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Europe Burning; Econ Nobel; Trump & Diesel; SA & Houthis; Compute; More | Yaron Brook Show · Yaron Brook Show

• 0:02
  Speaker 1: The radical, fundamental principles of freedom, rational self-interest, and individual rights.
• 0:14
  Speaker 1: This is the Yaron Brook Show. All right, everybody. Welcome
• 0:21
  Speaker 1: to Yaron Brook Show on this Monday, October 12th. I
• 0:25
  Speaker 1: hope everybody is having a good beginning to your week.
• 0:29
  Speaker 2: Have a good weekend.
• 0:31
  Speaker 1: Monday's show is always going to be in the evening
• 0:34
  Speaker 1: since I'm teaching from 11 to 1 and just don't
• 0:38
  Speaker 1: have time from 1 to 3 to prepare for a show.
• 0:42
  Speaker 1: So we'll just push the shows on Mondays to like
• 0:46
  Speaker 1: 6 p.m. I'm not sure yet what to do about
• 0:47
  Speaker 1: the interviews. We'll probably not do interviews on Monday given this. Also,
• 0:53
  Speaker 1: some more news before we jump into the– before we
• 0:59
  Speaker 1: jump into the news, uh, I, I, I, no sound,
• 1:06
  Speaker 1: no sound, no sound. Yeah, I see that. God. All right.
• 1:23
  Speaker 1: I think we have sound now. Um, welcome everybody, uh,
• 1:27
  Speaker 1: to the one book show. I hope everybody's having a
• 1:30
  Speaker 1: good beginning to your weekend, uh, and, uh, that you, uh,
• 1:38
  Speaker 1: had a good weekend, had a good weekend. All right.
• 1:41
  Speaker 2: Uh, what was I saying?
• 1:42
  Speaker 1: Yes.
• 1:43
  Speaker 2: Mondays. Uh, hopefully the sound now, um, uh, let me know.
• 1:49
  Speaker 1: Yes.
• 1:50
  Speaker 2: Sound now is good.
• 1:51
  Speaker 1: All right, so I was saying that Mondays the show
• 1:54
  Speaker 1: will be in the evening, 6 p.m., around 6 p.m.,
• 1:58
  Speaker 1: because I teach from 11 to 1 and not enough
• 2:01
  Speaker 1: time to prepare a show, so we'll push Monday shows
• 2:04
  Speaker 1: to 6. Not sure what we'll do with interviews. We'll
• 2:07
  Speaker 1: probably have to choose a different day for interviews, but
• 2:10
  Speaker 1: I will start doing interviews again probably when I get
• 2:13
  Speaker 1: back from the next trip to South America, so probably
• 2:17
  Speaker 1: in mid-November we'll start up.
• 2:20
  Speaker 2: With interviews again. Let's see, what else did I want
• 2:22
  Speaker 2: to tell you?
• 2:23
  Speaker 1: Yes, I am, um, uh, we're going to start a
• 2:26
  Speaker 1: new Iran and dialogue. So, uh, we're going to start
• 2:30
  Speaker 1: a new show with, um, me and, uh, Greg Salmieri. So, um, uh,
• 2:36
  Speaker 1: Greg and me will do a show, uh, probably one
• 2:39
  Speaker 1: of once every two weeks, once every two weeks. And, uh, uh,
• 2:45
  Speaker 1: that show given Greg's philosophy. So we will focus more
• 2:50
  Speaker 1: on philosophy, on philosophy and current events, philosophy historically, particular
• 2:57
  Speaker 1: topics within philosophy, particular characters within philosophy historically. This will
• 3:02
  Speaker 1: be a great show for you guys to ask about
• 3:04
  Speaker 1: content and stuff like that. So I will, once I
• 3:09
  Speaker 1: have the date and the time and everything, I will
• 3:11
  Speaker 1: let you know, but that is the plan. So a
• 3:14
  Speaker 1: Iran and Greg show, a regular once every two weeks,
• 3:18
  Speaker 1: Iran and Greg show. Given the popularity and success of
• 3:22
  Speaker 1: the Iran and Nikos show, I figured this would be
• 3:25
  Speaker 1: good and doing it with a philosopher and somebody that
• 3:30
  Speaker 1: I think is really interesting, always interesting, always insightful, super smart,
• 3:35
  Speaker 1: super bright, and knows a huge amount about philosophy and
• 3:38
  Speaker 1: its application. I think a show with Greg will be
• 3:42
  Speaker 1: pretty cool. What else do I want to let you know?
• 3:47
  Speaker 2: I know I didn't do a show yesterday. I just
• 3:49
  Speaker 2: need to take one day off.
• 3:52
  Speaker 1: So, yeah. The teaching is my course on Western Civilization
• 4:00
  Speaker 1: that I'm doing for ARU. So ARU, I'm teaching a
• 4:03
  Speaker 1: course on the origins of Western Civilization. We're on class two.
• 4:08
  Speaker 1: Today we spoke about Greece and Rome. Next week we
• 4:13
  Speaker 1: do Christianity and then, you know, the Renaissance and Islamic
• 4:20
  Speaker 1: Golden Age. And we'll talk about the Renaissance and the
• 4:24
  Speaker 1: Enlightenment and Industrial Revolution and the whole thing. So that
• 4:30
  Speaker 1: is what I am teaching two hours each session, eight
• 4:32
  Speaker 1: sessions total. And, yes, we finished session two today, three
• 4:38
  Speaker 1: next week, and then again we'll take like a month
• 4:40
  Speaker 1: off because of my travel, and we'll start up again
• 4:42
  Speaker 1: in November. So, yeah, I think people are enjoying it.
• 4:46
  Speaker 1: If anybody is here, is part of that class, let
• 4:50
  Speaker 1: me know what you think of it. I think it's
• 4:53
  Speaker 1: going well. All right.
• 4:56
  Speaker 2: Let us– yeah, one other thing I want to say.
• 5:01
  Speaker 2: So Substack.
• 5:03
  Speaker 1: I'm doing more on Substack. More stuff is getting published.
• 5:07
  Speaker 1: Just published, I think today, a different type of post.
• 5:11
  Speaker 1: So there are going to be a variety of different
• 5:12
  Speaker 1: posts coming out on Substack. This one is the AI,
• 5:17
  Speaker 1: you're on AI basically writing to you in its own voice,
• 5:20
  Speaker 1: not in my voice. So a third person, not my voice,
• 5:25
  Speaker 1: not me. About a video I did in 2003. that
• 5:33
  Speaker 1: is up on the C-SPAN website. It's the only place
• 5:36
  Speaker 1: you can find it. It's on the C-SPAN website. It
• 5:38
  Speaker 1: was done at the University of Pennsylvania. It was about
• 5:41
  Speaker 1: the Israeli– it was about U.S.-Israel relations in the context
• 5:46
  Speaker 1: of the Second Intifada at the time. And it is–
• 5:53
  Speaker 1: so the AI kind of lists the predictions I made
• 5:57
  Speaker 1: in the talk and tells you whether I met them
• 6:00
  Speaker 1: or not.
• 6:02
  Speaker 2: Earlier in the week, I did one on, or a
• 6:05
  Speaker 2: couple of weeks ago, did one on 9-11.
• 6:06
  Speaker 1: I did one on October 7th, and then we did
• 6:09
  Speaker 1: one on the new Shylock. And so, yeah, I think
• 6:15
  Speaker 1: you'll find some interesting content there. I am considering, and
• 6:19
  Speaker 1: I'm interested to find out what you guys think of this.
• 6:22
  Speaker 1: I'm considering doing a regular, like once a week, sub-stack
• 6:27
  Speaker 1: post of your own rules for life. So taking your
• 6:31
  Speaker 1: own rules for life, and creating a 500 to 1,000
• 6:34
  Speaker 1: word doc that comes out every Sunday, let's say, that
• 6:39
  Speaker 1: covers one of the rules or one of the topics
• 6:41
  Speaker 1: and just covers them all. It's a little tricky because
• 6:47
  Speaker 1: it's going to come out very much in, you know,
• 6:50
  Speaker 1: kind of, it's going to be more of a transcript
• 6:54
  Speaker 1: of what I say in the Iran Rules for Life
• 6:59
  Speaker 1: shows than it is an edited essay. So, yeah, I'm
• 7:03
  Speaker 1: curious what you, so it's, yeah, it's rough. So I'm
• 7:07
  Speaker 1: curious what you guys think of that. And I'll probably
• 7:10
  Speaker 1: post the first one soon and then see what kind
• 7:12
  Speaker 1: of response I get. And then go from there. All right.
• 7:19
  Speaker 1: Let's see. All right, let's start. Today is Columbus Day.
• 7:24
  Speaker 1: And I am sitting here not that far, almost not
• 7:29
  Speaker 1: that far at all. from where Columbus landed in the
• 7:35
  Speaker 1: New World, in the Dominican Republic, not far from where
• 7:39
  Speaker 1: I am in Puerto Rico. The trade winds in the fall, sorry,
• 7:46
  Speaker 1: in the late summer, basically with the hurricanes also push
• 7:50
  Speaker 1: the ships from Cape Verde or the Canary Islands where
• 7:56
  Speaker 1: he started and pushes them towards this part of the Caribbean.
• 8:00
  Speaker 1: So this part of the Caribbean is what was discovered
• 8:03
  Speaker 1: when he discovered America. Columbus should definitely be somebody to celebrate,
• 8:10
  Speaker 1: not him beyond his, him as a discoverer should be celebrated.
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  Speaker 1: Wasn't necessarily the nicest guy and certainly wasn't particularly treated,
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  Speaker 1: particularly the locals didn't treat them very well and was
• 8:25
  Speaker 1: a bit of a religious fanatic.
• 8:27
  Speaker 2: But he discovered America.
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  Speaker 1: And it took a lot of courage. It took a
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  Speaker 1: lot of spunk. It took a real ambition to set
• 8:37
  Speaker 1: sail and to go out and make this discovery, which
• 8:41
  Speaker 1: changed the world. It really redirected resources to here. After him,
• 8:48
  Speaker 1: it became a major, major place for both settlement and
• 8:52
  Speaker 1: ultimately trade, and of course we have America today. So yes,
• 8:55
  Speaker 1: we should celebrate the discovery of America. It is a
• 8:57
  Speaker 1: fantastic event, and recognize it didn't go well for the locals.
• 9:02
  Speaker 1: It didn't go well for the locals for a lot
• 9:04
  Speaker 1: of reasons, primarily because they did not have immunity to
• 9:10
  Speaker 1: the diseases the Europeans brought with them. Also because some
• 9:13
  Speaker 1: of those Europeans were real bastards, particularly the more Christians
• 9:17
  Speaker 1: among them who wanted to convert everybody. And thirdly, because
• 9:21
  Speaker 1: the people in the Americas were often barbarians who saw
• 9:26
  Speaker 1: the foreigners as only from the lens of a threat
• 9:30
  Speaker 1: and therefore engaged in war with them. So for multiple reasons,
• 9:33
  Speaker 1: it wasn't good for them. But for us, those of
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  Speaker 1: us living in the 21st century, pretty good outcome. We
• 9:41
  Speaker 1: should be happy that Columbus discovered America.
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  Speaker 2: And what was the option? Not to discover America? Not
• 9:47
  Speaker 2: to move to America?
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  Speaker 1: No.
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  Speaker 2: Not to come and settle America?
• 9:50
  Speaker 1: I mean, that's ridiculous.
• 9:51
  Speaker 2: So the history is the history.
• 9:54
  Speaker 1: Give me one second. well like five seconds but anyway
• 10:07
  Speaker 1: i'm back anyway so just wanted to say that about
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  Speaker 1: columbus uh 1492 um pretty pretty amazing there's a beautiful
• 10:16
  Speaker 1: sculpture of a child the young columbus sitting at a
• 10:19
  Speaker 1: pier gazing out into the horizon with the dream that
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  Speaker 1: would ultimately, you know, help them discover the Americas. And
• 10:29
  Speaker 1: that is in, I think, in the Boston Fine Art Museum.
• 10:32
  Speaker 1: It's a really, really nice sculpture. It's often overlooked because
• 10:36
  Speaker 1: it's kind of tucked away in a corner. But if
• 10:38
  Speaker 1: you're ever in the Boston Fine Arts Museum, check out
• 10:40
  Speaker 1: the Charles Columbus sculpture. All right. So let's move now
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  Speaker 1: to our news. And just just to give you a quick,
• 10:51
  Speaker 1: quick highlight of what we're going to be talking about.
• 10:53
  Speaker 1: We're going to start with a discussion of what is
• 10:56
  Speaker 1: going on in France by Milley. You know, we're going
• 10:58
  Speaker 1: to take it at face value. There's more going on. But,
• 11:01
  Speaker 1: you know, French high schoolers are setting set their own
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  Speaker 1: schools on fire this week to demand more money for schools.
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  Speaker 1: This was last week, not this week.
• 11:10
  Speaker 2: Neil Ferguson says they're writing against the wrong people.
• 11:14
  Speaker 1: It's not Trump. San Netanyahu, which is kind of weird
• 11:18
  Speaker 1: because neither of them are responsible for the French government
• 11:22
  Speaker 1: having no money. It's their grandparents.
• 11:26
  Speaker 2: And he's half right.
• 11:27
  Speaker 1: We'll talk about that. Then we'll talk about the Nobel
• 11:30
  Speaker 1: Prize for Economics. Went to two American economists. And, of course,
• 11:35
  Speaker 1: depending on who you read, it's a prize for Milton
• 11:37
  Speaker 1: Friedman or a prize for the Federal Reserve. Maybe a
• 11:40
  Speaker 1: prize for both. I'm not sure there's a contradiction there.
• 11:43
  Speaker 1: And certainly one of them is more of a Milton Friedman.
• 11:47
  Speaker 1: One of them is more of a new Keynesian, you know, neo-Keynesian.
• 11:55
  Speaker 1: Trump is buying diesel from Putin. That was on Friday.
• 12:00
  Speaker 1: Then he decided yesterday to announce a ceasefire without telling
• 12:03
  Speaker 1: or talking to Putin or Zelensky. And of course, during
• 12:08
  Speaker 1: the weekend, he also announced expressed the idea that Ukraine
• 12:13
  Speaker 1: really needs a new president. And Zelensky is not good,
• 12:16
  Speaker 1: not good, not good. 13 people died in a security
• 12:21
  Speaker 1: line in Riyadh's airport. And you think TSA is tough.
• 12:24
  Speaker 1: And the Saudis are running out of interceptors. So they're
• 12:27
  Speaker 1: kind of in distress. The smartest companies in the world
• 12:31
  Speaker 1: are fighting over computer chips. And at the end, we'll
• 12:37
  Speaker 1: talk about the US government that makes drug trials cost
• 12:42
  Speaker 1: $ 2 billion, it now says, and this is the good news,
• 12:48
  Speaker 1: it wants to make it cheaper. All right, let's start
• 12:55
  Speaker 1: with Europe. You know, last week, high schoolers blockaded and
• 13:02
  Speaker 1: burned Colbert High School in the 10th district of Paris.
• 13:07
  Speaker 2: Garbage fires were in the streets.
• 13:10
  Speaker 1: And, you know, the column at the Bastille was climbed
• 13:18
  Speaker 1: and ended up covered in graffiti. Palestinian flags, of course,
• 13:22
  Speaker 1: were flown everywhere. That is a standard now at all demonstrations,
• 13:25
  Speaker 1: bring your Palestinian flag. That's real credentials. And there were
• 13:30
  Speaker 1: massive clashes with police. Now, granted, many of these demonstrations
• 13:36
  Speaker 1: last week and over the weekend were are being hijacked
• 13:40
  Speaker 1: or capitalized on by the nihilists, the anarchists, and the
• 13:50
  Speaker 1: kind of pro-Palestinian Islamists. So this is not purely a
• 13:56
  Speaker 1: high school protest, but certainly it was initiated by high schools,
• 14:00
  Speaker 1: and the main complaint is the rundown schools, the lack
• 14:04
  Speaker 1: of budget, the lack of teachers, and all of that.
