Latest / Breaking Points with Krystal and Saagar / 6/18/26: Trump Haunted By Great Depression, Peter Thiel Secret Society Exposed

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6/18/26: Trump Haunted By Great Depression, Peter Thiel Secret Society Exposed · Breaking Points with Krystal and Saagar

• 0:00
  Speaker 1: Hey, guys, Saga and Crystal here.
• 0:01
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• 0:33
  Speaker 2: So we had some other very interesting comments from President
• 0:36
  Speaker 2: Trump at this G seven summit, talking more about his
• 0:40
  Speaker 2: thinking in ending the Iran War, saying he did not
• 0:43
  Speaker 2: want to be thought of like Herbert Hoover.
• 0:46
  Speaker 4: Let's take a listen.
• 0:47
  Speaker 3: Herbert Hoover.
• 0:48
  Speaker 5: I was always the one I didn't want to be.
• 0:52
  Speaker 5: I wouldn't have preferred Nixon, I wouldn't have preferred Plenty,
• 0:56
  Speaker 5: I wouldn't prefer but the one I always thought of
• 0:58
  Speaker 5: Herbert Hoover.
• 1:00
  Speaker 3: And he caused it.
• 1:01
  Speaker 5: He raised taxes too fast, and he raised interest rates
• 1:05
  Speaker 5: too fast, all at the same time, and it caused
• 1:10
  Speaker 5: the Great Depression. So I don't think I'll make mistakes
• 1:14
  Speaker 5: like that, I lower taxes, that I'll raise taxes. In fact,
• 1:16
  Speaker 5: we just gave you the largest tax decreased, largest tax
• 1:19
  Speaker 5: cut in the history of our country.
• 1:22
  Speaker 2: Always interesting soccer, when you get these little windows into
• 1:24
  Speaker 2: the way his mind works.
• 1:27
  Speaker 1: Yeah, you know, you know, by the way, sir, you
• 1:30
  Speaker 1: should be a lot more like Nexon.
• 1:31
  Speaker 3: He was much smarter and a better president actually than
• 1:34
  Speaker 3: you were in terms of Hoover. I mean, you know,
• 1:36
  Speaker 3: it's one of those where you actually made the apt
• 1:39
  Speaker 3: you know, comparison yesterday with Biden. You know, getting out
• 1:43
  Speaker 3: of this disaster obviously it's good. I'll celebrate it. But
• 1:47
  Speaker 3: you got us into this one, and I don't know
• 1:49
  Speaker 3: how much a lot of people are going to be forgiving.
• 1:52
  Speaker 3: I mean, even before the one hundred days of this disaster,
• 1:55
  Speaker 3: Trump's approval rating was already kind of in the toilet
• 1:58
  Speaker 3: because of his obsessions with Venezuela. And then there was
• 2:02
  Speaker 3: Epstein that was before that, and then before that were
• 2:05
  Speaker 3: all the fights about immigration. I guess actually some of
• 2:08
  Speaker 3: that was even in interlocked between all that and then
• 2:10
  Speaker 3: before that was Doge. I mean, I would say Liberation
• 2:13
  Speaker 3: Day was probably the day that Trump really lost the
• 2:16
  Speaker 3: country in terms of the overall feeling because people were
• 2:19
  Speaker 3: so upset about the it's just like what they were on,
• 2:22
  Speaker 3: and the memorandum, the deals on, the deals off, the
• 2:23
  Speaker 3: tariff's on, the tariff's off.
• 2:25
  Speaker 1: I mean, it was madness I think for quite a
• 2:27
  Speaker 1: lot of people, and people really suffered.
• 2:29
  Speaker 3: I think after that and the market, as he really
• 2:32
  Speaker 3: points to, they did not like it. So in terms
• 2:35
  Speaker 3: of hurting your own presidency, it might be sunk.
• 2:38
  Speaker 1: Now, that doesn't mean that we shouldn't do the deal.
• 2:39
  Speaker 3: We should obviously, I'll still celebrate it and give them
• 2:42
  Speaker 3: all of this, but it's going to be a very
• 2:44
  Speaker 3: very difficult hole to dig out of, especially with the economy.
• 2:48
  Speaker 1: I mean, what can you realistically do.
• 2:49
  Speaker 3: It's good, the gas price is going to go down,
• 2:52
  Speaker 3: it probably won't go back down to where it was,
• 2:55
  Speaker 3: and people are not going to forget one hundred days.
• 2:57
  Speaker 1: And remember they already said the amount.
• 3:00
  Speaker 3: Of money that people spent just on excess gas for
• 3:04
  Speaker 3: the hundred days of the war was more than the
• 3:07
  Speaker 3: entire tax refund of the Big Beautiful bill and outpaced
• 3:11
  Speaker 3: all of the commisserer wage gains. So unless you own
• 3:14
  Speaker 3: stocks in the S and P five hundred and you're
• 3:16
  Speaker 3: quite liquid, or you know, you have some investments, which
• 3:19
  Speaker 3: most people don't. I think it's only like forty percent
• 3:22
  Speaker 3: of people. Even then they would, though those they do,
• 3:23
  Speaker 3: it's in their retirement account. They can't access it right now.
