Latest / Yaron Brook Show / Year of the IPO; Slush Fund; AI; Anti-Racism; DNI; Colombia; China; Achievement | Yaron Brook Show

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Year of the IPO; Slush Fund; AI; Anti-Racism; DNI; Colombia; China; Achievement | Yaron Brook Show · Yaron Brook Show

• 0:03
  Speaker 1: A lot of the metal principles of us and an
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  Speaker 1: individual lass. This is the show. Oh right, everybody, welcome
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  Speaker 1: to you one book show on this Oh we got
• 0:26
  Speaker 1: an echo when you welcome everybody. I hope everybody had
• 0:33
  Speaker 1: a uh is having a great Tuesday and ready for
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  Speaker 1: another your one book news show. All right, so let's
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  Speaker 1: let's jump right into to start with finance today. Who knew?
• 0:50
  Speaker 1: I mean, this year is going to be an unbelievable
• 0:56
  Speaker 1: year for i pos. IPOs are initial public offer This
• 1:01
  Speaker 1: is the way companies they issue stock public stock into
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  Speaker 1: the marketplace and they raise capital, and then that stock
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  Speaker 1: is traded and then after sort of lockup period, the
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  Speaker 1: founders of the company, the employees of the company, the
• 1:15
  Speaker 1: original investors in the company when it was a private company,
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  Speaker 1: allowed to then sell stock into the market and you
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  Speaker 1: start getting real trading in the stock. So this is
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  Speaker 1: a crucial feaj. IPO is a hugely important This is
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  Speaker 1: how significant amounts, the largest amounts of capital are raised
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  Speaker 1: in an economy, in an advanced economy that has a
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  Speaker 1: stock market. It is the existence of the IPO, that
• 1:45
  Speaker 1: is the existence of the issue of public offering, the
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  Speaker 1: existence of the ability to take a company public makes
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  Speaker 1: it possible for investors to invest in the company initially
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  Speaker 1: when it is just a private company and they cannot
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  Speaker 1: sell their shares because they believe that one day they
• 2:01
  Speaker 1: will be able to do so because the company, hopefully
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  Speaker 1: if it's successful, goes for an initial public offerings. So
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  Speaker 1: initial public offerings are big important. They are a way
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  Speaker 1: in which companies raise capital to allow them to grow
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  Speaker 1: and succeed, the way in which investors can monetize their investment.
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  Speaker 1: And it is a way that now a company can
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  Speaker 1: get a market valuation, and of course it can issue
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  Speaker 1: new shares in the future and raise more money by
• 2:36
  Speaker 1: issuing those shares. I think so Google, maybe it's Google
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  Speaker 1: is raising a huge amount of money by issuing most
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  Speaker 1: shares in the market. It needs all their money to
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  Speaker 1: build those data centers out there all over the place.
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  Speaker 1: And so this year is going to be a massive
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  Speaker 1: year for IPOs initial public offerings, not so much because
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  Speaker 1: of their number of IPOs the number of companies that
• 2:59
  Speaker 1: go public, but because of the size. We're going to
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  Speaker 1: see this year the largest IPO in all of history,
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  Speaker 1: and we're going to see some additional monster IPOs on
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  Speaker 1: top of that. So just a little bit of history
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  Speaker 1: that the year in which we had the most IPOs
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  Speaker 1: ever was nineteen ninety nine. That was the dot com bubble.
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  Speaker 1: We had three hundred and eighty eight US companies go public.
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  Speaker 1: They raised fifty seven billion dollars. Three hundred and eighty
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  Speaker 1: eight companies raised fifty seven billion dollars. Many of those
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  Speaker 1: companies that not survive the dot com bubble boosting a
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  Speaker 1: year later. And indeed, IPOs initial public offerings never never
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  Speaker 1: made it even close to these numbers. And a big
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  Speaker 1: part of that, a big part of not getting large
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  Speaker 1: numbers of IPOs is the fact that Salvage's Oxley was
• 4:01
  Speaker 1: passed in two thousand and two or three, a that
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  Speaker 1: made it much more expensive to be a public company,
• 4:08
  Speaker 1: much more difficult to be a public company. And since then,
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  Speaker 1: companies have resisted if they can going public, A lot
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  Speaker 1: of companies just sell, a lot of companies stay private.
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  Speaker 1: And we really did see a slowdown in the number
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  Speaker 1: of companies going public in the two thousands, and indeed
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  Speaker 1: it stayed slow, both in terms of the size the
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  Speaker 1: quantity of money, and also because of the and in
• 4:35
  Speaker 1: terms of the numbers share number of IPOs. The next
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  Speaker 1: big IPO year was twenty twenty one. A lot of
• 4:44
  Speaker 1: companies that are been created or had suddenly increased in
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  Speaker 1: customer and usage and everything during COVID used the fact
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  Speaker 1: that the stock market was going up in spite of
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  Speaker 1: COVID to IPO. In twenty one, we had two hundred
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  Speaker 1: and fifty one companies, the second highest number or at
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  Speaker 1: least the highest number since nineteen ninety nine, and they
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  Speaker 1: raised a record one hundred and fifteen billion dollars. Post
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  Speaker 1: twenty twenty one, very few IPOs again, very few in
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  Speaker 1: twenty twenty five, only thirty eight billion dollars. Last year
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  Speaker 1: only thirty eight billion dollars was raised in the initial
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  Speaker 1: public offering market, so a very very weak year. This year, though,
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  Speaker 1: is going to be records setting in massive the anticipated
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  Speaker 1: value of IPOs of initial public offerings this year. Of
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  Speaker 1: the amount of money raised from initial public offerings this
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  Speaker 1: year is expected to be two hundred and twenty five billion.
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  Speaker 1: Remember nineteen ninety nine it was fifty seven. Twenty twenty
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  Speaker 1: one the biggest year ever it was one hundred and fifteen.
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  Speaker 1: This year is going to be double what it was
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  Speaker 1: in twenty twenty one, and that's basically because of three IPOs,
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  Speaker 1: three initial public offerings that are all going to be massive,
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  Speaker 1: among the largest in all of history. First you get
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  Speaker 1: SpaceX space X which is now not just SpaceX but
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  Speaker 1: also Xai, so Earlun musks Ai companies, and you know,
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  Speaker 1: a roll up of all of that is expected to
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  Speaker 1: raise about seventy five billion dollars, and it is expected
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  Speaker 1: to have a valuation that is the value of the
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  Speaker 1: company is going to be before it ever trades. This
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  Speaker 1: is the value at which the people who buy the
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  Speaker 1: first shaes in this IPO are going to buy it
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  Speaker 1: at is one point seventy five trillion dollars trillion dollars.
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  Speaker 1: So seventy five billion that is being raised is only
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  Speaker 1: going to be five percent five percent of the company.
• 7:13
  Speaker 1: That's new shares being issued five percent. So people right
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  Speaker 1: now are buying five percent of space X at evaluation
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  Speaker 1: of one point seventy five trillion dollars. These investment banks,
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  Speaker 1: maybe there's some some other you know, pension plans, insurance companies,
• 7:31
  Speaker 1: maybe some regular investors. I mean, that is a nut evaluation.
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  Speaker 1: A lot of people think it's completely divorced from reality
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  Speaker 1: given the numbers, but the market seems to believe in it.
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  Speaker 1: They're willing to buy it. They're willing to buy anything.
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  Speaker 1: By by Elun Musk one point seventy five trillion dollars,
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  Speaker 1: it'll be the largest IPO in American history. And the
• 8:03
  Speaker 1: seventy five billion, I think is the largest, the large
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  Speaker 1: amount of raised over the over the you know, the
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  Speaker 1: next year after that, there'll be a lock up. The
• 8:15
  Speaker 1: lockup means that insiders, investors, and employees cannot sell any
• 8:23
  Speaker 1: of their shares. Usually allow of lock up is six months,
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  Speaker 1: but here they have a staggered lockup. Lockup varies across time.
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  Speaker 1: They estimate that about ten percent of the shares of
• 8:39
  Speaker 1: of of of SpaceX will be traded after six months,
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  Speaker 1: and about forty six percent of the shares will be
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  Speaker 1: on the market being traded a year after the IPO.
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  Speaker 1: So we'll talk about a massive, massive quantity of money.
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  Speaker 1: Now add to that the fact that Opening is about
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  Speaker 1: to go public IPO. It is going to raise sixty
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  Speaker 1: billion dollars. Just these two companies alone will raise more
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  Speaker 1: money than all the dot COM's listings put together, not
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  Speaker 1: just in ninety nine, all the dot com listings put together,
• 9:29
  Speaker 1: and then of course today I think it was a today. Yeah, today,
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  Speaker 1: Anthropic filed to go public. It expects evaluation at about
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  Speaker 1: a trillion, So open eie will have a valuation of
• 9:45
  Speaker 1: about a trillion and Thropical will have a valuation about
• 9:48
  Speaker 1: a trillion, and they will probably go public sometimes this fall,
• 9:54
  Speaker 1: and who knows how much they will raise. Probably again,
• 9:57
  Speaker 1: fifty sixty billion dollars is not going to be is
• 10:01
  Speaker 1: the ballpark, because they need that kind of money to
• 10:07
  Speaker 1: build their data centers. I suppose the investment banks have
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  Speaker 1: told both Anthropic and open Ai that whoever makes it
• 10:17
  Speaker 1: to the market first, whoever IPOs first, will get to
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  Speaker 1: define the new industry and at first DIBs on the
• 10:23
  Speaker 1: large pool of cash eager to back new AI companies.
• 10:27
  Speaker 1: I think that's kind of silly. I don't think the
• 10:30
  Speaker 1: market is that is that stupid. I mean, there's a
• 10:33
  Speaker 1: lot of money ready to back AI companies, so I
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  Speaker 1: think they'll both have plenty of interest. So I expect
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  Speaker 1: them both to go public in the fall. And you
• 10:46
  Speaker 1: know they're saying right now, it's going to depend on
• 10:48
  Speaker 1: market conditions and other factors. Da da da, But we
• 10:51
  Speaker 1: will see, we will see. And open ai is saying
• 10:55
  Speaker 1: basically the same thing. Let's see, yeah, open AI. I
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  Speaker 1: mean SpaceX had of values in a one point five
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  Speaker 1: two to five trillion when it combined XAI with SpaceX,
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  Speaker 1: but you know now it's one point seventy five anyway,
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  Speaker 1: Anthropic over the last few months has grown its revenue
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  Speaker 1: at some of the fastest pace any company has ever
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  Speaker 1: grown revenue before. So the appetite for AI is huge,
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  Speaker 1: the revenue potential for AI is massive. And these companies,
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  Speaker 1: without a doubt, are going to sell all this shares.
