Latest / TFTC: A Bitcoin Podcast / #775: Private Credit Is The Next Bomb with Dave Collum & Rudy Havenstein

Transcript

#775: Private Credit Is The Next Bomb with Dave Collum & Rudy Havenstein · TFTC: A Bitcoin Podcast

• 0:00
  You've had a dynamic where money has become freer than free.
• 0:10
  If you talk about a Fed just gone nuts, all the central banks going nuts.
• 0:16
  So it's all acting like safe haven.
• 0:18
  I believe that in a world where central bankers are tripping over themselves to devalue their
• 0:23
  currency, Bitcoin wins. In the world of fiat currencies, Bitcoin is the victor.
• 0:28
  I mean, that's part of the bull case for Bitcoin.
• 0:31
  If you're not paying attention, you probably should be.
• 0:36
  Okay, cool. All right.
• 0:40
  Maybe it's the R stands for retarded.
• 0:46
  Well, so far, I can't argue with you. It seems that way, doesn't it?
• 0:51
  There is a certain parallel universe going on here.
• 0:55
  Yeah, all right.
• 0:55
  Well, somebody is different than SSRIs, Dave.
• 1:00
  So my wife is coming off SNRIs, which turn out to be a horrific class of drug.
• 1:05
  I can't rule out the possibility that it has saved people's lives, but they throw standard people on them.
• 1:13
  And she was on Effexor for about 15 years at least at a high dose for pain management,
• 1:22
  which because there's well, there's rumor that could help probably in the New England
• 1:27
  Journal of Medicine where they lie their ass off about what could could work.
• 1:31
  And she has to go off it for complex reasons.
• 1:38
  And and so we tapered down over what we thought was a rational tapering period
• 1:43
  to find out that if you instead of listening to the authorities tell you how to taper off,
• 1:49
  you listen to people who've tapered off what you discover is that a calendar year of tapering
• 1:56
  is is bare minimum well and and then you discover people who have tapered off
• 2:03
  whose brains are completely fucked up and they've been fucked up for years
• 2:07
  and then you learn about people who go back on it for obvious reasons and some percentage of them
• 2:15
  when they go back on it, they don't recover.
• 2:19
  And so it's really just a nasty situation.
• 2:23
  So she has these wild panic attacks and has trouble control,
• 2:27
  thermal regulating, and she doesn't have brain zaps for those who know this world.
• 2:34
  But it's conceivable it's not a fixable problem.
• 2:40
  and it's all because pharma wants to sell us effector and prozac and all that crap yeah yeah
• 2:49
  it's uh again i'm sorry to hear that and i was telling you some personal stories with uh
• 2:55
  family members on ssris and just being thrust upon them during a time of deep stress but trying
• 3:02
  to wean them off it's like it's uh it's not easy and i mean i think it gets to the crux of
• 3:09
  a lot of our ongoing conversations, both the three of us together and then Dave, you and I
• 3:15
  independently over the years, which is like this rot at the core of the system, which is fucked up
• 3:20
  with bad incentives and just manifest in different ways. And in this case, the pharma industry.
• 3:27
  Well, the one I jumped on first before we even taped it off is just by coincidence. They wanted
• 3:31
  to put her on statins because she had her legs checked for circulation because she's had so many
• 3:38
  surgeries. And one of her legs was getting 50%. And the doc wanted to put her on statins immediately.
• 3:46
  And I had heard bad things about statins. So I said, no, we're waiting. And she went to a
• 3:51
  specialist and the specialist said, no, your leg's been hammered about 25 times by surgeons.
• 3:56
  It's not about statins. Your cholesterol is fine. This is nuts. She went back to her GP and her GP
• 4:03
  still wanted her to go on statins. And then you read about statins and you discover that, well,
• 4:07
  first and foremost, your body has cholesterol for a fucking reason. It's not there as a byproduct
• 4:13
  or anything. It's not something you want to drive to zero. And the side effects of statins turn out
• 4:18
  to be excruciating lower limb pain, which by the way, that's a problem, and swelling and early
• 4:27
  onset dementia. And there's people who talk about ending up in wheelchairs within two years. People
• 4:32
  wind up demented within two years. I mean, it's a real nightmare. So I actually went on Twitter and
• 4:38
  said, give me an anecdote. Give me anything you got. Has someone in your family been on a stat?
• 4:43
  And then what was your experience? And I got about 500 responses. And I would say 495 of them
• 4:50
  were don't touch those things. Yeah, I'll give you another. I'll give you I'll be part of that five.
• 4:57
  I've been on it for 14 years.
• 5:01
  You know, half my family on the mother's side
• 5:05
  is dead in their 40s.
• 5:07
  So it a See that a good case then Yeah yeah yeah yeah But I mean I had buddies tell me right away 14 years ago dude you can take Lipitor I take Lipitor
• 5:18
  And they go, it's going to, your joints, everything you're saying, I believe.
• 5:22
  But I asked my doctor, who I really love, because he saved my life a few times.
• 5:25
  And I said, is it acute or is it chronic?
• 5:29
  And he goes, it's acute.
• 5:30
  You'll know within a short period of time.
• 5:33
  I go, so it's not like I take him for 14 years.
• 5:34
  and then suddenly, now the early onset dementia, clearly I succumbed to that.
• 5:38
  That's what the R stands for, by the way.
• 5:40
  The R, I think, is totally appropriate.
• 5:43
  Well, you can't say that.
• 5:44
  That's very offensive.
• 5:45
  So anyway.
• 5:46
  I know.
• 5:47
  But I'm just saying, I agree for many people it's a bad choice.
• 5:51
  And in fact, I know someone who took a much smaller dose than me and had to cut it in half
• 5:56
  because immediately started having, or actually went off it because of symptoms like you're saying.
• 6:01
  So I think it just, you know, everybody's body, you know, is different, you know, and I've had things happen to me that, you know, it's not in the literature, but I'm saying I'm telling you, it's the drug, you know, and so I think like you said a minute ago, like, instead of trusting the quote unquote experts, trust people who've been through this, you know, like with the SSRI.
• 6:20
  That's exactly, that's the epiphany.
• 6:23
  You know, I used to tell people when you go on a new drug, go on Twitter.
• 6:26
  This seems crazy to people.
• 6:28
  They go, what are you talking about?
• 6:29
  You're getting your medical advice from Twitter?
• 6:31
  I said, go on Twitter, search the drug name and just start reading posts.
• 6:36
  And my wife was on a drug called Keprin and made her batshit crazy angry.
• 6:41
  Now, batshit crazy is bad, angry on top of it.
• 6:45
  And I'm trying to tell her doctor something's wrong.
• 6:47
  My wife's a bitch.
• 6:48
  And he's going, mine is too.
• 6:50
  What's your point?
• 6:50
  Right.
• 6:51
  And it turns out that I spent two hours one Saturday night on a call with a neurologist.
• 7:01
  And I got to the Keppra part.
• 7:03
  He says, how long has she been on?
• 7:04
  In about three months.
• 7:06
  And he said, it's the Keppra.
• 7:09
  It is the Keppra.
• 7:10
  And it's called Keppra rage.
• 7:13
  So I go on Twitter after that.
• 7:15
  This is before I realized I should do this.
• 7:17
  And there it is all over Twitter, all over Twitter.
• 7:20
  So by the way, back to the statins, I did a poll thinking maybe only the people with horrible experiences are answering.
• 7:26
  But polls tend to poll on people who just want to see the result.
• 7:30
  And so I said, has anyone in your family been on statins?
• 7:34
  And if so, what's your experience?
• 7:35
  And the choices were no one on statins so they could see the result.
• 7:43
  No side effects, minor side effects, major side effects.
• 7:47
  62% major side effects.
• 7:50
  No, I don't doubt that.
• 7:53
  I mean, that could be very possible.
• 7:56
  I love these commercials, you know.
• 7:58
  Yeah, go ahead.
• 8:00
  Go ahead, go ahead.
• 8:01
  I'll interrupt you.
• 8:01
  Well, I'm just saying, no, no, no.
• 8:04
  Do you ever see a commercial for some innocuous drug?
• 8:06
  Like, do you have social anxiety?
• 8:07
  You know, take this drug.
• 8:08
  And then the list of side effects is like, you know, suicidal and homicidal thoughts.
• 8:13
  And I mean, you know more about this than I do.
• 8:14
  But I'm always cracking up.
• 8:15
  I'm going, dude, it's not worth it.
• 8:17
  The risk of reward here is not worth it.
• 8:20
  Well, so here's what the drug does passively to caregivers like me is it gives them homicidal ideation.
• 8:30
  Yeah.
• 8:30
  Well, I could see living with you.
• 8:32
  That's understandable.
• 8:35
  The homicidal ideation is me.
• 8:37
  The homicidal ideation is me.
• 8:40
  Right.
• 8:41
  Well, it's crazy, too, really.
• 8:43
  I mean, I think it's more well-known now than it was maybe a few years ago,
• 8:46
  but we're one of two countries that allows pharma companies to advertise in that way on television.
• 8:55
  And this is, I mean, maybe this can dovetail into the broader conversation of where we are today.
• 8:59
  This is supposed to be one of the larger topics that this administration tackled with Maha,
• 9:04
  taking care of all this stuff, getting to the root of the corruption in the medical industry.
• 9:10
  What's your perception on how well they've done that up to this point?
• 9:14
  didn't trump promise at some point to to stop the commercials i forget was that robert kennedy
• 9:20
  i don't know anyway one of the things they flip-flopped on kind of like glass they're
• 9:24
  bringing glass people back and they're getting written and carried interest and all that i mean
• 9:28
  it's yeah it's bad um i don't know i think it's us in new zealand allow um uh on-air drugs ads and
• 9:36
  when i'm by the way total total nazis during covet oh my god i mean i made fun of that what's her
• 9:43
  name, Ardern or whatever her name was. Bucktooth. Yeah, she was ridiculous. I mean, I keep playing
• 9:50
  this clip where she says, you know, we continue to be your single source of truth. And if you don't
• 9:55
  hear from us, it is not the truth. And I'm just cracking up. That's an amazing clip. It's an
• 9:59
  amazing clip. And she also looks like she's now a coquette. Oh, she's, yeah, yeah, we recognize
• 10:06
  the sign. Yeah, yeah, yeah. She's twitching. She's like, who's the one in Canada? Christia Freeland.
• 10:12
  bobbling away, tweaking.
• 10:15
  Well, I was told by a Canadian intelligence
• 10:17
  that it's well known that she's totally drugged out
• 10:19
  of her mind Right right And probably very compromised too obviously They all compromised Seems that way They all compromised So the bottom line is
• 10:32
  Yes. Well, Nick Bryant was making a comment about that senator that was caught in the bathroom, you know, propositioning a cop.
• 10:39
  And he's like, you know, how hard is it to entangle these guys or blackmail?
• 10:44
  I mean, this guy is hitting on guys in public restrooms at airports, right?
• 10:47
  He's a senator. So and I always joke, how long do you think it would take to entrap Clinton or Trump?
• 10:53
  I mean, it's worse than that. So one day one day I'm on I'm listening to a Janda guy named Janda.
• 11:01
  Dave Janda, I think is his name, who was undersecretary of something or other in Bush administration.
• 11:08
  And and and and I actually was on a Zoom call with a couple of generals.
• 11:14
  And when I mentioned Janda and I said, is he a good guy? And they said, oh, yeah, he's really good guy.
• 11:17
  So Janda's being interviewed and he says his first week inside the beltway, he gets hauled off to the side by a grizzled veteran and says, whatever you do, don't go to a private party.
• 11:28
  And he says, what do you mean?
• 11:29
  He says, don't go to a private party.
• 11:31
  He says, why?
• 11:32
  And he says, and he goes, even if it's at the vice president's house, which, by the way, was Cheney at the time.
• 11:37
  And the guy says, you will wake up with a Polaroid clipped gear lapel and a total fog with you and a five-year-old.
• 11:45
  Right.
• 11:46
  Like in Godfather 2.
• 11:47
  They will drug you at the party.
• 11:48
  They will drug you at the party.
• 11:50
  It's not even just a political question.
• 11:52
  James O'Keefe.
• 11:55
  Right.
• 11:56
  Yeah.
• 11:57
  Tim Birchett said the same thing.
• 12:00
  But it's also about this federal bureaucracy.
• 12:02
  I mean, James O'Keefe had a video this morning or this week where he incriminated somebody at the Pentagon saying they're going to roll back any changes that are made during this administration.
• 12:11
  and he was basically on a grinder date with James O'Keefe
• 12:16
  with a fake mustache on and baby powder in his hair.
• 12:19
  It's like, how many times does this guy need to go?
• 12:22
  I thought he was missing.
• 12:23
  I thought he was AWOL.
• 12:24
  I didn't know he came back.
• 12:26
  No, he did.
• 12:27
  There's some weird psychology going on in that city.
• 12:32
  And I've had to spend more time in that city in the last six months
• 12:36
  than I did in the first 34 years of my life.
• 12:38
  You can feel it in the air.
• 12:40
  I've been going to D.C. like once a month.
• 12:45
  Apparently, once you spend time talking to these guys, the sense of corruption is overwhelming.
• 12:53
  Yeah.
• 12:54
  Well, that gets to the question, are we just in the unabashed looting of the Treasury stage?
• 13:02
  I mean, you look at what's going on.
• 13:04
  I mean, as it pertains to what we're doing in the Bitcoin world right now, the Clarity Act is obviously the big.
• 13:09
  topic of discussion and like the main thing holding it up is this ethics clause about
• 13:14
  like this revolves around trump's ability to trade like mean coins and crypto and his
• 13:20
  families being able to do it and they came out with a stat earlier this year like trump
• 13:24
  made 1.9 billion dollars off of some of his crypto trades is like more he doesn't take
• 13:29
  a salary marty he doesn't take a salary okay so give the guy a break it's more profit than
• 13:35
  Coinbase made last year, which is like the same thing.
• 13:38
  How's Melania coin doing?
• 13:39
  Is that doing good?
• 13:41
  That went straight to zero.
• 13:43
  Where's Melania is a better question even.
• 13:45
  Where is she?
• 13:45
  Probably hanging with, what's that guy's name, Powell?
• 13:49
  Epstein.
• 13:50
  Epstein.
• 13:50
  Yeah, I hooked her up with.
• 13:51
  Where is Mitch McConnell?
• 13:53
  That is another question.
• 13:55
  He's in a refrigerator.
• 13:58
  He's like a GOP.
• 14:00
  Feinstein.
• 14:00
  He seems, you know, they're going to, if he's still alive, they'll wheel him out and push
• 14:04
  a button to vote.
• 14:05
  You know, it's ridiculous. They're all the same. Maxine Waters. Grassley is like, I don't know, he's like 105 or something.
• 14:12
  There's a whole bunch of them that are in their 80s and 90s that have lost it.
• 14:16
  I was making McConnell jokes, you know, like 10 years ago.
• 14:18
  The guy was like, he would have moments of, and they've gotten much worse over the years.
• 14:23
  But he should not be, he should not be driving a car. He should certainly not be a U.S. senator and voting on things.
• 14:29
  You know, he's got so much fun on the string.
• 14:31
  I mean, I think that's the point. He's obviously not voting on these things.
• 14:34
  He's just a puppet.
• 14:35
  Well, you can get that Randy Fine.
• 14:37
  You see the video of Randy Fine voting for missing congressmen that weren't there?
• 14:41
  There's a video of him, you know, that Randy Fine scumbag.
• 14:44
  Oh, walking along, voting along.
• 14:47
  Yeah, exactly.
• 14:49
  In Congress.
• 14:50
  Yeah, that was great.
• 14:51
  Yeah, I really like Randy Fine and all his political views, too.
• 14:58
  Well, you know, there's no, I mean, Porter Collins said it good the other day,
• 15:01
  is there's no adults anywhere.
• 15:02
  They're not in the government.
• 15:04
  There's no, I mean, there's no adults in regulation.
• 15:07
  I mean, Trump actually actively, you know, embraces corruption.
• 15:12
  And, you know, he's pardoned over 70 people, just a fraud.
• 15:17
  I mean, look what he's doing now, like Marty said, looting the Treasury.
• 15:20
  I mean, I don't know.
• 15:21
  There's no cops on the beat that I can see.
• 15:24
  Congress is completely owned by other country.
• 15:27
  And the Supreme Court, I guess, gets things like five years later.
• 15:32
  But and you know with mixed results there Way too late There no breaks on this administration We gave the executive way too much power on Bush and Cheney and it just metastasized over the years
• 15:45
  And everything that Trump does is going to be done by some president in the future that you really hate.
• 15:51
  You know, even if people love this, if you love Trump, you're going to have like Mondami elected and he's going to do the opposite.
• 15:57
  Everything Trump did only works.
• 15:59
  So be careful what you wish for.
• 16:00
  We have a set up.
• 16:02
  Mondami's not even looking that bad on the scale of one to 10.
• 16:07
  Well, you know, he's not the one that's blowing up schools in Iran.
• 16:10
  He's not the one that's destroying the middle class.
• 16:13
  He's not the one that's, you know, has that that allows massive inflation without doing anything about it.
• 16:19
  So I'm not, you know, you know, is Mondami, do I love his olive ideas?
• 16:24
  No, but he's not my enemy.
• 16:26
  You know, he's not my main enemy.
• 16:28
  My main enemy is the people that have been around this country.
• 16:30
  the last fight. Clinton had
• 16:35
  1115 pardons.
• 16:40
  At one point, they were easy to find. It was a top search link on Google.
• 16:45
  Now they're kind of buried, but you can find them. They're there.
• 16:49
  They were all drugs and bank fraud.
• 16:53
  He ran a drug empire in Arkansas.
• 16:56
  Yeah. Yeah. Yeah. So, OK, I can I can understand that. But I mean, now it's like I mean, Trump just I mean, Biden's pardons were unconscionable.
• 17:06
  I mean, you know, just at the end and blanket pardons and you get pardoned from 2014 on and all that bullshit.
• 17:11
  I don't even think those are legal, but no one cares about the law.
• 17:14
  No one cares. Like there's no adult. There's no cops on the beat. And and then now Trump is just making a farce.
• 17:20
  The whole thing is basically he's blatantly selling, you know, to major criminals, major criminals.
• 17:25
  Yeah. As you know, I had hope for him. And as I've said so many times, it's not that I had great hope.
• 17:38
  He seemed like our last hope. And now our last hope is gone.
• 17:44
  Yeah. He's done the opposite of everything he promised. And and it's it's pathetic.
• 17:49
  And then Joe Ken, I saw an interview the other day talking about something flipped in June of 2025 from his point of view.
• 17:58
  He said Trump was never interested in a war.
• 18:01
  He didn't want it.
• 18:02
  Something happened.
• 18:04
  I assume something happened.
• 18:05
  You know, Netanyahu showed him.
• 18:08
  So it's bad.
• 18:10
  It's bad.
• 18:11
  It obviously corrupted.
• 18:12
  I mean, obviously, look at the vote, you know, to merge our, you know, military procurement and other intelligence with Israel.
• 18:20
  And there's like four Republicans vote against it.
• 18:23
  Four Republicans.
• 18:24
  Now, I hate both parties.
• 18:25
  I hope people know by now.
• 18:26
  But I mean, my God, I'm never going to vote Republican again.
• 18:30
  All right.
• 18:30
  I mean, I'm going to write in Tom Massey like I used to write in Ron Paul.
• 18:33
  And I tell people, hey, if you're liberal, write in Ro Khanna.
• 18:36
  You know, do I agree with him on everything?
• 18:38
  I had dinner with Ron Paul once.
• 18:41
  Oh, good.
• 18:42
  They sat me next to him because it turns out he's a pretty shy guy.
• 18:48
  You brought Paul.
• 18:50
  Yeah.
• 18:52
  He's a great guy.
• 18:53
  He's a hero.
• 18:53
  He's one guy that I respect in government in the last week.
• 18:55
  I was an endorser on his homepage of his 2008 campaign.
• 19:01
  The homepage, my name was there endorsing him.
• 19:05
  I voted for him many times.
