Latest / Breaking Points with Krystal and Saagar / 7/30/26: Iran Claims Fighter Jets Struck, Munitions Shortage, Fauci Pleads Fifth, AI Bubble Watch

Transcript

7/30/26: Iran Claims Fighter Jets Struck, Munitions Shortage, Fauci Pleads Fifth, AI Bubble Watch · Breaking Points with Krystal and Saagar

• 0:00
  Speaker 1: Hey guys, Saga and Crystal here.
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  Speaker 1: dot com. Good morning, everybody, Happy at Thursday, I have
• 0:35
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• 0:37
  Speaker 2: Indeed, we do heavy US retaliation against Iran overnight as
• 0:41
  Speaker 2: Iran claims that they destroyed three of our F thirty
• 0:44
  Speaker 2: five fighter jets. We will break down where we are
• 0:47
  Speaker 2: in the war today. Fauci name we haven't discussed for
• 0:51
  Speaker 2: a while. Grilled Yesterday pleads the fifth amid new revelations.
• 0:56
  Speaker 2: We will see what there is to learn about that.
• 0:58
  Speaker 2: The chip set off continues, with South Korea hit the
• 1:01
  Speaker 2: hardest really a big hit taken to that economy, a
• 1:04
  Speaker 2: lot of retail investors who are getting screwed. What does
• 1:07
  Speaker 2: it say more broadly about the AI bet that our
• 1:09
  Speaker 2: own economy has placed. Speaking of AI, we've learned more
• 1:13
  Speaker 2: about that AI that was able to escape its environment
• 1:16
  Speaker 2: hack into now we know multiple companies. This comes as
• 1:20
  Speaker 2: employees in the industry, over a thousand of them are
• 1:23
  Speaker 2: sounding a dire warning and asking for more regulation. Israel, meanwhile,
• 1:27
  Speaker 2: is paying millions of dollars to Trump's former campaign chief
• 1:31
  Speaker 2: to try to rig chatbot results.
• 1:34
  Speaker 1: We have some.
• 1:34
  Speaker 2: Extraordinary examples for you, and the reporter from dropsite who
• 1:38
  Speaker 2: revealed this whole scheme and program is going to join
• 1:41
  Speaker 2: us as well.
• 1:41
  Speaker 1: Yes, that's right. Really excited for that one, and that
• 1:44
  Speaker 1: was one of those everybody knew that they were doing
• 1:46
  Speaker 1: a pro Israel campaign on social media, but the AI
• 1:49
  Speaker 1: chatbot one, especially in an age where so many people
• 1:52
  Speaker 1: are outsourcing their thinking and answers, is an extraordinarily important story,
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• 2:31
  Speaker 1: But let's go ahead and start with Iran.
• 2:33
  Speaker 2: Indeed, so let me bring you up to speed. You
• 2:35
  Speaker 2: will recall yesterday when last we spoke, Trump had threatened
• 2:39
  Speaker 2: to beat the fing shit.
• 2:42
  Speaker 3: Out of Iran.
• 2:43
  Speaker 2: We now have seen a very heavy retaliation from the
• 2:47
  Speaker 2: US against what they described as a sneak attack from
• 2:50
  Speaker 2: Iran on Jordan. I'm kind of confused by this term
• 2:52
  Speaker 2: sneak attack. I don't think you typically broadcast your military tactics,
• 2:56
  Speaker 2: and we.
• 2:57
  Speaker 3: Are at war.
• 2:58
  Speaker 2: There is no ceasefire agreement in play as we speak.
• 3:00
  Speaker 2: But in any case, Iran had attempted to and they
• 3:03
  Speaker 2: claim were successful in striking US forces in Jordan. Trump
• 3:07
  Speaker 2: made this threat and then overnight delivered on some of
• 3:10
  Speaker 2: that rhetoric. Let's go ahead and put this map up
• 3:12
  Speaker 2: on the screen. We can see some of the strikes
• 3:14
  Speaker 2: that we're aware of, this being tracked by an ocent
• 3:17
  Speaker 2: account across Iran, Southern Iran in particular. You can see
• 3:21
  Speaker 2: near Kesham Island, of course, that is very significant. Meanwhile, Iran,
• 3:26
  Speaker 2: for their part, they are claiming that they were able
• 3:29
  Speaker 2: to take down or destroy three F thirty five fighter jets.
• 3:34
  Speaker 2: One account saying for the first time since the start
• 3:36
  Speaker 2: of the war, Iran's i ERGC announces the complete destruction
• 3:39
  Speaker 2: of three F thirty five fighter jets significant damage to
• 3:42
  Speaker 2: three others at an air base in Jordan through multiple
• 3:44
  Speaker 2: ballistic missiles targeting the deployment ramp and maintenance hangar this morning.
• 3:48
  Speaker 2: This is per Iranian media task name. Iran had not
• 3:51
  Speaker 2: previously announced the destruction of an F thirty five the
• 3:54
  Speaker 2: iergc AD. Several US officers and maintenance personnel were also killed. Again,
• 3:58
  Speaker 2: we have no confirmation of any of this as all
• 4:00
  Speaker 2: coming from the Iranian side. The strike comes in responds
• 4:02
  Speaker 2: to a US strike on two residential homes on Keshum
• 4:05
  Speaker 2: Island earlier this morning, killing my father, mother, and their
• 4:08
  Speaker 2: two year old child, and injuring two other children again
• 4:11
  Speaker 2: according to Iranian media reports. So we are back at
• 4:17
  Speaker 2: full scale war more or less, with this time being
• 4:21
  Speaker 2: the first time. I want to get your reaction just
• 4:22
  Speaker 2: to this piece that Iran took the initiative. Typically, Iran's
• 4:27
  Speaker 2: approach has been what they describe as an eye for
• 4:30
  Speaker 2: an eye. The US hits them, they respond, and it's
• 4:33
  Speaker 2: been sort of this horizontal escalation that has been their tactic.
• 4:38
  Speaker 2: This is the first time that they have been the
• 4:41
  Speaker 2: first ones to act and set the pace of escalation here.
• 4:44
  Speaker 2: Now their view is that the US reinstitution of the
• 4:47
  Speaker 2: blockade was itself an act of war for them to
• 4:50
  Speaker 2: respond to. Nevertheless, this seems to be a pretty extraordinary
• 4:53
  Speaker 2: development as we watch this war.
• 4:55
  Speaker 1: So reading a little bit and looking at some of
• 4:58
  Speaker 1: the background, I do think it's important to note, you know,
• 5:00
  Speaker 1: the US is describing it as a surprise. It's not
• 5:03
  Speaker 1: a surprise, and it's because it actually comes on the
• 5:06
  Speaker 1: heels not just of the blockade, but at that exact
• 5:09
  Speaker 1: time when Iran struck the US base, there was a
• 5:12
  Speaker 1: specific attempt to try and to force ships through that
• 5:15
  Speaker 1: Oman corridor outside of Iranian control. And so that's what
• 5:20
  Speaker 1: the response was directed to. But grand strategically, let's zoom
• 5:24
  Speaker 1: out and let's put that attack and then this one
• 5:26
  Speaker 1: a two please up on the screen. Iran and a
• 5:29
  Speaker 1: drone hit a US owned gas storage tank at Egypt's
• 5:33
  Speaker 1: Mediterranean report according to their maritime security and two gas
• 5:37
  Speaker 1: tankers caught fire. This is about an explosion of the
• 5:41
  Speaker 1: war and targeting oil assets, energy assets both in terms
• 5:46
  Speaker 1: of their allies in the hoo theies whenever it comes
• 5:48
  Speaker 1: to the Red Sea, the Bab al Mandeb. Straight now
• 5:51
  Speaker 1: you have going after Egypt and you know, basically a
• 5:54
  Speaker 1: warning for the Mediterranean port saying hey, you want to
• 5:56
  Speaker 1: go through Suez, you want to go through this pipeline.
• 5:58
  Speaker 1: The sum Ed pipeline will also be able to strike
• 6:00
  Speaker 1: you there. And of course we'll be able to strike
• 6:02
  Speaker 1: tankers in the Strait of hor Moves, which also happened
• 6:05
  Speaker 1: last night. It wasn't just these strikes that happened on Jordan.
• 6:08
  Speaker 1: So this strategy is basically to say we have a
• 6:11
  Speaker 1: complete dedication to choking off all Western attempts to circumvent
• 6:16
  Speaker 1: and to bring oil out of the Middle East. Period.
• 6:19
  Speaker 1: If we cannot export, Then nobody will export. Remember this
• 6:22
  Speaker 1: is what Gallibov had said previously. But even bigger above that,
• 6:26
  Speaker 1: what does all of this represent and treata PARSI laid
• 6:29
  Speaker 1: a lot of this out yesterday. He has a new
• 6:30
  Speaker 1: op ed out over at SETAEO. Here's what he says.
• 6:34
  Speaker 1: Beyond the prevailing assessment that Iran was probing Trump's resolve,
• 6:37
  Speaker 1: a deeper and riskier calculation Tehran is now making. It
• 6:40
  Speaker 1: has everything to do with Iran believing that the path
• 6:42
  Speaker 1: to piece is not directly through a deal, but rather
• 6:45
  Speaker 1: first through convincing Trump he has no realistic military option.
• 6:49
  Speaker 1: Only then will he commit himself fully to diplomacy. Needless
• 6:52
  Speaker 1: to say, it is extraordinarily risky strategy. It seeks to
• 6:54
  Speaker 1: compel diplomacy by increasing the perceived costs of military escalation,
• 6:58
  Speaker 1: yet it simultaneously raised the probability of the very conflict
• 7:01
  Speaker 1: it istensibly designed to prevent. This is the escalation trap
• 7:04
  Speaker 1: in a nutshell, which is both sides believe, and I've
• 7:07
  Speaker 1: said this as well. Neither side has bled enough, and
• 7:10
  Speaker 1: you know Iran has bled plenty, so many of their
• 7:13
  Speaker 1: people have been killed, but the IERGC remains intact. The Ayatola.
• 7:17
  Speaker 1: You know, supposedly it wants a nuclear weapon, even though
• 7:19
  Speaker 1: his father didn't want a nuclear weapon. They have the
• 7:22
  Speaker 1: ability to have deterrence. They are locked in a place
• 7:25
  Speaker 1: where they have the United States in a diplomatic or
• 7:27
  Speaker 1: in a strategic quagmire from the United States. We are
• 7:31
  Speaker 1: a grand and a great empire. So while yes it
• 7:34
  Speaker 1: is extremely dangerous, we're going to talk about our munition stockpile.
• 7:37
  Speaker 1: It's not a zero. Only only eighteen of our Americans
• 7:41
  Speaker 1: service members have been killed. So you know, I'm not
• 7:44
  Speaker 1: using that language. That's Trump's languages, like not that bad.
• 7:47
  Speaker 1: Look at Vietnam. Not that many Americans have died relatively
• 7:50
  Speaker 1: in the conflict. Several hundred have been wounded, but they've
• 7:53
  Speaker 1: mostly been able to cover that up. And gases, what
• 7:55
  Speaker 1: I mean, the national price right now four dollars and
• 7:58
  Speaker 1: nine cents a gallon. It hurts, but it's not absolutely catastrophic,
• 8:01
  Speaker 1: Like it's not gas lines in the nineteen seventies. So
• 8:03
  Speaker 1: Iran is like, that's the only way that we can
• 8:05
  Speaker 1: bring them to their knees. There's only real one way
• 8:08
  Speaker 1: to get to that point. So we're months away, you know,
• 8:11
  Speaker 1: potentially from their perspective, and Trump, you know, is completely torn.
• 8:15
  Speaker 1: There's a report from NBC News yesterday that he was
• 8:19
  Speaker 1: exasperated and he shouted at his advisors just two days
• 8:23
  Speaker 1: ago in the situation room. He doesn't know what to do.
• 8:26
  Speaker 1: He actually does want a deal, but he wants it
• 8:28
  Speaker 1: on his terms. Iran, though, has concluded, we cannot make
• 8:31
  Speaker 1: a deal with this man, most because of the way
• 8:34
  Speaker 1: that the memorandum of understanding fell apart. But you know,
• 8:36
  Speaker 1: more importantly, this is fascinating. They're looking at Venezuela. So
• 8:40
  Speaker 1: even though that Venezuela is currently an American colony run
• 8:44
  Speaker 1: by the US Secretary of State, it turns out, and
• 8:47
  Speaker 1: I did not even know this, is that they track
• 8:50
  Speaker 1: the relief of sanctions via Finsen, which is the art
• 8:53
  Speaker 1: which is a department in the US Treasury responsible for
• 8:56
  Speaker 1: removal of sanctions. Despite a lot of the rhetoric, it
• 8:59
  Speaker 1: hasn't happened. It took a very very long time. Iran
• 9:02
  Speaker 1: had the memoram of understanding. They saw that their money
• 9:04
  Speaker 1: never actually made it to their bank accounts. They're looking
• 9:07
  Speaker 1: at Venezuela and saying, look, Venezuela and Delsea. They surrendered
• 9:10
  Speaker 1: and They're still not even getting all of their money.