• 14:07
  Speaker 1: They want more investment in education. As I said in France,
• 14:17
  Speaker 1: demonstrating when you're young is a rite of passage. Ferguson,
• 14:22
  Speaker 1: Neil Ferguson in the Free Press writes today, what the
• 14:25
  Speaker 1: first communion is for a young Roman Catholic. So the
• 14:28
  Speaker 1: first manifestation, manifestation is demonstration or riot is for young Parisian.
• 14:34
  Speaker 2: It's a rite of passage.
• 14:37
  Speaker 1: As it is.
• 14:38
  Speaker 2: But it's not just in France.
• 14:41
  Speaker 1: In Madrid, you've got demonstrations, riots, sit-ins, lie-ins, whatever you
• 14:47
  Speaker 1: call it, over housing. In Brussels, there are demonstrations, riots,
• 14:52
  Speaker 1: over budget cuts. And young people all over Europe are
• 14:58
  Speaker 1: upset and unhappy.
• 15:00
  Speaker 2: And that is true of the United States as well.
• 15:04
  Speaker 1: We'll get to that. I mean, you know, France has
• 15:10
  Speaker 1: an election on April 18th, and part of this youth
• 15:13
  Speaker 1: rebellion is going to get Marie Le Pen elected April
• 15:18
  Speaker 1: of next year. Sanchez has called for the snap election
• 15:22
  Speaker 1: November 29th, so soon. But I expect him to lose,
• 15:26
  Speaker 1: and I think the big victor out of all of
• 15:28
  Speaker 1: this will be the far-right party, and maybe you'll see
• 15:33
  Speaker 1: an increase in voting for far-left parties. Of course, in Germany,
• 15:38
  Speaker 1: we know that the German government is lurching from crisis
• 15:41
  Speaker 1: to crisis, and the only winner is the AFD, winning
• 15:45
  Speaker 1: regional elections. We'll see what happens in the national elections
• 15:48
  Speaker 1: in a few years. And even Maloney, who's done a
• 15:51
  Speaker 1: fairly good job, one would argue, is seeing a lot
• 15:56
  Speaker 1: of defections. Her voters are defecting to the authentically fascist
• 16:04
  Speaker 1: Futuro Nazional, which is an explicitly fascist political party in Italy. Europe,
• 16:16
  Speaker 1: the young, are gravitating towards far left. We saw that
• 16:21
  Speaker 1: in Berlin with a far, far left political party winning
• 16:25
  Speaker 1: and far right political parties. And I would argue the
• 16:27
  Speaker 1: same is happening in the United States. The young are
• 16:31
  Speaker 1: gravitating towards Nick Fuentes and Tucker Carlson on the right
• 16:35
  Speaker 1: and the Democratic Socialist of America on the left. And
• 16:38
  Speaker 1: this will not be easy to undo. This will not
• 16:42
  Speaker 1: be easy to overturn. Now, according to Ferguson, the proximate
• 16:49
  Speaker 1: cause of all this frustration right now is the Iran war.
• 16:55
  Speaker 1: It's the higher cost of living, which has increased significantly
• 16:59
  Speaker 1: seven months on The war is still going. The Houthis
• 17:02
  Speaker 1: are striking Saudi pipelines. The Riyadh airport, we'll get to that.
• 17:06
  Speaker 1: The RGC is still able to disrupt the Strait and
• 17:11
  Speaker 1: threatens to do more of that. Gas prices in Europe
• 17:16
  Speaker 1: and Asia more than doubled from pre-war levels. Diesel is
• 17:23
  Speaker 1: up much more than gasoline. And the biggest effect of
• 17:26
  Speaker 1: all this is that bond yields are back to pre-2008 levels,
• 17:34
  Speaker 1: significantly high, and that means these governments are all in real,
• 17:39
  Speaker 1: real budgetary crisis. Francis Tenier, we've talked about this several
• 17:46
  Speaker 1: times on the show. I know I'm the only YouTube
• 17:49
  Speaker 1: podcaster that keeps talking about interest rates. I talk about
• 17:54
  Speaker 1: the important stuff. Francis Tenier was 3.22% at the eve
• 17:57
  Speaker 1: of the war, 4.87% on Friday. a 50% jump in
• 18:01
  Speaker 1: borrowing costs. Gross debt is 119% of GDP. And the assembly,
• 18:10
  Speaker 1: the parliament in France is completely paralyzed. And, you know,
• 18:15
  Speaker 1: they expect a 2027 deficit of around 6.5% of GDP.
• 18:19
  Speaker 2: So these numbers are only getting worse. Only getting worse.
• 18:26
  Speaker 1: And of course, as interest rates go up interest payments
• 18:31
  Speaker 1: go up and they become a bigger and bigger part
• 18:33
  Speaker 1: of the budget. U.S. 10 years at 5.22, higher than
• 18:38
  Speaker 1: France's with a similar deficit.
• 18:41
  Speaker 2: But here's the difference. Here's the difference and it's important.
• 18:47
  Speaker 1: U.S. nominal growth is 6.3%. Nominal means not adjusted for inflation,
• 18:52
  Speaker 1: just straight growth. Nominal growth in the U.S. is 6.3%.
• 18:58
  Speaker 1: France's nominal growth is is 1.9%. You know, nominal growth
• 19:06
  Speaker 1: of 6.3% with inflation is somewhere around 4%.
• 19:10
  Speaker 2: Yeah, it's not bad. France at 1.9%.
• 19:14
  Speaker 1: I'm not sure what inflation is in France, but it's
• 19:16
  Speaker 1: higher than 1.9%.
• 19:19
  Speaker 2: That's problematic.
• 19:22
  Speaker 1: That's an economy in real trouble. It's an economy heading
• 19:27
  Speaker 1: for a crisis. And by the way, Italy... And the UK,
• 19:32
  Speaker 1: same problems, same problems. Other countries in Europe have been
• 19:35
  Speaker 1: more responsible. These countries have not. And here's the issue.
• 19:40
  Speaker 1: What is driving that? Well, it's the same thing that's
• 19:43
  Speaker 1: driving the deficits in the United States. What's driving these deficits?
• 19:49
  Speaker 1: What's driving the debt level for the last 40 years?
• 19:58
  Speaker 1: Old people.
• 20:00
  Speaker 2: Grandma and grandpa.
• 20:04
  Speaker 1: Social spending on grandpa and grandpa are what's driving all
• 20:08
  Speaker 1: of this.
• 20:11
  Speaker 2: You know, think about this.
• 20:12
  Speaker 1: In OECD, old age dependency ratio doubled. So old age
• 20:19
  Speaker 1: dependency ratios, how many retired people are there per 100
• 20:23
  Speaker 1: working age adults? So how many old people do the
• 20:32
  Speaker 1: taxes of 100 working age adults have to pay for? Well, 1960,
• 20:38
  Speaker 1: it was 15,000. Today it's 30. 30. In other words,
• 20:48
  Speaker 1: every 100 working-age adults who are working are paying taxes
• 20:52
  Speaker 1: to pay for 30 retirees today, 15 in 1960. Fertility
• 20:59
  Speaker 1: has gone in OECD countries from 3.3 children per, what
• 21:01
  Speaker 1: is it, female to 1.5. The 15 to 24 cohort
• 21:13
  Speaker 1: that is rioting used to be when they rioted in 68.
• 21:17
  Speaker 1: Remember the big riot? Well, you don't remember.
• 21:20
  Speaker 2: But maybe you've read about the big riots in 68.
• 21:22
  Speaker 1: They were bad.
• 21:22
  Speaker 2: 15 to 24-year-olds.
• 21:25
  Speaker 1: Rioting represented 16% of France in 1968. They represent 12% today.
• 21:27
  Speaker 1: In South Korea, they represented 18% in 1968. they represent
• 21:40
  Speaker 1: under 10% today. This is including immigration. Immigration is primarily
• 21:46
  Speaker 1: young people. Even with immigration, these numbers, I mean, the
• 21:50
  Speaker 1: number of young people is shockingly low. India, in comparison,
• 21:56
  Speaker 1: 15 to 24% 24 year olds represent 17.5% of the population.
• 21:59
  Speaker 1: Maybe that's why these, the quote student demonstrations in India
• 22:09
  Speaker 1: are having more of an impact than they are in France.
• 22:12
  Speaker 1: I mean, the reality is 15 to 24-year-olds don't vote
• 22:16
  Speaker 1: that much.
• 22:18
  Speaker 2: And when they do vote, they're a tiny fraction of
• 22:20
  Speaker 2: the electorate.
• 22:23
  Speaker 1: Who votes? Old people. They vote.
• 22:29
  Speaker 2: And they all go out and vote. And they are
• 22:31
  Speaker 2: the overwhelming majority. Not majority.
• 22:33
  Speaker 1: They're the overwhelming largest group of the electorate. You know,
• 22:41
  Speaker 1: European welfare systems were designed for couples having two and
• 22:46
  Speaker 1: a half children with an average life expectancy of like 62.
• 22:50
  Speaker 1: This is from Ferguson's article. And today, it's 1.25 children
• 23:00
  Speaker 1: and life expectancy of 79 to 80. I mean, basically,
• 23:06
  Speaker 1: aging explains about 40% of the debt increase since 2000. 40%.
• 23:16
  Speaker 1: And it's only going to get worse. Number of children
• 23:18
  Speaker 1: is only shrinking. Number of old people, at least for now,
• 23:22
  Speaker 1: is increasing until this baby boom generation dies off. And
• 23:26
  Speaker 1: given life expectancy, that's going to take a while. In Europe,
• 23:33
  Speaker 1: this is not primarily pensions. In the United States, it
• 23:35
  Speaker 1: is because of the way social security is structured here.
• 23:39
  Speaker 1: It's mostly elderly health care and long-term care.
• 23:43
  Speaker 2: That's true in the U.S.
• 23:44
  Speaker 1: As well, really. I mean, Medicare is the real kicker.
• 23:51
  Speaker 1: And yet nobody's going to touch that. Nobody's going to
• 23:54
  Speaker 1: touch that. Old people, spending for old people only increases.
• 24:03
  Speaker 1: Spending on them adjusts to inflation much faster than wages do.
• 24:11
  Speaker 1: Real income for over 64s is going up, actually goes
• 24:19
  Speaker 1: faster than for working people. I mean, as Ferguson writes,
• 24:28
  Speaker 1: it has paid better in both countries, he's talking here
• 24:31
  Speaker 1: about France and Britain, to be retired than to be employed.
• 24:37
  Speaker 1: In France, over 65s have higher average incomes than the
• 24:40
  Speaker 1: working age population, which is insane. Most of that redistribution
• 24:45
  Speaker 1: of wealth. Now, if you remember, Macron, to his credit,
• 24:55
  Speaker 1: tried to raise retirement age and limit some of the benefits.
• 25:01
  Speaker 1: The response was rights in the streets and ultimately two
• 25:03
  Speaker 1: governments falling. And both Le Pen and the left are
• 25:10
  Speaker 1: committed to doing away with whatever reforms he managed to
• 25:13
  Speaker 1: get through. Britain tried to reduce the rate at which
• 25:23
  Speaker 1: benefits increase. And that's almost impossible. Almost impossible to do.
• 25:32
  Speaker 1: Burnham has just promised to modify it after the next election.
• 25:37
  Speaker 1: And then he wants to spend the saving on a
• 25:39
  Speaker 1: national care service, more health care spending on old people.
• 25:46
  Speaker 1: If you look at the U.S., a third of the deficit,
• 25:51
  Speaker 1: of the deficit deterioration, deficit increase, since 2007 is a
• 25:55
  Speaker 1: consequence of aging. The phrasing these days goes, it's the
• 26:04
  Speaker 1: boomer's world. And young people just get to rent in it.
• 26:12
  Speaker 1: And here's the thing.
• 26:14
  Speaker 2: Here's the thing.
• 26:18
  Speaker 1: Nobody has a solution. Nobody's talking about the solution. Nobody's
• 26:23
  Speaker 1: looking for a solution. There is no European melee or
• 26:29
  Speaker 1: American melee. I mean, the United States is heading towards
• 26:33
  Speaker 1: budget deficit, Armageddon. Europe is heading towards that cliff faster.
• 26:40
  Speaker 2: Or at least parts of Europe.
• 26:42
  Speaker 1: It's actually the Scandinavian countries and Northern European countries that
• 26:46
  Speaker 1: are relatively responsible, particularly those so-called socialist countries like Denmark
• 26:50
  Speaker 1: and Sweden, that are really responsible when it comes to
• 26:53
  Speaker 1: government spending as compared to France and Italy. So....
• 27:01
  Speaker 2: Where are we going?
• 27:02
  Speaker 1: I mean, the left is offering socialism, more spending, less growth.
• 27:06
  Speaker 1: The right offers national socialism, more spending, less growth. But
• 27:14
  Speaker 1: I don't know.
• 27:15
  Speaker 2: Better marching?
• 27:16
  Speaker 1: I don't know. Or less immigration, less immigration. So let's
• 27:20
  Speaker 1: kick out the young immigrants. That'll make it better. They
• 27:26
  Speaker 1: completely agree on industrial policy and public ownership and rent control.
• 27:29
  Speaker 1: And of course, they all want to blame Israel. Israel
• 27:32
  Speaker 1: first is the new thing. Blame Israel first. And what
• 27:39
  Speaker 1: they're going to get is a weaker euro, higher inflation,
• 27:43
  Speaker 1: downgraded debt, higher deficits, higher interest rates, and they're not
• 27:48
  Speaker 1: going to build, they're not going to spend money on
• 27:51
  Speaker 1: defense like they claim they will. So a much greater
• 27:55
  Speaker 1: susceptibility to Russia. And you'll get A lot of government churn.
• 28:01
  Speaker 1: A lot of government turnover. And the young are going
• 28:06
  Speaker 1: to turn more and more and more to more and
• 28:08
  Speaker 1: more and more radical because the center clearly has failed.
• 28:12
  Speaker 1: The center is offering no solutions. The center is offering
• 28:17
  Speaker 1: status quo. But the socialists and the right are also
• 28:20
  Speaker 1: beholden to old people. But they haven't been tried. They
• 28:26
  Speaker 1: haven't been tried. So the young will think of them
• 28:30
  Speaker 1: as radical and new and exciting and vote for them.
• 28:37
  Speaker 1: You know, Hayek in a 1960 line said that he
• 28:41
  Speaker 1: expected concentration camps for the aged dependent on coercing the young.
• 28:47
  Speaker 1: So the young would put the age in concentration camps
• 28:50
  Speaker 1: because they could no longer afford to give them all
• 28:52
  Speaker 1: the goodies.
• 28:53
  Speaker 2: But it's exact opposite.
• 28:57
  Speaker 1: The aged have conclusively won the war of generations in Europe,
• 29:02
  Speaker 1: and to a large extent in the United States. Now,
• 29:13
  Speaker 1: Ferguson's arithmetic is right, but his diagnosis stops one step short.
• 29:20
  Speaker 1: He says the problem is that the welfare state was
• 29:22
  Speaker 1: built for the wrong demographics.
• 29:26
  Speaker 2: But the problem is the welfare state.
• 29:30
  Speaker 1: A system in which young people are legally obligated to
• 29:33
  Speaker 1: fund the old on terms set by the old. has
• 29:41
  Speaker 1: a real problem. It's sacrificing of the young to the
• 29:46
  Speaker 1: old in the name of, always, altruism. It doesn't matter
• 29:58
  Speaker 1: if you change the fertility rate All you're doing is
• 30:01
  Speaker 1: changing the destructiveness. It's a Ponzi scheme. It's a Ponzi
• 30:08
  Speaker 1: scheme that is running out of entrance. But let's call
• 30:14
  Speaker 1: it a Ponzi scheme. And not say what we need
• 30:18
  Speaker 1: is more entrance. Say we need to end the Ponzi scheme.
• 30:22
  Speaker 1: We need to find our way out of the Ponzi scheme.
• 30:25
  Speaker 1: And the longer we wait with.
• 30:27
  Speaker 2: Things like Social Security, which is the ultimate Ponzi scheme.
• 30:30
  Speaker 1: The longer we wait, the harder it is to fix
• 30:32
  Speaker 1: without lots of people suffering. You know, the kids want
• 30:41
  Speaker 1: investment in education from a state that spends more on
• 30:45
  Speaker 1: their grandparents than on them, and they wear Palestinian flags
• 30:48
  Speaker 1: as a protest about French schools. To say they're confused
• 30:52
  Speaker 1: would be a massive understatement. But that's what the schools
• 31:01
  Speaker 1: have produced. I mean, Ferguson says it, right? Quote, so
• 31:11
  Speaker 1: successfully indoctrinated in school and college that they blame almost
• 31:15
  Speaker 1: anyone except the people that are actually responsible.