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  Speaker 1: People are interested, people want to buy in, and so
• 11:54
  Speaker 1: this is going to be a fascinating, a fascinating year,
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  Speaker 1: fascinating time. We've also got other companies like Shane Data Breaks,
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  Speaker 1: maybe Stripe might also go public. If you add all
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  Speaker 1: those up, by far, a record setting year, the most
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  Speaker 1: money ever raised in IPOs in human history. And you know,
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  Speaker 1: we will see, we will see. I thought we got
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  Speaker 1: sixty five billion from private investors in May, so it's
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  Speaker 1: going to raise at least that. In the IPO, the
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  Speaker 1: company said it's revenue ran run rate went over forty
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  Speaker 1: seven billion. Now, just to give you a sense, right now,
• 12:43
  Speaker 1: it's at a run rate of forty seven billion dollars
• 12:45
  Speaker 1: a year revenue. In December of twenty twenty five, the
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  Speaker 1: run rate was nine billion. Within let since six months,
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  Speaker 1: the company has what increased the runway, increased revenue by
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  Speaker 1: five x I mean, that is just unheard of. It's
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  Speaker 1: astounding numbers. And for the first time we're really getting
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  Speaker 1: a sense of the potential for growth here, the potential
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  Speaker 1: for making money. Now, they're going to have to make
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  Speaker 1: a lot of investments in those data centers. But forty
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  Speaker 1: seven billion, I mean that is basically companies and individuals
• 13:36
  Speaker 1: and companies and companies of all sizes basically buying licenses
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  Speaker 1: to use claud which is and other features of the
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  Speaker 1: IAI package. And that is really stunning. And you know,
• 13:50
  Speaker 1: and this is a company, by the way, that is
• 13:53
  Speaker 1: being barred from the Defense Department, is being put on
• 13:55
  Speaker 1: a special list of like enemy companies, which it's suing
• 13:59
  Speaker 1: the government over. But the five XRA revenue like that,
• 14:06
  Speaker 1: it's going to be. This industry is going to it's
• 14:11
  Speaker 1: going to change the world and do so in dramatic ways,
• 14:15
  Speaker 1: and it's going to do it fast. It's going to
• 14:17
  Speaker 1: do it fast. So yes, here's a questionary note. Put
• 14:26
  Speaker 1: my finance professor hat on and topic and topic is
• 14:34
  Speaker 1: a AI company. It writes code, it writes AI algorithm,
• 14:38
  Speaker 1: it runs them. Here's my finance hat You can have
• 14:43
  Speaker 1: a great company that makes a lot of money, but
• 14:47
  Speaker 1: it could be allows the investment. So the question of
• 14:54
  Speaker 1: whether something is a good investment or that is a
• 14:57
  Speaker 1: question of what price are you buying into and what
• 15:01
  Speaker 1: you believe the growth rate in the price in its
• 15:06
  Speaker 1: value is going to be, which assumes right the price
• 15:11
  Speaker 1: right now already assumes the particular growth rate. If you
• 15:15
  Speaker 1: expect to make a lot of money over an investment,
• 15:17
  Speaker 1: that growth rate has to exceed expectations, exceed what the
• 15:21
  Speaker 1: market believes right now. So often good companies make good investments,
• 15:27
  Speaker 1: not always, not always. It depends on the valuation. It
• 15:32
  Speaker 1: depends on what you're buying, what price you're buying into
• 15:36
  Speaker 1: the company, and what price you can get out of
• 15:38
  Speaker 1: the company. These companies do not pay dividends, is no.
• 15:43
  Speaker 1: I mean tech companies rarely pay dividends. And certainly you
• 15:47
  Speaker 1: know you don't want anthropic and open AI to pay dividends.
• 15:50
  Speaker 1: You don't want them to buy back their stocks. You
• 15:53
  Speaker 1: want these companies to be investing in their growth potential.
• 16:00
  Speaker 1: When the companies pay dividends and buy back their stocks
• 16:03
  Speaker 1: when they don't have enough investment opportunities for all the
• 16:08
  Speaker 1: money they're making, say returned it to investors. A way
• 16:12
  Speaker 1: to return it too investors is to a dividend or
• 16:14
  Speaker 1: stock buyback. So companies that have lots of investment opportunities have,
• 16:21
  Speaker 1: you know, at the beginning of their life they're just
• 16:24
  Speaker 1: going to grow, should not and do not pay dividends.
• 16:28
  Speaker 1: And that was true of all the tech companies in
• 16:32
  Speaker 1: their early days. And it's only when they become mature
• 16:36
  Speaker 1: companies and their opportunities to invest in new stuff shrinks.
• 16:42
  Speaker 1: Does it make sense sense? It doesn't make sense to
• 16:49
  Speaker 1: you know, to pay dividends, all right, all right? Just
• 16:55
  Speaker 1: a reminder, you can ask questions. It's called tuper chat
• 16:59
  Speaker 1: and with the super chat you can put a dollar
• 17:00
  Speaker 1: amount to it. You can ask a question. I answer
• 17:02
  Speaker 1: all questions. So if you have any questions about finance,
• 17:05
  Speaker 1: about the stock market, about IPOs, about a topic, or
• 17:09
  Speaker 1: Open the Eye or SpaceX, so any other company you
• 17:12
  Speaker 1: might have, feel fee to put it in here. I
• 17:16
  Speaker 1: am in a previous life for finance professor and used
• 17:19
  Speaker 1: to run I used to be involved in running a
• 17:22
  Speaker 1: hedge fund, so I have a little bit of knowledge
• 17:24
  Speaker 1: of finance. So feel fee to ask finance questions if
• 17:28
  Speaker 1: you if you are so inclined, but you do that
• 17:34
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• 17:36
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• 17:59
  Speaker 2: Or a.
• 18:01
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• 18:06
  Speaker 1: All right, A few a few quick items around what
• 18:11
  Speaker 1: Trump is up to these days. Actually they're not in
• 18:14
  Speaker 1: the right order I see in the headline, but basically, uh,
• 18:20
  Speaker 1: you know, remember the Anti Weaponization Fund, what I've called
• 18:23
  Speaker 1: the slush fund, the one point seven seven six billion dollars,
• 18:26
  Speaker 1: which was a settlement between Trump and the Just and
• 18:29
  Speaker 1: the Justice Department because Trump ursued the I R S
• 18:33
  Speaker 1: and before were suing himself because it's his government, and
• 18:37
  Speaker 1: then settled with himself to have the slush fund that
• 18:39
  Speaker 1: his pals could anyway, you remember the story, Well, this
• 18:45
  Speaker 1: fund did not sit well with surprisingly a lot of
• 18:49
  Speaker 1: Republicans and the Senates and even in the House of Representatives.
• 18:53
  Speaker 1: There's a huge backlash against this by you know, by Republicans, Robigins,
• 19:02
  Speaker 1: they were you know, they were not happy about this
• 19:07
  Speaker 1: because it is such an obvious way to get around
• 19:12
  Speaker 1: the legal system. Was such an obvious it's such an
• 19:16
  Speaker 1: obvious case of a fraud. Now there's been a ruling
• 19:24
  Speaker 1: we talked about this last week to temporary halt the payoff,
• 19:29
  Speaker 1: hold the creation of the fund, hold the transfer money,
• 19:32
  Speaker 1: and the creation of the panel of five that was
• 19:35
  Speaker 1: supposed to decide who gets the money. But you know,
• 19:42
  Speaker 1: senators and congress congressional leaders are not settling for that.
• 19:47
  Speaker 1: They are nudging the president. They are pushing the president
• 19:51
  Speaker 1: to explicitly move to renounce the fund, to explicitly walk
• 19:57
  Speaker 1: away from this. Chuck Grassley says, it's pretty clear that
• 20:01
  Speaker 1: the president has to say very explicitly that there's not
• 20:05
  Speaker 1: going to be a weaponization funded. This is from Chuck Grassley,
• 20:10
  Speaker 1: Republican right. James Langford, a member of the Senate GOP
• 20:16
  Speaker 1: leadership team, added, the administration needs to say what they
• 20:21
  Speaker 1: actually mean, and in this case that they're moving away
• 20:24
  Speaker 1: from it, that the fund still needs you know, another
• 20:28
  Speaker 1: Republican fund needs more investigation, and there's still a lot
• 20:31
  Speaker 1: of questions that the administration has to answer. So you know,
• 20:39
  Speaker 1: we will see. Right now, the Trump is reportedly reconsidering
• 20:47
  Speaker 1: the whole thing and is considering pulling the whole thing,
• 20:50
  Speaker 1: in other words, and walking away from it. I mean,
• 20:56
  Speaker 1: this is one of many of the setbacks Trump administration
• 21:00
  Speaker 1: has had. I mean, if you think about the Supreme
• 21:03
  Speaker 1: Court's reversal, you know, they're calling the the tariffs unconstitutional,
• 21:11
  Speaker 1: his first tariffs and then the second round of tariffs,
• 21:14
  Speaker 1: another court calling him unconstitutional. We've had. He's probably going
• 21:20
  Speaker 1: to lose the birthright citizenship case. You know, Republicans are
• 21:28
  Speaker 1: not he get to fund his ballroom. It's going to
• 21:32
  Speaker 1: be it's going to be interesting. It really does seem
• 21:34
  Speaker 1: like Republicans are kind of waking up to the fact
• 21:39
  Speaker 1: that Donald Trump's are loser, that things are not going well,
• 21:46
  Speaker 1: that he is really unpopular, not only because of the
• 21:49
  Speaker 1: war you wan, but generally, that he's going to lose
• 21:52
  Speaker 1: the war Youran, which will make him even more unpopular.
• 21:56
  Speaker 1: And the prices are not coming down. I mean, gas
• 22:01
  Speaker 1: prices might come down if the war ends. But gas
• 22:05
  Speaker 1: prices don't know only thing that those prices are going up.
• 22:09
  Speaker 1: And then generally ICE wasn't popular and ultimately the Admistration
• 22:15
  Speaker 1: had a back down on certain aspects of ICE. This
• 22:18
  Speaker 1: administration is losing, and you're seeing more and more and
• 22:24
  Speaker 1: more Republicans being willing to kind of back away from it.