• 19:07
  And then I'm at dinner and I said, I apologized to him.
• 19:11
  I said, I have to do this. And I hand my camera across the table to the lady.
• 19:14
  I said, could you take a photo? And she I watched her blow it.
• 19:18
  She hands the camera back and she took a picture of Ron Paul.
• 19:20
  And I said, I can get these off the Internet. I was kind of hoping to be in it.
• 19:27
  Oh, right, right, right. So in any case, he's a genuinely nice.
• 19:34
  He's authentic.
• 19:36
  um massey has done some things that don't quite make sense to me so i haven't in any way shape
• 19:44
  if i'm giving up but he seems to have had information that he didn't release yeah i hear
• 19:50
  you you don't know who to trust 100 nowadays and and so he's he's the one i trust the most but i
• 19:58
  you know i like ron johnson ron johnson i think is very good yeah i'm less familiar with ron
• 20:03
  bouncing. I hear you. You can't. I mean, I had hope for Tulsi Gabbard. And then, I mean,
• 20:07
  you know, it didn't really work out. I had hope for Robert Kennedy Jr. or Robert F.
• 20:12
  You know, and and that didn't work out really. You know, it's like everybody look at Joe Hedges.
• 20:19
  Do you think Kennedy failed because he couldn't beat them? Or do you think it was never going to be?
• 20:27
  Well, he's kind of been swamp adjacent for his whole life, you know, so who knows what maybe
• 20:32
  he's got a compromise too.
• 20:33
  I mean, he's got a lot to be compromised.
• 20:34
  I know.
• 20:37
  I don't know.
• 20:38
  I mean, are they threatening you?
• 20:40
  Maybe they just stay,
• 20:41
  maybe they don't even have to have any black on you
• 20:42
  to just say, you know what?
• 20:43
  We're going to kill you.
• 20:44
  Marty, you're getting a lot of wind.
• 20:46
  Marty, I think you're getting a lot of wind.
• 20:47
  I think that's Rudy.
• 20:48
  Rudy, are you walking?
• 20:50
  No, I'm on the roof.
• 20:51
  I'm going to go.
• 20:51
  I'm going to go back inside.
• 20:52
  Sorry, guys.
• 20:53
  OK.
• 20:53
  Yeah.
• 20:54
  Yeah.
• 20:55
  Dave, while you're throwing noise, noise arrows, your dog snores again.
• 21:00
  Here's the funny thing.
• 21:01
  Whenever I listen to the podcast, which people say my dog's snoring, I can't hear it in the
• 21:07
  recorded podcast.
• 21:09
  So what I try to do is keep them awake by scratching them so that they don't go into
• 21:12
  REM sleep.
• 21:13
  But my wife's in the other room and I can't let the dogs in because she can't take the
• 21:18
  beating of the dogs.
• 21:19
  Shut up.
• 21:20
  Sorry, I don't have a lot of choice on this one.
• 21:25
  Yeah, much better.
• 21:26
  Yeah, much better.
• 21:28
  You said there's no hope.
• 21:31
  Is there...
• 21:33
  Go ahead.
• 21:34
  There's no hope at all.
• 21:35
  Is there a new hope?
• 21:36
  Let's bring a cheesy Star Wars reference into this.
• 21:39
  Like, what is the option?
• 21:41
  There is another?
• 21:43
  Princess Leia would give me hope.
• 21:45
  Because the other thing, too, is like the contradiction,
• 21:47
  like the Saudi nuclear deal,
• 21:49
  like right in the middle of bombing Iran for enrichment?
• 21:51
  It's like, what's going on there?
• 21:53
  Like, shouldn't we?
• 21:54
  I think there is hope.
• 21:55
  Have anybody building more nukes?
• 21:57
  Yeah, I'll be hopeful.
• 21:58
  It's, you know, we felt, I've talked about this before,
• 22:00
  back in the 70s, we had, we were,
• 22:03
  and we were, 60s and 70s,
• 22:05
  we were very divided over Vietnam War.
• 22:07
  And then we had the debacle and, you know,
• 22:11
  we had the inflation, we had the 75th of Vietnam.
• 22:15
  It was an embarrassing loss, kind of like a mistake.
• 22:19
  And, you know, people were down high inflation recessions back then.
• 22:23
  And and then the Carter just wasn't, you know, I think he's the best ex-president, but he he wasn't really a guy that inspired confidence.
• 22:31
  And everybody was kind of feeling like today, like, what is all I mean?
• 22:34
  No, actually not. This is much worse now.
• 22:36
  But I'm saying there was a lot of despair back then.
• 22:38
  Like, well, it can't get any better. Remember, Carter does this famous malaise speech, which I remember, like, I think in 1980.
• 22:43
  And then you had the whole Iran hostage thing in 79.
• 22:46
  And that was very demoralizing.
• 22:48
  Like, oh, here, we're getting our ass kicked by these by these moles.
• 22:51
  And actually, it was a widespread protest.
• 22:54
  And then the moles took over after they got rid of the Shah, you know, and because, you
• 22:58
  know, they're pretty brutal.
• 22:59
  They were more brutal than the students.
• 23:00
  But it was a bad time.
• 23:03
  And then we had a and people, by the way, people say, oh, we've had this war with Iran
• 23:08
  for 47 years, you know, ever since 1979.
• 23:10
  Well, you know what?
• 23:11
  There's a reason that Iran's kind of ticked off at us because in 53, we overthrew the
• 23:15
  democratically elected president, and we installed a dictator, and he was a brutal dictator,
• 23:21
  and they're kind of ticked off about that.
• 23:22
  So the Americans have no such a history.
• 23:24
  72% of Americans in a poll like five years ago didn't know where it ran, but couldn't
• 23:28
  find it on a map or even get close.
• 23:31
  So then we have this rescue mission in 79.
• 23:33
  I don't know if you remember Desert Eagle or something, and we tried to rescue the hostages,
• 23:38
  and it ended in a helicopter crash and people dying, ran out with our tail between our legs.
• 23:42
  So I would put that as our bottom of that era.
• 23:46
  And then here comes Ron Reagan.
• 23:48
  Now, I'm not going to defend a lot of problems we have today.
• 23:50
  Probably started under Reagan.
• 23:52
  And he had some bad people around him.
• 23:54
  But he'd come on and he was like inclusive.
• 23:57
  He was not divisive.
• 23:59
  He was self-deprecating.
• 24:01
  He had a sense of humor.
• 24:03
  He didn't call the Democrats, you know, demon crats and call them communists and say they should all be, you know, go to jail and all that like Trump.
• 24:11
  he was you know even he'd go have you know a beer with tip o'neill and i think he won an alana you
• 24:17
  know he won the election in 80 and 84 i think in 84 he even had won a huge landslide because i think
• 24:23
  largely because you got people feeling like hey we're yeah things are tough but we're all in this
• 24:28
  together but now i think people they say yeah things are tough but trump and his buddies only
• 24:34
  care about one thing they're trump and his buddies i mean it's it's there's no he doesn't care about
• 24:39
  America at all, clearly. And neither does Letnick or any other Epstein class that he has in his
• 24:44
  administration. So that, I think, was what makes it worse today. And we need a leader who doesn't
• 24:50
  demonize people who don't agree with him. And we also need a return to accountability. There is no
• 24:59
  accountability for anything at any level. Who's accountable for the Fed's policy of actively
• 25:05
  seeking higher inflation five years ago. Who's responsible for Afghanistan? Who's responsible
• 25:10
  for Iraq? Who's been, I mean, who's been fired? You know, I think right today they fired some
• 25:15
  lieutenant colonel who said that we were doing Israel's interests in Iran. They fired him. That's
• 25:22
  who gets fired. Not the generals that have failed for my entire life. Not the generals that failed
• 25:27
  in Vietnam and Iraq and Libya and Afghanistan. Not the politicians. But you know, here's, and
• 25:33
  But you got to get rid of the deeper stuff of BS because Trump tweets these things like, oh, Hillary Clinton's going down and Barack Obama's most corrupt.
• 25:44
  They were treasonous.
• 25:45
  I'm like, OK, dude, you're calling people treasonous.
• 25:48
  That's a serious charge.
• 25:49
  Where's the evidence?
• 25:50
  I mean, I've been hearing for 35 years that the Clintons were about to go to jail.
• 25:54
  It's all kefab.
• 25:55
  You know what I mean?
• 25:56
  The wrestling.
• 25:57
  Anyway I let you guys pine in But don get me started on this There no accountability We need accountability We need to end too big to fail and we need to end too big to jail Yeah
• 26:08
  I mean, it seems like at least out of the gate,
• 26:11
  they tried to produce some form of accountability with Doge in the auditing.
• 26:15
  Obviously, USAID and other things have been cut,
• 26:18
  but they basically stopped dead in their tracks.
• 26:21
  And then obviously over the last year, we've had Nick Shirley
• 26:24
  and I think many others on the trail of this Medicaid, Medicare fraud,
• 26:29
  that seems to be pretty rampant throughout the country.
• 26:32
  And as a taxpayer, it's like, well, why am I contributing to this?
• 26:35
  It's just a blatant waste of money that in many cases is being used
• 26:39
  to actively against my interests as an individual American citizen.
• 26:46
  Do you trust Shirley to be legit or a limited hangout?
• 26:50
  I mean, I don't think it really matters.
• 26:52
  So I have a good friend in Maine, Steve Robinson.
• 26:57
  He writes for The Maine Wire, and he's a really good investigative journalist.
• 27:02
  And I trust him.
• 27:04
  I worked with him at Barstool Sports.
• 27:06
  I've known him for years.
• 27:07
  And independently in Maine, he was doing investigations for years before Shirley even came out
• 27:12
  and was uncovering the same Medicare scheme in Maine alone.
• 27:18
  So whether Shirley is some limited hangout to draw attention away from something or towards something that may not be as important as other things, maybe.
• 27:31
  But I think still that problem exists.
• 27:33
  It is wrong.
• 27:34
  As a taxpayer, I don't like it.
• 27:36
  What are your thoughts on Shirley?
• 27:37
  You think he's a limited hangout?
• 27:40
  I'm suspicious.
• 27:42
  he went from zero to 60 so fast that um i'm suspicious he's like harry kissen republican
• 27:50
  style or something you know um i i don't i don't trust anyone actually i asked rudy
• 27:58
  in a dm one day about and i don't need you to tell us what your answer was but i asked him about
• 28:05
  you know do you trust kiriyaku for example and i i would love to trust kiriyaku i would love to
• 28:11
  trust here i i just have this little voice in my head that says you can't you can't and i like his
• 28:18
  stories and stuff like that they seem a little times a little old a little overstated or something
• 28:24
  but um bustamante guys like that i don't trust him as far as i can chuck him um and and it gets
• 28:33
  back to, you know, was Tulsi good?
• 28:38
  I've been a Tulsi fan since well before she
• 28:41
  got near the national scene for 15 years, maybe.
• 28:46
  I don't know if you saw this, but she was
• 28:49
  she appears to have been in a cult. I did not
• 28:53
  see that. I don't know whether that's completely, oh, you haven't seen that?
• 28:57
  Suppose there's like 25,000 documents that basically trace her
• 29:01
  public statements directly from a guy who's running this cult.
• 29:07
  And I don't know what to make of that.
• 29:11
  Rudy, did you see that?
• 29:14
  Yeah, I'm familiar with that.
• 29:16
  I think what I do often, like I quoted Elizabeth Warren.
• 29:22
  Do I believe I you know what?
• 29:23
  I agree with what I quote.
• 29:25
  You know, I can't.
• 29:26
  I mean, if she comes out and says that corruption is bad, I'm going to I'm going to agree with
• 29:30
  Now, is there is she is she lying? Is she? You know what I mean?
• 29:34
  It's like I can't I can't vet everything anyone's ever done if I agree with something to do it right now.
• 29:40
  And I like I quoted Elizabeth Warren the other day, who I know you and I think she's a big phony.
• 29:45
  And and but I like that. But what I quoted was from her 2009 FCIC testimony, which I think was very good.
• 29:52
  It's before she got corrupted. And yet I get all people every time I do something like that, I could quote anybody.
• 29:58
  I could quote left or right.
• 29:59
  I get people saying, well, you know, that guy did this.
• 30:03
  And I'm like, you know what?
• 30:03
  I endorse what I quote.
• 30:04
  So I say that a lot.
• 30:05
  I have no problem.
• 30:06
  Look at Ron Paul and Dennis or Tom Massey and Rokhan working together on things.
• 30:12
  Do they agree on everything?
• 30:14
  Hell no.
• 30:15
  You know, but on the Venn diagram where they intersect, let's work together.
• 30:18
  And I have people on the far left that follow me and people on the far right.
• 30:22
  and they're the minority of people who are able to, you know,
• 30:27
  I'm sure half my tweets tick them off, you know, and yet they're to say,
• 30:30
  oh, that's just, okay, I disagree with Rudy on that,
• 30:32
  but I agree on this other thing.
• 30:34
  And so I think we should be more like that.
• 30:37
  Now you've got a litmus test.
• 30:38
  If you disagree with me on one issue, then you're dead to me.
• 30:40
  You know, I mean, and, you know, so I just think we should try to find common ground.
• 30:46
  A very, very necessary thing today, left and right.
• 30:51
  I completely agree.
• 30:52
  And I mean, Dave, your comment is like you can't trust anybody.
• 30:56
  I think that's the right way to approach everything.
• 30:59
  And it's I think getting like how you fix this is one of the big sort of phrases of Bitcoin is don't trust verify.
• 31:07
  It like how can we get the system to a point where you don need to trust these politicians as much You can just verify that they actually doing the right thing and that would preclude like making the federal government much smaller um making
• 31:21
  these things much more auditable uh yeah and well that's what reagan said about the russians trust
• 31:28
  but verify that was what his favorite thing yeah and it's uh and it's like i wrote a newsletter
• 31:34
  about this earlier this week particularly in the context of like the rise of socialist leaning
• 31:39
  things for, um, from generate, uh, Gen Z. And it makes sense why they're leading socialists.
• 31:45
  Cause they, they've been taught that the system that they grow up in, like they've been taught
• 31:50
  that it's a capitalist system and there's many cast capitalistic aspects of our system. Like
• 31:55
  it's easy to start a business to take risk and to, he'll be back. He dropped earlier too,
• 32:01
  but like the point he was digitizing a little, were you hearing the digitizing?
• 32:05
  Yes, but that won't come through in post.
• 32:09
  That'll record locally.
• 32:11
  It'll come through clearer.
• 32:12
  Yeah, I was wondering if my house has got a very complex wiring diagram.
• 32:16
  And so if I walk through my house, I will go in and out of reach very quickly.
• 32:23
  I'm like a highly variable Faraday cage in this house because there's so many lights and circuits and stuff.
• 32:32
  The guy designed it.
• 32:33
  he it's great but it's it's makes it impossible to walk and have a conversation on the phone
• 32:40
  for example oh but um the point being like this you i mean you mentioned mom donnie like he's not
• 32:46
  your enemy but like i think long term the principles he stands on like democratic socialists
• 32:51
  like are an enemy that would make this worse off and the point i was making is like gen z is like
• 32:55
  i don't think he'll have the power to do it well you obviously can't run for president unless they
• 33:00
  change something. No, no, no. But I think, I think even in this current position, I think,
• 33:05
  I think there are people telling him what to do. Oh, that's very obvious. Like he's some
• 33:11
  theater kid. I know. You know, when, when Trump was running in 16 and it looked like it might be
• 33:16
  Trump versus Bernie, my brother and I talked excessively about whether we would vote for
• 33:22
  Trump or for Bernie, um, because Bernie's somewhat predictable and Trump was unpredictable.
• 33:30
  And and and we we talked about how the system would keep them in check.
• 33:37
  And and he was out there spewing shit about not supporting Israel the other day, unless it's AI.
• 33:46
  Right. That's that's the other problem we face.
• 33:50
  Well, I mean, do you think he he's pissed off?
• 33:54
  Do you think he's a bit pissed off about how things in Iran are going or anything expected?
• 33:58
  How could you not be? Right. There's so many things. And I'll tell you, there's a there's a Rorschach test for me going on right now.
• 34:10
  And I paid very close attention. And one could argue it's irrelevant.
• 34:14
  But it's because I view it as a Rorschach test. I'm paying very close attention.
• 34:19
  That's the Charlie Kirk, Tyler Robinson story. Because you can see people picking sides in ways that you go,
• 34:28
  I did not see that coming. And and and and I keep seeing this like like Megan Kelly, for example,
• 34:39
  I thought she was trying to get it right. And then all of a sudden she's out there giving the
• 34:44
  overwhelming evidence speech, which is just not right. There's just there's someone wants to debate
• 34:51
  me. And I said, I don't think so, because he said, because it's our understanding that you think
• 34:57
  everything Candace Owens says is correct. I go, no, I don't think everything Candace Owens is
• 35:01
  correct. No one thinks that. But we think she, you know, some of us think she's at least digging.
• 35:08
  And then all of a sudden, someone like Robbie Starbuck, who I have, I think he's done some
• 35:14
  really good journalistic work. All of a sudden comes out and does this total hit piece on Candace.
• 35:20
  And if he did it with facts, it would be one thing, but it was done with all the usual tricks
• 35:25
  to undermine a person by showing clips of her acting goofy and things like that.
• 35:31
  And I go, that's just that's dishonest to me.
• 35:34
  And then there's Megyn Kelly all of a sudden doing the overwhelming evidence.
• 35:39
  I'll tell you what's overwhelming is that I don't think you can convict Tyler Robinson
• 35:44
  based on what I've seen.
• 35:46
  Based on what I've seen, I don't think you can convict him in a standard court of law.
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• 38:07
  Me personally, my journey over the last year is like, I just become so disenfranchised and
• 38:13
  dejected by the state of politics in America, geopolitics, like for like the last six months,
• 38:20
  I don't want to say I'm distracted, but I've just been focused on like learning about AI
• 38:24
  and all that and like leaning, not leaning away, but just like, hey, I've spent years
• 38:29
  down this rabbit hole. Nothing ever seems to happen. But like, what's going on with Tyler
• 38:32
  Robinson? What are they? What's going on is that there's not a single shred of evidence. He did
• 38:37
  anything. I think that you can make, you could possibly, possibly make the argument that he is
• 38:43
  somehow involved. But to the extent there's hard evidence, the hard evidence is that there's a lot
• 38:50
  of liars. The hard evidence is there's a lot of liars. And they're lying for a reason, and you
• 38:58
  don't know why, but you can throw me any piece of information people claim is true about Tyler
• 39:05
  robins i can tell you it's because it's just it's this massive campaign to get this guy convicted
• 39:11
  and put away before we find out that israel wacked or something like that i don't know who did it but
• 39:18
  yeah what are the lies they're telling because it's all i mean it's all weird like the fact that
• 39:22
  they like bulldoze the stage and like concrete over it within within days
• 39:27
  yeah yeah they had to get they had to get rid of the evidence if there was if there was a local
• 39:39
  explosion like candace says i candace is exploding mike theory is about 80 meritorious and 20
• 39:47
  um i don't understand it um but they dug up the dirt and and here here's the key if you listen to
• 39:56
  her. Yeah. Well, they dug up the dirt. What's the deal with that? Why would they possibly
• 40:01
  break down more about this than I do? So when they have to do it, this is the painful part.
• 40:05
  You have to watch her one hour presentations. And if she said Frank Turek is lying, she shows Frank
• 40:13
  Turek a clip of him saying something. And then Frank Turek, a clip of him saying the opposite.
• 40:17
  Right. She doesn't just say he's a liar. She shows he's a liar. And if you want just clips of
• 40:24
  Candace, you're not getting a straight story.
• 40:25
  You unfortunately have to put in the hard work to see it.
• 40:29
  And she corrects herself all the time.
• 40:31
  And like I like to say, if Seymour Hersh, if Seymour Hersh did one of his big, big exposés.
• 40:35
  Right, right. Yeah.
• 40:36
  But presented what he understood on a daily basis, you'd get a very different result.
• 40:43
  Because the people he's going after would start playing defense.
• 40:47
  They'd start evading.