• 31:19
  Speaker 2: That's right.
• 31:20
  Speaker 1: The people responsible are their grandparents and the politicians and
• 31:23
  Speaker 1: the people who keep electing their grandparents. They will not
• 31:26
  Speaker 1: make the same mistake. So they'll elect Le Pen and
• 31:30
  Speaker 1: AFD and who knows whom in the United States, on
• 31:35
  Speaker 1: the right, on the left, Al-Sayyad in Michigan. But the
• 31:43
  Speaker 1: fault here is not the elderly or the politicians. Not
• 31:47
  Speaker 1: at the end. The fault is in the ideas. It's
• 31:52
  Speaker 1: in the idea of altruism. It's an idea that the
• 31:55
  Speaker 1: sacrifice of some to others is justified and noble. I mean,
• 32:01
  Speaker 1: a child raised on the premise that need is a
• 32:03
  Speaker 1: claim on other people will demand more claims when his
• 32:11
  Speaker 1: needs go unmet and will sympathize with the needs of
• 32:15
  Speaker 1: the elderly. He's not going to be demanded to be
• 32:17
  Speaker 1: left alone and doesn't want his grandparents to be left
• 32:21
  Speaker 1: alone because they need this help. So, I.
• 32:34
  Speaker 2: Mean, we're trouble all over the West. And again, the
• 32:37
  Speaker 2: same problems here.
• 32:38
  Speaker 1: And this challenge, the young people, the frustration, the anger,
• 32:43
  Speaker 1: the resentment that young people feel, yeah, it's real. I
• 32:48
  Speaker 1: don't think it's real by the numbers, because I've told
• 32:50
  Speaker 1: you the numbers are pretty good to young people. But
• 32:54
  Speaker 1: it's real in terms of there's something wrong with this world.
• 32:59
  Speaker 1: There's so much more that could be achieved. There's so
• 33:02
  Speaker 1: many more opportunities they could have. The frustration is real
• 33:08
  Speaker 1: in a sense that they don't understand the world that
• 33:10
  Speaker 1: they are facing. I mean, I'm reading now about anti-Semitism
• 33:15
  Speaker 1: on the Republican right, which is almost all among young
• 33:18
  Speaker 1: people under 40. They're looking for crazy explanations because the
• 33:23
  Speaker 1: explanations that conventionality has provided them, the conventional thinkers, the
• 33:28
  Speaker 1: conventional politicians have provided them, have failed to explain anything.
• 33:33
  Speaker 2: So they're going the irrational route. This happens every time.
• 33:39
  Speaker 1: And you're seeing the elevation again, far right, far left,
• 33:41
  Speaker 1: are being elevated because the center has folded, has failed,
• 33:46
  Speaker 1: has been destroyed. Now, focusing in his article, this again
• 33:55
  Speaker 1: in the Free Press, I mean, the way he frames this,
• 33:58
  Speaker 1: the war that Trump and Netanyahu launched against Iran.
• 34:00
  Speaker 2: Again, this is so conventional.
• 34:02
  Speaker 1: This is exactly the conventional rhetoric that fails these kids.
• 34:10
  Speaker 1: How about saying it like it is? The cost Europe
• 34:12
  Speaker 1: is paying isn't the cost of a war. It's the
• 34:15
  Speaker 1: cost of not winning the war. Winning is unthinkable these days.
• 34:21
  Speaker 1: Hormoz has contested in October that because the regime still
• 34:24
  Speaker 1: stands when it shouldn't have stood, when it should have
• 34:28
  Speaker 1: been crushed in April. A six-week war that ended the
• 34:34
  Speaker 1: IRGC would have cost Europe a six-week oil shock. Instead,
• 34:41
  Speaker 1: we got a seven-and-a-half-month war costing 50% jump in borrowing costs, oil, diesel,
• 34:50
  Speaker 1: everything going up, and no end in sight. And of course,
• 34:59
  Speaker 1: you know, even on the issue of migration. Europe does
• 35:06
  Speaker 1: need young blood. And migration is a solution. The miscalculation
• 35:14
  Speaker 1: wasn't inviting immigrants in. It was importing them into a
• 35:20
  Speaker 1: welfare state that paid them not to work and not
• 35:24
  Speaker 1: to assimilate. and not challenging their beliefs, in the case
• 35:33
  Speaker 1: of Muslims. In Europe, almost all the immigrants are legal immigrants.
• 35:40
  Speaker 1: I don't know. People in the chat still have this
• 35:44
  Speaker 1: illusion that anybody cares about the difference between legal and
• 35:47
  Speaker 1: illegal immigrants. Nobody does, including you. Young, productive people are
• 35:54
  Speaker 1: the solution. Not just, you know, I don't want to
• 36:00
  Speaker 1: save the welfare state, but they're the solution to economic growth.
• 36:04
  Speaker 1: They're the solution to economic vitality. But young people who
• 36:11
  Speaker 1: get welfare from day one, young people who learn to
• 36:14
  Speaker 1: expect welfare and demand welfare, young people who are told
• 36:18
  Speaker 1: not to assimilate, young people who are told not to
• 36:22
  Speaker 1: give up their barbaric ideas, those young people are going
• 36:26
  Speaker 1: to be disastrous. Those young people are going to bring
• 36:30
  Speaker 1: down Europe. Focus in hands by saying he wishes for
• 36:42
  Speaker 1: European melee. Noting what melee actually did. He told the
• 36:49
  Speaker 1: old age welfare coalition, no, he took the political hit
• 36:53
  Speaker 1: and three years on Argentina's on course of three straight
• 36:55
  Speaker 1: years of growth. for the first time since 2008, it
• 37:01
  Speaker 1: can be done. But it requires somebody willing to say
• 37:05
  Speaker 1: what nobody's willing to say. We need to reform seniors'
• 37:09
  Speaker 1: entitlement so that we don't go bankrupt. Ideally, we need
• 37:14
  Speaker 1: to phase out the welfare state, including phasing out.
• 37:20
  Speaker 2: Benefits to seniors.
• 37:24
  Speaker 1: That kind of reform. I mean, imagine a world in
• 37:28
  Speaker 1: which you had that. Imagine the economic growth. Imagine the prosperity.
• 37:31
  Speaker 1: Imagine the wealth. By the way, if you have questions
• 37:43
  Speaker 1: about what I'm saying, the Super Chat is a great
• 37:45
  Speaker 1: way to ask them because I answer all of them.
• 37:48
  Speaker 1: I see McGowan does not agree with me. Challenge me
• 37:53
  Speaker 1: on the Super Chat. Let's see him. So yes, the
• 38:05
  Speaker 1: young in Paris are right that they're being robbed. They
• 38:09
  Speaker 1: just don't know by whom. And setting fire to the
• 38:12
  Speaker 1: school is not going to solve the problem. Waving Palestinian
• 38:16
  Speaker 1: flags ain't solving the problem. Rethinking the welfare state. Embracing capitalism. Capitalism.
• 38:28
  Speaker 2: That would solve the problem.
• 38:34
  Speaker 1: All right. Yes, the headline of Europe is burning is exaggerated. Granted.
• 38:42
  Speaker 2: You got to have some clickbait.
• 38:44
  Speaker 1: Some clickbait. So today, the Nobel Prize for Economics was announced.
• 38:57
  Speaker 1: The Royal Swedish Academy gave the 2026 Economics Prize to
• 39:00
  Speaker 1: Robert E.
• 39:01
  Speaker 2: Hall from Stanford.
• 39:03
  Speaker 1: And Michael Woodford from Columbia for, quote, microeconomic foundations of
• 39:09
  Speaker 1: macroeconomic stabilization, which sounds like a mouthful. They get to
• 39:20
  Speaker 1: share $ 1. 2 million.
• 39:20
  Speaker 2: Hall was cited for his 1978 paper on consumption.
• 39:22
  Speaker 1: Woodford for the new Keynesian model that central banks use.
• 39:35
  Speaker 1: The committee chair says the work leaves us better equipped
• 39:37
  Speaker 1: for shocks. The coverage quotes the chair and the winner
• 39:41
  Speaker 1: and so on, right? So... I'm not intimately familiar with
• 39:49
  Speaker 1: these economists' work. They are very, very, very mathematical. They're
• 39:54
  Speaker 1: both from the mathematical economics school of kind.
• 39:58
  Speaker 2: Of doing things. One is a free marketer. One is not.
• 40:05
  Speaker 1: So they kind of split the prize. Hall is a
• 40:08
  Speaker 1: free marketer that works at Hoover. Woodruff is not a
• 40:12
  Speaker 1: free marketer, much more of a Keynesian, neo-Keynesian. Bein Albach,
• 40:17
  Speaker 1: an economist I respect, who writes a lot on Twitter, writes,
• 40:22
  Speaker 1: this is a new Keynesian prize.
• 40:25
  Speaker 2: Woodford is basically synonymous with new Keynesian.
• 40:27
  Speaker 1: New Keynesians are the people who are trying to improve
• 40:32
  Speaker 1: Keynesian thought and build better models for the Federal Reserve
• 40:39
  Speaker 1: to manage the money supply.
• 40:42
  Speaker 2: Hall, not so much. Hall has done it all.
• 40:46
  Speaker 1: As he says. And Hall has a pretty eclectic resume
• 40:49
  Speaker 1: if you look at the different kind of stuff he's
• 40:51
  Speaker 1: worked on. Hall took Friedman's permanent income hypothesis, added rational expectations,
• 40:59
  Speaker 1: and showed consumption should be a random walk. It moves
• 41:03
  Speaker 1: only on news. If you learn you'll lose your job
• 41:06
  Speaker 1: in six months, you cut spending today. So....
• 41:15
  Speaker 2: You know, so we already have.
• 41:17
  Speaker 1: You know, people take into account their future. They rationally
• 41:25
  Speaker 1: adjust their consumption today to what happens in the future. So,
• 41:33
  Speaker 1: you know, Albert says of Hall, this is great price
• 41:38
  Speaker 1: theory in the Milton Friedman tradition. So again, Milton Friedman
• 41:41
  Speaker 1: was not just a kind of popularizer of economics.
• 41:44
  Speaker 2: He also wrote academic philosophy.
• 41:48
  Speaker 1: Um, also holds a 1988 estimate consumption, barely response to
• 41:53
  Speaker 1: real interest rates. Um, but anyway, um, technical stuff, both
• 42:02
  Speaker 1: are very technical. Uh, John Cochran was very excited about
• 42:06
  Speaker 1: the prize. John is also a mathematical economist. Um, He
• 42:10
  Speaker 1: says the prize, quote, lives a lot more in the
• 42:13
  Speaker 1: shadow of Milton Friedman and Bob Lucas, Bob Lucas, free
• 42:16
  Speaker 1: market economist from Chicago, than Keynes. So he says both
• 42:20
  Speaker 1: of them are really in the Milton Friedman and Lucas tradition,
• 42:24
  Speaker 1: in the free market monetarist tradition. Hall's consumption paper, quote,
• 42:29
  Speaker 1: undercut the Keynesian case for fiscal stimulus. Cochran once named
• 42:33
  Speaker 1: Hall this favorite economist in a job interview and almost
• 42:38
  Speaker 1: lost his job, almost lost the job. Alex Tabarrok in
• 42:45
  Speaker 1: Marginal Revolution writes about Hall's range and all the different
• 42:50
  Speaker 1: things that Hall has written about. Hall has a book
• 42:55
  Speaker 1: proposing the Hall-Rabushka flat tax, which would be one rate
• 43:02
  Speaker 1: above a family allowance, business taxed on revenue minus wages,
• 43:07
  Speaker 1: purchases and investments, effectively a consumption tax. This is what
• 43:13
  Speaker 1: was adopted in Estonia in 1994 and in Russia in 2001.
• 43:19
  Speaker 1: And it was hinted at in the 1986 Tax Reform Act,
• 43:23
  Speaker 1: but never really went there. But yeah, I mean, that
• 43:29
  Speaker 1: would be amazing. A one rate above a family allowance
• 43:34
  Speaker 1: and a business taxed on revenue minus wages, purchases and
• 43:37
  Speaker 1: investment would be perfect. would be exactly the right tax
• 43:42
  Speaker 1: to have. I mean, the exact tax to have is zero.
• 43:46
  Speaker 1: But in the context of the world in which we live,
• 43:48
  Speaker 1: this is the right tax to have. The least damaging
• 43:50
  Speaker 1: tax one can imagine. By the way, the reason you
• 43:57
  Speaker 1: never get that in the United States is all of
• 44:01
  Speaker 1: you guys lobbying for the mortgage interest deduction. That's a
• 44:05
  Speaker 1: big lobby. The lobby of all mortgage owners. Homeowners with
• 44:09
  Speaker 1: a mortgage. Anyway, Hall is an interesting economist. So it
• 44:19
  Speaker 1: certainly sounds that way. So on the other hand, Woodruff
• 44:27
  Speaker 1: is much more of kind of a central banker's economist. Um, he, uh,
• 44:35
  Speaker 1: in his, uh, 2003 paper, he takes all his forward-looking
• 44:38
  Speaker 1: household ads firms, very much a model builder, right? A
• 44:42
  Speaker 1: mathematical model builder to try to give, to try to, uh,
• 44:46
  Speaker 1: tell the, uh, the, the, the Fed how to move
• 44:49
  Speaker 1: interest rates. The Fed doesn't really, uh, uh, it's primary
• 44:54
  Speaker 1: tool is not changing, um, quantity of money. It's determining
• 44:59
  Speaker 1: short-term interest rates.
• 45:02
  Speaker 2: So, um, Yeah, he has all this modeling, all this stuff.
• 45:08
  Speaker 1: I would be more skeptical of Woodford, significantly skeptical of Woodford.
• 45:16
  Speaker 1: So much more of a statist would be my, is
• 45:22
  Speaker 1: the point. Anyway, this is a prize funded by Sweden's
• 45:29
  Speaker 1: central bank. So the guide is honoring the economists who
• 45:34
  Speaker 1: support it. None of these models foresaw the recent inflation.
• 45:44
  Speaker 1: None of these models saw the financial crisis in 2008.
• 45:55
  Speaker 1: If they managed to stabilize the economy in what ways?
• 45:58
  Speaker 1: Have they been successful? Does anybody evaluate that? I wouldn't
• 46:04
  Speaker 1: give an A to the Federal Reserve or to any
• 46:07
  Speaker 1: central bank out there. You know, the models all treat
• 46:12
  Speaker 1: the central bank as a stabilizer and the sharks as
• 46:16
  Speaker 1: if they're weather. But isn't the central bank the shark?
• 46:23
  Speaker 1: Isn't the central bank the cause of the bad weather?
• 46:28
  Speaker 1: Wasn't it federal behavior in the pre-financial crisis era that
• 46:33
  Speaker 1: led to the financial crisis? Isn't the Fed the source
• 46:37
  Speaker 1: of the housing bubble? Isn't the Fed the source of
• 46:41
  Speaker 1: the money printing? I mean, it's not just the Fed.
• 46:42
  Speaker 1: It's also Congress in 2020, 2021 that created the inflation.
• 46:47
  Speaker 1: Where were these models then? Where have these models been
• 46:52
  Speaker 1: in the last few years as prices have gone up?
• 46:59
  Speaker 1: I mean, all this does is legitimize central planning, legitimize
• 47:04
  Speaker 1: price controls over the most important price in the economy,
• 47:07
  Speaker 1: which is interest rates. So where the economy is calling
• 47:12
  Speaker 1: for the abolition of the Fed, they're not going to
• 47:14
  Speaker 1: get an overprice. Not going to get an overprice. Now,
• 47:22
  Speaker 1: I would give Hall, I guess, an overprice for his
• 47:25
  Speaker 1: flat tax proposal. One rate, no deductions, investment expense, income
• 47:30
  Speaker 1: taxed once. It would be pretty cool if the United
• 47:35
  Speaker 1: States did it. I think it would change the entire dynamics.
