Latest / Yaron Brook Show / Iran; Trade & Immigration; US Dollar; Ukraine; AI& IP; Silence | Yaron Brook Show

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Iran; Trade & Immigration; US Dollar; Ukraine; AI& IP; Silence | Yaron Brook Show · Yaron Brook Show

• 0:04
  Speaker 1: A lot of fundamental principles.
• 0:07
  Speaker 2: I'll edom last, self interest and the individual wats This
• 0:16
  Speaker 2: is the Rook Show.
• 0:21
  Speaker 1: Oh right, everybody walk up to the Rue Book Show
• 0:23
  Speaker 1: on this Wednesday, January twenty eighth.
• 0:29
  Speaker 2: Everybody's having a.
• 0:31
  Speaker 1: Good week, and yeah, we're gonna be jumping into the
• 0:35
  Speaker 1: news here. Momentarily, I just wanted to mention that I'm
• 0:41
  Speaker 1: not sure when the next show is going to be.
• 0:42
  Speaker 1: So I'm traveling tomorrow Friday. I'm probably busy all day,
• 0:46
  Speaker 1: but we'll see. Maybe we could squeeze in a show
• 0:49
  Speaker 1: on Friday, then might be possible. Saturday, probably not. Sunday
• 0:53
  Speaker 1: is probably the next viable show. I'll be on the
• 0:55
  Speaker 1: road all the next week. Now we're turning until the
• 0:58
  Speaker 1: following the following Sunday, So shows next week, the rest
• 1:03
  Speaker 1: of this week, next week will be spotty, spotty when
• 1:07
  Speaker 1: when I have availability and Wi Fi and all of
• 1:11
  Speaker 1: that fun stuff. So just heads up, all right. Luckily
• 1:17
  Speaker 1: you know there's not much in the news, so no
• 1:19
  Speaker 1: problem if you're not updated. Who knows what will happen
• 1:23
  Speaker 1: the next few weeks, probably next few days, probably just quiet,
• 1:27
  Speaker 1: probably just just nothing. Probably just just yeah, no news, all.
• 1:33
  Speaker 2: Right, let's let's jump in.
• 1:39
  Speaker 1: Uh, we'll start with you on the as I've I've
• 1:44
  Speaker 1: told you already. You know, the US has basically the
• 1:48
  Speaker 1: assets that it wants in place in the vicinity of
• 1:52
  Speaker 1: you on.
• 1:52
  Speaker 2: It has an aircraft carrier group in the area.
• 1:56
  Speaker 1: It has air force assets all over the Middle East
• 2:00
  Speaker 1: set up the the one you know negative and really,
• 2:08
  Speaker 1: you have to say, a real failure of the Trump
• 2:12
  Speaker 1: administration is really the fact that the Gulf States, Saudi Arabia, UEE,
• 2:19
  Speaker 1: Kata of course, have all said that the airspace is
• 2:22
  Speaker 1: off limits. Uh, they won't allow us to launch attacks
• 2:26
  Speaker 1: from the from the US air bases in their territories,
• 2:31
  Speaker 1: which is just an illustration of how weak Trump is.
• 2:37
  Speaker 1: If Trump was strong, and if Trump was assertive on
• 2:42
  Speaker 1: the right kind of things, and if Trump was trusted
• 2:45
  Speaker 1: and believed by allies.
• 2:49
  Speaker 2: Then yeah, I mean why would they Why if.
• 2:51
  Speaker 1: They thought that he would protect the off fields, if
• 2:54
  Speaker 1: they thought he would protect their oil installations, Why would
• 2:59
  Speaker 1: these countries have, particularly UAE, which is an explicit enemy
• 3:04
  Speaker 1: of Iran, Saudi Arabia. I suspect it's going through a
• 3:08
  Speaker 1: transition right now. I think it's a little bit in
• 3:12
  Speaker 1: the financial trouble. It's invested a lot in these grand, big,
• 3:17
  Speaker 1: amazing projects, building skyscrapers and new cities and all this
• 3:21
  Speaker 1: other stuff and trying to diversify away from oil, and
• 3:24
  Speaker 1: most of that has failed financially. They were about to
• 3:28
  Speaker 1: build the tallest building in the world and reodd and
• 3:32
  Speaker 1: that project has just been halted and the company building
• 3:35
  Speaker 1: it doesn't have the financing to do it. That's just
• 3:37
  Speaker 1: one illustration that that long city that they were going
• 3:41
  Speaker 1: to build uh not happening. Way scale down version is
• 3:46
  Speaker 1: going to be built. Oil prices being quite low. It
• 3:50
  Speaker 1: does not help the Saudist. Saudi Arabia is a massive
• 3:53
  Speaker 1: welfare state that basically survive off off of u survives
• 3:57
  Speaker 1: off of oil revenue, which is not helpful. And for
• 4:02
  Speaker 1: whatever reason, I think NBS could be Trump It could
• 4:09
  Speaker 1: be economic weakness. He is moving away from kind of
• 4:14
  Speaker 1: the liberalizing force in Saudi Arabia and is floating again
• 4:18
  Speaker 1: with Islamism. You know, is a alliance is now with
• 4:22
  Speaker 1: Tuki and Pakistan.
• 4:25
  Speaker 2: Is there's some flirtation with the Muslim.
• 4:27
  Speaker 1: Brotherhood and maybe a return to Saudi Arabia being a
• 4:33
  Speaker 1: supporter of the Muslim Brotherhood in Islamism and Islamic terrorism,
• 4:40
  Speaker 1: and again all I think ultimately a failure of the
• 4:43
  Speaker 1: United States unwillingness to hold their feet to the fire
• 4:47
  Speaker 1: and insist and you know, call them out and stop
• 4:53
  Speaker 1: pretending that they're an ally. Trump is on the verge
• 4:56
  Speaker 1: of selling them F thirty five's, which I think would
• 4:59
  Speaker 1: be a massive mistake, massive mistake. Why would you sell
• 5:03
  Speaker 1: F thirty fives to a quote ally who refuses to
• 5:08
  Speaker 1: let you use their air space to take out a
• 5:10
  Speaker 1: hostile nation. It makes no sense, no sense unless you
• 5:16
  Speaker 1: live in the you know, distorted world of Donald Trump. Anyway,
• 5:24
  Speaker 1: the US has the assets in the region. They can
• 5:27
  Speaker 1: fly to Jordan, they can fly from Europe, they can
• 5:30
  Speaker 1: fly you know, from Diego Garcia long range. They've got
• 5:33
  Speaker 1: refueling tankers. They've got an aircraft carrier right there that
• 5:37
  Speaker 1: can do a lot. Just that that battle group can
• 5:39
  Speaker 1: do a lot of damage to the Uranians. And they
• 5:44
  Speaker 1: could always if they wanted to. I doubt they will.
• 5:48
  Speaker 1: They can always ask the Israelis to step in and
• 5:52
  Speaker 1: help out. The Iranians are bracing for this, they're bracing
• 5:57
  Speaker 1: for a possible attack.
• 5:59
  Speaker 2: They have.
• 6:02
  Speaker 1: They're deploying their navy which is primarily smaller boats. But
• 6:07
  Speaker 1: they're putting into a place their plans for closing off
• 6:12
  Speaker 1: the Homos Straits, which is this narrow place where all
• 6:17
  Speaker 1: the all the traffic that flows from Saudi Arabia quit
• 6:23
  Speaker 1: Iraq to the rest of the world, taking oil out
• 6:28
  Speaker 1: and natural gas out, all of that kat out, all
• 6:31
  Speaker 1: of that flows the home most traits, and of course
• 6:34
  Speaker 1: the the Uranians control one of the side of those
• 6:36
  Speaker 1: straits and could block it. They have they have mines,
• 6:40
  Speaker 1: they have suicide boats, they have missiles, they and they
• 6:44
  Speaker 1: are I think preparing for something for something like that.
• 6:50
  Speaker 1: The Uranian state is at a is in a state
• 6:54
  Speaker 1: of emergency, uh and is is kind of getting self ready,
• 7:00
  Speaker 1: if you will, for war with the United States at
• 7:04
  Speaker 1: the same at the same time with cough is negotiating
• 7:10
  Speaker 1: in the background, Trump tweeted today that they better come
• 7:14
  Speaker 1: to the negotiating table, otherwise He's gonna attack. They might
• 7:19
  Speaker 1: be an ultimatum issued later today, twenty five hour ultimatium
• 7:23
  Speaker 1: for them. You know, Trump's soldermadiums, the with the with
• 7:27
  Speaker 1: the ink the printed on and of course there's no ink.
• 7:30
  Speaker 2: Involved, so they.
• 7:34
  Speaker 1: He will So Trump wants to negotiate, wants a deal.
• 7:40
  Speaker 1: The deal is not going to be regime changed. Just
• 7:42
  Speaker 1: like with with Venezuela, the deal will involve nuclear and
• 7:48
  Speaker 1: maybe missile technology, maybe better evolve oil. Trump is also
• 7:54
  Speaker 1: threatening the possibility of just blocking all Iranian exports of
• 7:59
  Speaker 1: oil just in the shipping, like he did with Venezuela.
• 8:02
  Speaker 1: He hasn't decided what to do. He doesn't have a plan.
• 8:05
  Speaker 2: There is no.
• 8:06
  Speaker 1: Strategy yet about what to do. And what is they
• 8:09
  Speaker 1: ask what are they trying to do? This is why
• 8:11
  Speaker 1: Israel keeps going hot and cold on Israel on an
• 8:14
  Speaker 1: American offensive. They worry it'll be too little and nothing
• 8:19
  Speaker 1: will change and it'll put Israel in a in a
• 8:23
  Speaker 1: bad strategic position. They worry it'll only a bolden the Uranians.
• 8:29
  Speaker 1: So is Al is arguing for if you're going to
• 8:32
  Speaker 1: do it, do it right, go all in. I don't
• 8:35
  Speaker 1: think Trump is.
• 8:36
  Speaker 2: He going to do that.
• 8:37
  Speaker 1: So again, a lot of a lot of tensions around that. Interestingly,
• 8:43
  Speaker 1: I'm seeing reports out of Iran, and I you know,
• 8:46
  Speaker 1: again how to confirm, how to know exactly what is true,
• 8:51
  Speaker 1: But there are reports coming out of Iran, and more
• 8:53
  Speaker 1: than one that Uranians are back out in the streets.
• 8:57
  Speaker 1: That is, the demonstrations are continuing, and that is stunning
• 9:01
  Speaker 1: to me. Right, the courage they must have knowing that
• 9:04
  Speaker 1: this regime is killed. Was it yesterday we said thirty
• 9:08
  Speaker 1: seven thousand people just slotted in the streets. That they
• 9:13
  Speaker 1: are going back out there is pretty stunning the regime.
• 9:18
  Speaker 1: Of course, the Rani regime is blaming all the demonstrations
• 9:21
  Speaker 1: on the Americans, and part of their justification for shooting
• 9:25
  Speaker 1: everybody is these are just American agents.
• 9:28
  Speaker 2: Uh, and so very hard to tell.
• 9:33
  Speaker 1: And again with Iran, with Trump, you just don't know
• 9:37
  Speaker 1: what he's going to do, you know. I was going
• 9:41
  Speaker 1: to suggest that maybe as part of distracting all of
• 9:45
  Speaker 1: us from what is going on in Minnesota, which still
• 9:48
  Speaker 1: is not resolved and still a mess, and and and
• 9:53
  Speaker 1: you're still seeing, you know, pretty bad pictures coming out
• 9:56
  Speaker 1: of there, and still is not being diffused with everything
• 10:00
  Speaker 1: going on Minnesota, wouldn't be bad I start to do
• 10:02
  Speaker 1: something with Iran to kind of shift the focus, the
• 10:05
  Speaker 1: national focus away from that.
• 10:08
  Speaker 2: But they are people within Mega.
• 10:10
  Speaker 1: Who hate the idea, who attacked Trump on it, just
• 10:13
  Speaker 1: like they are many people in Maga who are very
• 10:16
  Speaker 1: resentful of the idea of scaling back. What is going
• 10:20
  Speaker 1: on in Minneapolis? I mean, Trump is stuck. He would
• 10:24
  Speaker 1: like to be more moderate and immigration, but Mega doesn't
• 10:28
  Speaker 1: want him to be.
• 10:29
  Speaker 2: MAGA wants them all rounded up.
• 10:35
  Speaker 1: And I'll just say this, I mean, I keep getting
• 10:41
  Speaker 1: these people on Twitter saying, oh, it's just illegals, and
• 10:45
  Speaker 1: then you ask them about h one b and say, oh, no,
• 10:47
  Speaker 1: we don't want each one b people, so that's legal.
• 10:50
  Speaker 1: What about I say, what about the Indians, those Indians,
• 10:53
  Speaker 1: the rich Indians who are doing very well in the
• 10:56
  Speaker 1: United States. They've made a lot of money and they're
• 10:58
  Speaker 1: not on welfare and they're legal. What about them?
• 11:01
  Speaker 2: Silence?
• 11:01
  Speaker 1: They won't say, right, because we know what they really think.
