Latest / Collegium Conversations – der Wissenspodcast des St.Gallen Collegium / Busting Free Market Myths With Jacob Soll – A Joint Episode of "Grüezi Amerika", "Ohne Senf" and "SQUARE Talks" - Grüezi Amerika. Views from the Sister Republic

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Busting Free Market Myths With Jacob Soll – A Joint Episode of "Grüezi Amerika", "Ohne Senf" and "SQUARE Talks" - Grüezi Amerika. Views from the Sister Republic · Collegium Conversations – der Wissenspodcast des St.Gallen Collegium

0:03
Views
0:03
from
0:03
the
0:03
Sister
0:04
Republic.
0:04
A
0:05
University
0:05
of
0:05
St.Gallen
0:06
podcast
0:06
by
0:07
Claudia
0:07
Brühwiler.
0:13
And
0:13
welcome
0:14
to
0:14
a
0:14
very
0:14
special
0:15
episode
0:15
of
0:16
Grüezi
0:16
Amerika.
0:17
It's
0:18
a
0:18
special
0:18
episode
0:19
for
0:19
three
0:19
reasons.
0:20
A
0:21
we're
0:21
recording
0:22
live
0:22
at
0:22
square
0:23
with
0:23
a
0:23
lovely
0:23
crowd.
0:25
B,
0:25
personality
0:26
in
0:26
residence
0:27
Professor
0:27
Jacob
0:27
Soll
0:28
is
0:28
our
0:28
guest
0:29
today.
0:30
All
0:30
our
0:30
guests
0:31
are
0:31
special,
0:31
of
0:31
course,
0:32
but
0:32
having
0:32
a
0:33
personality
0:33
in
0:33
residence
0:34
with
0:34
us
0:34
is
0:34
extra
0:35
special
0:36
as
0:36
you
0:36
have
0:36
also
0:37
flown
0:37
all
0:37
the
0:37
way
0:38
from
0:38
California
0:39
to
0:39
us.
0:39
Thank
0:40
you.
0:40
And
0:40
see
0:41
I
0:41
have
0:41
a
0:41
co
0:41
host,
0:42
Wolfram
0:43
Eilenberger.
0:44
He's
0:44
a
0:44
philosopher,
0:45
best
0:45
selling
0:45
author,
0:46
magazine
0:47
founder
0:47
and
0:48
TV
0:48
moderator.
0:50
Most
0:50
of
0:50
you
0:51
probably
0:51
know
0:51
Wolfram
0:52
as
0:52
one
0:52
of
0:53
the
0:53
hosts
0:53
of
0:53
Sternstunde
0:54
Philosophie
0:55
on
0:55
Swiss
0:56
public
0:56
television.
0:57
If
0:58
you
0:58
don't,
0:58
it's
0:58
high
0:59
time
0:59
to
0:59
tune
1:00
in.
1:00
I
1:00
think
1:00
it's
1:01
Saturdays,
1:01
right?
1:02
Sundays.
1:02
Sundays
1:03
like
1:03
the
1:03
church.
1:04
I'm
1:04
always
1:05
watching
1:05
it
1:05
on
1:05
the
1:06
media
1:06
teague,
1:06
so
1:07
that
1:08
makes
1:08
me
1:08
a
1:08
bad
1:08
reference
1:09
point.
1:11
So
1:11
tune
1:11
in.
1:13
This
1:13
year
1:13
he
1:13
has
1:14
joined
1:14
the
1:14
High
1:14
Ski
1:15
family
1:15
as
1:15
a
1:16
fellow
1:16
at
1:16
the
1:16
newly
1:17
established
1:17
St.
1:18
Gallen
1:18
Collegium.
1:19
And
1:20
he
1:20
is
1:21
the
1:21
host
1:21
of
1:22
a
1:22
new
1:22
podcast
1:23
that
1:23
is
1:23
part
1:23
of
1:24
the
1:24
High
1:24
Ski
1:24
podcast
1:25
family.
1:25
What's
1:26
up
1:26
with
1:26
that,
1:26
Wolfram?
1:27
Yes,
1:27
yes,
1:27
we
1:28
thought
1:28
that
1:28
we
1:28
have
1:29
a
1:29
podcast
1:29
for
1:29
the
1:29
newly
1:30
founded
1:30
St.
1:30
Gallen
1:31
Collegium
1:31
that
1:32
is
1:32
a
1:32
new
1:32
invention
1:33
by
1:33
the
1:33
High
1:33
scale.
1:34
I
1:34
think
1:34
it's
1:34
the
1:34
first
1:34
collegium
1:35
of
1:35
an
1:35
economical
1:36
school
1:36
in
1:37
the
1:37
world.
1:37
And
1:38
we
1:38
address,
1:38
as
1:39
eight
1:39
scholars
1:39
coming
1:40
from
1:40
all
1:40
over
1:40
the
1:40
world,
1:41
one
1:41
pertinent
1:42
question
1:42
to
1:43
current
1:43
discourse,
1:44
philosophy,
1:45
academia
1:46
and
1:46
politics.
1:47
And
1:47
our
1:47
topic
1:48
this
1:48
year
1:48
is
1:49
Reinterpreting
1:50
Freedom.
1:52
And
1:52
the
1:52
podcast
1:53
is
1:53
called
1:54
Una
1:54
Zenf.
1:55
No
1:55
mustard
1:56
for
1:56
the
1:56
people
1:57
from
1:57
St.
1:57
Gallen.
1:57
It
1:58
is
1:58
clear
1:58
why
1:59
we
1:59
will
1:59
explain
2:00
it
2:00
to
2:00
Jacob
2:01
later.
2:02
But
2:02
the
2:02
first
2:02
thing
2:02
that
2:03
we
2:03
would
2:03
not
2:03
like
2:04
to
2:04
do
2:04
is
2:06
our
2:06
senftat
2:07
Zugeben
2:07
to
2:07
talk
2:08
senf
2:08
to
2:08
talk
2:09
idly.
2:10
We
2:10
would
2:10
like
2:10
to
2:10
talk
2:11
content
2:12
and
2:12
new
2:12
ideas
2:13
and
2:13
grand
2:13
perspectives
2:14
on
2:15
reinterpreting
2:16
freedom.
2:16
And
2:16
there's
2:16
no
2:16
other
2:17
guest
2:18
that
2:18
I
2:18
would
2:18
rather
2:18
talk
2:19
to
2:19
on
2:19
this
2:19
topic
2:20
than
2:20
our
2:21
personality
2:22
in
2:22
residence,
2:22
Jacob
2:23
Saul,
2:23
who
2:24
is,
2:24
I
2:24
should
2:25
say,
2:26
a
2:26
strange
2:27
and
2:27
dangerous
2:28
man.
2:30
I
2:31
don't
2:31
know
2:31
if
2:32
he's
2:32
more
2:32
on
2:32
the
2:32
strange
2:33
or
2:33
on
2:33
the
2:34
dangerous
2:34
side,
2:35
but
2:36
strange
2:36
he
2:36
is
2:37
because
2:37
he
2:38
is
2:38
probably
2:39
the
2:39
only
2:39
philosopher
2:40
in
2:40
the
2:41
world
2:41
holding
2:42
a
2:42
chair
2:42
for
2:43
accounting
2:45
and
2:45
philosophy.
2:47
Now
2:47
I'm
2:47
a
2:47
philosopher
2:48
myself
2:48
and
2:48
I
2:48
don't
2:49
know
2:49
if
2:50
they
2:50
have
2:51
anything
2:51
in
2:51
common.
2:52
No
2:52
one
2:52
ever
2:52
told
2:53
me
2:53
that.
2:53
But
2:53
in
2:53
my
2:54
mind,
2:55
accounting
2:55
and
2:55
philosophy
2:56
are
2:56
the
2:57
farthest
2:57
away
2:58
way
2:58
as
2:58
I
2:58
could
2:58
imagine.
2:59
For
2:59
you
3:00
not
3:00
apparently,
3:00
no,
3:01
not
3:01
at
3:01
all.
3:01
That's
3:02
not
3:02
the
3:02
way
3:03
it
3:03
was.
3:03
Accounting
3:04
is
3:06
the
3:06
first
3:06
printed
3:07
book
3:07
on
3:07
accounting
3:07
was
3:08
actually
3:08
a
3:09
philosophical
3:09
treatise
3:10
on
3:10
celestial
3:10
mathematics.
3:12
That's
3:12
by
3:12
Pacioli.
3:13
He
3:13
did
3:13
not
3:13
invent
3:14
accounting,
3:14
but
3:15
it
3:15
was
3:15
seen
3:15
within
3:16
a
3:16
philosophical
3:17
mathematical
3:18
context.
3:19
In
3:19
the
3:20
18th
3:20
century,
3:21
great
3:22
philosophers
3:22
learned
3:23
accounting.
3:25
It
3:25
has
3:25
theories
3:25
of
3:26
loss
3:26
and
3:26
balance.
3:27
It
3:27
clearly
3:27
comes
3:28
from
3:28
an
3:28
algebraic
3:30
logic.
3:31
It's
3:31
deeply
3:32
embedded
3:33
in
3:33
the
3:34
world
3:34
of
3:34
creation
3:35
in
3:35
the
3:35
Renaissance.
3:36
But
3:36
also
3:38
as
3:38
pertains
3:39
to
3:39
my
3:39
new
3:39
book
3:39
now,
3:40
it
3:40
is
3:41
related
3:42
to
3:42
computing.
3:43
Computare
3:44
in
3:44
Latin
3:44
means
3:45
to
3:45
account.
3:45
And
3:46
it
3:46
will
3:46
have
3:46
a
3:47
very,
3:47
very
3:47
strong
3:48
role
3:49
in
3:49
the
3:49
rise
3:50
of
3:51
the
3:51
mathematics
3:52
that
3:52
will
3:52
lead
3:52
to
3:52
machine
3:53
learning.
3:53
And
3:53
that's
3:53
my
3:53
new
3:54
book
3:54
right
3:54
now.
3:54
There
3:55
you
3:55
have
3:55
it.
3:55
The
3:55
Birth
3:56
of
3:56
Philosophy
3:57
from
3:57
the
3:57
Spirit
3:57
of
3:57
Accounting.
3:58
That
3:59
is
3:59
one
3:59
new
3:59
idea
4:00
that
4:00
I
4:00
have
4:00
to
4:00
digest
4:01
right
4:01
now.
4:01
But
4:02
he's
4:02
also
4:02
a
4:03
dangerous
4:03
man
4:04
because
4:04
in
4:04
his
4:05
books,
4:05
in
4:05
his
4:06
writings,
4:06
in
4:06
his
4:07
teaching,
4:08
he
4:08
is
4:08
into
4:08
myth
4:09
busting.
4:11
And
4:11
the
4:11
greatest
4:12
myth
4:12
that
4:12
is
4:13
controlling
4:13
or
4:14
influencing
4:14
our
4:14
society
4:15
right
4:15
now
4:16
is
4:16
probably
4:17
the
4:17
myth
4:17
of
4:18
the
4:18
free
4:18
market
4:19
and
4:19
the
4:20
free
4:20
market
4:20
ideology.
4:21
And
4:21
that
4:21
is
4:22
also
4:22
the
4:22
title
4:23
of
4:23
Jacob's
4:24
latest
4:24
book.
4:24
It's
4:25
called
4:25
Free
4:25
Market
4:26
the
4:26
History
4:26
of
4:27
an
4:27
Idea,
4:27
or
4:28
rather
4:28
Jacob
4:29
the
4:29
History
4:29
of
4:30
a
4:30
Phantasma.
4:31
Yeah,
4:32
it
4:32
was
4:32
supposed
4:32
to
4:32
be
4:32
called
4:32
the
4:33
History
4:33
of
4:33
a
4:33
Dream
4:33
and
4:33
it
4:34
was
4:34
changed
4:34
and
4:34
that
4:34
led
4:35
to
4:35
a
4:35
lot
4:35
of
4:35
confusion
4:36
in
4:36
the
4:36
United
4:36
States
4:37
because
4:37
the
4:37
wrong
4:37
people
4:38
brought,
4:38
bought
4:38
the
4:39
book
4:39
and
4:39
were
4:39
very,
4:40
very
4:40
upset
4:42
and
4:42
they
4:42
have
4:42
a
4:42
lot
4:43
of
4:43
money
4:43
and
4:43
backing
4:44
and
4:44
they
4:44
came
4:44
after
4:44
me
4:45
for
4:45
a
4:45
long
4:45
time.
4:46
So,
4:48
yeah,
4:49
a
4:49
lot
4:49
of
4:49
drama
4:50
involved
4:50
with
4:50
that,
4:51
to
4:51
be
4:51
honest.
4:53
May
4:53
I
4:53
guess
4:54
that
4:54
the
4:54
Cato
4:55
Institute
4:55
didn't
4:55
invite
4:56
you
4:56
for
4:56
a
4:56
talk?
4:57
No,
4:57
not
4:57
at
4:58
all.
4:59
Every
4:59
single
5:00
person
5:00
that
5:00
attacked
5:01
me,
5:01
whether
5:02
they
5:02
were
5:02
academics
5:03
or
5:03
not,
5:03
and
5:03
I
5:03
can,
5:05
I
5:05
mean,
5:06
I
5:06
can't
5:07
name
5:07
names,
5:08
but
5:08
you
5:08
can
5:08
Google
5:08
them.
5:09
They,
5:10
one
5:10
way
5:10
or
5:10
another,
5:11
they
5:11
were
5:11
related
5:11
to
5:11
the
5:12
Koch
5:12
brothers.
5:12
Koch
5:12
brothers
5:13
money
5:13
was
5:13
flowing
5:14
into
5:14
them.
5:14
The
5:15
Koch
5:15
brothers
5:15
have
5:15
sued
5:16
Donald
5:16
Trump
5:16
over
5:17
the,
5:18
the
5:18
tariffs.
5:19
But
5:19
his
5:19
publications,
5:20
their
5:20
publications
5:21
say
5:21
nothing
5:21
about
5:21
the
5:22
tariffs.
5:22
It's
5:23
not
5:23
clear.
5:23
They
5:23
really
5:24
believe
5:24
in
5:24
free
5:25
markets
5:26
to
5:26
me,
5:27
obviously,
5:29
or
5:29
democracy,
5:31
which
5:31
is
5:31
why
5:31
they
5:32
behave
5:32
like
5:32
they
5:32
do.
5:33
But
5:33
I
5:33
didn't
5:33
think
5:33
that
5:33
this
5:34
book
5:34
would
5:34
matter
5:35
to
5:35
them.
5:36
I
5:36
think
5:36
had
5:37
it
5:37
been
5:37
presented
5:38
in
5:38
a
5:38
different
5:38
way.
5:39
It
5:39
might
5:39
not
5:39
have.
5:40
But
5:40
the
5:40
reason
5:41
I
5:41
believe
5:41
it
5:41
does
5:41
is
5:41
that
5:42
because
5:42
it
5:42
talks
5:42
about
5:42
ancient
5:43
history,
5:43
Rome,
5:44
it
5:44
talks
5:44
about
5:44
the
5:45
Catholic
5:45
Church,
5:46
it
5:47
talks
5:47
about
5:47
Christianity.
5:48
And
5:48
those
5:48
are
5:48
things
5:49
that,
5:50
at
5:50
least
5:50
in
5:51
America,
5:52
they
5:52
like
5:52
to
5:52
have
5:53
control
5:53
over
5:53
that
5:54
discourse.
5:54
And
5:54
the
5:55
left
5:55
is
5:55
kind
5:55
of
5:55
wishy
5:56
washy
5:56
and
5:56
talks
5:56
only
5:57
about
5:57
modern
5:57
history.
5:58
But
5:58
there
5:58
are
5:58
three
5:59
takeaways
5:59
from
5:59
this
6:00
book
6:00
that
6:00
are
6:01
quite
6:01
devastating
6:02
to
6:02
contemporary
6:03
free
6:03
market
6:03
ideology.
6:04
The
6:04
first
6:05
would
6:05
be,
6:05
you
6:05
correct
6:06
me,
6:06
Adam
6:06
Smith
6:07
is
6:07
not
6:07
the
6:08
founder
6:08
of
6:08
free
6:08
market
6:08
ideology.
6:09
The
6:10
second,
6:10
there
6:10
has
6:10
never
6:11
been
6:11
a
6:11
free
6:11
market.
6:12
And
6:12
the
6:12
third,
6:12
if
6:13
there
6:13
was
6:13
a
6:13
free
6:13
market,
6:14
it
6:14
wouldn't
6:14
work.
6:16
Well,
6:16
right,
6:17
let
6:17
me.
6:17
So,
6:18
of
6:19
course
6:19
there
6:19
are
6:19
free
6:19
markets.
6:20
There's
6:20
just
6:20
always
6:20
a
6:21
condition.
