Latest / Yaron Brook Show / Troops in the Streets, Trump’s Decline & America’s Economic Lies | Yaron Brook Show

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Troops in the Streets, Trump’s Decline & America’s Economic Lies | Yaron Brook Show · Yaron Brook Show

• 0:04
  Speaker 1: Fundamental principles of freedom, rational self interest, and individual rights. Mhm,
• 0:14
  Speaker 1: this is the Ran Brook Show. All right, everybody, welcome
• 0:21
  Speaker 1: to your own Brook Show on this Tuesday, September two.
• 0:26
  Speaker 1: Everybody is having a great week. Uh yeah, we're gonna
• 0:33
  Speaker 1: We're gonna jump here into the news. As you know.
• 0:35
  Speaker 1: I'm I'm I'm still in Florence. Uh and in my
• 0:39
  Speaker 1: temporary office here in Florence. This will be the background.
• 0:42
  Speaker 1: I don't know what those sticks are. I think I
• 0:45
  Speaker 1: think those sticks are to hang coats and stuff, but
• 0:47
  Speaker 1: I don't know what they are. Anyway, there they are,
• 0:51
  Speaker 1: let's see. So we're gonna jump into the news. And
• 0:58
  Speaker 1: I'll just remind you that I'll be a year tomorrow,
• 1:01
  Speaker 1: probably later, probably an hour later, we'll see, and then
• 1:05
  Speaker 1: the same it's true of Thursday and Friday, probably an
• 1:08
  Speaker 1: hour or two later than today's show. A few things
• 1:14
  Speaker 1: before we get into the news itself, just a couple
• 1:17
  Speaker 1: of tweets that I came across that struck me as
• 1:22
  Speaker 1: as worthy of commenting on. All Right, so Abby Wilkinson,
• 1:29
  Speaker 1: some woman who likes communism, I guess, writes tweets I'm
• 1:35
  Speaker 1: not about to defend Stalin, but there's a difference between
• 1:39
  Speaker 1: an ideology that's genocidal and one that's based on the
• 1:44
  Speaker 1: idea of equality. And some guy Greg writes, I'm sure
• 1:50
  Speaker 1: Stalin's victims that there were lined up before firing squad
• 1:54
  Speaker 1: or work to death and the Gulag. We're happy to
• 1:56
  Speaker 1: die knowing that it was all for equality. And I
• 1:59
  Speaker 1: think the misses the point. The point is, and this
• 2:05
  Speaker 1: is a point we make, I think pretty strongly, Donn
• 2:08
  Speaker 1: and I in equals unfair. The point is that the
• 2:13
  Speaker 1: ideology or the idea of equality, the idea of equality
• 2:19
  Speaker 1: of outcome, is genocidal. The idea of equality of outcome
• 2:25
  Speaker 1: must lead inevitably to genocide. There really is no other
• 2:33
  Speaker 1: outcome possible for the idea of equality of outcome. And
• 2:40
  Speaker 1: if you're curious, if you interested to know why, that
• 2:42
  Speaker 1: is why communism must always leads to genocide. Why you know,
• 2:50
  Speaker 1: any ideology that advocates the quality of outcome must always
• 2:56
  Speaker 1: lead to genocide. All I can say is we equal
• 3:01
  Speaker 1: is unfair. Equal is unfair? Available in Amazon, available, you know,
• 3:06
  Speaker 1: and on a kindle, you know, just just yeah, buy it.
• 3:10
  Speaker 1: Read it. It's a good book. It's a good book,
• 3:12
  Speaker 1: all right. I had a comment to that it just
• 3:14
  Speaker 1: happened a couple of minutes ago. It's just so perfect.
• 3:18
  Speaker 1: It also relates to to Patrick Ben Davide debating the Communists.
• 3:25
  Speaker 1: He really had no clue because he doesn't know where
• 3:26
  Speaker 1: they're coming from, and he's non philosophical, so he doesn't
• 3:30
  Speaker 1: know how to combat They pretend arguments about communism, and
• 3:34
  Speaker 1: when they say, well, it's for the greater good, he
• 3:36
  Speaker 1: doesn't have any way other than to give numbers and
• 3:39
  Speaker 1: GDP and things like that. He has no way to
• 3:43
  Speaker 1: address that issue. He cannot make the claim, and he
• 3:46
  Speaker 1: won't make the claim. No, no equality is evil. The
• 3:49
  Speaker 1: idea of equality of outcome is evil. The very idea
• 3:54
  Speaker 1: of communism, the very idea of the common good a
• 3:59
  Speaker 1: bad idea is without a moral argument, without a philosophical argument,
• 4:05
  Speaker 1: you can't you can't combat them. You know that. Let's say, well,
• 4:09
  Speaker 1: Soviet Union was a communism, and c is not communism,
• 4:12
  Speaker 1: career is not communism. Communism has never been tried, and
• 4:19
  Speaker 1: you have to say it doesn't matter that. Well, first
• 4:23
  Speaker 1: you have to say, you know all those were communism,
• 4:26
  Speaker 1: and uh, and your attempts, well, whatever your attempts are
• 4:29
  Speaker 1: going to be are going to be just as genocidal
• 4:31
  Speaker 1: as they were, and you are philosophically corrupt. And communism
• 4:42
  Speaker 1: is an idea is evil, not just as I implementation
• 4:47
  Speaker 1: the very idea is an evil idea. But you have
• 4:53
  Speaker 1: to have a philosophy for that. Oh. Just breaking news,
• 4:57
  Speaker 1: breaking news, literally just happened. Donald Trump just announced at
• 5:03
  Speaker 1: a press conference with Higg Seth and JD. Vans and
• 5:06
  Speaker 1: a bunch of people there, he just announced that he
• 5:11
  Speaker 1: is moving the US Space Command. This is a new
• 5:17
  Speaker 1: unit of VIEUS military. The Donald Trump in his first
• 5:21
  Speaker 1: term created and is based at the Peterson Peterson Space
• 5:28
  Speaker 1: Force Base in Colorado Springs. Then he's moving it from
• 5:33
  Speaker 1: Colorado Springs to Redstone Arsenal in Huntsville, Alabama. No reason
• 5:40
  Speaker 1: was given for this other than Trump mentioned happened to
• 5:45
  Speaker 1: mention that he won Alabama by a huge margin, that
• 5:51
  Speaker 1: he is very very popular in Alabama. He wanted by
• 5:54
  Speaker 1: over forty percent. And then he kind of courtously looks
• 5:59
  Speaker 1: back at it else you know I wanted by And
• 6:02
  Speaker 1: then he looks at everybody else says that had anything
• 6:04
  Speaker 1: to do with my decision, of course, and everybody goes, yeah, right,
• 6:10
  Speaker 1: had everything to do with the decision. By the way,
• 6:13
  Speaker 1: this is going to cut tens of millions of dollars.
• 6:16
  Speaker 1: It makes no sense. It's already establishing Colorado Springs. There's
• 6:20
  Speaker 1: no reason to move it anywhere. It's there already. But
• 6:25
  Speaker 1: Trump doesn't need any reasons except you know, the people
• 6:28
  Speaker 1: of Alabama. They support me. I need to give them
• 6:30
  Speaker 1: a prize. I need to give them something cool. A
• 6:33
  Speaker 1: lot of the lobbying wainted this by the congressman and
• 6:38
  Speaker 1: senators from Alabama and by industries that are based in space,
• 6:42
  Speaker 1: industries that are based in Huntsville, Alabama. And of course
• 6:47
  Speaker 1: they're gonna have a lot more lobbying power given that
• 6:52
  Speaker 1: they were in Trump country than people in Colorado Colorado
• 6:56
  Speaker 1: Estate that voted against Trump pretty I think in all
• 6:59
  Speaker 1: three elections. So just a quick That was a quick announcement,
• 7:04
  Speaker 1: I think in the same press conference, I don't have,
• 7:07
  Speaker 1: I don't have. Let me just see if I can
• 7:11
  Speaker 1: update this and give you, you know, the the update.
• 7:16
  Speaker 1: In addition to that, there was rumors there was the
• 7:19
  Speaker 1: expectation that, yeah, I don't think it's been confirmed yet,
• 7:27
  Speaker 1: that Trump was also going to change an announce the
• 7:31
  Speaker 1: changing of the name of the Defense Department to the
• 7:36
  Speaker 1: Department of War. So it's going to change the name
• 7:39
  Speaker 1: of the Defense Department the Department of War. Now he
• 7:43
  Speaker 1: can't actually do that without action by Congress. But Trump
• 7:49
  Speaker 1: doesn't really believe in all of that congressional stuff and
• 7:53
  Speaker 1: division of powers and and things like that. No, I mean,
• 7:57
  Speaker 1: if you want something done, he just does it. So
• 7:59
  Speaker 1: he's gonna announce it anyway and then figure out how
• 8:01
  Speaker 1: to get around Congress after the fact. But he wants
• 8:05
  Speaker 1: a Department of War, not a defundment of Defense. You
• 8:11
  Speaker 1: can read into that what you want. I like the Department
• 8:15
  Speaker 1: of Defense much more than I like the Department of War.
• 8:18
  Speaker 1: The war of government is defense. It's to defend out
• 8:23
  Speaker 1: rights as individuals, as Americans. It's not to go to war.
• 8:28
  Speaker 1: Go to war under some circumstances is necessary to defend
• 8:35
  Speaker 1: the rights, but the fundamental, the fundamental of our military
• 8:39
  Speaker 1: is not to go to war. The fundamental of our
• 8:42
  Speaker 1: military is to defend the nation, defend out rights as individuals.
• 8:48
  Speaker 1: That is the essence. So make of that as you will.
• 8:56
  Speaker 1: We are you look at the department was called the
• 9:00
  Speaker 1: Department the War Department since the founding, and it was
• 9:09
  Speaker 1: it was only changed to the Defense Apartment in nineteen
• 9:12
  Speaker 1: forty seven, so it's not like there's no historical, traditional
• 9:17
  Speaker 1: basis for the shift back to War Department. I just
• 9:21
  Speaker 1: think the change from War Department to Department of Defense
• 9:24
  Speaker 1: was a good one and it's a shame to go
• 9:26
  Speaker 1: backwards a bit. All right, Let's see, we are going
• 9:35
  Speaker 1: to do one of those goals like we did yesterday
• 9:40
  Speaker 1: that YouTube really likes. We're going to do a thirty
• 9:43
  Speaker 1: minute goal. We'll make it. We'll make it a one
• 9:46
  Speaker 1: hour goal. And in the one hour, we want thirty
• 9:52
  Speaker 1: super chats. All right, so that is going to go live,
• 10:05
  Speaker 1: uh now, and that'd be great. So it could be
• 10:11
  Speaker 1: super chatty. It could be a sticker, but uh we
• 10:17
  Speaker 1: need thirty of them. They could be any any dollar amount,
• 10:20
  Speaker 1: any dollar amount, any dollar amount. And it was just
• 10:24
  Speaker 1: it was just launched, just started.
• 10:26
  Speaker 2: Now.
• 10:27
  Speaker 1: Great way just to put the show, and great way
• 10:29
  Speaker 1: to just have have a little bit of fun and
• 10:31
  Speaker 1: count down the number of of stickers and uh. And
• 10:38
  Speaker 1: it's also a good way to tell my support staff
• 10:43
  Speaker 1: at YouTube that I'm actually doing what they suggest I do,
• 10:47
  Speaker 1: that they don't lose patience with me. All Right. You remember
• 10:52
  Speaker 1: in when was it in In in June and July.
• 10:55
  Speaker 1: In July, Donald Trump send basically nasalized the California National Guard,
• 11:02
  Speaker 1: put it under federal command, which he's allowed to do
• 11:05
  Speaker 1: under certain circumstances, and brought out the Marines and placed
• 11:09
  Speaker 1: them in Los Angeles to back up the work of
• 11:12
  Speaker 1: Ice Well. In a fifty two page ruling, US District
• 11:17
  Speaker 1: Judge Charles Breyer basically said that he believes that this
• 11:26
  Speaker 1: was unconstitutional or illegal. Put it that way. He warned,
• 11:31
  Speaker 1: the Trump appears appears to have the intent on quote,
• 11:37
  Speaker 1: creating a national police force with the President as chief unquote,
• 11:44
  Speaker 1: and that Congress has never approved this, has never given
• 11:48
  Speaker 1: him that kind of authority. You know, the act that
• 11:55
  Speaker 1: is relevant here is something called the Posse Comitatus Act,
• 12:00
  Speaker 1: the Possecommentactic Act of eighteen seventy eight. This is an
• 12:05
  Speaker 1: act of Congress past that bars the military from enforcing
• 12:09
  Speaker 1: domestic laws without explicit permission from Congress. And you know,
• 12:18
  Speaker 1: Judge Byah claims that despite this is friction. The Pentagon
• 12:21
  Speaker 1: quote systematically used armed soldiers to perform policing functions unquote.
• 12:29
  Speaker 1: And he noted, and this is from a audico and
• 12:34
  Speaker 1: political about this, and he noted Trump has expressed his
• 12:37
  Speaker 1: desiety to use similar tactics in other cities across the country.
• 12:40
  Speaker 1: We've seen in dcaw DC has the authority because of
• 12:43
  Speaker 1: DC's status as not being a state, but he's talked
• 12:46
  Speaker 1: about doing Chicago and more in LA and you know,
• 12:50
  Speaker 1: in New York City. Bryan ruled that, you know, he
• 12:58
  Speaker 1: bris ruling bars the Pentagon from courte ordering, instructuring, training,
• 13:03
  Speaker 1: or using the National Guard currently deployed in California, and
• 13:06
  Speaker 1: any military troops therefore deployed in California from engaging and arrests, apprehensions, searches, siezures,
• 13:17
  Speaker 1: security patrols, traffic control, crowd control, riot control, evidence collection, interrogation,
• 13:23
  Speaker 1: or acting as informants. He says that the Posse Commentatis
• 13:30
  Speaker 1: Act clearly states that these cannot these acts cannot be
• 13:37
  Speaker 1: performed by the military, that these are policing functions. Now
• 13:44
  Speaker 1: he's put he's put his ruling on hold until September
• 13:48
  Speaker 1: twelfth in order to allow the Trumpet administration to appeal,
• 13:51
  Speaker 1: which I'm sure it will appeal, although I think you
• 13:55
  Speaker 1: know this will go to what is it the eighth Circlet,
• 13:58
  Speaker 1: which is a very liberal It in the West, and
• 14:03
  Speaker 1: it's likely that they will uphold his And then here's
• 14:08
  Speaker 1: another case that is going to go to the Supreme
• 14:10
  Speaker 1: Court where the Supreme Court will have to decide whether
• 14:13
  Speaker 1: the Trump is acting within his authority, within his authority
• 14:19
  Speaker 1: or not as m that's interesting within ay or not
• 14:39
  Speaker 1: as as executive as as president of the United States. So, uh,
• 14:49
  Speaker 1: it's hard. It's hard to tell how the Supreme Court
• 14:53
  Speaker 1: is ultimately going to rule in all these things. To
• 14:56
  Speaker 1: what extent is it going to uphold the separation of powers?
• 14:59
  Speaker 1: To what extent will it uphold We talked about this yesterday,
• 15:03
  Speaker 1: the role of Congress and the role of the president
• 15:05
  Speaker 1: a separate It's going to be really really interesting to
• 15:13
  Speaker 1: see how the Supreme Court handles all these cases. Again,
• 15:15
  Speaker 1: this is a case that will probably go to the
• 15:18
  Speaker 1: California to the federal courts in the I think it's
• 15:22
  Speaker 1: a eighth district, which is the West Coast, a pretty
• 15:24
  Speaker 1: liberal district. That is, they will probably uphold the judge ruling.
• 15:30
  Speaker 1: And then the question is what happens then? What happens
• 15:35
  Speaker 1: then it appeals to the Supreme Court. What happens to
• 15:38
  Speaker 1: the Supreme Court? God the Supreme Court's docket is basically
• 15:42
  Speaker 1: going to be Trump versus Trump versus Trump versus Trump
• 15:47
  Speaker 1: versus and it's going to be fascinating to see how
• 15:50
  Speaker 1: they balance all this out given so many of their
• 15:53
  Speaker 1: appointees they are Trump appointees, and you know, and the
• 15:58
  Speaker 1: others are pretty pretty pretty consistently conservative. So yeah, I
• 16:04
  Speaker 1: don't know. I don't know. But Trump gets knocked down
• 16:08
  Speaker 1: again on another issue, another issue, his agenda, I guess
• 16:15
  Speaker 1: gets gets knocked down. I don't know why YouTube is
• 16:20
  Speaker 1: not counting all of your super chats towards its goal. Like,
• 16:25
  Speaker 1: since I posted the goal, we've had one, two, three, four, five,
• 16:30
  Speaker 1: six seven. It's only counting three. I don't know why.