• 22:33
  Speaker 1: They're trying to pass a reconciliation bill that they're having
• 22:37
  Speaker 1: a hard time mustering Republicans around that. So we will
• 22:45
  Speaker 1: see what happens. But Trump's agenda in the next few
• 22:49
  Speaker 1: months is in danger and the things he wants done
• 22:54
  Speaker 1: are not going to get done. And his popularity among
• 22:59
  Speaker 1: people who feel him is dissipating as they realized that
• 23:04
  Speaker 1: while he might still have a real stranglehold on primary voters,
• 23:13
  Speaker 1: the voters who actually count in ultimate elections have turned
• 23:18
  Speaker 1: against Trump. Have've turned against Trump, So I mean, it's
• 23:26
  Speaker 1: good news if they're waking up. Finally, remember a couple
• 23:30
  Speaker 1: of weeks ago, Trump was going to sign an AI
• 23:33
  Speaker 1: executive vote that created some governentity that would review AI models. Well,
• 23:46
  Speaker 1: he landed up and it was supposed to be a
• 23:48
  Speaker 1: big fan fare, and it was supposed to be ceremony
• 23:50
  Speaker 1: in an oval office and with big tech executives and
• 23:53
  Speaker 1: everybody there. That was canceled. Instead, Trump signed an executive
• 23:58
  Speaker 1: order Tuesday this morning, in quiet, with no ceremony, with
• 24:03
  Speaker 1: nothing public, basically asking note the language asking it's not
• 24:13
  Speaker 1: the same executive order as last time. It's a different
• 24:15
  Speaker 1: executive order. It's a what a down executive order asking
• 24:24
  Speaker 1: artificial intelligence companies to give the administration access to powerful
• 24:27
  Speaker 1: models thirty days before public release. A previous version of
• 24:34
  Speaker 1: this was shelved two weeks ago. The order aims to
• 24:41
  Speaker 1: increase federal government oversight of the technology. It also asks
• 24:48
  Speaker 1: national security and cyber officials to work with agency heads
• 24:52
  Speaker 1: and top tech companies to address software vulnerabilities identified by
• 24:56
  Speaker 1: models like anthropic mythos. So that's what executive what it does.
• 25:02
  Speaker 1: It's a slim down version, which is good. And again
• 25:08
  Speaker 1: it's all voluntary, and it's very explicit in that it
• 25:12
  Speaker 1: is not creating a new administrative body, it's not creating
• 25:19
  Speaker 1: a new regulatory agency. Uh. And it's again voluntary. So
• 25:31
  Speaker 1: it's going to see a lot of AI companies have
• 25:34
  Speaker 1: said they support this, and it's going to be interesting
• 25:44
  Speaker 1: because you know, thirty days before I mean, really, what
• 25:48
  Speaker 1: what what is the government going to do here? And
• 25:55
  Speaker 1: thought because also actually expanding access to mythos. Uh, it's
• 25:59
  Speaker 1: actually and you get overseas, not just in the United States.
• 26:02
  Speaker 1: Mythos is this AI that finds flaws in existing programs,
• 26:10
  Speaker 1: so it can find ways in which you can hack
• 26:12
  Speaker 1: into a lot of programs. So it's the kind of
• 26:14
  Speaker 1: program you want to use on a bunch of government
• 26:17
  Speaker 1: systems to find the flaws, the weaknesses and plug them.
• 26:25
  Speaker 1: So Anthropic is expanding Mythos access to off the one
• 26:28
  Speaker 1: hundred and fifty country companies and organizations around the world,
• 26:32
  Speaker 1: off from about fifty when he got that got initial
• 26:35
  Speaker 1: access in April. Remember that when Mythos was released, it
• 26:40
  Speaker 1: was Anthropic that pulled it and restricted its use. It
• 26:44
  Speaker 1: wasn't the government. So the initial group that used Mythos
• 26:52
  Speaker 1: was Amazon, Microsoft, Apple, Alphabet, which is Google. So we
• 26:58
  Speaker 1: have some foot in the door in terms of government
• 27:04
  Speaker 1: regulation v I, but it really is very preliminary. It
• 27:08
  Speaker 1: really is just a just a just a foot in
• 27:11
  Speaker 1: the door. This is this is nothing, This is not big.
• 27:15
  Speaker 1: But it's again an entry point, and you know that
• 27:19
  Speaker 1: entry points governments usually use these kind of entry points. Uh,
• 27:23
  Speaker 1: to do even bigger the supposedly the order says, quote,
• 27:29
  Speaker 1: nothing in this section shall be construed to authorize the
• 27:31
  Speaker 1: creation of a mandatory government licensing, pre clearance, or permitting
• 27:35
  Speaker 1: requirements for the development publication release a distribution of new
• 27:39
  Speaker 1: AI models, including frontier models. So that's important that it's
• 27:45
  Speaker 1: in there. You can always write a new executive model
• 27:49
  Speaker 1: that withdraws that, or reversus that or changes that. Right,
• 27:53
  Speaker 1: we'll see, all right, Uh, let's see. You know, I'm
• 28:01
  Speaker 1: going to skip the order here a little bit and
• 28:04
  Speaker 1: just finish up the Donald Trump part of it. Also
• 28:10
  Speaker 1: today Trump announced the replacement for Tolci Gabbett Tozy Gabbitt,
• 28:16
  Speaker 1: as you know, resigned a few weeks ago or a
• 28:18
  Speaker 1: couple of weeks ago. And today Donald Trump announced that
• 28:23
  Speaker 1: he's appointing the director of the Federal Housing Finance Agency
• 28:28
  Speaker 1: and the chairman of Freddie and Fannie Mack, William J. Poulte,
• 28:34
  Speaker 1: to serve as the acting Director of National Intelligence. Now
• 28:40
  Speaker 1: you should have done a little spin in a backtrack
• 28:42
  Speaker 1: on that one. Let me repeat, Director of the Federal
• 28:46
  Speaker 1: Housing Finance Agency and chairman of Freddie and Fannie Mack
• 28:50
  Speaker 1: is now going to be the Director of National Intelligence. Okay,
• 28:53
  Speaker 1: so maybe this guy has some intelligence background, maybe he's
• 28:57
  Speaker 1: done some military workman's I don't know, he knows something
• 29:00
  Speaker 1: about intelligence. I mean, Trump wouldn't just take somebody who
• 29:04
  Speaker 1: knows nothing about intelligence and putting it as direct of
• 29:08
  Speaker 1: National Intelligence, would he. Well, you look at the guy's
• 29:12
  Speaker 1: bio and no, he has no experience, zero, not a nothing.
• 29:19
  Speaker 1: Here's our Trump justifies the appointment. William is deep experiencing
• 29:25
  Speaker 1: experience managing the most sensitive matters in America, the safety
• 29:29
  Speaker 1: and soundless of the markets, really at the Federal Housing
• 29:33
  Speaker 1: Finance Agency, and over ten trillion dollars at Fenny and
• 29:37
  Speaker 1: Freddie Mack, a substantial increase from where it was just
• 29:40
  Speaker 1: twelve months ago. Because he's a chi amazing investor. I
• 29:44
  Speaker 1: guess during this period he will remain director. So he's
• 29:47
  Speaker 1: going to remain the director of the Federal Housing Federal
• 29:50
  Speaker 1: Agency and chairman of Freddi Fanny, and he's going to
• 29:54
  Speaker 1: be the Director of National Intelligence. I mean, this guy
• 29:57
  Speaker 1: is a superman administrator. He can do it all. He
• 30:02
  Speaker 1: can run our finance, he can run the housing, he
• 30:04
  Speaker 1: can run Funny and Freddie. He can regulate the housing market,
• 30:08
  Speaker 1: and he can manage all of our I mean the
• 30:13
  Speaker 1: national the Director of National Intelligence is supposed to coordinate
• 30:17
  Speaker 1: and integrate information from all the various intelligence agencies. This
• 30:24
  Speaker 1: was a position created after nine to eleven, when it
• 30:28
  Speaker 1: was I think correctly observed that the reason nine to
• 30:32
  Speaker 1: eleven could happen was because there was no intelligence sharing.
• 30:36
  Speaker 1: There was no intelligence coordination because of failure of the
• 30:39
  Speaker 1: intelligence agencies, and you needed some new agency to coordinate.
• 30:46
  Speaker 1: So for this job, we've taken a somebody who has
• 30:51
  Speaker 1: zero experience in intelligence, zero experience in anything CIA, nsay,
• 30:58
  Speaker 1: military intelligence, nothing, nothing, not a just a just a
• 31:02
  Speaker 1: guy who doesn't really have the qualifications, really doesn't have
• 31:06
  Speaker 1: the qualifications, doesn't really have the qualifications to run the
• 31:10
  Speaker 1: federal Housing Finance Agency. I mean, what has he done there? Well,
• 31:17
  Speaker 1: the number one thing that he has done is try
• 31:20
  Speaker 1: to use data that is available in you know, at
• 31:27
  Speaker 1: the federal home you know bureaucracy. Uh, try to use
• 31:34
  Speaker 1: data there too to claim that Trump's enemies have committed
• 31:41
  Speaker 1: mortgage fraud. I mean literally, what he what he did
• 31:44
  Speaker 1: the first days is they went after some people, Leticia
• 31:48
  Speaker 1: James and and you know, a'm shift from Lisa Cook.
• 31:52
  Speaker 1: I mean, find dood on them. That's what he's good at.
• 31:56
  Speaker 1: So the qualifications of this guy are the only qualification
• 32:00
  Speaker 1: is Donald Trump. Neese. He's a he's loyal, he's loyal.
• 32:16
  Speaker 1: I mean, god, the guy has worked for construction company.
• 32:26
  Speaker 1: He graduated from Northwestern University, Good University with a bachelor's
• 32:30
  Speaker 1: degree in broadcast journalism. Okay, that'll give him qualifications for intelligence.
• 32:37
  Speaker 1: You know. He he started an aera of photography business
• 32:42
  Speaker 1: while he was at university. Okay, so he's got a
• 32:43
  Speaker 1: bit of an entrepreneurial spirit. That's good. After graduating, he
• 32:47
  Speaker 1: worked in at a at a private equity group Penske
• 32:53
  Speaker 1: Capital Partners, UH and uh, and then he founded and
• 33:00
  Speaker 1: if his own investment firm called Pulte Capital in twenty eleven.
• 33:06
  Speaker 1: He has two hundred employees two hundred thirty million dollars
• 33:09
  Speaker 1: in revenue by twenty fourteen. So yeah, I mean an entrepreneurial,
• 33:15
  Speaker 1: ambitious guy with zero zero experience in intelligence. But he's
• 33:32
  Speaker 1: lowered to Donald Trump. That's what matters. Kind of people.
• 33:36
  Speaker 1: Kind of people you get. It's egregious and because it's
• 33:43
  Speaker 1: an interim appointment, she resigned. He's going to be just interim.