• 11:05
  Speaker 1: Maga's assault is on all immigrants. Don't let them get
• 11:10
  Speaker 1: away with the pretense, the pretense of you know, this
• 11:18
  Speaker 1: is just illegal immigrants. Now that's bad enough, because these
• 11:23
  Speaker 1: illegal imgrants are doing nothing to harm them. But all
• 11:29
  Speaker 1: immigrants and you know, as you know their meme with
• 11:34
  Speaker 1: a one hundred million people need to be deported, that
• 11:37
  Speaker 1: would include not all immigrants, also all minorities or all people.
• 11:41
  Speaker 1: I don't know, not good, not good anyway, anyway, we
• 11:46
  Speaker 1: keep watching, keep we keep watching what is going on.
• 11:52
  Speaker 2: In Iran.
• 11:57
  Speaker 1: I mentioned the thirty seven thousand figure. That is one source.
• 12:01
  Speaker 1: Other sources of putting out of five thy four hundred
• 12:04
  Speaker 1: supposedly they're still investigations, seventeen thousand, other claims.
• 12:08
  Speaker 2: Nobody really knows. That's the reality.
• 12:11
  Speaker 1: Nobody really knows, and we might never know how many
• 12:14
  Speaker 1: people died in Iran, I mean killed by this regime.
• 12:18
  Speaker 1: The reality is that we still don't know and we'll
• 12:23
  Speaker 1: probably maybe never know how many people killed for example,
• 12:25
  Speaker 1: the Tanement Square, how many how many people did the
• 12:28
  Speaker 1: Chinese government kill that day or that couple of days
• 12:33
  Speaker 1: around Tanneman Square, not just in Tenuous Scare, but all
• 12:35
  Speaker 1: over Chinese cities where students were demonstrated. We still don't know.
• 12:41
  Speaker 1: So I am hoping not that it has any impact
• 12:47
  Speaker 1: that something happened with Iran. The sooner the better, particularly
• 12:50
  Speaker 1: when I think about if they off people out in
• 12:53
  Speaker 1: the street, they need you know, they deserve support as
• 12:57
  Speaker 1: quickly as possible. And look, let mebe just be about something.
• 13:01
  Speaker 1: I do not believe the United States would attack Iran
• 13:04
  Speaker 1: because there are people on in the streets. I do
• 13:07
  Speaker 1: not believe the United States of attack Iran because the
• 13:10
  Speaker 1: Uranian government killed thirty seven thousand of its own citizens.
• 13:17
  Speaker 2: At the end of the day, that is Iran's problem.
• 13:22
  Speaker 1: Now, that would justify not even anything to do with
• 13:25
  Speaker 1: Iran and all that which I think already happens. We
• 13:28
  Speaker 1: don't trade with Yuan. I support attacking Iran because I
• 13:32
  Speaker 1: believe and have believed for a very long time that
• 13:35
  Speaker 1: the United States has been a war with Iran since
• 13:37
  Speaker 1: nineteen seventy nine. I believe Iran constitutes a strategic military
• 13:46
  Speaker 1: threat to the lives and property of Americans.
• 13:49
  Speaker 2: I believe Iran.
• 13:50
  Speaker 1: This regime should be ended because it is an America's
• 13:54
  Speaker 1: self interest to end it, because it is regime that
• 13:59
  Speaker 1: is hat style, aggressively hostile, a regime that has violated
• 14:06
  Speaker 1: the individual rights of Americans. It's killed Americans. Now the
• 14:11
  Speaker 1: fact that we also get to help these amazing, brave,
• 14:15
  Speaker 1: courageous uh student you know people, Uranian people who are
• 14:20
  Speaker 1: in the streets demonstrating that is all gravy but to
• 14:26
  Speaker 1: meat and potatoes. The heart of it, the coll the
• 14:28
  Speaker 1: reason to do it is that the Iranians in Islamist
• 14:35
  Speaker 1: regime that fuels Islamist terrorism against the United States. They're
• 14:40
  Speaker 1: building missiles ICBMs, intercontinental ballistic missiles to threaten US homeland,
• 14:46
  Speaker 1: and they are developing a nuclear program, and they have
• 14:49
  Speaker 1: killed Americans. And we should have done this decades ago,
• 14:52
  Speaker 1: better late than nav And it would be amazing irony.
• 14:56
  Speaker 1: Of all the presidents in American you know, modern history,
• 15:01
  Speaker 1: it will be Donald Trump that actually gets rid of
• 15:03
  Speaker 1: this regime. That would be incredibly ironic. But I'll take it,
• 15:07
  Speaker 1: you know, I you know, I don't care who does it.
• 15:11
  Speaker 1: I'll even give him credit for doing it if he
• 15:14
  Speaker 1: does it, if he actually lives up to it. If
• 15:17
  Speaker 1: he does it, you said we were locked and loaded,
• 15:21
  Speaker 1: mister president.
• 15:24
  Speaker 2: You said we were coming to their aid.
• 15:26
  Speaker 1: And even if he even if Trump doesn't understand why
• 15:29
  Speaker 1: he's doing it, even if he thinks he is aiding
• 15:32
  Speaker 1: the protesters, I don't care. That's fine. Even if he
• 15:34
  Speaker 1: thinks he's doing it to get a good deal in oil,
• 15:38
  Speaker 1: that's fine too. I'm all for that. Do whatever you
• 15:41
  Speaker 1: need to do to get rid of this regime. I mean,
• 15:44
  Speaker 1: you know, we have been arguing this since the nineteen eighties,
• 15:49
  Speaker 1: so it's time hein rand. You know, I pointed this
• 15:55
  Speaker 1: out in after nineteen seventy eight.
• 15:58
  Speaker 2: So it's time. Let's get it done.
• 16:02
  Speaker 1: I'll be watching eagerly as I travel to see if
• 16:05
  Speaker 1: it is done. If there is, I will try to
• 16:07
  Speaker 1: get online to do a show about the attack on Iran.
• 16:11
  Speaker 1: When it happens. We will see what happens. Now, Iran
• 16:20
  Speaker 1: is likely to attack Israel. If the United States attacks Iran,
• 16:24
  Speaker 1: it will be interesting to see if Trump allows Israel
• 16:27
  Speaker 1: to respond or whether it forces Israel to stand down
• 16:31
  Speaker 1: in spite of being just be on defensive. But let's
• 16:36
  Speaker 1: hope that he unleashes Israel and allows Israel's to do
• 16:39
  Speaker 1: its thing if it is attacked by the Iranians. Israel
• 16:44
  Speaker 1: should do its thing anyway. And if Trump doesn't do it,
• 16:47
  Speaker 1: Israel should do it. Somebody should do it. Suddenly, Iran
• 16:51
  Speaker 1: is an existential threat to Israel, so it's really self
• 16:54
  Speaker 1: interest to take them out, all right. Let see, Yeah
• 17:03
  Speaker 1: again a story we've been following, And the reality is
• 17:07
  Speaker 1: there's there's no.
• 17:08
  Speaker 2: Big new news out there right now.
• 17:10
  Speaker 1: So these are all stories we've been following, but there's
• 17:13
  Speaker 1: just daily developments around these stories. Oh, I'll just mention
• 17:17
  Speaker 1: this about Iran, which is kind of surprising and then
• 17:21
  Speaker 1: then we'll go to the trade story. German Chancellor Frederick
• 17:25
  Speaker 1: Mantz has just said that the Iranian governments quote days unnumbered.
• 17:30
  Speaker 1: He said this in a press conference earlier today, and
• 17:34
  Speaker 1: he said, a regime that can only hold onto power
• 17:37
  Speaker 1: through sheer violence and terror against its own population. It's
• 17:41
  Speaker 1: days unnumbered. It could be a matter of weeks, but
• 17:44
  Speaker 1: the regime has no legitimacy to govern the country.
• 17:47
  Speaker 2: That is great to hear.
• 17:49
  Speaker 1: Hopefully he knows something I don't in terms of something happening.
• 17:53
  Speaker 1: I'll also note that while Germany and most European countries
• 17:59
  Speaker 1: are interested in declaring the Islamic Revolutionary God as a
• 18:04
  Speaker 1: terrorist organization, France and Spain are preventing the EU.
• 18:09
  Speaker 2: From making that declaration.
• 18:10
  Speaker 1: In particular, France is refusing to declare the Ist Convolutionary
• 18:17
  Speaker 1: God a terrorist organization, which is stunning, stunning Fans, which
• 18:26
  Speaker 1: has one of the biggest Islamist problems in Europe, will
• 18:31
  Speaker 1: has no balls, just no courage. Spain, I get there
• 18:35
  Speaker 1: are a bunch of wacky leftists, but that Fans won't
• 18:42
  Speaker 1: do this, I mean, Fans is somehow beholden to this
• 18:47
  Speaker 1: Islamist regime in Iran. In deep ways that go back
• 18:52
  Speaker 1: to the nineteen seventy nine revolution where French intellectuals were
• 18:56
  Speaker 1: huge supporters of the Ayatula. But those who are leftists intellectuals,
• 19:00
  Speaker 1: I mean, Colon is not exactly a leftist. He's not
• 19:04
  Speaker 1: a right as either, but he's not a leftist and
• 19:07
  Speaker 1: he's not a postmodernist. It's just horrific. This is an
• 19:12
  Speaker 1: easy call. They kill thirty seven thousand of their own people. Yeah,
• 19:16
  Speaker 1: they're a terrorist entity. Take them out, all right. So
• 19:23
  Speaker 1: let's talk about as we said, let's talk about trade.
• 19:29
  Speaker 1: A lot of things happening in the world right now
• 19:30
  Speaker 1: with regard to trade. As the US is clearly stepping
• 19:34
  Speaker 1: away or stepping back from trade using tariffs as a weapon,
• 19:39
  Speaker 1: a weapon wielded at the pleasure, at the whim, if
• 19:44
  Speaker 1: you will, of the president. The rest of the world
• 19:49
  Speaker 1: is slowly moving towards, in a sense, detachment from the
• 19:54
  Speaker 1: US and trade deals that kind of I pass the
• 20:00
  Speaker 1: United States again. This has been happening since Trump's first
• 20:04
  Speaker 1: first administration with the Transpacific Trade Agreement, but it's not
• 20:12
  Speaker 1: really accelerating. We saw we talked about the Indian the
• 20:15
  Speaker 1: trade deal that India struck with the EU huge one
• 20:22
  Speaker 1: of those major free trade deals we've ever seen. Again,
• 20:27
  Speaker 1: not completely free, I wish it was really free, but
• 20:31
  Speaker 1: better than the status quo. The same with regard to
• 20:34
  Speaker 1: the deal with the EU, struck with the South American governments,
• 20:41
  Speaker 1: Canada lowering tarists to Chinese goods and China lowering tarists
• 20:47
  Speaker 1: to certain Canadian goods. Canada now explicitly saying we provide
• 20:54
  Speaker 1: ninety eight percent of the oil and energy that we
• 20:58
  Speaker 1: produce out to one customer, the United States. We need
• 21:04
  Speaker 1: to diversify that, and so Canada looking for customers for
• 21:10
  Speaker 1: its oil and gas in that context, Uh, Connie is
• 21:17
  Speaker 1: uh is uh Connie is going to India, UH to
• 21:23
  Speaker 1: try to cut a deal, a new energy deal with
• 21:27
  Speaker 1: the Indians, right and and try to do as much
• 21:31
  Speaker 1: as they can to pivot away from the United States. Again,
• 21:34
  Speaker 1: Trump is unreliable, This government is unreliable.
• 21:38
  Speaker 2: This is not a government pursuing an American interest.
• 21:41
  Speaker 1: It's you know, in a sense, the consequence of this
• 21:45
  Speaker 1: is is the opposite of American interests. It's hooting American interests.
• 21:50
  Speaker 1: So it's going to be interesting. It looks like there
• 21:53
  Speaker 1: will be a deal with with India. And this is
• 21:55
  Speaker 1: just a formality. Uh, the Canadian you know, Canada supply
• 22:00
  Speaker 1: India with LNG, LPG. I don't even know what LPG
• 22:04
  Speaker 1: is anybody you know, liquefied something, something, I don't know
• 22:08
  Speaker 1: what it is, something gas, petroleum gas, natural gas, I
• 22:13
  Speaker 1: don't know.
• 22:14
  Speaker 2: And also crude oil to India. So that is in
• 22:20
  Speaker 2: the works.
• 22:21
  Speaker 1: So a lot of countries kind of trying to trying
• 22:24
  Speaker 1: to figure this out. In addition, UK, the UK's Prime
• 22:30
  Speaker 1: Minister Kirstarma Kirs Starmer has just arrived in Beijing with
• 22:40
  Speaker 1: sixty top executives from major UK liquified petroleum gas. Interesting,
• 22:48
  Speaker 1: that's APG. Kiir Starmer is in Beijing with with leaders
• 22:54
  Speaker 1: of UK businesses in the hope of basically getting a
• 23:00
  Speaker 1: deal with China. Again.
• 23:03
  Speaker 2: The United States has raised tariffs on the UK.
• 23:06
  Speaker 1: UH, and it keeps threatening and it keeps using tarifs.
• 23:12
  Speaker 1: A's threats example of a Greenland. So let's kind of
• 23:18
  Speaker 1: deal with somebody else. It's gotta deal with with China,
• 23:22
  Speaker 1: a trade deal with China.
• 23:23
  Speaker 2: So the UK.
