  The Pentagon officials are proposing.
• 31:22
  I pulled this up to validate what you just said.
• 31:25
  It's like Western Hemisphere. We're going to focus
• 31:27
  on that. Yeah, yeah.
• 31:28
  But you might have had to change the Department
• 31:31
  of Defense to the Department of War in order
• 31:33
  to be able to have the legal
• 31:35
  maneuvering to say we don't have to follow the NDA anymore because it's law, right?
• 31:40
  But if you change the department's name, like, well, there isn't a Department of Defense
• 31:43
  anymore.
• 31:43
  The Department of Defense does not have to follow this law because it is no longer the
• 31:47
  Department of Defense.
• 31:48
  It is the Department of War.
• 31:50
  It's, like I said, it's a little childish.
• 31:53
  It's a little cheesy.
• 31:54
  But, you know, you're dealing with orcs at this point who play legal games.
• 32:00
  Well, if you're going to play legal games, we're going to play legal games.
• 32:03
  Oh, these are the rules now?
• 32:04
  We can shoot our political opponents.
• 32:06
  You don't want to open up that can of worms.
• 32:09
  Right?
• 32:10
  You want to play the legal game of, oh, this is in this.
• 32:12
  Fine.
• 32:13
  You want to play that, frankly, that Talmudic bullshit?
• 32:16
  Fine.
• 32:18
  We can play that game better than you want.
• 32:20
  You want to know why?
• 32:21
  Because we're smarter than you.
• 32:23
  That's why.
• 32:23
  We have Stephen Miller.
• 32:25
  Yeah.
• 32:25
  I mean, yes, meaning Stephen Miller.
• 32:29
  Thank you, Marty.
• 32:31
  He's incredibly impressive.
• 32:32
  And he seems very, he seems very, very motivated right now.
• 32:38
  But let's lean in.
• 32:40
  So like order of operations from here, we're at a point of acceleration,
• 32:43
  RICO, Obama, Russiagate, Treason, Zoras.
• 32:48
  Like for those who are unfamiliar with how the RICO process goes,
• 32:54
  what do you think or how do you think this could play out as it pertains to
• 32:57
  RICOing these people?
• 32:59
  And this is where I'll cop to not having a tremendous understanding of this stuff.
• 33:05
  And this is something I probably should have a better understanding of.
• 33:08
  But once you can prove any kind of conspiracy, I said to X, Y, and Z, I'm a huge critic of the whole Rico statue.
• 33:19
  I think it's a terrible statue.
• 33:20
  I really, really do.
• 33:22
  I mean, in that respect, as a civil libertarian, Rico is awful.
• 33:25
  And I find it really funny that just as an aside, that they tried to kill Rudy Giuliani, Mr. Rico himself, which is how he cleaned up the mobs in New York and how he cleaned up the streets in New York and he used Rico for it.
• 33:39
  That's Rudy's thing.
• 33:40
  So if anything, the Trump administration has been briefed on how to use this to its maximal advantage for years because Rudy is clearly a Trump in Trump's camp.
• 33:52
  And I'm sure that they knew each other for years when Rudy was mayor and Trump was actually just a quote unquote shitbag property developer in Queens.
• 34:00
  Right. So. But, you know, Rico is really it's actually really quite simple.
• 34:06
  As long as we can prove that, you know, you did this in relation to that, then we can create a conspiracy and we can, you know, can intend to create a conspiracy.
• 34:15
  And therefore we can we can just keep rolling people up that way.
• 34:19
  And it's like it's it. And that's why it's that's why I'm not a fan of it.
• 34:22
  But under this scenario, again, sometimes you have to realize that you're going to get people, like they put Al Capone in prison.
• 34:35
  They finally got Al Capone on tax evasion.
• 34:37
  They didn't get him for the murders.
• 34:38
  They didn't get him for the alcohol and the drugs and all that.
• 34:41
  They got him for tax evasion.
• 34:43
  They're going to get John Bolton for some other damn thing, right?
• 34:47
  They're going to get Barack Obama.
• 34:49
  They're going to get John Brennan on.
• 34:50
  And, you know, you know, they're not going to get them on the crimes, generally speaking, that they're actually guilty of.
• 34:56
  But they're going to get them on something and they're going to get rid of them and they're going to make an example of them.
• 35:01
  And it's also but unfortunately, while you do that, it's going to leave the people who were co-conspirators and out.
• 35:10
  Because if you can only go, you know, when you're investigating Capone for tax evasion, it doesn't mean it means that you can't get them on anything else.
• 35:18
  right? Because everybody else is holding their water and you don't have enough. So this is the
• 35:23
  game that's being played right now. But once this process starts and once they start using RICO
• 35:30
  in that way, they're going to use it tyrannically by any measure of authoritarian power. The question
• 35:41
  is, to what end? And this is where a lot of people will be very uncomfortable with
• 35:47
  the analysis, including myself, which is
• 35:51
  we are in a war, and during a war, like this is Steve Murray
• 35:57
  yesterday was like, dude, just forget it. It's all treason. Just try them
• 36:01
  under military court, military, uniform military
• 36:05
  code. Done. Try them under uniform code of military
• 36:09
  justice. Done. Don't get out of the civilian courts. Just go that route. I'm like,
• 36:13
  okay, now we're opening up another layer of can of worms here. But
• 36:19
  this has to be the people, ultimately, at the end of the day, the people have to want this.
• 36:28
  And Obama is still loved by too many people to go after him yet. So start rolling up all the
• 36:33
  lieutenants, start taking out their jobs, start trying to turn them into witnesses,
• 36:39
  and start building the case so that when the day comes, you can go, look, this is it. This is,
• 36:44
  this is what we've done. This is who we can get on what we can get them for. And you're going to
• 36:48
  have to accept that that's as much as we can get. Now, people like the Clintons, I don't care about,
• 36:54
  right? I mean, while I'd like to see Hillary Clinton perp walked because it would just,
• 36:58
  you know, warm the cockles of my cold, dead heart.
• 37:01
  who cares, right? At the end of the day, there's justice and then there's
• 37:11
  moving forward, right? And I'm not saying we don't move, we don't have any justice before we move
• 37:19
  forward, but we're going to have to balance those two things. There's going to be some justice served
• 37:25
  and then there's going to be some moving forward.
• 37:30
  And anybody arguing for one extreme or the other,
• 37:36
  you know who they work for.
• 37:39
  Because they're not being realistic.
• 37:41
  Or they're not worth listening to.
• 37:45
  Take your pick.
• 37:46
  I don't care if you want.
• 37:46
  I will default to, at this point in time,
• 37:49
  everybody's an enemy combatant.
• 37:51
  Right?
• 37:52
  We're in war.
• 37:52
  So I have to treat everybody that way.
• 37:54
  that's not fair. I'm not, I, I'm, I know what that sounds like when I say that, but my role in this
• 38:02
  space as a commentator is to be that guy. You can choose to disagree with me on that and you
• 38:08
  probably should, right? Cause on, cause on any given Thursday, I'm going to disagree with myself,
• 38:14
  but that framework has to be at least explored and understood so that you can figure out where
• 38:23
  we're going to wind up because you asked order of operations, where do we go from here? There's
• 38:27
  going to be some, so we're going to get some scalps and we're going to let others walk. And
• 38:32
  everybody's going to have to be comfortable with that. As long as what Trump is saying is like,
• 38:36
  we're going to succeed our way out of this crisis period. And then the way you win and the way you
• 38:43
  beat the Soros is in the way you beat the crown and the way you beat Davos and the way you beat
• 38:47
  all these chaos, you know, these people who think they can win the day in crisis is to make people
• 38:56
  successful, is to give them the opportunity to succeed, build wealth, build a life, have a
• 39:03
  positive experience because people who are positive, who are in a good place, don't revolt.
• 39:08
  And they want us to revolt. They want us, you know, they want to, they want to see a million
• 39:15
  people marching on London. They want to see the French firebombing courts and roadways and
• 39:24
  everything else. That's what they want, because they think that that's going to alter, because
• 39:28
  that righteous anger will burn itself out, and then they'll come in with the gendarme and
• 39:31
  assholes and elbows and lock the place down, because the normal people will be like, look,
• 39:37
  just restore order. We're already at that point. The response to Charlie Kirk
• 39:44
  proves that we're at that point.