6:21
And
6:22
that's
6:22
one
6:22
of
6:22
the
6:22
theses
6:22
of
6:23
the
6:23
book,
6:23
is
6:23
that
6:24
almost
6:25
every
6:25
until
6:26
the
6:26
20th
6:26
century,
6:27
free
6:28
market
6:28
thinkers
6:28
always
6:29
said,
6:29
if
6:29
we're
6:29
going
6:29
to
6:29
have
6:29
a
6:30
free
6:30
market,
6:30
we're
6:30
going
6:30
to
6:30
need
6:31
an
6:31
enlightened,
6:31
absolute
6:32
monarch.
6:33
We're
6:33
going
6:33
to
6:33
need
6:34
subsidies
6:34
for
6:35
food,
6:36
we're
6:36
going
6:36
to
6:37
need
6:37
the
6:37
state
6:38
to
6:39
invest.
6:40
There
6:41
was
6:41
always
6:42
actually
6:43
a
6:43
state
6:43
role
6:44
in
6:44
free
6:44
market
6:45
discourse.
6:46
That's
6:46
until
6:47
the
6:47
20th
6:47
century,
6:48
when
6:48
we
6:49
get
6:49
Hayek
6:49
coming
6:50
in
6:50
with
6:50
what
6:50
I
6:50
call
6:51
his
6:51
kind
6:51
of
6:52
understandably
6:53
paranoid
6:53
vision
6:54
of.
6:55
Of
6:55
the
6:56
free
6:56
market.
6:57
Of
6:57
course,
6:58
we've
6:58
never
6:58
seen
6:58
a
6:58
totally
6:59
free
6:59
market.
6:59
I
7:00
joke,
7:00
but
7:00
not
7:01
completely
7:01
at
7:01
the
7:01
end
7:01
of
7:02
the
7:02
book,
7:02
that
7:03
South
7:04
Sudan
7:04
is
7:05
the
7:05
perfect
7:05
free
7:05
market.
7:06
There's
7:06
no
7:06
government.
7:07
And
7:07
actually
7:07
you
7:07
had
7:08
some
7:08
American
7:08
conservatives
7:09
celebrating
7:10
Sudan
7:11
as
7:11
a
7:12
perfect
7:12
example
7:13
of
7:13
a
7:13
free
7:13
market
7:14
because
7:14
they
7:14
took
7:14
no
7:15
foreign
7:15
aid
7:16
and
7:16
they
7:16
had
7:16
no
7:17
foreign
7:18
influence.
7:18
No
7:19
one
7:19
was
7:19
helping
7:19
them
7:19
so
7:20
they
7:20
could
7:20
develop
7:20
a
7:21
perfect
7:21
free
7:21
market.
7:21
And
7:22
we've
7:22
seen
7:22
just
7:22
how
7:23
remarkably
7:24
successful
7:24
that's
7:24
been.
7:25
But
7:25
I
7:25
do
7:25
believe
7:26
that
7:26
markets
7:26
can
7:27
be
7:28
more.
7:29
More
7:29
free
7:29
and
7:29
less
7:30
free.
7:30
Right.
7:31
And
7:31
so
7:32
right
7:32
now,
7:32
the
7:33
joke
7:33
is,
7:34
is
7:34
that
7:34
I
7:34
don't
7:34
really
7:35
like
7:35
Donald
7:36
Trump's
7:37
version
7:37
of
7:38
not
7:38
having
7:39
economic
7:40
freedom.
7:40
You
7:41
know,
7:41
that
7:41
America,
7:41
we
7:41
can't
7:42
receive
7:42
packages
7:43
now.
7:43
I
7:44
mean,
7:44
you
7:45
can't
7:45
receive
7:45
a
7:46
package.
7:46
That's
7:47
literally
7:47
insane.
7:47
But
7:48
that's
7:48
part
7:48
of
7:48
the.
7:49
The
7:49
plan
7:49
to
7:50
kind
7:50
of
7:50
close
7:50
everything
7:51
down.
7:51
So
7:52
I
7:52
really
7:53
miss
7:54
parts
7:54
of
7:54
our
7:55
free
7:55
market
7:56
because
7:56
they're
7:56
related
7:56
to
7:57
freedom,
7:57
too,
7:57
obviously.
7:58
So
7:58
there
7:58
are
7:59
real
7:59
parts
7:59
of
7:59
free
8:00
markets
8:00
that
8:00
are
8:00
real,
8:01
and
8:02
then
8:02
there
8:02
are
8:02
others
8:02
that
8:03
are
8:04
dreams.
8:04
One,
8:05
one
8:05
thing
8:05
that
8:05
I
8:05
really
8:06
wanted
8:06
to
8:06
say
8:06
is
8:06
the
8:07
reason
8:07
I
8:07
called
8:07
it
8:07
a
8:07
dream
8:08
is
8:08
because.
8:09
And
8:10
free
8:10
markets
8:11
are
8:11
always
8:11
spoken
8:12
of
8:12
as
8:12
something
8:12
that
8:13
will
8:13
happen
8:13
in
8:13
the
8:13
future.
8:14
So,
8:15
again,
8:15
I
8:15
believe
8:15
this
8:15
is
8:16
a
8:16
monotheistic,
8:17
very
8:17
Christian
8:17
discourse
8:19
of
8:19
salvation
8:20
which
8:20
will
8:21
come
8:21
or
8:21
the
8:21
second
8:22
coming.
8:22
And
8:22
we're
8:23
constantly
8:23
waiting
8:24
for
8:24
it.
8:24
We
8:24
just
8:25
have
8:25
to
8:25
be
8:26
good,
8:26
we
8:26
have
8:27
to
8:27
do
8:27
the
8:27
right
8:27
things.
8:28
We
8:28
have
8:28
to
8:28
stop
8:29
paying
8:29
taxes
8:29
altogether,
8:30
and
8:30
then
8:31
Jesus
8:32
will
8:32
come.
8:33
Is
8:33
that
8:33
the
8:34
reason
8:34
this
8:34
religious
8:35
quality
8:36
you
8:36
see
8:36
in
8:37
free
8:37
market
8:37
dreaming
8:38
that
8:39
has
8:39
led
8:39
to
8:40
the.
8:40
This
8:40
idea
8:41
having
8:41
A
8:41
particular
8:41
hold
8:42
on
8:42
American
8:43
politics
8:44
throughout
8:44
the
8:44
20th
8:45
century.
8:45
Absolutely.
8:46
That's.
8:46
I
8:47
mean,
8:47
the
8:48
American
8:48
style
8:49
of
8:49
religion,
8:50
which
8:50
is
8:50
also
8:51
coming
8:51
out
8:51
of
8:52
a
8:52
certain
8:52
brand
8:53
of
8:53
Calvinism,
8:54
right,
8:54
initially
8:55
became
8:55
very
8:56
materialistic.
8:57
There
8:57
are
8:57
non
8:57
materialistic
8:58
versions
8:58
of
8:58
Calvinism
8:59
as
8:59
well,
9:00
but
9:00
there's
9:00
a
9:01
very
9:01
hopeful,
9:02
progressive,
9:03
secular
9:04
Calvinism
9:05
that
9:05
will
9:05
turn
9:06
into
9:07
dissenting
9:07
churches,
9:08
such
9:08
as
9:08
Unitarian
9:09
churches.
9:10
Whereas
9:10
this
9:10
idea
9:11
that
9:11
we
9:11
will
9:11
build
9:11
the
9:12
city
9:12
on
9:12
the
9:12
hill,
9:13
we
9:13
will
9:13
build
9:13
a
9:14
perfect
9:14
system
9:14
on
9:15
earth,
9:15
a
9:16
system
9:16
that
9:16
reflects
9:17
nature.
9:17
So
9:17
it
9:18
actually
9:18
goes
9:18
beyond
9:19
Christianity
9:20
and
9:20
into
9:21
the
9:21
old
9:22
nature
9:22
cults
9:22
of
9:22
antiquity.
9:23
And
9:24
that's
9:24
where
9:24
I
9:24
bring
9:25
Cicero
9:25
into
9:25
the
9:26
story.
9:26
The
9:26
reason
9:26
I
9:27
bring
9:27
him
9:27
into
9:27
the
9:27
story
9:28
is
9:28
that
9:28
until
9:29
John
9:30
Stuart
9:30
Mill
9:30
is
9:30
the
9:31
last
9:31
kind
9:31
of
9:31
market
9:32
thinker
9:33
who
9:34
talks
9:34
about
9:35
Cicero
9:35
before
9:35
that,
9:36
almost
9:36
every
9:37
person
9:37
who's
9:38
talking
9:38
about
9:39
markets
9:39
or
9:39
free
9:40
markets
9:41
talks
9:41
about
9:41
Cicero,
9:43
usually
9:43
because
9:43
his
9:44
moral
9:45
structure
9:46
coming
9:46
from
9:47
nature
9:47
and
9:47
an
9:47
agrarian
9:48
culture
9:49
is
9:49
seen
9:50
as
9:50
absolutely
9:50
necessary
9:51
for
9:52
these
9:52
perfect
9:52
conditions
9:53
of
9:53
wealth
9:53
creation.
9:55
But
9:56
how
9:56
come
9:56
then
9:56
that
9:57
a
9:57
so
9:58
deeply
9:58
religiously
9:59
infused
10:00
culture
10:00
is
10:01
able
10:01
to
10:02
separate
10:03
virtue
10:03
from
10:04
free
10:04
market
10:05
thinking?
10:07
Well,
10:07
because
10:08
we
10:08
start
10:09
seeing,
10:10
actually
10:10
I
10:11
have
10:11
a
10:11
student
10:11
working
10:11
on
10:12
this
10:12
right
10:12
now.
10:13
We
10:13
start
10:13
seeing
10:13
the
10:14
transformation
10:14
of
10:15
prudence,
10:15
the
10:15
ultimate
10:16
virtue
10:17
of
10:17
earthly
10:18
action,
10:19
which
10:19
came
10:19
from
10:20
antiquity.
10:21
It
10:21
comes
10:21
from
10:21
Aristotle's
10:22
Nicomachean
10:23
ethics.
10:23
It's
10:23
deeply
10:24
embedded
10:24
in
10:24
Ciceronian
10:25
thought,
10:26
Prudentia.
10:26
It's
10:27
the
10:27
basis
10:27
of
10:27
Machiavellian
10:28
republicanism.
10:30
In
10:30
the
10:30
18th
10:31
century,
10:32
the
10:32
late
10:32
17th
10:33
century,
10:33
we
10:33
see
10:33
it
10:33
changing.
10:34
I
10:34
actually
10:34
did
10:34
my
10:34
PhD
10:35
on
10:35
the
10:35
transformation
10:36
of
10:36
prudence
10:37
in
10:37
late
10:37
17th
10:38
century
10:38
Europe,
10:39
but
10:39
we
10:40
see
10:40
it
10:40
in
10:41
the
10:41
early
10:41
18th
10:42
century
10:42
turning
10:42
into
10:42
frugality.
10:44
Here
10:44
I
10:44
am
10:44
in
10:44
Switzerland,
10:45
a
10:45
country
10:46
based
10:46
on
10:46
the
10:46
very
10:46
idea,
10:47
quite
10:47
literally.
10:49
What
10:50
my
10:50
student
10:50
has
10:51
discovered,
10:51
we
10:52
think,
10:52
is
10:52
that
10:52
one
10:53
of
10:53
the
10:53
most
10:53
transformative,
10:54
some
10:55
of
10:55
the
10:55
most
10:55
transformative
10:56
texts
10:56
are
10:56
coming
10:56
from
10:56
Daniel
10:57
Defoe,
10:57
who
10:58
really
10:58
is
10:58
a
10:58
brilliant,
10:59
brilliant
10:59
thinker
11:00
who's
11:00
thinking
11:00
across
11:00
literary
11:01
lines,
11:02
economic
11:02
lines,
11:02
philosophical
11:03
lines.
11:04
And
11:04
we're
11:04
trying
11:04
to
11:05
actually
11:05
pinpoint
11:06
this
11:07
moment
11:07
when
11:08
this
11:08
great
11:08
human
11:10
idea
11:10
of
11:10
prudential
11:11
virtue
11:12
that's
11:12
based
11:12
on
11:12
history
11:13
and
11:13
experience
11:14
becomes
11:14
frugality,
11:15
which
11:15
is
11:15
very
11:16
materialistic
11:17
and
11:17
obviously
11:17
this
11:18
kind
11:18
of
11:18
base
11:21
capitalistic
11:22
value.
11:23
And
11:23
we
11:23
think
11:23
that
11:24
changed
11:24
at
11:24
the
11:24
beginning
11:24
of
11:25
the
11:25
18th
11:25
century,
11:25
actually.
11:27
And
11:27
Smith,
11:27
by
11:27
the
11:28
way,
11:28
has
11:29
actually
11:30
quite
11:30
sophisticated
11:31
definition
11:32
of
11:32
prudence
11:32
and
11:33
of
11:33
frugality.
11:33
That's
11:34
one
11:34
of
11:34
the
11:34
most
11:34
interesting
11:35
parts
11:35
of
11:36
the
11:36
wealth
11:37
of
11:37
Nations.
11:38
He
11:38
takes
11:38
it
11:38
to
11:39
quite
11:39
an
11:39
interesting
11:40
place.
11:41
Now
11:41
you
11:41
have
11:42
sketched
11:42
out
11:43
how
11:43
the
11:44
idea
11:44
or
11:44
the
11:45
dream
11:45
of
11:45
the
11:45
free
11:46
market
11:46
has
11:46
really
11:47
still
11:47
a
11:48
hold
11:48
on
11:48
certain
11:48
parts
11:49
of
11:49
American
11:50
conservative
11:51
Culture
11:51
and
11:52
establishment.
11:53
You've
11:53
mentioned
11:53
the
11:53
Koch
11:54
brothers,
11:55
but
11:55
at
11:55
the
11:55
same
11:56
time
11:56
the
11:56
Grand
11:57
Old
11:57
Party,
11:57
the
11:58
Republicans
11:58
have
11:59
seem
11:59
to
12:00
be
12:00
falling
12:00
out
12:01
of
12:01
love
12:01
with
12:02
the
12:02
idea.
12:03
When
12:03
just
12:04
a
12:04
couple
12:04
of
12:04
years
12:05
ago
12:05
they
12:05
were
12:06
fearing
12:07
that
12:07
someone
12:07
like
12:08
Rand
12:08
Paul
12:08
would
12:09
constitute
12:09
the
12:09
economic
12:10
future
12:10
of
12:11
their
12:11
party,
12:12
they
12:12
are
12:12
now
12:13
really
12:13
thinking
12:14
big
12:14
government.
12:16
So
12:17
how
12:17
come?
12:18
Is
12:19
it
12:19
really
12:19
a
12:20
reawakening,
12:21
waking
12:22
up
12:22
rudely
12:23
from
12:23
a
12:23
dream,
12:23
or
12:24
is
12:24
it
12:24
just
12:24
a
12:25
different
12:25
type
12:25
of
12:25
nightmare?
12:26
That's
12:26
a
12:26
great
12:26
question.
12:26
The
12:27
first,
12:27
first
12:27
thing
12:28
is
12:29
we're
12:29
at
12:29
a
12:29
point
12:30
now
12:30
where
12:30
Rand
12:30
Paul
12:31
is
12:31
one
12:31
of
12:31
the
12:32
few
12:32
people
12:32
talking
12:33
about
12:33
the
12:33
Constitution
12:34
and
12:34
free
12:34
speech.
12:35
I
12:35
never
12:35
thought
12:36
that
12:36
I'd
12:36
be
12:37
thankful
12:37
for
12:37
Rand
12:38
Paul
12:38
and
12:38
I
12:38
am.
12:38
Please
12:39
continue.
12:39
Rand
12:40
Paul
12:41
to
12:41
defend
12:41
this.
12:41
Yay,
12:42
Kentucky.
12:42
Yeah,
12:43
well,
12:44
so,
12:45
I
12:45
mean,
12:45
this
12:45
goes
12:45
back
12:45
to
12:46
Carl
12:46
Polanyi's
12:47
idea
12:47
that
12:47
if
12:48
you
12:48
actually
12:48
really
12:49
have
12:49
a
12:50
market
12:50
that
12:50
becomes
12:51
totally
12:51
free,
12:51
or
12:52
in
12:52
the
12:52
sense
12:52
you
12:52
get
12:52
rid
12:52
of
12:53
all
12:53
state
12:54
apparatuses
12:56
and
12:56
involvement
12:56
in
12:56
the
12:57
economy,
12:57
it's
12:58
much
12:58
easier
12:58
to
12:58
turn
12:58
into
12:59
an
12:59
authoritarian
13:00
state.
13:00
He
13:00
warned
13:00
about
13:00
this
13:01
a
13:01
long
13:01
time
13:02
ago.
13:03
The
13:03
Republican
13:04
Party
13:04
and
13:04
this
13:05
I
13:05
say
13:05
in
13:05
my
13:05
book,
13:05
we
13:05
had
13:06
already
13:06
seen
13:06
when
13:06
I
13:07
started
13:07
writing
13:07
this
13:07
years
13:08
and
13:08
years
13:08
ago
13:10
that
13:10
the
13:10
Republican
13:10
Party
13:12
only
13:12
liked
13:13
free
13:13
markets
13:14
when
13:14
it
13:14
benefited
13:15
them.