• 40:47
  They'd start throwing out bullshit, right?
• 40:49
  Seymour Hersh would not be able to do what he did if he tipped his hand every single day as to what he was up to.
• 40:57
  And so so I've watched a ton of Candace Ryan and Baron Coleman, who, by the way, I don't trust Baron Coleman.
• 41:02
  He showed up on Twitter exactly the month that Charlie got shot.
• 41:07
  Seems too coincidental to me now. I think he's saying the right stuff, but he arrived exactly.
• 41:14
  Maybe that's what drew him to Twitter. I don't know. But but but but.
• 41:19
  the videos of him limping along and you watch him carefully and he doesn't have a gun down his pant leg.
• 41:25
  There's not a snowball's chance in hell he has a gun down his pant leg.
• 41:29
  For one thing, because once in a while he forgets and he bends that leg.
• 41:34
  And then there's not a single clear picture of his face, his license plate,
• 41:39
  anything there's nothing and and then that and during the testimony that the people are saying
• 41:46
  why did the defense do a b c and d and i go because it's a preliminary hearing you retard
• 41:50
  it's just it the defense doesn't the defense has no reason to spill tip their hand on anything
• 41:57
  they just but what they had to do is they had to counter some of the stuff
• 42:00
  because the prosecutor's trying to win the case before it starts
• 42:05
  down. So they're interviewing some guy and he says, and she says to him, she says, you
• 42:11
  reported that a woman had a security camera and she saw Tyler Robinson's car at 1245 AM, right?
• 42:20
  And he says, he says, he says, yes. And she said, did you mention in your testimony
• 42:29
  that he was bald.
• 42:33
  And he says, no, I didn't.
• 42:37
  And then she says, and in this reported sighting
• 42:40
  of Tyler Robinson's car, did you mention that the woman
• 42:42
  also said there were three other people in the car?
• 42:45
  And he says, no, I didn't.
• 42:48
  This is a cop on the stand.
• 42:51
  And then they interviewed Lance Twiggs,
• 42:54
  who, by the way, is a potential primary suspect.
• 42:57
  He could be the shooter.
• 42:59
  They literally talked to him the day after the shooting and this April.
• 43:05
  And that's it.
• 43:07
  And then they do a videotape and we see about a minute and a half clip and they get nothing.
• 43:11
  They got nothing out of that minute and a half clip.
• 43:14
  I mean, and he'd answer the question like, well, does that look like does that look like Tyler Robinson to you in those photos?
• 43:21
  He goes, well, I can't say for sure, but he dresses like him.
• 43:27
  I go, what the fuck is that?
• 43:29
  Right.
• 43:29
  And then he later on starts sort of trying to solidify it up.
• 43:33
  And then so I found the 20 minute clip where it was something like 20 out of 23 minutes total.
• 43:40
  And they got even less than the 20 minute clip.
• 43:43
  So here there's a critical, critical witness.
• 43:47
  And the guy's supposed to be a furry.
• 43:48
  And you look at me, go, he's not a fucking furry.
• 43:51
  He doesn't have any affectation you expect for a furry.
• 43:55
  He was he's been working construction for the last eight months.
• 43:59
  This guy's not a furry. And he shockingly looks similar to Tyler Robinson.
• 44:07
  You go, yeah, cut his hair right. I'd be the same guy if you put a little fur.
• 44:10
  You can't even see the light. These are security cameras in the parking garages, right?
• 44:16
  If you have a security camera in the parking garage, what do you need to see above all else?
• 44:20
  The fucking license plate. You can't see the license plates.
• 44:26
  Candace Owens pointed out that, by the way, in these Dodge Chargers of the era,
• 44:31
  it's kind of a weird car, there's double barrel exhaust and single.
• 44:36
  And the car, they keep showing us a single barrel exhaust.
• 44:39
  And then the car that got towed was double barrel exhaust, things like that.
• 44:44
  There's literally no fact that holds up in this case that holds up to scrutiny.
• 44:49
  None.
• 44:50
  and the screwdriver that the screwdriver found on the roof. There were four guys on the roof
• 44:58
  between the time he supposedly shot him. And and when the cop who got on the roof,
• 45:04
  who looked at the crime scene supposedly for the first time, and he doesn't even mention the
• 45:10
  screwdriver. And the screwdriver, by the way, isn't even the right screwdriver to take apart
• 45:16
  one of these Mausers, and these Mausers are big, heavy mother guns.
• 45:23
  And he simply took it apart, put it back together, took it apart again,
• 45:28
  changed his clothes several times. And then just left it in the woods.
• 45:31
  And just left it in the woods with the screwdriver. And they said, we found the screwdriver with the gun for like three days.
• 45:36
  And then all of a sudden they said, holy shit, we got no evidence of him on the roof. So all of a sudden
• 45:39
  the screwdriver miraculously finds his way to the roof.
• 45:42
  this is all official record you can see people testifying this you guys it's just crazy it's
• 45:50
  just a complete look so it's going to be like um i had a chance to chat with derrick uh with
• 45:55
  jonathan turley this year which was i'm like it's total groupie and um and and i asked him i i asked
• 46:04
  him i said i i got one question i'm dying to ask because you paid very close attention to the george
• 46:10
  Floyd death. And and I said, did Derek Chauvin get an get a fair trial? And he he hemmed and
• 46:18
  hawed. You could see him going, holy fuck, I didn't see that question coming.
• 46:23
  And then he said, I have real problems with that trial. And I think we're going to do it again.
• 46:29
  Well, I don't follow. I can't follow everything. I have to choose my rabbit holes. But no,
• 46:35
  you can't. But one thing I did find him and I never followed Charlie Kirk. I really had
• 46:39
  very light familiar.
• 46:41
  And I did find it amusing
• 46:44
  that immediately after he was...
• 46:45
  Yeah, I thought he was just a grifter.
• 46:46
  I thought he was a grifter Charlie yeah I think I got that impression I saw a few tweets where he was defending Trump and when obviously I thought Trump did something in the press But I did find it interesting that Benjamin Netanyahu felt the need to go on and give a lengthy protest that we didn kill him
• 47:05
  We didn't kill him.
• 47:06
  I mean, you and I didn't feel a need to get on TV and say, hey, we didn't kill him.
• 47:11
  You know, it's like that was very, very, you know, he does protest too much.
• 47:16
  So I found that amusing.
• 47:17
  And they have some experience with exploding devices, I think, from reading the news.
• 47:24
  I'm told.
• 47:25
  I'm told.
• 47:26
  Yeah.
• 47:26
  I'm told.
• 47:27
  You know what Netanyahu's doing this week?
• 47:29
  You know what he's doing this week?
• 47:30
  No, what's he doing?
• 47:31
  He is going to Lindsey Graham's show.
• 47:35
  Where's a meteor when you need one?
• 47:39
  I know.
• 47:40
  I know.
• 47:41
  I know.
• 47:42
  Oh, well, good.
• 47:43
  I mean, that was like.
• 47:45
  Dave, I thought we talked about.
• 47:46
  I think we might have talked about this, but the whole like golden beeper that he gave to Trump.
• 47:50
  I thought that was a very weird. Yeah, very strange. Is that a veiled thread or like I don't know what the hell that was.
• 47:57
  So I have a working hypothesis of Trump that's generous, but it's not super generous.
• 48:03
  And that is. I think it's possible he did think he could change the system.
• 48:10
  And I think it's possible that it was driven by his narcissism where he said, look, I, you know, I want to be the greatest.
• 48:15
  right? Muhammad Ali on steroids, right? And that the way
• 48:19
  to do that is to do great things, right? You don't get to Mount Rushmore
• 48:24
  by being a douchebag. And
• 48:26
  that something caused him to say, fuck it.
• 48:31
  Could be greed. He's made $2 billion last year.
• 48:35
  Oh, he's $80. Can you imagine? He's done well after he said
• 48:39
  Yeah. Can you imagine being $80 and being anti-war
• 48:44
  your whole life and then and then you have the power to actually change things and all you do
• 48:50
  is enrich yourself and your friends and your family and start new wars that you promised for
• 48:55
  the decade not to start i mean he's 80 years old see the part of part that's part of my
• 49:01
  theory that's part of my theory is that he said look i i there's nothing i can achieve here and
• 49:08
  and therefore i'm just going to do what i do best now there's grift well what about the war
• 49:11
  He clearly doesn't do war really as well as he does drift.
• 49:17
  Well, I think since it totally destroyed his presidency and he had to know it, he had to know it.
• 49:25
  He had to have advisors saying, you are going, this is going to be an epic disaster.
• 49:31
  I think something, something made him do it.
• 49:35
  I kind of take.
• 49:36
  Even Trump the grifter wouldn't have done it.
• 49:39
  I kind of take the opposite tack.
• 49:40
  I think he was so high on Venezuela that I bet he I'm sure he had people telling him this is going to be a disaster.
• 49:46
  But he also had people telling him it's a cakewalk.
• 49:49
  I mean, the head of the Joint Chiefs staff, I got a comment on where he he says it would be would be difficult, wouldn't be difficult.
• 49:56
  They thought that they literally just how ignorant.
• 49:59
  Now, clearly, people arguing against it.
• 50:01
  I mean, I have except that Kelsey was going nuts.
• 50:05
  But he got, you know, Trump like people that stroke him.
• 50:08
  I mean, he's got Lutnik, like his Siamese twin.
• 50:11
  He never goes anywhere without Lutnik.
• 50:13
  And, of course, his man should literally touch Epstein.
• 50:17
  Well, Lutnik's been AWOL since the Epstein papers.
• 50:20
  I don't know.
• 50:21
  Lutnik's been AWOL since the Epstein papers.
• 50:22
  I thought I saw him the other day standing next to Trump.
• 50:24
  I don't know.
• 50:25
  Maybe it was a little clip, but.
• 50:27
  Well, but it was a very awkward moment.
• 50:29
  It was one of those things where he was talking, where he was trash talking Israel with Lutnik standing next to him.
• 50:35
  I missed that.
• 50:36
  That was a strange, strange.
• 50:38
  I'm sitting there. I'm almost feeling sympathetic to Lutnik at that point.
• 50:42
  I'm going, have to stand next to Trump boys hammering Israel.
• 50:45
  That's got to be Lutnik's low point of his life.
• 50:49
  Hammering Israel. Okay, I'll believe it.
• 50:52
  Because they didn't want to join the war, right? They said they're not going to get it.
• 50:55
  You know what? It's all on Trump. He's a big boy.
• 50:59
  It's his responsibility. I'm sure Israel told him it's going to be a cakewalk.
• 51:03
  And now, as I said, the chutzpah of these guys, the chutzpah, they say, oh, we don't want to be involved in the Sharan war.
• 51:10
  We'll let the Americans fight it.
• 51:13
  We are so stupid.
• 51:15
  I said today we were lying.
• 51:16
  We don't know, though.
• 51:19
  We don't know if it was risk of death and dismemberment of family members.
• 51:27
  We don't know that.
• 51:29
  And if you think that's beyond Israel, you're paying attention.
• 51:33
  Well, I would think Trump has access to people who can dismember Netanyahu's family.
• 51:37
  I mean, seriously, I mean, nobody has more power in the world than Trump.
• 51:41
  I mean, or whoever controls Trump.
• 51:42
  I think the Israelis are the best.
• 51:44
  I think, you know, look, they're good at people that don't fight back.
• 51:49
  You know, so they're good at, you know, blowing up hospitals.
• 51:52
  And of course, we're doing the same thing.
• 51:54
  We're blowing up hospitals.
• 51:55
  We're blowing up schools.
• 51:56
  I mean, these used to be called war crimes.
• 51:58
  Like I said.
• 51:59
  Yeah we killed many more than they have We killed many more than they have on no cops on the beach anywhere But not to the point of the shit show Now it like Yemen is starting to bomb Saudi
• 52:12
  ships on the other side. Bomb those poor people in Yemen.
• 52:15
  And it's just like... And the Saudis are going for the bomb now.
• 52:18
  The Saudis are going for the bomb now. That's what I was saying earlier. That's like the weird
• 52:22
  contradiction. We're in this war with Iran to stop them from nuclear enrichment.
• 52:26
  and we're signing a deal with Saudi, like, yeah, go make a bomb.
• 52:29
  It's like, what?
• 52:31
  How do we get to this point?
• 52:33
  I don't know.
• 52:36
  It would be hard to make the case for better off than we were six months ago.
• 52:42
  And then, of course, here we are.
• 52:44
  Everyone's pissed off at everyone except for the three of us.
• 52:48
  We're not pissed off at each other.
• 52:49
  and we're
• 52:53
  what has to be something approximating a market top
• 52:57
  and an economic top, right? I don't even think it's an economic, I think we're already on the
• 53:01
  skids badly economically, but
• 53:03
  they're hiding it. What happens if we get a
• 53:09
  75% correction in the S&P? What the hell is society
• 53:13
  going to be doing then? They're not going to allow it. That'll never happen, I don't think.
• 53:17
  They don't have the control over it, Marty.
• 53:20
  You don't think so?
• 53:21
  No, no chance.
• 53:23
  There's never been an asset class in history that got overvalued that didn't find its way back to cheap.
• 53:28
  Never.
• 53:30
  Rudy, chime in here, buddy.
• 53:32
  Well, I was going to say Rudy, chime in because I know you liked my interview with Nick Namath.
• 53:35
  And we were talking about private credit insurance companies and the systemic risk that may exist there.
• 53:42
  What is going to be the catalyst?
• 53:44
  Because we've been talking about this for years.
• 53:45
  and like, what's...
• 53:48
  You sound like you're in a fishbowl, Rudy.
• 53:58
  Are you using your phone?
• 53:59
  What are you using?
• 54:03
  We're not getting you at all.
• 54:05
  Yeah, you're muffled.
• 54:07
  I don't know if you're mics.
• 54:07
  You sound like you're...
• 54:08
  Like you sat on your phone.
• 54:13
  You boomers.
• 54:15
  He's going and coming back.
• 54:18
  I'm Boomer Tech.
• 54:19
  I was on with Chris Martinson the other day,
• 54:21
  and he couldn't get his technology to work after a Microsoft upgrade.
• 54:26
  And then he went on Tucker, which was interesting.
• 54:31
  Went on Tucker.
• 54:32
  I had Chris on a couple months ago.
• 54:33
  It was the first time I've had him on.
• 54:35
  It was a good conversation.
• 54:36
  I think you may have brokered that intro.
• 54:40
  Or I used you as a reference.
• 54:42
  Dave thinks I'm going to.
• 54:43
  I use you as a reference to get Chris on the show.
• 54:46
  I said, I've had Dave Collum on.
• 54:48
  Oh, I saw the, you guys spent the first two minutes talking about me.
• 54:52
  Yeah.
• 54:52
  In your podcast, right?
• 54:54
  Yeah.
• 54:55
  I'll take any press, good press, bad press.
• 54:57
  And I've had my share of both.
• 55:00
  And, but I do wonder what is going to happen.
• 55:05
  We'll get Rudy to chime in here.
• 55:07
  But there's things that there's forces of nature out there that are more powerful than central banks.
• 55:14
  And one of them is that that real live economic downturns are not stoppable.
• 55:19
  Real live market corrections from profound overvaluation are not stoppable.
• 55:24
  They can be delayed. They can be stalled. They can be made more overvalued.
• 55:28
  But they're ultimately not stoppable.
• 55:32
  Yeah. It's like the death of currencies, right? They're not stoppable either.
• 55:37
  what uh what's the frothiest part of the market in your mind right now um you'd have to say ai i
• 55:45
  think but i think ai is actually the trigger i i put out a tweet about a month ago or so
• 55:52
  that i said i never call market tops and crashes but if i were to call a market top and a crash
• 55:59
  it would be the IPO of SpaceX.
• 56:04
  And because on the one hand, it is the peak absurdity.
• 56:12
  It's like SpaceX was a $1.5 trillion NFT, best I could tell.
• 56:18
  But more to the point, sentiment doesn't,
• 56:23
  I've actually thought that we would not get euphoric.
• 56:25
  We seem to have gotten euphoric for some reason.
• 56:27
  but um but i do believe that um i do believe that these really really super high priced
• 56:35
  ipos rudy you there just for laughs gotta ask
• 56:38
  you're still in it you're still in a fishbowl
• 56:43
  nothing's coming through we're getting we gotta i came back but it was really
• 56:49
  it's kind of like your head and phone were both up your butt yeah
• 56:53
  so what um spacex nft so spacex spacex and these other really pricey ipos that run into the
• 57:06
  multiple trillion dollars are going to suck the liquidity right out of the system
• 57:09
  i i think they going to be i think they going to be like throwing you know sponge in there just so if if you So if you want to put out debt you a bank
• 57:23
  You could put out $1,000, $10 million loans or one $10 billion loan.
• 57:29
  What are you going to do?
• 57:33
  The one loan.
• 57:34
  So it's going to – and they tried to come up.
• 57:38
  You could you you can see them scrambling to find ways to dump the shares.
• 57:43
  Right. So the kind of put it in the index right away.
• 57:46
  And and I think the triple Q picked up on it.
• 57:49
  I think the I think the maybe the Russell, but the S&P did not.
• 57:58
  The Nasdaq picked up on it and put them in the Nasdaq and things like that.
• 58:02
  But but the but the S&P has various rules, one of which is you have to have two quarters in a row of profitability.
• 58:08
  SpaceX is not going to have two quarters of profitability legitimately for many, many years.
• 58:17
  And so the S&P actually held the ground.
• 58:24
  Now, the other noticeable thing is they staged the lockout, which at first I said, oh, now they're really grifting.
• 58:33
  But I realized that it would be better to stage it the way they did,
• 58:38
  which it's over the next six months,
• 58:40
  the shares are going to lock out percentage-wise.
• 58:44
  I actually saw a ramp.
• 58:45
  I saw the precise lockout thing.
• 58:47
  Someone drew it out graphically.
• 58:49
  You wouldn't want to release over a trillion dollars worth of shares on one day.
• 58:57
  Right?
• 58:58
  That you wouldn't want to do.
• 58:59
  So I think that's why SpaceX is rotting very quickly in the market.
• 59:05
  I think people are trying to get out as fast as they can.
• 59:11
  And someone said, what price would you buy it at, 30?
• 59:15
  And I said, well, 30 would put it at 10 times sales.
• 59:19
  10 times sales is Scott McNeely, what were they thinking level of valuation.
• 59:27
  So one could argue that if you do it based on sales, one could argue that $3 a share would be the right price.
• 59:34
  Yeah, it's done 30% from its list.
• 59:38
  That's the question.
• 59:39
  You have Gavin Baker and others saying, look at the Anthropic compute leasing deal.
• 59:46
  That's going to pay back Colossus 1 within a year, and then it's pure profit from there.
• 59:51
  And they're making the case that they can build a gigawatt facility with Colossus 2 and lease out comparable economics than that.
• 1:00:03
  So the guy, you might be pretty good at this story because of your understanding of the relationship of energy and Bitcoin and things like that.
• 1:00:13
  But the guy who makes the most sense to me is Ed Zitron.
• 1:00:16
  on that. No, he's
• 1:00:18
  a, he's like
• 1:00:20
  the Peter Schiff of AI.
• 1:00:23
  Oh, is that
• 1:00:23
  correct? Yeah.
• 1:00:26
  He seems to, are his numbers wrong?
• 1:00:28
  I think so, yeah.
• 1:00:31
  The,
• 1:00:32
  I mean, he's just making false claims.
• 1:00:34
  It's like, they're, I mean, it's reported
• 1:00:36
  behind the scene, obviously, they're still a private company, but
• 1:00:38
  the rumors are, like, there's
• 1:00:39
  credible people
• 1:00:42
  on Anthropics cap table that are saying
• 1:00:44
  they've hit cash flow positive
• 1:00:46
  in many other business lines.
• 1:00:52
  The CEO, I believe, of Iron came out after...
• 1:00:56
  But I think they're recording fictional revenues and stuff.
• 1:01:00
  I don't know. I use this stuff every day.
• 1:01:01
  I think the circle jerk of vendor financing stuff looks profound.
