Latest / Yaron Brook Show / Data Centers; Navy; Gov Ownership; Wall; Tariffs; Turkey; Primaries; Achievement| Yaron Brook Show

Transcript

Data Centers; Navy; Gov Ownership; Wall; Tariffs; Turkey; Primaries; Achievement| Yaron Brook Show · Yaron Brook Show

• 0:00
  Speaker 1: Oh load of photo principles of freedom, last little self,
• 0:23
  Speaker 1: Christ and any individual loss.
• 0:29
  Speaker 2: This is the show. No leather, fend, last cells and
• 0:41
  Speaker 2: little all right, everybody walk up here one book show
• 0:46
  Speaker 2: on this Wednesday, August nineteenth. I hope everybody's having a great,
• 0:53
  Speaker 2: great week. I am still in Barcelona, as you can see.
• 0:57
  Speaker 2: We'll be here for a little while for another week,
• 1:00
  Speaker 2: and then i'll be in Israel for a week, and
• 1:01
  Speaker 2: then i'll be back here for a couple of weeks,
• 1:03
  Speaker 2: and then i'll be in London and into Blac and
• 1:06
  Speaker 2: in Madrid, so all over the place. But I will
• 1:09
  Speaker 2: be trying. I'll try to do as many shows as
• 1:12
  Speaker 2: possible as I bounce around Europe. In this case, i'll
• 1:17
  Speaker 2: be bouncing around South America in November, but for now
• 1:21
  Speaker 2: in October. October and of him, but for now in Europe.
• 1:27
  Speaker 2: All right, let's see. Yeah, today's a little bit off schedule,
• 1:31
  Speaker 2: so I guess I apologize to that. Just trying to
• 1:36
  Speaker 2: trying to get everything everything fit in and and done.
• 1:40
  Speaker 2: Reminder to ask questions, use the super chat. You can
• 1:44
  Speaker 2: support the show, but using stickers. I don't forget to
• 1:47
  Speaker 2: do all that for the show today. And yeah, hopefully,
• 1:55
  Speaker 2: hopefully we'll have we'll have a lot of question later on.
• 2:01
  Speaker 2: All right, let's start with the news. Today is a
• 2:06
  Speaker 2: news show, and I haven't I'll start with something on
• 2:10
  Speaker 2: schedule that I didn't put in a list of different
• 2:14
  Speaker 2: you know, different items that we were going to come
• 2:17
  Speaker 2: at today, and that is we talked yesterday about the
• 2:24
  Speaker 2: high interest rates on government dat The government issued thirty
• 2:30
  Speaker 2: year bonds and they were trading at five point three something.
• 2:33
  Speaker 2: And this is very high, the highest it's been since
• 2:35
  Speaker 2: two thousand and seven. And generally interest rates are long
• 2:39
  Speaker 2: term interstates ten years, thirty year interstates on an upward
• 2:43
  Speaker 2: trajectory and at relatively you know, high levels, at least
• 2:48
  Speaker 2: given the history of the last twenty years. Well, this morning,
• 2:54
  Speaker 2: in order to try to combat DAD, the US Treasury
• 2:58
  Speaker 2: announced that it is by buying back some of its
• 3:02
  Speaker 2: long term debt. See if the Treasury goes in and
• 3:06
  Speaker 2: buys back the debt, right, what does that do? That
• 3:11
  Speaker 2: makes that raises prices Because the Treasury is buying stuff,
• 3:16
  Speaker 2: They're putting upward pressure on prices. As prices of bonds
• 3:19
  Speaker 2: go up, the indust rate the yield goes down. So
• 3:24
  Speaker 2: the US Treasury is buying back its own long term
• 3:27
  Speaker 2: debt in order to try to slow down or reverse
• 3:32
  Speaker 2: even the surgeon yields in Italy, and indeed, at least
• 3:36
  Speaker 2: this morning, yields on teny oven thirty year we're going
• 3:40
  Speaker 2: down quite a bit in a sense as a response,
• 3:43
  Speaker 2: not in a sense, as a response to the treasury
• 3:48
  Speaker 2: buying its own debt. And I think the markets take
• 3:51
  Speaker 2: it as an indication that the treasury believes yeah, I
• 3:54
  Speaker 2: mean the tenure bond is down the yield and a
• 3:56
  Speaker 2: ten yer bond is down one percent. The market views
• 4:01
  Speaker 2: it as the treasury believes that the yields are too high,
• 4:05
  Speaker 2: and it's willing to put money up to buy these
• 4:08
  Speaker 2: bonds at these prices. Prices are too low, in other words,
• 4:12
  Speaker 2: and it's willing to buy its own treasures. Here's the
• 4:17
  Speaker 2: problem with this, because it's a it's a it's a
• 4:20
  Speaker 2: it's a real problem. Our government is not running a surplus.
• 4:26
  Speaker 2: It has no cash lying around to buy back bonds.
• 4:32
  Speaker 2: So in order to buy back old debt, in order
• 4:34
  Speaker 2: to buy back bonds in the market, it has to
• 4:38
  Speaker 2: borrow more money, which means that it has to issue
• 4:43
  Speaker 2: more bonds. And because they're probably not going to issue
• 4:53
  Speaker 2: long term debt, right because that's the stuff they're buying
• 4:57
  Speaker 2: back it. It wouldn't make any sense for them to turn
• 4:59
  Speaker 2: around and issue long term debt in order to buy
• 5:02
  Speaker 2: long term debt. What that means is they're gonna borrow
• 5:07
  Speaker 2: a short term they're gonna issue short term debt since
• 5:10
  Speaker 2: they're gonna buy thirty year bonds by issuing one year
• 5:14
  Speaker 2: or two year or five year bonds. Now you know
• 5:21
  Speaker 2: this is this doesn't really have any impact on the
• 5:25
  Speaker 2: amount of money in the system because they'll be they're
• 5:28
  Speaker 2: putting money out there in a sense by buying the bonds,
• 5:31
  Speaker 2: but then they'll have to issue bonds and they'll suck
• 5:35
  Speaker 2: money back in. So it has no will if you
• 5:39
  Speaker 2: will money supply impacts. But what it does is the
• 5:47
  Speaker 2: government is swift swapping long term debt for short term debt,
• 5:53
  Speaker 2: same total debt, and the number of dollars will be
• 5:57
  Speaker 2: exactly the same before and after. But here's the thing
• 6:06
  Speaker 2: that short term dad, you know, shutter dad, needs to
• 6:10
  Speaker 2: constantly be refinanced. And if it's gonna constantly refinance it,
• 6:21
  Speaker 2: then what happens if interestates go up, short term interstrates
• 6:24
  Speaker 2: go up, and it's refinancing it constantly higher interestates. I mean,
• 6:30
  Speaker 2: here's the stupidity of our government. Not that long ago,
• 6:34
  Speaker 2: before COVID, or even during the first couple of years
• 6:37
  Speaker 2: of COVID, long term interstates were really really low. They
• 6:41
  Speaker 2: were well below three percent. Why didn't the government borrow
• 6:46
  Speaker 2: all its money at the long term rates and then
• 6:51
  Speaker 2: it wouldn't have to you know, then it wouldn't have
• 6:54
  Speaker 2: to refinance it all the time. I mean, this is
• 7:01
  Speaker 2: a this is a dangerous, dangerous play, is what is
• 7:08
  Speaker 2: going on right now. And the idea that the government
• 7:11
  Speaker 2: is going to step in and buy up bonds every
• 7:15
  Speaker 2: time the price gets really really low, that's interesting. So
• 7:22
  Speaker 2: if their bond market crashes, the government's going to bail
• 7:25
  Speaker 2: out a lot of bondholders by buying their stuff out
• 7:29
  Speaker 2: and then issuing short term debt in order to finance it.
• 7:34
  Speaker 2: It's a pretty dangerous game that the US government is doing.
• 7:40
  Speaker 2: But this is the problem with having so much debt
• 7:45
  Speaker 2: and having no sign of ever running a soup, plus
• 7:50
  Speaker 2: no sign of ever getting into black. So and remember,
• 7:58
  Speaker 2: the treasury doesn't put money the treasury. The only way
• 8:02
  Speaker 2: the treasure can buy bonds is by issuing other bonds. Now,
• 8:07
  Speaker 2: the FED could buy those bonds and thus basically do
• 8:12
  Speaker 2: quantitative easing increase the amount of money in the system.
• 8:19
  Speaker 2: But and you know, but the government every time it
• 8:25
  Speaker 2: buys bonds has to issue new ones to replace them.
• 8:33
  Speaker 2: So yeah, all that's going on here is a switching
• 8:38
  Speaker 2: of long term to show term debt. Whether that is
• 8:41
  Speaker 2: a good idea or not a good idea, I guess
• 8:44
  Speaker 2: we will find out in the years to come as
• 8:47
  Speaker 2: the US constantly refinances it's debt. All right, let's see. Yeah,
• 9:01
  Speaker 2: let's talk about data centers. I saw some poll data,
• 9:09
  Speaker 2: some survey data around. You know, what Americans like and
• 9:14
  Speaker 2: don't like. So here's on the questions, right. An Amazon
• 9:18
  Speaker 2: distribution center, So please indicate whether you would support or
• 9:23
  Speaker 2: oppose each of the following being built in your community.
• 9:28
  Speaker 2: An Amazon distribution center sixty eight percent support Amazon is great? Right.
• 9:34
  Speaker 2: A traditional manufacturing factory automobile or steel sixty seven percent
• 9:41
  Speaker 2: of people support this. A solar farm sixty six percent,
• 9:49
  Speaker 2: a wind farm sixty A chip manufacturing plant forty nine.
• 9:57
  Speaker 2: I mean you have to ask why, what is it
• 10:02
  Speaker 2: about chips that they don't like versus automobiles and steel
• 10:08
  Speaker 2: it sounds like this is, you know, maybe they don't
• 10:10
  Speaker 2: like I don't know tech. A data center to power
• 10:18
  Speaker 2: digital services online search and video streaming, so like a
• 10:23
  Speaker 2: traditional crowd servers thirty five percent would be okay, fifty
• 10:28
  Speaker 2: three no, fifty two percent no. And you could power
• 10:34
  Speaker 2: plant thirty four percent, okay, fifty seven no. A data
• 10:43
  Speaker 2: center to power artificial intelligence twenty seven percent yes, sixty
• 10:51
  Speaker 2: two percent no. And the number of who strongly supports
• 10:59
  Speaker 2: is ninety nuclear power plans fourteen. So right now, the
• 11:08
  Speaker 2: thing that is least popular among Americans to be built
• 11:14
  Speaker 2: in their community the least popular a data centers less
• 11:20
  Speaker 2: popular than nuclear power plans, and of course a data
• 11:28
  Speaker 2: center that it's not artificial intelligence but for other stuff
• 11:32
  Speaker 2: is much more popular. I mean, this is truly horrific
• 11:39
  Speaker 2: and just an expression of the complete failure of our
• 11:43
  Speaker 2: intellectuals to actually explain what these things are, and a
• 11:48
  Speaker 2: fear among grate that is really taken off and embedded
• 11:52
  Speaker 2: itself among the people that some how these data centers
• 12:03
  Speaker 2: for artificial intelligence are destructive, that are official intelligence is
• 12:06
  Speaker 2: going to destroy their world. That it's not just that
• 12:09
  Speaker 2: they don't support these things because of water or because
• 12:12
  Speaker 2: of fear of electricity prices going up. No, I think
• 12:16
  Speaker 2: they don't want to support these because they fear that
• 12:20
  Speaker 2: AI is going to destroy the world, destroy their jobs.
• 12:28
  Speaker 2: It's a hatred and distrust of AI. It's a you know,
• 12:33
  Speaker 2: these are this blood oite mentality, this anti technology mentality
• 12:39
  Speaker 2: is spreading across the United States in ways that I've
• 12:42
  Speaker 2: never seen before. You know, one of the things that
• 12:48
  Speaker 2: always was inspiring about Americans was how quickly they embraced
• 12:53
  Speaker 2: new technology, how excited they were about new technology, and
• 12:57
  Speaker 2: how positive they were generally about we can value about
• 13:01
  Speaker 2: tech and about you know, new technology that was coming
• 13:04
  Speaker 2: around the corner. AI is different. They genuinely seem afraid.
• 13:12
  Speaker 2: They genuinely want to resist. I mean, it's funny right now.
• 13:16
  Speaker 2: I mean, the only people in support of AI data
• 13:19
  Speaker 2: centers and AI generally is scarily enough, the Trump administration.
• 13:25
  Speaker 2: I mean, everybody else, Republicans, MAGA, Democrats across the board
• 13:32
  Speaker 2: against AI and against these data centers. There's a unanimity
• 13:38
  Speaker 2: out there. There's there's very little disagreement across the political
• 13:43
  Speaker 2: spectrum about the evil and danger of data centers and
• 13:48
  Speaker 2: the need to constrain them, to limit them, which is
• 13:56
  Speaker 2: I think should scare all of us in terms of
• 13:58
  Speaker 2: the future. This is, without any question, this is potentially,
• 14:04
  Speaker 2: you know, the most important innovation, you know, since the semiconductor,
• 14:12
  Speaker 2: maybe since industrial revolution. This could change the world in
• 14:16
  Speaker 2: profound ways and positive ways. And fear and bad intellectual
• 14:25
  Speaker 2: and political leadership and bad articulation of what it's all about.
• 14:32
  Speaker 2: And a now over ten years of everybody basically bamed
• 14:38
  Speaker 2: to blaming technology for everything wrong in our world. Right,
• 14:42
  Speaker 2: I mean the Eiffel is blamed for what for everything?
• 14:46
  Speaker 2: It's it's it's it's blamed for not having babies. Right,
• 14:50
  Speaker 2: We don't have babies because of the phones. You know,
• 14:56
  Speaker 2: kids are snowflakes because of the phones. The left and
• 15:04
  Speaker 2: woke has been successful because of the phones. Phones are
• 15:07
  Speaker 2: responsible for us not having sex and i' drinking alcohol
• 15:11
  Speaker 2: and again not having kids and not being not having
• 15:15
  Speaker 2: relationships and not getting married. And phones are so responsible
• 15:20
  Speaker 2: for the fact that politics are so bifurcated and so polarized.