• 47:38
  Speaker 1: It would get rid of so much cronyism and would
• 47:42
  Speaker 1: incentivize investment and incentivize and create massive economic growth. That
• 47:49
  Speaker 1: would be really, really cool. But that's not what he's
• 47:53
  Speaker 1: getting the price for. He's getting the price for the
• 47:55
  Speaker 1: model's the macroeconomic models. All right. So Friday, Trump and
• 48:09
  Speaker 1: Putin had a call. I mean, Trump loves calling Putin.
• 48:14
  Speaker 1: Something interesting always happens afterwards. As a consequence, Treasury lift
• 48:19
  Speaker 1: sanctions on Russian diesel. Trump gives some numbers, 300 plus
• 48:24
  Speaker 1: tons on the market this month, 500,000 in November, then
• 48:28
  Speaker 1: a million in a month. Not clear where that diesel
• 48:31
  Speaker 1: is coming from. Russia consumes almost all the diesel it's
• 48:35
  Speaker 1: refining right now.
• 48:37
  Speaker 2: But what the hell?
• 48:39
  Speaker 1: Nobody talks about the fact that these numbers are pretty
• 48:41
  Speaker 1: small when you think about total consumption of diesel on
• 48:45
  Speaker 1: a global scale. And this diesel is going to go
• 48:47
  Speaker 1: into the global market. In spite of this, Brent oil
• 48:54
  Speaker 1: prices keep going up. Trump says gas prices are a
• 48:59
  Speaker 1: little bit high. A Reuters survey shows that nearly 8
• 49:03
  Speaker 1: out of 10 Americans are blaming the administration for higher
• 49:07
  Speaker 1: oil prices. Bloomberg says in an article, Russia can't deliver
• 49:13
  Speaker 1: even those meager numbers. Moscow pledged 500,000 tons, no dates,
• 49:17
  Speaker 1: nothing beyond. And that's under 180,000 barrels a day, even
• 49:25
  Speaker 1: if all of its ships, you know, move this by
• 49:30
  Speaker 1: month's end. But where's the capacity? You know, it used
• 49:37
  Speaker 1: to produce 800 to 900 tons. Thousand barrels before Ukraine's
• 49:44
  Speaker 1: refinery campaign.
• 49:46
  Speaker 2: The refinery's out.
• 49:49
  Speaker 1: Three million tons a month, which is what Trump is
• 49:53
  Speaker 1: touting at some point. When? And the deal basically covers
• 50:01
  Speaker 1: nine days of diesel demand in the United States. Almost
• 50:07
  Speaker 1: everybody is against this, right?
• 50:09
  Speaker 2: I mean, senators from the Republican Party, the Democratic Party.
• 50:14
  Speaker 1: I mean, they just passed this big bill giving the
• 50:17
  Speaker 1: president the ability to sanction Russia, to limit import from Russia,
• 50:21
  Speaker 1: to tariff Russia, to go after Russia. And yet Trump
• 50:26
  Speaker 1: does exactly the opposite. He signs the bill. But since
• 50:29
  Speaker 1: the bill gives him discretion, he ignores it completely and
• 50:35
  Speaker 1: cuts the deal immediately. With the aggressor. One of the
• 50:41
  Speaker 1: senators says on Bloomberg TV, Trump is extremely desperate. Yes,
• 50:46
  Speaker 1: this is an action of a desperate man. But then
• 50:52
  Speaker 1: Trump is worried because Ukraine has stopped bombing the refineries.
• 50:55
  Speaker 1: And if they bomb the refineries, then Russia can't export,
• 50:59
  Speaker 1: can't produce the diesel, never mind export it. So Trump
• 51:03
  Speaker 1: announces a unilaterally, that is unilateral in the sense that
• 51:06
  Speaker 1: only he announced it, immediate energy ceasefire between Russia and Ukraine.
• 51:11
  Speaker 2: And he says they agreed to it.
• 51:14
  Speaker 1: When asked, when confronted today, I guess, about the fact
• 51:17
  Speaker 1: that they hadn't agreed to it, he said, well, I
• 51:20
  Speaker 1: said it, therefore they agreed to it. Moscow never approved it.
• 51:28
  Speaker 1: And Russia has already hit a Kharkiv power plant. a
• 51:31
  Speaker 1: gas production facility and a gas station in violation of
• 51:35
  Speaker 1: this so-called ceasefire agreement. So what are we talking about?
• 51:43
  Speaker 1: What ceasefire? With an attack on an engine infrastructure in Kharkiv,
• 51:53
  Speaker 1: Russia's only interested in domination. They don't care about Trump
• 51:56
  Speaker 1: and they don't care about a ceasefire.
• 51:58
  Speaker 2: They have no interest in a ceasefire.
• 52:01
  Speaker 1: So Zelensky claims they held off the overnight strikes on
• 52:05
  Speaker 1: refineries because Trump wanted the truth.
• 52:10
  Speaker 2: Russia hit anyway. So now what are we going to do?
• 52:13
  Speaker 1: Remember on September 14th, you know, he announced the ceasefire
• 52:24
  Speaker 1: and nothing happened. Nobody paid attention. Then on Saturday, unhappy
• 52:35
  Speaker 1: with Zelensky, because Zelensky is bombing Russian refineries, Trump announced
• 52:43
  Speaker 1: that Ukraine should get a new president. Zelensky has proposed
• 52:48
  Speaker 1: a 60-day ceasefire so that Ukraine can hold an election.
• 52:53
  Speaker 1: So Zelensky said, OK, I'm willing to have an election.
• 52:56
  Speaker 1: Let's have a ceasefire. The Kremlin rejected it. So Trump
• 53:05
  Speaker 1: is threatening to stop providing Ukraine with arms. Zelensky is
• 53:14
  Speaker 1: blaming prices of diesel on the Strait of Hormuz, and
• 53:18
  Speaker 1: that's a big part of it, but no question, knocking
• 53:21
  Speaker 1: out Russia's capability to refine and make diesel is a
• 53:25
  Speaker 1: part of it as well.
• 53:30
  Speaker 2: But this is, I mean, this is.
• 53:32
  Speaker 1: Just bonkers of Trump. Yes, let's reward the aggressor. Let's
• 53:37
  Speaker 1: reward our enemy. Let's penalize our ally. Let's do all
• 53:45
  Speaker 1: this in the name of the elections. Lowering diesel prices.
• 53:50
  Speaker 2: I can win more votes. There's no strategy.
• 53:56
  Speaker 1: There's no geopolitical considerations. There's no 1D chess, never mind
• 54:00
  Speaker 1: 5D chess. There's just On Trump's part, stupidity, indecisiveness, cowardice.
• 54:11
  Speaker 1: Blame Zelensky. That works.
• 54:17
  Speaker 2: So Trump goes to war with Iran. Doesn't win it.
• 54:20
  Speaker 1: Iran closes on wars. Predictable. Trump doesn't do anything about it.
• 54:26
  Speaker 1: Diesel hits record highs. Trump blames Zelensky for hitting Russian refineries.
• 54:31
  Speaker 1: Zelensky is just defending Ukraine. Then he buys diesel from Putin,
• 54:38
  Speaker 1: lifts a sanction to do it, which provides Russia with
• 54:42
  Speaker 1: more money to be able to fund its campaign against Ukraine.
• 54:48
  Speaker 1: Then he announces a ceasefire that stops Ukraine hitting Russian oil,
• 54:52
  Speaker 1: which Putin never agrees to and violates within hours. Then
• 54:56
  Speaker 1: he tells Ukraine to change presidents. Every step is the
• 55:01
  Speaker 1: same thing. Ask the victim to stop defending itself. So
• 55:05
  Speaker 1: the price of a commodity can come down before the election,
• 55:09
  Speaker 1: November 3rd. And the volume is a joke. Everyone in
• 55:14
  Speaker 1: the market knows it. Nine days of demand, that's not
• 55:17
  Speaker 1: going to move the price. Not significantly. 180,000 barrels a
• 55:22
  Speaker 1: day against a pre-war baseline of 900,000 barrels. Even if
• 55:27
  Speaker 1: we get the 180, and that's not sure at all.
• 55:31
  Speaker 1: Why is the United States buying this diesel? We have
• 55:34
  Speaker 1: plenty of diesel at home. It just means that this
• 55:36
  Speaker 1: is entering the world market. Nobody else will buy it
• 55:40
  Speaker 1: because of sanctions. All this does is put money, American money,
• 55:48
  Speaker 1: your tax money, ultimately into the hands of a country
• 55:52
  Speaker 1: dedicated to.
• 55:54
  Speaker 2: Destroying the West, starting with Ukraine. This isn't energy policy.
• 56:03
  Speaker 2: It's not strategy.
• 56:04
  Speaker 1: It's not geopolitics. It's just desperation.
• 56:09
  Speaker 2: Cowardice.
• 56:14
  Speaker 1: God, this president is a coward. It's unbelievable. I mean,
• 56:20
  Speaker 1: what's the point of sanctions when Putin can pick up
• 56:23
  Speaker 1: the phone and call it off? Just talk to Trump
• 56:26
  Speaker 1: for a few minutes and get what he wants. I mean,
• 56:30
  Speaker 1: the very fact that Congress gave Trump the discretion is
• 56:34
  Speaker 1: a problem. The deeper fix is what Washington, nobody in
• 56:45
  Speaker 1: Washington wants to think about. Win the war in Iran.
• 56:53
  Speaker 1: Allow Ukraine to win against Russia. Get rid of the
• 56:58
  Speaker 1: Jones Act. I mean, granted, these are big things, but
• 57:06
  Speaker 1: getting rid of the Jones Act is pretty easy. And then,
• 57:11
  Speaker 1: you know, Trump, who is at this point the least,
• 57:18
  Speaker 1: has the least favorability ratings of every president in American history,
• 57:24
  Speaker 1: is complaining about another president who is much more popular
• 57:28
  Speaker 1: in his own country than Trump is in America, complaining
• 57:32
  Speaker 1: about him not having an election? Why isn't he complaining
• 57:36
  Speaker 1: about Putin stealing his elections? Why is he demanding that
• 57:41
  Speaker 1: Russia have a new president that doesn't invade other countries? No,
• 57:50
  Speaker 1: let's attack and complain about the one democratically elected president
• 57:55
  Speaker 1: who's actually doing an amazing job trying to keep his
• 57:59
  Speaker 1: people together to defend their country. I mean, Trump at
• 58:10
  Speaker 1: this point is beyond pathetic. Beyond pathetic. I don't know
• 58:15
  Speaker 1: how any of you can still defend him. I know
• 58:18
  Speaker 1: some of you do. God help you. I don't get it.
• 58:26
  Speaker 1: In the meantime, in Saudi Arabia, the Saudis are getting
• 58:29
  Speaker 1: pounded by Houthi ballistic missiles. The Riyadh International Airport was
• 58:35
  Speaker 1: hit again. This time, 13 people were killed, 300 wounded.
• 58:38
  Speaker 1: many of them critically. People are standing security line and
• 58:45
  Speaker 1: a bomb hits. You know, they're trying to intercept the
• 58:52
  Speaker 1: missiles and drones, but it seems like they're running out
• 58:57
  Speaker 1: of missiles, air defense systems. Saudi's investigating why they missed
• 59:04
  Speaker 1: this particular attack.
• 59:07
  Speaker 2: But It seems like... drones come first.
• 59:11
  Speaker 1: They clear a path and then cruise missiles and then
• 59:15
  Speaker 1: the ballistic missiles. And by then, your system's overloaded and
• 59:20
  Speaker 1: maybe you're just running low on interceptors and you can't
• 59:23
  Speaker 1: get them. Now, they moved a lot of the batteries,
• 59:29
  Speaker 1: the air defense systems, to guard energy sites and palaces.
• 59:33
  Speaker 1: The airport is exposed. Suppose the MBS, effectively the ruler
• 59:40
  Speaker 1: of Saudi Arabia, is moving between palaces with bunkers and
• 59:47
  Speaker 1: keeping his location disguised because he's afraid they're trying to
• 59:51
  Speaker 1: kill him. So missiles over Riyadh now pretty much regular occurrence.
• 59:59
  Speaker 1: Iran has offered to mediate between the Houthis and the Saudis.
• 1:00:08
  Speaker 2: Talk about pathetic. That's Trump's war in Iran.
• 1:00:13
  Speaker 1: Pathetic.
• 1:00:14
  Speaker 2: Trump is still thinking about joining the fight.
• 1:00:16
  Speaker 1: He doesn't know.
• 1:00:20
  Speaker 2: Nobody knows what that means, right? Now, it's also true,
• 1:00:26
  Speaker 2: it turns out this weekend, that the plot on.
• 1:00:29
  Speaker 1: The Air Force base in the UK, which held the
• 1:00:33
  Speaker 1: B-1 American bombers, where the bombers have left, right?
• 1:00:38
  Speaker 2: We talked about that last week.
• 1:00:41
  Speaker 1: Now, Starmer says, former prime minister, says, yeah, it was Iran.
• 1:00:49
  Speaker 1: It was Iran. Not only seven people have been arrested,
• 1:00:56
  Speaker 1: but two Iranians have now been sanctioned. The ambassador of
• 1:00:59
  Speaker 1: Iran has been summoned. I mean, here's how weak the
• 1:01:02
  Speaker 1: UK is. Iran planning an attack, funding an attack, supporting
• 1:01:07
  Speaker 1: an attack on British soil. And what is the response
• 1:01:10
  Speaker 1: of the British? The ambassador is summoned. I mean, how
• 1:01:19
  Speaker 1: one could even imagine Allowing the Iranians to have an
• 1:01:24
  Speaker 1: embassy in London is beyond me, completely beyond me. This
• 1:01:29
  Speaker 1: is a country that just killed 40,000 of its own
• 1:01:31
  Speaker 1: people in demonstrations. But the British are still happy to have.
• 1:01:37
  Speaker 2: An embassy, an Iranian embassy in London.
• 1:01:40
  Speaker 1: Now they're attacked in London, and England is still happy
• 1:01:44
  Speaker 1: to have an embassy in London. They're just going to
• 1:01:46
  Speaker 1: wag their finger a little bit at the ambassador and
• 1:01:49
  Speaker 1: then leave him alone.
• 1:01:50
  Speaker 2: This is what's called pathetic.
• 1:01:52
  Speaker 1: Foreign policy. Yeah, so this is the consequence of a
• 1:02:04
  Speaker 1: half-won war, a half-fought war. I mean, saying this in Serpo,
• 1:02:10
  Speaker 1: that the ceasefire left, any ceasefire that leaves the IRGC
• 1:02:13
  Speaker 1: standing is read by every proxy out there, by.
• 1:02:17
  Speaker 2: The Iranian regime, as a victory for Iran.
• 1:02:25
  Speaker 1: When Trump abandoned Riyadh because when the Houthis took Bab
• 1:02:30
  Speaker 1: al-Mandeb a few weeks ago, guess what signal that sent
• 1:02:34
  Speaker 1: the Houthis? We can go. We can get him. Don't
• 1:02:38
  Speaker 1: have to worry about the Americans. Now they're attacking American
• 1:02:43
  Speaker 1: bases in London. No consequences. Nothing. Nobody cares. Americans don't care.
• 1:02:53
  Speaker 1: The Brits don't care. And the president is still thinking
• 1:02:57
  Speaker 1: about what his options are. But he's not going to
• 1:02:59
  Speaker 1: do anything before the elections. Those elections, that's what matters.
• 1:03:03
  Speaker 1: All indications are Republicans are going to do really, really
• 1:03:07
  Speaker 1: badly in these elections. Really, really badly. Now the Saudis,
• 1:03:14
  Speaker 1: the Saudis are being the Saudis. Cowardly and pathetic, right?
• 1:03:20
  Speaker 1: They have spent a fortune on their military. Where is it?
• 1:03:26
  Speaker 1: Why aren't their planes constantly bombing the missile launches? Where's
• 1:03:32
  Speaker 1: the technology that they've spent billions buying from the United States?
• 1:03:38
  Speaker 2: But look, the Saudis are.
• 1:03:40
  Speaker 1: A theocratic state-run oil company, basically. They've been fighting in
• 1:03:45
  Speaker 1: Yemen since 2015. They have no clue what they're doing.