• 1:01:09
  so i don't have like full clarity on like where the money's coming in where the circle jerk
• 1:01:17
  is corrupting things what i know is i'm using the tech and i also sit on the board of a company
• 1:01:24
  that's a bitcoin miner um and we are exploring um doing some some hosting for um for ai compute
• 1:01:32
  specifically and oh i don't doubt that ai is going to be really important yeah so that's like that's
• 1:01:39
  that's that's what i'm trying to get at here is like i did the guy i've got that a bit it's going
• 1:01:43
  to be really important so that's what i'm trying to discern it's like okay where like it's obvious
• 1:01:48
  that this technology is the best analogy i knew heard was jeff gunlock who said that at the turn
• 1:01:56
  of the century obviously electricity companies were rocking because electricity had been invented and
• 1:02:05
  and it was starting to be shipped around the world.
• 1:02:08
  And he said, of course they'd rock.
• 1:02:11
  It'd be like the railroads, right?
• 1:02:13
  He said they peaked in 1911.
• 1:02:18
  So the people who somehow think that the revenue's like,
• 1:02:22
  oh my, how can you not own electricity?
• 1:02:23
  It's like the guys who bought the Nikkei in 1989,
• 1:02:27
  14 of the 20 biggest companies
• 1:02:30
  In the world, we're in the Nikkei.
• 1:02:32
  How do you not own the Nikkei?
• 1:02:35
  You have to own the Nikkei under those conditions, right?
• 1:02:38
  Cisco in 1999 had a 30% growth in revenues.
• 1:02:44
  Yeah.
• 1:02:46
  So none of this stuff has anything to do with investing is the problem.
• 1:02:50
  Yeah.
• 1:02:51
  No, I think that's clear.
• 1:02:52
  I would not be shocked if Anthropic and OpenAI turn out to be companies that end up in the dustbin of history.
• 1:03:01
  Well, no, I think what they'll do is that whatever they've created will be bought up for pennies on the dollar.
• 1:03:06
  I mean pennies.
• 1:03:09
  And then the money will start.
• 1:03:11
  So the big winner of the Internet were not the front end of the Internet.
• 1:03:15
  It was not Yahoo or Netscape or whatever.
• 1:03:18
  It was Google.
• 1:03:19
  It was Amazon.
• 1:03:20
  It was the guys who came along and used it.
• 1:03:24
  And even Amazon, right?
• 1:03:26
  Amazon supposedly in the dot-com bus corrected 95%.
• 1:03:31
  Now, if you'd owned it and held on to it, you'd still be okay,
• 1:03:35
  but you would have gone through years of sleepless nights,
• 1:03:39
  years and years and years.
• 1:03:41
  And I wonder what's going on with Rudy.
• 1:03:46
  So there's things like a story I like to tell.
• 1:03:50
  Now, Buffett, after the dot-com bust, Buffett ever so briefly lamented owning Coca-Cola.
• 1:03:58
  Now, that's like the Pope lamenting reading the Bible, right?
• 1:04:02
  That's really extraordinary.
• 1:04:04
  And I only heard him say it once, but he lamented owning Coca-Cola.
• 1:04:08
  And so you say, well, why would he say that?
• 1:04:10
  And they go, well, it turns out that in 1998, I think it was, Coca-Cola was trading at 50 times earnings.
• 1:04:18
  Now, Coca-Cola was not a growth company.
• 1:04:22
  Coca-Cola, as someone said, I think Eddie Dowd said he was in Nepal and there were Coke machines in Nepal.
• 1:04:30
  You know, I mean, Coca-Cola controlled the entire global beverage industry.
• 1:04:34
  And they were trading at 50 times earnings when treasuries were returning six and a half, seven percent.
• 1:04:41
  there was not a that so you say well there's no way coco is going to double its earnings
• 1:04:48
  no way but let's say they did then they'd be trading at 25 times earnings
• 1:04:56
  right there was no way and so buffett noticed in retrospect he said i should have sold
• 1:05:04
  and that's where you get to you get to the point where even guys like buffett are not able to see
• 1:05:11
  with the clarity. Now, a guy who sees things like this with the clarity is Jeremy Grantham.
• 1:05:17
  If you look at his returns, they stink. If you look at his returns over the last 40 years or so,
• 1:05:25
  he called all the bubbles. He called them early. I give him credit for calling them early.
• 1:05:31
  But his returns suck. But I think, I sincerely believe that this is the biggest mother of them
• 1:05:40
  all because you've got the AI bubble perched on top of private equity and private credit and
• 1:05:50
  real estate and standard equities. I mean, these are bubbles. This is turtles all the way down.
• 1:05:58
  And so this bubble is humongous. Someone came up with an estimate. I don't know how you estimate
• 1:06:02
  this, so I'm inclined to believe it's just a story. So I will warn the listener. But they said,
• 1:06:08
  if you look at the malinvestment of the dot-com bubble, the malinvestment, what's the metric for
• 1:06:13
  malinvestment? I don't know. The claim is this is something George Noble, I think, brought up,
• 1:06:18
  who was Peter Lynch's right-hand man and has been very active lately. I did a Twitter spaces with
• 1:06:25
  him once. He runs Twitter spaces with an iron fist. And he said the malinvestment of the AI
• 1:06:32
  bubble is 17 times the malinvestment of the dot-com bubble.
• 1:06:41
  What's he pointing out specifically?
• 1:06:42
  Where's the money being?
• 1:06:43
  No, no, that's the problem.
• 1:06:44
  It's a vague statement.
• 1:06:46
  It's a vague statement.
• 1:06:47
  It's misallocated resources, but I don't know what metric they use.
• 1:06:51
  So it's probably some guy in Wall Street.
• 1:06:53
  So his lips are moving.
• 1:06:54
  He's probably lying, right?
• 1:06:56
  Well, that's what I worry about with those analysts like that who are putting
• 1:07:02
  barricades out there it's like have you used this technology like outside of just asking chat gpt a
• 1:07:08
  question in the chat app and yeah to me chat cheap these grok and chat gpt most of us are using it as
• 1:07:15
  the next gen by the way did you see that google for the first time in its history has a negative
• 1:07:19
  cash flow yeah but that makes sense they're investing so much in the infrastructure layer
• 1:07:24
  right on the right they're putting it all on the line i know but they and how many how many of these
• 1:07:30
  multi-trillion dollar companies are putting it all on the line.
• 1:07:33
  Well, the revenue is up, what, 24%?
• 1:07:35
  Same earnings report.
• 1:07:37
  Just like Cisco you mean like in 99 Yeah maybe But that like where we have this weird I think we have to take a nuanced approach here
• 1:07:48
  It's like Google, I had a conversation with Mel Madison last week,
• 1:07:51
  and you made a really good point.
• 1:07:53
  All these hyperscales, Google, Facebook, Amazon, Microsoft,
• 1:07:58
  they are taking risks right now.
• 1:07:59
  Obviously, they've exacerbated their cash flow,
• 1:08:03
  and now they're going into debt or issuing equity.
• 1:08:05
  but on the debt side
• 1:08:08
  Mel made the point
• 1:08:10
  like AI could blow up tomorrow
• 1:08:12
  go to zero
• 1:08:13
  could have proven that
• 1:08:16
  none of this works, it doesn't make sense
• 1:08:18
  all their investments could go to zero
• 1:08:20
  and the cash flow of their legacy business
• 1:08:22
  could pay back the debt that they've accrued
• 1:08:24
  up to this point within like
• 1:08:25
  I think you said three or four quarters, within a year
• 1:08:28
  but who's going to get hurt in that process?
• 1:08:33
  yeah
• 1:08:34
  I guess everybody attached to that build out
• 1:08:37
  All the people who have them
• 1:08:40
  shit in their 401ks
• 1:08:41
  Yeah
• 1:08:42
  I think for example
• 1:08:47
  the insurance industry could
• 1:08:49
  completely and utterly implode
• 1:08:51
  I think it can implode for
• 1:08:53
  separate reasons
• 1:08:54
  Right
• 1:08:55
  If that was the only bubble
• 1:08:59
  it would be a big bubble
• 1:09:02
  because here's what the insurance companies are.
• 1:09:06
  Insurance companies are companies which you give them money
• 1:09:08
  and you say, look, in some number of decades,
• 1:09:10
  you're going to pay me a lot of money back.
• 1:09:15
  Right?
• 1:09:17
  Yeah.
• 1:09:18
  How many companies are still around in many decades?
• 1:09:24
  I don't know.
• 1:09:25
  That's a real problem.
• 1:09:26
  Have you been following Nick Namath's coverage of the life insurance
• 1:09:28
  and the private equity?
• 1:09:30
  A little bit.
• 1:09:30
  But I sure as hell wouldn't buy an annuity from anyone.
• 1:09:33
  I wouldn't, right?
• 1:09:34
  There's just, I think Social Security is safer than these insurance annuities.
• 1:09:41
  Because they can print money.
• 1:09:45
  Yeah.
• 1:09:46
  The insurance companies are probably, probably loaded to the gills with private credit and alternative investments.
• 1:09:54
  Because the Federal Reserve, I wonder what happened to Rudy.
• 1:09:59
  Federal Reserve made them reach, forced them to reach.
• 1:10:05
  Well, not only that, but like Nick, I've had two conversations with Nick.
• 1:10:09
  By the way, I find Mel complicated.
• 1:10:12
  I'll just leave it at that.
• 1:10:13
  I do as well.
• 1:10:16
  But back on the insurance thing, what Nick has been pointing out is that a lot of the private equity funds saw what Buffett was doing with like Geico.
• 1:10:25
  And they're like, we can do that.
• 1:10:26
  and so they've been going and buying up insurance companies
• 1:10:30
  and then replacing the asset manager of the balance sheet assets
• 1:10:34
  with like an internal sort of agnostic sort of capital allocator
• 1:10:39
  who will invest across the spectrum
• 1:10:42
  and replacing it with themselves as the asset manager of the insurance balance sheet
• 1:10:47
  and then pushing it into their own products,
• 1:10:50
  which are then taking private equity risk and private credit risk
• 1:10:55
  in software as a service companies and this AI build out to a certain extent
• 1:11:02
  instead of buying treasuries.
• 1:11:06
  I'm sure they have treasuries, but they're taking more risk
• 1:11:08
  within their own portfolios and sort of double-dipping.
• 1:11:12
  Have you read The Plunders by Gretchen Morgensen and Josh Rosner?
• 1:11:17
  No.
• 1:11:18
  That should be on your reading list
• 1:11:19
  because it shows the medical industry
• 1:11:23
  and how it's treated by private equity.
• 1:11:26
  And if you simply read that and you say,
• 1:11:28
  okay, let's assume that other things they touch,
• 1:11:30
  they're doing the same thing.
• 1:11:32
  They take totally viable companies, strip mine them,
• 1:11:35
  load them with debt, gut the place,
• 1:11:38
  sell them into the open market
• 1:11:39
  because monetary policy is too loose.
• 1:11:41
  So they're actually our consumers of stupid purchases.
• 1:11:47
  And then those companies with a 47% rate
• 1:11:51
  go bankrupt after being resold into the market.
• 1:11:55
  47%. And so all of a sudden you have some hospital that they bought
• 1:11:59
  in Indiana in some town, and now they don't have a hospital.
• 1:12:04
  So I'm sitting there thinking, I got a relative who dies.
• 1:12:08
  I find out the reason they died is because of some private equity.
• 1:12:11
  I'm going to go find the CEO. I'm going to
• 1:12:15
  let them know what I think of them.
• 1:12:16
  yeah
• 1:12:18
  was that obtuse enough?
• 1:12:21
  What's up freaks?
• 1:12:21
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  slash bitcoin that's aven.com slash bitcoin check it out brudy might be out for the count on this
• 1:14:39
  one i don't know what happened oh fucking rudy rudy's one of the few people who so some number
• 1:14:46
  of years ago that's in excess of a dozen i showed up on twitter after being on other chat boards
• 1:14:52
  since the late 90s and he's one of the few people you know they say you can only keep track of like
• 1:14:59
  100 people in your lives and and uh and and you just you can't your sphere of your sphere of
• 1:15:07
  friends number it's 180 yeah something like that right um and and i have connections with guys like
• 1:15:15
  you and stuff because we occasionally podcast and you know and so that keeps us connected
• 1:15:20
  but rudy and i rudy is one of the one of the very few people in those early days
• 1:15:26
  that is still very much sort of in my is a sort of inner circle um of influence and i think
• 1:15:37
  part of it because he does a good job of keeping relationship going well but but rudy and i exchange
• 1:15:43
  dms we've been doing it for 15 years now or something and uh and uh and uh in some sense
• 1:15:51
  i find it frustrating so i enjoyed twitter when i had 350 followers and i would chat with them
• 1:15:59
  and i know them you know and you know that was guys like eddie dowd and and and i still
• 1:16:06
  occasionally i did a podcast with eddie the other day and and and but but you you you can only go
• 1:16:14
  down so many rabbit holes pay attention to so many things and i think i spread myself too thin
• 1:16:18
  And so I'm aware of the evils of the world in too many categories and and probably therefore have just a skim coat understanding of them.
• 1:16:33
  But. But I think I think we got some real problems, I think, the lack of accountability.
• 1:16:39
  And so, you know, why would you ever worry about breaking the law if you know you're never going to go to jail?
• 1:16:45
  right and that's what i'm going back going back to that newsletter i wrote earlier this week in
• 1:16:51
  the context of gen z and like you like i had hope for trump and um i won't i won't lie like i still
• 1:17:00
  like there's that part of some remote hope it's like turn it around um i think he's lost me
• 1:17:08
  he's lost me but the iran war lost me the iran war lost me now that's like now that it's expanding
• 1:17:16
  and like saudi's getting bombed by yam and it's like okay we're just doing exactly what we did
• 1:17:20
  post 9-11 here's another 20-year but this one's riskier yeah this one's way riskier post 9-11
• 1:17:29
  we stomped around like the meanest bastard on the planet and and and at no point were we as a country
• 1:17:36
  at risk. And then
• 1:17:40
  next up comes the Ukraine war. And all of a sudden
• 1:17:44
  we got politicians talking about nuking Russian stuff. And now we're
• 1:17:48
  they talk about how Ukraine is doing serious damage to
• 1:17:52
  Russia. I go, you really think that's Ukraine doing that?
• 1:17:57
  You really think that's Ukraine doing that? Ukraine
• 1:18:00
  can even field a goddamn army because everyone either dead or left right Ukraine a ghost town So the pain being inflicted on Russia is NATO
• 1:18:14
  And if you had told me 10 years ago that we would be bombing sites in Russia,
• 1:18:20
  I would have thought you were insane.
• 1:18:23
  Now I realize they are insane.
• 1:18:26
  And at some point, so I did a poll on Twitter.
• 1:18:28
  I love polls because sometimes I use them to get other people to say what I don't want to say.
• 1:18:37
  And sometimes I actually use it to find out what people are actually thinking or what they know.
• 1:18:42
  And I said, let's say, I said, hypothetically, Putin loses his shit and starts dropping some serious weaponry on Main Street Europe.
• 1:18:55
  Who do you blame?
• 1:18:56
  and I gave us the choice. Putin, I think it was Trump, USA, NATO, and I think I had a fourth one.
• 1:19:06
  I can't remember. But the only thing I cared about is what percentage of the people blame Putin.
• 1:19:12
  The rest were just the other potential candidates to blame. You can sum them all up and say they're
• 1:19:17
  not Putin, right? And it turns out Putin got something like 4% of the vote.
• 1:19:23
  everyone understands that we've been pushing putin's bodies
• 1:19:28
  really i can't even i got my i only have one next to me um
• 1:19:37
  i can hear you yeah logan's interjecting about the snoring but yeah no putin only got four percent
• 1:19:47
  something like that was single digit guaranteed single digit it might have been eight might have
• 1:19:52
  I'm guessing I could go look it up.
• 1:19:56
  And we understand.
• 1:19:59
  To me, Putin's one of the most grounded leaders in the world.
• 1:20:03
  He's not a good guy.
• 1:20:04
  I mean, he's a tough guy.
• 1:20:06
  But Justin Trudeau wasn't going to run Russia either.
• 1:20:13
  Yeah.
• 1:20:14
  Come on, you punk.
• 1:20:15
  Wake up.
• 1:20:16
  Wake up.
• 1:20:19
  I was like, how do you solve it?
• 1:20:20
  Again, going back to it, what is the hope?
• 1:20:22
  Do we have to do something external and put pressure on the system?
• 1:20:25
  I think it's forth-turning shit.
• 1:20:27
  I think we've got to go through the valley of death.
• 1:20:30
  That's my metaphor.
• 1:20:31
  You don't go into the valley of death and come back out.
• 1:20:35
  You go through it.
• 1:20:36
  You've just got to, you know, Billy Goats, gruff, whatever.
• 1:20:40
  Would you say are we in the beginning stages of that?
• 1:20:44
  Well, chronologically speaking, we should be pretty far along,
• 1:20:48
  But it's like a fireworks display where if you're half done, what percentage of the fireworks have been blown off?
• 1:20:57
  And the answer is probably 15 percent.
• 1:21:00
  Right. Because they all blow them off at the end.
• 1:21:04
  And so I think the quit snoring.
• 1:21:08
  Come on, stop snoring. How can you snore while I'm rubbing you like this?
• 1:21:13
  And so I think the grand finale.
• 1:21:16
  get off here
• 1:21:18
  go somewhere else
• 1:21:20
  I just can't let him go
• 1:21:23
  I can't
• 1:21:25
  no choice
• 1:21:27
  so what do you think
• 1:21:29
  I don't know
• 1:21:30
  I think
• 1:21:34
  I truly believe
• 1:21:37
  the money is the core of the problem
• 1:21:38
  and we need to fix it
• 1:21:39
  I agree
• 1:21:41
  and that is again going back to
• 1:21:44
  becoming dejected
• 1:21:45
  It's like for me, like refocusing on Bitcoin, using the tools to get it out there.
• 1:21:50
  Like, I think I don't think it's looking good.
• 1:21:52
  I think Gen Z particularly is more polarized than any generation of our lifetime before it.
• 1:21:59
  And you either have the Mondami socialist or like the tradcast, like send them all back.
• 1:22:04
  We are like literally inspired.
• 1:22:07
  They're extreme.
• 1:22:08
  By what Hitler did to the third Reich.
• 1:22:10
  Like we want a leader like that.
• 1:22:12
  Like we want to like that.
• 1:22:13
  Well, for example, there's a great example of Trump boning it.
• 1:22:17
  You're not going to send 20 million people back home one at a time.
• 1:22:22
  And so he has this highly visible ice thing going on.
• 1:22:26
  And I go, I can't imagine.
• 1:22:29
  There had to have been a better way.
• 1:22:33
  Yeah.
• 1:22:34
  And the better way, by the way, would be to punish the fuck out of the guys employing them.
• 1:22:39
  Yeah.
• 1:22:40
  Right.
• 1:22:40
  Make make it not possible to stay.
• 1:22:43
  And I think they did get a lot of self-deportations.
• 1:22:47
  So I think there was some logic to it.
• 1:22:49
  But I think you just, you know, and the Mexicans have never been a problem.
• 1:22:56
  They're part of our economy, right?
• 1:22:58
  I'm not asking to send Mexicans back to Mexico.
• 1:23:02
  But I think you somehow have to say to the company, you know, Arthur Daniels, Midland, whatever, say, if you're using illegals, you better tell us who they are.
• 1:23:12
  or we're going to shut you down.
• 1:23:15
  Yeah, or fine you.
• 1:23:19
  And...
• 1:23:19
  I mean, bringing it back to the fourth turning, where are we?
• 1:23:24
  I mean, we're beginning to see the political violence come back.
• 1:23:26
  I mean, it's a small example, but like earlier this week in New York,
• 1:23:31
  when I got to the gasoline and lit it up and fired.
• 1:23:34
  Did you see my tweet on that?
• 1:23:36
  You probably didn't because the world's too big now.
• 1:23:40
  I showed a picture of it.
• 1:23:41
  It's like a dumpster, right?
• 1:23:43
  It's like essentially a dumpster lit on fire or something in front of the building.