• 33:47
  Speaker 1: Supposedly he doesn't have to get approved by Congress yet.
• 33:51
  Speaker 1: We'll see what happens in the future. All right, Let's
• 33:56
  Speaker 1: go to this anti racism story, which is a really
• 33:58
  Speaker 1: tragic story out of the UK. I mean a really
• 34:02
  Speaker 1: horrific story and tragic story, and a story about anti
• 34:07
  Speaker 1: racism and what anti racism does. So in December, in December,
• 34:14
  Speaker 1: eighteen year old student by the name of Henry Noak,
• 34:22
  Speaker 1: I guess, was walking home in Southampton, South you know,
• 34:32
  Speaker 1: in the south of England, coastal city. And he was
• 34:39
  Speaker 1: he was he was walking home and he was stabbed
• 34:44
  Speaker 1: by a man named Vikuum Segua, a Sikh Sikh, not
• 34:50
  Speaker 1: a Muslim Sikh. Now it's a curdemy. I've looked a
• 34:56
  Speaker 1: little bit into this, not kedemy exactly what the circumstances
• 34:59
  Speaker 1: of the actual stabb was. But he was stabbed and
• 35:02
  Speaker 1: enough to say that a judge on Monday, you know,
• 35:07
  Speaker 1: So the twenty one year old, the eighteen year old
• 35:11
  Speaker 1: sadly died. We'll talk about how he died in a minute.
• 35:15
  Speaker 1: That's the real outrage. But the guy who stabbed him
• 35:21
  Speaker 1: was convicted of murder. He was sentenced to life with
• 35:28
  Speaker 1: a minimum sensens of twenty one years. He is the killer,
• 35:33
  Speaker 1: is twenty three years old, so he could be let
• 35:37
  Speaker 1: out when he's forty four. In England and a lot
• 35:41
  Speaker 1: of European countries, these sentences are pretty light for murder.
• 35:46
  Speaker 1: They don't believe in life and throw away the keys.
• 35:49
  Speaker 1: They don't do that anyway. It turns out, and here's
• 35:56
  Speaker 1: where the horror I mean, the horror is the killing,
• 35:58
  Speaker 1: of course, but here where it has broader implications. When
• 36:06
  Speaker 1: police arrived at the scene, Digua had stabbed who had
• 36:14
  Speaker 1: stabbed this kid? Henry Noak. Lights of the officers, he
• 36:21
  Speaker 1: told them that Noak had racially insulted him and that
• 36:25
  Speaker 1: he Digua is the victim. There's no camera footage that
• 36:31
  Speaker 1: was released, I guess today or yesterday. It was played
• 36:36
  Speaker 1: at the trial and it's been released now shows the
• 36:39
  Speaker 1: police accepting DiGRA's accusation without really any question, and rather
• 36:48
  Speaker 1: than helping Noak in, they put handcuffs on it, despite
• 36:56
  Speaker 1: the fact that he's pleaing at that point that he
• 37:00
  Speaker 1: cannot breathe, that he's been stabbed and he can't breathe.
• 37:07
  Speaker 1: One officer can't be heard asking Noah you've been stabbed whereabouts?
• 37:14
  Speaker 1: And then he added, don't think you have me? So
• 37:19
  Speaker 1: he hasn't checked him out. He's decided he wasn't stabbed
• 37:23
  Speaker 1: because he's decided because the guy accused him of racism,
• 37:28
  Speaker 1: that he was the perpetrator and the other guy was
• 37:31
  Speaker 1: the victim. So he's in handcuffs. I've been stabbed. I
• 37:39
  Speaker 1: cannot breathe. Remember who else said I cannot breathe? What
• 37:43
  Speaker 1: was it now? Six years ago? Six years ago? Moments later,
• 37:54
  Speaker 1: the young student collapses and becomes unconscious. They do CPR,
• 38:01
  Speaker 1: it's too late. By the time he gets the hospital,
• 38:04
  Speaker 1: he's dead. And here's the thing. This every reason to
• 38:10
  Speaker 1: believe that the cops saw somebody a brown skin the victim,
• 38:20
  Speaker 1: the guy who was knife is white. The bound skin
• 38:24
  Speaker 1: person is accusing the white person of racism. That is automatic.
• 38:29
  Speaker 1: That is automatic. That must be the case. That is
• 38:33
  Speaker 1: what anti racism teaches. H Kissed Starmer Kissed Arma condemned
• 38:44
  Speaker 1: the awful, shocking case on x Monday, saying it was right.
• 38:48
  Speaker 1: The Independent Police Complaints Watchdog was investigating officers in response
• 38:56
  Speaker 1: to the senseless murder. Kimmy badanock Uh, the opposition leader
• 39:01
  Speaker 1: of the Conservative Party as well as Nigel Farage have
• 39:05
  Speaker 1: called for changes to police diversity policies. I mean, all
• 39:10
  Speaker 1: of these police forces in the UK, I think in
• 39:12
  Speaker 1: the US as well, have to go through diversity training.
• 39:17
  Speaker 1: And diversity training is basically focused on this anti racist
• 39:20
  Speaker 1: and anti racist basically says that whites are guilty unless
• 39:27
  Speaker 1: proven innocent. The presumption of guilt is on them, that
• 39:32
  Speaker 1: we're all by the very fact that we are white.
• 39:35
  Speaker 1: If you are white, happened to be white. I guess
• 39:37
  Speaker 1: I don't know if I count as white because I
• 39:39
  Speaker 1: guess I was born Jewish, so I don't know if
• 39:40
  Speaker 1: that comes. But if you're white, you are automatically guilty.
• 39:47
  Speaker 1: Of course, the you know. As Farage points out, Keith
• 39:55
  Speaker 1: Starmer was taking the knee when Black Lives matter, ex
• 40:00
  Speaker 1: load it all over the country. When a black man died,
• 40:03
  Speaker 1: was killed and his last his last thing he said
• 40:09
  Speaker 1: was I can't breathe. Well he has a kid who died.
• 40:14
  Speaker 1: I can't breathe and the police just shrug and let
• 40:17
  Speaker 1: him die and there's no public outrage. Nobody really cares.
• 40:25
  Speaker 1: Nobody really cares more than that. In the sentencing, Why
• 40:32
  Speaker 1: did he only get twenty one years in a sense, right, well,
• 40:36
  Speaker 1: he should have gotten more because carrying a knife in
• 40:39
  Speaker 1: England is.
• 40:42
  Speaker 2: A you know, a added circumstances you call it, right,
• 40:51
  Speaker 2: you get if you're the one carrying the knife, you're
• 40:54
  Speaker 2: kind of looking for trouble and therefore you get added
• 40:57
  Speaker 2: to your sentence for the fact that you had a knife.
• 41:04
  Speaker 1: By the way, just to be cleared, he stabbed him
• 41:06
  Speaker 1: five times. Five times. The stabbing went through the skin
• 41:14
  Speaker 1: upwards between two uppermost ribs, cutting along and a vein
• 41:19
  Speaker 1: behind the collar bone. Then stabbed again twice in the
• 41:23
  Speaker 1: upper leg and another time in there going. Noak's face
• 41:28
  Speaker 1: was also slashed. So this was just one stab and
• 41:31
  Speaker 1: I walk away. This is five. I mean the guy
• 41:34
  Speaker 1: really got into it. Now, why didn't he get added
• 41:41
  Speaker 1: on sentence for for the knife? Well, because seeks allowed
• 41:54
  Speaker 1: to carry knives. Indeed, seeks are religiously obligated to car
• 42:00
  Speaker 1: a cupon, which is a kind of a knife a dagger,
• 42:04
  Speaker 1: as one of their five articles of faith. The kipon
• 42:08
  Speaker 1: is supposed to symbolize the seek solemn duty to protect
• 42:10
  Speaker 1: the weak and promote justice for all he goes to seek. Therefore,
• 42:20
  Speaker 1: the UK police accept that he can carry a knife.
• 42:24
  Speaker 1: It's okay. Now, he's not just to seek. He's a
• 42:31
  Speaker 1: seek from a particular order, the knie Hung order. The
• 42:34
  Speaker 1: knee hung carry a second blade because they believe the
• 42:37
  Speaker 1: Ghoul will look favorably on that, whatever the hell that means.
• 42:42
  Speaker 1: And again the judge cited that as an excuse for
• 42:46
  Speaker 1: why he had the blades and why he wasn't increasing
• 42:49
  Speaker 1: a sentence for carrying a blade. In other words, seeks
• 42:55
  Speaker 1: can openly carry a blade. White British citizens cannot. It's
• 43:12
  Speaker 1: pretty horrific. What's going on here, pretty horrific. And here's
• 43:22
  Speaker 1: the point that I've been making for years now, I
• 43:24
  Speaker 1: mean literally years. You can't have a double standard in
• 43:29
  Speaker 1: the law. If the rape, if the rapist is dark
• 43:35
  Speaker 1: skinned or light skin, makes no difference. If the murderer
• 43:39
  Speaker 1: is light skinned or dark skins, makes no difference. His religion,
• 43:44
  Speaker 1: his background makes no difference. There either is a rule
• 43:49
  Speaker 1: of law or there is not a rule of law.
• 43:54
  Speaker 1: If you say to Muslims, oh, because you're a Muslim,
• 43:57
  Speaker 1: you're getting a light sentence, well then don't be surprised.
• 44:00
  Speaker 1: Muslim crime increases if you tell brown people or black
• 44:04
  Speaker 1: people they can commit crimes and not be sentenced anywhere
• 44:08
  Speaker 1: near as much as white people were. Don't be surprised
• 44:11
  Speaker 1: when they commit more crimes. You're also telling them they're special.
• 44:17
  Speaker 1: You're elevating their status for what, for being criminals. I
• 44:23
  Speaker 1: mean this happened with the Eight Gangs, where first of all,
• 44:28
  Speaker 1: they weren't even prosecuted for years and years and years
• 44:31
  Speaker 1: because the fear was, oh, if you prosecute them, will
• 44:34
  Speaker 1: be called racists. If these guys, if these cops are
• 44:38
  Speaker 1: not handcuffed, no wuck, they would have been called racists.
• 44:43
  Speaker 1: They didn't handcuff the white guy. So you're penalized for
• 44:52
  Speaker 1: being objective, you're penalized for being color blind. You were
• 44:57
  Speaker 1: awarded for being a very system I mean, you see
• 45:04
  Speaker 1: this all over Europe. You're seeing people who have done
• 45:07
  Speaker 1: horrific crimes. I mean some of the gang rape, you know,
• 45:12
  Speaker 1: the grooming gangs. I mean the sentence they got jokes ridiculous.