• 9:12
  Speaker 1: They're basically being pillaged by the United States. They also
• 9:15
  Speaker 1: look at Saudi Arabia, so they have three data points.
• 9:18
  Speaker 1: They have the Memorandum of Understanding, they have Venezuela, and
• 9:20
  Speaker 1: they have Saudi Arabia. Trump announces a nuclear deal in
• 9:23
  Speaker 1: immediately renex and then they also look at some of
• 9:26
  Speaker 1: the Democrats and the Republicans in Washington to their criticism
• 9:31
  Speaker 1: initially of the memorandum, and they go, even if we
• 9:33
  Speaker 1: were to do a deal with Trump, how do we
• 9:35
  Speaker 1: have any guarantee as Obama tried with the JCPOA they
• 9:39
  Speaker 1: would actually get through Congress. Now obviously his did. But
• 9:43
  Speaker 1: what they're looking at now, they don't even trust enough
• 9:46
  Speaker 1: of the Democrats, you know, currently to support a memorandum
• 9:49
  Speaker 1: of understanding. So they don't trust Trump. They don't trust
• 9:51
  Speaker 1: our political system, you know, at our system itself, both
• 9:55
  Speaker 1: Democrats and Republicans. They don't trust the ability of any
• 9:59
  Speaker 1: of their money getting to them. And this is all
• 10:01
  Speaker 1: just over the horror moves strait. None of this has
• 10:04
  Speaker 1: even to do with the nuclear issue, which is ten
• 10:06
  Speaker 1: times bigger and more contentious in everything.
• 10:08
  Speaker 2: Yeah, it's we can put a five up on the
• 10:10
  Speaker 2: screen which contain a lot of this analysis. This is
• 10:12
  Speaker 2: someone who teaches at Johns Hopkins International Studies Institute, and
• 10:17
  Speaker 2: he says, you know, basically what Sager is outlining here
• 10:20
  Speaker 2: that in his conversations with counterparts in Tehran, it suggests
• 10:23
  Speaker 2: something else is at play. Iranian decision making is increasingly
• 10:26
  Speaker 2: shaped by an intense pessimism about what diplomacy with the
• 10:29
  Speaker 2: US can achieve. Most senior figures, whether pragmatists or hardliners,
• 10:35
  Speaker 2: simply don't.
• 10:36
  Speaker 3: Believe a deal is possible.
• 10:38
  Speaker 2: The pessimism has gotten worse since the MoU was signed.
• 10:42
  Speaker 2: And so he points to Asager saying, political horizon here. Okay,
• 10:45
  Speaker 2: not only do you have a split in the Trump
• 10:47
  Speaker 2: administration where even in the regime itself they don't agree
• 10:51
  Speaker 2: with each other, but then when ANMAU was signed, we
• 10:53
  Speaker 2: have democrats out there taking podshots saying, oh my god,
• 10:56
  Speaker 2: how can you cave to the what a gift to
• 10:58
  Speaker 2: the Mullahs, etcetera, et cetera. Looking at Venezuela, you control Venezuela,
• 11:03
  Speaker 2: you got everything you wanted here, you kidnap their leader,
• 11:05
  Speaker 2: and you still can't make good on the things you're
• 11:07
  Speaker 2: supposed to do with.
• 11:08
  Speaker 3: Regard to Venezuela.
• 11:09
  Speaker 2: Then they look at their own experience with the MoU,
• 11:12
  Speaker 2: where there was supposed to be sanctions relief and that
• 11:15
  Speaker 2: did not come through even in that short period of time.
• 11:18
  Speaker 2: So on every level, they're looking at this and saying,
• 11:22
  Speaker 2: how can we expect, like, even if Trump has the
• 11:25
  Speaker 2: best of intentions here, which who would like?
• 11:28
  Speaker 3: Who would really believe that?
• 11:29
  Speaker 2: But even if you bought that, they say, he is
• 11:32
  Speaker 2: unable to actually follow through through some you know, his
• 11:36
  Speaker 2: own personality defects. He's so erratic, he can't focus to
• 11:40
  Speaker 2: follow through on anything. His own administrations at war with itself.
• 11:44
  Speaker 2: They're in a political, you know, disaster landscape. Democrats are
• 11:48
  Speaker 2: taking political potshots that make this even more impossible. And
• 11:52
  Speaker 2: then just on the mechanics of it with the MoU,
• 11:55
  Speaker 2: with Saudi Arabia, with Venezuela, they literally seem to be
• 11:59
  Speaker 2: unable to follow through.
• 12:01
  Speaker 3: And so what does that mean?
• 12:02
  Speaker 2: That means that you are not going to negotiate, at
• 12:05
  Speaker 2: least not in the short term. What that means is
• 12:07
  Speaker 2: you have to exact so much pain that it forces
• 12:12
  Speaker 2: an outcome. That is what they're trying to accomplish right now.
• 12:16
  Speaker 2: And so when you see them taking the initiative and
• 12:19
  Speaker 2: being the first ones to strike in this instance, it's
• 12:22
  Speaker 2: not necessarily because the hardliners won the argument, although in
• 12:25
  Speaker 2: a lot of ways I think the hardliners did win
• 12:27
  Speaker 2: the argument. It's because the Iranians recognize that they have
• 12:31
  Speaker 2: to push this thing forward.
• 12:32
  Speaker 3: They have to tighten the screws.
• 12:34
  Speaker 2: On an economic level, on a military level, on a
• 12:37
  Speaker 2: political level, if they're going to get to a place
• 12:40
  Speaker 2: where there can be some sort of a resolution. Because
• 12:43
  Speaker 2: to your point, Sager, yeah, Trump might like a deal,
• 12:46
  Speaker 2: but he wants a deal that's a fantasy. He wants
• 12:48
  Speaker 2: a deal that didn't exist when they were negotiating the
• 12:51
  Speaker 2: MoU and sure as hell doesn't exist now. So until
• 12:55
  Speaker 2: you puncture that Trumpian fantasy, you're going to continue to
• 13:00
  Speaker 2: be in this cycle of escalation. So that's where we
• 13:04
  Speaker 2: are right now. Let me put one more piece up
• 13:09
  Speaker 2: on the screen here, We'll actually two more pieces, put
• 13:11
  Speaker 2: a three up on the screen. This is just the
• 13:13
  Speaker 2: oil prices, you know, as we're back to war now,
• 13:16
  Speaker 2: they continue to climb. I think we're at roughly ninety dollars.
• 13:19
  Speaker 2: This says a benchmark index for worldwide crude prices climb
• 13:22
  Speaker 2: nearly eight percent on Wednesday, crossing above ninety dollars a barrel.
• 13:27
  Speaker 2: Now this morning it is doubt a bit. I don't
• 13:29
  Speaker 2: know why, but there you go. But I would certainly
• 13:31
  Speaker 2: expect the trajectory on oil in general to be going
• 13:35
  Speaker 2: up between everything that's happening in the Middle East plus
• 13:37
  Speaker 2: Ukrainian attacks on Russia not helping the situation. So there
• 13:41
  Speaker 2: is that, and then this is pretty interesting. Put a
• 13:44
  Speaker 2: four up on the screen here about Jordan. Jordanian's rare
• 13:49
  Speaker 2: challenge to their leaders tell the US to leave. So
• 13:54
  Speaker 2: for the first time you really have an uproar at
• 13:57
  Speaker 2: kind of an elite level within Jordan saying hey, you
• 14:01
  Speaker 2: know this whole being besties with the US and hosting
• 14:05
  Speaker 2: their forces here, which is not even something the Jordanian
• 14:07
  Speaker 2: government really acknowledged until now when it's undeniable. That's not
• 14:13
  Speaker 2: working out so well for us. The article reads. Hunters
• 14:16
  Speaker 2: of Jordanian political, legal and other figure signed an open
• 14:19
  Speaker 2: letter last week calling for the withdrawal of US forces
• 14:22
  Speaker 2: from Jordan, in a rare public challenge to the government,
• 14:24
  Speaker 2: which is long cracked down on free speech and dissent
• 14:27
  Speaker 2: In recent weeks, Iranian missiles and drones have increasingly targeted
• 14:30
  Speaker 2: US military forces and installations in Jordan, including early Wednesday.
• 14:34
  Speaker 2: Iranian officials said the attacks have repeatedly set off sirens
• 14:37
  Speaker 2: across the kingdom and pulled the country further into a
• 14:39
  Speaker 2: war it wanted no part of, but most Jordanians have
• 14:43
  Speaker 2: remained silent. People who signed the letter said they were
• 14:45
  Speaker 2: driven by a sense of national responsibility and concern that
• 14:48
  Speaker 2: the troop presence endangered Jordanian sovereignty. We maintain that their
• 14:54
  Speaker 2: presence exposes Jordan to security, political and economic risks that
• 14:58
  Speaker 2: serve no national interest and increase the likelihood of our
• 15:01
  Speaker 2: country being dragged into a regional conflict to which it
• 15:04
  Speaker 2: is not a party. This is the polar opposite of
• 15:07
  Speaker 2: the logic that has held around the region for years
• 15:11
  Speaker 2: and years and years, and it is the same reversal
• 15:14
  Speaker 2: of logic that is occurring across the region where they're going. Hey,
• 15:17
  Speaker 2: I thought it would protect us to have these US
• 15:20
  Speaker 2: forces here. I thought that would keep us safer. Instead,
• 15:24
  Speaker 2: this is putting us and our sovereignty at risk, and
• 15:26
  Speaker 2: for a war that most of our population and much
• 15:28
  Speaker 2: of the Jordanian population by the way is Palestinian that
• 15:31
  Speaker 2: our population does not agree with, so we don't want
• 15:34
  Speaker 2: to do this anymore. Big picture, this is one more
• 15:38
  Speaker 2: blow to the entire long term US military strategy of
• 15:43
  Speaker 2: putting these bases all around the world, and then it
• 15:45
  Speaker 2: turns out we can't protect the bases, and the bases
• 15:48
  Speaker 2: end up being magnets for these sorts of attack that
• 15:51
  Speaker 2: piss off the allies were supposed to be protecting.
• 15:53
  Speaker 1: Couldn't any American sympathize? We're like, look, are alive. I'm
• 15:56
  Speaker 1: going to pick a random country, Switzerland. I don't know
• 15:59
  Speaker 1: if we have an a lie. It's technically a neutral country.
• 16:01
  Speaker 1: But everyone's like, okay, whatever, you know, yeah, what he
• 16:04
  Speaker 1: thinks about it? Ben Switzerland. Let's say hypothetically we're to
• 16:07
  Speaker 1: get into a war, Americans either get killed or missile start.
• 16:10
  Speaker 1: We're like, whoa, whoa, Like what's going on here? Exactly? Also,
• 16:15
  Speaker 1: just to underline how extraordinary this is, the government of
• 16:18
  Speaker 1: Jordan has prosecuted people for criticizing not just the Jordanian
• 16:22
  Speaker 1: monarchy but literally its own allies. So this was an
• 16:24
  Speaker 1: extraordinary move. But we've actually talked a lot of Jordan
• 16:28
  Speaker 1: is a very unstable country. You got a king and
• 16:30
  Speaker 1: the queen, you got a parliament. You kind of have
• 16:32
  Speaker 1: like this weird dictatorship over the country. Eighty percent of
• 16:37
  Speaker 1: the population is not even Jordanian. They're all Palestinian. Obviously
• 16:40
  Speaker 1: they're pissed off already because of what Israel has done
• 16:43
  Speaker 1: to Palestine. They have a significant amount of a refugee population.
• 16:47
  Speaker 1: So always a very unstable system in and of.
• 16:49
  Speaker 2: Its safe among which is basically a western city in
• 16:53
  Speaker 2: the rural areas, which are you know, much much different
• 16:56
  Speaker 2: life being lived there.
• 16:57
  Speaker 1: Totally. It's a gorgeous country. I highly recommend to business
• 17:00
  Speaker 1: if you ever have the time to do so. But
• 17:01
  Speaker 1: even if you know, even as an American barely spending
• 17:04
  Speaker 1: any time there, I'm like, this is a very strange
• 17:07
  Speaker 1: system that is going on. So then you add on
• 17:09
  Speaker 1: top of this is the Israel conflict and now direct
• 17:12
  Speaker 1: attacks on Jordanian soil, which as you said, they didn't
• 17:15
  Speaker 1: even know about in many of these cases, like everyone
• 17:18
  Speaker 1: knew their American military there, but to this extent, absolutely not.