• 3:27
  Speaker 3: There has been no financial upside to a lot of this,
• 3:29
  Speaker 3: and then the same you know, forces of inflation and
• 3:33
  Speaker 3: housing disaster and all of that that have been happening
• 3:36
  Speaker 3: now for five years continue to.
• 3:38
  Speaker 1: Flow on abated. So it's a very difficult hole to
• 3:41
  Speaker 1: crawl out of.
• 3:41
  Speaker 3: Yeah, it's like with Biden, you would have had to
• 3:43
  Speaker 3: start two years ago, man, and even then I'm not
• 3:45
  Speaker 3: so sure if you could have.
• 3:46
  Speaker 1: Done it well.
• 3:46
  Speaker 2: And here's the thing too, is, as we covered earlier
• 3:48
  Speaker 2: in this week, it's not like you just like snap
• 3:50
  Speaker 2: your fingers and oh, straight Upfoor moves. It's all back
• 3:52
  Speaker 2: to the normal, and everything's flowing and we're all good
• 3:54
  Speaker 2: to go. It's going to and the administration is openly
• 3:57
  Speaker 2: saying this, it's going to take months for things to
• 4:00
  Speaker 2: get back to normal. Even if you presume that the
• 4:04
  Speaker 2: negotiations go forward, and everything smoothly, and they come to
• 4:07
  Speaker 2: a deal, and shipping companies begin to feel comfortable transitting.
• 4:10
  Speaker 2: The straight of horm moves again, which is continues to
• 4:13
  Speaker 2: be a real question mark, and the you know, the
• 4:16
  Speaker 2: damage that's been done throughout the Gulf region begins to
• 4:18
  Speaker 2: be repaired, and you know, things that have been shut
• 4:21
  Speaker 2: down are brought back online, which again is not a
• 4:23
  Speaker 2: process like flipping a switch. So if there's one thing
• 4:26
  Speaker 2: we have learned about the way the economy works over
• 4:29
  Speaker 2: these years, it's that it takes a while for things
• 4:32
  Speaker 2: to get back. Meanwhile, we have you know, hot inflation
• 4:35
  Speaker 2: rating is coming in not just on the price of energy,
• 4:39
  Speaker 2: but on the price of everything, because energy literally fuels everything,
• 4:42
  Speaker 2: and because it's not only energy that was impacted by
• 4:45
  Speaker 2: this by this war. So Trump has been of course
• 4:48
  Speaker 2: making lots of noises about how he wants the uh
• 4:51
  Speaker 2: federate to be cut and brought in his own guy here,
• 4:55
  Speaker 2: Kevin Warsh, who you know, the thought was that he
• 4:58
  Speaker 2: would be the one who would be aligned to cut
• 5:00
  Speaker 2: the rates. Well, we have his first decision here as
• 5:03
  Speaker 2: fed share, and they're not hiking the rates yet, although
• 5:07
  Speaker 2: there is increased presumption that they will probably increase interest
• 5:10
  Speaker 2: rates sometime over the coming.
• 5:12
  Speaker 4: Year, but they are going to keep those rates steady.
• 5:15
  Speaker 2: Let's go ahead and take a listen to how he
• 5:16
  Speaker 2: announced this decision.
• 5:18
  Speaker 6: The Committee decided to maintain the target range for the
• 5:21
  Speaker 6: FED funds rate at three and a half to three
• 5:24
  Speaker 6: and three quarters percent, in support of the Fed's dual mandate.
• 5:30
  Speaker 6: The Committee also reaffirmed its policy of maintaining ample reserves
• 5:34
  Speaker 6: in the banking system. Economic activity is expanding out of
• 5:39
  Speaker 6: solid pace, despite elevated uncertainty that owes in part to
• 5:44
  Speaker 6: the conflict in the Middle East. Productivity growth and capital
• 5:49
  Speaker 6: investment both strong. Job gains have kept pace with the workforce.
• 5:54
  Speaker 6: The unemployment rate has changed little. We recognize that inflation
• 6:00
  Speaker 6: has been running well ahead of the Fed's long stated
• 6:04
  Speaker 6: inflation goal of two percent. That's been going on for
• 6:07
  Speaker 6: more than five years.
• 6:09
  Speaker 4: So very interesting the way he frames it there, right.
• 6:12
  Speaker 4: First of all, it's like he really really.
• 6:14
  Speaker 2: Downplays, like well, in part what's going on as the
• 6:16
  Speaker 2: Iran war. Anyway, most things are great, everything's going really well.
• 6:20
  Speaker 4: And this whole inflation thing.
• 6:22
  Speaker 2: We've been having inflation for a long time, five years
• 6:24
  Speaker 2: certainly has nothing to do with this guy who's in
• 6:26
  Speaker 2: office right here. So very interesting to see, you know,
• 6:28
  Speaker 2: the politics of the way that he's presenting all of this.
• 6:31
  Speaker 2: But you know, the bottom line is they are going
• 6:33
  Speaker 2: to hold the rates steady for now. Trump was asked
• 6:36
  Speaker 2: about this and seemed very nonplus. He said, literally like
• 6:39
  Speaker 2: whatever with regard to the rate, something he was previously
• 6:42
  Speaker 2: obsessed with.
• 6:42
  Speaker 4: I'll see where he goes from there. Let's take a
• 6:44
  Speaker 4: listen to that.
• 6:45
  Speaker 1: The Fed decision.