• 45:18
  Speaker 1: Given how they've cheated those girls. They should have been
• 45:21
  Speaker 1: locked up forever forever. I don't care what color skin
• 45:26
  Speaker 1: they have. Anybody committing those kind of crimes should be
• 45:30
  Speaker 1: locked up forever. And here the judge gave him a
• 45:42
  Speaker 1: lighter sentence because he had a knife, which I guess
• 45:46
  Speaker 1: the UK allows him to do well, but he used
• 45:50
  Speaker 1: it anyway. There has to be a real rethink if
• 46:03
  Speaker 1: you there's no way to assimilate immigrants, if you're going
• 46:07
  Speaker 1: to treat them special, if you're going to treat the
• 46:11
  Speaker 1: barberism special, if you're going to treat them when they
• 46:16
  Speaker 1: can make crimes in a special kind of way, they
• 46:20
  Speaker 1: will never assimilate. Assimilation requires that they accept your system
• 46:27
  Speaker 1: of laws. To do that, you have to impose those
• 46:31
  Speaker 1: laws on them. You have to hold them accountable when
• 46:33
  Speaker 1: they break those laws, and the police need to be trained,
• 46:41
  Speaker 1: trained in objectivity and color blindness. Being a so called
• 46:52
  Speaker 1: reversed racist is still a racist. So you know, it's
• 47:01
  Speaker 1: it's I mean, this is making Uh. There's a lot
• 47:04
  Speaker 1: of noise about this case on X on Twitter, in
• 47:08
  Speaker 1: some circles in the UK, but it's not getting a
• 47:10
  Speaker 1: lot of attention. Nothing like that George Floyd killing. Uh,
• 47:17
  Speaker 1: which is sad because because because of skin color, because
• 47:27
  Speaker 1: skin color matters in the world in which we live
• 47:30
  Speaker 1: when it shouldn't. It's really as tragic. Yeah, I mean,
• 47:40
  Speaker 1: let me be clear, the laws against carrying knives are
• 47:45
  Speaker 1: not objective, they're not good laws, they're wrong laws, but
• 47:49
  Speaker 1: they have to be applied equally. You can't give massive
• 47:55
  Speaker 1: exemptions because of I don't know religion. And if you're
• 47:59
  Speaker 1: going to then make it legal for anybody to carry
• 48:01
  Speaker 1: a knife, now I understand what they're trying to do
• 48:04
  Speaker 1: because of the knife attacks. They're trying to restrict the
• 48:07
  Speaker 1: ability of people to buy knives, and they're tracking people
• 48:10
  Speaker 1: who go on Amazon and buy knives, and you know
• 48:12
  Speaker 1: a lot of carrying knives and a policeman can arrest
• 48:15
  Speaker 1: you if you have a knife on you. I get it,
• 48:19
  Speaker 1: but that's not the way to do it, not the
• 48:23
  Speaker 1: way to do it. It does show kind of a
• 48:31
  Speaker 1: certain level of pathetic ness. It's not even a word
• 48:35
  Speaker 1: of a culture, of a society that has to band
• 48:37
  Speaker 1: knives because they're worried about knife attacks. And guess who
• 48:46
  Speaker 1: doesn't pay attention to bands. Guess who doesn't pay attention
• 48:54
  Speaker 1: to restrictions like that. The bad guys. Bad guys don't
• 48:58
  Speaker 1: pay attention. Bad guys going to stop carrying a knife
• 49:02
  Speaker 1: because there's a law against it. Somebody who's intent on
• 49:06
  Speaker 1: taking a knife and going in slashing people he's not
• 49:12
  Speaker 1: going to stop saying, oh, I don't want to bake
• 49:14
  Speaker 1: the law. Well, he's going to bake the law by
• 49:16
  Speaker 1: slashing them anyway. All right, Okay, a couple of few
• 49:30
  Speaker 1: other stories. Columbia, the country of Columbia had election over
• 49:35
  Speaker 1: the weekend, and this is an election for president. The
• 49:40
  Speaker 1: current president is the first leftist president, fall left president
• 49:43
  Speaker 1: the Columbia's ever had Almost all the presidents in Colombia's
• 49:47
  Speaker 1: history have been right of center or centrist, but leaning right.
• 49:56
  Speaker 1: And so the first time ever they had a far
• 49:59
  Speaker 1: left press president now and there was an election of
• 50:03
  Speaker 1: three candidates in the election. There was a center right
• 50:06
  Speaker 1: candidate that's the party that usually wins, there was a
• 50:11
  Speaker 1: far left candidate from the candidate of the comment president,
• 50:15
  Speaker 1: and there was a candidate from a populist right wing
• 50:21
  Speaker 1: political party. Completely new came out of nowhere. And the
• 50:27
  Speaker 1: election is now going to be a runoff because that
• 50:30
  Speaker 1: was round one, and then if nobody gets over fifty percent,
• 50:32
  Speaker 1: there's a runoff. And the person who won the election
• 50:35
  Speaker 1: over the weekend is is a populist right wing populist
• 50:40
  Speaker 1: and came in second was the left wing, the far
• 50:44
  Speaker 1: left and the odds are pretty favorable that the populist
• 50:51
  Speaker 1: right wing guy is going to win. The guy won
• 50:56
  Speaker 1: is a Belaldo della Spriellarea, a rich lawyer whose promises
• 51:05
  Speaker 1: an iron fist crackdown on drugs on uh, drug hotels
• 51:11
  Speaker 1: and drug caffikas. He has modeled himself after l. Salvador's
• 51:18
  Speaker 1: Buce and is a you know, he claims he's going
• 51:29
  Speaker 1: to smash the cocaine fueled armed groups. Uh, and you know,
• 51:35
  Speaker 1: we will see, we will see. It looks like he
• 51:37
  Speaker 1: will win. And uh, like all the populists, not particularly
• 51:42
  Speaker 1: good on economics, good on law and order, maybe maybe
• 51:47
  Speaker 1: over the top a little bit on low and order,
• 51:50
  Speaker 1: but unsurprisingly that's what South Americans want. They're tired of
• 51:56
  Speaker 1: the gangsters and the murders and the shootings and the
• 52:00
  Speaker 1: and the violence in their cities. They're tired of it.
• 52:06
  Speaker 2: Uh.
• 52:08
  Speaker 1: He calls himself the Tiger, the tiger, and he has
• 52:12
  Speaker 1: promised that he will change the history of Colombia forever, forever.
• 52:19
  Speaker 1: So it'll be interesting, you know, given that alternatives him
• 52:23
  Speaker 1: or the far leftist. I hope he wins. The fall
• 52:27
  Speaker 1: leftist is really really bad and destroying that country and
• 52:34
  Speaker 1: it'll be interesting. It's interesting how these you know, rich
• 52:37
  Speaker 1: rich guys become such populists and how poor countries embreach,
• 52:42
  Speaker 1: embrace rich guys who tell the poor kid, poor people
• 52:45
  Speaker 1: that they will protect them, they know how to protect them.
• 52:48
  Speaker 1: It's it's kind of interesting. He's going to build super
• 52:56
  Speaker 1: max prisons in Amazon, just like Keller did in El Salvado.
• 53:01
  Speaker 1: So that that's ideas. You imprison enough young people, you
• 53:05
  Speaker 1: round up enough young people, you put him in jail.
• 53:07
  Speaker 1: Crime drops. It works every single time. Not particularly a
• 53:12
  Speaker 1: just way to reduce crime, but it is a way
• 53:14
  Speaker 1: to reduce crime. The center right candidate Paloma Valencia finished
• 53:22
  Speaker 1: a distant third, even though she was backed by former
• 53:27
  Speaker 1: President of Uribe who was very popular who you know
• 53:33
  Speaker 1: really uh suppressed the leftist rebels in the two thousands
• 53:38
  Speaker 1: and invigorated the Colombian economy. He was a free relatively
• 53:42
  Speaker 1: free market guy. Actually met him. He's an Ironman fan.
• 53:46
  Speaker 1: And you know, we did a seminar together in Colombia,
• 53:50
  Speaker 1: in Bogatay in Columbia years ago. All right, that is
• 53:56
  Speaker 1: the news from Colombia. I will I will keep you
• 53:59
  Speaker 1: update about it, all right. A couple of stories out
• 54:03
  Speaker 1: of China that I think are interesting. This is from
• 54:07
  Speaker 1: the Financial Times and this is about a new hydro
• 54:14
  Speaker 1: electric dam, just to give you a little sense of
• 54:18
  Speaker 1: building in China. So this is a remote part of
• 54:22
  Speaker 1: Tibet where this river Yao Lung sung Po River cuts
• 54:30
  Speaker 1: through the Himalayas, and China's building the world's largest hydro
• 54:35
  Speaker 1: electric dam. The river wraps around the eight thousand meter
• 54:40
  Speaker 1: high numb Chabbawa Peak. It does a dramatic kind of
• 54:45
  Speaker 1: u turn around this big bend. In the process, the
• 54:50
  Speaker 1: river drops about two thousand meters. So what they're gonna
• 54:55
  Speaker 1: do is they're gonna drill tunnels deep into the mountain
• 55:01
  Speaker 1: that will shorten the bend, divert the water and generate
• 55:06
  Speaker 1: hydro power. The project is going to cost one hundred
• 55:12
  Speaker 1: and sixty seven billion dollars. It's going to require the
• 55:18
  Speaker 1: concrete equivalent of fifty five zero Hoover dams. If you
• 55:24
  Speaker 1: have been to Hoover Dam, that's a lot of concrete
• 55:28
  Speaker 1: and it could produce more electricity then the UK generates annually.
• 55:38
  Speaker 1: Now this is an attempt, of course of Chinese to
• 55:42
  Speaker 1: establish themselves in Tibet. They're trying, They're spending billions of
• 55:46
  Speaker 1: dollars to boost the Tibetan and excise Young's economies. They're
• 55:53
  Speaker 1: turning them into real economic hubs. They want to justify
• 55:57
  Speaker 1: their occupation of these territories by doing that. But but
• 56:03
  Speaker 1: this is just a massive project, and it's it really
• 56:08
  Speaker 1: is it really is stunning.
• 56:10
  Speaker 2: Uh.
• 56:11
  Speaker 1: You know, the ambition of it, the size of it.
• 56:14
  Speaker 1: It's the kind of thing we used to do in America.
• 56:16
  Speaker 1: Kind of thing we used to do in America. Uh.