• 15:27
  Speaker 2: It's all the fault of technology. And you know, and
• 15:30
  Speaker 2: we're suing Meta for because Meta and social media have
• 15:34
  Speaker 2: destroyed the psychological health of our children. Not schools. God forbid. No,
• 15:40
  Speaker 2: wouldn't be the schools, it would be diphone, it would
• 15:42
  Speaker 2: be techops. She just collapsing. So yeah, a new tech
• 15:49
  Speaker 2: is coming, A new tack is coming, which is a
• 15:54
  Speaker 2: dramatic innovation. And we are coming out of Silicon Valley,
• 15:59
  Speaker 2: and after years in years of being told about the
• 16:02
  Speaker 2: evils of silicon value and how destructive silicon value is, surprise, surprise,
• 16:11
  Speaker 2: people are distrustful of this new tech. And you know
• 16:23
  Speaker 2: they they don't want they the one thing they don't
• 16:27
  Speaker 2: want is to support this tech in any kind of way.
• 16:31
  Speaker 2: Mm hmm, I wonder why I'm getting a whitest screen there.
• 16:34
  Speaker 2: Let me just fix my the camera angle. I don't
• 16:41
  Speaker 2: want to. I don't want I don't want to get
• 16:43
  Speaker 2: the door in.
• 16:46
  Speaker 3: See if I can do that, right, I don't have
• 16:51
  Speaker 3: a real time picture of what you guys can see.
• 16:58
  Speaker 2: Oh I should have it? Yea what I said? Yeah,
• 17:02
  Speaker 2: but you can. All right, let's do no, no, no, no, no, no, okay, yeah,
• 17:14
  Speaker 2: we'll do that all right. Sorry about all the nausea
• 17:18
  Speaker 2: creating camera angle changes. I apologize for that, all right.
• 17:27
  Speaker 2: So I mean, look, even even people we consider pretty
• 17:34
  Speaker 2: moderate right on taking this position against data centers. See
• 17:40
  Speaker 2: is Governor Josh Shapiro, Governor jos Shapiro, who's considered like
• 17:45
  Speaker 2: the epitome of moderate Democrat, right moderate Democrat, And what
• 17:53
  Speaker 2: is Josha Piro. Jespera's writing today, and he says, I
• 17:57
  Speaker 2: just signed an executive order I employmitting the strictest standards
• 18:02
  Speaker 2: in the nation for AI data centers because I will
• 18:06
  Speaker 2: not allow Pennsylvania to be bullied by greedy developers and
• 18:11
  Speaker 2: bulldozed by the lawyers working for these big tech companies.
• 18:16
  Speaker 2: Effective immediately, we're acquiring AI data centers to commit to
• 18:21
  Speaker 2: strict environmental and transparency requirements and receive approval from the
• 18:26
  Speaker 2: local community if they want to build here. That's not all.
• 18:31
  Speaker 2: We're also removing all data centers for our fast track
• 18:35
  Speaker 2: permit program and stopping any office or agency under my
• 18:39
  Speaker 2: jurisdiction from signing an NDA with AI data center developers.
• 18:46
  Speaker 2: I'm putting these developers unnoticed and letting them know my
• 18:50
  Speaker 2: jurisdiction and stubby and I'm putting these sorry, putting these
• 18:57
  Speaker 2: developers in notice, letting them know that we will not
• 19:00
  Speaker 2: let them bully Pennsylvanians disregard our constitutional right to clean
• 19:05
  Speaker 2: air and pure not even clean pure water, and drive
• 19:11
  Speaker 2: up our utility bills. We're not going to allow them
• 19:14
  Speaker 2: to do any of that. I'm using the full weight
• 19:18
  Speaker 2: of my executive authority to block the objectionable, unwarranted projects
• 19:24
  Speaker 2: and put the nations strict the set of protections in place. Yeah,
• 19:32
  Speaker 2: I mean, I wrote about the divine right of stagnation
• 19:35
  Speaker 2: that people have. They think that a they want to stagnate.
• 19:40
  Speaker 2: They want to force the rest of us to stagnate
• 19:42
  Speaker 2: with them. Violate people's rights, violate developers' rights, violate tech rights,
• 19:48
  Speaker 2: all in the name of water. On some unspecified fear
• 19:54
  Speaker 2: that's something powerable is going to happen if we allow
• 19:57
  Speaker 2: these data centers. What is that horrible thing that's going
• 20:03
  Speaker 2: to happen. Nobody can actually tell you. They don't know. Oh,
• 20:08
  Speaker 2: prices will go up, but they're not going up. What
• 20:11
  Speaker 2: will run out? What is not running out? It doesn't matter.
• 20:17
  Speaker 2: It's just it's really scary. I mean, what if it
• 20:21
  Speaker 2: becomes dominated, What if it turns on us human creators?
• 20:25
  Speaker 2: What if AI destroys the world? I mean, this is
• 20:32
  Speaker 2: I mean, my respect for Josha Purou has gone down
• 20:36
  Speaker 2: a few notches as a consequence of this, just playing
• 20:39
  Speaker 2: to the fearmongerers. Right, this is this is what we
• 20:44
  Speaker 2: don't get with modern politicians, particularly now, with modern politicians
• 20:49
  Speaker 2: who are moderate. Moderate it's an awful word, but we
• 20:56
  Speaker 2: are not part of the far left of the fall right.
• 20:58
  Speaker 2: We don't get leadership. We don't get leadership what moderation
• 21:04
  Speaker 2: seems like. What leadership today is giving people what they want,
• 21:09
  Speaker 2: not trying to educate them about what is right, not
• 21:14
  Speaker 2: leading but following. So Governor Josh Shapiro is just succumbing
• 21:22
  Speaker 2: to the worst elements among his constituency, to the worst people,
• 21:26
  Speaker 2: to the people most fearful, to the people, you know
• 21:32
  Speaker 2: who at least rational. And that's the shame because I
• 21:38
  Speaker 2: thought Josh Shapiro would be a Democratic candidate who might
• 21:46
  Speaker 2: be worthy. Maybe not, maybe not. Maybe they're all they're
• 21:50
  Speaker 2: all the same. I mean, there's only one Trump, but
• 21:53
  Speaker 2: maybe they're all the same. Garbage, all right, what happened
• 22:02
  Speaker 2: to the second? So a number of stories relating to
• 22:10
  Speaker 2: the US Navy I think important right now and kind
• 22:14
  Speaker 2: of a hitting at the same time. I mean, first,
• 22:18
  Speaker 2: and this relates to American phone policy more broadly, is
• 22:21
  Speaker 2: now the deployment of the only aircraft carrier that is
• 22:26
  Speaker 2: stationed in the in the Pacific, in the Western Pacific,
• 22:36
  Speaker 2: you know, and in protection if you will live Taiwan
• 22:40
  Speaker 2: and Japan and South Korea, the US George Washington is
• 22:44
  Speaker 2: not being deployed from Japan to the Middle East, which
• 22:48
  Speaker 2: will leave that region, the region of Asia off the
• 22:51
  Speaker 2: coast of China with no American aircraft carry I don't
• 22:55
  Speaker 2: know when the last time was the American did not
• 22:59
  Speaker 2: have an aircraft carry aircraft carrier in the in the
• 23:04
  Speaker 2: Western Pacific. So, you know what, if you are Taiwan
• 23:12
  Speaker 2: or Philippines, or Japan or South Korea, what are you thinking?
• 23:17
  Speaker 2: What do you think about the US's commitment to the region.
• 23:20
  Speaker 2: What are you thinking about US's leadership in the region.
• 23:27
  Speaker 2: I mean, the Chinese are constantly present. It's their region,
• 23:32
  Speaker 2: after all, and they're showing off their military capabilities, and
• 23:36
  Speaker 2: they're building up a powerful navy, and they're challenging in
• 23:41
  Speaker 2: the Philippines, they're challenging Japanese about territory. They're constantly threatening
• 23:46
  Speaker 2: and training to take over Taiwan. And the US is
• 23:49
  Speaker 2: just pulling the aircraft carrier. And the US has aircraft carriers,
• 23:55
  Speaker 2: but it is so mismanaged their rotation that they can't
• 24:00
  Speaker 2: put one in the Middle East without drawing their presence
• 24:06
  Speaker 2: in China to zero, which is an incredibly, incredibly troubling Now,
• 24:15
  Speaker 2: the uses are way behind, way behind on the construction
• 24:21
  Speaker 2: of next generation aircraft carriers. Right we only have one
• 24:26
  Speaker 2: of the next generation aircraft carrieres, which is the Ford,
• 24:30
  Speaker 2: and it was going to the Middle East and it
• 24:33
  Speaker 2: had a fire in the laundry and it went back
• 24:35
  Speaker 2: to base to get fixed. I'm not sure where it
• 24:39
  Speaker 2: is right now, if it's if it's in if it's
• 24:42
  Speaker 2: back in the US or still in the Mediterranean getting
• 24:48
  Speaker 2: getting taken care of. But you know, we have no
• 24:52
  Speaker 2: other carrier, new carrier scheduled before the twenty thirties. And
• 25:02
  Speaker 2: here's the other thing. You know, President Trump is decided
• 25:10
  Speaker 2: that he wants to you know, he wants to redesign,
• 25:17
  Speaker 2: redesign the technology on the new US aircraft carriers. So
• 25:26
  Speaker 2: he wants to get rid of the cutting edge technology
• 25:31
  Speaker 2: that allows jets to take off from these and replace
• 25:35
  Speaker 2: it with all technology that has been phased out of
• 25:38
  Speaker 2: the Navy for like thirteen years now. So you know,
• 25:44
  Speaker 2: in August thirteenth, Trump signed an executive order directing the
• 25:48
  Speaker 2: US Navy to return to steam power for catapults. This
• 25:54
  Speaker 2: is a system used by carriers to launch fixed wing aircraft,
• 26:00
  Speaker 2: so he wants them to rip out the modern catapults
• 26:06
  Speaker 2: and replace it with an old system. This is going
• 26:11
  Speaker 2: to delay any new aircraft carriers coming to the full
• 26:13
  Speaker 2: front by years, not months, years a fleet that is
• 26:20
  Speaker 2: already at one of its lowest readiness points in decades.
• 26:26
  Speaker 2: And you could see that by the fact that we
• 26:28
  Speaker 2: are not gonna have an aircraft carrier in the Pacific,
• 26:30
  Speaker 2: in the Western Pacific, because we cannot sustain aircraft carries
• 26:37
  Speaker 2: out there at seed and we don't have enough of
• 26:40
  Speaker 2: them to do everything that it seems like the usnav
• 26:43
  Speaker 2: wants to do. And now he wants to redesign future ships.
• 26:57
  Speaker 2: So redesign any US dollars Miller which is under construction rated,
• 27:02
  Speaker 2: which is one of these new classes of aircraft carriers,
• 27:08
  Speaker 2: to replace its electromagnetic catapults with steam systems. Is again
• 27:15
  Speaker 2: going to extend the construction of the ship for years.
• 27:18
  Speaker 2: And why because Trump doesn't like electromaganetic catapults. Since when
• 27:24
  Speaker 2: is he ad expert? Is this really what the Navy
• 27:27
  Speaker 2: wants or is this Donald Trump delayed carrier production is
• 27:34
  Speaker 2: going to drop the fleet to ten carriers next year.
• 27:39
  Speaker 2: The US Knimits is retiring and the US John F.
• 27:43
  Speaker 2: Kennedy is not yet ready to deploy. Continued this construction
• 27:50
  Speaker 2: and design delays on the USS Miller would shrink the
• 27:54
  Speaker 2: fleet to nine carriers during the next decade. The Navy
• 27:58
  Speaker 2: would need to work the smaller harder, wearing out its
• 28:02
  Speaker 2: people and equipment and accelerating the decline in the readiness.
• 28:09
  Speaker 2: Now there's a reason the Navy adopted electromagnetic catapults. It's
• 28:16
  Speaker 2: you know, it's you know, electric power has fewer moving parts,
• 28:22
  Speaker 2: it's more reliable, it costs less, it offers higher speeds.
• 28:30
  Speaker 2: And indeed, China and France and then you carriers also
• 28:34
  Speaker 2: moving to electromagnetic catapults. I mean from Nistation keeps saying
• 28:42
  Speaker 2: that they what they care about is lethality and war fighting.
• 28:48
  Speaker 2: But if you go back to stream catapults, right, you're
• 28:56
  Speaker 2: actually degrading ability to fight. Steam is an old technology.
• 29:05
  Speaker 2: Electro magnetic is the new technology. Anyway, the just give
• 29:18
  Speaker 2: you an example USS gerald Ford, which is the newest
• 29:23
  Speaker 2: aircraft carrier which has electromechanic catapults. It conducted eleven thousand
• 29:30
  Speaker 2: aircraft launchers, eleven thousand aircraft launchers using the electromeganetic catapults,
• 29:39
  Speaker 2: more than carriers where steam systems could ever achieve. In
• 29:43
  Speaker 2: that period of time. Nearly all of the soortees were
• 29:48
  Speaker 2: strike aircraft that could each carry more than eight tons
• 29:52
  Speaker 2: of ordinance and hit nearly a dozen targets. So, you know,
• 30:01
  Speaker 2: the electromagan catapults also requireless people. I mean, it just
• 30:04
  Speaker 2: doesn't make any sense. And it's just it's just like,
• 30:09
  Speaker 2: you know, almost like a Trump whim. There's just no
• 30:14
  Speaker 2: basis for this. It's it's again, it's some kind of
• 30:17
  Speaker 2: distrust of new technology. I mean, steam power was cutting
• 30:22
  Speaker 2: edge technology one hundred and fifty years ago. It's not
• 30:27
  Speaker 2: cutting edge technology now. It's not the future. And this
• 30:32
  Speaker 2: is just more delays. And I mean, our navy and
• 30:40
  Speaker 2: our military is in decline, and our navy and militaries
• 30:43
  Speaker 2: in decline because we have no foreign policy strategy and
• 30:48
  Speaker 2: because we have a president who doesn't know what he's doing,
• 30:50
  Speaker 2: does not know what he's doing at least, you know,
• 30:54
  Speaker 2: presidents in the past didn't have an opinion, but you know,
• 30:59
  Speaker 2: Trump hasn't ape mean about how battleships should look. He
• 31:03
  Speaker 2: has an aesthetic that he wants that he wants conveyed
• 31:06
  Speaker 2: to the Navy. They said, look that a battleship must have.