• 1:03:51
  Speaker 1: They don't have a substantial military base. They spent a
• 1:03:55
  Speaker 1: fortune on planes and on tanks and on technology they
• 1:03:59
  Speaker 1: don't know how to use. They don't know how to use.
• 1:04:05
  Speaker 1: And for a long time, they've counted on America to
• 1:04:08
  Speaker 1: bail them out. America's not bailing them out anymore. So
• 1:04:12
  Speaker 1: now they're turning to Pakistan and Turkey. But the reality
• 1:04:15
  Speaker 1: is Pakistan and Turkey don't want to get involved in
• 1:04:17
  Speaker 1: a war in the Middle East against Iran. MBS is
• 1:04:22
  Speaker 1: going to have to really reconsider everything. And whether this
• 1:04:26
  Speaker 1: move he's made towards the West will ultimately pay off
• 1:04:29
  Speaker 1: or not. So we'll see what Trump's considering joining means.
• 1:04:37
  Speaker 1: Maybe after the election we'll find out. Certainly not before.
• 1:04:45
  Speaker 1: You know, people are speculating the Saudis will turn to Israel.
• 1:04:48
  Speaker 1: No way. No frigging way.
• 1:04:52
  Speaker 2: It ain't happening.
• 1:04:54
  Speaker 1: Maybe. I mean, Israel, I'm sure, is already helping them
• 1:04:57
  Speaker 1: with targeting and Yemen and some maybe technical assistance and maybe.
• 1:05:01
  Speaker 1: But actual Israeli help, actual Israeli planes, actual Israeli air
• 1:05:07
  Speaker 1: defense systems. I mean, that would solve their problems. Get
• 1:05:10
  Speaker 1: some Arrow 2s and Arrow 3s. But they're not going
• 1:05:14
  Speaker 1: to do it. They're too afraid. They're too afraid of
• 1:05:18
  Speaker 1: their own people. They're too afraid of seeming like they
• 1:05:23
  Speaker 1: sold out to the Israelis. All right, a story out
• 1:05:35
  Speaker 1: of Silicon Valley, right? Here's the Wall Street Journal, quote,
• 1:05:42
  Speaker 1: compute is the lifeblood of the AI boom, and it's
• 1:05:47
  Speaker 1: in short supply. now fights over how to get it,
• 1:05:51
  Speaker 1: how to get more of it, and what projects to
• 1:05:54
  Speaker 1: give priority to are sending a powerful industry scrambling. Really
• 1:05:59
  Speaker 1: interesting article about the battles for data centers, data centers
• 1:06:05
  Speaker 1: that are getting more and more difficult to build, data
• 1:06:07
  Speaker 1: centers that it's hard to find. You know, this primarily
• 1:06:14
  Speaker 1: hurts the startups, startups that could You know, a couple
• 1:06:18
  Speaker 1: of years ago, you start a company and you knew
• 1:06:22
  Speaker 1: you could always get cloud computer servicing, right? So you
• 1:06:26
  Speaker 1: could start up an AI company and assume you could
• 1:06:29
  Speaker 1: buy some space on an Amazon cloud service.
• 1:06:32
  Speaker 2: Well, that space is gone. It's all gone. And future
• 1:06:36
  Speaker 2: space is gone. And the price has gone.
• 1:06:39
  Speaker 1: Through the roof. So the existing players, the big players,
• 1:06:43
  Speaker 1: the people with billions and billions and billions of dollars
• 1:06:45
  Speaker 1: to spend, they're going to find it. They're going to
• 1:06:49
  Speaker 1: get the compute. But what happens to startups? What happens
• 1:06:52
  Speaker 1: to their competition? So there's constant fighting. There's constant fighting
• 1:07:01
  Speaker 1: about allocating a scarce resource now. So compute is scarce.
• 1:07:06
  Speaker 1: So which projects get funded, which do not? Significant conflict
• 1:07:09
  Speaker 1: within Google. DeepMind.
• 1:07:14
  Speaker 2: Conflicts between Hassabis.
• 1:07:16
  Speaker 1: Who is the founder of DeepMind, used to be its CEO,
• 1:07:20
  Speaker 1: is now, I think, chairman. And Sergey Brin, the former
• 1:07:24
  Speaker 1: CEO of Google, who still is active within Google. Alphabet,
• 1:07:31
  Speaker 1: basically Google, the capital expenditure budget is up to $ 200
• 1:07:38
  Speaker 1: billion a year, basically for compute. I'm reading right now,
• 1:07:45
  Speaker 1: I'm reading a book on Hassabis and DeepMind. So my
• 1:07:51
  Speaker 1: big focus right now is AI. I'm trying to learn
• 1:07:54
  Speaker 1: more about AI, trying to learn more about the industry.
• 1:07:58
  Speaker 1: And so I'm reading this book on Hassabis. If any
• 1:08:01
  Speaker 1: of you have recommendations about books on the industry, I'm
• 1:08:06
  Speaker 1: not interested in the tech aspect of it.
• 1:08:10
  Speaker 2: I'm not going to learn how the tech works.
• 1:08:12
  Speaker 1: I'm more interested in the industry, the players involved, The
• 1:08:18
  Speaker 1: characters behind it, any book recommendations around that, please send
• 1:08:23
  Speaker 1: my way. I would very much appreciate that. Anthropic has
• 1:08:31
  Speaker 1: asked Meta for space on its servers, I guess. Meta's declined.
• 1:08:38
  Speaker 1: In May, SpaceX agreed to deliver 300-plus megawatts to Anthropic.
• 1:08:44
  Speaker 1: About 220,000 NVIDIA GPUs, a deal worth up to $ 45 billion.
• 1:08:50
  Speaker 1: SpaceX's AI revenue hit $ 2. 56 billion in a quarter, which
• 1:08:53
  Speaker 1: was up 247%. Musk, who's trashed Anthropic in the past,
• 1:09:03
  Speaker 1: now says he's impressed by their leadership.
• 1:09:05
  Speaker 2: Sure, if you just signed a deal that's potentially.
• 1:09:09
  Speaker 1: Worth $ 45 billion, you better like the people you're dealing with.
• 1:09:14
  Speaker 1: Prices again for GPU hours are going through the roof.
• 1:09:18
  Speaker 1: They've gone from $ 1. 7 billion GPU per hour in October
• 1:09:23
  Speaker 1: 2025 to 2.35 March of 2026. And they are going
• 1:09:27
  Speaker 1: up from there. Other measures of cost are going up
• 1:09:31
  Speaker 1: 60% year over year. Cash burns are massive. People are
• 1:09:37
  Speaker 1: spending huge amounts of money to keep up. And again,
• 1:09:41
  Speaker 1: the challenge is we want startups. We want competition. We
• 1:09:46
  Speaker 1: want new innovators. How are they going to compete? San
• 1:09:53
  Speaker 1: Francisco SF Compute audits data centers and rents capacity to
• 1:09:57
  Speaker 1: anyone from NVIDIA to seed startups. Its CTO travels around
• 1:10:02
  Speaker 1: the world to find servers. He found servers in a
• 1:10:06
  Speaker 1: converted chicken coop here in the United States. He travels
• 1:10:10
  Speaker 1: to places like Malaysia and Taipei and all over the
• 1:10:13
  Speaker 1: world to try to figure out how to increase compute,
• 1:10:17
  Speaker 1: accessible compute. The question used to be, where do I
• 1:10:24
  Speaker 1: find capital? No problem with capital anymore. Now it's, who
• 1:10:29
  Speaker 1: can help me secure compute? The Silicon Valley venture capitalists
• 1:10:34
  Speaker 1: are shifting from just being providers of capital to also
• 1:10:39
  Speaker 1: securing their own data centers, basically. I think it was
• 1:10:45
  Speaker 1: a benchmark. One of the big venture capital funds has
• 1:10:51
  Speaker 1: secured now its own data center which it basically rents
• 1:10:54
  Speaker 1: out to its startups, the startups that it funds. So
• 1:11:01
  Speaker 1: the gold rush right now is all about computing power,
• 1:11:05
  Speaker 1: all about selling compute, creating compute, building compute. And, of course, politically,
• 1:11:12
  Speaker 1: the United States has turned anti-AI, anti-AI data centers. Computers
• 1:11:17
  Speaker 1: are going to be more and more difficult to build
• 1:11:19
  Speaker 1: and create. GPU hours up 40 to 60% in six months. Um,
• 1:11:29
  Speaker 1: so the industry is still growing, growing significantly. I know
• 1:11:34
  Speaker 1: if you just look at my use of AI, it's
• 1:11:37
  Speaker 1: gone like that. It started slow and it's just gone
• 1:11:40
  Speaker 1: exponential just in the last few weeks, right? Just in
• 1:11:46
  Speaker 1: the last few weeks. So the bottlenecks are going to
• 1:11:49
  Speaker 1: get worse. Um, And how it's going to be fixed.
• 1:11:57
  Speaker 1: And how this is going to work with the hostility
• 1:12:01
  Speaker 1: out there among Americans to data centers and to AI.
• 1:12:06
  Speaker 1: All going to be really interesting to watch. But this
• 1:12:09
  Speaker 1: is economic growth. This is the engine of economic growth
• 1:12:14
  Speaker 1: right now. And... You know, there's pretty much a consensus
• 1:12:22
  Speaker 1: that demand is not high right now because there's a bubble.
• 1:12:26
  Speaker 1: The consensus says demand is only going to increase. Demand
• 1:12:30
  Speaker 1: is high because it's being used. Now, valuations might be wrong.
• 1:12:35
  Speaker 1: We might be valuing particular companies wrong or the whole
• 1:12:38
  Speaker 1: sector wrong. But the demand is not bubbly. Demand is
• 1:12:45
  Speaker 1: not bubbly. You know, in the case of the internet
• 1:12:53
  Speaker 1: and fiber, fiber got overbuilt and the internet happened and
• 1:12:59
  Speaker 1: took advantage of that fiber. We're not seeing overbuilding of
• 1:13:02
  Speaker 1: data centers right now, not given this demand. Now, maybe
• 1:13:06
  Speaker 1: there are more efficient ways to do the same compute,
• 1:13:08
  Speaker 1: and maybe that's how we grow. And maybe in that sense,
• 1:13:13
  Speaker 1: there won't be as much need for data centers. But
• 1:13:18
  Speaker 1: even that, you know, I'm not convinced of. But again...
• 1:13:21
  Speaker 1: I'm interested in reading about this, so anybody who has
• 1:13:24
  Speaker 1: ideas about books, podcasts, websites that have interesting stuff about this,
• 1:13:31
  Speaker 1: let me know. All right, some quick stories, what we'll
• 1:13:34
  Speaker 1: call a lightning round. The EU, European Union, is capping
• 1:13:40
  Speaker 1: the importation of Chinese hybrids. They are not capping, so
• 1:13:46
  Speaker 1: far at least, Chinese electric cars, but they are capping
• 1:13:50
  Speaker 1: They are capping Chinese hybrids to 350,000 cars a year
• 1:13:55
  Speaker 1: starting in December, rising 6% a year. Above that quota,
• 1:14:04
  Speaker 1: customs will refuse entrance. Stellantis and Renault are the ones
• 1:14:09
  Speaker 1: really pushing for this. They make small cars that can't
• 1:14:12
  Speaker 1: compete with the Chinese. They're also arguing that this is
• 1:14:17
  Speaker 1: only a first step. They need much more. They believe
• 1:14:24
  Speaker 1: that without a cap, the Chinese would be importing 600,000, 800,000, sorry, 800,000
• 1:14:32
  Speaker 1: hybrids next year. BYD, Cherry, Leap Motors, all of these
• 1:14:38
  Speaker 1: companies already building plants inside the EU. Remember, this is
• 1:14:42
  Speaker 1: exactly how the US dealt with the Japanese automakers. They
• 1:14:46
  Speaker 1: capped the imports. It was a voluntary cap. which is
• 1:14:50
  Speaker 1: in this case as well, it's an EU-China deal. And
• 1:14:55
  Speaker 1: then they started building factories in the United States. So, yeah,
• 1:15:03
  Speaker 1: I mean, look, Chinese auto companies will dominate the auto
• 1:15:07
  Speaker 1: industry within five years. They already do. If you look
• 1:15:11
  Speaker 1: at the UK, which has no restrictions, very low tariffs,
• 1:15:15
  Speaker 1: and has a huge importation business, Chinese cars have gone
• 1:15:18
  Speaker 1: up horizontally over the last year. And you can see it.
• 1:15:23
  Speaker 1: In London, the number of Cherries, the number of BYDs,
• 1:15:27
  Speaker 1: and you can see that everywhere. Everywhere, really, except the
• 1:15:30
  Speaker 1: United States. The Chinese auto industry is taking over. And
• 1:15:34
  Speaker 1: they're taking over because their cars are better and cheaper.
• 1:15:37
  Speaker 1: Not because they're selling junk. Their cars are not junk.
• 1:15:41
  Speaker 1: Their cars are better and cheaper. Now, who suffer from
• 1:15:48
  Speaker 1: this You know, CAP, well, it's consumers. It's consumers. Right?
• 1:16:02
  Speaker 1: Only 350,000 of them get to benefit from cheaper, better hybrids.
• 1:16:11
  Speaker 1: You know, if the Chinese want to subsidize their car
• 1:16:13
  Speaker 1: and make them cheaper for Europeans, then the Europeans should
• 1:16:16
  Speaker 1: say thank you and take the cheaper cars. So we'll
• 1:16:22
  Speaker 1: see what happens once the Chinese are building factories in Europe,
• 1:16:27
  Speaker 1: what happens to all the European car companies. I mean,
• 1:16:30
  Speaker 1: Renault is basically dead. Fiat is basically dead. Stellantis, I
• 1:16:35
  Speaker 1: think it's Fiat.
• 1:16:35
  Speaker 2: They're basically dead.
• 1:16:37
  Speaker 1: Anybody who makes undifferentiated small cars and who's trying to
• 1:16:41
  Speaker 1: compete with the Chinese on hybrids or electric cars is finished.
• 1:16:48
  Speaker 1: Unless you have an edge. And the edge the Germans
• 1:16:52
  Speaker 1: have is luxury cars. The edge Ferrari has is Ferrari.
• 1:16:57
  Speaker 1: That's who's going to make money. And even the European
• 1:17:00
  Speaker 1: luxury cars, there are probably too many brands. They'll have
• 1:17:03
  Speaker 1: to consolidate. And they'll have to make exceptional products because
• 1:17:09
  Speaker 1: there's no reason a Chinese can't enter the luxury space
• 1:17:14
  Speaker 1: and take it from them. One interesting thing happened this weekend.
• 1:17:25
  Speaker 1: So Ukraine struck Russia's Yandex's data center, which is this
• 1:17:32
  Speaker 1: massive cloud, basically, that distributes Internet connections from Russia. As
• 1:17:42
  Speaker 1: soon as that happened, to quote Zelenskyy, it suddenly became
• 1:17:47
  Speaker 1: a little easier to breathe on many social media platforms.
• 1:17:51
  Speaker 1: Less hate, less division, and fewer provocations because there were
• 1:17:56
  Speaker 1: fewer bots. And it's pretty clear where those bots were
• 1:17:59
  Speaker 1: coming from if they disappeared when Yandex went offline. So
• 1:18:07
  Speaker 1: a Czech Republic member of parliament says, AFD online activity
• 1:18:14
  Speaker 1: plummeted At the same time, a lot of the radicalization
• 1:18:22
  Speaker 1: happening out there of left and right is driven on
• 1:18:29
  Speaker 1: social media by bots coming from China, coming from Russia.