• 17:20
  Speaker 1: And they have ballistic missiles that are coming in. So
• 17:24
  Speaker 1: this is a very dangerous and precarious situation for the
• 17:27
  Speaker 1: United States. And there will be two things that happened.
• 17:30
  Speaker 1: The allies, the Gulf allies, or any of these Arab
• 17:32
  Speaker 1: allies will have to make one choice. They will either
• 17:34
  Speaker 1: have to do a bear hug and say, okay, now
• 17:35
  Speaker 1: we have to go all in. This is kind of
• 17:37
  Speaker 1: the UAE and or Saudi strategy, or you're going to
• 17:40
  Speaker 1: go in the Jordanian direction, possibly another direction where they go, okay,
• 17:43
  Speaker 1: we're going to push you out in the long term
• 17:45
  Speaker 1: and you're going to significantly hurt you know that any
• 17:48
  Speaker 1: type of alliance. But the bedrock of American policy has
• 17:52
  Speaker 1: basically just been always to make a deal with the regimes,
• 17:54
  Speaker 1: the monarchies and pay them off the population. They use
• 17:57
  Speaker 1: the money, and you know, they kind of dole it
• 17:59
  Speaker 1: out patronage kind of system to keep everybody happy. This
• 18:03
  Speaker 1: has upended that dramatically, which again is an Iranian grand
• 18:06
  Speaker 1: strategic victory. If we were to look at now perceived
• 18:09
  Speaker 1: control over the Strait of Hormuz as well as fracturing
• 18:13
  Speaker 1: the alliances of the Gulf countries, all while domestically hurting
• 18:17
  Speaker 1: the President of the United States, bleeding the US economy,
• 18:20
  Speaker 1: and perhaps like most importantly, actually revealing this, you basically tearing,
• 18:27
  Speaker 1: showing the entire world what the US military is actually
• 18:32
  Speaker 1: capable of. To have this happen is the greatest blow
• 18:36
  Speaker 1: to US prestige and perceive power, which ultimately is power
• 18:40
  Speaker 1: in and of itself, in my entire life, more than Iraq,
• 18:43
  Speaker 1: more than Afghanistan. To have a declaration that we will
• 18:47
  Speaker 1: overthrow your regime and not and then to have the
• 18:49
  Speaker 1: straight closed despite the fact that it was open and
• 18:51
  Speaker 1: showed zero ability. I mean, the America Sentcom is bragging.
• 18:55
  Speaker 1: They're like, we've put five million barrels out of this
• 18:58
  Speaker 1: Strait of Hormuz. Sounds like a lot, but they did
• 19:01
  Speaker 1: the map. That's only five million barrels per day on average.
• 19:03
  Speaker 1: There were twenty million, twenty five million moving before the strait.
• 19:07
  Speaker 1: So it's like, wow, you know, the full might of
• 19:09
  Speaker 1: the empire, hundreds of billions of dollars and that's all
• 19:12
  Speaker 1: you could get. I mean nobody I would not have
• 19:14
  Speaker 1: thought that. And I'm a huge pessimist on the military.
• 19:16
  Speaker 1: We're much weaker than even I thought.
• 19:18
  Speaker 2: Yeah, no, absolutely, Like we showed our ass the whole world.
• 19:21
  Speaker 2: There's just no doubt about it. The whole strategy is flawed.
• 19:23
  Speaker 2: We're about to talk about, you know, the munition stockpile
• 19:26
  Speaker 2: and intercept our inventories, and that is a crucial immediate
• 19:31
  Speaker 2: term problem.
• 19:31
  Speaker 3: But I think the bigger problem.
• 19:33
  Speaker 2: Is just in the entire system and the entire strategy,
• 19:37
  Speaker 2: because and I saw policy tens are talking about this,
• 19:40
  Speaker 2: like let's say that the cupboards were full, to use
• 19:43
  Speaker 2: some Trumpian terminology here, that we hadn't given a bunch
• 19:45
  Speaker 2: of stuff to Ukraine, that we had everything that we need.
• 19:49
  Speaker 2: Do you really think that that was going to be
• 19:50
  Speaker 2: sufficient versus China? When you just think about they have
• 19:54
  Speaker 2: something like ninety five percent of the entire drone industries
• 19:56
  Speaker 2: in China. How does their industrial base compare to our
• 20:00
  Speaker 2: at this point? You guys, tell me which which side
• 20:03
  Speaker 2: has more industrial capacities? Spin up whatever they want? And
• 20:07
  Speaker 2: you know, Iran, they are a middle power. They are
• 20:11
  Speaker 2: certainly rising in power and prestige, but we can't even
• 20:14
  Speaker 2: compete against them. They've been much smarter, much more strategic,
• 20:17
  Speaker 2: and had a military that was much more prepared, better
• 20:20
  Speaker 2: prepared for waging modern warfare.
• 20:23
  Speaker 3: You know, this whole approach that we have is.
• 20:25
  Speaker 2: Just completely hollow, and so yeah, that has been thoroughly
• 20:30
  Speaker 2: revealed in this war. In a way that it really
• 20:32
  Speaker 2: wasn't in the Iraq war or in the Afghanistan war,
• 20:35
  Speaker 2: which we're also obviously embarrassing and you know, humiliating for
• 20:38
  Speaker 2: us in their own ways. Let's go ahead and turn
• 20:43
  Speaker 2: to those inventories, because this is a significant part of
• 20:47
  Speaker 2: the near term story, especially. I keep going back to
• 20:50
  Speaker 2: that NBC news report that we are all ready already
• 20:54
  Speaker 2: rationing interceptors having a pick and choose. Okay, we see
• 20:57
  Speaker 2: an Iranian ballistic missile coming in. Is this a really
• 21:00
  Speaker 2: important target? Our service member lives at risk? Are we
• 21:03
  Speaker 2: going to bother to actually try to take down these missiles?
• 21:07
  Speaker 2: Or are we going to just accept the damage here?
• 21:09
  Speaker 2: We're already in this place. So let's go ahead and
• 21:13
  Speaker 2: put a sixth up on the screen here. This has
• 21:16
  Speaker 2: some of the numbers and saga, why don't you go
• 21:18
  Speaker 2: ahead and explain what we're seeing here with the Patriot
• 21:20
  Speaker 2: and the THAD interceptors.
• 21:22
  Speaker 1: Right, And so CSI, first of all, can I just
• 21:24
  Speaker 1: debunk some Ben Shapiro level lunacy. So the latest coup
• 21:28
  Speaker 1: cope by the neocons is will missile stockpiles are classified again? CSIS.
• 21:35
  Speaker 1: The irony is is that CSIS here is basically an
• 21:37
  Speaker 1: arm of the Pentagon. They're like the most pro defense
• 21:40
  Speaker 1: think tank in all of Washington. So when they're publishing
• 21:43
  Speaker 1: these assessments, if they were completely bs the Pentagon, many
• 21:46
  Speaker 1: other people would say, oh, this is wrong. If they
• 21:48
  Speaker 1: have an entire page on their methodology, I recommend that
• 21:51
  Speaker 1: you go read it. The TLDR is if you're skeptical.
• 21:53
  Speaker 1: Especially The TLDR is basically that because Congress, all of
• 21:57
  Speaker 1: these weapons have to be paid for. The Congress is
• 22:00
  Speaker 1: the person who funds are the people who fund the Pentagon,
• 22:02
  Speaker 1: So the Pentagon have to make annual reports to Congress
• 22:05
  Speaker 1: about what it's buying and what the general inventory levels.
• 22:08
  Speaker 1: This can give you an extraordinary amount of confidence about
• 22:11
  Speaker 1: where the stockpiles were so pre war. And by the way,
• 22:13
  Speaker 1: when we say pre war, we're saying February twenty seventh.
• 22:16
  Speaker 1: It's actually very important to say those pre war numbers
• 22:19
  Speaker 1: were already catastrophically low because of what was going on
• 22:23
  Speaker 1: in Ukraine and because of what happened both under Biden
• 22:27
  Speaker 1: and Trump when we were shooting down a bunch of
• 22:29
  Speaker 1: Iranian missiles that were going after Israel. So all of
• 22:32
  Speaker 1: that being said, before the war February twenty seventh, the
• 22:35
  Speaker 1: number of patriots in the US arsenal was twenty three
• 22:39
  Speaker 1: hundred and thirty. They can say this with absolute confidence.
• 22:42
  Speaker 1: Now the current number as of July twenty seventh is
• 22:44
  Speaker 1: between seven hundred and fifty nine and eight hundred and
• 22:48
  Speaker 1: twenty seven. Just think about what a dramatic drop that
• 22:52
  Speaker 1: is in the overall stockpile. And just to give you
• 22:55
  Speaker 1: a just to give you an idea of what it
• 22:58
  Speaker 1: means now for choices by the United States, President Zelenski,
• 23:01
  Speaker 1: while he was in the Oval office said that just
• 23:03
  Speaker 1: to get Ukraine through the summer, they need three hundred
• 23:07
  Speaker 1: patriots to be given to them, which would be almost
• 23:10
  Speaker 1: half of the stockpile. This currently exists just in the
• 23:14
  Speaker 1: US inventory alone. Also, for those who are complaining about
• 23:17
  Speaker 1: these numbers, these numbers include the replenishment that have come
• 23:21
  Speaker 1: since the beginning of the war. Just again to show
• 23:23
  Speaker 1: you all how disastrous to suspend that that number is
• 23:26
  Speaker 1: actually worse. So four hundred and fifty two dads in
• 23:29
  Speaker 1: the US arsenal before the war on February twenty seventh,
• 23:33
  Speaker 1: that was already twenty five percent lower than where it
• 23:36
  Speaker 1: was back in last June, I believe under Operation Midnight Hammer,
• 23:41
  Speaker 1: when the United States in the Twelve Day War fired
• 23:43
  Speaker 1: twenty five percent of all thads that we had in
• 23:46
  Speaker 1: the US stockpile, just to protect Israel, not to protect America,
• 23:49
  Speaker 1: to protect Israel. The current number is now between two
• 23:51
  Speaker 1: hundred and thirty four and two hundred and seventy eight.
• 23:54
  Speaker 1: Now remember that the number of new thads that are
• 23:57
  Speaker 1: coming online into the system twelve. According to the Pentagon,
• 24:01
  Speaker 1: they take forever to build and they have massive contracts now.
• 24:05
  Speaker 1: But you can try and crash, you know, the defense
• 24:08
  Speaker 1: base and all of that. It's not going to work
• 24:10
  Speaker 1: unless it's like World War two total inventory. This is
• 24:13
  Speaker 1: I mean, there's no other way to say it. This
• 24:15
  Speaker 1: is terrifying for the world because and look Taiwan, like,
• 24:19
  Speaker 1: let's put that aside, like because at that point, I
• 24:21
  Speaker 1: don't even you know, even before all of this, the
• 24:23
  Speaker 1: CSIS war games from two years ago, when the stockpile
• 24:27
  Speaker 1: was much higher, CSIS again had a war game where
• 24:30
  Speaker 1: they concluded the United States would lose. So that was
• 24:32
  Speaker 1: then We're long past that. We're at a point where
• 24:36
  Speaker 1: South Korea, Japan, the Straight of Malacca. You know, you
• 24:40
  Speaker 1: think you care about horror moves, go and take a
• 24:41
  Speaker 1: look at Malacca and what moves through there on a
• 24:43
  Speaker 1: daily basis. Like we are now at a point where
• 24:46
  Speaker 1: I'm talking about extremely critical situations, ones of either NATO
• 24:53
  Speaker 1: or quasi NATO type allies, where it starts to get
• 24:56
  Speaker 1: on the table. And somebody made a good point the
• 24:59
  Speaker 1: actual impact of this in the near term. We can
• 25:02
  Speaker 1: keep this pitoty stuff going with Iran for you know,
• 25:05
  Speaker 1: potentially another year or two. That's not the problem. The
• 25:08
  Speaker 1: problem is is that when the next president gets sworn
• 25:11
  Speaker 1: on sworn in in January twenty twenty nine, he's going
• 25:14
  Speaker 1: to get a briefing by the INDO Paycom, by the
• 25:17
  Speaker 1: you know, the people were responsible for that region, and
• 25:20
  Speaker 1: they're gonna be like, look sir, this is how money
• 25:23
  Speaker 1: we got, this is how many it's going to come online.