• 39:48
  And that tells me that my, that when I was, just one last thing, because I was, this literally
• 39:55
  just popped into my head, which is that for a long time now, I've been positing whether
• 39:59
  or not we've already hit rock bottom.
• 40:01
  I don't know if you and I haven't had this conversation yet, but about a year ago, when
• 40:08
  I was working on, you know, one of my two newsletters, I sat down, I was going through
• 40:13
  the narrative, I'm like, you know, we all sit here and keep wondering when the thing that the
• 40:19
  crisis that's over the horizon is going to happen. And when we hit rock bottom, what is it going to
• 40:23
  look like? And how do we prepare for that? And blah, blah, blah, blah. And I step back and said,
• 40:28
  you know, but we actually may have already hit rock bottom. And that is listed off all the things
• 40:33
  that we're dealing with. You know, an invasion, you know, gender fluidity, this, that, blah, blah,
• 40:40
  I listed off like 12 things.
• 40:43
  And I'm like, that's not the definition of rock bottom.
• 40:48
  Everybody wants like the, you know, the running around in the streets.
• 40:51
  And so if that's the case, so that was what I said.
• 40:53
  I said, I don't know if we have, but how about this?
• 40:57
  Those are your conditions.
• 40:59
  Now, when we get to the next crisis, how do we react?
• 41:01
  And how are we reacting?
• 41:03
  Exactly the way we talked about at the beginning of this podcast.
• 41:05
  People are going, that's enough.
• 41:08
  The corner's been turned.
• 41:09
  That was America's rock bottom, the Biden hunter.
• 41:13
  It's not over the horizon, folks.
• 41:15
  They keep telling you it's over the horizon.
• 41:17
  Why is it why they keep telling you it's over the horizon?
• 41:19
  Because they're trying to get you to look over there and not look at the collapse that's happening over here.
• 41:26
  Yeah.
• 41:27
  And like I actually had a similar thought.
• 41:31
  Earlier this week or last week with the jobs revision, like a nine hundred eleven thousand jobs just were completely fake.
• 41:38
  and you're able to look back and think retrospectively
• 41:41
  and know that the anecdotal data was screaming
• 41:44
  like we're in a silent depression.
• 41:46
  There is no way the economy is as good as being marketed
• 41:51
  by the Biden administration.
• 41:54
  I had that thought earlier this week.
• 41:56
  It seems like it is behind us, this revision.
• 42:00
  And that's a great point about this part of the cycle.
• 42:03
  Right. And, you know, I know you and I talked about how the how the the employment data and the inflation data were being used, you know, to try and push Powell in one direction or the other.
• 42:16
  And we talked about this last year. I know we talked about it earlier in the year, the last time I was on.
• 42:19
  I'm sure we talked about this three or four times. And note how it always worked out exactly what I was saying.
• 42:25
  They were overselling the jobs recovery in the run-up to the election in order to try and keep Biden in office or to pump up Harris.
• 42:35
  And all that did was kept – well, then Powell kept saying, well, I don't have to cut interest rates.
• 42:41
  And then he doesn't cut interest rates until the credit markets start to hit crisis mode just before the election.
• 42:47
  And so he relieves – he opens the pressure release valve by 50 basis points.
• 42:52
  and then the next meeting is right before the election.
• 42:56
  That doesn't matter.
• 42:57
  And then the December meeting happens.
• 43:00
  We get the new government comes in.
• 43:02
  We don't know what Trump is going to do
• 43:03
  or we don't know what Trump's going to be able to get done.
• 43:08
  And it made sense.
• 43:11
  And then they started muttsing with the employment data
• 43:16
  and the inflation data in order to try and make Trump look bad,
• 43:20
  which is also playing into Powell not cutting interest rates.
• 43:25
  Oh, inflation is too high, and see, he hasn't fixed anything,
• 43:28
  and the jobs are falling off a cliff, and blah, blah, blah, blah.
• 43:31
  And Powell's like, sorry, can't cut interest rates yet,
• 43:38
  because they were messing with that data while they were screaming
• 43:42
  the tariffs were going to create hyperinflation.
• 43:44
  Well, you're just going to scream hyperinflation over the tariffs?
• 43:47
  Powell's not going to cut interest rates into that situation.
• 43:50
  I wouldn't. And even though I knew that it wasn't going to be inflationary, at least in first blush.
• 43:58
  I knew it. The whole argument about tariffs from a hardcore free market perspective,
• 44:05
  say from a Thomas Sowell perspective, is that, look, at least for a year, 18 months,
• 44:10
  tariffs are going to work like a champ. The proof in the pudding is going to be whether
• 44:13
  they continue to work after that. That's going to be the interesting part.
• 44:19
  So it was always a dumb argument.
• 44:22
  And I'm like, yeah, if I was Powell, I'd be like, I ain't cutting interest rates either.
• 44:25
  Sorry, Trump, I'm not doing it.
• 44:26
  You can lambaste me for strategic purposes publicly all you want, but this is the right course of action because what is this doing?
• 44:34
  It's forcing everybody else to cut interest rates because we're draining their – we're draining the vitality from their capital markets.
• 44:39
  We're raising – we're keeping the cost of dollars, which they desperately fucking need, as high as possible.
• 44:44
  and so that's
• 44:46
  working to your advantage and giving
• 44:49
  you all the leverage you need to cut
• 44:51
  the trade deals that you want and that's exactly
• 44:53
  what happened
• 44:53
  now
• 44:56
  we're days away from the next FOMC meeting
• 44:58
  so and I think everybody
• 45:00
  is all but certain that there will
• 45:02
  be at least a 25 BIP cut
• 45:04
  potentially a 50 it's being
• 45:06
  priced in to a certain
• 45:08
  extent I believe 20% odds
• 45:10
  right now or probability
• 45:11
  Did we close at 20 on the Fed Funds futures on Friday Because the last I looked I was very busy yesterday so I missed the close on that I didn look at it The last I saw it it was only like 6 but that was Thursday So I literally didn It at 7 on Polymarket now which we using Yeah and the Fed rate monitoring tool says 3
• 45:34
  This is what I think is going to happen.
• 45:36
  I think it's going to be 25.
• 45:37
  And it's because of the inflation data.
• 45:40
  It's because of the CPI.
• 45:42
  If the CPI had come in like the PPI at low,
• 45:46
  then I think we'd be looking at 50.
• 45:48
  So, you know, last week I was saying my base case is 50.
• 45:55
  Now I have new data.
• 45:57
  It was the PPI on Wednesday and the CPI on Thursday.
• 46:04
  And I, you know, for the patrons on the market report on Wednesday, because I always do them on Wednesdays and Sundays.
• 46:11
  What I said was when I put it up, I said, I've been saying for three years now that we're in a commodity cost push inflation environment because the directional change in the four month rolling average of the CPI is tied, ties over, lays over nicely with the monthly closing price of gasoline futures.
• 46:32
  So you just take gasoline futures, monthly close, and sum up the last four months of inflation data, chart those two things together over time.
• 46:43
  And for the last four years, certainly since Powell started raising rates, they're directionally in lockstep.
• 46:49
  Every once in a while, there's a month where the CPI goes up and the gasoline goes down.
• 46:55
  But for the most part, it's like a 95% correlation.
• 46:57
  It's actually quite an impressive bit of forensic work on my part.
• 47:05
  I originally started with like the one year, then I went to the six month.
• 47:07
  I'm like, oh, that's four months.
• 47:09
  And that has to do with clearly the gasoline supply chain and how far out people are hedged in the gasoline market.
• 47:18
  And then it starts to show up.
• 47:19
  And that's why it starts to show up with a four-month lag in the CPI because of, you know, when it shows up at the pump, right?
• 47:32
  They're buying it wholesale.
• 47:33
  They're selling.
• 47:34
  And then eventually they sell it at retail.
• 47:35
  And there's a four-month lag.
• 47:37
  Clearly, people hedge four months out into the future.
• 47:40
  What happened on Thursday with the CPI, so what I said was like saying, well, given that the August closed and gasoline was down like 13 or 14%.