• 16:38
  Speaker 1: Now four it counts microvit it mil coovi, it's not
• 16:43
  Speaker 1: counting John, and it's not counting Greg. No idea how
• 16:51
  Speaker 1: this works, right, I'll have to complain. I will complain
• 16:57
  Speaker 1: to YouTube. Millstuff says the goal does not count stickers,
• 17:04
  Speaker 1: which are ones with the animated gift. Yeah, so here's
• 17:09
  Speaker 1: the thing, guys. If it doesn't count stickers, I mean,
• 17:11
  Speaker 1: so we got here, we go, we got one, two, three, four, five,
• 17:17
  Speaker 1: We still have five with questions that are not stickers
• 17:23
  Speaker 1: and it's not count it's only counting four. So I
• 17:27
  Speaker 1: don't quite get it all right. So here's the thing.
• 17:30
  Speaker 1: If you want to do a sticker, do a sticker,
• 17:32
  Speaker 1: but just say how you're on, or just put something down,
• 17:37
  Speaker 1: some woodage, verbiage. Don't just do a gift. Put some
• 17:40
  Speaker 1: verbiage down so it counts it towards the goal. And
• 17:48
  Speaker 1: I will complain because I don't think it doesn't seem consistent.
• 17:54
  Speaker 1: Stickers are not being counted, so you have to count.
• 17:59
  Speaker 1: It's just unting slow. Now, I don't think it's just
• 18:01
  Speaker 1: gunning slow. I think it's more than that. We'll see, okay,
• 18:06
  Speaker 1: oh yeah, So you know I'm on Twitter way too much.
• 18:12
  Speaker 1: And one of the things that I've noticed on Twitter
• 18:14
  Speaker 1: is there's really a campaign out there a because it
• 18:20
  Speaker 1: looks like it's orchestrated. It looks like it's announced a
• 18:22
  Speaker 1: conspiracy theory and new conspiracy theory. New conspiracy theory all
• 18:27
  Speaker 1: has to do with Trump's health. Trump Trump, we are
• 18:31
  Speaker 1: being told, at least on Twitter, is suffering from serious
• 18:35
  Speaker 1: health issues, serious decline, serious cognitive decline. Lots of photos
• 18:40
  Speaker 1: are being distributed of Trump having a vacant look in
• 18:46
  Speaker 1: his face, like like Biden had a gaping mouth, a
• 18:51
  Speaker 1: kind of you know, and other kind of issues that
• 18:56
  Speaker 1: make him look really old and and and sick and
• 19:04
  Speaker 1: just not there. Also, for a few days, Trump didn't
• 19:07
  Speaker 1: address the press, which is unusual for Trump. He kind
• 19:10
  Speaker 1: of disappeared, and people again I wouldn't say panicking, because
• 19:15
  Speaker 1: it's I think mostly people were anti Trump stating this.
• 19:18
  Speaker 1: People were speculating that Trump's health is on the decline,
• 19:25
  Speaker 1: and they kind of I think I think it's mainly
• 19:27
  Speaker 1: the left trying to get back to Trump for what
• 19:30
  Speaker 1: was done to Biden, although of course in Biden it
• 19:33
  Speaker 1: was quite evident to the whole world what was going on.
• 19:37
  Speaker 1: And well today he held this best confidence. I think
• 19:41
  Speaker 1: it's still going on right now. And I think to
• 19:44
  Speaker 1: the dismay of many of these people, he looked fine
• 19:48
  Speaker 1: and he sounded fine. I mean as fine as Trump
• 19:51
  Speaker 1: can sound, right, there's a limit, right, but he sounded fine.
• 19:56
  Speaker 1: But it is It is kind of interesting how this
• 19:59
  Speaker 1: is the things that people latch onto, not debating his
• 20:06
  Speaker 1: policy agenda, his ideas, but latching onto two issues around
• 20:15
  Speaker 1: his health. It's kind of sad to watch. There's betting
• 20:20
  Speaker 1: markets of open now will Trump complete the term? And
• 20:26
  Speaker 1: it was even odds. It was even odds earlier today
• 20:30
  Speaker 1: because people so many people are buying into this these
• 20:34
  Speaker 1: It was three to one against as of a few
• 20:37
  Speaker 1: days ago, and it's even odds now. So a lot
• 20:41
  Speaker 1: of conspiracy speculations, just people putting out all kinds of
• 20:46
  Speaker 1: nonsense affecting but people even willing to put money on it,
• 20:51
  Speaker 1: because that's what betting markets are for. There's even one
• 20:54
  Speaker 1: of the trending things on Twitter right now is hashtag
• 20:58
  Speaker 1: Trump is dead. So people are freaking out over Trump.
• 21:07
  Speaker 1: They should be, but this is not the way to
• 21:09
  Speaker 1: do it. Not the issue, not the reality. There's no
• 21:13
  Speaker 1: reason to believe Trump has any failing health, any failing
• 21:19
  Speaker 1: cognitive ability beyond his limited cognitive ability that he just
• 21:25
  Speaker 1: has that he's always had. All right, let's see, all right,
• 21:34
  Speaker 1: we are ready at eight at eight. To remind you,
• 21:37
  Speaker 1: we've got to go going for super chats for the
• 21:39
  Speaker 1: next for the next forty five minutes, I think something
• 21:43
  Speaker 1: like that.
• 21:43
  Speaker 2: We're trying to get thirty super chats. It has to
• 21:45
  Speaker 2: be a super chat, not a sticker. So they have
• 21:48
  Speaker 2: to put some verobiage below in the gap. If we
• 21:53
  Speaker 2: can raise.
• 21:54
  Speaker 1: If we can do this thirty in over the hour,
• 21:58
  Speaker 1: then I won't mention super chats for thirty minutes. I'll close.
• 22:02
  Speaker 1: I won't mention them at all. Won't bug you about
• 22:03
  Speaker 1: money at all during that period. All right, Manufacturing, you know,
• 22:11
  Speaker 1: one of the big goals of Trump, one of the
• 22:13
  Speaker 1: big goals of MEGA. One of the big goals of
• 22:16
  Speaker 1: tariffs was to bring manufacturing back to the United States,
• 22:20
  Speaker 1: to enhance manufacturing in the United States. I mean, a
• 22:24
  Speaker 1: lot of the rhetoric around MEGA, a lot of the
• 22:27
  Speaker 1: rhetoric coming out of the Trump administration is the US economy,
• 22:33
  Speaker 1: its fundamental health should be measured in terms of manufacturing,
• 22:37
  Speaker 1: not in terms of services, which have boomed and done
• 22:40
  Speaker 1: very very well in the United States over the last
• 22:42
  Speaker 1: few decades, but in terms of manufacturing. In the fact
• 22:45
  Speaker 1: that we've lost, lost, and disappeared manufacturing jobs and manufacturing
• 22:52
  Speaker 1: capabilities supposedly over the last few decades, really since the
• 22:55
  Speaker 1: late nineteen seventies. So I big go a big thrust
• 23:02
  Speaker 1: of this president's policies, including the tariff policies, is to
• 23:06
  Speaker 1: be manufacturing back and to increase manufacturing in the United States. Well,
• 23:11
  Speaker 1: it's not going well so far. Now, short term economic numbers,
• 23:15
  Speaker 1: we should make too much of them, but they are
• 23:17
  Speaker 1: what they are. This is the headline, US manufacturing contracts
• 23:23
  Speaker 1: for the sixth straight month, amid tariff drag. Now put
• 23:28
  Speaker 1: a sight of my Trafford dag drag. You know, that's
• 23:31
  Speaker 1: a conclusion. But the reality is that manufacturing is contracting
• 23:37
  Speaker 1: and it's contracted basically since Trump begins president, it's been contracting,
• 23:44
  Speaker 1: and certainly since he started talking up tariffs. So just
• 23:51
  Speaker 1: to read you from the story, I mean, this is
• 23:53
  Speaker 1: just straight straight up US manufacturing contracted for a six
• 23:58
  Speaker 1: straight month in August, factories built with the fallout from
• 24:01
  Speaker 1: Trump administration's import tariffs, with some manufacturers describing the current
• 24:06
  Speaker 1: business environment as much worse than the Great Recession. And
• 24:10
  Speaker 1: the Great Recession was really, really, really bad. So it's
• 24:15
  Speaker 1: really really hard to tell how the economy is doing
• 24:20
  Speaker 1: behind all this data. Will know a lot more in
• 24:22
  Speaker 1: the months to come, but it really does seem that
• 24:24
  Speaker 1: at least this part of manufacturing, the stuff that the
• 24:31
  Speaker 1: Institute of Supply Management gets it does surveys. These estimates
• 24:37
  Speaker 1: come from surveys that this part of the economy seems
• 24:42
  Speaker 1: to be contracting. Against a small part of the economy.
• 24:44
  Speaker 1: Economy is not driven by manufacturing, it's by manly driven
• 24:47
  Speaker 1: by services. But it's the thing that Trump has hailed
• 24:52
  Speaker 1: as his mission in with all his policies. So it
• 24:56
  Speaker 1: is important in terms of measuring that you also soul.
• 25:02
  Speaker 1: And this is government numbers that, for example, spending on
• 25:04
  Speaker 1: construction of factories has dropped. In July was down six
• 25:09
  Speaker 1: point seven percent from a year ago. And so you're
• 25:14
  Speaker 1: generally seeing a contraction in capital investment in the manufacturing sector.
• 25:20
  Speaker 1: Fewer factories, a few investment if capital goods in machinery,
• 25:25
  Speaker 1: and just less manufacturing going on, a contraction in manufacturing.
• 25:30
  Speaker 1: And the sentiment is pretty clear, I mean the reason
• 25:34
  Speaker 1: people are giving a pretty gear. For example, if you
• 25:38
  Speaker 1: look at makers of transportation equipment, they said they are
• 25:42
  Speaker 1: saying the conditions are worse right now than in two
• 25:45
  Speaker 1: thousand and seven, two thousand and nine the session, they said,
• 25:49
  Speaker 1: there's absolutely no activity right now, and this is one
• 25:52
  Speaker 1: hundred percent attributable to comment tariff policy and uncertainty it
• 25:57
  Speaker 1: has created. They are describing corent situations stagflation. Some electrical equipment,
• 26:06
  Speaker 1: appliance and components producers complain that quote made in America
• 26:11
  Speaker 1: has become even more difficult due to tariffs on many components.
• 26:16
  Speaker 1: So they are assembling stuff in America, but they still
• 26:19
  Speaker 1: have components that are importing, but now you know, the
• 26:24
  Speaker 1: terriffs on those components are making it more difficult for
• 26:26
  Speaker 1: them to actually do the assembling in America. So fewer
• 26:29
  Speaker 1: stuff is going to be made in America. They said
• 26:33
  Speaker 1: that the quote administration wants manufacturing jobs in the US,
• 26:37
  Speaker 1: but we are losing higher skilled and higher paying roles.
• 26:41
  Speaker 1: Others reported that because of the lack of quote stability
• 26:44
  Speaker 1: in trade and economics, capital expenditure, spending and hiring a
• 26:48
  Speaker 1: frozen manufacture as a computer and electronic product set, quote
• 26:53
  Speaker 1: tabs continue to wreck havoc complanning and scheduling activity, adding
• 26:58
  Speaker 1: that quote plans to bring production back to the US
• 27:01
  Speaker 1: or impacted by higher material costs making it more difficult
• 27:05
  Speaker 1: to justify returning manufacturing to the US. So it does
• 27:10
  Speaker 1: seem like unsurprising to anybody who listens the Iron Book Show,
• 27:16
  Speaker 1: but it does seem like the tariffs actually backfiring on
• 27:24
  Speaker 1: one of Trump's major goals, which was this idea of
• 27:29
  Speaker 1: bringing manufacturing back to the United States. It doesn't seem
• 27:32
  Speaker 1: like that is happening, at least not yet. Again, these
• 27:34
  Speaker 1: are show term results. We'll see what happens in the
• 27:36
  Speaker 1: long term. But the show term is that to have
• 27:40
  Speaker 1: a cuippling they are reducing manufacturing and creating uncertainty and
• 27:46
  Speaker 1: reducing investment. If you look at a survey that was done,
• 27:56
  Speaker 1: this is the question that was asked of the survey,
• 28:00
  Speaker 1: has your business been impacted by higher tariffs this year?
• 28:04
  Speaker 1: Haw's your business been impacted by higher tariffs this year? Well,
• 28:10
  Speaker 1: three point seven percent of manufacturers, this is again manufacturers.
• 28:15
  Speaker 1: Three point seven percent of manufacturer says it was good
• 28:17
  Speaker 1: for them. It's good. We talked about that yesterday. Those
• 28:21
  Speaker 1: are the manufacturers where the tariffs are shielding them from competition.
• 28:26
  Speaker 1: Like yesterday we talked about the flatway spoons and knives
• 28:29
  Speaker 1: and forks and stuff, which places are going to go
• 28:32
  Speaker 1: up for you guys, They are the ones that are shielded.
• 28:37
  Speaker 1: This is good for them. Seven percent say they just
• 28:40
  Speaker 1: don't know. Seventeen percent are saying probably no impact at all.
• 28:46
  Speaker 1: Tariffs are not doing anything one way or the other.
• 28:49
  Speaker 1: Seventy two percent yep, seventy two percent say that higher
• 28:58
  Speaker 1: tariffs are having a negative impact on their business. And
• 29:01
  Speaker 1: these are just manufacturers. Manufacturers, the one industry, the one
• 29:06
  Speaker 1: economic activity that MAGA and Trump and all the so
• 29:11
  Speaker 1: called economists support them claimed that is the most important.
• 29:17
  Speaker 1: Is benefiting three point seven percent of manufacturers. I guess
• 29:20
  Speaker 1: the ones who have really, really, really good men in Washington,
• 29:24
  Speaker 1: and it's hurting seventy two percent. Better get your better,
• 29:29
  Speaker 1: get better better people lobbying for you. What are you
• 29:33
  Speaker 1: waiting for spending more money on lobbying. That's what this
• 29:36
  Speaker 1: is all about. Join the swamp, Join the swamp. So shockingly,
• 29:43
  Speaker 1: Trump's are back to have some backfiring. But backfiring is
• 29:46
  Speaker 1: the wrong terminology, because it's not like anybody serious, anybody
• 29:53
  Speaker 1: serious didn't know this was going to happen, didn't know
• 29:59
  Speaker 1: that tests would not do what some of these ignoramuses
• 30:04
  Speaker 1: claimed that it would. I mean, it's not like you
• 30:10
  Speaker 1: wouldn't want by not just me, many people, many people.
• 30:22
  Speaker 1: All right. Reminder, reminder, we've got a goal set by YouTube.
• 30:28
  Speaker 1: You really like these goals, It's to get thirty super
• 30:34
  Speaker 1: chats in the hour. I don't know how much time
• 30:36
  Speaker 1: we have left in the hour. Let's see how much
• 30:39
  Speaker 1: time we have left in now, maybe it'll tell me
• 30:42
  Speaker 1: we have forty minutes left, thirty nine minutes and thirty
• 30:44
  Speaker 1: six seconds left to reach this goal, we need thirty.
• 30:49
  Speaker 1: We need thirty superchats, not stickers. Has to be a superchat,
• 30:55
  Speaker 1: so you don't have to ask a question, but you can.
• 30:57
  Speaker 1: Audief says, comet me in count me YouTube. You have
• 31:00
  Speaker 1: to put some verbiage underneath just any viotage. It can
• 31:03
  Speaker 1: be any amount. Two dollars, three dollars, ninety nine cents,
• 31:07
  Speaker 1: I think counts any amount. And we were twelve out
• 31:11
  Speaker 1: of thirty, which is not bad because we're not even
• 31:14
  Speaker 1: at the half waymark. But it would be good to get,
• 31:18
  Speaker 1: you know, get the thirty. That will increase YouTube's confidence
• 31:23
  Speaker 1: in us. It increases his engagement. I guess the number
• 31:27
  Speaker 1: of superchats increases engagement. It's not just the size of
• 31:32
  Speaker 1: the super chats. And yeah, this would be good for
• 31:35
  Speaker 1: the Iron Bookshops. If you want to help us put
• 31:37
  Speaker 1: the show financially, if you want to help them put
• 31:39
  Speaker 1: the four show visa v YouTube algorithm, please consider doing
• 31:44
  Speaker 1: a super chat again. Augief did two dollars. That's great.