13:15
And
13:15
I'll
13:16
get
13:16
back
13:16
to
13:16
that.
13:17
But
13:17
it
13:17
had
13:17
kind
13:18
of
13:18
reduced
13:18
free
13:18
market
13:19
thought
13:19
to
13:19
tax
13:19
cuts.
13:21
And
13:21
that's
13:21
where
13:21
we
13:21
are
13:21
now.
13:22
Where
13:22
Trump
13:23
says
13:23
we
13:23
want
13:23
a
13:24
free
13:24
market
13:24
nation,
13:24
they're
13:25
still
13:25
saying
13:25
that.
13:25
By
13:26
the
13:26
way,
13:26
I
13:26
couldn't
13:27
believe
13:28
they
13:28
used
13:29
that.
13:29
By
13:29
the
13:29
way,
13:30
Ted
13:31
Cruz
13:31
has
13:32
actually
13:32
publicly
13:32
disagreed
13:33
and
13:33
is
13:33
going
13:34
to
13:34
run
13:34
for
13:35
president
13:35
on
13:36
a
13:36
quote,
13:36
real
13:36
free
13:37
market
13:37
platform.
13:39
Believe
13:39
me,
13:39
I
13:39
actually
13:40
prefer
13:40
to
13:40
what
13:40
we
13:41
have
13:41
now,
13:41
although
13:41
they're
13:42
obviously
13:42
quite
13:42
related
13:43
and
13:43
they
13:43
have
13:43
worked
13:44
together.
13:45
But
13:45
yes,
13:46
there
13:46
are
13:47
a
13:47
couple
13:47
things.
13:47
Obviously,
13:48
as
13:49
a
13:49
nation
13:50
you
13:50
call
13:50
for
13:51
free
13:51
markets
13:51
when
13:51
it's
13:52
beneficial
13:52
for
13:52
you.
13:53
So
13:53
we
13:54
see
13:54
Xi
13:54
Jinping
13:55
constantly
13:56
saying
13:56
we
13:57
want
13:57
free
13:58
rules
13:58
based
13:59
trade.
13:59
Now
13:59
obviously
13:59
the
14:00
Chinese
14:00
don't
14:00
follow
14:01
rules,
14:01
but
14:02
they
14:02
like
14:02
free
14:02
trade
14:03
because
14:03
they
14:03
are
14:03
the
14:04
manufacturing
14:05
dominant
14:06
manufacturer
14:06
and
14:06
now
14:06
possibly
14:07
technology
14:07
center
14:08
of
14:08
the
14:08
world.
14:09
So
14:09
if
14:09
we
14:09
have
14:09
free
14:09
trade,
14:10
they
14:10
will
14:10
most
14:10
likely
14:11
win
14:11
and
14:12
take
14:12
over
14:12
every
14:12
market.
14:13
Have
14:14
you
14:14
ever
14:14
been
14:14
in
14:14
a
14:14
Chinese
14:15
automobile?
14:16
I
14:16
mean,
14:16
once
14:17
you're
14:17
in
14:17
it,
14:17
I
14:18
never
14:18
thought
14:18
I'd
14:18
see
14:18
it.
14:18
I
14:19
didn't.
14:19
You're
14:19
just
14:19
like,
14:20
okay,
14:20
no
14:20
one
14:20
can
14:20
compete
14:21
with
14:21
this
14:21
along
14:22
with
14:22
many
14:22
other
14:23
technologies
14:23
like
14:23
their
14:24
phones.
14:24
I
14:24
mean,
14:24
it's
14:25
literally
14:25
astounding.
14:26
As
14:26
soon
14:26
as
14:26
Americans
14:27
began
14:28
to
14:28
realize
14:29
that
14:29
they
14:29
were
14:30
not
14:30
number
14:30
one
14:31
and
14:31
that
14:32
they
14:32
were
14:32
being
14:32
beaten
14:32
by
14:32
people
14:33
that
14:33
don't
14:33
Take
14:33
vacations
14:34
or
14:34
watch
14:34
football,
14:35
and
14:35
are
14:36
also
14:36
missing
14:37
certain
14:37
other,
14:38
let's
14:38
say,
14:39
physical
14:40
qualities
14:40
that
14:41
many
14:41
Americans
14:41
have.
14:42
They
14:42
wanted
14:43
to
14:43
change
14:43
the
14:43
rules.
14:43
But,
14:44
Jacob,
14:44
they
14:44
could
14:45
have
14:45
realized
14:45
that
14:45
40
14:46
years
14:46
ago.
14:46
Right?
14:47
But.
14:47
But
14:47
they're.
14:47
The
14:48
American
14:48
people
14:49
have
14:49
been
14:49
normal.
14:50
American
14:50
people
14:51
have
14:51
been
14:51
crushed.
14:51
I
14:52
don't
14:52
think
14:52
Europeans
14:53
realize.
14:54
You
14:54
go
14:54
across
14:55
America
14:55
and
14:56
I
14:56
always
14:56
make
14:57
a
14:57
joke
14:57
when
14:57
foreigners
14:58
are
14:58
here.
14:58
And
14:58
I
14:58
said,
14:59
well,
14:59
this
14:59
is
14:59
when
14:59
the
15:00
Germans
15:00
bombed
15:00
this
15:01
area.
15:01
And
15:02
people
15:02
actually
15:03
believe
15:03
me
15:03
for
15:03
a
15:03
split
15:04
second,
15:04
I
15:05
say,
15:05
right,
15:06
right.
15:07
Obviously
15:07
the
15:07
Germans
15:08
did
15:08
not
15:08
bomb
15:09
this
15:09
area,
15:09
but
15:09
it
15:09
sure
15:10
looks
15:10
like
15:11
did.
15:11
Okay.
15:12
Actually,
15:12
had
15:12
the
15:12
Germans
15:13
rebounded,
15:13
we
15:13
might
15:13
have
15:14
rebuilt
15:14
it.
15:15
No,
15:15
Americans
15:16
are
15:16
living
15:16
in
15:16
a
15:16
terrible
15:17
state.
15:17
People
15:17
are
15:18
dying
15:18
deaths
15:19
of
15:19
despair.
15:19
They're
15:20
ODing.
15:23
They're
15:23
in
15:24
terrible
15:24
physical
15:25
condition.
15:25
They're
15:26
living
15:26
in
15:26
constant
15:27
fear.
15:27
They're
15:27
surrounded
15:28
by
15:28
guns.
15:31
That
15:31
part
15:31
of
15:32
America
15:32
is
15:32
actually
15:32
tragic.
15:33
Right.
15:35
Free
15:35
markets
15:36
didn't
15:36
work
15:36
out
15:36
for
15:36
them.
15:37
Those.
15:37
Those
15:37
places
15:38
were
15:38
the
15:38
centers
15:38
of
15:39
American
15:39
manufacturing
15:40
where
15:40
you
15:40
got
15:40
a
15:41
high
15:41
school
15:41
degree,
15:41
you
15:42
could
15:42
get
15:42
a
15:42
Chevy,
15:43
a
15:43
motorcycle,
15:44
your
15:44
kid
15:44
could
15:44
go
15:44
to
15:44
college,
15:45
and
15:45
you
15:45
could
15:45
have
15:46
a
15:46
great
15:46
time.
15:46
And
15:47
I
15:47
partially
15:47
grew
15:47
up
15:47
in
15:48
the
15:48
Midwest
15:48
a
15:49
little
15:49
bit.
15:49
And
15:50
you
15:50
could
15:50
see
15:51
that
15:52
a
15:52
lot
15:52
of
15:52
that
15:52
victory
15:53
was
15:53
simply
15:53
based
15:53
on
15:53
World
15:54
War
15:54
II.
15:54
We
15:55
had
15:55
won
15:55
the
15:55
war.
15:56
Europe
15:56
was
15:56
crushed.
15:57
Asia
15:57
didn't
15:57
exist.
15:58
America
15:59
was
15:59
doing
15:59
great,
16:00
but
16:00
it
16:00
didn't
16:00
have
16:01
to
16:01
fight
16:01
that
16:01
hard
16:02
to
16:02
win.
16:03
And
16:03
suddenly
16:03
competition
16:04
came
16:04
along.
16:06
And
16:06
by
16:07
the
16:07
way,
16:07
China
16:07
wasn't
16:08
playing
16:08
by
16:08
the
16:09
rules.
16:09
And
16:10
last
16:10
night
16:10
we
16:10
had
16:11
a
16:11
discussion
16:11
that
16:11
Europe
16:12
also
16:12
hasn't
16:13
always
16:13
been
16:13
playing
16:14
by
16:14
the
16:14
rules
16:14
with
16:14
trade
16:15
balances
16:15
and
16:16
fairness
16:16
and
16:16
these
16:16
things.
16:18
And
16:18
that
16:18
has
16:19
led
16:19
to
16:19
an
16:20
enormous
16:20
amount
16:21
of
16:21
bitterness
16:21
in
16:21
the
16:21
United
16:22
States.
16:22
It's
16:22
a
16:22
bitter,
16:23
angry,
16:23
scary
16:24
place.
16:25
And
16:25
when
16:25
you
16:26
get
16:26
to
16:26
Europe,
16:26
no
16:27
matter
16:27
how
16:27
bitter
16:27
and
16:28
angry
16:28
Europe
16:28
is,
16:28
it's
16:29
a
16:29
lot
16:29
more
16:29
peaceful
16:29
and
16:30
calm
16:30
and.
16:31
And
16:31
happy.
16:32
That's
16:32
something,
16:32
when
16:32
you
16:32
get
16:32
off
16:33
the
16:33
plane,
16:33
you
16:33
feel
16:33
immediately
16:34
and
16:34
striking.
16:36
So
16:37
have
16:37
they
16:37
been
16:37
waiting
16:38
for
16:38
a
16:38
new
16:38
William
16:39
McKinley
16:40
as
16:40
well
16:41
as
16:41
a
16:41
certain
16:41
president
16:42
purports
16:43
to
16:43
being?
16:44
Americans
16:45
don't
16:45
know
16:46
who
16:46
William
16:46
McKinley
16:47
is.
16:48
They
16:48
don't
16:48
really
16:48
know.
16:49
They
16:50
actually
16:50
are
16:50
against
16:50
tariffs
16:51
if
16:51
you
16:51
ask
16:52
them.
16:52
So
16:53
they
16:53
believe
16:53
in
16:53
free
16:53
market
16:54
thought.
16:54
They've
16:54
been
16:55
pumped.
16:55
This
16:55
idea's
16:56
sort
16:56
of
16:56
been
16:56
pumped
16:57
into
16:57
American
16:57
life,
16:58
but
16:58
they
16:59
don't
16:59
know
17:00
what's
17:00
going
17:01
on.
17:01
If
17:02
you
17:02
talk
17:02
to
17:02
them.
17:03
It
17:03
really
17:03
has
17:03
to
17:04
do
17:04
with
17:04
an
17:04
idea
17:05
of
17:05
strength.
17:06
Who's
17:06
strong.
17:07
This
17:08
is
17:08
a
17:08
big
17:08
issue
17:08
in
17:09
America.
17:10
What
17:11
the
17:11
cost
17:11
of
17:12
food
17:12
and
17:12
living
17:12
and
17:13
gasoline
17:13
is,
17:14
are
17:15
the
17:15
costs.
17:17
And
17:18
the
17:18
more
17:18
theoretical
17:19
aspects
17:19
are
17:20
totally
17:20
Lost.
17:21
So
17:22
it's
17:22
quite
17:22
easy
17:22
to
17:23
inject
17:23
racism
17:23
and
17:24
xenophobia
17:25
into.
17:26
I
17:26
mean,
17:27
it's
17:27
not
17:27
surprising
17:27
when
17:28
you
17:28
see
17:28
the
17:29
promises
17:29
that
17:29
were
17:29
made.
17:30
Remember,
17:30
people's
17:31
living
17:31
standards
17:32
have
17:32
not
17:33
changed,
17:33
they
17:33
have
17:34
not
17:34
gone
17:34
up.
17:34
Salaries
17:35
remain
17:35
where
17:35
they
17:35
were
17:35
in
17:35
the
17:36
1990s.
17:37
But
17:37
do
17:37
you
17:37
see
17:38
any
17:38
historic
17:39
parallels
17:40
to
17:40
the
17:40
current
17:41
economic
17:42
regime,
17:43
or
17:43
whatever
17:43
we
17:44
want
17:44
to
17:44
call
17:44
it,
17:45
that
17:45
the
17:45
Trump
17:45
administration
17:46
is
17:46
following?
17:47
It's
17:47
Obviously
17:48
not
17:48
truly
17:48
McKinley,
17:49
but
17:49
what
17:50
is
17:50
it?
17:51
I
17:51
don't.
17:51
I
17:52
don't
17:52
see
17:52
him
17:52
as
17:53
a
17:53
real
17:53
mercantilist.
17:54
I
17:54
don't
17:55
believe
17:55
he
17:55
has
17:55
an
17:55
ideology.
17:56
I
17:56
believe
17:57
he
17:57
works
17:57
like
17:58
a
17:58
mobster,
17:59
essentially.
18:00
So.
18:00
So
18:01
the
18:01
parallels
18:01
are
18:01
Russia,
18:02
Turkey,
18:03
Hungary.
18:04
Although
18:04
now
18:05
Hungary
18:05
actually
18:05
looks
18:06
kind
18:06
of
18:06
nice
18:06
compared
18:07
to
18:07
America.
18:07
And
18:07
believe
18:07
me,
18:08
I
18:08
spent
18:09
22
18:09
summers
18:09
of
18:10
my
18:10
life
18:10
in
18:10
Soviet
18:11
or
18:11
in
18:11
communist
18:12
Hungary,
18:13
and
18:13
yeah,
18:13
Hungary
18:14
is
18:14
still
18:14
warmer
18:14
and
18:15
more
18:15
friendly.
18:17
I
18:17
don't
18:17
think
18:17
he
18:17
has
18:18
a
18:18
model.
18:18
I
18:18
think
18:18
he's
18:19
using
18:19
whatever
18:20
comes
18:20
to
18:20
mind.
18:21
But
18:21
I
18:21
do
18:21
think
18:21
the
18:21
real
18:21
estate
18:22
market
18:22
in
18:22
New
18:23
York
18:23
in
18:23
the
18:24
1980s
18:24
is
18:24
his
18:25
model,
18:25
which
18:26
is
18:26
partially
18:26
mafia
18:27
run.
18:28
And
18:29
then
18:29
Putin
18:29
and
18:30
other
18:30
dictators
18:31
are
18:32
the
18:32
sources
18:32
of
18:32
envy.
18:33
So
18:33
you
18:33
mix
18:34
New
18:34
York
18:34
real
18:35
estate
18:35
mafia
18:36
with
18:36
authoritarianism.
18:37
That's
18:37
where
18:37
you
18:38
should
18:38
be
18:38
looking,
18:39
Jacob.
18:39
It's
18:40
funny
18:40
that
18:40
there
18:40
is
18:40
a
18:41
conceptual
18:42
emptiness.
18:42
It's
18:43
hard
18:43
to
18:43
address
18:43
what's
18:43
happening
18:44
right
18:44
now.
18:44
It's
18:44
hard
18:44
to
18:45
find
18:45
the
18:45
right
18:45
concept.
18:46
Adorno
18:46
once
18:47
coined
18:47
the
18:47
term
18:47
of
18:47
a
18:48
racket
18:48
system,
18:49
a
18:49
mobster
18:50
like
18:50
system
18:50
where
18:50
the
18:51
most
18:51
powerful
18:51
industrials
18:52
just
18:52
work
18:53
in
18:53
their
18:53
own
18:53
pocket.
18:54
In
18:54
Germany
18:54
and
18:55
in
18:55
Switzerland
18:55
and
18:56
Europe
18:56
as
18:56
general.
18:57
Right
18:57
now,
18:58
the
18:58
consensus
18:59
seems
18:59
to
18:59
be
18:59
that
18:59
this
18:59
is
19:00
a
19:00
new
19:00
form
19:00
of
19:00
fascism
19:02
and
19:02
there's
19:02
this
19:02
fascism
19:03
is
19:03
on
19:03
the
19:03
rise.
19:04
I'm
19:04
very
19:04
unhappy
19:04
with
19:05
this.
19:05
And
19:06
the
19:06
battle
19:06
cry
19:06
of
19:07
fascism
19:07
was
19:07
in
19:08
the
19:08
beginning,
19:08
everything
19:09
for
19:09
the
19:09
state.
19:10
Now
19:10
that
19:11
is
19:11
not
19:11
what
19:11
Trump's
19:12
doing,
19:12
is
19:12
it?