• 25:25
  Speaker 1: You can try and throw money at the problem. The
• 25:27
  Speaker 1: Trump administration certainly is, but the reality is that if
• 25:30
  Speaker 1: this X and Y happens, there's not a fucking thing
• 25:33
  Speaker 1: you can do about it. That's literally, I mean, that's
• 25:34
  Speaker 1: not my language, that's Trump's language. Whatever it comes to Taiwan,
• 25:38
  Speaker 1: he said that in twenty twenty so just to give people,
• 25:42
  Speaker 1: you know, an example of what this means for the
• 25:44
  Speaker 1: retrenchment of the United States and part of why this
• 25:47
  Speaker 1: war has been so absolutely catastrophic. And we've seen it already.
• 25:51
  Speaker 1: Let's put a eight up on the screen for example,
• 25:54
  Speaker 1: which we've talked about previously. The military has to now
• 25:56
  Speaker 1: start rationing. If anybody watched that movie that was on
• 26:00
  Speaker 1: Netflix about the nuclear strike, you know, there was a
• 26:02
  Speaker 1: nuclear missile as the whole plot is that it's incoming
• 26:05
  Speaker 1: to the United States and they only fire two ground
• 26:08
  Speaker 1: based interceptors to shoot down the missile, and they fail,
• 26:12
  Speaker 1: and somebody in the control room or situation room is like,
• 26:14
  Speaker 1: why don't we fire another one? They're like, we can't.
• 26:16
  Speaker 1: We have to ration it because we only have forty
• 26:17
  Speaker 1: eight so in case, we have to save it for future.
• 26:20
  Speaker 1: So you have to sit there and let ten million
• 26:21
  Speaker 1: people die. That's the most extreme example of what rationing
• 26:24
  Speaker 1: looks like. This is what rationing looks like on a
• 26:26
  Speaker 1: much more micro scale. We have all these bases spread
• 26:29
  Speaker 1: out across the world, and what is Iran telling us
• 26:32
  Speaker 1: We can hit you in Jordan, we can hit you
• 26:34
  Speaker 1: in Saudi, we can hit you in Bahrain. We can
• 26:36
  Speaker 1: hit you in Kuwait, even in Egypt. You are not safe.
• 26:40
  Speaker 1: You know, you are not safe anywhere around this world.
• 26:43
  Speaker 1: And then what does that mean. It means that you
• 26:45
  Speaker 1: also have this Ukraine situation which is happening. They're begging
• 26:49
  Speaker 1: for three hundred missiles, by the way, just this morning,
• 26:51
  Speaker 1: and the Blacks either lighten up a bunch of Russian tankers, right,
• 26:54
  Speaker 1: so you could see the globalization of this conflict, the
• 26:58
  Speaker 1: extreme rationing which is happening. And I have not even
• 27:00
  Speaker 1: mentioned Asia, you know, in what's actually breaking out, which
• 27:04
  Speaker 1: is where any of this would actually be important. So
• 27:07
  Speaker 1: you know, it's not hyperbolic to say that this has
• 27:10
  Speaker 1: destroyed the ability in the near term of the United
• 27:13
  Speaker 1: States to project power around the world. It has actually
• 27:16
  Speaker 1: removed it in a dramatic sense. Even if we are
• 27:19
  Speaker 1: to throw money at the problem, which we are, it
• 27:22
  Speaker 1: will take years through replanet just to where we are
• 27:25
  Speaker 1: where we were, and where we were was already a disaster.
• 27:28
  Speaker 2: And here's the thing that it appears that the Iranian
• 27:30
  Speaker 2: strategy was to use their older, more outdated missiles in
• 27:34
  Speaker 2: the beginning of the conflict so that we would burn
• 27:37
  Speaker 2: up our interceptor stockpiles dealing with those, and now they're
• 27:41
  Speaker 2: starting to deploy their more advance which is highly sophisticated
• 27:44
  Speaker 2: weaponry when we are in the position of having to ration.
• 27:49
  Speaker 2: So they've been very intelligent about that. They also we've
• 27:51
  Speaker 2: talked long about how they go after the radar systems
• 27:55
  Speaker 2: so that we have less ability to know what they're
• 27:57
  Speaker 2: doing and be able to intercept their missiles as they're
• 28:01
  Speaker 2: coming in. They've sort of, you know, in a very
• 28:04
  Speaker 2: systematic fashion, degraded our capacity there. And then if you
• 28:08
  Speaker 2: look at that chart of you know, what we have
• 28:11
  Speaker 2: in terms of patriots and thads, the number of thads
• 28:14
  Speaker 2: hasn't changed at all since the ceasefire, which would indicate,
• 28:18
  Speaker 2: I mean, not only did we not replenish, it would
• 28:20
  Speaker 2: indicate we haven't been firing any We've basically stopped firing
• 28:24
  Speaker 2: fads because we are so limited in our inventory of
• 28:28
  Speaker 2: them at this point.
• 28:29
  Speaker 1: When the radar was hit by the Iranians, I think
• 28:32
  Speaker 1: on day one of yeah, the conflict and this, you know,
• 28:36
  Speaker 1: just to underscore like the total number is the whole world.
• 28:40
  Speaker 1: It's not just about what's happening in Sentcom. Remember how
• 28:42
  Speaker 1: we just strip all those thads out of South Korea.
• 28:45
  Speaker 1: I look at this, it's never coming back. It's not
• 28:47
  Speaker 1: coming back anytime soon. They should be real nervous up there,
• 28:51
  Speaker 1: you know, being neighbors forty five minutes away from the
• 28:54
  Speaker 1: fourth largest military in the world with a bunch of
• 28:56
  Speaker 1: nuclear tipped missiles. I mean, that's terrifying.
• 28:59
  Speaker 2: And it's not going to be like Jordan and the
• 29:01
  Speaker 2: Gulf Arab allies that are rethinking their whole approach to
• 29:04
  Speaker 2: how they deal with the US and how they deal
• 29:06
  Speaker 2: with China and the level of antagonism that they have
• 29:09
  Speaker 2: towards China, Russia, Iran, all of our allies are looking
• 29:13
  Speaker 2: at this and rethinking their entire approach. And at the
• 29:16
  Speaker 2: same time, it's put a nine up on the screen.
• 29:19
  Speaker 2: You know, it's been very, very difficult to accurately cover
• 29:23
  Speaker 2: what is happening, how much damage. We're having to rely
• 29:26
  Speaker 2: on these ocent accounts and satellite data that is frequently
• 29:29
  Speaker 2: out of date, or looking up with the Iranian say
• 29:32
  Speaker 2: and what they claim. And part of it is that
• 29:34
  Speaker 2: you are now having an even more aggressive crackdown on
• 29:37
  Speaker 2: information coming out of the region. So Centcom commander reportedly
• 29:41
  Speaker 2: said videos like this one that was shared previously that
• 29:44
  Speaker 2: was someone a service member that was at that base
• 29:47
  Speaker 2: in Jordan when it was hit that we shared last time,
• 29:49
  Speaker 2: can help a run with targeting during missile and drone attacks,
• 29:53
  Speaker 2: and deployed US soldiers could soon be ordered to surrender
• 29:56
  Speaker 2: their phones. So they are really trying to crack down
• 30:00
  Speaker 2: on any sort of footage or documentation of the damage
• 30:04
  Speaker 2: that Iran has been able to inflict across the region,
• 30:08
  Speaker 2: both because of you know, I guess helping with targeting,
• 30:11
  Speaker 2: although it seems to me like Iran is doing just
• 30:13
  Speaker 2: fine with targeting those it didn't really need the service
• 30:16
  Speaker 2: members videos, but in addition, just for propaganda values, because
• 30:20
  Speaker 2: when you see this coming out, Yeah, you don't want
• 30:23
  Speaker 2: the American public seeing that Ron is able to strike
• 30:27
  Speaker 2: these bases and the fear and terror of our service
• 30:30
  Speaker 2: members and the amount of damage being done to our equipment.
• 30:33
  Speaker 2: There is a total blackout on information coming out of
• 30:36
  Speaker 2: the entire region, very Israeli coded.
• 30:38
  Speaker 1: Actually, yeah, they do. They literally do not want us
• 30:41
  Speaker 1: to see what our men and women are having to go. Honestly,
• 30:45
  Speaker 1: it is more equally terrifying when you look at that
• 30:47
  Speaker 1: because that video it's like an office, you know, it's
• 30:50
  Speaker 1: like sitting in an office like any normal but then
• 30:53
  Speaker 1: you run out and there's sirens going off and you're
• 30:55
  Speaker 1: running to a bomb shelter. I mean, you have a
• 30:58
  Speaker 1: vision of service members who get killed in combat as
• 31:01
  Speaker 1: like being on a front line or engaging about No,
• 31:04
  Speaker 1: that's not how it works anymore. It's coming from a
• 31:06
  Speaker 1: terrifying threat in the air from thousands of miles away
• 31:09
  Speaker 1: or you know, thousands of kilometers away. That is what's
• 31:12
  Speaker 1: scary about this entire thing. And we can feel the
• 31:15
  Speaker 1: terror and try and put ourselves in that situation and say,
• 31:18
  Speaker 1: oh my god, I cannot believe that our people are
• 31:20
  Speaker 1: through that are going through this last thing. I just
• 31:23
  Speaker 1: want to highlight just to show you all, you know
• 31:25
  Speaker 1: what they spend all our money on. Let's put this
• 31:27
  Speaker 1: next one up here on the screen. I mean, this
• 31:30
  Speaker 1: is bonkers. So just yesterday, the Pentagon has now committed
• 31:34
  Speaker 1: over one hundred and twenty billion dollars for Patriot missiles
• 31:40
  Speaker 1: and for submarines. This this includes half of this is
• 31:46
  Speaker 1: just for Patriot missiles from Lockheed Martin fifty nine billion.
• 31:51
  Speaker 1: Don't forget this is on top of an additional thirty
• 31:54
  Speaker 1: five billion dollar multi year contract for that interceptors that
• 31:58
  Speaker 1: Lockheed had all ready signed. So let's put together one
• 32:03
  Speaker 1: hundred billion dollars just to be able to rebuild many
• 32:07
  Speaker 1: of the munitions that were just fired already in the
• 32:10
  Speaker 1: Iran War and potentially stock up for in the years
• 32:14
  Speaker 1: to come. But even if you were to look deeply
• 32:16
  Speaker 1: inside of this the contract, which by the way, is
• 32:19
  Speaker 1: going to extend now for multi years because that's how
• 32:21
  Speaker 1: long it takes to be able to build, you also
• 32:23
  Speaker 1: would have to take a look and say, are we
• 32:26
  Speaker 1: even getting our money's worth? Remember the New Patriots cost
• 32:30
  Speaker 1: four million apiece and take years to produce just one
• 32:34
  Speaker 1: of those missiles. So we're paying top dog. Just in
• 32:36
  Speaker 1: case you're wondering, both Lockheed Martin and RTX, which is
• 32:39
  Speaker 1: a submarine builder, this month raised their twenty twenty six
• 32:43
  Speaker 1: profit and revenue projections on the strength of their ammunition
• 32:46
  Speaker 1: sales this America instead, and that's in their terms of
• 32:49
  Speaker 1: their profit right, so their profit's going up. We're getting
• 32:52
  Speaker 1: builked every time you pay your taxes. We pay our
• 32:55
  Speaker 1: quarterly taxes as business owners. This is the shit that
• 32:58
  Speaker 1: it's going to. You know, I was telling you about
• 33:01
  Speaker 1: my Amtrak experience. I'm not a huge national rail guy
• 33:04
  Speaker 1: or whatever, but on the estelic corridor. Yeah, I think
• 33:06
  Speaker 1: it makes sense, you know, in these highly connected cities.
• 33:09
  Speaker 1: So yesterday I was in New York. I'm coming home.
• 33:13
  Speaker 1: I'm on the new AM track, the next gen AM track,
• 33:16
  Speaker 1: but which, by the way, I paid more for to
• 33:18
  Speaker 1: go from New York to Washington, DC than I paid
• 33:21
  Speaker 1: to go from Tokyo to Kyoto on a much better train,
• 33:24
  Speaker 1: which is built in the nineteen nineties. The train broke
• 33:26
  Speaker 1: down in the middle of nowhere. We had to get
• 33:29
  Speaker 1: off the train, literally in the middle of nowhere, and
• 33:32
  Speaker 1: go from one train to another train on a rinky
• 33:35
  Speaker 1: dink little bridge and then sit on our suitcases in
• 33:38
  Speaker 1: the aisle. That happened here in the United States of
• 33:40
  Speaker 1: America yesterday, not just to me, to a lot hundreds
• 33:43
  Speaker 1: of other people. Okay. That's on a nationally funded AM
• 33:46
  Speaker 1: track with the next gen and hundreds of billions of
• 33:49
  Speaker 1: dollars from the United States government, from you know, New
• 33:51
  Speaker 1: York government, all these municipalities. This is what we spend
• 33:54
  Speaker 1: our money, you know, we spend our money on these missiles.