• 23:25
  Speaker 1: Is off trying to emulate the Canadians in terms of
• 23:28
  Speaker 1: cutting deals and going going around around Trump. Uh.
• 23:35
  Speaker 2: That is that is happening let me just see what else.
• 23:40
  Speaker 1: S Yeah, and I think I think you'll see a
• 23:42
  Speaker 1: lot more of this, a lot more of this. I
• 23:46
  Speaker 1: think what Trump has managed to do is elevate the
• 23:50
  Speaker 1: geopolitical position of China, and now elevate India, and and
• 23:57
  Speaker 1: really give a life flying to Russia.
• 24:00
  Speaker 2: Uh he has.
• 24:03
  Speaker 1: I mean, with all my other complaints about Trump, suddenly
• 24:07
  Speaker 1: one of the big ones from a geopolitical perspective is
• 24:11
  Speaker 1: the fact that his behavior, his use of tariffs, his
• 24:17
  Speaker 1: explicit attempts to antagonize our allies from Canada to Western
• 24:23
  Speaker 1: Europe to India, has basically emboldened our enemies. It's strengthened
• 24:30
  Speaker 1: our enemies, and it's weak in the United States's geopolitical
• 24:33
  Speaker 1: position in the world. We still have the mightiest military
• 24:37
  Speaker 1: force in the planet. Everybody knows that we still could
• 24:40
  Speaker 1: pull off operations like Venezuela fairly easily. We still can
• 24:44
  Speaker 1: do amazing things.
• 24:46
  Speaker 2: And yet.
• 24:49
  Speaker 1: The respect and uh and willingness to work with us
• 24:54
  Speaker 1: is dramatically in decline, dramatically in decline, and what it's
• 24:58
  Speaker 1: caused is massive of geopolitical angst. And I think the
• 25:02
  Speaker 1: price of gold, at least to some extent, is a
• 25:04
  Speaker 1: reflection of that. It's a reflection of Trump's instability and weakness.
• 25:11
  Speaker 1: By the way, Uh, the Prime Minister of Slovakia, Slovakia Fical,
• 25:18
  Speaker 1: this guy Fico, who is a huge who is on
• 25:22
  Speaker 1: the way and a fan of Old Bond's and and
• 25:25
  Speaker 1: a fan of Trump's and and and part of the
• 25:27
  Speaker 1: kind of the the part of Eastern Europe that is
• 25:30
  Speaker 1: very much on the Trump bandwagon if you win well.
• 25:34
  Speaker 1: He supposedly he told a group of of European leaders
• 25:42
  Speaker 1: that his last that he he met recently with Donald Trump,
• 25:49
  Speaker 1: that he was really really worried coming out of a
• 25:52
  Speaker 1: meeting about Trump's psychological state, that Trump was unhinged.
• 26:02
  Speaker 2: This is from a friend, from an ally of Trump.
• 26:07
  Speaker 1: But he looks unhinged and and his tweets unhinged, and
• 26:11
  Speaker 1: he's getting worse, and there's something going on there and
• 26:15
  Speaker 1: I wouldn't be surprised if it's health related, biological. And
• 26:20
  Speaker 1: it'll be interesting if this White House as Trump, if
• 26:24
  Speaker 1: he becomes more demented, if this White House will will
• 26:30
  Speaker 1: behave any differently than the Biden White House did as
• 26:33
  Speaker 1: Biden became incapacitated. Now Trump is not incapacitated, it's just
• 26:38
  Speaker 1: he's not there. He's he can't control his emotions, he
• 26:42
  Speaker 1: can't control the state of mind, and he's out of
• 26:46
  Speaker 1: control in that sense. And I don't think he can.
• 26:50
  Speaker 1: Well I'm not sure I ever could, but I don't
• 26:52
  Speaker 1: think he can. Think I don't think he can. Think. Finally,
• 26:57
  Speaker 1: on the trade issue, and this is immigration relates to immigration.
• 27:02
  Speaker 1: You know, not only is the United States backing away
• 27:05
  Speaker 1: from trade with other countries, the United States is explicitly
• 27:09
  Speaker 1: also backing away from immigration, that is, from accepting people
• 27:16
  Speaker 1: from other countries to come to immigrate into the United States,
• 27:20
  Speaker 1: including highly productive individuals H one B for example, including.
• 27:27
  Speaker 2: The real, real talented.
• 27:30
  Speaker 1: Individuals, geniuses and incredibly productive people.
• 27:36
  Speaker 2: We are generally backing off.
• 27:38
  Speaker 1: And our attitude generally towards foreigners and an attitude generally
• 27:42
  Speaker 1: towards immigration is such that I think a lot of
• 27:45
  Speaker 1: people are hesitant to.
• 27:46
  Speaker 2: Come even if they could. We also have a huge hostility.
• 27:53
  Speaker 2: And this is this is gonna.
• 27:57
  Speaker 1: Not surprising to low skilled immigrants who we need in
• 28:01
  Speaker 1: this country, actually need in this country, but who you
• 28:05
  Speaker 1: can't you can't even talk.
• 28:06
  Speaker 2: About bringing them in.
• 28:08
  Speaker 1: Uh So it's it's it's absolutely impossible to even think
• 28:11
  Speaker 1: about bringing them in these days. Uh.
• 28:16
  Speaker 2: I think about.
• 28:17
  Speaker 1: Hostility towards Indians, the hostility expressed by Mega.
• 28:25
  Speaker 2: Starting with Mick Foinis.
• 28:26
  Speaker 1: And and and but but all through MAGA, You've got
• 28:29
  Speaker 1: this massive hostility. It's why, It's what Vivid was speaking
• 28:33
  Speaker 1: up against and what Vivic was attacked about. I mean,
• 28:36
  Speaker 1: even JD Vance's wife is being attacked. Jd Vance is
• 28:39
  Speaker 1: being attacked for having an Indian wife. And of course
• 28:42
  Speaker 1: many of the H one B recipients Indians. Well, it
• 28:46
  Speaker 1: turns out that as part of the trade deal with India,
• 28:52
  Speaker 1: the EU has also signed an immigration deal with India
• 29:00
  Speaker 1: as part of what they call a broad strategic partnership.
• 29:07
  Speaker 1: So this deal encompass. For example, Indian students set to
• 29:11
  Speaker 1: receive longer multi entry visas for extended post study and
• 29:18
  Speaker 1: work permits, so they're coming to students, but then they'll
• 29:22
  Speaker 1: also be allowed to stay in under limited time but
• 29:27
  Speaker 1: extended work permits up to three years. And all of
• 29:32
  Speaker 1: this will receive expedited, faster processing. Highly skilled workers and
• 29:38
  Speaker 1: researchers will gain access to fast track residency, residency permits,
• 29:44
  Speaker 1: easy family reunification and smoother into company transfer roads, so
• 29:51
  Speaker 1: they can come to the EU get jobs now be
• 29:54
  Speaker 1: stuck in the one job that gave them the visa,
• 29:57
  Speaker 1: may be able to move around like some of each
• 29:58
  Speaker 1: one B recipients, even seasonal and shortage occupation workers, including
• 30:06
  Speaker 1: in agriculture and hospitality.
• 30:12
  Speaker 2: They also be you know, be.
• 30:15
  Speaker 1: Granted a number of uh different schemes to be able
• 30:20
  Speaker 1: to come into the EU uh and and and uh
• 30:23
  Speaker 1: and participate in the labor force. Right. So, UH, they're
• 30:30
  Speaker 1: gonna there's gonna be a whole new office, European Legal
• 30:34
  Speaker 1: Gateway Office in India, which is going to be uh
• 30:38
  Speaker 1: one stop office designed to guide applicants straight into EU
• 30:40
  Speaker 1: migration schemes before they even touch Europe. Uh, they're gonna
• 30:45
  Speaker 1: you know, so basically, uh, EU and India are gonna
• 30:48
  Speaker 1: have the work scheme that I suggested. Right. If you
• 30:51
  Speaker 1: can find a job in Europe, you're in. I think
• 30:58
  Speaker 1: this is I mean, I think this is terrific.
• 31:01
  Speaker 2: And uh and and really.
• 31:03
  Speaker 1: Really a positive move, positive move both for India and
• 31:08
  Speaker 1: for the EU.
• 31:09
  Speaker 2: Uh.
• 31:10
  Speaker 1: You know, the more the EU can bring in legal
• 31:15
  Speaker 1: migrants uh and bring them in to work, not to
• 31:19
  Speaker 1: go on welfare, I think the healthier the healthier THEEU
• 31:23
  Speaker 1: is going to be and if they can bring in
• 31:25
  Speaker 1: high skilled people, researchers, entrepreneurs. Think about how many entrepreneurs
• 31:29
  Speaker 1: down Silicon Valley. I mean, consider the fact that the wealthiest,
• 31:35
  Speaker 1: wealthiest ethnic group in America to extent, there's an ethnic group, right, oh,
• 31:41
  Speaker 1: national group, make it national national origin group. The wealthiest
• 31:45
  Speaker 1: national origin group in America today are Indians. And that's
• 31:51
  Speaker 1: because the entrepreneurial the ones who come. Again, there's a
• 31:54
  Speaker 1: self selection bias. The people who come are not the
• 31:57
  Speaker 1: same as the people who stay. The people who come
• 31:59
  Speaker 1: to America, the ones that stop businesses, work hard, uh
• 32:03
  Speaker 1: and and make money. And now many of those people,
• 32:08
  Speaker 1: because it's going to be much much easier and much
• 32:11
  Speaker 1: more welcoming, are going to be going to the EU.
• 32:15
  Speaker 1: That's a win for the EU, a lost for the
• 32:18
  Speaker 1: United States, but one to be expected. So as the
• 32:21
  Speaker 1: United States moves away from engagement with the rest of
• 32:27
  Speaker 1: the world, you know, other other parts of the world
• 32:31
  Speaker 1: will probably enter that gap and uh and engage and
• 32:36
  Speaker 1: and pursue. I mean, maybe here's a here's a crazy thought,
• 32:43
  Speaker 1: won't happen, but what the hell, right, imagine us as
• 32:47
  Speaker 1: the United States backs away from capitalism. Some places around
• 32:51
  Speaker 1: the world embrace it. As the United States increases regulation,
• 32:56
  Speaker 1: increases taxation, you know, you know, increases debt, which is
• 33:01
  Speaker 1: basically form of taxation. Other parts of the world reduce
• 33:08
  Speaker 1: their debt, reduce government spending, reduce regulations. Wouldn't that be crazy?
• 33:16
  Speaker 1: Again the German chancellor who's turning out to be pretty good?
• 33:20
  Speaker 1: German Chancellor Mutz I said, I think. At the same
• 33:24
  Speaker 1: news conference, he said Germany and Europe have wasted years
• 33:29
  Speaker 1: of economic growth due to stalled reforms and excessive regulation.
• 33:36
  Speaker 1: He said, the EU has become the world's leading champion
• 33:40
  Speaker 1: of over regulation.
• 33:45
  Speaker 2: Well maybe maybe maybe maybe maybe it's time.
• 33:50
  Speaker 1: Maybe it's time, Maybe something will budge in Europe, maybe
• 33:54
  Speaker 1: something will change. Certainly things have changed in Germany. This
• 34:01
  Speaker 1: was not the talking Germany even last year. Uh Mourtz
• 34:05
  Speaker 1: is turning out to be much better than what he
• 34:07
  Speaker 1: seemed before he was elected.
• 34:10
  Speaker 2: And you know, we.
• 34:13
  Speaker 1: Will see, we will see if they if it's not
• 34:16
  Speaker 1: just talk, if it actually turns to uh to action.
• 34:20
  Speaker 1: If it turns to action, that would be amazing. See
• 34:24
  Speaker 1: r FL. Thank you for the stick of r FL.
• 34:26
  Speaker 1: I got your email. I'll get back to you. I
• 34:27
  Speaker 1: need a I need to ask the irrelevant people about
• 34:30
  Speaker 1: what you asked about the conference, but I will I
• 34:32
  Speaker 1: will get back to you about the conference in the
• 34:37
  Speaker 1: next few days. Uh, all right, that's that. Yeah, let's
• 34:45
  Speaker 1: talk about the dollar. Wasn't that wasn't there? Wasn't there?
• 34:53
  Speaker 1: All right? So a lot of stories out there about
• 35:01
  Speaker 1: the dollar's decline, and you know, the dollars, the dollars
• 35:06
  Speaker 1: getting cheap, the dollars declined. Does Trump really want a
• 35:09
  Speaker 1: soft dollar? What's his name? Secretary Bessett was asked about
• 35:13
  Speaker 1: this and he said, no, we want a strong dollar.
• 35:16
  Speaker 1: They should not acting like they want a strong dollar,
• 35:20
  Speaker 1: the dollars being in decline. But so I first, before
• 35:22
  Speaker 1: we talk about it, I first wanted to put it
• 35:25
  Speaker 1: in perspective. I know there's something nobody else does out there,
• 35:28
  Speaker 1: because there's a lot and I've seen even on my
• 35:30
  Speaker 1: chat and even among a lot of the people who
• 35:33
  Speaker 1: are inclined towards commenting on economics on the chat, there's
• 35:37
  Speaker 1: a lot of like the dollars finished, the dollars crumbling,
• 35:40
  Speaker 1: the dollars collapsing, the good dollars going down in value,
• 35:44
  Speaker 1: and if you only look at the dollar US as gold. Yeah,
• 35:47
  Speaker 1: it looks like the way, but nobody buys anything with gold.