• 31:49
  Speaker 1: I just so wan go by by for fifty dollars.
• 31:52
  Speaker 1: We'll get the thanking him in later. So you know,
• 31:55
  Speaker 1: I think it was James Bond. James James Bond. So
• 31:59
  Speaker 1: feel free to jump in and participate, join the fun.
• 32:07
  Speaker 1: She remember when the Big Beautiful Bill came by. One
• 32:12
  Speaker 1: of the features of that Big Beautiful Bill was that
• 32:17
  Speaker 1: it included a bunch of tax cuts that Trump had
• 32:23
  Speaker 1: promised when he was running for president. I mean, you
• 32:25
  Speaker 1: have to give Trump credit for one thing. He does
• 32:27
  Speaker 1: what he promises, or at least he tries to do
• 32:30
  Speaker 1: what he promises. He never repealed Obama kid, did he
• 32:33
  Speaker 1: But he tries, he says he tries. Anyway, he promised
• 32:37
  Speaker 1: on the campaign trio that he would cut taxes on tips, tips,
• 32:43
  Speaker 1: and indeed the Big Beautiful Bill cuts taxes on trips,
• 32:47
  Speaker 1: it tips, it It caps that at twenty five thousand dollars.
• 32:51
  Speaker 1: If you get tips some more than twenty five thousand dollars.
• 32:54
  Speaker 1: The tips that you get above twenty five thousand dollars,
• 32:57
  Speaker 1: you do have to pay taxes on them, but not
• 33:00
  Speaker 1: the tips below twenty five thousand dollars. Big it can
• 33:02
  Speaker 1: make a big, big difference to your tax bill. If
• 33:05
  Speaker 1: you're in their tip collecting business. Anyway, the the I
• 33:12
  Speaker 1: guess the Treasury Secretary or the Treasury Department has just
• 33:16
  Speaker 1: made up a list. Mary Eleen just said, yo dude.
• 33:21
  Speaker 1: I didn't know Mary Ellen could say yo dude instead
• 33:24
  Speaker 1: of Texas. Where's the yo dude come from? That's pretty cool,
• 33:28
  Speaker 1: all right? Anyway? Trumpet Station is just released sixty eight
• 33:34
  Speaker 1: job types. Sixty eight job types that qualify for a
• 33:43
  Speaker 1: tip for tips. So it includes the obvious like bartenders
• 33:49
  Speaker 1: and food service simp servers and bell hops and concierges
• 33:54
  Speaker 1: and taxis and right shape drivers and parking attendants and
• 33:58
  Speaker 1: handdressers and many script and many many new chorist people
• 34:04
  Speaker 1: do manicues. I didn't you know it didn't look like
• 34:10
  Speaker 1: it included like superchat recipients. I mean, if I wasn't
• 34:17
  Speaker 1: living in Puerto Rico, it would be pretty cool if
• 34:19
  Speaker 1: I could, If I could take twenty five thousand of
• 34:22
  Speaker 1: your superchats, count them as tips and not have to
• 34:26
  Speaker 1: pay taxes on them. Now, I pay very little taxes
• 34:30
  Speaker 1: on what you do give me because I'm in Puerto Rico.
• 34:32
  Speaker 1: But yep, it's it's it is interesting. So it's an omofilm,
• 34:42
  Speaker 1: but a lot of people were wondering, you know, is
• 34:45
  Speaker 1: my profession going to count? Am I included in the
• 34:50
  Speaker 1: in the in this uh tip of deal. And so
• 34:56
  Speaker 1: now there's a little bit of cloudy, a little bit
• 34:58
  Speaker 1: of cloity. So so it now is it turns out
• 35:13
  Speaker 1: that if you're in the entertainment business, it includes you
• 35:17
  Speaker 1: as well. So singers, dancers, other forms of entertainment are
• 35:24
  Speaker 1: so eligible I guess for this tip deduction. But there
• 35:30
  Speaker 1: are plenty of eligible professions where workers potentially could find
• 35:33
  Speaker 1: a way to repurpose their regular income as tips. For example,
• 35:39
  Speaker 1: a lot of home service jobs like electrician, plumber, h
• 35:43
  Speaker 1: VAC repairman. Musicians, singers, dancers are eligible for the note
• 35:48
  Speaker 1: tax and tips, which has this category called entertainers and performers,
• 35:56
  Speaker 1: which should include comedians, clowns, magicians, street performers. I don't
• 36:01
  Speaker 1: see YouTube commentators. What the hell? Oh strippers? One off
• 36:08
  Speaker 1: strippers included? I think they are entertainers of performers, strippers
• 36:12
  Speaker 1: of dancers. I mean, it's a broad definition of dance,
• 36:16
  Speaker 1: but yeah, I'm sure strippers are going to count themselves
• 36:21
  Speaker 1: as entertainers and performers. I should count myself as an
• 36:25
  Speaker 1: entertainer performer and therefore I should be included. You know,
• 36:33
  Speaker 1: this this goal thing that YouTube has going does not
• 36:41
  Speaker 1: look like it's counting right. I'm suspicious as counting abilities.
• 36:46
  Speaker 1: I'm definitely going to launch a lot of former complaint
• 36:49
  Speaker 1: with with YouTube about this. Anyway. You know, there's now
• 36:57
  Speaker 1: a lot of specificity, a lot of people are going
• 37:01
  Speaker 1: to recast their income as tips. Part of it is
• 37:06
  Speaker 1: interesting because there was some of these professions. This is
• 37:11
  Speaker 1: typical Trump, right, Trump administration. Some of these professions the
• 37:19
  Speaker 1: bill explicitly excludes from counting as tip perceivers. It doesn't
• 37:28
  Speaker 1: stop the Trump administration from listing them as being able
• 37:31
  Speaker 1: to do so. Tell with Congress again with what actually
• 37:35
  Speaker 1: is written with the law. What matters is what we
• 37:37
  Speaker 1: decide and who lobbied and when they lobbied, And it
• 37:45
  Speaker 1: looks like they might expand the list. My drinket, it
• 37:47
  Speaker 1: depends on who lobbies and who gives what to whom
• 37:50
  Speaker 1: and what happens. This is more swamp swamp swamp and yeah, tips,
• 37:55
  Speaker 1: you don't pay taxes if you get tips. You know
• 37:59
  Speaker 1: the economical I guess anytime people pay less tax is
• 38:05
  Speaker 1: a good thing. Not when you're any a deficit and
• 38:09
  Speaker 1: somebody has to make it up, so somebody else has
• 38:11
  Speaker 1: to pay more taxes because you're paying less taxes. So
• 38:16
  Speaker 1: you know it doesn't work out quite that way. All right, No,
• 38:23
  Speaker 1: it doesn't have to be more than five. No, I mean,
• 38:26
  Speaker 1: like as a take economies, I don't think it counted.
• 38:29
  Speaker 1: I don't know. It's acting weird, but I will complain officially,
• 38:33
  Speaker 1: will complain. Okay, all right, let's talk about this question.
• 38:39
  Speaker 1: The two next really topics are related to one another.
• 38:43
  Speaker 1: All right, there we go. That is Uh, that that counted.
• 38:51
  Speaker 1: That one. That's good. Uh, let's see. I want to
• 38:57
  Speaker 1: talk about this general sense of dissatis faction, the general
• 39:02
  Speaker 1: sense of people that and we talked about this with
• 39:05
  Speaker 1: gen Z, but it's really much broader than gen Z.
• 39:07
  Speaker 1: It's a it's a phenomena in a in in in
• 39:11
  Speaker 1: America today. I'll give you some numbers, numbers in a minute.
• 39:16
  Speaker 1: People that are just dissatisfied with the state of the economy.
• 39:20
  Speaker 1: They're dissatisfied with their ability to achieve the American dream.
• 39:27
  Speaker 1: The perception is that people out there can't achieve the
• 39:30
  Speaker 1: American dream even if they have and the workI heart
• 39:35
  Speaker 1: doesn't get you anywhere anymore doesn't count in some serious way.
• 39:42
  Speaker 1: I mean, this is generally, I think a trend. Again,
• 39:44
  Speaker 1: you see this very much so with Generation Z, that
• 39:47
  Speaker 1: that thinks that the world is horrible, the world is
• 39:50
  Speaker 1: set up against them. They can't achieve anything, they can't advance,
• 39:54
  Speaker 1: they can't progress, they can't improve, and uh and and
• 39:59
  Speaker 1: you know the they're crippled by this. The state of
• 40:05
  Speaker 1: the world. Nothing is their fault. It's the fault of
• 40:09
  Speaker 1: the world, and the world is it is just not
• 40:13
  Speaker 1: making it possible for them to achieve the things that
• 40:16
  Speaker 1: they expect to achieve in life. And this also relates
• 40:26
  Speaker 1: the idea of well, what is the real state of
• 40:30
  Speaker 1: the economy, particularly with Trump now and bite in before.
• 40:34
  Speaker 1: What are the good things in the economy? What are
• 40:36
  Speaker 1: the bad things in the economy? What is the objective
• 40:39
  Speaker 1: state of the economy? Should we be as dissatisfied and
• 40:43
  Speaker 1: depressed as we are? And then combine that with the
• 40:48
  Speaker 1: fact that the stock market feel that the stock market Sept
• 40:50
  Speaker 1: five hundred, it's at all time highs, it's it's never
• 40:56
  Speaker 1: been as high as it is right now. So the
• 40:57
  Speaker 1: stock matter is basically saying, no, the economy is doing great.
• 41:03
  Speaker 1: At least the company is listed in the SMP five
• 41:05
  Speaker 1: hundred are doing great. It's it's up ten percent this year,
• 41:09
  Speaker 1: and it's again it's an all time high. What's the
• 41:14
  Speaker 1: relationship between stock market and the economy and how good
• 41:17
  Speaker 1: is the stock market predicting what's coming? Interesting? All right,
• 41:23
  Speaker 1: let's start with this poll. Wall Street Journal ran a pole.
• 41:30
  Speaker 1: It was published today, yep, today at the wall Steat Journal,
• 41:35
  Speaker 1: and I guess yesterday it was published in the wall
• 41:38
  Speaker 1: Sea Journal yesterday ran a pole and they and the
• 41:42
  Speaker 1: poll finds that the share people who say they have
• 41:44
  Speaker 1: a good chance of improving their standard of living fell
• 41:48
  Speaker 1: to twenty five percent, which is a record low in
• 41:52
  Speaker 1: surveys dating back to nineteen eighty seven. So all the
• 41:56
  Speaker 1: way back to nineteen eighty seven, nine to eleven, I
• 42:00
  Speaker 1: should have followed it, you know, the dot com bubble burst,
• 42:04
  Speaker 1: the Great Recession, COVID, all of that. Today, only twenty
• 42:10
  Speaker 1: five percent of people believe that they have a chalance
• 42:13
  Speaker 1: of improving their standard of living, and that is the
• 42:16
  Speaker 1: least number since they started the survey again back in
• 42:20
  Speaker 1: nineteen eighty seven, so this is a long period of time.
• 42:26
  Speaker 1: More than three quarters said they lack confidence that life
• 42:29
  Speaker 1: for the next generation will be better than their own.
• 42:34
  Speaker 1: Nearly seventy percent of people said they believe the American
• 42:37
  Speaker 1: dream that if you work hard, you'll get ahead. I
• 42:40
  Speaker 1: don't think that's the American dream, but anyway, no longer
• 42:43
  Speaker 1: holds true and never did or never did or never
• 42:47
  Speaker 1: did the highest level in nearly fifteen years of surveys.
• 42:53
  Speaker 1: Republicans in the survey were less spessimistic the Democrats. But
• 42:58
  Speaker 1: that happens whenever your parties in power. If your party
• 43:01
  Speaker 1: is in power, you're more optimistic than if they're out.
• 43:05
  Speaker 1: So during the Biden years, Democrats are more optimistic about
• 43:08
  Speaker 1: the economy and their prospects of the future. When a
• 43:11
  Speaker 1: probalygan as president, Reprobabicans are more optimistic about the future
• 43:15
  Speaker 1: and their prospects. So what we're finding here is that
• 43:26
  Speaker 1: you know, a huge majority of Americans, I mean seventy percent,
• 43:30
  Speaker 1: that's a big majority of Americans have a negative view
• 43:35
  Speaker 1: of their and their children or the people around them, prospects,
• 43:38
  Speaker 1: prospects in the world. And this reaches across demographic lines.
• 43:45
  Speaker 1: This is true of men and women. This is true
• 43:49
  Speaker 1: of younger adults and older adults. This is true of
• 43:54
  Speaker 1: those with a college degree. This is true of those
• 43:58
  Speaker 1: with incomes overundred thousand dollars and under one hundred thousand dollars.
• 44:04
  Speaker 1: This is a general malay, a general malay across the board.
• 44:16
  Speaker 1: And you know, it's it's it's sad, it's tragic. Really.
• 44:23
  Speaker 1: I mean, one of the things that made America America.
• 44:27
  Speaker 1: One of the things that I think drives the American
• 44:29
  Speaker 1: economic success story is a fundamental belief in a better future,
• 44:39
  Speaker 1: an optimism if you want to call it that, about
• 44:42
  Speaker 1: the future. I mean, it's what drives entrepreneurs, it drives
• 44:47
  Speaker 1: risk takers, it's what drives investment in the stock market,
• 44:52
  Speaker 1: an investment in building this country and creating this country,
• 44:56
  Speaker 1: in energizing this country. So it's really sad when that energy,
• 45:14
  Speaker 1: that attitude is not there where people really think that
• 45:20
  Speaker 1: things are really bad. And you know, the funny thing,
• 45:29
  Speaker 1: of course, is well put it this way, one of
• 45:38
  Speaker 1: the big drivers of economic growth is the belief in
• 45:40
  Speaker 1: economic growth. If people believe that they have no chance
• 45:45
  Speaker 1: to succeed, the American dreams dread success in the future
• 45:48
  Speaker 1: is that hard work doesn't pay off, They're less likely
• 45:53
  Speaker 1: to be entrepreneurs, they're less likely to work come, they're
• 45:56
  Speaker 1: less likely to do the things that actually produce economic growth,
• 46:00
  Speaker 1: economic success, I mean, majorities in the survey said the
• 46:08
  Speaker 1: prior generations had an easier time buying a home, starting
• 46:11
  Speaker 1: a business, or being a full time parent rather than
• 46:15
  Speaker 1: the workforce. Majorities also said they lack confidence that the
• 46:20
  Speaker 1: next generation could buy a home or save adequately for retirement.
• 46:28
  Speaker 1: And this has a real impact. Now, it's interesting because
• 46:33
  Speaker 1: this attitude is to lifes and divorced from the actual
• 46:38
  Speaker 1: reality of things. The affordability of homes, the level of
• 46:45
  Speaker 1: price inflation, the level of wages, the levels of wealth accumulation,
• 46:52
  Speaker 1: all of that is actually going It's not going great,
• 46:56
  Speaker 1: it's not going fantastic, but it's okay, it's doing okay. So,
• 47:06
  Speaker 1: for example, economists of what they've done is they've taken
• 47:10
  Speaker 1: kind of economic managures, different economic manasures, and they come
• 47:12
  Speaker 1: up with an algorithm that tries to predict consumer sentiment,
• 47:19
  Speaker 1: people's attitude towards the future, how positive a negative they
• 47:23
  Speaker 1: are about the economy. And they did this, they mapped
• 47:30
  Speaker 1: it out and they run the numbers, and from two
• 47:32
  Speaker 1: thousand and five when they started doing this till twenty twenty.