• 1:23:46
  and I said, why aren't they evacuating the building?
• 1:23:50
  Did we learn nothing from Building 7?
• 1:23:57
  That's a good one.
• 1:23:58
  I know.
• 1:23:59
  You get small, you can see that bubbling up.
• 1:24:03
  You had the people shooting at ICE officers in Dallas.
• 1:24:06
  But it was way worse with George Floyd.
• 1:24:09
  Yeah, I mean, talking about chronologically, where are we?
• 1:24:13
  Like bubbling up, you can go back to 2020.
• 1:24:15
  like it started then um but but the finale the the real end of the fourth turning as again and
• 1:24:22
  it's you know so it's really sociology and trying to put a real tight bow on it and that doesn't
• 1:24:28
  work very well but but they've been it's been a pretty good model it has been a pretty good bottle
• 1:24:34
  and and the grand finale and you know ray dalio who i think is way overrated um
• 1:24:41
  created a six cycle thing just to make sure it was different than than the fourth turning but um
• 1:24:49
  but but but the final the final stage is usually a really horrific war
• 1:24:56
  yeah real turbulence people been talking about world war three you get 2022 you get ukraine
• 1:25:03
  russia this year you get iran u.s well if putin starts hurling serious weapons into paris or
• 1:25:11
  something into Berlin.
• 1:25:15
  Do you think he's getting to the point where he may do that?
• 1:25:18
  I think he's getting pressure.
• 1:25:22
  I listen to guys like Mearsheimer, who it's not to say he doesn't have it wrong, but I
• 1:25:28
  think he's trying to get it right.
• 1:25:31
  And I find it so frustrating that people, you know, I was on a podcast.
• 1:25:38
  I was with friends several times.
• 1:25:41
  This has happened to me where people talk about the evil Iranians.
• 1:25:46
  And I go, you are aware that we bombed them, right?
• 1:25:51
  And then they say, well, you know, but they're going to get a nuke.
• 1:25:54
  And I go, you are aware that Daniao has been saying that for 30 fucking years, right?
• 1:25:59
  And I go, you know, Iran could destroy Israel this week.
• 1:26:04
  I'm positive.
• 1:26:05
  Iran could destroy Israel this week.
• 1:26:08
  All they have to do is send the drone swarm and hit the Israel seven desalination plants and Israel will die of thirst.
• 1:26:17
  In a week.
• 1:26:20
  Because they, unlike Iran, Israel depends on like 90 percent of their fresh water comes from desalination plants.
• 1:26:28
  And so then the question is and people say, well, the reason they don't is why haven't they done?
• 1:26:33
  And I said, well, you know, most people give the argument because mutually assured destruction, blah, blah, blah, blah.
• 1:26:39
  I go, how about the possibility that maybe Israel's not as a medieval society as much as you think,
• 1:26:44
  and that they know that that's not the right thing to do?
• 1:26:48
  How about that?
• 1:26:49
  Are you willing to entertain that possibility?
• 1:26:52
  Because here's what I like to encourage people to do.
• 1:26:55
  And I don't know if this does any good, but I tell everyone on every podcast when this topic comes up,
• 1:26:59
  I go, go to YouTube and search streets of Tehran.
• 1:27:03
  look for videos about this that show the streets of Tehran
• 1:27:07
  and tell me it doesn't look like New York City,
• 1:27:11
  except they're not burning shit down and it's clean.
• 1:27:15
  They're extraordinary. You could do it right now.
• 1:27:17
  You can boot it up and share it and boom, you know, streets of Tehran.
• 1:27:21
  They're beautiful.
• 1:27:22
  It's like when they show the Moscow subway system, you go,
• 1:27:25
  that's a lot cleaner than New York's. That's for damn sure.
• 1:27:29
  And so I think it's quite possible that the Iranians
• 1:27:32
  actually do have a moral compass.
• 1:27:38
  I think it's not only incredibly naive,
• 1:27:42
  but like there's a whole Western propaganda arm.
• 1:27:46
  It's just like we're seeing this,
• 1:27:48
  which is way worse than everyone else's.
• 1:27:51
  And that's,
• 1:27:52
  that's where it gets very frustrating because it's,
• 1:27:55
  it creates a frame where it's impossible to even make,
• 1:27:59
  make the assumption that you just put forward.
• 1:28:01
  maybe they're maybe they have a good moral compass and like we're seeing this in ai too or it's this
• 1:28:05
  existential race for dominance in ai between the united states and china and you just look at the
• 1:28:12
  contradiction of like the the values that have been espoused that we're supposed to believe that
• 1:28:16
  each country holds and you have two major companies here in anthropic and open ai they have a closed
• 1:28:24
  source model closed weight model they not sharing it with the world and they obviously if you paying attention attention they want a regulatory mode they want to be the the the god kings of the ai future whereas in china that where like they
• 1:28:41
  have the open weight models that are keeping pace and actually just wrote about it in the newsletter
• 1:28:46
  this morning like deep seek their ceo was gave like a four-hour interview and he explained their
• 1:28:53
  their perspective on how they're building their AI model.
• 1:28:57
  And it's just like, hey, we think this is good for humanity.
• 1:29:00
  We're going to price things appropriately so people can get access to it.
• 1:29:03
  We're going to be as efficient.
• 1:29:04
  We're going to be hyper-focused.
• 1:29:05
  We're going to be long-term thinking.
• 1:29:06
  And we think humanity should have access to this.
• 1:29:08
  We've been taught, like, China is this communist country, which it is to an extent.
• 1:29:13
  But having worked with Chinese and the Bitcoin mining industry, these people are hyper-capitalistic.
• 1:29:17
  Like, the Chinese citizens, all they care about is making money at the end of the day.
• 1:29:21
  It's actually pretty impressive.
• 1:29:22
  and they can get shit done and then like the u.s it's it's really like the the intent of the
• 1:29:30
  the frontier model providers and anthropic and open ai like it's not explicit but i think
• 1:29:35
  implicitly it's get the regulatory mode become the ai god kings bring the surveillance state where
• 1:29:40
  the communist country is creating like the the liberty-binded like open system and it's just
• 1:29:46
  like this weird contradiction that exists. I know it seems backwards, doesn't it?
• 1:29:50
  Yeah. Have you ever, have ever dug into Sam Altman's background?
• 1:29:54
  Oh yeah. He's, he's weird. He's a, he's a, he's just a
• 1:29:59
  hypester. He's, you know, Ronco salesman. He's not
• 1:30:03
  a techie. He's not, he's not gifted. He's not at some
• 1:30:07
  boy genius. He's just a hose bag. And, and, and
• 1:30:11
  I think it was Peter Thiel who sort of pulled him up and said, I can, I know how to use
• 1:30:15
  this guy and and so so he he's not some genius farsighted guy he is just the pitch man he is
• 1:30:22
  fucking selling goddamn you know pillows and he's a sociopath and he's undoubtedly a sociopath
• 1:30:31
  and and you know did you see the interview where uh where tucker interviewed him and accused him
• 1:30:36
  in the usual tuckierian way where he didn't actually accuse him of killing his co-worker
• 1:30:42
  and so tucker asked him a question well it's kind of suspicious where your co-worker died and sam
• 1:30:48
  says sounds like you're accusing me and tucker goes oh no no i'm not accusing you it's just
• 1:30:52
  fine it very odd that went back and forth about three fucking times and i'm going tucker is
• 1:30:58
  accusing you of killing your co-worker yeah i don't know i mean so the problem we have there
• 1:31:07
  I know, I know. One of the merits of the Chinese system, which I don't think, you know, I'm loathe to defend, but it doesn't have the Sam Altman's running around doing this shit.
• 1:31:24
  we we to the extent that we used to have way checks and balances our system work better
• 1:31:32
  you take away the checks and balances and accountability and and now you have this
• 1:31:39
  situation this crazy situation where we're running around threatening everyone tariffing everyone
• 1:31:44
  bombing everyone and china's going around hey can we build your port you know can we build your
• 1:31:50
  factories let us help out here right holy shit who's who's winning this game right i think by
• 1:31:56
  the way what do you what's your take on the air let's let's go to the iran war for for who's
• 1:32:00
  winning who's winning the iran war looking at oil prices not not the american citizen i would say
• 1:32:08
  i mean well but but but to me the game theory is is that iran just has to outlast us
• 1:32:13
  because I think their goal has to be,
• 1:32:18
  their number one goal has to be when this is over,
• 1:32:22
  we need the Western world to swear off ever attacking us again.
• 1:32:28
  And by the way, they're doing total point for point escalation.
• 1:32:34
  And the scariest one, there was a post yesterday from the Hormuz,
• 1:32:40
  the Strait of Hormuz or something.
• 1:32:41
  It looks like it's an outlet for the Iranians to me.
• 1:32:45
  And it says we're going to do tit for tat.
• 1:32:48
  And you guys have tried to bomb our leaders and their families.
• 1:32:52
  And we know where you live and we're going to do that too now.
• 1:32:57
  And we know civilian infrastructure.
• 1:33:00
  We have not attacked that, but you're attacking that.
• 1:33:03
  So we're going to do that too now, which all of a sudden, next thing you know, boom, they start attacking infrastructure.
• 1:33:08
  The Iranians are matching blow for blow the whole way.
• 1:33:15
  Yeah. And it's with a degree of restraint, too.
• 1:33:19
  It's like, hey, with a degree of restraint.
• 1:33:22
  And. It's it does seem like a war of attrition because you have percent coming out.
• 1:33:29
  And others saying that what, 180 percent inflation, I guess the Western perspective is bit them hard enough and long enough that their economy.
• 1:33:37
  frumbles and they have yeah yeah take out persia which is survives 3 000 years right 3 000 years By the way you never win You don win wars when they have home field advantage
• 1:33:54
  Home field advantage is everything.
• 1:33:55
  Guys in Vietnam, we couldn't beat them.
• 1:33:58
  They were in pajamas and sandals.
• 1:34:02
  Home field advantage is everything because they got nowhere to go.
• 1:34:05
  You know, during World War II, the Germans, the Germans did end up losing, I think.
• 1:34:15
  One thing for sure is the Soviets won, not us, not Europe.
• 1:34:19
  The Soviets won because they ended up with half of Europe on our dime.
• 1:34:25
  And and. But I lost my train of thought.
• 1:34:30
  but the reason the Germans
• 1:34:37
  fought so hard at the end is
• 1:34:38
  they didn't want
• 1:34:40
  they were afraid of the Soviets
• 1:34:42
  that's why the war started
• 1:34:45
  actually in my opinion
• 1:34:46
  Germany was afraid of the Soviet Union
• 1:34:49
  yeah
• 1:34:51
  and
• 1:34:52
  the other thing
• 1:34:55
  bringing this back to Iran
• 1:34:56
  I thought like a month ago
• 1:34:59
  I was like, okay, we got the Memorandum of Understanding.
• 1:35:01
  We got the ceasefire.
• 1:35:02
  It's like, okay.
• 1:35:03
  Oh, I didn't think that would hold at all.
• 1:35:04
  You didn't.
• 1:35:05
  I was holding out hope.
• 1:35:06
  Like, hey, maybe just eat our lungs.
• 1:35:08
  No, Israel doesn't want it to hold.
• 1:35:10
  Well, like, that's the confusing thing.
• 1:35:13
  It's like now they're saying they don't want to enter the war.
• 1:35:15
  So they're just...
• 1:35:18
  They don't want to enter the war.
• 1:35:20
  Of course they don't.
• 1:35:21
  But how long can this persist?
• 1:35:23
  Or how long will this persist now?
• 1:35:24
  As long as AIPAC dumps money into the pockets of our politicians.
• 1:35:28
  Yeah.
• 1:35:29
  this is the problem we just didn't we just wasn't two days ago we merged the militaries
• 1:35:34
  whatever that means i guess in the house i think the senate vote still
• 1:35:38
  oh okay well um if that goes through you can kiss your ass goodbye in my opinion
• 1:35:44
  yeah are we a sovereign nation yeah the state of israel yeah it's uh
• 1:35:54
  Yeah, it's weird times.
• 1:35:59
  It is very weird times.
• 1:36:01
  Israel wants us to shed our blood to take out their enemies.
• 1:36:06
  It's that simple.
• 1:36:09
  And they don't want this war to end.
• 1:36:13
  They want Iran to get flattened.
• 1:36:18
  I find that hard.
• 1:36:20
  I mean, to your point, Persia has been around for 3,000 years.
• 1:36:22
  And if you think of the topology of the country to how mountainous it is, it seems we also learned why no one has ever conquered Afghanistan.
• 1:36:29
  Right. It's the same sort of problem. But but when when when Iran said part of the deal is you have to stop bombing Lebanon.
• 1:36:41
  Now, there's two ways to look at one is they knew that Israel wouldn't and therefore they put it there so that they didn't have to make a deal.
• 1:36:48
  the other is that it's the high road
• 1:36:51
  and they're saying we don't like the fact you're bombing Lebanon
• 1:36:54
  yeah the Lebanon incursion is
• 1:36:57
  incredibly egregious in my mind
• 1:37:00
  where it's like why
• 1:37:01
  you'll scream Hezbollah and all that
• 1:37:04
  which is more egregious Lebanon or Gaza
• 1:37:06
  I mean Gaza's a good offer
• 1:37:10
  like Lebanon I know Lebanese people
• 1:37:12
  well the reason you don't know anyone from Gaza
• 1:37:16
  is because they're all dead
• 1:37:16
  Yeah. I mean, say Fadina Moose. I mean, he's a.
• 1:37:19
  And they haven't been let out. That's the other thing.
• 1:37:22
  Yeah. They've been in a they've been in a in a concentration camp for decades.
• 1:37:28
  It's weird. Why is this such a third rail that people can't touch?
• 1:37:32
  Because, I mean, obviously, you're money and power.
• 1:37:35
  Yeah. The other thing is, is that you could criticize Israel until October 7th.
• 1:37:42
  7th. So you could say Jeffrey Epstein was Mossad. No one gave a shit. But when October 7th occurred,
• 1:37:52
  Israel took off the gloves and said, we will punish anyone. We can get our mitts on,
• 1:37:59
  which includes podcasters. But I'm pissed at him. I called the head of the JNS a pig fucking liar
• 1:38:12
  after he called me a Holocaust-denying Nazi.
• 1:38:16
  When did he do that?
• 1:38:17
  Did he do that on X?
• 1:38:18
  Last year.
• 1:38:19
  He wrote an article about me.
• 1:38:24
  He called me a Holocaust-denying Nazi.
• 1:38:26
  Morty Klein.
• 1:38:28
  A Nazi.
• 1:38:29
  Actually, I didn't call him a pig-fucking liar.
• 1:38:31
  What I said is I would never call you a pig-fucking liar
• 1:38:34
  because I couldn't defend that completely.
• 1:38:40
  Well, that's the other thing.
• 1:38:41
  like everybody's getting called a nazi it's like okay it's like the term racism the anti-semite
• 1:38:47
  the anti label is wearing off it it used to be people were terrified of being called an anti now fuck you The number one there a spiking anti
• 1:39:05
  The problem is because of Israel.
• 1:39:09
  Right? You want to stop anti-Semitism, stop
• 1:39:12
  bombing the shit out, stop kicking people out of their homes. Can you imagine
• 1:39:16
  what would you do if some guy, if Canada
• 1:39:20
  somehow got feisty and came along and took your home and kicked you out of your home,
• 1:39:26
  killed your relatives, what would you do? You'd become a terrorist.
• 1:39:32
  And to your point, it's been going on for decades.
• 1:39:34
  But before they kicked me out, if they kicked me out of my home, the guys who moved in
• 1:39:39
  would not survive. They would. I've thought about this, the squatting problem we have in the United
• 1:39:46
  States, I guarantee you no one can squat in my house.
• 1:39:51
  I guarantee you. I'm going to show you.
• 1:39:54
  I've shown you this before. See that lake out there? Yeah. Can you see it?
• 1:39:58
  Yeah, there it is. Yeah, yeah. That's a deep lake.
• 1:40:02
  You could hide a squatter at the bottom of that lake.
• 1:40:06
  So if anyone came to my house and squatted, I would
• 1:40:10
  just go in there with a Louisville slugger. And I would just
• 1:40:13
  beat the living piss out of them. And I say, if you want to go
• 1:40:17
  to the cops, the next one's going to be fatal.
• 1:40:21
  You can now leave my house, go get some health care,
• 1:40:25
  and I don't ever want to see again. And if you show up again, you're going to die.
• 1:40:31
  That's how I'd handle it.
• 1:40:33
  Why is that irrational? I'm on a jury and that
• 1:40:38
  happens? The guy's getting off. I'm hanging that jury.
• 1:40:41
  did you see the guy who wrote fake vaccine papers for people they vaccine i thought it was a woman
• 1:40:49
  the nurse no i think it was a doctor maybe there's several i don't know but he they dropped the
• 1:40:56
  charges now we got a problem when you when when that shows you the absurdity of the situation though
• 1:41:04
  because it he shouldn't have to do that either
• 1:41:08
  right so it's accountability where was this well again i think that's a core theme of this
• 1:41:17
  conversation is accountability i think that's and swinging back to health care by the way i will
• 1:41:23
  never get another vaccine never ever ever get another vaccine i don't trust them i did another
• 1:41:30
  another good book is vaccine amen by aaron siri i thought i'd read everything i could about cobit
• 1:41:37
  I don't want to read another, but I read it. You can't get to the end of that book without swearing off vaccines forever, forever.
• 1:41:45
  Aaron Seary is a lawyer. He fought the cases. He uses court transcripts.
• 1:41:49
  He shows you the sociopathic crime syndicate up front, personal.
• 1:41:58
  And he he he he basically deposed every single major vaccinologist in the country.
• 1:42:03
  and the transcripts show he he tore them to shreds and this is the guy because there's never
• 1:42:11
  there's never been a vaccine that was tested correctly no there's never been a vaccine that
• 1:42:16
  was tested correctly this is the bald guy right that's been testifying to come out the study yes
• 1:42:22
  what was it the cincinnati hospital so someone like fauci should be taking the hag tried for
• 1:42:26
  crimes against humanity and executed well that's straightforward going back to accountability that's
• 1:42:31
  the frustrating part to like they'll like leave a little brog bread from i don't see how fauci
• 1:42:36
  survives we're gonna drag him in yeah but they're saying they're gonna drag him in they have it
• 1:42:41
  it's uh they're not going to but that's that they're not going to that's the point i'm trying
• 1:42:47
  to make is like they they they know people want accountability and so they'll they'll like put
• 1:42:52
  it out there like yeah we're gonna break it don't worry and then it never happens that's i'll tell
• 1:42:56
  you what worked a judge released an illegal immigrant who then went out and raped some
• 1:43:01
  and killed some girl the judge let him out and i think it was the next day or a day or two later
• 1:43:11
  the judge walked out their front door and there was the guy's head on the doorstep really yeah
• 1:43:17
  go ahead let him out we'll deal with them yeah well that's i mean they used to hang horse thieves
• 1:43:22
  right yeah i mean that's and that's where the fourth turning bodies really come back it's like
• 1:43:27
  if that's exactly right if you don't have any accountability like people are going to take it
• 1:43:31
  into their own hands and that's exactly right and and and and right now the guilt is diffuse so if
• 1:43:39
  you actually say what's the guilt of the covid well i produced a guilt hierarchy one year
• 1:43:44
  where i said at the very bottom are the the guys who unknowingly did something that's that's fine
• 1:43:51
  I have a problem.
• 1:43:53
  There's guys who knowingly did something, but they were told, look, either you do this or you have to give up your career.
• 1:43:59
  I understand that.
• 1:44:00
  I took the vaccine because I was told you had to quit your job.
• 1:44:04
  We will fire you if you don't take the vaccine.
• 1:44:08
  And so I took the vaccine.
• 1:44:10
  I did the risk reward ratio measurement.
• 1:44:13
  I said, OK, it's it's a risk I got to take.
• 1:44:15
  They're forcing me to do it.
• 1:44:17
  I told the president of the university they blew it.
• 1:44:20
  I was pretty clear on that.