• 56:21
  Speaker 1: And the whole idea is to integrate these regions into
• 56:25
  Speaker 1: China's economy and mainstream culture. And you know, a dam
• 56:31
  Speaker 1: like this providing energy, and this is cheap energy. This
• 56:35
  Speaker 1: is really cheap energy. I mean the expense is the
• 56:39
  Speaker 1: building of the of the tunnels, but once it's running,
• 56:43
  Speaker 1: it's maintenance, which is not expensive. And if you're really
• 56:45
  Speaker 1: generating the equivalent of what the United Kingdom uses in
• 56:49
  Speaker 1: a year, you can do a lot of this. You
• 56:53
  Speaker 1: can do a lot of this. All right. Uh, let's see,
• 57:01
  Speaker 1: that's one story out of China. Kind of positive. Interesting.
• 57:04
  Speaker 1: The second one is a little spooky. This spooky story
• 57:08
  Speaker 1: out of China. So China has a private company that
• 57:14
  Speaker 1: is trying to develop artificial intelligence that would enable the
• 57:19
  Speaker 1: authorities to not just monitor dissidents, but also predict who
• 57:27
  Speaker 1: might become a dissident in the future. Now, the work
• 57:33
  Speaker 1: on this is still in the research stage, but this
• 57:36
  Speaker 1: is straight out of a dystopian novel. This is a
• 57:39
  Speaker 1: story in The New York Times about this. The Chinese
• 57:42
  Speaker 1: company Gije Networks sells a commercial version of the Great Firewall,
• 57:48
  Speaker 1: the surveillance and censorship software the China uses to control
• 57:51
  Speaker 1: online activity. Those tools allow governments to monitor Internet traffic
• 57:57
  Speaker 1: flag when someone tries to get around additional Internet censorship.
• 58:03
  Speaker 1: But according to leaked company documents, the firm is working
• 58:07
  Speaker 1: on a new product that uses AI to examine location
• 58:11
  Speaker 1: data and internet used to predict who could do or
• 58:15
  Speaker 1: say something critical of the government in the future. This
• 58:22
  Speaker 1: is all according to researchers at Vanderbilt. I mean, that's
• 58:27
  Speaker 1: the technology, if perfected, could give authoritarian governments a powerful
• 58:31
  Speaker 1: tool to use against perceived enemies. Not real enemies, yet
• 58:36
  Speaker 1: perceived enemies. You know. The idea that an authoritarian government
• 58:50
  Speaker 1: would use artificial intellgents to suppress the scent is troubling enough,
• 58:54
  Speaker 1: But to use of AI to predict the sent and
• 58:56
  Speaker 1: to go after people. This is a spooky stu and
• 59:00
  Speaker 1: consistent with kind of the just the authoritarian nineteen eighty
• 59:07
  Speaker 1: four style of Chinese authoritarian government. And while the United
• 59:17
  Speaker 1: States is trying to control exports to China and video
• 59:20
  Speaker 1: chips and so on, Chinese seemed to be developing their
• 59:23
  Speaker 1: own chip technologies. A lot of in vidio chips are
• 59:27
  Speaker 1: making it a China anyway. And indeed, Trump doesn't seem
• 59:30
  Speaker 1: to be too committed to the limitations on chip sales
• 59:36
  Speaker 1: to China. He was trying to get the Chinese to
• 59:38
  Speaker 1: buy the second best in video chip, which is still
• 59:41
  Speaker 1: better than anything they have right now. So put file
• 59:47
  Speaker 1: that on the spooky stories. Send me be clear, I
• 59:52
  Speaker 1: consider big civil engineering projects to be at the very
• 1:00:01
  Speaker 1: least a reflection of ambitious ambition. It's true they're all
• 1:00:05
  Speaker 1: done by government. But if government's going to spend our
• 1:00:08
  Speaker 1: money on something, wouldn't it be good to spend it
• 1:00:12
  Speaker 1: on I don't know a canal that brings water from
• 1:00:16
  Speaker 1: somewhere where there is water to where there's no water,
• 1:00:18
  Speaker 1: like we used to do in the old days, or
• 1:00:20
  Speaker 1: build a dam to provide for electricity. I mean that
• 1:00:24
  Speaker 1: seems to me, like the kind of projects that at
• 1:00:28
  Speaker 1: least for the human ability to achieve things because it
• 1:00:32
  Speaker 1: brings them essentials. It would be better if they were
• 1:00:35
  Speaker 1: done privately, but just having the ambition to do stuff
• 1:00:39
  Speaker 1: like that impresses me. It's what we used to do.
• 1:00:45
  Speaker 1: It's what we used to do in America. All right. Finally,
• 1:00:51
  Speaker 1: a couple of positive tech stories. So one of the
• 1:00:59
  Speaker 1: most in demand what do you call it stuff in
• 1:01:08
  Speaker 1: the world out there right is lithium. Right now, lithium
• 1:01:12
  Speaker 1: batteries are used in so much electric cause anything that
• 1:01:18
  Speaker 1: is going to be run on batteries and electricity is
• 1:01:22
  Speaker 1: now lithium. Lithium is the material that needs to get done,
• 1:01:27
  Speaker 1: and of course we know that China dominates global lithium refining. Indeed,
• 1:01:35
  Speaker 1: the biggest hurdle to tapping into US, Australian and Australian
• 1:01:40
  Speaker 1: lithium reserves is getting it out of hard rock. So
• 1:01:46
  Speaker 1: you know right now, to get it out of hard
• 1:01:48
  Speaker 1: rock requires a really difficult, energy consuming, waste intensive process,
• 1:02:00
  Speaker 1: and because it pollutes and it's dirty, it has major
• 1:02:04
  Speaker 1: environmental drawbacks and that's why it's not done in the
• 1:02:08
  Speaker 1: United States. We have lithium here so the lithium is
• 1:02:16
  Speaker 1: done in China, where they care a little less about
• 1:02:18
  Speaker 1: the environmental impact and more about just getting the lithium
• 1:02:22
  Speaker 1: and the power it gives them. But it looks like
• 1:02:27
  Speaker 1: a team. So right now, to get lithium out of rock,
• 1:02:32
  Speaker 1: you have to bake the rock at a thousand degrees
• 1:02:35
  Speaker 1: celsius and then use chemical leaching to extract the lithium. Now,
• 1:02:43
  Speaker 1: a team of researchers at MIT have developed a low
• 1:02:48
  Speaker 1: temperature process for extracting battery grade lithium from the most
• 1:02:54
  Speaker 1: common type of lithium barying minerals. The process uses a
• 1:02:58
  Speaker 1: liquid reagent to dissolve the rock into the useful form
• 1:03:04
  Speaker 1: of its constituent parts, not just battery ready lithium, but
• 1:03:09
  Speaker 1: also smelt a grade alumina and cement ready silica. After
• 1:03:16
  Speaker 1: the mineral is extracted, the solvent and reagent can be
• 1:03:19
  Speaker 1: recovered and used again, so waste levels are basically zero.
• 1:03:28
  Speaker 1: The researchers estimate the closed loop process is half the
• 1:03:30
  Speaker 1: cost of traditional lithium hard rock extraction and could make
• 1:03:34
  Speaker 1: a cost competitive and could make it cost competitive with
• 1:03:37
  Speaker 1: extracting lithium from brinewater, which is the other way in
• 1:03:40
  Speaker 1: which we get lithium. The paper describing the process for
• 1:03:46
  Speaker 1: published today in Science. The research have already begun commercializing
• 1:03:51
  Speaker 1: the technology through spin out out of MIT called zero Rock.
• 1:03:57
  Speaker 1: This is a quoting the project manager. By twenty forty
• 1:04:01
  Speaker 1: we need a quadruple production of lithium globally, which amounts
• 1:04:05
  Speaker 1: to hundreds of new lithium producing assets. Hard rock is abundant.
• 1:04:10
  Speaker 1: You can find it everywhere, but most hard rock refinding
• 1:04:14
  Speaker 1: is done in China. Our central thesis is if you
• 1:04:17
  Speaker 1: can find an easier way to crack the rock, get
• 1:04:20
  Speaker 1: lithium out, and make battery grade lithium salts, you can
• 1:04:24
  Speaker 1: change the lithium market. It aligns the recent push on
• 1:04:28
  Speaker 1: onshore production of critical minerals in the United States or
• 1:04:33
  Speaker 1: in allies. So this is great breakthrough. Hopefully it is
• 1:04:42
  Speaker 1: Hopefully it has an entrepreneur that can really push this
• 1:04:46
  Speaker 1: forward and make it, make it real and deploy it quickly.
• 1:04:53
  Speaker 1: Now it's interesting, it says he The story about this
• 1:04:59
  Speaker 1: is kind of interesting. The research. This is an article
• 1:05:01
  Speaker 1: in MIT dot edu. The research has its roots in
• 1:05:05
  Speaker 1: a bathroom renovation, but twenty five years ago, she Young.
• 1:05:08
  Speaker 1: This is the lead researcher made a trip to a
• 1:05:12
  Speaker 1: hardware store to look for something that would turn clean,
• 1:05:15
  Speaker 1: clear glass blocks translucent. He stumbled on a glass etching
• 1:05:20
  Speaker 1: cream that worked by eating away at the surface of
• 1:05:23
  Speaker 1: the glass. The active ingredient turned out to be ammonium fluoride.