• 35:50
  Speaker 1: And why do you need dollars? What's the purpose of dollars?
• 35:53
  Speaker 1: The purpose of dollars to buy stuff. You know, money
• 35:58
  Speaker 1: is there to be to use in consumption and investment, so,
• 36:06
  Speaker 1: you know, purchasing part of the dollar is captured by
• 36:10
  Speaker 1: measures of you know, price inflation. And we could debate
• 36:14
  Speaker 1: which price inflation measures the right one, but they all
• 36:17
  Speaker 1: show price inflation in the United States around three percent,
• 36:20
  Speaker 1: which is not good, but not end of the world
• 36:22
  Speaker 1: issue either. The other sense in which we used dollars
• 36:25
  Speaker 1: to buy stuff is we US dollars to buy foreign goods.
• 36:28
  Speaker 1: We used dollars to input stuff and other people US
• 36:32
  Speaker 1: dollars to buy our stuff.
• 36:34
  Speaker 2: So the dollar is measured.
• 36:36
  Speaker 1: When people say the dollars getting weaker, what they mean
• 36:39
  Speaker 1: really is it's getting weaker relative to other curvencies.
• 36:43
  Speaker 2: It was getting significantly.
• 36:46
  Speaker 1: Stronger for example, last week, I mean really strong relative
• 36:51
  Speaker 1: to the Japanese yen. And it appears that the Japanese
• 36:54
  Speaker 1: government has entered and try to manipulate it, and the
• 36:58
  Speaker 1: US has said that it might strengthen the dollar relative
• 37:04
  Speaker 1: to the end oh, sorry, weaken the dollar relative to
• 37:07
  Speaker 1: the end because it was getting completely imbalanced. Now, you know,
• 37:11
  Speaker 1: I don't know if any of that makes sense, but
• 37:13
  Speaker 1: the reality is the last few days the yen has
• 37:16
  Speaker 1: been gaining power versus the dollars. The dollar is going
• 37:20
  Speaker 1: down relative to other currencies. But how bad? How bad
• 37:30
  Speaker 1: is the dollar going down relative to other currencies? You know,
• 37:36
  Speaker 1: it sounds catastrophic from what everything everybody is saying. It
• 37:41
  Speaker 1: sounds catastrophic. It sounds like the dollars collapsing. So here's
• 37:46
  Speaker 1: a shot of the dollar measured against a broad index
• 37:50
  Speaker 1: of other currencies. So this is basically no, no, no
• 37:53
  Speaker 1: broad US dollar index, which the Federals have publishes. Now
• 37:58
  Speaker 1: you could say this is government numbers. You don't be
• 38:00
  Speaker 1: leave it, fine, don't believe it. I believe it. It's
• 38:04
  Speaker 1: basically a basket of other currencies measured against the dollar
• 38:08
  Speaker 1: on a daily basis. And this is going back to
• 38:12
  Speaker 1: the mid two thousands to the early two thousands.
• 38:16
  Speaker 2: I wish I had it going back to.
• 38:19
  Speaker 1: The nineteen nineties because it'd be interesting to see interesting
• 38:25
  Speaker 1: to see what it looks like when you take it
• 38:27
  Speaker 1: back all the way to to to the nineteen nineties
• 38:38
  Speaker 1: or the actually the eighties, because in the nineteen eighties
• 38:40
  Speaker 1: and in nineteen eighty five, the Reagan administration decided that
• 38:46
  Speaker 1: the dollar was too strong, and they actively walked to
• 38:49
  Speaker 1: weaken it, and the dollar lost a huge amount of
• 38:52
  Speaker 1: value relative to other councies between nineteen eighty five and
• 38:57
  Speaker 1: nineteen eighty seven. And then on one day in October
• 39:01
  Speaker 1: in nineteen eighty seven, during the weekend, the Cherasury Secretary
• 39:04
  Speaker 1: went on TV and expressed the opinion that the dollar
• 39:08
  Speaker 1: was still too valuable and it should be weakened. And
• 39:13
  Speaker 1: the following Monday, the stockwalkert dropped twenty five percent, and
• 39:16
  Speaker 1: one day Black Monday was the consequence of, you know,
• 39:22
  Speaker 1: in those days, the weakening of the dollar. But anyway,
• 39:25
  Speaker 1: let's look at it today. This graph has is standardized
• 39:32
  Speaker 1: on I think two thousand and five, so two thousand
• 39:35
  Speaker 1: and five is at one hundred, and everything fluctuates relative
• 39:39
  Speaker 1: to that, and you can see that the dollar today
• 39:45
  Speaker 1: standing at according to this makes one hundred and nineteen
• 39:48
  Speaker 1: point two eighty five. Five is quite a bit down
• 39:51
  Speaker 1: from its all time high in January or twenty twenty five,
• 39:56
  Speaker 1: just before Trump was just before Trump was sworn in
• 39:59
  Speaker 1: at one hundred twenty nine one hundred and twenty nine,
• 40:03
  Speaker 1: So it's down quite a bit from one hundred and
• 40:04
  Speaker 1: twenty nine to one hundred and nineteen, but it's still
• 40:07
  Speaker 1: like nineteen percent stronger than it was in two thousand
• 40:12
  Speaker 1: and I think that's five much more than that stronger
• 40:18
  Speaker 1: than it was during the financial crisis or during the
• 40:21
  Speaker 1: aftermath of the financial crisis.
• 40:22
  Speaker 2: In twelvey twenty eleven, twenty twelve.
• 40:26
  Speaker 1: It's basically come back down to the levels it was from,
• 40:31
  Speaker 1: you know, during twenty twenty three and much of twenty twenty.
• 40:34
  Speaker 2: Four, some of twenty twenty four.
• 40:36
  Speaker 1: It's still much higher than when it was in twenty
• 40:39
  Speaker 1: twenty one, and it's still higher. It's higher than when
• 40:42
  Speaker 1: it was in Trump's first term. So the dollar is
• 40:46
  Speaker 1: not weak versus other currencies. It's actually very strong. It's
• 40:51
  Speaker 1: just not as strong as it was a few months ago,
• 40:53
  Speaker 1: a year ago. But as compartit Trump's first term is
• 40:56
  Speaker 1: compared to twenty eighteen, twenty nineteen, it's a lot stronger.
• 41:03
  Speaker 1: So there was absolutely nothing in the data. In actual data,
• 41:09
  Speaker 1: the suggests that people are crazily selling US government bonds.
• 41:14
  Speaker 1: If they were interstates would be spiking right now, and
• 41:17
  Speaker 1: they're not the higher then you would expect them. But
• 41:21
  Speaker 1: that's because I think people fear inflation, and they fear
• 41:25
  Speaker 1: what Trump will do if the Fed, if your forces
• 41:28
  Speaker 1: the fit to food flood the economy with money to
• 41:32
  Speaker 1: get the economy hot.
• 41:34
  Speaker 2: Hot is the term they use before the midterms.
• 41:37
  Speaker 1: So they're worried about the mid They're worried about artificially
• 41:40
  Speaker 1: spiking the US economy with inflation before the midterms. So
• 41:44
  Speaker 1: interstates a little high, but don't know when US high.
• 41:47
  Speaker 1: As people are dumping the dollar, they're selling the dollar
• 41:49
  Speaker 1: like crazy. Uh, relative to the uro and relative to
• 41:53
  Speaker 1: the end and relative to.
• 41:54
  Speaker 2: The to the British pound.
• 42:00
  Speaker 1: Yeah, I mean it's the dollar is not as strong
• 42:03
  Speaker 1: as it was, but it's not collapsing. The only count
• 42:07
  Speaker 1: see that the dollar is at a record weakness too,
• 42:13
  Speaker 1: is the Swiss Frank. The Swiss Frank is viewed as
• 42:20
  Speaker 1: the ultimate safe haven. The problem with the Swiss Franks
• 42:24
  Speaker 1: is there not a lot of them, so when people
• 42:26
  Speaker 1: start buying them up, their value goes up very very
• 42:28
  Speaker 1: quickly when demand goes up and in a surprise limited
• 42:34
  Speaker 1: you know, the Swiss Fank is very volatile.
• 42:36
  Speaker 2: In that sense, it goes up very very quickly.
• 42:39
  Speaker 1: So, yes, the dollars week, and my view is that
• 42:46
  Speaker 1: Trump would like to see the dollar be much weaker.
• 42:48
  Speaker 2: I wouldn't be surprised if.
• 42:51
  Speaker 1: Within a year where on this index we're at one ten,
• 42:55
  Speaker 1: we're closer to where it was during Trump's first term.
• 42:59
  Speaker 1: And the reason and why Trump would like the dollar
• 43:02
  Speaker 1: to be weaker is a week dollar encourages exports and
• 43:07
  Speaker 1: discourages inputs. And since Trump believes the trade deficits are bad,
• 43:13
  Speaker 1: inherently bad, increasing exports and decreasing inputs will close the
• 43:19
  Speaker 1: trade deficits a little bit. Tariffs, all else held constant
• 43:29
  Speaker 1: actually increased the value of the councy relative to other councies.
• 43:33
  Speaker 1: I get you know, if you really want to know
• 43:35
  Speaker 1: why that is, I can walk you through it. But
• 43:38
  Speaker 1: that is the reality that tells typically increased. They haven't
• 43:42
  Speaker 1: this last year because of everything else, because of you know,
• 43:49
  Speaker 1: the geopolitical risk involved in holding dollars, the the the
• 43:55
  Speaker 1: kind of the just the way Trump is behaving, not
• 43:58
  Speaker 1: everything else with health constant, not everything else was held constant.
• 44:04
  Speaker 2: All I just wanted to give you this.
• 44:06
  Speaker 1: I like to just remind people that panic is unnecessary.
• 44:14
  Speaker 2: Now.
• 44:14
  Speaker 1: It could be that people who are buying selling from
• 44:18
  Speaker 1: councy don't know what they're doing, and only the people
• 44:21
  Speaker 1: buying and selling gold know what they're doing. Right, That
• 44:24
  Speaker 1: is possible.
• 44:24
  Speaker 2: Only gold is the only indication of rationality in the economy.
• 44:29
  Speaker 1: Gold is the only signal you should monitor. It's it's
• 44:33
  Speaker 1: it's a signal that says And what gold is saying
• 44:36
  Speaker 1: right now is, you know, the risk of jupilical collapse,
• 44:41
  Speaker 1: of American collapse, of the dollar collapse.
• 44:43
  Speaker 2: Is super high. It's through the roof.
• 44:47
  Speaker 1: No other market is signaling that, but the gold market
• 44:50
  Speaker 1: and silver market, I guess the commodity markets are signaling that.
• 44:54
  Speaker 1: It's signaling the collapse of the dollar and the United
• 44:58
  Speaker 1: States going into hype inflation. So it's suggesting that we're
• 45:02
  Speaker 1: about to enter period of hyper inflation again.
• 45:06
  Speaker 2: No other markets suggest that.
• 45:08
  Speaker 1: But it's it's quite possible that gold market is the
• 45:12
  Speaker 1: only quote rational market and all the other markets are
• 45:15
  Speaker 1: acting irrationally. Or it's possible that all the other markets
• 45:19
  Speaker 1: are rational and gold is irrational. And it's also possible
• 45:22
  Speaker 1: the all irrational. What is not possible, is it the irrational?
• 45:27
  Speaker 1: I don't know if you got that real inflation, that
• 45:32
  Speaker 1: is printing tons of money. And what happens when you
• 45:35
  Speaker 1: get real inflation Ultimately, ultimately prices go up. Otherwise it
• 45:42
  Speaker 1: wasn't real inflation. If you increase the money supply, then
• 45:48
  Speaker 1: first you get malinvestment and you maybe you get a
• 45:52
  Speaker 1: bubble in the stock market or you get a bubble
• 45:54
  Speaker 1: in something. But then ultimately all those dollars don't disappear
• 45:57
  Speaker 1: because they were invested somewhere. There are still circulating in
• 46:00
  Speaker 1: the economy, and ultimately it might take a few years,
• 46:03
  Speaker 1: it might take two to three years, but ultimately prices
• 46:06
  Speaker 1: go up. There's no way to actually and the Austrians
• 46:12
  Speaker 1: don't claim this. There's no way to actually engage in
• 46:16
  Speaker 1: monetary inflation without the result ultimately being I won't call
• 46:25
  Speaker 1: it price inflation because economics will go nuts. Ultimately being
• 46:31
  Speaker 1: price is going up, the price level going up, because
• 46:37
  Speaker 1: by investing in the stock market, money doesn't go away.
• 46:41
  Speaker 1: It doesn't disappear. The money that the Fed printed. Let's
• 46:44
  Speaker 1: say it all goes straight into the stock market. Stock
• 46:47
  Speaker 1: prices go up. But what does it mean it goes
• 46:49
  Speaker 1: into the stock market. It means somebody bought stocks but
• 46:52
  Speaker 1: for every person who bought a stock, somebody sold, so
• 46:56
  Speaker 1: somebody gains those dollars and reintroduce to them somewhere else
• 46:59
  Speaker 1: into the economy. There's been massive model investment in the
• 47:05
  Speaker 1: last fifty years, and there's been inflation over the last
• 47:08
  Speaker 1: fifty years, but there hasn't been There has not been
• 47:12
  Speaker 1: hyper inflation over the last fifty years. Government spending is
• 47:17
  Speaker 1: not printing money. Government spending is not monetary inflation.