• 6:46
  Speaker 4: They held rates today, That all right, whatever, And it
• 6:50
  Speaker 4: looks like they might even raise them later this year.
• 6:52
  Speaker 5: It's up there. Do you have anything it could happen.
• 6:54
  Speaker 4: I mean, it's hard to believe.
• 6:57
  Speaker 5: It just keeps a country down, you know, So it's
• 7:00
  Speaker 5: so unusual.
• 7:04
  Speaker 3: But we have a very good.
• 7:05
  Speaker 5: Guy over there now, so I'm guided by what he wants.
• 7:08
  Speaker 4: To It's all right, whatever, okay.
• 7:11
  Speaker 2: And then they asked, okay, well, well, you know they
• 7:13
  Speaker 2: might raise the rates later.
• 7:14
  Speaker 4: That could happen. You know, I don't.
• 7:16
  Speaker 2: He clearly doesn't want that to happen and said he
• 7:18
  Speaker 2: thinks that keeps the country down, which in general it
• 7:20
  Speaker 2: does tend to do, and you know, has a lot
• 7:22
  Speaker 2: of impacts in terms of affordability with regard to mortgage
• 7:26
  Speaker 2: rates and things of that nature.
• 7:27
  Speaker 4: Garlands.
• 7:28
  Speaker 2: But because of the choices, the economic choices that he
• 7:30
  Speaker 2: has made, he has put the Fed in an impossible
• 7:32
  Speaker 2: position where it would actually be irresponsible for them to
• 7:35
  Speaker 2: cut the rates at this point.
• 7:36
  Speaker 3: Yeah, for market watchers, remember that they had to reverse
• 7:39
  Speaker 3: their prediction before the Iran War that rates were going
• 7:42
  Speaker 3: to drop as a result of Kevin Warsh and you
• 7:44
  Speaker 3: know some of the other factors. But now the current
• 7:47
  Speaker 3: expectation was not just holding rates flat, but the rates
• 7:50
  Speaker 3: will have to increase. Remember the bank, I think it
• 7:52
  Speaker 3: was the European Central Bank actually just hiked their interest rate.
• 7:55
  Speaker 3: I'm pretty sure the British Bank did as the Yeah,
• 7:59
  Speaker 3: I'm fairly certain that the British back did as well. Japan,
• 8:01
  Speaker 3: that's another country I think that also hYP rates very recently,
• 8:05
  Speaker 3: so you could see across the developed world. I'm also
• 8:07
  Speaker 3: looking just as of this morning, you know, the average
• 8:09
  Speaker 3: thirty year mortgage rate as of this morning is six
• 8:12
  Speaker 3: point five one percent and some others you know a
• 8:15
  Speaker 3: little bit of variation all the way down to six
• 8:17
  Speaker 3: point four. That's still very high. At the current you know,
• 8:20
  Speaker 3: the current housing costs, I believe so statistic where it
• 8:24
  Speaker 3: was like in one hundred US cities, the average starter home.
• 8:27
  Speaker 1: Is now roughly a million dollars.
• 8:29
  Speaker 3: And I mean, especially if you look at it, it's
• 8:32
  Speaker 3: it's got to be like high cost of living areas
• 8:34
  Speaker 3: where you know, again for people like a DC like,
• 8:36
  Speaker 3: oh yeah, that makes sense. I mean it shouldn't make sense,
• 8:38
  Speaker 3: but it does. That's the so, okay, So do the math.
• 8:41
  Speaker 3: Twenty percent down, got eight hundred k financed at six
• 8:45
  Speaker 3: point five percent. It's a rough looking you know, it's
• 8:48
  Speaker 3: a rough looking paycheck in terms of what you know,
• 8:51
  Speaker 3: in terms of your after tax income and the amount
• 8:53
  Speaker 3: that that's going to go to. You can do some
• 8:55
  Speaker 3: general math here of affordability, and people really have garden
• 8:58
  Speaker 3: start to get stretched when you look at that. So
• 9:01
  Speaker 3: I just see, you know, the interest rate combo, we
• 9:03
  Speaker 3: kind of all just accept it that the rate is high,
• 9:05
  Speaker 3: but when the price is not going to drop, that
• 9:07
  Speaker 3: just means very amount of household difficulty. And then people
• 9:11
  Speaker 3: staying locked into housing that they don't necessarily would have
• 9:14
  Speaker 3: or even want to stay in. But you know, they
• 9:17
  Speaker 3: may want to move, but they can't because they can't
• 9:19
  Speaker 3: afford to. Yeah, it's really very restrictive, I think in
• 9:21
  Speaker 3: terms of affordability.
• 9:23
  Speaker 2: I just saw this the NEWSIM yesterday too, that housing
• 9:26
  Speaker 2: starts so meaning like new construction of housing plunged fifteen
• 9:30
  Speaker 2: percent in May. It was the sharpest decline since the
• 9:35
  Speaker 2: pandemic in May of twenty twenty. They attributed to high
• 9:38
  Speaker 2: interest rates or elevated mortgage rates, elevated price of materials continually,
• 9:44
  Speaker 2: you know, causing problems. And they also say that there's
• 9:47
  Speaker 2: you know, sharp regional differences between what's going on. Actually
• 9:50
  Speaker 2: there's a building boom in the northeast, there's a decline
• 9:53
  Speaker 2: in the West and the South in particular. But you know,
• 9:56
  Speaker 2: when you think about affordability, like there needs to be
• 9:58
  Speaker 2: more housing construction or else you're going to have this
• 10:02
  Speaker 2: tight market.