• 47:48
  14 cents over July, I'm expecting the number to come in around for the month over month change
• 47:54
  in the CPI around 0.1, maybe zero. But 0.1 would be like the perfect predictor of if this model
• 48:02
  was still holding. And I said, if this model is still holding, and I'm not sure about that,
• 48:07
  but if this model is still holding, then that's what we would see. And then the CPI comes in at
• 48:12
  0.4%. And the one thing I did say, I said, you know, we're getting all this discussion,
• 48:18
  now about electricity prices spiking because of data center needs and everything else.
• 48:24
  Supply chains and electricity are becoming acute.
• 48:27
  Well, if you look internally on the CPI, and this is where Zero Hedge is always, this is
• 48:33
  where Zero Hedge is really at its best.
• 48:34
  It's when it's producing data like this, not some of the slop commentary that's out there,
• 48:40
  including my old, when I used to write articles that were on Zero Hedge, I'm including some
• 48:44
  of those things.
• 48:45
  This is where Zero Hedge was the breakdown of the CPI.
• 48:47
  You saw that year over year, electricity prices were up nearly 14%.
• 48:51
  Pipe natural gas for energy purposes up almost 9%.
• 48:55
  Gasoline prices were down 6.6%.
• 48:57
  So we got a big rise in the CPI, even though gasoline prices fell.
• 49:06
  Means that another factor is beginning to exert itself over the inflation as calculated by the CPI.
• 49:16
  So my old model may no longer be working.
• 49:20
  I may, and I've been saying this model is going to work until a state change occurs.
• 49:26
  And a state change is occurring.
• 49:29
  So let's see if this is a one-off or, you know, we start to see a new trend,
• 49:36
  meaning we see a decoupling of the price of the monthly closing price of gasoline
• 49:39
  with the four-month rolling average on the CPI.
• 49:41
  If we, you know, get two or three months of that,
• 49:44
  where they're out of phase with one another,
• 49:45
  we're in a different environment. And now we have to come up with a new rationale as to why those
• 49:50
  two things are out of lockstep with one another, right? Which is perfectly reasonable. It's never
• 49:57
  always that way pre-COVID or pre, not pre-COVID, but pre-COVID. No, there was no correlation between
• 50:04
  these two things because in a demand pull environment, there shouldn't be. The demand
• 50:08
  for credit is independent of the price of the change in the price of gasoline. A demand pull
• 50:13
  environment should be that way. In a cost-push environment, it will be. So that's the way I look
• 50:19
  at it that way. That's why I think we're only going 25 with the Fed on Wednesday, because
• 50:24
  while Powell was saying, like, I'm scrapping the 2% inflation target, yeah, I don't think I'm going,
• 50:30
  I don't think I can do that with, you know, with the level of inflation. Now, that being said,
• 50:38
  The PCE deflator hasn't come out yet, which is one of the Fed's favorite indexes or indices.
• 50:50
  Indicators, sorry.
• 50:51
  Both of the words were wrong.
• 50:54
  So I don't know.
• 50:55
  I mean, I'm okay with 50, honestly, in this environment.
• 51:00
  I'm okay with 50, personally.
• 51:02
  I think Powell should do exactly what he did last year, 50, 25, 25, and then sit out January and at his last meeting, sit down and go to Trump.
• 51:11
  Okay, what do you want?
• 51:12
  Or what's your incoming chair going to do anyway?
• 51:15
  And then do whatever they're going to do.
• 51:17
  And if it's Judy Sheldon or whoever it is, Scott Besson taking selfies with Judy Sheldon the other day, kind of hard to miss that.
• 51:29
  So I don't know.
• 51:30
  Like that's, that's where I think, I think we are, but I, you know, you know, predicting
• 51:33
  this stuff at this point, isn't really that important.
• 51:35
  What's important is I think we were, we're definitely into the next rate cutting cycles
• 51:38
  right here.
• 51:39
  The labor market is clearly not great.
• 51:41
  The credit markets are too tight.
• 51:43
  My own personal experience in trying to, you know, get some, you know, some mortgage credit
• 51:49
  like against my existing house and, and, and then, you know, roll out my capital.
• 51:54
  No dudes.
• 51:55
  Like it's insane.
• 51:56
  Like the underwriters are working overtime every fricking day to deny people loans.
• 52:00
  I was talking to a friend of mine that I play World of Warcraft with.
• 52:03
  He's in the industry.
• 52:04
  He's like, this is the worst freaking week of my life.
• 52:08
  And it's been just terrible.
• 52:09
  And he's like, he's listening to me complain about what I'm going through with the bank
• 52:12
  that I was trying to get a cash out remortgage on my house here in Florida.
• 52:18
  And he was like, dude, I hear that story 10 times a day.
• 52:21
  And small business owners are just, they're not able to get the freaking,
• 52:25
  they're not able to get mortgages anymore.
• 52:27
  It's like, it's terrible.
• 52:28
  There's so much regulatory crap in the system that it's insane.
• 52:34
  So if you want a little nugget of where I think one of the things we should be looking for,
• 52:41
  note that Scott Besson a couple of weeks ago said that we need to declare an emergency in housing in the United States.
• 52:47
  And I think it's over the regulatory scheme of how do we get small business owners access to consumer credit because it's bad.
• 52:55
  It's terrible.
• 52:56
  And the minute I started talking about it, I'm having people say, oh, yeah, dude.
• 53:00
  Like I fought with the mortgage company for three years in order to try to do this guy.
• 53:03
  And they come out of the woodwork.
• 53:04
  And they're like, I make more money than – you know, I make far more money than I'm trying to – you know, this is them.
• 53:10
  Like I'm looking at it.
• 53:12
  Like I wasn't even asking for a lot of money.
• 53:14
  Just a little bit of extra money to develop my property up in Tennessee is really what it came down to.
• 53:19
  And no.
• 53:22
  No.
• 53:23
  It was – it's – and it's –
• 53:26
  And it feels vindictive, right?
• 53:28
  But I don't think it is.
• 53:29
  I think it's literally just Dodd-Frank, Sarbox, this, that, everything, all these banking
• 53:35
  regulations that were put in place both by the Federal Reserve and by Elizabeth Warren
• 53:38
  when she was running the CFPB were designed to make sure that the middle class didn't
• 53:45
  get access to easy access to the kind of consumer credit necessary in order to free up their
• 53:53
  cash flow in order to start rebuilding the country.
• 53:55
  because that's what the 30-year fixed rate mortgage does, right?
• 53:59
  The 30-year fixed rate mortgage says,
• 54:01
  here, as opposed to taking a 10-year mortgage out
• 54:04
  and tying up all your cash flow,
• 54:07
  amortize your house over 30 years,
• 54:09
  build your community, build a business in that community,
• 54:11
  and you're paying 5% on that loan.
• 54:13
  Well, build a business that's throwing off 7% a year
• 54:16
  and your business is paying for your home.
• 54:19
  And then you build a community.
• 54:20
  And that's the model.
• 54:23
  And who hates that model?
• 54:25
  Davos
• 54:27
  City London
• 54:30
  I mean explicitly
• 54:32
  they explicitly hate it
• 54:34
  you'll own nothing and be happy
• 54:35
  exactly so this is why the realist
• 54:38
  of Fannie and Freddie is so damned important
• 54:40
  this is why the housing
• 54:41
  situation is so damned important and this is why
• 54:44
  Trump was like
• 54:46
  look we're giving you every opportunity to act
• 54:48
  like grown ups this summer
• 54:50
  but nope sorry we're done
• 54:52
  and they just got rid of the 60% roll
• 54:54
  on a lot of these things and effectively ending the filibuster.
• 54:57
  And they can put the filibuster back in place before they leave power.
• 55:00
  That's what I would do.
• 55:01
  In order to really regain the trust of the American people,
• 55:06
  I would suspend the filibuster for the balance of this term.
• 55:09
  And then right before the last day of Congress,
• 55:13
  they reinstate the filibuster.
• 55:14
  And then 2028, and then they take fuck off.
• 55:18
  You know what I mean?
• 55:19
  That's what I would do.