• 33:56
  Speaker 1: And then even when we do spend our money on
• 33:58
  Speaker 1: rail or innovation, or thing shit literally breaks down, would
• 34:01
  Speaker 1: never happen. You know, in Japan, they give you an
• 34:03
  Speaker 1: apology if something happened, if you're five minutes later, five
• 34:06
  Speaker 1: seconds late, something like that, they give you a letter
• 34:08
  Speaker 1: saying we're very sorry for their disruption in our service.
• 34:11
  Speaker 1: I'm just giving an example of like, it's not woe
• 34:13
  Speaker 1: is me, but that's the state of our infrastructure of
• 34:15
  Speaker 1: our country. Not to mention all of our other economic problems.
• 34:18
  Speaker 1: And this we's been one hundred and twenty billion. Nobody
• 34:20
  Speaker 1: even blinks an eye one hundred and twenty But do
• 34:22
  Speaker 1: you have any you know how many Amtrak you could
• 34:24
  Speaker 1: build if that's what you wanted to do. Yeah, cars, investment, whatever,
• 34:27
  Speaker 1: I don't care.
• 34:28
  Speaker 3: Here's here's some examples.
• 34:30
  Speaker 2: So for a one hundred and twenty billion dollar, you
• 34:31
  Speaker 2: could fund all of SNAP for a year, all of Snap.
• 34:34
  Speaker 2: You could institute universal pre K for the majority of
• 34:38
  Speaker 2: three and four year olds, right, you could fully expand headstart.
• 34:42
  Speaker 2: If you want to build housing, you could build somewhere
• 34:45
  Speaker 2: around six hundred thousand affordable apartment units or four hundred
• 34:49
  Speaker 2: and sixty one thousand basic housing units like of standalone
• 34:55
  Speaker 2: single home variety. So that's what we're talking about here,
• 34:59
  Speaker 2: I'm going to just throw this all one hundred and
• 35:00
  Speaker 2: twenty billion. Of course, the military is getting even more money,
• 35:04
  Speaker 2: and then you look at the results. It genuinely is
• 35:07
  Speaker 2: mind boggling. What is the money going for? What are
• 35:11
  Speaker 2: we accomplishing with this money? And then you have Trump
• 35:13
  Speaker 2: out there making comments like, yeah, we can't have nice things.
• 35:16
  Speaker 2: You know, it'd be nice to have affordable jod here.
• 35:18
  Speaker 2: We can't do that because we got to find our military. Really,
• 35:21
  Speaker 2: why what is our military doing? It's just you know,
• 35:24
  Speaker 2: revealing to the world that we have spent. All of
• 35:27
  Speaker 2: this is thrown at these defense industrial contractors. They are
• 35:30
  Speaker 2: making money hand over fist, and the whole strategy is
• 35:34
  Speaker 2: rotten to its core, but that won't stop them from continuing.
• 35:37
  Speaker 2: We need one hundred billion more and a hundred billion more.
• 35:39
  Speaker 2: The whole defense budgets got to go up to one
• 35:41
  Speaker 2: point five trillion Pete Hegseth tells us that the greatest
• 35:44
  Speaker 2: threat to America is that we don't fund the Defense
• 35:47
  Speaker 2: Department to a one point five trillion dollar price tag.
• 35:51
  Speaker 2: That is so incredibly insane. And think about your town,
• 35:55
  Speaker 2: Think about what a tiny fraction of that money could
• 35:58
  Speaker 2: mean for your town. It's crazy, as our infrastructure crumbles,
• 36:02
  Speaker 2: as our airports are disgusting, as you know, our bridges
• 36:05
  Speaker 2: are degrade, all that stuff, the trains, the schools, all
• 36:09
  Speaker 2: of it, and you know, in very minimal, bare bone
• 36:12
  Speaker 2: social safety net that's constantly being attacked and made even
• 36:15
  Speaker 2: more threadbare, and just money hand over fist into this
• 36:20
  Speaker 2: gaping maw which is the Pentagon.
• 36:22
  Speaker 1: It's so so absolutely insane. And yeah, look I'm not
• 36:26
  Speaker 1: a dove. I just think that we could build a
• 36:28
  Speaker 1: much more effective I think we can have both. I
• 36:31
  Speaker 1: really do. We're so phenomenally rich as a country. You
• 36:35
  Speaker 1: could have I mean, look at the around you know,
• 36:36
  Speaker 1: twenty thousand dollars drones, thirty thousand dollar drones. If we
• 36:39
  Speaker 1: had to rethink of the entire thing. Yeah, we could
• 36:41
  Speaker 1: be safe. We could have a better strategy, it would
• 36:44
  Speaker 1: be cheaper, and we could have cool trains, we could
• 36:46
  Speaker 1: have cool roads, we could have cool cars. You know,
• 36:48
  Speaker 1: we could have all of it if we want it,
• 36:49
  Speaker 1: or just don't start a war. Don't have bases in
• 36:51
  Speaker 1: the middle of nowhere for literally no reason that are
• 36:54
  Speaker 1: just sitting there, you know, ready to be sitting ducks
• 36:56
  Speaker 1: but yeah, this is where nobody in DC will say
• 37:00
  Speaker 1: one word about the eye popping number here. They won't
• 37:02
  Speaker 1: even question how much it actually costs, the delivery timeline,
• 37:05
  Speaker 1: are we actually getting, you know, what we want from it?
• 37:08
  Speaker 1: It is like that is the true bipartisan consensus, where
• 37:11
  Speaker 1: oh it's all good, it's just.
• 37:12
  Speaker 2: Yeah, well they see it as like a jobs program.
• 37:14
  Speaker 2: In there, it is just program and that's yeah. I mean,
• 37:16
  Speaker 2: that's increasingly what our economy is, like building, making bombs
• 37:21
  Speaker 2: and AI and gambling. That's what our economy is basically.
• 37:26
  Speaker 2: So that's what our show's focused on.
• 37:29
  Speaker 1: Let's get to Fauci. Okay, everybody trip down memory lane.
• 37:35
  Speaker 1: Doctor Anthony Fauci of COVID fame returned to Capitol Hill
• 37:40
  Speaker 1: for to testify before the United States Senate, specifically after
• 37:45
  Speaker 1: the release of his new diary, which he apparently was
• 37:48
  Speaker 1: keeping on a laptop computer owned by the federal government.
• 37:51
  Speaker 1: In eleven hundred pages, he reveled in his own fame
• 37:55
  Speaker 1: that was currently going on. He gave his thoughts about
• 37:57
  Speaker 1: the pandemic, about the President, about himself, about members of
• 38:00
  Speaker 1: the press, but also, and I think most importantly about
• 38:03
  Speaker 1: whether COVID nineteen leaked from the Wuhan lab in twenty nineteen,
• 38:08
  Speaker 1: or whether it emerged naturally via the wet market or
• 38:12
  Speaker 1: some other finatural phenomenon out of China. So what we're
• 38:16
  Speaker 1: going to start with here is doctor Fauci testifying before Congress.
• 38:20
  Speaker 1: When I say testifying, he delivered only an opening statement
• 38:23
  Speaker 1: attacking Senator Ran Paul, who had called him to testify before,
• 38:26
  Speaker 1: then saying he intended to plead the fifth to protect
• 38:29
  Speaker 1: himself from criminally incriminating himself before Congress. So let's take
• 38:34
  Speaker 1: a listen.
• 38:35
  Speaker 4: Given Senator Poll's obvious obsession with calling for my prosecution,
• 38:42
  Speaker 4: his repeated slanderous comments about me, and recently his publicly
• 38:49
  Speaker 4: releasing my unredacted personal diary aimed at embarrassing and intimidating me,
• 38:59
  Speaker 4: the only conclusion I can reach is that the sole
• 39:04
  Speaker 4: reason he is calling me before this committee is to
• 39:08
  Speaker 4: get me to say something, anything, that could vindicate his
• 39:14
  Speaker 4: repeated public pledges that I end up in his words
• 39:19
  Speaker 4: quote behind bars unquote. Any reasonable person who has followed
• 39:27
  Speaker 4: his unhinged obsession with me would readily come to the
• 39:33
  Speaker 4: same conclusion.
• 39:35
  Speaker 1: Therefore, although it pains.
• 39:37
  Speaker 4: Me to do so because of the respect I have
• 39:42
  Speaker 4: for the legislative branch of government and my decades long
• 39:46
  Speaker 4: record of cooperating with Congress. Under the advice of my attorneys,
• 39:53
  Speaker 4: I will invoke my right under the Fifth Amendment of
• 39:56
  Speaker 4: the Constitution to refrain from answering you have questions?
• 40:01
  Speaker 1: Do you have that in front of you? On the
• 40:04
  Speaker 1: Advisive Council?
• 40:05
  Speaker 4: I respectfully declined to answer it based upon my rights
• 40:09
  Speaker 4: under the Fifth Amendment.
• 40:10
  Speaker 1: Let the Constitution. Let the record record.
• 40:13
  Speaker 5: That the witness has refused to answer whether there's a
• 40:16
  Speaker 5: folder in front of him based on his Fifth Amendment right.
• 40:20
  Speaker 5: Have you refused this pardon or do you have any
• 40:23
  Speaker 5: reason to believe this full and unconditional pardon, this grant
• 40:26
  Speaker 5: of immunity would somehow require you to plead the Fifth Amendment.
• 40:33
  Speaker 4: On the Advisive Council, I respectfully declined to answer based
• 40:37
  Speaker 4: upon my rights under the Fifth Amendment of the Constitution.
• 40:41
  Speaker 5: Do you still refuse to answer the questions.
• 40:45
  Speaker 1: On the Advisive Council?
• 40:47
  Speaker 4: I respectfully declined to answer it based upon my rights
• 40:50
  Speaker 4: under the Fifth.
• 40:51
  Speaker 1: Amendment of the Constitution.
• 40:53
  Speaker 5: Were you ever made aware of gain of function research
• 40:56
  Speaker 5: on monkey pox being conducted at the National Biodefense Analysis
• 41:00
  Speaker 5: and Countermeasure Center, and back at fourteen dreck.
• 41:07
  Speaker 4: On the advice of Council, I respectfully declined to answer
• 41:10
  Speaker 4: based upon my rights under the Fifth Amendment of the Constitution.
• 41:14
  Speaker 1: So that was the entire thing. You could see his
• 41:17
  Speaker 1: opening statement there. He still believes he's being unfairly prosecuted,
• 41:20
  Speaker 1: specifically around what happened with COVID nineteen, whether it leaked
• 41:24
  Speaker 1: from the lab or not. And there actually were a
• 41:26
  Speaker 1: lot of clues in Fauci's diary. So let's go ahead
• 41:29
  Speaker 1: and put this up here on the screen. All of
• 41:31
  Speaker 1: these have been released from Fauci's own diary, which again
• 41:34
  Speaker 1: he wrote on a federal government laptop, eleven hundred pages
• 41:37
  Speaker 1: or so. This is actually probably the single most important quote.
• 41:41
  Speaker 1: And for everyone who has currently joining us for the subject,
• 41:44
  Speaker 1: I know that it's all get quite a bit tedious.
• 41:46
  Speaker 1: We used to have all the details completely memorized and
• 41:49
  Speaker 1: here on lab leak, so I'll try to, you know,
• 41:51
  Speaker 1: simplify it as much as I can. So here, Senator
• 41:54
  Speaker 1: Paul writes that from Fauci's own diary, he says, quote,
• 41:58
  Speaker 1: now we know the the market was not the source.
• 42:01
  Speaker 1: It was the amplifier. So to make that very clear,
• 42:05
  Speaker 1: what Fauci was writing there was quote, now we know
• 42:08
  Speaker 1: that the wet market aka the wet market were allegedly
• 42:11
  Speaker 1: the bats and the other animals and you forget the
• 42:14
  Speaker 1: pangolins and all that were being sold, was not the
• 42:17
  Speaker 1: source of COVID nineteen. Quote, it was the amplifier. The amplifier,
• 42:21
  Speaker 1: by the way, that theory makes sense if you trace
• 42:24
  Speaker 1: back the timeline of when COVID nineteen, in my belief,
• 42:27
  Speaker 1: leaked from the Wuhan lab. Now, what this also explains
• 42:31
  Speaker 1: already is that as of January twenty twenty, in this
• 42:33
  Speaker 1: initial entry he says that the wet market was off
• 42:36
  Speaker 1: the table in his own private notes. In his defense,
• 42:39
  Speaker 1: if you read the totality of the diary, what he's
• 42:42
  Speaker 1: saying is, now we know that the market was not
• 42:44
  Speaker 1: the source. It was the amplifier. In the context of
• 42:47
  Speaker 1: wrestling of whether it leaked from the lab.