• 10:03
  Speaker 4: And obviously price.
• 10:04
  Speaker 2: Is continuing to go up, and then the mortgage rates
• 10:06
  Speaker 2: have made it so the whole market is kind of
• 10:08
  Speaker 2: frozen in place. And these are some of the areas
• 10:10
  Speaker 2: where to your point, Sager, you know, this is not
• 10:13
  Speaker 2: this has not been something Trump has really focused on
• 10:15
  Speaker 2: at all, outside of you know, berating the FED chair
• 10:19
  Speaker 2: to do something about it effectively. And we played that
• 10:22
  Speaker 2: Maga grandma earlier in the week, who was like beside
• 10:24
  Speaker 2: herself saying, she literally is having panic attacks. And I
• 10:27
  Speaker 2: thought this was what he was going to be focused on.
• 10:29
  Speaker 2: And instead, we're doing tariffs, we're doing wars, we're doing Venezuela,
• 10:33
  Speaker 2: we're doing the immigration stuff.
• 10:34
  Speaker 4: Not that I think that that mega voter would be.
• 10:36
  Speaker 2: Particularly upset about that, but the focus on and we've
• 10:39
  Speaker 2: got the ballroom, we've got the reflecting pool, all the
• 10:42
  Speaker 2: sort of monuments to Trump as well, which I think
• 10:44
  Speaker 2: have really upset Americans, just because it really does feel
• 10:47
  Speaker 2: like this sort of Marie Antoinette approach where he's worried
• 10:51
  Speaker 2: about his legacy and his image and his beautiful ballroom
• 10:54
  Speaker 2: and has not focused whatsoever on the American people. And
• 10:57
  Speaker 2: it's not right said, I don't think about your financial situation,
• 11:00
  Speaker 2: and I love the inflation, So that is a difficult
• 11:03
  Speaker 2: political landscape for you to recover from.
• 11:05
  Speaker 3: Backtly you haunt him definitely put D five up there,
• 11:08
  Speaker 3: just what I was talking about with the banks. So currently,
• 11:11
  Speaker 3: there was an interesting moment yesterday where Kevin worsh you know,
• 11:14
  Speaker 3: just declined to join the dot plot, which but basically
• 11:18
  Speaker 3: only eighteen dots were submitted by the officials, one less
• 11:22
  Speaker 3: than the nineteen. In March, he declined to provide a
• 11:25
  Speaker 3: dot as to quarterly rate projections for the future, so
• 11:29
  Speaker 3: we don't yet know which way he'll decide in terms
• 11:32
  Speaker 3: of whether they're going to increase the interest rate.
• 11:35
  Speaker 2: This is basically meant to signal from each of the
• 11:37
  Speaker 2: decision makers whether they're thinking that the rates need to
• 11:40
  Speaker 2: go up or stay the same or go down. And
• 11:43
  Speaker 2: so he's clearly playing the politics here very closely and
• 11:47
  Speaker 2: decided not to record what he thinks is going to
• 11:52
  Speaker 2: happen or what he thinks needs to happen in the future.
• 11:55
  Speaker 2: So that's why it's just interesting from like a politics perspective.
• 11:58
  Speaker 1: Yeah, exactly.
• 11:59
  Speaker 3: And finally just D six. So I want to put
• 12:01
  Speaker 3: this up here because I just thought it was fascinating.
• 12:03
  Speaker 3: Is after the deal has been signed, there has now
• 12:06
  Speaker 3: been a huge push into dollar bets as the quote
• 12:10
  Speaker 3: US exceptionalism trade returns. I just thought this was very interesting.
• 12:15
  Speaker 3: Traders now expect a buoyant American economy to keep the
• 12:18
  Speaker 3: FED from cutting rates despite oil price fall, so they
• 12:21
  Speaker 3: said investors around the world are flocking back to the
• 12:24
  Speaker 3: US dollar, that the AI boom will help the world's
• 12:26
  Speaker 3: biggest economy outshine its peers this year and force the
• 12:29
  Speaker 3: Federal Reserve to keep interest rates high, which is going
• 12:32
  Speaker 3: to you know, create a stronger dollar. There are two
• 12:35
  Speaker 3: things I think one is the end of the war,
• 12:38
  Speaker 3: but two, obviously this is still remains the big bet
• 12:41
  Speaker 3: on AI. But three is actually here about the interest
• 12:44
  Speaker 3: rates because they want better returns, so they say, you know,
• 12:47
  Speaker 3: from the buoyancy of stock markets now to the recent
• 12:49
  Speaker 3: Federal reserve thing. But I also think it really does
• 12:52
  Speaker 3: have to deal with the confidence as well, you know,
• 12:54
  Speaker 3: with the president's comments there about well, you can't nobody
• 12:57
  Speaker 3: will take our dollar if they think that we're just
• 12:59
  Speaker 3: going to seize it. So a little bit of an
• 13:01
  Speaker 3: interesting signal there, But I think the bottom line remains
• 13:03
  Speaker 3: that like, look, nothing crazy is going to happen in
• 13:07
  Speaker 3: terms of the economy, and things that are on autopilot
• 13:11
  Speaker 3: just generally mean we're still going to have high inflation.