19:13
No,
19:14
everything
19:16
for
19:16
the
19:16
dawn,
19:17
quite
19:17
literally
19:18
in
19:18
both
19:18
senses
19:19
of
19:19
the
19:19
word.
19:19
Right.
19:21
You're
19:21
going
19:22
to
19:22
be
19:22
shocked.
19:22
And
19:22
I'm
19:23
not
19:23
sure
19:23
if
19:23
I
19:23
should
19:24
say
19:24
this
19:24
in
19:25
a
19:25
semi
19:25
Germanic
19:26
setting.
19:26
Thank
19:26
God
19:27
they
19:27
are
19:28
not
19:28
real
19:28
Nazis,
19:29
because
19:29
the
19:29
real
19:29
Nazis
19:30
were
19:30
coming
19:31
out
19:31
of
19:31
the
19:31
German
19:33
legal
19:33
system,
19:34
coming
19:34
out
19:34
of
19:34
the
19:34
Prussian
19:35
military.
19:35
They
19:35
were
19:36
highly
19:36
educated,
19:37
highly
19:38
skilled,
19:38
and
19:39
coming
19:39
out
19:39
of
19:39
the
19:39
German
19:39
army,
19:40
which
19:40
was
19:40
actually
19:41
far
19:41
more
19:42
trained
19:42
in
19:43
many
19:43
ways
19:43
than
19:43
the
19:43
American.
19:44
They
19:44
could
19:45
actually,
19:46
they
19:46
were
19:46
a
19:47
lot
19:47
scarier.
19:48
The
19:49
thing
19:49
is,
19:49
they
19:49
didn't
19:50
have
19:50
nukes.
19:50
They
19:51
had.
19:51
We
19:51
brought
19:51
them
19:51
over
19:52
to
19:52
make
19:52
them
19:52
later
19:53
and
19:54
some
19:54
other
19:54
people
19:54
too.
19:55
So
19:55
you
19:55
think
19:55
it's
19:55
just
19:55
a
19:56
lack
19:56
of
19:56
competence,
19:57
that
19:57
that's
19:57
different?
19:58
No,
19:58
no,
19:58
no.
19:59
It's
19:59
a
19:59
different,
19:59
it's
19:59
a
20:00
different
20:00
ideology.
20:01
It's
20:01
got
20:02
fascist
20:02
fat,
20:02
it's
20:03
got
20:03
fascist
20:03
tendencies.
20:05
So
20:05
it's
20:05
Trumpian
20:06
mob
20:07
government
20:07
with
20:08
fascist
20:08
tendencies.
20:09
But
20:10
you
20:10
also
20:10
have
20:10
the
20:10
post
20:11
liberal
20:12
faction
20:12
that
20:13
is
20:13
truly
20:14
present
20:14
there
20:14
with,
20:15
with
20:15
thinkers
20:15
like
20:16
Oren
20:16
Cass
20:16
from
20:17
the
20:17
American
20:17
Compass
20:19
organization
20:19
that
20:20
do
20:20
believe
20:20
that
20:21
their,
20:22
their
20:22
suggestions
20:23
will
20:23
improve
20:24
American
20:24
economy,
20:26
the
20:26
economic
20:27
progress.
20:28
Yeah.
20:28
You
20:29
also
20:29
have
20:29
Christian
20:30
dominionism.
20:31
So
20:31
that's
20:32
for
20:32
a
20:32
long
20:32
time.
20:32
We've
20:33
also
20:33
had
20:34
a
20:35
movement
20:35
of
20:36
authoritarianism
20:37
within
20:38
fundamentalist
20:39
Christianity
20:39
which
20:40
has
20:40
been
20:40
there
20:40
for
20:40
a
20:40
really
20:41
long
20:41
time.
20:41
And
20:42
people
20:43
have
20:43
not
20:43
looked
20:43
at
20:44
the
20:44
history
20:44
of
20:45
certain
20:45
churches
20:46
dating
20:46
back
20:46
to
20:46
the
20:46
17th
20:47
century
20:47
that
20:48
this
20:48
has
20:48
been,
20:49
this
20:49
is
20:49
deeply
20:49
embedded
20:50
in
20:50
America,
20:51
as
20:51
is
20:51
protectionism.
20:52
And
20:52
I've
20:52
written
20:53
about
20:53
that
20:53
for
20:53
the
20:53
New
20:53
York
20:54
Times.
20:54
America
20:55
was
20:55
a
20:55
protectionist
20:56
country.
20:56
It
20:56
was
20:56
not
20:57
a
20:57
free
20:57
market
20:57
country
20:58
until
20:58
well
20:58
into
20:59
the
20:59
20th
20:59
century.
21:00
It
21:00
was
21:00
always
21:00
a
21:01
protectionist
21:01
country.
21:03
But
21:03
as
21:03
far
21:03
as
21:03
this
21:04
new
21:04
regime,
21:04
there's
21:05
also
21:05
the
21:05
fact
21:05
that
21:06
we
21:06
were
21:07
a
21:07
racist,
21:08
heavily
21:09
violent,
21:10
racist
21:10
state.
21:12
And
21:12
this
21:12
is
21:13
part
21:13
of
21:13
American
21:14
life.
21:14
We
21:15
had
21:15
thought
21:15
that
21:16
we
21:16
had
21:16
gotten
21:17
further
21:17
than
21:17
that,
21:18
but
21:18
those
21:19
were
21:19
also.
21:19
That
21:20
is
21:20
also
21:20
a
21:20
deep
21:20
authoritarian
21:21
tendency.
21:22
Now
21:22
that's
21:22
mixed
21:23
with
21:23
liberalism,
21:24
with
21:24
all
21:25
these
21:25
fabulous
21:27
open
21:28
cultures
21:29
that
21:29
America
21:30
has
21:30
produced.
21:30
It
21:30
is
21:30
a
21:31
very
21:31
strange
21:32
balance.
21:32
But
21:33
clearly
21:33
now
21:33
it
21:34
has
21:34
heavily
21:34
tipped
21:35
towards
21:35
this
21:36
dark
21:36
original
21:37
sin
21:37
of
21:38
slavery
21:38
in
21:38
the
21:38
American
21:39
Confederacy,
21:40
which
21:40
is,
21:41
I
21:41
mean,
21:42
the
21:42
connection
21:42
is
21:43
not
21:43
a
21:43
false
21:44
one.
21:44
And
21:46
this
21:46
is
21:46
the
21:46
return
21:46
of
21:47
the
21:47
Confederacy.
21:48
This
21:48
is
21:48
the
21:48
return
21:49
of
21:50
an
21:50
anti
21:51
scientific
21:51
religion
21:52
which
21:52
is
21:53
connected
21:53
to
21:53
the
21:54
Confederacy,
21:55
by
21:55
the
21:55
way.
21:55
The
21:56
Confederacy
21:56
believed
21:56
in
21:57
free
21:57
markets,
21:58
Calhoun,
21:58
because
21:59
they
22:00
benefited
22:00
cotton.
22:01
And
22:01
it
22:01
was
22:02
actually
22:02
the
22:02
Northern
22:02
states
22:03
that
22:03
needed
22:04
protectionism
22:05
because
22:05
they
22:05
were
22:05
building
22:05
industry
22:06
with
22:06
which
22:07
they
22:07
crushed
22:07
the
22:07
South.
22:08
So
22:08
it's
22:08
part
22:09
of
22:09
the
22:09
Southernization
22:10
of
22:10
American
22:11
politics
22:11
in
22:12
a
22:12
way.
22:12
That's
22:13
one
22:13
aspect,
22:13
one
22:14
aspect
22:14
we
22:14
didn't
22:15
realize
22:16
how
22:16
strong
22:16
it
22:17
was.
22:17
But
22:17
Remember,
22:18
it's
22:18
Mitch
22:18
McConnell
22:19
who
22:19
really
22:19
did
22:20
all
22:20
this
22:20
and
22:20
now
22:20
he
22:20
says
22:21
he's
22:21
mad
22:21
at
22:21
Trump.
22:21
I
22:22
mean,
22:22
he
22:22
created
22:22
a
22:22
Supreme
22:23
Court
22:23
that
22:24
clearly
22:25
seems
22:25
to
22:25
believe
22:25
in
22:26
a
22:26
form
22:26
of.
22:27
What
22:27
do
22:27
they
22:27
call
22:27
unified
22:28
executive.
22:29
That's
22:29
a
22:29
great,
22:29
you
22:30
know,
22:30
it's
22:30
an
22:30
Orwellian
22:31
term
22:31
for
22:32
authoritarianism
22:32
of
22:33
one
22:33
way
22:33
or
22:33
another.
22:35
You
22:35
also
22:35
advise
22:36
European
22:37
governments
22:38
and
22:38
governments
22:39
in
22:40
Southeast
22:40
Asia,
22:41
if
22:41
I'm
22:41
correctly
22:42
informed.
22:43
Now
22:44
all
22:44
states
22:44
in
22:45
Europe
22:45
and
22:46
particularly
22:47
this
22:47
one,
22:47
are
22:48
grappling
22:48
with
22:49
the
22:50
realities
22:50
of
22:51
a
22:51
tariff
22:51
regime
22:52
as
22:52
they
22:52
have
22:52
never
22:53
seen
22:53
before
22:53
from
22:54
the
22:54
United
22:54
States.
22:55
How
22:55
would
22:56
you
22:56
advise
22:56
them?
22:58
I
22:58
mean,
22:58
we
22:59
talked
22:59
about
22:59
this
22:59
earlier
23:00
in
23:00
my
23:00
visit,
23:00
that
23:01
there
23:01
should
23:01
have
23:02
been
23:02
a
23:02
coordinated
23:03
response
23:03
to
23:03
just
23:04
Resist.
23:05
And
23:06
it's
23:06
simply
23:07
Trump
23:07
would
23:07
have
23:07
been
23:07
deflated,
23:09
but
23:09
that
23:09
didn't
23:10
happen.
23:10
There
23:10
was
23:11
chaos.
23:12
There
23:12
were
23:12
people
23:12
bowing
23:13
at
23:13
his
23:13
feet.
23:14
And
23:15
now
23:15
that
23:15
I
23:15
think
23:15
back,
23:15
it
23:15
would
23:16
have
23:16
been
23:16
quite
23:16
hard.
23:18
For
23:18
example,
23:18
the
23:19
Japanese
23:19
really
23:20
never
23:20
believed
23:20
because
23:21
they're
23:21
such
23:21
good
23:21
allies,
23:22
and
23:22
the
23:23
South
23:23
Koreans,
23:23
and
23:24
of
23:24
course
23:24
the
23:24
Taiwanese,
23:25
these
23:25
countries
23:26
never
23:26
believed
23:27
that
23:27
America
23:28
would
23:28
do
23:28
this
23:28
to
23:28
them
23:28
because
23:29
they're
23:29
so
23:29
key
23:30
to
23:30
American
23:30
security
23:31
and
23:32
economic
23:33
power.
23:34
But
23:34
he
23:35
did.
23:35
So
23:35
there
23:35
was
23:36
not
23:36
a
23:37
coordinated
23:38
response.
23:39
There
23:39
now
23:39
needs
23:40
to
23:40
be
23:40
a
23:41
multilateral
23:42
response
23:42
against
23:44
this.
23:45
If
23:45
not,
23:45
there
23:46
will
23:46
be
23:46
constant
23:47
chaos.
23:47
And
23:48
what
23:48
we're
23:48
already
23:48
seeing
23:49
is
23:50
we're
23:51
seeing
23:51
tariffs
23:51
being
23:52
thrown
23:52
up
23:52
here
23:52
in
23:53
Europe.
23:53
People
23:54
are
23:54
gonna
23:54
get
23:54
a
23:54
lot
23:55
poorer
23:56
because
23:56
this
23:56
is
23:57
not
23:57
a
23:58
good
23:58
thing
23:59
that's
23:59
happening.
24:01
So,
24:01
I
24:01
mean,
24:01
one
24:01
of
24:02
the
24:02
problems
24:02
is
24:02
everybody's
24:03
split
24:03
up
24:03
right
24:03
now.
24:04
This
24:04
is
24:04
one
24:04
of
24:05
the
24:05
least
24:05
multilateral
24:06
moments,
24:06
even
24:06
without
24:07
Trump.
24:07
And
24:07
that
24:08
poses
24:08
a
24:08
problem.
24:08
But
24:09
of
24:09
course
24:09
he
24:09
sees
24:09
that.
24:10
Right?
24:10
I
24:10
mean,
24:11
everyone
24:11
says
24:11
he's
24:11
an
24:11
idiot.
24:12
Okay,
24:13
he
24:13
might
24:13
be
24:13
illiterate,
24:14
he
24:14
might
24:15
be
24:15
dangerous
24:16
in
24:16
his
24:16
thoughts,
24:17
thinking,
24:17
but
24:17
he's
24:17
very
24:17
good
24:18
at
24:18
being
24:18
bad.
24:19
So
24:19
he
24:20
always
24:20
senses
24:20
the
24:20
weak
24:21
spots
24:21
that
24:21
people
24:21
have,
24:22
like
24:22
a
24:22
really
24:22
good
24:22
mobster.
24:23
Right.
24:24
So,
24:27
yes,
24:28
I
24:29
fear
24:30
that
24:31
Europe
24:33
has
24:33
responded
24:34
poorly
24:35
and
24:36
does
24:36
not
24:36
yet
24:37
have
24:37
a
24:37
great
24:37
strategy.
24:38
And
24:38
I
24:39
know
24:39
that
24:39
many
24:39
European
24:40
leaders
24:40
are
24:40
thinking
24:41
that
24:41
they're
24:42
just
24:42
gonna
24:42
have
24:42
to
24:42
go
24:42
their
24:42
own
24:43
way.
24:43
I
24:43
mean,
24:43
this
24:43
is
24:44
hurting
24:44
Europe,
24:44
showing
24:45
its
24:45
weakness.
24:45
But
24:46
Trump
24:46
also
24:46
distrusts
24:47
experts
24:48
of
24:48
assert.
24:49
Maybe
24:49
experts
24:49
like
24:50
you.
24:50
Sure.
24:51
People
24:51
who
24:52
said
24:52
four
24:52
months
24:53
ago,
24:53
and
24:53
this
24:53
is
24:53
puzzling
24:54
to
24:54
the
24:54
average
24:54
newspaper
24:55
reader,
24:55
if
24:55
you
24:55
do
24:56
that
24:56
with
24:56
the
24:56
tariffs,
24:57
there
24:57
will
24:57
be
24:57
chaos,
24:58
there
24:58
will
24:58
be
24:59
mayhem,
24:59
the
25:00
economy
25:00
will
25:01
collapse.
25:01
I
25:02
look
25:02
at
25:02
the
25:02
newspaper
25:03
stocks
25:04
up,
25:04
America
25:05
is
25:05
doing
25:05
completely
25:06
fine.
25:06
As
25:07
far
25:07
as
25:07
we
25:07
go.
25:08
There
25:08
is
25:08
no
25:08
chaos.
25:09
And
25:09
then
25:09
you
25:10
could
25:10
think,
25:10
maybe
25:11
the
25:11
theory
25:11
is
25:12
wrong.
25:12
Maybe
25:12
his
25:13
instinct
25:13
is
25:13
better
25:13
than
25:14
the
25:14
theory.
25:14
Okay,
25:15
so
25:15
his
25:15
instincts,
25:16
I
25:16
mean,
25:16
he,
25:17
he,
25:17
he
25:18
goes
25:18
on
25:18
instinct.
25:19
He
25:19
doesn't
25:19
really
25:19
know
25:20
what's
25:20
going
25:20
on.
25:21
A
25:22
lot
25:22
of
25:22
this
25:22
has
25:22
been
25:22
suggested
25:23
to
25:23
him.
25:23
I
25:23
was
25:23
one
25:23
of
25:23
those
25:23
people,
25:24
I'm
25:24
going
25:24
to
25:24
admit
25:25
that
25:25
said
25:25
by
25:26
Christmas,
25:27
there
25:27
won't
25:27
be
25:27
toys
25:28
on
25:28
the
25:28
shelves.
25:28
Right.
25:29
Things
25:29
like
25:30
that.
25:30
But
25:30
the
25:31
vision.
25:31
Well,
25:31
the
25:32
market,
25:33
but
25:33
there's
25:33
been
25:33
a
25:34
lot
25:34
of
25:34
wealth
25:34
lost.
25:35
The
25:35
market.
25:35
Don't
25:36
listen
25:36
to
25:36
the
25:36
market.
25:37
The
25:37
market's
25:37
insane.
25:38
Right?
25:39
I
25:39
mean,
25:39
look
25:39
at,
25:40
look
25:40
at
25:40
activity
25:41
in
25:41
ports.
25:43
Look
25:43
at
25:43
the
25:43
price
25:44
of
25:44
gold.
25:45
Look
25:46
at
25:46
other
25:46
things.