• 47:20
  Speaker 2: It's just not.
• 47:21
  Speaker 1: Government spending can be neutral in terms of monetary right.
• 47:25
  Speaker 1: You could raise bonds, you could just sell bonds. Selling
• 47:28
  Speaker 1: bonds is destructive in other ways to the economy, but
• 47:32
  Speaker 1: not It's not in and of itself inflation, right.
• 47:35
  Speaker 2: Government spending is not inflation.
• 47:37
  Speaker 1: What's inflation is the creation of money that requires the
• 47:41
  Speaker 1: FED to buy government bonds, which is a different process,
• 47:46
  Speaker 1: and the money creation creates malinvestments, which flows into inflation.
• 47:54
  Speaker 1: Is why over the last fifty years, since nineteen seventy one,
• 47:57
  Speaker 1: we've had inflation. We just not had, with the exception
• 48:01
  Speaker 1: a few years in the seventies, hyper inflation, because the
• 48:05
  Speaker 1: reality is we haven't had monitoring inflation at the levels
• 48:10
  Speaker 1: that would result in.
• 48:13
  Speaker 2: Height.
• 48:14
  Speaker 1: You know, hype inflation in the sense of hyper increases
• 48:17
  Speaker 1: in prices. The price level has gone up. It hasn't
• 48:22
  Speaker 1: gone up at.
• 48:23
  Speaker 2: The pace.
• 48:27
  Speaker 1: That gold suggests it's going to, and it hasn't gone
• 48:32
  Speaker 1: up at the pace that most Austrian economists expected it
• 48:37
  Speaker 1: to go up. It just hasn't because almost and economists
• 48:41
  Speaker 1: know that malinvestment is the first level of how inflation
• 48:47
  Speaker 1: realizes it self in the economy. But the much bigger level,
• 48:52
  Speaker 1: at the ultimate level, is prices go up. If you
• 48:55
  Speaker 1: don't have an increase in priceis you didn't have inflation.
• 49:00
  Speaker 1: I mean, it takes time grandit. And by the way,
• 49:03
  Speaker 1: I'm curious, geek economics, if you could list all the
• 49:05
  Speaker 1: malinvestments that have happened, because it's really interesting. It's really
• 49:09
  Speaker 1: interesting to see how even exposed, whether you can identify malinvestment.
• 49:14
  Speaker 1: Malinvestment is easy to say, it's easy to argue, it's
• 49:17
  Speaker 1: easy to claim. But where is it exactly what is
• 49:22
  Speaker 1: being the malinvestment? I can think of a few, but
• 49:30
  Speaker 1: where's it being in the last fifteen years?
• 49:34
  Speaker 2: All right?
• 49:35
  Speaker 1: The dollar going down? It's not the world is not
• 49:40
  Speaker 1: ending Bicyclelaane's a not malinvestment. That's not what the Austrian
• 49:48
  Speaker 1: economists mean by malinvestment.
• 49:51
  Speaker 2: God, sorry, it's just not.
• 49:55
  Speaker 1: Any government spending like that is stupid. It's bad investment.
• 50:01
  Speaker 1: It's not inflation driven malinvestment. All right, I need to
• 50:07
  Speaker 1: get back to back to this. Qi was not malinvestment.
• 50:10
  Speaker 1: There's no investment going on in q E. It's not
• 50:14
  Speaker 1: a wise investment. It's a bad investment. It's just not
• 50:16
  Speaker 1: what's used in economics when you say malinvestment, that means
• 50:20
  Speaker 1: something bicycle lanes is not what's thought of as malinvestment.
• 50:25
  Speaker 1: I'm not going to do a lesson now in Austrian
• 50:28
  Speaker 1: theory of inflation and how the money filters into the
• 50:31
  Speaker 1: economy and where it goes. But that is not that
• 50:35
  Speaker 1: is not what is meant by malinvestment. You have to
• 50:37
  Speaker 1: think about what you have to read up what Meansas
• 50:40
  Speaker 1: and the Austrian business cycle people say is malinvestment.
• 50:44
  Speaker 2: It's not bad investment.
• 50:45
  Speaker 1: There are lots of bad investments that nothing to do
• 50:47
  Speaker 1: with monetary policy. Malinvestment is a feature a bad monetary policy,
• 50:53
  Speaker 1: and that's something very different. Anyway, gold hit.
• 51:00
  Speaker 2: Three hundred the last couple of days. Fifty three hundred.
• 51:03
  Speaker 1: I mean it's up twenty two percent since the beginning
• 51:06
  Speaker 1: of the year, twenty two percent.
• 51:08
  Speaker 2: You tell me that.
• 51:10
  Speaker 1: Something fundamental in economy has changed over the last month
• 51:14
  Speaker 1: justifying a twenty two percent increase in gold. I it's
• 51:24
  Speaker 1: all I'm going to say, and we'll see what happens,
• 51:26
  Speaker 1: all right, quickly.
• 51:27
  Speaker 2: On Ukraine.
• 51:30
  Speaker 1: You know, Ukraine's in and out of the news constantly,
• 51:33
  Speaker 1: and we keep expecting any day now Trump to announce
• 51:35
  Speaker 1: a piece deal between Russia and Ukraine.
• 51:37
  Speaker 2: Of course, there was an expectation just.
• 51:40
  Speaker 1: A few days ago, I was reading about it that
• 51:42
  Speaker 1: a Trumpet domer station would sign a deal with Ukraine
• 51:46
  Speaker 1: that would provide US security guarantees. And now it turns
• 51:52
  Speaker 1: out unsurprising at all.
• 51:56
  Speaker 3: That that that the United States are backing out of
• 52:03
  Speaker 3: that and saying that they will only supply security guarantees.
• 52:08
  Speaker 1: To Ukraine contingent on the Ukrainians agreeing to a peace
• 52:14
  Speaker 1: deal that involves the seating of significant amounts of Ukrainian land,
• 52:20
  Speaker 1: including the entire Dunbus region, to Russia. Basically, the Trumpet administration,
• 52:26
  Speaker 1: as it always does, has reverted back to supporting whatever
• 52:32
  Speaker 1: Russia wants, backing Russia up again if if Ukraine agrees
• 52:43
  Speaker 1: to wdraw from the Dumbas the United States not just
• 52:48
  Speaker 1: to give up on the stuff that Russia has already occupied,
• 52:51
  Speaker 1: but give them more of the dun bus the stuff
• 52:53
  Speaker 1: they haven't occupied.
• 52:56
  Speaker 2: Then the United.
• 52:58
  Speaker 1: States will will give them even more weapons, as if
• 53:03
  Speaker 1: Ukrainian should believe any of that.
• 53:07
  Speaker 2: Again, Ukraine hope.
• 53:09
  Speaker 1: To sign a document security guarantees and a post war
• 53:12
  Speaker 1: prosperity plan with the United States as early as this month.
• 53:16
  Speaker 1: But it's not happening, and the United States continues to
• 53:21
  Speaker 1: put pressure on Zelenski, put more and more and more pressure.
• 53:27
  Speaker 2: On Zelensky to fold, to fold.
• 53:33
  Speaker 1: The United States is becoming more and more explicitly pro Russia.
• 53:42
  Speaker 2: Again.
• 53:42
  Speaker 1: It all changes, right, Trump beat with Zelenski, is nice
• 53:46
  Speaker 1: to him, Everything leans towards Ukraine, and then he talks
• 53:49
  Speaker 1: to puts it on the phone, and then oh no, no,
• 53:52
  Speaker 1: Russia is all right, and he completely shifts towards Russia.
• 53:55
  Speaker 1: At the end of the day, his real allegiance is
• 53:58
  Speaker 1: to the Russian it's to put and it's not to Ukraine.
• 54:02
  Speaker 1: The United States believes that Ukraine must give the Dumbas
• 54:08
  Speaker 1: for the wood end, and it's doing nothing, very little
• 54:12
  Speaker 1: to pressure putin to abandon any.
• 54:15
  Speaker 2: Of his demands.
• 54:16
  Speaker 1: It's a completely one sided deal. It really is horrific,
• 54:21
  Speaker 1: it's really disgusting. At the same time, Russia is not
• 54:27
  Speaker 1: doing well in the war. It's an unbelievably graining war,
• 54:34
  Speaker 1: there being almost no advances for the Russians. The data
• 54:41
  Speaker 1: is showing that Russia's paying an unbelievable price for very
• 54:46
  Speaker 1: very small gains and basically is in decline as a
• 54:51
  Speaker 1: world power. Russia's probably suffered one point two million casualties
• 54:58
  Speaker 1: since February twenty twenty two, more losses than any major
• 55:03
  Speaker 1: power in any war since World War Two. At counter rates,
• 55:09
  Speaker 1: the combined Russian Ukrainian casualties would reach two million by
• 55:12
  Speaker 1: the spring of twenty twenty six. This war has been
• 55:16
  Speaker 1: going on for nearly four years. If you think about
• 55:20
  Speaker 1: the war between Russia and Nazi Germany, by year four,
• 55:27
  Speaker 1: the Nazi the Russians were already in Berlin, and yet
• 55:33
  Speaker 1: the Russians cannot get even close to Kiev. Right now,
• 55:43
  Speaker 1: Russian forces have advanced at an average rate of between
• 55:48
  Speaker 1: fifteen to seventy meters a day since you know, twenty
• 55:57
  Speaker 1: twenty four, when they you know, they launched and advanced.
• 56:03
  Speaker 1: That's slower than almost any major offensive campaign in any
• 56:06
  Speaker 1: war in the last century, the laste hundred years. I mean,
• 56:11
  Speaker 1: this is very similar to trench warfare in World War One.
• 56:16
  Speaker 4: It's going nowhere, going towhay, and.
• 56:26
  Speaker 1: At the same time it's woy. Economy is under huge strain.
• 56:31
  Speaker 1: Manufacturing is declining. Economic growth is now zer point six percent,
• 56:37
  Speaker 1: which is a distortion anyway, because that captures GDP, which
• 56:40
  Speaker 1: includes gouvernment spending. If you just look at the standard
• 56:43
  Speaker 1: living quality of life, they have declined dramatically.
• 56:47
  Speaker 2: No global competitive.
• 56:48
  Speaker 1: Technology firms, there's nothing. There's no technological innovation other than
• 56:53
  Speaker 1: in jamming the technological innovations that the Ukrainians are making.
• 56:57
  Speaker 1: So the only technology innovations maybe in drone and anti
• 57:04
  Speaker 1: drone electronic warfare. So Russia is in deep trouble, and
• 57:09
  Speaker 1: instead of leveraging the trouble, Russias in. Instead of leveraging
• 57:15
  Speaker 1: that fact in order to get Russia to back off
• 57:20
  Speaker 1: of its demands, Trump is taking their side. And all
• 57:26
  Speaker 1: the pressures being applied to Ukraine. It really is what
• 57:35
  Speaker 1: was the word before somebody is disgusting. It really is disgusting,
• 57:40
  Speaker 1: all right, Before we go on just to reminder that
• 57:44
  Speaker 1: the show is supported from by listeners like you. Without
• 57:48
  Speaker 1: your support, couldn't do the show, and that support manifests
• 57:52
  Speaker 1: itself during live shows.
• 57:54
  Speaker 2: In super chats.
• 57:55
  Speaker 1: It's also a wait for you to discimine the content
• 57:57
  Speaker 1: of the show because you ask questions and I get
• 57:59
  Speaker 1: to answer that, and you can take the show in
• 58:01
  Speaker 1: any direction you want. You can ask whatever about whatever
• 58:03
  Speaker 1: you want. So just let me make the pitch. Please
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  Speaker 1: use the superchat feature to ask questions. Please use it
• 58:11
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  Speaker 1: not exist without the Superchat, without the stickers, without this
• 58:21
  Speaker 1: financial support. I have monthly goals and show goals, and
• 58:27
  Speaker 1: we need to do better than we're doing right now.
• 58:30
  Speaker 1: And this might be the last show of the month,
• 58:34
  Speaker 1: might be the last show of the month, so it
• 58:36
  Speaker 1: is also relevant for the monthly goals.
• 58:39
  Speaker 2: That we are doing.
• 58:41
  Speaker 1: So please consider supporting the show with the sticker or
• 58:45
  Speaker 1: a question or a question. Roland says he's sharing some
• 58:51
  Speaker 1: of the strength of the Swiss fank with me.
• 58:54
  Speaker 2: Thank you, Walden.
• 58:55
  Speaker 1: I have noticed that your Swiss Fanks in the super
• 58:58
  Speaker 1: chat are worth more over the last few months, they've
• 59:03
  Speaker 1: just more and more. Unfortunately, I don't have any Franks.
• 59:06
  Speaker 1: I wish I had some Swiss Franks. I wish I
• 59:08
  Speaker 1: had more gold and had lots of Swiss Fanks. That's
• 59:10
  Speaker 1: what that's what would be cool.