• 13:13
  Speaker 3: The fundamentals are bad for most people. Consumer sentiment is
• 13:17
  Speaker 3: probably going to remain quite low as a result. It
• 13:19
  Speaker 3: already was even before the Iran War happened, and so
• 13:22
  Speaker 3: absence something serious really serious in terms of government action.
• 13:27
  Speaker 3: It's just going to be like this for some time,
• 13:30
  Speaker 3: which I know is very, very difficult for most people
• 13:32
  Speaker 3: who are out there.
• 13:33
  Speaker 1: Okay, why don't we get to the Peter teele.
• 13:37
  Speaker 2: So wired to publish some interesting revelations about mister Antichrist himself.
• 13:42
  Speaker 2: Peter teele let's put this up on the screen. They
• 13:45
  Speaker 2: got their hands on a leak which exposed members of
• 13:48
  Speaker 2: Peter Tele's secretive Dialogue Society. More than two hundred of
• 13:53
  Speaker 2: the world's elites registered for a retreat whose agenda runs
• 13:56
  Speaker 2: from panels on cult building and sex to repping for
• 14:00
  Speaker 2: World War three and associated app offers matchmaking. So for
• 14:04
  Speaker 2: the global elites looking for other global elites interesting in
• 14:09
  Speaker 2: building cults, I guess that's the way to go about it.
• 14:12
  Speaker 2: We read you a little bit of this article and
• 14:16
  Speaker 2: the details of who was exposed here, they say. Some
• 14:19
  Speaker 2: data lays out a program of off the record sessions
• 14:22
  Speaker 2: including money does Buy Happiness, question mark, bring back nuclear navigating,
• 14:27
  Speaker 2: World War three battlefield technologies, and how's your sex life.
• 14:31
  Speaker 2: Other talks include build a Cult, moderated by the founder
• 14:33
  Speaker 2: of the Christian networking site pray dot com, and build
• 14:36
  Speaker 2: a party run by a former White House National security official. Together,
• 14:41
  Speaker 2: alongside the mundane fare of a typical thought leadership conference,
• 14:43
  Speaker 2: the documents show an.
• 14:44
  Speaker 4: Extraordinary convergence of power.
• 14:47
  Speaker 2: The registration records list General Alexis Grinkowitch, NATO's supreme Allied
• 14:51
  Speaker 2: Commander in Europe, and the head of US European Command,
• 14:54
  Speaker 2: who took the post in July twenty twenty five and
• 14:56
  Speaker 2: is recorded on the leaked list as having attended dialogue
• 14:59
  Speaker 2: gathering since two. One also names sitting Trump administration officials,
• 15:04
  Speaker 2: two US senators, six members of the so called PayPal mafia,
• 15:08
  Speaker 2: a former Middle East Chief of Intelligence Are you ever really?
• 15:10
  Speaker 4: A former Midiest chief of.
• 15:12
  Speaker 2: Intelligence, and a fitting ambassador to the United States, along
• 15:15
  Speaker 2: with the founders and directors of many of the country's
• 15:18
  Speaker 2: largest surveillance data broker and advertising data companies. So a
• 15:24
  Speaker 2: lot of very elite names here, you know, this is
• 15:28
  Speaker 2: compared to it's sort of like a I don't know,
• 15:30
  Speaker 2: kind of like a private world economic forum, very very secretive.
• 15:34
  Speaker 2: They do ask, they ask for some information about the
• 15:38
  Speaker 2: people's interests in special skills. Members list talents like funhouse construction,
• 15:43
  Speaker 2: accent imitation, backcountry skiing, urban exploration and meditative and psychedelic
• 15:48
  Speaker 2: inquiry into the nature of reality. They play Matchmaker Dialogue.
• 15:53
  Speaker 2: Its participant form ass registrants whether they are looking for love,
• 15:57
  Speaker 2: and offers to include single man, single woman, or other
• 16:00
  Speaker 2: respondents in future matchmaking.
• 16:02
  Speaker 4: A separate site, dating dot dialogue dot org.
• 16:04
  Speaker 2: Host NAP pitched as meaningful Connections for Exceptional people.
• 16:09
  Speaker 4: Isn't that beautiful?
• 16:10
  Speaker 1: Sager?
• 16:10
  Speaker 3: Yeah, it's all a bit it's actually a bit creepy.
• 16:13
  Speaker 3: I'm trying to find the exact quote. I'm reading a
• 16:15
  Speaker 3: book right now called Railroaded. I sent it to you, Yeah, yeah,
• 16:18
  Speaker 3: which is comparison to the AI. Basically, it's about the
• 16:21
  Speaker 3: financialization specifically of railroads, and he has I'm going to
• 16:26
  Speaker 3: butcher the quote, but I can't find the exact one
• 16:29
  Speaker 3: right now. Where he talks about his real discovery was
• 16:33
  Speaker 3: the sheer mediocrity of the Gilded Age class. Is that
• 16:36
  Speaker 3: the more that he learned about them, he's like, they
• 16:39
  Speaker 3: weren't special, they weren't particularly intelligent. They actually were just
• 16:44
  Speaker 3: exceptionally and you know, exceptionally good at like one very
• 16:48
  Speaker 3: very narrow thing, and spectacularly lucky. And that the world
• 16:53
  Speaker 3: that they ended up making was not intentional. It was
• 16:56
  Speaker 3: purely accidental and largely that they were quite mediocre.