• 55:19
  Just like, oh, by the way, we're done playing games with you.
• 55:23
  Or we are, you want to write the rules this way?
• 55:26
  This is the way we're going to write the rules.
• 55:27
  Yeah.
• 55:28
  You know?
• 55:29
  It's fascinating.
• 55:31
  So a few things.
• 55:32
  Sure.
• 55:35
  One, just a retrospective on the ongoing conversation we've been having two and a half years about this particular topic.
• 55:43
  Like, is the timing right in your mind?
• 55:44
  Like, did Powell, according to your thesis, do what needed to be done?
• 55:48
  And now we've gotten to the point where it's like, all right, that's done.
• 55:51
  Lowering rates is acceptable.
• 55:53
  Yeah.
• 55:53
  And then to your point about moving forward, like in rock bottom being behind us, potentially, I'm beginning to become convinced with that.
• 56:03
  I've been having a lot of conversations with Mel Madison.
• 56:05
  I'm not sure if he's on your radar, but he's been.
• 56:07
  He is. I haven't actually I haven't actually chatted with Mel, but I've heard of him.
• 56:10
  So, yeah, but he I mean, he started calling it in December of last year.
• 56:14
  He's like, I think we're going to have like a short little correction post election with tariffs.
• 56:21
  Well, people figure it out and then we're going to scream.
• 56:23
  The markets are, it's all systems go.
• 56:26
  And he's still, I had a conversation with him last week and he's like,
• 56:29
  I'm bullish bonds, gold, Bitcoin stocks.
• 56:32
  Yeah.
• 56:32
  Not, not globally.
• 56:34
  Mind you.
• 56:35
  The only United States.
• 56:37
  Yeah.
• 56:37
  Yeah.
• 56:38
  Because the capital out of Europe is, is, is going to be biblical.
• 56:41
  But yeah.
• 56:42
  Yeah.
• 56:42
  Yeah.
• 56:43
  No.
• 56:43
  And another thing he mentioned, he's like,
• 56:46
  I think we'll see a four handle on 30 year mortgages next year.
• 56:49
  and so what what is the plan with fannie mae freddie mac
• 56:54
  um pretty obviously they want to um trump's already talked about the the baseline um or the the
• 57:02
  framework of it and he's clearly in negotiations with the big banks who are the holders of the
• 57:06
  junior preferred shares which are the quote-unquote hold up but and that gets into a and and that and
• 57:13
  once i start going down that rabbit hole with the junior preferreds it'll make this like sound like
• 57:18
  an insanely complicated mess, but it really isn't.
• 57:21
  There are a bunch of junior preferred shares out there.
• 57:23
  Some of them are convertible to common.
• 57:25
  Some of them aren't.
• 57:26
  A lot of them are paying, you know, coupon, fixed coupons.
• 57:29
  And a lot of them, and they were in the wake of the 2008 financial crisis,
• 57:33
  a lot of the big banks, and I'm talking Goldman and Morgan and all the rest of them.
• 57:37
  And these junior preferreds were there originally,
• 57:39
  were handed to the small and regional banks as capital.
• 57:44
  when Fannie and Freddie were bailed out and they needed to be dealt with.
• 57:50
  And so these junior preferred shirts acted as the tier one capital that they needed to
• 57:55
  shore up their balance sheets. And then those got gutted.
• 58:00
  Right. And so they got loaded up all these junior prefers and then they got gutted and then they
• 58:04
  got bought. And now, you know, Wall Street's sitting on, you know, $30 billion of these
• 58:08
  things and they want or, you know, that they paid for, paid nothing for, literal pennies for.
• 58:13
  and they're arguing with Trump over how big the uplift is going to be when they get paid off.
• 58:18
  Is it going to be 15? Is it going to be three to one, four to one? Because look at the price
• 58:21
  of Fannie and Freddie today. They're trading around 12, $13, right? Or, you know, 12 and 13
• 58:26
  for Freddie and about $14 for Fannie Mae. They've been moving all, they moved hard this week and
• 58:31
  then they corrected into the weekly close. I think Fannie closed at like $14.65. They hit a high of
• 58:37
  like 50 and 50 or whatever. Trump wants to IPO them in November, and I mean November,
• 58:43
  six weeks from now or so, at $50 a share, effectively, $500 billion valuation. When you
• 58:52
  do the fully diluted conversion and everything else, it works out to about $50 a share,
• 58:57
  a $500 billion market cap. I ran the numbers at nine bucks. So I guess they're about 135.
• 59:05
  They're currently worth $135 billion market cap, fully diluted.
• 59:10
  So there's still another, you know, basically $50 IPO that tells you what their market cap is currently.
• 59:15
  Just divide where they are versus that and then do the math.
• 59:20
  Meaning, Fannie and Freddie are the, together, are the ninth most profitable company in the world.
• 59:31
  Okay, they would be on the S&P 50.
• 59:33
  It would be the great American mortgage company would immediately be moved into the Dow.
• 59:40
  Okay?
• 59:41
  This is what Obama is really guilty of, which is destroying the 30-year mortgage market in the United States.
• 59:53
  Okay?
• 59:54
  And, you know, Fannie and Freddie needed a bailout in 2008.
• 1:00:00
  It was whatever the bailout was, $120 billion, whatever it was.
• 1:00:02
  They paid that back almost twice over.
• 1:00:06
  Work for $180 billion, whatever it was.
• 1:00:08
  They paid back over $300 billion against whatever the debt was.
• 1:00:11
  Bill Ackman's got the actual numbers on this, and he put out a really great presentation
• 1:00:15
  back in January that I know I've linked to, and I know it's buried deep in my Twitter
• 1:00:20
  feed somewhere.
• 1:00:21
  But you can go look up the Ackman presentation from January 2025 and sit down and listen
• 1:00:26
  to it.
• 1:00:27
  It's about an hour and a half long.
• 1:00:28
  and he goes all over the history of the numbers and everything else.
• 1:00:32
  But the...
• 1:00:35
  Long story short is that bringing Fannie and Freddie out of conservatorship, which they're still in, but they shouldn't have been for years.
• 1:00:45
  Obama's stole hundreds of billions of dollars of Fannie and Freddie's profits and used it to fund Obamacare.
• 1:00:53
  And the one thing that Trump did back in 2017 when he first came in office was he ended the net full sweep of all of Fannie and Freddie's profits into the government budget.
• 1:01:06
  Now, that was that way from 2008 to 2017.
• 1:01:10
  Now, the justification for that originally was because of all the money that the government bailed out Fannie and Freddie with.
• 1:01:16
  But remember, the government also owns a 79.9% stake in Fannie and Freddie.
• 1:01:21
  So, you know, like how much does Obama want to get paid back for the $180 billion they put into Fannie and Freddie back in 2008?
• 1:01:30
  The good question.
• 1:01:31
  I think the number is all of it.
• 1:01:35
  Okay?
• 1:01:35
  Because the point is that under the current underwriting rules and everything else, it's become very, very difficult for the middle class to get access to a proper 30-year fixed-rate mortgage without some other layer of onerous capital requirement up front.
• 1:01:55
  The big one being a 20% down payment, okay?
• 1:01:58
  Or 20%, you know.
• 1:01:59
  So in effect, who has, if you're buying a $400,000 home, who has $180,000 laying around
• 1:02:05
  to put a down payment down on a starter home?
• 1:02:08
  Nobody.
• 1:02:09
  So then you have to go to Fannie and Freddie at three, you have to come up with three and
• 1:02:11
  a half percent.
• 1:02:12
  Even most Americans can't even afford that on a $400,000 home or $250,000 starter home
• 1:02:18
  in America.
• 1:02:18
  That's a lot of money for someone making 45 grand a year, right?
• 1:02:23
  50 grand a year.
• 1:02:24
  So it was designed from the ground up to inflate housing prices, keep the boomers invested in the old system and everything else because they were going to take their houses that they bought for a paperclip and some chewing gum wrappers back in the 1960s.
• 1:02:41
  And now they turn around, sell it for half a million dollars or a million dollars, move to Florida, buy a $300,000 condo, pocket the rest, and then sail around the world on Carnival Cruise Lines.
• 1:02:51
  That was the model.