• 31:14
  Speaker 2: We have a nutcase running who is you know, running
• 31:17
  Speaker 2: the military, running our command and control dictating these things,
• 31:23
  Speaker 2: And as a consequence, we are seeing we're seeing a real,
• 31:30
  Speaker 2: real reduction in ability to fight wars. You know, readiness. Ah, yeah,
• 31:46
  Speaker 2: I mean the Navy has lots of other problems, massive
• 31:50
  Speaker 2: maintenance problems, maintenance problems. Ships spend way too much time
• 31:57
  Speaker 2: in dock being maintained and being fixed. You know, the
• 32:05
  Speaker 2: Ali Book Destroyer will spend more than ninety years of
• 32:08
  Speaker 2: its service life in shipyard maintenance of a twice the
• 32:12
  Speaker 2: amount originally planned. So there are major, major problems the
• 32:18
  Speaker 2: Navy has to face and solve if hm, it's going
• 32:24
  Speaker 2: to serve its function in protecting the US. But you know,
• 32:32
  Speaker 2: all Trump is doing is overlaying more and more and
• 32:37
  Speaker 2: more problems on top of it as the world is
• 32:40
  Speaker 2: becoming more and more and more dangerous. There's no question
• 32:44
  Speaker 2: in my mind, no question in my mind, that American
• 32:47
  Speaker 2: weakness right now has expressed in Iran, is expressed in Ukraine,
• 32:55
  Speaker 2: is going to bold in the Chinese and going to
• 32:58
  Speaker 2: bold in the Russians. I mean, imagine what would happen?
• 33:01
  Speaker 2: I mean, I don't think this will happen, and I
• 33:04
  Speaker 2: suddenly hope it doesn't happen. But imagine what would happen
• 33:07
  Speaker 2: if Russia and China coordinate and Russia invades the Baltics
• 33:13
  Speaker 2: while China invades Taiwan. What would happen? Now, theoretically Europe
• 33:21
  Speaker 2: can take on Russia by itself, but that's theoretical. Europe
• 33:28
  Speaker 2: is richer and has a has a more powerful military
• 33:31
  Speaker 2: than Russia does. But the United States is not going
• 33:35
  Speaker 2: to be much of a help. And if China does
• 33:40
  Speaker 2: something in Taiwan and the US doesn't even have an
• 33:42
  Speaker 2: aircraft carrier nearby, and it's still working on its various
• 33:47
  Speaker 2: ideas on how to defend the Straight States talk about
• 33:53
  Speaker 2: you know, how does the US cope? How does US
• 33:55
  Speaker 2: allocate resources? How does it know where to send and
• 33:58
  Speaker 2: which resourcess have? What's available and what's not available? And
• 34:03
  Speaker 2: is America ready? Is America paparied? You know, we have
• 34:10
  Speaker 2: the strongest, mightiest military force in human history. We have
• 34:13
  Speaker 2: the best weapons systems in the world by far, but
• 34:19
  Speaker 2: we have to have leadership, we have to have readiness,
• 34:22
  Speaker 2: we have to have strategy, we have to have planning.
• 34:27
  Speaker 2: I don't see us having any of that. I don't
• 34:30
  Speaker 2: see us having any of that. You can have the
• 34:32
  Speaker 2: best systems in the world, and if you don't know
• 34:34
  Speaker 2: how to deploy them, if you don't have a strategy
• 34:37
  Speaker 2: for how to deploy them, if you don't know what
• 34:39
  Speaker 2: you're doing with them, or you put them in shipyards
• 34:44
  Speaker 2: to be maintained, maintained most of the time, and you
• 34:47
  Speaker 2: can't actually deploy them, then what's the point. For example,
• 34:51
  Speaker 2: you can have the best air defense system in the world.
• 34:54
  Speaker 2: The Patriots cell system is probably the all round best
• 34:58
  Speaker 2: air defense system in the world, but if you can't
• 35:00
  Speaker 2: manufacture missiles, if you can't manufacture the projectile, what's the
• 35:06
  Speaker 2: point of having the system. You can have the F fifteen,
• 35:11
  Speaker 2: sorry F thirty five, best airplane in the world, but
• 35:14
  Speaker 2: if the missiles it carries you've run out of them,
• 35:18
  Speaker 2: then what's the point of having the best. It's you know,
• 35:30
  Speaker 2: it's truly it's truly insane and really crazy. It's really crazy.
• 35:41
  Speaker 2: Oh John says, because it's related, I'll just take this.
• 35:44
  Speaker 2: John asks. Trump will be out of office before factories
• 35:46
  Speaker 2: would be built to produce steamkip catapults. This will be
• 35:50
  Speaker 2: wasted effort. Yes, you know the Navy right now, there's
• 35:54
  Speaker 2: nobody out there who knows how to build steam catapults.
• 35:57
  Speaker 2: They have to go back to an all technologies. They
• 35:59
  Speaker 2: have to go back backwards. Therere no factories that can
• 36:02
  Speaker 2: build this. The engineers who built the steam catapults have
• 36:05
  Speaker 2: gone on to do other things or have retired. They're
• 36:08
  Speaker 2: gonna have to figure all this out and then build
• 36:10
  Speaker 2: this up, and by then Trump will be out. Will
• 36:15
  Speaker 2: the next president reverse himself? I mean it's just wasted time,
• 36:20
  Speaker 2: wasted effort, wasted energy, wasted money for what for some
• 36:29
  Speaker 2: presidential dislike. And will the next president have the focus
• 36:36
  Speaker 2: to reverse it because the next president might say, I
• 36:40
  Speaker 2: don't know anything about catapults whatever. So yeah, it's is
• 36:52
  Speaker 2: h very worrisome. You know the state that we you know,
• 37:02
  Speaker 2: we are in, and you know, as the headline here says,
• 37:06
  Speaker 2: Trump's are carrier intervention looks like a serious self inflicted problem, right,
• 37:15
  Speaker 2: completely self inflicted Again. The Dargas Miller, which would be
• 37:20
  Speaker 2: affected by this is already well under construction and has
• 37:24
  Speaker 2: been expected to be delivered in early twenty thirty four.
• 37:29
  Speaker 2: And if you put this change in, which would cost
• 37:31
  Speaker 2: hundreds of millions of dollars, which we don't have. We've
• 37:34
  Speaker 2: talked about that. We're talking about substantial design integration costs
• 37:40
  Speaker 2: and scheduled delays. Now Trump is given depending on sixty
• 37:46
  Speaker 2: days to produce an implementation plan. But you know if
• 37:53
  Speaker 2: you change design constantly, guess what happens to construction. If
• 38:00
  Speaker 2: you've done our renovation in your home, you know the
• 38:02
  Speaker 2: answer to that. It gets delayed, delayed, delayed, delayed. Thank
• 38:06
  Speaker 2: you John for the question. So, yeah, Trump, Trump's policies
• 38:17
  Speaker 2: are going to leave the Navy more stretch, dot last.
• 38:21
  Speaker 2: The Iran war is consuming ship availability, it's eroding sale
• 38:27
  Speaker 2: endurance missiles. We just don't have them. Flying hours and
• 38:34
  Speaker 2: maintenance life, all of that is being eroded, and we
• 38:38
  Speaker 2: don't have the military industrial base to replace. Now. The
• 38:44
  Speaker 2: Trumpet domstation is asking Congress for what three hundred and
• 38:47
  Speaker 2: ninety five billion dollars or something like that. But let's see,
• 38:56
  Speaker 2: I saw it here. Yeah, three hundred seventy seven point
• 38:59
  Speaker 2: five one hundred and fifty billion for operations and maintenance,
• 39:05
  Speaker 2: targeting in eighty percent combat surge ready postship, another twenty
• 39:09
  Speaker 2: two point six billion for weapons including standard missiles and tomahawks,
• 39:14
  Speaker 2: and the shipbuilding plan separately identifies twenty five point five
• 39:17
  Speaker 2: billion in twenty twenty seven and one hundred and twenty
• 39:21
  Speaker 2: four point eight billion over five years for maritime readiness.
• 39:27
  Speaker 2: Those are dollars. Turning that into actually increased production is
• 39:33
  Speaker 2: hort to see. Now, add to that the fact that
• 39:37
  Speaker 2: Trump is planning a much larger navy right He's planning
• 39:41
  Speaker 2: for a lot more boats, of a variety of different types. Currently,
• 39:47
  Speaker 2: the Navy operates about two hundred and ninety one battle
• 39:50
  Speaker 2: for ships. So despite buying seventy five ships over the
• 39:55
  Speaker 2: five year period, the actual fleet is projected to go
• 39:57
  Speaker 2: only to grow only to two hundred ninety nine by
• 40:00
  Speaker 2: twenty thirty one because old ships are being retired and
• 40:05
  Speaker 2: new ships take many years to build. So Trump's plan
• 40:10
  Speaker 2: does not reach the statutory three hundred and fifty five
• 40:14
  Speaker 2: ship objective until twenty forty twenty forty. I mean, that's
• 40:21
  Speaker 2: a very very optimistic projection because that assumes they'll the
• 40:26
  Speaker 2: ship building will be on time. So well, they're building
• 40:34
  Speaker 2: a lot of ships right now. It's not gonna have
• 40:37
  Speaker 2: an impact because a lot of ships are being retired.
• 40:44
  Speaker 2: Trump has radically changed in addition to the catapults, and
• 40:47
  Speaker 2: also he's radically changed which ships the Navy were built. So,
• 40:52
  Speaker 2: for example figures, Trump's Navy essentially killed the Constellation class. Figures.
• 41:00
  Speaker 2: Four of the six contracted ships were canceled. The Navy
• 41:03
  Speaker 2: is continuing to work on the first two. The replacement
• 41:08
  Speaker 2: is intended to be smaller, simpler ship derived from the
• 41:12
  Speaker 2: Coast Guard proven kind of legend class. So the idea
• 41:16
  Speaker 2: is to simplify destroyers and battleships. The previous plan envisioned
• 41:21
  Speaker 2: eventually replacing the all In book with the next generation.
• 41:26
  Speaker 2: Trump has canceled that approach. His plan instead keeps building
• 41:30
  Speaker 2: large numbers are proven flight three all In books while
• 41:34
  Speaker 2: developing the enormous nuclear powered Trump class battleship. Do we
• 41:40
  Speaker 2: really need an enormous Trump class battleship in a world
• 41:46
  Speaker 2: of ballistic missiles, of hypersonics, of you know, precision ballistic
• 41:53
  Speaker 2: missiles that can take out a ship anywhere, in a
• 41:58
  Speaker 2: world of drones, you know, surface drones, ship, surface drones.
• 42:05
  Speaker 2: Do we really need enormous nuclear powered Trump class battleships?
• 42:10
  Speaker 2: Probably not over twenty twenty seven fifty six. Sorry, the
• 42:19
  Speaker 2: new plan costs for fifty seven plus fifteen battleships fifty
• 42:23
  Speaker 2: seven of the alline books and fifteen battleships. There were
• 42:30
  Speaker 2: no battleships in the previous, previous plans. All of this,
• 42:35
  Speaker 2: unbelievably ambitious is going to cost a huge amount of money.
• 42:38
  Speaker 2: Money we don't have that. It's likely the future future presidents,
• 42:43
  Speaker 2: in efforts to cut spending, are going to cut these programs,
• 42:47
  Speaker 2: so we're just spending money now. That's probably just flushing
• 42:50
  Speaker 2: down the dream. The CBO estimates of fifteen battleships could
• 42:55
  Speaker 2: cost around two hundred and seventy five billion dollars, with
• 42:58
  Speaker 2: the first one costing twenty three billion. But again, given
• 43:04
  Speaker 2: modern warfare, given drones, given given you know, hypersonic ballistic missiles,
• 43:11
  Speaker 2: a big battleships, the future of warfare on the on
• 43:15
  Speaker 2: the seas, I doubt it. Trump has a plan for
• 43:23
  Speaker 2: a five year plan. Five year plans, huh? Try? Trump
• 43:27
  Speaker 2: has a five year plan for submarines. It calls for
• 43:32
  Speaker 2: the construction of ten Virginia class attack submarines and five
• 43:35
  Speaker 2: Columbia Class ballistic missile submarines. Now, the Navy needs this,
• 43:42
  Speaker 2: these submarines, right, this is this is this is important.
• 43:48
  Speaker 2: But the fact is, how are you going to build this?
• 43:50
  Speaker 2: We've talked about this in past shows. We can barely
• 43:54
  Speaker 2: build one submarine a year today meet barely one. But
• 44:02
  Speaker 2: the target that Trump's five year plan has is two
• 44:06
  Speaker 2: a year, right, five years, ten submarines and another five
• 44:09
  Speaker 2: Columbia class are fifteen actually, so all of these like
• 44:18
  Speaker 2: any five year plan, like socialists five year plans, like
• 44:22
  Speaker 2: authoritarian five plans, they're just made up stuff. The Columbia
• 44:28
  Speaker 2: class submarines already eighteen months later, so you know this
• 44:37
  Speaker 2: is wasteful. Now, Trump has ordered plans for fifth public
• 44:46
  Speaker 2: Navy shipyard, a major submarines, parts of a pass center,
• 44:53
  Speaker 2: and other industrial facilities that will increase industrial capacity. But
• 44:59
  Speaker 2: the wheeling of here would be and there's some noise
• 45:03
  Speaker 2: a on maybe doing this. The real innovation would be
• 45:08
  Speaker 2: is to bring Korean, Japanese, Finish and other advanced commercial
• 45:13
  Speaker 2: ship builders get them involved in building these warships for
• 45:18
  Speaker 2: the United States. Now, that's very difficult to do when
• 45:24
  Speaker 2: you constantly fight with your allies. The recent statement about
• 45:29
  Speaker 2: South Korean and his body the dictator of North Korea
• 45:33
  Speaker 2: and not wanting to do military stuff for South Korea,
• 45:38
  Speaker 2: it's not going to help. What we want is closer
• 45:41
  Speaker 2: tized with South Korean. What we want is a great
• 45:44
  Speaker 2: alliance with the South Koreans, the Japanese and anybody else
• 45:47
  Speaker 2: who has good ship building capacity. And then what we
• 45:52
  Speaker 2: want is to be able to build ships there to
• 45:58
  Speaker 2: find ways with I would incurring you know, national security
• 46:03
  Speaker 2: risks or intelligence risks to build whereever you can't build,
• 46:08
  Speaker 2: and you can't build the United States. The United States
• 46:10
  Speaker 2: does not have the capacity to build as ambitiously as
• 46:15
  Speaker 2: Trump's plans for the navy dictate. And then he changes
• 46:18
  Speaker 2: the plans and redesigns the ships to make it even
• 46:23
  Speaker 2: more costly and more difficult and more time consuming and
• 46:26
  Speaker 2: everything else. So ambition is, you know, huge ambitions with
• 46:33
  Speaker 2: regards to growing the Navy, but very little chance of
• 46:38
  Speaker 2: those ambitions becoming a reality under the current circumstances and
• 46:42
  Speaker 2: with this president. And I don't know if these ambitions
• 46:46
  Speaker 2: are going to hold once once we get a change
• 46:50
  Speaker 2: in government, changing presidents in the future, at some point
• 46:56
  Speaker 2: we will don't Dispand so the Navy a core of
• 47:05
  Speaker 2: American power, a fundamental linchpin in securing global trade and
• 47:14
  Speaker 2: securing peace in the world. I mean, there's been for
• 47:17
  Speaker 2: the most part peace in the world since World War
• 47:19
  Speaker 2: Two to large extent because of the US Navy, because
• 47:23
  Speaker 2: of its control of the shipping lanes trade. As you know,
• 47:27
  Speaker 2: we have experienced globalization, which I think is an overall
• 47:33
  Speaker 2: overwhelming positive because of our because of our navy. So
• 47:40
  Speaker 2: the future of the US Navy is important, particularly given
• 47:43
  Speaker 2: that we have a power. The Chinese, who have their
• 47:46
  Speaker 2: problems and are struggling and are not going to be
• 47:50
  Speaker 2: really challenging the United States militarily, you know, I think,
• 47:55
  Speaker 2: I think challenging the United States economically but militarily are
• 48:00
  Speaker 2: gonna be a real challenge and in a position right now,
• 48:05
  Speaker 2: in a position right now to challenge the US. So
• 48:16
  Speaker 2: and I don't think the Chinese are going to be
• 48:17
  Speaker 2: that interested in securing shipping lanes to their adversary to themselves. Absolutely.