• 1:05:28
  Speaker 1: More recently, a shan was brainstorming ways to chemically break
• 1:05:32
  Speaker 1: apart the most abundant lithium bearing mineral SPoD spodo meant mean,
• 1:05:41
  Speaker 1: he thought back to the etching cream. Spodamine, like glass,
• 1:05:45
  Speaker 1: consists mostly of silicon. Conveniently, chemistry based method for extracting
• 1:05:50
  Speaker 1: metals from oars preferentially dissolved more reactive elements that lead
• 1:05:58
  Speaker 1: behind a silic and riched residue because of the strength
• 1:06:01
  Speaker 1: of the silicon oxygen bond. By designing the process to
• 1:06:05
  Speaker 1: use a mixture of water and ammonium fluorid, the researcher
• 1:06:08
  Speaker 1: able to dissolve silica first, reversing the process. Really cool,
• 1:06:16
  Speaker 1: all right. You can check that out at news dot
• 1:06:21
  Speaker 1: mit dot edu. Also related to battery, a Chinese battery
• 1:06:26
  Speaker 1: manufacturer c ATL is accelerating production of its sodium ion
• 1:06:31
  Speaker 1: battery technology and as it moves towards large scale deploying
• 1:06:37
  Speaker 1: in electric vehicles. This would be huge because right now
• 1:06:42
  Speaker 1: lithium has no competitive the lithium ion batteries. The company
• 1:06:47
  Speaker 1: is confirmed that mass producing sodium ion battery products will
• 1:06:52
  Speaker 1: enter the market during twenty twenty six after what it
• 1:06:54
  Speaker 1: describes as resolution or key manufacturer and Bottlenecks. Sodium ion
• 1:06:59
  Speaker 1: program centers on a next step battery platform. That's the
• 1:07:04
  Speaker 1: name of the battery platform that they have, and it's
• 1:07:08
  Speaker 1: intended for passenger vehicles, commercial vehicles, battery swapping applications, and
• 1:07:13
  Speaker 1: stationary energy storage systems. I mean, basically, what this suggests
• 1:07:19
  Speaker 1: is that you are going to get competitives to the
• 1:07:26
  Speaker 1: lithium batteries, and the battery technology is on a trajectory
• 1:07:33
  Speaker 1: to improve dramatically over the next few years, over the
• 1:07:37
  Speaker 1: next few decades, and we're just at the beginning of
• 1:07:42
  Speaker 1: another kind of technological revolution. As these batteries get cheaper,
• 1:07:50
  Speaker 1: more powerful, more easier to charge. It's hard to imagine
• 1:07:58
  Speaker 1: all the products that are going to be made better
• 1:08:00
  Speaker 1: and improved, and that in the different ways in which
• 1:08:04
  Speaker 1: they're going to change our lives. So I'm excited by AI,
• 1:08:09
  Speaker 1: by battery technology, by biotech. There's a lot of good
• 1:08:15
  Speaker 1: stuff happening out there in the world. Don't forget that,
• 1:08:19
  Speaker 1: all right, friends, that is the news for this June second, Tuesday,
• 1:08:24
  Speaker 1: June second, we will not be having a show. We
• 1:08:35
  Speaker 1: will not be having the show what do you call it? Tomorrow?
• 1:08:43
  Speaker 1: I don't know about Thursday, Friday, Saturday, Sunday. So the
• 1:08:46
  Speaker 1: next five days of question marks. But suddenly no show tomorrow.
• 1:08:51
  Speaker 1: Maybe I can squeeze in a show on Thursday, Friday
• 1:08:53
  Speaker 1: or Saturday. We'll see sullenly. No show on Sunday because
• 1:08:57
  Speaker 1: again a travel day. I'm on vacation the rest of
• 1:09:00
  Speaker 1: the week. So those of you who go through your
• 1:09:04
  Speaker 1: on book show withdraw syndrome, sorry, but sometimes I need
• 1:09:09
  Speaker 1: to just take some time off. This is a week
• 1:09:13
  Speaker 1: of good food and opera and great museums, so we
• 1:09:19
  Speaker 1: were putting back on the opera and museums next week
• 1:09:23
  Speaker 1: when we start up the show, or if I do
• 1:09:25
  Speaker 1: a show from the road. All right, thank you guys.
• 1:09:30
  Speaker 1: Let me remind you of some of our sponsors. We're
• 1:09:34
  Speaker 1: doing okay on the fundraising, you know, super chatting and stickers.
• 1:09:40
  Speaker 1: Selfie subscribers just did a fifty dollars sticker. Thank you,
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• 1:09:49
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• 1:09:56
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• 1:10:01
  Speaker 1: two hundred and thirty six short of our second hour goal.
• 1:10:05
  Speaker 1: There we go, another sticker. S sev I did a sticker.
• 1:10:09
  Speaker 1: Thank you, but let me remind your responses. AIRI is
• 1:10:14
  Speaker 1: hosting OCON at the end of this month. We're now
• 1:10:17
  Speaker 1: in June, and it is going to be a fabulous
• 1:10:20
  Speaker 1: confidence I will be speaking a lot of kind of
• 1:10:22
  Speaker 1: the leading objectives. Speakers are going to be there, and
• 1:10:28
  Speaker 1: it's going to be it's going to be an exciting
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  Speaker 1: and exciting time and exciting conference both the quality of
• 1:10:36
  Speaker 1: the speed, the intellectual content, but also you know, New
• 1:10:40
  Speaker 1: Orleans is such a fabulous place and there's so many
• 1:10:42
  Speaker 1: social activities, so much stuff going on, and you can
• 1:10:46
  Speaker 1: go out and experience the amazing food of New Orleans.
• 1:10:49
  Speaker 1: Some of the best food places in the country. I
• 1:10:52
  Speaker 1: think there were at least three restaurants in the top
• 1:10:54
  Speaker 1: fifty restaurants in the country in New Orleans, and so yeah,
• 1:11:00
  Speaker 1: check it out. Great jazz. If you like antique stores,
• 1:11:04
  Speaker 1: they have great arts in antique stores in New Orleans.
• 1:11:07
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  Speaker 1: in Anthropic, you have massive capital gains after these IPOs,
• 1:11:50
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• 1:11:52
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• 1:12:20
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• 1:12:28
  Speaker 1: sponsor playlists. What else we want? Yes, we've got Defenders
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• 1:13:09
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  Speaker 1: you know, truly amazing a power out there in the
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  Speaker 1: on the policy, on the better policies of the Trump administration.
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  Speaker 2: Uh.
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  Speaker 1: So check him out. Alex Epstein does substec dot com.
• 1:13:36
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• 1:13:49
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  Speaker 1: without two fifty dollars questions or one is fifty dollars
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  Speaker 1: fifty dollars from Michael. Trump would rather throw a tantrum
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  Speaker 1: over Natennel than stand up to the IRGC. He's done
• 1:15:57
  Speaker 1: this before in the infamous White House session with the Lynsky.
• 1:16:00
  Speaker 1: I'm beginning to think he would rather lose this war
• 1:16:02
  Speaker 1: than see it impact the midterm elections. Oh yeah, yeah,
• 1:16:06
  Speaker 1: it's clear he wants a deal, any deal, any deal.
• 1:16:12
  Speaker 1: I mean, he prefers that it's not so obvious he lost,
• 1:16:17
  Speaker 1: But any deal is a surrender. Any deal is a loss.
• 1:16:20
  Speaker 1: He wants a deal that maybe is not so obvious
• 1:16:23
  Speaker 1: a loss, but that's all he wants. He doesn't want
• 1:16:28
  Speaker 1: Israel to win in Lebanon. He doesn't want regime change
• 1:16:31
  Speaker 1: any Wan. He doesn't want the nuclear programs stopped or anything.
• 1:16:37
  Speaker 1: He does. He doesn't really have an a jeta. He
• 1:16:39
  Speaker 1: went into the Warner whim and he is going to
• 1:16:41
  Speaker 1: exit the Warner whim. And yes, yesterday or there before,
• 1:16:45
  Speaker 1: whatever it was, he was yelling and cursing at N'atennielle
• 1:16:49
  Speaker 1: and telling him that without Trump he would be sitting
• 1:16:52
  Speaker 1: in jail. And without Trump, this would happen, and that
• 1:16:54
  Speaker 1: would happen, basically because Nataniel wants to continue the war
• 1:16:57
  Speaker 1: with Chrisbalaan Lebanon, and Trump thinks it's an obstacle to
• 1:17:02
  Speaker 1: his surrendering to you on Yon won't accept this terms
• 1:17:06
  Speaker 1: of surrender where he surrenders no sound? Is that right?
• 1:17:14
  Speaker 1: Anybody else experiencing no sound? Let me know in the
• 1:17:21
  Speaker 1: chat anyway, Uh lose their way? WHOA, yeah, lose this war?
• 1:17:28
  Speaker 1: Golly yep? Anyway. Yeah. Trump is just just pathetic, just pathetic.
• 1:17:34
  Speaker 1: He's just like a child, a little child. What did
• 1:17:37
  Speaker 1: I call him a five year old. Yes, he's got
• 1:17:40
  Speaker 1: the mentality of a five year old, economic understanding of
• 1:17:43
  Speaker 1: a five year old, and the mentality of fire there.
• 1:17:45
  Speaker 1: And I'm sorry if this offends some of you who
• 1:17:47
  Speaker 1: voted for him, but that's the reality. This is who
• 1:17:49
  Speaker 1: you voted for. Pathetic all right, rational Ip, Thank you,
• 1:17:57
  Speaker 1: rational Ip. Belgium urgently needs warfare, yet many want lower
• 1:18:02
  Speaker 1: taxes for themselves while still expecting government benefits and asking
• 1:18:06
  Speaker 1: others to pay more. Which arguments are the strongest against
• 1:18:09
  Speaker 1: the hypocrisy? And what point should one focus on? First? Well,
• 1:18:15
  Speaker 1: I think one should focus and continue to focus on
• 1:18:18
  Speaker 1: the moral point. You know, the welfare estate is a
• 1:18:23
  Speaker 1: moral abomination. It takes on the productive, It takes on
• 1:18:28
  Speaker 1: the able, and it penalizes them by taking from them
• 1:18:32
  Speaker 1: and giving to the unproductive, the people who either don't
• 1:18:37
  Speaker 1: work or can't work at a level to sustain themselves.
• 1:18:44
  Speaker 1: It awards the incompetent and penalizes the competent, penalizes the able,
• 1:18:53
  Speaker 1: and there's a sense in which it even hurts the
• 1:18:58
  Speaker 1: recipient of the welfare. The recipient of the welfare learns
• 1:19:04
  Speaker 1: that they do not need to work in order to survive,
• 1:19:07
  Speaker 1: but work is where we get our self esteem. Work
• 1:19:12
  Speaker 1: is where we get a sense that we are capable
• 1:19:17
  Speaker 1: in this world, competent in this world. Can survive in
• 1:19:19
  Speaker 1: this world. Without self esteem or without that knowledge, you
• 1:19:24
  Speaker 1: cannot be happy. People on welfare are denied their ability
• 1:19:29
  Speaker 1: to be happy, so they suffer. And look, it's wrong
• 1:19:37
  Speaker 1: to cut taxes if cutting taxes only means raising taxes
• 1:19:45
  Speaker 1: on other people or raising taxes in the future. Every
• 1:19:51
  Speaker 1: government in the world is trying to avoid the thing
• 1:19:53
  Speaker 1: they need to do, and the thing they need to
• 1:19:56
  Speaker 1: do is cut spending. And to cut spending they're going
• 1:19:59
  Speaker 1: to you have to reduce benefits to the poor, to
• 1:20:06
  Speaker 1: a lot of welfast in the middle class, like Social Security, Medicare.