• 1:02:52
  And fuck their kids because the boomers hate their children.
• 1:02:57
  And say, oh, you're lazy.
• 1:02:58
  Why don't you just go out and work for it?
• 1:02:59
  I did.
• 1:03:00
  Like, no, you didn't.
• 1:03:01
  You rode the inflation wave.
• 1:03:03
  Like, when my mom died, I remember saying to myself, I'm like, my dad didn't build any real wealth.
• 1:03:09
  My mom didn't build any real wealth.
• 1:03:10
  All their wealth was tied up in the appreciation of their housing.
• 1:03:14
  We rolled up generational wealth from her parents into my parents' estate on their balance sheet.
• 1:03:21
  And then from there, the increase in the price of their home is what, you know, was, I mean, I'm like, we're, my family is the direct beneficiary of Federal Reserve policy.
• 1:03:34
  I saw this back in 2003, okay, when my mom sold her freaking apartment down in Marco Island for
• 1:03:41
  a stupid amount of money in 2005, a stupid amount of money relative to what they paid for.
• 1:03:48
  And I'm like, take the freaking profit. You're literally top ticking the market,
• 1:03:54
  like, and you can't do better than this. So we played that game. So we played that game.
• 1:04:01
  But I understood it because I understood the market.
• 1:04:03
  Now, what's happening with Fannie and Freddie is that it needs to be brought out of conservatorship.
• 1:04:08
  It's been building capital since Trump ended the net full sweep.
• 1:04:12
  They've got some ridiculous amount of money on their balance.
• 1:04:15
  It's only $150 billion.
• 1:04:16
  But the way the conservator rules were written, the exit from conservatorship, they have to raise some retarded amount of capital that they'll never raise in another generation.
• 1:04:25
  It'll take another generation to raise $400 billion or whatever the freaking number is.
• 1:04:29
  The argument is everything that Fannie and Freddie paid over and above what they were bailed out for back in 2008, all that extra capital that Obama stole to pay for Obamacare should be credited against their capital requirement to bring them out of conservatorship.
• 1:04:46
  That number's already, they already well exceed that number because there's like 102 billion plus whatever, you know, whatever the number is.
• 1:04:53
  It's a crazy amount of money.
• 1:04:54
  there are people out there who are screaming that oh you're going to delude us and it's going to
• 1:04:59
  hurt us and we're going to take you to court yeah they're all fucking bullshit like this is not
• 1:05:03
  going to happen what's going to happen is he's going to merge the two companies into into one
• 1:05:08
  save an ass load of money on sgna costs right got all of it then eventually move it into probably
• 1:05:16
  move it into hud and just get rid of this and just get rid of all of it and we get rid of that
• 1:05:21
  Ginnie Mae, all of that stuff. It all can be just put into one organization,
• 1:05:27
  leave the government guarantee in place because the government's only going to sell a certain
• 1:05:32
  number of shares of the IPO. They're talking now only 3% to 6%. Originally, Trump was talking 5%
• 1:05:37
  to 15%. Now, Besson's talking only 3% to 6%, meaning that tells me that they're winning the
• 1:05:41
  negotiation with Wall Street over the Junior Prefers, oh, by the way. And then they're just
• 1:05:46
  like getting the sovereign wealth fund. And it's going to generate, you know, 70, they're going to
• 1:05:51
  sell on a 75% ownership in the damn companies. And it's going to be throwing off a ridiculous
• 1:05:55
  amount of profit that they're going to pay out a 5% dividend. And they can dole out shares to
• 1:06:01
  the general public or to insurance companies and pension funds and whatnot on an as needed basis
• 1:06:05
  as the mortgage market in the United States unfucks itself.
• 1:06:09
  and then they can and then the and the piece de resistance here is the long-term strategy
• 1:06:16
  would be to it's a private company now fuck you we're gonna go to albertans hey would you like a
• 1:06:22
  real mortgage would you like better mortgage terms than what you're getting from CIBC
• 1:06:25
  hey oh by the way you you farmers in the midlands who can't get consumer credit
• 1:06:31
  yeah hey how about you tell barclays to go fuck themselves and you go buy a loan from jp morgan
• 1:06:39
  Can you imagine the market cap on quote-unquote MAGA?
• 1:06:45
  Donald Trump wants the thicker symbol MAGA because he's Donald Trump.
• 1:06:48
  I'm like, no, come on.
• 1:06:49
  It's GMAC.
• 1:06:49
  It's a great American mortgage company.
• 1:06:51
  But you imagine the market cap on that company.
• 1:06:54
  I'm telling you right now, Fannie and Freddie may be the most asymmetric trade since Bitcoin at $20.
• 1:07:05
  So you're buying?
• 1:07:06
  Was it IPOs?
• 1:07:07
  I can't tell you what I do with my money
• 1:07:11
  I can only tell you what I see
• 1:07:14
  Okay, so, you know, I don't discuss portfolio stocks
• 1:07:19
  I don't like to discuss this stuff
• 1:07:21
  But this is too important a story
• 1:07:24
  This is one of the most potentially asymmetric trades we've ever seen
• 1:07:28
  This is like buying Apple at the iPhone
• 1:07:31
  Okay, that's what we're talking about
• 1:07:35
  This is a 30-bagger if possible.
• 1:07:37
  This is a $3.5 trillion company.
• 1:07:42
  And that's just like if you buy the stock.
• 1:07:45
  I think the positive externality is from the effect on the economy, people being able to.
• 1:07:51
  And the fact that people literally can pull – you can own some, and it's going to pull 5%, but it's going to go right – all those shares are going to go right into the pension funds, right into the insurance companies.
• 1:08:00
  They're going to write mortgage-backed securities that are guaranteed.
• 1:08:04
  And if you change the cash flow of the country you deregulate the country you encourage entrepreneurship and the middle class to start rebuilding wealth at the same time as you unfuck the economy from all this fucking insane environmental regulation which was all designed to make sure that we couldn do anything
• 1:08:24
  Like, I sit back and I listen to the people who tell me that America's doomed.
• 1:08:29
  And I'm like, well, yeah, they're doomed if you believe that the people who have been dooming us are going to stay in power for the rest of their lives.
• 1:08:39
  Why don't you actually engage with what is happening as opposed to being a
• 1:08:43
  shitbag critic sitting on the outside going,
• 1:08:45
  it's gotta be that way because I'm invested in the doom porn.
• 1:08:49
  I'm like,
• 1:08:50
  fuck off.
• 1:08:51
  Like I'm,
• 1:08:51
  this is,
• 1:08:52
  I'm done.
• 1:08:52
  Like I watched this shit happen and I'm like,
• 1:08:55
  they're doing it and you're wrong.
• 1:08:59
  And you call yourself an American patriot.
• 1:09:02
  I say you work for somebody else.
• 1:09:05
  They may just be clueless.
• 1:09:06
  I don't give a shit,
• 1:09:08
  but I'm an American.
• 1:09:09
  And I don't want to see us lose because I understand what this means in the context of human history, which is that if America survives this, if the American experiment and the Constitution built on we the people are sovereign over our government in a way that we haven't seen since before, as my friend Ian Burlingame puts it, since before William the Conqueror fucked England.
• 1:09:31
  then this has to occur
• 1:09:36
  and Fannie and Freddie's
• 1:09:37
  realistically are part of that
• 1:09:39
  yeah
• 1:09:40
  and that's like another anecdotal data point I've been
• 1:09:43
  observing is people are getting fed up with the doom
• 1:09:45
  doom porn
• 1:09:46
  as well
• 1:09:48
  I was actually on Michael Ferris's podcast earlier this week too
• 1:09:51
  and
• 1:09:52
  that was one of the questions he asked me
• 1:09:54
  would you ever leave the country
• 1:09:56
  I was like no
• 1:09:57
  this is my home
• 1:10:00
  I'm not leaving my home because it's
• 1:10:03
  hard
• 1:10:04
  go fuck yourself dude
• 1:10:06
  this is the place
• 1:10:08
  if we lead I've been saying it for three years Marty
• 1:10:10
  if we lead the world will
• 1:10:12
  follow us
• 1:10:13
  yeah
• 1:10:15
  I mean this brings up the question it seems like
• 1:10:18
  again all systems go
• 1:10:20
  tragic event this week
• 1:10:22
  but critical misstep
• 1:10:24
  that is leading to an acceleration
• 1:10:26
  what moves does
• 1:10:28
  the crown, the Davos class
• 1:10:31
  have to defend?