• 59:13
  Speaker 2: This is an interesting story.
• 59:14
  Speaker 1: It came across today and it comes from a lawsuit
• 59:18
  Speaker 1: there was filed by publishers against Anthropic in early twenty
• 59:26
  Speaker 1: twenty four. Well, this was a lawsuit that was filed
• 59:30
  Speaker 1: last year and was settled last year.
• 59:33
  Speaker 2: But the judge has released all.
• 59:35
  Speaker 1: The documents, all the findings I found the lawsuit. It
• 59:39
  Speaker 1: made them public, which is which gives us insight into
• 59:46
  Speaker 1: what these AI companies are doing. Anyway, according to this
• 59:52
  Speaker 1: was the Post story and only twenty twenty four, executives
• 59:56
  Speaker 1: at Anthropic ramped up an ambitious project they to keep quiet.
• 1:00:00
  Speaker 2: It was called Project Panama.
• 1:00:03
  Speaker 1: It was their effort to scan all the books in
• 1:00:07
  Speaker 1: the world, scan all the books in the world and
• 1:00:13
  Speaker 1: internal this is so an internal planning document was released
• 1:00:18
  Speaker 1: during as a consequence of this trial, where and Throby
• 1:00:22
  Speaker 1: landed up paying I don't know one point five billion
• 1:00:24
  Speaker 1: dollars to settle the case last last year. It turns
• 1:00:29
  Speaker 1: out that they spent millions of dollars millions of dollars
• 1:00:33
  Speaker 1: buying books, breaking them up right, taking out you know,
• 1:00:39
  Speaker 1: page right, page and and and scanning them and scanning
• 1:00:45
  Speaker 1: them so that the AI could learn from the you know,
• 1:00:51
  Speaker 1: from the from the from the authors. Uh. This lawsuit
• 1:00:55
  Speaker 1: is part of a wave of lawsuits brought against AI
• 1:00:57
  Speaker 1: companies by authors, artists, photographers, news outlets that you know. Basically,
• 1:01:04
  Speaker 1: these AI agents up scanning everything we have and including
• 1:01:12
  Speaker 1: material that is protected by IP.
• 1:01:16
  Speaker 2: And uploading it.
• 1:01:17
  Speaker 1: Now they're not reproducing it qua book, but they were
• 1:01:21
  Speaker 1: producing in a sense of knowledge in the book in
• 1:01:25
  Speaker 1: what the AI will tell you. And you can actually
• 1:01:26
  Speaker 1: ask an AI about a particular book and it will
• 1:01:28
  Speaker 1: summarize it to you, and you go, how does it
• 1:01:30
  Speaker 1: know that? Because it's bought all the books and read
• 1:01:34
  Speaker 1: all the books on Amazon.
• 1:01:41
  Speaker 2: Books are particularly important for Anthropic.
• 1:01:47
  Speaker 1: Training. According to Anthropic co founder, the training AI models
• 1:01:51
  Speaker 1: on books would teach them teaching my quotation marks how
• 1:01:55
  Speaker 1: to write well instead of mimicking low quality internets speak.
• 1:02:00
  Speaker 1: A twenty twenty four email inside Meta described accessing digital
• 1:02:05
  Speaker 1: troves as books as essential to being competitive in the
• 1:02:09
  Speaker 1: against AI rivals, and they didn't see it as practical
• 1:02:16
  Speaker 1: to get the direct permission for publishers and authors to
• 1:02:19
  Speaker 1: use their work.
• 1:02:22
  Speaker 2: That tells you a lot right.
• 1:02:24
  Speaker 1: They could have got electronic files, but they didn't want
• 1:02:27
  Speaker 1: to pay for that. They didn't want to get permission. Instead, Anthropic,
• 1:02:32
  Speaker 1: Meta and other companies found ways to acquire books in
• 1:02:35
  Speaker 1: bulk without the author's knowledge and upload them, upload the pivoted,
• 1:02:41
  Speaker 1: uploading pivoted copies. They bought legitimate copies, but they uploaded.
• 1:02:47
  Speaker 2: It, says. On several occasions, Meta employees raised.
• 1:02:49
  Speaker 1: Concerns and internal messages they're downloading a collection of millions
• 1:02:53
  Speaker 1: of books without permission would violate copyright law. In December
• 1:02:58
  Speaker 1: twenty twenty three, and internal email said the practice had
• 1:03:01
  Speaker 1: been approved after escalation to mz I E.
• 1:03:06
  Speaker 2: Michaels, Mark Zuckerbu.
• 1:03:08
  Speaker 1: According to filing in a copyright lawsuit brought by book
• 1:03:11
  Speaker 1: authors against the company, Meta is declined to comment, of.
• 1:03:14
  Speaker 2: Course, for the story.
• 1:03:16
  Speaker 1: In one newly released legal filing, Anthropic disclosed that co
• 1:03:20
  Speaker 1: founder Bandman personally downloaded a whole of fiction and nonfiction
• 1:03:24
  Speaker 1: from a shadow library of books and other copyright infringement
• 1:03:28
  Speaker 1: infringing content called Libgen over an eleven day stretch in June.
• 1:03:33
  Speaker 2: Twenty twenty one. You know, later.
• 1:03:40
  Speaker 1: Again they literally bought books and scanned them. They claim
• 1:03:50
  Speaker 1: that they didn't use these the books that they downloaded
• 1:03:54
  Speaker 1: from libgen for commercial AI models. They I guess they
• 1:04:00
  Speaker 1: just used it for I'm not sure what they did
• 1:04:03
  Speaker 1: right anyway, this is it's interesting. It's interesting. We're learning
• 1:04:09
  Speaker 1: now how how these projects actually came to be. Companies
• 1:04:16
  Speaker 1: can still get in trouble, uh, you know. In on
• 1:04:18
  Speaker 1: topics case, the book scanning project past must have but
• 1:04:22
  Speaker 1: the judge found that the company may have infringed on
• 1:04:25
  Speaker 1: authors copyrights when it downloaded millions of privated books free
• 1:04:29
  Speaker 1: before launching Project Panama. So it seems like the courts
• 1:04:34
  Speaker 1: uh you know, you know, within the saying that within
• 1:04:39
  Speaker 1: a right to use books for chaining AI models because
• 1:04:42
  Speaker 1: they process the material in a transformative way. The judge
• 1:04:47
  Speaker 1: likened the AI training process to teaching training school children
• 1:04:51
  Speaker 1: to write well. The same month, District Judge vance Brea
• 1:04:56
  Speaker 1: found that the medic caase that the book authors had
• 1:04:59
  Speaker 1: failed to show that the company's AI models could harm
• 1:05:02
  Speaker 1: sales of their books. So, you know, an interesting case
• 1:05:07
  Speaker 1: in terms of.
• 1:05:09
  Speaker 2: You know how how this works, Uh, the conflict between
• 1:05:14
  Speaker 2: the two.
• 1:05:15
  Speaker 1: I guess partially it's what the books that used to
• 1:05:18
  Speaker 1: train AI for writing well versus actual content. But you
• 1:05:26
  Speaker 1: know it is it is interesting. I don't have a
• 1:05:28
  Speaker 1: strong view about this. You know, the ultimate number books
• 1:05:33
  Speaker 1: scanned and they cost are reduct redacted in the documents.
• 1:05:37
  Speaker 1: But a project proposal by a vendor that ultimately worked
• 1:05:40
  Speaker 1: with Anthropic noteday. A company was seeking an experienced document
• 1:05:44
  Speaker 1: scanning service vendor to convert from five hundred thousand to
• 1:05:48
  Speaker 1: two million books over six month period. That's a lot
• 1:05:52
  Speaker 1: of books. I hope they did it with mine. I
• 1:05:57
  Speaker 1: hope my books were used to train AI. I mean,
• 1:06:00
  Speaker 1: if they ask my permission, I would say, yes, go
• 1:06:02
  Speaker 1: for it, please, all right. I want to end with
• 1:06:08
  Speaker 1: what I think is an important point made in a Dispatch,
• 1:06:13
  Speaker 1: you know, the Dispatch publication.
• 1:06:17
  Speaker 2: In the Dispatch publication today.
• 1:06:21
  Speaker 1: This was published today, And this isn't an editorial by
• 1:06:26
  Speaker 1: the board of editors, I guess the Dispatch editors, so
• 1:06:29
  Speaker 1: it represents the Dispatch's opinion beyond.
• 1:06:33
  Speaker 2: Any particular person.
• 1:06:36
  Speaker 1: The title of this is the cost of Silence, and
• 1:06:41
  Speaker 1: underneath it it says enough.
• 1:06:52
  Speaker 2: Now I don't agree with everything written here, but I agree.
• 1:06:56
  Speaker 1: With the spirit.
• 1:06:59
  Speaker 2: Are they right?
• 1:06:59
  Speaker 1: As in the month of twenty twenty six, the governing
• 1:07:02
  Speaker 1: spirit of the United States is not populism. It is
• 1:07:05
  Speaker 1: neither right wing nor left wing ideology. It is most
• 1:07:10
  Speaker 1: suddenly not the political order spelled out in the Constitution. Absolutely,
• 1:07:16
  Speaker 1: it is chaos. Automao reministration has had an extraordinary few
• 1:07:22
  Speaker 1: weeks dragging the American people along for the right. Federal
• 1:07:26
  Speaker 1: agents have as of this writing, shot dead to American
• 1:07:28
  Speaker 1: citizens within weeks of each other in the same city,
• 1:07:31
  Speaker 1: while clad in masks and military gear and carrying out
• 1:07:34
  Speaker 1: a campaign a paramilitary style immigration enforcement that appears far
• 1:07:40
  Speaker 1: more interested in theatrics than deportations. In both cases, the
• 1:07:45
  Speaker 1: Secretary of Department of Homeland Security has rushed to label
• 1:07:48
  Speaker 1: these shooting victims, and by extension, other ordinary Americans protesting
• 1:07:53
  Speaker 1: immigration and customer enforcement tactics terrorists. In recent days, we've
• 1:08:00
  Speaker 1: seen high ranking administration officials try to retroactively justify the
• 1:08:04
  Speaker 1: agent's actions by advancing arguments that infringe upon America's First
• 1:08:09
  Speaker 1: and Second Amendment rights. Also in the world, the NATO
• 1:08:13
  Speaker 1: countries dispatch troops to Greenland. In response to fears far
• 1:08:17
  Speaker 1: from unreasonable that the United States was weighing an active
• 1:08:20
  Speaker 1: war against Denmark as part of a campaign of old
• 1:08:23
  Speaker 1: fashioned imperial expansion, the Canadian Prime Minister announced the end
• 1:08:28
  Speaker 1: of his country's long standing partnership with the United States
• 1:08:31
  Speaker 1: quote way in the midst of a rupture, not a transition, unquote,
• 1:08:37
  Speaker 1: and has taken steps to strengthen tize with China, India,
• 1:08:40
  Speaker 1: and the European Union, both harmed by US tariffs, announced
• 1:08:47
  Speaker 1: both armed by US tarifs, announced the Mother of All
• 1:08:49
  Speaker 1: deals as a defense measure against the United States and China.
• 1:08:58
  Speaker 1: Gold and silver prices are regularly hitting record highs, and
• 1:09:02
  Speaker 1: the financing costs of the US government ever expanding national
• 1:09:05
  Speaker 1: debt or continuing to rise. The United States has now
• 1:09:08
  Speaker 1: entered its six consecutive year of persistent high inflation, and
• 1:09:13
  Speaker 1: while pandemic related economic forces and excessive federal spending first
• 1:09:17
  Speaker 1: signed into law by his Democratic predecessor, can account for
• 1:09:21
  Speaker 1: much of that, President trump stubborn clinging to misguided tariff
• 1:09:26
  Speaker 1: policies is not helping matters. Neither is his administrations transparently
• 1:09:31
  Speaker 1: pretextual criminal investigation of federals of Chairman's your own power
• 1:09:35
  Speaker 1: as part of the president's efforts to bully the FED
• 1:09:38
  Speaker 1: into lowering interst rates in the run up to the midterms.
• 1:09:46
  Speaker 2: One of the ironies they.
• 1:09:47
  Speaker 1: Say repeated throughout world Here's political history, is that autocrats
• 1:09:53
  Speaker 1: rarely bring order that they are elected or installed to deliver,
• 1:09:59
  Speaker 1: even the servar kind that can be imposed through state terror.
• 1:10:03
  Speaker 1: No more reliably, autocrats bring disorder. The disorder under which
• 1:10:08
  Speaker 1: Americans are now suffering, the ramification of which have only
• 1:10:13
  Speaker 1: just began to be realized, is that inevitably happens when
• 1:10:17
  Speaker 1: an American president disregards the rule of law, insisting that
• 1:10:20
  Speaker 1: he's limited only by his own sense of morality, and
• 1:10:23
  Speaker 1: send some morality there's in this case does not quite
• 1:10:26
  Speaker 1: seem to exist.
• 1:10:28
  Speaker 2: That is pretty brutal, all right.
• 1:10:34
  Speaker 1: They go on and on about this, and you know,
• 1:10:38
  Speaker 1: going after Trump, and I think all legitimate, maybe not
• 1:10:43
  Speaker 1: big enough, but that's not the essence of what they're writing,
• 1:10:53
  Speaker 1: you know, you know, they just summarize what they say
• 1:10:56
  Speaker 1: this way.