• 48:27
  Speaker 2: All right, let's move on. Let's see what is going
• 48:32
  Speaker 2: on here. All right, let's talk about there's a there's
• 48:39
  Speaker 2: a really good up ad in editorial in the Washington Post,
• 48:43
  Speaker 2: the Washington Post editorial. If you remember, Jeff Bezos required
• 48:47
  Speaker 2: the Washington Post editorial board to dedicate itself to be
• 48:51
  Speaker 2: more free markets, to being more of a defender of capitalism.
• 48:56
  Speaker 2: And I have to say I've seen more and more
• 48:58
  Speaker 2: and more good editorials in the Washington Post. They take
• 49:03
  Speaker 2: a fe market perspective. And here's one about basically the
• 49:07
  Speaker 2: government's taking positions in companies in companies, and it's written
• 49:14
  Speaker 2: by Scott Lenzi Kembo. I've had on the show two
• 49:17
  Speaker 2: or three times now and it's really good. So I'm
• 49:19
  Speaker 2: going to read you out of this up ad because
• 49:22
  Speaker 2: I think it's I think it's really good analysis. Scott writes,
• 49:27
  Speaker 2: when Trump administration took a ten percent stake in semiconductor
• 49:30
  Speaker 2: giant Intel last year, I argued that it was a
• 49:33
  Speaker 2: costly mistake and an affront to American free enterprise. I
• 49:37
  Speaker 2: think that's a bit of an understatement. President Donald Trump disagreed.
• 49:41
  Speaker 2: He even took victory lap in June when Intel stock
• 49:44
  Speaker 2: rose more than sixfold in the ten months following the
• 49:48
  Speaker 2: government intervention. Look closer, though, and Intel's inflated share price
• 49:55
  Speaker 2: hardly vindicates the administration's purchase, and the grand experiment that
• 50:00
  Speaker 2: that Intel kicked off isn't just as bad as I warned,
• 50:05
  Speaker 2: It's worse. The administration's holdings are growing at breathtaking speed.
• 50:13
  Speaker 2: The running tally counts thirty one government equity deals spanning
• 50:18
  Speaker 2: companies in steel, critical minerals, semiconductor, nuclear power, rocket motives,
• 50:23
  Speaker 2: and quantum computing. Thirty one companies now owned by the
• 50:27
  Speaker 2: US government, enacted by three different federal agencies acting under
• 50:32
  Speaker 2: murky legal authority. The Commerce Department has based more than
• 50:37
  Speaker 2: a dozen is based more than a dozen semiconductor and
• 50:41
  Speaker 2: quantum computer deals on the Chips and Science Act, which
• 50:46
  Speaker 2: is not expressly authorized federal shareholding. Some of the equity
• 50:50
  Speaker 2: deals appeal to have been caused by the administration or
• 50:54
  Speaker 2: at least conditioned on the granting of a permit, subsidy,
• 51:00
  Speaker 2: or other government privilege, and more stakes are rumored to
• 51:04
  Speaker 2: be on the way. In a single year, Washington went
• 51:08
  Speaker 2: from one position to a diverse and questionable portfolio. Would
• 51:13
  Speaker 2: narry a vote from Congress or the American people. Note again,
• 51:20
  Speaker 2: this is me the failure of Congress, the failure of
• 51:24
  Speaker 2: Congress to do its job, which is the legislate and
• 51:29
  Speaker 2: to reign in the executive were needed, I go on
• 51:34
  Speaker 2: from the article, these stakes have already corrupted American businesses.
• 51:39
  Speaker 2: The Trump administration exercised its golden share of US Steel
• 51:42
  Speaker 2: last year to prevent the company from shutting down production
• 51:46
  Speaker 2: of an antiquated Illinois plant, And when Apple CEO Tim
• 51:51
  Speaker 2: Cook visited the White House in August twenty twenty five
• 51:55
  Speaker 2: to lobby for a tariff exemption, Trump and Commerce secret
• 52:00
  Speaker 2: Howardalytic reportedly pressured Crook to manufacture Apple chips using Intel's factories.
• 52:09
  Speaker 2: Apple ultimately received the tariff carve out. Then ten months later,
• 52:16
  Speaker 2: Trump announced and took credit for a deal between Apple
• 52:20
  Speaker 2: and Intel that reportedly blindsided Intel's own Executives in Nvidia
• 52:27
  Speaker 2: and SpaceX have announced tie ups of their own with Intel,
• 52:32
  Speaker 2: reportedly under similar pressure from the White House. Japan's Soft Bank, meantime, meanwhile,
• 52:40
  Speaker 2: invested two billion dollars into Intel days after the government's
• 52:44
  Speaker 2: stake was first leaked, in line with the firm's history
• 52:48
  Speaker 2: of splashy spending to curry favor with Washington. Government favoritism
• 52:56
  Speaker 2: has shown itself in other ways. To three months after
• 53:00
  Speaker 2: the Pentagon invested one billion dollars into L three Harus's
• 53:03
  Speaker 2: rocket motor unit. The Trumpe administration and Lockeed Martin handed
• 53:08
  Speaker 2: the firm two contracts to dramatically expand missile propulsion systems arrangements.
• 53:15
  Speaker 2: L three hours described as its largest today. Critical minerals
• 53:20
  Speaker 2: firm JM Materials, received the administration's very first equity stake
• 53:25
  Speaker 2: in July twenty twenty five and signed a contract with
• 53:28
  Speaker 2: a government that guaranteed mineral purchases at a price flow
• 53:33
  Speaker 2: well above the market rade. The deals have also invited Coneism,
• 53:39
  Speaker 2: I mean everything we've talked about so far as meet Coniism,
• 53:42
  Speaker 2: but more Coroneism. The Pentagon's Office of Strategic Capital, with
• 53:46
  Speaker 2: as much as two hundred billion dollars in lending capacity,
• 53:50
  Speaker 2: is run by a former Servius Capital Management private equity
• 53:54
  Speaker 2: executive whose old firm invests in the same industries. One beneficiary,
• 54:00
  Speaker 2: Volcan Elements, is backed by Donald Trump Junior's venture capital
• 54:04
  Speaker 2: firm Letnix forma investment fon is connected to US a
• 54:09
  Speaker 2: rare earth which is not partially state owned, and the
• 54:14
  Speaker 2: President himself has disclosed minrid stock trades involving Intel and
• 54:20
  Speaker 2: other companies either with government ownership or in the state
• 54:23
  Speaker 2: back firm's close orbit. They are just These are just
• 54:32
  Speaker 2: the scene costs member of us yet seen and unseen
• 54:36
  Speaker 2: the broken window. The unseen ones are bigger as expected.
• 54:40
  Speaker 2: Speculators are investing billions of dollars in companies based on
• 54:45
  Speaker 2: perceived political momentum rather than the company's actual performance or promise.
• 54:52
  Speaker 2: You know, if Intel share price had followed the growth
• 54:55
  Speaker 2: rate a broader semiconductor industry over the past year, its
• 54:58
  Speaker 2: market capitalization would been two hundred and sixty eight billion
• 55:01
  Speaker 2: dollars less than it is now. Not all these billions
• 55:06
  Speaker 2: reflect an undone, unearned political premium, although who knows Intel
• 55:12
  Speaker 2: CEO lip Bouton's turnaround plants borne some food, but a
• 55:17
  Speaker 2: good chunk of them surely do. The company's lynchmin foundering
• 55:22
  Speaker 2: business is still hemorrhaging money. And Trump's announcement of still
• 55:27
  Speaker 2: unconfirmed Apple deal, you know that alone inflated Intel's market
• 55:32
  Speaker 2: cap by ten billions, tens of billions in a single day.
• 55:37
  Speaker 2: By the way, he did that on true social And
• 55:40
  Speaker 2: if he'd had this program or you could get the
• 55:42
  Speaker 2: true social post before the rest of the public, you
• 55:45
  Speaker 2: could have traded on that and made a fortune. This
• 55:52
  Speaker 2: I go on from Scotland Skips article this textbook. Capital
• 55:56
  Speaker 2: misallocation has sped beyond Intel. Hedge funds reportedly betting against
• 56:01
  Speaker 2: MP Materials and other US critical materials companies because their
• 56:05
  Speaker 2: stocks are being seen to be growing based on political rhetoric,
• 56:10
  Speaker 2: not economic substance. Other investors have opening began pricing stocks
• 56:15
  Speaker 2: based on firms coziness with Trump. All these dollars a
• 56:20
  Speaker 2: finite capital that cannot go to other more deserving American companies,
• 56:26
  Speaker 2: and that means lower growth down the road. Any taxpayer
• 56:31
  Speaker 2: gain from government investments, meanwhile, is an illusion twice over. First,
• 56:36
  Speaker 2: profits are realized only if the government sells, an unlikely
• 56:40
  Speaker 2: move because private investors would abandon the firms too. If
• 56:44
  Speaker 2: the government sold, the price would plummet. Second, the government's
• 56:49
  Speaker 2: would fall is so far driven by just Intel strip
• 56:52
  Speaker 2: it out and the picks to return very little. Several
• 56:56
  Speaker 2: of them, in fact, traded lower in early August than
• 57:00
  Speaker 2: when the government bought in. Even Intel's premium is not guaranteed.
• 57:05
  Speaker 2: The start dropped almost forty percent from June to August,
• 57:09
  Speaker 2: as investor's question both the AI boom and the company's turnaround. Unsurprisingly,
• 57:16
  Speaker 2: Trump didn't brag about that. These are the most serious
• 57:22
  Speaker 2: problems from the Intel deal, but there are others. A
• 57:26
  Speaker 2: government investment signals that unbacked rivals are riskyer bets, raising
• 57:31
  Speaker 2: the cost of capital and creating an invisible barrier to
• 57:34
  Speaker 2: new ideas and market entrants. Absolutely, most of the deals
• 57:39
  Speaker 2: of dubious legality, and there are no rules surrounding what
• 57:42
  Speaker 2: an administration can buy, what information it must disclose, when
• 57:46
  Speaker 2: it can sell, how it reports to Congress. The clearest
• 57:50
  Speaker 2: talent in this god is that depending Defense Policy Bill
• 57:54
  Speaker 2: would only now explicitly authorize the Pentagon to take ownership
• 57:58
  Speaker 2: stakes project to certain guardrails. The legislative provisions get the
• 58:04
  Speaker 2: solution exactly backwards. Instead of authorizing government equity deals, Congress
• 58:09
  Speaker 2: has set hard terms for investment. Now, yeah, Congo should
• 58:14
  Speaker 2: demand these stocks to be sold before the government holding
• 58:18
  Speaker 2: the government's holdings become a permanent feature of the year's
• 58:22
  Speaker 2: economy and a permanent departure from America's free enterprise system.
• 58:28
  Speaker 2: The United States has spent years explaining to the rest
• 58:31
  Speaker 2: of the world that governments make lousy shareholders. It would
• 58:36
  Speaker 2: be a shame to prove it well. It already has
• 58:41
  Speaker 2: proved it. Good for Scott for talking about this. Very
• 58:45
  Speaker 2: few people are. It's a huge issue and it's an
• 58:48
  Speaker 2: issue that needs needs, needs to be elaborated on. All right,
• 58:57
  Speaker 2: the wall. You know, Trump has promised a wall on
• 59:00
  Speaker 2: the southern border, and indeed in a second term he
• 59:03
  Speaker 2: has a lot more money and a lot more energy,
• 59:06
  Speaker 2: and they are out there building a wall in the
• 59:08
  Speaker 2: southern border. As illegal immigration has plummeted and basically down
• 59:13
  Speaker 2: to an insignificant trickle. We are now building a wall
• 59:16
  Speaker 2: to protect us from I'm not sure exactly what, but
• 59:20
  Speaker 2: we're going to have a wall and we're going to
• 59:21
  Speaker 2: be protected from that ambiguous something soon. In the meantime,
• 59:28
  Speaker 2: there are some conflicts around this wall. One of them
• 59:34
  Speaker 2: is one of the big conflicts that recently the Trump administered.
• 59:39
  Speaker 2: The contractors have moved bulldozers and building equipment and road
• 59:47
  Speaker 2: building equipment to start building a wall in a part
• 59:53
  Speaker 2: of West Texas, which is where Big Band National Park is,
• 59:58
  Speaker 2: Big Band Ranch State Park is, and a bunch of
• 1:00:01
  Speaker 2: Svalding Wildlife refuges, wildlife areas, and even private land. All
• 1:00:08
  Speaker 2: this makes up five hundred and seventeen mile long Big
• 1:00:12
  Speaker 2: Bend sector of the border. Now here's the thing about
• 1:00:15
  Speaker 2: the Big Bend sector of the border. Illegal immigrants don't
• 1:00:20
  Speaker 2: come here. They don't come here because it's really, really
• 1:00:24
  Speaker 2: difficult to traverse. This is an area where the Rio
• 1:00:28
  Speaker 2: Grande is on both sides of the area Grandea are
• 1:00:31
  Speaker 2: steep and high cliffs surround of bay mountains, all desert.