• 1:18:37
  Speaker 1: You take out the bots in North Korea, Iran, you
• 1:18:41
  Speaker 1: take out the Russian bots, suddenly social media, you can breathe. So, yeah,
• 1:18:51
  Speaker 1: I mean, if this holds, if this is all true,
• 1:18:56
  Speaker 1: if the data is confirmed, then Ukraine just ran the
• 1:18:59
  Speaker 1: cleanest experiment in the history of information warfare. Remove the server,
• 1:19:06
  Speaker 1: watch the discourse change. It's exactly what's happening. So let's
• 1:19:12
  Speaker 1: hope they keep hitting that. All right. Let's see. Um,
• 1:19:18
  Speaker 1: what else do we want to do here? God, too
• 1:19:25
  Speaker 1: many stories, too much news. Um, all right, let's do
• 1:19:30
  Speaker 1: two stories and then we'll call it a day. It's
• 1:19:33
  Speaker 1: really late. Uh, In the spirit of ending with positive news,
• 1:19:40
  Speaker 1: Argentina is expected to achieve three consecutive years of growth
• 1:19:43
  Speaker 1: by 2027. The first such run since the one that
• 1:19:47
  Speaker 1: ended in 2008. 2025 came in at 4.5% after negative 1.3%
• 1:19:51
  Speaker 1: in 2024. Forecast for 2026 on the World Bank has
• 1:19:52
  Speaker 1: it at 2.1%. IMF thinks 4%. the forecast ranged from
• 1:20:06
  Speaker 1: 3% to 4%. Exports hit a record $ 102 billion in 2026. Oil, exploitation, hydrocarbon,
• 1:20:15
  Speaker 1: oil and natural gas, mining, agriculture. Trade surpluses over $ 24
• 1:20:19
  Speaker 1: billion in 2026 and 2027. And the country, inflation is
• 1:20:21
  Speaker 1: down to 29%. and heading towards 20% in 2027, although
• 1:20:37
  Speaker 1: why it's that high, I don't know. He should have
• 1:20:40
  Speaker 1: killed this. Dollarization would have done that, but he should
• 1:20:44
  Speaker 1: have found a way to get it into single digits
• 1:20:46
  Speaker 1: by now. I'm not sure exactly why. I'll ask in
• 1:20:49
  Speaker 1: Argentina when I'm there. I'll ask in Buenos Aires. Now,
• 1:20:53
  Speaker 1: three years of growth in Argentina is news because it
• 1:20:57
  Speaker 1: hasn't happened in a generation, but also because it happened while.
• 1:21:03
  Speaker 2: You know, uh, government spending was slashed. Remember the chainsaw.
• 1:21:08
  Speaker 1: So, so-called austerity actually can result in growth if it's
• 1:21:12
  Speaker 1: done right.
• 1:21:14
  Speaker 2: So important.
• 1:21:16
  Speaker 1: All right. Finally, the last, uh, um, uh, positive story
• 1:21:22
  Speaker 1: here is, um, is, uh, from the, um, HHS health
• 1:21:29
  Speaker 1: and human services, um, announced on September 30th in Austin
• 1:21:36
  Speaker 1: that they are going to try to reduce the cost
• 1:21:47
  Speaker 1: and the length of trials. They're going to start using
• 1:21:54
  Speaker 1: what they call digital twins to simulate outcomes before launch.
• 1:22:00
  Speaker 1: continuous real-time analysis instead of fixed phases, fewer and shared
• 1:22:04
  Speaker 1: controlled groups, automation of startup and data cleaning. According to
• 1:22:10
  Speaker 1: HHS's own numbers, drug development takes over a decade, costs
• 1:22:14
  Speaker 1: up to $ 2 billion on average, and fails more than
• 1:22:18
  Speaker 1: 90% of the time. No budget and no numeric cost
• 1:22:24
  Speaker 1: targets were part of this release. So hopefully this will
• 1:22:29
  Speaker 1: be something good the HHS does. It doesn't do a
• 1:22:31
  Speaker 1: lot of good. But they're going to try to build
• 1:22:37
  Speaker 1: a structure that brings in automation, AI, to try to
• 1:22:43
  Speaker 1: streamline the whole process and to reduce its cost dramatically.
• 1:22:48
  Speaker 1: On this issue, I wish the HHS all the best
• 1:22:52
  Speaker 1: and hope health and human services hope they are successful.
• 1:22:56
  Speaker 1: It would be huge, huge. For the United States and
• 1:22:59
  Speaker 1: the world, if we could get cost development, the cost
• 1:23:04
  Speaker 1: of cost development reduced, the cost of drug development reduced significantly.
• 1:23:10
  Speaker 1: All right. Let's see. All right. We will now turn
• 1:23:21
  Speaker 1: to our super chats. Remember, you can ask me anything.
• 1:23:23
  Speaker 1: You can make any comment in the super chat. I
• 1:23:25
  Speaker 1: report all. And I respond to everything. So anybody want
• 1:23:31
  Speaker 1: to challenge anything that I said today, feel free to
• 1:23:33
  Speaker 1: do so in the Super Chat. I will read it
• 1:23:36
  Speaker 1: and comment on it and even read your responses if
• 1:23:39
  Speaker 1: you respond in the Super Chat.
• 1:23:42
  Speaker 2: Some of you have already asked questions.
• 1:23:44
  Speaker 1: That's great.
• 1:23:45
  Speaker 2: Keep it up.
• 1:23:46
  Speaker 1: Some of you have decided to support the show with
• 1:23:49
  Speaker 1: a sticker. That is a great way to support the show.
• 1:23:56
  Speaker 1: So you can do a sticker where you don't have
• 1:23:58
  Speaker 1: to ask a question, but you can trade with me.
• 1:24:00
  Speaker 1: Value for value. I produced the show, which is only
• 1:24:04
  Speaker 1: made possible because of the funds I get from you guys.
• 1:24:08
  Speaker 1: I couldn't do this otherwise. My time is valuable, and
• 1:24:14
  Speaker 1: I have to feed myself. So the show pays the bills. Steven,
• 1:24:19
  Speaker 1: thank you for the sticker. Let's see.
• 1:24:22
  Speaker 2: Who else did a sticker?
• 1:24:24
  Speaker 1: Whoops.
• 1:24:28
  Speaker 2: Mike and Stephen. Let's see.
• 1:24:34
  Speaker 1: And Tony and Jacob.
• 1:24:38
  Speaker 2: Thank you, guys.
• 1:24:39
  Speaker 1: Really, really, really appreciate it. Neil says, Happy Thanksgiving, you're
• 1:24:47
  Speaker 1: on and all. It's not Thanksgiving. It's Columbus Day. So
• 1:24:51
  Speaker 1: I'm not sure where the Thanksgiving comes in. That's, you know,
• 1:24:54
  Speaker 1: in a few weeks, in over a month, actually, over
• 1:24:57
  Speaker 1: a month. All right. I'll remind you that the Ayn
• 1:25:07
  Speaker 1: Rand Institute has an app, Ayn Rand Institute app, which
• 1:25:13
  Speaker 1: has on it all of Leonard Peikoff's courses, a lot
• 1:25:16
  Speaker 1: of Ayn Rand's talks, huge amounts of content, just amazing content.
• 1:25:23
  Speaker 1: You can listen to it on the go any way
• 1:25:26
  Speaker 1: you want. It's all available for free, and it's all
• 1:25:32
  Speaker 1: on a free app that you can download from Google
• 1:25:35
  Speaker 1: or from the App Store. My course with Don Watkins
• 1:25:41
  Speaker 1: on capitalism, 12 hours on capitalism, is also on there.
• 1:25:43
  Speaker 1: So enjoy that as well. Oh, it's Canadian Thanksgiving today.
• 1:25:48
  Speaker 1: That makes sense. All right.
• 1:25:50
  Speaker 2: Happy Canadian Thanksgiving.
• 1:25:52
  Speaker 1: I don't know why you celebrated so far away from
• 1:25:56
  Speaker 1: the American Thanksgiving. You guys should join forces and celebrate
• 1:25:59
  Speaker 1: at the same time. You should do it before you
• 1:26:04
  Speaker 1: become a 51st state, not after. After will be obvious, right?
• 1:26:11
  Speaker 1: All right, so check out the Ironman Institute app. Alex
• 1:26:14
  Speaker 1: Epstein is the world's leading authority on all things energy
• 1:26:18
  Speaker 1: and electricity and And data centers, data centers, big on
• 1:26:23
  Speaker 1: data centers, big on compute. He's a real defender of
• 1:26:25
  Speaker 1: data centers. Check out his Substack, AlexEpsine.Substack.com. AlexEpsine.Substack.com. Alex is
• 1:26:33
  Speaker 1: an amazing resource to anybody who's interested in any of
• 1:26:36
  Speaker 1: these topics, energy, environmental regulations, or data centers right now.
• 1:26:43
  Speaker 1: Defenders of capitalism.com is a website dedicated or program really
• 1:26:47
  Speaker 1: dedicated to defending capitalism from a social, political, philosophical, moral perspective. Economic,
• 1:26:53
  Speaker 1: of course, as well. Uh, check out the website and
• 1:26:56
  Speaker 1: sign up for the newsletter. And finally, Hendershotwealth.com slash YBS.
• 1:27:00
  Speaker 1: Hendershot with two T's. Wealth.com slash YBS. Check out the
• 1:27:04
  Speaker 1: interview I did with Robert Hendershot. It's on my playlists, uh,
• 1:27:08
  Speaker 1: the sponsor playlists. Um, And I will be doing another
• 1:27:12
  Speaker 1: interview with Robert probably later this week, release maybe on
• 1:27:15
  Speaker 1: the weekend.
• 1:27:16
  Speaker 2: And, uh, check that one out as well.
• 1:27:18
  Speaker 1: And if you have significant capital gains, tax liabilities, talk
• 1:27:23
  Speaker 1: to them. They can save you a lot of money.
• 1:27:26
  Speaker 1: I'm talking about a lot of money. All right, let's, Oh,
• 1:27:31
  Speaker 1: one last reminder to become a monthly supporter of the
• 1:27:34
  Speaker 1: Iran book show. You can do that on a Patreon
• 1:27:38
  Speaker 1: or on PayPal. Um, Please do it today. Please do
• 1:27:42
  Speaker 1: it when you're listening to the show. That way you
• 1:27:44
  Speaker 1: can forget about it. Join us at $ 10. You get
• 1:27:48
  Speaker 1: an ads-free podcast that you can listen to on any
• 1:27:52
  Speaker 1: podcasting app. At $ 25, you can join the panel on
• 1:27:57
  Speaker 1: the AMAs. At $ 250 and $ 500, you get one-on-ones with me.
• 1:28:05
  Speaker 1: All right.
• 1:28:06
  Speaker 2: Let's start with Michael.
• 1:28:08
  Speaker 1: Can you react to Sam Harris's ridiculous stack on billionaires?
• 1:28:12
  Speaker 1: He mentions Ayn Rand in the clip as well. Why
• 1:28:15
  Speaker 1: do some objectors have respect for him? I have respect
• 1:28:18
  Speaker 1: for him, so not some objectors. He's just a conventional
• 1:28:20
  Speaker 1: snug leftist who is passionately wrong about so many important issues.
• 1:28:25
  Speaker 1: He is passionately wrong about many issues. He's also passionately
• 1:28:29
  Speaker 1: right about a lot of issues. And I find the
• 1:28:32
  Speaker 1: way he argues on the issues he's right on is very,
• 1:28:36
  Speaker 1: very good. very convincing and very powerful. It's a shame
• 1:28:41
  Speaker 1: we don't have him on our side because I find
• 1:28:43
  Speaker 1: him particularly articulate, particularly rational and able to make a
• 1:28:49
  Speaker 1: real case for the things he argues for. And then
• 1:28:52
  Speaker 1: he comes up with these ridiculous stuff that where he's
• 1:28:55
  Speaker 1: very conventional and where his arguments just fall flat. So
• 1:29:00
  Speaker 1: he's a mixed case of so many of those people
• 1:29:03
  Speaker 1: out there are. But if you listen to him on Islam,
• 1:29:06
  Speaker 1: if you listen to him on Israel and Hamas, if
• 1:29:09
  Speaker 1: you listen to him on even guns, he's very good.
• 1:29:16
  Speaker 1: He was very courageous on Islam after 9-11. I give
• 1:29:19
  Speaker 1: him a lot of credit for that. And if you
• 1:29:23
  Speaker 1: listen to him on Trump, I think he's very good.
• 1:29:25
  Speaker 1: So there's certain issues he's good on. And there's certain
• 1:29:29
  Speaker 1: issues he's terrible on. And how he can hold that dichotomy,
• 1:29:34
  Speaker 1: I do not know. But I will check out his
• 1:29:37
  Speaker 1: attack on billionaires. I've now got several questions on that.
• 1:29:41
  Speaker 1: And I will respond to it. Michael says, the execution
• 1:29:48
  Speaker 1: of the Fort Hood attacker is scheduled to take place
• 1:29:51
  Speaker 1: on December 3rd, 2026. by firing squad and the pentagon
• 1:29:57
  Speaker 1: announced it will be live streamed if we thought the
• 1:30:00
  Speaker 1: left was filled with hatred and nihilism they have nothing
• 1:30:04
  Speaker 1: on maga yeah i mean this is ridiculous um why
• 1:30:07
  Speaker 1: would anybody want to watch this uh only creeps would
• 1:30:11
  Speaker 1: want to watch somebody die it's enough to know that
• 1:30:14
  Speaker 1: he's dying that's good enough for me uh he should
• 1:30:16
  Speaker 1: die i mean i have no problem with the death
• 1:30:19
  Speaker 1: penalty as such other than too many innocent people get
• 1:30:22
  Speaker 1: it and it's irreversible But, you know, somebody who's clearly
• 1:30:29
  Speaker 1: a murderer does not deserve to live in that sense.
• 1:30:33
  Speaker 1: But to actually live stream it, to hearken back to
• 1:30:40
  Speaker 1: the days of barbarism, you think this will intimidate more people?
• 1:30:44
  Speaker 1: You think this will, I mean, all this does is
• 1:30:47
  Speaker 1: provide red meat for people who want to see people
• 1:30:50
  Speaker 1: die on TV, on the Internet, if you will.
• 1:30:55
  Speaker 2: I think it's horrible and barbaric.
• 1:31:01
  Speaker 1: Arthur, the term goyslop has become a popular phrase in
• 1:31:07
  Speaker 1: the manosphere and in the culture at large now. It
• 1:31:10
  Speaker 1: seems to mean anything bad we receive from corporate America
• 1:31:15
  Speaker 1: is what the Jews are feeding us. They keep the
• 1:31:19
  Speaker 1: good stuff for themselves. So I don't know what the
• 1:31:22
  Speaker 1: question marks are there for. because I don't understand, but
• 1:31:25
  Speaker 1: that's what it means, yes. If you're asking me if
• 1:31:27
  Speaker 1: that's what it means, yes. Everything bad that we get,
• 1:31:31
  Speaker 1: everything that we blame corporations or even in politics or anywhere,
• 1:31:35
  Speaker 1: at the end of the day, all the bad stuff
• 1:31:38
  Speaker 1: is a product of the Jews, and they're motivated, and
• 1:31:43
  Speaker 1: they're the ones pushing this on us. They're the ones
• 1:31:47
  Speaker 1: inflicting this on us, right? It's, you know, and it's
• 1:31:54
  Speaker 1: not surprising that the manosphere is anti-Semitic. The manosphere was
• 1:32:00
  Speaker 1: always super susceptible to conspiracy theories. It was, and of course,
• 1:32:06
  Speaker 1: anti-Semitism is the oldest conspiracy theory of all. It's the
• 1:32:10
  Speaker 1: most well-established conspiracy theory of all. And I think people underestimate,
• 1:32:16
  Speaker 1: people are underestimating the extent to which it is popular today.
• 1:32:21
  Speaker 1: particularly among men on the right and among men and
• 1:32:26
  Speaker 1: women on the far left. And there's going to be
• 1:32:31
  Speaker 1: a real battle for the soul of the Republican Party.
• 1:32:35
  Speaker 1: And some of it, much of it, is going to
• 1:32:37
  Speaker 1: be centered on this issue of anti-Semitism, on terms like goyslop,
• 1:32:42
  Speaker 1: which is becoming just stuff people throw around without even
• 1:32:45
  Speaker 1: thinking about. Anti-Semitism has become so mainstream. within certain groups,
• 1:32:52
  Speaker 1: like the Manosphere, like the Tucker Carlson listening, or Nick
• 1:32:58
  Speaker 1: Fuentes listening crowd.
• 1:33:07
  Speaker 2: All right, now to your average algorithm.
• 1:33:10
  Speaker 1: I've written a strongly worded letter to the IRS informing
• 1:33:12
  Speaker 1: them that taxation is theft and my life belongs to me.