25:48
Inflation
25:49
and
25:49
the
25:49
cost
25:50
of
25:50
living
25:50
for
25:50
normal
25:51
Americans
25:51
is
25:51
just
25:52
going
25:52
up
25:52
and
25:52
up
25:52
and
25:52
up
25:52
and
25:52
up
25:53
and
25:53
up.
25:53
And
25:53
I
25:54
mean,
25:54
you
25:54
can
25:54
see
25:54
it.
25:55
Although
25:55
Switzerland
25:56
still
25:56
does
25:56
seem
25:56
expensive.
25:57
Groceries
25:58
here
25:58
are
25:58
crazily
25:59
expensive.
26:00
I
26:00
thought
26:00
groceries
26:01
were
26:01
expensive
26:01
in
26:01
Los
26:01
Angeles.
26:02
But
26:02
the
26:03
thing
26:03
is,
26:03
we're
26:03
seeing
26:03
it
26:04
go
26:04
up
26:04
all
26:05
the
26:05
time.
26:05
It's
26:05
getting
26:05
really
26:06
crazy.
26:06
I
26:06
do
26:07
think
26:07
it's
26:07
going
26:07
to
26:07
be
26:07
cold
26:08
Christmas
26:08
for
26:08
most
26:09
Americans.
26:10
It's
26:10
going
26:10
to
26:10
be
26:10
tough.
26:10
And
26:10
they're
26:11
really
26:11
feeling
26:11
that
26:11
we're
26:12
losing
26:12
jobs.
26:13
It's
26:13
not
26:14
just
26:14
AI.
26:14
I
26:15
know
26:15
that.
26:15
Because
26:16
who
26:16
are
26:16
the
26:16
biggest
26:17
economic
26:17
drivers,
26:19
percentage
26:19
wise
26:20
in
26:20
the
26:20
United
26:20
States?
26:20
Who
26:20
creates
26:21
the
26:21
most
26:21
jobs
26:22
overall?
26:23
It's
26:23
often
26:23
the
26:23
American
26:24
universities.
26:25
We
26:25
are
26:25
firing
26:26
people
26:26
at
26:27
a
26:27
staggering
26:28
rate.
26:28
So
26:28
the
26:28
richest
26:29
places
26:29
in
26:29
America
26:30
are
26:30
usually
26:31
centered
26:31
around
26:31
universities,
26:33
the
26:33
biggest
26:33
employers
26:34
in
26:34
Los
26:34
Angeles.
26:35
I
26:35
don't
26:35
even
26:35
want
26:35
to
26:35
say
26:35
this,
26:36
but
26:36
I
26:36
guess
26:36
the
26:36
Trump
26:37
administration
26:37
knows,
26:38
because
26:38
some
26:38
of
26:39
my
26:39
students
26:39
work
26:39
for
26:40
it
26:40
are
26:40
UCLA
26:41
and
26:41
usc,
26:42
two
26:42
universities
26:42
in
26:43
la.
26:43
We're
26:43
the
26:43
biggest
26:44
private
26:44
and
26:44
public
26:44
employers.
26:45
We
26:45
are
26:45
shedding
26:46
people.
26:47
We
26:47
have
26:47
to.
26:48
We're
26:48
firing
26:48
people
26:49
left
26:49
and
26:49
right.
26:50
It's
26:50
terrible.
26:51
And
26:51
so
26:52
this,
26:52
this,
26:52
these
26:52
job
26:53
losses
26:53
are
26:54
starting
26:54
to
26:54
pick
26:54
up
26:55
and
26:55
they
26:55
will
26:56
have
26:56
vast
26:56
ramifications.
26:58
So
26:58
my
26:58
sense
26:58
is
26:59
that
26:59
many
27:00
of.
27:00
So
27:00
talking
27:01
to
27:01
industrialists,
27:02
talking
27:02
to
27:03
economic
27:03
leaders,
27:04
talking
27:04
about
27:04
they've
27:05
eaten
27:05
a
27:05
lot
27:05
of
27:05
the
27:05
costs,
27:06
which
27:06
means
27:07
that
27:07
people
27:07
have
27:07
lost
27:08
a
27:08
lot
27:08
of
27:08
money.
27:09
Market
27:09
value
27:09
is
27:10
doing
27:10
its
27:11
crazy
27:11
thing.
27:11
There's
27:12
euphoria,
27:12
there's
27:13
madness.
27:14
We'll
27:15
see
27:15
what
27:15
happens.
27:16
I
27:16
do
27:16
know
27:17
that
27:18
jobs
27:18
are
27:19
being
27:19
lost,
27:19
businesses
27:20
are
27:20
going
27:20
out
27:21
of
27:21
business,
27:21
small
27:22
businesses
27:22
in
27:22
America.
27:23
But
27:23
that
27:24
we
27:24
knew
27:24
from
27:24
the
27:25
start
27:25
was
27:25
part
27:25
of
27:26
actually
27:26
the
27:26
plan
27:27
of
27:27
many
27:28
people
27:28
in
27:28
the
27:28
Trump
27:28
administration.
27:31
You
27:31
see,
27:32
I
27:32
think
27:32
there's
27:32
a
27:32
battle
27:33
of
27:33
trust
27:33
going
27:33
on
27:34
within
27:34
the
27:34
general
27:34
public.
27:35
And
27:35
it's
27:35
the
27:35
battle
27:36
of
27:36
trust
27:37
experts
27:37
versus
27:38
Trump.
27:39
And
27:39
the
27:39
experts
27:40
come
27:40
up
27:40
with
27:40
these
27:40
apocalyptic
27:41
vision
27:41
of
27:41
what's
27:42
going
27:42
to
27:42
happen
27:42
if
27:43
he
27:43
has
27:43
his
27:43
way.
27:44
And
27:45
right
27:45
now,
27:45
my
27:46
fear
27:46
and
27:46
feeling
27:47
is
27:47
that
27:47
Trump
27:47
is
27:47
winning
27:48
that
27:48
battle
27:48
of
27:48
trust.
27:50
I
27:51
don't
27:51
think
27:51
he
27:51
is
27:51
actually
27:52
with
27:52
the
27:52
American
27:52
people.
27:53
I
27:53
think
27:54
that
27:54
the
27:54
American
27:54
people
27:55
were
27:55
swayed
27:56
by
27:56
recent
27:56
assassinations
27:57
and
27:57
then
27:57
Trump,
27:58
the
27:58
assassination
27:59
attempt
27:59
on
27:59
Trump.
28:00
So
28:00
he
28:00
looks
28:01
strong,
28:01
but
28:02
their
28:02
daily
28:02
lives
28:02
are
28:03
not
28:03
getting
28:03
better.
28:04
So
28:05
if
28:05
you
28:05
look
28:05
at
28:05
those
28:05
statistics
28:06
and
28:07
if
28:07
you
28:07
talk
28:07
to
28:08
people,
28:08
it's
28:09
still
28:09
based
28:10
on,
28:10
we're
28:11
going
28:11
to
28:11
wait
28:11
and
28:11
see.
28:12
Now,
28:13
things
28:13
aren't
28:13
going
28:13
well,
28:14
but
28:14
we're
28:14
going
28:14
to
28:15
give
28:15
them
28:15
another
28:15
seven
28:15
or
28:15
eight
28:16
months.
28:16
I
28:17
don't
28:17
know
28:17
what
28:17
else
28:17
they
28:17
really
28:18
have
28:18
to
28:18
believe
28:18
in,
28:19
but
28:19
the,
28:20
the
28:20
things
28:20
that
28:21
they
28:21
see
28:21
in
28:21
front
28:21
of
28:22
them,
28:22
jobs,
28:24
cost
28:24
of
28:24
living,
28:25
world
28:26
news,
28:26
none
28:26
of
28:27
it's
28:27
making
28:27
them
28:27
happy.
28:28
I
28:28
mean,
28:28
Americans
28:28
are
28:29
extremely
28:29
pessimistic
28:30
and
28:30
unhappy
28:31
and
28:31
scared
28:31
right
28:32
now.
28:33
So
28:33
I
28:34
do
28:34
think
28:34
for
28:34
Trump,
28:35
it.
28:36
Trump
28:36
is
28:36
in
28:37
a
28:37
race
28:37
against
28:37
time
28:38
to
28:38
consolidate
28:39
power.
28:40
And
28:40
that's
28:40
why
28:42
you
28:42
have
28:42
people
28:42
like
28:42
Ted
28:43
Cruz
28:43
already
28:44
getting
28:44
ready
28:44
to
28:45
run
28:45
for
28:45
president
28:45
because
28:46
the
28:46
American
28:46
people
28:47
still
28:47
like
28:47
free
28:47
markets.
28:48
And
28:48
he's
28:48
going
28:48
to
28:49
try
28:49
and
28:50
I
28:50
think
28:50
that
28:50
will
28:50
be
28:50
his
28:51
response.
28:51
It
28:51
might
28:51
actually
28:52
work,
28:52
which
28:52
would
28:53
be
28:53
really
28:53
interesting
28:53
in
28:54
some
28:54
ways,
28:55
but
28:56
I'm
28:56
not
28:56
sure
28:56
we're
28:56
going
28:56
to
28:56
have
28:57
elections
28:57
either.
28:57
I
28:57
think
28:58
that
28:58
would
28:58
be
28:58
naive
28:59
to
28:59
think
28:59
we're
28:59
going
28:59
to
29:00
have
29:00
fair
29:01
elections
29:01
in
29:01
the
29:02
United
29:02
States.
29:03
But
29:04
this
29:04
thing
29:04
about
29:04
the
29:05
experts
29:05
is
29:06
true.
29:07
And
29:07
the
29:07
bubble
29:07
of
29:08
the
29:08
Ivy
29:08
League
29:09
has
29:09
been
29:09
dangerous
29:10
for
29:10
a
29:10
long,
29:10
long
29:11
time.
29:12
The
29:12
disconnection
29:13
from
29:13
the
29:13
world
29:14
and
29:14
from
29:14
average
29:15
people,
29:15
but
29:16
also
29:16
this,
29:16
the
29:17
fear
29:17
now
29:17
of,
29:18
I
29:18
mean,
29:18
Covid
29:18
did
29:18
a
29:19
lot
29:19
to.
29:20
Even
29:20
though
29:21
America,
29:21
my
29:22
father
29:22
helped
29:22
develop
29:23
vaccines,
29:24
the
29:24
vaccine
29:25
was
29:25
a
29:25
miracle.
29:26
It
29:26
was
29:26
incredible.
29:27
It
29:27
saved
29:27
millions
29:28
and
29:28
millions
29:28
and
29:28
millions
29:28
of
29:28
lives.
29:29
But,
29:30
but
29:30
the
29:31
information
29:31
war
29:32
with
29:32
COVID
29:32
was
29:32
lost.
29:33
And
29:33
so
29:33
people
29:34
now,
29:34
many
29:35
believe
29:35
that
29:35
in
29:35
fact
29:36
the
29:36
vaccine
29:36
was
29:36
bad.
29:38
So
29:38
we're
29:38
living
29:39
in
29:39
a
29:39
world
29:39
of
29:39
conspiracies
29:40
and
29:40
misinformation.
29:42
Last
29:42
night
29:43
we
29:43
looked
29:43
at
29:43
an
29:43
article
29:44
that
29:44
showed
29:45
people
29:45
are
29:46
just
29:46
in
29:46
certain
29:47
areas,
29:47
50%
29:47
of
29:48
people
29:48
are
29:48
homeschooling,
29:49
which
29:49
means
29:49
no
29:50
schooling
29:50
really.
29:51
So
29:51
it's
29:52
because
29:52
they
29:52
don't
29:52
trust
29:53
the
29:53
schools,
29:53
they
29:53
think
29:54
they're
29:54
going
29:54
to
29:54
be
29:54
indoctrinated.
29:56
Yeah,
29:56
it's
29:56
a
29:57
massive
29:57
crisis
29:57
of
29:58
trust.
29:59
But
30:00
Americans
30:00
don't
30:01
all
30:01
trust
30:01
Trump.
30:02
He's
30:02
pretty
30:02
low.
30:03
And
30:03
with
30:03
the
30:03
Epstein
30:04
thing,
30:04
it's
30:04
not
30:05
helping
30:05
him.
30:06
I
30:06
mean,
30:07
part
30:07
of
30:07
a
30:07
self
30:07
correction
30:08
of
30:08
the
30:08
system
30:09
could
30:09
occur
30:09
with
30:10
the
30:10
next
30:10
midterm
30:11
elections.
30:12
And
30:13
the
30:13
question
30:13
is
30:14
though,
30:14
what
30:15
alternative
30:15
do
30:16
the
30:16
Democrats
30:16
have
30:17
on
30:17
offer
30:17
in
30:17
terms
30:18
of
30:18
economic
30:18
policy?
30:19
Because
30:19
you've
30:20
only
30:20
mentioned
30:21
Ted
30:21
Cruz
30:21
who's
30:22
challenging
30:22
the
30:22
current
30:24
economic
30:24
regime
30:25
and
30:25
who
30:25
is
30:26
essentially
30:26
going
30:27
back
30:27
to
30:27
old
30:28
school
30:28
Republicanism.
30:30
But
30:30
would
30:31
the
30:31
Democrats
30:32
have
30:32
a
30:32
better
30:32
plan
30:33
that
30:33
people
30:33
would
30:34
trust?
30:36
Oh
30:37
boy.
30:37
First
30:38
of
30:38
all,
30:38
you're
30:38
assuming
30:39
there
30:39
are
30:39
going
30:39
to
30:39
be
30:39
free
30:39
and
30:40
fair
30:40
elections.
30:41
I
30:41
just
30:41
don't
30:41
think
30:42
that's
30:42
going
30:42
to
30:42
happen.
30:42
But
30:43
I'm
30:43
an
30:43
expert,
30:44
so
30:44
I
30:44
could
30:44
be
30:44
wrong.
30:45
But
30:45
I'm
30:46
using
30:46
my
30:46
gut
30:46
with
30:46
that
30:47
one.
30:47
I
30:47
have
30:47
no
30:47
evidence.
30:48
I'm
30:48
just
30:49
using
30:49
instinct.
30:51
I've.
30:51
If
30:51
I'd
30:52
committed
30:52
as
30:52
many
30:53
crimes
30:53
and
30:54
corruptions
30:54
as
30:55
certain
30:55
people
30:55
in
30:55
the
30:55
US
30:56
Government,
30:56
I
30:56
would
30:56
definitely
30:57
not
30:57
let
30:58
the
30:58
election
30:58
happen.
30:58
It's
30:59
too
30:59
dangerous.
30:59
Right.
31:00
So
31:01
that's
31:01
one
31:01
logic.
31:02
The
31:02
Democrats
31:03
do
31:03
not
31:04
have
31:04
a
31:04
plan.
31:05
What's
31:05
interesting
31:06
about
31:06
Gavin
31:06
Newsom,
31:07
who
31:07
stands
31:07
out,
31:08
the
31:08
governor
31:08
of
31:08
California,
31:10
is.
31:10
He
31:10
has
31:10
not
31:13
enunciated
31:13
a
31:14
clear
31:14
economic
31:15
plan.
31:15
And
31:15
you've
31:16
just
31:16
made
31:16
me
31:16
realize
31:17
that's
31:17
not
31:18
good,
31:19
because
31:19
that's
31:19
what
31:20
Americans
31:20
want.
31:21
They
31:21
literally
31:21
just
31:22
want
31:22
to
31:22
know,
31:23
will
31:24
beef
31:24
prices
31:25
go
31:25
down?
31:25
Can
31:26
they
31:26
get
31:26
their
31:26
burgers?
31:27
That
31:27
literally
31:27
is
31:27
like
31:28
a
31:28
coffee.
31:29
Coffee's
31:29
a
31:29
huge
31:30
one.
31:30
Coffee,
31:31
burgers
31:31
and
31:32
eggs.
31:33
That's
31:33
it.
31:35
And
31:36
beer.
31:36
It's
31:36
the
31:36
eggs,
31:37
stupid.
31:38
Really?
31:38
Yeah.
31:38
No,
31:39
the
31:39
eggs
31:40
are
31:40
a
31:40
big
31:40
deal
31:40
because
31:41
do
31:41
you
31:41
know
31:41
that
31:41
22%
31:42
of
31:42
Americans,
31:44
most
31:44
Americans
31:44
just
31:45
eat
31:45
beef.
31:45
Huge
31:46
amounts
31:46
of
31:46
it.
31:47
Per
31:47
capita,
31:47
more
31:48
than
31:48
100.
31:48
Is
31:49
it
31:49
100
31:49
kilos
31:49
or
31:49
100
31:50
pounds?
31:51
Europe
31:51
is
31:51
below
31:52
or
31:52
around
31:52
it.
31:53
Japan,
31:53
the
31:54
country
31:54
we
31:54
should
31:54
all
31:54
emulate,
31:55
33.
31:56
That's
31:56
what
31:57
you
31:57
should
31:57
go
31:57
for.
31:58
In
31:58
fact,
31:59
Singalan
31:59
should
32:00
discover
32:00
fish.