• 47:36
  Speaker 1: Till COVID, you could pretty much tell what consumer sentiment
• 47:43
  Speaker 1: would be given the economic data. See economic data and
• 47:48
  Speaker 1: sentiment lined up really, really, really well. And then something
• 47:54
  Speaker 1: happened around COVID. The sentiment rights people's attitude, particularly starting
• 48:06
  Speaker 1: in i'd say with Biden, really with with you know,
• 48:11
  Speaker 1: in mid twenty twenty one, became very negative, very pessimistic,
• 48:18
  Speaker 1: very dark. Well, what the model says predicted on the
• 48:24
  Speaker 1: actual economic data would have suggested much better outcomes to
• 48:29
  Speaker 1: the gap. So they were completely matched for a long time,
• 48:32
  Speaker 1: and then the gap explodes. I wonder if I can
• 48:38
  Speaker 1: I'm just oops, testing something. Give me a second. Let
• 48:41
  Speaker 1: me see if I can do this. Yeah, let me
• 48:45
  Speaker 1: let me show you this. Oops, maybe not, Maybe I
• 48:48
  Speaker 1: can't show you this. Yeah, there we go. Let me
• 48:52
  Speaker 1: show you this. It's a it's a cool graph. I
• 48:56
  Speaker 1: like graphs. I hope you guys like graphs. I'm gonna
• 48:59
  Speaker 1: show you graph Let's uh, let's do this. That's not
• 49:07
  Speaker 1: the graph I want to show. You're gonna show you
• 49:08
  Speaker 1: that graph in a little while. Let's well, yeah, let's
• 49:16
  Speaker 1: do this. Let's show you that graph. Okay, can you
• 49:21
  Speaker 1: see that graph. I'm gonna shrink it a little bit
• 49:24
  Speaker 1: so you can see all the data points. Yeah, there
• 49:28
  Speaker 1: we go. You see that graph. So the gray is
• 49:32
  Speaker 1: what you would predict people's sentiment would be about the economy,
• 49:36
  Speaker 1: and the red graph is what it actually is, what
• 49:38
  Speaker 1: they actually tell people it is. And you can see
• 49:40
  Speaker 1: that the two graphs are completely colorated, completely line up
• 49:45
  Speaker 1: with one another from twentyd and five to twenty twenty even,
• 49:49
  Speaker 1: you know, they don't misalign that much through twenty twenty one.
• 49:52
  Speaker 1: Beginning of twenty twenty one, and then starting in early
• 49:55
  Speaker 1: twenty twenty one, actual sentiment about the economy just plummet,
• 50:02
  Speaker 1: and the reality of the economy is actually not that bad.
• 50:09
  Speaker 1: It's not good, it's not great, but it's not that bad,
• 50:14
  Speaker 1: and you'd expect sentiment to be a little bit, well,
• 50:17
  Speaker 1: quite a bit better. You can see how sentiment went
• 50:22
  Speaker 1: down during the financial crisis in seven oh eight over there,
• 50:26
  Speaker 1: right and right now. It's worse than it was back then,
• 50:30
  Speaker 1: but by every measure economic measure that we have, the
• 50:34
  Speaker 1: economy is doing much much, much better than in two
• 50:39
  Speaker 1: and eight, two thousand and nine. Now, maybe people are
• 50:43
  Speaker 1: sensing that we're heading towards some disaster, and maybe we
• 50:46
  Speaker 1: are maybe that's what's being captured, but they mean sensing
• 50:49
  Speaker 1: this since two thousand and one and nothing has happened.
• 50:54
  Speaker 1: Disaster hasn't happened, so you know some thing is going
• 51:00
  Speaker 1: on here. I'll just give you one other graph to consider.
• 51:11
  Speaker 1: This one. I'm gonna grow a little bit. There we go.
• 51:17
  Speaker 1: This one is interesting because this one is up. This
• 51:26
  Speaker 1: one is come on the problem of working on a
• 51:32
  Speaker 1: laptop instead of my usual setup at home with multiple screens.
• 51:38
  Speaker 1: This one says, basically, the top line is how do
• 51:42
  Speaker 1: you feel about your personal life in general? Are you
• 51:45
  Speaker 1: satisfied or dissatisfied with the way things are going in
• 51:48
  Speaker 1: your personal life? And people score very highly. They think
• 51:55
  Speaker 1: everything is going great for them. The rule graph is,
• 52:02
  Speaker 1: in general, are you satisfied and dissatisfied with the things
• 52:06
  Speaker 1: how in the way things are going in the United
• 52:09
  Speaker 1: States at this time? Horrible? Just horrible. My life great,
• 52:16
  Speaker 1: my neighbors, my kids, my cousins, everybody else, Their life sucks.
• 52:23
  Speaker 1: I mean, look at this. Twenty percent think life in
• 52:26
  Speaker 1: the United States is going well, but eighty percent think
• 52:29
  Speaker 1: their own life is going wonderful. I mean, it's pretty
• 52:38
  Speaker 1: amazing the kind of data you get out of these surveys,
• 52:43
  Speaker 1: because I think this is how people really think. This,
• 52:45
  Speaker 1: by the way, is a data set that goes back
• 52:47
  Speaker 1: in nineteen seventy nine. Ask the same question, exact same
• 52:50
  Speaker 1: question are people since nineteen seventy nine, And you can
• 52:53
  Speaker 1: see there's always a difference. They always think their life
• 52:57
  Speaker 1: is going well and the rest of the country is horrible.
• 53:00
  Speaker 1: During the nineties, they had a view a positive view
• 53:04
  Speaker 1: of ever increasing better view of the state of the country,
• 53:10
  Speaker 1: from a very low point in nineteen ninety to a
• 53:13
  Speaker 1: high point in two thousand just before the dot dot
• 53:16
  Speaker 1: com bubble burst. But then since then it's been pretty
• 53:21
  Speaker 1: negative people's view of the country. Part of the question
• 53:27
  Speaker 1: is how much of this? How much of this is
• 53:35
  Speaker 1: a consequence of the fact that we're constantly being told
• 53:40
  Speaker 1: by both sides of the political spectrum, by the loudest
• 53:44
  Speaker 1: voices in our political spectrum in the case of right now,
• 53:48
  Speaker 1: by the president of the United States up until he
• 53:52
  Speaker 1: became president, of course, and by his supporters and the
• 53:56
  Speaker 1: other side, and constantly being told that life sucks, ways
• 54:04
  Speaker 1: that are going up, Inflation is out of control, constant
• 54:09
  Speaker 1: barrage on a daily basis, with no word, no no
• 54:14
  Speaker 1: no offering of any kind of solutions, constantly telling us
• 54:19
  Speaker 1: how terrible things are, how it's all going to go
• 54:23
  Speaker 1: to hell. And it's constant and very little positives. And
• 54:34
  Speaker 1: it's partisan, but it's not just partisan. You definitely get
• 54:38
  Speaker 1: the sense that it's deeper than just partisan. It's you know,
• 54:46
  Speaker 1: it's part of what people have become to believe. I've
• 54:51
  Speaker 1: given you kind of the grafts and the charts about income.
• 54:54
  Speaker 1: I mean, people believe that life was better than the
• 54:57
  Speaker 1: nineteen fifties because you could make a living on one
• 55:00
  Speaker 1: income and do all these wonderful things, and they ignore
• 55:04
  Speaker 1: everything else. We saw the guy who was trying to
• 55:06
  Speaker 1: convince me that if you price everything in gold, look
• 55:12
  Speaker 1: we're much poorer today than we were forty years ago.
• 55:14
  Speaker 1: And it's clearly not true, but he's gonna believe it
• 55:18
  Speaker 1: and gonna spread the word. The left for years has
• 55:23
  Speaker 1: said we pequed as an economy in the nineteen seventies.
• 55:26
  Speaker 1: Now the way he just joined them and agrees with them,
• 55:30
  Speaker 1: we need massive restructuring of our economy and global trade
• 55:34
  Speaker 1: because things are going so badly. It's the whole Trump premise,
• 55:42
  Speaker 1: but things are going so badly. It was the whole
• 55:46
  Speaker 1: basis on which he got elected. He was going to
• 55:52
  Speaker 1: fix all the awful stuff that's happening. Crime in our streets,
• 55:57
  Speaker 1: lower stand of living, lower quality of life, lower wages,
• 56:01
  Speaker 1: higher prices. Everything's going to help. It's all we hear constantly,
• 56:05
  Speaker 1: a barrage. And what we might think, oh, but my
• 56:08
  Speaker 1: life's doing I'm doing pretty well with my life. But
• 56:12
  Speaker 1: I mean told the things are awful, then other people
• 56:16
  Speaker 1: must be suffering, and indeed my future might be at stake.
• 56:20
  Speaker 1: Maybe I'm doing well right now, but the future sucks,
• 56:22
  Speaker 1: because that's what everything that everyone is telling me, and
• 56:29
  Speaker 1: it's a constant barrage. It's interesting, though, that while people
• 56:36
  Speaker 1: have this attitude, they also as investors are quite happy
• 56:44
  Speaker 1: to bid up stocks and keep buying, and stocks keep
• 56:49
  Speaker 1: going up. Now again, not to say they aren't real
• 56:58
  Speaker 1: economic problems, because we know they really are economic problems.
• 57:01
  Speaker 1: The big economic problems, the lack of freedom and the
• 57:09
  Speaker 1: lack of economic growth, a real robust economic growth. Economic
• 57:12
  Speaker 1: growth is too timpid, but it's not collapsing, it's not shrinking.
• 57:20
  Speaker 1: And in spite of the tipid economic growth because of technology,
• 57:25
  Speaker 1: life is getting better, quality of life, stand of living
• 57:27
  Speaker 1: is going out, and productivity is going up, and therefore
• 57:31
  Speaker 1: wages are going up, and they're likely to continue that
• 57:34
  Speaker 1: trend into the future in spite of tariffs and you know,
• 57:39
  Speaker 1: mismanagement of economy that continues on a grand scale. It's
• 57:48
  Speaker 1: but people are people have been kind of loops. Let
• 57:53
  Speaker 1: me have to turn on the air conditioning turns off
• 57:55
  Speaker 1: after all, Yeah, I can't change the temperature anyway. So
• 58:14
  Speaker 1: people's attitudes are what they are, but they're not really
• 58:18
  Speaker 1: attached to reality. And people's ability to analyze reality, particularly
• 58:27
  Speaker 1: when it comes to economics, is very limited, and to
• 58:31
  Speaker 1: lodgies then justifiably so, they just don't have the tools.
• 58:34
  Speaker 1: It's complicated, it's hard, and our intellectuals continue to betray us, steadily,
• 58:42
  Speaker 1: consistently betray us, not provide us with actual facts and
• 58:48
  Speaker 1: reality of what is going on. One of the reasons
• 58:53
  Speaker 1: I think you tune into the One book show is
• 58:55
  Speaker 1: at least here we try to present you with an accurate, balanced,
• 58:58
  Speaker 1: real view of what's going on. It's not tilted towards
• 59:04
  Speaker 1: you know. My inclination is to say there is this
• 59:07
  Speaker 1: philosophical inclination, everything is going to hell because there was
• 59:12
  Speaker 1: not becoming objectivist. And if they're not objectivist, then the
• 59:15
  Speaker 1: world's going to go to hell. And it's all happening
• 59:17
  Speaker 1: now and it's going to be tomorrow and the markets
• 59:20
  Speaker 1: will crash and the world will be incinerated because because
• 59:24
  Speaker 1: no objectivism. But the reality is more complex than that,
• 59:33
  Speaker 1: Bagny and read in keep going to work, keep producing,
• 59:38
  Speaker 1: keep making stuff, keep building in spite of all the
• 59:42
  Speaker 1: bastards trying to stop them. And while the state of
• 59:48
  Speaker 1: the economy today is tragic, because it could be so
• 59:52
  Speaker 1: much better, and it's it's it's hard for me to
• 59:55
  Speaker 1: describe to you how much better it would be because
• 59:58
  Speaker 1: I can't point to an alternative universe where we are
• 1:00:01
  Speaker 1: actually a free markets and what we are ten times
• 1:00:04
  Speaker 1: richer than we are right now. But that's the reality.
• 1:00:06
  Speaker 1: We could read much much much, much much richer than
• 1:00:11
  Speaker 1: we are right now. It's just a two or three
• 1:00:14
  Speaker 1: percentage points, I mean, ecnonnomy growth above what we have today,
• 1:00:17
  Speaker 1: and the liberty that comes from that and the freedom
• 1:00:20
  Speaker 1: that comes from that will generate so much increases instead
• 1:00:25
  Speaker 1: of living, quality of life, beauty and everything everything good
• 1:00:32
  Speaker 1: in life that it really is hard to imagine. Yeah,
• 1:00:35
  Speaker 1: I've often said you kind of have to be a
• 1:00:39
  Speaker 1: science fiction writer to be to actually describe what is possible.
• 1:00:44
  Speaker 1: And I'm not a science fiction writer, so I don't
• 1:00:46
  Speaker 1: know flying cause is not a big deal. But it's
• 1:00:56
  Speaker 1: time that we demand our intellectuals bring some objectivity to
• 1:01:00
  Speaker 1: the table and stop this moral panic or constant panic
• 1:01:08
  Speaker 1: about the world and about the economy, about what's going
• 1:01:10
  Speaker 1: to happen, and about doomsday, the imminent dooms day that happens.
• 1:01:18
  Speaker 1: I mean, right now, we're facing an interesting situation. You
• 1:01:21
  Speaker 1: hear from me, and you hear from a lot of economists.
• 1:01:24
  Speaker 1: The fact that Trump Carraff saw really really bad at
• 1:01:27
  Speaker 1: the economy. We're seeing negative sentiment in manufacturing, what is
• 1:01:31
  Speaker 1: it now, six months in a row. But I also
• 1:01:35
  Speaker 1: try to remind you the manufacturing is only ten percent
• 1:01:37
  Speaker 1: of the economy, and that the most productive parts of
• 1:01:43
  Speaker 1: the economy actually in services. In Nvidia, the most valuable
• 1:01:48
  Speaker 1: company in the world today, is a service company, not
• 1:01:51
  Speaker 1: a manufacturing company. It designs chips, designs micro chips. Those
• 1:02:00
  Speaker 1: microchips are made in Taiwan, but they are designed in
• 1:02:04
  Speaker 1: the United States. Do we of value added doe of
• 1:02:08
  Speaker 1: wealth creation is done in the United States and in
• 1:02:13
  Speaker 1: Video as a consequence, has a market cap of over
• 1:02:15
  Speaker 1: four trillion dollars, and therefore it stock is going up.
• 1:02:24
  Speaker 1: It's doing phenomenally well. And that is not the sentiment,
• 1:02:29
  Speaker 1: and that is unimpacted by the way by tariffs, because
• 1:02:32
  Speaker 1: they don't have to import anything other than chips, and
• 1:02:37
  Speaker 1: of course Trump is given an exclusion for chips. This,
• 1:02:40
  Speaker 1: of course white apple stock is doing well. Right Apple
• 1:02:43
  Speaker 1: is not suffering from tariffs because the stuff that it
• 1:02:48
  Speaker 1: imports has been excluded from tariffs. Meta Meta has doesn't
• 1:02:57
  Speaker 1: input anything. What does an input say, It has no exposure.
• 1:03:11
  Speaker 1: So you know, the reality right now is that there
• 1:03:20
  Speaker 1: are a lot of mom and pop a lot of
• 1:03:22
  Speaker 1: small and medium sized businesses that are really, really, really
• 1:03:26
  Speaker 1: suffering from tariffs. A lot of smaller medium sized businesses
• 1:03:30
  Speaker 1: will have to shut their doors. But that's in p.
• 1:03:35
  Speaker 1: Five hundred. For most of it doesn't have to worry.
• 1:03:42
  Speaker 1: Many of those companies are service companies. Many of those
• 1:03:46
  Speaker 1: companies do not have any exposure to tariffs. Many of
• 1:03:51
  Speaker 1: those companies have vast lobbying facilities organizations. They can handle
• 1:04:02
  Speaker 1: Trump and can handle the tariffs mitigate, if not eliminate,
• 1:04:07
  Speaker 1: they consequence on them. And when you invest in the
• 1:04:11
  Speaker 1: stock market, you're not investing in the US economy. You're
• 1:04:14
  Speaker 1: not investing in the small mom and pop stores, You're
• 1:04:17
  Speaker 1: not investing in small medium sized businesses. You're not investing
• 1:04:22
  Speaker 1: in a in a company that assembles toys or sells
• 1:04:26
  Speaker 1: toys in the United States. You're investing in the magnificence
• 1:04:31
  Speaker 1: seven stocks that are that are taking their SMP five
• 1:04:35
  Speaker 1: hundred to new Heights, which all tech stock, which none
• 1:04:38
  Speaker 1: of them are manufacturers, and none of them really have
• 1:04:41
  Speaker 1: exposure to tariffs. You're investing in the five hundred biggest
• 1:04:48
  Speaker 1: companies in the United States for the most part and
• 1:04:53
  Speaker 1: then doing okay, and some of them are doing great.