• 17:01
  Speaker 1: In their own right.
• 17:02
  Speaker 3: Like the more that he started to learn about them,
• 17:04
  Speaker 3: and I was like, wow, that is so profound because
• 17:07
  Speaker 3: being in this position, you know, I've met, you know,
• 17:09
  Speaker 3: quite a few extraordinarily rich people, many of them who
• 17:12
  Speaker 3: are billionaires, and you know, what you will see are
• 17:15
  Speaker 3: often glimpses of like, wow, I couldn't do that in
• 17:18
  Speaker 3: terms of like how they got their billion. But then
• 17:20
  Speaker 3: they'll talk about something that you kind of know something about.
• 17:22
  Speaker 3: You're like, dude, what the fuck are you talking? You know,
• 17:25
  Speaker 3: it's like you literally don't know what you're talking about
• 17:27
  Speaker 3: at all. But the amount of confidence that they have
• 17:31
  Speaker 3: from their success in this one domain that they bury over.
• 17:35
  Speaker 3: The reason why I'm talking about this is that many
• 17:37
  Speaker 3: of these Silicon Valley types who I have gotten to
• 17:39
  Speaker 3: know quite well, not Teal or you know, any of
• 17:41
  Speaker 3: these people themselves, but the the you know kind of
• 17:44
  Speaker 3: people who are around them, and they have it's like
• 17:48
  Speaker 3: they fetishize being interesting, is the way I would just
• 17:52
  Speaker 3: and that is why there's this whole like and being edgy,
• 17:55
  Speaker 3: like the whole build a cult or they're like, oh
• 17:58
  Speaker 3: are you aghast by that? You know, like they like
• 18:01
  Speaker 3: to be offensive and to to like.
• 18:03
  Speaker 1: Break norms and to gather.
• 18:06
  Speaker 3: And you know, I actually thought, Nathan Tankas, can we
• 18:08
  Speaker 3: put E three up here on the screen? Tankas who
• 18:12
  Speaker 3: says what I So he went and he says, I
• 18:16
  Speaker 3: would emphasize these kinds of people talk the same behind
• 18:19
  Speaker 3: closed doors as they do in public. What was, in
• 18:21
  Speaker 3: fact the striking thing about how much of a rich
• 18:24
  Speaker 3: or powerful person talk like they tweet any right thing
• 18:27
  Speaker 3: you think a rich person is posting, but couldn't possibly
• 18:29
  Speaker 3: believe they believe it.
• 18:30
  Speaker 1: So e g.
• 18:31
  Speaker 3: You should think about the ruling class, especially circulating around
• 18:33
  Speaker 3: tech as genuine believing that low birth rates is the
• 18:36
  Speaker 3: top problem currently On electoral politics, the insane explanations rich
• 18:40
  Speaker 3: people post about the election in twenty twenty four are
• 18:42
  Speaker 3: genuinely what they believe in private. Your average rich modern
• 18:45
  Speaker 3: democrat at the week of the election genuinely believe Harris
• 18:48
  Speaker 3: lost because of biological men and women's sports and it
• 18:50
  Speaker 3: not being pro Israel enough. You know, some I agree
• 18:53
  Speaker 3: with something, but like he's right, and again that totally
• 18:56
  Speaker 3: comports with what I have seen. You know, one of
• 18:59
  Speaker 3: them funny things I've seen with a lot of these
• 19:02
  Speaker 3: many rich people as well, is bro, you have a
• 19:06
  Speaker 3: billion and we're doing the same shit. We're just tweeting
• 19:08
  Speaker 3: and talking about the news. It was proof, it's easy.
• 19:12
  Speaker 3: Proof is that you could have all the money in
• 19:15
  Speaker 3: the world. You could have, you could be in a
• 19:17
  Speaker 3: this one's happened to me, a billionaire. I did a
• 19:20
  Speaker 3: monologueut of years ago. Clifford Asnas, who is this idiot
• 19:23
  Speaker 3: hedge fund manager, was attacking me over, you know, pushing
• 19:27
  Speaker 3: some economic populasm. He was calling me like some socialists
• 19:30
  Speaker 3: or whatever. And it was on Christmas or near Christmas,
• 19:33
  Speaker 3: and he was literally in a Swiss chalet, tweeting and
• 19:37
  Speaker 3: angry about some monologue I had given. And I was like,
• 19:40
  Speaker 3: there you go. I mean, you know, you have a
• 19:42
  Speaker 3: guy here's worth billions of dollars in a Swiss chalet
• 19:46
  Speaker 3: who is just outraged. It's some at that time, some
• 19:49
  Speaker 3: twenty year old idiot on YouTube talking about economic populism.
• 19:53
  Speaker 3: But it just shows you money can buy you know,
• 19:55
  Speaker 3: you can buy a lot around you. But you know,
• 19:57
  Speaker 3: there's a deep hole inside these people. They want to
• 19:59
  Speaker 3: be recognize, they want to be loved. They want to
• 20:01
  Speaker 3: be edgy, they want to be interesting, they want to
• 20:03
  Speaker 3: be you know, really they really want is validation from
• 20:05
  Speaker 3: their peer group and from the rest. And you know, look,
• 20:08
  Speaker 3: it's all fun and games, but they're also extraordinarily rich
• 20:11
  Speaker 3: and wealthy, and they control a lot of the technology
• 20:14
  Speaker 3: that we use on a deally and that's why it's dangerous.