• 1:33:17
  Speaker 1: I'm not certain how this is going to go, but
• 1:33:20
  Speaker 1: is it morally the right thing to do? I mean,
• 1:33:24
  Speaker 1: speaking up against your oppressors is the right thing to
• 1:33:27
  Speaker 1: do as long as you don't land up going to
• 1:33:28
  Speaker 1: jail for it. I don't think this will lead to
• 1:33:31
  Speaker 1: you going to jail. It might lead to you being audited.
• 1:33:35
  Speaker 1: So make sure that your stuff is, you know, your
• 1:33:39
  Speaker 1: taxes are in order and you don't mind being audited.
• 1:33:44
  Speaker 1: You know, it's not immoral to do it, unless you
• 1:33:48
  Speaker 1: think this will land you in jail, and I don't
• 1:33:49
  Speaker 1: think it will. But it's not morally required. You're not
• 1:33:53
  Speaker 1: morally required to put yourself at risk. You're not morally required,
• 1:33:57
  Speaker 1: given the chances of this making an impact in the
• 1:33:59
  Speaker 1: world are pretty much zero. You're not morally required to
• 1:34:05
  Speaker 1: basically risk yourself. And look, an audit is time. Time
• 1:34:10
  Speaker 1: you'll never get back. You'll have to deal with them.
• 1:34:13
  Speaker 1: So you have to decide whether it's worth it. And
• 1:34:15
  Speaker 1: what you're actually getting from it. It's funny because I was...
• 1:34:24
  Speaker 1: I was... I was once interviewed by the IRS... With
• 1:34:28
  Speaker 1: regard to somebody else's... Tax issue. Tax case. And as
• 1:34:35
  Speaker 1: part of their investigation... They interviewed me as a witness.
• 1:34:40
  Speaker 1: And the guy... Senior guy.
• 1:34:43
  Speaker 2: At the IRS.
• 1:34:44
  Speaker 1: was interviewing me, said, look, Yaron, I know what you
• 1:34:47
  Speaker 1: think of the IRS. I know your opinions about the IRS.
• 1:34:52
  Speaker 1: But can you be truthful in your statements in spite
• 1:34:56
  Speaker 1: of the fact that you think we're an immoral organization?
• 1:35:01
  Speaker 1: So I found that he had done his research. He
• 1:35:03
  Speaker 1: had done his homework. And the IRS knows who I am.
• 1:35:06
  Speaker 1: And they know my views about the IRS. So that
• 1:35:10
  Speaker 1: has never caused me any problems. Not yet, anyway. Now,
• 1:35:13
  Speaker 1: I live in Puerto Rico, so they have less jurisdiction
• 1:35:16
  Speaker 1: over me. But still, they could come after me or
• 1:35:21
  Speaker 1: they could audit me. I don't think they'd find anything
• 1:35:23
  Speaker 1: because I don't think there is anything to find. But
• 1:35:27
  Speaker 1: they know what my attitude towards them is. It's not
• 1:35:29
  Speaker 1: that hard to find. It's pretty public.
• 1:35:31
  Speaker 2: And, of course, they know what Ayn Rand's attitude was.
• 1:35:36
  Speaker 1: Liam, how does cities have money for surveillance cameras everywhere
• 1:35:40
  Speaker 1: but not enough money to fix the roads? I don't
• 1:35:43
  Speaker 1: need you watching me drive over potholes. I need you
• 1:35:46
  Speaker 1: to fix the potholes.
• 1:35:47
  Speaker 2: Well, they have money from the fines.
• 1:35:50
  Speaker 1: They charge violators of traffic laws who they catch.
• 1:35:56
  Speaker 2: With the cameras.
• 1:35:58
  Speaker 1: You know, that's basically where they're getting the money to
• 1:36:00
  Speaker 1: do that. So the money comes from the violations that
• 1:36:04
  Speaker 1: they're caught. And they argue that by doing it, they're
• 1:36:07
  Speaker 1: making you safer. Whether that is true or not, It's
• 1:36:13
  Speaker 1: an empirical question, but they're arguing that they're making your
• 1:36:15
  Speaker 1: life better by making it safer. Less crime. There is
• 1:36:24
  Speaker 1: a series coming in November on Netflix called The Altruists.
• 1:36:28
  Speaker 1: It's about the FTX scandal, which I believe focuses on
• 1:36:31
  Speaker 1: the fact that they were effective altruists.
• 1:36:33
  Speaker 2: That would be really interesting.
• 1:36:35
  Speaker 1: Really interesting. Good. Definitely going to watch that. FTX is
• 1:36:40
  Speaker 1: a Interesting scandal. Interesting in many different ways. And at
• 1:36:48
  Speaker 1: the end of the day, I'm curious if there was
• 1:36:53
  Speaker 1: a proper financial journalist went back and looked at the
• 1:36:58
  Speaker 1: FTX and actually examined the books and examined the promises
• 1:37:01
  Speaker 1: and examined everything. The extent of the fraud, was it
• 1:37:05
  Speaker 1: real fraud? Was this him being made an example of
• 1:37:10
  Speaker 1: for the sake of getting rid of crypto, which is
• 1:37:14
  Speaker 1: what Elizabeth Wong wanted. To what extent is he a
• 1:37:20
  Speaker 1: real fraudster? To what extent is he a victim of
• 1:37:23
  Speaker 1: overzealous prosecutors? I don't know the answer to that. I
• 1:37:26
  Speaker 1: think it's a bit of both. I think he violated
• 1:37:30
  Speaker 1: the law, but it wasn't that big of a deal.
• 1:37:32
  Speaker 1: And actually, if you'd let it ride, if you'd let
• 1:37:35
  Speaker 1: all that money ride, he would have made a fortune.
• 1:37:38
  Speaker 1: He would have made a fortune. would have paid back
• 1:37:40
  Speaker 1: everybody and made a fortune. So it is interesting. Harper Campbell.
• 1:37:54
  Speaker 1: Part one. Did you see Mamdani launched his Open for
• 1:37:59
  Speaker 1: Small Business initiative, which is engaging in substantial deregulation involving
• 1:38:04
  Speaker 1: permit reductions and waiving fees and fines and extending licensing cycles.
• 1:38:11
  Speaker 1: Are the leftist techies who influence him pushing for market
• 1:38:15
  Speaker 1: reforms while still wanting to call it socialism? Yes. You know,
• 1:38:20
  Speaker 1: there's a whole group of people out there call themselves
• 1:38:22
  Speaker 1: market socialists. And they're very much, yes, in my backyard,
• 1:38:28
  Speaker 1: build more markets. fewer regulations of small businesses, get rid
• 1:38:35
  Speaker 1: of waivers, get rid of zoning, get rid of all
• 1:38:37
  Speaker 1: this stuff. So I think Mamdani will have a very
• 1:38:45
  Speaker 1: mixed record. On the one hand, his... Rent controls are
• 1:38:50
  Speaker 1: incredibly harmful. On the other hand, he is doing things
• 1:38:55
  Speaker 1: that are increasing, going to increase building, going to increase
• 1:39:00
  Speaker 1: new building in New York City, and those things might
• 1:39:03
  Speaker 1: offset each other. So he might not be, at the
• 1:39:06
  Speaker 1: end of the day, in terms of New York performance,
• 1:39:08
  Speaker 1: the record might not be as bad as maybe we
• 1:39:11
  Speaker 1: would want to get rid of him when he comes
• 1:39:14
  Speaker 1: up for re-election. But yes, not everything he's doing is
• 1:39:18
  Speaker 1: horrific and bad. He has people, kind of some of
• 1:39:25
  Speaker 1: these lefties who are more economically savvy and know what
• 1:39:32
  Speaker 1: it takes and are willing to tolerate some of his
• 1:39:37
  Speaker 1: economic stupidity in some areas, but really pushing for economic
• 1:39:41
  Speaker 1: rationality in other areas. And I think that the waiver
• 1:39:45
  Speaker 1: of fees and The extending licensing cycles and all this
• 1:39:48
  Speaker 1: stuff is really good. And I think that's being influenced
• 1:39:51
  Speaker 1: by people in his orbit. Clock.
• 1:39:56
  Speaker 2: Changes in life. Change in life is inevitable.
• 1:39:58
  Speaker 1: Yes.
• 1:39:59
  Speaker 2: But making sure you adapt, rebuild, and evolve is a choice.
• 1:40:03
  Speaker 1: Yes. And the choice needs to be I will adapt.
• 1:40:08
  Speaker 1: And the choice needs to be accepting the change is inevitable.
• 1:40:12
  Speaker 1: Anticipating change. Embracing change. And And seeking change. Seeking change.
• 1:40:21
  Speaker 1: All right. We only have three questions left. Three. So
• 1:40:25
  Speaker 1: it might take a few minutes. We are short $ 90
• 1:40:30
  Speaker 1: for the goal, the second hour goal. It's important to
• 1:40:35
  Speaker 1: reach our goals. It's important to fund these shows fully.
• 1:40:41
  Speaker 1: So I encourage you to find ways to To, you know,
• 1:40:53
  Speaker 1: to continue to support the show and to show that
• 1:41:00
  Speaker 1: you support the show. So we're down to $ 85. So
• 1:41:04
  Speaker 1: come up with stickers, with questions. Let's keep this going
• 1:41:08
  Speaker 1: until we get to $ 500. Now that you have a
• 1:41:12
  Speaker 1: job with them, compromising on a rational principle means injecting
• 1:41:18
  Speaker 1: a flaw or an irrationality into your guidance system. Yes.
• 1:41:23
  Speaker 1: And thus undermining it and undercutting it. It's a little
• 1:41:26
  Speaker 1: bit of poison in your drink. It might not kill you,
• 1:41:30
  Speaker 1: but it'll make you sick. And if you keep doing it,
• 1:41:34
  Speaker 1: ultimately it will kill you. So yes, compromising on a
• 1:41:39
  Speaker 1: rational principle is introducing poison into your food. Talk about food. Jeffrey,
• 1:41:49
  Speaker 1: are you a baseball fan? Do you care who wins?
• 1:41:53
  Speaker 1: And will you ever watch a football game again? I
• 1:41:57
  Speaker 1: am a fair weather baseball fan. I am, and I
• 1:42:02
  Speaker 1: know you live in New York, so this, you know,
• 1:42:04
  Speaker 1: you might not like this, but I am a fan
• 1:42:07
  Speaker 1: of the Boston Red Sox. That's where I lived when
• 1:42:11
  Speaker 1: I was a teenager. I I loved baseball then. I've
• 1:42:15
  Speaker 1: gone to many baseball games. Yeah, I like the sport.
• 1:42:19
  Speaker 1: I used to watch regularly. I got a little bored,
• 1:42:22
  Speaker 1: and when Boston's not very good, I get very bored.
• 1:42:27
  Speaker 1: So I haven't watched a game in a long time.
• 1:42:29
  Speaker 1: Boston hasn't been very good lately. And yeah, I'll wait
• 1:42:34
  Speaker 1: until they get good again to start watching. I just
• 1:42:37
  Speaker 1: don't have time. It's such a long game. Will I
• 1:42:41
  Speaker 1: ever watch a football game again? Yeah, I mean, I
• 1:42:43
  Speaker 1: watch the Super Bowl every year. So I watch a
• 1:42:47
  Speaker 1: little bit of football here and there. If there's an
• 1:42:49
  Speaker 1: exciting young quarterback, I like to watch. But I'm not
• 1:42:54
  Speaker 1: going to be a regular football game watcher because of
• 1:42:58
  Speaker 1: the damage the sport does to the athletes. which I
• 1:43:13
  Speaker 1: find really, really unpleasant to think about. All right.
• 1:43:22
  Speaker 2: I'm going to be in New York, but I'm going
• 1:43:23
  Speaker 2: to miss you.
• 1:43:25
  Speaker 1: It's a short trip in and out, quick in and out,
• 1:43:27
  Speaker 1: so won't be able to see you, Jeffrey, next time,
• 1:43:31
  Speaker 1: next time. Andrew, but if you're always seeking change, how
• 1:43:38
  Speaker 1: do you ever feel settled? In the psychological sense, do
• 1:43:42
  Speaker 1: you not recognize that as a value, isn't there a
• 1:43:46
  Speaker 1: certain precondition of feeling settled to pursue and achieve long-term goals? Yeah,
• 1:43:54
  Speaker 1: I don't know what feeling settled means, right? Every time
• 1:44:00
  Speaker 1: you achieve a goal, you find new goals to pursue. No,
• 1:44:06
  Speaker 1: I don't know what settled means. Settled means, I don't know,
• 1:44:10
  Speaker 1: it sounds dead to me. So no, I would say no.
• 1:44:15
  Speaker 1: I don't view settled as a.
• 1:44:20
  Speaker 2: Value. And in a.
• 1:44:23
  Speaker 1: Psychological sense, I don't want to be settled.
• 1:44:26
  Speaker 2: I want to strive.
• 1:44:28
  Speaker 1: This is the essence of ambition. I constantly want to
• 1:44:31
  Speaker 1: look for the next thing. I constantly want to move forward, advance, improve,
• 1:44:38
  Speaker 1: you know, there's no end to that. And some people feel,
• 1:44:41
  Speaker 1: think that is a negative thing, you know, a source
• 1:44:46
  Speaker 1: of frustration. But no, I think that's the very nature
• 1:44:50
  Speaker 1: of life. Life means motion. Life means change. Now, that
• 1:44:56
  Speaker 1: doesn't mean you're constantly looking to dramatically change and uproot everything.
• 1:45:01
  Speaker 1: In order to achieve values, you have to have a
• 1:45:04
  Speaker 1: certain foundation. You're not changing home. But you're constantly looking
• 1:45:09
  Speaker 1: for the next challenge. You're not constantly looking for the
• 1:45:11
  Speaker 1: next value to pursue. You're constantly growing. And that growth
• 1:45:16
  Speaker 1: entails change. It doesn't allow for stagnation. And, you know,
• 1:45:23
  Speaker 1: settling that is being settled is too passive.
• 1:45:29
  Speaker 2: Too passive.
• 1:45:32
  Speaker 1: All right, I don't think I thanked the stickers. Stinger Bell,
• 1:45:35
  Speaker 1: thank you. I really appreciate it. And Wes, $ 50. Really,
• 1:45:39
  Speaker 1: really appreciate it.
• 1:45:40
  Speaker 2: Thank you, Wes.
• 1:45:41
  Speaker 1: I can't remember if I thanked Steven. I think the
• 1:45:45
  Speaker 1: rest I did thank. Yeah, I think the rest I
• 1:45:48
  Speaker 1: did thank. So thank you to all the sticker people.
• 1:45:50
  Speaker 1: Really appreciate it. Only $ 25. One $ 25 question and we
• 1:45:54
  Speaker 1: had the goal. You can do it. Chalei. Do you
• 1:46:01
  Speaker 1: see Islam being a growing problem in the West? Fans
• 1:46:04
  Speaker 1: in the UK are already showing severe signs of cracking,
• 1:46:07
  Speaker 1: given the general beliefs of immigrants. Would it be rational
• 1:46:11
  Speaker 1: to oppose immigration in Europe? So, do you see Islam being...
• 1:46:18
  Speaker 1: I mean, here's the equivocation that drives me nuts. And
• 1:46:24
  Speaker 1: the equivocation is between immigration and Islam. So yes, Islam
• 1:46:29
  Speaker 1: is a problem. No, immigration is not a problem. You
• 1:46:33
  Speaker 1: can have immigration without Islam. So you can have immigration
• 1:46:47
  Speaker 1: without Islam. So Islam is a problem. But here's the issue.
• 1:46:54
  Speaker 1: The primary problem is not Islam. The primary problem is
• 1:46:59
  Speaker 1: the weakness of the West. A strong, confident France, a strong,
• 1:47:05
  Speaker 1: confident Britain would not allow Islam to pose a problem.
• 1:47:14
  Speaker 1: You know, you commit crimes, you're thrown in jail and
• 1:47:18
  Speaker 1: you throw away the keys if the crime is severe enough,
• 1:47:21
  Speaker 1: and many of these crimes are. You don't tolerate... The
• 1:47:28
  Speaker 1: kind of... I don't know. The kind of violence that
• 1:47:35
  Speaker 1: comes out of these Islamic communities. And then you're going
• 1:47:42
  Speaker 1: to attack the West? You're going to attack Western values?
• 1:47:47
  Speaker 1: You should be shunned by society. Never mind voted for.