• 1:44:22
  And and I've got health issues that maybe are from it, but I got away with I got away with it.
• 1:44:29
  Has there been any accountability there?
• 1:44:31
  Has anybody admitted like, hey, we regret?
• 1:44:33
  There have been organizations who've been sued for back pay and stuff for firing people.
• 1:44:41
  The problem I had was, remember the vaccine came out in 2021.
• 1:44:45
  I'd gotten canceled in 2020.
• 1:44:48
  Very unpleasant experience, I should add, even though I like to think of myself as fairly resilient.
• 1:44:53
  But but when you've got when you've got thousands of signatures trying to get you fired and graffiti all over the campus.
• 1:45:02
  And articles written daily. About how you should be fired, things like that, that that's unpleasant.
• 1:45:09
  And and I just kind of wrote it out because it was during the lockdown.
• 1:45:14
  And what I didn't know is if Antifa was going to come and get me.
• 1:45:18
  And so I slept with loaded guns. I was emotionally ready to blow someone's brains out.
• 1:45:23
  and didn't have to because we're locked down
• 1:45:27
  and Antifa probably doesn't have cars.
• 1:45:31
  And right after that, I got told,
• 1:45:37
  you're going to lose your job if you don't vaccinate.
• 1:45:39
  And I had people saying, well, you should just fight it.
• 1:45:41
  And I go, there are people waiting for me to make a mistake.
• 1:45:46
  This is not like they're going to say, oh, we can't lose Dave.
• 1:45:49
  We'll just let him off the hook.
• 1:45:51
  There are people who say, got him.
• 1:45:53
  got him. So I couldn't take the risk. And I could have quit my job.
• 1:46:01
  I shouldn't have to make that choice. I don't blame the president of the university for doing it.
• 1:46:06
  And again, I told him, I said, you blew it. At one point I said to him, I sent him an email.
• 1:46:13
  I've had some interesting exchange. I've known him since the day he got to Cornell.
• 1:46:16
  and uh and uh and uh what got me canceled was is i fought two labor movements on campus where i
• 1:46:25
  the first one i played a major role but wasn't critical um and the unionization which was a bad
• 1:46:33
  idea um lost on its own merits lack of merits and there was some smearing that went on but otherwise
• 1:46:40
  not a big deal. The second one was when Randy Weingarten showed up with her labor union.
• 1:46:48
  And I got a call from the provost, who is now the president, and said, we need you to organize
• 1:46:55
  a counterattack. Late night, 1030 in the evening, no emails, no nothing like that. But I was on speed
• 1:47:02
  dial with Cornell Legal. If I had a question, boom, they'd put me right through to Cornell Legal.
• 1:47:06
  and uh so i organized a team and we won it by a whisker by a whisker and and the only reason we
• 1:47:14
  won it is because uh i picked a fight and they bit they took the bait and then we had this fight we
• 1:47:22
  we finally got the issues out on the table because of this fight and uh and they were mad at me so
• 1:47:28
  they smeared the shit out of me those same issues and people were behind the cancellation in 2020
• 1:47:36
  and so um and so uh so i'm i'm a bit infamous on campus yeah well i think you're a bit infamous
• 1:47:46
  beyond campus too i think so i'm told um but but there's there's one day i put out a tweet
• 1:47:55
  this is a funny story i put out a tweet and i said uh cornell was getting bad press and i said
• 1:48:01
  you know cornell's been in the press a lot lately it's getting bad press this is a fairly utopian
• 1:48:05
  in existence. And it's silly that faculty talk about being oppressed. We've got it made. And I
• 1:48:13
  said, what we have to do is just find a way to get out of the news cycle. That's it. That's our only
• 1:48:18
  problem. That was basically my tweet. And I get a call from my brother-in-law, my brother-in-law.
• 1:48:26
  And he reads part of the tweet. Now, who's my brother-in-law? My brother-in-law is Ezra Cornell.
• 1:48:31
  by birth trustee my wife is candace cornell and he reads me part of the tweet i said ezra
• 1:48:40
  how do you see that he said my boss sent it to me i said daphne how did she see it that's his wife
• 1:48:49
  and and he said no my other boss i said you're self-employed he said the chairman of the board
• 1:48:56
  of trustees. And he calls him and says, Ezra, you might just know this guy because Ezra Cornell
• 1:49:04
  in Ithaca kind of knows everybody. Right. This is not a name you hide in Ithaca.
• 1:49:12
  And he calls him and says, do you might just know this guy? And Ezra says to the chairman of the
• 1:49:17
  board he says yeah that my brother And they laughed And he was just thrilled that there was someone on the faculty who wasn a douchebag
• 1:49:28
  Yeah.
• 1:49:29
  And so.
• 1:49:30
  Actually had some common sense.
• 1:49:32
  And, you know, and when I was getting canceled, I was getting, I was spending hours on the phone with David Einhorn and with my brother-in-law and stuff like that.
• 1:49:40
  I had friends in very high places.
• 1:49:42
  Both of them went into the president's office independently and said, don't even think about doing something stupid here.
• 1:49:48
  And and so I wasn't going to get fired, but it was so miserable.
• 1:49:53
  Yeah. And I don't want to fight that again.
• 1:49:56
  And then last year when I went on Tucker and I made the mistake of of in an effort to describe how Stalin was horrific,
• 1:50:04
  I made reference to him being, you know, worse than Hitler and that one could argue we should have sided with Hitler and fought Stalin.
• 1:50:12
  And by the way, I was quoting Patton.
• 1:50:15
  George Patton at the end of the war said that.
• 1:50:19
  And then the Jews went at me.
• 1:50:24
  The Zionists.
• 1:50:27
  And so I'm pissed at the Zionists.
• 1:50:29
  Not the Jews.
• 1:50:30
  I've talked to many of my colleagues, one of which actually spent two years in an attic in Germany.
• 1:50:36
  And none of them support what they're seeing.
• 1:50:42
  They're all frustrated.
• 1:50:44
  They're all potentially suffering from anti-Semitism,
• 1:50:49
  which is caused by Israel.
• 1:50:53
  Yeah, I think very obviously, especially with the BB.
• 1:50:57
  BB.
• 1:50:59
  BB, and then you have that hardcore Zionist,
• 1:51:03
  sort of orthodox sect.
• 1:51:06
  Yeah, I don't even understand the Christian Zionists.
• 1:51:09
  Those, like Huckabee?
• 1:51:10
  i mean they believe in uh what is it the the showfield's bible where they think
• 1:51:15
  they i know they want to pop off there because they believe i want a signed copy of the show
• 1:51:20
  field box go feel bible bible um boy did tucker take him to the cleaners he did it just like he
• 1:51:28
  did ted cruz which is why ted cruz went at me last year and why laura loomer went at me last
• 1:51:34
  year and why Mark Levin went at me last year.
• 1:51:38
  And I called Laura Loomer. I said, she's the master of click baiting.
• 1:51:42
  And then said, and then,
• 1:51:44
  and then referred to from that point on in the writeup as the master baiter.
• 1:51:50
  And, and, and, but then Victor Davis Hanson,
• 1:51:53
  not only went at me who I thought was a good guy,
• 1:51:57
  but he went at me repeatedly and he was wrong.
• 1:52:03
  he was wrong he was factually wrong what was he saying about you well he was saying first of all
• 1:52:11
  that my quoting of patten wasn't right because pat said at the end of the war and i go yeah
• 1:52:16
  what's your point many i said i said in the tucker interview i said i said you know i maybe
• 1:52:24
  maybe there wouldn't have even been a holocaust if the alliances because
• 1:52:27
  Hitler was actually looking to form an alliance with Britain.
• 1:52:32
  If we had formed an alliance with Britain, there might be a lot fewer dead Jews.
• 1:52:37
  Because you control your allies a lot better than you control your enemies.
• 1:52:44
  So maybe the Holocaust wouldn't have occurred.
• 1:52:47
  Right?
• 1:52:49
  That's a counterfactual argument.
• 1:52:51
  That's just saying, you know, what if we had fought?
• 1:52:53
  And I go, this is not a butterfly flap in its wings.
• 1:52:55
  This is a big change.
• 1:52:57
  maybe it wouldn't have occurred yeah and that's and hansen said that's preposterous i go no it's
• 1:53:02
  not fucking preposterous well that's like it's like the thought control it's like why can't you
• 1:53:06
  even have a thought experiment to explore something right that's all it was and and as
• 1:53:11
  tucker said as he attacked levin for attacking me he said he said he said how's that anti-semitic
• 1:53:16
  what are you talking about and um and and levin was sort of threatening to use the power of
• 1:53:22
  television to go at me and stuff and i i i called him a rabid bobcat and heat um but but it was
• 1:53:31
  shocking it was like a little ptsd from getting canceled you know five years earlier yeah
• 1:53:38
  resurfaced and so i was really a little dazed and confused by it and i asked the question do you
• 1:53:44
  really want to play in the big leagues like this do you do you really want to get into these fights
• 1:53:49
  are you Candace Owens? Because if you're not, be careful.
• 1:53:53
  But I've kind of realized watching
• 1:53:56
  Dave Smith and Candace Owens and these guys, I go, you know, you're a fucking
• 1:54:00
  pussy. You know that? You're a fucking pussy if you don't get out there
• 1:54:04
  and say, you know, this is a genocide. By the way, October 7th
• 1:54:08
  was clearly a false flag. Clearly
• 1:54:12
  a false flag. I mean, so they held the door wide
• 1:54:16
  open it here's what i did i wrote about it but didn't publish it i'm gonna use it i think i think
• 1:54:21
  i'm gonna publish it but using exclusively israeli sources i can make the case that netanyahu knew
• 1:54:27
  they were coming months in advance months in advance well she uh she in bitcoin now like effort she a journalist and she was effort i had several conversations with yes yeah and i mean i think she been in the israeli
• 1:54:42
  and effort makes me feel like a pussy bite because she's out there fighting the good fight
• 1:54:47
  and brett winesing was out there fighting the good fight and he makes me so i said okay so you
• 1:54:51
  got to stay in the game you got to go on brett's podcast and you got to go on podcasts and and and
• 1:54:57
  and make the case that this is a genocide, that these guys are douchebags.
• 1:55:04
  So I read a bunch of books on the origin of Palestine-Israel conflict and stuff like that.
• 1:55:11
  I mean, Pape wrote a very nice book and some others trying to understand.
• 1:55:18
  People think that the Jewish state of Israel started and really the whole thing was triggered by World War II.
• 1:55:26
  It wasn't.
• 1:55:26
  It was in the making at the turn of the century.
• 1:55:29
  They just used the war as the final launching pad.
• 1:55:33
  But October 7th, here's a question I'd like to ask.
• 1:55:35
  I said, is there a country that doesn't lie to optimize this narrative?
• 1:55:39
  Can you name one?
• 1:55:41
  The answer is no.
• 1:55:43
  There's no country that doesn't lie to optimize this narrative.
• 1:55:47
  Propaganda.
• 1:55:48
  Every country uses it.
• 1:55:50
  I said, therefore, I said, what happened on October 7th?
• 1:55:52
  And I watch people kind of recoil back a little bit because they realize that my rhetorical question is going to be a problem for them.
• 1:56:03
  And then someone will say often, I guess I'm like, well, we know a lot of people died.
• 1:56:07
  I go, really? How many? How many died?
• 1:56:12
  You know, how many hostages were there? Do you know?
• 1:56:15
  were some of the hostages possibly being put up in motel eights being fed prime rib waiting to be
• 1:56:22
  released and to tell their horror story
• 1:56:24
  were some of the people who were killed possibly killed by israeli fire
• 1:56:30
  is if i'd asked you marty on october 6th
• 1:56:35
  Hamas is going to drop 800 guys by paraglider
• 1:56:42
  into Israel. How long would it take for Israel to clean up that mess?
• 1:56:48
  One thing I have great faith in is that Israel knows how to defend itself.
• 1:56:54
  I would have said maybe 10 minutes,
• 1:56:57
  but I'm not sure they would have made it to the ground alive.
• 1:57:00
  they didn't run around raping and pillaging and taking hostages for eight hours
• 1:57:07
  there's no chance israel let that happen there's no chance israel couldn't have stopped that no
• 1:57:14
  chance yeah no chance i mean that's what like effort reported on like while it's happening
• 1:57:21
  so effort's first report i think was with a in a on a podcast with brett weinstein
• 1:57:28
  and they very, very delicately talked about what didn't make sense.
• 1:57:34
  You could see them sort of walking out on the thin ice going,
• 1:57:38
  holy fuck, this is nerve wracking.
• 1:57:40
  I take my hat off to both of those two.
• 1:57:44
  And I don't blame the Jews of the world for not speaking up.
• 1:57:48
  That's, you know, it's like Title IX, right?
• 1:57:52
  The, you know, transgenders in sports, right?
• 1:57:55
  Preposterous situation, absurd situation.
• 1:57:58
  I directly blame all the adult former female athletes for not speaking up.
• 1:58:07
  Where the fuck were they? They benefited from sports. They should have said, what the fuck are
• 1:58:13
  you doing to women's sports? And they didn't. You're cowards. I blame you. And then Riley Gaines
• 1:58:19
  finally came out and started doing it. And now you now you don't get you don't get hammered for.
• 1:58:26
  But Riley Gaines took the arrows, right?
• 1:58:29
  She took the arrows.
• 1:58:31
  And and.
• 1:58:34
  But a Jew who comes out against Israel is really going in harm's way.
• 1:58:42
  And so I don't I understand why they don't want to speak up.
• 1:58:47
  You're asking for so much trouble.
• 1:58:51
  But someone's got to.
• 1:58:54
  I thought Trump was going to.
• 1:58:56
  yeah it's just like
• 1:58:58
  from my perspective I got into
• 1:59:01
  I'm very
• 1:59:03
  like the wars in the Middle East
• 1:59:05
  growing up radicalized me to the point
• 1:59:07
  of like becoming like very anti-war
• 1:59:09
  I still am to this day
• 1:59:10
  I'm profoundly anti-war I make the hippies
• 1:59:13
  of the 60s look like bikers
• 1:59:15
  it's just
• 1:59:16
  no no it's just very
• 1:59:18
  very concerning
• 1:59:21
  to see that we're getting back in the Middle East
• 1:59:23
  from wars and
• 1:59:24
  that this is going on
• 1:59:26
  it's a lot of persistence
• 1:59:27
  and that it is like a third world topic
• 1:59:28
  because again I grew up
• 1:59:30
  in the Philly area
• 1:59:32
  half my middle school was Jewish
• 1:59:34
  I've got Jewish friends that work with Jewish people
• 1:59:36
  doesn't vaccinate you
• 1:59:38
  that vaccine doesn work either oh some of my best friends are black I got a black friend I I don even my brother said several times you know you should say that And I go no
• 1:59:53
  No, because it's a hollow statement, you know.
• 1:59:57
  It's a, oh, I have Jewish friends.
• 1:59:58
  Well, here's an interesting question I've had.
• 2:00:02
  This is, when I got to Cornell, I think probably half my colleagues were Jewish in chemistry.
• 2:00:11
  what i'll also tell you is i didn't know because it wasn't a variable for me it wasn't anything i
• 2:00:17
  cared about so so i knew a couple like like one who has a nobel prize who lived in the attic i
• 2:00:22
  knew who he was jewish right that was no problem but i later found out other colleagues were jewish
• 2:00:27
  i go oh i didn't know right and and what's interesting is now they're not
• 2:00:33
  and I don't know why.
• 2:00:39
  So the Jewish influences, it's like they've been replaced by
• 2:00:42
  Chinese nationals or something. I don't know.
• 2:00:45
  And but where did these exceedingly
• 2:00:49
  bright and talented and ambitious and
• 2:00:52
  where'd they go? My guess is Wall Street or
• 2:00:57
  Silicon Valley or something, right? Somehow chemistry. It's also
• 2:01:01
  possible that Cornell, for some historical reason, which I don't have a good feel for,
• 2:01:08
  maybe was one of the first schools to hire Jews regularly.
• 2:01:15
  So it's a conceivable related story.
• 2:01:19
  There's a guy named Henry Gilman, published 1,400 papers at Iowa State, should have got
• 2:01:25
  the Nobel Prize for that.
• 2:01:27
  What he really should have gotten the Nobel Prize for was he recruited black students back when it wasn't cool, back in the 50s, in the 40s, to go to grad school at Ohio State.
• 2:01:43
  There's a picture of Henry, old man, sitting in a chair, surrounded by five black guys in suits who were college and university presidents who worked for him.
• 2:01:57
  that is changing society.
• 2:02:03
  So we might have had a very heavy Jewish influence at Cornell
• 2:02:08
  because somehow we embraced them first.
• 2:02:14
  We were one of the early, early schools to embrace them.
• 2:02:17
  I don't know.
• 2:02:19
  We had a guy named Peter Dubai, who was one of the most famous
• 2:02:22
  classical physicists of the 20th century early 20th century Nobel Prize you name it left Germany
• 2:02:30
  in 39 you know and at one point someone wrote a book claiming he was a Nazi
• 2:02:37
  and there's Dubai Institutes all over all over Europe they're called Dubai Institutes
• 2:02:46
  he was really that famous he was sort of in this in the einstein world and um in fact in that that
• 2:02:55
  famous picture foundations of modern physics where there's like 30 physicists einstein and
• 2:03:00
  de broglie and these guys he's in that picture and so he was at cornell and and when i was
• 2:03:07
  probably about 1986 or 7 or something like that this book came out and they started peeling his
• 2:03:15
  name off the Dubai Institutes in Europe. They all got cowardly. They started yanking his name off,
• 2:03:22
  and the evidence was Spartan. Someone found a goddamn letter in which he wrote Heil Hitler.
• 2:03:27
  Well, in Germany, if you didn't say Heil Hitler, you ended up in a gulag somewhere. And he also
• 2:03:33
  helped families get out of Germany, Jewish families and stuff. So it was just an absurd
• 2:03:37
  accusation. So instead of pulling his name off chair positions and stuff that we have in chemistry,
• 2:03:43
  We hired a historian.
• 2:03:46
  Said.
• 2:03:48
  Go find out what the truth is.
• 2:03:50
  And he came back and we wrote an article in Physics Today and said, this is why we are not abandoning Peter Dubai.
• 2:03:58
  And and and we were correct.
• 2:04:01
  Now, here's an interesting some plot.
• 2:04:04
  I know I'm rambling.
• 2:04:06
  I love you.
• 2:04:07
  We wrote we wrote a letter sort of from the department.
• 2:04:13
  that denouncing the people who denounced Dubai,
• 2:04:19
  one person dissented.
• 2:04:22
  It was my colleague who lived in an attic for two years.
• 2:04:25
  And he wrote an independent letter,
• 2:04:27
  and he has tremendous influence with his Nobel Prize and stuff.
• 2:04:31
  And I remember at the time feeling betrayed by him,
• 2:04:35
  although I understood.
• 2:04:38
  And over the years, I realized, no,
• 2:04:41
  you should almost never sign a group letter because group letters require you compromise.
• 2:04:49
  It's going to be some bland bullshit thing that you somehow all agreed to sign.
• 2:04:56
  But it's not what you would have written if you...
• 2:04:59
  You wrote the letter. And I realized.
• 2:05:05
  His dissent was a very important part of the process.
• 2:05:10
  And that I just was wrong thinking he shouldn't have dissent like that.
• 2:05:14
  Although, again, I understood it because he had to hate Nazis like no one else.
• 2:05:20
  And and so I won't sign group letters.
• 2:05:24
  Some guy wrote a journal article.
• 2:05:26
  He's dead now.
• 2:05:28
  Saying that women have hurt organic chemistry.
• 2:05:33
  I didn't even read it.
• 2:05:35
  I'm thinking, you really didn't think that one through.
• 2:05:39
  Even if you can make a case why maybe affirmative action or something has done something,
• 2:05:45
  keep that to yourself, right?
• 2:05:46
  Society doesn't want to hear this.
• 2:05:49
  And he got pounded.
• 2:05:50
  And it was a German-based journal that published it, prominent.