• 1:04:58
  Speaker 1: Economy is not doing great. I mean, two years ago
• 1:05:01
  Speaker 1: there's some five hundred went up twenty three percent. Last
• 1:05:04
  Speaker 1: year there's some five up twenty four percent. This is
• 1:05:08
  Speaker 1: under remind you, Biden, the economy didn't go up that much.
• 1:05:12
  Speaker 1: The economy didn't do that well. Stock market did. The
• 1:05:21
  Speaker 1: stock market did. So when you get the stock market,
• 1:05:27
  Speaker 1: it's not reflecting the economy. And of course the stock
• 1:05:31
  Speaker 1: market is predicting that things are going to be good
• 1:05:33
  Speaker 1: for them. Big business in America will do okay in
• 1:05:38
  Speaker 1: spite of Trump, or maybe even because of Trump. Oh,
• 1:05:41
  Speaker 1: we've got a countdown clock now, so we've only got
• 1:05:46
  Speaker 1: four minutes. But the nice thing is we're only short
• 1:05:50
  Speaker 1: one one super chat to make our goal, like one
• 1:05:54
  Speaker 1: super chat to make our goal of thirty superchats and hour.
• 1:06:01
  Speaker 1: But we've only got four minutes to get that one
• 1:06:03
  Speaker 1: super chat. Let's see if somebody will step in with
• 1:06:06
  Speaker 1: the superchat. Any amount is counted so we can clear
• 1:06:12
  Speaker 1: this goal, and YouTube will give the one book show
• 1:06:16
  Speaker 1: a big shining you know, star whatever, it'll help the
• 1:06:22
  Speaker 1: algorithm help everything. There we go. Mary Eline just did it,
• 1:06:25
  Speaker 1: she says, she wants a flying car. And look, you
• 1:06:29
  Speaker 1: did it. Your goal is complete. I've got celebratory fireworks
• 1:06:33
  Speaker 1: going off on my end. I don't know about you, guys.
• 1:06:36
  Speaker 1: I do want to mention, because I was in the
• 1:06:39
  Speaker 1: middle of a rand when this happened, that Troy did
• 1:06:41
  Speaker 1: come in with the sticker, and stickers do count. With
• 1:06:45
  Speaker 1: a sticker for five hundred Australian dollars, So thank you Troy,
• 1:06:49
  Speaker 1: really really really appreciate it. That is really fantastic. So
• 1:06:54
  Speaker 1: thank you, thank you, thank you, and I will I
• 1:06:58
  Speaker 1: will thank the rest of you providers in a little bit.
• 1:07:02
  Speaker 1: We'll get to answering questions in a little bit, and
• 1:07:05
  Speaker 1: I will not mention super chats other other than that,
• 1:07:08
  Speaker 1: I'm not going to mention them because I promised for
• 1:07:11
  Speaker 1: half an hour until for thirty eight, for thirty eight
• 1:07:15
  Speaker 1: here in Florence, Italy. Because I promised I wouldn't if
• 1:07:18
  Speaker 1: we achieve the goal. So thank you, Troy, really really
• 1:07:21
  Speaker 1: appreciate that. Anyway, I don't confuse the stockhol with the economy,
• 1:07:27
  Speaker 1: and remember that, you know, the economy is still doing okay.
• 1:07:35
  Speaker 1: Tariffs affect a small part of the economy. Trade is
• 1:07:37
  Speaker 1: a small part of the economy. The parts of the
• 1:07:40
  Speaker 1: economy that are going to suffer the most are the
• 1:07:42
  Speaker 1: parts of the economy that we see the least. Again,
• 1:07:45
  Speaker 1: small mom and pop, medium sized businesses. And look, it's
• 1:07:49
  Speaker 1: not like that being competed away by big businesses in
• 1:07:52
  Speaker 1: a fair and open marketplace, like when Walmart comes to
• 1:07:54
  Speaker 1: the city. And yet a lot of small and medium
• 1:07:57
  Speaker 1: sized businesses go out of business. But that's a healthy
• 1:07:59
  Speaker 1: going out of business. That's what shoomptet are called. Creative destruction.
• 1:08:03
  Speaker 1: What we're seeing right now is completely politically motivated stupid
• 1:08:06
  Speaker 1: economic policy competing or driving people out of business. The
• 1:08:12
  Speaker 1: economy is going to slow. We are facing stagnation of
• 1:08:18
  Speaker 1: some form you know, maybe max two percent growth, probably
• 1:08:23
  Speaker 1: those that are one percent growth. I think, you know,
• 1:08:25
  Speaker 1: again economic predictions under Trump and you know, at least
• 1:08:30
  Speaker 1: early on in the Trump because of these policies. On
• 1:08:33
  Speaker 1: the other hand, there are things that Trump is doing
• 1:08:35
  Speaker 1: that are enhancing economic growth, things like significant tax you know,
• 1:08:41
  Speaker 1: on continuation of the cope a tax cut which was
• 1:08:45
  Speaker 1: very positive that they continued that they didn't let the
• 1:08:49
  Speaker 1: corport tax bounce back up to thirty five percent, so
• 1:08:52
  Speaker 1: it's still twenty one percent. And then in addition to that,
• 1:08:56
  Speaker 1: the Big Beautiful Bills included, for example, one hundred percent
• 1:09:00
  Speaker 1: depreciation of certain certain items like bonus depreciation and expanded
• 1:09:08
  Speaker 1: interest deductions, which are going to decrease corporate taxes even further,
• 1:09:15
  Speaker 1: which will help a lot of this some people have
• 1:09:17
  Speaker 1: under companies, but also will generally reduce prices, increase wages.
• 1:09:23
  Speaker 1: Good for the economy. These are all good for the economy.
• 1:09:25
  Speaker 1: Cutting corporate taxes is really good for the economy cut
• 1:09:30
  Speaker 1: them zero, that would be ideal for the economy. So
• 1:09:33
  Speaker 1: the other tax cuts like cutting tips taxes and tips
• 1:09:36
  Speaker 1: and cutting taxes and so solb security benefits and a
• 1:09:39
  Speaker 1: stuff like that, Eh, they don't have much impact at
• 1:09:42
  Speaker 1: all in the economy. But cutting the corporate tax definitely
• 1:09:46
  Speaker 1: has positive impacts. So the deregulation is having positive impacts.
• 1:09:50
  Speaker 1: So some areas again might not be manufacturing with some
• 1:09:53
  Speaker 1: areas in the economy are doing well. And the reality
• 1:09:59
  Speaker 1: is that why the trauma dedministration take you ten percent
• 1:10:03
  Speaker 1: stake in Intel or having a golden share in US
• 1:10:07
  Speaker 1: Steel is long term horrible for the US economy. It
• 1:10:11
  Speaker 1: is long term really really bad. I think for the
• 1:10:13
  Speaker 1: US economy. It's pretty good fans out in terms of
• 1:10:18
  Speaker 1: just shareholding holders, particularly in the SOT to medium term.
• 1:10:22
  Speaker 1: It basically tells them the government is not gonna let
• 1:10:25
  Speaker 1: Intel go bankrupt. They're gonna backstop them. Are they going
• 1:10:28
  Speaker 1: to bail them out? It's pretty good for other companies
• 1:10:32
  Speaker 1: like Intel that pretty much the shareholders can go, oh okay,
• 1:10:37
  Speaker 1: so we get a benefit if things go well, and
• 1:10:39
  Speaker 1: if things go badly, maybe the governmill buy ten percent
• 1:10:41
  Speaker 1: of US too and save US. It's basically a put option,
• 1:10:49
  Speaker 1: a bailout for all big companies in the US, any
• 1:10:54
  Speaker 1: big company that the President wants a stake in. And
• 1:10:59
  Speaker 1: then on top of that, we've got real technological innovation,
• 1:11:03
  Speaker 1: primarily right now with AI. I mean the private market
• 1:11:08
  Speaker 1: valuation of Anthropic and Thropic, which is a competitive open
• 1:11:14
  Speaker 1: AI and Tropic is an AI company is on the
• 1:11:19
  Speaker 1: verge of hitting five hundred billion dollars, not five hundred
• 1:11:24
  Speaker 1: billion dollars. It will be the most valuable private company
• 1:11:27
  Speaker 1: in the world. It's an American company. It's a service business.
• 1:11:33
  Speaker 1: They write software. You can raise tasks one thousand percent.
• 1:11:38
  Speaker 1: It'll might might affect their customers, won't affect them in
• 1:11:42
  Speaker 1: terms of what they do day to day. Again, we
• 1:11:45
  Speaker 1: talked about Nvidia, and you know, tech stocks up almost
• 1:11:52
  Speaker 1: eight percent for the year, which is pretty good given
• 1:12:00
  Speaker 1: that the last previous two years up twenty plus percent.
• 1:12:03
  Speaker 1: You think this year would be a slow year. Eight
• 1:12:05
  Speaker 1: percent is still pretty good, so you know. And then
• 1:12:22
  Speaker 1: stock Pocket was anticipating short of interestates going down. Interstates
• 1:12:27
  Speaker 1: generally going down as good for stocks. Not today, the
• 1:12:32
  Speaker 1: market changed its mind. It decided that short of interstates
• 1:12:38
  Speaker 1: are going down but long term interstates all spiked today.
• 1:12:42
  Speaker 1: The thirty year bond really almost came to five percent.
• 1:12:47
  Speaker 1: The tenure bond was went up quite a bit. I
• 1:12:50
  Speaker 1: think it was at full point four percent. As a
• 1:12:58
  Speaker 1: consequence of interstates going up, the dollar went up a
• 1:13:01
  Speaker 1: little bit. Gold gold is an all time high. It's
• 1:13:05
  Speaker 1: over thirty five thousand, it's over three thousand, five hundred.
• 1:13:09
  Speaker 1: It's one hundred times more one hundred x. We talked
• 1:13:13
  Speaker 1: about this the other day when we talked about gold.
• 1:13:16
  Speaker 1: It's one hundred x what it was when the US
• 1:13:19
  Speaker 1: went off completely off the gold standard in nineteen seventy one.
• 1:13:24
  Speaker 1: One hundred x. That's pretty good performance, pretty good performance
• 1:13:32
  Speaker 1: for gold. So if you invested in gold. So stockholant
• 1:13:40
  Speaker 1: today did not do well. I think stocks were down
• 1:13:43
  Speaker 1: over one percent as a consequence of long term rates
• 1:13:47
  Speaker 1: going up. At the end of the day, what stocks
• 1:13:50
  Speaker 1: care about. Stock investors care about our long term rates,
• 1:13:52
  Speaker 1: long term interest rates, and they want long term interestates
• 1:13:56
  Speaker 1: coming down. The lower interestrates are, the higher the value
• 1:14:01
  Speaker 1: of assets. We've talked about this. Interest rates and the
• 1:14:05
  Speaker 1: value of assets inversely related, all right, So you know
• 1:14:16
  Speaker 1: it's it's hard to assess long term economic project It's
• 1:14:20
  Speaker 1: hard to make long term economic projections because, oh yeah,
• 1:14:25
  Speaker 1: it's towards viewing the world from the perspective freedom. It
• 1:14:34
  Speaker 1: always seems like, I think you're gonna get worse because
• 1:14:42
  Speaker 1: things are gonna get worse because freedom is shrinking, at
• 1:14:45
  Speaker 1: least economic freedom is shrinking. But the reality is because
• 1:14:50
  Speaker 1: of innovation, because of Silicon Valley, because of pockets of
• 1:14:54
  Speaker 1: innovation all over the world and especially in the United States,
• 1:14:58
  Speaker 1: in spite of the lack of freedom, In spite of
• 1:15:00
  Speaker 1: the declining freedom, we do pretty well. And even the
• 1:15:04
  Speaker 1: decline of freedom is not uniform. We get periods of
• 1:15:08
  Speaker 1: real deregulation like we did in the seventies and eighties,
• 1:15:14
  Speaker 1: and then we get periods of more regulation like we
• 1:15:16
  Speaker 1: did in two thousands. It's not uniform. So we tend
• 1:15:26
  Speaker 1: to be pessimistic about the future from economic perspective, but
• 1:15:29
  Speaker 1: it tends. But it's also the case that entrepreneurs seem
• 1:15:33
  Speaker 1: to find ways in spite of the regulations, in spite
• 1:15:36
  Speaker 1: of the controls, in spite of the the growth movement,
• 1:15:39
  Speaker 1: in spite of all the leftists and the MAGA and
• 1:15:41
  Speaker 1: the people who hawken back to twelve twenty the reality
• 1:15:45
  Speaker 1: is that they are people out there willing to take risks,
• 1:15:47
  Speaker 1: willing to engage in economic activity and really create and
• 1:15:52
  Speaker 1: build and make stuff, and they're the ones we should
• 1:15:56
  Speaker 1: think for the economic success that we have. It was
• 1:16:00
  Speaker 1: interesting there are two stories today in the press, one
• 1:16:03
  Speaker 1: by Matt Ingleses and one by Tyler Cowen about this
• 1:16:07
  Speaker 1: issue of the stock rocket versus the economy and how
• 1:16:10
  Speaker 1: those two line up. All right. One final, final, final,
• 1:16:15
  Speaker 1: little tidbit of a comment about something I saw on
• 1:16:20
  Speaker 1: Twitter from Charlie Cook. Charlie Cook, my old buddy, so
• 1:16:31
  Speaker 1: long Ingram posted this, don't forget that any trade deal
• 1:16:35
  Speaker 1: with India will require us to give them more visas.
• 1:16:39
  Speaker 1: I'd rather not pay them in visas and trade deficits.
• 1:16:43
  Speaker 1: Let Mody see what terms he can get from SI instead,
• 1:16:48
  Speaker 1: stell with them. We don't want any more Indians in America.
• 1:16:52
  Speaker 1: And Charlie Cook says America does not need more visas
• 1:16:57
  Speaker 1: from people from India. No form of legal immigration has
• 1:17:02
  Speaker 1: so displaced American workers than those from India. Enough, already
• 1:17:08
  Speaker 1: we're full. Let's finally put our own people first. Yep.
• 1:17:13
  Speaker 1: So it used to be that people would complain about immigrants,
• 1:17:17
  Speaker 1: that they were lazy and they they were no good
• 1:17:21
  Speaker 1: and and you know they they they they were mucha
• 1:17:27
  Speaker 1: And the reason to stop immigration is because they were
• 1:17:32
  Speaker 1: using up our welfare programs. They were all leeching off
• 1:17:35
  Speaker 1: of Americans. They were using warfare, and they were sydy kods.
• 1:17:38
  Speaker 1: The kids the government schools, and they were getting free
• 1:17:40
  Speaker 1: health care and they were they were you know, they
• 1:17:43
  Speaker 1: were there were moochers. So we hate immigrants because they're moochers.
• 1:17:49
  Speaker 1: But that's not maga's claim anymore, at least according to
• 1:17:52
  Speaker 1: Charlie Cook. And he's a good representative. No, Now the
• 1:17:56
  Speaker 1: claimers we don't want these day immigrants. They work too hard,
• 1:18:03
  Speaker 1: they're too smart, they make too much money. We can't compete.
• 1:18:08
  Speaker 1: Keep them out. We need to preserve our jobs. Oh
• 1:18:11
  Speaker 1: my god, Americas are going to lose jobs to Indians
• 1:18:14
  Speaker 1: because they're hard working and they're smart. Pathetic. Pathetic is
• 1:18:25
  Speaker 1: the right way to think about this, somebody pointed out.
• 1:18:27
  Speaker 1: Steve Davis actually pointed out that this is also the
• 1:18:31
  Speaker 1: line that was taken against the Chinese immigrants in the
• 1:18:35
  Speaker 1: late nineteenth century with the Chinese Exclusion Act. The reason
• 1:18:38
  Speaker 1: they were excluded is because they were too good at
• 1:18:41
  Speaker 1: their job, they were too hard working, they were getting
• 1:18:45
  Speaker 1: stuff done, they were building railroads, and others couldn't compete.
• 1:18:53
  Speaker 1: It really is disgusting and racist and despicable. Charlie Cooked,
• 1:19:02
  Speaker 1: the latest is America and America for Americans. What a
• 1:19:05
  Speaker 1: crazy thought. Yeah, let's have more Americans. And some of
• 1:19:10
  Speaker 1: those Americans could be born in India. And by the way,
• 1:19:14
  Speaker 1: which American workers were displaced by Indian workers? I want
• 1:19:18
  Speaker 1: to know who was displaced? You mean the lazy ones.