• 1:10:32
  I mean, what's funny is
• 1:10:34
  everybody's like, Donald Trump shouldn't go
• 1:10:37
  and meet with the king because, you know, you better bring your
• 1:10:39
  personal food tasters and this and that.
• 1:10:41
  Vance has already been like
• 1:10:42
  Vance has already been groomed for the job.
• 1:10:46
  I'm sorry.
• 1:10:47
  I think that guy's more based than
• 1:10:48
  friggin' Trump is at this point.
• 1:10:51
  I
• 1:10:51
  I know there's a lot of
• 1:10:54
  question marks surrounding J.D. Vance at this point
• 1:10:57
  I hear them and I'm like, I've heard the same shit about Donald Trump.
• 1:11:03
  What do you mean?
• 1:11:04
  What?
• 1:11:04
  Question marks.
• 1:11:05
  The Teal.
• 1:11:05
  Yeah, the Peter Teal stuff.
• 1:11:07
  The Indian wife, the this, the that.
• 1:11:09
  Like all this stuff.
• 1:11:10
  Like, you know, I've heard it all.
• 1:11:12
  Like, I'm just, I'm so over it.
• 1:11:13
  Like, that's just, that's, I'm sorry.
• 1:11:15
  That's City of London slop.
• 1:11:16
  Like, that's what it is.
• 1:11:17
  That's 4chan slop.
• 1:11:18
  And I'm done with it.
• 1:11:20
  And I don't care.
• 1:11:22
  What are they going to do next?
• 1:11:24
  Obviously, they're trying to gin up a false flag in Europe in order to get a NATO Article 5 thing going.
• 1:11:31
  They're trying.
• 1:11:31
  Yeah.
• 1:11:32
  Thank you for bringing that up.
• 1:11:33
  They're desperately trying to get Israel and Turkey into a frigging hot war.
• 1:11:37
  What happened with that in Poland?
• 1:11:39
  That was very odd.
• 1:11:41
  Yeah.
• 1:11:42
  Like, I think it's a mixture of – I think it's two lies wrapped in a nugget of truth.
• 1:11:47
  I think the Russians were sending some reconnaissance drones over Poland because, well, Poland is actually helping Ukraine fight Russia and do targeting of Russian land.
• 1:11:58
  So they're absolutely justified in sending drones over Poland.
• 1:12:03
  Oh, by the way, Donald Tusk.
• 1:12:06
  And the Ukrainians were adding to the numbers.
• 1:12:10
  And.
• 1:12:12
  With the help of the British, because it look, the people are braying loud.
• 1:12:17
  most loudly here are the usual suspects in Poland.
• 1:12:20
  Rady Sikorsky, who's a friggin' MI6 and British asset.
• 1:12:24
  Donald Tusk, who's a friggin' EU asset.
• 1:12:26
  Like, these people are all the same ones.
• 1:12:28
  It's, you know, note how the Polish president,
• 1:12:32
  is it Norwalki?
• 1:12:35
  Norwalki?
• 1:12:36
  Isn't saying anything.
• 1:12:38
  Notice how the former president, Andrzej Zduda,
• 1:12:41
  came out and said, oh yeah,
• 1:12:41
  like, Zelensky did everything he could
• 1:12:44
  to try and create a false narrative to get us over Russia attacking Poland in order to get us
• 1:12:50
  involved in the war there. I mean, they have worked and worked and worked and worked and
• 1:12:57
  worked this angle. And the acceleration is actually working against them because they need time to
• 1:13:04
  build out a new army in France and or Germany and or the UK or wherever. But they're going forward.
• 1:13:11
  Like the Europeans are going to put troops into Ukraine and the Russians are going to vaporize them.
• 1:13:17
  And the United States is not going to give them the kind of support that they think they're going to get.
• 1:13:24
  I'll be honest with you.
• 1:13:26
  I would almost believe at this point that the U.S. gives them just enough support to ensure that they get wiped out.
• 1:13:35
  But they do they do some face saving damage to the Russians in the process.
• 1:13:39
  Meaning defensive support
• 1:13:41
  Meaning, you know, air logistics
• 1:13:42
  Radar and targeting and all that stuff
• 1:13:45
  But hold back
• 1:13:47
  Hold back completely
• 1:13:48
  Like we did with Iran and Israel
• 1:13:50
  Israel got their fucking head handed to them
• 1:13:53
  By the Iranians
• 1:13:54
  Right?
• 1:13:56
  I have to wonder whether or not
• 1:13:58
  You know, we defended them with our full
• 1:14:01
  Power or not
• 1:14:04
  You know?
• 1:14:06
  Maybe we did
• 1:14:07
  And that tells you that all of this air defense stuff on both sides is all bullshit, which is very possible.
• 1:14:14
  And therefore, at the end of the day, they're all going to lob missiles at each other and beat the shit out of each other.
• 1:14:18
  But when it's all done, the missiles will be spent, and they won't be able to reload anytime soon.
• 1:14:27
  This is what happened with Israel and Iran.
• 1:14:28
  And so that's a good thing because, you know, I've been taking the pressure release model for a lot of the stuff that in order to stop World War III from occurring.
• 1:14:39
  You've got to bleed out all of the weapons and armies and everything else that were built to fight World War III.
• 1:14:45
  You bleed them out in small conflicts, regionalized conflicts over a long period of time, and you would trade it all out.
• 1:14:55
  So it's that when everybody does finally get their casus belli, they don't have the ammunition in the army to run the war.
• 1:15:06
  Yeah.
• 1:15:07
  And I think that that's the strategy.
• 1:15:09
  I think that's what Putin and Trump are coordinating about in their response to all of this.
• 1:15:15
  And I think Trump is very clear that he does not want the war to continue.
• 1:15:20
  He will lambaste Putin publicly because he has to.
• 1:15:23
  But he's not giving the Europeans their cookie.
• 1:15:27
  And so they need to, they need the war to cover the default.
• 1:15:32
  They don't have, they, Lagarde keeps talking about the digital euro next month.
• 1:15:36
  It's not happening.
• 1:15:38
  I have a very good authority and I'm close to getting any of the member agreements or
• 1:15:42
  anything else in place.
• 1:15:43
  I mean unless they going to go full fascist and just roll everybody up and you know and just you know roll tanks in the Budapest and make you know and arrest Victor Orban Wouldn that be bad optics
• 1:15:59
  But, you know, it's not the USSR for nothing.
• 1:16:02
  Yeah.
• 1:16:03
  No, it was shocking earlier this week.
• 1:16:05
  It seems like Europe is definitely going to try.
• 1:16:09
  But Germany announced they need to double their army.
• 1:16:12
  And I found out that the German army only has 62,000 enlisted members,
• 1:16:17
  which is like, holy shit.
• 1:16:18
  Okay, well, you're going to double that army to 138, 132,000,
• 1:16:22
  124,000.
• 1:16:24
  Well, that's nice.
• 1:16:25
  They can get wiped out really quickly.
• 1:16:27
  Remember, that means that they only have 20,000 fighting men.
• 1:16:33
  And that was like, I mean, that's like a shocking sort of validation
• 1:16:36
  of what Trump's been saying.
• 1:16:37
  Like, you're not, NATO, you're not holding up your end of the bargain.
• 1:16:40
  The fact that they only have 62,000 enlisted.
• 1:16:43
  Right.
• 1:16:43
  You have 62,000 people.
• 1:16:45
  and only 20, you know, then only one third of that is our actual combat troops,
• 1:16:51
  the rest of logistics and organization.
• 1:16:54
  Because an army is not all, you know,
• 1:16:57
  you're not going to just drop 62,000 guys in there.
• 1:16:59
  Armies run on their stomachs and they run on reloading
• 1:17:01
  and they run on this and they're in the rear of the gear and all that shit.
• 1:17:05
  Like, dudes, it's 20,000.