32:01
That's
32:01
something
32:01
I'm
32:01
recommending
32:02
to
32:02
Saint
32:02
Gallen.
32:03
But
32:03
no,
32:03
there's
32:04
a
32:04
lot
32:04
of
32:04
overfishing.
32:05
I
32:05
don't
32:05
think
32:06
we
32:06
should
32:06
go
32:06
in
32:06
that
32:06
direction.
32:07
I
32:07
think
32:08
that
32:08
Saint
32:08
Gallant
32:08
people
32:09
should
32:09
eat
32:09
fish.
32:09
There
32:09
are
32:09
fish
32:10
farms,
32:10
and
32:10
I
32:11
recommend
32:11
fish,
32:11
fish
32:12
protein.
32:12
But
32:13
Greenpeace
32:13
doesn't
32:14
fit.
32:14
Well.
32:16
Okay,
32:17
then
32:17
soy.
32:18
But
32:19
soy
32:19
also.
32:19
Americans
32:20
have
32:20
a
32:20
lot
32:20
of
32:20
cheap
32:20
soy
32:21
to
32:21
sell
32:21
right
32:21
now.
32:23
I
32:23
can
32:23
make
32:23
you
32:24
a
32:24
great
32:24
deal
32:25
on
32:25
a
32:25
trillion
32:25
tons
32:26
of
32:26
soy.
32:27
Anyway.
32:27
I'm
32:27
not
32:27
sure
32:28
I
32:28
want
32:28
the
32:28
biodiversity
32:29
consequences
32:30
of
32:30
that,
32:30
but
32:30
okay.
32:32
Or
32:32
we
32:32
can.
32:32
You
32:32
see,
32:33
you
32:33
can't
32:33
sell
32:33
your
32:34
plants
32:34
to
32:34
me,
32:34
but
32:35
maybe
32:35
you
32:35
can
32:35
sell
32:36
an
32:36
economic
32:36
plan
32:37
to
32:37
the
32:37
Democrats.
32:38
Well,
32:38
so
32:38
the.
32:39
The
32:40
thing
32:40
is,
32:40
is
32:40
that
32:41
he
32:41
hasn't
32:42
sold.
32:42
He
32:42
hasn't
32:43
come
32:43
up
32:43
with
32:43
a
32:43
simple
32:43
way
32:44
of
32:44
saying,
32:45
here
32:45
is
32:45
what's
32:46
going
32:46
to
32:46
make
32:46
life
32:47
easier
32:47
and
32:47
better.
32:48
And
32:48
that's
32:48
where
32:48
free
32:49
market
32:49
comes
32:49
back
32:50
again.
32:50
And
32:50
that's
32:50
where
32:50
I
32:50
think
32:51
Ted
32:51
Cruz
32:51
is
32:52
no
32:52
fool.
32:53
Everyone's
32:53
always
32:53
hated
32:54
him.
32:54
He
32:54
was
32:54
hated
32:55
at
32:55
Princeton.
32:55
People
32:56
hate
32:56
him.
32:56
He
32:56
never
32:56
seems
32:57
to
32:57
lose.
32:57
Actually,
32:58
he's
32:58
another
32:58
kind
32:59
of
32:59
cockroach
33:00
of
33:00
the
33:00
American
33:01
system.
33:02
But
33:02
he
33:03
did
33:03
stick
33:03
up
33:03
for
33:03
free
33:04
speech.
33:04
We'll
33:05
see
33:05
if
33:05
that
33:05
holds.
33:06
I
33:06
liked
33:06
that.
33:07
And
33:08
this
33:08
guy
33:09
has
33:09
pulled
33:09
out
33:09
free
33:10
markets
33:10
again
33:11
as
33:12
his
33:14
economic
33:14
plan.
33:15
And
33:15
that
33:15
is
33:15
a
33:16
simple
33:16
idea
33:17
that
33:17
Americans
33:18
have
33:18
been
33:18
fed
33:18
for
33:18
years.
33:19
So
33:19
they
33:19
kind
33:19
of
33:19
know
33:19
what
33:20
it
33:20
is.
33:21
I
33:21
think
33:21
it's
33:21
really
33:22
interesting.
33:23
Really,
33:23
really
33:24
interesting.
33:24
And
33:24
brings
33:25
back
33:26
the
33:26
importance
33:27
of
33:27
this
33:27
dream
33:28
again,
33:28
that
33:28
he
33:28
can
33:29
suddenly.
33:29
If
33:29
there's
33:30
anything
33:30
they
33:30
can
33:30
sell
33:30
America
33:31
right
33:31
now,
33:32
it's
33:32
a
33:32
dream.
33:32
By
33:33
the
33:33
way,
33:33
America's
33:33
rich
33:34
enough.
33:34
It's
33:34
not
33:34
France
33:34
and
33:35
England.
33:35
We
33:35
actually
33:36
could
33:36
improve
33:36
people's
33:37
living
33:37
standards
33:37
quite
33:38
easily.
33:39
We're
33:39
not
33:39
in
33:39
an
33:39
economic
33:40
death
33:40
spiral.
33:41
But
33:42
Ted
33:42
Cruz
33:42
wants
33:42
to
33:43
sell
33:43
the
33:44
free
33:44
market
33:45
in
33:45
New
33:45
York
33:45
City.
33:46
The
33:46
Democratic
33:47
Party
33:47
wants
33:48
to
33:48
sell
33:48
something
33:49
quite
33:49
different.
33:50
So
33:51
the
33:52
Democratic
33:52
Party
33:52
in
33:53
New
33:53
York
33:53
wants
33:53
to
33:53
sell
33:54
something
33:54
like
33:54
the
33:54
Swiss
33:55
have.
33:55
I
33:55
mean
33:55
it's
33:56
not
33:56
that
33:56
extreme.
33:57
You
33:57
know,
33:57
rent
33:58
control,
33:59
some
34:00
better
34:00
transportation
34:01
funding,
34:02
better
34:03
health
34:03
care.
34:03
I
34:04
mean
34:04
what
34:04
people
34:04
call
34:05
extreme
34:05
socialism
34:06
in
34:06
America,
34:07
I
34:07
mean,
34:08
looks
34:08
like
34:08
a
34:08
train
34:09
station
34:09
in
34:09
Switzerland.
34:10
So
34:10
I
34:11
mean
34:11
you
34:11
just
34:11
have
34:11
to
34:11
be
34:11
aware
34:12
of
34:12
that.
34:12
Okay,
34:13
you
34:13
spoke
34:14
of
34:14
experts
34:15
and
34:15
that
34:15
brings
34:16
me
34:16
to
34:16
your
34:16
mission
34:17
as
34:17
an
34:17
academic
34:18
mission
34:18
because
34:18
you're
34:19
kind
34:19
of
34:19
an
34:19
anti
34:19
expert
34:20
actually.
34:21
You
34:21
claim
34:21
that
34:22
the
34:22
experts
34:22
that
34:22
we
34:22
have
34:23
in
34:23
economy
34:24
are
34:24
unenlightened,
34:25
uneducated,
34:26
walking
34:27
around
34:27
in
34:28
the
34:28
darkness
34:28
of
34:28
their
34:29
own
34:29
ideologies
34:29
without
34:30
having
34:30
checked
34:31
where
34:31
they
34:31
come
34:31
from
34:32
and
34:32
if
34:32
they
34:32
hold.
34:33
So
34:34
you
34:34
should
34:34
be
34:34
a
34:34
hated
34:35
man
34:35
around
34:36
economic
34:36
circles
34:37
because
34:37
you
34:37
tell
34:37
them,
34:38
you
34:39
know,
34:39
you
34:39
haven't
34:39
done
34:39
your
34:39
homework,
34:40
not
34:40
even
34:40
a
34:40
bit.
34:41
And
34:41
when
34:41
you
34:41
do
34:42
it,
34:42
you
34:42
will
34:42
lose
34:42
faith
34:43
in
34:43
what
34:43
you
34:43
pray.
34:45
There
34:46
I
34:46
am
34:46
not.
34:47
So
34:47
in
34:47
East
34:48
Asia
34:48
I'm
34:48
a
34:49
big
34:49
best
34:49
selling
34:49
author
34:50
in
34:50
America.
34:50
I'm
34:51
not
34:51
big
34:51
enough
34:51
to
34:51
be
34:52
hated.
34:53
There
34:53
is
34:53
a
34:53
big,
34:54
there
34:54
are
34:54
a
34:54
couple
34:54
big
34:54
pieces.
34:55
One
34:55
big
34:55
person
34:56
dislikes
34:56
me,
34:57
another
34:58
one
34:58
hates
34:58
me
34:58
and
34:59
has
34:59
made
34:59
sure
34:59
that
34:59
I've
35:00
suffered
35:00
for
35:00
it.
35:01
So
35:01
yeah,
35:02
I'm
35:02
just
35:02
not
35:02
big
35:03
enough
35:03
to
35:03
be
35:03
fully
35:04
hated.
35:04
But
35:04
they're
35:04
also
35:05
so
35:05
powerful
35:06
still,
35:06
these
35:06
economists,
35:07
especially
35:07
within
35:08
media
35:08
controlled
35:08
situations
35:09
that
35:10
they've
35:10
been.
35:10
That
35:11
I
35:12
had
35:12
hoped
35:12
to
35:12
crack
35:13
through
35:13
with
35:13
this.
35:13
I
35:14
didn't
35:14
know
35:14
what
35:14
I
35:14
was
35:14
doing.
35:16
These
35:16
are
35:17
monopolies.
35:17
They
35:17
make
35:17
a
35:18
lot
35:18
of
35:18
money
35:18
from
35:18
this.
35:19
I
35:19
mean
35:20
if
35:20
you
35:20
take
35:21
someone
35:21
like
35:22
Niall
35:22
Ferguson,
35:23
he
35:23
makes
35:25
huge
35:25
fortune
35:26
as
35:26
a
35:27
so
35:27
called
35:27
economic
35:28
historian.
35:29
There
35:29
are
35:29
other
35:29
famous
35:29
people
35:30
too.
35:30
I
35:30
actually,
35:31
we
35:31
talk
35:31
about
35:31
how
35:32
much
35:32
they
35:32
make.
35:33
They're
35:33
very
35:33
careful
35:33
about
35:34
who
35:34
can
35:34
get
35:34
into
35:34
this
35:35
market.
35:35
But
35:35
it's
35:35
a
35:35
small
35:35
market,
35:38
interestingly,
35:39
because
35:40
Asia
35:41
doesn't
35:41
believe
35:41
in
35:42
economic
35:43
ideology.
35:44
That's
35:44
where
35:44
I've
35:44
been
35:45
really
35:45
big
35:45
and
35:45
I
35:45
think
35:45
that's
35:46
kind
35:46
of
35:46
funny.
35:46
I
35:46
will
35:47
tell
35:47
you
35:47
this.
35:47
I've
35:48
done
35:48
bizarrely
35:49
well
35:49
in
35:50
northern
35:51
Europe
35:51
and
35:51
in
35:51
Switzerland.
35:53
And
35:53
I
35:53
think
35:53
that's
35:54
interesting
35:54
where
35:54
there
35:55
seems
35:55
to
35:55
be.
35:57
I
35:57
always
35:57
try
35:57
and
35:58
understand
35:58
why
35:58
I
35:58
have
35:59
readers
35:59
in
35:59
certain
35:59
places.
36:00
Actually
36:00
Britain
36:01
too,
36:01
I've
36:01
done
36:02
pretty
36:02
well.
36:04
Certain
36:04
amount
36:04
of
36:04
literacy,
36:05
a
36:05
certain
36:05
amount
36:05
of
36:05
pragmatism.
36:06
I
36:06
find
36:06
it
36:07
interesting.
36:07
But
36:07
you
36:08
also
36:08
teach
36:09
at
36:09
universities
36:09
and
36:10
one
36:11
quote
36:11
here,
36:11
you're
36:11
not
36:12
coy
36:12
about
36:12
this
36:12
is
36:13
to
36:13
the
36:13
students,
36:14
take
36:14
this.
36:15
The
36:15
entire
36:16
economic
36:17
story
36:17
you
36:17
have
36:18
been
36:18
told
36:19
is
36:19
backwards.
36:20
The
36:20
entire
36:21
story.
36:22
So
36:22
things
36:23
that
36:23
are
36:23
taught
36:23
Here
36:25
are
36:25
positively
36:26
wrong
36:27
and
36:27
backwards.
36:28
Yeah,
36:28
we
36:29
talked
36:29
about
36:29
this
36:29
in
36:29
my
36:29
class
36:30
with
36:30
the
36:30
students.
36:31
I
36:31
mean,
36:31
they
36:32
have
36:32
been
36:32
examining
36:33
Adam
36:34
Smith
36:34
carefully
36:35
to
36:35
see
36:35
actually
36:36
what
36:36
he
36:36
says.
36:37
And
36:38
I
36:39
think
36:39
I
36:39
could
36:40
get
36:40
a
36:40
nod
36:40
from
36:40
them.
36:41
He
36:41
doesn't
36:42
say
36:42
what
36:42
you've
36:42
been
36:43
told,
36:43
is
36:43
that
36:43
not
36:44
right?
36:44
I
36:45
mean,
36:46
they
36:46
read
36:47
the
36:47
book
36:47
themselves,
36:48
they've
36:48
looked
36:48
at
36:48
it
36:49
and
36:49
I've
36:49
been
36:49
teaching
36:49
this
36:50
course
36:51
at
36:52
the,
36:52
at
36:52
the
36:53
University
36:53
of
36:54
Southern
36:54
California.
36:55
My
36:55
students
36:55
decide
36:56
and
36:56
actually
36:57
out
36:57
of
36:57
about
36:58
18
36:58
to
36:59
22
36:59
students,
36:59
I
36:59
always
37:00
get
37:00
one
37:00
or
37:00
two
37:01
that
37:01
still
37:01
come
37:02
up
37:02
with
37:02
the
37:02
standard
37:02
reading.
37:03
But
37:03
listen,
37:04
in
37:04
the
37:04
most
37:04
sold
37:05
textbook
37:05
in
37:05
economics
37:07
in
37:07
the
37:08
United
37:08
States
37:08
by
37:08
Greg
37:09
Mankiw,
37:10
he
37:10
says
37:10
that
37:10
Adam
37:11
Smith
37:12
would
37:13
have
37:13
loved
37:13
Uber.
37:14
It's
37:14
literally
37:14
ridiculous.
37:15
Adam
37:15
Smith
37:16
didn't
37:16
like
37:16
businessmen
37:17
and
37:17
he
37:17
hated
37:18
companies.
37:18
He
37:18
distrusted
37:19
them.
37:19
He
37:19
says
37:20
that
37:21
greed
37:21
is
37:21
what
37:22
makes
37:22
the
37:22
markets
37:22
work.
37:23
And
37:23
that's
37:23
Adam
37:23
Smith's
37:24
idea.
37:24
Well,
37:24
Adam
37:25
Smith
37:25
wrote
37:25
an
37:25
entire
37:26
book
37:26
about
37:26
why
37:26
greed
37:27
is
37:27
bad.
37:27
And
37:27
it
37:28
doesn't
37:28
take
37:29
a
37:29
lot
37:29
of
37:30
brain
37:30
power
37:31
to
37:31
read
37:32
the
37:32
wealth
37:32
of
37:32
nations
37:33
to
37:33
see
37:33
that
37:33
he's
37:34
actually
37:34
not
37:34
celebrating
37:35
greed.
37:35
He's
37:36
trying
37:36
to
37:36
find
37:36
a
37:37
way
37:37
to
37:37
deal
37:37
with
37:37
something
37:38
which
37:38
is
37:38
actually
37:39
quite
37:39
dangerous
37:41
that
37:41
does
37:42
have
37:42
possibilities.
37:44
That
37:44
these
37:45
economists
37:45
have
37:45
not
37:46
even
37:46
done
37:46
the
37:46
best
37:47
basic
37:47
reading
37:48
on
37:48
Smith
37:49
is
37:49
absolutely
37:50
astounding.
37:51
And
37:52
the
37:52
fact
37:52
is
37:53
is
37:53
that
37:53
greed
37:55
exists.
37:56
But
37:56
their
37:56
idea
37:57
that
37:58
they
37:58
constantly
37:59
say
37:59
unfettered
38:00
markets
38:01
are
38:01
the
38:01
things
38:01
that
38:01
create
38:02
wealth,
38:03
well
38:03
that's
38:03
not
38:04
necessarily
38:04
true.
38:05
California
38:06
is
38:07
still
38:07
like
38:07
the
38:07
sort
38:08
of
38:08
richest
38:08
place
38:09
in
38:09
the
38:09
world
38:09
with
38:09
37
38:10
million
38:10
people.
38:11
It
38:11
has
38:11
the
38:12
highest
38:12
GDP
38:12
per
38:12
capita
38:13
of
38:13
any
38:13
large
38:13
scale
38:14
place.
38:15
It
38:15
has
38:16
high
38:16
taxes,
38:16
it
38:17
has
38:17
a
38:17
high
38:17
minimum
38:17
wage.