• 1:19:22
  Speaker 1: They're not so productive ones America, Indians in America. And
• 1:19:29
  Speaker 1: since when are we a country that rewards the unproductive,
• 1:19:35
  Speaker 1: the lazy? I thought we embraced competition. We're in based ability,
• 1:19:43
  Speaker 1: were in based hard work. We in based American dream,
• 1:19:47
  Speaker 1: and therefore embrace Indians who come here to actually work. Yep. So,
• 1:20:13
  Speaker 1: Charlie Coke, embracing kind of the racist agenda, embracing the
• 1:20:19
  Speaker 1: nationalist agenda, embracing Yeah, it's better to have American moochas
• 1:20:25
  Speaker 1: than productive Indians. America's not an idea to people and
• 1:20:30
  Speaker 1: a place, and those people are not Indians, So therefore
• 1:20:34
  Speaker 1: no Indians should be allowed in. Don't bring Indians in
• 1:20:36
  Speaker 1: and let's not have a trade deal with India that
• 1:20:39
  Speaker 1: allows for visas like with China. We talked about this
• 1:20:42
  Speaker 1: yesterday that Trump is allowing six hundred thousand Chinese students
• 1:20:49
  Speaker 1: to come to America, and Maga is not happy, not happy.
• 1:20:57
  Speaker 3: All right, all right, let's say uh oh we yeah,
• 1:21:21
  Speaker 3: I think we're done.
• 1:21:22
  Speaker 1: That is the news for September. Second, thank you everybody
• 1:21:25
  Speaker 1: appreciate that. We will now shift our attention to the
• 1:21:32
  Speaker 1: super chat. We got a bunch of questions, so and
• 1:21:36
  Speaker 1: I'm not supposed to mention super chat, but the questions
• 1:21:39
  Speaker 1: to your questions. Shift attention to your questions. I'll just
• 1:21:43
  Speaker 1: say you can still ask questions, just to remind you
• 1:21:46
  Speaker 1: you can still ask questions as we answer these questions.
• 1:21:51
  Speaker 1: All right, let us all right, I'm going to ignore
• 1:22:06
  Speaker 1: your chat chat because let me remind you that you
• 1:22:16
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• 1:22:19
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• 1:22:22
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• 1:22:27
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• 1:23:09
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  Speaker 1: of the most important voices in our culture. All right,
• 1:25:54
  Speaker 1: let's jump in Bond. James Bond says happy Atlash Shrug Day.
• 1:26:01
  Speaker 1: So today is September second, September second. Is Atlas Shrug Day?
• 1:26:07
  Speaker 1: It is? It's It's September second. Is mentioned in Atlas
• 1:26:12
  Speaker 1: Shrugged right in what is it the first page or something?
• 1:26:16
  Speaker 1: And yes, Atlas Shrug Day is here. It's on September second.
• 1:26:24
  Speaker 1: September second is also the day in twenty twenty eight
• 1:26:28
  Speaker 1: that the Island Istry will be opening. It's will be
• 1:26:31
  Speaker 1: opening its new headquarters, Museum, Experience centerrand irand Center in Austin, Texas.
• 1:26:41
  Speaker 1: That'll be on September second, twenty twenty eight, three years
• 1:26:47
  Speaker 1: from today. It's going to happen. All right, Thank you, Bonchasman.
• 1:26:52
  Speaker 1: There was fifty dollars, well, fifty euro even better than
• 1:26:54
  Speaker 1: fifty dollars. Really really appreciate that, all right, Jennifer. It's
• 1:27:00
  Speaker 1: true crime has been worstening. It's true crime has been
• 1:27:04
  Speaker 1: worsening in Alaska over the last twenty years. Unfortunately, Alaska
• 1:27:07
  Speaker 1: Natives are increasingly told they can't succeed and need welfare.
• 1:27:12
  Speaker 1: It's sad considering all the natural resources Alaska contained. Yeah,
• 1:27:17
  Speaker 1: and if you think about the natural resources, the way
• 1:27:20
  Speaker 1: they're being used is by providing welfare. Right, So, there
• 1:27:24
  Speaker 1: is a fund in Alaska that basically gets royalties from
• 1:27:28
  Speaker 1: all the natural resources, and that fund very similar to
• 1:27:32
  Speaker 1: the way it's done in no way, no, actually different
• 1:27:34
  Speaker 1: than the way it's done in a way. This fund
• 1:27:36
  Speaker 1: is then distributed to the residents of Alaska, provide them
• 1:27:41
  Speaker 1: in a sense with a universal basic income or with
• 1:27:45
  Speaker 1: a warfare check. Welfare is corrupting. Giving people money with
• 1:27:50
  Speaker 1: no strings attached is corrupting. They did nothing to gain
• 1:27:54
  Speaker 1: those natural resources, literally nothing. They weren't even born on
• 1:27:58
  Speaker 1: the land where the natural resources are, so they have
• 1:28:02
  Speaker 1: no property rights over that land. So yes, I mean
• 1:28:05
  Speaker 1: Alaska should be a wealthy place, it should be a
• 1:28:08
  Speaker 1: safe place. And yet, just like with the American Native Americans,
• 1:28:13
  Speaker 1: with the Indians, the way the governments treated them has
• 1:28:20
  Speaker 1: caused an increase in alcoholism and drug use and in crime.
• 1:28:24
  Speaker 1: It's just a travesty the way we still not just
• 1:28:28
  Speaker 1: the way we did it, but the way we still
• 1:28:31
  Speaker 1: treat American Indians as wards of the state instead of
• 1:28:35
  Speaker 1: independent individuals, able, capable, competent to take care of themselves.
• 1:28:41
  Speaker 1: And the same should be joined Alaska, right, Ryan, we
• 1:28:50
  Speaker 1: who being this is a quote, Yes, we who being
• 1:28:58
  Speaker 1: called materialists by the killers of the human spirit. We're
• 1:29:02
  Speaker 1: the only ones who know how little value or meaning
• 1:29:05
  Speaker 1: there is a material object as such, because we're the
• 1:29:09
  Speaker 1: ones who create their value and meaning. So this is
• 1:29:12
  Speaker 1: some gold speech, I think, uh, and it is. This
• 1:29:18
  Speaker 1: is the producers. Production is about thinking. It's about the
• 1:29:26
  Speaker 1: human mind. It's not about the material stuff. It's not
• 1:29:29
  Speaker 1: about material objects. It's about the ability to create those
• 1:29:33
  Speaker 1: material objects. It's what the labor theory value doesn't get,
• 1:29:37
  Speaker 1: what's Marxism doesn't get. It's what socialism and communism don't get.
• 1:29:42
  Speaker 1: It's what those kids debating Patrick bin David don't get.
• 1:29:46
  Speaker 1: It's a kind of argument. Patrick Bindavid can't make. But
• 1:29:49
  Speaker 1: this is exactly an argument needs to be made. All
• 1:29:53
  Speaker 1: their material well being requires a mind. That mind requires freedom.
• 1:29:57
  Speaker 1: You will not get that material well being under the
• 1:30:02
  Speaker 1: utopian dream. It's just a fantasy. Material well does not
• 1:30:09
  Speaker 1: grow on trees, does not fall from heaven like manner,
• 1:30:13
  Speaker 1: AI will not produce it. It requires free human beings
• 1:30:20
  Speaker 1: to produce the things that we require we need in
• 1:30:25
  Speaker 1: order to live as human beings life. And does the
• 1:30:32
  Speaker 1: anti trade sentiment come from tribalism and fear of the other.
• 1:30:37
  Speaker 1: On one hand, it's reasonable to decline trade that might
• 1:30:40
  Speaker 1: prolong our culture's anti ethical to your own Russia and
• 1:30:43
  Speaker 1: Saudi Arabia. But can it still be win win? Yeah,
• 1:30:47
  Speaker 1: I mean it. Trade is win win, Even trade with
• 1:30:50
  Speaker 1: Saudi Arabia and Russia is win win. That's the problem.
• 1:30:54
  Speaker 1: Do you want Russia to win and you might not?
• 1:30:59
  Speaker 1: I mean it depends you define Russia now whether you
• 1:31:02
  Speaker 1: view them as a as a real threat and an enemy.
• 1:31:04
  Speaker 1: If they are an enemy of the United States. To
• 1:31:07
  Speaker 1: find that way, then you don't want it to win,
• 1:31:09
  Speaker 1: and therefore trade should be banned. But yes, anti trade
• 1:31:14
  Speaker 1: comes from a number of differ things. It comes to
• 1:31:16
  Speaker 1: tribalism and fear of the other. It also comes from
• 1:31:19
  Speaker 1: a perceptual level mentality that views the world a zero sung.
• 1:31:27
  Speaker 1: Now note that the perceptual level mentality, the zero some mentality,
• 1:31:31
  Speaker 1: is also a tribal mentality. It's a mentality that cannot conceptualize,
• 1:31:38
  Speaker 1: cannot think deeply about the value of the individual. It
• 1:31:43
  Speaker 1: cannot reason, It cannot use reason or to survive. And
• 1:31:47
  Speaker 1: if all latches on to the group that will provide
• 1:31:51
  Speaker 1: it with protection and provide it with the answers. So
• 1:31:55
  Speaker 1: the fundamental cause of anti trade is the perceptual mentality,
• 1:32:02
  Speaker 1: the the the the, the perceptual mentality that views the
• 1:32:05
  Speaker 1: world as zero sum. They can't understand the win win
• 1:32:10
  Speaker 1: nature of trade. But that is also the mentality that
• 1:32:13
  Speaker 1: leads to tribalism. So the the proximate cause of the
• 1:32:18
  Speaker 1: anti trade or the immediate cause of the anti trade sentiment,
• 1:32:22
  Speaker 1: is that tribalism says mine, mine, and you know, only
• 1:32:31
  Speaker 1: people like me, only people look like me. I don't
• 1:32:33
  Speaker 1: want to I don't want the other, I hate the other,
• 1:32:35
  Speaker 1: I despise the other. So absolutely that comes from tribalism
• 1:32:44
  Speaker 1: and also says can rush can Russia to win by
• 1:32:47
  Speaker 1: having better ideas rub off on them through trade. Sure,
• 1:32:52
  Speaker 1: and that's why not really, but because we're not really
• 1:32:58
  Speaker 1: interested in having ideas to rub off in other countries.
• 1:33:01
  Speaker 1: I mean, it would be nice, but that's not the
• 1:33:02
  Speaker 1: purpose of trade. The point is this, if somebody is
• 1:33:06
  Speaker 1: an enemy, they're literally shooting at you, or they're about
• 1:33:09
  Speaker 1: to shoot at you, or there's a risk that shoot
• 1:33:11
  Speaker 1: at you, you don't want to risk it. You don't
• 1:33:14
  Speaker 1: want to risk giving them an economic win. If they're
• 1:33:18
  Speaker 1: not quite there, they're like Saudi Arabia, they are quantia
• 1:33:21
  Speaker 1: that's anti ethical to yours. But they're not gonna shoot
• 1:33:24
  Speaker 1: at you. They're not literally an enemy right now of
• 1:33:28
  Speaker 1: the United States. Then in that case, should trade with
• 1:33:31
  Speaker 1: them and hope that ideas rub off on them and
• 1:33:34
  Speaker 1: they become better and therefore the world is a better place.
• 1:33:38
  Speaker 1: And this is why it's really really important to define
• 1:33:41
  Speaker 1: what is an enemy. This is why I believe we
• 1:33:45
  Speaker 1: should trade with Cuba, we should trade with Venezuela. Not
• 1:33:50
  Speaker 1: because I have any sympathy for their regimes, and I
• 1:33:53
  Speaker 1: personally would not trade with Cuba, but they're not an
• 1:33:59
  Speaker 1: enemy in a sense that they're not going to invade
• 1:34:02
  Speaker 1: the United States not killing Americans, And there is this potential,
• 1:34:09
  Speaker 1: as Livin says, that when you trade with them, the
• 1:34:12
  Speaker 1: good ideas will rub off on them. But if somebody
• 1:34:15
  Speaker 1: is literally trying to blow you up Iran, for example,
• 1:34:19
  Speaker 1: then you don't trade with somebody trying to blow you
• 1:34:21
  Speaker 1: up and give them a win, give them resources money
• 1:34:29
  Speaker 1: to blow you up even faster. Maybe the ideas will
• 1:34:33
  Speaker 1: rub off. Maybe it'll take three decades for the ideas
• 1:34:36
  Speaker 1: to rub off. The ideas haven't rubbed off yet on China,
• 1:34:39
  Speaker 1: not completely, not the only clothes, so it can take
• 1:34:44
  Speaker 1: a long time for the ideas to rub off. And
• 1:34:47
  Speaker 1: some countries that are threatening you, you shouldn't give them
• 1:34:51
  Speaker 1: that time. You know what I didn't do. I didn't
• 1:34:54
  Speaker 1: think all the stick of people. So let me thank them.
• 1:34:57
  Speaker 1: Jose just did a fifty dollars kah, thank you. O
• 1:35:00
  Speaker 1: was really really really appreciate that. That is fantastic, thank you. Yeah,
• 1:35:09
  Speaker 1: all right, let's see what else we have. Troy, of course,
• 1:35:12
  Speaker 1: the five hundred Australian dollars. Really appreciate that, Troy, thank you.
• 1:35:16
  Speaker 1: Hesitate economy a couple of times, three times. Jonathan Honing,
• 1:35:22
  Speaker 1: I know, did a few of these, Alan, thank you,
• 1:35:27
  Speaker 1: and I'll thank the people who made a few statements
• 1:35:33
  Speaker 1: in a minute. But let's see if I missed anybody.
• 1:35:37
  Speaker 1: I got Jonathan again, Mary, Mary, thank you for the staker, Greg,
• 1:35:41
  Speaker 1: thank you, John Adyef Yeah, thank you. Guys. Really appreciate
• 1:35:47
  Speaker 1: the support. You have been great. All right, Najibaje agree
• 1:35:53
  Speaker 1: with them Part one. I understand this is a multi
• 1:35:57
  Speaker 1: generational battle. I don't much mind the way time, but
• 1:36:01
  Speaker 1: the fact that we're not even moving in the right
• 1:36:03
  Speaker 1: direction is infuriating. Two generations after that the shrug. We
• 1:36:07
  Speaker 1: should be on the verge of privatizing soial security instead
• 1:36:10
  Speaker 1: of praying the Supreme Court overthrows tariffs. I don't know
• 1:36:15
  Speaker 1: what standard you're using. I mean, it would be nice
• 1:36:19
  Speaker 1: if we were on the verge of privatizing soial security.
• 1:36:24
  Speaker 1: But how do you how do you come at two
• 1:36:27
  Speaker 1: generations after thatld shrug? We should be X, what's the algorithm?
• 1:36:31
  Speaker 1: What's the way in which we're thinking about this? You know,
• 1:36:36
  Speaker 1: how do I die spread? How quickly did they spread?
• 1:36:39
  Speaker 1: How quickly did they spread? To whom? Whom is it
• 1:36:42
  Speaker 1: important to have them spread? So? I don't I don't know.
• 1:36:49
  Speaker 1: I mean, you have to have a theory. I have
• 1:36:52
  Speaker 1: a theory, and that theory says, no privatist sal security
• 1:36:55
  Speaker 1: is going to take a long time. Much more than
• 1:36:58
  Speaker 1: two generations doesn't come close. Ideas spread slowly, the the
• 1:37:06
  Speaker 1: the advocacy for those ideas takes a lot. It takes
• 1:37:12
  Speaker 1: a long time to have an impact. It's a numbers game,
• 1:37:17
  Speaker 1: and it's very difficult to get those numbers when you're
• 1:37:21
  Speaker 1: so out of the mainstream. So you have to have
• 1:37:25
  Speaker 1: a theory of how intellectual movements impact the world and
• 1:37:30
  Speaker 1: how that, how that happens, how that you know moves
• 1:37:39
  Speaker 1: and over what time thing. And I don't think you
• 1:37:43
  Speaker 1: have I think I think you're just demoting in a sense,
• 1:37:45
  Speaker 1: right not to be insulting, right, I'm not, That's not
• 1:37:47
  Speaker 1: my intent, But you're just saying, you know, this is
• 1:37:50
  Speaker 1: what I think based on what I think. This takes
• 1:37:56
  Speaker 1: a very very, very long time. You get I ran,
• 1:38:01
  Speaker 1: then you get a Lina peakoff, Then you get three
• 1:38:03
  Speaker 1: or four of the intellectuals to get a Linar peakoff.