• 1:00:40
  Speaker 2: Something like lessen two percent. You know, yeah, one point
• 1:00:45
  Speaker 2: of illegal crossings last year came through this area, and
• 1:00:50
  Speaker 2: if you look at just the National Park it drops
• 1:00:54
  Speaker 2: to point zero four five percent, so almost nothing. And
• 1:01:00
  Speaker 2: yet they want to build a wall here and roads
• 1:01:05
  Speaker 2: and fences. And this is part of Texas that sees
• 1:01:12
  Speaker 2: a lot of tourism that there's a lot of private
• 1:01:16
  Speaker 2: land here there again the National parks here and the
• 1:01:22
  Speaker 2: local community which constitutes primarily kind of big town conservatives,
• 1:01:28
  Speaker 2: supporters of Trump waking out it were suddenly you have
• 1:01:33
  Speaker 2: a wall blocking the canyon, the view of the canyon,
• 1:01:38
  Speaker 2: ability to enjoy the canyon. So huge fight going on
• 1:01:44
  Speaker 2: over there. The bulldozers have shown up, they've started construction.
• 1:01:47
  Speaker 2: The construction was stopped while the Department of Homeland Security
• 1:01:54
  Speaker 2: had is going to come down and check out what's
• 1:01:56
  Speaker 2: going on. Generally, Texas senators and the governor and everybody
• 1:02:02
  Speaker 2: else is pretty quiet about this, that they don't want
• 1:02:04
  Speaker 2: a confrontation with the Trump administration. But the constituency is
• 1:02:09
  Speaker 2: yelling and shouting, and you know there's a major conflict.
• 1:02:15
  Speaker 2: But this is the thing again, this is not serving
• 1:02:19
  Speaker 2: any purpose. There's no illegal immigrants coming across this part
• 1:02:23
  Speaker 2: of the border. It's building a wall for the sake.
• 1:02:26
  Speaker 2: I'm building a wall. It's virtue signaling. It's simply the
• 1:02:30
  Speaker 2: voters see I said I'd build a wall, and I
• 1:02:32
  Speaker 2: built one. So it's going to be interesting to watch
• 1:02:40
  Speaker 2: whether these conservatives in South Texas back off, whether they
• 1:02:44
  Speaker 2: fight this, how rigorously they fight it, if the wall
• 1:02:49
  Speaker 2: is going to go through their private land, or they
• 1:02:50
  Speaker 2: can insist on their property rights. How this plays out
• 1:02:57
  Speaker 2: is going to be, you know, super interesting to watch.
• 1:03:02
  Speaker 2: What stand does the government of Texas take. What standard Paxton,
• 1:03:06
  Speaker 2: who is the Republican senator running for a Senate seat
• 1:03:12
  Speaker 2: in Texas in what appears to be a pretty close
• 1:03:16
  Speaker 2: race against a Democrat in Texas. How is this going
• 1:03:19
  Speaker 2: to play into that? So you know, for example, they
• 1:03:27
  Speaker 2: just give one example here, just downstream of National Park,
• 1:03:31
  Speaker 2: they're currently planning to build one hundred and forty miles
• 1:03:35
  Speaker 2: of continuous steel barrier and a paved road, all brand new,
• 1:03:41
  Speaker 2: and all through wild country, through public land, private land,
• 1:03:45
  Speaker 2: all the way down to what's called bell Real. A
• 1:03:48
  Speaker 2: four foot steel barrier to prevent vehicles from crossing in
• 1:03:52
  Speaker 2: remote and rugged areas is more ridiculous than the idea
• 1:03:55
  Speaker 2: of a thirty foot wall. As somebody says, where these
• 1:04:00
  Speaker 2: vehicles are going to come from. Vehicles are not driving
• 1:04:04
  Speaker 2: across the middle of the desert, scaling cliffs and then
• 1:04:09
  Speaker 2: driving across the river and then continuing north. This is
• 1:04:14
  Speaker 2: particularly hard, a complete slap in the face of taxpayers.
• 1:04:21
  Speaker 2: And then you know, he continues, it's only that people
• 1:04:25
  Speaker 2: outside this region that want the wall just because they
• 1:04:28
  Speaker 2: think it's like the rest of the border. But I
• 1:04:31
  Speaker 2: don't know if anyone here that wants it. It's just
• 1:04:34
  Speaker 2: that locals against it. Isn't that locals against border security.
• 1:04:39
  Speaker 2: They just want border security that works, rather than wasteful
• 1:04:42
  Speaker 2: spending on something that is performative. This is exactly what
• 1:04:47
  Speaker 2: this whole exercise is. All right, Let's see, we talked
• 1:04:52
  Speaker 2: about tariffs yesterday. You don't have to worry, you don't
• 1:04:57
  Speaker 2: have to be fifty percent higher prices on Canadian goods.
• 1:05:01
  Speaker 2: You your taxes have not gone up that much because
• 1:05:04
  Speaker 2: Trump is delayed, delayed the the fifty percent tariffs and
• 1:05:09
  Speaker 2: Canadians uh for three days while they continue to negotiate. Supposedly,
• 1:05:16
  Speaker 2: he made real progress in his conversation with Connie yesterday
• 1:05:21
  Speaker 2: and the Canadians are cutting a deal and compromising and
• 1:05:25
  Speaker 2: getting some something going. So hopefully within the next three
• 1:05:29
  Speaker 2: days it'll be announced that we will not get punitive
• 1:05:33
  Speaker 2: tariffs on on Canadian goods. There's also some hope, although
• 1:05:43
  Speaker 2: why this is related to the tariffs, I don't know.
• 1:05:46
  Speaker 2: Some hope about restarting the Keystone XL pipeline, which was
• 1:05:52
  Speaker 2: killed by President Biden, that it would it would get
• 1:05:57
  Speaker 2: restarted and actually built, although it's not clear it's needed anymore.
• 1:06:02
  Speaker 2: The reality is now that the United States gets oil
• 1:06:04
  Speaker 2: from Venezuela. The oil and Ventuila is very similar to
• 1:06:08
  Speaker 2: the oil coming from Canada. It doesn't really need Canadian oil.
• 1:06:13
  Speaker 2: It's refineries can just take Venezuela and oil and use it.
• 1:06:17
  Speaker 2: But you know, having a pipeline, having another option never
• 1:06:21
  Speaker 2: a bad idea. So if there's a real if private
• 1:06:26
  Speaker 2: money is willing to build the pipeline, then it should
• 1:06:30
  Speaker 2: be built. It should be built, just a matter of
• 1:06:33
  Speaker 2: getting government permits and then you know, compensating private landowners
• 1:06:39
  Speaker 2: for building the thing through their land. Let's see a
• 1:06:44
  Speaker 2: couple more stories, a few more stories. When was it
• 1:06:48
  Speaker 2: earlier this week? Earlier this week? I think it was Monday,
• 1:06:52
  Speaker 2: maybe or Tuesday. It was Tuesday, early Tuesday, early Tuesday,
• 1:06:57
  Speaker 2: Israeli air force attacked a Syrian force base a Boudouha,
• 1:07:07
  Speaker 2: and he has been comments on it, and today is
• 1:07:10
  Speaker 2: Will admitted to having attacked it. And it's clear why
• 1:07:13
  Speaker 2: it attacked it. Is those struct the base a few
• 1:07:17
  Speaker 2: hours after Turkish delegation had visited it in order to
• 1:07:21
  Speaker 2: say it for use by the Turkish military. The Tookish
• 1:07:29
  Speaker 2: delegation that visited the air base to view how to
• 1:07:33
  Speaker 2: rehabilitate the air base so again Turkey could use it.
• 1:07:40
  Speaker 2: Turkey could use it. ISO has made it clear to
• 1:07:43
  Speaker 2: Syria they would not accept Turkish troops, Turkish force, Turkish
• 1:07:49
  Speaker 2: presence in Syria and therefore on the Israel on Israel's border.
• 1:07:54
  Speaker 2: Is considers turki a potential enemy state. And the bombing
• 1:08:01
  Speaker 2: of the air base, which I don't think killed anybody
• 1:08:05
  Speaker 2: was basically to send a message. If you don't, we
• 1:08:11
  Speaker 2: will destroy whatever Turkey built hit We will not allow
• 1:08:15
  Speaker 2: Turki to establish a military base in Syria. Right now,
• 1:08:22
  Speaker 2: Turkey is denying all this and saying that these untenable
• 1:08:26
  Speaker 2: allegations intended to legitimize Israel's unlawful astikes targeting serious subeignty,
• 1:08:33
  Speaker 2: seignty and territory integrity. Uh and on and on and
• 1:08:37
  Speaker 2: on about Israel. But this is this is what Israel.
• 1:08:42
  Speaker 2: This is iss now new path of strategic dissurance, which
• 1:08:47
  Speaker 2: I think is a is an important and positive move
• 1:08:51
  Speaker 2: post October seventh, at least as of now, Israel has
• 1:08:55
  Speaker 2: decided it is not going to wait for the enemy
• 1:09:00
  Speaker 2: to strike it before taking military reaction. Israel is now
• 1:09:06
  Speaker 2: on the premise of preemption. If it suspects that you
• 1:09:12
  Speaker 2: are planning or going to do something against it, it
• 1:09:14
  Speaker 2: will attack. This is why Israel has taken land in
• 1:09:18
  Speaker 2: Syria to create a security zone. This is why it's
• 1:09:21
  Speaker 2: taken land in Lebanon to create a security zone. It
• 1:09:25
  Speaker 2: is not going to allow the invasion of Israeli territory
• 1:09:29
  Speaker 2: by surprise. Again. It is to create zones to protect
• 1:09:34
  Speaker 2: it when it fears that somebody is going to you know,
• 1:09:43
  Speaker 2: that somebody has offensive intentions, then Israel will attack, will
• 1:09:52
  Speaker 2: attack well in advance. So now you know, the Abu
• 1:10:02
  Speaker 2: Dua Airbase lies at a strategic location near the borders
• 1:10:05
  Speaker 2: between three different provinces in Turkey. During the time of
• 1:10:12
  Speaker 2: former Syrian president RuSHA al Aasad, it had MEEK twenty
• 1:10:17
  Speaker 2: threes and MEEK twenty one fighter jets and L thirty
• 1:10:19
  Speaker 2: nine aircraft operated out of there. You know, Turkey is
• 1:10:25
  Speaker 2: the country that supported the rebellion against Asad, and the
• 1:10:30
  Speaker 2: new government in Syria is basically supported by the Tuks.
• 1:10:38
  Speaker 2: The Tooks also supporting Siria's effort to rebuild its own forces.
• 1:10:44
  Speaker 2: The training Syria Syrian personnel at the Turkish military schools
• 1:10:48
  Speaker 2: and bases, that's supplying them with equipment and logistical and logistics.
• 1:10:53
  Speaker 2: Remember Trump is super friendly with Syria's a president, the
• 1:11:00
  Speaker 2: former al Qaeda and ISIS commander, and Syrian troops are
• 1:11:07
  Speaker 2: even taking part in military exercises. What took you so?
• 1:11:13
  Speaker 2: And and Ankova has you know said that Syrian security
• 1:11:20
  Speaker 2: is not separate from turki security. Uh so it's going
• 1:11:25
  Speaker 2: to be interesting. There's gonna be a real I think
• 1:11:29
  Speaker 2: there's gonna be a lot of hostilities in Syria around
• 1:11:34
  Speaker 2: you know who. You know, whether the extent to which
• 1:11:38
  Speaker 2: Tuki is allowed to have significant, significant influence within the
• 1:11:44
  Speaker 2: country and a military presence within now you know, we
• 1:11:50
  Speaker 2: will see, we will see what happens. But imagine a
• 1:11:54
  Speaker 2: military conflict between Israel and Turkey. Tooki is a NATO member.
• 1:12:01
  Speaker 2: Military conflict with Israel would trigger Article five. The United
• 1:12:06
  Speaker 2: States and NATO would have to come to the support
• 1:12:08
  Speaker 2: of Turkey against Israel. Talk about complexity and conflicts of interest,
• 1:12:16
  Speaker 2: but this is the problem of having an Islamist like
• 1:12:20
  Speaker 2: Erdegan in NATO. Erdigan is an outspoken critic of Israeliti
• 1:12:27
  Speaker 2: policies towards Palestinians. He is a potential ally of Iran,
• 1:12:35
  Speaker 2: and he is being a vocal support of Ramas. So
• 1:12:41
  Speaker 2: the place to watch, I guess in the Middle East
• 1:12:45
  Speaker 2: is going to be is going to be Tuki. It's
• 1:12:48
  Speaker 2: going to be Israel Tuki rather than Israel Iran as
• 1:12:52
  Speaker 2: Yuan has been weakened significantly now we can significantly, and
• 1:12:56
  Speaker 2: yet in some ways it's stronger. We'll see what happens
• 1:12:59
  Speaker 2: with Iran as we move into the future. All right,
• 1:13:03
  Speaker 2: quickly to talk about the primis yesterday in Florida. Interesting
• 1:13:06
  Speaker 2: a few things. One is a Democratic socialist one of
• 1:13:10
  Speaker 2: the primaries on the Democratic side to run for the
• 1:13:13
  Speaker 2: Senate in Florida. I doubt you could win. Florida is
• 1:13:17
  Speaker 2: a red state, and maybe a moderate Democrat could win.
• 1:13:23
  Speaker 2: I don't think a socialist can win Florida, but we
• 1:13:26
  Speaker 2: will see. The amazing thing about the victory Angie Nixon
• 1:13:30
  Speaker 2: is her name, is that she came out of nowhere.