• 20:16
  Speaker 2: Yeah, And they love these little cliquish things with the
• 20:19
  Speaker 2: Davos or you know, ask But like all these things
• 20:22
  Speaker 2: they love to do. They love to be inside the
• 20:25
  Speaker 2: circle and know that they're special and not like the
• 20:28
  Speaker 2: rest of society. And they're contemplating these big problems that
• 20:31
  Speaker 2: us little peons could possibly wrap our heads around. Another
• 20:35
  Speaker 2: interesting part of the Wired article, they say what ties
• 20:37
  Speaker 2: the roster together more than any title or office is
• 20:39
  Speaker 2: a shared preoccupation with artificial intelligence, longevity, and the near future.
• 20:45
  Speaker 4: Asked on the sign up forms.
• 20:46
  Speaker 2: To predict the future, registrans registrants returned again and again
• 20:49
  Speaker 2: to the same theme that AI will reorder work, war, education,
• 20:53
  Speaker 2: and belief within a few years, several forest mass, labor displacement,
• 20:57
  Speaker 2: and a swing back toward unions and government programs. Other
• 20:59
  Speaker 2: predict and others predict an AI winter, domestic terrorism, targeting
• 21:03
  Speaker 2: data centers, criminal defendants, choosing AI lawyers over public defenders,
• 21:09
  Speaker 2: or religious revival provoked by the disruption social degeneration predicted
• 21:14
  Speaker 2: one person will continue to accelerate. I think this is
• 21:17
  Speaker 2: really important because Number one, some of the people that
• 21:21
  Speaker 2: are coming to this conference and are saying these things
• 21:24
  Speaker 2: about like, oh, he has really going to fuck us
• 21:27
  Speaker 2: up and social degeneration is going to be a mess
• 21:29
  Speaker 2: are the very people who are developing the technology and
• 21:33
  Speaker 2: pushing for it in the Trump regime to be completely deregulated.
• 21:37
  Speaker 2: So I think that's important to keep in mind. And
• 21:40
  Speaker 2: then as we evaluate their actions like for example, Peter
• 21:42
  Speaker 2: Thiel moving to Argentina and all of them buying their
• 21:44
  Speaker 2: doomsday bunkers and whatever. Like, these people, many of them
• 21:48
  Speaker 2: genuinely do think that society is going to crumble, that
• 21:51
  Speaker 2: there could be you know, existential stakes for humanity close
• 21:56
  Speaker 2: at hand, and have this sort of nihilistic view towards
• 22:00
  Speaker 2: which I think helps explain some of their approach in
• 22:03
  Speaker 2: the way that they conduct themselves. It's you know, it's
• 22:06
  Speaker 2: it's deeply disturbing.
• 22:07
  Speaker 4: Frankly.
• 22:11
  Speaker 2: Finally, to get to some of the specific names that
• 22:13
  Speaker 2: are on the list. Let's put E two up on
• 22:15
  Speaker 2: the screen here.
• 22:17
  Speaker 4: This is uh.
• 22:18
  Speaker 2: Daniel Bogoslaw flagged that the ranking Democrat member of the
• 22:22
  Speaker 2: House Intel Committee is part of this secret society.
• 22:24
  Speaker 4: Apparently Corey Booker is on less list too.
• 22:27
  Speaker 2: Treasury Secretary Scott Besstt, Senator Ted Cruz on the list
• 22:32
  Speaker 2: as well.
• 22:33
  Speaker 4: So college I didn't realize.
• 22:36
  Speaker 1: That they've known each other for a long time.
• 22:37
  Speaker 2: Yeah, So, I mean there's a lot of names here,
• 22:40
  Speaker 2: but and a bunch of like you know, obviously Joe
• 22:43
  Speaker 2: Lonsdale and people close he's a close associate of Peter Tiel, so.
• 22:48
  Speaker 4: That is not surprising.
• 22:49
  Speaker 2: They say, You've got lots of corporate executives, surveillance state types,
• 22:55
  Speaker 2: government officials, media elites as well that are part of
• 22:59
  Speaker 2: this secret group. And so you know, I mean, it
• 23:02
  Speaker 2: really does shine a light on the way that they operate,
• 23:06
  Speaker 2: the way that they associate, and the way that they're
• 23:08
  Speaker 2: thinking about the world.
• 23:09
  Speaker 4: So I think a noteworthy week here.