• 1:10:57
  Speaker 2: But we will repeat ourselves.
• 1:10:58
  Speaker 1: Nonetheless, Ronald Trump is uniquely unqualified for the office of
• 1:11:02
  Speaker 1: the presidency himself, a man with no sense of integrity
• 1:11:06
  Speaker 1: or administrative acuinym and one who is lazy, vain, ignorant,
• 1:11:11
  Speaker 1: and vulnerable to flattery, all of which make him easy
• 1:11:15
  Speaker 1: to manipulate for figures such as Stephen Miller, whose ethno
• 1:11:19
  Speaker 1: nationalist obsession and sophomoric Nietzschean posturing have dominated the administration's
• 1:11:25
  Speaker 1: agenda for months, and who is emblematic of the type
• 1:11:29
  Speaker 1: of advisors with whom the President has surrounded himself this
• 1:11:33
  Speaker 1: second go round. My only criticism of them is the
• 1:11:37
  Speaker 1: sentences are too long. They really need to learn how
• 1:11:40
  Speaker 1: to write short of sentences. But I agree with him
• 1:11:44
  Speaker 1: completely again, this is a Dispatch. By the way, the
• 1:11:47
  Speaker 1: Dispatch is considers itself a conservative publication, a conservative publication.
• 1:11:53
  Speaker 2: These are the never Trump conservatives writing this.
• 1:11:59
  Speaker 1: And they go on to say, but Trump is far
• 1:12:00
  Speaker 1: from the only at fourth for the mess in which
• 1:12:02
  Speaker 1: we find ourselves. And then they go after Biden, and
• 1:12:06
  Speaker 1: they talk about Biden. But that's like two sentences. This is,
• 1:12:13
  Speaker 1: I think, where it gets important. And when the history
• 1:12:18
  Speaker 1: of our time is written, congressional leaders, particularly Republican congressional leaders,
• 1:12:25
  Speaker 1: will be remembered as more important and much more culpable
• 1:12:29
  Speaker 1: than it seems at this moment. Describing their careers as
• 1:12:34
  Speaker 1: in action would be too charitable. They have been enablers
• 1:12:40
  Speaker 1: not only of particular crimes of the Trump administration, but
• 1:12:44
  Speaker 1: of the more general ingrandizement of the presidency and the
• 1:12:48
  Speaker 1: subordination of the entire legislative branch, the branch created by
• 1:12:53
  Speaker 1: Article one of the Constitution to make laws and exercise
• 1:12:56
  Speaker 1: outright oversight of federal agencies. They are, in a very
• 1:13:01
  Speaker 1: real sense, in gross violation of the oaths of office,
• 1:13:07
  Speaker 1: and so to other representatives and senators of both parties
• 1:13:11
  Speaker 1: who have contributed over the years to the reduction of
• 1:13:15
  Speaker 1: Congress to its current miserable state. It was inevitable that
• 1:13:21
  Speaker 1: the void left by Congress's abandonment of its constitutional duties
• 1:13:26
  Speaker 1: would be filled by the energies and fantasies and fundamental
• 1:13:31
  Speaker 1: incompetence of a man who want a man, once accurately
• 1:13:36
  Speaker 1: described by gd Vance, is plainly unfit for the office
• 1:13:40
  Speaker 1: to which he has twice been elected by the American people.
• 1:13:45
  Speaker 1: This is really good stuff. There are other aggravating factors
• 1:13:50
  Speaker 1: as well, including the emergence of a digital culture that
• 1:13:52
  Speaker 1: has degraded political journalism from an important check on those
• 1:13:57
  Speaker 1: in power. Into clickbait fan service and conspiracy theory nonsense.
• 1:14:03
  Speaker 2: And he goes.
• 1:14:03
  Speaker 1: On and on and on and on. The catalog of
• 1:14:08
  Speaker 1: the administration's war wrong doings is so substantial as to
• 1:14:14
  Speaker 1: feel endless, not impossible to keep track of. But not
• 1:14:19
  Speaker 1: many people are in a position to dedicate their lives
• 1:14:22
  Speaker 1: to the project. I try on the show and still
• 1:14:25
  Speaker 1: can't keep truck American citizens illegally detained by Ice agents.
• 1:14:31
  Speaker 1: The gross corruption on the part of the President in
• 1:14:33
  Speaker 1: his circle, launching a war on Venezuela without congressional authorization.
• 1:14:37
  Speaker 2: After carrying out a likely illegal campaign of.
• 1:14:40
  Speaker 1: Extra judicial massacres at sea, refusing for months to enforce
• 1:14:45
  Speaker 1: the law banning TikTok. The pace of outrage and abuses
• 1:14:49
  Speaker 1: is part of the White House strategy. You'll have forgotten
• 1:14:53
  Speaker 1: about Trump's promise to end the Russian Ukraine War on
• 1:14:56
  Speaker 1: his first day in office by the time you've journeyed
• 1:14:59
  Speaker 1: through Minneapol Polis, and you know Caucus and Tehran and
• 1:15:05
  Speaker 1: Caracas and Tehran and nuke.
• 1:15:06
  Speaker 2: Nuke is the capital of Greenland.
• 1:15:11
  Speaker 1: Here we will take that unusual step of directly addressing
• 1:15:14
  Speaker 1: Senator John Thune, the majority leader in the Senate, who
• 1:15:19
  Speaker 1: we believe understands the difference between merely being the Senate
• 1:15:23
  Speaker 1: Majority leader and acting like.
• 1:15:27
  Speaker 2: The Senate Majority leader.
• 1:15:29
  Speaker 1: Whatever is admirable personal qualities, Thune has thus far failed
• 1:15:34
  Speaker 1: to perform the role he is supposed to play in
• 1:15:36
  Speaker 1: our constitutional order.
• 1:15:39
  Speaker 2: If Trump is to be constrained, and.
• 1:15:41
  Speaker 1: The need only grows more dire by the day, it
• 1:15:45
  Speaker 1: is Congress that will constrain him. Senate Republicans, having a
• 1:15:50
  Speaker 1: majority that is at the moment expected to survive the midterms,
• 1:15:54
  Speaker 1: have a special role to play in that, and Thune,
• 1:15:58
  Speaker 1: as their leader, has an opportunity to begin charting the
• 1:16:02
  Speaker 1: long path towards the kind of politics and governance that
• 1:16:06
  Speaker 1: so many elected Republicans privately wish for when the cameras
• 1:16:10
  Speaker 1: are off, and so we ask Senate to Thune, if
• 1:16:16
  Speaker 1: you cannot act in the face of this all this,
• 1:16:20
  Speaker 1: why do you choose to remain in the Senate at all? Now,
• 1:16:24
  Speaker 1: two hundred and fifty years into this great experiment in
• 1:16:28
  Speaker 1: self government, we fondly believe there is still a much
• 1:16:32
  Speaker 1: greater appetite for sanity, civility, and decency in this country
• 1:16:37
  Speaker 1: then social media and cable news would indicate, But even
• 1:16:41
  Speaker 1: if we're wrong. We returned to the dispatch as founding document,
• 1:16:46
  Speaker 1: which has quote and this is absolutely true, and I
• 1:16:54
  Speaker 1: completely support this. Failure in a good cause is better
• 1:16:59
  Speaker 1: than triumph in a bad one. Dante put his cowards
• 1:17:05
  Speaker 1: and opportunists, those who refuse to take a stand in life,
• 1:17:11
  Speaker 1: in the vestibule of his inferno. It doesn't help proper,
• 1:17:18
  Speaker 1: but you can see the rest of the underworld from there.
• 1:17:21
  Speaker 1: The cowards and opportunists in the United States in twenty
• 1:17:25
  Speaker 1: twenty six stand at the precipice. To stand at the
• 1:17:30
  Speaker 1: precipice too, and it brought our country to the verge
• 1:17:35
  Speaker 1: of something awful and unspeakable. We got here one step
• 1:17:41
  Speaker 1: at a time. Let's hope that we remember the way back.
• 1:17:48
  Speaker 1: Good for this fresh editors, I you know, it's a
• 1:17:52
  Speaker 1: good statement. It could be even better, but it's a
• 1:17:56
  Speaker 1: good statement.
• 1:17:56
  Speaker 2: I'll take it. I'll take it.
• 1:17:58
  Speaker 1: I'll take any allies that can get at this point
• 1:18:01
  Speaker 1: given the state of the country. These are insiders, These
• 1:18:04
  Speaker 1: are people who know the players. They might have some influence.
• 1:18:07
  Speaker 1: I don't know, probably not, but.
• 1:18:12
  Speaker 2: Yeah, we're in.
• 1:18:14
  Speaker 1: This is not a good place for America. This is
• 1:18:16
  Speaker 1: not a good place for America to be all right,
• 1:18:19
  Speaker 1: I'm going to make another peo to you guys to
• 1:18:22
  Speaker 1: ask questions. We're way way under on superchats. I'll also
• 1:18:26
  Speaker 1: note that yesterday and today the entire support of the
• 1:18:30
  Speaker 1: superchat has been dominated by Michael, who is as always
• 1:18:34
  Speaker 1: incredibly generous. Somebody else has to step in here and
• 1:18:37
  Speaker 1: help him out a little bit. I don't think.
• 1:18:39
  Speaker 2: I don't think he can or wants.
• 1:18:40
  Speaker 1: To do it all himself, so and he shouldn't have
• 1:18:43
  Speaker 1: to do it all himself. So if you gain value
• 1:18:45
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  Speaker 2: Again. You can do it a variety of different ways.
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  Speaker 1: what we're doing, in support of this. And I could
• 1:19:07
  Speaker 1: be that it allot of you, you know, some of you,
• 1:19:10
  Speaker 1: and maybe I should take it this way. Listening but
• 1:19:13
  Speaker 1: don't really like it, or listening or pissed off at
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• 1:19:17
  Speaker 1: something like that. I'm not sure what you're doing here.
• 1:19:19
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• 1:19:25
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  Speaker 1: All right, Michael, if the Democrats gain supermajorities, will they
• 1:23:19
  Speaker 1: learn from Trump's authoritarianism and start imposing their own Ice
• 1:23:23
  Speaker 1: type programs on millionaires and billionaires? Ware does this end? Well? First,
• 1:23:29
  Speaker 1: Democrats are not going to achieve a supermajority. I mean
• 1:23:32
  Speaker 1: they might, they might gain the House and the Senate,
• 1:23:35
  Speaker 1: but they're not going to get a supermajority now if
• 1:23:37
  Speaker 1: they get the House and Senate and White House in
• 1:23:40
  Speaker 1: twenty twenty eight, yeah, I mean, I don't think it's
• 1:23:43
  Speaker 1: that crazy to think that they would do an Ice
• 1:23:47
  Speaker 1: like thing. Every time one side uses government more through
• 1:23:53
  Speaker 1: executive voters, then the next party when they get into power,
• 1:24:00
  Speaker 1: am set up from there. That's the new starting point.
• 1:24:04
  Speaker 1: And and that's why Republicans are so you know, do
• 1:24:07
  Speaker 1: so much damage by abandoning what they call their principles
• 1:24:14
  Speaker 1: so quickly and increasing them and spending and and and.
• 1:24:19
  Speaker 2: Doing more and more authoritarian things.
• 1:24:21
  Speaker 1: And because it's bad in and of itself, and it's
• 1:24:25
  Speaker 1: also bad because it'll be used by the Republicans enemies
• 1:24:29
  Speaker 1: to go after them. So no, this is this is
• 1:24:34
  Speaker 1: only gonna get worse. That's what makes it so horrific,
• 1:24:36
  Speaker 1: is it's only going to get worse unless the country
• 1:24:39
  Speaker 1: can elect somebody who's more rational. But if you look
• 1:24:43
  Speaker 1: at the lead candidates on the left and on the right,
• 1:24:45
  Speaker 1: you don't exactly see rationality as as a major feature.
• 1:24:53
  Speaker 1: Ebeniz says, FED holds rate. Yeah, I mean it was
• 1:24:56
  Speaker 1: it was expected that the Fed would not increase rates.
• 1:25:00
  Speaker 1: Today we're not decrease rates today. People are more interested
• 1:25:03
  Speaker 1: in what power will actually say in the press conference
• 1:25:07
  Speaker 1: than they were in the actual rate movement. All right.
• 1:25:14
  Speaker 1: Michael Nantoniello gave a lot of credit to free markets.
• 1:25:19
  Speaker 1: He said before he introduced market reforms, there were hardly
• 1:25:23
  Speaker 1: any skyscripts in Tel Aviv.
• 1:25:24
  Speaker 2: Now there's a forest of them.
• 1:25:25
  Speaker 1: Yeah, but he's lying. He's lying in the sense that
• 1:25:30
  Speaker 1: he introduced free market programs when he was finance minister.
• 1:25:35
  Speaker 1: But he's introduced no, none, zero, not out free market
• 1:25:39
  Speaker 1: programs since he became Prime minister, what fifteen sixteen years ago,
• 1:25:43
  Speaker 1: So the last fifteen sixteen years ago have been a
• 1:25:46
  Speaker 1: complete waste in terms of moving towards greater economic liberty.