• 1:13:33
  Speaker 2: Nobody expected it. Alexander Vindmann, who was was the moderate
• 1:13:39
  Speaker 2: Democrat running. He was leading, He was way ahead in
• 1:13:44
  Speaker 2: the polls, and money wise, he had ten xd or
• 1:13:49
  Speaker 2: more the amount of money he'd raised, an amount of
• 1:13:51
  Speaker 2: money he spent. Nixon spent almost no money. And you know,
• 1:13:56
  Speaker 2: she's a full out member of the totally committed to
• 1:14:02
  Speaker 2: the far less left of the Democratic Party. She raised
• 1:14:10
  Speaker 2: less than a million bucks. He raised sixteen point three
• 1:14:15
  Speaker 2: and she got fifty six percent of the vote. She
• 1:14:18
  Speaker 2: didn't win by a small amount, she crushed him. So yeah,
• 1:14:28
  Speaker 2: it's it's going to be interesting to see what happens
• 1:14:31
  Speaker 2: in November. How many of these Democratic socialists or you know,
• 1:14:36
  Speaker 2: far left democrats actually win statewide election. They're winning, they're
• 1:14:43
  Speaker 2: winning nominations, they're winning the primaries. Can they win an
• 1:14:48
  Speaker 2: actual state white election. We will find out. The Republican
• 1:14:53
  Speaker 2: is actually Moody Will who will be the Republican candidate
• 1:14:59
  Speaker 2: for the Senate. She was picked by DeSantis to replace
• 1:15:03
  Speaker 2: marcol Rubio when he became Secretary of State last year,
• 1:15:07
  Speaker 2: so she's a sitting senator and she's running for full
• 1:15:09
  Speaker 2: term in November. Also in Florida, in the governor's race,
• 1:15:20
  Speaker 2: the you know, the there was no surprise there. Brian Donalds,
• 1:15:28
  Speaker 2: a Republican, the state's first black Republican governor if he wins,
• 1:15:34
  Speaker 2: won the primary, and he wanted pretty comfortably. Fishburne Fisherman,
• 1:15:40
  Speaker 2: whatever his name is, the racist, the racist guy who
• 1:15:45
  Speaker 2: was running running for governor. H came in third, distant
• 1:15:52
  Speaker 2: third behind Donalds and somebody called j Collins who was
• 1:15:55
  Speaker 2: the state litant governor, so he didn't really resident. However,
• 1:15:59
  Speaker 2: he is a scary thing about fish fish Bank. Fish
• 1:16:01
  Speaker 2: Bank is an explicit racist, anti semitees. The scary thing
• 1:16:08
  Speaker 2: is he won the districts where the universities are. He
• 1:16:14
  Speaker 2: won the student vote. He won the Republican student vote.
• 1:16:19
  Speaker 2: Young Republicans now are racists. Young Republicans now are anti Semites.
• 1:16:27
  Speaker 2: So not good for the future, not good for the
• 1:16:32
  Speaker 2: future of the Republican Party. A Trump candidate lost in Wyoming. Uh,
• 1:16:41
  Speaker 2: you know, Trump's taken a few hits over the last
• 1:16:43
  Speaker 2: few primaries. But again no, no big news other than
• 1:16:49
  Speaker 2: other than those And and just to remind you, d say,
• 1:16:53
  Speaker 2: the Democratic social of America this is these guys are
• 1:16:57
  Speaker 2: a real communists, the Maoist Maoists. Uh. And we talked
• 1:17:08
  Speaker 2: about mao I talked about Mao with Nikos on Saturdays.
• 1:17:12
  Speaker 2: So you want to know how bad maoists saw, check
• 1:17:15
  Speaker 2: out the show I did with Nikos. And you have
• 1:17:17
  Speaker 2: today Ellen Chewton, the Democratic Party. Who are Maoists. It's
• 1:17:22
  Speaker 2: kind of spooky, very spooky. So again we'll see what
• 1:17:29
  Speaker 2: happens in November. Uh it is, I mean, who do
• 1:17:33
  Speaker 2: you root for the you know, Maoists or the or
• 1:17:39
  Speaker 2: the you know, anti Semitic racist you know, uh, right wing?
• 1:17:44
  Speaker 2: You know, I don't know. I mean they're all crease
• 1:17:47
  Speaker 2: a pox in all the houses. All right, let's move
• 1:17:52
  Speaker 2: to some good news. Got a few good news stories.
• 1:17:55
  Speaker 2: One is this is kind of interesting. I've noticed recently
• 1:17:59
  Speaker 2: there's more and more talk about Sweden, and the talk
• 1:18:03
  Speaker 2: is the Sweden is not a successful socialis country. It's
• 1:18:10
  Speaker 2: pretty successful, but it's pretty successful because it abandoned socialism,
• 1:18:18
  Speaker 2: because it's one of the most free market countries in
• 1:18:21
  Speaker 2: the world, certainly in Europe, probably the most in Europe.
• 1:18:28
  Speaker 2: For Zechariah, a CNN commentator, it kind of a middle
• 1:18:34
  Speaker 2: of the road, standard mixed economy type Kinesian leans Knes.
• 1:18:40
  Speaker 2: How's a video out. It's a five and a half
• 1:18:44
  Speaker 2: minute video explaining that Sweden has become successful because it
• 1:18:53
  Speaker 2: abandoned socialism. His kind of his tweet introducing the video,
• 1:18:59
  Speaker 2: and the video is worth watching. For decades, Sweden was
• 1:19:02
  Speaker 2: known for its inclusive welfare state and its strong voice
• 1:19:05
  Speaker 2: in human rights. But recently the country has come to
• 1:19:08
  Speaker 2: his example, something very different, you know, he says, an
• 1:19:12
  Speaker 2: ultra capitalist haven with an increasingly tough approach and immigration.
• 1:19:18
  Speaker 2: So Sweden is now being recognized, and I saw some
• 1:19:23
  Speaker 2: other videos around the same thing. Finally being recognized that
• 1:19:27
  Speaker 2: the success that Sweden's had, it has more entrepreneurs, more billionaires,
• 1:19:32
  Speaker 2: more what do you call it? More large billion dollar
• 1:19:38
  Speaker 2: unicorn companies than any country in Europe, cerillly on a
• 1:19:42
  Speaker 2: a capita basis. And the reason for that and the
• 1:19:46
  Speaker 2: reason for the relative wealth and Sweden is the government
• 1:19:50
  Speaker 2: has shrunk. Governors deregulated, government has gotten out of the economy.
• 1:19:59
  Speaker 2: I mean saying that for I don't know when my
• 1:20:02
  Speaker 2: uron Answers video went up about Sweden, but I think
• 1:20:06
  Speaker 2: it's over ten yars now, twelve years ago. It seems
• 1:20:09
  Speaker 2: like the mainstream is catching up with me. That's always good. Finally,
• 1:20:13
  Speaker 2: that's good news. A couple of good news stories about China.
• 1:20:21
  Speaker 2: A Chinese logistics company has launched what it says is
• 1:20:26
  Speaker 2: the first regular cargo service between Asia and Europe via
• 1:20:31
  Speaker 2: the Arctic Ocean. So it's it's going to send its
• 1:20:40
  Speaker 2: ships from Ningbo, that's the port in China towards the
• 1:20:48
  Speaker 2: UK along Russia's Northern Sea route. Now, the Arctic Group
• 1:20:55
  Speaker 2: could cut Asia Europe transit times dramatically compared with ships
• 1:21:00
  Speaker 2: diverting around Africa. And one of the reasons that going
• 1:21:03
  Speaker 2: around Africa is because of the hutis are basically shutting
• 1:21:06
  Speaker 2: down traffic through the canal. It also, of course allows
• 1:21:11
  Speaker 2: China to reduce the liability insurance costs of going through
• 1:21:16
  Speaker 2: the Red Sea. The company it's called the company is
• 1:21:21
  Speaker 2: called Sea Legend reportedly plans eight voyages before late October,
• 1:21:26
  Speaker 2: when winter ice closes the seasonal corridor. So this is
• 1:21:31
  Speaker 2: really interesting and you know, good for the Chinese, increasing globalization,
• 1:21:39
  Speaker 2: increasing efficiency of trade, shortening the route it you know,
• 1:21:44
  Speaker 2: now it's it's you know, this is part of it's
• 1:21:49
  Speaker 2: getting closer to Russia, which is not a good thing.
• 1:21:53
  Speaker 2: And this is going to hug the coast of Russia
• 1:21:56
  Speaker 2: warmer waters where the ice the sea is not and
• 1:22:01
  Speaker 2: it can shuttle. But shorter trading routes a good thing,
• 1:22:05
  Speaker 2: a positive thing, and you know it is it is
• 1:22:09
  Speaker 2: a little It's amazing how people will adapt. When you
• 1:22:15
  Speaker 2: close one shipping route, that'll look for others. You know,
• 1:22:19
  Speaker 2: the the through the Arctic would take that route from
• 1:22:23
  Speaker 2: China to England about twenty days, through the SEUs Canal
• 1:22:26
  Speaker 2: forty days, and I think if you have to go
• 1:22:29
  Speaker 2: round Africa it's something like sixty days. So it's by
• 1:22:34
  Speaker 2: half or by a third, cutting time. Awesome. From China.
• 1:22:42
  Speaker 2: China is testing a different way to automatic automated trucking
• 1:22:47
  Speaker 2: instead of replacing every truck at once. One driver can
• 1:22:51
  Speaker 2: lead a convoy, the autonomous trucks just follow behind. Now
• 1:22:58
  Speaker 2: you know this could this could speed up use of
• 1:23:01
  Speaker 2: automated trucks and improve it. And there's a video here.
• 1:23:07
  Speaker 2: This is on a tweet from Blake Scholes. They have
• 1:23:14
  Speaker 2: really really cool automated trucks. They look really cool. So
• 1:23:18
  Speaker 2: there's a video who of some of the different models
• 1:23:20
  Speaker 2: that they are using. But they don't even have the
• 1:23:23
  Speaker 2: pretense of a of a cab that a driver would
• 1:23:29
  Speaker 2: sit in. That's all gone. And it's just basically a
• 1:23:33
  Speaker 2: fun thing with the radars and all of that and
• 1:23:36
  Speaker 2: the ability to steer the thing. So really cool trucks
• 1:23:39
  Speaker 2: coming out of out of China. Cool technology, cool innovation,
• 1:23:45
  Speaker 2: cool progress, and you know, innovation in logistics and in
• 1:23:51
  Speaker 2: driver those vehicles. Now, this is what Blake writes about this.
• 1:23:54
  Speaker 2: Blake shows is the CEO of Boom. He writes, the
• 1:23:57
  Speaker 2: idea that China is winning only because of cheap, plentiful
• 1:24:01
  Speaker 2: labor is at best obsolete. It never was the case.
• 1:24:08
  Speaker 2: It never was the case, or maybe it was the
• 1:24:10
  Speaker 2: case in the in the eighties and early nineties, but
• 1:24:12
  Speaker 2: it wasn't the case recently. China has lots of engineers.
• 1:24:17
  Speaker 2: That's why Apple likes him. China has entrepreneurs. Chinese are innovating,
• 1:24:25
  Speaker 2: and these trucks an example of that. And I'm sure
• 1:24:30
  Speaker 2: the regulatory barriers to get these trucks on the road
• 1:24:33
  Speaker 2: in China are much lower than the regulatary barriers in
• 1:24:37
  Speaker 2: the United States. All right, Mardona, mRNA vaccines. I know
• 1:24:45
  Speaker 2: your favorite topic. Some of you love this topic, but
• 1:24:48
  Speaker 2: mRNA vaccines. So phase three mRNA vaccine results in for
• 1:24:58
  Speaker 2: a prevent for a for cancer vaccine. I'm reading for
• 1:25:04
  Speaker 2: the Law Seat Journal an experiment on mRNA vaccine based
• 1:25:08
  Speaker 2: vaccine succeeded in preventing cancer from coming back or spreading
• 1:25:13
  Speaker 2: in a study of high risk melanoma patients. MODERNA, MODERNA, Evil,
• 1:25:18
  Speaker 2: MODERNA and its apartment. Mook said was they're paving the
• 1:25:23
  Speaker 2: way for potentially new life saving, extending treatment for the
• 1:25:27
  Speaker 2: thousands of people diagnosed with deadly skin cancer each year.
• 1:25:32
  Speaker 2: Now note that this is not just hypothetical, This is
• 1:25:35
  Speaker 2: not in mice, This is not phase one to phase two.
• 1:25:38
  Speaker 2: This is phase three trials. So we're talking about very
• 1:25:42
  Speaker 2: close to being approved by the FDA. Maderna shares doubled
• 1:25:50
  Speaker 2: before trading even started. Mook gained more than ten percent.
• 1:25:57
  Speaker 2: The companies were on track to add more than fIF
• 1:26:00
  Speaker 2: fifty billion dollars in market capitalization combined. To study looked
• 1:26:06
  Speaker 2: at people who had surgery to remove a melanoma. The
• 1:26:09
  Speaker 2: point of the treatment was to reduce the risk of
• 1:26:11
  Speaker 2: it coming back, the company said. The late stage study,
• 1:26:15
  Speaker 2: which tested the personalized cancer vaccine intis miran into semran
• 1:26:24
  Speaker 2: in combination with Mook's blockbuster cancer immunotherapy k Truda, met
• 1:26:30
  Speaker 2: its main goal of extending the time before cancer returns
• 1:26:33
  Speaker 2: in high risk patients. The study also met a secondary
• 1:26:37
  Speaker 2: goal of preventing the disease from spreading the different organs.
• 1:26:42
  Speaker 2: Putty important goal. If you ask me, I have a
• 1:26:45
  Speaker 2: feeling that this is just the beginning of a new field,
• 1:26:49
  Speaker 2: said Jane Healey, vice president of oncology at MURK, adding
• 1:26:55
  Speaker 2: the goal for patients says, quote to give them long
• 1:26:58
  Speaker 2: To give them longer without having to worry about treatments
• 1:27:02
  Speaker 2: for cancer, so without chemotherapy, So super exciting. Investors and
• 1:27:09
  Speaker 2: resources researchers are going to be watching closely. You know
• 1:27:14
  Speaker 2: how effective this lands of being and they're going to
• 1:27:17
  Speaker 2: be looking for other cancer vaccines mRNA treatments. The results
• 1:27:23
  Speaker 2: marked the first successful late stage trial for personalized mRNA
• 1:27:28
  Speaker 2: cancer therapy, validating you know, decades of research into these
• 1:27:33
  Speaker 2: kind of treatments by companies like Moderna. For Maderna, this
• 1:27:38
  Speaker 2: could pave the way for an entry into the two
• 1:27:40
  Speaker 2: hundred and forty plus billion cancer drug market, a boon
• 1:27:45
  Speaker 2: for company that has been dependent so far on COVID
• 1:27:48
  Speaker 2: nineteen vaccine sales, which of course have been falling. So yeah,
• 1:27:54
  Speaker 2: this is super exciting, super interesting and opens up lots
• 1:28:00
  Speaker 2: of other potential for lots of other types of cancer.
• 1:28:08
  Speaker 2: All right, Mario, Yeah, oh no, what am I talking about?
• 1:28:13
  Speaker 2: This is just a story about when they're not nearly doubled.
• 1:28:16
  Speaker 2: And uh, let's see, did I have another story? I
• 1:28:21
  Speaker 2: think that was it? All right, let me just check
• 1:28:26
  Speaker 2: one second. Yeah, just one more China story, one more
• 1:28:33
  Speaker 2: China story, and uh, you know that'll be it. A
• 1:28:38
  Speaker 2: private Chinese company land space methane fueled Zook three reached orbit.