• 42:49
  Speaker 2: Or not, he says, having said that somewhere the virus
• 42:52
  Speaker 2: jump from animals to humans. So he's just indicating here, Okay,
• 42:57
  Speaker 2: the timeline doesn't work out for it to be the
• 42:59
  Speaker 2: wet market, but in his diary he's claiming he still
• 43:02
  Speaker 2: believes that it was zoonotic transmission from animal to human
• 43:07
  Speaker 2: and not allatly right.
• 43:08
  Speaker 1: And so then this is where getting to the timeline.
• 43:11
  Speaker 1: And again I apologize if this is a bit tedious,
• 43:13
  Speaker 1: but it does matter for whether any of this happened
• 43:15
  Speaker 1: and what the actual cover up was, which, in my opinion,
• 43:17
  Speaker 1: is the actual crime if you were to say of
• 43:20
  Speaker 1: all of this. So what happened is that as of
• 43:22
  Speaker 1: January thirty first, so five days after he makes this entry,
• 43:25
  Speaker 1: he says that there are now conspiracy theories that the
• 43:28
  Speaker 1: virus was given gain a function via inserted mutations and
• 43:31
  Speaker 1: released in Wuhan, as in he was aware of and
• 43:34
  Speaker 1: naming the engineered hypothesis. The next day, on February first,
• 43:38
  Speaker 1: he has a secret call. Again, none of this was
• 43:41
  Speaker 1: disclosed to the American people at the time of leading virologists.
• 43:45
  Speaker 1: There were some let's say, there were twelve virologists that
• 43:48
  Speaker 1: were on this call. Ten out of the twelve did
• 43:52
  Speaker 1: not believe entirely in the natural origin hypothesis. Two of
• 43:56
  Speaker 1: them did. So what Fauci did is to to one
• 44:00
  Speaker 1: of those scientists, Anderson, to draft a paper called Proximal Origin,
• 44:05
  Speaker 1: which is then published nationally in a leading medical magazine.
• 44:10
  Speaker 1: That paper then becomes the basis through which Fauci is
• 44:14
  Speaker 1: able to come before the American people in February and
• 44:17
  Speaker 1: in March and to say that independent scientific research has
• 44:21
  Speaker 1: now backed up the claim that COVID nineteen came from
• 44:25
  Speaker 1: the wet market aka zoonotic transmission aka not from the
• 44:30
  Speaker 1: Wuhan lab. He also, and we can actually show this
• 44:33
  Speaker 1: before if we want to, please, had several instances in
• 44:37
  Speaker 1: which he spoke with the head of China's own CDC
• 44:40
  Speaker 1: and in fact you had been transmitted very incorrect information
• 44:46
  Speaker 1: or sorry, correct information which he then did not distribute
• 44:49
  Speaker 1: to the public. For example, gu confirmed that asymptomatic people
• 44:52
  Speaker 1: with COVID could transmit Fauci wrote that the Wuhan of
• 44:54
  Speaker 1: Health officials did not tell him this, and thus he
• 44:57
  Speaker 1: gave out false information, a lapse quote that likely allowed
• 45:00
  Speaker 1: the outbreak to take hold. This all reflects back on
• 45:03
  Speaker 1: the original discourse in Fauci's own testimony and guidance to
• 45:08
  Speaker 1: the American people about whether they should or should not
• 45:11
  Speaker 1: wear a mask. There's also, in my opinion, when we
• 45:14
  Speaker 1: really look at a lot of the Lab League coverage,
• 45:17
  Speaker 1: the fact is is that inside of this diary it
• 45:19
  Speaker 1: details even more of what we knew previously about the
• 45:23
  Speaker 1: cover up of the potential lab league hypothesis. And I
• 45:26
  Speaker 1: will say here again I cannot say with one hundred
• 45:29
  Speaker 1: percent certainty that COVID leaked from the Lab. I could
• 45:32
  Speaker 1: give you ninety five percent. The only reason that I
• 45:34
  Speaker 1: can't give you one hundred percent is because China destroyed
• 45:36
  Speaker 1: most of the evidence. And I think ultimately what this
• 45:40
  Speaker 1: comes down to is this general like there's I get it.
• 45:44
  Speaker 1: It's so parts. You know, one of the Republican senators
• 45:46
  Speaker 1: what did he say is like who the fuck do
• 45:48
  Speaker 1: you think you are? I'm like, okay, man, Like you know,
• 45:50
  Speaker 1: it's like we're doing the dance six years later. In
• 45:52
  Speaker 1: a certain respect, I.
• 45:54
  Speaker 2: Do want pretending that it wasn't Trump was and it was,
• 45:57
  Speaker 2: by the.
• 45:57
  Speaker 1: Way, totally fair. And I think you know, with the
• 46:01
  Speaker 1: Lab leak, we had Annie Jacobson on about biological war.
• 46:04
  Speaker 1: And if you're a LIB, you want RFK Junior running
• 46:07
  Speaker 1: all these BSL four laboratories. You want Pete Hegseth in
• 46:11
  Speaker 1: charge of military anthrax and all of these other bioweapons
• 46:14
  Speaker 1: that are in our face, Like this is not partisan.
• 46:17
  Speaker 1: The point is is that we got lucky with COVID.
• 46:20
  Speaker 1: This sounds crazy to say, had a one percent, you know,
• 46:23
  Speaker 1: fatality rate, mostly old people and fat people. If this
• 46:27
  Speaker 1: was the Spanish flu or something like that and it
• 46:30
  Speaker 1: actually affected young adults and children, I mean, it would
• 46:32
  Speaker 1: have been madness and we would have had millions more
• 46:36
  Speaker 1: people that would have been killed. So the point is
• 46:39
  Speaker 1: is like, we actually have to reconcile with lab leak
• 46:41
  Speaker 1: and what happened here just to be able to deal
• 46:44
  Speaker 1: with whatever the next pandemic is, and instead we've had
• 46:46
  Speaker 1: total partisan retrenchment on what I again think is a
• 46:50
  Speaker 1: very basic issue of elite from the LAB. We have
• 46:53
  Speaker 1: done multiple monologues and segments here on the show over
• 46:56
  Speaker 1: the years. Fauci definitely covered it up, and on top
• 46:58
  Speaker 1: of that, he gave a lot of incorrect information, which
• 47:01
  Speaker 1: in my opinion, the crime was is he never admitted it.
• 47:04
  Speaker 1: You know, whenever it came to mass whenever it came
• 47:06
  Speaker 1: to school closures and many of these other things, he
• 47:09
  Speaker 1: retrenched entirely and that he acted very nobly. And what's
• 47:12
  Speaker 1: also obvious from his diary entry is he reveled in
• 47:15
  Speaker 1: the media attention. He said crazy ass things like I
• 47:18
  Speaker 1: am the science. I mean, he was a total egomaniac.
• 47:23
  Speaker 1: And you know, you don't have to be a crazy
• 47:26
  Speaker 1: right winger to be like, yeah, this person really destroyed
• 47:29
  Speaker 1: a lot of public faith in the CDC and the
• 47:32
  Speaker 1: NIH and the entire scientific establishment from running a lot
• 47:35
  Speaker 1: of his responsor in COVID. There are many other criminals
• 47:38
  Speaker 1: that are involved, but you know, in my opinion, Fauci
• 47:39
  Speaker 1: is primarily one of them.
• 47:41
  Speaker 2: Yeah, I mean, I think that comment about I am
• 47:43
  Speaker 2: science or I am the science is very revealing because
• 47:45
  Speaker 2: what you see with I think the most charitable interpretation
• 47:50
  Speaker 2: you could give to Fauci is that he thought it
• 47:53
  Speaker 2: was probably zoonotic transmission. But rather than putting out to
• 47:58
  Speaker 2: the public like here are the competing theories, here's evidence
• 48:01
  Speaker 2: on the side, here's evidence on that side, and allowing
• 48:04
  Speaker 2: the public to live in some measure of uncertainty, he
• 48:07
  Speaker 2: wanted to have no, here's the definitive answer. I can
• 48:11
  Speaker 2: point to case closed. And maybe he just wanted that
• 48:15
  Speaker 2: because we see in other examples where he had a
• 48:18
  Speaker 2: similar approach of let me put something out there that
• 48:22
  Speaker 2: is not technically correct, but I think is a better
• 48:25
  Speaker 2: thing for the public that to manage their emotions. He
• 48:29
  Speaker 2: saw that more as his role than actually reading the
• 48:31
  Speaker 2: public in on the totality and the messiness and the reality.
• 48:34
  Speaker 2: You know, especially as the new virus pandemic, you're gathering signs,
• 48:39
  Speaker 2: you're figuring out what's going on. There's going to inherently
• 48:41
  Speaker 2: be messiness and uncertainty in that, and he didn't think
• 48:44
  Speaker 2: the public could handle that. But the other piece, obviously
• 48:47
  Speaker 2: with the lab leak in particular, is that there's also
• 48:50
  Speaker 2: a self interested motive of NIH's funding some of this
• 48:52
  Speaker 2: research to directly connected to this lab.
• 48:55
  Speaker 3: Some of the other.
• 48:56
  Speaker 2: Characters involved are directly implicated in terms of the research
• 48:59
  Speaker 2: that was being done, and so you also have this
• 49:02
  Speaker 2: self interested motive of like, I don't want the finger
• 49:04
  Speaker 2: pointed at us and what we're doing, and we want
• 49:06
  Speaker 2: to continue to do this gain of function research even
• 49:09
  Speaker 2: though it is profoundly dangerous. You know, when we talk
• 49:12
  Speaker 2: to Annie Jacobson, I asked her the question. You know,
• 49:15
  Speaker 2: biological weapons are illegal, right, They're completely banned, and yet
• 49:21
  Speaker 2: what we do in these labs is messing around with
• 49:24
  Speaker 2: things that could be bioweapons. How do they draw the
• 49:28
  Speaker 2: line between bioweapons development and quote unquote gain of function research.
• 49:33
  Speaker 2: And it's basically a gigantic loophole. So that's, you know,
• 49:36
  Speaker 2: that's the way people should think about this. And you know,
• 49:39
  Speaker 2: in terms of this proximal origin paper, which really becomes
• 49:44
  Speaker 2: this lynchpin in saying it was do not extreme switch,
• 49:48
  Speaker 2: it was not a lab leak, all of these scientists
• 49:50
  Speaker 2: degree very like definitive language that was used.
• 49:54
  Speaker 3: You can see behind the scenes.
• 49:56
  Speaker 2: The lead author, just before this was published, said that
• 49:59
  Speaker 2: a lab leak was quote friggin' likely, wrote that the
• 50:03
  Speaker 2: main issue is that accidental escape is in fact highly likely.
• 50:07
  Speaker 2: It's not some fringe issue. Another co author wrote that
• 50:11
  Speaker 2: the virus easily could have leaked from a lab. Now
• 50:15
  Speaker 2: they claim, oh, well that was a little earlier, and
• 50:17
  Speaker 2: then we looked into and we decided, no, it is
• 50:19
  Speaker 2: do not. It is you know, from an animal to
• 50:21
  Speaker 2: a human. And so that's why it was so definitive
• 50:23
  Speaker 2: in the paper. But it seems hard to believe that
• 50:26
  Speaker 2: since there was no new information that had really come
• 50:29
  Speaker 2: out to put your you know, some on the scales
• 50:32
  Speaker 2: in the direction of this is coming from an animal,
• 50:34
  Speaker 2: that they still harbored at least some doubts and yet
• 50:37
  Speaker 2: what was presented in this paper was very concrete, and
• 50:40
  Speaker 2: then what you know, what happens from there. It becomes
• 50:43
  Speaker 2: pushed out to a lot of scientific journalists. Just accept this, Okay, well,
• 50:47
  Speaker 2: we've settled this question.
• 50:49
  Speaker 3: It came from an animal.
• 50:50
  Speaker 2: We're moving forward, all of that research into the actual
• 50:53
  Speaker 2: oranges origin. Sudden gets pushed out to the fringes. And meanwhile,
• 50:56
  Speaker 2: as Sagar's pointing out, the discourse on this is just
• 50:59
  Speaker 2: so and so toxic at this point, it's almost hopelessly
• 51:03
  Speaker 2: damaged beyond repair, even though you know, it continues to
• 51:06
  Speaker 2: matter how this happened, and maybe we should change our
• 51:09
  Speaker 2: policies in our approach here so that it doesn't ultimately
• 51:11
  Speaker 2: happen again.
• 51:12
  Speaker 1: We let's talk about schoclosure. I mean, that was the
• 51:14
  Speaker 1: second two lab leak, the most consequential thing that will
• 51:16
  Speaker 1: affect this nation. Test scores have never recovered from the pandemic.