• 1:38:06
  Speaker 1: Then you get ten, then you get one hundred, then
• 1:38:08
  Speaker 1: you get a thousand. Now you're starting to talk about
• 1:38:12
  Speaker 1: having an impact on the culture. I mean on scale
• 1:38:16
  Speaker 1: a thousand intellectuals. But that takes a long time if
• 1:38:21
  Speaker 1: you think about an intellectuous career. I mean, and that's
• 1:38:24
  Speaker 1: many generations. There's Iran's generation, Lennard's generation, Harry's generation, Gret
• 1:38:31
  Speaker 1: you know, on Call's generation, and a new generation. Now
• 1:38:36
  Speaker 1: they're all separated by a couple of decades, almost a generation,
• 1:38:40
  Speaker 1: and then we've still got generations to go to get
• 1:38:43
  Speaker 1: to a thousand. It takes time, a long time. Sadly,
• 1:38:51
  Speaker 1: neo ran such as shift to said a shift to
• 1:38:55
  Speaker 1: capitalism must be STRATEGI cannot suddenly. But I suspect if
• 1:38:59
  Speaker 1: it happened, socialists will still claim credit since statuss will
• 1:39:04
  Speaker 1: be the ones guiding it. Well, status won't be guiding it,
• 1:39:11
  Speaker 1: I mean, or at least they'll be less status than
• 1:39:14
  Speaker 1: ever before. There'll be people that have a vision for
• 1:39:20
  Speaker 1: what it should look like in the future. And if
• 1:39:26
  Speaker 1: it's really a shift, if it's really going to happen
• 1:39:29
  Speaker 1: over time and it's not clearly, there will be status
• 1:39:31
  Speaker 1: they could be. I mean, even objective is achieving power.
• 1:39:34
  Speaker 1: Are not going to shift capitalism suddenly. It's going to
• 1:39:42
  Speaker 1: be strategically. So I guess I don't quite understand the question,
• 1:39:49
  Speaker 1: and the status will be less status. There is such
• 1:39:52
  Speaker 1: a thing as gradation of statism. Less statism is better
• 1:39:56
  Speaker 1: than most statism. Shaw's bat is quoting and Or from
• 1:40:02
  Speaker 1: and or the show on Disney. How do we win?
• 1:40:08
  Speaker 1: We lose and lose and lose until we're ready. That's
• 1:40:14
  Speaker 1: the rebel mentor to rebel recruits. Yeah, I mean, that's
• 1:40:18
  Speaker 1: absolutely right. You're not gonna win until you lose a lot.
• 1:40:25
  Speaker 1: It takes a long time, It takes a lot of losses,
• 1:40:30
  Speaker 1: and it seems desperate, but it is what it is.
• 1:40:34
  Speaker 1: M Greg Lewis says, why B rights YBS rights? I'm
• 1:40:41
  Speaker 1: not sure what that is? All right, thank you? I
• 1:40:44
  Speaker 1: think he just wrote something for the for the for
• 1:40:46
  Speaker 1: the for to count towards the thirty. Uh. Milko says,
• 1:40:50
  Speaker 1: here we are, thank you, Milko. I'll see you on Saturday.
• 1:40:53
  Speaker 1: Liam says, did Trump being a compulsive liar and repressor
• 1:40:58
  Speaker 1: is causing his health to decay? Its possible he doesn't
• 1:41:01
  Speaker 1: make it out of a second term. I look, he's
• 1:41:03
  Speaker 1: what seventy eight eighty, I don't know how old he is,
• 1:41:07
  Speaker 1: seventy eight, seventy nine. Yeah, I mean, there's a good pubbleity.
• 1:41:11
  Speaker 1: He doesn't make it out of this term. I mean,
• 1:41:13
  Speaker 1: your life expectancy at this age is I mean, there's
• 1:41:17
  Speaker 1: a real risk, lots of risks, and being a compulsive
• 1:41:21
  Speaker 1: lion of repressor doesn't help your health. It doesn't. So
• 1:41:29
  Speaker 1: how bad is he gonna? You know, I don't know,
• 1:41:31
  Speaker 1: but it doesn't I think right now it's just conspiracy
• 1:41:34
  Speaker 1: theories and nonsense. But yeah, I wouldn't be surprised if
• 1:41:39
  Speaker 1: Trump got ill. I wouldn't be surprised if he dropped Getter,
• 1:41:41
  Speaker 1: wouldn't be surprised if he hadn't developed dementia, domin developed anything.
• 1:41:46
  Speaker 1: There's no I mean, he's just at that age where
• 1:41:48
  Speaker 1: these things happen. John, Okay, stickers must not be being counted.
• 1:41:58
  Speaker 1: I think early on it wasn't counting everything, but then
• 1:42:00
  Speaker 1: it started counting everything, So I don't know it was
• 1:42:02
  Speaker 1: I'll complain, Clark, this doesn't feel like pre Nazi Germany
• 1:42:06
  Speaker 1: to you at all. I mean, it's got elements of it,
• 1:42:09
  Speaker 1: but no, it doesn't. I mean one of the reasons
• 1:42:15
  Speaker 1: is that, literally, I mean, what do you mean by
• 1:42:18
  Speaker 1: pre Nazi Germany? But there was opposition, There wasn't that
• 1:42:23
  Speaker 1: much opposition once Hitler took power and once he started rolling.
• 1:42:29
  Speaker 1: And I think there is opposition today. There's a vast
• 1:42:32
  Speaker 1: number of Americans who oppose what is happening. But yeah,
• 1:42:36
  Speaker 1: there's definitely a sense of we're heading towards greater and
• 1:42:40
  Speaker 1: greater statism, more and more palitarianism, and potential fascism. There's
• 1:42:45
  Speaker 1: no question. And I keeps saying that, I just don't
• 1:42:48
  Speaker 1: think it's Nazism that what we're going to get. Don't
• 1:42:51
  Speaker 1: expect the same thing to repeat. Daniel says the US
• 1:42:57
  Speaker 1: conducted illegal strike on a vessel lead leaving Venezuela. Yeah,
• 1:43:02
  Speaker 1: I mean the building up didn't excuse to do something
• 1:43:06
  Speaker 1: in Venezuela militarily. There's no question they'll say that the
• 1:43:10
  Speaker 1: legal strike is the vessel is carrying drugs, and that's
• 1:43:14
  Speaker 1: the justification for the legal strike. One drugs is a war,
• 1:43:21
  Speaker 1: and it's not a war of self defense, and it's
• 1:43:25
  Speaker 1: a pretty stupid war to be engaged in. But it's
• 1:43:29
  Speaker 1: par for the course for Trump. Ryan, what is the
• 1:43:34
  Speaker 1: best way to monitor the flow of investment in capital
• 1:43:38
  Speaker 1: out of the US. Is this easy to see amongst
• 1:43:42
  Speaker 1: all the other economic data out there things? Yeah, I
• 1:43:45
  Speaker 1: mean you should be able to see that. I mean suddenly,
• 1:43:51
  Speaker 1: if it's going out of the US, you would see
• 1:43:55
  Speaker 1: the dollar decline a lot more than its declining, but
• 1:43:58
  Speaker 1: the fact that it's declining some of that. But you
• 1:44:02
  Speaker 1: would also see net investment change. You would look at
• 1:44:06
  Speaker 1: net foreign investment how much how much money is leaving
• 1:44:10
  Speaker 1: the United States versus how much money is flowing in.
• 1:44:13
  Speaker 1: And a lot of money continues to flow into the
• 1:44:15
  Speaker 1: United States. So there a variety of different measures you
• 1:44:21
  Speaker 1: can look and it doesn't look like people are pulling
• 1:44:24
  Speaker 1: money out of the US. Although people are generally more
• 1:44:29
  Speaker 1: reluctant to whole dollars, the dollar is getting cheaper. Friend
• 1:44:37
  Speaker 1: Harper says, keep up the good work. Thank you, fend Harper,
• 1:44:40
  Speaker 1: thanks for the support, Udif says company YouTube, thank you.
• 1:44:43
  Speaker 1: Rdf Ryan says. If ever the pleasure of one has
• 1:44:48
  Speaker 1: to be bought by the pain of other of another,
• 1:44:53
  Speaker 1: they better be no trade at all. Yes, a trade
• 1:44:57
  Speaker 1: by which one gains and the other losers is fraud. Well,
• 1:45:01
  Speaker 1: it might not be a fraud because one party might
• 1:45:03
  Speaker 1: be a masochist or a sacrificer, but you know, ultimately
• 1:45:10
  Speaker 1: lose when trades turn into lose lose, So be aware.
• 1:45:15
  Speaker 1: Do you really want to deal with a sacrificer? Do
• 1:45:18
  Speaker 1: you really want to deal with a massachist? No? And
• 1:45:24
  Speaker 1: you should walk away from trades like that. So in
• 1:45:27
  Speaker 1: that sense, absolutely, even if it's all upfront and everybody
• 1:45:30
  Speaker 1: knows about it, not healthy, not good for you, just
• 1:45:33
  Speaker 1: like Mary Ellen. Yo, dude, hey Mary Allen? Is it?
• 1:45:41
  Speaker 1: Thank you? Marilyn? Is it the economy? A bit ago,
• 1:45:44
  Speaker 1: you said young people don't need to focus on savings,
• 1:45:47
  Speaker 1: but modest investing index funds early compound safely greatly. Why wait, Well,
• 1:45:55
  Speaker 1: I mean I didn't say you shouldn't. I said when
• 1:45:58
  Speaker 1: you're when you're young, you're not making a lot of money.
• 1:46:02
  Speaker 1: You've got to live, and it's better to live and
• 1:46:08
  Speaker 1: to invest in yourself. Invest in your education, invest in
• 1:46:12
  Speaker 1: having a decent place to live, invest in having a car,
• 1:46:16
  Speaker 1: having a way to invest in a good computer, invest
• 1:46:22
  Speaker 1: in those kind of things that make you more productive,
• 1:46:26
  Speaker 1: and savings will come. Because if you if you invest
• 1:46:29
  Speaker 1: in making yourself more productive when you're young and still
• 1:46:33
  Speaker 1: enjoy life, don't view life when you're young as a
• 1:46:36
  Speaker 1: sacrifice for when I'm old, Because I mean, no point
• 1:46:42
  Speaker 1: in your life should be a sacrifice for something, but
• 1:46:46
  Speaker 1: invest so live live decently. You know, you don't have
• 1:46:50
  Speaker 1: to be lavish, and you don't have to extravagance, and
• 1:46:52
  Speaker 1: you don't have to be wasteful, but also don't feel
• 1:46:57
  Speaker 1: like you have to pinch pennies when you're making a
• 1:47:00
  Speaker 1: good living, and you know, buy the things that are
• 1:47:06
  Speaker 1: crucial for you to live well and to make it
• 1:47:10
  Speaker 1: possible for you to become more productive in the future.
• 1:47:15
  Speaker 1: So there's plenty of time when you're young to be investing,
• 1:47:20
  Speaker 1: to be saving. And I get it that some people
• 1:47:22
  Speaker 1: say you should start young because that develops a habit
• 1:47:26
  Speaker 1: of saving, and there's something to be said for that.
• 1:47:28
  Speaker 1: But I'm assuming that when you reach the point where
• 1:47:30
  Speaker 1: saving is required and needed and you have enough money
• 1:47:34
  Speaker 1: to save, then you'll do it. When you're young. You
• 1:47:38
  Speaker 1: just don't have a lot of money to say. Now, look,
• 1:47:40
  Speaker 1: if you're young and you're making half a million dollars
• 1:47:42
  Speaker 1: a year, yeah, save, there's no reason you should be
• 1:47:45
  Speaker 1: spending half a million dollars a year. But if you're
• 1:47:49
  Speaker 1: young and you're making one hundred thousand a year, seventy
• 1:47:51
  Speaker 1: thousand a year, sixty thousand a year, then it's just
• 1:47:55
  Speaker 1: not enough to really be saving. If you believe that
• 1:47:59
  Speaker 1: you're in potential in the future, is greater invest in
• 1:48:03
  Speaker 1: making sure that you can get to the point where
• 1:48:05
  Speaker 1: you're making one hundred two hundred three hundred four hundred
• 1:48:08
  Speaker 1: thousand a year in your future. Michael says, this is
• 1:48:15
  Speaker 1: completely different to what we were told as children. Yeah,
• 1:48:18
  Speaker 1: most of what I say is completely different than what
• 1:48:21
  Speaker 1: you were told as children. I'm focused on living, actual living,
• 1:48:26
  Speaker 1: not ondoing duty and not on sacrificing and not on
• 1:48:30
  Speaker 1: suffering for some goal in the future. Living and part
• 1:48:34
  Speaker 1: of living is to live and have to think about
• 1:48:40
  Speaker 1: the future. But the main way when you're young to
• 1:48:42
  Speaker 1: think about the future is invest in your skill set
• 1:48:48
  Speaker 1: so that you can be rich in the future. That's
• 1:48:52
  Speaker 1: the main thing you should be investing in, building contacts,
• 1:48:57
  Speaker 1: having the right equipment so you can do your job
• 1:48:59
  Speaker 1: well well. Getting educated and educated I don't mean necessarily
• 1:49:04
  Speaker 1: going to university, but educating yourself, figuring out right now,
• 1:49:07
  Speaker 1: figuring out how to use AI, spending time on that.
• 1:49:12
  Speaker 1: Doing things like that, I'm much more important than putting
• 1:49:15
  Speaker 1: money aside for a rainy day. Now, as you get older,
• 1:49:20
  Speaker 1: as you enter your thirties, and suddenly as you get
• 1:49:22
  Speaker 1: into your forties, you better start saving and you better
• 1:49:25
  Speaker 1: start making more money. But invest in your future rather
• 1:49:31
  Speaker 1: than invest in the stock market. Yeah, much more control
• 1:49:35
  Speaker 1: over your future as well. That is my That is
• 1:49:44
  Speaker 1: my view of investing. Kim says intellectuals are only hope
• 1:49:49
  Speaker 1: for the objectives movement. I mean, I don't know what
• 1:49:52
  Speaker 1: else there is. I mean, objectivism is a philosophical movement.
• 1:49:57
  Speaker 1: How can you have a philosophical movement without an intellectuals.
• 1:50:01
  Speaker 1: It's a philosophy. Somebody has to be able to explain, teach, articulate,
• 1:50:08
  Speaker 1: apply the philosophy. So it relies on intellectuals. Now, it
• 1:50:22
  Speaker 1: maybe doesn't rely on intellectuals right now. Maybe you can say, Okay,
• 1:50:25
  Speaker 1: they're not going to be any objectives intellectuals the next
• 1:50:28
  Speaker 1: ten years, but then there'll be intill at some point
• 1:50:31
  Speaker 1: they have to be intellectuals. Otherwise objectivesm cannot grow to
• 1:50:36
  Speaker 1: a point of prominence in the culture. Intellectuals of what
• 1:50:42
  Speaker 1: shape the world? Now it can't only be intellectuals. So
• 1:50:46
  Speaker 1: it's it's going to be great. It's going to be
• 1:50:50
  Speaker 1: great to have businessmen who are successful scientists, are successful engineers,
• 1:50:57
  Speaker 1: is successful. Who say a projectivist and my success, I
• 1:51:02
  Speaker 1: owe much of my success to my objectivism. That will
• 1:51:05
  Speaker 1: also help, and that'll give us a huge boost forward.
• 1:51:11
  Speaker 1: But somebody has to articulate a philosophical case for all
• 1:51:14
  Speaker 1: of this, And who can do that other than intellectuals.
• 1:51:19
  Speaker 1: That's their profession, that's their job. Most people are too
• 1:51:23
  Speaker 1: busy living to be able to be communicators of an ideas.
• 1:51:27
  Speaker 1: Communicators of ideas are by definition intellectuals, Raphel says, hey 'ron.
• 1:51:35
  Speaker 1: Most debates have framed as capitalism versus socialism, where the
• 1:51:39
  Speaker 1: takeaway is let's avoid extremes and go for social democracy.