• 23:12
  Speaker 3: I found the past. This is claude summary because they
• 23:14
  Speaker 3: don't have access. Richard White's argument is that the transcountantal
• 23:17
  Speaker 3: Barons were not actually brilliant captains of industry their portrait
• 23:21
  Speaker 3: as his core contention is that these men were largely incompetent,
• 23:24
  Speaker 3: that they built railroads in the wrong places at the
• 23:26
  Speaker 3: wrong times. They succeeded primarily through corruption, government subsidy, political manipulation,
• 23:32
  Speaker 3: rather than through any genuine business acumen or vision. He
• 23:36
  Speaker 3: pushes back hard on the Great Man narrative of American
• 23:38
  Speaker 3: capitalism and says they only survived because they had captured
• 23:42
  Speaker 3: the federal government. The people who actually built the railroads,
• 23:44
  Speaker 3: Chinese and Irish laborers, did the real work, while the
• 23:47
  Speaker 3: men who got the credit and the fortunes were essentially
• 23:49
  Speaker 3: skilled rent seekers rather than builders or innovators. Extremely cutting. Really,
• 23:54
  Speaker 3: you guys should read the book. It's a very very
• 23:56
  Speaker 3: good book. But you know, he opens the paragraph with that,
• 23:59
  Speaker 3: and I was like, nothing is Renovan, Nothing is resonated
• 24:03
  Speaker 3: with me so hard, especially in.
• 24:04
  Speaker 1: The age of AI.
• 24:05
  Speaker 4: But they think they're so That's his whole.
• 24:08
  Speaker 3: Point is that they thought and they you know, they
• 24:10
  Speaker 3: got lion eyes. The Vanderbilts and the houses and the
• 24:13
  Speaker 3: the goulds and the what you have, the libraries and
• 24:16
  Speaker 3: their mansions on.
• 24:18
  Speaker 1: Fifth Avenue and all that.
• 24:19
  Speaker 3: I actually think the show The Gilded Age on HBO
• 24:22
  Speaker 3: is quite good. It's showing the sheer silliness of this nonsense.
• 24:26
  Speaker 1: It's like they're not.
• 24:27
  Speaker 3: They're not smart, they're not special, they're not particularly interesting.
• 24:30
  Speaker 3: Most of them are dull beyond belief. You know, they're
• 24:33
  Speaker 3: obsessed with the stupidest things. Like I mean, I bought
• 24:36
  Speaker 3: one of the books of the original books from the
• 24:39
  Speaker 3: Gilded Age by one of the character's name is Ward McAllister.
• 24:42
  Speaker 3: There's a whole chapter in there about how to pour
• 24:44
  Speaker 3: champagne at a picnic.
• 24:46
  Speaker 1: Like as an entire thing.
• 24:48
  Speaker 3: He's like, well, you have to flay it correctly and
• 24:50
  Speaker 3: have the flakes in the champagne from the ice. And
• 24:53
  Speaker 3: I mean, I'm sorry to go on about this, but
• 24:55
  Speaker 3: to read about it is just just to she see
• 24:58
  Speaker 3: the obsessions that endless wealth will actually lead you towards
• 25:02
  Speaker 3: it and how bad it actually is.
• 25:03
  Speaker 2: And they're all obsessed with themselves like it mentions this
• 25:06
  Speaker 2: thing about longevity, you know, it's a huge seen and yeah, transhum,
• 25:09
  Speaker 2: I mean this it's part and parcel of first of all,
• 25:12
  Speaker 2: all the just like obsession over how do we extend
• 25:14
  Speaker 2: our lives and how do I look as young as possible?
• 25:16
  Speaker 2: And all of that, but also it ties directly into
• 25:20
  Speaker 2: AI and transhumanism, this idea of like, oh, I could
• 25:23
  Speaker 2: upload my consciousness to the cloud and then by.
• 25:25
  Speaker 4: That way I could live forever.
• 25:26
  Speaker 2: And it does take on a deeply like it is
• 25:29
  Speaker 2: a like a religion. Genuinely, it doesn't surprise me to
• 25:31
  Speaker 2: see this, like, oh, how do.
• 25:32
  Speaker 4: We build a cult?
• 25:33
  Speaker 2: You already did it in a lot of ways the
• 25:35
  Speaker 2: Silicon Valley AI believers.
• 25:37
  Speaker 4: It is a cult. It is incredibly cultish.
• 25:40
  Speaker 2: In its views and has a lot of proto religious
• 25:43
  Speaker 2: dimensions to it. But you know, for them, they're such
• 25:46
  Speaker 2: narcissists and they have to believe that they're special, because otherwise,
• 25:50
  Speaker 2: how do you explain the life they live versus the
• 25:52
  Speaker 2: life everybody else lives? How do you explain, you know,
• 25:54
  Speaker 2: how do you justify the things that you do, for example,
• 25:57
  Speaker 2: to your workers, or the way that you're exploiting the planet,
• 26:00
  Speaker 2: like any of numerous terrible things that they do to
• 26:03
  Speaker 2: humans and other species on the planet. You have to
• 26:06
  Speaker 2: think that you're different and special and you deserve to be.
• 26:10
  Speaker 2: And so that makes them have this main character syndrome
• 26:13
  Speaker 2: where it's like, how could the world go on without me?
• 26:15
  Speaker 2: In it, and deeply narcissistic, so obsessed with themselves, obsessed
• 26:20
  Speaker 2: with how do I make sure that I can live
• 26:22
  Speaker 2: forever and my glory can continue to rain down on
• 26:25
  Speaker 2: all of us. So anyway, not surprised to see that
• 26:27
  Speaker 2: on a list of their obsessions.
• 26:29
  Speaker 3: Always good to check in with the ultra rich, see
• 26:32
  Speaker 3: what their mind is preoccupied with. Which Argentinian steakhost here
• 26:36
  Speaker 3: will dine at all? Right, We'll see you guys later