• 1:17:08
  So you're going to double that to 40,000.
• 1:17:11
  The Russians are killing, you know, 2,000 Ukrainians a week.
• 1:17:15
  Or 1,500 Ukrainians a week.
• 1:17:17
  So how long is that going to, so how long is Germany going to last under that scenario?
• 1:17:20
  Is he just going to keep throwing men in there?
• 1:17:22
  Like, I know they have an immigration problem.
• 1:17:24
  They just want to get rid of them all.
• 1:17:25
  But, you know, and again, three hots and a cot.
• 1:17:28
  You know, if you collapse the European experience, right, the civilization,
• 1:17:35
  and people are now only focused on three hots and a cot,
• 1:17:38
  and they can only get that from going to military service, that's their plan.
• 1:17:42
  either through press ganging or through desperation.
• 1:17:48
  That's what they did in Ukraine.
• 1:17:50
  First, they destroyed the economy,
• 1:17:52
  and then it was guys fighting in the Donbass
• 1:17:55
  in order to send their paychecks back
• 1:17:57
  so that their wives and their kids could eat.
• 1:17:59
  That was the first Ukrainian army.
• 1:18:02
  It was the second Ukrainian army.
• 1:18:03
  Now we're on the sixth Ukrainian army.
• 1:18:04
  Now they're just press ganging them
• 1:18:05
  and sending them to the front.
• 1:18:08
  Do you think the opposition parties in Europe
• 1:18:11
  have any chance at taking over power?
• 1:18:15
  Marine Le Pen, AFD.
• 1:18:17
  Not yet.
• 1:18:18
  Not until there's actual honest to God.
• 1:18:21
  They have to storm the presidential palace,
• 1:18:26
  pull Macron out, and chop his head off.
• 1:18:28
  I'm that serious.
• 1:18:31
  He's not going to leave power.
• 1:18:34
  And in 2027, when his term is up,
• 1:18:37
  they will manipulate the political situation again
• 1:18:40
  to deny the people their agency. Every time they do this, they raise the probability of Macron
• 1:18:46
  being severed from his spinal column being severed at the neck, goes up a few points.
• 1:18:52
  And I don't say that lightly. I don't say that flippantly. Yes, I'm long guillotines,
• 1:19:00
  rope makers, and lead futures, but it's a funny joke, but it's not a funny joke. It's absolutely
• 1:19:05
  right. And the way I'm watching Macron operate now, the way I'm watching Keir Stalin operate in
• 1:19:12
  England, the way I'm watching MERS in Germany, I'm like, I'm Texas Hedge those things now. I'm
• 1:19:18
  double long. Fuck you people. You people are nuts, but they think they have a plan. And that plan is
• 1:19:24
  chaos. And then out of chaos comes order. And I mean, if you're not sure what the ideology is,
• 1:19:33
  have y'all watched Babylon 5? Do you remember what the Shadows told Sheridan at the end of
• 1:19:37
  season three when he went to Zahad-Dum? That's the story. That's who we're fighting.
• 1:19:43
  These people really do believe this. Now, the Shadows were ideologically possessed,
• 1:19:48
  wanting to advance humanity and serve, quote unquote, evolution as the godless commies that
• 1:19:57
  they really were. These people just want to stay in power. This isn't some cheap ideological fight
• 1:20:07
  between two elder races who are just angry with each other to prove an intellectual argument,
• 1:20:15
  which was the story in Babylon 5. This is fundamentally different. These are demons
• 1:20:19
  who absolutely just want to stay in power because they see us as tax cattle.
• 1:20:24
  So, again, go back to Fannie and Freddie. Now talk about Ron DeSantis down in Florida.
• 1:20:33
  Openly stating flat out, this is unacceptable that people have to pay rent to the government
• 1:20:40
  for their primary homes that they own. This is, again, go back to William the Conqueror,
• 1:20:47
  Go back to the institution of property taxes.
• 1:20:53
  Property taxes are the original sin of government.
• 1:20:55
  You will never be free, folks.
• 1:20:57
  This is why the Bitcoiners are so right about a low-deal title and all the stuff about Bitcoin,
• 1:21:01
  not your keys, not your coins, all of that stuff, because it's the one area of our lives
• 1:21:08
  where we can say, I have full sovereignty over this asset.
• 1:21:12
  Gold operates very similarly.
• 1:21:14
  well up to the point where somebody comes into your house and puts a gun to your head and said
• 1:21:18
  you know 24 word key phrase please what 24 word key phrase you're going to die for this
• 1:21:23
  of course not where's the gold i yeah it's in my toilet you know what i mean like at some point
• 1:21:28
  your life is not worth these things but up until that moment but it's really hard to like you know
• 1:21:33
  get all that money because you're going to go to everybody's house and do that and that and at some
• 1:21:37
  point you do four or five of them eventually the sixth guy stands up and shoots somebody
• 1:21:40
  and then the seventh guy shoots, you know, and then the shooting starts, right?
• 1:21:44
  So the property tax thing is a very important part of this
• 1:21:53
  because this is now, we are here to end feudalism.
• 1:22:01
  We are here to end the, you only have the money that we lend into existence
• 1:22:08
  and take a vig off of
• 1:22:10
  so that you can pay taxes
• 1:22:14
  and rent on your property
• 1:22:16
  so that we can stay in power
• 1:22:19
  in perpetuity
• 1:22:20
  and rape your children
• 1:22:22
  and shoot you up with drugs
• 1:22:25
  and all the rest of it.
• 1:22:28
  We will not live like this.
• 1:22:32
  No.
• 1:22:33
  We will not.
• 1:22:33
  Florida, I mean,
• 1:22:34
  not only the property tax,
• 1:22:36
  but something,
• 1:22:38
  And that is a high priority for me being a young father.
• 1:22:42
  The ending of course of vaccine mandates is massive.
• 1:22:47
  I hope that's a trend.
• 1:22:49
  Both of these things are a trend that grow nationally.
• 1:22:51
  And I just worry for the blue states, particularly if they just take the antithesis of that and try to dig their heels in.
• 1:22:59
  Right.
• 1:22:59
  I mean, who's it?
• 1:23:01
  It was somebody pointed out.
• 1:23:03
  I think it was I think it was the CFO of Florida.
• 1:23:06
  He said it's an unrealized capital gains
• 1:23:08
  Property tax
• 1:23:09
  He called it unrealized capital gains
• 1:23:11
  I was like thank god somebody finally gets it
• 1:23:14
  Unrealized capital gains
• 1:23:17
  It's feudalism
• 1:23:19
  And you only have the appearance
• 1:23:23
  You know the government's tyrannical
• 1:23:25
  For a variety of reasons
• 1:23:26
  But you don understand why it tyrannical It built from the ground up Of this fundamentally unfair system where grifters and terrible people get to live at your expense because you go to work every day to pay your fucking property taxes to keep them just low enough that you don complain about them
• 1:23:44
  Fuck that.
• 1:23:45
  No, I'm not.
• 1:23:46
  And now they're out of control.
• 1:23:48
  Now the step-up basis every time the thing is sold has put so much money into the coffers of these fucking school boards and these county commissions that are acting as nothing but super PACs for fucking Davos and for the fucking Democrats.
• 1:24:03
  And the people who killed Charlie Kirk.
• 1:24:07
  That's what you've got to get through your head.
• 1:24:09
  And for George Soros and all the rest of it.
• 1:24:11
  And they're laughing at us, folks.
• 1:24:13
  they literally laugh at us
• 1:24:18
  on a day to day basis
• 1:24:19
  and you've got to
• 1:24:21
  this is that moment where you're like
• 1:24:24
  at the end of all Josie Wales
• 1:24:26
  when they're in the house
• 1:24:27
  and they're about to get attacked by
• 1:24:29
  the red legs
• 1:24:31
  finally the government's finally tracked Josie Wales down
• 1:24:34
  and they're in the house
• 1:24:35
  and when everything looks dark and when everything looks bad
• 1:24:38
  that's when you've got to get mean
• 1:24:39
  that's when you've got to get plum mad dog mean
• 1:24:42
  and say, that's enough, no more.
• 1:24:47
  And then when it's done, yes, the war is over.