• 51:20
  Speaker 1: It still remains a literal lost generation. Not to mention
• 51:23
  Speaker 1: drug use, alcohol abuse, all kinds of things that happened
• 51:26
  Speaker 1: sociologically as a result of this. In his diary, Fauci
• 51:30
  Speaker 1: says that he convinced the New York City mayor to
• 51:33
  Speaker 1: close schools, and he influenced Cania school closures. In twenty
• 51:37
  Speaker 1: twenty two, in an ABC News interview, he said quote,
• 51:40
  Speaker 1: I had nothing to do with school closures. It's literally
• 51:42
  Speaker 1: a lie. It's a bald faced lie. He told multiple
• 51:46
  Speaker 1: times Francis Collins, for example, to please delete his emails
• 51:50
  Speaker 1: after you read it, which is directly in contravention of
• 51:52
  Speaker 1: his need to preserve records for Congress and for Foya,
• 51:56
  Speaker 1: by the way, and for future historians. He said, quote,
• 51:59
  Speaker 1: if anybody is lying, Senator, it is you. Whenever Paul
• 52:01
  Speaker 1: directly asked him about deleting information, he said he redefined
• 52:06
  Speaker 1: Remember when he redefined gain of function by saying that
• 52:09
  Speaker 1: we no longer did gain a function. It's a total lie.
• 52:12
  Speaker 1: And ultimately what this is is he became a genuine egomaniac.
• 52:17
  Speaker 1: Let's put B five up here on the screen. In
• 52:19
  Speaker 1: his diaries, quote the press is going wild with me.
• 52:24
  Speaker 1: He talks about how flattering it is. He talks about
• 52:27
  Speaker 1: how cool it was for him that when he shows
• 52:30
  Speaker 1: up to the White House, he no longer has to
• 52:32
  Speaker 1: give his ID because the Secret Service recognized who he was.
• 52:37
  Speaker 1: He revels in Oprah and all of these other celebrities
• 52:41
  Speaker 1: coming to his defense. You can go through and read
• 52:44
  Speaker 1: all of this for yourself. It's all public knowledge, like
• 52:47
  Speaker 1: this is who the guy became embodied in the I
• 52:51
  Speaker 1: am the science question And that's why. I mean it's
• 52:55
  Speaker 1: a tragedy like what has happened, as I said, like
• 52:57
  Speaker 1: we got entirely lucky and we blew our stack with
• 53:01
  Speaker 1: Lockdown's vaccine development, Trump and all of that. The loss
• 53:05
  Speaker 1: of public faith. Just imagine if we had a real
• 53:08
  Speaker 1: if we had another pandemic, if we had Spanish flu today,
• 53:11
  Speaker 1: what is going to happen with? What is going to
• 53:13
  Speaker 1: happen we have ARCA, we had fouch, Like are we
• 53:16
  Speaker 1: going to close schools or not? I mean that's going
• 53:18
  Speaker 1: to be a serious question. What are we going to do?
• 53:21
  Speaker 1: Is there a vaccine to do it or not? Who's
• 53:24
  Speaker 1: going to publish the information? We wear a mask? Should
• 53:26
  Speaker 1: we not wear a mask? I mean just imagine like
• 53:29
  Speaker 1: fifteen days to stop the spread. Anybody gonna believe that?
• 53:32
  Speaker 1: Like which scientists do we turn to? Do we turn
• 53:35
  Speaker 1: to Fauci and all the other officials over the CDC
• 53:38
  Speaker 1: who lied to us? Do we trust Rkade Junior and
• 53:40
  Speaker 1: doctor Marty Mackrey. This is a serious problem that we
• 53:44
  Speaker 1: all have, right And that's kind of my point and
• 53:47
  Speaker 1: just overarching to the Annie Jacobson point. Yeah, you know,
• 53:50
  Speaker 1: screw the Wall Street Journal. I don't know why, but
• 53:52
  Speaker 1: they did not credit her book. They ran an entire
• 53:55
  Speaker 1: piece about how with AI biological weapons are now much
• 54:00
  Speaker 1: easier to manufacture and that many AI models have no
• 54:03
  Speaker 1: guardrails in place to tell you how to in a
• 54:06
  Speaker 1: high school chemistry set be able to manufacture a highly
• 54:09
  Speaker 1: infectious either disease or gain a function like some type
• 54:12
  Speaker 1: of thing. They gave her zero credit, even though she
• 54:14
  Speaker 1: literally lays that out in her entire book. It can happen.
• 54:17
  Speaker 1: It can happen very very easily. And now what I
• 54:21
  Speaker 1: mean that with this public health infrastructure, in my opinion,
• 54:24
  Speaker 1: because of him, you know, we really are in a
• 54:27
  Speaker 1: very very bad place. And that's just my last thing
• 54:30
  Speaker 1: is with Fauci is he literally got a pardon, a
• 54:33
  Speaker 1: blanket pardon from Biden, which he had said publicly, I
• 54:37
  Speaker 1: will have no problem testifying before the US Senate, so
• 54:41
  Speaker 1: he has no potential criminal liability. He has a federal
• 54:44
  Speaker 1: blanket pardon from the United States President. He literally, you know,
• 54:48
  Speaker 1: got the he said previously I had nothing to hide,
• 54:52
  Speaker 1: and then ultimately, after his diary and all that is submitted,
• 54:56
  Speaker 1: he has to plead the fifth. So look, pleading the
• 54:58
  Speaker 1: fifth is not technically you know that you're hiding something,
• 55:00
  Speaker 1: But in my opinion, it does demonstrate like very clearly
• 55:04
  Speaker 1: that on his own merits, he cannot stand by much
• 55:07
  Speaker 1: of what he said in the middle of the pandemic.
• 55:09
  Speaker 1: That's not even just a Partison point. I just think
• 55:11
  Speaker 1: that's a fact at this point. All right, let's move on,
• 55:13
  Speaker 1: shall we turning down to some crazy rumblings going on
• 55:19
  Speaker 1: in the stock market, including South Korea, many chip manufacturers,
• 55:23
  Speaker 1: our own tech companies, and perhaps here the very first
• 55:26
  Speaker 1: glaring sign of margin gone wrong with AI stocks and
• 55:29
  Speaker 1: a potential bubble collapse. Let's put this up here on
• 55:32
  Speaker 1: the screen, Leopol. I'm not going to try and say
• 55:34
  Speaker 1: his last year. I think it's going to say Ashenberger's
• 55:36
  Speaker 1: his situational awareness. Hedge fund is now quote seeking to
• 55:40
  Speaker 1: raise capital after an AI route. The reason why this
• 55:44
  Speaker 1: is important is that this hedge fund, twenty billion dollar
• 55:47
  Speaker 1: hedge fund was founded by a former Open AI employee
• 55:51
  Speaker 1: who now needs quote fresh capital after heavy losses in
• 55:55
  Speaker 1: recent AI stock selloffs. The fund had previously posted a
• 55:59
  Speaker 1: four hundred and thirty nine percent net return for the
• 56:02
  Speaker 1: year through the end of June, which means now that
• 56:05
  Speaker 1: it is July thirtieth, he is now lost Nearly the
• 56:09
  Speaker 1: entirety of the fund was hurt by a July downturn
• 56:13
  Speaker 1: leverage or amplified by its use of leverage to manu
• 56:16
  Speaker 1: magnify returns. Its hardest hit large positions include Oracle and AMD,
• 56:22
  Speaker 1: which are each down twenty percent for the month, along
• 56:25
  Speaker 1: with the smaller bets like Nebuist, Sharon Ai, Bloom Energy,
• 56:29
  Speaker 1: and sand Disc. For context, the Nasdaq one hundred has
• 56:33
  Speaker 1: down ten percent in July, and South Korea's COSPI has
• 56:36
  Speaker 1: lost roughly a third of its valued. He says now
• 56:39
  Speaker 1: that the fund was not immune to the turbulence, but
• 56:41
  Speaker 1: framed the selloff as creating attractive buying opportunities, inviting investors
• 56:46
  Speaker 1: now to add cash so that he continue the strategy,
• 56:49
  Speaker 1: and he says the anthropic IPO is a potential catalyst
• 56:53
  Speaker 1: for his recovery. So why does that matter? This is
• 56:55
  Speaker 1: the first person to actually get wiped out, at least
• 56:58
  Speaker 1: so far. If nobody gives him any more money on
• 57:01
  Speaker 1: these leverage bets on AI. The initial downturn is indicative
• 57:05
  Speaker 1: of a dramatically changing geopolitical situation, not just to mention
• 57:09
  Speaker 1: a financial market situation. Let's start with South Korea. We'll
• 57:13
  Speaker 1: put C three up here on the screen. South Korea
• 57:15
  Speaker 1: has now had a stock market at a three month
• 57:18
  Speaker 1: low with a massive AI selloff. Samsung and Skhinex have
• 57:22
  Speaker 1: fell by more than ten percent quote renewed fears over
• 57:26
  Speaker 1: AI spending and Chinese competition. Investors were ditching their chip
• 57:31
  Speaker 1: stocks on Tuesday, rising concern about the huge amount of
• 57:34
  Speaker 1: borrowing from AI companies, and South Korean semiconductor companies specifically
• 57:39
  Speaker 1: fell by more than ten to ten percent, with their
• 57:42
  Speaker 1: entire index down by eleven point five percent back to
• 57:45
  Speaker 1: mid April. But the stock sell off itself is more
• 57:48
  Speaker 1: indicative of what is going on beneath the behind the scenes,
• 57:52
  Speaker 1: in terms of the rising problems with the amount of
• 57:54
  Speaker 1: debt that these AI companies have, the amount that they
• 57:56
  Speaker 1: have to invest in these chips, and China actually the
• 58:00
  Speaker 1: big one that a lot of the Western press just
• 58:02
  Speaker 1: doesn't want to deal with. And that's when I'll get
• 58:04
  Speaker 1: your take here. Chrystal ce four on the screen. Chinese
• 58:08
  Speaker 1: chip Champion CXMT whenever it debuted, came out with four
• 58:13
  Speaker 1: hundred and sixty six percent pop on the Chinese Stock
• 58:16
  Speaker 1: Exchange because of their ability basically to prove not only
• 58:20
  Speaker 1: with their AI with their AI fever gripping their own
• 58:23
  Speaker 1: stock market, but it was about domestic chip manufacture, which
• 58:27
  Speaker 1: has always been their biggest problem. America relies both on
• 58:31
  Speaker 1: Taiwan and these South Korean companies to boost our chip manufacturing,
• 58:35
  Speaker 1: basically the Western Alliance kind of, if you will. The
• 58:38
  Speaker 1: dream for the Chinese has been to disaggregate themselves from
• 58:41
  Speaker 1: Alliance on Nvidia chip design and Taiwan as well, and
• 58:44
  Speaker 1: this is one of the first times that they have
• 58:46
  Speaker 1: the ability to build out their own infrastructure. A lot
• 58:50
  Speaker 1: of this is very reductive and like it's very complicated,
• 58:53
  Speaker 1: et cetera. But the bottom line is, like the South
• 58:55
  Speaker 1: Korean and Asian markets, the Western markets do, Western Allied
• 58:58
  Speaker 1: markets not doing very well. American companies like Meta as
• 59:01
  Speaker 1: of this morning posting a ten percent loss, you have
• 59:04
  Speaker 1: significant losses by this hedge fund. Chinese chip manufacture going up,
• 59:08
  Speaker 1: and a lot of it portends very badly for any
• 59:12
  Speaker 1: potential bubble conversation.
• 59:13
  Speaker 2: The question is are these canaries in the coal mine?
• 59:15
  Speaker 2: And it looks very much like it, because the South
• 59:17
  Speaker 2: Korean stock market, which has collapsed and the taking down,
• 59:21
  Speaker 2: I mean to retail investors are just like utterly screwed
• 59:24
  Speaker 2: because of course they saw the stock market going crazy,
• 59:27
  Speaker 2: they got in on the action, many of them around
• 59:29
  Speaker 2: its peak that it's been nothing but destruction since then.
• 59:32
  Speaker 2: In any case, the South Korean stock market is heavily
• 59:36
  Speaker 2: dependent on these chip stocks. It's like half of the
• 59:40
  Speaker 2: stock market is represented in these ship stocks. So when
• 59:43
  Speaker 2: they take a tumble, the whole thing goes down and
• 59:46
  Speaker 2: it's a disaster. So is that a canary in the
• 59:48
  Speaker 2: coal mine? And then this guy with his hedge fund,
• 59:51
  Speaker 2: his whole thing was, I am betting on the AI revolution.
• 59:54
  Speaker 2: I'm betting on the need for all of this compute,
• 59:57
  Speaker 2: all of these chips. I'm betting against software companies because
• 1:00:01
  Speaker 2: I think AI is going to come in and displace them.