38:18
We
38:18
plug
38:19
our
38:19
money
38:19
into
38:19
public
38:20
higher
38:20
education.
38:21
All
38:21
these
38:21
things
38:21
that
38:22
aren't
38:22
supposed
38:22
to
38:22
work
38:23
and
38:23
yet
38:23
we're
38:23
super
38:24
rich.
38:24
Why?
38:25
Well,
38:26
maybe
38:26
the
38:26
story's
38:27
totally
38:27
different.
38:27
Maybe
38:28
wealth
38:28
creation
38:28
isn't
38:29
about
38:29
free
38:29
markets.
38:30
Maybe
38:30
it's
38:30
about
38:30
education,
38:31
maybe
38:31
it's
38:32
about
38:32
industrial
38:32
policy,
38:33
maybe
38:33
it's
38:33
about
38:34
culture.
38:35
And
38:35
so
38:36
yeah,
38:37
the
38:38
fact
38:38
is,
38:38
is
38:38
Asians
38:39
are
38:39
no
38:39
longer
38:39
reading
38:40
those
38:40
books.
38:41
The
38:41
Chinese
38:41
didn't
38:41
get
38:42
rich
38:43
on
38:43
those
38:43
books.
38:43
They
38:44
read
38:44
them,
38:44
decided
38:45
what
38:45
was
38:45
good
38:45
and
38:46
bad
38:46
and
38:46
created
38:46
their
38:46
own
38:47
economic
38:47
theories.
38:49
But
38:49
Jacob,
38:49
there's
38:49
a
38:50
bigger
38:50
question
38:50
behind
38:51
this.
38:51
Economical
38:52
theories
38:53
are
38:53
possibly
38:55
the
38:55
most
38:55
powerful
38:56
theories
38:56
we
38:56
know
38:57
in
38:57
terms
38:57
of
38:57
impact
38:58
in
38:58
the
38:59
world.
39:00
Now
39:00
philosophers
39:01
are
39:01
obsessed
39:01
with
39:01
their
39:02
own
39:02
history
39:02
of
39:03
ideas.
39:03
If
39:03
they're
39:03
non
39:04
analytic,
39:04
they
39:04
do
39:05
their
39:05
homework,
39:05
they
39:06
get
39:06
back
39:06
to
39:06
the
39:06
sources.
39:07
How
39:08
can
39:08
it
39:08
be
39:09
that
39:09
the
39:09
most
39:10
impactful,
39:10
powerful
39:11
science
39:12
on
39:12
earth
39:12
is
39:13
uneducated
39:13
about
39:14
its
39:14
own
39:14
history?
39:15
I
39:15
mean,
39:15
look,
39:16
people
39:16
were
39:16
saying
39:16
this
39:17
from
39:17
the
39:17
creation
39:17
of
39:18
economics.
39:18
I
39:18
mean,
39:18
Edmund
39:19
Burke
39:19
warned
39:20
about
39:20
this.
39:21
He
39:21
warned
39:21
about
39:21
the
39:22
sophisters
39:24
and
39:24
the
39:24
economists
39:25
and
39:25
the
39:25
calculators,
39:26
and
39:26
he
39:26
warned
39:27
about
39:27
their
39:27
ignorance
39:28
of
39:28
history.
39:29
And
39:29
by
39:29
the
39:29
way,
39:29
I'm
39:30
writing
39:30
about
39:30
Burke
39:30
right
39:31
now
39:31
in
39:31
this
39:31
new
39:31
book
39:31
that
39:32
I'm
39:32
writing.
39:32
This
39:33
really
39:34
is
39:34
actually
39:34
Burke's.
39:35
One
39:35
of
39:35
his
39:36
great
39:36
insights
39:37
is
39:37
the
39:37
ignorance
39:38
of
39:38
history.
39:39
Now
39:39
you
39:39
start
39:39
getting
39:39
these
39:40
figures
39:40
like
39:40
Piketty,
39:42
who
39:42
write.
39:43
They
39:43
now
39:43
say
39:44
they're
39:44
historians,
39:45
being
39:45
historians,
39:46
not
39:46
actually
39:46
that
39:47
easy
39:47
to
39:47
do
39:47
it.
39:47
Well,
39:48
it
39:48
takes
39:48
a
39:48
lot
39:48
of
39:48
training
39:49
there.
39:50
There
39:50
are
39:50
some
39:51
good
39:51
places
39:52
where
39:52
you
39:52
can
39:52
learn
39:52
to
39:53
do
39:53
history,
39:53
but
39:53
there
39:53
aren't
39:54
that
39:54
many
39:54
where
39:54
we're
39:55
doing
39:55
history
39:55
at
39:55
a
39:56
really
39:56
high
39:56
level.
39:57
The
39:57
training's
39:58
intense,
39:58
the
39:58
work
39:59
is
39:59
intense.
40:00
Piketty
40:01
comes
40:01
in
40:01
with
40:02
his
40:02
capital,
40:03
which
40:03
is
40:03
a
40:03
book
40:04
that,
40:04
while
40:05
I
40:05
kind
40:05
of
40:05
agree
40:05
with
40:06
the
40:06
finding,
40:06
I
40:07
laugh
40:07
at
40:07
it
40:07
as
40:08
an
40:08
actual
40:08
work
40:09
I
40:10
have.
40:10
Well,
40:11
there's
40:11
a
40:11
student
40:11
that
40:12
I
40:12
know
40:12
who
40:12
was
40:12
on
40:13
his
40:13
research
40:13
team
40:13
who
40:14
resigned
40:14
over
40:15
his
40:15
use
40:15
of
40:15
data.
40:15
And
40:16
I
40:16
can
40:16
just
40:16
tell
40:16
you
40:17
that.
40:17
What's
40:18
the
40:18
problem
40:18
of
40:18
looking
40:18
at
40:19
GDP
40:19
all
40:20
the
40:20
way
40:20
back
40:20
into
40:20
the
40:20
16th
40:21
and
40:21
17th
40:21
centuries?
40:22
Can
40:22
anybody
40:22
guess?
40:24
GDP
40:24
is
40:24
a
40:25
modern
40:25
creation.
40:25
It's
40:26
just
40:26
literally,
40:26
concept
40:27
didn't
40:27
exist.
40:27
It
40:27
just
40:28
didn't
40:28
exist.
40:28
And
40:28
the
40:29
concepts
40:29
that
40:29
did
40:29
exist
40:30
of
40:30
how
40:30
to
40:31
measure
40:31
wealth
40:31
and
40:32
what
40:32
statistics
40:32
existed
40:33
are
40:34
very
40:34
hard
40:34
to
40:34
match
40:35
with
40:35
that.
40:35
So
40:36
you'd
40:36
have
40:36
to
40:36
do
40:36
a
40:36
lot
40:36
more
40:37
work.
40:38
You'd
40:38
also
40:38
have
40:38
to
40:38
come
40:39
up
40:39
with
40:39
different
40:39
concepts
40:40
of
40:40
wealth.
40:40
And
40:41
so
40:41
we
40:41
see
40:41
Holland
40:42
and
40:42
England
40:42
having
40:42
these
40:43
remarkably
40:43
high
40:43
living
40:44
standards.
40:44
Actually,
40:44
at
40:45
certain
40:45
points,
40:46
he
40:46
sort
40:46
of
40:46
ignored
40:47
that.
40:47
We
40:48
actually
40:48
see
40:48
moments
40:48
of
40:49
incredible
40:49
mobility
40:50
in
40:50
Holland
40:50
and
40:50
England
40:51
between
40:51
the
40:52
16th
40:52
and
40:52
the
40:52
18th
40:53
centuries.
40:53
It's
40:54
pretty
40:54
interesting.
40:56
As
40:56
a
40:56
historian,
40:57
it
40:57
was
40:57
kind
40:58
of
40:58
a
40:58
joke.
40:58
So
40:58
I
40:59
will
40:59
actually
40:59
say
40:59
this,
41:01
and
41:01
my
41:02
colleagues
41:02
in
41:02
the
41:02
economics
41:03
department
41:03
at
41:03
usc,
41:04
which
41:04
we
41:04
have
41:04
a
41:04
good
41:05
economics
41:05
department,
41:06
they
41:07
started
41:07
saying,
41:07
we
41:07
want
41:07
to
41:08
do
41:08
history.
41:08
And
41:08
they
41:08
started
41:08
showing
41:09
me
41:09
their
41:09
historical
41:10
work.
41:10
And
41:10
I
41:10
said
41:11
this
41:11
wouldn't
41:11
pass
41:12
a
41:13
basic
41:14
undergraduate
41:15
seminar,
41:15
let
41:16
alone
41:16
a
41:16
graduate
41:17
seminar,
41:17
so
41:18
be
41:18
extremely
41:19
careful.
41:19
I
41:20
think
41:20
it's
41:20
interesting
41:20
that
41:20
you
41:21
think
41:21
as
41:21
an
41:22
economist
41:22
you
41:22
can
41:22
do
41:23
anything,
41:24
and
41:24
it
41:25
shows
41:26
me
41:26
the
41:27
lack
41:27
of
41:27
standards
41:28
in
41:28
economics.
41:29
So
41:29
there's
41:30
a
41:30
hubris
41:30
and
41:30
the
41:31
abysmal
41:31
signs.
41:32
Absolutely.
41:33
Oh,
41:33
no,
41:33
absolutely.
41:34
They
41:34
scoff
41:34
at
41:35
accountants,
41:35
by
41:36
the
41:36
way,
41:36
if
41:37
you
41:37
ask
41:38
some
41:38
of
41:38
the
41:38
most
41:39
successful
41:39
industrialists
41:40
in
41:40
Switzerland,
41:41
and
41:41
believe
41:41
me,
41:41
you
41:41
have
41:42
them,
41:42
if
41:42
they
41:42
listen
41:43
to
41:43
economists
41:44
or
41:44
accountants,
41:45
so
41:46
they
41:46
distrust
41:46
the
41:46
very
41:47
experts
41:47
that
41:47
you
41:47
embody,
41:48
they
41:48
don't
41:48
hire
41:49
them.
41:49
I
41:49
mean,
41:49
you
41:49
have
41:50
companies.
41:50
Listen,
41:51
I
41:51
know
41:51
some
41:51
Great
41:51
economists
41:52
and
41:53
the
41:53
economists
41:53
that
41:53
I'm
41:54
friends
41:54
with
41:54
trust
41:54
accounting.
41:55
But
41:55
I
41:56
mean
41:56
the
41:56
number
41:56
of
41:56
economists
41:57
who've
41:57
laughed
41:58
at
41:58
my
41:58
last
41:59
book
41:59
on.
42:00
On
42:00
accounting.
42:01
Well,
42:01
most
42:02
of
42:02
them
42:02
were
42:02
western
42:03
in.
42:03
In
42:04
Asia.
42:04
No,
42:05
that
42:05
did
42:05
not
42:05
happen.
42:06
But.
42:07
Sorry,
42:08
but
42:08
Jacob,
42:09
Economical
42:09
theory
42:10
is
42:10
in
42:10
a
42:10
crisis.
42:11
The
42:11
universities
42:12
are
42:12
in
42:12
crisis.
42:13
This
42:13
is
42:13
a
42:14
university
42:15
that
42:15
is
42:15
focused
42:16
on
42:16
economics
42:17
and
42:18
the
42:18
humanities
42:18
at
42:19
that
42:19
very
42:19
university
42:20
are
42:20
under
42:20
pressure,
42:21
as
42:21
in
42:21
many
42:21
other
42:21
universities.
42:23
So
42:23
it
42:23
seems
42:23
to
42:24
me
42:24
almost
42:25
impossible
42:26
to
42:26
believe
42:26
that
42:27
there's
42:27
no
42:27
consciousness
42:28
for
42:28
the
42:29
importance
42:29
of
42:29
the
42:29
very
42:30
studies
42:30
of
42:31
the
42:31
history
42:31
of
42:31
economy
42:32
regarding
42:33
the
42:33
state
42:33
of
42:34
present
42:34
day
42:34
universities
42:35
and
42:35
the
42:35
present
42:36
state
42:36
of
42:36
economic
42:36
theory.
42:37
It's
42:37
absurd.
42:39
It's
42:39
a
42:39
big
42:39
problem.
42:40
This
42:40
university
42:41
has
42:41
an
42:41
interesting.
42:42
Well,
42:42
many
42:43
universities
42:43
do,
42:43
but
42:43
this
42:44
place
42:44
in
42:44
particular,
42:44
because
42:45
its
42:45
specialty
42:46
is
42:46
management.
42:46
And
42:47
management
42:47
is
42:47
often
42:48
another
42:48
word
42:48
for
42:49
accounting.
42:50
So
42:50
accounting
42:51
is
42:51
taken
42:51
seriously
42:52
here.
42:54
The
42:54
problem
42:55
is
42:56
the
42:57
decline
42:58
of
42:58
the
42:58
interest
42:59
in
43:01
the
43:01
humanities.
43:02
It's
43:02
not
43:02
always
43:02
by
43:02
the
43:02
students,
43:03
it's
43:03
often
43:03
by
43:03
administrators.
43:04
In
43:04
America,
43:05
we're
43:06
fighting
43:06
about
43:06
this.
43:06
Actually,
43:07
USC
43:07
has
43:07
done
43:08
pretty
43:08
well.
43:09
But
43:09
most
43:10
majors
43:10
at
43:10
USC
43:11
are
43:11
business
43:11
majors
43:12
and
43:12
they
43:12
have
43:12
their
43:12
own
43:13
teachers
43:13
of
43:13
writing
43:13
and
43:14
history.
43:14
That's
43:15
a
43:15
big
43:15
mistake.
43:18
So
43:19
yes,
43:19
it
43:19
is
43:19
a
43:20
big
43:20
problem.
43:20
Now
43:21
companies,
43:21
believe
43:21
it
43:22
or
43:22
not,
43:22
are
43:22
pretty
43:23
smart.
43:23
And
43:23
one
43:23
of
43:23
the
43:23
things
43:24
we've
43:24
been
43:24
seeing
43:24
is
43:24
they're
43:24
not
43:25
hiring
43:25
the
43:25
computer
43:26
scientists
43:26
and
43:27
even
43:27
always
43:28
the
43:28
kids
43:28
from
43:28
the
43:29
business
43:29
school.
43:29
They're
43:29
actually
43:30
hiring
43:30
our
43:30
philosophy
43:31
majors
43:31
who
43:31
are
43:31
better
43:32
trained,
43:32
far
43:33
more
43:33
skilled
43:33
at
43:33
critical
43:34
thought.
43:35
They're
43:35
doing
43:35
really
43:36
well.
43:36
Our
43:37
philosophy
43:38
undergrads
43:39
and
43:39
those
43:39
whom
43:40
I've
43:40
trained
43:40
in
43:41
intellectual
43:41
history
43:42
as
43:42
well,
43:43
not.
43:43
So
43:43
much
43:43
the
43:44
analytical
43:44
department
43:45
because
43:45
they
43:45
are
43:46
too
43:46
much
43:46
specialized
43:47
on
43:47
their
43:48
own.
43:48
They're
43:48
specialized,
43:49
but
43:49
if
43:49
they
43:50
are
43:51
specialized
43:51
in
43:51
something
43:51
mathematical,
43:53
they
43:53
end
43:53
up
43:53
working
43:54
for
43:54
hedge
43:54
funds.
43:54
Yes,
43:55
I
43:55
mean,
43:55
we
43:55
send
43:56
a
43:56
lot
43:56
of
43:56
students
43:56
into
43:57
the
43:58
world
43:58
of
43:58
finance.
43:59
The
43:59
ones
43:59
that
43:59
can't
43:59
get
43:59
the
44:00
jobs
44:00
in
44:00
philosophy
44:01
go
44:01
on
44:01
to
44:01
get
44:01
rich.
44:04
We're
44:04
a
44:04
top
44:04
department
44:05
in
44:05
the
44:05
world
44:05
and
44:06
our
44:06
students
44:06
are
44:08
really
44:08
talented,
44:09
skilled
44:09
and
44:09
weird.
44:10
And
44:10
that's
44:11
a
44:11
good
44:11
thing.
44:12
However,
44:13
the
44:13
humanities
44:13
are
44:14
having
44:14
multiple
44:14
crises,
44:15
some
44:15
of
44:15
their
44:15
own
44:15
making
44:16
too.
44:16
There's
44:17
one
44:17
thing
44:17
I
44:17
do
44:17
want
44:17
to
44:18
say
44:18
though,
44:18
is
44:18
that
44:18
over
44:19
and
44:19
over
44:19
again
44:19
students
44:20
do
44:20
want
44:20
to
44:20
take
44:20
humanities
44:21
classes.
44:21
And
44:21
I
44:22
will
44:22
say
44:22
this.