• 1:24:51
  Moving on.
• 1:24:52
  Bury the bodies, get out the shovels, do the work.
• 1:24:56
  Rebuild society.
• 1:24:57
  That's where we are.
• 1:24:59
  And non-hackers don't get to serve my beloved core.
• 1:25:05
  I love it.
• 1:25:06
  I think this is a good place to end.
• 1:25:07
  like and i'm again uh this week was terrible yes but it seems like things are moving in the right
• 1:25:17
  direction in terms of resetting i i agree and i you know i i've been you know i dude i i when i saw
• 1:25:26
  the the twitter post of the guy who was putting out the he said i want to raise half a million
• 1:25:33
  for art block grants to put murals of arena.
• 1:25:37
  And I saw the AI picture that he put together
• 1:25:39
  as a mock-up for this.
• 1:25:41
  When I saw that, I started to cry.
• 1:25:44
  And then I saw Elon.
• 1:25:45
  And the only reason I saw it, of course,
• 1:25:46
  is because then like 20 minutes later,
• 1:25:48
  I finally saw the Elon Musk reach for me
• 1:25:49
  and say, I will give a million dollars to this.
• 1:25:53
  I'm like, that's what we have to do.
• 1:25:55
  Two good immigrant founders there.
• 1:25:57
  Owen McCabe, Irish immigrant running intercom.
• 1:26:00
  mission
• 1:26:01
  Elon South African and that's like
• 1:26:04
  we don't have to get on like immigration but like
• 1:26:06
  no it feels like the zeitgeist
• 1:26:08
  and again just the videos
• 1:26:10
  I've seen of people all
• 1:26:12
  across the spectrum old young
• 1:26:14
  black white particularly after
• 1:26:16
  what happened on Wednesday
• 1:26:18
  like getting online saying we will not live like
• 1:26:21
  this and the amount of people saying
• 1:26:22
  I voted Democrat my whole life I do not
• 1:26:25
  want to be associated with these people I'm voting
• 1:26:27
  red down the ballot next
• 1:26:28
  next election
• 1:26:29
  And damn the consequences.
• 1:26:33
  And if we overcorrect a little bit, we'll fix it in post.
• 1:26:36
  But we're going to overcorrect.
• 1:26:37
  The question is, you know, how far?
• 1:26:40
  And what we don't want to do is go full framing.
• 1:26:42
  We want to retain our humanity during the process.
• 1:26:45
  We want to put them down the way they need to be put down at the level of violence that they, at an individual level, they engage in.
• 1:26:58
  So if y'all wanted to put us in camps over the COVID vaccine, you get to lose your job over cheering for Charlie Kirk being dead.
• 1:27:08
  Sorry, that's the way it works.
• 1:27:10
  Those are the rules.
• 1:27:12
  That's the rules of the polite society.
• 1:27:13
  Oh, you can't do that.
• 1:27:15
  Freedom.
• 1:27:15
  No, freedom of speech.
• 1:27:16
  Freedom of speech means freedom, freedom of association.
• 1:27:19
  Freedom of speech is freedom of association.
• 1:27:22
  Freedom of speech is freedom of association.
• 1:27:24
  Freedom of association also implies freedom from association.
• 1:27:27
  association. And I choose not to associate with you. You chose, you didn't want to associate with
• 1:27:33
  me. Well, got news for you. Don't want to associate with you. We're taking you out of
• 1:27:36
  polite society. We're bankrupting you. We're going to make you work from the ground back up
• 1:27:40
  in order to understand, in order to have that work pull you out of your possession
• 1:27:48
  is the only way you're going to learn. Yep. No. And last thing, since you brought it up,
• 1:27:55
  There's going to be another win shortly, it seems.
• 1:27:58
  You mentioned COVID camps, but it seems pretty clear that they're going to announce that the COVID vaccines are not safe and effective and hold those pharmaceutical companies accountable.
• 1:28:09
  And then Fauci goes to jail.
• 1:28:12
  And again, some of them may never go to jail.
• 1:28:16
  Anthony Fauci is 84 years old, 85 years old.
• 1:28:18
  And you're like, what are you going to do?
• 1:28:19
  You're going to put him in jail?
• 1:28:19
  Okay, fine.
• 1:28:20
  You could just shoot him.
• 1:28:22
  I mean, that would be fine, too.
• 1:28:25
  you know, for, you know, like a certain, certain point, you know,
• 1:28:31
  you killed a lot of people and you did so willingly.
• 1:28:35
  Like we don't have that.
• 1:28:37
  The civilized thing is to put you down.
• 1:28:42
  That's how monstrous your crime is.
• 1:28:44
  Yeah. I mean, to a certain extent, you almost have to,
• 1:28:47
  just to let people know there are consequences for this.
• 1:28:50
  And to be clear, we're not saying Luigi type, but down it's,
• 1:28:54
  let's bring the case,
• 1:28:56
  bring the case,
• 1:28:57
  put them up.
• 1:28:58
  And then,
• 1:28:58
  and then,
• 1:28:59
  and then,
• 1:29:00
  you know,
• 1:29:01
  they were,
• 1:29:01
  they were,
• 1:29:02
  they were properly tried and they were properly shot.
• 1:29:07
  Yep.
• 1:29:10
  So it's all happening.
• 1:29:11
  I mean,
• 1:29:11
  we're getting win after win after win here.
• 1:29:14
  So I think so.
• 1:29:15
  All right.
• 1:29:15
  Kudos to you,
• 1:29:16
  sir.
• 1:29:16
  You've been right.
• 1:29:18
  Quite,
• 1:29:19
  quite,
• 1:29:19
  quite a bit over the last four years that we've been discussing this.
• 1:29:22
  So,
• 1:29:22
  you know,
• 1:29:23
  we work really hard.
• 1:29:24
  we, you know, Dexter and I work really hard, Marty. Yeah. And you know, you're, and, and I've
• 1:29:31
  been course corrected a number of times and I've been wrong about things. And then, you know,
• 1:29:36
  then you course correct and you go, Nope, that wasn't that it was this, you got to remain
• 1:29:39
  flexible of mine that, and by remaining flexible of mine, you can, you can access your anger and
• 1:29:45
  you can access your frustration for when it's necessary. And then you can pull it back and go,
• 1:29:51
  now we're going to do this. And you know, it, that sounds schizophrenic,
• 1:29:55
  but it's actually not. It's means that you're,
• 1:29:57
  you're in control of your responses to stimuli and you know,
• 1:30:02
  when to let it out and when not to let it out.
• 1:30:07
  Just that you're logical thinking being with humility, which is important.
• 1:30:11
  Well, you have to think both with your head and your heart, the people,
• 1:30:14
  the people who are doing what they're doing now are thinking only with their
• 1:30:17
  head. They're living, they're living in their heads. They're going,
• 1:30:20
  they're going down the raw
• 1:30:23
  logic, if this, then this.
• 1:30:24
  If he's against abortion,
• 1:30:26
  it means he's against this. If he's against abortion, he hates women.
• 1:30:28
  If he hates women, he's a Nazi.
• 1:30:30
  That's where they are. It's coldly logical.
• 1:30:33
  And coldly logical is evil.
• 1:30:36
  You have to be...
• 1:30:37
  And then, once
• 1:30:38
  they're coldly logical, then
• 1:30:39
  it gets turned into
• 1:30:42
  the most negative
• 1:30:43
  of
• 1:30:44
  biological response,
• 1:30:48
  endocrine system, biological
• 1:30:50
  response and then you get what you got on Wednesday.
• 1:30:53
  Yeah.
• 1:30:54
  We will not live like this.
• 1:30:56
  We will not live like this.
• 1:30:58
  Tom, let's catch up at the end of the year.
• 1:31:01
  Absolutely.
• 1:31:02
  Thank you for that.
• 1:31:03
  Let's hope everything goes well.
• 1:31:05
  Best to you and your family, as always.
• 1:31:07
  You as well, sir.
• 1:31:08
  We'll do well and we'll do it again.
• 1:31:09
  Thanks, Barney.
• 1:31:10
  Oh, yeah.
• 1:31:11
  Peace and love, freaks.
• 1:31:12
  Okay.