• 2:05:57
  And the something like 16 advisory board members from the U.S. all resigned from the advisory board.
• 2:06:08
  I have a problem with that.
• 2:06:10
  I have a problem because you really didn't have a choice.
• 2:06:16
  You're going to be the one who says, I'm not resigning?
• 2:06:18
  No.
• 2:06:20
  you didn't get you were you lost your autonomy when it became too politically hot
• 2:06:26
  you didn't dare speak up so i i i really really take my hat off to the people who stand up for
• 2:06:35
  the underdog when no one else will now interestingly there was evidence in the past that trump was the
• 2:06:43
  guy who did this sort of thing there's all these anecdotes of things where like dana what's his
• 2:06:48
  name, the professional run guy.
• 2:06:50
  Dana White.
• 2:06:53
  And how Trump
• 2:06:54
  was the only guy who backed him.
• 2:06:56
  Yeah. He had his first TV deal or something like that.
• 2:06:59
  Wasn't there like, I forget where it was.
• 2:07:01
  But then here's the problem.
• 2:07:03
  I'm reading about
• 2:07:04
  Bush family secrets,
• 2:07:06
  family of secrets, the book.
• 2:07:09
  And they say that what they do
• 2:07:10
  is they bury
• 2:07:11
  stories deep
• 2:07:14
  years in advance
• 2:07:17
  and then make it such that a journalist discovers it.
• 2:07:22
  And because they dug it up themselves,
• 2:07:24
  they really believe it.
• 2:07:27
  And they shepherd this story into delight.
• 2:07:30
  And so 30 years ago, Trump said,
• 2:07:32
  someday I think I'm going to run for president.
• 2:07:34
  I might need it.
• 2:07:35
  He can start burying these stories.
• 2:07:39
  Seeding them.
• 2:07:40
  Mm-hmm.
• 2:07:41
  To be used at a later date.
• 2:07:43
  what um where do we go from here what are you what are you looking for
• 2:07:51
  fourth turning yeah i'm i think we're very i think we're very close i've said this for so
• 2:07:57
  many years that it's absurd i'm the broken clock i like to say to people call me a broken clock
• 2:08:03
  if when that broken clock is correct it blows up your fucking house you should start paying
• 2:08:09
  attention to what time it is. Because I put the probability, put it this way, if you give me a
• 2:08:20
  choice of saying a correction to these current markets is 40% or 80 to 90%, I would have to take
• 2:08:27
  the latter. I do not believe 40% gets us anywhere. If you look at historically, right now, by every
• 2:08:36
  rational metric evaluation, we're about 200%, 3x.
• 2:08:41
  People don't understand that math, even they're so thick sometimes.
• 2:08:45
  If we're 200% over historical average valuation, we got a
• 2:08:48
  65, 66% correction
• 2:08:52
  to get the average valuation.
• 2:08:58
  And my understanding of average is you got to spend half your time below and half your time
• 2:09:02
  above it or it's not your average and if you look at things like the case shiller pe from 1870 to
• 2:09:12
  1990 at average 15 it's a reconstructed pe for those who are shitting their thong um
• 2:09:21
  it averaged 15 and now it's 42 43.
• 2:09:25
  right it's way they're all out of whack they're all you know buffett's indicator you know
• 2:09:34
  market cap to gdp and i've asked people explain to me why that should trend they their answers suck
• 2:09:41
  well that i mean then you get to like the consumer side like housing looks like it's
• 2:09:47
  turning over uh obviously inflation seems to be rearing its head again well i think we should be
• 2:09:52
  raising rates.
• 2:09:55
  It's on the table, isn't it?
• 2:09:57
  It is on the table. By the way,
• 2:09:58
  what do you think of Warsh? If you had to say,
• 2:10:00
  what's Warsh going to do?
• 2:10:04
  I'm not
• 2:10:04
  going to pretend to know exactly what he's going to do.
• 2:10:06
  What I do know for certain is that No what your guess It closest to the pin Marty You got to you got to make the shot here What do you what your call I I think he does raise maybe a quarter of a point
• 2:10:21
  I don't mean short term, long term. What's his what what is his administration going to be?
• 2:10:27
  They're going to be the one that. Basically, welds the Treasury and the Fed together, makes it politically palatable.
• 2:10:34
  they're just going to fully nationalize this whole thing
• 2:10:38
  is it possible that he's put in there
• 2:10:43
  as a hawk which he has been for 15 years
• 2:10:47
  to be the guy to take us
• 2:10:51
  into the valley of death
• 2:10:52
  I wouldn't be shocked
• 2:10:55
  a lot of people say new boss same as the old boss
• 2:10:59
  are you sure
• 2:11:00
  certainly Volcker wasn't new boss same as the old boss
• 2:11:05
  And Volcker didn't do it for us.
• 2:11:07
  They never do it for us.
• 2:11:10
  They did it because the banking system needed it.
• 2:11:13
  It had to projectile vomit.
• 2:11:16
  Volcker did it for the banking system, just like every other Fed chair.
• 2:11:20
  I think right now, I think we're in a situation where they go,
• 2:11:23
  we got to projectile vomit.
• 2:11:25
  Get Warsh in there, stick his finger down his throat, projectile vomit.
• 2:11:31
  Purge.
• 2:11:32
  purge and then have the treasury step in
• 2:11:36
  I think it could be part of the ultimate solution
• 2:11:41
  the final solution we should say given our chat
• 2:11:44
  just look at outside of everything we've discussed today
• 2:11:48
  just look like the trend towards nationalization
• 2:11:52
  like buying equity stakes in Intel, Dell
• 2:11:54
  rare earth metals companies
• 2:11:57
  I mean, it seems like they're making like wartime.
• 2:12:03
  I could imagine something like that.
• 2:12:08
  I can't rule out the possibility that I could support something.
• 2:12:12
  That's what stable coins are to a certain extent.
• 2:12:14
  Yeah, right.
• 2:12:16
  Buying shares of Intel?
• 2:12:18
  No.
• 2:12:18
  And by the way, Intel's rolling over.
• 2:12:21
  It's just a burst.
• 2:12:22
  Trump probably made a ton of money.
• 2:12:25
  Did you see what his plan is now?
• 2:12:27
  He posts all his posts on True Social.
• 2:12:31
  Yeah, now you've got to pay to get it five minutes early.
• 2:12:34
  That's right.
• 2:12:35
  That's right.
• 2:12:36
  We talked about this.
• 2:12:37
  Oh, my God.
• 2:12:39
  Oh, my God.
• 2:12:41
  It's insane.
• 2:12:43
  How is that?
• 2:12:44
  That's so absurdly criminal.
• 2:12:48
  I mean, that's worse than Melania coin or whatever.
• 2:12:53
  Then you got, here's another theory.
• 2:12:56
  I'm working on all these theories.
• 2:12:57
  So you got Ivanka.
• 2:13:01
  She did her interview where they made her look angelic.
• 2:13:04
  They almost put wings on her.
• 2:13:06
  The whole everything was white.
• 2:13:07
  It was like she was in heaven.
• 2:13:10
  And she's talking about her and Jared were swimming and they discovered an island, you know, with their buddy Nat Rothschild.
• 2:13:18
  I'm going, oh, my God, gag me with a spoon.
• 2:13:20
  Right.
• 2:13:21
  It's like, are you are you like aware of all the conspiracies or is this is this one of those things where you have to be like blatantly explicit?
• 2:13:27
  in your face so so so so the good news is the albanians who own the island are saying no hell
• 2:13:35
  no you're not taking our fucking island it's not your island i don't care you're not buying it we
• 2:13:39
  i don't give a shit what you do you're just not getting this island enough i'm hoping that holds
• 2:13:44
  up but but i'm looking at the i'm looking at the fact that trump has gone pro-zionist
• 2:13:52
  his daughters married a very capable
• 2:13:58
  Jewish man. You go, okay, that happens.
• 2:14:03
  But he's also part of an exceedingly
• 2:14:07
  powerful Zionist family,
• 2:14:11
  which is getting a little coincidental now.
• 2:14:16
  And I start looking at this, I'm going, let me see if I got this right.
• 2:14:19
  the king of France marries his daughter
• 2:14:24
  to the son of the king of Germany
• 2:14:28
  so that they have an alliance.
• 2:14:35
  What if Ivanka and Jared, by the way,
• 2:14:38
  so you go, oh, that's absurd. Turns out the matchmaking for those two
• 2:14:42
  supposedly was this Chinese woman who is very prominent.
• 2:14:46
  and their relationship
• 2:14:48
  started to go on the skids at one point
• 2:14:52
  and she sort of swooped in again
• 2:14:54
  to try to save the day supposedly
• 2:14:57
  and she has ties to
• 2:15:00
  God, who the hell is it? Peter Thiel or something?
• 2:15:04
  I mean, there's just
• 2:15:04
  there's some strange things
• 2:15:07
  so I'm wondering if Ivanka didn't get married off
• 2:15:10
  to form an alliance
• 2:15:11
  and that
• 2:15:15
  maybe the world always been this way We had this delusion And while we were vastly vastly economically superior post War II what a perfect setup to become absolute dominant empire
• 2:15:36
  We could afford to just produce our way past the problems.
• 2:15:42
  Yeah.
• 2:15:43
  and you could you know you'd go to the gas station as a kid and three guys would come out and
• 2:15:48
  service your car while they filled your gas tank right that doesn't happen anymore
• 2:15:52
  now now you do your own tank unless you're in new jersey unless you're in new jersey yeah i never
• 2:15:59
  quite is that a is that a lobby or something what is that i don't know i don't know
• 2:16:04
  So that's a low level job struggle.
• 2:16:07
  I've always wondered about that.
• 2:16:08
  Yeah.
• 2:16:09
  So it feels to me like we are going to,
• 2:16:13
  I don't think it's end of empire necessarily,
• 2:16:16
  but it is certainly going to be like,
• 2:16:18
  you know,
• 2:16:20
  when the Roman empire moved to Constantinople or something like that.
• 2:16:24
  Right.
• 2:16:25
  I mean,
• 2:16:25
  that's one of the theories that's been thrown around is like,
• 2:16:27
  maybe we're leaving the era of Republic and into true empire.
• 2:16:31
  Oh,
• 2:16:32
  right.
• 2:16:32
  it's like egregious the one thing trump seems to be doing with his babbling about greenland
• 2:16:39
  which he was the fifth president to talk about taking greenland so that was not just trump
• 2:16:44
  gulf of america venezuela it's monroe doctrine right so if if trump has gotten the memo that
• 2:16:55
  look we're in a multipolar world which is not good news for us but it's one of those you play
• 2:17:01
  the hand you're dealt right say okay how do we not end up becoming real losers you set up your
• 2:17:10
  little technate in the western hemisphere and say this is ours stay away i was all for that
• 2:17:17
  and that's why yeah i don't have a problem with that at all i want i want to bring our carriers
• 2:17:21
  home i want to i want to tell europe to defend itself and and quit by the way picking a nuclear
• 2:17:26
  holocaust fight with russia let's stop let's start there um so now that that to me is there's
• 2:17:34
  a savviness to it and by the way why should denmark get greenland
• 2:17:37
  why do they have greenland i don't know the history there that's some historical thing
• 2:17:45
  some guy named sven something or other you know some guy you ever see that the the vikings
• 2:17:51
  series.
• 2:17:54
  It's really good on the History Channel.
• 2:17:57
  Oh, it's phenomenal. It's phenomenal.
• 2:17:58
  Ragnar Lothbrok.
• 2:18:00
  And at one point,
• 2:18:03
  I'm so rambling.
• 2:18:05
  At one point,
• 2:18:08
  Floki,
• 2:18:09
  a real guy from the past,
• 2:18:11
  they're on Iceland.
• 2:18:12
  They go to Iceland and they get told
• 2:18:14
  it's really a wonderful
• 2:18:17
  place. It's just this rock.
• 2:18:19
  It's a rock
• 2:18:20
  with steam spewing out of crevices and stuff, right?
• 2:18:25
  But at one point, Floki takes off on his own,
• 2:18:28
  and he goes deep into this cave,
• 2:18:31
  and there is a Christian cross.
• 2:18:37
  And there's actually historical evidence
• 2:18:39
  that that could be true,
• 2:18:40
  that the Christian missionaries got to Iceland first.
• 2:18:45
  Yeah.
• 2:18:46
  So how any of this works, I don't know.
• 2:18:50
  But it wouldn't be the first time that the border's changed.
• 2:18:55
  No.
• 2:18:56
  No.
• 2:18:57
  Canada.
• 2:18:59
  Bringing Canada.
• 2:18:59
  We need all that oil they need to be saved from.
• 2:19:01
  That could get tricky.
• 2:19:03
  That could get tricky.
• 2:19:05
  How about that?
• 2:19:06
  Canada's pretty divided.
• 2:19:07
  Canada's pretty divided.
• 2:19:09
  But what are your thoughts on Trudeau?
• 2:19:11
  Just like destroying the country, becoming the boyfriend of a cop singer?
• 2:19:15
  Well, Pierre Trudeau is a perv.
• 2:19:17
  I think Trudeau is Castro's son.
• 2:19:20
  i did the cuban nipple crisis is real
• 2:19:23
  that's a funny story but you look at you look at trudeau and you look at cassero when he's young
• 2:19:30
  you go oh boy there's a paternity test needed for that one um and and and there's this one
• 2:19:38
  there's this one picture of of marie trudeau is that her name pierre's wife who apparently was a
• 2:19:45
  floozy. I shouldn't say that that way. I support floozies. But she's sitting there with Castro and
• 2:19:54
  he's cutting a cake or something. First of all, there's a photo of her. Castro's holding Justin.
• 2:20:02
  Castro's holding Justin with Pierre and Marie or whatever her name is. And she's looking at Castro
• 2:20:08
  in the most adoring look as in like, oh no,
• 2:20:12
  that's the father of her child right there.
• 2:20:16
  But then there's a picture of her where Castro's cutting a piece of cake or something
• 2:20:20
  and she's got his hand on his chest.
• 2:20:24
  Now, anyone knows who's been through middle school
• 2:20:28
  and high school is that once the chick puts
• 2:20:32
  her hand on your chest you going places that is inside the personal space On your back a little sketchy
• 2:20:42
  The chest, no, you're in good shape.
• 2:20:44
  You're good to go.
• 2:20:46
  And so I do think a DNA test, I don't know if I, I wouldn't choose that as my first choice.
• 2:20:54
  I think I'd choose Macron's wife to get a DNA test first.
• 2:21:02
  Because that one would tell us whether or not she's a he and whether he is Emmanuel Macron's father.
• 2:21:09
  That's the one that I want the answer to.
• 2:21:12
  Is Macron married to his father?
• 2:21:16
  That's a rabbit hole.
• 2:21:19
  That one would be a real National Enquirer headline right there.
• 2:21:24
  Yeah.
• 2:21:25
  Do we have any effect on it?
• 2:21:30
  If that's true.
• 2:21:32
  Who knows?
• 2:21:32
  Well, I think he's a dude.
• 2:21:34
  Yeah.
• 2:21:36
  So, and the royal families in Europe have real problems.
• 2:21:40
  So I guess the King Charles, he had four influential guys in his life.
• 2:21:46
  All of them were pedophiles.
• 2:21:49
  All of them.
• 2:21:50
  The four guys, Mountbatten, there's a couple in the middle I can't quite remember.
• 2:21:54
  And then at the end, Jimmy Saville.
• 2:21:56
  Saville?
• 2:21:57
  Yeah.
• 2:21:59
  A true demon.
• 2:22:02
  Yeah, yeah, yeah. The most prolific pedophile in history, arguably.
• 2:22:08
  Although that's probably a reach of a statement, but he certainly was pedophile to the stars.
• 2:22:14
  And I think the royal families in Europe have a fundamental problem.
• 2:22:22
  I was on a Zoom call with Archbishop Carlo Vigano.
• 2:22:26
  That's a pretty cool Zoom call to be on.
• 2:22:28
  Number three at the Vatican. I didn't know the Vatican had writings.
• 2:22:31
  so that could be wrong but he had the pope's ear and he's the guy who ratted out the vatican
• 2:22:36
  for covering up pedophilia which doesn't shock me during covid too right yeah i was starting
• 2:22:44
  during covid doesn't shock me there's pedophilia among priests what would shock me is if the
• 2:22:50
  vatican was involved in child trafficking not shock me that's the real story i think is
• 2:22:54
  i haven't found evidence of that but i i think i i will not be shocked if i do
• 2:22:59
  but
• 2:23:02
  Vigano in the Zoom call
• 2:23:04
  comes right out of the gate
• 2:23:06
  there's about 20 of us on the Zoom call
• 2:23:08
  with him and says
• 2:23:09
  all of the leaders in Europe
• 2:23:12
  are pedophiles
• 2:23:13
  and then he says
• 2:23:16
  he actually
• 2:23:18
  said that Macron
• 2:23:20
  is married to a dude
• 2:23:22
  and then he says Obama
• 2:23:24
  is married to a dude
• 2:23:25
  he didn't say dude but that's my language
• 2:23:28
  and then he went public with that so that i that might have been not official yet but he he wrote
• 2:23:36
  that publicly and what did they do to him they excommunicated him supposedly yeah that's sending
• 2:23:45
  him to hell so so um well like and that's like as a as a catholic it's like is that an excommunicable
• 2:23:51
  i guess making those claims something that warrants excommunication i don't think so
• 2:23:57
  shouldn't be but you know you know there's there's vatican the the the religion vatican tied to the
• 2:24:06
  religion there's the the the catholic church the religion and there's catholic church the financial
• 2:24:11
  entity and they're very different things right the political financial entity and and heaven
• 2:24:19
  only knows the net worth of vatican of the vatican and you've seen the snake room at the vatican
• 2:24:25
  yeah for the three people listening here search snake room vatican and look at the snake room
• 2:24:32
  it's it's an altar right so no no it's an entire auditorium it's a 20 000 person auditorium
• 2:24:38
  yeah but it's got like the crucifix in the background it's like at the oh it's got all
• 2:24:44
  sorts of weird shit in the background but the entire auditorium looks like this head of a snake
• 2:24:47
  and it's just
• 2:24:50
  I go why? I go is that Adam and Eve
• 2:24:52
  maybe?
• 2:24:55
  I just don't know
• 2:24:56
  I've wondered if
• 2:24:57
  the good versus evil
• 2:25:00
  if the Vatican actually caters to both
• 2:25:02
  I mean there's many
• 2:25:05
  there's hardcore orthodox Catholics who think
• 2:25:08
  like the Vatican after Vatican II
• 2:25:10
  the church
• 2:25:12
  the
• 2:25:12
  political side of it was taken over by the
• 2:25:16
  Luciferians
• 2:25:16
  and is completely antithetical to what we're supposed to be doing as Christians.
• 2:25:22
  I have read so much shit trying to understand this stuff.
• 2:25:25
  I'm reading a book right now about cults,
• 2:25:28
  and the one thing it appears to absolutely not be willing to do
• 2:25:31
  is in any way connect the cults to official sources,
• 2:25:35
  which is why I read the book.
• 2:25:37
  I don't need to read about some pervy guy that's of no interest to me,
• 2:25:42
  but a pervy guy who was trained by Jolly West, then I care.
• 2:25:46
  They even went through Charles
• 2:25:49
  Manson made no allusions whatsoever to him being tied to the CIA, which therefore I said, OK, so you guys blew it.
• 2:26:00
  Jim Jones is Jim Jones, Reverend Jim Jones, who is very prominent in Republican circles for a long time.
• 2:26:10
  So there's there the world appears to be a battle of good and evil.
• 2:26:15
  i'm not a religious guy but when you use the term good and evil you're this close to getting
• 2:26:21
  religious right i mean it's really it's hard to not not say god good versus evil
• 2:26:27
  that's that sure sounds like something i hear on a sunday morning yeah i believe in it
• 2:26:33
  yeah i think there's i think that's true i'm not sure that it's an inherent
• 2:26:39
  aura in the world, but it's certainly there are people who are good and people who are evil.
• 2:26:46
  Yeah. I like to think that you're one of the good guys, having gotten to know you over the years.