• 1:25:52
  Speaker 2: As finance minister, it was very good, very good, very good.
• 1:25:55
  Speaker 1: I complimented him when he was finance minister, But once
• 1:25:58
  Speaker 1: he became prime minister, he sold out to the various
• 1:26:02
  Speaker 1: status to the various pressure groups, to the various you know,
• 1:26:06
  Speaker 1: special interest groups, so called special interest groups. And now
• 1:26:12
  Speaker 1: the current Treasury secretary or economic secretary in Israel, who
• 1:26:17
  Speaker 1: is a religious not you know, Messianic Jew, who's terrible
• 1:26:25
  Speaker 1: on a lot of issues, is actually not bad when
• 1:26:27
  Speaker 1: it comes to the economy. And we're seeing some deregulation
• 1:26:30
  Speaker 1: happen right now, again not driven by Ninteniel, driven by
• 1:26:33
  Speaker 1: his finance minister, you know, the baking up of not
• 1:26:37
  Speaker 1: the baking up the establishment a competition to Cartel's that
• 1:26:40
  Speaker 1: exist in Israel. So anyway, I wouldn't give Nataniel the
• 1:26:47
  Speaker 1: credit for the skyscrapers. And imagine how much richer Israel
• 1:26:52
  Speaker 1: could be if he'd increased economic liberty. I mean, if
• 1:26:56
  Speaker 1: you look at the economic freedom index, Israel's not doing
• 1:27:00
  Speaker 1: is not way up there, and it could be.
• 1:27:03
  Speaker 2: There's no reason it can't.
• 1:27:05
  Speaker 1: It should be up there, and it's now had the
• 1:27:07
  Speaker 1: opportunity to put it up there, and was in political
• 1:27:11
  Speaker 1: power long enough to put it up there, but he didn't,
• 1:27:16
  Speaker 1: So you shouldn't get the credit. The skyscrapers are impressive,
• 1:27:19
  Speaker 1: is an incredibly impressive place, particularly if you were there
• 1:27:24
  Speaker 1: forty years ago and you come back now, Tel Aviv
• 1:27:28
  Speaker 1: is unrecognizable. It's just unrecognizable in terms of the amount
• 1:27:32
  Speaker 1: of wealth it's been created. But that's a tech sector,
• 1:27:35
  Speaker 1: that's Israeli entrepreneurs.
• 1:27:39
  Speaker 2: Nathaniel has little to do with it.
• 1:27:42
  Speaker 1: Michael, why do you say that the reason people evade
• 1:27:45
  Speaker 1: is because their mind scares them?
• 1:27:48
  Speaker 2: Reason scares them.
• 1:27:50
  Speaker 1: I would be far more afraid going through life, not,
• 1:27:55
  Speaker 1: you know, cultivating my mind. What about reason could possibly
• 1:27:59
  Speaker 1: sci somebody? Well, you are now responsible for.
• 1:28:05
  Speaker 2: What is true, what is moral, what is good, what
• 1:28:10
  Speaker 2: is right? People afraid of that responsibility now.
• 1:28:15
  Speaker 1: You know? I think you know you could, you could
• 1:28:17
  Speaker 1: challenge what the cause and.
• 1:28:18
  Speaker 2: Effect is here?
• 1:28:19
  Speaker 1: Right? It could very well be that the reason they're
• 1:28:26
  Speaker 1: afraid is because they don't use their reason, and then
• 1:28:31
  Speaker 1: all they have is fear, and now they're afraid to
• 1:28:34
  Speaker 1: use to go to relearn or to discover their reason
• 1:28:39
  Speaker 1: because they don't want the responsibility for themselves. I think
• 1:28:44
  Speaker 1: it feeds off of each other. It's a it's a
• 1:28:46
  Speaker 1: feeding mechanism. But you know, if they're discouraged to use
• 1:28:49
  Speaker 1: their mind, if they're if they're you know, if if
• 1:28:53
  Speaker 1: when they're in school and they say something original, the
• 1:28:56
  Speaker 1: teacher slaps them down or their parents slap them when
• 1:28:59
  Speaker 1: they ask too many why questions. You know, there are
• 1:29:03
  Speaker 1: a lot of kind of external causes at the end,
• 1:29:07
  Speaker 1: at the end of the day, the reason why people
• 1:29:09
  Speaker 1: evade is because they choose it, and there is no
• 1:29:15
  Speaker 1: why below that. Why do they choose not to use
• 1:29:19
  Speaker 1: their mind because that's what they chose. There's no cause
• 1:29:23
  Speaker 1: of that, there's no chain of things that happened before.
• 1:29:27
  Speaker 2: That's what free will means.
• 1:29:29
  Speaker 1: It means you get to choose, and people choose to
• 1:29:34
  Speaker 1: shut their mind off.
• 1:29:40
  Speaker 2: Yeah, Heil, did you see.
• 1:29:42
  Speaker 1: Ben Shaper's comments on ice and the shooting of Alex
• 1:29:45
  Speaker 1: Pretty If so, what do you think of his comments?
• 1:29:47
  Speaker 2: No, I haven't seen him. I don't watch Ben Shapiro.
• 1:29:51
  Speaker 1: If you want me to comment on something, send me
• 1:29:55
  Speaker 1: a clip. So send me a clip. If I email
• 1:29:58
  Speaker 1: you on it, your on book show that or or
• 1:30:02
  Speaker 1: you know, text message on Twitter or something. But send
• 1:30:05
  Speaker 1: me the video of of of of of the commentary
• 1:30:08
  Speaker 1: and then I'm happy to comment on it. But I'm not.
• 1:30:10
  Speaker 1: I'm not. I don't have time to listen to Shapiro
• 1:30:14
  Speaker 1: uh and and to everybody else. There's just too much
• 1:30:17
  Speaker 1: going on in the world and in life to be
• 1:30:19
  Speaker 1: able to do that. So yeah, if you want me
• 1:30:23
  Speaker 1: send me the clip. How happy to do it, Michael,
• 1:30:28
  Speaker 1: Maga is crashing. Once the Democrats sweep the House and
• 1:30:32
  Speaker 1: send it, the Republican Party will restructure. I'm I hope
• 1:30:39
  Speaker 1: your optimism is justified. We will see, we will see.
• 1:30:43
  Speaker 1: You know, I'm not convinced. I'm not convinced what's left
• 1:30:47
  Speaker 1: to restructure and who's left and who are the leaders
• 1:30:50
  Speaker 1: and who's going to rise up and after this mess,
• 1:30:52
  Speaker 1: particularly given the door quiet now, so who are who
• 1:30:56
  Speaker 1: are the leaders of this new Republican Party? And how
• 1:30:59
  Speaker 1: are they ever going to be? Forget even for being quiet,
• 1:31:02
  Speaker 1: as the Dispatch claims, while Trump is doing what he's doing. Michael,
• 1:31:09
  Speaker 1: if Congress won't do anything to hamper Trump and the
• 1:31:13
  Speaker 1: Supreme Court rules in favor of his tariffs.
• 1:31:16
  Speaker 2: Are we living in a dictatorship? Well, we're living very close.
• 1:31:21
  Speaker 1: You know.
• 1:31:21
  Speaker 2: I don't know if we want to define it as that.
• 1:31:24
  Speaker 1: If if the Suprene Court refuses to ever rule against Trump,
• 1:31:28
  Speaker 1: then certainly yes, But you know, let's see when we
• 1:31:35
  Speaker 1: actually cross that threshold. Suddenly we crossed the threshold if
• 1:31:39
  Speaker 1: he rejects the outcome of the election, because says, if
• 1:31:49
  Speaker 1: you have money in California, still the nicest place to
• 1:31:52
  Speaker 1: live in the country. Oh, in terms of nice, yes,
• 1:31:55
  Speaker 1: no question. And again you know, you have to put
• 1:31:59
  Speaker 1: up with a lot, you have to pay taxes, very
• 1:32:01
  Speaker 1: high taxes, and you have to put up with.
• 1:32:06
  Speaker 2: Regulations if you're a business owner.
• 1:32:09
  Speaker 1: So it's a shitty place to owner business, and it's
• 1:32:12
  Speaker 1: off a place for TAXI for tax perspective, But in
• 1:32:15
  Speaker 1: terms of actual living and weather and atmosphere, you know,
• 1:32:21
  Speaker 1: in atmosphere, you know, suddenly a place like Orange County
• 1:32:26
  Speaker 1: I don't think can be beat raising a family. Yeah,
• 1:32:30
  Speaker 1: it's great, Espen in your view. Can the United States
• 1:32:35
  Speaker 1: now be regarded as a banana Republic? No, not quite.
• 1:32:40
  Speaker 1: I know it seems that way coming from noway, but no,
• 1:32:43
  Speaker 1: I don't think. So. Let's see what this has been
• 1:32:45
  Speaker 1: called rules the next few weeks. But no, I don't
• 1:32:49
  Speaker 1: think we're quite a banana republic yet, although we have
• 1:32:52
  Speaker 1: a banan a president, there's no question about that.
• 1:32:56
  Speaker 2: Michael.
• 1:32:56
  Speaker 1: Is it illegal to be in public without an ID?
• 1:33:00
  Speaker 1: In case FED wants to see your papers. Is the
• 1:33:03
  Speaker 1: penalty death, No, it's not illegal, And no, the penalty
• 1:33:07
  Speaker 1: is not death. So no, it's not illegal. You can
• 1:33:11
  Speaker 1: you do not have to carry ID in the United States.
• 1:33:14
  Speaker 1: If you drive, you have to carry a driver's license.
• 1:33:17
  Speaker 1: But outside of that, if she's going for a walk,
• 1:33:21
  Speaker 1: you do not having have to carry an ID. Colet says,
• 1:33:27
  Speaker 1: here's a super chat. Sorry it's been a while, No problem,
• 1:33:30
  Speaker 1: no problem. I appreciate you cold, thank you, Stephen. Uh.
• 1:33:36
  Speaker 2: Let's see.
• 1:33:37
  Speaker 1: Nowadays, I'm always listening to something on my phone and
• 1:33:41
  Speaker 1: grateful for it. I reject calls to put it down
• 1:33:45
  Speaker 1: and brace boredom. Yet I can recall mister Rogers saying
• 1:33:50
  Speaker 1: silence was good for the soul.
• 1:33:52
  Speaker 2: Thoughts. I mean silence is sometimes good for the soul.
• 1:33:55
  Speaker 1: I mean it's good to you can't introspect while you're
• 1:33:58
  Speaker 1: listening to stuff.
• 1:34:00
  Speaker 2: You can't really relax well listening to music. Maybe, So
• 1:34:04
  Speaker 2: it depends what you mean by listening.
• 1:34:05
  Speaker 1: I mean you can introspect, and you can you can
• 1:34:08
  Speaker 1: relax listening to music. I'm not sure silence is better
• 1:34:13
  Speaker 1: than music. Depends on the music. It depends on the music.
• 1:34:19
  Speaker 1: I guess Thank you, Steven. Yeah, I don't see a
• 1:34:24
  Speaker 1: great value in silence. You're listening to good music, so
• 1:34:28
  Speaker 1: you're you're fine. The Oceanist. I wonder if Mom, Danny
• 1:34:33
  Speaker 1: and his supporters changed their mind on the warmth of
• 1:34:36
  Speaker 1: collectivism considering what we've seen in Minnesota. Well, I don't
• 1:34:41
  Speaker 1: think they consider that collectivism, right, They they don't consider
• 1:34:46
  Speaker 1: what Trump is doing collectivism. They consider that fascism, or
• 1:34:50
  Speaker 1: they consider that, you know, America centrism, America first, which
• 1:34:57
  Speaker 1: sounds to them individualistic, selfish, So I doubt it. Mamdanie
• 1:35:04
  Speaker 1: is threatening again to raise taxes on New Yorker's significantly.
• 1:35:08
  Speaker 2: He's got a twelve billion dollar hole that he needs
• 1:35:11
  Speaker 2: to raise taxes for.
• 1:35:13
  Speaker 1: All Right, guys, thank you. I appreciate you all being here, particularly.
• 1:35:17
  Speaker 2: The super chatters and the sticker. Thank you for the support.
• 1:35:20
  Speaker 1: Thank you for all the people on Patreon and and PayPal.
• 1:35:26
  Speaker 1: I don't know when else see you next. I'll try
• 1:35:30
  Speaker 1: to make it as soon as possible, but travel does
• 1:35:33
  Speaker 1: get in the way, and I'm stacked with events. It's
• 1:35:36
  Speaker 1: not just traveling, it's it's speaking and meeting and stuff
• 1:35:41
  Speaker 1: like that.
• 1:35:42
  Speaker 2: Thank you.
• 1:35:42
  Speaker 1: Oceanist for another sticker. Really appreciate it. Let's see what
• 1:35:46
  Speaker 1: I want to tell you. Yeah, that's it. Don't forget,
• 1:35:48
  Speaker 1: don't forget Patreon and I will see you all soon
• 1:35:53
  Speaker 1: next few days. By oh we got a question? Got
• 1:35:56
  Speaker 1: a question? Geek Economics says thanks a gold dollar discussion.
• 1:36:01
  Speaker 1: Absolutely always happy to discuss economics. All right, Thank you
• 1:36:11
  Speaker 1: guys and season bye