• 1:28:47
  Speaker 2: This is a This is a rocket reached orbit and
• 1:28:51
  Speaker 2: then vertically landed its first stage on legs approximately three
• 1:28:55
  Speaker 2: hundred and ninety kilometers downrange. It's the first Chinese orbital
• 1:29:00
  Speaker 2: recovered this way. It's a genuine operating achievement and a
• 1:29:05
  Speaker 2: company's second attempt being another private competitor. This is a
• 1:29:09
  Speaker 2: private company into the reusable launch technology that was pioneered
• 1:29:14
  Speaker 2: by SpaceX. So SpaceX is way ahead on this, but
• 1:29:18
  Speaker 2: a number of companies now are catching up. And this
• 1:29:21
  Speaker 2: is a Chinese company that now has proven that it
• 1:29:25
  Speaker 2: can do the same thing. So yeah, a number of
• 1:29:29
  Speaker 2: positive techt stories coming out of China. I'll take them anything.
• 1:29:34
  Speaker 2: Anything it makes you in life better. I don't really
• 1:29:37
  Speaker 2: care where it comes from. All Right, that is the
• 1:29:41
  Speaker 2: news for this Wednesday, August nineteenth. And again very very
• 1:29:47
  Speaker 2: very few super chat questions. So not exactly what's going
• 1:29:50
  Speaker 2: on with you guys, but very few super chat questions.
• 1:29:55
  Speaker 2: And maybe it's the time, maybe shifting times, alle times
• 1:29:59
  Speaker 2: yesterday and today. Uh so we will see. But yeah,
• 1:30:02
  Speaker 2: Phil feed to come in with questions. Phil Fiter come
• 1:30:05
  Speaker 2: in with with stickers to support the show. Remember value
• 1:30:08
  Speaker 2: for value, Uh, let's see. Alex Epstein is a sponsor
• 1:30:13
  Speaker 2: of the Around book show al Chepstein dot subsact dot com.
• 1:30:16
  Speaker 2: He's the leading expert on things like you know data centers,
• 1:30:21
  Speaker 2: which we talked about today. They need defending, They need
• 1:30:24
  Speaker 2: a defense, and Alex is well positioned to provide that defense.
• 1:30:29
  Speaker 2: He is also the world's expert of course on fossil fuels,
• 1:30:33
  Speaker 2: on energy on the grid, on environmental regulations. So Alex
• 1:30:39
  Speaker 2: is a go to guide for all of these topics.
• 1:30:41
  Speaker 2: And if you want, if you want to increase your
• 1:30:44
  Speaker 2: knowledge about these things, if you want to be able
• 1:30:47
  Speaker 2: to present better arguments to the people you argue with
• 1:30:50
  Speaker 2: on these things, then check out Alex Epstein dot subsect
• 1:30:54
  Speaker 2: dot com. Uh. Defenders Capitalism dot com is, of course
• 1:31:01
  Speaker 2: the program I'm involved in with Michael Williams, and it
• 1:31:07
  Speaker 2: is we present the content of Defenders of Capitalism. You
• 1:31:11
  Speaker 2: can find it online. We do a defensive Capitalism, a model, philosophical, economic, political,
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  Speaker 2: historical defensive Capitalism at leadstship of the Rockies of the
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  Speaker 2: Year at least ship for the Rockies of the Year.
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• 1:31:27
  Speaker 2: class class. It starts in October. It's second Friday of
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  Speaker 2: since two thousand and three. So you get at least
• 1:31:45
  Speaker 2: two maybe three lectures of me a yeah, maybe more
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  Speaker 2: other objectives lecture there as well, Michael of course lectures there.
• 1:31:51
  Speaker 2: And they are they're recruiting students right now. You can
• 1:31:56
  Speaker 2: find out more information about this in Leadership program dot com.
• 1:32:02
  Speaker 2: Leadership program dot com, Sorry, Leadership program dot org. Leadership
• 1:32:06
  Speaker 2: Program dot org. They're taking applications until the end of
• 1:32:10
  Speaker 2: this month. It's very competitive to get in, but if
• 1:32:14
  Speaker 2: you're interested, you should apply. Certainly, if you live in Colorado,
• 1:32:17
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• 1:32:19
  Speaker 2: outside of Colorado, and you know, if the flight is
• 1:32:21
  Speaker 2: not that far, if you can fly into Denver once
• 1:32:25
  Speaker 2: a month, if you don't mind doing that, then yeah,
• 1:32:28
  Speaker 2: this is the program. This is it's a really great
• 1:32:30
  Speaker 2: program for it really will teach you a lot about America,
• 1:32:34
  Speaker 2: will teach you a lot about how to communicate ideas
• 1:32:37
  Speaker 2: and how to become a better activist. Hannah shot Well
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  Speaker 2: dot com. Slash ybs is a wealth management firm that
• 1:32:46
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• 1:32:52
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  Speaker 2: UH Handershot Wealth his team is using a QR, probably
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• 1:33:40
  Speaker 2: it all right again, we uh uh looking for UH
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  Speaker 2: supporters here on on UH on super chat. Don't forget
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  Speaker 2: All right, guys, let's jump into the questions. As I said,
• 1:35:30
  Speaker 2: not a lot of questions, So this will be quick.
• 1:35:32
  Speaker 2: Andrew Shapiro's statement paints tech companies is bullies and threats
• 1:35:37
  Speaker 2: out to the story for profit, if not for the
• 1:35:41
  Speaker 2: noble protection of politicians, such more morally inverted statements are common.
• 1:35:47
  Speaker 2: Yet I still feel an acute injustice every time it's golle. Yeah, absolutely,
• 1:35:51
  Speaker 2: it's horrific, and particularly coming from somebody who was supposed
• 1:35:54
  Speaker 2: to be one of the better people. And yes, you're
• 1:35:58
  Speaker 2: absolutely right. Business some of the businesses are portrayed as
• 1:36:03
  Speaker 2: a scheming, exploiting, manipulating uh and and deceiving local communities
• 1:36:10
  Speaker 2: and of exploiting them by buying land and building something
• 1:36:14
  Speaker 2: on it. Whether it's exactly the opposite. These companies are
• 1:36:18
  Speaker 2: creating jobs, they're building infrastructure, and of course they have
• 1:36:23
  Speaker 2: every right to buy property and build whatever they want
• 1:36:25
  Speaker 2: on that property. It's not at other people's expense. Indeed,
• 1:36:33
  Speaker 2: it's ultimately win win, So it's it's it's really I mean,
• 1:36:40
  Speaker 2: remember the days where people used to pose Walmarts coming
• 1:36:43
  Speaker 2: into their communities and yeah, okay, and and but people
• 1:36:48
  Speaker 2: kind of figure out that maybe that didn't really make sense,
• 1:36:51
  Speaker 2: and and and maybe a Walmart wasn't the enemy that
• 1:36:54
  Speaker 2: they thought it was uh and and and that kind
• 1:36:57
  Speaker 2: of receded over time. It'll be interesting to see whether
• 1:37:01
  Speaker 2: some communities actually embrace these data centers and invite them
• 1:37:05
  Speaker 2: in because they realize it's a win win. I mean,
• 1:37:09
  Speaker 2: have a lot of small towns out there that are
• 1:37:12
  Speaker 2: that are not doing well and maybe even dying that
• 1:37:18
  Speaker 2: they could use a boost and a business like this.
• 1:37:24
  Speaker 2: This is incredibly I mean, the jobs at a data
• 1:37:27
  Speaker 2: center high paying. And it's not like all the jobs
• 1:37:31
  Speaker 2: at a data center are computer science jobs. A lot
• 1:37:36
  Speaker 2: of the jobs have to do with maintenance. A lot
• 1:37:39
  Speaker 2: of the jobs have to do with maintaining servers, which
• 1:37:42
  Speaker 2: is something you can be trained up to, and they
• 1:37:46
  Speaker 2: pay really really well. There all kinds of jobs at
• 1:37:48
  Speaker 2: these data centers, and the idea that these are somehow
• 1:37:55
  Speaker 2: you know, net losses. Business is a net loss. It's
• 1:37:59
  Speaker 2: just it's disgusting and horrible and portraying businesses the way
• 1:38:04
  Speaker 2: Shapiro portrays them is really offensive and morally disgusting. Stephen Appa,
• 1:38:13
  Speaker 2: thank you for the sticker. Really appreciate it. Chasbudd we
• 1:38:18
  Speaker 2: live in the third dimension, do we did? I ran
• 1:38:23
  Speaker 2: to have anything to say about fourth, fifth, sixth et cetera.
• 1:38:27
  Speaker 2: You know, I don't remember she might have in objectives
• 1:38:31
  Speaker 2: to pistemology, I don't know, but you know, I don't think.
• 1:38:39
  Speaker 2: I think if there is such thing as more dimensions,
• 1:38:45
  Speaker 2: you have to categorize them differently than the way the
• 1:38:50
  Speaker 2: three dimensions we experience are categorized. There might be some
• 1:38:55
  Speaker 2: physical phenomena in physics that benefits whose explanation benefits from
• 1:39:06
  Speaker 2: thinking in terms of you know, more than three dimensions,
• 1:39:12
  Speaker 2: but whether the word concept dimensions is applicable to them,
• 1:39:19
  Speaker 2: you know, I'm dubious, right, So, yeah, you can check
• 1:39:26
  Speaker 2: out introduction to Prediction of epistemology if she had anything
• 1:39:29
  Speaker 2: to say there. All right, Richard, have you seen the
• 1:39:35
  Speaker 2: Oscar winning movie One Battle after Another? If so, what
• 1:39:39
  Speaker 2: did you think of it? I have not, I don't
• 1:39:42
  Speaker 2: I've never even heard of it. Is it a well,
• 1:39:47
  Speaker 2: I'm looking it up now. Oh yes, I did see it. Sorry,
• 1:39:53
  Speaker 2: I did see it. It's just I didn't remember the name.
• 1:39:56
  Speaker 2: And that's how big of an impression I left on me.
• 1:39:59
  Speaker 2: What did I think of You know, I thought it
• 1:40:04
  Speaker 2: was I didn't think it was particularly interesting. It was
• 1:40:11
  Speaker 2: very much trying to be an anti Trump administry. You know,
• 1:40:16
  Speaker 2: pro immigration, uh, you know, valorization of left wing terrorism,
• 1:40:25
  Speaker 2: a coming of age story, father and daughter coming of
• 1:40:29
  Speaker 2: age story. And I think overall it failed at all
• 1:40:33
  Speaker 2: of these things. It kind of, you know, the boarder
• 1:40:38
  Speaker 2: control colonel, the guy in charge of ice or whatever
• 1:40:42
  Speaker 2: you want to call it, is driven by his sexual
• 1:40:46
  Speaker 2: desires and sexual perversions more than anything else. The hero,
• 1:40:55
  Speaker 2: the father, is a drugged out nothing and nobody. The
• 1:41:01
  Speaker 2: daughter is herooic and interesting. She's the only decent character there.
• 1:41:07
  Speaker 2: The mother is a complete failure. She betrays her cause
• 1:41:13
  Speaker 2: and disappears from the daughter's life. It's I didn't see
• 1:41:22
  Speaker 2: the points in the whole thing. It seemed kind of pointless.
• 1:41:26
  Speaker 2: It didn't really I can't remember what the theme would
• 1:41:30
  Speaker 2: have been and whether you know it was an intelligent
• 1:41:35
  Speaker 2: I don't think there was an intelligible theme, and I
• 1:41:38
  Speaker 2: don't think it added up too much. I mean, it's
• 1:41:41
  Speaker 2: just I'm saying the same thing in different words. Yeah,
• 1:41:44
  Speaker 2: with Sean Pan, that's right. With Sean Pan. I mean,
• 1:41:47
  Speaker 2: the acting was okay. Sean Penn does a good job
• 1:41:50
  Speaker 2: being a loser druggie, and it sounds like he improves
• 1:41:54
  Speaker 2: at the end of the movie. He's making the same
• 1:41:55
  Speaker 2: loser drug as it was in the beginning of the movie.
• 1:42:00
  Speaker 2: The women. It's all about women. The women drive the story.
• 1:42:04
  Speaker 2: The women are the only one active. The women are
• 1:42:06
  Speaker 2: the only one who are heroic. The men are pathetic.
• 1:42:12
  Speaker 2: So it's I thought it was a It wasn't a
• 1:42:18
  Speaker 2: you know, terrible movie, but it was. It was not
• 1:42:20
  Speaker 2: a good movie. Not a good movie from the perspective
• 1:42:24
  Speaker 2: of having an interesting theme and having a good integration
• 1:42:28
  Speaker 2: around that theme. It wanted to present the left these
• 1:42:31
  Speaker 2: leftist terrorist ats heroes, but it didn't really and he
• 1:42:34
  Speaker 2: didn't want to go all in on that. I didn't
• 1:42:35
  Speaker 2: really commit to that, so it didn't really say anything
• 1:42:39
  Speaker 2: about anything, and it had this mystike of oh, by
• 1:42:44
  Speaker 2: the way, there's this you know leftist. It plays into
• 1:42:48
  Speaker 2: all the fantasies of the right. Right, there's this secretive,
• 1:42:53
  Speaker 2: very efficacious, underground terrorist leftist movement out there that is
• 1:42:59
  Speaker 2: active in the United States. Yeah, that's right, Panasley pervert.
• 1:43:08
  Speaker 2: Another it was Lenan did a copy Who is the
• 1:43:11
  Speaker 2: Who was the father? The Loser Father? Was that the caprio?
• 1:43:18
  Speaker 2: I don't know why I think it's the caprio? Anyway,
• 1:43:21
  Speaker 2: I didn't like it. I didn't think it was very good.
• 1:43:24
  Speaker 2: I don't think it deserves an oscar. It was not
• 1:43:27
  Speaker 2: well made movie. It was not a well constructed movie.