• 1:51:43
  Speaker 1: Don't you think the focus should be against social democracy? Yes? Absolutely,
• 1:51:49
  Speaker 1: but the audience you know, and usually I have to say,
• 1:51:57
  Speaker 1: usually when I debate people on socialism, it boils down
• 1:52:01
  Speaker 1: to me debating against social democracy because they want to
• 1:52:05
  Speaker 1: moderate their socialist position. They don't want it to be extreme.
• 1:52:09
  Speaker 1: Sometimes that debate socialists like I will be debating a
• 1:52:13
  Speaker 1: real socialist on November thirteenth in Colorado Springs, and you
• 1:52:18
  Speaker 1: guys are all invited. By the way, Ben, I think
• 1:52:24
  Speaker 1: you need a debate both. It's more difficult to debate
• 1:52:28
  Speaker 1: a social democracy guide the slip rear. They don't believe
• 1:52:32
  Speaker 1: in anything, they don't stand for anything. But yeah, you
• 1:52:36
  Speaker 1: need to debate both. And the social democracy is what
• 1:52:42
  Speaker 1: I find out often land up debating when I debate
• 1:52:44
  Speaker 1: a socialists because they don't want to actually own the
• 1:52:47
  Speaker 1: means of production. They want more welfare. That's what Bernie
• 1:52:52
  Speaker 1: Sanders wants, more welfare. Yeah, Chandler, you invite, can come,
• 1:53:01
  Speaker 1: you can come. James Taylor says, Notice how the right
• 1:53:09
  Speaker 1: only cares about free speech when it defends racism. They're
• 1:53:13
  Speaker 1: upset Europeans being arrested for writing racist and tribalist comments,
• 1:53:18
  Speaker 1: not because they believe in any kind of absolute right
• 1:53:20
  Speaker 1: to speech, but because they want more xenophobia and tribalist
• 1:53:24
  Speaker 1: views expressed in the West. I mean, I think that's right,
• 1:53:27
  Speaker 1: but it's still absolutely right that if you're going to
• 1:53:31
  Speaker 1: defend free speech, you have to defend the right of
• 1:53:33
  Speaker 1: racist to be racists. And the testers are they going
• 1:53:40
  Speaker 1: to defend the right of Muslims to advocate for Islam?
• 1:53:43
  Speaker 1: And are they going to defend the right of communists
• 1:53:45
  Speaker 1: advocate for communism and the right of socialist advocate for socialism.
• 1:53:49
  Speaker 1: We as defenders the true defenders of free speech have
• 1:53:54
  Speaker 1: to defend the right of all those groups to defend
• 1:53:56
  Speaker 1: to articulate decades. But I think you're right they motivate.
• 1:54:00
  Speaker 1: The motivation of the European right is not free speech,
• 1:54:03
  Speaker 1: qua free speech, quite enlightenment value of free speech. Their
• 1:54:08
  Speaker 1: motivation is they want more racist speech. They don't want
• 1:54:12
  Speaker 1: to be silenced themselves. Friend Harper thoughts in the emotion
• 1:54:17
  Speaker 1: of fear, what does the world would identify causes? It
• 1:54:22
  Speaker 1: identifies threats, So that identifies threats to you, to your life,
• 1:54:28
  Speaker 1: to your ultimately to your values. Fear is not is
• 1:54:32
  Speaker 1: a good emotion. It's an important emotion. It's really what
• 1:54:37
  Speaker 1: you do with it. It's it's important to be afraid
• 1:54:39
  Speaker 1: of things that threaten you because it's a signal, Huh,
• 1:54:44
  Speaker 1: I need I need to protect myself, I need to
• 1:54:46
  Speaker 1: do something, I need to figure this out. It's some
• 1:54:50
  Speaker 1: the emotion that's a problem. The emotion is important because
• 1:54:55
  Speaker 1: it elevates to your awareness this risk that if you know,
• 1:55:02
  Speaker 1: if it's based on facts, and the problem is when
• 1:55:06
  Speaker 1: the fear overwhelms you and becomes the motivation for all
• 1:55:14
  Speaker 1: your actions and you lose the ability to be objective
• 1:55:17
  Speaker 1: about the fear, you lose the capacity to actually engage
• 1:55:25
  Speaker 1: with the facts. You're paralyzed by that fear. So it
• 1:55:35
  Speaker 1: identifies threats to your values. It's caused by the existence
• 1:55:41
  Speaker 1: of threats, by the reality of that threat. Right And says,
• 1:55:48
  Speaker 1: I think the less you're you're able to interpret reality
• 1:55:52
  Speaker 1: using your own mind, the easy it is for someone
• 1:55:55
  Speaker 1: to convince you times are terrible and things are bad. Absolutely, absolutely,
• 1:56:01
  Speaker 1: I mean, at the end of the day, the core
• 1:56:03
  Speaker 1: problem is educational system and the fact that people can't
• 1:56:08
  Speaker 1: interpre of things for themselves. They can't understand the world
• 1:56:11
  Speaker 1: for themselves. They don't know how to do that, they
• 1:56:13
  Speaker 1: don't have the skill set to do it, and that
• 1:56:17
  Speaker 1: leaves the vulnerable to the modern intellectuals who are motivated
• 1:56:23
  Speaker 1: to convince them that things are bad because then the
• 1:56:27
  Speaker 1: solution it's going to end, but I can save it.
• 1:56:31
  Speaker 1: Vote for me, give me your money. By the way,
• 1:56:36
  Speaker 1: we're only seventy two dollars short of I think half
• 1:56:39
  Speaker 1: an hour's past. Only seventy two dollars short of our
• 1:56:43
  Speaker 1: three hour goal seven and fifty dollars. It would be
• 1:56:46
  Speaker 1: great if we could achieve our three hour goal. We
• 1:56:48
  Speaker 1: are going to enter our third hour in two minutes.
• 1:56:52
  Speaker 1: So yeah, stickers, we've done great today, so thank you.
• 1:56:57
  Speaker 1: But if we can achieve the seven fifty, that even better.
• 1:57:00
  Speaker 1: I mean yesterday we achieved it. It would be great
• 1:57:03
  Speaker 1: to do it two days in a row. But for
• 1:57:05
  Speaker 1: that we need seventy two dollars. So if somebody wants
• 1:57:07
  Speaker 1: to do a sticker or ask more questions, jump in.
• 1:57:13
  Speaker 1: If Evil Ticky do Scotis actually need to take any
• 1:57:17
  Speaker 1: of these cases, can't they pass? And then the low
• 1:57:20
  Speaker 1: code ruling stands, Yes, that's absolutely right, they can, and
• 1:57:24
  Speaker 1: maybe they will. I have a feeling, given the gravity,
• 1:57:28
  Speaker 1: given the importance of these cases, given the pressure the
• 1:57:33
  Speaker 1: Trump is going to put on them and on the
• 1:57:35
  Speaker 1: judiciary more broadly, that they will take many of these cases,
• 1:57:40
  Speaker 1: or at least the bigger ones, the tariffs, maybe this
• 1:57:43
  Speaker 1: one about deploying troops into cities. Some of these bigger
• 1:57:47
  Speaker 1: ones I think they will will take, but you're right,
• 1:57:50
  Speaker 1: they don't have to, and given how full their docut is,
• 1:57:54
  Speaker 1: maybe they won't take them all. Michael Kaufman, thank you
• 1:58:00
  Speaker 1: for the sticker, really appreciated, and I just saw one
• 1:58:03
  Speaker 1: from Nate. Nate, thank you, really appreciate the supports with
• 1:58:09
  Speaker 1: down to just just seventy dollars short of that magic
• 1:58:15
  Speaker 1: seven hundred and fifty. All right, Mary Eli says she
• 1:58:20
  Speaker 1: wants a flying car, me too, Mary Mary says, okay,
• 1:58:24
  Speaker 1: here it is. Thank you, Mary Matt. If you were
• 1:58:28
  Speaker 1: a young person dating in the modern era, how would
• 1:58:31
  Speaker 1: you feel about seeing being with the girl who posts
• 1:58:34
  Speaker 1: racy pictures of herself on social media? I mean, it
• 1:58:42
  Speaker 1: depends how racy they are, right, I mean that parstibly,
• 1:58:45
  Speaker 1: But I would ask myself why is she doing that?
• 1:58:48
  Speaker 1: What is her motivation? I would confront her about it
• 1:58:51
  Speaker 1: and ask her that. I mean, I see, I think
• 1:58:56
  Speaker 1: young people today obsessed with selfies, the obsessed with taking
• 1:58:59
  Speaker 1: pictures of themselves. I don't see anything negative about, you know,
• 1:59:08
  Speaker 1: sexy pictures, sexy photographs. So again, it depends on how
• 1:59:13
  Speaker 1: racy they are. But what is the obsession of posting
• 1:59:19
  Speaker 1: pictures on social media? To begin with? Why are you
• 1:59:23
  Speaker 1: posting these? I would just want to get more insight
• 1:59:26
  Speaker 1: into the reasons, and they might be completely acceptable, reasonable
• 1:59:30
  Speaker 1: reasons for doing it, so I wouldn't rule out such
• 1:59:35
  Speaker 1: a goal, but I would want to know more about
• 1:59:38
  Speaker 1: her motivation and her personality. Is this a narcissism? Is it,
• 1:59:46
  Speaker 1: you know, a need to be to be you know?
• 1:59:50
  Speaker 1: Is it some form of exhibitionism? Is it a need
• 1:59:54
  Speaker 1: to be seen? I mean, what about women to just
• 1:59:56
  Speaker 1: dress pretty racy on a day to day basis? Never
• 2:00:00
  Speaker 1: mind social media is just walking the street that way?
• 2:00:04
  Speaker 1: I mean, is that bad? If a woman takes pride
• 2:00:09
  Speaker 1: enjoy in her sexyness, I think it's a positive, But
• 2:00:15
  Speaker 1: it really depends on their motivation. What is motivating? Is
• 2:00:18
  Speaker 1: it the yeah, I'm sexy and you don't deal with
• 2:00:24
  Speaker 1: it kind of attitude? And I like the fact that
• 2:00:27
  Speaker 1: I'm sexy. I'm embracing the fact that I'm sexy and
• 2:00:29
  Speaker 1: this is part of who I am. This is cool.
• 2:00:32
  Speaker 1: That's one attitude which I'm positively kind to would towards,
• 2:00:38
  Speaker 1: versus the attitude of look at me, please look at me.
• 2:00:42
  Speaker 1: I need attention. I need to be the center of
• 2:00:44
  Speaker 1: your focus, which is a bad attitude. So it really depends.
• 2:00:58
  Speaker 1: All right, let's see, don't think it's necessarily narcissistic. In
• 2:01:01
  Speaker 1: other words, Jose, do you see intellectual movement in Puerto Rico?
• 2:01:12
  Speaker 1: I don't. I mean, there's one free market think tank
• 2:01:15
  Speaker 1: in Puerto Rico. It's kind of sad, but they've never
• 2:01:18
  Speaker 1: really I had lunch with a guy who runs it
• 2:01:21
  Speaker 1: when he's start early on, and I've offered a help
• 2:01:24
  Speaker 1: and I've offered to do stuff for them, and they've
• 2:01:28
  Speaker 1: never contacted me. So, but I don't see any other
• 2:01:33
  Speaker 1: intellectual really network developing in Puerto Rico, which there was.
• 2:01:37
  Speaker 1: I'm there happy to help and support such a network
• 2:01:42
  Speaker 1: if it was happening. There's such a movement if it
• 2:01:46
  Speaker 1: was happening, but I just don't see it now. Granted
• 2:01:50
  Speaker 1: I don't speak Spanish, which is a big disadvantage in
• 2:01:53
  Speaker 1: Puerto Rico. But all right, Ryan, any plans for the
• 2:01:58
  Speaker 1: New Year's Show? Yeah, I mean it's September ready, I know,
• 2:02:01
  Speaker 1: no concrete ones. I'll start thinking about that when I
• 2:02:04
  Speaker 1: get back home, and it would be nice to kind
• 2:02:08
  Speaker 1: of line up maybe a series of interviews, like maybe
• 2:02:11
  Speaker 1: I have Alex come on, and maybe you have a
• 2:02:13
  Speaker 1: bunch of other people come on the show during New
• 2:02:17
  Speaker 1: Years just to do like fifteen to twenty minute short
• 2:02:20
  Speaker 1: like what's going on, what's happening, or why they support
• 2:02:23
  Speaker 1: their on book show or something like that. But generally
• 2:02:26
  Speaker 1: we'll be I think the goal this year will definitely
• 2:02:29
  Speaker 1: be twenty thousand dollars. I think that was the goal
• 2:02:32
  Speaker 1: last year, so I'll have to go back and check,
• 2:02:35
  Speaker 1: but yeah, it's going to be ambitious. We're going to
• 2:02:39
  Speaker 1: go for big, big dollars and it'll be a lot
• 2:02:42
  Speaker 1: of fun. It'll be unbelievably long, and I'll try to
• 2:02:46
  Speaker 1: get other people to participate so that make it more interesting.
• 2:02:52
  Speaker 1: All right, last question for Peter. People trying to rationalize
• 2:02:59
  Speaker 1: the action of an orange non entity reminds me of
• 2:03:03
  Speaker 1: a medieval scholastics trying to make sense of a different nonentity. Yeah,
• 2:03:09
  Speaker 1: I mean there's a lot of similarity. Faith is involved,
• 2:03:12
  Speaker 1: mindlessness is involved, and a lot of rationalization. A lot
• 2:03:18
  Speaker 1: of rationalization is involved. All right, guys, you were great today.
• 2:03:25
  Speaker 1: Thank you to everybody. We did great on the superchat
• 2:03:29
  Speaker 1: and we achieved YouTube's goal of thirty in an hour.
• 2:03:34
  Speaker 1: That was amazing, so thank you for that. I left
• 2:03:36
  Speaker 1: to bump it up at the fifty next time to
• 2:03:38
  Speaker 1: challenge you guys, and so thank you all. The superchat
• 2:03:43
  Speaker 1: is thank you again to Troy for the five hundred
• 2:03:47
  Speaker 1: Australian dollars. That was amazing. Thank you for you guys.
• 2:03:49
  Speaker 1: Who did fifty bucks and I will see you tomorrow tomorrow.
• 2:03:57
  Speaker 1: The show will be a little later, will be an
• 2:04:00
  Speaker 1: hour later, I don't think more than that. So four
• 2:04:03
  Speaker 1: pm Eastern time tomorrow, and then I think will either
• 2:04:07
  Speaker 1: be at four or five pm on Thursday and Friday.
• 2:04:11
  Speaker 1: So have a great rest of your week. I am
• 2:04:14
  Speaker 1: going to the Fizzi Gallery tomorrow, one of the great,
• 2:04:18
  Speaker 1: great great art galleries in the world. I'm going to
• 2:04:22
  Speaker 1: go tomorrow. Including in my ticket is access to the
• 2:04:26
  Speaker 1: secret corridor the connects the Fizzi Gallery somewhere I'll tell
• 2:04:32
  Speaker 1: you tomorrow way connects to the Medici could go for
• 2:04:37
  Speaker 1: I also want to show you some tomorrow, if I
• 2:04:40
  Speaker 1: can get myself organized. I want to show you some
• 2:04:43
  Speaker 1: photos from the Basilica scent Quotcee, which which is just
• 2:04:55
  Speaker 1: amazing because it houses the it's a burial site of
• 2:05:03
  Speaker 1: so many geniuses that it's truly an amazing place. And
• 2:05:08
  Speaker 1: then it has plaques to commemorate other geniuses, all affiliated
• 2:05:13
  Speaker 1: in one way or another with Florence. I mean, and that's
• 2:05:15
  Speaker 1: an interesting question to ask ourselves, why during a Suddain
• 2:05:21
  Speaker 1: period of time in history that so many height I
• 2:05:26
  Speaker 1: Q we'll use it i Q as a measure. You know, geniuses.
• 2:05:31
  Speaker 1: So many geniuses were born in one place during a
• 2:05:36
  Speaker 1: short period of time. Why were so many? Why does
• 2:05:39
  Speaker 1: that happen? And if IQ it's just genes, how did
• 2:05:45
  Speaker 1: that happen, you know, just in a place like Florence.
• 2:05:49
  Speaker 1: Maybe it's not just genes. Maybe there's something else going on. Anyway,
• 2:05:56
  Speaker 1: we'll talk about that. I want to talk about Florence
• 2:05:58
  Speaker 1: and the proliferation of genius is influence, which is really
• 2:06:02
  Speaker 1: really interesting. See tomorrow and bye everybody.