• 1:20:11
  Speaker 1: They're gonna have to cut those benefits. They don't want
• 1:20:14
  Speaker 1: to because politically it's suicide, but it's a model not
• 1:20:18
  Speaker 1: to You're basically, you know, if you continue it this way,
• 1:20:23
  Speaker 1: you're enslaving you, you know, the most able people in
• 1:20:26
  Speaker 1: your economy, and you're enslaving future generations for your cowardice today.
• 1:20:37
  Speaker 1: Thanks rational ip I hope that helps. Richard does. A
• 1:20:41
  Speaker 1: sell off usually follow on IPO after the new public
• 1:20:45
  Speaker 1: investor demand wears off. No, not usually. Sometimes sometimes happens
• 1:20:52
  Speaker 1: very quickly. Sometimes it happens months later. Sometimes it never happens.
• 1:20:57
  Speaker 1: Sometimes the stock just keeps going up, or at least
• 1:21:00
  Speaker 1: keeps going off a long time. I don't think there's
• 1:21:05
  Speaker 1: going to be I don't know what's gonna happen with AI.
• 1:21:08
  Speaker 1: And if you think about the IPOs in nineteen ninety nine,
• 1:21:12
  Speaker 1: there wasn't a sell off then. But by in March
• 1:21:15
  Speaker 1: of twenty two thousand, the NASDAC collapsed and by what
• 1:21:21
  Speaker 1: is a summer of twenty two thousand and one, the
• 1:21:23
  Speaker 1: NASDACK had lost seventy five percent of its value. A
• 1:21:27
  Speaker 1: lot of those IPOs. This stock ultimately went to zero.
• 1:21:32
  Speaker 1: So the fact that a firm IPOs at a high
• 1:21:34
  Speaker 1: valuation does not mean it's going to keep it and
• 1:21:36
  Speaker 1: does not mean it's worth anything. It's it is perceived
• 1:21:40
  Speaker 1: to be worth that at this moment. But the world
• 1:21:43
  Speaker 1: can change very very fast. James Bernie Sanders stated, we
• 1:21:50
  Speaker 1: need to nationalize AI companies. Yeah, I talked about this
• 1:21:52
  Speaker 1: yesterday yesterday. Day before yesterday, I talked about it, yeah, yesterday.
• 1:21:58
  Speaker 1: But these AI models will soon run on an expensive
• 1:22:01
  Speaker 1: local devices and collaborate on decentralized. In a decentralized manner,
• 1:22:07
  Speaker 1: what will status do then, Well, they'll find a way
• 1:22:11
  Speaker 1: to tax it, they'll find a way to control it.
• 1:22:16
  Speaker 1: And somebody has to produce these products. It might be
• 1:22:20
  Speaker 1: decentralized if somebody has to write updates, somebody has to
• 1:22:25
  Speaker 1: build the chips, somebody has to run the data centers,
• 1:22:30
  Speaker 1: because even if you run it locally, that's not enough.
• 1:22:33
  Speaker 1: Locally you can only run a certain amount of queries.
• 1:22:38
  Speaker 1: Most the quaries are going to go to the data centers,
• 1:22:41
  Speaker 1: so they will be able to control stuff like that.
• 1:22:46
  Speaker 1: I don't think this is I don't think this is
• 1:22:50
  Speaker 1: beyond the reach of government anymore than Crypto landed up
• 1:22:54
  Speaker 1: being beyond the reach of government. Somehow they find a
• 1:22:57
  Speaker 1: way in age algorithm. To a populist, nothing is worse
• 1:23:03
  Speaker 1: than being unpopular. Because Israel is so hated. Trump doesn't
• 1:23:07
  Speaker 1: want that negative energy, so with him. Narcissists can't handle
• 1:23:12
  Speaker 1: not receiving external validation at all times. I mean that's true.
• 1:23:16
  Speaker 1: I mean, maybe it's true that Trump is now turning
• 1:23:19
  Speaker 1: against Israel because Israel is so unpopular. That is quite possible,
• 1:23:24
  Speaker 1: you know, I don't know it's how to tell his psychology.
• 1:23:30
  Speaker 1: But that could be one of the things that plays
• 1:23:33
  Speaker 1: into it, right, It could be one of the things
• 1:23:37
  Speaker 1: that plays into it. But yeah, Israel is unbelievably unpopular
• 1:23:43
  Speaker 1: right now. I mean it's the worst in my memory.
• 1:23:48
  Speaker 1: We'll have to do a show on that. Ian just
• 1:23:51
  Speaker 1: to give you a sense, Ian says Claude Opus uses
• 1:23:55
  Speaker 1: five trillion parameters. That is not running on a local
• 1:24:00
  Speaker 1: the vice in this decade, and by the time it does,
• 1:24:05
  Speaker 1: the most advanced thing will have many multiples of five
• 1:24:11
  Speaker 1: trillion parameters. Harp up is Trump lashing out at Dandanielle
• 1:24:17
  Speaker 1: because people accuse Trump of doing Natanielle's bidding? Do you
• 1:24:20
  Speaker 1: think that bib is petrified of losing Trump' support? I
• 1:24:24
  Speaker 1: do think Biby's petrified of losing Trump support, and I
• 1:24:27
  Speaker 1: think he's worried that it's going to hurt him in
• 1:24:29
  Speaker 1: the election coming up in Israel soon. But I think
• 1:24:34
  Speaker 1: that Trump is mad at Bib because Trump wants a deal.
• 1:24:39
  Speaker 1: I mean, he really wants a deal. I don't think
• 1:24:42
  Speaker 1: it's about people accusing Trump of doing Natanielle's bidding. No,
• 1:24:45
  Speaker 1: I think it's because Trump wants a deal and Natanielle
• 1:24:48
  Speaker 1: is standing in his way. He really is. The Ranians
• 1:24:51
  Speaker 1: keep telling Trump out, you gotta control BIB otherwise there's
• 1:24:54
  Speaker 1: no deal. So he does. He's completely motivated by wanting
• 1:25:01
  Speaker 1: to get out of you On as quickly as possible,
• 1:25:03
  Speaker 1: wanting to bring the troops home, wanting to declare victory,
• 1:25:07
  Speaker 1: wanting to see energy prices come down. That is the
• 1:25:10
  Speaker 1: only thing that he cares about. String a bell, Hello
• 1:25:18
  Speaker 1: you on. I recently took an ethics course and one
• 1:25:20
  Speaker 1: of the topics was about a machine that could predict
• 1:25:23
  Speaker 1: another person's life. In my opinion, this machine should not
• 1:25:27
  Speaker 1: exist because it would lead to manipulation. Any thoughts, well,
• 1:25:30
  Speaker 1: I don't think a machine that machine can exist. That is,
• 1:25:34
  Speaker 1: no machine can predict your life. Your life is not determined.
• 1:25:38
  Speaker 1: You determine your life. So it's an impossible machine. And
• 1:25:44
  Speaker 1: it's it's just contemplating. Presenting it as an ethical thing,
• 1:25:50
  Speaker 1: is I think wrong? Because it denies human agency, it
• 1:25:56
  Speaker 1: denies for you, well, it denies your control over your life,
• 1:26:00
  Speaker 1: which is the foundation of ethics. So no, it's not
• 1:26:05
  Speaker 1: an issue. Shouldn't exist, It couldn't exist. There is no
• 1:26:07
  Speaker 1: such thing. Maybe machines on average can predict human behavior
• 1:26:18
  Speaker 1: in particular circumstances, but on average, you know, in particular circumstances,
• 1:26:25
  Speaker 1: we're not more than that. I like numbers. Maybe dim
• 1:26:36
  Speaker 1: alliance refers to Islam in the left. I doubt that.
• 1:26:41
  Speaker 1: I doubt it because Islam is not powerful enough in
• 1:26:44
  Speaker 1: America to have a real impact on America. It might
• 1:26:47
  Speaker 1: have an impact on Europe, but not in America. JJG says,
• 1:26:59
  Speaker 1: I may have missed it, but did you respond to
• 1:27:01
  Speaker 1: my email question about Colson's merchandise? Not your urgent of
• 1:27:05
  Speaker 1: all all that important. Was just shocked by it. No,
• 1:27:10
  Speaker 1: I need a I need to resurface that email to
• 1:27:14
  Speaker 1: make sure that I do answer it soon. Wyatt, I
• 1:27:18
  Speaker 1: couldn't find any indication that George Walsh ever announced discussed
• 1:27:21
  Speaker 1: with David Kelly. Do you happen to know the source
• 1:27:24
  Speaker 1: of that claim? I can't remember. No, I don't know
• 1:27:27
  Speaker 1: what the source is. I think he stopped, he stopped
• 1:27:31
  Speaker 1: going to David Kelly's conferences. You know he was, he was.
• 1:27:40
  Speaker 1: I think I heard it from what's his name, Alan
• 1:27:45
  Speaker 1: got health that Wash ultimately decided to sit on the
• 1:27:49
  Speaker 1: fence and not be on the David Kelly side or
• 1:27:53
  Speaker 1: on the air eye side, whereas ultimately, you know, Alan
• 1:27:59
  Speaker 1: got health with ARII and rejected David Kelly. He stayed
• 1:28:03
  Speaker 1: friendly with George Walsh, I think, and said that Walsh
• 1:28:07
  Speaker 1: kind of stayed on the fence. So I think that's
• 1:28:10
  Speaker 1: a source. But I can't I can't guarantee that, and
• 1:28:15
  Speaker 1: I don't think any of that is public. Harrison. This Friday,
• 1:28:19
  Speaker 1: I'll have fifty songs, four hours of music. Wow, congratulations.
• 1:28:23
  Speaker 1: Harrison also says the Great Yun Canning by feed Rate
• 1:28:28
  Speaker 1: Command June nineteenth, will be about two about the young
• 1:28:34
  Speaker 1: Canning of Maduro. Had hoped to write another one about
• 1:28:38
  Speaker 1: the epic Iran victory. But at least we've got the
• 1:28:41
  Speaker 1: Venezuela and Operation Yeah that's good. But yeah, there's not
• 1:28:46
  Speaker 1: going to be a victory in Iran. The United States
• 1:28:49
  Speaker 1: basically doesn't want a victory in Iran. It's not willing
• 1:28:53
  Speaker 1: to commit the resources to do it. It's within our grasp,
• 1:28:57
  Speaker 1: it's not that hard to do, but there's no will
• 1:29:01
  Speaker 1: to do it. The will is just not there. All right, guys,
• 1:29:07
  Speaker 1: Thank you to all the superchatters, Thank you to everybody listening.
• 1:29:11
  Speaker 1: I will see you all at the latest on Monday
• 1:29:16
  Speaker 1: latest on Monday, maybe before that, but suddenly on Monday,
• 1:29:21
  Speaker 1: Bye everybody. Season