• 1:43:30
  Speaker 2: It did not have any kind of real theme to
• 1:43:33
  Speaker 2: it anyway, Jennifer, I just saw an inventory robot moving
• 1:43:42
  Speaker 2: around in Kroger. I never saw that before. It says hi,
• 1:43:45
  Speaker 2: my name is Tally on it and it was whistling
• 1:43:50
  Speaker 2: while it moved. So cool. Yeah, they're really cool. A
• 1:43:52
  Speaker 2: couple of years ago, we saw my wife and I
• 1:43:55
  Speaker 2: saw a delivery robot out in the street in Miami
• 1:44:00
  Speaker 2: waiting for the lights change so it could cross the
• 1:44:04
  Speaker 2: street and deliver food. And it was this little thing
• 1:44:07
  Speaker 2: and it was just incredibly cute, cute. It was incredibly
• 1:44:13
  Speaker 2: cute and way moos. I think are really cute. So I,
• 1:44:18
  Speaker 2: you know, I like these autonomous robots. I think are
• 1:44:20
  Speaker 2: so cool, the super super cool autonomous cause robots. They're
• 1:44:24
  Speaker 2: all amazing. And A China's humanoid Robotics company just went
• 1:44:29
  Speaker 2: public in the Singapore Stock Exchange and did something like
• 1:44:32
  Speaker 2: when I'm five on the first day of trading, somebody
• 1:44:35
  Speaker 2: something ridiculous like that. Even though they have no real revenue,
• 1:44:39
  Speaker 2: they're not making any money. Yet you know it went,
• 1:44:43
  Speaker 2: it went. But it's the future. Everybody you know it's
• 1:44:47
  Speaker 2: the future. Investors know that robots are the future. Yes,
• 1:44:50
  Speaker 2: it was the Capitrio who played the Loser father. Jason
• 1:44:56
  Speaker 2: said he saw it on a plane to kill two hours. Yeah,
• 1:44:58
  Speaker 2: it wasn't on I was in a movie like you
• 1:45:01
  Speaker 2: can't do. You shouldn't watch this. It just it was pretentious.
• 1:45:07
  Speaker 2: It had big ambitions and then you know, couldn't really
• 1:45:11
  Speaker 2: live up to any of them and didn't really add
• 1:45:13
  Speaker 2: up to anything. So it wasn't even this celebration of
• 1:45:17
  Speaker 2: leftist anti Trump kind of stuff because they weren't that
• 1:45:22
  Speaker 2: heroic and they weren't that interesting. Jennifer says that they
• 1:45:29
  Speaker 2: saw and went around her. Yeah, I mean they're they're good.
• 1:45:34
  Speaker 2: You should put saw in quotation books. We need a
• 1:45:38
  Speaker 2: new language to talk about robots and AI because it
• 1:45:43
  Speaker 2: doesn't see Lincoln. To achieve a surprise, the government would
• 1:45:49
  Speaker 2: need to cut spending just to achieve surplus. Sorry, to
• 1:45:53
  Speaker 2: achieve a simplus, the government would have to need to
• 1:45:56
  Speaker 2: cut spending to just twenty nineteen levels of spending thanks
• 1:45:59
  Speaker 2: to gd growth since COVID. Yeah, that's very, very hard Lincoln,
• 1:46:08
  Speaker 2: you're talking about cutting Medicare and security to twenty nineteen levels.
• 1:46:16
  Speaker 2: There's a lot more retired people today than there were
• 1:46:18
  Speaker 2: twenty nineteen. You would have to cut the amount of
• 1:46:20
  Speaker 2: money they received significantly. It would be dramatic cut to people.
• 1:46:25
  Speaker 2: Some of them, not many, but some rely on the
• 1:46:28
  Speaker 2: money for their livelihood. Medical expenses have gone up dramatically
• 1:46:33
  Speaker 2: since twenty nineteen. Cutting Medicare to twenty nineteen levels would
• 1:46:38
  Speaker 2: cut them out of healthcare provided to recipients of Medicare dramatically.
• 1:46:43
  Speaker 2: So remember, you know, and then interest rates on the debt.
• 1:46:48
  Speaker 2: One point, you know, over a trillion dollars is just
• 1:46:52
  Speaker 2: interest payment on the debt. You can't cut that to
• 1:46:55
  Speaker 2: twenty nineteen levels because you have to pay all the
• 1:47:00
  Speaker 2: interest on the debt. So it sounds easy when you say, yeah,
• 1:47:04
  Speaker 2: we just have to go backwards seven years and everything's
• 1:47:07
  Speaker 2: the same. No, it doesn't work that way. You cannot
• 1:47:10
  Speaker 2: cut some security, cannot com Medicare, at least not the
• 1:47:14
  Speaker 2: way we think about it today, not the way the
• 1:47:16
  Speaker 2: government thinks about it. And you can't touch interest on
• 1:47:20
  Speaker 2: interest rates on the debt that can't be cut. Then
• 1:47:24
  Speaker 2: what do you cut the rest are small. It's small fies.
• 1:47:28
  Speaker 2: You can't get to surplus. Getting to sub plus is
• 1:47:34
  Speaker 2: really really hard. It's going to require real changes to medicare,
• 1:47:39
  Speaker 2: to social Security, the things that old people who tend
• 1:47:43
  Speaker 2: to vote and tend to be politically active, really really
• 1:47:47
  Speaker 2: really care about. And that's why nobody talks about them.
• 1:47:52
  Speaker 2: We live in a world that caters to the elderly.
• 1:47:58
  Speaker 2: We live in a world today that sacrifices, explicitly and
• 1:48:03
  Speaker 2: intentionally sacrifices the young. Talk about human sacrifice to the old,
• 1:48:11
  Speaker 2: and everybody's fine with that. The younger fighting with that,
• 1:48:14
  Speaker 2: and the old I'm super happy about it. So you're
• 1:48:18
  Speaker 2: not cutting there's no there's no going backwards. It means
• 1:48:23
  Speaker 2: deep structural reforms. Andrew, have you seen mcdonnie official statement
• 1:48:29
  Speaker 2: on his inability to arrest Nintennielle. It's hard to stomach.
• 1:48:33
  Speaker 2: Could be a good show segment for your reaction. Yeah,
• 1:48:36
  Speaker 2: it's it's really horrible. I mean, I hate to give
• 1:48:40
  Speaker 2: mcdonnie as much airtime as he is getting, you know,
• 1:48:44
  Speaker 2: but but yeah, it is really really awful, you know.
• 1:48:48
  Speaker 2: He Yeah, He basically lays out the case of of
• 1:48:53
  Speaker 2: Ntoniell being some kind of war criminal and he wishes
• 1:48:57
  Speaker 2: he could arrest him, but oh he can't. He doesn't
• 1:49:01
  Speaker 2: have the authority. Only the federal government can arrest Jason.
• 1:49:08
  Speaker 2: Do you think access to certain types of AI should
• 1:49:11
  Speaker 2: require minimum age limits or parental consent said by law?
• 1:49:15
  Speaker 2: Does this differ from ad restrictions i e. AI that
• 1:49:20
  Speaker 2: promotes gaming, porn, smoking, et cetera. Look, I I'm not
• 1:49:26
  Speaker 2: big on any kind of age restrictions by law. We
• 1:49:30
  Speaker 2: don't have that on the Internet. I think parents need
• 1:49:35
  Speaker 2: to be aware. And what AI companies should provide is
• 1:49:40
  Speaker 2: parents with the ability to set settings, just like they
• 1:49:46
  Speaker 2: do with the Internet with browsers, set settings that restrict
• 1:49:50
  Speaker 2: the ability of their kids to access certain content. And
• 1:49:54
  Speaker 2: it needs to be a parental responsibility. So no, I
• 1:49:58
  Speaker 2: hate to see the government stepping in and doing that.
• 1:50:06
  Speaker 2: And you know, unless AI is dishing out born on
• 1:50:12
  Speaker 2: the front page, which is not in neither is the Internet.
• 1:50:17
  Speaker 2: But I don't know why we should protect children from
• 1:50:19
  Speaker 2: gambling or smoking or any of those things. That's a
• 1:50:22
  Speaker 2: parent's job. It's not the job of the government to
• 1:50:26
  Speaker 2: run a kid's life and to protect children. It's the
• 1:50:29
  Speaker 2: job of parents to protect children unless they're abusing them
• 1:50:36
  Speaker 2: not a numberless. Why do modern movies feel so fake,
• 1:50:40
  Speaker 2: both asthletically and story wise. I used to feel more
• 1:50:44
  Speaker 2: in the story. Now I'm always aware that it's a movie. Well,
• 1:50:49
  Speaker 2: because I think that in terms of a lot of
• 1:50:52
  Speaker 2: the movies rely so much on special effects, on action
• 1:50:56
  Speaker 2: sequences that are not real, that are clearly outside of
• 1:51:01
  Speaker 2: your experience, outside of your world, so they don't suck
• 1:51:04
  Speaker 2: it in, they don't suck you into the story, and
• 1:51:06
  Speaker 2: then they create emotional distance because they characters, you know,
• 1:51:13
  Speaker 2: on the one hand, are not real, which is good, right,
• 1:51:19
  Speaker 2: it's good not to be real as naturalistic, but they're
• 1:51:23
  Speaker 2: not real in terms of heroes that you would want
• 1:51:26
  Speaker 2: to be in the universe. They are distant, they're cold.
• 1:51:30
  Speaker 2: I mean, how many have you felt anything with Odysseus.
• 1:51:34
  Speaker 2: I mean, I don't really care what happened to Odysseus.
• 1:51:36
  Speaker 2: He was a brooding I mean, it wasn't like I
• 1:51:39
  Speaker 2: was mostly connected to him in any kind of sense.
• 1:51:41
  Speaker 2: I wasn't particularly rooting for him. He was okay, he
• 1:51:45
  Speaker 2: was just a character. He wasn't somebody that I cared about.
• 1:51:48
  Speaker 2: And to create characters that you actually care about, that
• 1:51:52
  Speaker 2: you actually connected to it is difficult, and it takes
• 1:51:56
  Speaker 2: really good writing and really good storytelling and and good
• 1:52:02
  Speaker 2: directing and cinematography to do that. And I think movies
• 1:52:06
  Speaker 2: just don't have that anymore. They've created which creates this
• 1:52:10
  Speaker 2: distance of just seeing it. And I think a lot
• 1:52:12
  Speaker 2: of it is because the writing is not as good.
• 1:52:18
  Speaker 2: I think that was true on that leftist movies. I
• 1:52:21
  Speaker 2: can get into a movie that advocates for a leftist
• 1:52:23
  Speaker 2: cause if it's engaging, but this is just not engaging.
• 1:52:26
  Speaker 2: I mean, how engaged could I get with a hot
• 1:52:29
  Speaker 2: head of a father who is a loser and is
• 1:52:32
  Speaker 2: going nowhere. I mean I simplythize somewhat with a daughter,
• 1:52:37
  Speaker 2: but okay, but the mother was horrible. I mean it
• 1:52:40
  Speaker 2: was just the characters are just off. And the reason
• 1:52:45
  Speaker 2: for that is a rejection of any kind of romantic sentiment,
• 1:52:48
  Speaker 2: of of heroism that is not just purely physical heroism.
• 1:52:53
  Speaker 2: Modern new movies, if they are here, if they do
• 1:52:56
  Speaker 2: have heroes, heroes, they're purely physical heroes, and you can't
• 1:53:03
  Speaker 2: cetate with purely physical heroes. Newly, Dan, I'm happy on
• 1:53:08
  Speaker 2: chapter six. Happily in chapter six Ominous Parallels, I love
• 1:53:12
  Speaker 2: learning about the miniisms like pragmatism, romanticism, dogmatism, utilitarianism, and
• 1:53:18
  Speaker 2: how they all stem from collectivism altruism. Yeah. Good. Everybody
• 1:53:23
  Speaker 2: should read Doominant Parallels. It's one of the great great books,
• 1:53:27
  Speaker 2: certainly the best book I know of the integration between
• 1:53:31
  Speaker 2: history and history and philosophy. It's brilliant. So I'm glad
• 1:53:37
  Speaker 2: you enjoy you, Michael. Can you do a show a
• 1:53:40
  Speaker 2: segment on the history of CEOs who have been influenced
• 1:53:43
  Speaker 2: by objectivism? Yes? I can do that, Michael. Even though
• 1:53:51
  Speaker 2: Trump is an unpredictable child when it comes to farm policy,
• 1:53:54
  Speaker 2: is it still a good thing? His randomness badly damaged
• 1:53:57
  Speaker 2: the Iranian regime, not given how much he's embolding them.
• 1:54:02
  Speaker 2: Since embolden them, since so the damage is damaged, it's physical,
• 1:54:06
  Speaker 2: it can all be fixed. But they embolding them and
• 1:54:10
  Speaker 2: proving America weakness that is almost impossible to fix on
• 1:54:14
  Speaker 2: our end, and it'll make Iran more dangerous, not less dangerous.
• 1:54:19
  Speaker 2: So no, I don't think so. I hope that would
• 1:54:24
  Speaker 2: be the case, but I don't think it's stuned out
• 1:54:25
  Speaker 2: that way. Andrew says, my brother's friend got a DUI
• 1:54:29
  Speaker 2: after New York City party, he put his car in
• 1:54:34
  Speaker 2: self drive home to P eight when he fell asleep.
• 1:54:37
  Speaker 2: The car sensed it and pulled over on the road side,
• 1:54:39
  Speaker 2: where the cops found him. Amazing text. Yes, I mean
• 1:54:44
  Speaker 2: it is amazing tech and it's only going to get better.
• 1:54:47
  Speaker 2: And given that he actually that this was all responsible,
• 1:54:51
  Speaker 2: I'm not sure why they gave him a DUI. I
• 1:54:54
  Speaker 2: guess because the self driving cause are not really legally authorized.
• 1:54:59
  Speaker 2: The car is not supposed to legally is supposed to
• 1:55:02
  Speaker 2: drive you without your supervision. But yes, soon they're going
• 1:55:07
  Speaker 2: to be fully autonomous. You're just going to be a passenger,
• 1:55:12
  Speaker 2: and drunk driving is out the window. And again, think
• 1:55:16
  Speaker 2: about how many of the accidents that happen out there
• 1:55:19
  Speaker 2: are drunk driving accidents. Save a lot of lives, a
• 1:55:23
  Speaker 2: lot of lives. All right, guys, thank you to all
• 1:55:26
  Speaker 2: the super chatters, Thank you to all the listeners. Don't
• 1:55:30
  Speaker 2: forget Patreon to support the show, PayPal to support the show.
• 1:55:35
  Speaker 2: Tomorrow two pm Eastern time, so we'll be back to
• 1:55:38
  Speaker 2: the regular regular Spain time. So two pm Eastern time
• 1:55:45
  Speaker 2: tomorrow and Friday Saturday. I think the AMA there's an
• 1:55:49
  Speaker 2: am on Saturday. I think that's three pm Eastern time,
• 1:55:53
  Speaker 2: and then Sunday, Nikos and I will be talking about
• 1:55:56
  Speaker 2: Patrick Beneen and the Post Liberals. That'll be on Sunday
• 1:56:02
  Speaker 2: at two pm Eastern times, so the full week of shows.
• 1:56:09
  Speaker 2: There will also be a show on Monday and Tuesday.
• 1:56:11
  Speaker 2: Then we'll probably take a break for a few days,
• 1:56:13
  Speaker 2: but a full week of shows. All right, guys, thank you,
• 1:56:19
  Speaker 2: see you soon. Bye, everybody.