• 1:00:03
  Speaker 2: So now with him basically saying, Okay, those bets didn't
• 1:00:06
  Speaker 2: work out, I may have to unwind this whole thing.
• 1:00:09
  Speaker 3: Well, what do you think our entire economy.
• 1:00:11
  Speaker 2: Is a bet on at this point, it's a very
• 1:00:13
  Speaker 2: similar bet that our whole economy is making on the
• 1:00:17
  Speaker 2: AI revolution. So that's why these things are incredibly important
• 1:00:21
  Speaker 2: to take a look at. And now in South Korea
• 1:00:23
  Speaker 2: with their stock market was you've also because you had
• 1:00:27
  Speaker 2: so many retail investors get in and so many of
• 1:00:30
  Speaker 2: them buy them using debt basically on margin. Now as
• 1:00:33
  Speaker 2: those stock prices go down and they're experiencing those margin calls,
• 1:00:37
  Speaker 2: then they have to sell more and more and more,
• 1:00:39
  Speaker 2: and that creates a self fulfilling prophecy. But to Soccer's point,
• 1:00:44
  Speaker 2: a lot of this does come back to China. They
• 1:00:47
  Speaker 2: have made this extraordinary push partly because of our own
• 1:00:52
  Speaker 2: chips export controls that force them into the direction of okay,
• 1:00:55
  Speaker 2: we're going to have to be self reliant. Now, they
• 1:00:58
  Speaker 2: haven't caught up, but they're getting a lot closer, and
• 1:01:01
  Speaker 2: I think no one would bet against them. I mean,
• 1:01:03
  Speaker 2: just look surely at the human capital the number of
• 1:01:05
  Speaker 2: engineers that they graduate versus US, like, it's not even comparable.
• 1:01:09
  Speaker 2: And they have a nationwide strategic emphasis as part of
• 1:01:13
  Speaker 2: their five year plan on this sector. They are going
• 1:01:16
  Speaker 2: to continue to develop, They are going to continue to
• 1:01:18
  Speaker 2: get better and then when you look at the way
• 1:01:21
  Speaker 2: that their AI models have basically nearly or you know,
• 1:01:25
  Speaker 2: have matched the frontier models here, they do it requiring
• 1:01:28
  Speaker 2: a lot less compute. It's much more efficient kind of
• 1:01:33
  Speaker 2: destroying and undermining the entire business model that Open Ai,
• 1:01:37
  Speaker 2: Anthropic and our other you know, big AI development companies
• 1:01:40
  Speaker 2: here have pursued. Yeah, this is the ground shifting. These
• 1:01:44
  Speaker 2: are the canaries in the coal mine. This is the
• 1:01:46
  Speaker 2: quicksand that this whole thing could could sink into.
• 1:01:49
  Speaker 1: Ultimately, let's put C five up here on the screen
• 1:01:51
  Speaker 1: to bolster that point. This is about chip lithography. So
• 1:01:55
  Speaker 1: again I'm not an expert. I'm doing my best. This
• 1:01:58
  Speaker 1: is all very complicated. This was one of the major
• 1:02:01
  Speaker 1: bottlenecks for China. So what they write is that China
• 1:02:04
  Speaker 1: has now potentially made a significant breakthrough in chip making equipment.
• 1:02:08
  Speaker 1: The information a state back firm in Shanghai has now
• 1:02:11
  Speaker 1: figured out how to build immersion deep ultraviolet known as
• 1:02:15
  Speaker 1: DUV lithography tools, which is capable of manufacturing the most
• 1:02:19
  Speaker 1: widely used chips. This is technology which has long been
• 1:02:23
  Speaker 1: dominated by the Netherlands ASML, which means that China is
• 1:02:27
  Speaker 1: now progressing faster than outsider is expected in a push
• 1:02:30
  Speaker 1: for semiconductor self efficiency. If you compare this DUV chip
• 1:02:34
  Speaker 1: making advance with China to the CXMT stock that I
• 1:02:38
  Speaker 1: talked about very previously, you pair those two things together,
• 1:02:41
  Speaker 1: what you see is that you basically have a situation
• 1:02:45
  Speaker 1: where you have chip manufacture which is now becoming one
• 1:02:49
  Speaker 1: of the bull areas of Chinese investment. And it also
• 1:02:52
  Speaker 1: means that what they're creating is the ability to compete
• 1:02:56
  Speaker 1: both with the United States with South Korea, all at
• 1:02:59
  Speaker 1: a time of a men's speculation from the United States
• 1:03:03
  Speaker 1: and or a mense speculation in the United States and
• 1:03:06
  Speaker 1: a potential bubble burst which could rip a lot of
• 1:03:08
  Speaker 1: the capital out of this. That is the big picture
• 1:03:11
  Speaker 1: problem as to why I think all of this matters.
• 1:03:14
  Speaker 1: And generally, I mean you can see here. Let's put
• 1:03:16
  Speaker 1: see one for example up on the screen. I mean
• 1:03:19
  Speaker 1: sand Disk got absolutely wiped out in terms of a
• 1:03:23
  Speaker 1: thirty percent loss over the week. I think it's down, yeah,
• 1:03:28
  Speaker 1: fifty four percent in July, the S and P five
• 1:03:31
  Speaker 1: hundred's biggest loser. They continue to look at a lot
• 1:03:34
  Speaker 1: of these different stocks, and you know, just to be fair,
• 1:03:37
  Speaker 1: let's see stocks are a little bit up this morning,
• 1:03:39
  Speaker 1: so it's not really about you know, our own s
• 1:03:41
  Speaker 1: and P. Five hundred. We're looking specifically at the technology
• 1:03:44
  Speaker 1: sector and these chip manufacturers. But you had Meta that
• 1:03:48
  Speaker 1: also posted a significant loss. Let's put CE seven please
• 1:03:52
  Speaker 1: up on the screen. The stuff really matters. Their stock,
• 1:03:55
  Speaker 1: I think is down by about ten percent as of
• 1:03:57
  Speaker 1: this morning. All of this because of weaker than expected
• 1:04:00
  Speaker 1: revenue forecast, and it took a big hit to its
• 1:04:03
  Speaker 1: cash pile. So basically what they said, analysts were expecting
• 1:04:07
  Speaker 1: a guidance of sixty three billion dollars in revenue. The
• 1:04:10
  Speaker 1: company had said that assumes foreign currency, et cetera. But
• 1:04:13
  Speaker 1: the biggest capital expenditure is that their guidance for the
• 1:04:16
  Speaker 1: year to between one hundred and thirty one hundred and
• 1:04:19
  Speaker 1: one hundred and forty five billion from a prior range
• 1:04:21
  Speaker 1: of one hundred and twenty five to one hundred and
• 1:04:23
  Speaker 1: forty five billion. Basically, what they're saying is that they
• 1:04:25
  Speaker 1: are going to spend billions more dollars on capital expenditure
• 1:04:30
  Speaker 1: than they previously had admitted, and that their free cash
• 1:04:33
  Speaker 1: flow is now down actually this quarter from what they
• 1:04:36
  Speaker 1: previously had expected for a lot of these analysts, aka
• 1:04:39
  Speaker 1: CHIP or data center construction and AI investment is going
• 1:04:45
  Speaker 1: up and up and up, and we don't see that
• 1:04:47
  Speaker 1: reflected in the revenue. They have a long term bet,
• 1:04:50
  Speaker 1: which we're going to talk in a little bit, that
• 1:04:52
  Speaker 1: you know, the open models, et cetera, and all that
• 1:04:54
  Speaker 1: will come, but we're still talking about hundreds of billions
• 1:04:57
  Speaker 1: a year, trillions, you know, totally if you look at
• 1:05:01
  Speaker 1: all of it, and if it doesn't work out, all
• 1:05:04
  Speaker 1: of it goes bust completely.
• 1:05:06
  Speaker 2: And not just if it doesn't work out, because sometimes
• 1:05:10
  Speaker 2: two things are conflated. Will the technology be transformational, that's
• 1:05:14
  Speaker 2: one question. A totally separate question is what happens with
• 1:05:17
  Speaker 2: the revenue and the economics and whether the stock market
• 1:05:20
  Speaker 2: crashes those two things. That you could have a scenario
• 1:05:23
  Speaker 2: where you know, the models work out, it's transformational and
• 1:05:26
  Speaker 2: the stock market does really well and all these companies
• 1:05:28
  Speaker 2: you know, become larger than anything that's ever existed on
• 1:05:31
  Speaker 2: the planet. You could have where you know, it kind
• 1:05:34
  Speaker 2: of sucks, but they continue to pub the stock market.
• 1:05:36
  Speaker 2: You could have where both things fail, and you could
• 1:05:38
  Speaker 2: have a situation where it's transformational but they bet on
• 1:05:41
  Speaker 2: the wrong model. And that's the thing that increasingly looks
• 1:05:44
  Speaker 2: likely to me, as you know, someone who's looking at
• 1:05:46
  Speaker 2: this from the outside, trying to read and understand as
• 1:05:48
  Speaker 2: much as I can, that our companies bet on this
• 1:05:51
  Speaker 2: model of We're just going to churn and burn, hyper scale,
• 1:05:55
  Speaker 2: build down all of these data centers, throw as much
• 1:05:57
  Speaker 2: compute as possible, bring in, suck in all of this
• 1:06:00
  Speaker 2: investor cash endlessly, and hope that the productivity gains translation
• 1:06:05
  Speaker 2: replacing of human beings at their work, that that is
• 1:06:07
  Speaker 2: valuable enough, that is all ends up being justified. But
• 1:06:12
  Speaker 2: when China comes in with cheaper, more efficient models and
• 1:06:16
  Speaker 2: open source, meaning that a company can just you know,
• 1:06:20
  Speaker 2: download that and run it themselves. They don't have to
• 1:06:22
  Speaker 2: give their data to anyone else.
• 1:06:23
  Speaker 3: It's cheaper.
• 1:06:24
  Speaker 2: Why wouldn't you do that? That undercuts their entire business model. So,
• 1:06:29
  Speaker 2: even if the tech ends up being transformational, does it
• 1:06:32
  Speaker 2: work out from their business model perspective? And that is
• 1:06:36
  Speaker 2: what I mean. You look at the data center construction
• 1:06:38
  Speaker 2: across the country. So many of the jobs that are
• 1:06:41
  Speaker 2: that are being created right now or like electricians and
• 1:06:44
  Speaker 2: in construction for specifically these data centers. If that goes
• 1:06:48
  Speaker 2: down it's I mean, it is really dire. We actually
• 1:06:51
  Speaker 2: just had a GDP cut number come in that was
• 1:06:53
  Speaker 2: weaker than expected. It was like one percent growth, you know,
• 1:06:56
  Speaker 2: and some of that is because of government spending going
• 1:07:00
  Speaker 2: down due to a variety of reasons, et cetera. But
• 1:07:03
  Speaker 2: a lot of the economy is built on this AI buildout.
• 1:07:07
  Speaker 2: That's where all of the money is going. And so
• 1:07:09
  Speaker 2: when you see these canaries in the coal mine of
• 1:07:11
  Speaker 2: this guy that bet everything on exactly that direction, on
• 1:07:14
  Speaker 2: the South Korean stock market, which is all bet on
• 1:07:16
  Speaker 2: the chips and the continued to increased demand for chips,
• 1:07:19
  Speaker 2: you have to pay attention to that.
• 1:07:20
  Speaker 1: Yeah, exactly. So we'll continue to monitor how it's all going.
• 1:07:24
  Speaker 1: But and look, you know, to again be fair, many
• 1:07:26
  Speaker 1: tech companies their stock is up as well. So it's
• 1:07:28
  Speaker 1: not like this is exactly an entire industry wide phenomenon.
• 1:07:32
  Speaker 1: But generally, like with South Korea, this is their worst
• 1:07:36
  Speaker 1: crash since ninety seven. It's worse than ninety seven, it's
• 1:07:38
  Speaker 1: worse than O eight, Like, this is one of the
• 1:07:40
  Speaker 1: greatest stock market calamities in their history. I don't think
• 1:07:43
  Speaker 1: that we can ignore that, especially on a country who's
• 1:07:46
  Speaker 1: whole at least market was bet on these chip stocks.
• 1:07:50
  Speaker 1: We are not as exposed, but we are exposed broadly
• 1:07:53
  Speaker 1: to all of the AI sector for all of our growth.
• 1:07:56
  Speaker 1: Oh and not to mention gases four dollars a gallon,
• 1:07:58
  Speaker 1: So grocery prices are up like fifty two percent. Consumer
• 1:08:00
  Speaker 1: spending is very high for the top ten percent, but
• 1:08:03
  Speaker 1: for most people it continues to crunch. So in terms
• 1:08:06
  Speaker 1: of our real production, it's not looking that great.