• 2:26:52
  Well, if I'm not, I'm phenomenal, I think, at covering it. Now, there's still people who think
• 2:26:58
  I'm a limited hangout of some kind. Really? I'm getting called spooked too these days.
• 2:27:03
  I wish I could pay for this. Yeah, you get enough followers, you get immediately.
• 2:27:06
  Oh, you're getting called on that?
• 2:27:08
  Oh, yeah.
• 2:27:09
  Particularly within Bitcoin, they should come.
• 2:27:11
  I'm some corrupted, corrupted actor.
• 2:27:13
  You're frozen right now.
• 2:27:15
  Am I frozen?
• 2:27:16
  Am I good?
• 2:27:19
  You're frozen completely.
• 2:27:22
  Oh, there you go.
• 2:27:26
  You're digitizing now.
• 2:27:33
  Hello?
• 2:27:34
  You can see me.
• 2:27:35
  You're not moving.
• 2:27:36
  you're doing a Mitch McConnell now.
• 2:27:39
  God damn it.
• 2:27:40
  You're frozen at the microphone.
• 2:27:42
  There we go.
• 2:27:43
  I'm back.
• 2:27:44
  There you go.
• 2:27:45
  Internet disconnection there.
• 2:27:46
  No, you're frozen still.
• 2:27:48
  Am I back?
• 2:27:50
  This would be funny to watch to see how it comes in.
• 2:27:55
  I think I'm back.
• 2:27:56
  You're moving a little bit.
• 2:27:57
  You're moving a little bit.
• 2:27:58
  You were frozen.
• 2:27:59
  You were doing it.
• 2:28:00
  As I said, in case you couldn't hear me,
• 2:28:02
  you were doing a Mitch McConnell at the microphone.
• 2:28:04
  Oh, we didn't get to expand on that.
• 2:28:06
  What's his wife's deal?
• 2:28:07
  Is she a Chinese actor?
• 2:28:09
  Remember her sister?
• 2:28:10
  Probably.
• 2:28:11
  Died in the Tesla on their property?
• 2:28:14
  Well, which is the one whose sister's sister,
• 2:28:21
  who's deeply tied to the Chinese Communist Party?
• 2:28:25
  Is that Mitch's or is that Swalwell?
• 2:28:28
  Swalwell was hooking up with it.
• 2:28:30
  The Democrats have got to get their shit together.
• 2:28:32
  We need a better team on the field
• 2:28:34
  Yeah, I mean both sides too
• 2:28:37
  A spy
• 2:28:39
  Yeah
• 2:28:40
  You're frozen again
• 2:28:42
  I know, it's god damn it
• 2:28:44
  You gotta fire Logan, get someone who knows how to run this operation
• 2:28:47
  Logan, can you hear me?
• 2:28:53
  There we go
• 2:28:54
  It's my internet connection
• 2:28:57
  It is
• 2:28:58
  A swallowing spy
• 2:29:00
  Is Logan there with you, or is he totally some other site?
• 2:29:05
  He's in another part of the country.
• 2:29:11
  He just shows up with me with better internet.
• 2:29:15
  How many people do you have on staff?
• 2:29:17
  There's five of us.
• 2:29:18
  On your podcasting staff?
• 2:29:21
  Really, just on the podcast.
• 2:29:23
  There's probably three dedicated to the podcast, myself included.
• 2:29:27
  Give me an estimate of what someone makes.
• 2:29:30
  Let's say you're a podcaster.
• 2:29:32
  I'm going to do a podcast in a week with Julian Dory.
• 2:29:36
  Jimmy Dory?
• 2:29:37
  That's for our Julian Dory.
• 2:29:42
  Not Jimmy Dory.
• 2:29:43
  No.
• 2:29:44
  Julian Dory.
• 2:29:45
  Is he the guy in Jersey City?
• 2:29:48
  Yeah.
• 2:29:49
  He's a very Jersey boy.
• 2:29:50
  He's got a real Jersey delivery.
• 2:29:53
  Yeah.
• 2:29:53
  And he did the best four-hour interview of Joe Kent.
• 2:30:00
  I did a one-hour interview with Joe Kent in a complete abortion, in my opinion,
• 2:30:06
  because it wasn't handled right.
• 2:30:08
  But Julian Dory did this four-hour interview with Joe Kent.
• 2:30:12
  Not only did he get Joe Kent to really hit every topic, but Julian, you're frozen again.
• 2:30:19
  Maybe.
• 2:30:21
  Julian could stay with him the whole way.
• 2:30:27
  It was really extraordinary.
• 2:30:28
  So I post it.
• 2:30:30
  So I'm supposed to do a podcast with Julian, a three-way with Julian, about a week.
• 2:30:34
  I want to find out his backstory.
• 2:30:37
  Are you going to have a little bit of a...
• 2:30:38
  Are you going in person?
• 2:30:40
  No.
• 2:30:41
  No.
• 2:30:42
  Actually, he's an invite.
• 2:30:44
  We're both invites.
• 2:30:45
  We're doing it with Ferris.
• 2:30:46
  Oh, nice.
• 2:30:48
  But so let's say someone averages 100,000 eyeballs on YouTube.
• 2:30:53
  You know and have some commercials you know have some ads probably and stuff like what what that guy gonna make a year maybe he doing it per episode if he doing like two episodes per
• 2:31:06
  week that's eight a month close to a million views going right like 20 20 dollars per thousand views
• 2:31:16
  is the going right um for some ads like a thousand views like so when someone brings me on and we
• 2:31:23
  We get 5,000 views.
• 2:31:26
  We're making $100?
• 2:31:28
  Around there.
• 2:31:29
  I think on YouTube, maybe.
• 2:31:30
  And if you're that low a level of podcaster,
• 2:31:33
  are you still making that $20 per 1,000 views?
• 2:31:38
  Yeah, on YouTube at least.
• 2:31:41
  So YouTube, you don't have to get above some massive threshold
• 2:31:45
  to start getting paid?
• 2:31:47
  No, no.
• 2:31:48
  I think you have to have over 3,000 subscribers,
• 2:31:52
  and then you can begin monetizing.
• 2:31:53
  and have had and put a certain amount of videos on but yeah that's okay yeah twenty dollars per
• 2:31:59
  thousand i can't remember that number um i'm paid what i'm worth every penny
• 2:32:06
  i have as far as i know the only money i've ever made was um was bob moriarty
• 2:32:15
  did the legwork heavy legwork paid for the editor to publish my my all my year reviews
• 2:32:22
  which turned out to be 17 of them, and uploaded them to Amazon.
• 2:32:30
  And I think I made about $5,000 off all the sales of those.
• 2:32:36
  The funny part was I had to write a dean's report,
• 2:32:39
  and I had wrapped up my research group, and I'm thinking,
• 2:32:43
  well, I didn't do shit, right?
• 2:32:44
  So I taught these two courses, but I didn't do shit.
• 2:32:47
  And then I thought about it, I go, wait a minute.
• 2:32:49
  I published 17 books this year.
• 2:32:52
  and it was it was it was crudely estimated at about um the total was something like
• 2:33:01
  4 500 pages and that year i had to go through them all and fix them and fix the graphics and
• 2:33:10
  do it was a pain in the ass but we we got all we got from 2009 to 2025 all out last year
• 2:33:17
  that's insane and it's on amazon and if anyone's listening i know there's three or four of you left
• 2:33:24
  do you get paid based on clicks or do you get paid on total watch time do they have an algorithm
• 2:33:28
  uh yeah it would have to be watch time right because they insert the ads you would think
• 2:33:34
  yeah in certain parts of the show depending on whether you're youtube preview or not
• 2:33:39
  um yeah we have but we have much more we have the the newsletter
• 2:33:45
  we do a bunch more stuff as well here oh i i know that i yeah it's just that part i don't
• 2:33:52
  understand at all so i don't need to know anything but i was just wondering about the
• 2:33:57
  the click count i'm wondering why some guy bothers to bring me on to get 2000
• 2:34:02
  um i mean some people are in for the love of the game i didn't get in well there are those guys
• 2:34:08
  there are those guys um and um and just have a chat as i like to say we're just chatting and if
• 2:34:17
  you want to record it and upload it that's fine too um it's easy to forget it's getting uploaded
• 2:34:24
  one time i was watching candace owens i think she was on rogan and she said something she said well
• 2:34:29
  you probably wouldn't want to say that on the internet and rogan said you just did
• 2:34:33
  oh well keep an eye on keep an eye on this charlie kurtz story this tyler robin story i think there's
• 2:34:44
  much bigger geopolitical implications than a lot of people are giving it credit well i did notice
• 2:34:49
  like the big con come out and like sort of like take the the party line stripped and
• 2:34:55
  like blast it out at the same time people who have done that i go i thought you're one of the
• 2:35:01
  good guys and now you're not looking like one of the good guys to me i i don't know there's a lot
• 2:35:06
  of things i don't understand what i do know is it's so fucked up that if you're saying he's guilty
• 2:35:12
  overwhelming evidence you you are lying if you want to say i don't know what's going on it's
• 2:35:19
  fucked up but i don't know the answer you're not lying you're truthful that's where i am i have no
• 2:35:24
  idea right but overwhelming evidence is you know those those compilations they do where they show
• 2:35:31
  you know 20 people all saying exactly the same thing on the news that's just overwhelming this
• 2:35:37
  is dangerous for our democracy yeah it's a danger to our democracy and and and uh
• 2:35:43
  the irony of that one is particularly good but um i don't know life goes on i i sometimes wonder
• 2:35:53
  why I do any of this, but I'm retired now, essentially, operationally retired. I'm still
• 2:36:00
  on payroll They haven shaken me off their payroll I did so much for the university over the 45 years If I hang on payroll for another year I think they can suck it up Yeah Well I thank you for continuing to do it
• 2:36:14
  I think the fact that you do stuff like this is great.
• 2:36:18
  I love it.
• 2:36:19
  I'm bored to talk.
• 2:36:22
  I'm bored to talk.
• 2:36:22
  Did you pee in a coffee?
• 2:36:24
  No, no.
• 2:36:25
  I had most of my prostate taken out about a year or so ago.
• 2:36:31
  and as I said
• 2:36:33
  written
• 2:36:35
  I said I can get an
• 2:36:38
  8 foot arc
• 2:36:38
  and I can put out 14 ounces
• 2:36:42
  which
• 2:36:43
  I was putting out
• 2:36:44
  a shot glass at a pop
• 2:36:47
  an inch and a half bladder stone
• 2:36:50
  and it formed
• 2:36:52
  because my prostate had gotten
• 2:36:54
  too big and so the guy
• 2:36:56
  said you should have it taken out
• 2:36:57
  so I did and I said 8 foot arc
• 2:37:00
  14 ounces, I said, those are two different experiments. I'm not that good.
• 2:37:08
  But now, next thing I'll probably get diabetic or something and then have to piss even more.
• 2:37:15
  But no, I can get through a whole two-hour, three-hour podcast with consuming beverage and not have to drain the lizard.
• 2:37:27
  That's good to know.
• 2:37:28
  well hopefully uh next time we try to get rudy to do this he doesn't call in on a phone
• 2:37:33
  and we can uh yeah was was he on a phone is that what he was doing yes i think so
• 2:37:38
  yeah he's got such wisdom and that throaty voice of his and stuff you you really you really get a
• 2:37:45
  sense of sincerity actually for me that um i remember years ago someone said who else should
• 2:37:52
  I follow on Twitter to Rudy.
• 2:37:55
  And he named three people.
• 2:37:57
  I was one of them.
• 2:37:57
  I go, so there is an affinity here.
• 2:38:00
  I thought it was just me.
• 2:38:01
  Maybe I had a Rudy.
• 2:38:03
  My favorite treat of Rudy's, and that's when I first really spotted him.
• 2:38:08
  I started studying his tweets when he said, he says, it's not fake.
• 2:38:14
  It's not like the Loch Ness Monster or North Dakota.
• 2:38:18
  And I go, this guy is funny.
• 2:38:22
  I mean, that is some serious funny.
• 2:38:26
  And so I started watching his style,
• 2:38:28
  sort of like studying how Eddie Prinz or the comedians,
• 2:38:33
  how the great comedians do it.
• 2:38:34
  I started watching Rudy and said, how does he do it?
• 2:38:37
  He has this great sarcasm about him.
• 2:38:42
  It's a great way of trolling the CNBC.
• 2:38:44
  He picks fights.
• 2:38:45
  He's not afraid to pick fights.
• 2:38:47
  He doesn't.
• 2:38:49
  You know how journalists become captured
• 2:38:51
  when the people they're writing about they get too close to.
• 2:38:56
  Rudy doesn't suffer from that at all.
• 2:38:58
  So I worry about Megyn Kelly being on the wrong team.
• 2:39:02
  But I also know I'm a loser.
• 2:39:05
  She was like, you know, in Twitter bingo,
• 2:39:07
  getting followed by Megyn Kelly was one of those, oh, wow, that's cool.
• 2:39:12
  That's a grand slam Twitter follow, right?
• 2:39:17
  Yeah.
• 2:39:18
  No, and that's one thing you have to worry about, too,
• 2:39:19
  is calling everybody a spook.
• 2:39:21
  And like I was saying earlier, before my internet went out,
• 2:39:23
  people were like, you're a spook, Marty.
• 2:39:24
  I'm like, goddammit, I'm just doing this.
• 2:39:27
  Yeah, well, my son works for the CFR,
• 2:39:29
  so I get called a spook all the time for that.
• 2:39:32
  Yeah.
• 2:39:33
  And maybe he is a spook, but he's good at keeping a secret,
• 2:39:39
  because I sure as hell, you know, he doesn't tell me shit.
• 2:39:43
  Of course, on the other hand, you know,
• 2:39:45
  what would I do with that information?
• 2:39:47
  I'd probably go spew it on a podcast.
• 2:39:49
  Yeah, so he's smart not to let me in on the secrets that he knows.
• 2:39:55
  But he is useful.
• 2:39:58
  I say, what's the hot topic?
• 2:39:59
  And you'd be surprised sometimes when he tells you the hot topic.
• 2:40:02
  I said, isn't this a hot topic?
• 2:40:03
  Oh, no, there's no discussion of that whatsoever.
• 2:40:08
  And so there are things we think are important.
• 2:40:12
  Well, that gets into the idea, like, are they're actually competent people running the show?
• 2:40:17
  Or is it just completely random?
• 2:40:19
  Well, he also says he and maybe he's lying to me.
• 2:40:24
  You know, I raised him through his teenage years, so I know he has lied to me.
• 2:40:31
  You'll really enjoy that phase when your kids are teenagers.
• 2:40:34
  Oh, they lie like teenagers.
• 2:40:35
  I'll tell you.
• 2:40:36
  They'll just they'll just their lips are moving.
• 2:40:38
  They're lying to you.
• 2:40:40
  And they'll treat you like shit, too.
• 2:40:42
  but um but he's he says the council really doesn't have the agenda that people think they have
• 2:40:50
  he said their agenda really is to get important people talking
• 2:40:54
  getting them in the same room and and by doing that you know keeping the world a little bit of
• 2:41:02
  a safer place yeah and and um to one point i said something about you know well the blogs say that
• 2:41:09
  the council runs the world.
• 2:41:11
  He said well someone has to So he might have been only half joking But I don think the council is what it used to be without Dallas or David Rockefeller
• 2:41:23
  I think it's a much more neutral organization than it used to be
• 2:41:28
  and I went in there one day
• 2:41:31
  gave me a tour of the place
• 2:41:33
  he tells this very funny story
• 2:41:35
  famous people can use the council for functions
• 2:41:39
  during the weekend for example
• 2:41:40
  and who's the woman
• 2:41:43
  who killed Uma Thurman
• 2:41:44
  so he's sitting out
• 2:41:46
  late one night with Ray
• 2:41:48
  the security guard
• 2:41:50
  and Uma Thurman comes out
• 2:41:53
  and her chauffeur's there
• 2:41:54
  and their chauffeur, Uma walks her dog
• 2:41:57
  and the dog takes a dump
• 2:41:59
  and doesn't clean it up
• 2:42:00
  and Ray says hey, hey, you gonna clean that up
• 2:42:02
  and
• 2:42:04
  and she of course
• 2:42:07
  doesn't give a shit about cleaning that up
• 2:42:09
  So my son sort of scrambles and cleaned it up because he's really good at that sort of thing of, you know, smoothing over uncomfortable personalities.
• 2:42:18
  And I trained him well.
• 2:42:21
  And and then he says, you know, you know who that is?
• 2:42:26
  He says, he says, no.
• 2:42:28
  Oh, she says she says to Ray, do you know who I am?
• 2:42:32
  And race is no.
• 2:42:33
  And she says, I went with Thurman.
• 2:42:34
  He says, my name's Ray.
• 2:42:36
  and then and then afterwards will says um you know who she is she's she's in kill bill
• 2:42:44
  and and ray goes oh yeah okay i thought i recognized her he he one day he got to sit
• 2:42:52
  down and chat with nelson mandela for 45 minutes about the president of iran and iraq the same day
• 2:42:59
  um madeline albright on his first day of work is throwing a shit fit because something's wrong
• 2:43:05
  with a beverage or something.
• 2:43:06
  And he says, don't worry, I'll take care of it.
• 2:43:10
  And Greenspan, when he'd come in to talk,
• 2:43:13
  they'd send a body double in to make sure the chair was right
• 2:43:17
  and the microphone was right.
• 2:43:18
  And I'm thinking, oh, shoot that fuck.
• 2:43:20
  Of course, he died, so he solved the problem.
• 2:43:23
  Him and Lindsay are down in the hot spot.
• 2:43:27
  You know, during COVID, I actually gave Rudy my password.
• 2:43:30
  He said, if I die, I want you to tweet from heaven.
• 2:43:35
  right you could have a field day right if you have a guy who's known who's known to be dead
• 2:43:41
  and he's tweeting from heaven saying you know i don't see a sign of lindsey up here
• 2:43:46
  nothing not not no one's even heard of the guy you know you could you could have a field day
• 2:43:52
  tweeting from heaven oh we get lobster every fucking day and oh my god you can't believe
• 2:43:57
  how many times i banged you know marilyn monroe and going viral from the grave oh my god yeah it's
• 2:44:05
  like tweet of god you can turn into tweet of god's level you know and and so i get and he says i'm
• 2:44:12
  not comfortable with this i said rudy it's my dying wish he's too morally sound i couldn't think of
• 2:44:22
  someone else i'd rather have do it though he would be phenomenal phenomenal the wit is very much a
• 2:44:29
  line between you two yeah there's there's something there i like he's smart he's smarter than me and
• 2:44:34
  He can remember shit better than me.
• 2:44:37
  My adult brain is gone.
• 2:44:41
  I just, in one ear, out the other ear.
• 2:44:45
  He pulls up shit from the past.
• 2:44:46
  I don't know how he does it.
• 2:44:48
  Yeah.
• 2:44:50
  And he's got those threads that are incredible.
• 2:44:52
  If you're not following Rudy, go follow Rudy.
• 2:44:54
  I've got to jump.
• 2:44:56
  This has been fun.
• 2:44:57
  I'll let you go.
• 2:44:58
  Always.
• 2:45:01
  Yeah.
• 2:45:01
  Yeah, I mean, sort of got derailed because of Rudy's technical difficulties.
• 2:45:06
  All our technical problems, yeah.
• 2:45:08
  The R for retard, right?
• 2:45:10
  The R for retard.
• 2:45:12
  We covered some bases, though.
• 2:45:15
  Fourth turning, fourth turning.
• 2:45:16
  Prepare.
• 2:45:17
  Fourth turning, that's the best model.
• 2:45:19
  Yeah.
• 2:45:20
  Or Ray Dalio's six turnings.
• 2:45:23
  Peace and love, freaks.
• 2:45:24
  Wait a minute, wait a minute.
• 2:45:26
  Thank you for listening to this episode of TFTC.
• 2:45:28
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• 2:45:32
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• 2:45:36
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• 2:45:39
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• 2:45:43
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• 2:45:46
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• 2:45:51
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• 2:46:26
  Thank you.