• 1:47:53
  Speaker 2: You should.
• 1:47:55
  Speaker 1: If you're going to come to the UK with Islamist ideas,
• 1:47:59
  Speaker 1: Sharia is going to take over the UK. You're not invited.
• 1:48:02
  Speaker 1: You're not welcome. Get them on a plane and send
• 1:48:05
  Speaker 1: them home. So the challenge is for the West to
• 1:48:10
  Speaker 1: get a backbone. If the West had a backbone, Islam
• 1:48:15
  Speaker 1: stops being a problem. And, you know, the immigrants come
• 1:48:28
  Speaker 1: from Islamic countries. That's a choice, by the way. That's
• 1:48:31
  Speaker 1: a choice, by the way, Britain made with Brexit. They
• 1:48:35
  Speaker 1: didn't want Polish immigrants to So they got Pakistani immigrants instead.
• 1:48:42
  Speaker 1: England needs immigrants. It's a question of which immigrants they get.
• 1:48:47
  Speaker 1: And Brexit kind of guaranteed that they would get a
• 1:48:51
  Speaker 1: different kind of immigrant. But there's no... It doesn't have
• 1:48:57
  Speaker 1: to be that way. For example, in the United States,
• 1:48:59
  Speaker 1: we don't have a lot of Muslim immigrants. Islam is
• 1:49:02
  Speaker 1: not a problem. And then... I like how it says,
• 1:49:09
  Speaker 1: not with labor and power, as if the conservatives were
• 1:49:11
  Speaker 1: any better. I mean, the big flood of immigrants into
• 1:49:14
  Speaker 1: the UK was under conservative government.
• 1:49:17
  Speaker 2: Of Muslim immigrants. And Brexit was a conservative thing.
• 1:49:22
  Speaker 1: To get rid of those Polish immigrants taking our jobs,
• 1:49:24
  Speaker 1: we got Pakistani immigrants.
• 1:49:27
  Speaker 2: Taking our jobs.
• 1:49:29
  Speaker 1: So, the challenge is that the West will not stand
• 1:49:35
  Speaker 1: up for its beliefs. I'm against the immigration of Islamists,
• 1:49:44
  Speaker 1: those who refuse to assimilate because they come with an agenda,
• 1:49:50
  Speaker 1: convert your country into an Islamic country. Those should be
• 1:49:54
  Speaker 1: not welcome. So anybody identified as an Islamist should be
• 1:49:58
  Speaker 1: sent home.
• 1:50:00
  Speaker 2: That's my view.
• 1:50:02
  Speaker 1: And the rest, it should be demanded that they assimilate.
• 1:50:07
  Speaker 1: And no immigrant... no matter where they come from, should
• 1:50:09
  Speaker 1: get welfare and public assistance or any of that.
• 1:50:13
  Speaker 2: They come to work. If they don't work, they don't
• 1:50:20
  Speaker 2: come in.
• 1:50:26
  Speaker 1: Brexit basically shifted the type of immigrant that came to
• 1:50:29
  Speaker 1: the UK. If you look at immigrants who came to
• 1:50:33
  Speaker 1: the UK pre-Brexit, it was Europeans. mainly southern and eastern Europeans.
• 1:50:39
  Speaker 1: If you look at the immigrants who come into the
• 1:50:41
  Speaker 1: UK post-Brexit, it's people from the colonies, India, Pakistan, Nigeria,
• 1:50:49
  Speaker 1: and other parts of the colonies, and many, many, many
• 1:50:53
  Speaker 1: of them Islamists, Islamic Muslims from Pakistan. Not all Muslims...
• 1:51:05
  Speaker 1: Not all Muslims want to convert you and turn your
• 1:51:09
  Speaker 1: country into Sharia law. Imagine if you had a Muslim
• 1:51:13
  Speaker 1: band and you didn't accept Ayn Hirsi Ali into the
• 1:51:16
  Speaker 1: United States or into Europe because she grew up not
• 1:51:20
  Speaker 1: just a Muslim, but she grew up under the Muslim Brotherhood.
• 1:51:24
  Speaker 1: But she, when she escaped, was not committed to bringing
• 1:51:27
  Speaker 1: Sharia to Europe. She was committed to a secular life.
• 1:51:32
  Speaker 1: Those kind of Muslims should be welcomed. Islam is not Nazism.
• 1:51:39
  Speaker 1: Islam is not socialism. Islamism is. And you have to
• 1:51:46
  Speaker 1: be able to differentiate. Again, Ayn Husserl was nominally a Muslim.
• 1:51:54
  Speaker 1: The two scientists that created the mRNA vaccine in BioNTech in.
• 1:52:03
  Speaker 2: Germany, We're Muslims. Those are the kind of Muslims we
• 1:52:10
  Speaker 2: want to ban?
• 1:52:12
  Speaker 1: Biotech engineers who are not religious and do not want
• 1:52:18
  Speaker 1: to bring Sharia to your country? No. You want to
• 1:52:23
  Speaker 1: ban the Islamists who take the Islam seriously. She didn't
• 1:52:34
  Speaker 1: come as an atheist. She didn't come, I mean, so,
• 1:52:39
  Speaker 1: but on her passport it says she was a Muslim.
• 1:52:42
  Speaker 1: I mean, how do you, how do you, how do
• 1:52:44
  Speaker 1: you determine when somebody's an atheist or not? You know, Islamic,
• 1:52:48
  Speaker 1: a ban on Islamic immigration is a ban from Muslim countries.
• 1:52:52
  Speaker 1: She came from Somalia. You know, where they eat pets,
• 1:52:57
  Speaker 1: so you don't want Somalians anyway, right? According to J.D. Vance.
• 1:53:01
  Speaker 1: So you wouldn't have immigrants of Somalia. So you wouldn't
• 1:53:05
  Speaker 1: have Ayaan Hirsi Ali. It just doesn't make any sense
• 1:53:10
  Speaker 1: not to think about what does the individual actually believe.
• 1:53:21
  Speaker 1: Muhammad is a terrible, horrible man. So is Jesus.
• 1:53:26
  Speaker 2: Jesus has done more harm to the West than Muhammad.
• 1:53:31
  Speaker 2: So is Abraham. Wanted to kill his own son.
• 1:53:34
  Speaker 1: I mean, Really? Do we want a competition on which
• 1:53:41
  Speaker 1: religion is nastier? Islam is nastier today. But just because
• 1:53:45
  Speaker 1: you believe in some prophet and you interpret his words
• 1:53:48
  Speaker 1: in a particular way, well, it depends how you interpret
• 1:53:52
  Speaker 1: his words. There's a million different ways to interpret the words.
• 1:53:56
  Speaker 1: If you interpret the words to justify violence, you're out.
• 1:54:00
  Speaker 2: That's it. She came by the Netherlands, but the Netherlands
• 1:54:06
  Speaker 2: had to accept her.
• 1:54:07
  Speaker 1: So we're talking about Europe, we're talking about America, we're
• 1:54:09
  Speaker 1: not talking about any particular country. We're talking about the
• 1:54:12
  Speaker 1: very fact that the Netherlands accepted her as a refugee.
• 1:54:16
  Speaker 1: And if they had a Muslim ban, they wouldn't have
• 1:54:19
  Speaker 1: accepted her. They would have sent her back to Somalia. No,
• 1:54:28
  Speaker 1: it's not about whataboutism. It is about interpretation. Just because somebody...
• 1:54:35
  Speaker 1: you know, thinks Muhammad was a prophet and has a
• 1:54:40
  Speaker 1: lot of good things to say and his religion has
• 1:54:44
  Speaker 1: some value in their life, doesn't make them a net
• 1:54:48
  Speaker 1: negative in terms of being your neighbor. Any more than
• 1:54:53
  Speaker 1: somebody who believes in Jesus Christ or in any other,
• 1:54:59
  Speaker 1: you know, mystical being. It It depends on the interpretation.
• 1:55:07
  Speaker 1: If their religion is theirs and they have no political
• 1:55:10
  Speaker 1: ambitions of imposing those, you know, religion on anybody else,
• 1:55:14
  Speaker 1: then why is it any of your business? It's not.
• 1:55:18
  Speaker 1: Those kind of immigrants are fine. Those immigrants who believe
• 1:55:22
  Speaker 1: that Islam should be the guide for politics are not welcome.
• 1:55:28
  Speaker 1: Very simple rule. And by the way, the Islamists, like
• 1:55:36
  Speaker 1: the Muslim Brotherhood and others in Europe today, should all
• 1:55:38
  Speaker 1: be deported. They should be kicked out. I mean, America
• 1:55:51
  Speaker 1: doesn't have the same problem with Muslims as Europe does
• 1:55:53
  Speaker 1: for two reasons. One, they assimilate in America much better
• 1:55:57
  Speaker 1: because we expect.
• 1:55:58
  Speaker 2: Assimilation much more. And second, there are fewer of them.
• 1:56:04
  Speaker 1: Our migrations, legal and illegal, don't tend to be from
• 1:56:10
  Speaker 1: Muslim countries. They tend to be from Catholic countries. Jeffrey says,
• 1:56:25
  Speaker 1: I was invited to the wood ceremony next week.
• 1:56:27
  Speaker 2: Of course, I will see you.
• 1:56:28
  Speaker 1: Excellent. What should I wear? You're asking the wrong person.
• 1:56:34
  Speaker 1: I will be wearing a jacket and slacks and a
• 1:56:41
  Speaker 1: nice button-down shirt with no tie. That's what I will
• 1:56:48
  Speaker 1: be wearing. But, you know, you say most Muslims are
• 1:56:56
  Speaker 1: good people. I'm talking about Islam itself. It promotes child marriage. But,
• 1:57:01
  Speaker 1: you know, in Albania... which is a country dominated by Muslims,
• 1:57:06
  Speaker 1: 90% of the population is Muslims, there's no child marriage.
• 1:57:11
  Speaker 1: In many Arab countries, not many, in some Arab countries,
• 1:57:15
  Speaker 1: child marriage is banned. So, you know, yes, religions advocate
• 1:57:23
  Speaker 1: for horrible things. The question is, what does the person
• 1:57:26
  Speaker 1: actually believe in? Now, if your neighbor tells you he
• 1:57:32
  Speaker 1: supports child marriage, then yeah, you don't want him. But
• 1:57:36
  Speaker 1: if your neighbor says he's a Muslim who doesn't support
• 1:57:39
  Speaker 1: child marriage, who doesn't support applying Islam to the law
• 1:57:43
  Speaker 1: in England.
• 1:57:44
  Speaker 2: Then why does it bother you? That's my point.
• 1:57:48
  Speaker 1: You have to differentiate between the Muslims that want to
• 1:57:53
  Speaker 1: impose their will on you and they should be barred
• 1:57:57
  Speaker 1: and those who do not. All right. Andrew, if not settled,
• 1:58:07
  Speaker 1: how would you characterize the psychological state of Ayn Rand's
• 1:58:10
  Speaker 1: commitment to writing Atlas Shrugged? Methodological, consistent, relentless, over the
• 1:58:16
  Speaker 1: course of 15 years, or your commitment to your wife? Well,
• 1:58:19
  Speaker 1: that's not settled. I don't know why that is settled.
• 1:58:22
  Speaker 1: It's dynamic. It's, as you say, I don't associate settled
• 1:58:26
  Speaker 1: with relentless. I don't associate settled with methodological, methodical.
• 1:58:36
  Speaker 2: Settled is settled.
• 1:58:37
  Speaker 1: It's accepting. It's as it is. But Rand constantly pushed
• 1:58:42
  Speaker 1: herself to write, constantly pushed herself to improve, constantly pushed herself.
• 1:58:47
  Speaker 1: I mean, she didn't think it would take 12 years
• 1:58:49
  Speaker 1: to write Atlas Shrugged. So settled, you know, settled is
• 1:58:55
  Speaker 1: the opposite. I'm for long-term ambitious goals. But those long-term
• 1:59:01
  Speaker 1: ambitious goals are going to require you to challenge yourself, to,
• 1:59:07
  Speaker 1: you know. Now, maybe change is not the right way
• 1:59:13
  Speaker 1: to formulate it, right? So it's not like, oh, she
• 1:59:16
  Speaker 1: should have immediately done Atlas Shrugged and then immediately, you know,
• 1:59:20
  Speaker 1: within a year after starting Atlas Shrugged, shifted to another project.
• 1:59:23
  Speaker 2: That's not what I mean, right? So, yeah, I.
• 1:59:41
  Speaker 1: Mean, maybe we're debating what settled means. You know, my
• 1:59:50
  Speaker 1: relationship with my wife is not settled in that sense.
• 1:59:54
  Speaker 1: It's constantly growing. Otherwise, it would die. So I take
• 1:59:59
  Speaker 1: settled as passive. Status quo. As accepting and not striving. Shazbat.
• 2:00:19
  Speaker 1: So Raleigh. Around the Cape of Good Hope. It rains
• 2:00:24
  Speaker 1: so hard. It'll make your head bleed. Black add up.
• 2:00:29
  Speaker 1: So some sort of hat is in order. If only
• 2:00:33
  Speaker 1: we thought about poverty in a similar way. Yeah, black adder.
• 2:00:44
  Speaker 1: There's solutions to problems. It rains, get a hat or
• 2:00:48
  Speaker 1: an umbrella. All right, last two questions, guys. Thank you.
• 2:00:53
  Speaker 1: We've reached the goal, so I appreciate that. Daniel, a
• 2:00:57
  Speaker 1: guy breaks into a tiger cage at a zoo. Do
• 2:01:00
  Speaker 1: you shoot the tiger if able? If the tiger kills
• 2:01:03
  Speaker 1: the man, do you euthanize the tiger? No. Why would
• 2:01:08
  Speaker 1: you penalize the tiger for the guy's stupidity? He breaks
• 2:01:13
  Speaker 1: into the tiger's cage. Now, maybe you kill the tiger
• 2:01:17
  Speaker 1: to save him, but you don't euthanize the tiger because
• 2:01:19
  Speaker 1: he killed the man if the man provoked him. I
• 2:01:30
  Speaker 1: like numbers. Oh, God. Bonnie's latest podcast post claimed he
• 2:01:38
  Speaker 1: wouldn't financially back Biddle while on ARI's board.
• 2:01:43
  Speaker 2: But wasn't him pushing.
• 2:01:44
  Speaker 1: For Craig the main reason he was booted?
• 2:01:48
  Speaker 2: I told you I don't answer questions like this.
• 2:01:50
  Speaker 1: I mean, I'll just say the answer is no, but
• 2:01:53
  Speaker 1: I'm not going to get into it because I'm not
• 2:01:55
  Speaker 1: interested in discussing that. I'm not interested in discussing Carl
• 2:01:59
  Speaker 1: or Craig or why... Carl was fired from the board
• 2:02:04
  Speaker 1: or any of that I've said what I have to
• 2:02:08
  Speaker 1: say about it and will say no more it's just
• 2:02:13
  Speaker 1: uninteresting and unimportant and I don't know you know if
• 2:02:17
  Speaker 1: you're interested read what Carl has to say and speculate
• 2:02:21
  Speaker 1: from there NM is objectivism settled well what do you
• 2:02:25
  Speaker 1: mean by objectivism objectivism is.
• 2:02:29
  Speaker 2: A set of ideas it's closed It's finite. It's finished.
• 2:02:35
  Speaker 1: In that sense, it's settled. Is truth settled? Is philosophy settled? No.
• 2:02:41
  Speaker 2: Is knowledge settled?
• 2:02:43
  Speaker 1: No. Is the application.
• 2:02:46
  Speaker 2: Of objectivism settled?
• 2:02:47
  Speaker 1: No. But objectivism, qua the name given to a set
• 2:02:52
  Speaker 1: of ideas, that's done. Right or wrong, that is done.
• 2:03:00
  Speaker 1: All right, guys. Thank you. I appreciate the support. I
• 2:03:06
  Speaker 1: will see you all tomorrow. Tomorrow should be a regular time,
• 2:03:14
  Speaker 1: so it should be back to 3 p.m.
• 2:03:15
  Speaker 2: East Coast time.
• 2:03:16
  Speaker 1: Very vague. What's vague? And, yeah, thank you again for
• 2:03:26
  Speaker 1: getting us to the target. Bye, everybody. See you tomorrow.