44:22
One
44:22
of
44:23
the
44:23
ways
44:23
our
44:23
philosophy
44:24
department
44:24
has
44:24
dealt
44:24
with
44:24
this
44:25
is
44:25
by
44:25
taking
44:25
on
44:26
a
44:27
program
44:27
of
44:28
philosophy,
44:29
politics
44:29
and
44:29
economics.
44:30
It
44:30
says
44:31
economics,
44:31
therefore
44:32
students
44:32
paying.
44:32
We
44:33
are
44:33
the
44:33
most
44:33
expensive
44:33
university
44:34
in
44:35
the
44:35
world.
44:35
I
44:35
think
44:36
the
44:36
University
44:36
of
44:36
Southern
44:37
California.
44:38
Parents
44:39
want
44:39
to
44:39
get
44:39
something
44:40
out
44:40
of
44:40
it.
44:40
I
44:41
understand
44:41
that,
44:41
but
44:42
many
44:42
of
44:42
the
44:42
students
44:42
want
44:43
to
44:43
read
44:43
Books
44:44
and
44:44
learn
44:45
by
44:45
having
44:45
a
44:45
major
44:46
that
44:46
says
44:47
philosophy
44:48
and
44:48
economics
44:49
and
44:50
philosophy,
44:51
politics
44:51
and
44:51
economics
44:52
means
44:52
they
44:53
can
44:53
get
44:53
an
44:53
economics
44:54
degree
44:54
while
44:54
reading
44:55
books.
44:56
And
44:56
so
44:57
some
44:57
of
44:57
the
44:57
smart
44:57
students
44:58
rush
44:58
into
44:58
the
44:59
program
44:59
and
44:59
they're
44:59
so
45:00
relieved
45:01
to
45:01
be
45:01
there
45:01
reading
45:02
hundreds
45:02
of
45:02
pages
45:03
a
45:03
week
45:04
of
45:04
history
45:05
and
45:05
politics
45:06
and
45:06
philosophy.
45:07
It's
45:07
fantastic.
45:08
I
45:08
think
45:08
that's
45:08
a
45:09
great
45:09
pitch
45:09
for
45:09
a
45:09
new
45:10
program
45:10
that
45:10
we
45:10
should
45:11
launch
45:11
here
45:11
in
45:11
St.
45:12
Gallen.
45:13
But
45:13
to
45:14
conclude,
45:14
for
45:14
those
45:15
students
45:15
who
45:15
are
45:16
now
45:16
enrolled
45:16
in
45:17
an
45:17
economics
45:17
program
45:18
and
45:18
who
45:19
want
45:19
to
45:19
be
45:19
better
45:20
economists
45:21
but
45:21
do
45:21
not
45:21
have
45:21
the
45:22
time
45:22
to
45:22
read
45:22
hundreds
45:23
of
45:23
books
45:24
through
45:25
a
45:25
year,
45:25
what
45:26
do
45:26
you
45:26
recommend
45:27
them
45:27
to
45:27
do?
45:28
How
45:28
do
45:28
you
45:28
become
45:29
a
45:29
better
45:29
economist?
45:31
Well,
45:32
I
45:32
was
45:32
about
45:32
to
45:32
say
45:32
read
45:33
Dickens,
45:33
but
45:33
that
45:33
takes
45:34
some
45:34
time.
45:34
I
45:35
mean,
45:35
I
45:35
honestly
45:36
think
45:36
that
45:36
the
45:36
19th
45:37
century
45:37
novel,
45:38
you're
45:38
gonna
45:38
think
45:38
I'm
45:38
crazy,
45:39
is
45:39
probably
45:40
the
45:40
greatest
45:41
coding
45:42
invention
45:43
that
45:43
we've
45:43
had
45:43
until
45:44
now,
45:44
that
45:45
it
45:45
can
45:45
do
45:45
more,
45:46
do
45:46
more
45:46
for
45:46
the
45:47
human
45:47
brain
45:47
and
45:48
at
45:48
the
45:48
time
45:48
did
45:49
more
45:49
for
45:49
society
45:50
than
45:50
anything
45:50
I've
45:51
ever
45:51
seen.
45:52
And
45:52
one
45:53
of
45:53
the
45:53
issues,
45:53
even
45:54
with
45:54
my
45:54
top
45:54
students
45:55
is
45:55
that
45:56
the
45:56
muscle
45:56
of
45:57
the
45:57
brain
45:57
hasn't
45:57
been
45:58
trained
45:58
because
45:58
it's
45:58
like
45:58
a
45:59
sports
46:00
to
46:00
read
46:00
more
46:01
complex
46:01
novels.
46:01
Although
46:02
there's
46:02
a
46:02
new
46:02
sort
46:03
of
46:03
fad
46:03
in
46:04
reading
46:04
Russian
46:05
literature.
46:06
I'm
46:06
like,
46:06
if
46:06
you're
46:06
going
46:06
to
46:07
read
46:07
Tolstoy
46:07
and
46:07
Dostoevsky,
46:08
be
46:09
my
46:09
guest.
46:10
And
46:10
those
46:10
students,
46:11
they
46:11
are
46:12
supercharged.
46:13
Are
46:13
they
46:13
going
46:14
into
46:14
the
46:14
humanities?
46:15
No,
46:16
a
46:16
lot
46:16
of
46:16
them
46:16
are
46:16
going
46:16
into
46:17
AI
46:17
and
46:18
they're
46:18
moving
46:18
past
46:18
their
46:19
peers.
46:21
The
46:21
great
46:21
novels
46:22
of
46:22
the
46:22
19th
46:22
century
46:23
will
46:24
supercharge
46:24
your
46:24
brain.
46:25
I'm
46:26
seeing
46:26
it
46:26
happen.
46:27
Listen,
46:28
I
46:28
have
46:28
students
46:29
who,
46:29
before
46:29
working
46:30
for
46:30
companies
46:31
like
46:31
McKinsey
46:31
that
46:32
I've
46:32
openly
46:33
complained
46:34
about
46:34
and
46:34
opposed
46:35
to
46:35
McKinsey
46:35
in
46:35
particular
46:37
as
46:37
a
46:37
really
46:37
rotten
46:38
company.
46:38
And
46:38
I
46:39
know
46:39
I'm
46:39
not
46:39
supposed
46:39
to
46:39
say
46:39
that
46:40
here,
46:40
but
46:40
I
46:40
will
46:40
say
46:41
it.
46:41
I
46:41
had
46:41
a
46:42
student
46:42
heading,
46:42
not
46:42
to
46:42
McKinsey,
46:43
but
46:43
to
46:43
another
46:43
place.
46:44
She
46:44
asked
46:45
to
46:45
do
46:46
an
46:46
individual
46:47
research
46:47
course
46:48
on
46:48
18th
46:49
century
46:50
moral
46:50
and
46:51
economic
46:51
philosophy
46:52
on
46:52
her
46:52
own
46:53
before
46:53
heading
46:53
off
46:54
and
46:54
doing
46:54
that.
46:54
And
46:54
I
46:54
was
46:54
like,
46:55
okay,
46:56
do
46:56
you
46:56
really
46:57
want
46:57
to
46:57
read
46:57
thousand
46:58
page
46:59
works
46:59
of
47:00
philosophy
47:01
before
47:01
you
47:01
go
47:01
off
47:02
to
47:02
make
47:02
all
47:02
your
47:02
money?
47:02
And
47:02
she
47:02
was
47:03
like,
47:03
yes.
47:03
And
47:04
she
47:04
did
47:04
that.
47:04
And
47:05
I
47:05
said,
47:05
she
47:05
will
47:05
be
47:06
formidable.
47:08
Formidable.
47:09
Jacob,
47:09
you
47:09
were
47:10
a
47:10
student
47:10
once
47:11
too.
47:11
What
47:12
was
47:12
the
47:12
book
47:12
that
47:13
freed
47:13
your
47:14
mind?
47:15
What
47:15
was
47:15
that
47:15
book
47:16
that
47:16
really
47:17
made
47:17
you
47:17
tick?
47:20
Well,
47:20
you
47:20
can't
47:20
say
47:21
Tintin
47:21
anymore,
47:23
but
47:23
all
47:23
right,
47:24
I'll
47:24
admit
47:24
it.
47:24
The
47:24
Count
47:24
of
47:25
Monte
47:25
Cristo
47:25
when
47:26
I
47:26
was
47:27
10
47:27
years
47:27
old.
47:28
And
47:29
what
47:29
was
47:29
it
47:29
that
47:30
that
47:31
attracted
47:31
you
47:31
to
47:32
this?
47:32
I
47:32
loved
47:33
it.
47:34
That's
47:35
enough
47:35
for
47:35
a
47:35
book.
47:36
Well,
47:37
once
47:37
I
47:37
did
47:37
that,
47:38
I.
47:38
Well,
47:38
in
47:38
the
47:39
French
47:39
way,
47:39
Alexandre
47:40
Dumas,
47:41
the
47:41
Three
47:41
Musketeers
47:42
is
47:42
actually
47:42
a
47:42
26
47:43
book
47:43
series.
47:43
I
47:44
read
47:44
all
47:44
of
47:44
that.
47:45
And
47:45
then
47:45
that's
47:46
an
47:46
entryway
47:46
drug
47:47
for
47:47
Balzac.
47:49
And
47:49
then
47:49
you
47:49
read
47:49
all
47:50
of
47:50
the
47:50
French
47:50
novels
47:54
and
47:54
then
47:54
you
47:55
head
47:55
into
47:56
Britain
47:56
and
47:57
then
47:57
you
47:57
head
47:57
into
47:58
Russia.
47:59
And
47:59
Germany
48:00
and
48:00
you
48:00
become
48:00
a
48:00
philosophy
48:01
professor
48:01
for.
48:02
Well,
48:02
I'm
48:02
a
48:03
historian,
48:04
but
48:04
a
48:04
historian
48:04
of
48:05
ideas.
48:05
And
48:06
by
48:06
the
48:06
way,
48:06
the
48:07
reason
48:07
I
48:07
became
48:07
a
48:08
historian
48:08
of
48:08
ideas
48:09
was
48:09
because
48:09
of
48:09
literature.
48:10
I
48:10
saw
48:11
literature
48:11
as
48:11
the
48:11
greatest
48:12
form
48:12
of
48:12
historical
48:13
writing.
48:14
Which
48:14
is
48:14
your
48:15
favorite.
48:15
Dickens,
48:16
Hard
48:16
Times,
48:17
The
48:17
Pickwick
48:17
Papers.
48:18
Oh,
48:19
Dickens.
48:20
That's
48:20
a
48:20
really,
48:21
really
48:22
a
48:22
hard
48:23
one.
48:24
Oh,
48:25
well,
48:25
you
48:25
know,
48:25
the
48:25
one
48:26
that
48:26
I
48:26
like
48:26
a
48:27
lot.
48:27
But
48:27
it's
48:28
also
48:28
because
48:28
it's
48:28
a
48:28
book
48:29
that's
48:29
in
48:29
a
48:29
very
48:30
sophisticated
48:30
way
48:30
about
48:31
accounting.
48:31
It's
48:31
a
48:31
hard
48:31
book
48:32
is
48:32
little
48:32
Doran.
48:33
He
48:33
actually
48:33
designs
48:34
the
48:34
book
48:34
as
48:35
a,
48:35
as
48:35
a,
48:35
as
48:35
a
48:35
ledger,
48:36
balance
48:36
sheet
48:36
and
48:37
the
48:37
function
48:37
and
48:37
flow
48:38
of
48:38
the
48:38
rhythm
48:38
of
48:38
the
48:39
writing.
48:39
He's
48:39
such
48:40
a
48:40
genius,
48:41
actually,
48:42
actually
48:42
mirrors
48:43
the
48:43
way
48:43
you
48:43
would
48:43
keep
48:44
an
48:44
account
48:44
book
48:44
if
48:45
you,
48:45
if
48:45
you
48:45
know
48:45
how
48:46
to
48:46
actually
48:46
keep
48:47
accounting.
48:47
You
48:47
realize
48:47
he's
48:48
keeping
48:48
accounting
48:48
in
48:48
the
48:49
book.
48:49
And
48:49
you
48:49
say.
48:50
It
48:50
actually
48:50
gives
48:50
me
48:50
chills
48:51
to
48:51
tell
48:51
you
48:51
this.
48:52
You
48:52
say,
48:52
my
48:52
God,
48:53
he's
48:53
operating
48:54
on
48:54
such
48:54
a
48:54
high
48:55
level.
48:55
Dickens
48:56
is
48:57
a
48:57
genius
48:57
who
48:58
was
48:58
able
48:58
to
48:58
change
48:59
the
48:59
entire
48:59
world
49:00
through
49:00
literature.
49:03
We
49:03
have
49:04
almost
49:04
come
49:04
full
49:04
circle
49:05
in
49:05
praise
49:06
of
49:06
accounting
49:07
for
49:07
philosophy,
49:08
for
49:08
the
49:08
novel,
49:09
for
49:09
the
49:09
understanding
49:10
of
49:10
our
49:10
history
49:11
as
49:11
a
49:11
civilization.
49:12
Now
49:13
the
49:13
very
49:13
last
49:14
question
49:14
of
49:14
this
49:15
new
49:15
podcast,
49:16
no
49:16
Zenf,
49:17
no
49:18
mustard,
49:19
will
49:19
be,
49:20
if
49:20
you
49:20
were
49:20
to
49:20
be
49:21
offered
49:22
a
49:22
sausage
49:22
here
49:22
in
49:23
St.
49:23
Carden
49:23
and
49:23
St.
49:23
Gallen
49:24
is
49:24
huge
49:24
on
49:24
sausages,
49:25
would
49:26
you
49:26
eat
49:26
it
49:27
with
49:27
or
49:28
without
49:28
mustard?
49:28
With.
49:31
What
49:31
do
49:31
we
49:32
do
49:32
now?
49:32
Claudia,
49:34
we
49:34
need
49:34
to
49:34
close
49:34
this
49:35
podcast.
49:36
So
49:36
you
49:36
don't
49:36
eat
49:36
the
49:36
sausage
49:37
with
49:37
mustard
49:37
here.
49:38
No,
49:38
that's
49:39
a
49:39
sacrilege.
49:39
Okay,
49:40
so
49:40
just,
49:40
just
49:40
understand
49:41
that
49:41
I
49:41
grew
49:41
up
49:41
in
49:42
France.
49:42
There
49:43
is
49:43
nothing.
49:44
It's
49:44
not
49:44
an
49:44
excuse
49:45
here.
49:45
Not
49:45
really.
49:46
I
49:47
will
49:47
say
49:47
this,
49:47
but
49:48
you
49:48
make
49:48
some
49:48
very
49:49
fine
49:49
mustard
49:49
around
49:50
here.
49:50
And
49:51
so
49:52
it
49:52
was
49:52
out
49:52
of
49:52
respect
49:53
for
49:53
the
49:53
mustard
49:53
and
49:54
not
49:54
the
49:54
sausage
49:55
that
49:55
I
49:55
answered
49:55
the
49:55
question.
49:58
We
49:58
have
49:58
to
49:58
leave
49:58
it
49:58
at
49:59
that.
49:59
By
49:59
the
49:59
way,
49:59
does
49:59
that
50:00
mean
50:00
that
50:00
you're
50:00
going
50:00
to
50:00
take
50:00
me
50:00
out
50:01
for
50:01
sausage?
50:01
Because
50:01
I.
50:02
Absolutely.
50:03
I'm
50:04
going
50:04
to
50:04
have
50:04
a
50:04
heart
50:04
attack.
50:04
Actually,
50:05
I
50:05
will
50:05
say
50:05
this
50:05
is
50:05
a
50:06
very
50:06
meat
50:06
based
50:06
cuisine.
50:07
It's
50:07
going
50:07
to
50:07
be
50:08
all
50:08
Portuguese
50:09
fish
50:09
and
50:09
sushi
50:10
for
50:10
the
50:10
next
50:10
six
50:10
months.
50:11
But
50:11
I'm
50:11
ready
50:13
and
50:13
so
50:13
are
50:13
we.
50:14
Thank
50:14
you
50:14
so
50:15
much,
50:15
Jacob,
50:15
for
50:15
joining
50:16
us.
50:17
Thank
50:17
you,
50:17
Wolfram,
50:18
for
50:19
doing
50:19
this
50:19
co
50:19
production.
50:21
Thank
50:21
you
50:21
all
50:21
for
50:21
listening.
50:22
We're
50:22
looking
50:22
forward
50:23
to
50:23
the
50:23
next
50:23
episode
50:24
of
50:25
and
50:26
Grizzie
50:26
Amerika.
50:27
And
50:27
with
50:27
that,
50:28
Ufieder
50:28
Losse.
50:29
Thank
50:30
you
50:30
so
50:30
much.
50:31
Thank
50:32
you,
50:35
Grizia
50:36
Amerika
50:36
Views
50:37
from
50:37
the
50:37
Sister
50:38
Republic
50:38
A
50:39
University
50:39
of
50:39
St.
50:40
Gallen
50:40
podcast
50:40
by
50:41
Claudia
50:41
Privila.